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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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 Rhoden, 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: 206-505-7877

Date of fiscal year end: October 31

Date of reporting period: November 1, 2011 – January 31, 2012

Item 1. Schedule of Investments

2012 QUARTERLY REPORT

Russell Funds

JANUARY 31, 2012

FUND	SHARE CLASS
U.S. Equity Funds
Russell U.S. Core Equity Fund	A, C, E, I, S, Y
Russell U.S. Quantitative Equity Fund	A, C, E, I, S, Y
Russell U.S. Growth Fund	C, E, I, S
Russell U.S. Value Fund	C, E, I, S
Russell U.S. Small Cap Equity Fund (formerly, Russell U.S. Small & Mid Cap Fund)	A, C, E, I, S, Y
International and Global Equity Funds
Russell International Developed Markets Fund	A, C, E, I, S, Y
Russell Global Equity Fund	A, C, E, S, Y
Russell Emerging Markets Fund	A, C, E, S, Y
Tax-Managed Equity Funds
Russell Tax-Managed U.S. Large Cap Fund	A, C, E, S
Russell Tax-Managed U.S. Mid & Small Cap Fund	A, C, E, S
Taxable Fixed Income Funds
Russell Global Opportunistic Credit Fund (formerly, Russell Global Credit Strategies Fund)	A, C, E, S, Y
Russell Strategic Bond Fund	A, C, E, I, S, Y
Russell Investment Grade Bond Fund	A, C, E, I, S, Y
Russell Short Duration Bond Fund	A, C, E, S, Y
Tax Exempt Fixed Income Fund
Russell Tax Exempt Bond Fund	A, C, E, S
Real Asset Funds
Russell Commodity Strategies Fund	A, C, E, S, Y
Russell Global Infrastructure Fund	A, C, E, S, Y
Russell Global Real Estate Securities Fund	A, C, E, S, Y
Money Market Funds
Russell Money Market Fund	A, S

Russell Investment Company

Russell Investment Company is a series investment company with 36 different investment portfolios referred to as Funds. This Quarterly Report reports on 19 of these Funds.

Russell Investment Company

Russell Funds

Quarterly Report

January 31, 2012 (Unaudited)

Table of Contents

	Page
Russell U.S. Core Equity Fund		1
Russell U.S. Quantitative Equity Fund		5
Russell U.S. Growth Fund		15
Russell U.S. Value Fund		18
Russell U.S. Small Cap Equity Fund		22
Russell International Developed Markets Fund		31
Russell Global Equity Fund		48
Russell Emerging Markets Fund		58
Russell Tax-Managed U.S. Large Cap Fund		72
Russell Tax-Managed U.S. Mid & Small Cap Fund		76
Russell Global Opportunistic Credit Fund		82
Russell Strategic Bond Fund		95
Russell Investment Grade Bond Fund		143
Russell Short Duration Bond Fund		175
Russell Tax Exempt Bond Fund		199
Russell Commodity Strategies Fund		210
Russell Global Infrastructure Fund		214
Russell Global Real Estate Securities Fund		223
Russell Money Market Fund		232
Notes to Schedules of Investments		234
Notes to Quarterly Report		236
Shareholder Requests for Additional Information		254

Russell Investment Company - Russell Funds.

Copyright © Russell Investments 2012. All rights reserved.

Russell Investments is a Washington, USA corporation, which operates through subsidiaries worldwide and is a subsidiary of The Northwestern Mutual Life Insurance Company.

Fund objectives, risks, charges and expenses should be carefully considered before investing. A prospectus containing this and other important information must precede or accompany this material. Please read the prospectus carefully before investing.

Securities distributed through Russell Financial Services, Inc., member FINRA and part of Russell Investments.

Russell Investment Company

Russell U.S. Core Equity Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Common Stocks - 92.1%
Consumer Discretionary - 16.2%
Aegean Marine Petroleum Network, Inc.		304,135		1,548
Amazon.com, Inc. (Æ)		185,785		36,124
Apollo Group, Inc. Class A (Æ)(Ñ)		215,309		11,284
AutoZone, Inc. (Æ)		21,800		7,584
Bed Bath & Beyond, Inc. (Æ)(Ñ)		118,890		7,217
Big Lots, Inc. (Æ)		111,450		4,401
BorgWarner, Inc. (Æ)(Ñ)		24,100		1,799
Carnival Corp. (Ñ)		164,535		4,969
CBS Corp. Class B		240,700		6,855
Chipotle Mexican Grill, Inc. Class A (Æ)		6,700		2,461
Coach, Inc.		55,900		3,916
Comcast Corp. Class A (Æ)		1,182,354		30,371
eBay, Inc. (Æ)		1,098,366		34,708
Estee Lauder Cos., Inc. (The) Class A		102,252		5,924
Ford Motor Co. (Ñ)		623,776		7,747
General Motors Co. (Æ)		195,300		4,691
Hanesbrands, Inc. (Æ)		137,800		3,390
Home Depot, Inc.		348,693		15,479
International Game Technology		315,900		5,032
JC Penney Co., Inc. (Ñ)		51,065		2,122
Johnson Controls, Inc.		1,046,011		33,232
KB Home (Ñ)		394,158		3,555
Las Vegas Sands Corp.		495,000		24,309
Lear Corp.		275,500		11,543
Limited Brands, Inc. (Ñ)		254,300		10,645
Lowe’s Cos., Inc.		659,500		17,694
Lululemon Athletica, Inc. (Æ)		29,600		1,869
Macy’s, Inc.		345,588		11,643
Marriott International, Inc. Class A (Ñ)		59,525		2,051
McDonald’s Corp.		69,300		6,864
MGM Resorts International (Æ)(Ñ)		78,200		1,021
Michael Kors Holdings, Ltd. (Æ)		24,391		755
Newell Rubbermaid, Inc.		475,200		8,777
Nike, Inc. Class B		66,500		6,915
NVR, Inc. (Æ)		18,322		12,702
Orient-Express Hotels, Ltd. Class A (Æ)(Ñ)		243,425		2,059
priceline.com, Inc. (Æ)		14,443		7,647
Snap-on, Inc.		87,665		4,954
Stanley Black & Decker, Inc.		130,200		9,137
Starbucks Corp.		694,272		33,277
Starwood Hotels & Resorts Worldwide, Inc. (ö)		306,100		16,603
Tesla Motors, Inc. (Æ)(Ñ)		89,100		2,590
Tiffany & Co.		75,100		4,791
Time Warner, Inc.		1,155,280		42,815
Toll Brothers, Inc. (Æ)(Ñ)		311,590		6,796
Tractor Supply Co.		22,400		1,809
Ulta Salon Cosmetics & Fragrance, Inc. (Æ)		27,400		2,088
VF Corp.		54,278		7,137
Viacom, Inc. Class B		644,494		30,317
VistaPrint NV (Æ)(Ñ)		145,500		5,206
Wal-Mart Stores, Inc.		898,817		55,151
Walt Disney Co. (The)		160,400		6,240
Yum! Brands, Inc.		416,150		26,355
				616,169

	Principal Amount ($) or Shares		Market Value $
Consumer Staples - 6.5%
Archer-Daniels-Midland Co.		568,550		16,278
Cia de Bebidas das Americas - ADR		525,600		19,127
Coca-Cola Co. (The)		615,441		41,561
Colgate-Palmolive Co.		240,441		21,813
CVS Caremark Corp.		328,400		13,711
Energizer Holdings, Inc. (Æ)		137,800		10,627
General Mills, Inc.		155,700		6,201
Green Mountain Coffee Roasters, Inc. (Æ)(Ñ)		16,700		891
Hershey Co. (The)		65,394		3,994
Molson Coors Brewing Co. Class B		317,031		13,597
PepsiCo, Inc.		290,300		19,064
Procter & Gamble Co. (The)		730,500		46,051
Ralcorp Holdings, Inc. (Æ)		105,060		9,187
Safeway, Inc. (Ñ)		333,538		7,331
Sysco Corp.		274,300		8,259
Whole Foods Market, Inc. (Ñ)		150,370		11,132
				248,824
Energy - 10.2%
Alpha Natural Resources, Inc. (Æ)		103,779		2,088
Anadarko Petroleum Corp.		178,800		14,433
Apache Corp.		127,833		12,640
Arch Coal, Inc. (Ñ)		775,129		11,185
Baker Hughes, Inc.		45,000		2,211
BP PLC - ADR		126,460		5,806
Cabot Oil & Gas Corp.		171,470		5,470
Chesapeake Energy Corp.		291,135		6,152
Chevron Corp.		186,016		19,174
ConocoPhillips		433,819		29,591
Consol Energy, Inc.		670,205		23,953
Devon Energy Corp.		232,061		14,808
Dresser-Rand Group, Inc. (Æ)		94,400		4,836
Ensco PLC - ADR		72,120		3,796
EQT Corp.		62,766		3,171
Exxon Mobil Corp.		515,700		43,185
FMC Technologies, Inc. (Æ)		36,200		1,850
Forest Oil Corp. (Æ)(Ñ)		456,200		5,931
Halliburton Co.		291,976		10,739
Hess Corp.		212,900		11,986
Marathon Petroleum Corp.		396,475		15,153
National Oilwell Varco, Inc.		441,890		32,691
Noble Corp. (Æ)		82,200		2,864
Noble Energy, Inc.		37,400		3,765
Occidental Petroleum Corp.		256,200		25,561
Peabody Energy Corp.		334,780		11,413
Range Resources Corp.		97,900		5,631
Schlumberger, Ltd.		460,122		34,587
Southwestern Energy Co. (Æ)		292,600		9,112
Valero Energy Corp.		241,395		5,791
Weatherford International, Ltd. (Æ)		474,300		7,940
				387,513
Financial Services - 14.9%
ACE, Ltd.		264,677		18,422
Allstate Corp. (The)		487,064		14,052

Russell U.S. Core Equity Fund 1

Russell Investment Company

Russell U.S. Core Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Amarin Corp PLC - ADR (Æ)(Ñ)		342,700		2,796
American Express Co.		280,100		14,044
American Tower Corp		47,500		3,017
Ameriprise Financial, Inc.		263,134		14,091
Assured Guaranty, Ltd. (Ñ)		341,339		5,294
Bank of New York Mellon Corp. (The) (Ñ)		347,800		7,001
BB&T Corp.		631,400		17,168
BlackRock, Inc. Class A		80,050		14,569
Brown & Brown, Inc.		38,219		871
Capital One Financial Corp.		580,551		26,560
Citigroup, Inc.		1,057,150		32,476
Discover Financial Services		274,972		7,474
Goldman Sachs Group, Inc. (The)		52,500		5,852
Hartford Financial Services Group, Inc.		731,500		12,816
Huntington Bancshares, Inc.		478,050		2,730
iShares Russell 1000 Value Index Fund (Ñ)		14,473		954
Janus Capital Group, Inc. (Ñ)		625,400		4,922
Jefferies Group, Inc. (Ñ)		214,100		3,256
JPMorgan Chase & Co.		2,221,512		82,862
Lincoln National Corp. (Ñ)		319,220		6,876
Mastercard, Inc. Class A		26,937		9,578
MetLife, Inc.		1,159,743		40,974
Morgan Stanley (Ñ)		224,100		4,179
PNC Financial Services Group, Inc.		254,513		14,996
Prudential Financial, Inc.		452,315		25,891
Regions Financial Corp. (Ñ)		1,033,950		5,397
RenaissanceRe Holdings, Ltd.		94,743		6,927
State Street Corp.		449,300		17,604
Sunstone Hotel Investors, Inc. (Æ)(Ñ)(ö)		667,520		6,201
SunTrust Banks, Inc.		627,198		12,901
Travelers Cos., Inc. (The)		146,318		8,530
Visa, Inc. Class A		290,613		29,247
Wells Fargo & Co.		2,686,016		78,459
Willis Group Holdings PLC		3,610		140
XL Group PLC Class A		271,350		5,500
				564,627
Health Care - 11.7%
Abbott Laboratories		94,900		5,139
Alexion Pharmaceuticals, Inc. (Æ)		44,800		3,439
Allergan, Inc.		159,181		13,994
AmerisourceBergen Corp. Class A		142,500		5,553
Amgen, Inc.		377,631		25,645
Baxter International, Inc.		244,300		13,554
Biogen Idec, Inc. (Æ)		79,600		9,386
Brookdale Senior Living, Inc. Class A (Æ)		391,995		6,899
Cardinal Health, Inc.		70,500		3,034
Celgene Corp. (Æ)		93,200		6,776
Cerner Corp. (Æ)		431,591		26,280
Community Health Systems, Inc. (Æ)(Ñ)		389,400		7,282
Covidien PLC		299,250		15,411
Dentsply International, Inc. (Ñ)		264,000		9,963
Express Scripts, Inc. Class A (Æ)		66,300		3,392
Gilead Sciences, Inc. (Æ)		248,339		12,129
Hospira, Inc. (Æ)(Ñ)		65,000		2,240
Intuitive Surgical, Inc. (Æ)		27,200		12,509
Johnson & Johnson		253,058		16,679

	Principal Amount ($) or Shares		Market Value $
Medco Health Solutions, Inc. (Æ)		31,500		1,954
Medtronic, Inc.		192,101		7,409
Merck & Co., Inc.		734,706		28,110
Mylan, Inc. (Æ)		810,347		16,815
Novo Nordisk A/S - ADR		118,200		14,087
Perrigo Co.		72,000		6,883
Pfizer, Inc.		5,113,409		109,427
Quest Diagnostics, Inc.		179,000		10,396
Sanofi - ADR		420,600		15,617
Stryker Corp.		57,500		3,187
Teva Pharmaceutical Industries, Ltd. - ADR		138,800		6,264
UnitedHealth Group, Inc.		293,550		15,203
Valeant Pharmaceuticals International, Inc. (Æ)		121,000		5,867
Warner Chilcott PLC Class A (Æ)		251,300		4,239
Watson Pharmaceuticals, Inc. Class B (Æ)		11,105		651
				445,413
Materials and Processing - 4.4%
Air Products & Chemicals, Inc.		79,000		6,954
Ball Corp.		221,048		8,678
Celanese Corp. Class A		104,300		5,081
Ecolab, Inc.		348,052		21,036
EI du Pont de Nemours & Co.		48,500		2,468
Freeport-McMoRan Copper & Gold, Inc.		269,100		12,435
International Paper Co.		77,150		2,403
LyondellBasell Industries NV Class A		75,925		3,272
Masco Corp.		103,800		1,253
Monsanto Co.		771,208		63,278
Mosaic Co. (The)		98,900		5,536
Newmont Mining Corp.		193,300		11,884
Praxair, Inc.		90,300		9,590
Precision Castparts Corp. (Ñ)		30,200		4,943
Sherwin-Williams Co. (The)		19,300		1,882
Teck Resources, Ltd. Class B (Æ)		123,800		5,239
				165,932
Producer Durables - 9.2%
Accenture PLC Class A (Ñ)		103,700		5,946
AECOM Technology Corp. (Æ)(Ñ)		131,900		3,019
Automatic Data Processing, Inc.		396,681		21,730
Boeing Co. (The)		502,164		37,251
Caterpillar, Inc.		169,200		18,463
Corrections Corp. of America (Æ)		474,448		11,164
Cummins, Inc. (Ñ)		164,200		17,077
Danaher Corp.		204,500		10,738
Danone - ADR (Ñ)		1,144,300		14,189
Deere & Co.		100,645		8,671
Delta Air Lines, Inc. (Æ)		188,000		1,983
Dover Corp.		153,530		9,735
Eaton Corp.		108,900		5,339
FedEx Corp. (Ñ)		123,400		11,290
General Electric Co.		1,594,250		29,828
Honeywell International, Inc.		769,385		44,655
Ingersoll-Rand PLC		124,150		4,338
Joy Global, Inc.		93,370		8,468
Lexmark International, Inc. Class A (Ñ)		164,300		5,734

2 Russell U.S. Core Equity Fund

Russell Investment Company

Russell U.S. Core Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Magna International, Inc. Class A		155,660		6,435
Manpower, Inc.		59,300		2,379
Monster Worldwide, Inc. (Æ)(Ñ)		318,020		2,290
Navistar International Corp. (Æ)		174,283		7,545
Norfolk Southern Corp.		142,900		10,317
PACCAR, Inc.		43,600		1,927
Pentair, Inc. (Ñ)		207,201		7,629
Raytheon Co.		255,858		12,279
Republic Services, Inc. Class A (Ñ)		113,200		3,315
Spirit Aerosystems Holdings, Inc. Class A (Æ)(Ñ)		296,400		6,740
Terex Corp. (Æ)(Ñ)		145,965		2,890
Union Pacific Corp. (Ñ)		31,000		3,544
United Continental Holdings, Inc. (Æ)(Ñ)		337,200		7,789
United Technologies Corp.		64,600		5,061
				349,758
Technology - 18.4%
Altera Corp.		163,100		6,490
Analog Devices, Inc.		180,800		7,075
Apple, Inc. (Æ)		228,167		104,154
Applied Materials, Inc.		1,973,460		24,234
Avago Technologies, Ltd.		167,900		5,698
Avnet, Inc. (Æ)		149,975		5,230
BCE, Inc. (Ñ)		92,200		3,762
Broadcom Corp. Class A		97,700		3,355
Check Point Software Technologies, Ltd. (Æ)		87,600		4,931
Cisco Systems, Inc.		3,801,983		74,633
Citrix Systems, Inc. (Æ)		106,100		6,919
Cognizant Technology Solutions Corp. Class A (Æ)		89,727		6,438
Dell, Inc. (Æ)		871,102		15,009
Electronic Arts, Inc. (Æ)		160,600		2,982
EMC Corp. (Æ)		618,700		15,938
Google, Inc. Class A (Æ)		95,297		55,283
Hewlett-Packard Co.		159,600		4,465
Intel Corp.		521,512		13,778
International Business Machines Corp.		119,126		22,944
Marvell Technology Group, Ltd. (Æ)		268,100		4,163
Maxim Integrated Products, Inc.		253,600		6,807
MEMC Electronic Materials, Inc. (Æ)		570,610		2,608
Microsoft Corp.		2,729,683		80,607
NetApp, Inc. (Æ)		88,865		3,354
NXP Semiconductor NV (Æ)(Ñ)		119,700		2,541
Oracle Corp.		1,007,197		28,403
QUALCOMM, Inc.		651,790		38,338
Rackspace Hosting, Inc. (Æ)(Ñ)		68,500		2,973
Red Hat, Inc. (Æ)		473,232		21,944
Salesforce.com, Inc. (Æ)		137,076		16,010
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		330,400		4,652
Teradata Corp. (Æ)(Ñ)		63,400		3,396
Texas Instruments, Inc. (Ñ)		1,796,787		58,180
VeriFone Systems, Inc. (Æ)		88,500		3,779

	Principal Amount ($) or Shares			Market Value $
VMware, Inc. Class A (Æ)		70,200			6,407
Vodafone Group PLC - ADR (Ñ)		1,106,450			29,974
Xilinx, Inc.		89,700			3,216
					700,670
Utilities - 0.6%
FirstEnergy Corp.		86,743			3,662
GenOn Energy, Inc. (Æ)		1,730,470			3,686
NII Holdings, Inc. (Æ)		41,300			831
Verizon Communications, Inc.		168,600			6,349
Xylem, Inc.		262,700			6,807
					21,335
Total Common Stocks (cost $3,021,566)					3,500,241
Short-Term Investments - 6.0%
Russell U.S. Cash Management Fund		227,140,815	(¥)		227,141
Total Short-Term Investments (cost $227,141)					227,141
Other Securities - 1.0%
Russell Investment Company Liquidating Trust (×)		3,276,885	(¥)		3,331
Russell U.S. Cash Collateral Fund (×)		35,770,194	(¥)		35,770
Total Other Securities (cost $39,047)					39,101
Total Investments - 99.1% (identified cost $3,287,754)					3,766,483
Other Assets and Liabilities, Net - 0.9%					33,313
Net Assets - 100.0%					3,799,796

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Core Equity Fund 3

Russell Investment Company

Russell U.S. Core Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
Russell 1000 Mini Index Futures (CME)		343		USD	24,843		03/12		1,111
S&P 500 E-Mini Index Futures (CME)		3,675		USD	240,382		03/12		5,447
S&P 500 Index Futures (CME)		90		USD	29,435		03/12		1,336
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									7,894

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	616,169	$	—	$	—	$	616,169
Consumer Staples		248,824		—		—		248,824
Energy		387,513		—		—		387,513
Financial Services		564,627		—		—		564,627
Health Care		445,413		—		—		445,413
Materials and Processing		165,932		—		—		165,932
Producer Durables		349,758		—		—		349,758
Technology		700,670		—		—		700,670
Utilities		21,335		—		—		21,335
Short-Term Investments		—		227,141		—		227,141
Other Securities		—		39,101		—		39,101
Total Investments		3,500,241		266,242		—		3,766,483
Other Financial Instruments
Futures Contracts		7,894		—		—		7,894
Total Other Financial Instruments*	$	7,894	$	—	$	—	$	7,894

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

4 Russell U.S. Core Equity Fund

Russell Investment Company

Russell U.S. Quantitative Equity Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Common Stocks - 105.9%
Consumer Discretionary - 15.5%
Aaron’s, Inc. Class A		31,400		836
Abercrombie & Fitch Co. Class A		95,400		4,383
Advance Auto Parts, Inc.		35,700		2,736
Amazon.com, Inc. (Æ)		28,851		5,610
AMC Networks, Inc. Class A (Æ)		128,231		5,483
Apollo Group, Inc. Class A (Æ)		225,800		11,834
Arbitron, Inc.		22,166		792
AutoNation, Inc. (Æ)		13,800		493
AutoZone, Inc. (Æ)(Û)		68,690		23,896
Bed Bath & Beyond, Inc. (Æ)		81,300		4,935
Best Buy Co., Inc.		77,200		1,849
Big Lots, Inc. (Æ)		5,900		233
BorgWarner, Inc. (Æ)		12,200		910
Bridgepoint Education, Inc. (Æ)		69,619		1,712
Brinker International, Inc.		4,700		121
Cablevision Systems Corp. Class A		250,260		3,641
CBS Corp. Class B		281,700		8,023
Charter Communications, Inc. Class A (Æ)		21,400		1,233
Chico’s FAS, Inc.		46,700		534
Chipotle Mexican Grill, Inc. Class A (Æ)(Û)		14,320		5,260
Coach, Inc. (Û)		309,743		21,697
Comcast Corp. Class A (Û)		322,900		8,586
Costco Wholesale Corp. (Û)		69,500		5,718
Darden Restaurants, Inc.		21,600		991
DeVry, Inc.		24,300		918
Dillard’s, Inc. Class A		9,000		398
DIRECTV, Inc. Class A (Æ)(Û)		637,643		28,700
Discovery Communications, Inc. Class A (Æ)		58,200		2,496
DISH Network Corp. Class A		153,800		4,294
Dollar General Corp. (Æ)		51,139		2,179
Dollar Tree, Inc. (Æ)(Û)		91,126		7,728
DR Horton, Inc.		42,000		585
DSW, Inc. Class A		29,500		1,474
eBay, Inc. (Æ)		396,691		12,535
Estee Lauder Cos., Inc. (The) Class A (Û)		365,242		21,158
Expedia, Inc.		38,858		1,258
Express, Inc. (Æ)		66,961		1,449
Family Dollar Stores, Inc.		16,700		932
Foot Locker, Inc.		462,612		12,139
Ford Motor Co.		11,000		137
Fortune Brands Home & Security, Inc. (Æ)		59,735		1,109
Fossil, Inc. (Æ)		21,100		2,006
GameStop Corp. Class A		42,800		1,000
General Motors Co. (Æ)(Û)		233,700		5,613
Genuine Parts Co.		600		38
Goodyear Tire & Rubber Co. (The) (Æ)		420,200		5,463
Group 1 Automotive, Inc.		32,125		1,714
H&R Block, Inc.		108,600		1,777
Hanesbrands, Inc. (Æ)		6,600		162
Harley-Davidson, Inc.		3,200		141
Harman International Industries, Inc.		132,900		5,608
Hertz Global Holdings, Inc. (Æ)		55,700		758
Home Depot, Inc.		191,264		8,490
International Game Technology		36,400		580

	Principal Amount ($) or Shares		Market Value $
ITT Educational Services, Inc. (Æ)		59,010		3,887
JC Penney Co., Inc.		500		21
John Wiley & Sons, Inc. Class A		21,100		958
Lear Corp.		177,544		7,439
Lennar Corp. Class A		17,700		380
Liberty Global, Inc. Class A (Æ)		32,700		1,500
Liberty Media Corp. - Liberty Capital Class A (Æ)		25,138		2,072
Limited Brands, Inc. (Û)		281,934		11,802
LKQ Corp. (Æ)		22,800		743
Lowe’s Cos., Inc.		73,400		1,969
Macy’s, Inc.		358,900		12,091
Marriott International, Inc. Class A		87,505		3,015
McDonald’s Corp.		66,730		6,610
McGraw-Hill Cos., Inc. (The) (Û)		173,531		7,982
Netflix, Inc. (Æ)		3,700		445
News Corp. Class A		6,900		130
Nielsen Holdings NV (Æ)		12,000		348
Nike, Inc. Class B		161,079		16,751
Nordstrom, Inc.		5,200		257
Nu Skin Enterprises, Inc. Class A		108,300		5,410
NVR, Inc. (Æ)		300		208
Omnicom Group, Inc.		7,000		319
Orchard Supply Hardware Stores Corp. Class A (Æ)		252		5
O’Reilly Automotive, Inc. (Æ)		12,400		1,011
Panera Bread Co. Class A (Æ)		4,633		687
Penn National Gaming, Inc. (Æ)		9,900		405
PetSmart, Inc.		119,368		6,353
Polaris Industries, Inc.		94,572		6,090
priceline.com, Inc. (Æ)		2,500		1,324
PulteGroup, Inc. (Æ)		93,400		696
PVH Corp.		2,900		224
Ralph Lauren Corp. Class A		10,700		1,626
Ross Stores, Inc.		60,000		3,049
Sally Beauty Holdings, Inc. (Æ)		8,400		173
Scholastic Corp.		17,800		525
Sears Holdings Corp. (Æ)		11,100		468
Snap-on, Inc.		1,400		79
Starbucks Corp.		98,269		4,710
Target Corp.		54,742		2,781
TE Connectivity, Ltd.		17,600		600
Tempur-Pedic International, Inc. (Æ)		26,600		1,774
Tiffany & Co.		2,500		160
Time Warner Cable, Inc. (Û)		188,360		13,886
Time Warner, Inc.		3,600		133
TJX Cos., Inc. (Û)		77,200		5,260
Toll Brothers, Inc. (Æ)		9,200		201
Tractor Supply Co.		21,200		1,712
TripAdvisor, Inc. (Æ)		39,158		1,289
True Religion Apparel, Inc. (Æ)		43,000		1,558
TRW Automotive Holdings Corp. (Æ)		117,700		4,416
Tupperware Brands Corp.		45,105		2,834
Ulta Salon Cosmetics & Fragrance, Inc. (Æ)		89,900		6,852
VF Corp.		15,500		2,038
Viacom, Inc. Class B (Û)		210,343		9,895
Virgin Media, Inc.		64,537		1,539

Russell U.S. Quantitative Equity Fund 5

Russell Investment Company

Russell U.S. Quantitative Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Wal-Mart Stores, Inc.		149,900		9,198
Walt Disney Co. (The)		22,610		880
Washington Post Co. (The) Class B		800		303
Weight Watchers International, Inc.		10,500		799
Wendy’s Co. (The)		85,000		399
Wyndham Worldwide Corp.		229,500		9,125
Wynn Resorts, Ltd.		9,900		1,141
Yum! Brands, Inc.		44,200		2,799
				447,679
Consumer Staples - 10.3%
Altria Group, Inc.		129,800		3,686
Andersons, Inc. (The)		11,000		446
Bunge, Ltd.		89,446		5,123
Campbell Soup Co. (Û)		22,300		707
Church & Dwight Co., Inc.		122,702		5,567
Clorox Co. (The)		40,862		2,806
Coca-Cola Co. (The)		116,258		7,851
Coca-Cola Enterprises, Inc. (Û)		126,100		3,378
Colgate-Palmolive Co. (Û)		245,669		22,287
ConAgra Foods, Inc. (Û)		510,900		13,626
Constellation Brands, Inc. Class A (Æ)		116,460		2,434
Corn Products International, Inc.		9,900		549
CVS Caremark Corp. (Û)		260,700		10,884
Dean Foods Co. (Æ)		538,959		5,799
Dr Pepper Snapple Group, Inc.		688,792		26,739
Energizer Holdings, Inc. (Æ)		2,300		177
Flowers Foods, Inc.		194,200		3,758
General Mills, Inc.		6,000		239
Green Mountain Coffee Roasters, Inc. (Æ)		7,700		411
Herbalife, Ltd.		147,300		8,526
Hershey Co. (The) (Û)		135,000		8,246
HJ Heinz Co. (Û)		70,400		3,650
Hormel Foods Corp.		50,800		1,462
JM Smucker Co. (The)		16,300		1,284
Kellogg Co.		30,200		1,495
Kimberly-Clark Corp.		2,000		143
Kraft Foods, Inc. Class A		61,000		2,336
Kroger Co. (The) (Û)		419,818		9,975
Lorillard, Inc. (Û)		90,300		9,697
McCormick & Co., Inc.		18,500		935
Mead Johnson Nutrition Co. Class A		97,724		7,240
Monster Beverage Corp (Æ)(Û)		128,110		13,389
PepsiCo, Inc.		63,571		4,175
Philip Morris International, Inc. (Û)		650,871		48,666
Procter & Gamble Co. (The) (Û)		338,041		21,310
Ralcorp Holdings, Inc. (Æ)		19,900		1,740
Reynolds American, Inc.		36,500		1,432
Safeway, Inc.		3,900		86
Sara Lee Corp.		479,264		9,178
Smithfield Foods, Inc. (Æ)		160,700		3,588
SUPERVALU, Inc.		454,100		3,138
Sysco Corp.		19,800		596
Tyson Foods, Inc. Class A		639,530		11,921
Walgreen Co. (Û)		149,000		4,971
Whole Foods Market, Inc. (Û)		31,000		2,295
				297,941

	Principal Amount ($) or Shares		Market Value $
Energy - 13.7%
Anadarko Petroleum Corp.		8,400		678
Apache Corp.		863		85
Atwood Oceanics, Inc. (Æ)		6,900		317
Baker Hughes, Inc.		48,119		2,364
Cabot Oil & Gas Corp.		170,600		5,442
Cameron International Corp. (Æ)		2,600		138
CARBO Ceramics, Inc.		2,500		243
Chesapeake Energy Corp.		22,200		469
Chevron Corp. (Û)		622,970		64,216
Cloud Peak Energy, Inc. (Æ)		73,200		1,387
Concho Resources, Inc. (Æ)		600		64
ConocoPhillips (Û)		338,812		23,110
Consol Energy, Inc.		4,100		147
Continental Resources, Inc. (Æ)		2,100		169
Core Laboratories NV		9,470		1,006
Denbury Resources, Inc. (Æ)		18,700		353
Devon Energy Corp.		6,800		434
Diamond Offshore Drilling, Inc.		58,200		3,626
Dresser-Rand Group, Inc. (Æ)		6,700		343
El Paso Corp.		314,322		8,446
EOG Resources, Inc.		1,300		138
EQT Corp.		49,000		2,475
Exxon Mobil Corp. (Û)		886,414		74,228
FMC Technologies, Inc. (Æ)		1,800		92
Forest Oil Corp. (Æ)		128,494		1,670
Halliburton Co. (Û)		517,535		19,035
Helmerich & Payne, Inc.		82,400		5,085
Hess Corp. (Û)		60,600		3,412
HollyFrontier Corp.		278,480		8,171
Hubbell, Inc. Class B		9,600		691
Kinder Morgan, Inc.		8,000		260
Marathon Oil Corp. (Û)		827,274		25,968
Marathon Petroleum Corp. (Û)		520,725		19,902
Murphy Oil Corp. (Û)		129,400		7,712
Nabors Industries, Ltd. (Æ)		275,000		5,120
National Oilwell Varco, Inc.		31,300		2,316
Noble Energy, Inc. (Û)		42,600		4,289
Occidental Petroleum Corp.		1,700		170
Oceaneering International, Inc.		180,795		8,785
Oil States International, Inc. (Æ)		12,600		1,004
Parker Drilling Co. (Æ)		127,826		831
Patterson-UTI Energy, Inc.		435,410		8,216
Peabody Energy Corp.		98,286		3,351
Pioneer Natural Resources Co.		6,100		606
Plains Exploration & Production Co. (Æ)		24,100		909
QEP Resources, Inc.		75,100		2,151
Range Resources Corp. (Û)		111,100		6,390
Rosetta Resources, Inc. (Æ)		14,800		710
Rowan Cos., Inc. (Æ)		3,100		105
SandRidge Energy, Inc. (Æ)		128,700		1,001
Schlumberger, Ltd.		46,439		3,491
SM Energy Co.		78,911		5,727
Southwestern Energy Co. (Æ)		17,100		532
Spectra Energy Corp.		19,800		624
Sunoco, Inc.		48,600		1,864
Superior Energy Services, Inc. (Æ)		161,800		4,613

6 Russell U.S. Quantitative Equity Fund

Russell Investment Company

Russell U.S. Quantitative Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Tesoro Corp. (Æ)		219,600		5,497
Ultra Petroleum Corp. (Æ)		15,200		365
Unit Corp. (Æ)		2,500		113
Valero Energy Corp. (Û)		1,292,233		31,001
Western Refining, Inc.		59,500		984
Whiting Petroleum Corp. (Æ)		63,676		3,190
Williams Cos., Inc. (The)		353,107		10,177
WPX Energy Inc (Æ)		121,735		2,006
				398,014
Financial Services - 13.9%
ACE, Ltd. (Û)		169,700		11,811
Affiliated Managers Group, Inc. (Æ)		7,963		800
Aflac, Inc.		87,424		4,216
Alleghany Corp. (Æ)		2,500		723
Alliance Data Systems Corp. (Æ)		14,800		1,640
Allied World Assurance Co. Holdings AG		75,683		4,657
Allstate Corp. (The) (Û)		70,900		2,045
American Capital Agency Corp. (ö)		2,800		82
American Capital, Ltd. (Æ)		31,000		255
American Express Co.		381,048		19,106
American Financial Group, Inc.		69,096		2,534
American International Group, Inc. (Æ)		4,900		123
American Tower Corp		108,071		6,864
Ameriprise Financial, Inc.		251,168		13,450
Annaly Capital Management, Inc. (ö)		9,400		158
Aon Corp.		72,900		3,531
Arch Capital Group, Ltd. (Æ)		18,912		682
Aspen Insurance Holdings, Ltd.		89,305		2,372
Associated Banc-Corp.		56,200		700
Assurant, Inc.		142,768		5,654
AvalonBay Communities, Inc. (ö)		2,766		376
Axis Capital Holdings, Ltd.		76,528		2,356
Bank of New York Mellon Corp. (The) (Û)		263,400		5,302
BB&T Corp.		23,400		636
Berkshire Hathaway, Inc. Class B (Æ)		58,900		4,616
Boston Properties, Inc. (ö)		1,100		114
Broadridge Financial Solutions, Inc.		24,000		575
Brown & Brown, Inc.		3,900		89
Camden Property Trust (ö)		39,756		2,564
Capital One Financial Corp.		16,300		746
Capitol Federal Financial, Inc.		54,300		627
CBOE Holdings, Inc.		20,900		535
CBRE Group, Inc. Class A (Æ)		8,600		166
Charles Schwab Corp. (The) (Û)		309,646		3,607
Chubb Corp. (The) (Û)		103,800		6,997
Cincinnati Financial Corp.		4,900		160
Citigroup, Inc.		110,040		3,380
CNA Financial Corp.		4,362		120
Comerica, Inc.		7,900		219
Commerce Bancshares, Inc.		25,955		1,008
CommonWealth REIT (ö)		82,200		1,617
Cullen/Frost Bankers, Inc.		3,300		184
DDR Corp. (ö)		49,821		691
Digital Realty Trust, Inc. (ö)		11,300		801
Discover Financial Services		317,400		8,627
Douglas Emmett, Inc. (ö)		7,900		165

	Principal Amount ($) or Shares		Market Value $
Dun & Bradstreet Corp. (The)		2,000		166
E*Trade Financial Corp. (Æ)		161,069		1,319
East West Bancorp, Inc.		17,100		376
Endurance Specialty Holdings, Ltd.		30,646		1,146
Equifax, Inc.		79,986		3,117
Equity Residential (ö)		18,200		1,084
Erie Indemnity Co. Class A		2,600		199
Essex Property Trust, Inc. (ö)		3,400		490
Everest Re Group, Ltd.		60,223		5,143
Factset Research Systems, Inc.		32,405		2,862
Fair Isaac Corp.		60,400		2,189
Federal Realty Investment Trust (ö)		1,500		142
Fidelity National Financial, Inc. Class A		75,000		1,364
Fidelity National Information Services, Inc.		26,600		760
Fifth Third Bancorp (Û)		842,371		10,959
First American Financial Corp.		14,051		208
First Horizon National Corp.		41,000		358
First Niagara Financial Group, Inc.		46,700		447
Fiserv, Inc. (Æ)		17,100		1,075
Forest City Enterprises, Inc. Class A (Æ)		9,900		130
Franklin Resources, Inc.		1,100		117
Fulton Financial Corp.		174,700		1,623
Global Payments, Inc.		110,333		5,519
Goldman Sachs Group, Inc. (The)		2,500		279
Green Dot Corp. Class A (Æ)		39,080		1,109
Hanover Insurance Group, Inc. (The)		23,600		858
HCC Insurance Holdings, Inc.		34,100		947
Health Care REIT, Inc. (ö)		900		52
Hospitality Properties Trust (ö)		121,937		2,955
Huntington Bancshares, Inc.		831,494		4,748
Interactive Brokers Group, Inc. Class A		92,700		1,402
IntercontinentalExchange, Inc. (Æ)(Û)		25,620		2,933
Jones Lang LaSalle, Inc.		22,188		1,748
JPMorgan Chase & Co. (Û)		995,017		37,114
Kemper Corp.		12,000		357
KeyCorp		1,757,216		13,654
Lazard, Ltd. Class A		700		20
Legg Mason, Inc.		4,600		117
Leucadia National Corp.		69,600		1,932
Lincoln National Corp.		164,600		3,545
Loews Corp.		8,200		306
M&T Bank Corp.		2,500		199
Markel Corp. (Æ)		900		363
Marsh & McLennan Cos., Inc.		69,400		2,192
Mastercard, Inc. Class A (Û)		49,030		17,434
MBIA, Inc. (Æ)		16,300		201
MetLife, Inc.		6,600		233
Moody’s Corp.		133,100		4,955
Morgan Stanley		1,006,300		18,768
New York Community Bancorp, Inc.		11,500		146
NYSE Euronext		13,200		351
PartnerRe, Ltd. - ADR		68,900		4,507
People’s United Financial, Inc.		104,300		1,286
Piedmont Office Realty Trust, Inc. Class A (ö)		31,500		583
Plum Creek Timber Co., Inc. (ö)		13,100		508
PNC Financial Services Group, Inc.		161,700		9,527

Russell U.S. Quantitative Equity Fund 7

Russell Investment Company

Russell U.S. Quantitative Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Popular, Inc. (Æ)		512,804		805
Principal Financial Group, Inc.		4,900		134
Progressive Corp. (The)		29,700		602
ProLogis, Inc. (ö)		2,600		82
Protective Life Corp.		43,800		1,095
Prudential Financial, Inc. (Û)		45,400		2,599
Public Storage (ö)		30,290		4,206
Raymond James Financial, Inc.		35,541		1,244
Rayonier, Inc. (ö)		133,900		6,123
Regions Financial Corp.		459,100		2,397
Reinsurance Group of America, Inc. Class A		55,058		3,000
RenaissanceRe Holdings, Ltd.		5,600		409
Simon Property Group, Inc. (ö)		68,240		9,271
SL Green Realty Corp. (ö)		1,900		140
SLM Corp.		10,600		158
State Street Corp.		3,400		133
Symetra Financial Corp.		72,100		665
Taubman Centers, Inc. (ö)		13,917		933
TCF Financial Corp.		39,900		401
TD Ameritrade Holding Corp.		16,100		259
Torchmark Corp.		99,276		4,534
Total System Services, Inc.		187,400		4,018
Travelers Cos., Inc. (The) (Û)		202,700		11,817
UDR, Inc. (ö)		2,800		73
Unum Group		46,600		1,064
US Bancorp		132,800		3,748
Validus Holdings, Ltd.		70,859		2,272
Valley National Bancorp		33,700		402
Ventas, Inc. (ö)		25,591		1,492
Visa, Inc. Class A		62,100		6,250
Waddell & Reed Financial, Inc. Class A		97,816		2,685
Washington Federal, Inc.		30,700		484
Wells Fargo & Co. (Û)		671,911		19,627
Western Union Co. (The)		68,500		1,308
Weyerhaeuser Co. (ö)		73,800		1,477
White Mountains Insurance Group, Ltd.		1,100		496
WR Berkley Corp.		41,200		1,412
Zions Bancorporation		17,900		301
				401,919
Health Care - 12.8%
Abbott Laboratories		45,900		2,485
Aetna, Inc. (Û)		588,216		25,705
Alere, Inc. (Æ)		67,400		1,628
Alexion Pharmaceuticals, Inc. (Æ)		36,000		2,763
Align Technology, Inc. (Æ)		85,400		2,012
Allergan, Inc.		14,100		1,240
AMERIGROUP Corp. Class A (Æ)		13,300		905
AmerisourceBergen Corp. Class A (Û)		172,600		6,726
Amgen, Inc. (Û)		129,300		8,781
Amylin Pharmaceuticals, Inc. (Æ)		60,000		854
Auxilium Pharmaceuticals, Inc. (Æ)		114,506		2,275
Baxter International, Inc.		53,700		2,979
Becton Dickinson and Co.		5,900		463
Biogen Idec, Inc. (Æ)(Û)		172,031		20,286
Bio-Rad Laboratories, Inc. Class A (Æ)		1,500		152

	Principal Amount ($) or Shares		Market Value $
Boston Scientific Corp. (Æ)(Û)		947,200		5,645
Bristol-Myers Squibb Co.		165,000		5,320
Cardinal Health, Inc. (Û)		576,849		24,822
CareFusion Corp. (Æ)		183,000		4,383
Catalyst Health Solutions, Inc. (Æ)		3,800		208
Celgene Corp. (Æ)		117,300		8,528
Cepheid, Inc. (Æ)		8,925		393
Cerner Corp. (Æ)(Û)		104,220		6,346
Charles River Laboratories International, Inc. (Æ)		113,700		3,840
Cigna Corp.		220,790		9,898
Cooper Cos., Inc. (The)		16,600		1,198
Covance, Inc. (Æ)		14,000		613
Coventry Health Care, Inc. (Æ)		74,900		2,252
Covidien PLC		48,900		2,518
CR Bard, Inc.		59,600		5,514
DaVita, Inc. (Æ)		1,600		131
Dentsply International, Inc.		20,000		755
Edwards Lifesciences Corp. (Æ)		7,300		603
Eli Lilly & Co. (Û)		428,545		17,030
Endo Pharmaceuticals Holdings, Inc. (Æ)		54,000		2,007
Gen-Probe, Inc. (Æ)		14,900		997
Gilead Sciences, Inc. (Æ)(Û)		343,100		16,757
HCA Holdings, Inc. (Æ)		6,200		152
Health Net, Inc. (Æ)		10,508		397
Henry Schein, Inc. (Æ)		19,300		1,368
Hill-Rom Holdings, Inc.		14,687		485
Hologic, Inc. (Æ)		37,400		763
Humana, Inc. (Û)		302,882		26,963
IDEXX Laboratories, Inc. (Æ)		4,200		355
Illumina, Inc. (Æ)		10,900		564
Intuitive Surgical, Inc. (Æ)		10,000		4,599
Jazz Pharmaceuticals PLC (Æ)		34,500		1,604
Johnson & Johnson (Û)		229,400		15,120
Laboratory Corp. of America Holdings (Æ)		14,000		1,279
Lincare Holdings, Inc.		5,900		152
McKesson Corp.		172,500		14,097
Medco Health Solutions, Inc. (Æ)		61,978		3,844
Medicis Pharmaceutical Corp. Class A		27,000		893
Mednax, Inc. (Æ)		5,400		385
Medtronic, Inc.		29,200		1,126
Merck & Co., Inc.		153,231		5,863
Molina Healthcare, Inc. (Æ)		48,000		1,469
Mylan, Inc. (Æ)		40,400		838
Myriad Genetics, Inc. (Æ)		7,400		175
Omnicare, Inc.		35,500		1,165
PDL BioPharma, Inc.		119,708		765
Perrigo Co.		6,700		640
Pfizer, Inc. (Û)		1,247,209		26,690
Qiagen NV (Æ)		1,400		23
Quest Diagnostics, Inc.		21,400		1,243
Regeneron Pharmaceuticals, Inc. (Æ)		700		64
Sirona Dental Systems, Inc. (Æ)		6,600		319
St. Jude Medical, Inc.		66,300		2,765
Stryker Corp. (Û)		92,800		5,144
SXC Health Solutions Corp. (Æ)		3,300		208
Techne Corp.		12,300		839

8 Russell U.S. Quantitative Equity Fund

Russell Investment Company

Russell U.S. Quantitative Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Teleflex, Inc.		12,600		771
Thermo Fisher Scientific, Inc. (Æ)		13,000		688
Thoratec Corp. (Æ)		19,000		559
UnitedHealth Group, Inc. (Û)		243,500		12,611
Universal American Corp.		32,800		360
Universal Health Services, Inc. Class B		4,600		190
Varian Medical Systems, Inc. (Æ)		2,600		171
VCA Antech, Inc. (Æ)		6,200		139
Vertex Pharmaceuticals, Inc. (Æ)		27,300		1,009
Warner Chilcott PLC Class A (Æ)		295,700		4,988
Watson Pharmaceuticals, Inc. Class B (Æ)		101,981		5,979
WellCare Health Plans, Inc. (Æ)		59,700		3,568
WellPoint, Inc. (Û)		191,000		12,285
Zimmer Holdings, Inc.		101,408		6,161
				370,847
Materials and Processing - 4.7%
AbitibiBowater, Inc. (Æ)		24,600		356
Agrium, Inc.		47,200		3,788
Air Products & Chemicals, Inc.		2,600		229
Airgas, Inc.		89,470		7,062
Albemarle Corp.		2,700		174
Alcoa, Inc. (Û)		355,100		3,608
Allegheny Technologies, Inc.		2,600		118
Allied Nevada Gold Corp. (Æ)		1,000		36
Aptargroup, Inc.		7,000		367
Ashland, Inc.		9,800		618
Ball Corp.		49,100		1,928
Brown-Forman Corp. Class B - ADR		15,800		1,283
Carpenter Technology Corp.		16,400		861
Celanese Corp. Class A		16,200		789
CF Industries Holdings, Inc.		98,549		17,481
Chemtura Corp. (Æ)		22,800		320
Cliffs Natural Resources, Inc.		53,800		3,887
Crown Holdings, Inc. (Æ)		52,700		1,901
Domtar Corp.		19,400		1,676
Dow Chemical Co. (The)		3,500		117
Eastman Chemical Co.		128,000		6,441
Ecolab, Inc.		12,300		743
EI du Pont de Nemours & Co.		62,000		3,155
Fastenal Co.		26,600		1,242
Freeport-McMoRan Copper & Gold, Inc.		283,456		13,098
Huntsman Corp.		201,900		2,570
International Flavors & Fragrances, Inc.		12,500		698
International Paper Co.		210,433		6,553
LyondellBasell Industries NV Class A		312,380		13,464
MeadWestvaco Corp.		185,891		5,473
Molycorp, Inc. (Æ)		6,800		211
Monsanto Co.		13,800		1,132
Mosaic Co. (The)		700		39
Newmont Mining Corp.		3,300		203
Nucor Corp.		7,300		325
Owens Corning (Æ)		8,100		273
Owens-Illinois, Inc. (Æ)		5,700		137
PPG Industries, Inc. (Û)		168,339		15,080
Praxair, Inc.		14,300		1,519
Precision Castparts Corp.		1,700		278

	Principal Amount ($) or Shares		Market Value $
Reliance Steel & Aluminum Co.		2,300		122
Rockwood Holdings, Inc. (Æ)		6,000		303
Royal Gold, Inc.		12,400		944
Sealed Air Corp.		113,627		2,265
Sigma-Aldrich Corp.		5,500		374
Timken Co.		55,545		2,712
Titanium Metals Corp.		12,600		194
Valspar Corp.		57,800		2,499
WR Grace & Co. (Æ)		115,896		6,205
				134,851
Producer Durables - 10.9%
3M Co.		5,500		477
Accenture PLC Class A (Û)		164,800		9,450
AGCO Corp. (Æ)		233,900		11,913
Agilent Technologies, Inc.		21,600		917
Alliant Techsystems, Inc.		18,262		1,085
Ametek, Inc.		15,700		738
AO Smith Corp.		59,587		2,531
Automatic Data Processing, Inc.		62,200		3,407
Boeing Co. (The) (Û)		124,900		9,265
Booz Allen Hamilton Holding Corp. Class A (Æ)		28,400		500
Brink’s Co. (The)		7,700		217
Carlisle Cos., Inc.		20,500		978
Caterpillar, Inc.		208,401		22,741
CH Robinson Worldwide, Inc.		5,400		372
Chicago Bridge & Iron Co. NV		20,743		883
Cintas Corp.		51,200		1,897
Convergys Corp. (Æ)		36,539		486
Con-way, Inc.		140,616		4,463
Copa Holdings SA Class A		10,300		702
Copart, Inc. (Æ)		20,300		955
Corporate Executive Board Co. (The)		24,400		960
Crane Co.		3,200		154
CSX Corp. (Û)		319,600		7,207
Cummins, Inc.		2,900		302
Danaher Corp.		26,400		1,386
Deere & Co.		33,000		2,843
Delta Air Lines, Inc. (Æ)		804,300		8,485
Dover Corp.		26,700		1,693
EMCOR Group, Inc.		55,700		1,606
FedEx Corp.		156,991		14,363
Flir Systems, Inc.		3,600		93
Fluor Corp. (Û)		203,100		11,422
Gardner Denver, Inc.		50,920		3,799
GATX Corp.		4,000		172
General Dynamics Corp.		45,100		3,119
General Electric Co. (Û)		1,505,120		28,161
Genpact, Ltd. (Æ)		43,600		638
Goodrich Corp.		3,600		449
Graco, Inc.		10,600		487
GrafTech International, Ltd. (Æ)		9,300		153
Harsco Corp.		18,200		405
Honeywell International, Inc.		46,800		2,716
IHS, Inc. Class A (Æ)		5,800		519
Illinois Tool Works, Inc.		1,900		101

Russell U.S. Quantitative Equity Fund 9

Russell Investment Company

Russell U.S. Quantitative Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Iron Mountain, Inc.		67,800		2,090
Itron, Inc. (Æ)		66,270		2,571
ITT Corp.		4,200		91
JB Hunt Transport Services, Inc.		8,000		409
Joy Global, Inc. (Û)		6,300		571
Kansas City Southern (Æ)		1,000		69
KBR, Inc. (Û)		169,100		5,435
Kennametal, Inc.		7,400		319
Kirby Corp. (Æ)		13,200		881
Knight Transportation, Inc.		68,600		1,208
L-3 Communications Holdings, Inc.		39,200		2,773
Landstar System, Inc.		17,600		900
Lexmark International, Inc. Class A		18,067		631
Lockheed Martin Corp. (Û)		95,600		7,870
Manpower, Inc.		115,500		4,633
MAXIMUS, Inc.		1,100		50
Mettler-Toledo International, Inc. (Æ)		1,300		228
MSC Industrial Direct Co., Inc. Class A		63,429		4,822
National Instruments Corp.		2,800		75
Navistar International Corp. (Æ)		73,600		3,186
Norfolk Southern Corp.		71,800		5,184
Northrop Grumman Corp.		124,900		7,250
Orbital Sciences Corp. (Æ)		58,000		840
Parker Hannifin Corp.		225,674		18,207
Paychex, Inc.		76,700		2,416
Pentair, Inc.		9,300		342
Quanta Services, Inc. (Æ)		7,200		155
Raytheon Co. (Û)		163,100		7,827
Rockwell Automation, Inc.		18,700		1,456
Roper Industries, Inc.		5,800		542
Ryder System, Inc.		57,146		3,216
Spirit Aerosystems Holdings, Inc. Class A (Æ)		500		11
Stericycle, Inc. (Æ)		17,300		1,454
Synopsys, Inc. (Æ)		195,033		5,691
Textron, Inc.		202,100		5,149
Thomas & Betts Corp. (Æ)		22,468		1,604
Tidewater, Inc.		2,500		135
Toro Co. (The)		7,591		481
Towers Watson & Co. Class A		6,800		407
TransDigm Group, Inc. (Æ)		17,400		1,819
Trinity Industries, Inc.		11,500		362
Tyco International, Ltd.		96,797		4,932
Union Pacific Corp. (Û)		167,060		19,097
United Parcel Service, Inc. Class B		1,600		121
United Technologies Corp.		91,772		7,190
URS Corp.		94,134		3,874
UTi Worldwide, Inc.		83,305		1,240
Verisk Analytics, Inc. Class A (Æ)		5,500		220
Wabtec Corp.		2,800		193
Waste Connections, Inc.		26,250		848
Waste Management, Inc.		3,800		132
Werner Enterprises, Inc.		160,904		4,204
WESCO International, Inc. (Æ)		1,100		69
WW Grainger, Inc.		29,655		5,656
				316,346

	Principal Amount ($) or Shares		Market Value $
Technology - 17.2%
Activision Blizzard, Inc. (Û)		1,168,900		14,424
Adobe Systems, Inc. (Æ)		66,100		2,046
Altera Corp.		15,700		625
Amdocs, Ltd. (Æ)		189,500		5,579
Apple, Inc. (Æ)(Û)		251,101		114,623
Ariba, Inc. (Æ)		4,100		112
Arrow Electronics, Inc. (Æ)		23,800		983
Atmel Corp. (Æ)		53,400		518
Autodesk, Inc. (Æ)		152,200		5,479
Avago Technologies, Ltd.		48,700		1,653
Avnet, Inc. (Æ)		90,600		3,159
AVX Corp.		4,689		62
BMC Software, Inc. (Æ)		275,700		9,991
CA, Inc. (Û)		201,700		5,200
Cadence Design Systems, Inc. (Æ)		538,744		5,689
Cisco Systems, Inc. (Û)		1,538,037		30,192
Citrix Systems, Inc. (Æ)		2,800		183
Cognizant Technology Solutions Corp. Class A (Æ)		13,300		954
Computer Sciences Corp.		179,843		4,645
Compuware Corp. (Æ)		33,729		264
Comverse Technology, Inc. (Æ)		142,100		895
Crown Castle International Corp. (Æ)		39,300		1,905
Cypress Semiconductor Corp.		30,400		523
Dell, Inc. (Æ)		29,000		500
DST Systems, Inc.		5,000		244
Electronic Arts, Inc. (Æ)		374,188		6,949
EMC Corp. (Æ)		24,200		623
Equinix, Inc. (Æ)		4,200		504
F5 Networks, Inc. (Æ)		25,700		3,077
Fairchild Semiconductor International, Inc. Class A (Æ)		1,400		19
Fortinet, Inc. (Æ)		238,200		5,433
Gartner, Inc. (Æ)		80,300		3,044
Google, Inc. Class A (Æ)		6,080		3,527
Hewlett-Packard Co. (Û)		62,800		1,757
IAC/InterActiveCorp		197,187		8,493
Informatica Corp. (Æ)		20,600		871
Integrated Device Technology, Inc. (Æ)		234,100		1,484
Intel Corp. (Û)		770,600		20,359
International Business Machines Corp. (Û)		145,430		28,010
Intuit, Inc.		214,102		12,084
IPG Photonics Corp. (Æ)		4,300		227
Jabil Circuit, Inc.		290,500		6,583
JDS Uniphase Corp. (Æ)		51,910		659
Lambda TD Software, Inc. (Æ)		118,736		1,186
LSI Corp. (Æ)(Û)		1,551,834		11,747
Maxim Integrated Products, Inc.		155,400		4,171
Mentor Graphics Corp. (Æ)		165,389		2,294
Microchip Technology, Inc.		39,300		1,450
MICROS Systems, Inc. (Æ)		7,300		363
Microsoft Corp. (Û)		1,792,382		52,929
MKS Instruments, Inc.		12,200		368
Motorola Solutions, Inc. (Û)		164,353		7,628
NCR Corp. (Æ)		130,212		2,439
NetApp, Inc. (Æ)(Û)		112,370		4,241

10 Russell U.S. Quantitative Equity Fund

Russell Investment Company

Russell U.S. Quantitative Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
NetSuite, Inc. (Æ)		27,700		1,160
NeuStar, Inc. Class A (Æ)		7,346		268
Novellus Systems, Inc. (Æ)		40,470		1,908
Nuance Communications, Inc. (Æ)		34,600		987
NVIDIA Corp. (Æ)		31,700		468
ON Semiconductor Corp. (Æ)		23,000		200
Oracle Corp.		609,315		17,183
PMC - Sierra, Inc. (Æ)		449,500		2,922
Polycom, Inc. (Æ)		127,600		2,546
QUALCOMM, Inc. (Û)		172,200		10,129
Rackspace Hosting, Inc. (Æ)		3,700		161
Red Hat, Inc. (Æ)		85,897		3,983
Research In Motion, Ltd. (Æ)		95,700		1,591
SAIC, Inc. (Æ)		382,800		4,923
Salesforce.com, Inc. (Æ)		1,500		175
SanDisk Corp. (Æ)		3,500		161
Solera Holdings, Inc.		1,500		72
Symantec Corp. (Æ)(Û)		1,167,300		20,066
Tellabs, Inc.		510,462		1,940
Teradata Corp. (Æ)		36,200		1,939
Texas Instruments, Inc.		46,600		1,509
TIBCO Software, Inc. (Æ)		13,100		341
Unisys Corp. (Æ)		56,859		1,192
VeriSign, Inc.		1,700		63
VMware, Inc. Class A (Æ)(Û)		53,530		4,886
Western Digital Corp. (Æ)		328,200		11,930
Xilinx, Inc.		36,200		1,298
				496,968
Utilities - 6.9%
AES Corp. (The) (Æ)		512,000		6,533
AGL Resources, Inc.		33,100		1,374
Alliant Energy Corp.		13,700		581
Ameren Corp.		352,209		11,144
American Electric Power Co., Inc.		39,700		1,571
American Water Works Co., Inc.		67,712		2,284
Aqua America, Inc.		2,600		57
AT&T, Inc. (Û)		1,233,300		36,271
Atmos Energy Corp.		6,000		194
California Water Service Group		30,000		553
Calpine Corp. (Æ)		37,000		540
CenterPoint Energy, Inc.		63,700		1,177
CenturyLink, Inc.		88,170		3,265
Clearwire Corp. Class A (Æ)		491,114		830
CMS Energy Corp.		53,400		1,166
Consolidated Edison, Inc.		17,800		1,049
Constellation Energy Group, Inc.		45,300		1,650
Dominion Resources, Inc.		50,700		2,537
DTE Energy Co.		27,700		1,474
Duke Energy Corp.		600		13
Edison International (Û)		235,854		9,679
Energen Corp.		22,000		1,060
Entergy Corp. (Û)		65,100		4,517
Exelon Corp.		13,200		525
FirstEnergy Corp. (Û)		165,747		6,998
ITC Holdings Corp.		19,300		1,423
Level 3 Communications, Inc. (Æ)		14,400		267

	Principal Amount ($) or Shares			Market Value $
MDU Resources Group, Inc.		8,100			173
MetroPCS Communications, Inc. (Æ)		388,775			3,437
National Fuel Gas Co.		3,900			196
Nexen, Inc.		102,800			1,842
NextEra Energy, Inc.		42,300			2,532
NII Holdings, Inc. (Æ)		262,370			5,276
NiSource, Inc.		237,686			5,403
Northeast Utilities		42,700			1,484
NRG Energy, Inc. (Æ)		56,800			959
NSTAR		26,200			1,177
NV Energy, Inc.		417,157			6,758
OGE Energy Corp.		8,500			449
ONEOK, Inc.		32,900			2,736
Pepco Holdings, Inc.		25,800			507
PG&E Corp.		230,757			9,383
Pinnacle West Capital Corp.		45,355			2,143
PPL Corp.		65,500			1,820
Progress Energy, Inc. Class D		52,431			2,849
Public Service Enterprise Group, Inc. (Û)		187,500			5,689
Questar Corp.		40,600			783
Sempra Energy		31,300			1,781
Southern Co.		16,300			743
Southern Union Co.		37,700			1,635
Sprint Nextel Corp. (Æ)		655,700			1,390
Telephone and Data Systems, Inc.		107,068			2,816
Time Warner Telecom, Inc. Class A (Æ)		21,800			439
Vectren Corp.		5,900			169
Verizon Communications, Inc. (Û)		734,246			27,652
Westar Energy, Inc.		17,100			486
Wisconsin Energy Corp.		84,249			2,864
Xcel Energy, Inc.		34,200			910
Xylem, Inc.		123,136			3,190
					198,403
Total Common Stocks (cost $2,673,311)					3,062,968
Short-Term Investments - 2.3%
Russell U.S. Cash Management Fund		66,980,860	(¥)		66,981
Total Short-Term Investments (cost $66,981)					66,981
Total Investments - 108.2% (identified cost $2,740,292)					3,129,949
Securities Sold Short - (8.6%)
Consumer Discretionary - (1.5%)
Ancestry.com, Inc. (Æ)		(48,400	)		(1,433	)
BorgWarner, Inc. (Æ)		(43,600	)		(3,254	)
Cabela’s, Inc. (Æ)		(60,800	)		(1,586	)
CarMax, Inc. (Æ)		(262,200	)		(7,979	)
Clear Channel Outdoor Holdings, Inc. Class A (Æ)		(2,600	)		(31	)
Cooper Tire & Rubber Co.		(46,791	)		(705	)
DreamWorks Animation SKG, Inc. Class A (Æ)		(169,000	)		(3,000	)
Gaylord Entertainment Co. (Æ)		(58,300	)		(1,635	)

Russell U.S. Quantitative Equity Fund 11

Russell Investment Company

Russell U.S. Quantitative Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares			Market Value $
Gentex Corp.		(103,192	)		(2,773	)
Lennar Corp. Class A		(220,500	)		(4,738	)
Life Time Fitness, Inc. (Æ)		(35,100	)		(1,725	)
MGM Resorts International (Æ)		(209,000	)		(2,727	)
Netflix, Inc. (Æ)		(37,900	)		(4,556	)
PulteGroup, Inc. (Æ)		(88,900	)		(662	)
Tiffany & Co.		(33,200	)		(2,118	)
Under Armour, Inc. Class A (Æ)		(21,500	)		(1,712	)
Valassis Communications, Inc. (Æ)		(28,200	)		(641	)
WABCO Holdings, Inc. (Æ)		(47,700	)		(2,473	)
					(43,748	)
Consumer Staples - (0.2%)
Boston Beer Co., Inc. Class A (Æ)		(14,000	)		(1,401	)
Pilgrim’s Pride Corp. (Æ)		(129,211	)		(94	)
Sanderson Farms, Inc.		(29,056	)		(1,480	)
Snyders-Lance, Inc.		(113,837	)		(2,617	)
					(5,592	)
Energy - (1.4%)
Cameco Corp. Class A		(82,500	)		(1,920	)
Cimarex Energy Co.		(68,300	)		(3,987	)
Clayton Williams Energy, Inc. (Æ)		(9,500	)		(773	)
Cobalt International Energy, Inc. (Æ)		(458,133	)		(9,181	)
Continental Resources, Inc. (Æ)		(66,900	)		(5,398	)
Dril-Quip, Inc. (Æ)		(9,100	)		(600	)
First Solar, Inc. (Æ)		(34,400	)		(1,454	)
Golar LNG, Ltd.		(48,300	)		(1,980	)
McMoRan Exploration Co. (Æ)		(107,600	)		(1,262	)
Patriot Coal Corp. (Æ)		(78,000	)		(593	)
Quicksilver Resources, Inc. (Æ)		(429,131	)		(2,150	)
SandRidge Energy, Inc. (Æ)		(638,800	)		(4,970	)
Spectra Energy Corp.		(106,500	)		(3,354	)
World Fuel Services Corp.		(31,700	)		(1,439	)
					(39,061	)
Financial Services - (1.1%)
Astoria Financial Corp.		(119,000	)		(991	)
Cincinnati Financial Corp.		(89,100	)		(2,912	)
CIT Group, Inc. (Æ)		(34,700	)		(1,324	)
CoreLogic, Inc. (Æ)		(175,518	)		(2,492	)
Eaton Vance Corp.		(92,506	)		(2,377	)
Erie Indemnity Co. Class A		(10,221	)		(784	)
Financial Engines, Inc. (Æ)		(38,000	)		(910	)
First Cash Financial Services, Inc. (Æ)		(34,991	)		(1,408	)
Greenhill & Co., Inc.		(29,300	)		(1,364	)
Howard Hughes Corp. (The) (Æ)		(35,041	)		(1,816	)
Iberiabank Corp.		(11,765	)		(615	)
MSCI, Inc. Class A (Æ)		(39,500	)		(1,287	)
New York Community Bancorp, Inc.		(371,900	)		(4,719	)
Plum Creek Timber Co., Inc. (ö)		(94,100	)		(3,649	)
Weyerhaeuser Co. (ö)		(174,700	)		(3,498	)
Wright Express Corp. (Æ)		(18,500	)		(1,012	)
					(31,158	)

	Principal Amount ($) or Shares			Market Value $
Health Care - (1.3%)
Air Methods Corp. (Æ)		(10,600	)		(894	)
BioMarin Pharmaceutical, Inc. (Æ)		(33,300	)		(1,188	)
Brookdale Senior Living, Inc. Class A (Æ)		(121,677	)		(2,142	)
Cerner Corp. (Æ)		(70,200	)		(4,274	)
Dendreon Corp. (Æ)		(16,200	)		(220	)
Dentsply International, Inc.		(133,800	)		(5,050	)
Halozyme Therapeutics, Inc. (Æ)		(40,000	)		(422	)
HealthSouth Corp. (Æ)		(149,100	)		(2,876	)
HeartWare International, Inc. (Æ)		(18,600	)		(1,288	)
Human Genome Sciences, Inc. (Æ)		(180,492	)		(1,776	)
Illumina, Inc. (Æ)		(45,800	)		(2,371	)
Impax Laboratories, Inc. (Æ)		(62,550	)		(1,180	)
IPC The Hospitalist Co., Inc. (Æ)		(34,970	)		(1,178	)
Mednax, Inc. (Æ)		(26,400	)		(1,880	)
MWI Veterinary Supply, Inc. (Æ)		(13,252	)		(1,040	)
NxStage Medical, Inc. (Æ)		(43,300	)		(777	)
Opko Health, Inc. (Æ)		(258,660	)		(1,361	)
Perrigo Co.		(26,800	)		(2,562	)
Pharmacyclics, Inc. (Æ)		(56,900	)		(1,046	)
Select Medical Holdings Corp. (Æ)		(179,946	)		(1,492	)
STERIS Corp.		(68,925	)		(2,073	)
Vertex Pharmaceuticals, Inc. (Æ)		(47,400	)		(1,751	)
					(38,841	)
Materials and Processing - (0.8%)
AMCOL International Corp.		(53,900	)		(1,539	)
Cabot Microelectronics Corp. (Æ)		(73,877	)		(3,725	)
Calgon Carbon Corp. (Æ)		(64,008	)		(1,046	)
Eagle Materials, Inc.		(18,500	)		(544	)
Globe Specialty Metals, Inc.		(138,500	)		(1,895	)
International Flavors & Fragrances, Inc.		(50,200	)		(2,802	)
Louisiana-Pacific Corp. (Æ)		(131,100	)		(1,117	)
Martin Marietta Materials, Inc.		(35,200	)		(2,904	)
Mueller Industries, Inc.		(66,299	)		(2,931	)
Sigma-Aldrich Corp.		(23,600	)		(1,606	)
Stillwater Mining Co. (Æ)		(46,528	)		(599	)
Titanium Metals Corp.		(52,500	)		(808	)
					(21,516	)
Producer Durables - (0.9%)
Canadian Pacific Railway, Ltd.		(35,200	)		(2,511	)
Darling International, Inc. (Æ)		(120,200	)		(1,837	)
FARO Technologies, Inc. (Æ)		(5,700	)		(309	)
Geo Group, Inc. (The) (Æ)		(121,921	)		(2,143	)
GrafTech International, Ltd. (Æ)		(117,600	)		(1,931	)
IHS, Inc. Class A (Æ)		(47,900	)		(4,286	)
Mettler-Toledo International, Inc. (Æ)		(20,200	)		(3,545	)
National Instruments Corp.		(108,400	)		(2,917	)
Stericycle, Inc. (Æ)		(43,300	)		(3,638	)
Waste Management, Inc.		(100,400	)		(3,490	)
					(26,607	)

12 Russell U.S. Quantitative Equity Fund

Russell Investment Company

Russell U.S. Quantitative Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares			Market Value $
Technology - (1.3%)
Bottomline Technologies, Inc. (Æ)		(43,300	)		(1,184	)
Cymer, Inc. (Æ)		(14,100	)		(702	)
Diodes, Inc. (Æ)		(56,900	)		(1,467	)
Fortinet, Inc. (Æ)		(95,600	)		(2,181	)
II-VI, Inc. (Æ)		(89,600	)		(2,062	)
Informatica Corp. (Æ)		(35,000	)		(1,480	)
IPG Photonics Corp. (Æ)		(10,657	)		(563	)
Microchip Technology, Inc.		(112,300	)		(4,145	)
NetSuite, Inc. (Æ)		(93,500	)		(3,916	)
NIC, Inc.		(126,901	)		(1,587	)
Power Integrations, Inc.		(33,400	)		(1,202	)
Rackspace Hosting, Inc. (Æ)		(50,800	)		(2,205	)
Rambus, Inc. (Æ)		(3,400	)		(25	)
RealPage, Inc. (Æ)		(65,673	)		(1,689	)
Salesforce.com, Inc. (Æ)		(43,500	)		(5,081	)
Scansource, Inc. (Æ)		(76,532	)		(2,875	)
SS&C Technologies Holdings, Inc. (Æ)		(41,385	)		(777	)
Synchronoss Technologies, Inc. (Æ)		(34,200	)		(1,143	)
VeriFone Systems, Inc. (Æ)		(40,200	)		(1,716	)
Viasat, Inc. (Æ)		(28,423	)		(1,351	)
					(37,351	)
Utilities - (0.1%)
TransCanada Corp.		(78,400	)		(3,218	)
Total Securities Sold Short (proceeds $235,810)					(247,092	)
Other Assets and Liabilities, Net - 0.4%					10,226
Net Assets - 100.0%					2,893,083

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Quantitative Equity Fund 13

Russell Investment Company

Russell U.S. Quantitative Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
Russell 1000 Mini Index Futures (CME)		126		USD	9,126		03/12		529
S&P 500 E-Mini Index Futures (CME)		740		USD	48,404		03/12		1,560
S&P 500 Index Futures (CME)		48		USD	15,698		03/12		718
S&P Midcap 400 E-Mini Index Futures (CME)		63		USD	5,890		03/12		433
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									3,240

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1			Level 2			Level 3		Total
Common Stocks
Consumer Discretionary	$	447,679		$	—		$	—	$	447,679
Consumer Staples		297,941			—			—		297,941
Energy		398,014			—			—		398,014
Financial Services		401,919			—			—		401,919
Health Care		370,847			—			—		370,847
Materials and Processing		134,851			—			—		134,851
Producer Durables		316,346			—			—		316,346
Technology		496,968			—			—		496,968
Utilities		198,403			—			—		198,403
Short-Term Investments		—			66,981			—		66,981
Total Investments		3,062,968			66,981			—		3,129,949
Securities Sold Short*		(247,071	)		(21	)		—		(247,092	)
Other Financial Instruments
Futures Contracts		3,240			—			—		3,240
Total Other Financial Instruments**	$	3,240		$	—		$	—	$	3,240

* Refer to Schedule of Investments for detailed sector breakout.

** Other financial instruments reflected, such as futures, forwards, and swap contracts which are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

14 Russell U.S. Quantitative Equity Fund

Russell Investment Company

Russell U.S. Growth Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Common Stocks - 94.4%
Consumer Discretionary - 19.3%
Amazon.com, Inc. (Æ)		5,572		1,083
Bed Bath & Beyond, Inc. (Æ)(Ñ)		4,249		258
CBS Corp. Class B		12,200		347
Diageo PLC - ADR		4,778		423
Dick’s Sporting Goods, Inc. (Ñ)		5,514		227
Dollar General Corp. (Æ)(Ñ)		4,876		208
eBay, Inc. (Æ)		27,852		880
Estee Lauder Cos., Inc. (The) Class A (Ñ)		7,020		407
Ford Motor Co. (Ñ)		22,000		273
Guess?, Inc. (Ñ)		2,509		75
Hanesbrands, Inc. (Æ)(Ñ)		7,100		175
Hertz Global Holdings, Inc. (Æ)(Ñ)		27,000		367
Home Depot, Inc.		7,000		311
Johnson Controls, Inc.		26,398		839
Las Vegas Sands Corp.		5,900		290
Limited Brands, Inc. (Ñ)		11,500		481
Lowe’s Cos., Inc.		13,600		365
Lululemon Athletica, Inc. (Æ)		1,000		63
McDonald’s Corp.		2,400		238
MGM Resorts International (Æ)(Ñ)		4,600		60
Michael Kors Holdings, Ltd. (Æ)		118		4
Nike, Inc. Class B		2,300		239
priceline.com, Inc. (Æ)		500		265
Snap-on, Inc.		4,400		249
Stanley Black & Decker, Inc.		3,100		217
Starbucks Corp.		18,890		905
Starwood Hotels & Resorts Worldwide, Inc. (Ñ)(ö)		10,870		589
Tiffany & Co.		5,857		374
TJX Cos., Inc. (Ñ)		2,346		160
Tractor Supply Co.		900		73
Ulta Salon Cosmetics & Fragrance, Inc. (Æ)		1,000		76
VF Corp.		3,590		472
VistaPrint NV (Æ)(Ñ)		5,050		181
Walt Disney Co. (The)		6,082		237
Yum! Brands, Inc.		13,550		858
				12,269
Consumer Staples - 6.4%
British American Tobacco PLC - ADR		3,266		301
Cia de Bebidas das Americas - ADR		17,430		634
Coca-Cola Co. (The)		13,350		901
Colgate-Palmolive Co.		8,970		814
General Mills, Inc.		10,070		401
Hershey Co. (The)		2,318		142
PepsiCo, Inc.		7,290		479
Procter & Gamble Co. (The)		2,600		164
Whole Foods Market, Inc. (Ñ)		3,400		252
				4,088
Energy - 10.0%
Anadarko Petroleum Corp.		6,599		533
Apache Corp.		5,300		524
Cabot Oil & Gas Corp.		6,066		193

	Principal Amount ($) or Shares		Market Value $
Cobalt International Energy, Inc. (Æ)(Ñ)		15,502		311
Dresser-Rand Group, Inc. (Æ)		4,300		220
Ensco PLC - ADR		2,542		134
Exxon Mobil Corp.		12,183		1,020
FMC Technologies, Inc. (Æ)		1,300		66
Forest Oil Corp. (Æ)(Ñ)		23,200		302
Hess Corp.		4,436		250
National Oilwell Varco, Inc.		13,280		982
Noble Energy, Inc.		1,300		131
Occidental Petroleum Corp.		1,900		189
Schlumberger, Ltd.		16,944		1,274
Weatherford International, Ltd. (Æ)		12,700		213
				6,342
Financial Services - 7.3%
Amarin Corp PLC - ADR (Æ)(Ñ)		16,800		137
American Express Co.		5,200		261
Bank of New York Mellon Corp. (The) (Ñ)		8,400		169
Capital One Financial Corp.		3,647		167
Discover Financial Services		9,653		262
Goldman Sachs Group, Inc. (The)		2,348		262
Hartford Financial Services Group, Inc.		18,400		322
Lincoln National Corp.		15,200		328
Mastercard, Inc. Class A		900		320
State Street Corp.		17,050		668
Visa, Inc. Class A		10,962		1,103
Wells Fargo & Co.		11,700		342
Western Union Co. (The)		14,928		285
				4,626
Health Care - 10.2%
Alexion Pharmaceuticals, Inc. (Æ)		1,600		123
Allergan, Inc. (Ñ)		3,300		290
Amgen, Inc.		5,100		346
Biogen Idec, Inc. (Æ)		1,100		130
Celgene Corp. (Æ)		4,700		342
Cerner Corp. (Æ)		10,550		642
Dentsply International, Inc. (Ñ)		9,610		363
Express Scripts, Inc. Class A (Æ)(Ñ)		3,000		154
Gilead Sciences, Inc. (Æ)		11,157		545
Intuitive Surgical, Inc. (Æ)		1,030		474
Medco Health Solutions, Inc. (Æ)		6,145		381
Mylan, Inc. (Æ)		27,310		567
Myriad Genetics, Inc. (Æ)		6,269		148
Novo Nordisk A/S - ADR		4,110		490
NuVasive, Inc. (Æ)		11,378		176
Perrigo Co. (Ñ)		2,630		251
Pfizer, Inc.		14,600		312
Valeant Pharmaceuticals International, Inc. (Æ)		2,000		97
Warner Chilcott PLC Class A (Æ)		12,300		208
WellPoint, Inc.		7,343		472
				6,511
Materials and Processing - 7.0%
Air Products & Chemicals, Inc.		4,000		352

Russell U.S. Growth Fund 15

Russell Investment Company

Russell U.S. Growth Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Albemarle Corp.		1,300		84
Ecolab, Inc.		11,390		688
EI du Pont de Nemours & Co.		5,800		295
Freeport-McMoRan Copper & Gold, Inc.		9,359		432
LyondellBasell Industries NV Class A		2,300		99
Masco Corp. (Ñ)		3,700		45
Monsanto Co.		16,672		1,368
Mosaic Co. (The)		7,317		410
Praxair, Inc.		3,230		343
Sherwin-Williams Co. (The) (Ñ)		700		68
Teck Resources, Ltd. Class B (Æ)		6,300		267
				4,451
Producer Durables - 10.6%
Accenture PLC Class A (Ñ)		9,500		545
Automatic Data Processing, Inc.		11,810		647
Burberry Group PLC (Æ)		7,284		312
Caterpillar, Inc.		6,800		742
Cooper Industries PLC		2,981		176
CSX Corp.		8,802		198
Cummins, Inc.		1,900		198
Danaher Corp.		7,100		373
Danone - ADR		40,380		501
Deere & Co.		3,500		301
FedEx Corp. (Ñ)		6,300		576
Fluor Corp.		6,474		364
General Dynamics Corp.		4,769		330
Joy Global, Inc.		3,350		304
Pentair, Inc. (Ñ)		8,600		317
Rockwell Automation, Inc.		2,151		167
Terex Corp. (Æ)(Ñ)		7,394		146
Union Pacific Corp. (Ñ)		1,100		126
United Continental Holdings, Inc. (Æ)(Ñ)		17,400		402
				6,725
Technology - 23.0%
Acme Packet, Inc. (Æ)(Ñ)		7,210		211
Advanced Micro Devices, Inc. (Æ)(Ñ)		17,300		116
Altera Corp.		8,100		322
Analog Devices, Inc.		9,700		379
Apple, Inc. (Æ)		7,746		3,536
Avago Technologies, Ltd.		3,900		132
Baidu, Inc. - ADR (Æ)		1,471		188
Citrix Systems, Inc. (Æ)		8,871		578
Cognizant Technology Solutions Corp. Class A (Æ)		3,133		225
Electronic Arts, Inc. (Æ)		5,700		106
EMC Corp. (Æ)(Ñ)		13,800		355
F5 Networks, Inc. (Æ)		2,900		347
Google, Inc. Class A (Æ)		3,177		1,843
International Business Machines Corp.		3,700		713
Maxim Integrated Products, Inc.		12,900		346
Micron Technology, Inc. (Æ)(Ñ)		9,188		70
Microsoft Corp.		11,784		348

	Principal Amount ($) or Shares			Market Value $
NetApp, Inc. (Æ)		3,100			117
OpenTable, Inc. (Æ)(Ñ)		4,912			237
Oracle Corp.		23,300			657
QUALCOMM, Inc.		26,864			1,580
Red Hat, Inc. (Æ)		12,240			568
Salesforce.com, Inc. (Æ)(Ñ)		5,074			593
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		21,600			304
Teradata Corp. (Æ)		2,400			128
Texas Instruments, Inc. (Ñ)		14,397			466
VMware, Inc. Class A (Æ)		1,500			137
					14,602
Utilities - 0.6%
Xylem, Inc.		13,500			350
Total Common Stocks (cost $48,934)					59,965
Short-Term Investments - 4.9%
Russell U.S. Cash Management Fund		3,142,655	(¥)		3,143
Total Short-Term Investments (cost $3,143)					3,143
Other Securities - 3.1%
Russell Investment Company Liquidating Trust (×)		190,441	(¥)		194
Russell U.S. Cash Collateral Fund (×)		1,766,226	(¥)		1,766
Total Other Securities (cost $1,957)					1,960
Total Investments - 102.4% (identified cost $54,034)					65,067
Other Assets and Liabilities, Net - (2.4%)					(1,549	)
Net Assets - 100.0%					63,518

See accompanying notes which are an integral part of this quarterly report.

16 Russell U.S. Growth Fund

Russell Investment Company

Russell U.S. Growth Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
S&P 500 E-Mini Index Futures (CME)		54		USD	3,532		03/12		23
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									23

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	12,269	$	—	$	—	$	12,269
Consumer Staples		4,088		—		—		4,088
Energy		6,342		—		—		6,342
Financial Services		4,626		—		—		4,626
Health Care		6,511		—		—		6,511
Materials and Processing		4,451		—		—		4,451
Producer Durables		6,725		—		—		6,725
Technology		14,602		—		—		14,602
Utilities		350		—		—		350
Short-Term Investments		—		3,143		—		3,143
Other Securities		—		1,960		—		1,960
Total Investments		59,964		5,103		—		65,067
Other Financial Instruments
Futures Contracts		23		—		—		23
Total Other Financial Instruments*	$	23	$	—	$	—	$	23

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Growth Fund 17

Russell Investment Company

Russell U.S. Value Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Common Stocks - 93.9%
Consumer Discretionary - 9.0%
Advance Auto Parts, Inc. (Ñ)		400		31
American Eagle Outfitters, Inc.		25,100		354
AutoZone, Inc. (Æ)		880		306
Avon Products, Inc.		15,900		282
Best Buy Co., Inc. (Ñ)		2,800		67
Big Lots, Inc. (Æ)		11,185		442
CBS Corp. Class B		9,100		259
Cinemark Holdings, Inc. (Ñ)		1,400		28
Coach, Inc.		600		42
Comcast Corp. Class A		2,800		74
DeVry, Inc.		1,300		49
Dillard’s, Inc. Class A (Ñ)		1,500		66
DISH Network Corp. Class A		3,900		109
Embraer SA - ADR (Æ)		9,000		247
Express, Inc. (Æ)(Ñ)		1,700		37
Foot Locker, Inc.		8,600		226
Ford Motor Co. (Ñ)		1,300		16
Gannett Co., Inc.		7,000		99
Gap, Inc. (The) (Ñ)		23,500		446
Harman International Industries, Inc.		100		4
Hertz Global Holdings, Inc. (Æ)(Ñ)		13,300		181
Home Depot, Inc.		4,100		182
Johnson Controls, Inc.		13,400		426
Kohl’s Corp.		5,900		271
Koninklijke Philips Electronics NV		18,100		367
Lear Corp.		5,200		218
Lowe’s Cos., Inc.		3,900		105
Macy’s, Inc.		36,690		1,236
PVH Corp.		1,500		116
Sally Beauty Holdings, Inc. (Æ)		2,400		49
Signet Jewelers, Ltd.		1,800		82
Target Corp.		6,900		350
Time Warner Cable, Inc.		800		59
TRW Automotive Holdings Corp. (Æ)(Ñ)		3,300		124
Wal-Mart Stores, Inc.		12,250		752
Wyndham Worldwide Corp. (Ñ)		5,900		234
				7,936
Consumer Staples - 4.8%
Archer-Daniels-Midland Co.		15,445		442
Clorox Co. (The)		3,300		227
ConAgra Foods, Inc.		12,900		344
Constellation Brands, Inc. Class A (Æ)		7,200		150
CVS Caremark Corp.		13,000		543
Dr Pepper Snapple Group, Inc.		3,000		116
Herbalife, Ltd.		2,950		171
Kraft Foods, Inc. Class A		5,000		192
Philip Morris International, Inc.		6,100		456
Safeway, Inc. (Ñ)		42,645		937
Smithfield Foods, Inc. (Æ)(Ñ)		15,200		339
Tyson Foods, Inc. Class A		19,300		360
				4,277

	Principal Amount ($) or Shares		Market Value $
Energy - 11.6%
Anadarko Petroleum Corp.		2,425		196
Apache Corp.		1,625		161
Arch Coal, Inc. (Ñ)		20,400		294
Baker Hughes, Inc.		4,500		221
Chesapeake Energy Corp.		17,015		360
Chevron Corp.		23,875		2,461
ConocoPhillips		19,475		1,328
Exxon Mobil Corp.		5,500		461
Hubbell, Inc. Class B		200		14
Kinder Morgan, Inc. (Ñ)		6,900		224
Marathon Oil Corp.		17,000		534
Marathon Petroleum Corp.		15,500		592
Murphy Oil Corp.		7,300		435
Nabors Industries, Ltd. (Æ)(Ñ)		5,200		97
National Oilwell Varco, Inc.		3,325		246
Noble Corp. (Æ)		8,365		292
Oil States International, Inc. (Æ)(Ñ)		1,900		151
Statoil ASA - ADR		15,100		381
Suncor Energy, Inc.		4,600		159
Tesoro Corp. (Æ)(Ñ)		8,300		208
Total SA - ADR (Ñ)		4,500		238
Transocean, Ltd.		4,480		212
Valero Energy Corp.		40,795		979
				10,244
Financial Services - 23.9%
Aflac, Inc.		3,600		174
Allied World Assurance Co. Holdings AG		1,000		62
Allstate Corp. (The)		35,230		1,016
American Capital, Ltd. (Æ)		8,300		68
American Financial Group, Inc.		4,300		158
Ameriprise Financial, Inc.		9,400		503
Assurant, Inc.		5,600		222
Assured Guaranty, Ltd. (Ñ)		2,600		40
Bank of America Corp.		17,800		127
Bank of New York Mellon Corp. (The)		15,300		308
BB&T Corp.		17,000		462
BlackRock, Inc. Class A		575		105
Capital One Financial Corp.		4,050		185
CBL & Associates Properties, Inc. (Ñ)(ö)		6,600		115
Chubb Corp. (The) (Ñ)		1,900		128
Citigroup, Inc.		14,380		442
Comerica, Inc.		3,600		100
CommonWealth REIT (ö)		600		12
Cullen/Frost Bankers, Inc. (Ñ)		3,900		217
Discover Financial Services		20,400		554
Equity Lifestyle Properties, Inc. (ö)		800		56
Everest Re Group, Ltd.		800		68
Fifth Third Bancorp		16,675		217
First Republic Bank (Æ)		700		21
Goldman Sachs Group, Inc. (The)		6,515		726
Hartford Financial Services Group, Inc.		39,745		696
Hospitality Properties Trust (Ñ)(ö)		2,000		48
JPMorgan Chase & Co.		85,490		3,189
KeyCorp		80,300		624

18 Russell U.S. Value Fund

Russell Investment Company

Russell U.S. Value Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Lincoln National Corp.		17,200		370
Mercury General Corp.		5,100		223
MetLife, Inc.		27,830		983
Morgan Stanley (Ñ)		46,200		862
Northern Trust Corp.		8,700		359
People’s United Financial, Inc. (Ñ)		14,900		184
PNC Financial Services Group, Inc.		27,610		1,627
ProAssurance Corp.		500		41
Protective Life Corp. (Ñ)		2,600		65
Prudential Financial, Inc.		16,655		953
Public Storage (Ñ)(ö)		1,430		199
Raymond James Financial, Inc. (Ñ)		800		28
Rayonier, Inc. (Ñ)(ö)		3,150		144
Simon Property Group, Inc. (ö)		3,290		447
SLM Corp.		15,400		230
SunTrust Banks, Inc.		14,200		292
Torchmark Corp.		2,500		114
Travelers Cos., Inc. (The)		3,500		204
Unum Group		6,100		139
US Bancorp		14,100		398
Valley National Bancorp (Ñ)		15,708		187
Wells Fargo & Co.		59,470		1,737
XL Group PLC Class A		34,065		691
				21,120
Health Care - 12.2%
Abbott Laboratories		14,780		800
Aetna, Inc.		10,000		437
Amgen, Inc.		19,230		1,306
Baxter International, Inc.		6,100		338
Biogen Idec, Inc. (Æ)		580		68
Bristol-Myers Squibb Co.		12,175		393
Cigna Corp.		3,000		135
Community Health Systems, Inc. (Æ)(Ñ)		39,190		733
Eli Lilly & Co.		7,500		298
Gilead Sciences, Inc. (Æ)		5,600		274
HCA Holdings, Inc. (Æ)		2,800		68
Hospira, Inc. (Æ)		6,500		224
Humana, Inc.		5,100		454
Johnson & Johnson		5,700		376
McKesson Corp.		5,875		480
Medtronic, Inc.		7,400		285
Merck & Co., Inc.		8,200		314
Pfizer, Inc.		105,155		2,250
Teva Pharmaceutical Industries, Ltd. - ADR		19,840		895
UnitedHealth Group, Inc.		10,850		562
Warner Chilcott PLC Class A (Æ)		800		14
WellCare Health Plans, Inc. (Æ)		1,300		78
				10,782
Materials and Processing - 6.0%
Agrium, Inc.		2,175		175
Ashland, Inc.		1,700		107
Bemis Co., Inc.		8,200		256
CF Industries Holdings, Inc.		3,055		542
Cliffs Natural Resources, Inc.		500		36
Domtar Corp.		3,300		285
Dow Chemical Co. (The)		12,200		409

	Principal Amount ($) or Shares		Market Value $
EI du Pont de Nemours & Co.		2,240		114
Freeport-McMoRan Copper & Gold, Inc.		13,800		638
Huntsman Corp.		29,900		381
International Paper Co.		7,755		241
LyondellBasell Industries NV Class A		10,700		461
Martin Marietta Materials, Inc. (Ñ)		3,500		289
Nucor Corp. (Ñ)		9,300		414
Owens Corning (Æ)		3,300		111
Sealed Air Corp.		19,700		393
Steel Dynamics, Inc.		20,000		319
Timken Co.		3,587		175
				5,346
Producer Durables - 11.6%
AECOM Technology Corp. (Æ)		13,255		303
AGCO Corp. (Æ)(Ñ)		4,800		244
Boeing Co. (The)		5,205		386
Caterpillar, Inc.		1,825		199
Chicago Bridge & Iron Co. NV		3,500		149
Corrections Corp. of America (Æ)		1,400		33
Crane Co.		2,000		96
Cummins, Inc.		850		88
Delta Air Lines, Inc. (Æ)		17,100		180
Eaton Corp.		2,700		132
Emerson Electric Co.		9,300		478
FedEx Corp. (Ñ)		500		46
Fluor Corp.		1,100		62
General Dynamics Corp.		3,300		228
General Electric Co.		102,770		1,923
Harsco Corp.		11,200		249
Illinois Tool Works, Inc. (Ñ)		9,300		493
Ingersoll-Rand PLC		12,405		433
KBR, Inc.		2,500		80
Lockheed Martin Corp.		3,800		313
MSC Industrial Direct Co., Inc. Class A		2,100		160
Navistar International Corp. (Æ)		2,900		126
Norfolk Southern Corp.		500		36
Parker Hannifin Corp.		8,800		710
Pentair, Inc.		6,100		225
Pitney Bowes, Inc. (Ñ)		13,300		252
Republic Services, Inc. Class A (Ñ)		12,300		360
Rockwell Automation, Inc.		3,400		265
RR Donnelley & Sons Co. (Ñ)		12,900		147
Spirit Aerosystems Holdings, Inc. Class A (Æ)		29,795		678
Synopsys, Inc. (Æ)		4,300		126
Tidewater, Inc. (Ñ)		5,700		307
Triumph Group, Inc.		825		52
Tyco International, Ltd.		3,200		163
Union Pacific Corp.		3,660		418
URS Corp.		1,700		70
				10,210
Technology - 9.0%
Activision Blizzard, Inc.		18,500		228
Apple, Inc. (Æ)		1,120		511
Applied Materials, Inc.		83,885		1,030
Broadcom Corp. Class A		4,900		168

Russell U.S. Value Fund 19

Russell Investment Company

Russell U.S. Value Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares			Market Value $
Cisco Systems, Inc.		21,225			417
Dell, Inc. (Æ)		47,175			813
Dolby Laboratories, Inc. Class A (Æ)		2,700			98
Electronic Arts, Inc. (Æ)		8,225			153
EMC Corp. (Æ)		3,792			98
Harris Corp. (Ñ)		4,900			201
Intel Corp.		13,600			359
Jabil Circuit, Inc.		4,700			106
Lam Research Corp. (Æ)(Ñ)		4,700			200
Linear Technology Corp.		11,600			387
Microsoft Corp.		37,080			1,095
Seagate Technology PLC		7,550			160
Symantec Corp. (Æ)		22,550			388
Tech Data Corp. (Æ)		800			42
Texas Instruments, Inc.		30,395			984
VeriFone Systems, Inc. (Æ)		2,000			85
Western Digital Corp. (Æ)		11,700			425
					7,948
Utilities - 5.8%
AES Corp. (The) (Æ)		28,500			364
Ameren Corp.		5,600			177
American Electric Power Co., Inc.		5,000			198
American Water Works Co., Inc.		2,900			98
AT&T, Inc.		35,600			1,047
DTE Energy Co.		3,300			176
Encana Corp.		12,000			230
Exelon Corp.		5,100			203
FirstEnergy Corp.		2,300			97
Frontier Communications Corp. (Ñ)		30,700			131
MDU Resources Group, Inc.		11,200			239
National Fuel Gas Co. (Ñ)		6,575			331
NextEra Energy, Inc.		4,900			293
NiSource, Inc. (Ñ)		3,900			89
NV Energy, Inc.		13,300			215
Pinnacle West Capital Corp.		2,300			109
Portland General Electric Co.		500			12
PPL Corp. (Ñ)		6,100			169
Public Service Enterprise Group, Inc.		3,000			91
Southern Co.		2,900			132
UGI Corp.		3,000			81
Verizon Communications, Inc.		18,000			678
					5,160
Total Common Stocks (cost $75,161)					83,023
Short-Term Investments - 5.8%
Russell U.S. Cash Management Fund		5,129,463	(¥)		5,129
Total Short-Term Investments (cost $5,129)					5,129

	Principal Amount ($) or Shares			Market Value $
Other Securities - 3.0%
Russell Investment Company Liquidating Trust (×)		244,338	(¥)		249
Russell U.S. Cash Collateral Fund (×)		2,395,411	(¥)		2,395
Total Other Securities (cost $2,640)					2,644
Total Investments - 102.7% (identified cost $82,930)					90,796
Other Assets and Liabilities, Net - (2.7%)					(2,400	)
Net Assets - 100.0%					88,396

See accompanying notes which are an integral part of this quarterly report.

20 Russell U.S. Value Fund

Russell Investment Company

Russell U.S. Value Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
S&P 500 E-Mini Index Futures (CME)		81		USD	5,298		03/12		133
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									133

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	7,936	$	—	$	—	$	7,936
Consumer Staples		4,277		—		—		4,277
Energy		10,244		—		—		10,244
Financial Services		21,120		—		—		21,120
Health Care		10,782		—		—		10,782
Materials and Processing		5,346		—		—		5,346
Producer Durables		10,210		—		—		10,210
Technology		7,948		—		—		7,948
Utilities		5,160		—		—		5,160
Short-Term Investments		—		5,129		—		5,129
Other Securities		—		2,644		—		2,644
Total Investments		83,023		7,773		—		90,796
Other Financial Instruments
Futures Contracts		133		—		—		133
Total Other Financial Instruments*	$	133	$	—	$	—	$	133

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Value Fund 21

Russell Investment Company

Russell U.S. Small Cap Equity Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Common Stocks - 96.8%
Consumer Discretionary - 15.0%
Aaron’s, Inc. Class A		18,800		500
Abercrombie & Fitch Co. Class A		27,620		1,269
Aeropostale, Inc. (Æ)		52,200		855
AFC Enterprises, Inc. (Æ)		48,100		810
Amerco, Inc.		15,649		1,514
American Axle & Manufacturing Holdings, Inc. (Æ)		309,855		3,737
American Eagle Outfitters, Inc.		110,150		1,552
America’s Car-Mart, Inc. (Æ)		100,190		3,801
Ameristar Casinos, Inc.		42,700		835
Arctic Cat, Inc. (Æ)		108,014		3,223
Avis Budget Group, Inc. (Æ)		100,700		1,445
Bally Technologies, Inc. (Æ)		121,850		5,145
Bebe Stores, Inc.		112,590		986
Belo Corp. Class A		232,700		1,729
BJ’s Restaurants, Inc. (Æ)		100,442		5,025
Body Central Corp. (Æ)		180,685		4,857
Boston Pizza Royalties Income Fund		249,400		3,723
Bravo Brio Restaurant Group, Inc. (Æ)		92,740		1,785
Brown Shoe Co., Inc. (Ñ)		76,960		727
Buffalo Wild Wings, Inc. (Æ)		14,094		938
Build-A-Bear Workshop, Inc. Class A (Æ)		24,745		202
Callaway Golf Co.		627,750		4,206
Caribou Coffee Co., Inc. (Æ)		147,640		2,504
Carmike Cinemas, Inc. (Æ)		85,900		612
Carter’s, Inc. (Æ)		11,500		482
Cato Corp. (The) Class A		123,100		3,300
Cenveo, Inc. (Æ)(Ñ)		128,965		432
Charming Shoppes, Inc. (Æ)		212,100		1,052
Chico’s FAS, Inc.		306,710		3,509
Christopher & Banks Corp.		144,027		298
Collective Brands, Inc. (Æ)(Ñ)		128,000		2,132
Columbia Sportswear Co. (Ñ)		40,440		1,854
Conn’s, Inc. (Æ)(Ñ)		56,419		654
Constant Contact, Inc. (Æ)(Ñ)		143,770		3,591
Cooper Tire & Rubber Co.		305,630		4,603
Cost Plus, Inc. (Æ)		48,390		656
Courier Corp.		5,900		73
Cracker Barrel Old Country Store, Inc.		18,900		992
Crocs, Inc. (Æ)		292,623		5,566
CSS Industries, Inc.		2,600		56
Dana Holding Corp.		43,630		648
Delta Apparel, Inc. (Æ)		1,800		28
Domino’s Pizza, Inc. (Æ)		49,800		1,626
DSW, Inc. Class A		14,900		745
Einstein Noah Restaurant Group, Inc.		150,700		2,244
EW Scripps Co. Class A (Æ)		33,100		280
Federal-Mogul Corp. (Æ)		39,500		655
Finish Line, Inc. (The) Class A		216,305		4,575
Francesca’s Holdings Corp. (Æ)(Ñ)		105,890		2,348
Fred’s, Inc. Class A		90,068		1,329
Gaylord Entertainment Co. (Æ)		45,390		1,273
Genesco, Inc. (Æ)		69,910		4,269
Gentex Corp.		65,228		1,753
Group 1 Automotive, Inc.		75,669		4,036

	Principal Amount ($) or Shares		Market Value $
Harman International Industries, Inc.		46,700		1,971
HealthStream, Inc. (Æ)		28,870		536
Hibbett Sports, Inc. (Æ)		54,210		2,598
Hillenbrand, Inc.		114,433		2,683
HomeAway, Inc. (Æ)(Ñ)		38,779		1,049
HOT Topic, Inc.		496,993		3,638
Iconix Brand Group, Inc. (Æ)		39,000		718
Imax Corp. (Æ)(Ñ)		52,335		1,084
Interval Leisure Group, Inc. (Æ)		78,300		1,065
Isle of Capri Casinos, Inc. (Æ)		198,237		1,007
Jack in the Box, Inc. (Æ)		104,200		2,209
Jones Group, Inc. (The)		561,030		5,122
Kenneth Cole Productions, Inc. Class A (Æ)		160,947		1,978
Krispy Kreme Doughnuts, Inc. (Æ)		61,100		448
Leapfrog Enterprises, Inc. Class A (Æ)		92,047		533
Lear Corp.		8,800		369
Lennar Corp. Class B (Ñ)		121,700		2,094
LIN TV Corp. Class A (Æ)		238,685		962
Lincoln Educational Services Corp.		59,814		522
Lithia Motors, Inc. Class A		113,650		2,524
Liz Claiborne, Inc. (Æ)(Ñ)		71,000		660
Matthews International Corp. Class A		45,928		1,514
MDC Holdings, Inc. (Ñ)		86,818		1,721
MDC Partners, Inc. Class A		322,727		4,221
Men’s Wearhouse, Inc. (The)		44,363		1,530
Meredith Corp. (Ñ)		215,629		6,790
Movado Group, Inc.		28,400		523
Multimedia Games Holding Co., Inc. (Æ)		139,714		1,055
NVR, Inc. (Æ)		530		367
Orbitz Worldwide, Inc. (Æ)		155,150		568
Orient-Express Hotels, Ltd. Class A (Æ)		94,000		795
Oxford Industries, Inc.		17,480		890
Pacific Sunwear of California, Inc. (Æ)		29,436		53
Panera Bread Co. Class A (Æ)		12,360		1,832
Papa John’s International, Inc. (Æ)		20,000		775
Penn National Gaming, Inc. (Æ)		44,917		1,839
Penske Automotive Group, Inc.		8,700		195
Perry Ellis International, Inc. (Æ)		35,345		549
PF Chang’s China Bistro, Inc.		33,900		1,104
Pier 1 Imports, Inc. (Æ)		263,834		4,103
Pinnacle Entertainment, Inc. (Æ)		133,000		1,290
Pizza Pizza Royalty Income Fund		80,800		730
RadioShack Corp.		245,375		1,762
Red Robin Gourmet Burgers, Inc. (Æ)		14,400		442
Regis Corp.		150,720		2,583
Rent-A-Center, Inc. Class A		44,400		1,502
Rue21, Inc. (Æ)(Ñ)		41,870		1,014
Second Cup, Ltd. (The)		24,300		162
Select Comfort Corp. (Æ)		7,900		198
Shuffle Master, Inc. (Æ)		284,009		3,635
Sinclair Broadcast Group, Inc. Class A		125,000		1,535
Skechers U.S.A., Inc. Class A (Æ)		76,283		928
Smith & Wesson Holding Corp. (Æ)		235,126		1,209
Snap-on, Inc.		49,100		2,775
Sotheby’s Class A		108,190		3,628
Stamps.com, Inc. (Æ)(Ñ)		15,900		493
Standard Motor Products, Inc.		99,020		2,049

22 Russell U.S. Small Cap Equity Fund

Russell Investment Company

Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Steven Madden, Ltd. (Æ)		71,801		2,954
Stewart Enterprises, Inc. Class A (Ñ)		187,400		1,153
Sturm Ruger & Co., Inc.		13,485		535
Superior Industries International, Inc.		75,512		1,372
Teavana Holdings, Inc. (Æ)(Ñ)		191,212		3,629
Tenneco, Inc. (Æ)		32,499		1,043
True Religion Apparel, Inc. (Æ)		28,500		1,033
Ulta Salon Cosmetics & Fragrance, Inc. (Æ)		32,202		2,454
Under Armour, Inc. Class A (Æ)		24,378		1,941
ValueClick, Inc. (Æ)		251,975		4,394
VOXX International Corp. Class A (Æ)		17,700		225
Warnaco Group, Inc. (The) (Æ)		9,750		568
Wendy’s Co. (The)		95,389		447
Williams-Sonoma, Inc.		52,900		1,897
WMS Industries, Inc. (Æ)		43,715		957
Wolverine World Wide, Inc.		48,715		1,904
XO Group, Inc. (Æ)		8,300		68
Zale Corp. (Æ)(Ñ)		19,000		54
				223,796
Consumer Staples - 2.5%
Andersons, Inc. (The)		74,421		3,018
Calavo Growers, Inc.		20,100		547
Casey’s General Stores, Inc.		78,800		4,014
Chefs’ Warehouse Holdings, Inc. (Æ)		30,030		635
Core-Mark Holding Co., Inc.		26,445		1,074
Corn Products International, Inc.		26,000		1,443
Cott Corp. (Æ)		77,360		544
Dean Foods Co. (Æ)		326,600		3,514
Flowers Foods, Inc.		127,500		2,467
Fresh Del Monte Produce, Inc.		64,304		1,574
Fresh Market, Inc. (The) (Æ)(Ñ)		43,638		1,879
Hain Celestial Group, Inc. (The) (Æ)		18,700		722
Heckmann Corp. (Æ)(Ñ)		66,390		339
Nash Finch Co.		18,198		532
Pantry, Inc. (The) (Æ)		26,000		313
Peet’s Coffee & Tea, Inc. (Æ)(Ñ)		7,125		433
Smart Balance, Inc. (Æ)		807,104		4,278
SUPERVALU, Inc. (Ñ)		214,973		1,485
Susser Holdings Corp. (Æ)		54,690		1,304
TreeHouse Foods, Inc. (Æ)(Ñ)		135,320		7,651
				37,766
Energy - 5.4%
Alon USA Energy, Inc.		45,678		441
Approach Resources, Inc. (Æ)(Ñ)		115,937		4,073
Arch Coal, Inc.		110,800		1,599
Atwood Oceanics, Inc. (Æ)		51,200		2,354
Berry Petroleum Co. Class A		73,000		3,286
C&J Energy Services, Inc. (Æ)(Ñ)		44,505		741
Cal Dive International, Inc. (Æ)		465,600		1,401
Carrizo Oil & Gas, Inc. (Æ)		112,300		2,728
Cloud Peak Energy, Inc. (Æ)		58,400		1,107
Crimson Exploration, Inc. (Æ)		4,308		13
Crosstex Energy, Inc.		47,900		602
Dawson Geophysical Co. (Æ)		57,420		2,044
Delek US Holdings, Inc.		118,735		1,495

	Principal Amount ($) or Shares		Market Value $
Flotek Industries, Inc. (Æ)(Ñ)		44,725		525
GeoResources, Inc. (Æ)		18,700		572
Gulfport Energy Corp. (Æ)		47,552		1,563
Helix Energy Solutions Group, Inc. (Æ)		14,200		234
Helmerich & Payne, Inc.		13,400		827
Hercules Offshore, Inc. (Æ)		310,785		1,395
Hornbeck Offshore Services, Inc. (Æ)(Ñ)		83,100		2,716
Key Energy Services, Inc. (Æ)		55,520		804
Lufkin Industries, Inc.		43,839		3,298
Magnum Hunter Resources Corp. (Æ)(Ñ)		166,925		983
Mitcham Industries, Inc. (Æ)		26,770		588
Nabors Industries, Ltd. (Æ)		137,542		2,561
Newpark Resources, Inc. (Æ)		591,435		4,814
Northern Oil and Gas, Inc. (Æ)(Ñ)		59,998		1,500
Oasis Petroleum, Inc. (Æ)(Ñ)		34,795		1,174
Oil States International, Inc. (Æ)		14,200		1,132
Pacific Drilling SA (Æ)		177,530		1,704
Parker Drilling Co. (Æ)		80,700		524
Patterson-UTI Energy, Inc.		180,438		3,405
Petroquest Energy, Inc. (Æ)(Ñ)		429,600		2,758
Pioneer Drilling Co. (Æ)		135,000		1,204
Plains Exploration & Production Co. (Æ)		49,700		1,875
Precision Drilling Corp. (Æ)		171,508		1,753
RAM Energy Resources, Inc. (Æ)(Ñ)		177,560		648
Rosetta Resources, Inc. (Æ)		56,480		2,710
Rowan Cos., Inc. (Æ)		81,445		2,770
SEACOR Holdings, Inc. (Æ)(Ñ)		6,100		558
SM Energy Co.		22,600		1,640
Stone Energy Corp. (Æ)		41,600		1,167
Superior Energy Services, Inc. (Æ)(Ñ)		189,512		5,403
Triangle Petroleum Corp. (Æ)(Ñ)		45,500		311
Unit Corp. (Æ)		77,210		3,494
USEC, Inc. (Æ)(Ñ)		494,593		945
Western Refining, Inc.		35,871		593
				80,032
Financial Services - 19.8%
Allied World Assurance Co. Holdings AG		32,000		1,969
American Assets Trust, Inc. (ö)		74,855		1,657
American Campus Communities, Inc. (ö)		58,650		2,510
American Equity Investment Life Holding Co.		268,300		3,094
American Financial Group, Inc.		31,600		1,159
Ameriprise Financial, Inc.		42,001		2,249
Arch Capital Group, Ltd. (Æ)		36,100		1,301
Ares Capital Corp.		84,192		1,334
Argo Group International Holdings, Ltd.		113,445		3,268
Assurant, Inc.		62,000		2,455
Assured Guaranty, Ltd.		76,700		1,190
Axis Capital Holdings, Ltd.		66,600		2,050
Banco Latinoamericano de Comercio Exterior SA Class E		47,130		872
Bancorp, Inc. (Æ)		45,500		365
Bank of the Ozarks, Inc.		130,400		3,650
Banner Corp.		27,100		532
Berkshire Hills Bancorp, Inc.		16,500		373
BioMed Realty Trust, Inc. (ö)		230,399		4,279

Russell U.S. Small Cap Equity Fund 23

Russell Investment Company

Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
BOK Financial Corp.		6,000		334
Boston Private Financial Holdings, Inc.		304,939		2,513
Brookline Bancorp, Inc.		255,947		2,373
Camden Property Trust (ö)		21,309		1,374
Capital City Bank Group, Inc.		2,300		20
Capitol Federal Financial, Inc.		286,956		3,314
CapLease, Inc. (ö)		862,637		3,589
Cash America International, Inc.		40,500		1,776
Central Pacific Financial Corp. (Æ)		28,403		387
Chesapeake Lodging Trust (ö)		196,065		3,339
Citizens Republic Bancorp, Inc. (Æ)		83,257		1,070
City National Corp.		31,700		1,454
CNO Financial Group, Inc. (Æ)		579,600		3,895
Cohen & Steers, Inc. (Ñ)		96,435		3,257
Colonial Properties Trust (ö)		38,363		820
Comerica, Inc.		67,384		1,865
Community Bank System, Inc.		56,199		1,538
Community Trust Bancorp, Inc.		8,000		246
Coresite Realty Corp. (ö)		30,310		608
DFC Global Corp. (Æ)		66,056		1,301
Diamond Hill Investment Group, Inc.		22,156		1,693
DiamondRock Hospitality Co. (ö)		252,710		2,664
Dime Community Bancshares, Inc.		71,460		985
DuPont Fabros Technology, Inc. (Ñ)(ö)		82,200		2,096
Eagle Bancorp, Inc. (Æ)		5,238		88
EastGroup Properties, Inc. (ö)		14,700		698
Endurance Specialty Holdings, Ltd.		2,700		101
Evercore Partners, Inc. Class A		109,770		3,094
Everest Re Group, Ltd.		22,700		1,939
Extra Space Storage, Inc. (ö)		38,500		1,013
Ezcorp, Inc. Class A (Æ)		137,300		3,682
Fair Isaac Corp.		80,100		2,903
FelCor Lodging Trust, Inc. (Æ)(ö)		336,915		1,284
Fidelity National Financial, Inc. Class A		109,800		1,997
Financial Engines, Inc. (Æ)(Ñ)		41,600		996
First American Financial Corp.		181,850		2,695
First Cash Financial Services, Inc. (Æ)		14,700		592
First Connecticut Bancorp, Inc.		1,700		23
First Financial Bankshares, Inc. (Ñ)		72,064		2,456
First Industrial Realty Trust, Inc. (Æ)(ö)		46,500		534
First Interstate Bancsystem, Inc. Class A		6,000		83
FirstMerit Corp.		43,100		676
Flagstone Reinsurance Holdings SA		450,974		3,937
FNB Corp.		233,450		2,736
Forestar Group, Inc. (Æ)		142,807		2,273
Franklin Street Properties Corp. (ö)		272,969		2,782
Fulton Financial Corp.		161,300		1,498
FXCM, Inc. Class A (Ñ)		56,900		599
Gain Capital Holdings, Inc.		7,900		50
GFI Group, Inc.		69,274		321
Global Cash Access Holdings, Inc. (Æ)		889,425		4,714
Great Southern Bancorp, Inc.		2,000		49
Greenhill & Co., Inc. (Ñ)		110,940		5,165
Hancock Holding Co.		44,268		1,470
Hanmi Financial Corp. (Æ)		24,483		202
Hanover Insurance Group, Inc. (The)		63,030		2,292
Healthcare Realty Trust, Inc. (ö)		286,575		6,038

	Principal Amount ($) or Shares		Market Value $
Hercules Technology Growth Capital, Inc.		232,200		2,213
Hersha Hospitality Trust Class A (ö)		226,100		1,228
Home Bancshares, Inc.		135,080		3,520
Home Properties, Inc. (ö)		33,700		2,008
Horace Mann Educators Corp.		60,605		948
Hospitality Properties Trust (ö)		177,937		4,311
Hudson Valley Holding Corp.		6,160		135
Iberiabank Corp.		40,509		2,118
Inland Real Estate Corp. (ö)		62,300		533
Interactive Brokers Group, Inc. Class A		102,400		1,548
International. FCStone, Inc. (Æ)		8,336		214
Invesco Mortgage Capital, Inc. (ö)		24,900		390
Investment Technology Group, Inc. (Æ)		84,800		962
Investors Real Estate Trust (ö)		51,400		381
Jack Henry & Associates, Inc.		37,000		1,265
Jones Lang LaSalle, Inc.		18,700		1,473
KBW, Inc.		336,119		5,825
KeyCorp		352,670		2,740
Kite Realty Group Trust (ö)		24,900		125
Knight Capital Group, Inc. Class A (Æ)		272,025		3,534
Kohlberg Capital Corp.		32,717		229
Lakeland Financial Corp.		34,053		863
LaSalle Hotel Properties (ö)		166,400		4,501
Liberty Property Trust (ö)		50,300		1,674
Mack-Cali Realty Corp. (ö)		63,100		1,815
Maiden Holdings, Ltd.		97,525		909
Manning & Napier, Inc. Class A (Æ)		197,730		2,620
MarketAxess Holdings, Inc.		117,930		3,662
MCG Capital Corp.		94,919		444
Meadowbrook Insurance Group, Inc.		40,900		408
Medical Properties Trust, Inc. (ö)		217,040		2,327
Medley Capital Corp.		7,900		88
MFA Financial, Inc. (ö)		44,000		323
MI Developments, Inc.		111,400		3,896
Mid-America Apartment Communities, Inc. (ö)		30,800		1,969
MoneyGram International, Inc. (Æ)		163,200		3,029
MPG Office Trust, Inc. (Æ)(ö)		4,400		11
Nelnet, Inc. Class A		85,100		2,098
New Mountain Finance Corp.		9,100		120
NorthStar Realty Finance Corp. (Ñ)(ö)		87,200		434
One Liberty Properties, Inc. (ö)		6,900		120
Park Sterling Corp. (Æ)		326,140		1,429
Pebblebrook Hotel Trust (ö)		18,500		410
PennantPark Investment Corp.		122,469		1,263
Pennsylvania Real Estate Investment Trust (ö)		24,200		297
PennyMac Mortgage Investment Trust (ö)		36,400		645
Peoples Bancorp, Inc.		900		14
Piper Jaffray Cos. (Æ)		91,852		2,044
Portfolio Recovery Associates, Inc. (Æ)		14,150		919
Post Properties, Inc. (ö)		23,200		1,037
PrivateBancorp, Inc. Class A		94,231		1,332
ProAssurance Corp.		22,370		1,826
Prosperity Bancshares, Inc.		122,630		5,090
Protective Life Corp.		82,871		2,073
PS Business Parks, Inc. (ö)		58,100		3,610

24 Russell U.S. Small Cap Equity Fund

Russell Investment Company

Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Raymond James Financial, Inc.		39,569		1,385
Reinsurance Group of America, Inc. Class A		29,000		1,580
Resource Capital Corp. (ö)		145,220		850
RLI Corp.		21,700		1,548
Sabra Health Care REIT, Inc. (ö)		43,543		619
SCBT Financial Corp.		1,200		37
Selective Insurance Group, Inc.		120,100		2,159
Signature Bank (Æ)		142,593		8,292
Southside Bancshares, Inc.		22,100		473
State Bank Financial Corp. (Æ)		43,300		692
StellarOne Corp.		189,229		2,324
Sterling Bancorp Class N		184,632		1,763
Strategic Hotels & Resorts, Inc. (Æ)(ö)		105,500		655
Sunstone Hotel Investors, Inc. (Æ)(ö)		126,300		1,173
SVB Financial Group (Æ)		128,384		7,451
SWS Group, Inc. (Æ)		6,500		48
Symetra Financial Corp.		171,982		1,586
Synovus Financial Corp.		333,040		579
Territorial Bancorp, Inc.		10,162		210
Texas Capital Bancshares, Inc. (Æ)		194,449		6,168
THL Credit, Inc.		8,100		106
Trustco Bank Corp. NY		62,148		347
UMB Financial Corp.		97,343		3,755
United Bankshares, Inc. (Ñ)		62,900		1,756
United Financial Bancorp, Inc.		9,100		147
Universal Health Realty Income Trust (ö)		9,200		368
Urstadt Biddle Properties, Inc. Class A (ö)		7,000		137
Validus Holdings, Ltd.		32,000		1,026
Valley National Bancorp (Ñ)		149,000		1,776
Virtus Investment Partners, Inc. (Æ)		53,408		4,239
Walter Investment Management Corp.		29,100		545
Washington Banking Co.		7,053		93
Washington Federal, Inc.		374,644		5,904
Webster Financial Corp.		185,000		3,922
WesBanco, Inc.		3,000		60
Western Alliance Bancorp (Æ)		138,770		1,109
Wilshire Bancorp, Inc. (Æ)		24,701		86
WSFS Financial Corp.		14,099		549
XL Group PLC Class A		172,000		3,486
Zions Bancorporation		30,600		515
				294,316
Health Care - 11.1%
Abiomed, Inc. (Æ)		27,300		505
Acadia Healthcare Co., Inc. (Æ)		43,465		532
Achillion Pharmaceuticals, Inc. (Æ)		68,780		763
Aegerion Pharmaceuticals, Inc. (Æ)		26,700		459
Affymax, Inc. (Æ)		59,100		472
Affymetrix, Inc. (Æ)		189,165		910
Akorn, Inc. (Æ)		132,240		1,515
Alere, Inc. (Æ)		101,125		2,442
Allos Therapeutics, Inc. (Æ)		155,825		242
AMERIGROUP Corp. Class A (Æ)		55,470		3,773
Analogic Corp.		34,885		1,979
Arena Pharmaceuticals, Inc. (Æ)		110,100		195
Arqule, Inc. (Æ)		58,560		468

	Principal Amount ($) or Shares		Market Value $
Array Biopharma, Inc. (Æ)		59,537		164
Athenahealth, Inc. (Æ)(Ñ)		82,937		4,825
BioMimetic Therapeutics, Inc. (Æ)		8,253		16
Bio-Reference Labs, Inc. (Æ)(Ñ)		33,515		649
Cambrex Corp. (Æ)		67,600		531
Cantel Medical Corp.		57,575		1,818
Catalyst Health Solutions, Inc. (Æ)		218,558		11,968
Centene Corp. (Æ)		103,280		4,668
Cepheid, Inc. (Æ)		86,339		3,804
Chemed Corp.		29,200		1,639
Clovis Oncology, Inc. (Æ)		26,253		499
Computer Programs & Systems, Inc.		68,332		3,912
CONMED Corp. (Æ)		71,327		2,097
Cooper Cos., Inc. (The)		27,236		1,965
Corvel Corp. (Æ)		39,750		1,935
Curis, Inc. (Æ)(Ñ)		105,305		521
Cynosure, Inc. Class A (Æ)		121,736		1,696
Durect Corp. (Æ)		75,100		59
Dyax Corp. (Æ)		40,613		66
Dynavax Technologies Corp. (Æ)(Ñ)		144,900		504
Endologix, Inc. (Æ)		54,500		707
Epocrates, Inc. (Æ)(Ñ)		26,645		258
Exact Sciences Corp. (Æ)		62,200		581
Greatbatch, Inc. (Æ)		81,175		1,901
Haemonetics Corp. (Æ)		52,500		3,410
Halozyme Therapeutics, Inc. (Æ)		49,700		525
Hanger Orthopedic Group, Inc. (Æ)(Ñ)		236,912		4,641
Health Management Associates, Inc. Class A (Æ)		54,600		350
Health Net, Inc. (Æ)		44,312		1,672
Hill-Rom Holdings, Inc.		46,200		1,525
HMS Holdings Corp. (Æ)		190,154		6,277
Hologic, Inc. (Æ)		104,400		2,129
Icon PLC - ADR (Æ)		188,300		3,674
Idenix Pharmaceuticals, Inc. (Æ)		46,470		622
Impax Laboratories, Inc. (Æ)		130,940		2,471
Insulet Corp. (Æ)		153,800		2,994
IPC The Hospitalist Co., Inc. (Æ)		55,480		1,869
Jazz Pharmaceuticals PLC (Æ)		21,505		1,000
Kindred Healthcare, Inc. (Æ)		75,100		921
Medicines Co. (The) (Æ)		99,273		1,997
Medicis Pharmaceutical Corp. Class A		49,753		1,646
Merit Medical Systems, Inc. (Æ)		207,797		2,932
Metropolitan Health Networks, Inc. (Æ)		68,210		547
Molina Healthcare, Inc. (Æ)		85,700		2,623
Myriad Genetics, Inc. (Æ)		59,200		1,401
Neurocrine Biosciences, Inc. (Æ)		51,360		478
NuVasive, Inc. (Æ)		52,100		808
NxStage Medical, Inc. (Æ)		128,441		2,304
Omnicell, Inc. (Æ)		98,770		1,529
Optimer Pharmaceuticals, Inc. (Æ)(Ñ)		31,100		403
OraSure Technologies, Inc. (Æ)		50,235		559
Orthofix International NV (Æ)		83,000		3,332
Par Pharmaceutical Cos., Inc. (Æ)		43,000		1,553
PerkinElmer, Inc.		61,000		1,463
Pharmacyclics, Inc. (Æ)(Ñ)		26,400		485
PharMerica Corp. (Æ)(Ñ)		46,700		586

Russell U.S. Small Cap Equity Fund 25

Russell Investment Company

Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Progenics Pharmaceuticals, Inc. (Æ)		74,020		714
Quality Systems, Inc.		163,406		6,628
Questcor Pharmaceuticals, Inc. (Æ)		67,934		2,407
Quidel Corp. (Æ)		29,800		426
Raptor Pharmaceutical Corp. (Æ)(Ñ)		80,600		577
RTI Biologics, Inc. (Æ)		312,655		1,079
Salix Pharmaceuticals, Ltd. (Æ)		55,863		2,693
Santarus, Inc. (Æ)		66,438		326
Sequenom, Inc. (Æ)(Ñ)		187,600		809
Spectranetics Corp. (Æ)		62,600		521
Spectrum Pharmaceuticals, Inc. (Æ)		33,960		478
Staar Surgical Co. (Æ)		53,520		583
STERIS Corp.		148,380		4,463
SurModics, Inc. (Æ)		9,900		143
SXC Health Solutions Corp. (Æ)		146,029		9,209
Synergetics USA, Inc. (Æ)		75,700		493
Tenet Healthcare Corp. (Æ)		152,500		807
Triple-S Management Corp. Class B (Æ)		39,368		840
Universal American Corp.		233,677		2,568
Viropharma, Inc. (Æ)		26,200		781
WellCare Health Plans, Inc. (Æ)		32,500		1,942
Wright Medical Group, Inc. (Æ)		207,800		3,522
XenoPort, Inc. (Æ)(Ñ)		60,300		253
Zalicus, Inc. (Æ)(Ñ)		267,100		286
Zoll Medical Corp. (Æ)		44,900		3,079
				165,391
Materials and Processing - 6.5%
AK Steel Holding Corp. (Ñ)		360,204		3,400
AMCOL International Corp.		38,700		1,105
American Vanguard Corp.		41,220		620
Apogee Enterprises, Inc.		188,260		2,589
Armtec Infrastructure, Inc. (Æ)		353,480		744
Buckeye Technologies, Inc.		30,062		1,008
Cabot Corp.		205,096		7,424
Carpenter Technology Corp.		20,100		1,055
Chemtura Corp. (Æ)		86,700		1,218
Clarcor, Inc.		56,250		2,892
Clearwater Paper Corp. (Æ)		19,600		716
Comfort Systems USA, Inc.		4,847		58
Commercial Metals Co.		322,890		4,630
Cytec Industries, Inc.		38,987		1,944
Eagle Materials, Inc.		115,020		3,383
Globe Specialty Metals, Inc.		222,140		3,039
Haynes International, Inc.		7,200		437
HB Fuller Co.		116,415		3,332
Headwaters, Inc. (Æ)		110,179		292
Hexcel Corp. (Æ)		57,279		1,436
Innospec, Inc. (Æ)		74,800		2,421
Interline Brands, Inc. (Æ)		133,113		2,264
Kaiser Aluminum Corp. (Ñ)		80,650		3,982
KapStone Paper and Packaging Corp. (Æ)		111,400		1,945
Kaydon Corp.		95,180		3,248
Koppers Holdings, Inc.		88,600		3,366
Kraton Performance Polymers, Inc. (Æ)		96,540		2,746
Lennox International, Inc.		82,365		2,982
Minerals Technologies, Inc.		23,425		1,486

	Principal Amount ($) or Shares		Market Value $
Mueller Water Products, Inc. Class A		620,300		1,700
Myers Industries, Inc.		7,500		100
Neenah Paper, Inc.		7,600		181
Noranda Aluminum Holding Corp.		63,660		668
Olympic Steel, Inc.		5,275		136
OM Group, Inc. (Æ)		98,969		2,685
Packaging Corp. of America		64,000		1,801
PH Glatfelter Co.		37,800		559
PolyOne Corp.		264,760		3,818
RBC Bearings, Inc. (Æ)		19,355		876
Rockwood Holdings, Inc. (Æ)		16,800		848
RTI International Metals, Inc. (Æ)		113,011		2,844
Sensient Technologies Corp.		62,975		2,495
TPC Group, Inc. (Æ)		113,016		3,713
UFP Technologies, Inc. (Æ)		101,202		1,552
Universal Forest Products, Inc. (Ñ)		77,320		2,456
Universal Stainless & Alloy (Æ)		10,310		410
Uranium Energy Corp. (Æ)(Ñ)		591,236		2,128
Vista Gold Corp. (Æ)		96,860		365
WR Grace & Co. (Æ)		32,500		1,740
				96,837
Producer Durables - 17.2%
ACCO Brands Corp. (Æ)		54,320		583
Accuride Corp. (Æ)		224,200		1,679
Actuant Corp. Class A		38,235		969
ADA-ES, Inc. (Æ)(Ñ)		23,100		507
Advisory Board Co. (The) (Æ)		84,182		6,421
Aegion Corp. Class A (Æ)		50,100		855
AGCO Corp. (Æ)		82,457		4,200
Alexander & Baldwin, Inc. (Ñ)		46,034		2,177
Alliant Techsystems, Inc.		27,500		1,634
AM Castle & Co. (Æ)		183,843		1,906
American Railcar Industries, Inc. (Æ)		19,050		497
AO Smith Corp.		28,350		1,204
Argan, Inc.		36,359		527
Arkansas Best Corp.		147,276		2,669
Astec Industries, Inc. (Æ)		63,260		2,139
Astronics Corp. (Æ)		22,970		765
Barnes Group, Inc.		109,800		2,777
Barrett Business Services, Inc.		6,700		129
BE Aerospace, Inc. (Æ)		94,480		3,987
Blount International, Inc. (Æ)		59,500		977
Booz Allen Hamilton Holding Corp. Class A (Æ)		74,700		1,315
Brady Corp. Class A		92,890		3,007
Brink’s Co. (The)		47,500		1,339
Bristow Group, Inc.		187,294		9,189
Cascade Corp.		10,035		570
Celadon Group, Inc.		52,300		782
Chart Industries, Inc. (Æ)		102,753		5,730
Chicago Bridge & Iron Co. NV		102,300		4,356
CIRCOR International, Inc.		90,945		3,448
Columbus McKinnon Corp. (Æ)		16,538		264
Consolidated Graphics, Inc. (Æ)		7,740		393
Con-way, Inc.		156,090		4,954
Corporate Executive Board Co. (The)		61,225		2,408

26 Russell U.S. Small Cap Equity Fund

Russell Investment Company

Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Corrections Corp. of America (Æ)		15,400		362
CRA International, Inc. (Æ)		9,500		205
Crane Co.		28,600		1,373
Curtiss-Wright Corp.		16,100		602
CVD Equipment Corp. (Æ)(Ñ)		33,400		479
Diana Shipping, Inc. (Æ)		226,646		1,890
Dice Holdings, Inc. (Æ)		342,900		3,247
Douglas Dynamics, Inc.		24,300		331
DXP Enterprises, Inc. (Æ)		42,990		1,450
Dycom Industries, Inc. (Æ)		162,900		3,481
Echo Global Logistics, Inc. (Æ)(Ñ)		31,760		532
Electronics for Imaging, Inc. (Æ)		94,117		1,615
EMCOR Group, Inc.		53,900		1,554
EnerSys (Æ)		44,400		1,287
EnPro Industries, Inc. (Æ)		71,873		2,538
Esterline Technologies Corp. (Æ)		34,320		2,099
ExlService Holdings, Inc. (Æ)		81,391		1,965
Exponent, Inc. (Æ)		21,600		1,055
FARO Technologies, Inc. (Æ)		9,005		489
Federal Signal Corp. (Æ)		86,900		368
Flow International Corp. (Æ)		48,000		181
Forrester Research, Inc.		62,376		2,179
Franklin Electric Co., Inc.		51,600		2,583
G&K Services, Inc. Class A		57,187		1,879
GATX Corp.		88,700		3,809
General Cable Corp. (Æ)		81,400		2,512
Global Sources, Ltd. (Æ)		1,000		6
GrafTech International, Ltd. (Æ)		251,705		4,133
Granite Construction, Inc.		101,404		2,700
Great Lakes Dredge & Dock Corp. (Ñ)		65,800		421
Greenbrier Cos., Inc. (Æ)		47,540		1,058
Gulfmark Offshore, Inc. Class A (Æ)		13,100		599
Harsco Corp.		253,752		5,641
Hawaiian Holdings, Inc. (Æ)		247,900		1,725
HEICO Corp. (Ñ)		35,433		1,970
Heidrick & Struggles International, Inc.		86,700		1,906
Hill International, Inc. (Æ)		90,300		537
HUB Group, Inc. Class A (Æ)		240,256		8,224
Hurco Cos., Inc. (Æ)		3,691		87
Huron Consulting Group, Inc. (Æ)		97,035		3,637
Kansas City Southern (Æ)		23,400		1,606
KBR, Inc.		58,800		1,890
Kelly Services, Inc. Class A		78,840		1,274
Kennametal, Inc.		64,972		2,801
Knight Transportation, Inc.		321,569		5,663
Layne Christensen Co. (Æ)		92,448		2,148
Lexmark International, Inc. Class A		77,000		2,687
Liquidity Services, Inc. (Æ)		15,455		533
Littelfuse, Inc.		25,400		1,288
LMI Aerospace, Inc. (Æ)		38,086		754
Lydall, Inc. (Æ)		2,000		19
Manpower, Inc.		8,600		345
MAXIMUS, Inc.		79,070		3,561
Maxwell Technologies, Inc. (Æ)		29,990		614
McGrath Rentcorp		67,850		2,160
Miller Industries, Inc.		62,800		1,024
Mistras Group, Inc. (Æ)		25,000		563

	Principal Amount ($) or Shares		Market Value $
Mitek Systems, Inc. (Æ)(Ñ)		53,500		469
Monster Worldwide, Inc. (Æ)		189,512		1,364
MTS Systems Corp.		20,600		945
Multi-Color Corp.		16,425		376
NACCO Industries, Inc. Class A		6,900		705
Navigant Consulting, Inc. (Æ)		50,900		652
Navistar International Corp. (Æ)		38,500		1,667
Net 1 UEPS Technologies, Inc. (Æ)		49,100		520
Old Dominion Freight Line, Inc. (Æ)		161,634		6,889
On Assignment, Inc. (Æ)		51,100		573
Orbital Sciences Corp. (Æ)		3,754		54
Overhill Farms, Inc. (Æ)		183,800		750
Primoris Services Corp.		67,589		1,075
Quad/Graphics, Inc.		4,800		56
Quality Distribution, Inc. (Æ)		35,392		435
Quanta Services, Inc. (Æ)		91,961		1,986
Regal-Beloit Corp.		69,430		3,942
Rentech, Inc. (Æ)		347,100		611
Resources Connection, Inc.		427,867		5,314
Robbins & Myers, Inc.		8,510		413
Ryder System, Inc.		31,400		1,767
Saia, Inc. (Æ)		5,900		89
ServiceSource International, Inc. (Æ)(Ñ)		159,320		2,696
Southwest Airlines Co.		295,268		2,829
Steelcase, Inc. Class A		333,670		2,906
SunOpta, Inc. (Æ)		120,970		590
SYKES Enterprises, Inc. (Æ)		66,300		1,162
Synopsys, Inc. (Æ)		49,700		1,450
Taser International, Inc. (Æ)		101,600		484
Team, Inc. (Æ)		73,874		2,156
Teledyne Technologies, Inc. (Æ)		19,600		1,113
Thermon Group Holdings, Inc. (Æ)		38,063		667
Titan International, Inc. (Ñ)		59,140		1,428
Titan Machinery, Inc. (Æ)		40,100		992
Toro Co. (The)		48,600		3,081
Towers Watson & Co. Class A		31,900		1,908
Trimas Corp. (Æ)		20,100		436
Trinity Industries, Inc.		32,000		1,007
Triumph Group, Inc.		87,650		5,484
TrueBlue, Inc. (Æ)		18,400		304
Tsakos Energy Navigation, Ltd.		293,752		1,962
Tutor Perini Corp. (Æ)		37,246		566
United Stationers, Inc.		57,700		1,865
URS Corp.		50,700		2,086
UTi Worldwide, Inc.		224,900		3,349
Wabtec Corp.		72,826		5,010
Werner Enterprises, Inc.		66,500		1,738
XPO Logistics, Inc. (Æ)		38,300		439
X-Rite, Inc. (Æ)		2,400		11
Zebra Technologies Corp. Class A (Æ)		33,900		1,283
				255,650
Technology - 16.2%
AboveNet, Inc. (Æ)		92,000		6,113
Acacia Research Corp. (Æ)		160,922		6,624
ACI Worldwide, Inc. (Æ)		32,900		999
Acme Packet, Inc. (Æ)		24,900		728

Russell U.S. Small Cap Equity Fund 27

Russell Investment Company

Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Actuate Corp. (Æ)		39,732		229
ADTRAN, Inc.		53,725		1,860
Agilysys, Inc. (Æ)		63,470		517
Akamai Technologies, Inc. (Æ)		40,171		1,295
Allot Communications, Ltd. (Æ)		250,239		3,944
American Software, Inc. Class A (Æ)		160,620		1,441
Anadigics, Inc. (Æ)		146,876		404
Anixter International, Inc. (Æ)		42,100		2,758
Ansys, Inc. (Æ)		15,187		919
Ariba, Inc. (Æ)		119,869		3,272
Arris Group, Inc. (Æ)		32,200		376
Aruba Networks, Inc. (Æ)(Ñ)		185,212		4,108
ATMI, Inc. (Æ)		24,295		568
AuthenTec, Inc. (Æ)		115,220		401
Aviat Networks, Inc. (Æ)		316,414		702
Axcelis Technologies, Inc. (Æ)		120,500		217
Bankrate, Inc. (Æ)		116,486		2,725
Brightpoint, Inc. (Æ)		114,400		1,341
BroadSoft, Inc. (Æ)(Ñ)		66,506		1,854
Brocade Communications Systems, Inc. (Æ)		247,200		1,387
Brooks Automation, Inc.		214,600		2,300
Cadence Design Systems, Inc. (Æ)		76,700		810
Cavium, Inc. (Æ)		38,335		1,232
Ceva, Inc. (Æ)(Ñ)		109,619		2,961
CIBER, Inc. (Æ)		71,513		311
Ciena Corp. (Æ)		84,000		1,222
Cohu, Inc. (Þ)		207,308		2,722
Concur Technologies, Inc. (Æ)		49,376		2,585
Cornerstone OnDemand, Inc. (Æ)		75,739		1,381
Cray, Inc. (Æ)		39,700		296
Cree, Inc. (Æ)		62,915		1,600
CSG Systems International, Inc. (Æ)		40,800		664
Datalink Corp. (Æ)		51,900		478
Deltek, Inc. (Æ)		50,540		521
Digimarc Corp. (Æ)		16,019		423
Digital River, Inc. (Æ)		52,275		837
Diodes, Inc. (Æ)		77,500		1,998
DSP Group, Inc. (Æ)		27,626		158
Earthlink, Inc.		594,100		4,283
Electro Scientific Industries, Inc.		276,093		4,191
Emulex Corp. (Æ)		320,200		3,343
Equinix, Inc. (Æ)		36,235		4,347
Extreme Networks (Æ)		88,040		285
Formfactor, Inc. (Æ)		39,847		205
FSI International, Inc. (Æ)		308,130		1,310
Globecomm Systems, Inc. (Æ)		35,500		507
Hittite Microwave Corp. (Æ)		18,461		1,016
Hutchinson Technology, Inc. (Æ)		6,000		11
IAC/InterActiveCorp		71,400		3,075
Immersion Corp. (Æ)		7,498		42
Imperva, Inc. (Æ)		15,810		521
InfoSpace, Inc. (Æ)		47,800		588
Inphi Corp. (Æ)		287,830		4,222
Insight Enterprises, Inc. (Æ)		16,600		306
Integrated Device Technology, Inc. (Æ)		218,100		1,383
Intermec, Inc. (Æ)		88,303		745
International Rectifier Corp. (Æ)		114,038		2,600

	Principal Amount ($) or Shares		Market Value $
Intersil Corp. Class A		418,950		4,717
Intevac, Inc. (Æ)		10,088		84
J2 Global Inc. (Æ)(Ñ)		112,900		3,044
JDA Software Group, Inc. (Æ)		86,000		2,534
Kemet Corp. (Æ)		243,931		2,242
Kenexa Corp. (Æ)		182,060		4,373
Keynote Systems, Inc.		17,200		337
KIT Digital, Inc. (Æ)(Ñ)		100,800		1,092
Kulicke & Soffa Industries, Inc. (Æ)		151,500		1,638
Lattice Semiconductor Corp. (Æ)		80,300		546
LivePerson, Inc. (Æ)		159,500		1,914
LSI Corp. (Æ)		308,400		2,335
LTX-Credence Corp. (Æ)		75,800		506
Manhattan Associates, Inc. (Æ)		25,000		1,097
Mentor Graphics Corp. (Æ)		302,100		4,190
Mercury Computer Systems, Inc. (Æ)		10,144		136
Methode Electronics, Inc.		262,780		2,609
Micrel, Inc.		419,970		4,855
MICROS Systems, Inc. (Æ)		80,500		4,002
Mindspeed Technologies, Inc. (Æ)		88,723		569
MKS Instruments, Inc.		42,582		1,284
Molex, Inc. (Ñ)		69,738		1,844
Monolithic Power Systems, Inc. (Æ)		30,664		503
Monotype Imaging Holdings, Inc. (Æ)		32,880		513
Nanometrics, Inc. (Æ)		24,090		488
NCR Corp. (Æ)		75,017		1,405
Netlist, Inc. (Æ)		193,100		626
Netscout Systems, Inc. (Æ)		28,260		584
NetSuite, Inc. (Æ)		59,901		2,509
NeuStar, Inc. Class A (Æ)		32,400		1,183
Newport Corp. (Æ)		155,514		2,872
Novatel Wireless, Inc. (Æ)		61,957		178
Oclaro, Inc. (Æ)		433,505		1,795
OCZ Technology Group, Inc. (Æ)(Ñ)		64,900		547
Opnet Technologies, Inc.		80,500		2,854
PDF Solutions, Inc. (Æ)		6,180		39
Perficient, Inc. (Æ)		401,622		4,470
Pericom Semiconductor Corp. (Æ)		8,600		69
Plantronics, Inc.		83,900		3,124
Plexus Corp. (Æ)		135,600		4,915
PLX Technology, Inc. (Æ)		39,400		124
PMC - Sierra, Inc. (Æ)		118,745		772
Procera Networks, Inc. (Æ)		43,700		735
Progress Software Corp. (Æ)		278,030		6,486
PROS Holdings, Inc. (Æ)		32,620		529
QLIK Technologies, Inc. (Æ)		56,261		1,587
Quantum Corp. (Æ)		27,271		69
Quest Software, Inc. (Æ)		152,650		3,106
RealNetworks, Inc.		26,900		275
RealPage, Inc. (Æ)		102,417		2,634
RF Micro Devices, Inc. (Æ)		86,905		434
Saba Software, Inc. (Æ)		53,415		531
Sanmina-SCI Corp. (Æ)		165,300		1,815
Seachange International, Inc. (Æ)		25,188		181
Sigma Designs, Inc. (Æ)		62,018		374
Silicon Image, Inc. (Æ)		126,900		617
Silicon Motion Technology Corp. - ADR (Æ)		72,746		1,570

28 Russell U.S. Small Cap Equity Fund

Russell Investment Company

Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
SolarWinds, Inc. (Æ)		47,100		1,489
Sonus Networks, Inc. (Æ)		335,500		866
Sourcefire, Inc. (Æ)		83,280		2,583
Spansion, Inc. Class A (Æ)		67,500		677
SPS Commerce, Inc. (Æ)		142,296		3,590
SRS Labs, Inc. (Æ)		112,300		777
Super Micro Computer, Inc. (Æ)		32,745		553
Synchronoss Technologies, Inc. (Æ)		133,400		4,458
SYNNEX Corp. (Æ)		15,700		568
Syntel, Inc.		40,205		1,886
Taleo Corp. Class A (Æ)		203,684		7,335
Tangoe, Inc. (Æ)		42,430		615
TeleCommunication Systems, Inc. Class A (Æ)		83,400		195
TeleNav, Inc. (Æ)		22,000		163
Tellabs, Inc.		185,157		704
THQ, Inc. (Æ)(Ñ)		251,549		168
TriQuint Semiconductor, Inc. (Æ)		184,260		1,104
Ultimate Software Group, Inc. (Æ)		41,539		2,770
Ultratech, Inc. (Æ)		15,900		465
Unisys Corp. (Æ)		81,400		1,707
United Online, Inc.		150,300		854
Velti PLC (Æ)		544,992		4,769
VeriFone Systems, Inc. (Æ)		25,686		1,097
Vishay Intertechnology, Inc. (Æ)		251,566		3,089
Volterra Semiconductor Corp. (Æ)		17,190		519
Xyratex, Ltd.		117,121		1,860
				241,583
Utilities - 3.1%
8x8, Inc. (Æ)(Ñ)		100,705		447
Allete, Inc.		6,205		257
Alliant Energy Corp.		12,300		521
Avista Corp.		77,800		1,972
Black Hills Corp.		135,908		4,588
Bonanza Creek Energy, Inc. (Æ)		31,705		517
California Water Service Group		157,821		2,912
Cbeyond, Inc. (Æ)		92,800		789
Chesapeake Utilities Corp.		6,300		271
Cleco Corp.		107,500		4,274
Connecticut Water Service, Inc.		6,600		201
Great Plains Energy, Inc.		87,700		1,808
Idacorp, Inc.		7,500		316
inContact, Inc. (Æ)		117,000		585
Laclede Group, Inc. (The)		10,260		428
Northwest Natural Gas Co.		49,299		2,344
NorthWestern Corp.		130,876		4,599
NTELOS Holdings Corp.		46,720		1,067
NV Energy, Inc.		224,100		3,630
OGE Energy Corp.		31,574		1,669
Otter Tail Corp.		26,108		577
Pinnacle West Capital Corp.		34,700		1,640
PNM Resources, Inc.		215,200		3,833
Portland General Electric Co.		89,800		2,240

	Principal Amount ($) or Shares			Market Value $
Premiere Global Services, Inc. (Æ)		387,073			3,406
Questar Corp.		15,000			289
Telephone and Data Systems, Inc.		12,039			317
UGI Corp.		25,800			694
					46,191
Total Common Stocks (cost $1,294,486)					1,441,562
Short-Term Investments - 2.9%
Russell U.S. Cash Management Fund		42,908,946	(¥)		42,909
Total Short-Term Investments (cost $42,909)					42,909
Other Securities - 6.1%
Russell Investment Company Liquidating Trust (×)		4,261,935	(¥)		4,332
Russell U.S. Cash Collateral Fund (×)		86,068,516	(¥)		86,069
Total Other Securities (cost $90,330)					90,401
Total Investments - 105.8% (identified cost $1,427,725)					1,574,872
Other Assets and Liabilities, Net - (5.8%)					(86,328	)
Net Assets - 100.0%					1,488,544

A portion of the portfolio has been fair valued as of period end.

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Small Cap Equity Fund 29

Russell Investment Company

Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
S&P Midcap 400 E-Mini Index Futures (CME)		484		USD	45,249		03/12		2,931
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									2,931

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	223,775	$	—	$	21	$	223,796
Consumer Staples		37,766		—		—		37,766
Energy		80,032		—		—		80,032
Financial Services		294,316		—		—		294,316
Health Care		165,391		—		—		165,391
Materials and Processing		96,727		—		110		96,837
Producer Durables		255,650		—		—		255,650
Technology		241,583		—		—		241,583
Utilities		46,191		—		—		46,191
Short-Term Investments		—		42,909		—		42,909
Other Securities		—		90,401		—		90,401
Total Investments		1,441,431		133,310		131		1,574,872
Other Financial Instruments
Futures Contracts		2,931		—		—		2,931
Total Other Financial Instruments*	$	2,931	$	—	$	—	$	2,931

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

Investments in which significant observable inputs (Level 3) used in determining a value for the period ending January 31, 2012 were less than 1% of net assets.

For a description of the levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

30 Russell U.S. Small Cap Equity Fund

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Common Stocks - 91.1%
Australia - 3.0%
AGL Energy, Ltd.		44,390		688
Alumina, Ltd.		102,468		139
Amcor, Ltd. (Æ)		1,897,328		14,181
AMP, Ltd.		2,489,335		11,285
Ansell, Ltd. - GDR		116,424		1,838
Asciano, Ltd.		114,866		573
ASX, Ltd. - ADR		4,999		159
Australia & New Zealand Banking Group, Ltd. - ADR		66,358		1,508
Bendigo and Adelaide Bank, Ltd.		93,015		819
BGP Holdings PLC (Æ)(Þ)(ö)		559,805		—
BHP Billiton, Ltd. - ADR (Ñ)		255,614		13,346
Billabong International, Ltd.		87,991		176
Caltex Australia, Ltd.		107,731		1,456
CFS Retail Property Trust (Ñ)(ö)		112,154		204
Challenger, Ltd.		29,302		138
Coca-Cola Amatil, Ltd. (Ñ)		172,545		2,116
Commonwealth Bank of Australia - ADR (Ñ)		57,789		3,108
Computershare, Ltd.		17,281		140
CSL, Ltd. (Ñ)		60,405		1,996
CSR, Ltd. (Ñ)		195,712		426
Dexus Property Group (ö)		228,810		216
Downer EDI, Ltd. (Æ)		191,094		732
Echo Entertainment Group, Ltd.		36,408		140
Fortescue Metals Group, Ltd. (Ñ)		266,186		1,427
Goodman Group (ö)		358,832		244
GPT Group (ö)		75,544		248
Iluka Resources, Ltd. (Ñ)		215,912		4,199
Lend Lease Group		22,716		177
Mirvac Group (Ñ)(ö)		152,662		200
Monadelphous Group, Ltd. (Ñ)		101,229		2,364
Mount Gibson Iron, Ltd.		496,814		746
National Australia Bank, Ltd. - ADR		330,124		8,359
Newcrest Mining, Ltd.		32,305		1,157
Origin Energy, Ltd.		73,038		1,067
OZ Minerals, Ltd.		13,251		154
Pacific Brands, Ltd.		437,119		288
Qantas Airways, Ltd. (Æ)		250,868		420
QBE Insurance Group, Ltd.		1,292,346		15,723
QR National, Ltd.		64,709		255
Rio Tinto, Ltd. - ADR (Ñ)		101,596		7,460
Sonic Healthcare, Ltd.		105,388		1,256
Stockland (ö)		98,046		350
TABCORP Holdings, Ltd.		610,230		1,885
Tatts Group, Ltd.		228,959		617
Telstra Corp., Ltd.		4,012,207		14,184
Wesfarmers, Ltd.		278,400		8,956
Westfield Group (ö)		106,482		961
Westfield Retail Trust (ö)		126,283		339
Westpac Banking Corp. (Ñ)		400,060		8,983
Woolworths, Ltd.		102,302		2,692
				140,095

	Principal Amount ($) or Shares		Market Value $
Belgium - 0.9%
Ageas (Æ)		255,564		—
Anheuser-Busch InBev NV		355,200		21,538
Belgacom SA (Ñ)		433,398		13,529
KBC Groep NV		137,690		2,611
Solvay SA (Ñ)		23,954		2,362
				40,040
Bermuda - 0.8%
Brilliance China Automotive Holdings, Ltd. (Æ)(Ñ)		1,646,000		1,759
Cheung Kong Infrastructure Holdings, Ltd. (Ñ)		17,000		97
Credicorp, Ltd.		18,580		2,112
Esprit Holdings, Ltd.		408,200		602
Golar LNG, Ltd.		22,103		906
Jardine Matheson Holdings, Ltd.		153,800		7,967
Li & Fung, Ltd. (Ñ)		7,140,000		15,614
NWS Holdings, Ltd.		61,500		100
RenaissanceRe Holdings, Ltd.		106,200		7,764
VTech Holdings, Ltd. (Ñ)		27,300		285
Yue Yuen Industrial Holdings, Ltd.		207,000		634
				37,840
Brazil - 1.6%
Banco Bradesco SA - ADR		220,800		3,948
BM&FBovespa SA		830,100		5,221
BR Malls Participacoes SA		662,500		7,231
CETIP SA - Balcao Organizado de Ativos e Derivativos		69,020		1,065
Cia de Bebidas das Americas - ADR		196,485		7,150
Cia Hering		123,350		2,965
Embraer SA - ADR (Æ)		163,280		4,477
Itau Unibanco Holding SA - ADR		285,006		5,689
OGX Petroleo e Gas Participacoes SA (Æ)		1,554,950		14,729
PDG Realty SA Empreendimentos e Participacoes		270,100		1,094
Petroleo Brasileiro SA - ADR (Æ)		134,200		4,100
Redecard SA		264,100		4,761
Tim Participacoes SA - ADR (Æ)		299,060		8,628
Vale SA Class B - ADR		86,396		2,186
				73,244
Canada - 4.8%
ARC Resources, Ltd. (Ñ)		11,700		284
B2Gold Corp.		393,521		1,499
Bank of Nova Scotia		13,600		699
Barrick Gold Corp. (Ñ)		434,500		21,409
BCE, Inc.		78,500		3,201
Bombardier, Inc. Class B (Ñ)		381,700		1,766
Bonavista Energy Corp.		5,600		127
Brookfield Asset Management, Inc.
Class A (Ñ)		252,867		7,701
Brookfield Office Properties, Inc.		10,500		181
Canadian Imperial Bank of Commerce		89,000		6,768
Canadian National Railway Co. (Þ)		428,710		32,333

Russell International Developed Markets Fund 31

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Canadian National Railway Co.		54,000		4,073
Canadian Natural Resources, Ltd.		56,986		2,257
Canadian Oil Sands, Ltd.		20,200		501
Cenovus Energy, Inc.		50,600		1,847
Crew Energy, Inc. (Æ)		67,680		925
Enbridge, Inc.		48,100		1,810
Enerplus Corp. (Ñ)		7,300		174
Finning International, Inc.		136,234		3,721
Goldcorp, Inc. (Æ)		110,652		5,355
Goldcorp, Inc.		58,800		2,844
Great-West Lifeco, Inc. (Ñ)		12,900		285
Imax Corp. (Æ)		130,343		2,699
Imperial Oil, Ltd.		48,000		2,287
Inmet Mining Corp. (Ñ)		15,300		1,022
Intact Financial Corp.		94,500		5,572
Ivanhoe Mines, Ltd. (Æ)(Ñ)		9,900		160
Kinross Gold Corp.		506,500		5,718
Magna International, Inc. Class A (Ñ)		294,200		12,161
Manulife Financial Corp.		204,500		2,388
Methanex Corp.		30,800		839
National Bank of Canada		75,288		5,648
New Gold, Inc. (Æ)		389,750		4,563
Nexen, Inc.		365,500		6,550
Niko Resources, Ltd.		1,800		88
Pacific Rubiales Energy Corp.		263,464		6,629
Penn West Petroleum, Ltd.		18,900		412
Potash Corp. of Saskatchewan, Inc.		71,700		3,351
Power Corp. of Canada		16,300		396
Precision Drilling Corp. (Æ)		188,900		1,939
Progress Energy Resources Corp.		10,000		106
RioCan Real Estate Investment Trust Class Trust Unit (ö)		6,400		166
Rogers Communications, Inc. Class B (Ñ)		52,600		2,022
Royal Bank of Canada - GDR (Ñ)		31,200		1,630
Saputo, Inc. - ADR		124,010		5,051
Sherritt International Corp.		239,000		1,509
Silver Wheaton Corp.		13,800		492
Sino-Forest Corp. (Æ)(Ñ)		383,000		513
Suncor Energy, Inc.		588,740		20,292
SXC Health Solutions Corp. (Æ)		49,562		3,125
TELUS Corp. Class A (Ñ)		6,000		322
Tim Hortons, Inc. (Ñ)		87,303		4,254
TMX Group, Inc.		19,500		834
Toronto-Dominion Bank (The) (Ñ)		140,128		10,836
TransCanada Corp.		71,400		2,937
Trilogy Energy Corp.		28,111		876
Valeant Pharmaceuticals International, Inc. (Æ)		14,600		707
Yamana Gold, Inc.		140,900		2,438
				220,292
Cayman Islands - 0.8%
Baidu, Inc. - ADR (Æ)		116,475		14,853
Belle International Holdings, Ltd. Class A (Ñ)		4,168,000		6,772
Chaoda Modern Agriculture Holdings, Ltd. (Ñ)		12,120,000		703

	Principal Amount ($) or Shares		Market Value $
Hengan International Group Co., Ltd. (Ñ)		382,000		3,416
Melco Crown Entertainment, Ltd. - ADR (Æ)		286,590		3,196
SA SA International Holdings, Ltd. (Ñ)		3,734,860		2,413
Sands China, Ltd. (Æ)(Ñ)		771,497		2,611
Sany Heavy Equipment International Holdings Co., Ltd. (Ñ)		2,007,000		1,762
Wynn Macau, Ltd. (Ñ)		59,600		153
				35,879
Chile - 0.2%
Sociedad Quimica y Minera de Chile SA - ADR		158,310		9,299
China - 0.6%
Anhui Conch Cement Co., Ltd. Class H (Ñ)		309,803		1,047
China Shenhua Energy Co., Ltd. Class H		1,310,723		5,763
China South Locomotive and Rolling Stock Corp.		2,269,968		1,496
Huaneng Power International, Inc. Class H (Ñ)		22,668,000		13,767
Industrial & Commercial Bank of China Class H (Ñ)		7,189,000		5,033
PICC Property & Casualty Co., Ltd. Class H (Ñ)		708,200		933
				28,039
Curacao - 0.0%
Hunter Douglas NV		4,103		158
Czech Republic - 0.1%
Komercni Banka AS		28,371		5,421
Denmark - 1.1%
Carlsberg A/S Class B		16,351		1,242
Christian Hansen Holding A/S		87,340		2,137
Coloplast A/S Class B (Ñ)		16,856		2,488
Danske Bank A/S (Æ)		455,957		6,659
FLSmidth & Co. A/S		20,460		1,512
Novo Nordisk A/S Class B		234,031		27,672
Novozymes A/S Class B		274,813		7,737
				49,447
Finland - 0.6%
Metso OYJ		74,272		3,235
Nokia OYJ		1,843,951		9,209
Nokian Renkaat OYJ		99,939		3,570
Stora Enso OYJ Class R		1,449,953		10,318
Wartsila OYJ Abp Class B		44,126		1,487
				27,819
France - 7.2%
Air Liquide SA Class A		95,420		12,010
Alcatel-Lucent - ADR (Æ)(Ñ)		3,418,406		6,077
Arkema SA		39,737		3,211
AXA SA		476,367		7,231

32 Russell International Developed Markets Fund

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
BNP Paribas SA		184,286		7,803
Bouygues SA - ADR		33,967		1,055
Capital Gemini SA		401,075		14,642
Carrefour SA		615,227		14,043
Christian Dior SA		11,786		1,668
Cie de St.-Gobain		322,225		14,339
Cie Generale de Geophysique - Veritas (Æ)		55,658		1,552
Cie Generale d’Optique Essilor International SA		124,932		9,151
Credit Agricole SA		652,993		4,024
Danone		186,176		11,491
Dassault Systemes SA		39,433		3,269
France Telecom SA - ADR		1,241,121		18,613
GDF Suez (Æ)		55,671		-
Lagardere SCA		217,506		6,182
Legrand SA - ADR		256,104		8,834
LVMH Moet Hennessy Louis Vuitton SA - ADR		98,491		15,923
Metropole Television SA		58,091		971
Natixis		895,944		2,754
Pernod-Ricard SA		173,106		16,618
Publicis Groupe SA - ADR		108,624		5,465
Remy Cointreau SA		50,165		4,417
Safran SA		86,710		2,702
Sanofi - ADR		447,767		33,075
Schneider Electric SA		370,148		22,988
Societe BIC SA		8,582		765
Societe Generale SA		368,626		9,820
Technip SA		23,260		2,182
Thales SA		45,775		1,566
Total SA (Ñ)		842,917		44,550
Unibail-Rodamco SE (ö)		34,332		6,592
Valeo SA		60,089		2,821
Vallourec SA		16,793		1,134
Vinci SA		217,061		10,068
Vivendi SA - ADR		81,572		1,707
Zodiac Aerospace		38,962		3,478
				334,791
Germany - 6.5%
Aareal Bank AG (Æ)		151,269		3,448
Adidas AG		186,604		13,444
BASF SE		152,685		11,740
Bayer AG		416,098		29,141
Bayerische Motoren Werke AG		210,643		18,017
Beiersdorf AG (Æ)		154,783		9,293
Bilfinger Berger SE		9,221		845
Daimler AG		76,360		4,220
Deutsche Bank AG		107,700		4,562
Deutsche Boerse AG (Æ)		233,238		13,729
Deutsche Boerse AG		7,793		457
Deutsche Post AG		481,700		8,002
Deutsche Telekom AG		1,432,647		16,112
E.ON AG		390,800		8,355
ElringKlinger AG (Ñ)		52,561		1,578
Fresenius Medical Care AG & Co. KGaA		105,054		7,496
Fresenius SE & Co. KGaA		5,399		548

	Principal Amount ($) or Shares		Market Value $
GEA Group AG		80,567		2,588
Hannover Rueckversicherung AG		34,443		1,833
Henkel AG & Co. KGaA		118,655		6,165
Infineon Technologies AG - ADR		1,649,004		15,047
K+S AG		44,396		2,117
Kloeckner & Co. SE		42,996		597
Linde AG		141,595		22,466
Merck KGaA		93,966		9,803
RWE AG		488,079		18,668
SAP AG - ADR		489,951		29,602
SGL Carbon SE (Æ)(Ñ)		20,450		1,033
Siemens AG (Ñ)		246,189		23,231
Software AG (Ñ)		73,355		2,390
Volkswagen AG		93,410		15,090
				301,617
Hong Kong - 1.6%
AIA Group, Ltd.		3,495,800		11,675
Cheung Kong Holdings, Ltd.		116,000		1,562
China Mobile, Ltd.		894,000		9,141
China Unicom Hong Kong, Ltd. (Ñ)		8,760,000		16,130
CLP Holdings, Ltd.		84,500		692
CNOOC, Ltd.		4,350,650		8,942
Emperor Watch & Jewellery, Ltd. (Ñ)		15,250,000		1,947
Hang Lung Group, Ltd. (Ñ)		37,462		238
Hang Lung Properties, Ltd. - ADR		2,516,000		8,646
Hang Seng Bank, Ltd. (Ñ)		44,000		568
HKT Trust / HKT, Ltd. (Æ)		3,847		2
Hong Kong & China Gas Co., Ltd.		350,800		832
Hong Kong Exchanges and Clearing, Ltd. (Ñ)		47,254		820
Hopewell Holdings, Ltd.		172,500		450
Hutchison Whampoa, Ltd.		56,000		532
Hysan Development Co., Ltd.		61,000		240
iShares FTSE A50 China Index ETF (Ñ)		4,442,000		6,392
Link REIT (The) (ö)		95,500		348
New World Development Co., Ltd.		175,000		192
PCCW, Ltd.		177,000		56
Power Assets Holdings, Ltd.		162,000		1,169
SJM Holdings, Ltd.		61,000		109
Sun Hung Kai Properties, Ltd.		94,333		1,306
Swire Pacific, Ltd. Class A		29,821		332
Swire Properties, Ltd. (Æ)		20,874		53
Television Broadcasts, Ltd.		112,334		654
Wheelock & Co., Ltd.		275,068		878
				73,906
India - 0.4%
ICICI Bank, Ltd.		375,396		6,849
ICICI Bank, Ltd. - ADR		147,420		5,338
Infosys, Ltd.		78,109		4,338
Tata Motors, Ltd. - ADR (Ñ)		64,480		1,553
				18,078

Russell International Developed Markets Fund 33

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Indonesia - 0.2%
Bank Rakyat Indonesia		10,874,500		8,286
Gudang Garam Tbk PT		234,817		1,489
				9,775
Ireland - 0.7%
Accenture PLC Class A		284,771		16,329
Covidien PLC		119,400		6,149
CRH PLC (Ñ)		259,383		5,146
Elan Corp. PLC - ADR (Æ)		100,790		1,372
Ryanair Holdings PLC - ADR (Æ)		143,895		4,826
				33,822
Israel - 1.1%
Check Point Software Technologies, Ltd. (Æ)(Ñ)		359,463		20,234
Teva Pharmaceutical Industries, Ltd. - ADR		669,002		30,192
				50,426
Italy - 2.2%
Assicurazioni Generali SpA		65,257		1,018
Davide Campari-Milano SpA		312,380		2,082
Enel SpA		2,465,600		10,082
ENI SpA - ADR		1,620,446		35,822
Intesa Sanpaolo SpA		8,089,201		15,448
Saipem SpA - ADR		333,494		15,608
Salvatore Ferragamo Italia SpA (Æ)		169,247		2,840
Telecom Italia SpA		20,775,667		18,810
Tod’s SpA (Ñ)		8,192		735
UniCredit SpA (Æ)		87,675		435
				102,880
Japan - 14.4%
Aeon Co., Ltd. (Ñ)		125,900		1,660
Aisin Seiki Co., Ltd.		13,300		420
Anritsu Corp (Æ)		68,000		795
Asahi Glass Co., Ltd. (Ñ)		109,000		888
Asahi Kasei Corp.		280,000		1,771
Astellas Pharma, Inc.		480,800		19,744
Canon, Inc.		1,168,513		50,438
Capcom Co., Ltd. - GDR		88,337		1,959
Central Japan Railway Co.		323		2,776
Chiyoda Corp.		197,000		2,298
Chubu Electric Power Co., Inc.		9,400		173
Cosmo Oil Co., Ltd.		205,000		597
Credit Saison Co., Ltd.		49,000		997
CyberAgent, Inc. (Ñ)		1,071		3,133
Dai Nippon Printing Co., Ltd. (Ñ)		1,059,000		11,393
Daicel Chemical Industries, Ltd.		228,000		1,430
Daido Steel Co., Ltd. (Ñ)		106,000		694
Dai-ichi Life Insurance Co., Ltd. (The)		5,300		5,563
Daiichi Sankyo Co., Ltd.		37,800		720
Daito Trust Construction Co., Ltd.		63,500		5,982
Daiwa House Industry Co., Ltd.		20,000		253
Dena Co., Ltd. (Ñ)		41,700		1,055
Denso Corp.		296,500		8,811

	Principal Amount ($) or Shares		Market Value $
Ebara Corp.		274,000		1,068
Exedy Corp.		41,143		1,255
FANUC Corp.		201,451		33,857
Fast Retailing Co., Ltd. (Ñ)		37,000		7,354
Fuji Heavy Industries, Ltd.		126,000		856
FUJIFILM Holdings Corp.		473,500		11,226
Gree, Inc. (Ñ)		135,800		3,920
Hachijuni Bank, Ltd. (The)		754,000		4,422
Hino Motors, Ltd. (Ñ)		150,000		962
Hitachi High-Technologies Corp.		34,300		751
Honda Motor Co., Ltd.		551,472		19,289
Hoya Corp.		843,600		17,886
Ibiden Co., Ltd.		38,600		787
IHI Corp.		242,000		635
Inpex Corp.		1,850		12,621
Isuzu Motors, Ltd.		257,000		1,302
ITOCHU Corp.		204,900		2,229
Japan Real Estate Investment Corp. Class A (ö)		18		158
Japan Retail Fund Investment Corp. Class A (ö)		66		96
Japan Tobacco, Inc.		2,261		11,124
JGC Corp.		92,000		2,534
JTEKT Corp.		191,700		2,052
Kaneka Corp. (Ñ)		102,000		570
Kao Corp.		639,500		16,831
KDDI Corp.		442		2,801
Keyence Corp. (Ñ)		26,700		6,652
Kinden Corp.		61,000		535
Kobe Steel, Ltd.		684,000		1,122
Komatsu, Ltd.		62,913		1,774
Konica Minolta Holdings, Inc.		86,000		626
Kuraray Co., Ltd.		108,200		1,571
Lawson, Inc. (Ñ)		148,600		9,027
M3, Inc.		567		2,451
Mabuchi Motor Co., Ltd. (Ñ)		289,600		12,405
Makita Corp.		31,183		1,177
Marubeni Corp.		1,043,000		7,198
Miraca Holdings, Inc.		49,100		1,838
Mitsubishi Electric Corp.		202,000		1,813
Mitsubishi Estate Co., Ltd.		45,000		718
Mitsubishi Heavy Industries, Ltd. (Ñ)		283,000		1,296
Mitsubishi UFJ Financial Group, Inc.		2,099,800		9,615
Mitsubishi UFJ Lease & Finance Co., Ltd.		26,350		1,103
Mitsui & Co., Ltd.		205,800		3,494
Mitsui Chemicals, Inc.		185,000		585
Mitsui Fudosan Co., Ltd.		40,000		658
Mizuho Financial Group, Inc.		774,000		1,168
MS&AD Insurance Group Holdings		647,900		13,286
Nabtesco Corp. (Ñ)		112,590		2,393
NHK Spring Co., Ltd.		127,000		1,218
Nikon Corp.		45,200		1,107
Nintendo Co., Ltd.		133,600		18,124
Nippon Building Fund, Inc. Class A (ö)		20		179
Nippon Electric Glass Co., Ltd. (Ñ)		142,000		1,237
Nippon Telegraph & Telephone Corp.		21,200		1,060
Nissan Motor Co., Ltd.		1,161,800		10,959

34 Russell International Developed Markets Fund

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Nitori Holdings Co., Ltd. (Ñ)		50,700		4,656
Nitto Denko Corp. (Ñ)		43,000		1,525
NTT DoCoMo, Inc. - ADR (Ñ)		16,729		297
NTT DoCoMo, Inc.		8,884		15,782
ORIX Corp. (Ñ)		5,770		540
Osaka Gas Co., Ltd.		327,000		1,313
Pacific Metals Co., Ltd.		105,000		590
Rakuten, Inc. (Ñ)		5,082		5,127
Resona Holdings, Inc.		210,900		938
Rohm Co., Ltd.		162,500		8,059
Sankyo Co., Ltd.		136,000		6,647
Sanrio Co., Ltd. (Ñ)		88,157		3,950
Sega Sammy Holdings, Inc.		364,400		7,888
Seiko Epson Corp. (Ñ)		48,500		618
Seino Holdings Corp.		109,000		832
Sekisui Chemical Co., Ltd.		167,000		1,464
Sekisui House, Ltd. (Ñ)		858,000		8,060
Seven & I Holdings Co., Ltd.		1,447,600		40,758
Shin-Etsu Chemical Co., Ltd.		609,625		31,673
Shiseido Co., Ltd. (Ñ)		560,700		10,291
Softbank Corp.		29,100		811
Sony Corp.		50,600		923
Start Today Co., Ltd. (Ñ)		75,800		1,480
Sumco Corp. (Æ)		84,024		720
Sumitomo Corp.		118,700		1,705
Sumitomo Heavy Industries, Ltd.		250,000		1,601
Sumitomo Metal Industries, Ltd.		134,000		239
Sumitomo Mitsui Financial Group, Inc.		355,000		11,295
Sumitomo Mitsui Trust Holdings, Inc.		1,479,000		4,618
Sumitomo Realty & Development Co., Ltd.		372,613		7,079
Suzuki Motor Corp.		39,700		905
Takeda Pharmaceutical Co., Ltd. (Ñ)		375,500		16,307
THK Co., Ltd.		651,000		13,990
Tohoku Electric Power Co., Inc.		17,800		168
Tokai Rika Co., Ltd.		30,600		512
Tokio Marine Holdings, Inc.		576,400		14,436
Tokyo Electric Power Co., Inc. (The)		63,300		174
Tokyo Electron, Ltd.		34,300		1,953
Tokyo Gas Co., Ltd.		220,000		1,016
Tokyu Land Corp.		22,000		91
TonenGeneral Sekiyu KK (Ñ)		69,000		658
Toray Industries, Inc. (Ñ)		563,000		4,225
Toyota Motor Corp.		572,700		21,114
Trend Micro, Inc. (Ñ)		72,500		2,304
Ube Industries, Ltd.		257,000		738
USS Co., Ltd.		18,840		1,799
Yamada Denki Co., Ltd. (Ñ)		97,610		6,224
Yamaha Motor Co., Ltd.		76,700		1,014
				665,632
Jersey - 0.7%
Glencore International PLC (Ñ)		855,316		5,542
Petrofac, Ltd. (Ñ)		393,226		9,016
Wolseley PLC		154,118		5,335
WPP PLC		920,757		10,817
				30,710

	Principal Amount ($) or Shares		Market Value $
Luxembourg - 0.5%
Millicom International Cellular SA (Ñ)		173,246		17,127
Subsea 7 SA (Æ)(Ñ)		239,808		4,856
				21,983
Mexico - 0.3%
Grupo Financiero Banorte SAB de CV Class O		610,500		2,433
Wal-Mart de Mexico SAB de CV (Ñ)		3,647,100		11,268
				13,701
Netherlands - 5.0%
Aegon NV		2,653,275		12,859
Akzo Nobel NV		548,563		28,537
ASML Holding NV Class G		406,835		17,474
European Aeronautic Defence and Space Co. NV		375,299		12,607
Heineken NV		353,101		16,313
ING Groep NV (Æ)		3,647,984		33,202
Koninklijke Ahold NV		1,403,064		18,591
Koninklijke DSM NV		44,326		2,274
Koninklijke KPN NV		234,751		2,573
Koninklijke Philips Electronics NV		766,736		15,495
Koninklijke Vopak NV		56,341		3,061
NXP Semiconductor NV (Æ)(Ñ)		59,360		1,260
Randstad Holding NV (Æ)		195,697		6,673
Reed Elsevier NV (Æ)		1,641,038		19,525
Sensata Technologies Holding NV (Æ)		327,286		9,429
Unilever NV		500,159		16,650
Wolters Kluwer NV		663,969		12,038
Yandex NV Class A (Æ)(Ñ)		173,330		3,531
				232,092
New Zealand - 0.1%
Telecom Corp. of New Zealand, Ltd.		1,451,135		2,510
Norway - 0.1%
TE Connectivity, Ltd.		159,697		2,604
Panama - 0.2%
Copa Holdings SA Class A		109,074		7,432
Papua New Guinea - 0.0%
Oil Search, Ltd.		315,502		2,211
Philippines - 0.0%
Metropolitan Bank & Trust - ADR		843,660		1,492
Portugal - 0.0%
Jeronimo Martins SGPS SA (Æ)		121,361		2,026
Russia - 0.5%
Gazprom OAO - ADR (Æ)		1,065,312		12,890
NovaTek OAO - GDR		27,838		3,750

Russell International Developed Markets Fund 35

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Sberbank of Russia - ADR		547,605		6,571
Uralkali OJSC - GDR		36,657		1,303
				24,514
Singapore - 1.0%
Ascendas Real Estate Investment Trust (Æ)(Ñ)(ö)		77,000		114
Avago Technologies, Ltd.		56,400		1,914
CapitaLand, Ltd. (Ñ)		179,000		374
CapitaMall Trust Class A (Ñ)(ö)		112,000		152
Cosco Corp. Singapore, Ltd. (Ñ)		493,000		463
DBS Group Holdings, Ltd.		100,000		1,077
Fraser and Neave, Ltd. (Ñ)		120,000		648
Golden Agri-Resources, Ltd. (Ñ)		2,777,000		1,623
Jardine Cycle & Carriage, Ltd.		20,800		850
Keppel Corp., Ltd. - ADR (Ñ)		1,069,100		9,222
Oversea-Chinese Banking Corp., Ltd. (Ñ)		628,100		4,294
SembCorp Industries, Ltd.		81,860		1,030
Singapore Exchange, Ltd. (Ñ)		34,000		176
Singapore Press Holdings, Ltd.		177,000		522
Singapore Technologies Engineering, Ltd.		81,000		190
Singapore Telecommunications, Ltd. (Ñ)		5,537,810		13,648
StarHub, Ltd.		39,000		88
United Overseas Bank, Ltd.		750,118		10,341
UOL Group, Ltd.		22,000		80
				46,806
South Africa - 0.6%
AngloGold Ashanti, Ltd.		220,872		10,138
Gold Fields, Ltd. - ADR		386,415		6,373
Impala Platinum Holdings, Ltd.		151,718		3,331
Mr Price Group, Ltd.		132,670		1,463
MTN Group, Ltd.		259,879		4,426
Sasol, Ltd. - ADR		82,604		4,214
				29,945
South Korea - 1.4%
E-Mart Co., Ltd.		10,452		2,526
Hyundai Mobis		19,930		4,915
Hyundai Motor Co.		33,676		6,625
KT Corp. - ADR		190,000		2,829
Samsung Electronics Co., Ltd.		29,802		29,368
Samsung Engineering Co., Ltd.		42,901		8,192
Seegene, Inc. (Æ)(Ñ)		45,100		2,578
SK Telecom Co., Ltd. - ADR		717,500		10,052
				67,085
Spain - 2.4%
Amadeus IT Holding SA Class A (Ñ)		542,480		9,296
Banco Bilbao Vizcaya Argentaria SA - ADR (Ñ)		237,066		2,069
Banco Popular Espanol SA (Ñ)		931,175		4,007
Banco Santander SA - ADR		1,839,747		14,318
Distribuidora Internacional de Alimentacion SA (Ñ)		377,348		1,743
Endesa SA - ADR		102,742		2,016

	Principal Amount ($) or Shares		Market Value $
Iberdrola SA		2,283,479		13,447
Inditex SA		237,083		20,685
Indra Sistemas SA (Ñ)		1,316,100		17,327
Red Electrica Corp. SA		64,041		2,946
Repsol YPF SA - ADR		72,515		1,992
Telefonica SA - ADR		1,138,239		19,847
				109,693
Sweden - 0.9%
Atlas Copco AB Class A		195,020		4,636
Boliden AB		113,053		1,933
Elekta AB Class B (Ñ)		76,724		3,667
Hennes & Mauritz AB Class B		106,730		3,494
Investor AB Class B		23,074		467
Lundin Petroleum AB (Æ)		100,095		2,254
Sandvik AB		257,404		3,803
Scania AB Class B		104,250		1,796
Skandinaviska Enskilda Banken AB Class A		584,634		3,676
Swedbank AB Class A		246,966		3,547
Swedish Match AB		169,401		5,899
Tele2 AB Class B		228,896		4,368
Telefonaktiebolaget LM Ericsson Class B		337,363		3,137
TeliaSonera AB		87,129		579
				43,256
Switzerland - 7.1%
ABB, Ltd. (Æ)		485,647		10,140
ACE, Ltd.		197,600		13,753
Cie Financiere Richemont SA		136,691		7,737
Credit Suisse Group AG (Æ)		261,221		6,777
Dufry AG (Æ)		26,034		2,956
GAM Holding AG (Æ)		475,446		6,069
Geberit AG (Æ)		12,528		2,587
Givaudan SA (Æ)		3,629		3,389
Julius Baer Group, Ltd. (Æ)		704,761		28,635
Nestle SA		1,060,327		60,763
Novartis AG		917,191		49,621
Roche Holding AG		215,480		36,471
SGS SA		3,626		6,507
Sonova Holding AG (Æ)		36,079		3,686
Sulzer AG		7,782		974
Swatch Group AG (The) Class B		33,088		13,940
Swiss Life Holding AG (Æ)		20,404		2,026
Swiss Re AG		72,202		3,916
Swisscom AG		4,254		1,679
Syngenta AG		48,153		14,564
TE Connectivity, Ltd.		339,925		11,591
Temenos Group AG (Æ)(Ñ)		100,906		1,820
Transocean, Ltd.		12,244		580
UBS AG (Æ)		1,625,162		22,122
Zurich Financial Services AG (Æ)		67,364		16,173
				328,476
Taiwan - 0.9%
Hon Hai Precision Industry Co., Ltd.		4,997,344		16,096

36 Russell International Developed Markets Fund

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Hon Hai Precision Industry Co., Ltd. - GDR		657,812		4,276
HTC Corp.		168,500		2,765
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		1,367,761		19,258
				42,395
Thailand - 0.1%
Kasikornbank PCL		797,000		3,325
United Kingdom - 18.9%
Aggreko PLC		65,400		2,159
Amarin Corp PLC - ADR (Æ)		133,310		1,088
Anglo American PLC		48,917		2,023
ARM Holdings PLC		1,398,091		13,428
AstraZeneca PLC - ADR		323,471		15,570
Aviva PLC		1,337,092		7,362
BAE Systems PLC		6,626,895		32,143
Barclays PLC		6,864,099		22,990
BG Group PLC		1,256,838		28,222
BHP Billiton PLC		251,208		8,404
BP PLC		6,563,812		48,701
British American Tobacco PLC		214,176		9,845
British Land Co. PLC (ö)		61,280		472
British Sky Broadcasting Group PLC		1,640,437		17,836
BT Group PLC		272,831		875
Burberry Group PLC		676,236		14,301
Carillion PLC		1,329,665		6,472
Compass Group PLC		3,348,804		31,082
Cookson Group PLC		87,132		792
Diageo PLC		1,130,924		24,985
Dialog Semiconductor PLC (Æ)(Ñ)		133,707		2,886
Experian PLC		2,091,304		28,325
G4S PLC		52,159		221
GKN PLC		523,773		1,730
GlaxoSmithKline PLC - ADR		1,647,295		36,601
Hays PLC		1,654,472		1,860
Home Retail Group PLC (Ñ)		8,964,153		15,171
HSBC Holdings PLC		5,180,565		43,292
IMI PLC - ADR		71,844		966
Imperial Tobacco Group PLC		284,652		10,182
Intermediate Capital Group PLC		427,313		1,852
ITV PLC		1,857,763		2,193
J Sainsbury PLC		205,765		935
John Wood Group PLC		35,034		363
Johnson Matthey PLC Class H		155,579		5,028
Kazakhmys PLC		19,581		350
Kesa Electricals PLC (Ñ)		609,143		647
Kingfisher PLC		14,416		58
Land Securities Group PLC (ö)		40,123		426
Legal & General Group PLC		1,146,630		2,085
Lloyds Banking Group PLC (Æ)		5,433,800		2,622
Misys PLC		304,357		1,550
Mondi PLC		324,534		2,583
National Grid PLC		418,784		4,171
Pearson PLC		420,856		7,779
Persimmon PLC Class A		332,576		2,759
Prudential PLC		1,203,479		13,285

	Principal Amount ($) or Shares		Market Value $
Reckitt Benckiser Group PLC		168,434		8,960
Reed Elsevier PLC		623,114		5,155
Rio Tinto PLC (Æ)		272,347		16,330
Rolls-Royce Holdings PLC (Æ)(Þ)		1,491,201		17,283
Royal Bank of Scotland Group PLC - ADR (Æ)		17,068,880		7,160
Royal Dutch Shell PLC Class A		1,714,209		60,664
Royal Dutch Shell PLC Class B		408,687		14,867
Royal Dutch Shell PLC - ADR (Ñ)		183,500		13,458
Sage Group PLC (The)		64,324		297
Scottish & Southern Energy PLC		133,705		2,577
Severn Trent PLC Class H		64,209		1,543
Shire PLC - ADR (Æ)		692,799		22,991
Smith & Nephew PLC		927,761		8,991
Smiths Group PLC		362,206		5,479
Standard Chartered PLC		1,596,172		38,584
Tate & Lyle PLC		208,844		2,179
Telecity Group PLC (Æ)		236,844		2,415
Tesco PLC		7,567,433		38,112
Travis Perkins PLC		1,195,507		16,522
Tullow Oil PLC		665,270		14,572
Unilever PLC		847,533		27,325
Vedanta Resources PLC		33,054		622
Vodafone Group PLC - ADR (Æ)		16,245,934		43,725
Weir Group PLC (The) (Ñ)		413,545		12,740
Xstrata PLC		842,018		14,257
				875,478
United States - 1.4%
Aegis Group plc (Æ)		5,173,172		12,863
Citigroup, Inc.		330,146		10,142
Las Vegas Sands Corp.		112,501		5,525
Lululemon Athletica, Inc. (Æ)		31,300		1,976
MercadoLibre, Inc.		98,385		8,599
Newmont Mining Corp.		193,200		11,878
News Corp. Class B		77,600		1,511
Philip Morris International, Inc.		24,900		1,862
Synthes, Inc. (Æ)(Þ)		15,616		2,660
Wynn Resorts, Ltd.		81,237		9,361
				66,377
Virgin Islands, British - 0.2%
Arcos Dorados Holdings, Inc. Class A		396,011		8,514
Total Common Stocks (cost $4,042,422)				4,221,125
Preferred Stocks - 0.4%
Brazil - 0.1%
Usinas Siderurgicas de Minas Gerais SA (Æ)		850,300		5,704
Germany - 0.3%
Hugo Boss AG		25,104		2,238
Porsche Automobil Holding SE		125,024		7,665

Russell International Developed Markets Fund 37

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares			Market Value $
Volkswagen AG		7,204			1,275
					11,178
Total Preferred Stocks (cost $17,668)					16,882
Warrants & Rights - 0.2%
Switzerland - 0.1%
Astra International Tbk PT (Æ) 2013 Warrants		5,966			611
ICICI Bank, Ltd. (Æ) 2015 Warrants		207,900			3,788
					4,399
Taiwan - 0.0%
Hon Hai Precision Industry Co., Ltd. (Æ)(Þ) 2017 Warrants		1,020,600			3,279
United States - 0.1%
JPMorgan Structured Notes (Æ) 2016 Warrants		33,340			3,296
Total Warrants & Rights (cost $10,524)					10,974
Short-Term Investments - 6.9%
United States - 6.9%
Russell U.S. Cash Management Fund		321,618,827	(¥)		321,619
Total Short-Term Investments (cost $321,619)					321,619
Other Securities - 5.9%
Russell Investment Company Liquidating Trust (×)		3,687,385	(¥)		3,749
Russell U.S. Cash Collateral Fund (×)		269,732,004	(¥)		269,732
Total Other Securities (cost $273,419)					273,481
Total Investments - 104.5% (identified cost $4,665,652)					4,844,081
Other Assets and Liabilities, Net - (4.5%)					(210,440	)
Net Assets - 100.0%					4,633,641

A portion of the portfolio has been fair valued as of period end.

See accompanying notes which are an integral part of this quarterly report.

38 Russell International Developed Markets Fund

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
ASX SPI 200 Index Futures (Australia)		209		AUD	22,081		03/12		84
CAC 40 Index Futures (France)		1,672		EUR	55,218		02/12		929
DAX Index Futures (Germany)		174		EUR	28,138		03/12		3,031
EURO STOXX 50 Index Futures (EMU)		2,000		EUR	48,400		03/12		3,567
FTSE 100 Index Futures (UK)		1,242		GBP	70,105		03/12		3,944
FTSE MIB Index Futures (UK)		192		EUR	15,196		03/12		1,213
Hang Seng Index Futures (Hong Kong)		84		HKD	85,499		02/12		38
IBEX 35 Index Futures (Spain)		84		EUR	7,139		02/12		17
S&P TSE 60 Index Futures (Canada)		240		CAD	33,989		03/12		1,414
SGX MSCI Singapore Index Futures		50		SGD	3,332		02/12		21
Swiss Market Index Futures (Switzerland)		124		CHF	7,298		03/12		(221	)
TOPIX Index Futures (Japan)		545		JPY	4,122,925		03/12		1,146
Short Positions
AEX Index Futures (Netherlands)		138		EUR	8,760		02/12		(66	)
ASX SPI 200 Index Futures (Australia)		365		AUD	38,562		03/12		(447	)
OMX 30 Index Futures (Sweden)		669		SEK	69,091		02/12		(92	)
S&P TSE 60 Index Futures (Canada)		109		CAD	15,437		03/12		(393	)
TOPIX Index Futures (Japan)		36		JPY	272,340		03/12		4
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									14,189

See accompanying notes which are an integral part of this quarterly report.

Russell International Developed Markets Fund 39

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Bank of America		USD	5,071		CHF	4,692		03/21/12		30
Bank of America		USD	3,885		EUR	2,980		03/21/12		13
Bank of America		USD	13,461		EUR	10,516		03/21/12		296
Bank of America		USD	131		MXN	1,710		02/03/12		—
Bank of America		USD	240		NOK	1,407		02/03/12		—
Bank of America		USD	359		NOK	2,103		02/03/12		—
Bank of America		USD	6,311		SEK	43,599		03/21/12		84
Bank of America		USD	7,757		SEK	52,400		03/21/12		(71	)
Bank of America		CHF	2,308		USD	2,474		03/21/12		(35	)
Bank of America		CHF	2,780		USD	2,943		03/21/12		(80	)
Bank of America		CHF	5,499		USD	5,796		03/21/12		(182	)
Bank of America		EUR	1,868		USD	2,386		03/21/12		(58	)
Bank of America		EUR	1,996		USD	2,604		03/21/12		(7	)
Bank of America		GBP	1,401		USD	2,190		03/21/12		(17	)
Bank of America		GBP	1,532		USD	2,383		03/21/12		(30	)
Bank of America		GBP	3,257		USD	5,003		03/21/12		(128	)
Bank of America		GBP	4,644		USD	7,175		03/21/12		(140	)
Bank of America		NOK	9,620		USD	1,598		03/21/12		(38	)
Bank of America		SEK	15,185		USD	2,193		03/21/12		(34	)
Bank of Montreal		USD	4,870		CAD	5,055		03/21/12		166
Barclays Bank PLC		USD	3,933		AUD	3,877		03/21/12		161
Barclays Bank PLC		USD	5,907		CAD	5,975		03/21/12		46
Barclays Bank PLC		USD	20,951		EUR	15,638		03/21/12		(493	)
Barclays Bank PLC		USD	9,200		GBP	5,861		03/21/12		32
Barclays Bank PLC		USD	5		HKD	36		02/01/12		—
Barclays Bank PLC		USD	1,698		HKD	13,192		03/21/12		3
Barclays Bank PLC		USD	9,831		JPY	761,833		03/21/12		170
Barclays Bank PLC		USD	32		SEK	217		02/01/12		—
Barclays Bank PLC		AUD	173		USD	184		02/01/12		—
Barclays Bank PLC		CAD	6		USD	6		02/01/12		—
Barclays Bank PLC		EUR	314		USD	411		02/01/12		1
Barclays Bank PLC		GBP	132		USD	205		02/01/12		(2	)
Barclays Bank PLC		JPY	202		USD	3		02/01/12		—
Barclays Bank PLC		SGD	23		USD	18		02/01/12		—
Brown Brothers Harriman & Co.		USD	1,017		AUD	1,021		03/21/12		61
Brown Brothers Harriman & Co.		USD	1,025		AUD	1,000		03/21/12		31
Brown Brothers Harriman & Co.		USD	1,969		AUD	1,917		03/21/12		56
Brown Brothers Harriman & Co.		USD	2,197		AUD	2,139		03/21/12		62
Brown Brothers Harriman & Co.		USD	980		CAD	1,000		03/21/12		16
Brown Brothers Harriman & Co.		USD	2,495		CHF	2,332		03/21/12		40
Brown Brothers Harriman & Co.		USD	7,011		CHF	6,581		03/21/12		144
Brown Brothers Harriman & Co.		USD	1,278		EUR	1,000		03/21/12		30
Brown Brothers Harriman & Co.		USD	2,574		EUR	1,968		03/21/12		1
Brown Brothers Harriman & Co.		USD	2,594		EUR	2,000		03/21/12		22
Brown Brothers Harriman & Co.		USD	1,540		GBP	1,000		03/21/12		35
Brown Brothers Harriman & Co.		USD	1,548		GBP	1,000		03/21/12		27
Brown Brothers Harriman & Co.		USD	3,827		GBP	2,455		03/21/12		40
Brown Brothers Harriman & Co.		USD	5,707		GBP	3,646		03/21/12		36
Brown Brothers Harriman & Co.		USD	129		HKD	1,000		03/21/12		—
Brown Brothers Harriman & Co.		USD	118		JPY	9,045		03/21/12		1
Brown Brothers Harriman & Co.		USD	1,303		JPY	100,000		03/21/12		9
Brown Brothers Harriman & Co.		USD	2,271		JPY	176,447		03/21/12		45
Brown Brothers Harriman & Co.		USD	3,280		JPY	251,898		03/21/12		27

See accompanying notes which are an integral part of this quarterly report.

40 Russell International Developed Markets Fund

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Brown Brothers Harriman & Co.		USD	5,350		JPY	415,882		03/21/12		110
Brown Brothers Harriman & Co.		USD	1,039		NOK	6,092		03/21/12		(3	)
Brown Brothers Harriman & Co.		USD	1,582		NZD	1,956		03/21/12		28
Brown Brothers Harriman & Co.		USD	1,582		NZD	1,956		03/21/12		28
Brown Brothers Harriman & Co.		USD	1,582		NZD	1,956		03/21/12		28
Brown Brothers Harriman & Co.		USD	2,163		NZD	2,756		03/21/12		105
Brown Brothers Harriman & Co.		USD	2,476		NZD	3,015		03/21/12		6
Brown Brothers Harriman & Co.		USD	4,255		SEK	29,248		03/21/12		35
Brown Brothers Harriman & Co.		CAD	250		USD	245		03/21/12		(4	)
Brown Brothers Harriman & Co.		EUR	107		USD	141		03/21/12		1
Brown Brothers Harriman & Co.		EUR	10,413		USD	13,560		03/21/12		(62	)
Brown Brothers Harriman & Co.		GBP	25		USD	39		03/21/12		—
Brown Brothers Harriman & Co.		GBP	200		USD	313		03/21/12		(2	)
Brown Brothers Harriman & Co.		JPY	50,000		USD	653		03/21/12		(3	)
Brown Brothers Harriman & Co.		JPY	226,521		USD	2,944		03/21/12		(30	)
Brown Brothers Harriman & Co.		JPY	226,591		USD	2,945		03/21/12		(30	)
Brown Brothers Harriman & Co.		JPY	364,079		USD	4,746		03/21/12		(33	)
Brown Brothers Harriman & Co.		NOK	27,077		USD	4,528		03/21/12		(78	)
Brown Brothers Harriman & Co.		SEK	16,271		USD	2,355		03/21/12		(32	)
Brown Brothers Harriman & Co.		SEK	19,350		USD	2,770		03/21/12		(68	)
Citibank		AUD	300		USD	309		03/21/12		(8	)
Citibank		CAD	450		USD	444		03/21/12		(5	)
Citibank		EUR	1,100		USD	1,425		03/21/12		(14	)
Citibank		GBP	185		USD	289		03/21/12		(3	)
Citibank		HKD	825		USD	106		03/21/12		—
Citibank		JPY	42,500		USD	554		03/21/12		(3	)
Commonwealth Bank of Australia		USD	3,933		AUD	3,877		03/21/12		161
Commonwealth Bank of Australia		USD	20,951		EUR	15,638		03/21/12		(493	)
Commonwealth Bank of Australia		USD	16,118		GBP	10,321		03/21/12		139
Commonwealth Bank of Australia		USD	9,832		JPY	761,833		03/21/12		169
Commonwealth Bank of Australia		USD	9,421		SEK	64,327		03/21/12		14
Commonwealth Bank of Australia		USD	2,431		SGD	3,147		03/21/12		71
Commonwealth Bank of Australia		AUD	474		USD	479		03/21/12		(22	)
Commonwealth Bank of Australia		AUD	7,939		USD	8,359		04/27/12		8
Commonwealth Bank of Australia		CAD	3,634		USD	3,566		03/21/12		(54	)
Commonwealth Bank of Australia		CHF	6,272		USD	6,778		03/21/12		(40	)
Commonwealth Bank of Australia		DKK	3,316		USD	594		03/21/12		11
Commonwealth Bank of Australia		EUR	9,485		USD	12,634		03/21/12		226
Commonwealth Bank of Australia		JPY	816,946		USD	10,563		03/21/12		(161	)
Credit Suisse First Boston		USD	3,933		AUD	3,877		03/21/12		161
Credit Suisse First Boston		USD	5,904		CAD	5,975		03/21/12		49
Credit Suisse First Boston		USD	20,951		EUR	15,638		03/21/12		(493	)
Credit Suisse First Boston		USD	215		GBP	137		02/01/12		1
Credit Suisse First Boston		USD	9,197		GBP	5,861		03/21/12		35
Credit Suisse First Boston		USD	429		JPY	32,963		02/01/12		3
Credit Suisse First Boston		USD	2,080		NZD	2,707		03/21/12		148
Credit Suisse First Boston		USD	9,430		SEK	64,327		03/21/12		5
Credit Suisse First Boston		CHF	596		USD	647		02/01/12		—
Credit Suisse First Boston		EUR	544		USD	713		02/01/12		2
Credit Suisse First Boston		EUR	1,542		USD	2,036		02/01/12		19
Deutsche Bank AG		USD	863		AUD	875		03/21/12		61
Deutsche Bank AG		USD	2,197		AUD	2,139		03/21/12		62
Deutsche Bank AG		USD	2,456		AUD	2,347		03/21/12		23

See accompanying notes which are an integral part of this quarterly report.

Russell International Developed Markets Fund 41

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Deutsche Bank AG		USD	2,769		AUD	2,752		03/21/12		137
Deutsche Bank AG		USD	2,785		AUD	2,768		03/21/12		138
Deutsche Bank AG		USD	3,932		AUD	3,877		03/21/12		161
Deutsche Bank AG		USD	1,378		CAD	1,400		03/21/12		17
Deutsche Bank AG		USD	2,346		CAD	2,387		03/21/12		31
Deutsche Bank AG		USD	20,952		EUR	15,638		03/21/12		(493	)
Deutsche Bank AG		USD	1,698		HKD	13,192		03/21/12		3
Deutsche Bank AG		USD	2,201		JPY	170,942		03/21/12		43
Deutsche Bank AG		USD	2,271		JPY	176,447		03/21/12		45
Deutsche Bank AG		USD	2,271		JPY	176,447		03/21/12		45
Deutsche Bank AG		USD	3,281		JPY	251,994		03/21/12		27
Deutsche Bank AG		USD	10,648		NOK	61,897		03/21/12		(118	)
Deutsche Bank AG		USD	1,494		NZD	1,873		03/21/12		47
Deutsche Bank AG		USD	1,582		NZD	1,956		03/21/12		28
Deutsche Bank AG		USD	2,163		NZD	2,756		03/21/12		105
Deutsche Bank AG		USD	253		SEK	1,720		02/03/12		—
Deutsche Bank AG		USD	9,427		SEK	64,327		03/21/12		8
Deutsche Bank AG		AUD	3,761		USD	3,875		03/21/12		(96	)
Deutsche Bank AG		AUD	3,761		USD	3,877		03/21/12		(95	)
Deutsche Bank AG		EUR	1,000		USD	1,289		03/21/12		(19	)
Deutsche Bank AG		GBP	1,000		USD	1,546		03/21/12		(29	)
Deutsche Bank AG		JPY	124,679		USD	1,606		03/21/12		(31	)
Deutsche Bank AG		JPY	166,815		USD	2,142		03/21/12		(47	)
Deutsche Bank AG		JPY	364,203		USD	4,747		03/21/12		(34	)
HSBC Bank PLC		USD	3,933		AUD	3,877		03/21/12		161
HSBC Bank PLC		USD	5,904		CAD	5,975		03/21/12		48
HSBC Bank PLC		USD	20,951		EUR	15,638		03/21/12		(493	)
HSBC Bank PLC		USD	9,198		GBP	5,861		03/21/12		35
HSBC Bank PLC		USD	16,119		GBP	10,321		03/21/12		138
HSBC Bank PLC		USD	1,698		HKD	13,192		03/21/12		3
HSBC Bank PLC		USD	9,827		JPY	761,833		03/21/12		174
HSBC Bank PLC		USD	10,651		NOK	61,897		03/21/12		(121	)
HSBC Bank PLC		USD	9,425		SEK	64,327		03/21/12		11
HSBC Bank PLC		AUD	474		USD	479		03/21/12		(21	)
HSBC Bank PLC		AUD	1,000		USD	998		03/21/12		(58	)
HSBC Bank PLC		CAD	1,500		USD	1,454		03/21/12		(40	)
HSBC Bank PLC		CAD	3,634		USD	3,567		03/21/12		(53	)
HSBC Bank PLC		CHF	6,272		USD	6,777		03/21/12		(41	)
HSBC Bank PLC		DKK	3,316		USD	594		03/21/12		11
HSBC Bank PLC		EUR	1,000		USD	1,311		03/21/12		2
HSBC Bank PLC		EUR	9,485		USD	12,634		03/21/12		226
HSBC Bank PLC		GBP	88		USD	138		02/01/12		—
HSBC Bank PLC		GBP	95		USD	149		02/01/12		—
HSBC Bank PLC		GBP	2,000		USD	3,105		03/21/12		(46	)
HSBC Bank PLC		HKD	3,000		USD	386		03/21/12		(1	)
HSBC Bank PLC		JPY	200,000		USD	2,575		03/21/12		(51	)
HSBC Bank PLC		JPY	816,946		USD	10,563		03/21/12		(162	)
HSBC Bank PLC		SEK	3,903		USD	579		02/01/12		5
JPMorgan Chase Bank		USD	3,933		AUD	3,877		03/21/12		161
JPMorgan Chase Bank		USD	5,759		CAD	5,933		03/21/12		152
JPMorgan Chase Bank		USD	5,908		CAD	5,975		03/21/12		45
JPMorgan Chase Bank		USD	3,894		EUR	3,050		03/21/12		96
JPMorgan Chase Bank		USD	20,951		EUR	15,638		03/21/12		(493	)

See accompanying notes which are an integral part of this quarterly report.

42 Russell International Developed Markets Fund

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
JPMorgan Chase Bank		USD	69		GBP	44		02/02/12		—
JPMorgan Chase Bank		USD	380		GBP	242		02/02/12		1
JPMorgan Chase Bank		USD	583		GBP	371		02/02/12		3
JPMorgan Chase Bank		USD	790		GBP	503		02/02/12		3
JPMorgan Chase Bank		USD	9,203		GBP	5,861		03/21/12		29
JPMorgan Chase Bank		USD	16,118		GBP	10,321		03/21/12		140
JPMorgan Chase Bank		USD	377		HKD	2,926		02/01/12		—
JPMorgan Chase Bank		USD	1,698		HKD	13,192		03/21/12		3
JPMorgan Chase Bank		USD	108		JPY	8,248		02/02/12		—
JPMorgan Chase Bank		USD	9,831		JPY	761,833		03/21/12		170
JPMorgan Chase Bank		AUD	474		USD	479		03/21/12		(22	)
JPMorgan Chase Bank		AUD	7,939		USD	8,363		04/27/12		12
JPMorgan Chase Bank		CAD	3,634		USD	3,566		03/21/12		(54	)
JPMorgan Chase Bank		CHF	103		USD	112		02/02/12		—
JPMorgan Chase Bank		DKK	3,316		USD	594		03/21/12		11
JPMorgan Chase Bank		EUR	9,485		USD	12,633		03/21/12		225
JPMorgan Chase Bank		GBP	196		USD	308		02/02/12		(1	)
JPMorgan Chase Bank		HKD	467		USD	60		03/21/12		—
JPMorgan Chase Bank		JPY	816,946		USD	10,564		03/21/12		(161	)
JPMorgan Chase Bank		SEK	973		USD	144		02/02/12		1
JPMorgan Chase Bank		SEK	3,897		USD	577		02/02/12		4
Mellon Bank		AUD	700		USD	720		03/21/12		(19	)
Mellon Bank		CAD	1,150		USD	1,135		03/21/12		(10	)
Mellon Bank		GBP	1,000		USD	1,564		03/21/12		(12	)
Mellon Bank		HKD	3,000		USD	386		03/21/12		(1	)
Mellon Bank		JPY	155,000		USD	2,024		03/21/12		(11	)
Morgan Stanley & Co., Inc.		USD	98		AUD	99		02/01/12		7
Morgan Stanley & Co., Inc.		USD	18		CAD	19		02/01/12		1
Morgan Stanley & Co., Inc.		USD	141		JPY	10,900		02/01/12		2
Morgan Stanley & Co., Inc.		EUR	622		USD	789		02/01/12		(25	)
Morgan Stanley & Co., Inc.		GBP	120		USD	209		02/01/12		20
Morgan Stanley & Co., Inc.		HKD	349		USD	45		02/01/12		—
Royal Bank of Canada		USD	1,089		AUD	1,029		03/21/12		(2	)
Royal Bank of Canada		USD	1,249		AUD	1,227		03/21/12		47
Royal Bank of Canada		USD	5,909		CAD	5,975		03/21/12		43
Royal Bank of Canada		USD	11,405		CAD	11,619		03/21/12		170
Royal Bank of Canada		USD	6,920		CHF	6,495		03/21/12		141
Royal Bank of Canada		USD	2,854		EUR	2,191		03/21/12		13
Royal Bank of Canada		USD	2,556		GBP	1,649		03/21/12		41
Royal Bank of Canada		USD	9,203		GBP	5,861		03/21/12		29
Royal Bank of Canada		USD	1,698		HKD	13,192		03/21/12		3
Royal Bank of Canada		USD	9,830		JPY	761,833		03/21/12		171
Royal Bank of Canada		USD	10,650		NOK	61,897		03/21/12		(121	)
Royal Bank of Canada		USD	1,493		NZD	1,871		03/21/12		47
Royal Bank of Canada		USD	1,579		NZD	1,953		03/21/12		28
Royal Bank of Canada		USD	1,089		SEK	7,558		03/21/12		20
Royal Bank of Canada		USD	4,254		SEK	29,245		03/21/12		35
Royal Bank of Canada		CAD	8,097		USD	7,981		03/21/12		(85	)
Royal Bank of Canada		CHF	5,912		USD	6,317		03/21/12		(110	)
Royal Bank of Canada		CHF	6,272		USD	6,776		03/21/12		(42	)
Royal Bank of Canada		EUR	10,303		USD	13,421		03/21/12		(58	)
Royal Bank of Canada		GBP	2,188		USD	3,397		03/21/12		(49	)
Royal Bank of Canada		NOK	2,426		USD	404		03/21/12		(8	)

See accompanying notes which are an integral part of this quarterly report.

Russell International Developed Markets Fund 43

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Royal Bank of Canada		NOK	9,505		USD	1,595		03/21/12		(22	)
Royal Bank of Canada		NOK	27,077		USD	4,527		03/21/12		(80	)
Royal Bank of Canada		SEK	18,869		USD	2,701		03/21/12		(67	)
Royal Bank of Scotland PLC		USD	10,603		EUR	8,054		03/21/12		(66	)
Royal Bank of Scotland PLC		USD	208		GBP	132		03/21/12		—
Royal Bank of Scotland PLC		GBP	1,000		USD	1,565		03/21/12		(10	)
Royal Bank of Scotland PLC		JPY	166,960		USD	2,176		02/01/12		(15	)
Royal Bank of Scotland PLC		SEK	60,659		USD	8,967		03/21/12		69
Royal Bank of Scotland PLC		ZAR	6,290		USD	794		02/01/12		(10	)
State Street Bank & Trust Co.		USD	94		AUD	89		02/01/12		—
State Street Bank & Trust Co.		USD	109		AUD	103		02/01/12		—
State Street Bank & Trust Co.		USD	102		AUD	96		03/21/12		—
State Street Bank & Trust Co.		USD	507		AUD	500		03/21/12		21
State Street Bank & Trust Co.		USD	998		AUD	1,000		03/21/12		58
State Street Bank & Trust Co.		USD	107		BRL	187		02/03/12		—
State Street Bank & Trust Co.		USD	26		CAD	26		02/01/12		—
State Street Bank & Trust Co.		USD	661		CAD	663		03/21/12		(1	)
State Street Bank & Trust Co.		USD	971		CAD	1,000		03/21/12		25
State Street Bank & Trust Co.		USD	973		CAD	1,000		03/21/12		24
State Street Bank & Trust Co.		USD	2,622		CAD	2,620		03/21/12		(12	)
State Street Bank & Trust Co.		USD	5,906		CAD	5,975		03/21/12		46
State Street Bank & Trust Co.		USD	238		CHF	219		02/03/12		—
State Street Bank & Trust Co.		USD	33		DKK	187		03/21/12		—
State Street Bank & Trust Co.		USD	35		DKK	199		03/21/12		—
State Street Bank & Trust Co.		USD	37		DKK	215		03/21/12		—
State Street Bank & Trust Co.		USD	64		DKK	372		03/21/12		1
State Street Bank & Trust Co.		USD	115		DKK	655		03/21/12		—
State Street Bank & Trust Co.		USD	137		EUR	104		02/01/12		(1	)
State Street Bank & Trust Co.		USD	441		EUR	337		02/01/12		—
State Street Bank & Trust Co.		USD	577		EUR	440		02/01/12		(1	)
State Street Bank & Trust Co.		USD	769		EUR	584		02/02/12		(5	)
State Street Bank & Trust Co.		USD	63		EUR	49		03/21/12		1
State Street Bank & Trust Co.		USD	202		EUR	159		03/21/12		6
State Street Bank & Trust Co.		USD	2,624		EUR	2,000		03/21/12		(8	)
State Street Bank & Trust Co.		USD	3,823		EUR	3,000		03/21/12		102
State Street Bank & Trust Co.		USD	60		GBP	38		02/01/12		—
State Street Bank & Trust Co.		USD	5,774		GBP	3,672		02/01/12		13
State Street Bank & Trust Co.		USD	1,495		GBP	949		02/03/12		—
State Street Bank & Trust Co.		USD	1,544		GBP	1,000		03/21/12		32
State Street Bank & Trust Co.		USD	1,697		GBP	1,080		03/21/12		4
State Street Bank & Trust Co.		USD	9,202		GBP	5,861		03/21/12		31
State Street Bank & Trust Co.		USD	65		HKD	505		03/21/12		—
State Street Bank & Trust Co.		USD	78		HKD	604		03/21/12		—
State Street Bank & Trust Co.		USD	80		HKD	624		03/21/12		—
State Street Bank & Trust Co.		USD	86		HKD	668		03/21/12		—
State Street Bank & Trust Co.		USD	254		HKD	1,974		03/21/12		—
State Street Bank & Trust Co.		USD	257		HKD	2,000		03/21/12		1
State Street Bank & Trust Co.		USD	258		HKD	2,000		03/21/12		—
State Street Bank & Trust Co.		USD	258		HKD	2,000		03/21/12		—
State Street Bank & Trust Co.		USD	18		ILS	66		03/21/12		—
State Street Bank & Trust Co.		USD	41		ILS	156		03/21/12		1
State Street Bank & Trust Co.		USD	62		ILS	237		03/21/12		2
State Street Bank & Trust Co.		USD	63		ILS	241		03/21/12		1

See accompanying notes which are an integral part of this quarterly report.

44 Russell International Developed Markets Fund

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
State Street Bank & Trust Co.		USD	76		ILS	293		03/21/12		2
State Street Bank & Trust Co.		USD	197		ILS	748		03/21/12		2
State Street Bank & Trust Co.		USD	3,570		ILS	13,517		03/21/12		35
State Street Bank & Trust Co.		USD	905		JPY	69,401		02/01/12		6
State Street Bank & Trust Co.		USD	356		JPY	27,224		02/02/12		2
State Street Bank & Trust Co.		USD	525		JPY	40,194		02/02/12		2
State Street Bank & Trust Co.		USD	585		JPY	44,791		02/02/12		3
State Street Bank & Trust Co.		USD	795		JPY	60,601		02/03/12		—
State Street Bank & Trust Co.		USD	1,032		JPY	78,578		02/03/12		(1	)
State Street Bank & Trust Co.		USD	1,058		JPY	80,720		02/03/12		1
State Street Bank & Trust Co.		USD	181		JPY	14,000		03/21/12		3
State Street Bank & Trust Co.		USD	1,285		JPY	100,000		03/21/12		28
State Street Bank & Trust Co.		USD	1,301		JPY	100,000		03/21/12		12
State Street Bank & Trust Co.		USD	1,302		JPY	100,000		03/21/12		10
State Street Bank & Trust Co.		USD	131		SGD	164		02/01/12		(1	)
State Street Bank & Trust Co.		USD	49		SGD	62		03/21/12		—
State Street Bank & Trust Co.		USD	88		SGD	114		03/21/12		2
State Street Bank & Trust Co.		USD	92		SGD	119		03/21/12		3
State Street Bank & Trust Co.		USD	113		SGD	145		03/21/12		2
State Street Bank & Trust Co.		AUD	96		USD	102		02/01/12		—
State Street Bank & Trust Co.		AUD	711		USD	754		02/01/12		(1	)
State Street Bank & Trust Co.		AUD	604		USD	637		02/02/12		(5	)
State Street Bank & Trust Co.		AUD	391		USD	417		02/03/12		2
State Street Bank & Trust Co.		AUD	555		USD	592		02/03/12		3
State Street Bank & Trust Co.		AUD	375		USD	378		03/21/12		(18	)
State Street Bank & Trust Co.		AUD	1,000		USD	1,006		03/21/12		(50	)
State Street Bank & Trust Co.		AUD	1,000		USD	1,031		03/21/12		(25	)
State Street Bank & Trust Co.		AUD	7,939		USD	8,342		04/27/12		(8	)
State Street Bank & Trust Co.		BRL	64		USD	37		02/01/12		—
State Street Bank & Trust Co.		BRL	296		USD	170		02/01/12		—
State Street Bank & Trust Co.		BRL	869		USD	498		02/02/12		1
State Street Bank & Trust Co.		CAD	663		USD	662		02/01/12		1
State Street Bank & Trust Co.		CAD	26		USD	26		03/21/12		—
State Street Bank & Trust Co.		CAD	235		USD	230		03/21/12		(4	)
State Street Bank & Trust Co.		CAD	1,000		USD	992		03/21/12		(4	)
State Street Bank & Trust Co.		CAD	1,000		USD	985		03/21/12		(11	)
State Street Bank & Trust Co.		CAD	1,000		USD	977		03/21/12		(20	)
State Street Bank & Trust Co.		DKK	59		USD	11		03/21/12		—
State Street Bank & Trust Co.		DKK	179		USD	32		03/21/12		—
State Street Bank & Trust Co.		DKK	531		USD	92		03/21/12		(1	)
State Street Bank & Trust Co.		DKK	672		USD	116		03/21/12		(3	)
State Street Bank & Trust Co.		DKK	726		USD	128		03/21/12		—
State Street Bank & Trust Co.		EUR	1		USD	1		02/01/12		—
State Street Bank & Trust Co.		EUR	2,530		USD	3,341		02/01/12		32
State Street Bank & Trust Co.		EUR	351		USD	459		02/03/12		—
State Street Bank & Trust Co.		EUR	1,300		USD	1,736		03/21/12		36
State Street Bank & Trust Co.		EUR	1,339		USD	1,769		03/21/12		17
State Street Bank & Trust Co.		EUR	2,000		USD	2,616		03/21/12		—
State Street Bank & Trust Co.		EUR	2,000		USD	2,535		03/21/12		(81	)
State Street Bank & Trust Co.		EUR	2,000		USD	2,610		03/21/12		(7	)
State Street Bank & Trust Co.		EUR	2,000		USD	2,564		03/21/12		(53	)
State Street Bank & Trust Co.		EUR	2,000		USD	2,611		03/21/12		(6	)
State Street Bank & Trust Co.		EUR	3,000		USD	3,916		03/21/12		(8	)

See accompanying notes which are an integral part of this quarterly report.

Russell International Developed Markets Fund 45

Russell Investment Company

Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
State Street Bank & Trust Co.		EUR	3,000		USD	3,961		03/21/12		36
State Street Bank & Trust Co.		GBP	297		USD	465		02/01/12		(3	)
State Street Bank & Trust Co.		GBP	19		USD	30		02/02/12		—
State Street Bank & Trust Co.		GBP	111		USD	174		02/02/12		(1	)
State Street Bank & Trust Co.		GBP	325		USD	508		03/21/12		(4	)
State Street Bank & Trust Co.		HKD	2,589		USD	334		02/01/12		—
State Street Bank & Trust Co.		HKD	3,296		USD	425		02/01/12		—
State Street Bank & Trust Co.		HKD	104		USD	13		02/02/12		—
State Street Bank & Trust Co.		HKD	4,947		USD	638		02/02/12		—
State Street Bank & Trust Co.		HKD	8,581		USD	1,107		02/02/12		—
State Street Bank & Trust Co.		HKD	47		USD	6		03/21/12		—
State Street Bank & Trust Co.		HKD	541		USD	70		03/21/12		—
State Street Bank & Trust Co.		HKD	595		USD	76		03/21/12		—
State Street Bank & Trust Co.		HKD	1,280		USD	165		03/21/12		—
State Street Bank & Trust Co.		HKD	1,550		USD	199		03/21/12		—
State Street Bank & Trust Co.		HKD	2,000		USD	257		03/21/12		(1	)
State Street Bank & Trust Co.		HKD	4,000		USD	515		03/21/12		—
State Street Bank & Trust Co.		ILS	93		USD	24		03/21/12		—
State Street Bank & Trust Co.		ILS	383		USD	101		03/21/12		(1	)
State Street Bank & Trust Co.		ILS	475		USD	127		03/21/12		—
State Street Bank & Trust Co.		JPY	32,273		USD	421		02/01/12		(2	)
State Street Bank & Trust Co.		JPY	69,401		USD	905		03/21/12		(6	)
State Street Bank & Trust Co.		JPY	100,000		USD	1,287		03/21/12		(26	)
State Street Bank & Trust Co.		JPY	100,000		USD	1,299		03/21/12		(14	)
State Street Bank & Trust Co.		JPY	150,000		USD	1,954		03/21/12		(15	)
State Street Bank & Trust Co.		JPY	361,257		USD	4,741		03/21/12		(2	)
State Street Bank & Trust Co.		SEK	2,158		USD	320		02/01/12		3
State Street Bank & Trust Co.		SGD	452		USD	360		02/03/12		1
State Street Bank & Trust Co.		SGD	17		USD	13		03/21/12		—
State Street Bank & Trust Co.		SGD	104		USD	80		03/21/12		(3	)
State Street Bank & Trust Co.		SGD	164		USD	131		03/21/12		1
Westpac Banking Corp.		USD	16,118		GBP	10,321		03/21/12		139
Westpac Banking Corp.		USD	1,698		HKD	13,192		03/21/12		3
Westpac Banking Corp.		USD	9,828		JPY	761,833		03/21/12		173
Westpac Banking Corp.		USD	10,644		NOK	61,897		03/21/12		(114	)
Westpac Banking Corp.		USD	1,430		NZD	1,900		03/21/12		134
Westpac Banking Corp.		AUD	474		USD	479		03/21/12		(22	)
Westpac Banking Corp.		AUD	7,939		USD	8,364		04/27/12		13
Westpac Banking Corp.		CAD	3,634		USD	3,566		03/21/12		(54	)
Westpac Banking Corp.		CHF	6,272		USD	6,780		03/21/12		(38	)
Westpac Banking Corp.		DKK	3,316		USD	594		03/21/12		11
Westpac Banking Corp.		EUR	9,485		USD	12,633		03/21/12		225
Westpac Banking Corp.		GBP	53		USD	83		02/03/12		—
Westpac Banking Corp.		JPY	816,946		USD	10,563		03/21/12		(162	)
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts										937

See accompanying notes which are an integral part of this quarterly report.

46 Russell International Developed Markets Fund

Russell Investment Company

Russell International Developed Markets Fund

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	140,095	$	—	$	—	$	140,095
Belgium		40,040		—		—		40,040
Bermuda		37,840		—		—		37,840
Brazil		73,244		—		—		73,244
Canada		219,779		—		513		220,292
Cayman Islands		35,176		—		703		35,879
Chile		9,299		—		—		9,299
China		28,039		—		—		28,039
Curacao		158		—		—		158
Czech Republic		5,421		—		—		5,421
Denmark		49,447		—		—		49,447
Finland		27,819		—		—		27,819
France		334,791		—		—		334,791
Germany		301,617		—		—		301,617
Hong Kong		73,906		—		—		73,906
India		18,078		—		—		18,078
Indonesia		9,775		—		—		9,775
Ireland		33,822		—		—		33,822
Israel		50,426		—		—		50,426
Italy		102,880		—		—		102,880
Japan		665,632		—		—		665,632
Jersey		30,710		—		—		30,710
Luxembourg		21,983		—		—		21,983
Mexico		13,701		—		—		13,701
Netherlands		232,092		—		—		232,092
New Zealand		2,510		—		—		2,510
Norway		2,604		—		—		2,604
Panama		7,432		—		—		7,432
Papua New Guinea		2,211		—		—		2,211
Philippines		1,492		—		—		1,492
Portugal		2,026		—		—		2,026
Russia		24,514		—		—		24,514
Singapore		46,806		—		—		46,806
South Africa		29,945		—		—		29,945
South Korea		67,085		—		—		67,085
Spain		109,693		—		—		109,693
Sweden		43,256		—		—		43,256
Switzerland		328,476		—		—		328,476
Taiwan		42,395		—		—		42,395
Thailand		3,325		—		—		3,325
United Kingdom		875,478		—		—		875,478
United States		66,377		—		—		66,377
Virgin Islands, British		8,514		—		—		8,514
Preferred Stocks		16,882		—		—		16,882
Warrants & Rights		—		10,974		—		10,974
Short-Term Investments		—		321,619		—		321,619
Other Securities		—		273,481		—		273,481
Total Investments		4,236,791		606,074		1,216		4,844,081
Other Financial Instruments
Futures Contracts		14,189		—		—		14,189
Foreign Currency Exchange Contracts		67		870		—		937
Total Other Financial Instruments*	$	14,256	$	870	$	—	$	15,126

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

Investments in which significant observable inputs (Level 3) used in determining a value for the period ending January 31, 2012 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

Russell International Developed Markets Fund 47

Russell Investment Company

Russell Global Equity Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Common Stocks - 94.7%
Australia - 0.5%
Downer EDI, Ltd. (Æ)		561,800		2,153
Newcrest Mining, Ltd.		229,600		8,219
Westfield Retail Trust (ö)		885,877		2,380
				12,752
Belgium - 0.6%
Anheuser-Busch InBev NV		233,887		14,182
Delhaize Group SA		48,187		2,624
				16,806
Bermuda - 0.5%
African Minerals, Ltd. (Æ)(Ñ)		288,917		2,288
China Hongxing Sports, Ltd. (Æ)(Ñ)		6,320,000		72
Guoco Group, Ltd.		142,000		1,474
PartnerRe, Ltd. - ADR		45,600		2,983
Stolt-Nielsen, Ltd. Class A (Ñ)		284,300		6,106
				12,923
Brazil - 1.5%
Amil Participacoes SA		94,100		942
BM&FBovespa SA		447,262		2,813
BrasilAgro - Companhia Brasileira de Propriedades Agricolas (Æ)(Å)		373,800		2,182
Centrais Eletricas Brasileiras SA - ADR (Æ)(Ñ)		478,140		7,000
Itau Unibanco Holding SA - ADR		299,700		5,982
PDG Realty SA Empreendimentos e Participacoes		1,376,700		5,579
Petroleo Brasileiro SA - ADR (Æ)		539,652		15,073
Profarma Distribuidora de Produtos Farmaceuticos SA		93,100		634
				40,205
Canada - 3.7%
Bankers Petroleum, Ltd. (Æ)		835,000		4,464
Barrick Gold Corp.		271,500		13,374
Cameco Corp. Class A		594,000		13,822
Canadian National Railway Co. (Þ)		275,120		20,750
Dundee Precious Metals, Inc.		584		6
Eastern Platinum, Ltd. (Æ)		5,772,500		3,109
Gabriel Resources, Ltd. (Æ)(Ñ)		347,777		2,116
Kinross Gold Corp.		130,000		1,468
National Bank of Canada		32,500		2,438
Nexen, Inc.		75,300		1,349
Niko Resources, Ltd.		34,200		1,671
Osisko Mining Corp. (Æ)(Þ)		477,700		5,698
Potash Corp. of Saskatchewan, Inc.		353,624		16,528
Shoppers Drug Mart Corp.		113,300		4,689
Ultra Petroleum Corp. (Æ)(Ñ)		240,200		5,772
Uranium Participation Corp. (Æ)		593,100		3,549
Westjet Airlines, Ltd. (Æ)		104,177		1,292
Westjet Airlines, Ltd.		31,200		387
				102,482

	Principal Amount ($) or Shares		Market Value $
Cayman Islands - 1.9%
Baidu, Inc. - ADR (Æ)		155,800		19,868
Chow Tai Fook Jewellery Group, Ltd. (Æ)(Þ)		4,008,800		7,578
Ctrip.com International, Ltd. - ADR (Æ)(Ñ)		322,243		8,072
Melco Crown Entertainment, Ltd. - ADR (Æ)		594,697		6,631
New Oriental Education & Technology Group - ADR (Æ)		40,400		962
Sina Corp. (Æ)(Ñ)		66,100		4,645
Tencent Holdings, Ltd. (Ñ)		123,842		3,029
United Laboratories International Holdings, Ltd. (The) (Ñ)		3,292,000		2,080
				52,865
China - 0.5%
Bank of China, Ltd. Class H		8,840,953		3,796
China Petroleum & Chemical Corp. Class H		2,678,000		3,253
Industrial & Commercial Bank of China Class H (Ñ)		8,453,867		5,919
Ping An Insurance Group Co. Class H		266,632		2,111
				15,079
Cyprus - 0.1%
Global Ports Investments PLC - GDR		132,762		1,739
Denmark - 0.3%
GN Store Nord A/S		229,226		2,325
Novo Nordisk A/S Class B		56,757		6,711
				9,036
Egypt - 0.2%
Egyptian Financial Group-Hermes Holding (Æ)		714,682		1,406
Oriental Weavers		526,864		2,620
Telecom Egypt Co. - ADR		818,282		2,033
				6,059
Finland - 0.5%
Kone OYJ Class B		57,751		3,144
Nokia OYJ		1,344,323		6,714
Nokia OYJ - ADR (Ñ)		729,000		3,674
				13,532
France - 5.8%
Areva SA (Æ)(Ñ)		76,683		1,864
BNP Paribas SA		492,701		20,862
Casino Guichard Perrachon SA (Æ)		26,875		2,390
Danone		113,584		7,010
EDF SA (Ñ)		425,000		9,795
Eutelsat Communications SA		223,492		8,295
Legrand SA - ADR		663,911		22,900
LVMH Moet Hennessy Louis Vuitton SA - ADR		150,879		24,393
Pernod-Ricard SA		83,780		8,043
PPR		86,700		13,643
Publicis Groupe SA - ADR (Ñ)		328,910		16,547
Sanofi - ADR		75,125		5,549

48 Russell Global Equity Fund

Russell Investment Company

Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Schneider Electric SA		92,511		5,746
Thales SA (Ñ)		215,300		7,366
Total SA		107,575		5,686
				160,089
Germany - 3.7%
Allianz SE		199,750		21,963
Daimler AG		318,400		17,594
Linde AG		202,460		32,124
Merck KGaA		138,655		14,466
SAP AG - ADR		226,600		13,691
Volkswagen AG		19,958		3,224
				103,062
Greece - 0.1%
OPAP SA		186,000		1,907
Hong Kong - 0.5%
AIA Group, Ltd.		1,203,878		4,021
Cathay Pacific Airways, Ltd. (Ñ)		1,970,600		3,903
Cheung Kong Holdings, Ltd.		293,361		3,949
Galaxy Entertainment Group, Ltd. (Æ)		390,258		851
				12,724
Hungary - 0.0%
Egis Gyogyszergyar Nyrt		19,150		1,406
India - 0.2%
Container Corp. of India		143,498		2,824
GMR Infrastructure, Ltd. (Æ)		4,534,550		2,687
				5,511
Indonesia - 0.2%
Medco Energi Internasional Tbk PT		6,964,500		1,801
Telekomunikasi Indonesia Tbk PT - ADR		160,541		4,921
				6,722
Ireland - 1.7%
Accenture PLC Class A		635,180		36,421
Cooper Industries PLC		47,000		2,779
iShares MSCI World		291,901		7,654
				46,854
Italy - 1.0%
Enel SpA		1,432,423		5,857
ERG SpA		656,575		7,506
Finmeccanica SpA (Ñ)		757,850		3,410
Terna Rete Elettrica Nazionale SpA		577,887		2,118
UniCredit SpA (Æ)		1,499,238		7,433
				26,324
Japan - 6.1%
Canon, Inc.		338,600		14,615

	Principal Amount ($) or Shares		Market Value $
Chugoku Marine Paints, Ltd.		124,000		789
Daiwa Securities Group, Inc. (Ñ)		6,981,000		25,096
East Japan Railway Co.		160,491		10,391
Futaba Corp.		178,400		2,949
Honda Motor Co., Ltd. (Ñ)		144,700		5,061
Japan Digital Laboratory Co., Ltd.		80,200		884
Japan Steel Works, Ltd. (The) (Ñ)		810,000		6,546
Kamigumi Co., Ltd.		307,000		2,703
Kurita Water Industries, Ltd. (Ñ)		72,800		1,977
Makita Corp.		137,300		5,183
Mitsui & Co., Ltd.		360,500		6,120
MS&AD Insurance Group Holdings		260,000		5,332
Nippon Electric Glass Co., Ltd.		488,200		4,253
Nippon Telegraph & Telephone Corp.		161,300		8,063
Organo Corp. (Ñ)		138,000		1,077
Rohm Co., Ltd.		325,000		16,118
Sanshin Electronics Co., Ltd.		215,900		1,827
Seven & I Holdings Co., Ltd.		219,300		6,174
Softbank Corp. (Ñ)		80,300		2,237
Sony Corp.		285,842		5,217
Sumitomo Mitsui Trust Holdings, Inc.		1,648,999		5,149
Toppan Printing Co., Ltd. (Ñ)		511,000		4,090
Toyota Motor Corp.		509,900		18,798
TV Asahi Corp.		1,862		3,259
West Japan Railway Co.		56,700		2,403
Yamada Denki Co., Ltd. (Ñ)		40,970		2,612
				168,923
Jersey - 0.3%
Delphi Automotive PLC (Æ)		19,100		513
Polyus Gold International, Ltd. - GDR (Æ)		2,326,963		7,609
				8,122
Lebanon - 0.0%
Solidere - GDR		101,008		1,414
Luxembourg - 0.1%
Subsea 7 SA (Æ)(Ñ)		163,318		3,307
Mexico - 0.2%
Grupo Televisa SAB - ADR		295,000		5,817
Netherlands - 3.4%
Akzo Nobel NV		700,284		36,430
ASML Holding NV Class G		61,632		2,647
European Aeronautic Defence and Space Co. NV		134,546		4,519
Heineken NV		534,479		24,693
ING Groep NV (Æ)		727,581		6,622
LyondellBasell Industries NV Class A		229,593		9,895
Nielsen Holdings NV (Æ)		296,230		8,585
X5 Retail Group NV - GDR (Æ)		6,076		134
				93,525

Russell Global Equity Fund 49

Russell Investment Company

Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Norway - 0.5%
iLinc Communications, Inc. (Æ)		1,733,106		1,415
Marine Harvest ASA (Ñ)		7,495,000		4,067
Statoil ASA Class N		180,901		4,536
Statoil ASA - ADR		133,750		3,379
				13,397
Panama - 0.6%
Carnival Corp.		515,600		15,571
Russia - 0.9%
Federal Hydrogenerating Co. JSC - ADR		2,265,000		8,788
Gazprom OAO - ADR (Æ)		895,626		10,837
Gazprom OAO - ADR		99,648		1,201
OGK-3 Class 3 (Æ)		43,500,000		1,401
Rosneft Oil Co. - GDR		430,978		3,176
				25,403
Slovenia - 0.1%
Krka dd Novo mesto		24,100		1,592
South Africa - 0.5%
AngloGold Ashanti, Ltd. - ADR		119,100		5,455
Gold Fields, Ltd. - ADR		219,150		3,614
Impala Platinum Holdings, Ltd.		138,025		3,030
Village Main Reef, Ltd. (Æ)		4,725,406		1,420
				13,519
South Korea - 1.6%
Hyundai Heavy Industries Co., Ltd.		20,327		5,637
Hyundai Motor Co.		43,476		8,553
Korea Electric Power Corp. - ADR		440,300		5,429
KT Corp. - ADR		380,150		5,660
LG Electronics, Inc. Class H		5,495		405
Samsung Electronics Co., Ltd.		12,949		12,760
SK Telecom Co., Ltd. - ADR		336,425		4,713
				43,157
Spain - 0.7%
Banco Santander SA - ADR		1,902,214		14,805
Banco Santander SA (Æ)		41,352		322
Red Electrica Corp. SA		50,958		2,344
Repsol YPF SA - ADR (Ñ)		100,677		2,765
				20,236
Switzerland - 6.5%
Actelion, Ltd. (Æ)		92,475		3,541
Adecco SA (Æ)		370,900		17,580
Cie Financiere Richemont SA		430,288		24,354
Credit Suisse Group AG (Æ)		738,600		19,161
Givaudan SA (Æ)		14,900		13,913
Holcim, Ltd. (Æ)		194,000		11,054
Julius Baer Group, Ltd. (Æ)		418,900		17,020

	Principal Amount ($) or Shares		Market Value $
Nestle SA		720,984		41,317
Noble Corp. (Æ)		153,300		5,341
Novartis AG		263,884		14,276
Swisscom AG		13,458		5,312
Transocean, Ltd.		40,050		1,894
Tyco International, Ltd.		101,718		5,183
				179,946
Thailand - 0.0%
Bangkok Bank PCL		169,100		910
Turkey - 0.3%
Turkcell Iletisim Hizmetleri AS - ADR (Æ)		667,000		8,598
United Kingdom - 8.4%
ARM Holdings PLC		1,438,099		13,812
Aviva PLC		747,733		4,117
Barclays PLC		3,303,723		11,065
BG Group PLC		442,371		9,934
BHP Billiton PLC		311,661		10,426
BP PLC		1,808,179		13,416
Diageo PLC		1,271,938		28,101
Experian PLC		636,614		8,622
Faroe Petroleum PLC (Æ)		48,845		129
GlaxoSmithKline PLC - ADR		191,494		4,255
Imperial Tobacco Group PLC		356,252		12,743
ITV PLC		2,129,308		2,513
Marks & Spencer Group PLC		736,469		3,793
Reckitt Benckiser Group PLC		483,636		25,729
Rockhopper Exploration PLC (Æ)		442,605		2,373
Rolls-Royce Holdings PLC (Æ)(Þ)		1,077,169		12,484
Royal Bank of Scotland Group PLC - ADR (Æ)		24,634,058		10,334
Royal Dutch Shell PLC Class B		276,583		10,061
RusPetro PLC (Æ)		863,668		1,803
Standard Chartered PLC		226,967		5,486
Tesco PLC		784,467		3,951
Tullow Oil PLC		384,121		8,414
Vodafone Group PLC - ADR (Æ)		3,296,216		8,872
Weir Group PLC (The)		190,719		5,876
WPP PLC		1,241,279		14,582
				232,891
United States - 40.9%
3M Co.		211,040		18,299
Allscripts Healthcare Solutions, Inc. (Æ)		58,300		1,115
American International Group, Inc. (Æ)		380,000		9,542
Anadarko Petroleum Corp.		85,032		6,864
Apache Corp.		63,900		6,318
Apple, Inc. (Æ)		111,705		50,991
Applied Materials, Inc.		1,473,700		18,097
Arch Coal, Inc.		1,044,120		15,067
Archer-Daniels-Midland Co.		67,125		1,922
Bank of New York Mellon Corp. (The)		876,130		17,636

50 Russell Global Equity Fund

Russell Investment Company

Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Baxter International, Inc.		143,800		7,978
Best Buy Co., Inc.		390,250		9,346
Boeing Co. (The)		240,900		17,870
Broadcom Corp. Class A		315,700		10,841
Calpine Corp. (Æ)		412,200		6,018
Cameron International Corp. (Æ)		72,400		3,852
CarMax, Inc. (Æ)		73,000		2,221
Caterpillar, Inc.		48,700		5,314
Chesapeake Energy Corp.		268,000		5,663
Chevron Corp.		75,700		7,803
Cimarex Energy Co.		148,900		8,693
Citigroup, Inc.		349,306		10,731
CME Group, Inc. Class A		61,400		14,706
Coca-Cola Co. (The)		99,671		6,731
Comcast Corp. Class A (Æ)		503,900		12,844
Computer Sciences Corp.		180,500		4,662
Consol Energy, Inc.		104,100		3,721
Corning, Inc.		419,000		5,393
Crown Castle International Corp. (Æ)		80,700		3,912
Dentsply International, Inc.		50,000		1,887
DP World, Ltd. (Æ)		345,855		3,787
Eli Lilly & Co. (Ñ)		258,500		10,273
EMC Corp. (Æ)		293,934		7,572
Emerson Electric Co.		64,300		3,304
Energizer Holdings, Inc. (Æ)		121,072		9,337
Express Scripts, Inc. Class A (Æ)		210,317		10,760
Franklin Resources, Inc.		167,400		17,761
Freeport-McMoRan Copper & Gold, Inc.		60,700		2,805
General Dynamics Corp.		147,900		10,229
General Electric Co.		248,400		4,648
General Motors Co. (Æ)		441,300		10,600
Goldman Sachs Group, Inc. (The)		157,000		17,501
Google, Inc. Class A (Æ)		32,200		18,680
Groupon, Inc. (Æ)(Ñ)		136,093		2,775
Halliburton Co.		154,681		5,689
Honeywell International, Inc.		457,430		26,549
Hubbell, Inc. Class B		22,200		1,597
Illinois Tool Works, Inc.		207,500		11,004
Ingram Micro, Inc. Class A (Æ)		147,200		2,794
Intel Corp.		1,765,100		46,634
International Business Machines Corp.		53,200		10,246
Johnson & Johnson		69,900		4,607
JPMorgan Chase & Co.		940,153		35,068
Juniper Networks, Inc. (Æ)		486,000		10,172
Laboratory Corp. of America Holdings (Æ)		53,100		4,853
LinkedIn Corp. Class A (Æ)(Ñ)		39,600		2,857
Lockheed Martin Corp. (Ñ)		32,400		2,667
Mastercard, Inc. Class A		31,900		11,343
Medtronic, Inc.		697,980		26,921
Merck & Co., Inc.		246,000		9,412
MetLife, Inc.		168,400		5,950
Micron Technology, Inc. (Æ)		774,200		5,876
Microsoft Corp.		553,600		16,348
MSCI, Inc. Class A (Æ)		111,400		3,629
National Oilwell Varco, Inc.		161,900		11,977

	Principal Amount ($) or Shares		Market Value $
Newmont Mining Corp.		257,600		15,837
NVIDIA Corp. (Æ)		140,800		2,080
Occidental Petroleum Corp.		50,900		5,078
Old Republic International Corp.		376,000		3,715
Omnicom Group, Inc.		468,970		21,390
Oracle Corp.		796,380		22,458
Pfizer, Inc.		504,658		10,800
Praxair, Inc.		219,590		23,320
Prudential Financial, Inc.		28,800		1,648
QUALCOMM, Inc.		258,567		15,209
Range Resources Corp.		69,000		3,969
Sotheby’s Class A		271,520		9,104
Southwest Airlines Co.		903,450		8,655
SPDR S&P 500 ETF Trust		42,104		5,524
SPX Corp.		42,439		2,955
St. Jude Medical, Inc.		122,100		5,093
Starwood Hotels & Resorts Worldwide, Inc. (ö)		269,300		14,607
Texas Instruments, Inc.		253,900		8,221
Thermo Fisher Scientific, Inc. (Æ)		545,650		28,865
TJX Cos., Inc.		99,074		6,751
United Parcel Service, Inc. Class B		431,040		32,608
UnitedHealth Group, Inc.		147,100		7,618
Valero Energy Corp.		174,100		4,177
Vanguard FTSE All-World ex-US ETF Class U		100,400		4,254
Viacom, Inc. Class B		180,762		8,503
Visa, Inc. Class A		491,009		49,415
VMware, Inc. Class A (Æ)		45,162		4,122
Walgreen Co.		635,870		21,213
Walt Disney Co. (The)		918,438		35,727
Waters Corp. (Æ)		240,990		20,862
WellPoint, Inc.		195,000		12,542
Wells Fargo & Co.		620,300		18,119
Western Digital Corp. (Æ)		285,000		10,360
X5 Retail Group NV - GDR (Æ)		162,823		3,585
				1,130,646
Virgin Islands, British - 0.1%
Mail.ru Group, Ltd. - GDR (Æ)(Þ)		68,638		2,262
Total Common Stocks (cost $2,456,531)				2,617,313
Preferred Stocks - 0.4%
Brazil - 0.2%
Investimentos Itau SA		749,293		4,906
Germany - 0.2%
Hugo Boss AG		25,782		2,298
Porsche Automobil Holding SE		59,101		3,624
				5,922

Russell Global Equity Fund 51

Russell Investment Company

Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares			Market Value $
South Korea - 0.0%
LG Electronics, Inc.		58,230			1,358
Total Preferred Stocks (cost $13,466)					12,186
Short-Term Investments - 4.4%
United States - 4.4%
Russell U.S. Cash Management Fund		120,564,605	(¥)		120,565
Total Short-Term Investments (cost $120,565)					120,565
Other Securities - 2.8%
Russell Investment Company Liquidating Trust (×)		2,004,024	(¥)		2,038
Russell U.S. Cash Collateral Fund (×)		76,218,394	(¥)		76,218
Total Other Securities (cost $78,222)					78,256
Total Investments - 102.3% (identified cost $2,668,784)					2,828,320
Other Assets and Liabilities, Net - (2.3%)					(63,974	)
Net Assets - 100.0%					2,764,346

A portion of the portfolio has been fair valued as of period end.

See accompanying notes which are an integral part of this quarterly report.

52 Russell Global Equity Fund

Russell Investment Company

Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
ASX SPI 200 Index Futures (Australia)		51		AUD	5,388		03/12		220
FTSE 100 Index Futures (UK)		154		GBP	8,693		03/12		569
HANG SENG Index Futures (Hong Kong)		18		HKD	18,321		02/12		8
S&P 500 E-Mini Index Futures (CME)		1,060		USD	69,335		03/12		2,997
S&P 500 Index Futures (CME)		40		USD	13,082		03/12		598
S&P Midcap 400 E-Mini Index Futures (CME)		80		USD	7,479		03/12		496
S&P TSE 60 Index Futures (Canada)		60		CAD	8,497		03/12		482
TOPIX Index Futures (Japan)		134		JPY	1,013,710		03/12		341
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									5,711

See accompanying notes which are an integral part of this quarterly report.

Russell Global Equity Fund 53

Russell Investment Company

Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Bank of America		USD	645		JPY	50,000		03/21/12		12
Bank of America		NOK	1,601		USD	273		02/03/12		—
Barclays Bank PLC		USD	16,290		GBP	10,500		03/21/12		250
Barclays Bank PLC		USD	4,503		JPY	350,000		03/21/12		92
Barclays Bank PLC		USD	9,341		JPY	723,833		03/21/12		161
Brown Brothers Harriman & Co.		USD	205		AUD	200		03/21/12		6
Brown Brothers Harriman & Co.		USD	196		CAD	200		03/21/12		3
Brown Brothers Harriman & Co.		USD	310		GBP	200		03/21/12		6
Brown Brothers Harriman & Co.		USD	261		JPY	20,000		03/21/12		2
Brown Brothers Harriman & Co.		AUD	500		USD	498		03/21/12		(30	)
Brown Brothers Harriman & Co.		CAD	400		USD	388		03/21/12		(11	)
Brown Brothers Harriman & Co.		GBP	600		USD	939		03/21/12		(6	)
Brown Brothers Harriman & Co.		HKD	1,200		USD	154		03/21/12		—
Brown Brothers Harriman & Co.		JPY	225,281		USD	2,954		02/03/12		(2	)
Brown Brothers Harriman & Co.		JPY	30,000		USD	386		03/21/12		(8	)
Citibank		GBP	200		USD	314		03/21/12		(2	)
Citibank		JPY	20,000		USD	258		03/21/12		(4	)
Commonwealth Bank of Australia		USD	6,971		AUD	7,100		03/21/12		527
Commonwealth Bank of Australia		USD	9,342		JPY	723,833		03/21/12		160
HSBC Bank PLC		USD	2,827		HKD	22,000		03/21/12		10
HSBC Bank PLC		USD	9,337		JPY	723,833		03/21/12		165
HSBC Bank PLC		EUR	389		USD	514		02/01/12		5
HSBC Bank PLC		HKD	700		USD	90		03/21/12		—
JPMorgan Chase Bank		USD	9,341		JPY	723,833		03/21/12		161
JPMorgan Chase Bank		NOK	787		USD	135		02/02/12		1
Mellon Bank		AUD	20		USD	21		03/21/12		(1	)
Mellon Bank		CAD	140		USD	138		03/21/12		(1	)
Mellon Bank		GBP	50		USD	78		03/21/12		(1	)
Mellon Bank		GBP	200		USD	307		03/21/12		(8	)
Mellon Bank		HKD	800		USD	103		03/21/12		—
Mellon Bank		JPY	5,000		USD	65		03/21/12		—
Morgan Stanley & Co., Inc.		USD	26		AUD	25		02/01/12		1
Morgan Stanley & Co., Inc.		USD	4		CAD	5		02/01/12		—
Morgan Stanley & Co., Inc.		USD	41		JPY	2,892		02/01/12		(3	)
Morgan Stanley & Co., Inc.		GBP	27		USD	45		02/01/12		3
Morgan Stanley & Co., Inc.		HKD	92		USD	12		02/01/12		—
Royal Bank of Canada		USD	9,730		CAD	10,100		03/21/12		332
Royal Bank of Canada		USD	9,340		JPY	723,833		03/21/12		162
Royal Bank of Scotland PLC		USD	201		AUD	200		03/21/12		11
Royal Bank of Scotland PLC		USD	195		CAD	200		03/21/12		4
Royal Bank of Scotland PLC		USD	461		GBP	300		03/21/12		11
Royal Bank of Scotland PLC		USD	129		HKD	1,000		03/21/12		—
Royal Bank of Scotland PLC		USD	258		JPY	20,000		03/21/12		5
Royal Bank of Scotland PLC		AUD	1,300		USD	1,332		03/21/12		(40	)
Royal Bank of Scotland PLC		CAD	1,800		USD	1,762		03/21/12		(31	)
Royal Bank of Scotland PLC		GBP	1,700		USD	2,606		03/21/12		(72	)
Royal Bank of Scotland PLC		HKD	3,900		USD	502		03/21/12		(1	)
Royal Bank of Scotland PLC		JPY	210,000		USD	2,738		03/21/12		(19	)
State Street Bank & Trust Co.		USD	19		AUD	18		02/01/12		—
State Street Bank & Trust Co.		USD	63		AUD	59		02/01/12		—
State Street Bank & Trust Co.		USD	4		AUD	4		02/02/12		—
State Street Bank & Trust Co.		USD	130		AUD	123		02/02/12		1
State Street Bank & Trust Co.		USD	171		AUD	162		02/02/12		1

See accompanying notes which are an integral part of this quarterly report.

54 Russell Global Equity Fund

Russell Investment Company

Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
State Street Bank & Trust Co.		USD	3		AUD	2		02/03/12		—
State Street Bank & Trust Co.		USD	13,809		AUD	12,971		02/15/12		(58	)
State Street Bank & Trust Co.		USD	102		AUD	100		03/21/12		4
State Street Bank & Trust Co.		USD	103		AUD	100		03/21/12		2
State Street Bank & Trust Co.		USD	104		AUD	100		03/21/12		2
State Street Bank & Trust Co.		USD	106		AUD	100		03/21/12		—
State Street Bank & Trust Co.		USD	201		AUD	200		03/21/12		10
State Street Bank & Trust Co.		USD	203		AUD	200		03/21/12		8
State Street Bank & Trust Co.		USD	18,350		CAD	18,345		02/15/12		(60	)
State Street Bank & Trust Co.		USD	98		CAD	100		03/21/12		1
State Street Bank & Trust Co.		USD	196		CAD	200		03/21/12		3
State Street Bank & Trust Co.		USD	197		CAD	200		03/21/12		2
State Street Bank & Trust Co.		USD	199		CAD	200		03/21/12		—
State Street Bank & Trust Co.		USD	292		CAD	300		03/21/12		7
State Street Bank & Trust Co.		USD	391		CAD	400		03/21/12		7
State Street Bank & Trust Co.		USD	12,886		CHF	11,828		02/15/12		(35	)
State Street Bank & Trust Co.		USD	2,580		EUR	1,956		02/15/12		(21	)
State Street Bank & Trust Co.		USD	7,545		EUR	5,721		02/15/12		(61	)
State Street Bank & Trust Co.		USD	7,404		GBP	4,693		02/02/12		(8	)
State Street Bank & Trust Co.		USD	2		GBP	1		02/15/12		—
State Street Bank & Trust Co.		USD	1,567		GBP	999		02/15/12		7
State Street Bank & Trust Co.		USD	308		GBP	200		03/21/12		7
State Street Bank & Trust Co.		USD	311		GBP	200		03/21/12		4
State Street Bank & Trust Co.		USD	313		GBP	200		03/21/12		3
State Street Bank & Trust Co.		USD	315		GBP	200		03/21/12		—
State Street Bank & Trust Co.		USD	463		GBP	300		03/21/12		10
State Street Bank & Trust Co.		USD	64		HKD	500		03/21/12		—
State Street Bank & Trust Co.		USD	64		HKD	500		03/21/12		—
State Street Bank & Trust Co.		USD	64		HKD	500		03/21/12		—
State Street Bank & Trust Co.		USD	64		HKD	500		03/21/12		—
State Street Bank & Trust Co.		USD	64		HKD	500		03/21/12		—
State Street Bank & Trust Co.		USD	129		HKD	1,000		03/21/12		—
State Street Bank & Trust Co.		USD	965		ILS	3,629		02/15/12		4
State Street Bank & Trust Co.		USD	14,913		JPY	1,147,594		02/15/12		145
State Street Bank & Trust Co.		USD	259		JPY	20,000		03/21/12		3
State Street Bank & Trust Co.		USD	260		JPY	20,000		03/21/12		2
State Street Bank & Trust Co.		USD	391		JPY	30,000		03/21/12		3
State Street Bank & Trust Co.		USD	521		JPY	40,000		03/21/12		4
State Street Bank & Trust Co.		USD	641		JPY	50,000		03/21/12		15
State Street Bank & Trust Co.		USD	2,581		JPY	200,000		03/21/12		44
State Street Bank & Trust Co.		USD	4,949		SEK	33,517		02/15/12		(25	)
State Street Bank & Trust Co.		USD	2,163		SGD	2,711		02/15/12		(7	)
State Street Bank & Trust Co.		AUD	100		USD	100		03/21/12		(6	)
State Street Bank & Trust Co.		AUD	100		USD	105		03/21/12		(1	)
State Street Bank & Trust Co.		AUD	150		USD	153		03/21/12		(5	)
State Street Bank & Trust Co.		AUD	200		USD	205		03/21/12		(6	)
State Street Bank & Trust Co.		AUD	300		USD	316		03/21/12		(1	)
State Street Bank & Trust Co.		AUD	300		USD	318		03/21/12		1
State Street Bank & Trust Co.		CAD	200		USD	196		03/21/12		(3	)
State Street Bank & Trust Co.		CAD	200		USD	194		03/21/12		(5	)
State Street Bank & Trust Co.		CAD	200		USD	198		03/21/12		(1	)
State Street Bank & Trust Co.		CAD	350		USD	341		03/21/12		(8	)
State Street Bank & Trust Co.		CAD	400		USD	399		03/21/12		1

See accompanying notes which are an integral part of this quarterly report.

Russell Global Equity Fund 55

Russell Investment Company

Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
State Street Bank & Trust Co.		CAD	500		USD	498		03/21/12		—
State Street Bank & Trust Co.		DKK	34,857		USD	6,168		02/15/12		34
State Street Bank & Trust Co.		EUR	5,721		USD	7,545		02/02/12		62
State Street Bank & Trust Co.		EUR	2,913		USD	3,818		02/15/12		8
State Street Bank & Trust Co.		EUR	4,849		USD	6,207		02/15/12		(137	)
State Street Bank & Trust Co.		EUR	13,407		USD	17,632		02/15/12		94
State Street Bank & Trust Co.		GBP	999		USD	1,567		02/01/12		(7	)
State Street Bank & Trust Co.		GBP	4,693		USD	7,403		02/15/12		8
State Street Bank & Trust Co.		GBP	17,315		USD	27,198		02/15/12		(84	)
State Street Bank & Trust Co.		GBP	100		USD	156		03/21/12		(2	)
State Street Bank & Trust Co.		GBP	100		USD	153		03/21/12		(4	)
State Street Bank & Trust Co.		GBP	100		USD	153		03/21/12		(4	)
State Street Bank & Trust Co.		GBP	100		USD	157		03/21/12		(1	)
State Street Bank & Trust Co.		GBP	150		USD	229		03/21/12		(7	)
State Street Bank & Trust Co.		GBP	300		USD	472		03/21/12		(1	)
State Street Bank & Trust Co.		GBP	400		USD	628		03/21/12		(2	)
State Street Bank & Trust Co.		HKD	27,611		USD	3,560		02/15/12		—
State Street Bank & Trust Co.		HKD	185,017		USD	23,855		02/15/12		(2	)
State Street Bank & Trust Co.		HKD	700		USD	90		03/21/12		—
State Street Bank & Trust Co.		HKD	1,100		USD	142		03/21/12		—
State Street Bank & Trust Co.		HKD	1,200		USD	155		03/21/12		—
State Street Bank & Trust Co.		JPY	10,000		USD	130		03/21/12		(1	)
State Street Bank & Trust Co.		JPY	20,000		USD	257		03/21/12		(6	)
State Street Bank & Trust Co.		JPY	40,000		USD	522		03/21/12		(3	)
State Street Bank & Trust Co.		JPY	40,000		USD	520		03/21/12		(5	)
State Street Bank & Trust Co.		JPY	50,000		USD	652		03/21/12		(4	)
State Street Bank & Trust Co.		JPY	60,000		USD	786		03/21/12		(1	)
State Street Bank & Trust Co.		NOK	19,412		USD	3,337		02/15/12		30
Westpac Banking Corp.		USD	9,338		JPY	723,833		03/21/12		164
Westpac Banking Corp.		JPY	3,450,000		USD	44,333		03/21/12		(956	)
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts										1,013

See accompanying notes which are an integral part of this quarterly report.

56 Russell Global Equity Fund

Russell Investment Company

Russell Global Equity Fund

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	12,752	$	—	$	—	$	12,752
Belgium		16,806		—		—		16,806
Bermuda		12,851		—		72		12,923
Brazil		40,205		—		—		40,205
Canada		101,190		—		1,292		102,482
Cayman Islands		52,865		—		—		52,865
China		15,079		—		—		15,079
Cyprus		1,739		—		—		1,739
Denmark		9,036		—		—		9,036
Egypt		6,059		—		—		6,059
Finland		13,532		—		—		13,532
France		160,089		—		—		160,089
Germany		103,062		—		—		103,062
Greece		1,907		—		—		1,907
Hong Kong		12,724		—		—		12,724
Hungary		1,406		—		—		1,406
India		5,511		—		—		5,511
Indonesia		6,722		—		—		6,722
Ireland		46,854		—		—		46,854
Italy		26,324		—		—		26,324
Japan		168,923		—		—		168,923
Jersey		8,122		—		—		8,122
Lebanon		1,414		—		—		1,414
Luxembourg		3,307		—		—		3,307
Mexico		5,817		—		—		5,817
Netherlands		93,525		—		—		93,525
Norway		13,397		—		—		13,397
Panama		15,571		—		—		15,571
Russia		25,403		—		—		25,403
Slovenia		1,592		—		—		1,592
South Africa		13,519		—		—		13,519
South Korea		43,157		—		—		43,157
Spain		19,914		—		322		20,236
Switzerland		179,946		—		—		179,946
Thailand		910		—		—		910
Turkey		8,598		—		—		8,598
United Kingdom		232,891		—		—		232,891
United States		1,130,646		—		—		1,130,646
Virgin Islands, British		2,262		—		—		2,262
Preferred Stocks		12,186		—		—		12,186
Short-Term Investments		—		120,565		—		120,565
Other Securities		—		78,256		—		78,256
Total Investments		2,627,813		198,821		1,686		2,828,320
Other Financial Instruments
Futures Contracts		5,711		—		—		5,711
Foreign Currency Exchange Contracts		54		959		—		1,013
Total Other Financial Instruments*	$	5,765	$	959	$	—	$	6,724

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

Investments in which significant observable inputs (Level 3) used in determining a value for the period ending January 31, 2012 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

Russell Global Equity Fund 57

Russell Investment Company

Russell Emerging Markets Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Common Stocks - 90.7%
Austria - 0.1%
Vienna Insurance Group AG Wiener Versicherung Gruppe		29,798		1,286
Bermuda - 1.2%
Brilliance China Automotive Holdings, Ltd. (Æ)(Ñ)		2,856,000		3,053
China Foods, Ltd. (Ñ)		727,732		578
China Resources Gas Group, Ltd. (Ñ)		615,749		888
Cosan, Ltd. Class A		243,226		3,123
Credicorp, Ltd.		62,101		7,058
Haier Electronics Group Co., Ltd. (Æ)(Ñ)		1,197,000		1,232
Li & Fung, Ltd. (Ñ)		1,332,000		2,913
Skyworth Digital Holdings, Ltd.		3,006,000		1,291
Yue Yuen Industrial Holdings, Ltd.		745,000		2,281
				22,417
Brazil - 12.3%
All America Latina Logistica SA		256,634		1,476
Amil Participacoes SA		195,354		1,956
B2W Cia Global Do Varejo		66,353		396
Banco Bradesco SA - ADR		428,807		7,667
Banco do Brasil SA		777,900		12,106
Banco Santander Brasil SA - ADR (Æ)		726,478		6,626
Banco Santander Brasil SA		306,092		2,838
BM&FBovespa SA		391,800		2,464
Brasil Telecom SA		65,224		438
Braskem SA - ADR (Ñ)		50,200		905
BRF - Brasil Foods SA ­ ADR (Æ)(Ñ)		271,130		5,431
Brookfield Incorporacoes SA		786,900		2,765
CCR SA		128,000		891
Centrais Eletricas Brasileiras SA (Æ)		184,200		1,892
Centrais Eletricas Brasileiras SA - ADR (Æ)		71,515		730
Cia Brasileira de Distribuicao Grupo Pao de Acucar - ADR (Ñ)		57,081		2,432
Cia de Bebidas das Americas - ADR		321,080		11,684
Cia de Saneamento Basico do Estadode Sao Paulo (Æ)		240,340		8,025
Cia de Saneamento Basico do Estadode Sao Paulo - ADR (Æ)		14,923		983
Cia de Saneamento de Minas Gerais - COPASA (Æ)		66,700		1,477
Cia Energetica de Minas Gerais - ADR (Ñ)		196,683		3,981
Cia Energetica de Minas Gerais		16,000		270
Cia Hering		49,000		1,178
Cia Paranaense de Energia - ADR (Æ)		60,422		1,383
Cosan SA Industria e Comercio		54,300		879
CPFL Energia SA - ADR (Ñ)		95,619		2,835
Fibria Celulose SA - ADR (Ñ)		174,700		1,396
Gerdau SA - ADR		131,800		1,252
Gol Linhas Aereas Inteligentes SA - ADR (Ñ)		122,500		845
Hypermarcas SA		156,400		951
Itau Unibanco Holding SA - ADR		655,763		13,089
Itau Unibanco Holding SA (Æ)		69,800		1,218

	Principal Amount ($) or Shares		Market Value $
Light SA		378,000		5,937
Lojas Renner SA		50,649		1,710
Marfrig Alimentos SA		79,562		365
Natura Cosmeticos SA		81,500		1,746
Odontoprev SA		172,100		2,876
OGX Petroleo e Gas Participacoes SA (Æ)		923,484		8,748
OSX Brasil SA (Æ)		189,800		1,460
Petroleo Brasileiro SA - ADR (Æ)		1,710,806		50,057
QGEP Participacoes SA		131,500		1,072
Redecard SA		528,700		9,532
Rossi Residencial SA		573,300		3,098
Santos Brasil Participacoes SA		59,500		918
Souza Cruz SA		170,400		2,218
Sul America SA		140,300		1,413
Tele Norte Leste - ADR		109,089		1,024
Telefonica Brasil SA - ADR		108,961		3,034
Tim Participacoes SA - ADR (Æ)(Ñ)		249,822		7,207
Tractebel Energia SA		50,801		882
Ultrapar Participacoes SA		156,892		3,174
Vale SA Class B - ADR (Ñ)		821,538		20,272
				229,202
Canada - 0.4%
First Quantum Minerals, Ltd. (Æ)		364,580		7,985
Cayman Islands - 3.4%
51job, Inc. - ADR (Æ)		36,300		1,629
Anta Sports Products, Ltd. (Ñ)		1,503,000		1,514
ASM Pacific Technology, Ltd. (Ñ)		324,098		4,171
Baidu, Inc. - ADR (Æ)		46,300		5,904
China Forestry Holdings Co., Ltd. (Æ)(Ñ)		1,692,100		212
China Liansu Group Holdings, Ltd. (Ñ)		4,518,200		2,400
China Lumena New Materials Corp. (Ñ)		7,676,000		1,514
China Mengniu Dairy Co., Ltd.		344,000		920
China Resources Cement Holdings, Ltd. (Ñ)		1,248,847		902
Ctrip.com International, Ltd. - ADR (Æ)(Ñ)		43,469		1,089
Daphne International Holdings, Ltd. (Ñ)		1,230,000		1,586
Eurasia Drilling Co., Ltd. - GDR		27,926		734
Evergrande Real Estate Group, Ltd. (Ñ)		8,662,000		4,110
GCL-Poly Energy Holdings, Ltd. (Ñ)		3,726,000		1,283
Hengan International Group Co., Ltd. (Ñ)		566,500		5,066
International Mining Machinery Holdings, Ltd. (Ñ)		1,303,500		1,425
Ju Teng International Holdings, Ltd. (Ñ)		1,151,000		150
KWG Property Holding, Ltd. (Ñ)		1,130,400		469
Li Ning Co., Ltd. (Ñ)		1,186,270		1,224
Longfor Properties Co., Ltd. (Ñ)		904,552		1,190
Melco Crown Entertainment, Ltd. - ADR (Æ)		485,300		5,411
MIE Holdings Corp.		2,857,438		859
Mongolian Mining Corp. (Æ)(Ñ)		649,552		523
Pacific Textile Holdings, Ltd.		1,258,000		777
Parkson Retail Group, Ltd. (Ñ)		1,585,308		1,895
Real Gold Mining, Ltd. (Ñ)		633,000		262
Shenzhou International Group Holdings, Ltd.		502,000		716
Sina Corp. (Æ)(Ñ)		53,200		3,738

58 Russell Emerging Markets Fund

Russell Investment Company

Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Tencent Holdings, Ltd. (Ñ)		241,900		5,917
Tingyi Cayman Islands Holding Corp. (Ñ)		612,000		1,787
Want Want China Holdings, Ltd. (Ñ)		1,983,238		1,839
Xingda International Holdings, Ltd. (Ñ)		5,023,000		1,995
Xinyi Glass Holdings, Ltd. (Ñ)		1,024,000		606
				63,817
Chile - 0.8%
Banco de Chile - ADR (Æ)(Ñ)		8,657		778
Banco Santander Chile - ADR		50,158		4,088
Embotelladora Andina SA - ADR (Ñ)		35,449		961
Entel Chile SA		68,279		1,250
Sociedad Quimica y Minera de Chile SA - ADR		136,200		8,001
				15,078
China - 5.6%
Agricultural Bank of China, Ltd. Class H (Ñ)		9,636,000		4,759
Anhui Conch Cement Co., Ltd. Class H (Ñ)		1,019,387		3,444
Bank of China, Ltd. Class H		6,628,400		2,846
BBMG Corp. Class H (Ñ)		2,078,000		1,583
China Coal Energy Co., Ltd. Class H		1,825,000		2,292
China Construction Bank Corp. Class H (Ñ)		5,827,120		4,666
China Life Insurance Co., Ltd. Class H		508,000		1,497
China Merchants Bank Co., Ltd. Class H (Ñ)		1,887,274		4,166
China Minsheng Banking Corp., Ltd. Class H (Ñ)		2,252,000		2,082
China Oilfield Services, Ltd. Class H		398,000		650
China Petroleum & Chemical Corp. Class H		8,786,000		10,672
China Shenhua Energy Co., Ltd. Class H		2,566,697		11,286
China Telecom Corp., Ltd. Class H		11,730,000		6,594
China Telecom Corp., Ltd. - ADR (Ñ)		38,114		2,138
Dongfeng Motor Group Co., Ltd. Class H (Ñ)		5,582,000		10,437
Industrial & Commercial Bank of China Class H (Ñ)		11,823,550		8,278
Jiangsu Expressway Co., Ltd. Class H		2,887,000		2,878
Jiangxi Copper Co., Ltd. Class H (Ñ)		791,000		2,013
PetroChina Co., Ltd. Class H		3,704,000		5,416
PetroChina Co., Ltd. - ADR		11,400		1,659
PICC Property & Casualty Co., Ltd. Class H (Ñ)		2,372,000		3,126
Shandong Weigao Group Medical Polymer Co., Ltd. Class H		2,268,000		2,088
Tsingtao Brewery Co., Ltd. Class H (Ñ)		302,000		1,632
Weiqiao Textile Co. Class H (Ñ)		540,500		278
Wumart Stores, Inc. Class H (Ñ)		727,000		1,502
Yantai Changyu Pioneer Wine Co., Ltd. Class B		59,532		624
Yanzhou Coal Mining Co., Ltd. Class H (Ñ)		780,000		1,871
Yanzhou Coal Mining Co., Ltd. - ADR		32,946		784
Zhaojin Mining Industry Co., Ltd.		946,000		1,698
Zoomlion Heavy Industry Science and Technology Co., Ltd. (Ñ)		509,000		685
				103,644

	Principal Amount ($) or Shares		Market Value $
Colombia - 0.7%
BanColombia SA		151,500		2,342
BanColombia SA - ADR (Ñ)		61,435		3,810
Ecopetrol SA - ADR		119,861		6,121
				12,273
Cyprus - 0.1%
Global Ports Investments PLC - GDR		33,211		435
Global Ports Investments PLC - GDR (Þ)		32,776		430
Globaltrans Investment PLC - GDR		49,545		752
				1,617
Czech Republic - 0.1%
Komercni Banka AS		6,652		1,271
Egypt - 0.4%
Orascom Construction Industries		95,733		3,975
Orascom Construction Industries - GDR		83,216		3,453
				7,428
Greece - 0.1%
Coca Cola Hellenic Bottling Co. SA (Æ)		93,694		1,740
Hong Kong - 4.3%
Agile Property Holdings, Ltd. (Ñ)		1,898,000		2,117
AIA Group, Ltd.		589,600		1,969
China Merchants Holdings International Co., Ltd.		1,328,000		4,418
China Mobile, Ltd.		1,521,232		15,555
China Mobile, Ltd. - ADR		295,673		15,103
China Overseas Land & Investment, Ltd. (Ñ)		1,310,667		2,444
China Resources Enterprise, Ltd.		1,540,480		5,313
China Unicom Hong Kong, Ltd. (Ñ)		970,000		1,786
China Unicom Hong Kong, Ltd. - ADR (Ñ)		331,757		6,128
CNOOC, Ltd.		2,177,000		4,475
CNOOC, Ltd. - ADR		60,247		12,254
Dah Chong Hong Holdings, Ltd.		2,264,000		2,875
Lenovo Group, Ltd.		4,280,000		3,427
Shenzhen Investment, Ltd.		2,477,600		518
Soho China, Ltd. (Ñ)		1,500,000		984
				79,366
Hungary - 0.6%
Magyar Telekom Telecommunications PLC		277,741		660
MOL Hungarian Oil and Gas PLC (Æ)(Ñ)		42,756		3,573
MOL Hungarian Oil and Gas PLC - ADR (Æ)		4,213		169
OTP Bank PLC (Ñ)		243,534		4,344
Richter Gedeon Nyrt		10,073		1,657
				10,403

Russell Emerging Markets Fund 59

Russell Investment Company

Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
India - 4.0%
Allahabad Bank		287,635		940
Ambuja Cements, Ltd.		1,531,673		4,986
Apollo Tyres, Ltd.		418,677		613
Axis Bank, Ltd.		245,375		5,335
Bajaj Auto, Ltd.		196,976		6,379
Balrampur Chini Mills, Ltd. Class A		790,030		780
Bank of Baroda		107,568		1,640
Bank of India		331,600		2,311
Canara Bank		356,198		3,387
Dabur India, Ltd. Class A		888,680		1,693
Gitanjali Gems, Ltd.		134,478		844
HCL Technologies, Ltd.		95,718		847
HDFC Bank, Ltd. - ADR		84,000		2,606
Hindustan Unilever, Ltd.		302,721		2,320
ICICI Bank, Ltd. - ADR		134,600		4,874
Indian Oil Corp., Ltd.		129,730		758
Infosys, Ltd. - ADR		57,817		3,179
Infosys, Ltd.		38,913		2,161
Jindal Poly Films, Ltd.		67,394		290
Lupin, Ltd.		30,501		293
Mahindra & Mahindra, Ltd.		85,480		1,165
MRF, Ltd.		3,473		555
Petronet LNG, Ltd.		546,411		1,820
Punjab National Bank		113,837		2,167
Reliance Industries, Ltd. - GDR (Þ)		87,327		2,891
State Bank of India		119,678		4,990
Steel Authority of India, Ltd.		486,625		1,000
Tata Consultancy Services, Ltd.		41,461		950
Tata Motors, Ltd.		364,100		1,795
Tata Motors, Ltd. - ADR (Ñ)		224,200		5,399
TVS Motor Co., Ltd.		1,049,791		1,114
Ultratech Cement, Ltd.		86,299		2,120
Union Bank of India		402,000		1,855
United Spirits, Ltd.		66,482		898
				74,955
Indonesia - 3.9%
AKR Corporindo TBK PT		1,954,500		794
Alam Sutera Realty Tbk PT		41,004,000		2,212
Astra International Tbk PT		1,427,500		12,528
Bakrie Sumatera Plantations Tbk PT		14,276,000		460
Bank Bukopin Tbk PT		11,685,500		806
Bank Danamon Indonesia Tbk PT		1,342,962		676
Bank Negara Indonesia Persero Tbk PT		7,191,170		2,900
Bank Rakyat Indonesia Persero Tbk PT		20,770,058		15,826
Charoen Pokphand Indonesia Tbk PT		8,633,984		2,401
Gajah Tunggal Tbk PT		1,891,000		610
Gudang Garam Tbk PT		169,500		1,075
Harum Energy Tbk PT		3,322,500		2,809
Indocement Tunggal Prakarsa Tbk PT		2,018,071		3,805
Indofood Sukses Makmur Tbk PT		2,140,000		1,143
Jasa Marga PT		2,437,000		1,186
Kalbe Farma Tbk PT		8,374,500		3,284
Mitra Adiperkasa Tbk PT		272,000		172
Perusahaan Gas Negara PT		5,912,000		2,219
Ramayana Lestari Sentosa Tbk PT		5,097,992		420

	Principal Amount ($) or Shares		Market Value $
Semen Gresik Persero Tbk PT		4,034,025		5,071
Tambang Batubara Bukit Asam Tbk PT		1,040,500		2,332
Telekomunikasi Indonesia Tbk PT		5,275,098		4,019
Timah Tbk PT		2,101,500		439
United Tractors Tbk PT		1,433,757		4,521
				71,708
Israel - 0.1%
Israel Chemicals, Ltd.		129,393		1,356
Jersey - 0.0%
West China Cement, Ltd. (Ñ)		4,915,485		818
Kazakhstan - 0.1%
KazMunaiGas Exploration Production - GDR		116,600		1,842
Luxembourg - 1.7%
Kernel Holding SA (Æ)		132,797		2,819
MHP SA - GDR (Æ)		92,800		1,229
Millicom International Cellular SA (Ñ)		44,700		4,419
SHS Genesis Smaller, Co.		214,721		21,510
Ternium SA - ADR		42,682		968
				30,945
Malaysia - 1.2%
Axiata Group BHD		2,621,800		4,025
CIMB Group Holdings BHD		853,102		1,938
DiGi.Com BHD - GDR		2,741,000		3,568
DRB-Hicom BHD		1,379,400		1,283
IGB Corp. BHD		942,412		840
KLCC Property Holdings BHD		520,400		561
Kuala Lumpur Kepong BHD		229,300		1,937
Kulim Malaysia BHD		512,300		741
Lafarge Malayan Cement BHD (Æ)		272,441		598
Lion Industries Corp. BHD		1,080,600		526
Malayan Banking BHD		414,596		1,118
Petronas Dagangan BHD		127,900		757
PPB Group BHD		253,100		1,409
RHB Capital BHD		602,157		1,409
UEM Land Holdings BHD (Æ)		2,163,600		1,650
				22,360
Mexico - 3.9%
Alfa SAB de CV Class A (Ñ)		259,500		3,407
America Movil SAB de CV - ADR		670,433		15,561
Cemex SAB de CV (Æ)		836,100		566
Cemex SAB de CV - ADR (Æ)(Ñ)		596,482		4,062
Coca-Cola Femsa SAB de CV - ADR		42,000		4,116
Corp. Moctezuma SAB de CV (Ñ)		300,663		692
Desarrolladora Homex SAB de CV (Æ)(Ñ)		228,700		770
Desarrolladora Homex SAB de CV - ADR (Æ)		20,458		413
El Puerto de Liverpool SAB de CV		6,054		46
Empresas ICA SAB de CV - ADR (Æ)(Ñ)		153,000		995
Fomento Economico Mexicano SAB de CV - ADR		120,256		8,480

60 Russell Emerging Markets Fund

Russell Investment Company

Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Fomento Economico Mexicano SAB de CV		108,700		762
Genomma Lab Internacional SAB de CV Class B (Æ)		447,200		981
Gruma SAB de CV Class B (Æ)		305,880		677
Grupo Aeroportuario del Sureste SA de CV Class B (Ñ)		109,400		718
Grupo Aeroportuario del Sureste SAB de CV - ADR		45,268		2,982
Grupo Financiero Banorte SAB de CV Class O (Ñ)		1,156,067		4,607
Grupo Financiero Inbursa SA Class O (Ñ)		1,197,154		2,463
Grupo Televisa SAB - ADR		170,600		3,364
Industrias Penoles SAB de CV		19,300		923
Megacable Holdings SAB de CV (Æ)		324,803		675
Promotora y Operadora de Infraestructura SAB de CV (Æ)		77,300		353
Wal-Mart de Mexico SAB de CV		2,246,890		6,942
Wal-Mart de Mexico SAB de CV - ADR		232,200		7,159
				71,714
Nigeria - 0.3%
First City Monument Bank PLC		16,265,148		414
Guaranty Trust Bank PLC		9,264,158		804
Guaranty Trust Bank PLC - GDR		172,487		811
Nigerian Breweries PLC		1,913,948		1,128
United Bank for Africa PLC Class A (ö)		21,809,472		271
Zenith Bank PLC		28,604,000		2,210
				5,638
Panama - 0.1%
Copa Holdings SA Class A		28,500		1,942
Peru - 0.1%
Cia de Minas Buenaventura SA - ADR		41,600		1,785
Philippines - 1.1%
Aboitiz Power Corp.		1,014,900		715
Alliance Global Group, Inc.		11,609,500		2,978
DMCI Holdings, Inc.		4,139,900		4,441
Megaworld Corp.		41,094,000		1,638
Metropolitan Bank & Trust - ADR		1,896,162		3,354
Philex Mining Corp.		1,187,200		645
Philippine Long Distance Telephone Co.		30,070		1,918
Philippine Long Distance Telephone Co. - ADR		21,340		1,355
Semirara Mining Corp. Class A		627,240		3,297
Universal Robina Corp.		271,600		340
				20,681
Poland - 1.0%
Bank Pekao SA		65,959		3,221
KGHM Polska Miedz SA		271,524		11,747
Polski Koncern Naftowy Orlen S.A. (Æ)		147,056		1,673
Tauron Polska Energia SA		125,400		210
Telekomunikacja Polska SA		420,564		2,255
				19,106

	Principal Amount ($) or Shares		Market Value $
Russia - 7.5%
Gazprom OAO - ADR		3,373,459		40,650
Gazprom OAO - ADR (Æ)		614,870		7,440
LSR Group - GDR		188,078		897
Lukoil OAO - ADR (Æ)		574,240		33,501
Lukoil OAO - ADR		104,286		6,106
Magnit OJSC (Å)		30,428		3,311
Magnit OJSC (Æ)		11,005		1,197
MMC Norilsk Nickel OJSC - ADR (Ñ)		57,961		1,113
Mobile Telesystems OJSC - ADR		79,000		1,324
Nomos-Bank - GDR (Æ)(Þ)		39,852		474
Nomos-Bank - GDR (Æ)		23,995		286
NovaTek OAO - GDR		29,269		3,942
Novorossiysk Commercial Sea Port PJSC - GDR		127,338		889
Novorossiysk Commercial Sea Port PJSC - GDR (Þ)		23,647		165
Raspadskaya		392,707		1,379
Rosneft Oil Co. - GDR		1,172,331		8,640
Sberbank of Russia		5,940,618		17,717
Sberbank of Russia - ADR		73,500		882
Severstal OAO - GDR		102,644		1,476
Surgutneftegas OJSC - ADR		482,783		4,485
Uralkali OJSC - GDR		52,000		1,848
VTB Bank OJSC - GDR		226,097		1,058
				138,780
Singapore - 0.0%
SunVic Chemical Holdings, Ltd. (Ñ)		530,000		223
South Africa - 5.8%
ABSA Group, Ltd.		134,346		2,547
Anglo American Platinum, Ltd. (Ñ)		15,585		1,104
AngloGold Ashanti, Ltd.		96,251		4,418
ArcelorMittal South Africa, Ltd. Class H (Ñ)		163,833		1,428
Aspen Pharmacare Holdings, Ltd. (Æ)		158,553		2,021
Astral Foods, Ltd.		112,396		1,732
Bidvest Group, Ltd. (Æ)		256,881		5,513
Exxaro Resources, Ltd. (Ñ)		290,220		7,161
FirstRand, Ltd.		1,998,322		5,762
Grindrod, Ltd.		101,240		193
Impala Platinum Holdings, Ltd.		259,350		5,693
Imperial Holdings, Ltd.		277,561		4,919
Kumba Iron Ore, Ltd. (Ñ)		25,872		1,774
Lewis Group, Ltd.		108,800		1,035
Liberty Holdings, Ltd.		38,887		424
Life Healthcare Group Holdings, Ltd.		520,613		1,411
Mondi, Ltd.		153,465		1,226
Mr Price Group, Ltd. (Ñ)		323,040		3,562
MTN Group, Ltd. (Ñ)		480,658		8,186
Pick n Pay Stores, Ltd.		210,245		1,226
Remgro, Ltd.		193,965		3,155
RMB Holdings, Ltd. (Ñ)		330,602		1,231
Sanlam, Ltd.		536,437		2,070
Sasol, Ltd. - ADR		259,138		13,239
Shoprite Holdings, Ltd. - ADR (Ñ)		426,623		7,092
Spar Group, Ltd. (The) - ADR (Ñ)		73,494		1,041

Russell Emerging Markets Fund 61

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Standard Bank Group, Ltd.		827,744		11,341
Truworths International, Ltd.		118,519		1,185
Vodacom Group, Ltd. - ADR (Ñ)		346,880		4,273
Woolworths Holdings, Ltd.		275,152		1,478
				107,440
South Korea - 13.2%
Amorepacific Corp. (Ñ)		2,996		2,670
Amorepacific Group (Ñ)		2,899		665
Cheil Industries, Inc.		29,638		2,652
CJ CheilJedang Corp.		4,000		1,097
CJ E&M Corp. (Æ)(Ñ)		7,000		199
Daesang Corp. (Æ)		55,560		730
Daum Communications Corp. (Æ)		1,866		219
DGB Financial Group, Inc.		135,060		1,797
Dong-A Pharmaceutical Co., Ltd. Class A		8,792		746
Dongbu Insurance Co., Ltd.		35,040		1,497
Dongwon F&B Co., Ltd.		10,420		595
Golfzon Co., Ltd. (Ñ)		31,198		1,652
Hana Financial Group, Inc.		140,860		4,815
Hanjin Shipping Co., Ltd. (Æ)(Ñ)		51,950		624
Hankook Tire Co., Ltd.		87,150		3,479
Himart Co., Ltd. (Ñ)		5,315		360
Honam Petrochemical Corp. (Æ)		10,536		3,437
Hynix Semiconductor, Inc. Class QUICS (Æ)(Ñ)		381,900		9,128
Hyosung Corp.		51,356		2,862
Hyundai Heavy Industries Co., Ltd.		11,670		3,236
Hyundai Marine & Fire Insurance Co., Ltd.		81,850		2,404
Hyundai Mobis (Ñ)		26,921		6,638
Hyundai Motor Co.		87,162		17,148
Iljin Materials Co., Ltd.		92,320		1,504
KB Financial Group, Inc. - ADR		116,270		4,407
KB Financial Group, Inc.		92,249		3,498
KCC Corp.		8,110		2,187
Kia Motors Corp.		241,265		14,497
KIWOOM Securities Co., Ltd.		38,266		1,993
Korea Electric Power Corp. (Æ)		250,263		6,216
KP Chemical Corp. (Æ)(Ñ)		87,120		1,280
KT Corp. - ADR		200,000		2,978
KT Corp.		144,100		4,284
KT Skylife Co., Ltd. (Æ)		16,500		338
KT&G Corp.		72,663		5,084
LG Chem, Ltd.		5,020		1,671
LG Display Co., Ltd. (Æ)		328,530		8,613
LG Display Co., Ltd. - ADR (Ñ)		85,600		1,103
LG Electronics, Inc. Class H (Ñ)		56,430		4,154
LG Fashion Corp.		15,850		643
LG Uplus Corp. (Æ)		53,310		299
LIG Insurance Co., Ltd.		45,570		984
Lotte Chilsung Beverage Co., Ltd. (Æ)(Ñ)		2,345		2,662
Lotte Confectionery Co., Ltd. (Æ)		1,466		2,219
Lotte Shopping Co., Ltd.		4,912		1,677
Lumens Co., Ltd. (Æ)		77,367		532
MegaStudy Co., Ltd.		5,960		572
Meritz Fire & Marine Insurance Co., Ltd.		82,146		863
Neowiz Games Corp. (Æ)		5,579		206

	Principal Amount ($) or Shares		Market Value $
NHN Corp.		8,656		1,634
NongShim Co., Ltd. (Ñ)		4,320		909
OCI Co., Ltd. (Æ)		8,410		1,958
Paradise Co., Ltd. (Ñ)		27,069		227
Poongsan Corp. (Æ)(Ñ)		2,230		63
POSCO - ADR (Ñ)		12,100		1,110
Samsung Electro-Mechanics Co., Ltd. (Ñ)		20,935		1,716
Samsung Electronics Co., Ltd.		51,259		50,513
Samsung Electronics Co., Ltd. - GDR		40,585		15,178
Samsung Fire & Marine Insurance Co., Ltd.		55,981		10,839
Samsung Life Insurance Co., Ltd. (Þ)		33,163		2,474
Samsung SDI Co., Ltd. (Ñ)		15,615		1,939
Samyang Corp. (Æ)(Ñ)		3,786		174
Samyang Holdings Corp. (Ñ)		4,030		320
Shinhan Financial Group Co., Ltd.		106,869		4,257
SK Holdings Co., Ltd.		10,989		1,374
SK Telecom Co., Ltd. - ADR		210,000		2,942
SK Telecom Co., Ltd.		13,563		1,721
SKC Co., Ltd. (Ñ)		51,020		2,194
Sungwoo Hitech Co., Ltd. (Æ)		22,982		276
Taeyoung Engineering & Construction Co., Ltd.		49,760		254
				245,186
Taiwan - 6.4%
Advanced Semiconductor Engineering, Inc.		3,798,355		3,992
Advanced Semiconductor Engineering, Inc. - ADR (Ñ)		743,379		3,918
Altek Corp.		2,935,657		2,391
Asia Polymer Corp.		1,201,250		1,543
AU Optronics Corp.		6,891,202		3,680
Catcher Technology Co., Ltd.		191,000		1,188
Cathay Financial Holding Co., Ltd.		1,544,500		1,762
Chinatrust Financial Holding Co., Ltd.		1,662,502		1,073
Chunghwa Telecom Co., Ltd.		728,000		2,367
Chunghwa Telecom Co., Ltd. - ADR		115,500		3,743
Delta Electronics, Inc.		557,970		1,443
Gigabyte Technology Co., Ltd.		1,261,000		1,019
HannStar Display Corp. (Æ)		4,767,000		333
Hiwin Technologies Corp.		230,000		2,126
Hon Hai Precision Industry Co., Ltd.		2,323,524		7,484
HTC Corp.		31,450		516
Largan Precision Co., Ltd.		175,000		3,762
LITE-ON IT Corp.		462,279		454
Lite-On Technology Corp.		1,496,669		1,897
Macronix International		2,878,634		1,265
MediaTek, Inc.		209,022		1,996
Merry Electronics Co., Ltd.		676,000		816
Pegatron Corp.		3,044,000		3,683
Powertech Technology, Inc.		1,780,805		4,454
President Chain Store Corp.		212,000		1,139
Quanta Computer, Inc.		1,241,000		2,651
Richtek Technology Corp.		97,706		545
Standard Foods Corp.		259,000		880
Star Comgistic Capital Co., Ltd.		977,200		613
Synnex Technology International Corp.		2,642,121		6,519
Taishin Financial Holding Co., Ltd.		3,198,970		1,189

62 Russell Emerging Markets Fund

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Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Taiwan Semiconductor Manufacturing Co., Ltd.		10,111,133		26,826
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		362,400		5,102
Uni-President Enterprises Corp.		2,691,874		3,976
United Microelectronics Corp.		6,667,795		3,493
Vanguard International Semiconductor Corp.		1,588,000		644
Wistron Corp.		2,799,348		4,201
Yageo Corp.		3,955,000		1,216
Yulon Motor Co., Ltd.		1,036,000		2,027
				117,926
Thailand - 3.1%
Advanced Info Service PCL		529,600		2,586
Airports of Thailand PCL		120,500		206
Bangkok Bank PCL		537,900		2,883
Bangkok Dusit Medical Services PCL Class F (Æ)		2,511,800		6,234
Bangkok Life Assurance PCL		875,300		1,387
Bank of Ayudhya PCL		3,216,890		2,320
Banpu PCL		95,350		1,819
Charoen Pokphand Foods PCL		592,400		670
CP ALL PCL		1,946,100		3,681
Delta Electronics Thai PCL		1,980,600		1,371
Hana Microelectronics PCL		456,900		270
Italian-Thai Development PCL		3,221,800		365
Jasmine International PCL		6,094,200		398
LPN Development PCL		950,400		430
PTT Exploration & Production PCL		974,700		5,579
PTT PCL		604,700		6,648
Ratchaburi Electricity Generating Holding PCL		189,600		270
SC Asset Corp. PCL		617,900		290
Siam Cement PCL		118,100		1,321
Siam Commercial Bank PCL		1,711,101		6,695
Sri Trang Agro-Industry PCL		2,532,100		1,760
Thai Beverage PCL		8,379,890		1,965
Thai Oil PCL		803,700		1,670
Tisco Financial Group PCL		1,452,100		1,679
Total Access Communication PCL		1,953,900		4,423
True Corp. PCL (Æ)		1,811,500		190
				57,110
Turkey - 2.7%
Akfen Holding AS (Æ)		84,610		376
Anadolu Efes Biracilik Ve Malt Sanayii AS		228,593		3,197
Arcelik AS		1,297,300		5,622
Asya Katilim Bankasi AS (Æ)		562,337		535
Aygaz AS		289,026		1,464
Cimsa Cimento Sanayi VE Tica		260,361		1,254
Dogus Otomotiv Servis ve Ticaret AS (Æ)		166,330		342
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		1,608,930		1,621
Ihlas Gazetecilik AS (Æ)		288,921		247
Ipek Dogal Enerji Kaynaklari Ve Uretim AS (Æ)		792,982		1,120

	Principal Amount ($) or Shares		Market Value $
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class D (Æ)		1,001,465		468
Koza Altin Isletmeleri AS		319,335		5,661
Koza Anadolu Metal Madencilik Isletmeleri AS (Æ)		408,938		879
Migros Ticaret AS (Æ)		198,325		1,518
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.		535,035		488
Tofas Turk Otomobil Fabrikasi AS		182,100		773
Turkcell Iletisim Hizmetleri AS - ADR (Æ)		113,400		1,462
Turkiye Garanti Bankasi AS		1,281,619		4,631
Turkiye Halk Bankasi AS		686,604		4,521
Turkiye Is Bankasi Class C		1,042,243		2,176
Turkiye Sise ve Cam Fabrikalari AS		3,114,403		6,397
Turkiye Vakiflar Bankasi Tao Class D		1,310,840		2,132
Vestel Elektronik Sanayi ve Ticaret A.S. (Æ)		770,946		894
Yapi ve Kredi Bankasi AS (Æ)		983,125		1,826
				50,054
United Kingdom - 3.6%
Anglo American PLC (Ñ)		391,737		16,278
Anglo American PLC - ADR		75,700		1,566
Genesis Indian Investment Co., Ltd.		354,987		23,827
Hikma Pharmaceuticals PLC		240,082		2,716
New World Resources PLC Class A (Ñ)		163,508		1,212
SABMiller PLC - ADR		356,912		13,592
Tullow Oil PLC		366,051		8,018
				67,209
United States - 0.8%
Avon Products, Inc.		410,000		7,286
Sohu.com, Inc. (Æ)(Ñ)		33,307		1,986
Winbond Electronics Corp. (Æ)		3,366,000		548
X5 Retail Group NV - GDR (Æ)		234,954		5,173
				14,993
Zimbabwe - 0.0%
Delta Corp., Ltd.		1,117,659		760
Total Common Stocks (cost $1,438,993)				1,681,608
Preferred Stocks - 2.7%
Brazil - 1.8%
AES Tiete SA (Æ)		112,300		1,608
Alpargatas SA		107,600		865
Banco do Estado do Rio Grande do Sul		172,500		1,986
Brasil Telecom SA		344,926		2,201
Braskem SA		110,400		988
Centrais Eletricas Brasileiras SA (Æ)		259,800		3,807
Cia de Bebidas das Americas		267,200		9,788
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		48,000		995
Itau Unibanco Holding SA		55,900		1,124
Klabin SA		608,400		2,821
Marcopolo SA (Æ)		151,800		688
Tele Norte Leste		71,700		689

Russell Emerging Markets Fund 63

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Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Telefonica Brasil SA		110		3
Telemar Norte Leste SA		27,000		695
Vale SA Class Preference		182,700		4,464
				32,722
Chile - 0.1%
Embotelladora Andina SA		140,785		653
Embotelladora Andina SA Class A		13,200		50
				703
Colombia - 0.0%
BanColombia SA		7,200		111
Russia - 0.2%
AK Transneft OAO		2,136		4,073
South Korea - 0.6%
Hyundai Motor Co.		23,736		1,391
LG Electronics, Inc.		39,920		931
Samsung Electronics Co., Ltd.		15,572		9,149
				11,471
Total Preferred Stocks (cost $35,663)				49,080
Warrants & Rights - 0.3%
Germany - 0.3%
Commercial Bank of Qatar QSC (The) (Æ) 2017 Warrants		201,378		4,567
Deutsche Bank AG (Æ) 2012 Warrants		27,507		743
				5,310
Turkey - 0.0%
Ipek Dogal Enerji Kaynaklari (Æ) 2012 Rights		792,982		674
Total Warrants & Rights (cost $5,464)				5,984
Certificates of Participation - 0.3%
United Kingdom - 0.3%
Credit Suisse International Participation Notes Zero coupon due 03/14/12		773		10
HSBC Bank PLC Series 0005 Zero coupon due 09/23/13		7,040		2,572
Jarir Marketing, Co. Zero coupon due 03/27/12		3,160		853
Zero coupon due 06/04/12		5,550		2,061
				5,496

	Principal Amount ($) or Shares			Market Value $
United States - 0.0%
Citigroup Global Markets Holdings, Inc. Series 2 Zero coupon due 10/28/13		317			602
Total Certificates of Participation (cost $10,577)					6,098
Short-Term Investments - 4.4%
United Kingdom - 0.2%
HSBC Bank PLC Series 4 Zero coupon due 03/12/12		9,340			3,350
United States - 4.2%
Russell U.S. Cash Management Fund		78,957,236	(¥)		78,957
Total Short-Term Investments (cost $87,638)					82,307
Other Securities - 8.9%
Russell Investment Company Liquidating Trust (×)		1,624,769	(¥)		1,652
Russell U.S. Cash Collateral Fund (×)		163,968,496	(¥)		163,968
Total Other Securities (cost $165,593)					165,620
Total Investments - 107.3% (identified cost $1,743,928)					1,990,697
Other Assets and Liabilities, Net - (7.3%)					(135,872	)
Net Assets - 100.0%					1,854,825

A portion of the portfolio has been fair valued as of period end.

See accompanying notes which are an integral part of this quarterly report.

64 Russell Emerging Markets Fund

Russell Investment Company

Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
FTSE JSE Top 40 Index Futures (UK)		233		ZAR	70,354		03/12		294
Hang Seng China Enterprises Index Futures (Hong Kong)		146		HKD	82,388		02/12		19
Hang Seng Index Futures (Hong Kong)		79		HKD	80,410		02/12		86
Kospi 200 Index Futures (South Korea)		135		KRW	17,431,875		03/12		545
Mexican Bolsa Index Futures (Mexico)		170		MXN	63,961		03/12		12
MSCI Taiwan Index Futures		460		USD	12,337		02/12		429
SGX CNX Nifty Index Futures (India)		755		USD	7,897		02/12		228
TurkDEX ISE-30 Index Futures (Turkey)		550		TRY	3,830		02/12		158
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									1,771

See accompanying notes which are an integral part of this quarterly report.

Russell Emerging Markets Fund 65

Russell Investment Company

Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Bank of America		USD	374		TRY	664		02/02/12		—
Bank of America		USD	429		TRY	763		02/02/12		—
Bank of America		USD	213		TRY	400		03/21/12		10
Bank of America		TRY	400		USD	213		03/21/12		(10	)
Bank of America		ZAR	7,873		USD	1,003		02/06/12		(3	)
Bank of America		ZAR	6,524		USD	835		02/07/12		1
Barclays Bank PLC		USD	4,032		BRL	7,013		02/02/12		(19	)
Barclays Bank PLC		USD	3,993		BRL	7,013		03/02/12		(10	)
Barclays Bank PLC		USD	3,405		HKD	26,450		03/21/12		6
Barclays Bank PLC		USD	2,183		INR	114,500		03/21/12		106
Barclays Bank PLC		USD	2,216		KRW	2,516,250		03/21/12		15
Barclays Bank PLC		USD	745		TRY	1,400		03/21/12		34
Barclays Bank PLC		USD	2,055		ZAR	16,738		03/22/12		70
Barclays Bank PLC		BRL	7,013		USD	4,019		02/02/12		5
Brown Brothers Harriman & Co.		USD	3,708		BRL	7,013		02/02/12		305
Brown Brothers Harriman & Co.		USD	979		INR	50,000		03/21/12		21
Brown Brothers Harriman & Co.		USD	2,177		INR	114,500		03/21/12		112
Brown Brothers Harriman & Co.		USD	2,217		KRW	2,516,250		03/21/12		14
Brown Brothers Harriman & Co.		USD	1,104		MXN	15,025		03/21/12		44
Brown Brothers Harriman & Co.		USD	2,055		ZAR	16,738		03/22/12		70
Brown Brothers Harriman & Co.		BRL	7,013		USD	4,032		02/02/12		19
Citibank		USD	4,032		BRL	7,013		02/02/12		(19	)
Citibank		USD	3,991		BRL	7,013		03/02/12		(8	)
Citibank		BRL	7,013		USD	4,016		02/02/12		3
Credit Suisse First Boston		USD	2,181		INR	114,500		03/21/12		108
Credit Suisse First Boston		INR	70,000		USD	1,283		03/21/12		(117	)
Credit Suisse First Boston		ZAR	16,750		USD	2,144		02/02/12		3
Credit Suisse First Boston		ZAR	6,650		USD	851		02/03/12		1
Deutsche Bank AG		USD	3,405		HKD	26,450		03/21/12		6
Deutsche Bank AG		USD	2,214		KRW	2,516,250		03/21/12		18
Deutsche Bank AG		USD	1,106		MXN	15,025		03/21/12		42
Deutsche Bank AG		USD	801		TRY	1,500		03/21/12		34
Deutsche Bank AG		MXN	231		USD	18		02/01/12		—
Deutsche Bank AG		ZAR	577		USD	74		02/02/12		—
HSBC Bank PLC		USD	4,032		BRL	7,013		02/02/12		(19	)
HSBC Bank PLC		USD	3,993		BRL	7,013		03/02/12		(10	)
HSBC Bank PLC		USD	3,405		HKD	26,450		03/21/12		6
HSBC Bank PLC		USD	2,053		ZAR	16,738		03/22/12		72
HSBC Bank PLC		BRL	7,013		USD	4,019		02/02/12		5
HSBC Bank PLC		MXN	7,000		USD	503		03/21/12		(32	)
HSBC Bank PLC		ZAR	6,697		USD	864		02/03/12		8
JPMorgan Chase Bank		USD	3,705		BRL	7,013		02/02/12		308
JPMorgan Chase Bank		USD	3,405		HKD	26,450		03/21/12		6
JPMorgan Chase Bank		USD	1,105		MXN	15,025		03/21/12		43
JPMorgan Chase Bank		USD	146		TRY	261		02/01/12		1
JPMorgan Chase Bank		USD	279		TRY	500		02/01/12		2
JPMorgan Chase Bank		USD	2,058		ZAR	16,738		03/22/12		66
JPMorgan Chase Bank		BRL	7,013		USD	4,032		02/02/12		19
Mellon Bank		USD	75		ZAR	589		02/06/12		1
Mellon Bank		ZAR	737		USD	92		02/01/12		(3	)
Royal Bank of Canada		USD	3,405		HKD	26,450		03/21/12		6
Royal Bank of Scotland PLC		USD	3,705		BRL	7,013		02/02/12		308
Royal Bank of Scotland PLC		USD	4,032		BRL	7,013		02/02/12		(19	)

See accompanying notes which are an integral part of this quarterly report.

66 Russell Emerging Markets Fund

Russell Investment Company

Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Royal Bank of Scotland PLC		USD	3,990		BRL	7,013		03/02/12		(7	)
Royal Bank of Scotland PLC		BRL	7,013		USD	4,016		02/02/12		2
Royal Bank of Scotland PLC		BRL	7,013		USD	4,032		02/02/12		19
State Street Bank & Trust Co.		USD	2		BRL	3		02/01/12		—
State Street Bank & Trust Co.		USD	8		BRL	14		02/01/12		—
State Street Bank & Trust Co.		USD	150		BRL	261		02/01/12		—
State Street Bank & Trust Co.		USD	154		BRL	269		02/01/12		—
State Street Bank & Trust Co.		USD	172		BRL	301		02/01/12		—
State Street Bank & Trust Co.		USD	14		BRL	24		02/02/12		—
State Street Bank & Trust Co.		USD	39		BRL	67		02/02/12		—
State Street Bank & Trust Co.		USD	89		BRL	156		02/02/12		—
State Street Bank & Trust Co.		USD	132		BRL	230		02/02/12		—
State Street Bank & Trust Co.		USD	201		BRL	351		02/02/12		—
State Street Bank & Trust Co.		USD	270		BRL	471		02/02/12		(1	)
State Street Bank & Trust Co.		USD	287		BRL	500		02/02/12		(1	)
State Street Bank & Trust Co.		USD	360		BRL	627		02/02/12		(1	)
State Street Bank & Trust Co.		USD	452		BRL	788		02/02/12		(1	)
State Street Bank & Trust Co.		USD	3,708		BRL	7,013		02/02/12		305
State Street Bank & Trust Co.		USD	7		HKD	56		02/01/12		—
State Street Bank & Trust Co.		USD	19		HKD	146		02/01/12		—
State Street Bank & Trust Co.		USD	30		HKD	230		02/01/12		—
State Street Bank & Trust Co.		USD	63		HKD	489		02/01/12		—
State Street Bank & Trust Co.		USD	84		HKD	650		02/01/12		—
State Street Bank & Trust Co.		USD	575		HKD	4,460		02/01/12		—
State Street Bank & Trust Co.		USD	9		HKD	72		02/02/12		—
State Street Bank & Trust Co.		USD	18		HKD	139		02/02/12		—
State Street Bank & Trust Co.		USD	28		HKD	216		02/02/12		—
State Street Bank & Trust Co.		USD	149		HKD	1,157		02/02/12		—
State Street Bank & Trust Co.		USD	535		HKD	4,151		02/02/12		—
State Street Bank & Trust Co.		USD	1,289		HKD	10,000		03/21/12		1
State Street Bank & Trust Co.		USD	101		IDR	910,119		02/02/12		—
State Street Bank & Trust Co.		USD	2,182		INR	114,500		03/21/12		107
State Street Bank & Trust Co.		USD	47		KRW	52,442		02/01/12		—
State Street Bank & Trust Co.		USD	119		KRW	133,466		02/01/12		—
State Street Bank & Trust Co.		USD	123		KRW	137,915		02/01/12		—
State Street Bank & Trust Co.		USD	125		KRW	140,920		02/01/12		—
State Street Bank & Trust Co.		USD	251		KRW	281,977		02/01/12		—
State Street Bank & Trust Co.		USD	289		KRW	324,109		02/01/12		—
State Street Bank & Trust Co.		USD	2,214		KRW	2,516,250		03/21/12		18
State Street Bank & Trust Co.		USD	1,105		MXN	15,025		03/21/12		43
State Street Bank & Trust Co.		USD	942		TRY	1,770		03/21/12		42
State Street Bank & Trust Co.		USD	53		ZAR	426		02/01/12		2
State Street Bank & Trust Co.		USD	17		ZAR	135		02/02/12		—
State Street Bank & Trust Co.		USD	27		ZAR	211		02/03/12		—
State Street Bank & Trust Co.		USD	101		ZAR	797		02/06/12		1
State Street Bank & Trust Co.		USD	54		ZAR	419		02/07/12		—
State Street Bank & Trust Co.		BRL	30		USD	17		02/01/12		—
State Street Bank & Trust Co.		BRL	118		USD	67		02/01/12		—
State Street Bank & Trust Co.		BRL	70		USD	40		02/02/12		—
State Street Bank & Trust Co.		BRL	100		USD	57		02/02/12		—
State Street Bank & Trust Co.		BRL	7,013		USD	4,032		02/02/12		19
State Street Bank & Trust Co.		HKD	89		USD	11		02/01/12		—
State Street Bank & Trust Co.		HKD	460		USD	59		02/01/12		—

See accompanying notes which are an integral part of this quarterly report.

Russell Emerging Markets Fund 67

Russell Investment Company

Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
State Street Bank & Trust Co.		HKD	58		USD	8		02/02/12		—
State Street Bank & Trust Co.		HKD	1,059		USD	136		02/02/12		—
State Street Bank & Trust Co.		HKD	9,000		USD	1,157		03/21/12		(4	)
State Street Bank & Trust Co.		HKD	15,000		USD	1,929		03/21/12		(5	)
State Street Bank & Trust Co.		IDR	105,101		USD	12		02/01/12		—
State Street Bank & Trust Co.		IDR	226,433		USD	25		02/01/12		—
State Street Bank & Trust Co.		IDR	1,522,981		USD	169		02/02/12		(1	)
State Street Bank & Trust Co.		INR	30,000		USD	558		03/21/12		(42	)
State Street Bank & Trust Co.		KRW	1,000,000		USD	860		03/21/12		(27	)
State Street Bank & Trust Co.		MXN	78		USD	6		02/01/12		—
State Street Bank & Trust Co.		MYR	26		USD	9		02/02/12		—
State Street Bank & Trust Co.		PLN	1,271		USD	396		02/01/12		2
State Street Bank & Trust Co.		THB	1,775		USD	57		02/01/12		—
State Street Bank & Trust Co.		THB	25,357		USD	809		02/01/12		(11	)
State Street Bank & Trust Co.		THB	1,884		USD	61		02/02/12		—
UBS AG		USD	65		ZAR	511		02/07/12		—
UBS AG		HKD	1,501		USD	194		02/02/12		—
UBS AG		MXN	236		USD	18		02/02/12		—
Westpac Banking Corp.		USD	3,405		HKD	26,450		03/21/12		6
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts										2,095

See accompanying notes which are an integral part of this quarterly report.

68 Russell Emerging Markets Fund

Russell Investment Company

Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Index Swaps
Fund Receives Underlying Security	Counterparty	Notional Amount		Terms	Termination Date	Market Value $
Bovespa Index Future	Goldman Sachs		BRL 25,278	Total Return of Underlying Security at Termination	02/15/12		1,327
Total Market Value of Open Index Swap Contracts Premiums Paid (Received) - $—(å)							1,327

See accompanying notes which are an integral part of this quarterly report.

Russell Emerging Markets Fund 69

Russell Investment Company

Russell Emerging Markets Fund

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3		Total
Common Stocks
Austria	$	1,286	$	—	$	—	$	1,286
Bermuda		22,417		—		—		22,417
Brazil		229,202		—		—		229,202
Canada		7,985		—		—		7,985
Cayman Islands		63,343		—		474		63,817
Chile		15,078		—		—		15,078
China		103,644		—		—		103,644
Colombia		12,273		—		—		12,273
Cyprus		1,187		—		430		1,617
Czech Republic		1,271		—		—		1,271
Egypt		7,428		—		—		7,428
Greece		1,740		—		—		1,740
Hong Kong		79,366		—		—		79,366
Hungary		10,403		—		—		10,403
India		74,955		—		—		74,955
Indonesia		71,708		—		—		71,708
Israel		1,356		—		—		1,356
Jersey		818		—		—		818
Kazakhstan		1,842		—		—		1,842
Luxembourg		30,945		—		—		30,945
Malaysia		22,360		—		—		22,360
Mexico		71,714		—		—		71,714
Nigeria		5,638		—		—		5,638
Panama		1,942		—		—		1,942
Peru		1,785		—		—		1,785
Philippines		20,681		—		—		20,681
Poland		19,106		—		—		19,106
Russia		137,109		—		1,671		138,780
Singapore		223		—		—		223
South Africa		107,440		—		—		107,440
South Korea		245,186		—		—		245,186
Taiwan		117,926		—		—		117,926
Thailand		57,110		—		—		57,110
Turkey		49,604		674		—		50,278
United Kingdom		43,382		—		23,827		67,209
United States		14,993		—		—		14,993
Zimbabwe		760		—		—		760
Preferred Stocks		49,080		—		—		49,080
Warrants & Rights		—		5,310		—		5,310
Certificates of Participation		—		6,088		10		6,098
Short-Term Investments		—		82,307		—		82,307
Other Securities		—		165,620		—		165,620
Total Investments		1,704,286		259,999		26,412		1,990,697
Other Financial Instruments
Futures Contracts		1,771		—		—		1,771
Foreign Currency Exchange Contracts		19		2,076		—		2,095
Index Swaps		—		1,327		—		1,327
Total Other Financial Instruments*	$	1,790	$	3,403	$	—	$	5,193

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

70 Russell Emerging Markets Fund

Russell Investment Company

Russell Emerging Markets Fund

Presentation of Portfolio Holdings, continued — January 31, 2012 (Unaudited)

Amounts in thousands

A reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining a value for the period ending January 31, 2012 were as follows:

Category and Subcategory	Beginning Balance 11/1/2011		Gross Purchases		Gross Sales		Realized Gain/(Loss)			Net Transfers into Level 3		Net Transfers out of Level 3		Net change in Unrealized Appreciation/ (Depreciation)			Ending Balance at 1/31/2012		Unrealized Appreciation/ (Depreciation) on Investments still held as of 1/31/2012
Common Stock
Cayman Islands	$	785	$	—	$	—	$	—		$	—	$	—	$	(311	)	$	474	$	311
Cyprus		525		—		—		—			—		—		(95	)		430		(95	)
Russia		498		1,064		149		21			—		—		237			1,671		237
South Korea		263		141		160		—			—		320		76			—		—
United Kingdom		25,832		—		847		(201	)		—		—		(957	)		23,827		(957	)
Certificates of Participation		11		—		—		—			—		—		(1	)		10		(1	)
Total Investments		27,914		1,205		1,156		(180	)		—		320		(1,051	)		26,412		(505	)

See accompanying notes which are an integral part of this quarterly report.

Russell Emerging Markets Fund 71

Russell Investment Company

Russell Tax-Managed U.S. Large Cap Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Common Stocks - 94.7%
Consumer Discretionary - 15.7%
Amazon.com, Inc. (Æ)(Ñ)		41,910		8,149
Apollo Group, Inc. Class A (Æ)(Ñ)		2,500		131
AutoZone, Inc. (Æ)		2,400		835
Bed Bath & Beyond, Inc. (Æ)(Ñ)		1,000		61
Carnival Corp. (Ñ)		9,200		278
CBS Corp. Class B		50,200		1,430
Coach, Inc.		34,500		2,417
Comcast Corp. Class A (Æ)		189,815		4,916
DR Horton, Inc. (Ñ)		11,200		156
eBay, Inc. (Æ)		82,430		2,605
Expedia, Inc. (Ñ)		3,400		110
Family Dollar Stores, Inc.		1,800		100
Ford Motor Co. (Ñ)		137,377		1,706
GameStop Corp. Class A (Ñ)		9,000		210
General Motors Co. (Æ)		98,400		2,364
Home Depot, Inc.		14,800		657
International Game Technology		8,900		142
Johnson Controls, Inc.		22,400		712
Kohl’s Corp.		46,209		2,125
Las Vegas Sands Corp.		55,800		2,740
Lennar Corp. Class A (Ñ)		2,800		60
Lowe’s Cos., Inc.		107,290		2,879
Macy’s, Inc.		12,500		421
Marriott International, Inc. Class A (Ñ)		5,700		196
Marriott Vacations Worldwide Corp. (Æ)(Ñ)		349		7
Mattel, Inc.		3,900		121
McDonald’s Corp.		7,700		763
Netflix, Inc. (Æ)(Ñ)		17,600		2,116
Nike, Inc. Class B		36,000		3,744
NVR, Inc. (Æ)		200		139
priceline.com, Inc. (Æ)		5,100		2,700
Royal Caribbean Cruises, Ltd.		8,100		220
Starbucks Corp.		105,300		5,047
Starwood Hotels & Resorts Worldwide, Inc. (Ñ)(ö)		37,710		2,045
Target Corp.		11,700		594
TE Connectivity, Ltd.		13,400		457
Time Warner, Inc.		82,800		3,069
TJX Cos., Inc.		10,500		715
TripAdvisor, Inc. (Æ)(Ñ)		3,400		112
VF Corp.		4,700		618
Viacom, Inc. Class B		59,300		2,789
VistaPrint NV (Æ)(Ñ)		17,540		628
WABCO Holdings, Inc. (Æ)		18,240		946
Wal-Mart Stores, Inc.		16,000		982
Walt Disney Co. (The)		7,200		280
Wyndham Worldwide Corp.		108,309		4,306
Yum! Brands, Inc.		63,450		4,018
				71,816
Consumer Staples - 6.1%
Altria Group, Inc.		6,800		193
Cia de Bebidas das Americas - ADR		70,750		2,575
Coca-Cola Co. (The)		70,300		4,747
Colgate-Palmolive Co.		32,090		2,911

	Principal Amount ($) or Shares		Market Value $
CVS Caremark Corp.		129,072		5,389
Dr Pepper Snapple Group, Inc. (Ñ)		9,700		376
General Mills, Inc.		21,600		860
Kimberly-Clark Corp.		4,500		322
Kraft Foods, Inc. Class A		54,900		2,103
Kroger Co. (The)		17,200		409
PepsiCo, Inc.		39,000		2,561
Philip Morris International, Inc.		28,500		2,131
Procter & Gamble Co. (The)		48,400		3,051
Sysco Corp. (Ñ)		9,400		283
				27,911
Energy - 11.6%
Anadarko Petroleum Corp.		6,380		515
Apache Corp.		55,983		5,536
Baker Hughes, Inc.		12,200		599
Cameron International Corp. (Æ)(Ñ)		36,036		1,917
Chevron Corp.		44,484		4,585
ConocoPhillips		27,400		1,869
Devon Energy Corp.		47,442		3,027
El Paso Corp.		149,216		4,009
EOG Resources, Inc.		1,500		159
Exxon Mobil Corp.		40,046		3,353
FMC Technologies, Inc. (Æ)(Ñ)		50,900		2,602
Halliburton Co.		84,416		3,105
Hess Corp.		4,400		248
Marathon Oil Corp.		22,200		697
Marathon Petroleum Corp.		4,000		153
National Oilwell Varco, Inc.		78,250		5,789
Noble Energy, Inc.		14,300		1,440
Occidental Petroleum Corp.		28,000		2,794
Royal Dutch Shell PLC - ADR (Æ)		11,896		849
Schlumberger, Ltd.		96,680		7,267
Southwestern Energy Co. (Æ)		52,800		1,644
Valero Energy Corp.		3,200		77
Williams Cos., Inc. (The)		19,500		562
WPX Energy Inc (Æ)(Ñ)		3,200		53
				52,849
Financial Services - 14.4%
ACE, Ltd.		35,322		2,458
Aflac, Inc. (Ñ)		5,500		265
Alexandria Real Estate Equities, Inc. (ö)		2,100		152
Allstate Corp. (The)		15,400		444
American Express Co.		19,500		978
American Tower Corp		2,400		152
Aon Corp.		36,400		1,763
Bank of America Corp.		117,500		838
Berkshire Hathaway, Inc. Class B (Æ)		10,100		792
BlackRock, Inc. Class A		1,700		309
Brandywine Realty Trust (ö)		13,800		147
Capital One Financial Corp.		23,500		1,075
Charles Schwab Corp. (The) (Ñ)		131,700		1,534
Citigroup, Inc.		118,200		3,631
CME Group, Inc. Class A		1,500		359
Discover Financial Services		8,700		237
Duke Realty Corp. (Ñ)(ö)		11,500		154

72 Russell Tax-Managed U.S. Large Cap Fund

Russell Investment Company

Russell Tax-Managed U.S. Large Cap Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
DuPont Fabros Technology, Inc. (Ñ)(ö)		3,000		77
Everest Re Group, Ltd.		2,300		196
Genworth Financial, Inc. Class A (Æ)		154,000		1,187
Goldman Sachs Group, Inc. (The)		41,106		4,582
Hartford Financial Services Group, Inc.		133,700		2,342
HCP, Inc. (ö)		2,100		88
IntercontinentalExchange, Inc. (Æ)		21,700		2,484
Invesco, Ltd.		28,400		641
JPMorgan Chase & Co.		124,449		4,642
Loews Corp.		43,700		1,631
Mastercard, Inc. Class A		8,461		3,009
MetLife, Inc.		170,598		6,027
Morgan Stanley (Ñ)		17,300		323
ProLogis, Inc. (ö)		9,600		304
Prudential Financial, Inc.		13,400		767
Regency Centers Corp. (ö)		2,800		116
Senior Housing Properties Trust (ö)		21,000		476
Simon Property Group, Inc. (ö)		4,268		580
State Street Corp.		73,330		2,873
SunTrust Banks, Inc.		6,200		128
Unum Group		87,200		1,991
US Bancorp		23,200		655
Ventas, Inc. (Ñ)(ö)		4,400		257
Visa, Inc. Class A		82,405		8,293
Wells Fargo & Co.		235,632		6,883
				65,840
Health Care - 13.8%
Abbott Laboratories		78,685		4,261
Aetna, Inc.		4,000		175
Alexion Pharmaceuticals, Inc. (Æ)		47,700		3,661
Allergan, Inc.		32,300		2,840
Amgen, Inc.		24,704		1,678
Baxter International, Inc.		4,800		266
Becton Dickinson and Co.		5,200		408
Biogen Idec, Inc. (Æ)		10,500		1,238
Cardinal Health, Inc.		1,000		43
Celgene Corp. (Æ)		19,500		1,418
Cerner Corp. (Æ)		40,260		2,451
Covidien PLC		88,848		4,576
Dentsply International, Inc. (Ñ)		35,190		1,328
Express Scripts, Inc. Class A (Æ)(Ñ)		38,099		1,949
Humana, Inc.		9,800		872
Illumina, Inc. (Æ)(Ñ)		32,400		1,677
Intuitive Surgical, Inc. (Æ)		8,260		3,799
Johnson & Johnson		6,584		434
McKesson Corp.		8,800		719
Merck & Co., Inc.		109,700		4,197
Mylan, Inc. (Æ)		125,960		2,614
Novo Nordisk A/S - ADR		16,120		1,921
PerkinElmer, Inc. (Ñ)		2,100		50
Perrigo Co. (Ñ)		13,120		1,254
Pfizer, Inc.		225,000		4,815
Regeneron Pharmaceuticals, Inc. (Æ)(Ñ)		28,900		2,626
Sanofi - ADR		77,800		2,889
Teva Pharmaceutical Industries, Ltd. - ADR		36,700		1,656
Thermo Fisher Scientific, Inc. (Æ)		57,364		3,035

	Principal Amount ($) or Shares		Market Value $
UnitedHealth Group, Inc.		73,228		3,792
Vertex Pharmaceuticals, Inc. (Æ)		6,600		244
				62,886
Materials and Processing - 5.5%
Air Products & Chemicals, Inc.		8,800		775
Alcoa, Inc. (Ñ)		21,400		217
AngloGold Ashanti, Ltd. - ADR		68,400		3,133
Ball Corp.		6,500		255
Barrick Gold Corp.		48,200		2,374
CF Industries Holdings, Inc. (Ñ)		2,500		444
Dow Chemical Co. (The) (Ñ)		9,600		322
Ecolab, Inc. (Ñ)		42,850		2,590
EI du Pont de Nemours & Co.		32,500		1,654
Freeport-McMoRan Copper & Gold, Inc.		17,900		827
Monsanto Co.		34,220		2,808
Mosaic Co. (The)		62,863		3,518
Newmont Mining Corp.		4,800		295
PPG Industries, Inc.		4,400		394
Praxair, Inc.		50,614		5,375
				24,981
Producer Durables - 8.4%
3M Co.		10,900		945
Accenture PLC Class A (Ñ)		8,800		505
Automatic Data Processing, Inc.		45,700		2,503
CSX Corp.		145,431		3,280
Danone - ADR (Ñ)		147,040		1,823
Deere & Co.		1,500		129
Emerson Electric Co.		27,800		1,428
FedEx Corp. (Ñ)		1,300		119
Fluor Corp.		16,000		900
General Electric Co.		125,000		2,339
Genpact, Ltd. (Æ)		4,800		70
Honeywell International, Inc.		15,900		923
Ingersoll-Rand PLC		30,800		1,076
Joy Global, Inc.		10,810		980
Norfolk Southern Corp.		12,500		903
PACCAR, Inc.		53,100		2,347
Parker Hannifin Corp.		800		65
Pitney Bowes, Inc. (Ñ)		46,600		884
Raytheon Co.		28,000		1,344
Textron, Inc. (Ñ)		4,000		102
Tyco International, Ltd.		56,743		2,891
Union Pacific Corp.		28,100		3,212
United Parcel Service, Inc. Class B (Ñ)		36,036		2,726
United Technologies Corp.		57,946		4,540
WW Grainger, Inc.		13,500		2,575
				38,609
Technology - 16.3%
Adobe Systems, Inc. (Æ)(Ñ)		11,900		368
Altera Corp.		12,500		497
Apple, Inc. (Æ)		34,980		15,968
Applied Materials, Inc.		100		1
ASML Holding NV Class G		54,000		2,321

Russell Tax-Managed U.S. Large Cap Fund 73

Russell Investment Company

Russell Tax-Managed U.S. Large Cap Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Broadcom Corp. Class A		8,900		306
CA, Inc.		151,600		3,908
Cisco Systems, Inc.		188,800		3,706
Cognizant Technology Solutions Corp. Class A (Æ)		11,600		832
Corning, Inc.		16,800		216
Crown Castle International Corp. (Æ)(Ñ)		5,400		262
EMC Corp. (Æ)(Ñ)		30,600		788
F5 Networks, Inc. (Æ)		25,100		3,005
Freescale Semiconductor Holdings I, Ltd. (Æ)(Ñ)		14,600		233
Google, Inc. Class A (Æ)		15,130		8,777
Hewlett-Packard Co.		10,400		291
International Business Machines Corp.		27,513		5,299
Juniper Networks, Inc. (Æ)		6,200		130
Lam Research Corp. (Æ)(Ñ)		9,600		409
Marvell Technology Group, Ltd. (Æ)		18,800		292
Microsoft Corp.		194,500		5,744
Motorola Solutions, Inc.		28,300		1,313
NetApp, Inc. (Æ)		300		11
Novellus Systems, Inc. (Æ)(Ñ)		6,600		311
OpenTable, Inc. (Æ)(Ñ)		12,300		593
Oracle Corp.		139,072		3,922
QUALCOMM, Inc.		97,000		5,706
Red Hat, Inc. (Æ)(Ñ)		47,390		2,198
Salesforce.com, Inc. (Æ)(Ñ)		48,330		5,645
SanDisk Corp. (Æ)		7,300		335
Texas Instruments, Inc.		10,700		346
Xilinx, Inc. (Ñ)		20,800		746
Yahoo!, Inc. (Æ)		8,200		127
Zynga, Inc. Class A (Æ)(Ñ)		3,700		39
				74,645
Utilities - 2.9%
AGL Resources, Inc.		12,000		498
Ameren Corp.		2,400		76
American Electric Power Co., Inc.		13,700		542
AT&T, Inc.		35,856		1,055
Canadian Natural Resources, Ltd.		50,000		1,981
CenterPoint Energy, Inc.		10,400		192
CMS Energy Corp. (Ñ)		13,500		295
Constellation Energy Group, Inc.		4,200		153
Dominion Resources, Inc.		3,100		155
DTE Energy Co.		1,800		96
Exelon Corp.		2,500		99
FirstEnergy Corp.		2,900		122
NextEra Energy, Inc. (Ñ)		15,200		910
Northeast Utilities		12,300		427
NRG Energy, Inc. (Æ)(Ñ)		36,100		609
NV Energy, Inc.		18,100		293
OGE Energy Corp. (Ñ)		2,500		132
ONEOK, Inc.		1,300		108
PG&E Corp. (Ñ)		6,100		248
PPL Corp. (Ñ)		21,700		603
Sprint Nextel Corp. (Æ)		62,500		133

	Principal Amount ($) or Shares			Market Value $
Talisman Energy, Inc.		179,000			2,134
Verizon Communications, Inc.		57,500			2,165
					13,026
Total Common Stocks (cost $339,113)					432,563
Short-Term Investments - 5.1%
Russell U.S. Cash Management Fund		23,606,778	(¥)		23,607
Total Short-Term Investments (cost $23,607)					23,607
Other Securities - 3.1%
Russell Investment Company Liquidating Trust (×)		591,954	(¥)		602
Russell U.S. Cash Collateral Fund (×)		13,448,556	(¥)		13,449
Total Other Securities (cost $14,041)					14,051
Total Investments - 102.9% (identified cost $376,761)					470,221
Other Assets and Liabilities, Net - (2.9%)					(13,307	)
Net Assets - 100.0%					456,914

See accompanying notes which are an integral part of this quarterly report.

74 Russell Tax-Managed U.S. Large Cap Fund

Russell Investment Company

Russell Tax-Managed U.S. Large Cap Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
S&P 500 E-Mini Index Futures (CME)		105		USD	6,868		03/12		215
S&P 500 Index Futures (CME)		14		USD	4,579		03/12		211
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									426

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	71,816	$	—	$	—	$	71,816
Consumer Staples		27,911		—		—		27,911
Energy		52,849		—		—		52,849
Financial Services		65,840		—		—		65,840
Health Care		62,886		—		—		62,886
Materials and Processing		24,981		—		—		24,981
Producer Durables		38,609		—		—		38,609
Technology		74,645		—		—		74,645
Utilities		13,026		—		—		13,026
Short-Term Investments		—		23,607		—		23,607
Other Securities		—		14,051		—		14,051
Total Investments		432,563		37,658		—		470,221
Other Financial Instruments
Futures Contracts		426		—		—		426
Total Other Financial Instruments*	$	426	$	—	$	—	$	426

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

Russell Tax-Managed U.S. Large Cap Fund 75

Russell Investment Company

Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Common Stocks - 95.7%
Consumer Discretionary - 16.7%
1-800-Flowers.com, Inc. Class A (Æ)		1,461		4
Aaron’s, Inc. Class A		25,259		672
Abercrombie & Fitch Co. Class A		7,145		328
Aeropostale, Inc. (Æ)(Ñ)		6,007		98
American Public Education, Inc. (Æ)(Ñ)		2,054		83
Amerigon, Inc. (Æ)(Ñ)		57,940		889
ANN, Inc. (Æ)(Ñ)		20,873		506
Arbitron, Inc.		13,531		483
Barnes & Noble, Inc. (Æ)(Ñ)		7,464		90
Beazer Homes USA, Inc. (Æ)(Ñ)		22,791		70
Biglari Holdings, Inc. (Æ)		264		105
BJ’s Restaurants, Inc. (Æ)		12,600		630
Body Central Corp. (Æ)		18,000		484
Bravo Brio Restaurant Group, Inc. (Æ)		15,796		304
Brinker International, Inc. (Ñ)		7,033		182
Buffalo Wild Wings, Inc. (Æ)		11,100		739
Cabela’s, Inc. (Æ)		19,428		507
Callaway Golf Co. (Ñ)		14,281		96
Capella Education Co. (Æ)		11,494		487
Caribou Coffee Co., Inc. (Æ)(Ñ)		18,425		312
CarMax, Inc. (Æ)(Ñ)		6,268		191
Carter’s, Inc. (Æ)		12,280		515
Cato Corp. (The) Class A		21,680		581
Cedar Fair, LP		1,871		48
Cheesecake Factory, Inc. (The) (Æ)(Ñ)		14,850		439
Chico’s FAS, Inc.		11,111		127
Coinstar, Inc. (Æ)(Ñ)		10,419		518
Cooper Tire & Rubber Co. (Ñ)		17,050		257
Crocs, Inc. (Æ)		14,490		276
Dana Holding Corp.		9,122		135
Domino’s Pizza, Inc. (Æ)		18,347		599
Dorman Products, Inc. (Æ)		2,000		87
DR Horton, Inc. (Ñ)		8,130		113
Ethan Allen Interiors, Inc.		23,009		543
Fossil, Inc. (Æ)(Ñ)		2,980		283
Gannett Co., Inc. (Ñ)		6,655		94
Gaylord Entertainment Co. (Æ)(Ñ)		4,050		114
Gentex Corp.		6,490		174
Goodyear Tire & Rubber Co. (The) (Æ)(Ñ)		4,677		61
Grand Canyon Education, Inc. (Æ)(Ñ)		4,828		81
Hanesbrands, Inc. (Æ)(Ñ)		2,562		63
Hertz Global Holdings, Inc. (Æ)		12,338		168
Hibbett Sports, Inc. (Æ)(Ñ)		24,600		1,179
Iconix Brand Group, Inc. (Æ)(Ñ)		5,890		108
Interpublic Group of Cos., Inc. (The)		14,186		147
Jack in the Box, Inc. (Æ)		17,445		370
John Wiley & Sons, Inc. Class A		3,050		138
K12, Inc. (Æ)(Ñ)		17,400		390
Lamar Advertising Co. Class A (Æ)(Ñ)		2,710		78
Liberty Media Corp. - Liberty Capital Class A (Æ)		1,049		86
Life Time Fitness, Inc. (Æ)(Ñ)		2,427		119
LKQ Corp. (Æ)		43,800		1,428
Lululemon Athletica, Inc. (Æ)(Ñ)		5,270		333
Matthews International Corp. Class A (Ñ)		10,100		333

	Principal Amount ($) or Shares		Market Value $
Meredith Corp. (Ñ)		16,175		509
Monro Muffler Brake, Inc. (Ñ)		22,150		929
Nutrisystem, Inc. (Ñ)		8,434		100
Penn National Gaming, Inc. (Æ)(Ñ)		4,710		193
Pool Corp. (Ñ)		5,175		176
PulteGroup, Inc. (Æ)(Ñ)		13,601		101
PVH Corp.		1,437		111
Red Robin Gourmet Burgers, Inc. (Æ)		2,331		72
Ross Stores, Inc.		3,131		159
Scientific Games Corp. Class A (Æ)		34,890		390
Service Corp. International		12,050		134
Shoe Carnival, Inc. (Æ)		4,376		111
Shutterfly, Inc. (Æ)		8,000		190
Signet Jewelers, Ltd.		3,997		182
Snap-on, Inc.		8,445		477
Steven Madden, Ltd. (Æ)(Ñ)		11,445		471
Teavana Holdings, Inc. (Æ)(Ñ)		45,930		872
Tenneco, Inc. (Æ)(Ñ)		17,583		564
Tiffany & Co.		1,713		109
TiVo, Inc. (Æ)(Ñ)		8,638		90
Tractor Supply Co.		10,235		827
Tupperware Brands Corp.		3,498		220
Under Armour, Inc. Class A (Æ)(Ñ)		1,650		131
ValueClick, Inc. (Æ)		40,446		705
Vera Bradley, Inc. (Æ)(Ñ)		6,550		235
Weyco Group, Inc. (Ñ)		1,174		30
Wolverine World Wide, Inc.		2,368		93
World Wrestling Entertainment, Inc. Class A (Ñ)		4,575		43
Wyndham Worldwide Corp. (Ñ)		5,420		216
				25,685
Consumer Staples - 3.6%
Casey’s General Stores, Inc.		15,672		798
Constellation Brands, Inc. Class A (Æ)		3,659		77
Flowers Foods, Inc. (Ñ)		21,569		417
Fresh Market, Inc. (The) (Æ)(Ñ)		6,970		300
Hain Celestial Group, Inc. (The) (Æ)		11,604		448
Herbalife, Ltd.		1,923		111
JM Smucker Co. (The)		1,628		128
Monster Beverage Corp (Æ)		2,022		211
Peet’s Coffee & Tea, Inc. (Æ)		12,400		754
Primo Water Corp. (Æ)(Ñ)		30,290		89
Ralcorp Holdings, Inc. (Æ)		2,473		216
Ruddick Corp.		4,139		167
TreeHouse Foods, Inc. (Æ)(Ñ)		20,760		1,174
United Natural Foods, Inc. (Æ)		12,930		570
Vector Group, Ltd.		2,637		46
				5,506
Energy - 4.0%
Alpha Natural Resources, Inc. (Æ)		12,280		247
Atwood Oceanics, Inc. (Æ)		9,170		422
Bill Barrett Corp. (Æ)(Ñ)		11,943		330
Cabot Oil & Gas Corp.		14,854		474
Complete Production Services, Inc. (Æ)		1,606		54
Core Laboratories NV (Ñ)		1,900		202

76 Russell Tax-Managed U.S. Mid & Small Cap Fund

Russell Investment Company

Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Dril-Quip, Inc. (Æ)		9,000		594
Exterran Holdings, Inc. (Æ)(Ñ)		5,964		55
ION Geophysical Corp. (Æ)(Ñ)		36,341		270
Kodiak Oil & Gas Corp. (Æ)		5,123		46
Lufkin Industries, Inc.		2,406		181
North American Energy Partners, Inc. (Æ)		28,564		182
Northern Oil and Gas, Inc. (Æ)(Ñ)		9,730		243
Oceaneering International, Inc.		3,328		162
Oil States International, Inc. (Æ)		2,698		215
Plains Exploration & Production Co. (Æ)		3,280		124
Rosetta Resources, Inc. (Æ)		3,716		178
SandRidge Energy, Inc. (Æ)(Ñ)		13,772		107
Superior Energy Services, Inc. (Æ)(Ñ)		17,417		497
Tesoro Corp. (Æ)		6,407		160
Tetra Technologies, Inc. (Æ)		7,629		71
Walter Energy, Inc. Class A		5,598		387
Whiting Petroleum Corp. (Æ)		15,010		752
World Fuel Services Corp.		4,108		186
				6,139
Financial Services - 17.5%
Advent Software, Inc. (Æ)(Ñ)		32,400		851
Affiliated Managers Group, Inc. (Æ)		3,150		317
American Campus Communities, Inc. (ö)		15,939		682
American Equity Investment Life Holding Co. (Ñ)		57,023		657
Apollo Investment Corp.		3,000		23
Ares Capital Corp.		10,550		167
Argo Group International Holdings, Ltd.		17,878		515
Assured Guaranty, Ltd.		7,127		111
Astoria Financial Corp. (Ñ)		16,210		135
Axis Capital Holdings, Ltd.		5,601		172
Banco Latinoamericano de Comercio Exterior SA Class E		6,718		124
Bank of Hawaii Corp. (Ñ)		8,637		395
Bank of the Ozarks, Inc. (Ñ)		22,960		643
BioMed Realty Trust, Inc. (Ñ)(ö)		16,835		313
Broadridge Financial Solutions, Inc.		5,818		139
Brookline Bancorp, Inc.		4,655		43
Camden Property Trust (ö)		3,363		217
Cash America International, Inc. (Ñ)		2,112		93
CBL & Associates Properties, Inc. (Ñ)(ö)		5,858		102
CBOE Holdings, Inc. (Ñ)		3,885		99
CBRE Group, Inc. Class A (Æ)		24,728		477
Cedar Realty Trust, Inc. (Ñ)(ö)		51,949		259
Cogdell Spencer, Inc. (Ñ)(ö)		23,820		101
Columbia Banking System, Inc. (Ñ)		5,350		112
Community Bank System, Inc. (Ñ)		18,561		508
CreXus Investment Corp. (Ñ)(ö)		10,850		120
CVB Financial Corp. (Ñ)		10,947		115
Delphi Financial Group, Inc. Class A		4,582		204
DuPont Fabros Technology, Inc. (Ñ)(ö)		14,675		374
East West Bancorp, Inc.		14,440		317
Endurance Specialty Holdings, Ltd.		7,021		263
Equifax, Inc.		9,439		368
Extra Space Storage, Inc. (ö)		6,553		172
Ezcorp, Inc. Class A (Æ)		30,770		825

	Principal Amount ($) or Shares		Market Value $
Fair Isaac Corp.		19,805		718
Federal Agricultural Mortgage Corp. Class C		6,190		120
Federal Realty Investment Trust (Ñ)(ö)		2,477		234
FelCor Lodging Trust, Inc. (Æ)(Ñ)(ö)		96,978		370
Fidelity National Financial, Inc. Class A		8,883		162
First Financial Bankshares, Inc. (Ñ)		12,610		430
First Industrial Realty Trust, Inc. (Æ)(ö)		45,427		522
FNB Corp. (Ñ)		40,950		480
Glacier Bancorp, Inc. (Ñ)		37,110		518
Hanover Insurance Group, Inc. (The)		12,728		463
Health Care REIT, Inc. (ö)		2,607		149
Healthcare Realty Trust, Inc. (Ñ)(ö)		21,925		462
Higher One Holdings, Inc. (Æ)(Ñ)		26,000		440
Home Properties, Inc. (Ñ)(ö)		7,602		453
Hudson City Bancorp, Inc. (Ñ)		16,855		113
Huntington Bancshares, Inc.		18,060		103
Iberiabank Corp. (Ñ)		2,759		144
Inland Real Estate Corp. (ö)		14,388		123
iStar Financial, Inc. (Æ)(Ñ)(ö)		15,472		108
Jefferies Group, Inc. (Ñ)		6,043		92
Kayne Anderson Energy Development Co.		5,082		114
KeyCorp		15,208		118
Macerich Co. (The) (ö)		2,415		131
Manning & Napier, Inc. Class A (Æ)(Ñ)		5,718		76
Markel Corp. (Æ)		428		173
MarketAxess Holdings, Inc.		11,160		347
MBIA, Inc. (Æ)(Ñ)		8,108		100
MGIC Investment Corp. (Æ)(Ñ)		86,064		326
Mid-America Apartment Communities, Inc. (ö)		17,332		1,108
MSCI, Inc. Class A (Æ)		2,915		95
National Health Investors, Inc. (Ñ)(ö)		8,266		400
Navigators Group, Inc. (The) (Æ)(Ñ)		2,383		114
Old National Bancorp		38,040		448
Oritani Financial Corp. (Ñ)		9,092		118
PacWest Bancorp (Ñ)		5,060		108
Post Properties, Inc. (ö)		3,920		175
Prosperity Bancshares, Inc. (Ñ)		11,119		462
PS Business Parks, Inc. (ö)		7,750		482
Raymond James Financial, Inc.		4,948		173
Reinsurance Group of America, Inc. Class A		2,243		122
Resource Capital Corp. (ö)		18,643		109
Selective Insurance Group, Inc. (Ñ)		52,820		950
Signature Bank NY (Æ)(Ñ)		11,711		681
SL Green Realty Corp. (Ñ)(ö)		1,767		130
Sun Communities, Inc. (ö)		24,162		969
Tanger Factory Outlet Centers (ö)		6,269		185
Two Harbors Investment Corp. (ö)		6,804		68
UMB Financial Corp.		6,975		269
Umpqua Holdings Corp. (Ñ)		8,134		99
United Bankshares, Inc. (Ñ)		10,970		306
Valley National Bancorp (Ñ)		35,663		425
Ventas, Inc. (ö)		2,794		163
Waddell & Reed Financial, Inc. Class A		5,063		139
Walter Investment Management Corp.		1,722		32

Russell Tax-Managed U.S. Mid & Small Cap Fund 77

Russell Investment Company

Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Webster Financial Corp. (Ñ)		18,578		394
Westamerica Bancorporation (Ñ)		7,283		338
Westwood Holdings Group, Inc.		2,364		94
WSFS Financial Corp.		2,808		109
Zions Bancorporation		6,307		106
				26,973
Health Care - 11.6%
Akorn, Inc. (Æ)		13,860		159
Alexion Pharmaceuticals, Inc. (Æ)		1,299		100
Align Technology, Inc. (Æ)(Ñ)		6,834		161
Allscripts Healthcare Solutions, Inc. (Æ)		6,952		133
AMERIGROUP Corp. Class A (Æ)(Ñ)		4,415		300
Amylin Pharmaceuticals, Inc. (Æ)(Ñ)		6,453		92
Ariad Pharmaceuticals, Inc. (Æ)		5,879		87
BioMarin Pharmaceutical, Inc. (Æ)(Ñ)		11,297		403
Bio-Reference Labs, Inc. (Æ)(Ñ)		28,608		554
Catalyst Health Solutions, Inc. (Æ)		12,600		690
Celldex Therapeutics, Inc. (Æ)		19,172		91
Chemed Corp. (Ñ)		7,698		432
Conceptus, Inc. (Æ)(Ñ)		6,513		81
Cooper Cos., Inc. (The)		2,326		168
Covance, Inc. (Æ)(Ñ)		2,834		124
Cubist Pharmaceuticals, Inc. (Æ)(Ñ)		5,760		235
Endo Pharmaceuticals Holdings, Inc. (Æ)		2,970		110
Greatbatch, Inc. (Æ)		17,996		421
Haemonetics Corp. (Æ)(Ñ)		15,532		1,009
Hanger Orthopedic Group, Inc. (Æ)(Ñ)		7,750		152
HealthSouth Corp. (Æ)		3,847		74
Henry Schein, Inc. (Æ)(Ñ)		1,797		127
HMS Holdings Corp. (Æ)		37,200		1,228
Hologic, Inc. (Æ)		9,896		202
Human Genome Sciences, Inc. (Æ)(Ñ)		6,757		66
IPC The Hospitalist Co., Inc. (Æ)(Ñ)		11,122		375
Isis Pharmaceuticals, Inc. (Æ)(Ñ)		9,116		74
Kindred Healthcare, Inc. (Æ)(Ñ)		12,780		157
LifePoint Hospitals, Inc. (Æ)		9,464		380
Magellan Health Services, Inc. (Æ)		7,596		371
MedAssets, Inc. (Æ)		6,646		70
Mednax, Inc. (Æ)(Ñ)		2,682		191
Meridian Bioscience, Inc. (Ñ)		4,609		80
Merit Medical Systems, Inc. (Æ)		35,553		502
MWI Veterinary Supply, Inc. (Æ)(Ñ)		17,687		1,389
Neogen Corp. (Æ)		8,200		267
Omnicell, Inc. (Æ)		8,346		129
Onyx Pharmaceuticals, Inc. (Æ)(Ñ)		7,580		310
Orexigen Therapeutics, Inc. (Æ)(Ñ)		26,292		72
Orthofix International NV (Æ)		3,868		155
PSS World Medical, Inc. (Æ)(Ñ)		14,728		357
Quality Systems, Inc. (Ñ)		2,976		121
Questcor Pharmaceuticals, Inc. (Æ)(Ñ)		5,800		206
Regeneron Pharmaceuticals, Inc. (Æ)(Ñ)		204		19
Salix Pharmaceuticals, Ltd. (Æ)		5,430		262
Seattle Genetics, Inc. (Æ)(Ñ)		4,553		86
Sunrise Senior Living, Inc. (Æ)(Ñ)		75,880		540
SXC Health Solutions Corp. (Æ)		19,680		1,241
Synovis Life Technologies, Inc. (Æ)		14,800		414

	Principal Amount ($) or Shares		Market Value $
Tenet Healthcare Corp. (Æ)(Ñ)		19,776		105
Transcend Services, Inc. (Æ)(Ñ)		22,886		568
Universal Health Services, Inc. Class B		4,280		177
US Physical Therapy, Inc.		24,333		496
VCA Antech, Inc. (Æ)(Ñ)		5,160		115
Viropharma, Inc. (Æ)(Ñ)		6,312		188
Watson Pharmaceuticals, Inc. Class B (Æ)		2,279		134
WellCare Health Plans, Inc. (Æ)		5,860		350
Wright Medical Group, Inc. (Æ)(Ñ)		36,475		618
Zoll Medical Corp. (Æ)		2,656		182
				17,900
Materials and Processing - 5.8%
AAON, Inc. (Ñ)		7,211		146
Acuity Brands, Inc.		4,445		259
Airgas, Inc.		2,964		234
Albemarle Corp.		5,120		329
Allied Nevada Gold Corp. (Æ)(Ñ)		3,643		131
Ashland, Inc.		1,528		96
Balchem Corp.		14,100		534
Ball Corp.		4,470		176
Belden, Inc.		3,830		150
Carpenter Technology Corp.		9,881		519
Clarcor, Inc.		9,875		508
Coeur d’Alene Mines Corp. (Æ)		2,755		76
Compass Minerals International, Inc.		7,268		531
Crown Holdings, Inc. (Æ)		15,653		565
Eagle Materials, Inc.		4,568		134
Eastman Chemical Co.		2,988		150
Gibraltar Industries, Inc. (Æ)		23,198		364
Horsehead Holding Corp. (Æ)(Ñ)		11,069		120
Interline Brands, Inc. (Æ)		18,189		309
Intrepid Potash, Inc. (Æ)		17,325		414
Koppers Holdings, Inc.		15,575		592
Lennox International, Inc. (Ñ)		3,585		130
Minerals Technologies, Inc.		4,361		277
Owens Corning (Æ)		15,717		530
Packaging Corp. of America		5,026		141
Rockwood Holdings, Inc. (Æ)		6,020		304
RPM International, Inc.		8,007		200
Solutia, Inc. (Ñ)		4,502		124
Sonoco Products Co.		3,910		122
Steel Dynamics, Inc.		7,619		122
Stillwater Mining Co. (Æ)		4,686		60
Temple-Inland, Inc.		3,056		98
Timken Co.		2,910		142
Universal Forest Products, Inc. (Ñ)		2,625		83
WR Grace & Co. (Æ)		3,939		211
				8,881
Producer Durables - 15.7%
Accuride Corp. (Æ)(Ñ)		94,497		708
Actuant Corp. Class A (Ñ)		20,095		509
Advisory Board Co. (The) (Æ)		20,627		1,573
AECOM Technology Corp. (Æ)		5,153		118
Allegiant Travel Co. Class A (Æ)(Ñ)		2,304		127
Ametek, Inc.		9,137		429

78 Russell Tax-Managed U.S. Mid & Small Cap Fund

Russell Investment Company

Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Applied Industrial Technologies, Inc. (Ñ)		4,854		187
Arkansas Best Corp.		12,675		230
Babcock & Wilcox Co. (The) (Æ)		4,380		109
Barnes Group, Inc.		25,834		653
Bristow Group, Inc.		18,259		896
Carlisle Cos., Inc.		3,361		160
CDI Corp.		6,882		103
Celadon Group, Inc.		5,958		89
Chart Industries, Inc. (Æ)		7,380		412
Chicago Bridge & Iron Co. NV		2,329		99
Colfax Corp. (Æ)		6,780		206
Commercial Vehicle Group, Inc. (Æ)(Ñ)		39,531		495
Con-way, Inc.		3,100		98
Corporate Executive Board Co. (The)		10,775		424
Corrections Corp. of America (Æ)		6,957		164
CoStar Group, Inc. (Æ)		10,500		595
Echo Global Logistics, Inc. (Æ)		51,400		861
EnPro Industries, Inc. (Æ)		10,220		361
ExlService Holdings, Inc. (Æ)		49,428		1,193
Forward Air Corp. (Ñ)		3,059		107
Franklin Electric Co., Inc. (Ñ)		9,280		465
Gardner Denver, Inc.		7,347		548
GATX Corp.		15,325		658
Genesee & Wyoming, Inc. Class A (Æ)		8,826		548
GrafTech International, Ltd. (Æ)(Ñ)		8,620		142
HEICO Corp. (Ñ)		3,109		173
Heidrick & Struggles International, Inc.		14,900		328
Herman Miller, Inc.		16,034		339
HNI Corp. (Ñ)		4,654		126
InnerWorkings, Inc. (Æ)(Ñ)		11,600		128
Itron, Inc. (Æ)		2,554		99
Kansas City Southern (Æ)		2,952		203
KBR, Inc.		6,364		205
Knightsbridge Tankers, Ltd. (Æ)		2,589		39
Layne Christensen Co. (Æ)		2,855		66
Littelfuse, Inc. (Ñ)		2,943		149
Manitowoc Co., Inc. (The) (Ñ)		5,493		74
MAXIMUS, Inc. (Ñ)		4,115		185
Mettler-Toledo International, Inc. (Æ)(Ñ)		678		119
Mistras Group, Inc. (Æ)(Ñ)		37,535		845
Monster Worldwide, Inc. (Æ)(Ñ)		8,522		61
Navigant Consulting, Inc. (Æ)		6,034		77
Navistar International Corp. (Æ)		1,985		86
Nordic American Tanker Shipping		4,640		64
Old Dominion Freight Line, Inc. (Æ)		21,245		905
Orbital Sciences Corp. (Æ)		7,204		104
Oshkosh Corp. (Æ)		3,884		94
Pall Corp.		2,401		143
Pentair, Inc. (Ñ)		5,262		194
Quanta Services, Inc. (Æ)		4,294		93
Robbins & Myers, Inc.		13,854		673
Robert Half International, Inc. (Ñ)		4,436		123
SkyWest, Inc.		5,094		65
SunOpta, Inc. (Æ)(Ñ)		54,129		264
Taser International, Inc. (Æ)(Ñ)		14,055		67
Terex Corp. (Æ)(Ñ)		4,352		86
Tetra Tech, Inc. (Æ)		4,369		101

	Principal Amount ($) or Shares		Market Value $
Titan International, Inc. (Ñ)		25,769		622
Toro Co. (The)		11,125		705
TransDigm Group, Inc. (Æ)		2,160		226
Trimas Corp. (Æ)		19,224		417
Trimble Navigation, Ltd. (Æ)		2,554		120
Trinity Industries, Inc.		3,212		101
United Rentals, Inc. (Æ)(Ñ)		22,293		853
United Stationers, Inc. (Ñ)		21,900		708
Wabtec Corp.		8,813		606
WESCO International, Inc. (Æ)(Ñ)		3,158		199
Woodward, Inc.		3,350		141
				24,243
Technology - 17.8%
AboveNet, Inc. (Æ)(Ñ)		8,475		563
Acme Packet, Inc. (Æ)(Ñ)		9,830		287
Active Network, Inc. (The) (Æ)(Ñ)		16,510		246
Amtech Systems, Inc. (Æ)		6,806		69
Anixter International, Inc. (Æ)		7,270		476
Ansys, Inc. (Æ)		20,858		1,262
AOL, Inc. (Æ)(Ñ)		5,211		84
Applied Micro Circuits Corp. (Æ)		13,404		105
Ariba, Inc. (Æ)		5,990		164
Aruba Networks, Inc. (Æ)(Ñ)		11,430		254
Atmel Corp. (Æ)		16,416		159
Avago Technologies, Ltd.		10,150		345
Avnet, Inc. (Æ)		5,180		181
Blue Coat Systems, Inc. (Æ)		3,003		77
Bottomline Technologies, Inc. (Æ)		25,588		700
Brocade Communications Systems, Inc. (Æ)		11,965		67
Cavium, Inc. (Æ)(Ñ)		23,200		746
Ceva, Inc. (Æ)(Ñ)		11,060		299
CIBER, Inc. (Æ)(Ñ)		92,093		401
comScore, Inc. (Æ)(Ñ)		33,182		735
Cypress Semiconductor Corp.		17,060		293
DealerTrack Holdings, Inc. (Æ)		48,700		1,331
Digimarc Corp. (Æ)		13,040		345
Diodes, Inc. (Æ)(Ñ)		13,312		343
DynaVox, Inc. Class A (Æ)(Ñ)		1,753		7
Earthlink, Inc. (Ñ)		116,203		838
Ebix, Inc. (Ñ)		20,200		501
Ellie Mae, Inc. (Æ)		39,800		234
Emulex Corp. (Æ)		35,900		375
Entegris, Inc. (Æ)(Ñ)		53,922		517
Equinix, Inc. (Æ)		1,142		137
Fairchild Semiconductor International, Inc. Class A (Æ)		31,841		445
FEI Co. (Æ)(Ñ)		5,700		251
Fortinet, Inc. (Æ)		9,260		211
Integrated Device Technology, Inc. (Æ)		71,263		452
Interactive Intelligence Group, Inc. (Æ)(Ñ)		22,290		575
Intermolecular, Inc. (Æ)(Ñ)		20,710		174
IPG Photonics Corp. (Æ)(Ñ)		1,991		105
J2 Global Inc. (Æ)(Ñ)		19,860		535
Jabil Circuit, Inc.		7,013		159
JDS Uniphase Corp. (Æ)		5,603		71
Keynote Systems, Inc.		16,510		323

Russell Tax-Managed U.S. Mid & Small Cap Fund 79

Russell Investment Company

Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Lam Research Corp. (Æ)(Ñ)		6,080		259
LinkedIn Corp. Class A (Æ)		1,680		121
LivePerson, Inc. (Æ)(Ñ)		35,335		424
LogMeIn, Inc. (Æ)(Ñ)		19,500		777
LSI Corp. (Æ)		15,169		115
Mentor Graphics Corp. (Æ)(Ñ)		9,771		136
Micrel, Inc.		5,717		66
MICROS Systems, Inc. (Æ)		4,213		209
Monolithic Power Systems, Inc. (Æ)		6,476		106
Monotype Imaging Holdings, Inc. (Æ)		4,615		72
Netlogic Microsystems, Inc. (Æ)		1,457		73
Newport Corp. (Æ)		8,837		163
NIC, Inc. (Ñ)		28,537		357
Nuance Communications, Inc. (Æ)		4,520		129
NVE Corp. (Æ)		588		32
NXP Semiconductor NV (Æ)(Ñ)		10,740		228
ON Semiconductor Corp. (Æ)		46,838		408
Plexus Corp. (Æ)(Ñ)		26,950		977
Progress Software Corp. (Æ)		48,221		1,125
QLIK Technologies, Inc. (Æ)(Ñ)		5,680		160
Quest Software, Inc. (Æ)		26,800		545
Rackspace Hosting, Inc. (Æ)(Ñ)		4,040		175
RealPage, Inc. (Æ)(Ñ)		13,300		342
RF Micro Devices, Inc. (Æ)(Ñ)		19,603		98
Riverbed Technology, Inc. (Æ)(Ñ)		21,115		506
Rogers Corp. (Æ)(Ñ)		2,134		82
SBA Communications Corp. Class A (Æ)(Ñ)		3,103		142
SciQuest, Inc. (Æ)		24,000		351
SolarWinds, Inc. (Æ)(Ñ)		3,610		114
Spansion, Inc. Class A (Æ)		3,091		31
SuccessFactors, Inc. (Æ)		2,094		83
Syntel, Inc.		21,537		1,011
Tangoe, Inc. (Æ)(Ñ)		34,300		497
Teradyne, Inc. (Æ)(Ñ)		15,320		250
TIBCO Software, Inc. (Æ)		14,782		385
TTM Technologies, Inc. (Æ)(Ñ)		6,771		83
Ultimate Software Group, Inc. (Æ)		7,358		491
Ultratech, Inc. (Æ)		4,280		125
United Online, Inc. (Ñ)		15,183		86
VeriFone Systems, Inc. (Æ)		8,932		381
Volterra Semiconductor Corp. (Æ)(Ñ)		5,800		175
Xyratex, Ltd.		5,282		84
				27,416
Utilities - 3.0%
8x8, Inc. (Æ)		12,100		54
Allete, Inc. (Ñ)		2,886		120
Avista Corp.		13,480		341
Black Hills Corp.		9,765		330
CenterPoint Energy, Inc.		7,554		139
Central Vermont Public Service Corp.		4,320		152
Cleco Corp.		18,743		745
Connecticut Water Service, Inc. (Ñ)		4,800		146
El Paso Electric Co. (Ñ)		4,961		173
Empire District Electric Co. (The)		20,118		419

	Principal Amount ($) or Shares			Market Value $
Gran Tierra Energy, Inc. (Æ)(Ñ)		17,173			99
Lone Pine Resources, Inc. (Æ)		350			2
National Fuel Gas Co.		3,059			154
Neutral Tandem, Inc. (Æ)		4,480			55
New Jersey Resources Corp. (Ñ)		3,300			157
Northeast Utilities		6,648			231
Northwest Natural Gas Co. (Ñ)		2,526			120
NorthWestern Corp.		18,790			660
NSTAR		4,513			203
NTELOS Holdings Corp.		1,298			30
Southwest Gas Corp.		4,202			176
Time Warner Telecom, Inc. Class A (Æ)		9,230			186
					4,692
Total Common Stocks (cost $109,933)					147,435
Short-Term Investments - 4.5%
Russell U.S. Cash Management Fund		6,867,576	(¥)		6,868
Total Short-Term Investments (cost $6,868)					6,868
Other Securities - 10.2%
Russell Investment Company Liquidating Trust (×)		896,017	(¥)		911
Russell U.S. Cash Collateral Fund (×)		14,820,313	(¥)		14,820
Total Other Securities (cost $15,716)					15,731
Total Investments - 110.4% (identified cost $132,517)					170,034
Other Assets and Liabilities, Net - (10.4%)					(15,979	)
Net Assets - 100.0%					154,055

See accompanying notes which are an integral part of this quarterly report.

80 Russell Tax-Managed U.S. Mid & Small Cap Fund

Russell Investment Company

Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
S&P Midcap 400 E-Mini Index Futures (CME)		74		USD	6,918		03/12		381
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									381

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	25,685	$	—	$	—	$	25,685
Consumer Staples		5,506		—		—		5,506
Energy		6,139		—		—		6,139
Financial Services		26,973		—		—		26,973
Health Care		17,900		—		—		17,900
Materials and Processing		8,881		—		—		8,881
Producer Durables		24,243		—		—		24,243
Technology		27,416		—		—		27,416
Utilities		4,692		—		—		4,692
Short-Term Investments		—		6,868		—		6,868
Other Securities		—		15,731		—		15,731
Total Investments		147,435		22,599		—		170,034
Other Financial Instruments
Futures Contracts		381		—		—		381
Total Other Financial Instruments*	$	381	$	—	$	—	$	381

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

Russell Tax-Managed U.S. Mid & Small Cap Fund 81

Russell Investment Company

Russell Global Opportunistic Credit Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Long-Term Fixed Income Investments - 89.0%
Argentina - 2.7%
Argentine Government International Bond Series dis 5.830% due 12/31/33	ARS	5,828		1,829
Argentine Republic Government International Bond Series disEUR 7.820% due 12/31/33	EUR	5,042		4,436
Series dscEUR 7.820% due 12/31/33	EUR	7,532		6,626
Series EURGDP 6.500% due 12/15/35 (Ê)	EUR	8,122		1,243
Series $DSC 8.280% due 12/31/33		5,066		3,951
Series NY 3.750% due 03/31/19		4,407		1,719
Capex SA 10.000% due 03/10/18 (Þ)		646		551
Empresa Distribuidora Y Comercializadora Norte 9.750% due 10/25/22 (Þ)		329		273
Series REGS 9.750% due 10/25/22		250		208
IRSA Inversiones y Representaciones SA 11.500% due 07/20/20 (Þ)		500		528
Tarjeta Naranja SA 9.000% due 01/28/17 (Þ)		160		157
				21,521
Australia - 0.0%
Mirabela Nickel, Ltd. 8.750% due 04/15/18 (Þ)		155		135
Barbados - 0.1%
Columbus International, Inc. 11.500% due 11/20/14 (Þ)		250		265
Series REGS 11.500% due 11/20/14		347		367
				632
Belgium - 0.3%
Ontex IV SA Series 144a 9.000% due 04/15/19 (Þ)	EUR	1,050		1,009
Series REGS 7.500% due 04/15/18	EUR	600		730
9.000% due 04/15/19	EUR	450		433
				2,172
Bermuda - 0.5%
Digicel Group, Ltd. 9.125% due 01/15/15 (Þ)		640		647
Series REGS 10.500% due 04/15/18		500		526

	Principal Amount ($) or Shares		Market Value $
Digicel, Ltd. Series REGS 8.250% due 09/01/17		410		430
Inkia Energy, Ltd. 8.375% due 04/04/21 (Þ)		351		351
Qtel International Finance, Ltd. 4.750% due 02/16/21 (Þ)		264		268
5.000% due 10/19/25 (Þ)		895		902
Series REGS 4.750% due 02/16/21		700		711
5.000% due 10/19/25		200		201
				4,036
Brazil - 1.5%
Banco Cruzeiro do Sul SA 8.875% due 09/22/20 (Þ)		691		532
Series REGS 8.875% due 09/22/20		341		263
BM&FBovespa SA 5.500% due 07/16/20 (Þ)		299		317
Series REGS 5.500% due 07/16/20		200		212
BR Malls International Finance, Ltd. 8.500% due 01/29/49 (ƒ)(Þ)		265		272
BR Properties SA Series REGS 9.000% due 10/29/49 (ƒ)		282		288
Brazilian Government International Bond 5.875% due 01/15/19		1,395		1,665
4.875% due 01/22/21		1,338		1,505
8.875% due 04/15/24		1,063		1,592
8.750% due 02/04/25		558		837
7.125% due 01/20/37		480		653
Globo Comunicacao e Participacoes SA Series REGS 9.375% due 07/20/15 (ƒ)		233		248
Hypermarcas SA 6.500% due 04/20/21 (Þ)		1,155		1,080
NET Servicos de Comunicacao SA 7.500% due 01/27/20		432		502
OGX Petroleo e Gas Participacoes SA 8.500% due 06/01/18 (Þ)		1,205		1,245
Telemar Norte Leste SA 5.500% due 10/23/20 (Þ)		806		805
				12,016
Canada - 1.1%
Cascades, Inc. 7.750% due 12/15/17		1,935		1,998
Harvest Operations Corp. 6.875% due 10/01/17 (Þ)		1,450		1,530
National Money Mart Co. 10.375% due 12/15/16		1,800		1,971
Novelis, Inc. 8.375% due 12/15/17		855		938
8.750% due 12/15/20		1,895		2,118
				8,555

82 Russell Global Opportunistic Credit Fund

Russell Investment Company

Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Cayman Islands - 1.4%
China Liansu Group Holdings, Ltd. 7.875% due 05/13/16 (Þ)		456		412
Countrywide Holdings, Ltd. Series REGS 10.000% due 05/08/18	GBP	1,515		2,340
DP World Sukuk Ltd. 6.250% due 07/02/17		750		774
Dubai Holding Commercial Operations MTN, Ltd. 4.750% due 01/30/14	EUR	100		116
Series EMtN 6.000% due 02/01/17	GBP	550		676
Evergrande Real Estate Group, Ltd. Series REGS 13.000% due 01/27/15		195		179
General Shopping Finance, Ltd. 10.000% due 11/09/15 (ƒ)(Þ)		663		670
Series REGS 10.000% due 12/29/49 (ƒ)		100		98
Grupo Aval, Ltd. 5.250% due 02/01/17 (Å)		200		202
Gruposura Finance 5.700% due 05/18/21 (Þ)		761		780
Hutchison Whampoa International 10, Ltd. Series REGS 6.000% due 12/29/49 (ƒ)		511		513
Hutchison Whampoa International 11, Ltd. 4.625% due 01/13/22 (Å)		400		402
IPIC GMTN, Ltd. 3.750% due 03/01/17 (Þ)		650		648
6.875% due 11/01/41 (Å)		200		206
Kaisa Group Holdings, Ltd. Series REGS 13.500% due 04/28/15		406		380
MIE Holdings Corp. 9.750% due 05/12/16 (Þ)		706		650
Minerva Overseas II, Ltd. 10.875% due 11/15/19 (Þ)		500		464
Odebrecht Drilling Norbe VIII/IX, Ltd. 6.350% due 06/30/21 (Þ)		671		697
Series REGS 6.350% due 06/30/21		470		489
Odebrecht Finance, Ltd. Series REGS 7.000% due 04/21/20		150		162
Petrobras International Finance Co. - Pifco 5.375% due 01/27/21		130		136
Texhong Textile Group, Ltd. 7.625% due 01/19/16 (Þ)		202		168
Series REGS 7.625% due 01/19/16		208		172
				11,334
Chile - 0.3%
Cencosud SA 5.500% due 01/20/21 (Þ)		500		527

	Principal Amount ($) or Shares		Market Value $
Corp. Nacional del Cobre de Chile Series REGS 6.150% due 10/24/36		1,234		1,549
				2,076
Colombia - 1.5%
Bogota Distrito Capital Series REGS 9.750% due 07/26/28	COP	4,000,000		3,044
Colombia Government International Bond 7.375% due 01/27/17		1,271		1,563
7.750% due 04/14/21	COP	1,391,000		920
4.375% due 07/12/21		980		1,053
7.375% due 09/18/37		3,144		4,323
6.125% due 01/18/41		533		640
Empresa de Energia de Bogota SA 6.125% due 11/10/21 (Þ)		500		512
				12,055
Croatia - 0.3%
Croatia Government International Bond 6.375% due 03/24/21 (Þ)		2,766		2,552
Cyprus - 0.1%
Mriya Agro Holding PLC 10.950% due 03/30/16 (Þ)		610		537
Dominican Republic - 0.0%
Capital Cana SA 10.000% due 04/30/16 (Þ)		250		50
El Salvador - 0.4%
El Salvador Government International Bond Series REGS 7.375% due 12/01/19		2,157		2,329
7.650% due 06/15/35		700		723
				3,052
France - 1.1%
Cie Generale de Geophysique - Veritas 6.500% due 06/01/21		2,000		1,990
Lafarge SA 6.750% due 12/16/19	EUR	1,115		1,400
Nexans SA 5.750% due 05/02/17	EUR	1,500		1,947
Rexel SA 7.000% due 12/17/18	EUR	1,040		1,381
SPCM SA Series REGS 8.250% due 06/15/17	EUR	1,420		1,923
				8,641
Germany - 1.6%
ALBA Group PLC & Co. KG 8.000% due 05/15/18 (Þ)	EUR	1,790		2,342

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Deutsche Bank AG/London 9.375% due 02/13/18 (Þ)		1,604		1,620
Kabel BW Musketeer GmbH 9.500% due 03/15/21 (Þ)	EUR	1,200		1,632
Series REGS 9.500% due 03/15/21	EUR	510		694
KUKA AG Series REGS 8.750% due 11/15/17	EUR	1,680		2,318
Styrolution Group GmbH 7.625% due 05/15/16 (Þ)	EUR	1,540		1,652
Series REGS 7.625% due 05/15/16	EUR	490		525
Unitymedia GmbH Series ReGS 9.625% due 12/01/19	EUR	1,575		2,189
				12,972
Ghana - 0.1%
Republic of Ghana Series REGS 8.500% due 10/04/17		787		870
Hungary - 0.3%
Hungary Government International Bond 4.500% due 01/29/14	EUR	434		526
5.500% due 05/06/14	GBP	61		88
4.750% due 02/03/15		230		215
5.000% due 03/30/16	GBP	209		270
3.500% due 07/18/16	EUR	289		310
4.375% due 07/04/17	EUR	624		673
7.625% due 03/29/41		150		139
				2,221
India - 0.1%
Axis Bank 7.125% due 06/28/22		126		113
Bank of India 6.994% due 03/29/49 (ƒ)		137		123
ICICI Bank, Ltd. 5.750% due 11/16/20 (Þ)		375		367
				603
Indonesia - 1.3%
Adaro Indonesia PT Series REGS 7.625% due 10/22/19		496		554
Republic of Indonesia 6.875% due 01/17/18		3,023		3,590
11.625% due 03/04/19		2,767		4,116
5.875% due 03/13/20		1,643		1,873
				10,133
Iraq - 1.2%
Republic of Iraq Series REGS 5.800% due 01/15/28		12,487		9,677

	Principal Amount ($) or Shares		Market Value $
Ireland - 0.9%
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.875% due 09/25/17 (Þ)		372		375
Ardagh Packaging Finance PLC Series 144a 7.375% due 10/15/17 (Þ)	EUR	1,175		1,568
Series REGS 9.250% due 10/15/20	EUR	500		637
Metalloinvest Finance, Ltd. 6.500% due 07/21/16 (Þ)		1,108		1,057
Novatek Finance, Ltd. 6.604% due 02/03/21 (Þ)		1,183		1,241
SCF Capital, Ltd. 5.375% due 10/27/17 (Þ)		861		762
Smurfit Kappa Acquisitions Series REGS 7.750% due 11/15/19	EUR	500		687
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC 7.748% due 02/02/21 (Þ)		528		510
Series REGS 6.493% due 02/02/16		200		198
				7,035
Jersey - 0.1%
West China Cement, Ltd. 7.500% due 01/25/16 (Þ)		411		346
Series REGS 7.500% due 01/25/16		468		395
				741
Kazakhstan - 1.0%
BTA Bank JSC Zero coupon due 06/30/20 (Þ)		1,427		71
KazMunayGas National Co. 9.125% due 07/02/18 (Þ)		272		329
6.375% due 04/09/21 (Þ)		1,355		1,426
Series REGS 8.375% due 07/02/13		2,109		2,252
11.750% due 01/23/15		369		447
7.000% due 05/05/20		2,364		2,595
Zhaikmunai LLP 10.500% due 10/19/15 (Þ)		363		363
Series REGS 10.500% due 10/19/15		580		580
				8,063
Lithuania - 0.6%
Lithuania Government International Bond Series REGS 7.375% due 02/11/20		166		179
6.125% due 03/09/21		4,466		4,410
				4,589

84 Russell Global Opportunistic Credit Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Luxembourg - 3.6%
Aguila 3 SA 7.875% due 01/31/18 (Þ)		1,395		1,418
Series REGS 7.875% due 01/31/18	CHF	850		951
ALROSA Finance SA Series REGS 7.750% due 11/03/20		200		207
APERAM 7.750% due 04/01/18 (Þ)		2,515		2,150
Capsugel FinanceCo SCA 9.875% due 08/01/19 (Þ)	EUR	1,800		2,525
ConvaTec Healthcare E SA 7.375% due 12/15/17 (Þ)	EUR	635		851
Series REGS 7.375% due 12/15/17	EUR	1,140		1,529
Evraz Group SA 6.750% due 04/27/18 (Þ)		1,237		1,166
Expro Finance Luxembourg SCA 8.500% due 12/15/16 (Þ)		2,650		2,405
FMC Finance VIII SA 6.500% due 09/15/18 (Þ)	EUR	900		1,295
Greif Luxembourg Finance SCA 7.375% due 07/15/21 (Þ)	EUR	700		904
Intelsat Jackson Holdings SA 7.250% due 04/01/19 (Þ)		65		68
7.250% due 10/15/20		2,500		2,609
KION Finance SA Series REGS 7.875% due 04/15/18	EUR	2,000		2,302
MHP SA 10.250% due 04/29/15 (Þ)		150		141
Series REGS 10.250% due 04/29/15		200		188
Picard Bondco SA Series REGS 9.000% due 10/01/18	EUR	1,420		1,960
Sunrise Communications Holdings SA 8.500% due 12/31/18 (Þ)	EUR	1,730		2,331
Telenet Finance III Luxembourg SCA Series REGS 6.625% due 02/15/21	EUR	500		641
Telenet Finance Luxembourg SCA Series REGS 6.375% due 11/15/20	EUR	485		619
Wind Acquisition Finance SA Series REGS 11.750% due 07/15/17	EUR	1,600		1,910
Zinc Capital SA Series REGs 8.875% due 05/15/18	EUR	1,045		1,176
				29,346
Malaysia - 1.9%
Malaysia Government Bond Series 0110 3.835% due 08/12/15	MYR	8,170		2,753

	Principal Amount ($) or Shares		Market Value $
Series 0409 3.741% due 02/27/15	MYR	1,195		401
Series 2/04 5.094% due 04/30/14	MYR	5,170		1,779
Penerbahgan Malaysia Berhad 5.625% due 03/15/16		3,500		3,898
Petronas Capital, Ltd. Series REGS 5.250% due 08/12/19		647		730
7.875% due 05/22/22		3,898		5,300
Petronas Global Sukuk, Ltd. 4.250% due 08/12/14 (Þ)		616		648
				15,509
Mexico - 3.3%
America Movil SAB de CV 2.375% due 09/08/16		1,712		1,734
Axtel SAB de CV 7.625% due 02/01/17 (Þ)		240		183
Series REGS 9.000% due 09/22/19		365		288
Bank of New York Mellon SA Institucion de Banca Multiple 9.625% due 05/02/21 (Þ)		1,007		892
BBVA Bancomer SA Series REGS 4.500% due 03/10/16		208		209
Cemex SAB de CV 5.579% due 09/30/15 (Ê)(Þ)		865		718
9.000% due 01/11/18 (Þ)		487		424
Series REGS 9.000% due 01/11/18		300		261
Grupo Bimbo SAB de CV 4.875% due 06/30/20 (Þ)		131		139
Grupo Televisa SAB 6.000% due 05/15/18		100		114
Mexican Bonos Series M 20 8.500% due 05/31/29	MXN	17,010		1,531
7.750% due 05/29/31	MXN	11,770		975
Series M 6.500% due 06/10/21	MXN	84,570		6,755
Series M 30 8.500% due 11/18/38	MXN	15,500		1,350
Mexico Government International Bond 3.625% due 03/15/22		1,266		1,277
8.300% due 08/15/31		2,047		3,055
5.750% due 10/12/10		2,896		3,033
Series GMTN 5.950% due 03/19/19		2,602		3,094
				26,032
Netherlands - 2.9%
BLT Finance BV Series REGS 7.500% due 05/15/14		124		33

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Carlson Wagonlit BV Series REGS 6.881% due 05/01/15 (Ê)	EUR	1,800		2,166
Conti-Gummi Finance BV Series REGS 7.500% due 09/15/17	EUR	1,545		2,102
Elster Finance BV Series REGS 6.250% due 04/15/18	EUR	650		848
HeidelbergCement Finance BV 7.500% due 04/03/20	EUR	1,690		2,285
Indosat Palapa Co. BV 7.375% due 07/29/20 (Þ)		250		280
InterXion Holding NV Series REGS 9.500% due 02/12/17	EUR	360		513
MDC-GMTN B.V. Series REGS 3.750% due 04/20/16		200		206
Metinvest BV 8.750% due 02/14/18 (Þ)		805		700
Myriad International Holding BV 6.375% due 07/28/17 (Þ)		500		545
Series REGS 6.375% due 07/28/17		770		839
OI European Group BV Series REGS 6.750% due 09/15/20	EUR	1,535		2,063
Phoenix PIB Finance BV Series REGS 9.625% due 07/15/14	EUR	600		863
Refresco Group BV
Series 144a
7.375% due 05/15/18 (Þ)	EUR	1,760		2,256
Sensata Technologies BV 6.500% due 05/15/19 (Þ)		2,575		2,626
UPC Holding BV Series REGS 8.375% due 08/15/20	EUR	1,675		2,158
VimpelCom Holdings BV Series REGS 6.255% due 03/01/17		500		484
Ziggo Bond Co. BV Series REGS 8.000% due 05/15/18	EUR	1,395		1,911
				22,878
Panama - 1.5%
Panama Government International Bond 5.200% due 01/30/20		4,100		4,660
7.125% due 01/29/26		116		152
8.875% due 09/30/27		236		352
9.375% due 04/01/29		3,611		5,705
Series 2006- 6.700% due 01/26/36		850		1,084
				11,953

	Principal Amount ($) or Shares		Market Value $
Peru - 0.5%
Banco de Credito del Peru 5.375% due 09/16/20 (Þ)		369		364
Peruvian Government International Bond 8.375% due 05/03/16		672		834
8.750% due 11/21/33		1,505		2,295
Volcan Cia Minera SAA 5.375% due 02/02/22 (Å)		200		202
				3,695
Philippines - 1.0%
Philippine Government International Bond 4.000% due 01/15/21		6,036		6,202
9.500% due 02/02/30		402		627
6.375% due 10/23/34		1,064		1,279
				8,108
Poland - 1.7%
Poland Government International Bond 6.375% due 07/15/19		6,800		7,642
4.000% due 03/23/21	EUR	652		800
5.125% due 04/21/21		2,235		2,299
5.000% due 03/23/22		3,061		3,104
				13,845
Puerto Rico - 0.2%
Warner Chilcott Co. LLC / Warner Chilcott Finance LLC 7.750% due 09/15/18		1,865		1,972
Qatar - 0.6%
Qatar Government International Bond 5.250% due 01/20/20 (Þ)		886		969
Series REGS 6.550% due 04/09/19		1,397		1,648
5.250% due 01/20/20		2,023		2,213
				4,830
Russia - 3.1%
Russian Foreign Bond Series REGS 7.500% due 03/31/30		4,490		5,321
Russian Foreign Bond - Eurobond Series REGS 11.000% due 07/24/18		128		179
5.000% due 04/29/20		6,100		6,435
7.500% due 03/31/30		10,713		12,695
				24,630
Singapore - 0.2%
Bakrie Telecom Pte, Ltd. Series REGS 11.500% due 05/07/15		519		337
Bumi Capital Pte, Ltd. Series REGS 12.000% due 11/10/16		460		499

86 Russell Global Opportunistic Credit Fund

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Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Bumi Investment Pte, Ltd. 10.750% due 10/06/17 (Þ)		493		523
STATS ChipPAC, Ltd. 5.375% due 03/31/16 (Þ)		175		178
				1,537
South Africa - 2.0%
South Africa Government Bond Series R204 8.000% due 12/21/18	ZAR	10,050		1,324
Series R208 6.750% due 03/31/21	ZAR	39,800		4,769
South Africa Government International Bond 6.875% due 05/27/19		860		1,028
5.500% due 03/09/20		4,540		5,028
5.875% due 05/30/22		1,304		1,467
4.665% due 01/17/24		676		684
6.250% due 03/08/41		1,182		1,330
				15,630
South Korea - 0.1%
Export-Import Bank of Korea 4.375% due 09/15/21		675		666
Korea Gas Corp. 6.250% due 01/20/42 (Å)		249		262
				928
Spain - 0.8%
Abengoa Finance SAU 8.875% due 11/01/17 (Þ)		1,950		1,901
Abengoa SA 8.500% due 03/31/16	EUR	450		586
Cemex Espana Luxembourg Series REGS 8.875% due 05/12/17	EUR	51		53
Inaer Aviation Finance, Ltd. Series REGS 9.500% due 08/01/17	EUR	1,785		2,055
Obrascon Huarte Lain SA 7.375% due 04/28/15	EUR	1,750		2,312
				6,907
Sweden - 0.3%
Stena AB Series REGS 6.125% due 02/01/17	EUR	1,850		2,251
Turkey - 1.2%
Turkey Government International Bond 7.250% due 03/15/15		1,000		1,090
7.500% due 11/07/19		2,282		2,590
7.000% due 06/05/20		3,297		3,639
5.625% due 03/30/21		319		321
5.125% due 03/25/22		1,305		1,243
6.875% due 03/17/36		583		605

	Principal Amount ($) or Shares		Market Value $
Yuksel Insaat AS Series REGS 9.500% due 11/10/15		317		247
				9,735
Ukraine - 0.4%
Ukraine Government International Bond 6.875% due 09/23/15 (Þ)		1,425		1,311
6.250% due 06/17/16 (Þ)		642		562
Series REGS 7.750% due 09/23/20		765		669
Series REGS 7.650% due 06/11/13		790		766
				3,308
United Arab Emirates - 0.1%
DP World, Ltd. Series REGS 6.850% due 07/02/37		880		818
United Kingdom - 2.2%
Anglian Water Osprey Financing PLC 7.000% due 01/31/18	GBP	1,515		2,352
British Airways PLC 8.750% due 08/23/16	GBP	785		1,212
EC Finance PLC 9.750% due 08/01/17 (Þ)	EUR	910		1,044
Series REGS 9.750% due 08/01/17	EUR	120		138
Ferrexpo Finance PLC 7.875% due 04/07/16 (Þ)		667		600
Ineos Group Holdings, Ltd. Series REGS 7.875% due 02/15/16	EUR	950		1,069
ISS A/S Series REGS 11.000% due 06/15/14	EUR	820		1,136
Kerling PLC Series REGS 10.625% due 02/01/17	EUR	1,770		2,246
Ladbrokes Group Finance PLC 7.625% due 03/05/17	GBP	1,475		2,417
Phones4u Finance PLC 9.500% due 04/01/18 (Þ)	GBP	1,100		1,499
Series REGS 9.500% due 04/01/18	GBP	520		709
Priory Group No. 3 PLC 8.875% due 02/15/19 (Þ)	GBP	760		1,036
Series REGS 7.000% due 02/15/18	GBP	100		154
8.875% due 02/15/19	GBP	800		1,090
Ukreximbank Via Biz Finance PLC Series REGS 8.375% due 04/27/15		700		628
Vedanta Resources PLC 8.250% due 06/07/21 (Þ)		698		565
				17,895

Russell Global Opportunistic Credit Fund 87

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
United States - 39.0%
ACCO Brands Corp. 7.625% due 08/15/15		1,480		1,517
AES Corp. (The) 7.375% due 07/01/21 (Þ)		265		293
Alere, Inc. 9.000% due 05/15/16		2,590		2,713
Altegrity, Inc. 10.500% due 11/01/15 (Þ)		4,270		3,971
AMC Entertainment, Inc. 9.750% due 12/01/20		5,960		5,885
AMC Networks, Inc. 7.750% due 07/15/21 (Þ)		1,865		2,049
American Airlines, Inc. 7.500% due 03/15/16 (Þ)		2,280		1,915
Ameristar Casinos, Inc. Series WI 7.500% due 04/15/21		1,210		1,289
Amscan Holdings, Inc. 8.750% due 05/01/14		4,000		4,020
Applied Extrusion Technology Corp. 2nd Lien Term Loan 1.000% due 09/02/15		3,520		3,520
Arch Coal, Inc. 7.000% due 06/15/19 (Þ)		1,950		1,955
ARS Intermediate Holdings LLC Series AI 13.625% due 11/15/15 (Å)		2,143		2,126
Atkore International, Inc. Series WI 9.875% due 01/01/18		2,010		1,990
Berry Petroleum Co. 6.750% due 11/01/20		1,305		1,357
Beverages & More, Inc. 9.625% due 10/01/14 (Þ)		4,295		4,456
Brickman Group Holdings, Inc. 9.125% due 11/01/18 (Þ)		2,220		2,048
Building Materials Corp. of America 7.500% due 03/15/20 (Þ)		1,875		2,032
Bumble Bee Acquisition Corp. 9.000% due 12/15/17 (Þ)		2,832		2,917
C&S Group Enterprises LLC 8.375% due 05/01/17 (Þ)		1,885		2,024
Caesars Entertainment Operating Co., Inc. 3.294% due 01/28/15 (Ê)		2,480		2,243
10.000% due 12/15/15		980		828
11.250% due 06/01/17		5,545		6,009
Capella Healthcare, Inc. 9.250% due 07/01/17		1,720		1,750
CCH II LLC / CCH II Capital Corp. 13.500% due 11/30/16		659		760
CCO Holdings LLC / CCO Holdings Capital Corp. 7.375% due 06/01/20		650		702
6.500% due 04/30/21		1,370		1,425
CDW LLC / CDW Finance Corp. 8.000% due 12/15/18		3,250		3,494

	Principal Amount ($) or Shares		Market Value $
Cengage Learning Acquisitions, Inc. 10.500% due 01/15/15 (Þ)		6,310		4,591
Century Aluminum Co. 8.000% due 05/15/14		150		153
Charger Merger Corp. 9.875% due 01/15/19 (Å)		560		582
Chemtura Corp. 7.875% due 09/01/18		1,950		2,057
Chesapeake Energy Corp. 6.625% due 08/15/20		1,000		1,005
Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc. 6.625% due 11/15/19 (Þ)		420		422
CHS/Community Health Systems, Inc. 8.000% due 11/15/19 (Þ)		1,955		2,006
Citigroup Funding, Inc. 1.000% due 07/25/24		200,000		134
Series emt1 11.000% due 07/27/20		1,800,000		1,221
Series eMt3 11.000% due 07/27/20		1,195,000		811
Claire’s Stores, Inc. 1.000% due 05/29/14		2,684		2,457
8.875% due 03/15/19		4,780		3,920
Clear Channel Communications, Inc. 9.000% due 03/01/21		1,430		1,244
Clear Channel Worldwide Holdings, Inc. 9.250% due 12/15/17		60		66
Clearwater Paper Corp. 7.125% due 11/01/18		1,900		2,009
CommScope, Inc. 8.250% due 01/15/19 (Þ)		1,835		1,908
Comstock Resources, Inc. 8.375% due 10/15/17		110		106
Cott Beverages, Inc. 8.125% due 09/01/18		1,850		2,021
CSC Holdings LLC 6.750% due 11/15/21 (Þ)		895		962
Cumulus Media, Inc. 7.750% due 05/01/19 (Þ)		2,260		2,119
DISH DBS Corp. 6.750% due 06/01/21		1,900		2,071
Dynacast International LLC / Dynacast Finance, Inc. 9.250% due 07/15/19 (Þ)		600		609
Education Management LLC / Education Management Finance Corp. 8.750% due 06/01/14		1,950		1,967
Emdeon, Inc. 11.000% due 12/31/19 (Þ)		1,415		1,528
Emergency Medical Services Corp. Series WI 8.125% due 06/01/19		3,115		3,177
Entercom Radio LLC 10.500% due 12/01/19		1,840		1,923
Equinox Holdings, Inc. 9.500% due 02/01/16 (Å)		3,040		3,177

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
FGI Holding Co., Inc. 11.250% due 10/01/15		1,545		1,545
First Data Corp. 7.375% due 06/15/19 (Þ)		1,835		1,830
Foresight Energy LLC / Foresight Energy Corp. 9.625% due 08/15/17 (Þ)		3,695		3,880
Fresenius Medical Care US Finance, Inc. Series 144a 6.500% due 09/15/18 (Þ)		870		933
Graham Packaging Co., LP / GPC Capital Corp. I 9.875% due 10/15/14		2,500		2,550
Grifols, Inc. 8.250% due 02/01/18		1,435		1,575
GXS Worldwide, Inc. 9.750% due 06/15/15		4,160		4,077
Harbinger Group, Inc. 10.625% due 11/15/15		2,490		2,543
Harrahs Operating Company Zero coupon due 01/28/15		269		243
HCA Holdings, Inc. 7.750% due 05/15/21		2,495		2,614
Health Management Associates, Inc. 7.375% due 01/15/20 (Þ)		2,540		2,616
HUB International Holdings, Inc. 9.000% due 12/15/14 (Þ)		2,600		2,649
10.250% due 06/15/15 (Þ)		510		515
Huntington Ingalls Industries, Inc. 6.875% due 03/15/18 (Þ)		590		611
7.125% due 03/15/21 (Þ)		555		580
Icon Health & Fitness 11.875% due 10/15/16 (Þ)		90		71
Immucor, Inc. 11.125% due 08/15/19		4,085		4,432
INC Research LLC 11.500% due 07/15/19 (Þ)		1,840		1,693
J Crew Group, Inc. 8.125% due 03/01/19		1,230		1,193
JBS USA LLC/JBS USA Finance, Inc. 7.250% due 06/01/21 (Þ)		1,110		1,052
JMC Steel Group 8.250% due 03/15/18 (Þ)		1,240		1,271
Kraton Polymers LLC/Kraton Polymers Capital Corp. 6.750% due 03/01/19		2,110		2,089
Level 3 Financing, Inc. 8.125% due 07/01/19 (Þ)		565		569
8.625% due 07/15/20 (Å)		450		461
Series WI 9.375% due 04/01/19		2,270		2,395
Levi Strauss & Co. 7.750% due 05/15/18		775		1,004
7.625% due 05/15/20		1,500		1,567
Linn Energy LLC/Linn Energy Finance Corp. 6.500% due 05/15/19 (Þ)		1,960		1,980

	Principal Amount ($) or Shares		Market Value $
MedAssets, Inc. 8.000% due 11/15/18		4,080		4,162
Mercer International, Inc. 9.500% due 12/01/17		1,960		2,033
Merrill Communications, LLC Term Loan B 1.000% due 11/22/12		6,243		5,716
Michaels Stores, Inc. 7.750% due 11/01/18		2,090		2,181
Midwest Gaming Borrower LLC / Midwest Finance Corp. 11.625% due 04/15/16 (Þ)		1,660		1,838
Midwest Generation LLC Series B 8.560% due 01/02/16		1,253		1,209
Milk Specialties, Co. 1.000% due 12/27/18		1,500		1,455
Mueller Water Products, Inc. 7.375% due 06/01/17		2,205		2,106
Murray Energy Corp. 10.250% due 10/15/15 (Þ)		1,750		1,767
National Mentor Holdings, Inc. 1.000% due 02/09/17		1,439		1,387
12.500% due 02/15/18 (Þ)		1,590		1,518
NBTY, Inc. Series WI 9.000% due 10/01/18		2,685		2,967
NCO Group, Inc. Term Loan B 1.000% due 05/15/13		6,424		6,371
New Star Metals, Inc. 1.000% due 06/18/15 (Å)		6,750		6,750
Niska Gas Storage US LLC/Niska Gas Storage Canada ULC 8.875% due 03/15/18		1,895		1,822
Nortek, Inc. 8.500% due 04/15/21 (Þ)		1,300		1,235
North Atlantic Trading Co. 11.500% due 07/15/16 (Þ)		3,060		3,037
19.000% due 01/15/17 (Þ)		1,200		1,146
NRG Energy, Inc. 7.625% due 01/15/18		1,350		1,323
Oasis Petroleum, Inc. 6.500% due 11/01/21		1,190		1,202
Optima Specialty Steel, Inc. 12.500% due 12/15/16 (Þ)		2,030		2,081
Paperworks Industries, Inc. Term Loan 1.000% due 07/12/16		1,410		1,409
1.000% due 07/20/16		4,478		4,478
Pemex Project Funding Master Trust Series REGS 5.500% due 02/24/25		2,100		2,667
Penske Automotive Group, Inc. 7.750% due 12/15/16		1,600		1,656
Pilgrim’s Pride Corp. 7.875% due 12/15/18		2,640		2,515
Pinnacle Entertainment, Inc. 8.750% due 05/15/20		1,898		1,931

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp. 9.250% due 04/01/15		2,000		2,060
Plains Exploration & Production Co. 6.750% due 02/01/22		1,100		1,196
Ply Gem Industries, Inc. 8.250% due 02/15/18		1,130		1,096
Polymer Group, Inc. 7.750% due 02/01/19		1,960		2,073
Prestige Brands, Inc. 8.125% due 02/01/20 (Å)		1,365		1,416
Production Resource Group, Inc. 8.875% due 05/01/19 (Þ)		1,195		1,075
Radiation Therapy Services, Inc. 9.875% due 04/15/17		3,500		2,441
Realogy Corp. 1.000% due 10/15/17		2,770		2,821
Revlon Consumer Products Corp. 9.750% due 11/15/15		2,000		2,140
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 7.125% due 04/15/19 (Þ)		2,400		2,520
7.875% due 08/15/19 (Þ)		398		429
6.875% due 02/15/21 (Þ)		105		109
Roofing Supply Group LLC / Roofing Supply Finance, Inc. 8.625% due 12/01/17 (Þ)		3,231		3,393
RSC Equipment Rental, Inc./RSC Holdings III LLC 8.250% due 02/01/21		570		589
Sally Holdings LLC / Sally Capital, Inc. 6.875% due 11/15/19 (Þ)		1,485		1,589
Scientific Games Corp. 8.125% due 09/15/18		1,465		1,557
Sealed Air Corp. 8.375% due 09/15/21 (Þ)		425		478
Sealy Mattress Co. 8.250% due 06/15/14		1,560		1,459
ServiceMaster Co. 10.750% due 07/15/15 (Þ)		3,000		3,135
Severstal Columbus LLC 10.250% due 02/15/18		2,000		2,183
Southern Copper Corp. 6.750% due 04/16/40		355		375
Sprint Capital Corp. 6.900% due 05/01/19		3,200		2,728
Sprint Nextel Corp. 11.500% due 11/15/21 (Þ)		627		649
SSI Investments II/SSI Co. - Issuer LLC 11.125% due 06/01/18		1,816		2,007
Stallion Oilfield Holdings, Ltd. 10.500% due 02/15/15		1,695		1,831
Star Gas Partners, LP/Star Gas Finance Co. Series WI 8.875% due 12/01/17		490		488

	Principal Amount ($) or Shares		Market Value $
Stone Energy Corp. 8.625% due 02/01/17		1,220		1,254
Summit Materials LLC / Summit Materials Finance Corp. 10.500% due 01/31/20 (Å)		1,285		1,307
SunGard Data Systems, Inc. Series WI 7.625% due 11/15/20		1,450		1,541
Sunstate Equipment Co. LLC/Sunstate Equipment Co, Inc. 12.000% due 06/15/16 (Þ)		1,460		1,467
Symbion, Inc. 8.000% due 06/15/16		750		705
Tekin Plex, Inc. Term Loan 9.250% due 11/19/15		3,177		2,970
Texas Competitive Electric Holdings Co. LLC / TCEH Finance, Inc. 11.500% due 10/01/20 (Þ)		2,475		1,869
Thermadyne Holdings Corp. 9.000% due 12/15/17		3,670		3,854
Tomkins LLC / Tomkins, Inc. 9.000% due 10/01/18		1,835		2,019
TransDigm, Inc. 7.750% due 12/15/18		170		186
TransUnion LLC/TransUnion Financing Corp. 11.375% due 06/15/18		2,190		2,584
Trimas Corp. 9.750% due 12/15/17		1,750		1,916
UCI International, Inc. 8.625% due 02/15/19		1,605		1,623
United Surgical Partners International, Inc. 8.875% due 05/01/17		1,700		1,781
9.250% due 05/01/17		70		71
Univision Communications, Inc. 6.875% due 05/15/19 (Þ)		1,520		1,512
USG Corp. 9.750% due 08/01/14 (Þ)		875		932
6.300% due 11/15/16		395		354
8.375% due 10/15/18 (Þ)		465		458
Valeant Pharmaceuticals International 6.750% due 08/15/21 (Þ)		840		844
7.250% due 07/15/22 (Þ)		1,365		1,382
Vanguard Health Holding Co. II LLC / Vanguard Holding Co II, Inc. 8.000% due 02/01/18		1,315		1,377
Vision Holdings Corp. 1.000% due 11/23/16		422		416
Vulcan Materials Co. 7.500% due 06/15/21		1,385		1,513
West Corp. 8.625% due 10/01/18		1,740		1,827
Windstream Corp. 7.500% due 04/01/23		2,120		2,194
WireCo WorldGroup, Inc. 10.000% due 05/15/17 (Þ)		2,250		2,267

90 Russell Global Opportunistic Credit Fund

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Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
WMG Acquisition Corp. 9.500% due 06/15/16		1,465		1,593
9.500% due 06/15/16 (Þ)		75		82
11.500% due 10/01/18 (Þ)		1,660		1,693
				311,462
Uruguay - 0.8%
Uruguay Government International Bond 9.250% due 05/17/17		302		399
8.000% due 11/18/22		2,755		3,752
6.875% due 09/28/25		828		1,070
7.625% due 03/21/36		716		988
				6,209
Venezuela, Bolivarian Republic of - 2.5%
Bogota Distrito Capital 9.750% due 07/26/28		800,000		609
Petroleos de Venezuela SA Series 2014 4.900% due 10/28/14		13,860		11,642
Series 2015 5.000% due 10/28/15		183		140
Series REGS 8.500% due 11/02/17		854		677
Venezuela Government International Bond Series REGS 12.750% due 08/23/22		6,771		6,483
				19,551
Virgin Islands, British - 0.6%
Gold Fields Orogen Holding BVI, Ltd. Series REGS 4.875% due 10/07/20		869		824
Mega Advance Investments, Ltd. 5.000% due 05/12/21 (Þ)		405		419
PCCW-HKT Capital No. 4, Ltd. 4.250% due 02/24/16		835		848
QGOG Atlantic / Alaskan Rigs, Ltd. 5.250% due 07/30/18 (Þ)		1,270		1,290
Sinochem Overseas Capital Co., Ltd. 4.500% due 11/12/20 (Þ)		1,056		1,033
				4,414
Total Long-Term Investments (cost $719,011)				709,711
Preferred Stocks - 0.2%
United States - 0.2%
Harbinger Group, Inc. (Æ)		2,000		1,904
Total Preferred Stocks (cost $2,000)				1,904

	Principal Amount ($) or Shares			Market Value $
Short-Term Investments - 9.6%
Brazil - 0.1%
JPMorgan Chase Bank NA 12.750% due 07/10/12		200			1,144
Germany - 0.1%
Deutsche Bank AG/London 10.576% due 12/22/12 (Ê)(Þ)		500			500
Kazakhstan - 0.1%
BTA Bank JSC 12.500% due 01/01/13 (Þ)		783			147
Series REGS 12.500% due 01/01/13		1,348			253
					400
Ukraine - 0.5%
Ukraine Government International Bond Series REGS 6.385% due 06/26/12		4,000			3,985
United States - 8.9%
Citigroup Funding, Inc. 10.000% due 07/18/12 (Å)		200			1,143
1.000% due 07/20/12		510			2,693
Series EMTn 10.000% due 05/11/12		390			2,059
JPMorgan Chase Bank NA Series gmtn Zero coupon due 02/16/12		560			2,987
PT Bakrie & Brothers, TBK Zero coupon due 01/18/13		444			444
Russell U.S. Cash Management Fund		61,639,757	(¥)		61,640
					70,966
Total Short-Term Investments (cost $76,341)					76,995
Total Investments - 98.8% (identified cost $797,352)					788,610
Other Assets and Liabilities, Net - 1.2%					9,619
Net Assets - 100.0%					798,229

A portion of the portfolio has been fair valued as of period end.

See accompanying notes which are an integral part of this quarterly report.

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Deutsche Bank AG		USD	2,982		BRL	5,588		02/02/12		216
Deutsche Bank AG		USD	3,154		BRL	5,588		03/02/12		20
Deutsche Bank AG		USD	2,971		CNY	18,925		05/16/12		27
Deutsche Bank AG		BRL	5,588		USD	3,173		02/02/12		(25	)
Deutsche Bank AG		CNY	18,925		USD	2,986		05/16/12		(13	)
Deutsche Bank AG		EUR	129		USD	166		02/29/12		(3	)
Deutsche Bank AG		EUR	418		USD	542		02/29/12		(5	)
Deutsche Bank AG		EUR	715		USD	943		02/29/12		8
Deutsche Bank AG		EUR	12,334		USD	15,849		02/29/12		(285	)
Deutsche Bank AG		GBP	228		USD	352		02/29/12		(8	)
Deutsche Bank AG		GBP	436		USD	672		02/29/12		(14	)
State Street Bank & Trust Co.		CHF	42		USD	46		02/06/12		—
State Street Bank & Trust Co.		CHF	862		USD	908		02/06/12		(28	)
State Street Bank & Trust Co.		EUR	1,241		USD	1,636		02/06/12		13
State Street Bank & Trust Co.		EUR	1,958		USD	2,502		02/06/12		(59	)
State Street Bank & Trust Co.		EUR	2,393		USD	3,091		02/06/12		(39	)
State Street Bank & Trust Co.		EUR	51,578		USD	66,196		02/06/12		(1,271	)
State Street Bank & Trust Co.		GBP	355		USD	560		02/06/12		1
State Street Bank & Trust Co.		GBP	8,803		USD	13,681		02/06/12		(191	)
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts										(1,656	)

Index Swaps
Fund Receives Underlying Security	Counterparty	Notional Amount		Fund Pays Fixed Rate	Termination Date		Market Value $
JPMorgan Emerging Market Bond Index	JPMorgan		USD 10	2 Month LIBOR plus 0.350%		03/06/12		155
Total Appreciation (Depreciation) on Open Index Swaps
Total Market Value of Index Swap Contracts Premiums Paid (Received) (å)								155

Credit Default Swap Contracts
Credit Indices
Reference Entity	Counterparty	Notional Amount		Fund (Pays)/ Receives Fixed Rate		Termination Date		Market Value $
Dow Jones CDX Index	Morgan Stanley	USD	1,960		5.000%		12/20/16		(53	)
Dow Jones CDX Index	Morgan Stanley	USD	3,000		5.000%		12/20/16		(81	)
Dow Jones CDX Index	Morgan Stanley	USD	6,860		5.000%		12/20/16		(185	)
Total Market Value on Open Credit Default Swap Contracts Premiums Paid (Received) - ($1,104) (å)									(319	)

See accompanying notes which are an integral part of this quarterly report.

92 Russell Global Opportunistic Credit Fund

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Russell Global Opportunistic Credit Fund

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3		Total
Long-Term Fixed Income Investments
Argentina	$	—	$	21,521	$	—	$	21,521
Australia		—		135		—		135
Barbados		—		632		—		632
Belgium		—		2,172		—		2,172
Bermuda		—		4,036		—		4,036
Brazil		—		10,873		1,143		12,016
Canada		—		8,555		—		8,555
Cayman Islands		—		11,334		—		11,334
Chile		—		2,076		—		2,076
Colombia		—		12,055		—		12,055
Croatia		—		2,552		—		2,552
Cyprus		—		537		—		537
Dominican Republic		—		50		—		50
El Salvador		—		3,052		—		3,052
France		—		8,641		—		8,641
Germany		—		12,472		500		12,972
Ghana		—		870		—		870
Hungary		—		2,221		—		2,221
India		—		603		—		603
Indonesia		—		10,133		—		10,133
Iraq		—		9,677		—		9,677
Ireland		—		7,035		—		7,035
Jersey		—		741		—		741
Kazakhstan		—		8,063		—		8,063
Lithuania		—		4,589		—		4,589
Luxembourg		—		29,346		—		29,346
Malaysia		—		15,509		—		15,509
Mexico		—		26,032		—		26,032
Netherlands		—		22,878		—		22,878
Panama		—		11,953		—		11,953
Peru		—		3,695		—		3,695
Philippines		—		8,108		—		8,108
Poland		—		13,845		—		13,845
Puerto Rico		—		1,972		—		1,972
Qatar		—		4,830		—		4,830
Russia		—		24,630		—		24,630
Singapore		—		1,537		—		1,537
South Africa		—		15,630		—		15,630
South Korea		—		928		—		928
Spain		—		6,907		—		6,907
Sweden		—		2,251		—		2,251
Turkey		—		9,735		—		9,735
Ukraine		—		3,308		—		3,308
United Arab Emirates		—		818		—		818
United Kingdom		—		17,895		—		17,895
United States		—		283,465		27,997		311,462
Uruguay		—		6,209		—		6,209
Venezuela, Bolivarian Republic of		—		19,551		—		19,551
Virgin Islands, British		—		4,414		—		4,414
Preferred Stocks		—		—		1,904		1,904
Short-Term Investments		—		76,995		—		76,995
Total Investments	$		$	680,471	$	108,139	$	788,610

See accompanying notes which are an integral part of this quarterly report.

Russell Global Opportunistic Credit Fund 93

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Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2			Level 3		Total
Other Financial Instruments
Foreign Currency Exchange Contracts	$	—	$	(1,656	)	$	—	$	(1,656	)
Credit Default Swap Contracts		—		(319	)		—		(319	)
Index Swap Contracts		—		155			—		155
Total Other Financial Instruments*	$	—	$	(1,820	)	$	—	$	(1,820	)

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

A reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining a value for the period ending January 31, 2012 were as follows:

Category and Subcategory	Beginning Balance 11/1/2011		Gross Purchases		Gross Sales		Accrued Discounts/ (Premiums)			Realized Gain/(Loss)
Long-Term Fixed Income Investments
Brazil	$	1,147	$	—	$	—	$	—		$	—
Germany		—		500		—		—			—
United States		31,199		7,644		10,807		(1	)		(223	)
Preferred Stock		1,910		—		—		—			—
Total Investments		34,256		8,144		10,807		(1	)		(223	)

Category and Subcategory	Net Transfers Level 3		Net Transfers Level 3		Net change in Unrealized (Depreciation)			Ending 1/31/2012		Change in Unrealized Appreciation/ (Depreciation) on Investments still held as of 1/31/2012
Long-Term Fixed Income Investments
Brazil	$	—	$	—	$	(4	)	$	1,143	$	(4	)
Germany		—		—		—			500		—
United States		—		—		185			27,997		174
Preferred Stock		—		—		(6	)		1,904		(6	)
Total Investments		—		—		175			31,544		164

See accompanying notes which are an integral part of this quarterly report.

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Russell Strategic Bond Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Long-Term Investments - 94.8%
Asset-Backed Securities - 7.5%
Aames Mortgage Investment Trust Series 2006-1 Class A3 0.436% due 04/25/36 (Ê)		4,721		3,306
Accredited Mortgage Loan Trust Series 2005-4 Class A2D 0.596% due 12/25/35 (Ê)		1,388		858
ACE Securities Corp. Series 2005-HE2 Class M3 0.756% due 04/25/35 (Ê)		2,365		1,925
Series 2005-HE5 Class M1 0.746% due 08/25/35 (Ê)		829		805
Series 2005-SD3 Class A 0.676% due 08/25/45 (Ê)		565		533
Series 2006-HE2 Class A2C 0.436% due 05/25/36 (Ê)		3,208		1,873
Series 2006-HE4 Class A2A 0.336% due 10/25/36 (Ê)		154		38
Series 2006-OP2 Class A2C 0.426% due 08/25/36 (Ê)		11,298		4,177
Ally Master Owner Trust Series 2011-3 Class A2 1.810% due 05/15/16		9,515		9,637
AmeriCredit Automobile Receivables Trust Series 2010-4 Class A2 0.960% due 05/08/14		3,138		3,139
Series 2010-4 Class B 1.990% due 10/08/15		3,505		3,540
Series 2011-3 Class B 2.280% due 06/08/16		6,530		6,544
Series 2012-1 0.447% due 02/08/13		11,735		11,735
Ameriquest Mortgage Securities, Inc. Series 2004-R10 Class A5 0.666% due 11/25/34 (Ê)		3		4
Series 2005-R3 Class A1A 0.476% due 05/25/35 (Ê)		1,277		1,252
Series 2005-R6 Class A2 0.476% due 08/25/35 (Ê)		4,381		4,120
Series 2005-R10 Class A2B 0.496% due 12/25/35 (Ê)		511		478
Argent Securities, Inc. Series 2005-W2 Class A2B1 0.476% due 10/25/35 (Ê)		3,655		3,312
Series 2005-W2 Class A2B2 0.536% due 10/25/35 (Ê)		654		590
Series 2005-W5 Class A2D 0.596% due 01/25/36 (Ê)		7,650		2,772
Asset Backed Funding Certificates Series 2006-HE1 Class A2C 0.436% due 01/25/37 (Ê)		21,085		6,861
Asset Backed Securities Corp. Home Equity Series 2003-HE1 Class M2 3.810% due 01/15/33 (Ê)		1,986		1,797
Series 2004-HE6 Class A1 0.551% due 09/25/34 (Ê)		80		71

	Principal Amount ($) or Shares		Market Value $
Series 2004-HE7 Class M9 3.776% due 10/25/34 (Ê)(Þ)		1,081		201
Series 2005-HE6 Class M3 0.806% due 07/25/35 (Ê)		2,106		1,174
Series 2006-HE3 Class A4 0.446% due 03/25/36 (Ê)		3,429		2,516
Series 2006-HE5 Class A5 0.516% due 07/25/36 (Ê)		8,729		2,972
Bayview Financial Acquisition Trust Series 2004-C Class A1 0.901% due 05/28/44 (Ê)		194		179
Series 2006-A Class 1A3 5.865% due 02/28/41		1,880		1,414
Bear Stearns Asset Backed Securities Trust Series 2006-HE8 Class 2M1 0.606% due 10/25/36 (Ê)		1,829		152
Series 2007-HE5 Class 1A2 0.456% due 06/25/47 (Ê)		3,500		2,547
BNC Mortgage Loan Trust Series 2007-2 Class A2 0.376% due 05/25/37 (Ê)		317		282
Brazos Higher Education Authority Series 2005-3 Class A14 0.684% due 09/25/23 (Ê)		5,394		5,336
Series 2010-1 Class A1 1.406% due 05/25/29 (Ê)		1,744		1,732
Series 2010-1 Class A2 1.706% due 02/25/35 (Ê)		5,000		4,547
Series 2011-1 Class A2 1.306% due 02/25/30 (Ê)		9,000		8,757
Series 2011-2 Class A2 1.410% due 07/25/29 (Ê)		9,200		8,961
CarMax Auto Owner Trust Series 2010-1 Class A3 1.560% due 07/15/14		2,803		2,818
Carrington Mortgage Loan Trust Series 2006-NC1 Class A4 0.586% due 01/25/36 (Ê)		18,100		6,113
Centex Home Equity Series 2002-D Class AF4 5.210% due 11/25/28		111		109
Series 2006-A Class AV4 0.526% due 06/25/36 (Ê)		1,800		995
Chase Issuance Trust Series 2007-A17 Class A 5.120% due 10/15/14		3,105		3,207
CIT Education Loan Trust Series 2007-1 Class A 0.664% due 03/25/42 (Ê)(Þ)		5,332		4,812
CIT Mortgage Loan Trust Series 2007-1 Class 2A1 1.276% due 10/25/37 (Å)(Ê)		591		586
Series 2007-1 Class 2A2 1.526% due 10/25/37 (Å)(Ê)		2,100		1,587
Series 2007-1 Class 2A3 1.726% due 10/25/37 (Å)(Ê)		3,900		1,663

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Citibank Credit Card Issuance Trust Series 2008-A5 Class A5 4.850% due 04/22/15		4,555		4,793
Citibank Omni Master Trust Series 2009-A8 Class A8 2.390% due 05/16/16 (Ê)(Þ)		6,300		6,333
Citicorp Residential Mortgage Securities, Inc. Series 2007-1 Class A5 6.046% due 03/25/37		954		634
Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2 Class AF4 4.964% due 08/25/35		665		641
Series 2006-WFH3 Class A3 0.426% due 10/25/36 (Ê)		2,432		2,208
Series 2006-WFH4 Class A3 0.426% due 11/25/36 (Ê)		2,815		2,290
Series 2007-AHL3 Class A3A 0.336% due 07/25/45 (Ê)		893		620
Series 2007-AMC4 Class A2A 0.336% due 05/25/37 (Ê)		353		340
Series 2007-WFH1 Class A3 0.426% due 01/25/37 (Ê)		1,932		1,415
Series 2007-WFH1 Class A4 0.476% due 01/25/37 (Ê)		11,880		5,271
Conseco Finance Home Loan Trust Series 2000-E Class M1 8.130% due 08/15/31		368		357
Conseco Finance Securitizations Corp. Series 2001-4 Class A4 7.360% due 08/01/32		3,452		3,676
Conseco Financial Corp. Series 1997-5 Class A6 6.820% due 05/15/29		213		224
Series 1997-7 Class A6 6.760% due 07/15/29		492		530
Countrywide Asset-Backed Certificates Series 2004-6 Class 2A5 0.666% due 11/25/34 (Ê)		407		352
Series 2005-4 Class AF3 4.456% due 10/25/35		277		267
Series 2005-6 Class M1 0.766% due 12/25/35 (Ê)		1,168		1,113
Series 2005-7 Class AF3 4.454% due 10/25/35		41		40
Series 2005-11 Class 3AV2 0.566% due 02/25/36 (Ê)		77		77
Series 2005-11 Class 3AV3 0.696% due 02/25/36 (Ê)		2,428		2,364
Series 2005-11 Class MV1 0.746% due 02/25/36 (Ê)		1,946		1,569
Series 2005-12 Class 2A3 5.069% due 02/25/36		592		533
Series 2005-17 Class 4A2A 0.536% due 05/25/36 (Ê)		2,132		1,819
Series 2005-AB1 Class A2 0.486% due 08/25/35 (Ê)		15		15

	Principal Amount ($) or Shares		Market Value $
Series 2006-3 Class 2A2 0.456% due 06/25/36 (Ê)		2,683		2,122
Series 2006-11 Class 1AF3 5.723% due 09/25/46		1,926		976
Series 2006-13 Class 1AF3 5.944% due 01/25/37		3,869		2,430
Series 2006-13 Class 3AV2 0.426% due 01/25/37 (Ê)		3,127		2,148
Series 2006-BC1 Class 2A2 0.456% due 04/25/36 (Ê)		199		185
Series 2006-S1 Class A2 5.549% due 08/25/21		68		59
Series 2007-4 Class A2 5.530% due 09/25/37		3,572		3,074
Series 2007-7 Class 2A1 0.356% due 10/25/47 (Ê)		74		73
Series 2007-12 Class 2A1 0.626% due 08/25/47 (Ê)		2,054		1,925
Countrywide Home Equity Loan Trust Series 2006-HW Class 2A1B 0.440% due 11/15/36 (Ê)		2,270		1,665
Credit-Based Asset Servicing and Securitization LLC Series 2003-CB6 Class M1 0.976% due 12/25/33 (Ê)		4,986		3,993
Series 2004-CB7 Class AF5 4.585% due 10/25/34		770		757
Series 2007-CB3 Class A1 5.419% due 03/25/37		14,851		5,603
DT Auto Owner Trust Series 2009-1 Class A1 2.980% due 10/15/15 (Þ)		2,532		2,543
Series 2010-1A Class B 2.360% due 04/15/13 (Þ)		3,558		3,560
Series 2011-3A Class A 1.400% due 08/15/14 (Þ)		5,088		5,090
Education Funding Capital Trust I Series 2004-1 Class A2 0.706% due 12/15/22 (Ê)		2,169		2,156
Educational Services of America, Inc. Series 2010-1 Class A1 1.410% due 07/25/23 (Å)(Ê)		2,951		2,897
Equifirst Mortgage Loan Trust Series 2003-2 Class M2 1.976% due 09/25/33 (Ê)		2,582		2,192
Fannie Mae Grantor Trust Series 2003-T4 Class 2A5 5.407% due 09/26/33		710		755
Federal Home Loan Mortgage Corp. Structured Pass Through Securities Series 2000-30 Class A5 6.704% due 12/25/30		487		533
First Franklin Mortgage Loan Asset Backed Certificates Series 2005-FF3 Class M1 0.676% due 04/25/35 (Ê)		2,480		2,389

96 Russell Strategic Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2005-FF4 Class M1 0.706% due 05/25/35 (Ê)		573		430
Series 2005-FF5 Class M1 0.726% due 03/25/35 (Ê)		2,782		2,602
Series 2005-FF10 Class A4 0.596% due 11/25/35 (Ê)		9,178		7,224
Series 2006-FF9 Class M1 0.526% due 06/25/36 (Ê)		8,330		258
Series 2006-FF10 Class A5 0.586% due 07/25/36 (Ê)		1,378		230
Series 2006-FF15 Class A5 0.436% due 11/25/36 (Ê)		5,321		2,141
Series 2007-FF1 Class A2B 0.366% due 01/25/38 (Ê)		15,588		7,647
Series 2007-FF1 Class A2C 0.416% due 01/25/38 (Ê)		15,010		5,617
First NLC Trust Series 2005-2 Class AV2 0.576% due 09/25/35 (Ê)		45		45
Ford Credit Floorplan Master Owner Trust Series 2010-5 Class A1 1.500% due 09/15/15		4,380		4,424
Fremont Home Loan Trust Series 2006-E Class 2A1 0.336% due 01/25/37 (Ê)		34		32
GCO Education Loan Funding Trust Series 2006-1 Class A10L 0.696% due 02/27/28 (Ê)		700		601
Series 2006-1 Class A11L 0.736% due 05/25/36 (Ê)		1,400		1,170
Series 2006-1 Class A8L 0.636% due 05/25/25 (Ê)		5,100		4,677
GE Equipment Midticket LLC Series 2009-1 Class A3 2.340% due 06/17/13		101		101
GMAC Mortgage Corp. Loan Trust Series 2007-HE3 Class 1A1 7.000% due 09/25/37		735		538
Series 2007-HE3 Class 2A1 7.000% due 09/25/37		991		694
Goal Capital Funding Trust Series 2010-1 Class A 1.206% due 08/25/48 (Ê)(Þ)		3,152		2,947
Green Tree Financial Corp. Series 1994-1 Class A5 7.650% due 04/15/19		1,387		1,469
GSAA Trust Series 2006-2 Class 2A3 0.546% due 12/25/35 (Ê)		3,270		2,957
GSAMP Trust Series 2007-FM1 Class A2A 0.346% due 12/25/36 (Ê)		716		471
Series 2007-H1 Class M1 0.616% due 01/25/47 (Ê)		3,621		57
Home Equity Asset Trust Series 2005-5 Class 2A2 0.526% due 11/25/35 (Ê)		127		127

	Principal Amount ($) or Shares		Market Value $
Series 2005-6 Class M1 0.746% due 12/25/35 (Ê)		525		391
Series 2005-7 Class M1 0.726% due 01/25/36 (Ê)		6,285		2,563
HSBC Home Equity Loan Trust Series 2005-1 Class A 0.571% due 01/20/34 (Ê)		1,972		1,785
Series 2006-2 Class A1 0.431% due 03/20/36 (Ê)		3,549		3,278
Series 2007-1 Class AS 0.481% due 03/20/36 (Ê)		3,149		2,688
Series 2007-2 Class A3V 0.501% due 07/20/36 (Ê)		5,360		4,821
Series 2007-3 Class APT 1.481% due 11/20/36 (Ê)		3,715		3,283
HSI Asset Securitization Corp. Trust Series 2007-WF1 Class 2A4 0.526% due 05/25/37 (Ê)		9,069		3,870
Indymac Residential Asset Backed Trust Series 2006-H2 Class A 0.421% due 06/28/36 (Ê)		1,243		542
JP Morgan Mortgage Acquisition Corp. Series 2007-CH1 Class AV4 0.406% due 11/25/36 (Ê)		2,777		2,200
Series 2007-CH1 Class MV1 0.506% due 11/25/36 (Ê)		2,374		1,447
Series 2007-CH2 Class AV4 0.426% due 01/25/37 (Ê)		22,370		10,216
Series 2007-HE1 Class AV1 0.336% due 03/25/47 (Ê)		134		111
Series 2007-HE1 Class AV3 0.466% due 03/25/47 (Ê)		9,263		2,972
KnowledgeWorks Foundation Series 2010-1 Class A 1.456% due 02/25/42 (Ê)		1,989		1,923
Lehman XS Trust Series 2006-9 Class A1B 0.436% due 05/25/46 (Ê)		1,772		1,093
Series 2006-13 Class 1A2 0.446% due 09/25/36 (Ê)		1,707		998
Series 2006-19 Class A2 0.446% due 12/25/36 (Ê)		2,593		1,574
Series 2006-4N Class A2A 0.496% due 04/25/46 (Ê)		2,928		1,444
Long Beach Mortgage Loan Trust Series 2002-5 Class M1 1.521% due 11/25/32 (Ê)		2,457		1,739
Series 2004-4 Class 1A1 0.836% due 10/25/34 (Ê)		39		28
Series 2004-4 Class M1 1.176% due 10/25/34 (Ê)		10,600		7,429
Series 2004-6 Class A3 1.576% due 11/25/34 (Ê)		4,284		3,291
Massachusetts Educational Financing Authority Series 2008-1 Class A1 1.510% due 04/25/38 (Ê)		3,503		3,497

Russell Strategic Bond Fund 97

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Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Mastr Asset Backed Securities Trust Series 2005-WMC1 Class M2 0.726% due 03/25/35 (Ê)		3,850		3,406
Series 2006-AB1 Class A2 0.506% due 02/25/36 (Ê)		6,521		5,572
Series 2007-HE1 Class A1 0.356% due 05/25/37 (Ê)		253		228
Mid-State Trust Series 2010-1 Class M 5.250% due 12/15/45 (Þ)		4,170		4,393
Missouri Higher Education Loan Authority Series 2010-1 Class A1 1.456% due 11/26/32 (Ê)		5,454		5,255
MMCA Automobile Trust Series 2012-A Class A1 0.601% due 02/04/13 (Å)		10,790		10,789
Morgan Stanley ABS Capital I Series 2005-HE2 Class M1 0.676% due 01/25/35 (Ê)		2,243		1,648
Series 2006-HE1 Class A3 0.456% due 01/25/36 (Ê)		2,671		2,351
Series 2006-HE2 Class M1 0.606% due 03/25/36 (Ê)		10,623		162
Series 2006-HE2 Class M2 0.626% due 03/25/36 (Ê)		136		—
Series 2006-HE3 Class A2C 0.436% due 04/25/36 (Ê)		1,003		643
Series 2006-HE3 Class M2 0.576% due 04/25/36 (Ê)		1,156		1
Series 2006-HE5 Class A2D 0.526% due 08/25/36 (Ê)		3,650		1,145
Series 2006-NC2 Class A2D 0.566% due 02/25/36 (Ê)		11,837		4,263
Series 2006-WMC2 Class A2FP 0.326% due 07/25/36 (Ê)		55		16
Series 2007-HE5 Class A2C 0.526% due 03/25/37 (Ê)		3,000		900
Morgan Stanley IXIS Real Estate Capital Trust Series 2006-2 Class A1 0.326% due 11/25/36 (Ê)		4		1
Nationstar Home Equity Loan Trust Series 2007-A Class AV4 0.506% due 03/25/37 (Ê)		6,789		3,512
New Century Home Equity Loan Trust Series 2005-A Class A5 5.208% due 08/25/35		2,621		1,376
Nissan Auto Receivables Owner Trust Series 2009-1 Class A3 5.000% due 09/15/14		1,820		1,841
Northstar Education Finance, Inc. Series 2005-1 Class A1 0.653% due 10/28/26 (Ê)		709		700
Series 2007-1 Class A3 0.613% due 01/29/46 (Ê)		4,850		4,332
Series 2007-1 Class A6 Zero coupon due 01/29/46 (Ê)		975		795

	Principal Amount ($) or Shares		Market Value $
Series 2007-1 Class A8 Zero coupon due 01/29/46 (Ê)		1,525		1,227
Option One Mortgage Loan Trust Series 2005-4 Class A3 0.536% due 11/25/35 (Ê)		180		164
Series 2007-4 Class 2A2 0.456% due 04/25/37 (Ê)		9,970		4,748
Panhandle-Plains Higher Education Authority, Inc. Series 2010-2 Class A1 1.711% due 10/01/35 (Ê)		4,131		4,122
Series 2011-1 Class A3 1.531% due 10/01/37 (Ê)		2,500		2,317
Park Place Securities, Inc. Series 2004-MHQ1 Class M1 0.976% due 12/25/34 (Ê)		503		487
Series 2004-WWF1 Class M2 0.956% due 12/25/34 (Ê)		6,366		6,039
Series 2005-WHQ2 Class A2D 0.606% due 05/25/35 (Ê)		5,597		5,357
Series 2005-WLL1 Class M1 0.696% due 03/25/35 (Ê)		1,915		1,788
People’s Choice Home Loan Securities Trust Series 2005-3 Class M1 0.776% due 08/25/35 (Ê)		1,388		1,305
Popular ABS Mortgage Pass-Through Trust Series 2005-6 Class A3 5.615% due 01/25/36		1,074		929
Series 2006-C Class A4 0.526% due 07/25/36 (Ê)		14,824		7,669
Series 2006-D Class A3 0.536% due 11/25/46 (Ê)		3,814		1,930
Renaissance Home Equity Loan Trust Series 2005-2 Class AF4 4.934% due 08/25/35		815		636
Series 2005-4 Class A3 5.565% due 02/25/36		198		172
Series 2006-1 Class AF3 5.608% due 05/25/36		78		34
Series 2006-1 Class AF6 5.746% due 05/25/36		1,673		763
Series 2006-2 Class AF2 5.762% due 08/25/36		268		182
Series 2007-1 Class AF2 5.512% due 04/25/37		6,125		2,147
Series 2007-2 Class AF2 5.675% due 06/25/37		1,855		752
Series 2007-2 Class AF4 5.906% due 06/25/37		5,423		2,274
Series 2007-2 Class AF6 5.879% due 06/25/37		2,266		981
Series 2007-3 Class AF2 6.998% due 09/25/37		4,352		1,677
Residential Asset Mortgage Products, Inc. Series 2003-RS11 Class AI6A 5.980% due 12/25/33		1,138		1,045

98 Russell Strategic Bond Fund

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Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2007-RS2 Class A1 0.396% due 05/25/37 (Ê)		51		50
Residential Asset Securities Corp. Series 2001-KS3 Class AII 0.736% due 09/25/31 (Ê)		148		110
Series 2003-KS4 Class AIIB 0.856% due 06/25/33 (Ê)		217		124
Series 2005-AHL1 Class A2 0.546% due 07/25/35 (Ê)		172		170
Series 2005-KS10 Class 1A2 0.526% due 11/25/35 (Ê)		173		165
Series 2005-KS12 Class A2 0.526% due 01/25/36 (Ê)		3,751		3,564
Series 2005-KS12 Class A3 0.596% due 01/25/36 (Ê)		894		641
Series 2006-KS3 Class AI3 0.446% due 04/25/36 (Ê)		299		271
Series 2007-KS1 Class A3 0.426% due 01/25/37 (Ê)		1,838		786
Santander Drive Auto Receivables Trust Series 2010-2 Class A2 0.950% due 08/15/13		2,696		2,697
Series 2010-A Class A2 1.370% due 08/15/13 (Þ)		6,433		6,440
Series 2010-B Class A2 1.010% due 07/15/13 (Þ)		4,277		4,277
Series 2011-2 Class B 2.660% due 01/15/16		2,900		2,917
Series 2011-3 Class B 2.500% due 12/15/15		7,225		7,227
Series 2012-1 Class B 2.720% due 05/16/16		5,375		5,386
Saxon Asset Securities Trust
Series 2003-3 Class M1 1.251% due 12/25/33 (Ê)		1,594		1,134
Series 2005-4 Class A2C 0.526% due 11/25/37 (Ê)		817		781
Securitized Asset Backed Receivables LLC Series 2006-HE1 Class M1 0.576% due 07/25/36 (Ê)		1		—
Series 2007-BR2 Class A2 0.506% due 02/25/37 (Ê)		3,667		1,234
Series 2007-HE1 Class A2A 0.336% due 12/25/36 (Ê)		798		168
Series 2007-NC1 Class A2B 0.426% due 12/25/36 (Ê)		9,135		3,047
SG Mortgage Securities Trust Series 2006-FRE1 Class A2B 0.456% due 02/25/36 (Ê)		6,585		2,982
Series 2006-OPT2 Class A3C 0.426% due 10/25/36 (Ê)		15,160		3,989
SLM Student Loan Trust Series 2003-12 Class A4 0.736% due 12/17/18 (Ê)		1,347		1,346
Series 2006-5 Class A6B 0.680% due 10/25/40 (Ê)		5,100		4,569

	Principal Amount ($) or Shares		Market Value $
Series 2008-2 Class A1 0.860% due 01/25/15 (Ê)		8		8
Series 2008-7 Class A2 1.060% due 10/25/17 (Ê)		31,380		31,284
Series 2011-A Class A2 4.370% due 04/17/28 (Þ)		3,605		3,715
Series 2011-B Class A2 3.740% due 02/15/29 (Þ)		9,330		9,332
Small Business Administration Participation Certificates Series 1997-20D Class 1 7.500% due 04/01/17		585		643
Series 2004-20F Class 1 5.520% due 06/01/24		178		198
Series 2005-20G Class 1 4.750% due 07/01/25		2,380		2,624
Soundview Home Equity Loan Trust Series 2005-CTX1 Class M1 0.696% due 11/25/35 (Ê)		4,121		3,096
Series 2005-DO1 Class M2 0.726% due 05/25/35 (Ê)		954		893
Series 2005-OPT4 Class 2A3 0.536% due 12/25/35 (Ê)		9,898		7,896
Series 2006-EQ2 Class A3 0.436% due 01/25/37 (Ê)		17,529		5,882
Series 2006-OPT5 Class 2A4 0.516% due 07/25/36 (Ê)		3,325		1,087
Series 2006-OPT5 Class M3 0.596% due 07/25/36 (Ê)		1,099		6
Series 2007-OPT1 Class 2A1 0.356% due 06/25/37 (Ê)		673		521
Specialty Underwriting & Residential Finance Series 2005-AB2 Class A1C 0.666% due 06/25/36 (Ê)		2,549		2,262
Series 2005-BC4 Class A2B 0.506% due 09/25/36 (Ê)		424		417
Series 2006-BC3 Class M2 0.566% due 06/25/37 (Ê)		1,485		18
Structured Asset Investment Loan Trust Series 2005-5 Class M1 0.696% due 06/25/35 (Ê)		1,852		1,633
Structured Asset Securities Corp. Series 2005-2XS Class 1A2A 4.510% due 02/25/35		92		91
Series 2005-4XS Class 2A1A 2.020% due 03/25/35 (Ê)		1,929		1,368
Series 2005-GEL1 Class A 0.626% due 12/25/34 (Ê)		92		90
Series 2006-WF2 Class A3 0.426% due 07/25/36 (Ê)		6,175		5,972
Series 2007-BC2 Class A3 0.406% due 03/25/37 (Ê)		5,596		4,087
Series 2007-BC3 Class 2A1 0.336% due 05/25/47 (Ê)		4,266		3,973
US Education Loan Trust LLC Series 2006-1 Class A2 0.657% due 03/01/25 (Ê)(Þ)		1,138		1,103

Russell Strategic Bond Fund 99

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Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Washington Mutual Asset-Backed Certificates Series 2006-HE2 Class A3 0.426% due 05/25/36 (Ê)		5,058		2,280
Wells Fargo Home Equity Trust Series 2006-2 Class A4 0.526% due 07/25/36 (Ê)		3,902		1,804
Westchester CLO, Ltd. Zero coupon due 08/01/22 (Þ)		13,456		12,045
				586,752
Corporate Bonds and Notes - 17.8%
ACCO Brands Corp. 10.625% due 03/15/15		3,445		3,824
Allstate Life Global Funding Trusts 5.375% due 04/30/13		2,200		2,324
Ally Financial, Inc. 4.500% due 02/11/14		1,000		1,000
3.963% due 06/20/14 (Ê)		900		875
Alta Wind Holdings LLC 7.000% due 06/30/35 (Þ)		1,889		2,085
Alterra USA Holdings, Ltd. 7.200% due 04/14/17 (Þ)		2,535		2,670
Altria Group, Inc. 9.700% due 11/10/18		3,825		5,268
10.200% due 02/06/39		2,580		4,089
American Express Bank FSB Series BKNT 5.500% due 04/16/13		700		737
6.000% due 09/13/17		600		696
American Express Centurion Bank Series BKN1 6.000% due 09/13/17		600		695
American Express Co. 7.000% due 03/19/18		400		491
American Express Credit Corp. 5.875% due 05/02/13		2,000		2,115
American International Group, Inc. 4.250% due 05/15/13		10,300		10,441
5.050% due 10/01/15		400		410
4.875% due 09/15/16		7,160		7,267
5.850% due 01/16/18		8,500		8,863
8.250% due 08/15/18		9,100		10,479
Ameriprise Financial, Inc. 7.518% due 06/01/66 (Ñ)		3,835		3,940
AmerisourceBergen Corp. 5.875% due 09/15/15		2,495		2,864
Amgen, Inc. 6.150% due 06/01/18		5,600		6,695
3.875% due 11/15/21		9,245		9,628
Amsouth Bank Series AI 4.850% due 04/01/13		1,360		1,353
Anadarko Petroleum Corp. 6.375% due 09/15/17		11,960		14,146
8.700% due 03/15/19		2,200		2,882
6.450% due 09/15/36		4,630		5,530

	Principal Amount ($) or Shares		Market Value $
Anheuser-Busch Cos., Inc. 5.500% due 01/15/18		3,535		4,176
Anheuser-Busch InBev Worldwide, Inc. 4.125% due 01/15/15 (Ñ)		5,400		5,883
7.750% due 01/15/19		5,875		7,720
5.375% due 01/15/20		5,400		6,396
Arch Coal, Inc. 8.750% due 08/01/16		610		665
7.000% due 06/15/19 (Þ)		3,370		3,378
Aristotle Holding, Inc. 3.500% due 11/15/16 (Å)		1,750		1,800
4.750% due 11/15/21 (Þ)		3,315		3,508
Arizona Public Service Co. 6.250% due 08/01/16		675		798
8.750% due 03/01/19		1,250		1,599
Ashtead Capital, Inc. 9.000% due 08/15/16 (Þ)		1,950		2,043
AT&T Corp. 8.000% due 11/15/31		2,559		3,720
AT&T, Inc. 2.950% due 05/15/16		8,145		8,629
5.500% due 02/01/18		100		119
6.300% due 01/15/38		1,200		1,463
6.400% due 05/15/38		3,375		4,171
Bank of America Corp. 7.375% due 05/15/14		5,300		5,719
4.750% due 08/01/15		5,235		5,354
3.625% due 03/17/16		875		857
6.500% due 08/01/16		3,500		3,732
5.625% due 10/14/16		7,815		8,079
6.000% due 09/01/17		8,105		8,491
5.750% due 12/01/17		4,095		4,217
5.875% due 01/05/21		1,075		1,104
5.000% due 05/13/21		825		807
5.700% due 01/24/22		5,925		6,137
Bank of America NA Series BKNT 0.826% due 06/15/16 (Ê)		3,100		2,531
0.846% due 06/15/17 (Ê)(Ñ)		4,175		3,115
6.100% due 06/15/17		3,845		3,901
6.000% due 10/15/36		500		470
Barnett Capital III 1.172% due 02/01/27 (Ê)		1,250		851
BB&T Corp. 3.200% due 03/15/16		4,050		4,304
Bear Stearns Cos. LLC (The) 5.550% due 01/22/17		8,901		9,604
7.250% due 02/01/18		1,150		1,375
Berkshire Hathaway, Inc. 1.900% due 01/31/17		3,565		3,621
Best Buy Co., Inc. 6.750% due 07/15/13		5,345		5,673
Boardwalk Pipelines, LP 5.875% due 11/15/16		3,250		3,669
Boston Scientific Corp. 4.500% due 01/15/15		4,813		5,135

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Braskem America Finance Co. 7.125% due 07/22/41 (Þ)		7,455		7,336
Burlington Northern and Santa Fe Railway Co. 2005-4 Pass Through Trust 4.967% due 04/01/23		168		190
Burlington Northern Santa Fe LLC 6.875% due 12/01/27		160		205
6.750% due 03/15/29		110		141
Calpine Construction Finance Co., LP and CCFC Finance Corp. 8.000% due 06/01/16 (Þ)		7,700		8,297
Cameron International Corp. 1.459% due 06/02/14 (Ê)		1,500		1,503
Capital One Bank USA NA 8.800% due 07/15/19		1,250		1,512
Capital One Capital III 7.686% due 08/15/36		2,675		2,702
Capital One Financial Corp. 7.375% due 05/23/14		1,964		2,184
Cargill, Inc. 3.250% due 11/15/21 (Þ)		2,995		3,032
Caterpillar, Inc. 0.649% due 05/21/13 (Ê)		5,500		5,517
5.200% due 05/27/41		1,445		1,748
CBA Capital Trust II 6.024% due 03/29/49 (ƒ)(Þ)		3,700		3,434
CEDC Finance Corp. International, Inc. 9.125% due 12/01/16 (Ñ)(Þ)		1,750		1,234
Series REGS 9.125% due 12/01/16		200		141
Cellco Partnership / Verizon Wireless Capital LLC 8.500% due 11/15/18		2,750		3,834
CenterPoint Energy Resources Corp. 6.125% due 11/01/17		860		1,003
CF Industries, Inc. 6.875% due 05/01/18		4,580		5,313
Chase Capital III Series C 1.077% due 03/01/27 (Ê)		2,740		2,056
CHS/Community Health Systems, Inc. 8.875% due 07/15/15 (Ñ)		5,581		5,804
Chubb Corp. (The) 6.375% due 03/29/67		2,450		2,499
Cigna Corp. 2.750% due 11/15/16		2,000		2,025
5.375% due 02/15/42		3,265		3,469
CIT Group, Inc. 5.250% due 04/01/14 (Þ)		1,000		1,017
7.000% due 05/04/15 (Þ)		715		719
7.000% due 05/02/17 (Þ)		3,720		3,729
6.625% due 04/01/18 (Ñ)(Þ)		3,155		3,376
Citigroup Capital XXI 8.300% due 12/21/57		9,335		9,501
Citigroup, Inc.
5.500% due 04/11/13		7,900		8,199
5.850% due 07/02/13		700		729
2.027% due 01/13/14 (Ê)(Ñ)		2,700		2,648

	Principal Amount ($) or Shares		Market Value $
5.000% due 09/15/14		6,525		6,710
4.750% due 05/19/15		1,400		1,474
4.700% due 05/29/15		350		368
5.300% due 01/07/16		1,325		1,411
5.850% due 08/02/16		1,630		1,762
4.450% due 01/10/17		15,575		16,239
6.000% due 08/15/17		6,000		6,571
6.125% due 11/21/17		6,395		7,036
6.125% due 05/15/18		200		220
8.500% due 05/22/19		500		611
4.500% due 01/14/22		4,850		4,828
1.056% due 08/25/36 (Ê)		2,250		1,262
6.125% due 08/25/36		900		868
8.125% due 07/15/39		1,914		2,502
5.875% due 01/30/42		2,500		2,588
Clearwire Communications LLC/Clearwire Finance, Inc. 12.000% due 12/01/17 (Ñ)(Þ)		3,810		3,086
Columbus Southern Power Co. Series C 5.500% due 03/01/13		435		454
Comcast Corp. 5.875% due 02/15/18		300		353
5.700% due 05/15/18		3,230		3,788
6.450% due 03/15/37		300		368
Commonwealth Edison Co. 5.800% due 03/15/18		4,735		5,613
Continental Airlines 2006-1 Class G Pass Through Trust Series 061G 0.879% due 06/02/13 (Ê)		2,931		2,785
Continental Airlines 2009-1 Pass Through Trust Series 09-1 9.000% due 07/08/16		3,097		3,437
Continental Airlines, Inc. Series 2002-1 Class G2 6.563% due 08/15/13		1,130		1,131
Credit Suisse USA, Inc. 5.500% due 08/15/13		380		398
Crown Castle Towers LLC 3.214% due 08/15/15 (Þ)		1,215		1,230
CSC Holdings LLC 8.500% due 04/15/14		4,223		4,698
CVS Caremark Corp. 3.250% due 05/18/15		4,800		5,093
DCP Midstream Operating, LP 3.250% due 10/01/15		4,519		4,567
DDR Corp. 9.625% due 03/15/16		1,565		1,837
7.500% due 04/01/17		3,700		4,167
Delta Air Lines 2002-1 Class G-1 Pass Through Trust Series 02G1 6.718% due 01/02/23		3,271		3,353
Delta Air Lines, Inc. 9.500% due 09/15/14 (Ñ)(Þ)		2,258		2,405

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 3.550% due 03/15/15		4,890		5,107
3.500% due 03/01/16		4,375		4,568
6.000% due 08/15/40		1,350		1,503
Discover Bank Series BKNT 8.700% due 11/18/19		4,475		5,293
Discover Financial Services 10.250% due 07/15/19		4,735		5,944
Dominion Resources, Inc. Series 06-B 2.879% due 09/30/66 (Ê)		3,370		2,918
Dow Chemical Co. (The) 7.600% due 05/15/14		5,450		6,191
DPL, Inc. 7.250% due 10/15/21 (Þ)		2,940		3,271
Duquesne Light Holdings, Inc. 6.400% due 09/15/20 (Þ)		2,700		2,951
Dynegy Roseton LLC / Dynegy Danskammer LLC Pass Through Trust Series B 7.670% due 11/08/16 (Ø)		7,845		4,550
E*Trade Financial Corp. 12.500% due 11/30/17		3,791		4,389
Ecolab, Inc. 3.000% due 12/08/16		4,000		4,229
4.350% due 12/08/21		8,140		8,973
5.500% due 12/08/41		5,035		5,802
Edison Mission Energy 7.000% due 05/15/17		8,070		4,681
El Paso Corp. Series GMTN 8.050% due 10/15/30		300		353
El Paso Natural Gas Co. 7.500% due 11/15/26		1,425		1,686
El Paso Pipeline Partners Operating Co. LLC 6.500% due 04/01/20		5,880		6,567
Energy Transfer Partners, LP 6.700% due 07/01/18		2,575		2,933
9.700% due 03/15/19		1,150		1,454
5.200% due 02/01/22		1,725		1,822
Enterprise Products Operating LLC 5.900% due 04/15/13		1,425		1,507
5.250% due 01/31/20		6,860		7,673
Series A 8.375% due 08/01/66		1,550		1,674
Series B 7.034% due 01/15/68		3,050		3,226
ERP Operating, LP 4.625% due 12/15/21		3,325		3,543
Exelis, Inc. 5.550% due 10/01/21 (Þ)		2,210		2,319
Express Scripts, Inc. 6.250% due 06/15/14		3,645		3,995
7.250% due 06/15/19		3,087		3,747

	Principal Amount ($) or Shares		Market Value $
Farmers Exchange Capital 7.050% due 07/15/28 (Þ)		5,625		6,168
Fifth Third Bancorp 3.625% due 01/25/16		4,150		4,326
First Chicago NBD Institutional Capital I 1.097% due 02/01/27 (Ê)		1,250		871
First Niagara Financial Group, Inc. 6.750% due 03/19/20		1,850		1,971
First Union Capital II
Series A 7.950% due 11/15/29		1,265		1,332
Ford Motor Co. 7.125% due 11/15/25		100		108
6.375% due 02/01/29		100		104
Ford Motor Credit Co. LLC 7.000% due 10/01/13		3,000		3,210
7.000% due 04/15/15		300		330
5.875% due 08/02/21		400		437
FPL Energy Wind Funding LLC 6.876% due 06/27/17 (Þ)		1,250		1,000
Freeport-McMoRan Copper & Gold, Inc. 8.375% due 04/01/17		8,300		8,757
FUEL Trust 3.984% due 06/15/16 (Å)		6,530		6,650
GE Capital Trust I 6.375% due 11/15/67		2,610		2,601
General Electric Capital Corp. 5.900% due 05/13/14		2,040		2,256
5.375% due 10/20/16		1,000		1,136
0.705% due 08/07/18 (Ê)		4,010		3,682
4.375% due 09/16/20		3,100		3,240
5.875% due 01/14/38		8,400		9,190
Series EMTN 0.609% due 03/20/14 (Ê)		2,000		1,964
6.375% due 11/15/67		27,500		27,362
Series GMTN 6.150% due 08/07/37		3,035		3,440
6.875% due 01/10/39		750		931
Series MTNA 0.806% due 09/15/14 (Ê)		4,000		3,887
6.750% due 03/15/32		623		746
General Electric Co. 5.250% due 12/06/17		5,515		6,445
GenOn REMA LLC Series B 9.237% due 07/02/17		3,011		2,891
Genworth Financial, Inc. 6.150% due 11/15/66		5,960		3,814
Georgia-Pacific LLC 8.875% due 05/15/31		5,555		7,716
Gilead Sciences, Inc. 3.050% due 12/01/16		2,705		2,835
4.400% due 12/01/21		6,815		7,377
GlaxoSmithKline Capital, Inc. 4.850% due 05/15/13		6,900		7,297
Goldman Sachs Group, Inc. (The) 1.553% due 07/29/13 (Ê)		1,700		1,657

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
6.000% due 05/01/14		2,000		2,151
1.020% due 03/22/16 (Ê)		1,300		1,162
5.750% due 10/01/16		1,338		1,442
5.625% due 01/15/17		5,461		5,655
6.250% due 09/01/17		12,400		13,612
7.500% due 02/15/19		5,651		6,414
6.000% due 06/15/20		1,875		1,982
5.750% due 01/24/22		4,500		4,664
6.750% due 10/01/37		7,900		7,823
Great Plains Energy, Inc. 4.850% due 06/01/21		4,940		5,203
HCA, Inc. 8.500% due 04/15/19		3,480		3,863
7.875% due 02/15/20		2,375		2,598
7.250% due 09/15/20		2,920		3,142
HCP, Inc. 6.300% due 09/15/16		2,700		3,054
6.000% due 01/30/17		2,250		2,510
6.700% due 01/30/18		4,000		4,660
5.375% due 02/01/21		1,800		1,989
Health Care REIT, Inc. 4.700% due 09/15/17		5,480		5,738
5.250% due 01/15/22		2,500		2,640
6.500% due 03/15/41		2,000		2,181
Healthcare Realty Trust, Inc. 6.500% due 01/17/17		3,350		3,682
Hewlett-Packard Co. 0.786% due 05/24/13 (Ê)		6,400		6,363
4.750% due 06/02/14		5,195		5,553
2.650% due 06/01/16		4,230		4,289
3.000% due 09/15/16		2,850		2,936
4.650% due 12/09/21		4,495		4,835
Historic TW, Inc. 8.050% due 01/15/16		2,900		3,458
HRPT Properties Trust 5.750% due 02/15/14		2,710		2,793
HSBC Bank USA NA 4.875% due 08/24/20		3,021		2,996
HSBC Finance Corp. 6.676% due 01/15/21		6,975		7,247
Humana, Inc. 6.450% due 06/01/16		1,875		2,119
8.150% due 06/15/38		2,756		3,761
IDEX Corp. 4.500% due 12/15/20		1,360		1,420
Indiantown Cogeneration, LP Series A-10 9.770% due 12/15/20		2,607		2,718
Intel Corp. 1.950% due 10/01/16		3,300		3,421
International Lease Finance Corp. 6.500% due 09/01/14 (Þ)		15,545		16,381
5.750% due 05/15/16		400		394
6.750% due 09/01/16 (Þ)		1,000		1,076
International Paper Co. 4.750% due 02/15/22		2,315		2,502
Ipalco Enterprises, Inc. 5.000% due 05/01/18		1,725		1,701

	Principal Amount ($) or Shares		Market Value $
JC Penney Corp., Inc. 6.375% due 10/15/36		3,355		2,885
JetBlue Airways 2004-2 G-2 Pass Through Trust Series 04-2 0.907% due 11/15/16 (Ê)		4,039		3,231
JP Morgan Chase Capital XIII Series M 1.529% due 09/30/34 (Ê)		6,050		4,330
JP Morgan Chase Capital XX Series T 6.550% due 09/29/36		300		302
JP Morgan Chase Capital XXIII 1.457% due 05/15/47 (Ê)		8,880		6,224
JPMorgan Chase & Co. 5.375% due 01/15/14		2,565		2,743
5.150% due 10/01/15		3,950		4,235
6.000% due 01/15/18		8,300		9,410
6.300% due 04/23/19		3,050		3,524
4.625% due 05/10/21		1,105		1,145
4.350% due 08/15/21		2,900		2,958
4.500% due 01/24/22		1,565		1,613
5.400% due 01/06/42		2,555		2,628
Series 1 7.900% due 04/29/49 (Æ)(ƒ)		3,580		3,878
JPMorgan Chase Bank NA Series BKNT 5.875% due 06/13/16		240		262
6.000% due 10/01/17		6,400		7,107
JPMorgan Chase Capital XXI Series U 1.497% due 02/02/37 (Ê)		455		319
Kraft Foods, Inc. 4.125% due 02/09/16		3,995		4,340
6.125% due 02/01/18		1,000		1,194
6.125% due 08/23/18		2,075		2,502
6.500% due 02/09/40		2,300		2,950
Lehman Brothers Holdings, Inc. 6.200% due 09/26/14 (Ø)		1,000		274
6.875% due 05/02/18 (Ø)		1,365		375
7.000% due 09/27/27 (Ø)		1,260		342
Liberty Property, LP 4.750% due 10/01/20		3,975		4,102
Lorillard Tobacco Co. 6.875% due 05/01/20 (Ñ)		7,235		8,351
Manufacturers & Traders Trust Co. 5.585% due 12/28/20		745		730
MBNA Corp. 6.125% due 03/01/13		2,000		2,067
Medco Health Solutions, Inc. 7.250% due 08/15/13		4,357		4,755
Merrill Lynch & Co., Inc. 5.450% due 02/05/13		7,500		7,718
6.050% due 05/16/16		3,575		3,600
6.400% due 08/28/17		8,355		8,834
6.500% due 07/15/18		100		106
6.875% due 11/15/18		100		108
7.750% due 05/14/38		1,500		1,578

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
MetLife Capital Trust X 9.250% due 04/08/38 (Þ)		1,500		1,774
MetLife Global Funding I 3.125% due 01/11/16 (Þ)		5,660		5,832
MetLife, Inc. 6.400% due 12/15/36		500		487
10.750% due 08/01/39		4,440		6,174
Metropolitan Life Global Funding I 5.125% due 04/10/13 (Þ)		3,000		3,144
Mirant Mid Atlantic Pass Through Trust B Series B 9.125% due 06/30/17		2,915		2,944
Monsanto Co. 5.125% due 04/15/18		5,000		5,856
Morgan Stanley 5.375% due 10/15/15		7,000		7,206
1.015% due 10/18/16 (Ê)		5,505		4,763
5.750% due 10/18/16		1,500		1,558
5.550% due 04/27/17		2,450		2,509
6.250% due 08/28/17		1,300		1,352
5.950% due 12/28/17		2,350		2,414
6.625% due 04/01/18		12,041		12,688
5.500% due 07/28/21		2,175		2,151
Series GMTN 2.953% due 05/14/13 (Ê)		1,100		1,099
0.883% due 01/09/14 (Ê)		9,885		9,295
5.450% due 01/09/17		2,425		2,482
Mosaic Co. (The) 3.750% due 11/15/21		4,275		4,477
National City Bank Series BKNT 0.904% due 06/07/17 (Ê)		7,200		6,495
National Rural Utilities Cooperative Finance Corp. 1.900% due 11/01/15		2,370		2,413
Nationwide Financial Services, Inc. 5.375% due 03/25/21 (Þ)		4,675		4,732
NB Capital Trust IV 8.250% due 04/15/27		3,511		3,467
NBCUniversal Media LLC 4.375% due 04/01/21		4,850		5,266
NCUA Guaranteed Notes Series A4 3.000% due 06/12/19		3,500		3,786
Newfield Exploration Co. 5.750% due 01/30/22		1,400		1,488
News America, Inc. 8.250% due 10/17/96		240		283
Series WI 6.150% due 02/15/41		8,085		9,656
Nextel Communications, Inc. Series C 5.950% due 03/15/14		5,235		5,183
Nielsen Finance LLC / Nielsen Finance Co. 11.500% due 05/01/16		3,700		4,246
NII Capital Corp. 7.625% due 04/01/21		4,510		4,623

	Principal Amount ($) or Shares		Market Value $
Nisource Finance Corp. 6.400% due 03/15/18		2,180		2,547
NRG Energy, Inc. 7.625% due 01/15/18		2,695		2,641
8.500% due 06/15/19		1,660		1,668
NuStar Logistics, LP 6.050% due 03/15/13		3,607		3,771
OMX Timber Finance Investments I LLC 5.420% due 01/29/20 (Þ)		7,200		7,500
Oncor Electric Delivery Co. LLC 6.800% due 09/01/18		4,750		5,833
O’Reilly Automotive, Inc. 4.625% due 09/15/21		4,140		4,362
Panhandle Eastern Pipeline Co., LP 8.125% due 06/01/19		3,542		4,347
PC Financial Partnership 5.000% due 11/15/14		2,449		2,674
Peabody Energy Corp. 7.875% due 11/01/26		500		536
Petrohawk Energy Corp. 7.250% due 08/15/18		4,460		5,084
Philip Morris International, Inc. 2.500% due 05/16/16		6,120		6,373
5.650% due 05/16/18		1,400		1,697
Plains Exploration & Production Co. 7.625% due 06/01/18		1,250		1,338
Plastipak Holdings, Inc. 8.500% due 12/15/15 (Þ)		1,150		1,185
Principal Life Income Funding Trusts 5.300% due 04/24/13		400		421
Progress Energy, Inc. 7.050% due 03/15/19		2,550		3,188
ProLogis, LP 1.875% due 11/15/37		2,550		2,525
Prudential Financial, Inc. 3.875% due 01/14/15		5,675		5,953
Prudential Holdings LLC 8.695% due 12/18/23 (Þ)		5,600		6,831
Series FSA 1.434% due 12/18/17 (Ê)(Þ)		3,500		3,276
Public Service Co. of New Mexico 7.950% due 05/15/18		3,320		3,948
Puget Sound Energy, Inc. Series A 6.974% due 06/01/67		1,500		1,503
Quebecor World Capital Corp. 6.125% due 11/15/13 (Ø)		1,955		—
4.875% due 01/02/49 (Ø)		625		—
Qwest Communications International, Inc. 8.000% due 10/01/15		1,175		1,260
Qwest Corp. 7.625% due 06/15/15		1,000		1,138
8.375% due 05/01/16		2,150		2,504
Range Resources Corp. 7.500% due 10/01/17		550		580
7.250% due 05/01/18		800		852

104 Russell Strategic Bond Fund

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Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Rensselaer Polytechnic Institute 5.600% due 09/01/20		4,675		5,246
Rockies Express Pipeline LLC 6.850% due 07/15/18 (Þ)		7,095		6,811
Rock-Tenn Co. 5.625% due 03/15/13		373		384
Rohm & Haas Co. 6.000% due 09/15/17		100		115
RSC Equipment Rental, Inc./RSC Holdings III LLC 10.000% due 07/15/17 (Þ)		3,450		4,002
Sabine Pass LNG, LP 7.250% due 11/30/13		8,590		8,891
7.500% due 11/30/16		500		521
7.500% due 11/30/16 (Þ)		2,900		2,907
SABMiller Holdings, Inc. 2.450% due 01/15/17 (Å)		3,400		3,473
3.750% due 01/15/22 (Å)		5,950		6,194
Santander Holdings USA, Inc. 4.625% due 04/19/16		1,460		1,426
Sempra Energy 2.000% due 03/15/14		4,180		4,252
Simon Property Group, LP 6.100% due 05/01/16		1,955		2,255
10.350% due 04/01/19		3,840		5,414
5.650% due 02/01/20		2,800		3,308
SLM Corp. 6.250% due 01/25/16		6,250		6,380
South Carolina Electric & Gas Co. 6.500% due 11/01/18		1,240		1,549
Southern Copper Corp. 6.375% due 07/27/15		1,780		1,977
Southern Natural Gas Co. / Southern Natural Issuing Corp. 4.400% due 06/15/21		6,295		6,484
Southern Union Co. 3.564% due 11/01/66 (Ê)		8,940		8,515
Springleaf Finance Corp. 6.900% due 12/15/17		600		465
Steel Dynamics, Inc. 7.750% due 04/15/16		3,450		3,605
SunTrust Banks, Inc. 3.600% due 04/15/16		2,550		2,634
Symetra Financial Corp. 8.300% due 10/15/37 (Þ)		3,430		3,224
TD Ameritrade Holding Corp. 4.150% due 12/01/14		3,665		3,912
Tenet Healthcare Corp. 10.000% due 05/01/18		765		882
8.875% due 07/01/19		1,500		1,697
Tennessee Gas Pipeline Co. 8.000% due 02/01/16		3,305		3,873
8.375% due 06/15/32		1,250		1,552
Texas Competitive Electric Holdings Co. LLC / TCEH Finance, Inc. 10.500% due 11/01/16 (Ñ)		6,837		1,931

	Principal Amount ($) or Shares		Market Value $
Textron, Inc. 6.200% due 03/15/15		5,290		5,677
Time Warner Cable, Inc. 6.200% due 07/01/13		5,900		6,334
Time Warner Entertainment Co., LP Series* 8.375% due 03/15/23		516		692
Timken Co. 6.000% due 09/15/14		2,440		2,639
Transatlantic Holdings, Inc. 8.000% due 11/30/39		2,350		2,664
UAL 2009-1 Pass Through Trust Series 09-1 10.400% due 11/01/16		461		519
UBS Preferred Funding Trust V Series 1 6.243% due 05/29/49 (ƒ)(Ñ)		3,600		3,240
Union Electric Co. 6.400% due 06/15/17		3,145		3,808
UnitedHealth Group, Inc. 4.875% due 02/15/13		400		416
6.000% due 06/15/17		56		67
6.500% due 06/15/37		675		891
USB Capital IX 3.500% due 10/29/49 (ƒ)		300		224
USB Realty Corp. 1.719% due 12/29/49 (Ê)(ƒ)(Þ)		2,225		1,697
Verizon Communications, Inc. 5.250% due 04/15/13		300		317
3.000% due 04/01/16		4,180		4,444
3.500% due 11/01/21		2,650		2,771
VF Corp. 3.500% due 09/01/21		2,655		2,784
Wachovia Bank NA Series BKNT 6.600% due 01/15/38		2,725		3,239
Wachovia Capital Trust III 5.570% due 03/29/49 (ƒ)		3,897		3,444
Wachovia Corp. 5.625% due 10/15/16		100		111
5.750% due 02/01/18		500		576
Watson Pharmaceuticals, Inc. 5.000% due 08/15/14		4,441		4,763
WEA Finance LLC / WT Finance Aust Pty, Ltd. 7.500% due 06/02/14 (Þ)		3,870		4,285
6.750% due 09/02/19 (Þ)		1,300		1,536
Wells Fargo & Co. Series K 7.980% due 03/29/49 (ƒ)		20,000		21,650
Weyerhaeuser Co. 7.375% due 10/01/19		1,480		1,688
Williams Cos., Inc. (The) 7.875% due 09/01/21		458		579
Williams Partners, LP / Williams Partners Finance Corp. 7.250% due 02/01/17		4,245		5,128

Russell Strategic Bond Fund 105

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Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Xylem, Inc. 3.550% due 09/20/16 (Þ)		3,225		3,342
ZFS Finance USA Trust II 6.450% due 12/15/65 (Þ)		11,555		10,862
ZFS Finance USA Trust IV 5.875% due 05/09/32 (Þ)		263		256
				1,395,839
International Debt - 8.6%
Abbey National Treasury Services PLC 4.000% due 04/27/16		8,205		7,962
Achmea Hypotheekbank NV 3.200% due 11/03/14 (Þ)		8,267		8,606
AK Transneft OJSC Via TransCapitalInvest, Ltd. 8.700% due 08/07/18 (Þ)		1,000		1,215
American International Group, Inc. 6.765% due 11/15/17 (Þ)		2,094		3,297
ANZ National International, Ltd. 6.200% due 07/19/13 (Þ)		5,000		5,282
ArcelorMittal 9.000% due 02/15/15 (Ñ)		2,150		2,461
5.250% due 08/05/20		7,145		6,985
AstraZeneca PLC 5.900% due 09/15/17		1,100		1,341
Australia & New Zealand Banking Group, Ltd. 2.125% due 01/10/14 (Ñ)(Þ)		2,700		2,698
AWAS Aviation Capital, Ltd. 7.000% due 10/17/16 (Þ)		3,435		3,538
Bakrie Telecom Pte, Ltd. 11.500% due 05/07/15 (Þ)		3,055		1,986
Banco do Estado do Rio Grande do Sul 7.375% due 02/02/22 (Å)		230		236
Banco Santander Brasil SA 4.500% due 04/06/15 (Þ)		300		297
Banco Santander Brazil SA/Cayman Islands 2.659% due 03/18/14 (Ê)(Þ)		1,400		1,336
Bank of China Hong Kong, Ltd. 5.550% due 02/11/20 (Þ)		600		631
Bank of India Series REGS 4.750% due 09/30/15		600		584
Bank of Montreal 2.850% due 06/09/15 (Ñ)(Þ)		1,100		1,163
2.500% due 01/11/17		5,505		5,592
1.950% due 01/30/17 (Å)		6,800		6,911
Bank of New York Mellon SA Institucion de Banca Multiple 9.625% due 05/02/21 (Þ)		1,300		1,151
Bank of Scotland PLC 5.250% due 02/21/17 (Þ)		2,900		3,060
Barclays Bank PLC 2.375% due 01/13/14		1,000		996
6.050% due 12/04/17 (Þ)		2,700		2,722
BBVA Bancomer SA 4.500% due 03/10/16 (Þ)		600		604
6.500% due 03/10/21 (Þ)		1,200		1,193

	Principal Amount ($) or Shares		Market Value $
Black Diamond CLO, Ltd. Series 2007-1A Class AD 0.803% due 04/29/19 (Ê)(Þ)		23,250		21,195
BNP Paribas SA 5.186% due 06/29/49 (ƒ)(Þ)		600		432
Bolivarian Republic of Venezuela 8.250% due 10/13/24		790		559
BP Capital Markets PLC 3.200% due 03/11/16		2,075		2,206
4.500% due 10/01/20		4,700		5,263
Braskem Finance, Ltd. 5.750% due 04/15/21 (Þ)		500		499
Brazilian Government International Bond 5.625% due 01/07/41		1,000		1,150
BRFkredit A/S 2.050% due 04/15/13 (Þ)		16,500		16,752
Caisse Centrale Desjardins du Quebec 2.650% due 09/16/15 (Þ)		6,040		6,229
Chatham Light CLO, Ltd. Series 2005-2A Class A1 0.682% due 08/03/19 (Å)(Ê)		3,177		3,067
Colombia Government International Bond 6.125% due 01/18/41		1,630		1,956
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrect 3.375% due 01/19/17		3,325		3,422
Corp. Andina de Fomento 8.125% due 06/04/19		970		1,186
Corp. Nacional del Cobre de Chile 7.500% due 01/15/19 (Þ)		1,900		2,453
6.150% due 10/24/36 (Þ)		100		125
Covidien International Finance SA 4.200% due 06/15/20		2,250		2,492
Credit Suisse AG/Guernsey Series 1 1.147% due 05/29/49 (Ê)(ƒ)		3,595		2,299
Credit Suisse NY 2.200% due 01/14/14		900		902
5.500% due 05/01/14		3,000		3,200
6.000% due 02/15/18		1,380		1,447
CSN Islands XI Corp. 6.875% due 09/21/19 (Ñ)(Þ)		300		324
CSN Resources SA 6.500% due 07/21/20 (Þ)		400		423
Deutsche Bank AG 6.000% due 09/01/17		4,300		4,917
Dexia Credit Local SA 1.033% due 04/29/14 (Ê)(Þ)		5,300		4,822
Digicel Group, Ltd. 8.875% due 01/15/15 (Þ)		875		881
9.125% due 01/15/15 (Þ)		6,957		7,027
DNB Boligkreditt AS 2.100% due 10/14/15 (Þ)		9,500		9,496
Eastern and Southern African Trade and Development Bank 6.875% due 01/09/16		2,435		2,230
Eksportfinans ASA 2.375% due 05/25/16		1,000		861

106 Russell Strategic Bond Fund

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Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Electricite De France 5.500% due 01/26/14 (Ñ)(Þ)		1,700		1,820
6.500% due 01/26/19 (Þ)		1,700		1,967
6.950% due 01/26/39 (Þ)		1,400		1,659
Endurance Specialty Holdings, Ltd. 6.150% due 10/15/15		525		554
Enel Finance International NV 6.250% due 09/15/17 (Ñ)(Þ)		1,500		1,502
6.000% due 10/07/39 (Þ)		2,850		2,424
ENN Energy Holdings, Ltd. 6.000% due 05/13/21 (Þ)		300		283
Escrow GM Corp 1.000% due 08/15/13 (Þ)		420		160
Export-Import Bank of China 4.875% due 07/21/15 (Þ)		300		323
Federal Home Loan Mortgage Corp. 4.375% due 01/15/14		3,500		4,794
Gazprom OAO Via Gaz Capital SA 7.343% due 04/11/13 (Þ)		600		631
8.146% due 04/11/18 (Þ)		2,600		3,029
Series REGS 9.250% due 04/23/19		2,380		2,922
8.625% due 04/28/34		17,900		22,017
Gazprom OAO Via Gazprom International SA Series REGS 7.201% due 02/01/20		1,818		1,973
Gazprom OAO Via RBS AG Series REGS 9.625% due 03/01/13		1,200		1,287
Gazprom OAO Via White Nights Finance BV Series REGS 10.500% due 03/08/14		300		338
10.500% due 03/25/14		1,100		1,242
Gerdau Trade, Inc. 5.750% due 01/30/21 (Ñ)(Þ)		2,700		2,727
Government of the Cayman Islands 5.950% due 11/24/19 (Þ)		2,230		2,347
Granite Mortgages PLC Series 2004-3 Class 2A1 0.843% due 09/20/44 (Ê)		384		372
Greywolf CLO, Ltd. Series 2007-1A Class A 0.716% due 02/18/21 (Ê)(Þ)		4,418		4,050
Grupo Bimbo SAB de CV 4.500% due 01/25/22 (Å)		3,550		3,623
HBOS PLC Series GMTN 6.750% due 05/21/18 (Þ)		9,920		8,728
HSBC Bank USA NA NY Series CLN Zero coupon due 08/15/40		8,130		10,812
HSBC Holdings PLC 6.500% due 05/02/36		700		748
6.500% due 09/15/37		1,200		1,277
6.800% due 06/01/38		1,375		1,543

	Principal Amount ($) or Shares		Market Value $
Hutchison Whampoa International 09, Ltd. Series REGS 7.625% due 04/09/19		2,800		3,427
Hutchison Whampoa International 11, Ltd. 4.625% due 01/13/22 (Å)		7,645		7,688
ING Bank NV 1.596% due 03/15/13 (Ê)(Þ)		8,100		7,993
2.375% due 06/09/14 (Þ)		4,500		4,449
2.500% due 01/14/16 (Þ)		8,100		8,107
Intelsat Jackson Holdings SA 9.500% due 06/15/16		5,595		5,875
7.250% due 04/01/19 (Þ)		3,750		3,918
IPIC GMTN, Ltd. 5.500% due 03/01/22 (Þ)		6,660		6,743
6.875% due 11/01/41 (Þ)		2,365		2,436
Israel Government AID Bond 5.500% due 09/18/23		3,400		4,382
5.500% due 09/18/33		6,000		7,907
Jasper CLO, Ltd. Series 2005-1A Class A 0.817% due 08/01/17 (Ê)(Þ)		10,757		9,966
JPMorgan Chase & Co. 1.654% due 09/26/13 (Ê)		300		389
Kansas City Southern de Mexico SA de CV 6.625% due 12/15/20		1,425		1,553
Kinross Gold Corp. 6.875% due 09/01/41 (Þ)		1,415		1,502
Korea Electric Power Corp. 5.125% due 04/23/34 (Þ)		485		500
Korea Gas Corp. 6.250% due 01/20/42 (Å)		1,400		1,470
LBG Capital No. 1 PLC 8.500% due 12/29/49 (ƒ)(Þ)		300		207
Lloyds TSB Bank PLC 12.000% due 12/29/49 (ƒ)(Þ)		8,700		8,004
Majapahit Holding BV Series REGS 7.750% due 10/17/16		900		1,033
Mexico Government International Bond 6.050% due 01/11/40		1,380		1,668
Montpelier Re Holdings, Ltd. 6.125% due 08/15/13		4,985		5,078
Monument Park CDO, Ltd. Series 2004-1A Class A1 1.111% due 01/20/16 (Ê)(Þ)		1,033		1,013
Morgan Stanley 1.807% due 03/01/13 (Ê)		2,500		3,213
Series GMTN 1.651% due 01/16/17 (Ê)		300		329
5.750% due 02/14/17		200		323
MTS International Funding, Ltd. Series REGS 8.625% due 06/22/20		200		226
MUFG Capital Finance 1, Ltd. 6.346% due 07/29/49 (ƒ)		4,050		4,209
National Australia Bank, Ltd. 5.350% due 06/12/13 (Þ)		6,725		7,014

Russell Strategic Bond Fund 107

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Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Nationwide Building Society 6.250% due 02/25/20 (Þ)		2,600		2,659
Newcrest Finance Pty, Ltd. 4.450% due 11/15/21 (Þ)		3,600		3,641
Nexen, Inc. 6.400% due 05/15/37		290		327
7.500% due 07/30/39		3,700		4,693
Noble Group, Ltd. 6.750% due 01/29/20 (Þ)		700		634
Nokia OYJ 5.375% due 05/15/19		2,550		2,591
Nordea Bank AB 2.125% due 01/14/14 (Þ)		400		398
Nordea Eiendomskreditt AS 1.875% due 04/07/14 (Þ)		11,525		11,598
Norske Skogindustrier ASA 6.125% due 10/15/15 (Þ)		2,525		1,654
North American Development Bank 4.375% due 02/11/20		5,900		6,653
Novatek Finance, Ltd. 5.326% due 02/03/16 (Þ)		400		411
Odebrecht Drilling Norbe VIII/IX, Ltd. 6.350% due 06/30/21 (Þ)		1,666		1,731
OGX Petroleo e Gas Participacoes SA 8.500% due 06/01/18 (Þ)		3,905		4,034
Panama Government International Bond 7.250% due 03/15/15		300		347
PE Paper Escrow GmbH 12.000% due 08/01/14 (Þ)		3,650		3,960
Pernod-Ricard SA 2.950% due 01/15/17 (Å)		13,050		13,285
5.500% due 01/15/42 (Å)		2,880		3,028
Perusahaan Penerbit SBSN 4.000% due 11/21/18 (Þ)		500		504
Petrobras International Finance Co.-Pifco 3.875% due 01/27/16		4,000		4,095
5.875% due 03/01/18		700		768
8.375% due 12/10/18		400		491
5.750% due 01/20/20		320		343
5.375% due 01/27/21		4,270		4,475
Petroleos de Venezuela SA Series REGS 8.500% due 11/02/17		1,960		1,553
Petroleos Mexicanos 8.000% due 05/03/19		4,400		5,500
4.875% due 01/24/22 (Å)(Ñ)		980		1,011
Series WI 6.500% due 06/02/41		1,015		1,122
PPL WEM Holdings PLC 5.375% due 05/01/21 (Þ)		2,720		2,940
Province of Ontario Canada 1.375% due 01/27/14		1,700		1,720
3.000% due 07/16/18		500		531
PTTEP Canada International Finance, Ltd. 5.692% due 04/05/21 (Þ)		2,610		2,782
Qatar Government International Bond 5.250% due 01/20/20 (Þ)		6,820		7,460

	Principal Amount ($) or Shares		Market Value $
4.500% due 01/20/22 (Ñ)(Þ)		3,035		3,126
5.750% due 01/20/42 (Þ)		3,545		3,766
QBE Capital Funding III, Ltd. 7.250% due 05/24/41 (Þ)		3,000		2,653
Qtel International Finance, Ltd. 5.000% due 10/19/25 (Þ)		4,710		4,745
Rabobank Nederland NV 11.000% due 06/29/49 (ƒ)(Þ)		4,042		5,002
Ralph Lauren Corp. 4.500% due 10/04/13		2,050		2,774
Ras Laffan Liquefied Natural Gas Co., Ltd. II 5.298% due 09/30/20 (Þ)		661		709
Ras Laffan Liquefied Natural Gas Co., Ltd. III 5.838% due 09/30/27 (Þ)		300		320
Reliance Industries, Ltd. 10.250% due 01/15/97 (Þ)		1,000		1,045
Republic of Venezuela 7.750% due 10/13/19		2,220		1,687
RESI Finance, LP Series 2003-D Class B3 1.596% due 12/10/35 (Ê)(Þ)		1,248		944
Series 2003-D Class B4 1.796% due 12/10/35 (Ê)(Þ)		1,452		1,061
Resix Finance, Ltd. Credit-Linked Notes Series 2003-D Class B7 6.046% due 12/10/35 (Ê)(Þ)		1,452		1,021
Resona Bank, Ltd. 5.850% due 09/29/49 (ƒ)(Þ)		600		613
Rio Tinto Finance USA, Ltd. 3.750% due 09/20/21		4,125		4,423
Romanian Government Internation Bond 6.750% due 02/07/22		3,186		3,158
Royal Bank of Scotland Group PLC Series 1 9.118% due 03/31/49 (ƒ)		2,300		1,978
Royal Bank of Scotland PLC (The) 3.250% due 01/11/14		5,500		5,452
4.875% due 08/25/14 (Þ)		4,075		4,115
1.316% due 09/29/15 (Ê)		100		80
1.352% due 10/14/16 (Ê)		100		77
Russian Foreign Bond - Eurobond Series REGS 3.625% due 04/29/15		200		204
5.000% due 04/29/20		100		105
Sirius International Group, Ltd. 7.506% due 05/29/49 (ƒ)(Þ)		5,830		5,434
SMART Trust Series 2011-1USA Class A2A 1.180% due 04/14/13 (Þ)		3,465		3,465
Series 2011-2USA Class A4A 2.310% due 04/14/17 (Þ)		7,420		7,520
Smurfit Kappa Treasury Funding, Ltd. 7.500% due 11/20/25		1,800		1,723
Societe Generale SA 1.631% due 04/11/14 (Ê)(Þ)		300		283

108 Russell Strategic Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Sparebank 1 Boligkreditt AS 1.250% due 10/25/13 (Þ)		8,800		8,759
2.625% due 05/27/16 (Þ)		4,500		4,555
Standard Chartered PLC 5.500% due 11/18/14 (Þ)		500		533
Statoil ASA 1.800% due 11/23/16 (Ñ)		1,660		1,698
3.150% due 01/23/22		4,725		4,933
Sumitomo Mitsui Banking Corp. 1.950% due 01/14/14 (Þ)		1,200		1,214
Suncor Energy, Inc. 5.950% due 12/01/34		2,025		2,435
Teck Resources, Ltd. 10.750% due 05/15/19		2,825		3,453
Telecom Italia Capital SA 5.250% due 10/01/15		1,855		1,792
Telefonica Emisiones SAU 2.582% due 04/26/13		3,345		3,309
Telefonos de Mexico SAB de CV 5.500% due 01/27/15		5,880		6,425
Temasek Financial I, Ltd. 4.300% due 10/25/19 (Þ)		1,200		1,302
TNK-BP Finance SA Series REGS 7.500% due 07/18/16		2,270		2,497
Total Capital SA 4.450% due 06/24/20		2,600		2,949
TransCanada PipeLines, Ltd. 6.350% due 05/15/67		3,175		3,210
Transocean, Inc. 5.050% due 12/15/16		5,410		5,797
6.000% due 03/15/18		1,475		1,591
6.500% due 11/15/20		9,084		10,060
6.375% due 12/15/21		3,685		4,179
7.350% due 12/15/41		5,655		6,808
Tyco Electronics Group SA 6.550% due 10/01/17		2,945		3,487
3.500% due 02/03/22		2,555		2,545
UBM PLC 5.750% due 11/03/20 (Þ)		4,715		4,713
UBS AG 5.850% due 12/31/17 (Þ)		4,690		1,292
Series BKNT 5.875% due 12/20/17		2,000		2,240
5.750% due 04/25/18		300		336
Series FRN 1.553% due 01/28/14 (Ê)		1,000		979
Vale Overseas, Ltd. 6.250% due 01/23/17		200		229
6.875% due 11/21/36		200		235
Venezuela Government International Bond 9.000% due 05/07/23		570		428
9.250% due 05/07/28		210		155
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC 6.493% due 02/02/16 (Þ)		1,860		1,846
7.748% due 02/02/21 (Þ)		1,790		1,727

	Principal Amount ($) or Shares		Market Value $
Virgin Media Finance PLC Series 1 9.500% due 08/15/16		1,950		2,203
Volcan Cia Minera SAA 5.375% due 02/02/22 (Å)		1,900		1,915
Volvo Treasury AB 5.950% due 04/01/15 (Þ)		6,299		6,738
Weatherford International, Ltd. 9.625% due 03/01/19 (Þ)		3,315		4,441
Westpac Banking Corp. 3.585% due 08/14/14 (Þ)		9,600		10,239
Willis Group Holdings PLC 4.125% due 03/15/16		2,980		3,049
WPP Finance UK 8.000% due 09/15/14		5,895		6,644
				672,798
Loan Agreements - 0.3%
Adam Aircraft Industries, Inc. Term Loan 15.130% due 05/23/12 (Å)		760		7
Caesars Entertainment Operating Co., Inc. Term Loan B2 3.276% due 01/28/15 (Ê)		4,000		3,617
Chrysler Group LLC Term Loan 6.000% due 05/24/17 (Ê)		7,740		7,572
HCA, Inc. Extended Term Loan B3 3.520% due 05/01/18		5,448		5,319
Newsday LLC Term Loan B 10.500% due 08/01/13		2,775		2,855
Texas Competitive Electric Holdings Co. LLC Extended Term Loan 4.795% due 10/10/17 (Ê)		5,077		3,129
				22,499
Mortgage-Backed Securities - 39.8%
Adjustable Rate Mortgage Trust Series 2006-1 Class 2A1 3.188% due 03/25/36		1,090		562
Series 2007-1 Class 1A1 2.939% due 03/25/37		5,196		2,522
American Home Mortgage Assets LLC Series 2007-4 Class A2 0.466% due 08/25/37 (Ê)		8,357		5,783
American Home Mortgage Investment Trust Series 2004-4 Class 4A 2.746% due 02/25/45 (Ê)		621		472
Series 2005-2 Class 5A3 5.077% due 09/25/35		753		761
Banc of America Alternative Loan Trust Series 2005-5 Class 2CB1 6.000% due 06/25/35		626		450
Series 2006-6 Class CB6 6.000% due 06/25/46		1,174		192
Banc of America Funding Corp. Series 2005-D Class A1 2.682% due 05/25/35 (Ê)		811		775

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2005-F Class 1A2 0.631% due 09/20/35 (Ê)		261		65
Series 2006-3 Class 5A8 5.500% due 03/25/36		4,640		4,325
Series 2006-A Class 4A1 5.434% due 02/20/36 (Ê)		2,894		2,131
Series 2006-D Class 1A2 0.561% due 05/20/36 (Ê)		39,000		6,987
Series 2006-F Class 1A2 2.736% due 07/20/36 (Ê)		215		47
Series 2006-G Class 2A3 0.451% due 07/20/36 (Ê)		6,977		6,699
Series 2006-H Class 4A4 5.955% due 09/20/46		827		58
Series 2006-I Class 5A1 5.965% due 10/20/46 (Ê)		9,280		7,163
Series 2006-J Class 4A1 5.745% due 01/20/47		808		524
Series 2007-2 Class TA1B 5.806% due 03/25/37		295		199
Banc of America Merrill Lynch Commercial Mortgage, Inc. Series 2002-PB2 Class A4 6.186% due 06/11/35		421		421
Series 2002-PB2 Class C 6.349% due 06/11/35		100		100
Series 2003-1 Class D 4.903% due 09/11/36 (Þ)		440		445
Series 2003-1 Class SBB 5.860% due 03/11/32 (Þ)		1,626		1,697
Series 2003-1 Class SBC 5.790% due 03/11/32 (Þ)		1,336		1,394
Series 2003-1 Class SBE 6.770% due 03/11/32 (Þ)		433		458
Series 2005-1 Class A3 4.877% due 11/10/42		1,227		1,226
Series 2005-1 Class A4 5.237% due 11/10/42		2,495		2,579
Series 2005-2 Class A4 4.783% due 07/10/43		338		338
Series 2005-2 Class A5 4.857% due 07/10/43		7,570		8,283
Series 2006-1 Class A4 5.372% due 09/10/45		4,225		4,728
Series 2006-3 Class A4 5.889% due 07/10/44		7,720		8,653
Series 2006-4 Class A4 5.634% due 07/10/46		3,640		4,089
Series 2006-6 Class A4 5.356% due 10/10/45		840		921
Series 2007-2 Class A4 5.807% due 04/10/49		4,700		5,216
Series 2008-1 Class A4 6.395% due 02/10/51		6,605		7,569
Series 2008-1 Class B 6.438% due 02/10/51 (Þ)		1,562		1,023

	Principal Amount ($) or Shares		Market Value $
Series 2008-1 Class C 6.438% due 02/10/51 (Þ)		1,507		927
Banc of America Mortgage Securities, Inc. Series 2004-1 Class 5A1 6.500% due 09/25/33		27		28
Series 2004-11 Class 2A1 5.750% due 01/25/35		1,551		1,585
Series 2004-D Class 1A1 2.748% due 05/25/34 (Ê)		52		45
Series 2004-F Class 1A1 2.748% due 07/25/34 (Ê)		732		663
Series 2004-I Class 2A2 2.753% due 10/25/34 (Ê)		148		132
Series 2004-L Class 2A1 2.931% due 01/25/35 (Ê)		2,576		2,159
Series 2005-H Class 2A5 2.754% due 09/25/35 (Ê)		3,300		2,507
Series 2005-I Class 2A2 2.732% due 10/25/35 (Ê)		1,995		362
Series 2005-I Class 4A1 5.146% due 10/25/35 (Ê)		1,678		1,526
Series 2006-2 Class A12 6.000% due 07/25/46		92		77
Series 2006-B Class 1A1 2.299% due 10/20/46 (Ê)		907		395
Series 2007-1 Class 1A16 5.625% due 03/25/37		1,539		1,445
Series 2007-1 Class 1A26 6.000% due 03/25/37		1,115		1,001
Bcap LLC 2011 RR4 II Series 2011-RR4 Class 7A2 11.236% due 04/26/37 (Þ)		5,371		1,423
Bear Stearns Adjustable Rate Mortgage Trust Series 2002-11 Class 1A2 2.888% due 02/25/33		8		6
Series 2003-1 Class 6A1 2.691% due 04/25/33		38		34
Series 2003-8 Class 4A1 2.850% due 01/25/34		238		226
Series 2004-3 Class 1A1 2.828% due 07/25/34 (Ê)		684		510
Series 2004-8 Class 2A1 2.732% due 11/25/34		2,326		1,871
Series 2004-9 Class 22A1 3.207% due 11/25/34 (Ê)		412		394
Series 2004-10 Class 12A3 2.784% due 01/25/35		7,063		5,658
Series 2004-10 Class 22A1 2.825% due 01/25/35		436		361
Series 2005-2 Class A1 2.710% due 03/25/35 (Ê)		8,360		7,825
Series 2005-2 Class A2 3.078% due 03/25/35 (Ê)		1,163		1,095
Series 2005-5 Class A2 2.250% due 08/25/35 (Ê)		2,082		1,774

110 Russell Strategic Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2005-10 Class A3 2.704% due 10/25/35 (Ê)		8,583		6,871
Series 2005-12 Class 13A1 5.397% due 02/25/36		451		386
Series 2007-1 Class 3A2 5.319% due 02/25/47		1,530		161
Series 2007-3 Class 1A1 5.059% due 05/25/47		3,201		2,024
Bear Stearns Alt-A Trust Series 2005-4 Class 23A1 2.605% due 05/25/35		1,409		1,039
Series 2005-5 Class 21A1 2.531% due 07/25/35		3,241		2,365
Series 2005-7 Class 22A1 2.807% due 09/25/35		952		599
Bear Stearns Asset Backed Securities Trust Series 2005-AC9 Class A3 0.626% due 12/25/35 (Ê)		7,092		3,545
Bear Stearns Commercial Mortgage Securities Series 2005-PWR9 Class A4B 4.943% due 09/11/42		495		510
Series 2005-T20 Class A4A 5.299% due 10/12/42		9,036		10,088
Series 2006-PW11 Class A1 5.266% due 03/11/39		685		684
Series 2006-PW11 Class A4 5.619% due 03/11/39		5,570		6,257
Series 2006-PW13 Class A4 5.540% due 09/11/41		10,863		12,318
Series 2006-PW14 Class A4 5.201% due 12/11/38		2,800		3,126
Series 2007-PW15 Class A4 5.331% due 02/11/44		100		107
Series 2007-PW16 Class A4 5.904% due 06/11/40		5,198		5,873
Series 2007-PW17 Class A4 5.694% due 06/11/50		13,110		14,784
Series 2007-T26 Class A4 5.471% due 01/12/45		400		457
Bear Stearns Structured Products, Inc. Series 2007-R6 Class 1A1 2.580% due 01/26/36		2,026		1,190
Series 2007-R6 Class 2A1 3.230% due 12/26/46		1,791		1,057
Chase Commercial Mortgage Securities Corp. Series 1997-1 Class F 7.370% due 06/19/29 (Þ)		384		388
Chase Mortgage Finance Corp. Series 2007-A1 Class 11M1 2.502% due 03/25/37 (Ê)		744		520
Series 2007-A1 Class 2A1 2.757% due 02/25/37		767		730
Series 2007-A1 Class 3A1 2.760% due 02/25/37		480		414

	Principal Amount ($) or Shares		Market Value $
Series 2007-A1 Class 4A1 2.746% due 02/25/37		217		201
Series 2007-A1 Class 5A1 2.757% due 02/25/37		860		743
Series 2007-A1 Class 7A1 2.748% due 02/25/37		252		242
Series 2007-A1 Class 8A1 2.739% due 02/25/37		2,332		2,351
Citicorp Mortgage Securities, Inc. Series 2005-7 Class 1A1 5.500% due 10/25/35		1,100		1,107
Series 2006-3 Class 1A9 5.750% due 06/25/36		2,702		2,412
Citigroup Commercial Mortgage Trust Series 2006-C5 Class A4 5.431% due 10/15/49		2,146		2,429
Series 2007-C6 Class A4 5.885% due 12/10/49		3,155		3,602
Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2 Class 1CB2 6.750% due 08/25/34		211		224
Series 2005-11 Class A2A 2.580% due 10/25/35 (Ê)		212		179
Series 2006-AR6 Class 1A1 5.881% due 08/25/36		1,491		1,242
Series 2006-AR7 Class 1A4A 5.253% due 11/25/36		6,160		3,991
Series 2007-6 Class 1A4A 5.576% due 03/25/37		2,110		1,024
Series 2007-10 Class 2A3A 5.912% due 09/25/37		1,204		736
Series 2007-10 Class 2A4A 6.118% due 09/25/37 (Ê)		226		151
Series 2007-AR4 Class 1A1A 5.782% due 03/25/37		1,579		1,300
Series 2007-AR8 Class 2A1A 5.173% due 07/25/37		2,679		1,748
Series 2008-RR1 Class A1A1 0.346% due 01/25/37 (Ê)(Þ)		184		98
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1 Class A4 5.399% due 07/15/44		5,180		5,767
Series 2007-CD4 Class A4 5.322% due 12/11/49		4,030		4,392
Commercial Mortgage Acceptance Corp. Series 1998-C2 Class F 5.440% due 09/15/30 (Þ)		425		442
Commercial Mortgage Asset Trust Series 1999-C1 Class C 7.350% due 01/17/32		385		417
Series 1999-C1 Class D 7.350% due 01/17/32		1,675		1,816
Commercial Mortgage Pass Through Certificates Series 2003-LB1A Class A2 4.084% due 06/10/38		3,825		3,929

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2006-C7 Class A2 5.690% due 06/10/46		19		19
Series 2006-C8 Class A4 5.306% due 12/10/46		1,400		1,555
Series 2007-C9 Class A4 6.007% due 12/10/49		6,771		7,755
Series 2010-RR1 Class GEA 5.543% due 12/11/49 (Þ)		7,300		8,139
Series 2011-THL Class A 3.376% due 06/09/28 (Þ)		4,680		4,809
Countrywide Alternative Loan Trust Series 2003-20CB Class 1A2 5.500% due 10/25/33		341		353
Series 2004-28CB Class 6A1 6.000% due 01/25/35		501		477
Series 2005-16 Class A1 1.842% due 06/25/35 (Ê)		2,528		1,499
Series 2005-38 Class A1 1.697% due 09/25/35 (Ê)		1,034		600
Series 2005-51 Class 4A1 0.601% due 11/20/35 (Ê)		480		256
Series 2005-58 Class A2 0.671% due 12/20/35 (Ê)		1,354		314
Series 2005-59 Class 1A1 0.611% due 11/20/35 (Ê)		2,259		1,213
Series 2005-1CB Class 2A2 5.500% due 03/25/35		1,121		965
Series 2005-32T1 Class A7 0.526% due 08/25/35 (Ê)		45		45
Series 2005-48T1 Class A6 5.500% due 11/25/35		9,685		6,151
Series 2005-85CB Class 2A2 5.500% due 02/25/36		26		18
Series 2006-6CB Class 1A10 5.500% due 05/25/36		247		166
Series 2006-23CB Class 1A6 6.000% due 08/25/36		2,172		1,551
Series 2006-24CB Class A1 6.000% due 06/25/36		678		565
Series 2006-36T2 Class 1A9 1.176% due 12/25/36 (Ê)		2,369		1,100
Series 2006-45T1 Class 2A2 6.000% due 02/25/37		2,336		1,446
Series 2006-OA2 Class A5 0.511% due 05/20/46 (Ê)		103		41
Series 2006-OA6 Class 1A3 0.546% due 07/25/46 (Ê)		1,004		328
Series 2006-OA16 Class A2 0.466% due 10/25/46 (Ê)		17,367		9,602
Series 2006-OA21 Class A1 0.471% due 03/20/47 (Ê)		1,902		859
Series 2007-11T1 Class A21 6.000% due 05/25/37		898		576
Series 2007-15CB Class A5 5.750% due 07/25/37		638		450
Series 2007-15CB Class A7 6.000% due 07/25/37		2,348		1,717

	Principal Amount ($) or Shares		Market Value $
Series 2007-J2 Class 2A1 6.000% due 07/25/37		18,443		14,195
Series 2007-OA4 Class A1 0.446% due 05/25/47 (Ê)		3,363		1,911
Series 2007-OA6 Class A1B 0.476% due 06/25/37 (Ê)		1,480		835
Series 2007-OA11 Class A1A 1.577% due 11/25/47 (Ê)		6,835		3,118
Countrywide Home Loan Mortgage Pass Through Trust Series 2003-52 Class A1 2.667% due 02/19/34		1,373		1,196
Series 2004-22 Class A3 2.751% due 11/25/34		1,637		1,215
Series 2004-HYB6 Class A2 2.715% due 11/20/34		1,222		938
Series 2004-HYB9 Class 1A1 2.774% due 02/20/35		2,755		2,179
Series 2004-J9 Class 2A1 5.250% due 01/25/35		349		348
Series 2005-11 Class 5A1 0.576% due 03/25/35 (Ê)		41		24
Series 2005-27 Class 2A1 5.500% due 12/25/35		4,762		3,714
Series 2005-HYB9 Class 3A2A 2.595% due 02/20/36 (Ê)		301		204
Series 2005-R2 Class 2A4 8.500% due 06/25/35 (Þ)		209		215
Series 2006-1 Class A2 6.000% due 03/25/36		1,102		853
Series 2006-1 Class A3 6.000% due 03/25/36		284		47
Series 2006-13 Class 1A23 6.250% due 09/25/36		97		34
Series 2006-21 Class A8 5.750% due 02/25/37		5,080		4,078
Series 2007-1 Class A1 6.000% due 03/25/37		10,398		8,346
Series 2007-4 Class 1A10 6.000% due 05/25/37		10,768		8,522
Series 2007-9 Class A11 5.750% due 07/25/37		1,900		1,619
Series 2007-10 Class A5 6.000% due 07/25/37		4,413		3,487
Series 2007-14 Class A19 6.000% due 09/25/37		4,558		4,088
Series 2007-14 Class A6 6.000% due 09/25/37		863		788
Series 2007-15 Class 2A2 6.500% due 09/25/37		619		492
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-30 Class DB1 2.148% due 11/25/32		575		574
Series 2002-CKN2 Class C1 6.376% due 04/15/37		945		944

112 Russell Strategic Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2002-CKS4 Class B 5.333% due 11/15/36		2,525		2,530
Series 2002-CP3 Class A3 5.603% due 07/15/35		5,995		6,040
Series 2002-CP3 Class C 5.510% due 07/15/35		3,770		3,784
Series 2003-CPN1 Class A2 4.597% due 03/15/35		432		441
Series 2004-1 Class 3A1 7.000% due 02/25/34		36		37
Series 2005-9 Class 2A1 5.500% due 10/25/35		4,614		4,249
Series 2005-C2 Class A3 4.691% due 04/15/37		1,342		1,402
Series 2005-C4 Class A3 5.120% due 08/15/38		532		536
Credit Suisse Mortgage Capital Certificates Series 2006-8 Class 4A1 6.500% due 10/25/21		5,194		4,101
Series 2006-C3 Class AJ 6.009% due 06/15/38		1,372		1,129
Series 2006-C3 Class B 6.009% due 06/15/38		2,153		1,553
Series 2006-C5 Class A3 5.311% due 12/15/39		6,965		7,611
Series 2006-TF2A Class D 0.585% due 10/15/21 (Ê)(Þ)		724		646
Series 2007-2 Class 3A4 5.500% due 03/25/37		5,000		4,263
Series 2007-C1 Class A3 5.383% due 02/15/40		5,350		5,518
DBRR Trust Series 2011-LC2 Class A4A 4.537% due 07/12/44 (Þ)		3,265		3,691
DBUBS Mortgage Trust Series 2011-LC3A Class A2 3.642% due 08/10/44		3,425		3,663
Deutsche ALT-A Securities, Inc. Alternate Loan Trust Series 2003-4XS Class A6A 4.820% due 10/25/33		331		324
Series 2007-AR3 Class 2A4 0.626% due 06/25/37 (Ê)		5,000		919
Series 2007-OA1 Class A1 0.426% due 02/25/47 (Ê)		6,031		2,926
Series 2007-OA2 Class A1 0.967% due 04/25/47 (Ê)		14,067		8,570
Downey Savings & Loan Association Mortgage Loan Trust Series 2006-AR1 Class 2A1A 1.137% due 04/19/47 (Ê)		1,488		852
Fannie Mae 5.500% due 2014		26		28
6.500% due 2015		2		2
5.000% due 2016		83		90
6.000% due 2016		79		85
8.000% due 2016		4		4

	Principal Amount ($) or Shares		Market Value $
11.000% due 2016		30		34
5.000% due 2017		324		349
5.500% due 2017		158		172
6.000% due 2017		124		133
6.500% due 2017		114		125
7.000% due 2017		8		9
8.000% due 2017		19		20
2.800% due 2018		4,921		5,178
3.740% due 2018		2,974		3,260
3.840% due 2018		3,480		3,833
4.000% due 2018		7,458		7,963
4.500% due 2018		815		890
5.000% due 2018		124		135
5.500% due 2018		83		91
6.500% due 2018		81		91
7.000% due 2018		52		58
10.000% due 2018		11		12
4.506% due 2019		9,000		10,172
5.000% due 2019		604		658
6.500% due 2019		44		50
3.416% due 2020 (Ê)		2,370		2,551
3.632% due 2020 (Ê)		1,778		1,937
3.763% due 2020		17,987		19,733
4.000% due 2020		29		31
4.250% due 2020		7,543		8,447
6.500% due 2020		19		21
8.000% due 2020		3		3
5.500% due 2021		418		457
5.500% due 2022		2,559		2,785
6.500% due 2022		26		29
5.500% due 2023		3,578		3,914
4.000% due 2024		1,291		1,370
5.000% due 2024		444		480
5.500% due 2024		2,444		2,660
7.500% due 2024		2		2
8.000% due 2024		39		47
10.000% due 2024		7		8
2.342% due 2025 (Ê)		13		14
4.000% due 2025		8,636		9,158
4.500% due 2025		256		276
5.500% due 2025		14,659		15,968
7.000% due 2025		1		1
2.396% due 2026 (Ê)		207		219
3.500% due 2026		40,771		43,443
4.000% due 2026		1,279		1,359
6.000% due 2026		654		720
7.000% due 2026		75		87
9.000% due 2026		14		16
6.000% due 2027		2,060		2,269
7.000% due 2027		3		4
7.500% due 2027		15		16
6.500% due 2028		129		148
7.000% due 2028		176		204
4.500% due 2029		7,567		8,101
5.000% due 2029		20		21
5.500% due 2029		—		—
6.500% due 2029		296		340

Russell Strategic Bond Fund 113

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
7.000% due 2029		1,011		1,181
7.500% due 2029		48		58
8.000% due 2029		3		3
8.500% due 2029		2		2
6.500% due 2030		143		164
7.000% due 2030		380		436
7.500% due 2030		198		224
8.000% due 2030		205		248
8.500% due 2030		120		139
9.500% due 2030		58		70
6.500% due 2031		248		284
7.000% due 2031		874		1,023
7.500% due 2031		331		388
8.000% due 2031		380		443
8.500% due 2031		226		268
6.500% due 2032		653		748
7.000% due 2032		2,154		2,523
7.500% due 2032		200		235
8.000% due 2032		14		17
8.500% due 2032		25		31
2.282% due 2033 (Ê)		194		203
2.324% due 2033 (Ê)		4		4
2.418% due 2033 (Ê)		795		841
2.454% due 2033 (Ê)		45		47
2.465% due 2033 (Ê)		376		392
2.625% due 2033 (Ê)		10		10
4.500% due 2033		227		243
5.000% due 2033		142		155
5.500% due 2033		36		39
6.500% due 2033		551		628
7.000% due 2033		799		922
2.322% due 2034 (Ê)		1,000		1,054
2.452% due 2034 (Ê)		438		459
2.470% due 2034 (Ê)		181		192
2.475% due 2034 (Ê)		912		963
5.000% due 2034		796		861
5.500% due 2034		6,434		7,029
6.000% due 2034		52		58
6.500% due 2034		680		772
7.000% due 2034		257		297
2.147% due 2035 (Ê)		367		384
2.183% due 2035 (Ê)		614		641
2.185% due 2035 (Ê)		1,000		1,045
2.284% due 2035 (Ê)		699		738
2.360% due 2035 (Ê)		900		953
2.375% due 2035 (Ê)		928		983
2.380% due 2035 (Ê)		1,514		1,593
2.590% due 2035 (Ê)		1,878		1,991
5.000% due 2035		58		63
5.030% due 2035 (Ê)		195		209
5.184% due 2035 (Ê)		136		143
5.500% due 2035		2,768		3,022
6.000% due 2035		2,436		2,715
6.500% due 2035		48		55
7.000% due 2035		210		242
7.500% due 2035		697		837
3.987% due 2036 (Ê)		201		214
4.000% due 2036		2,798		2,965

	Principal Amount ($) or Shares		Market Value $
5.500% due 2036		5,526		5,989
6.000% due 2036		4,594		5,061
6.305% due 2036 (Ê)		25		27
6.500% due 2036		190		215
7.000% due 2036		375		432
5.500% due 2037		27,631		30,077
6.000% due 2037		1,551		1,711
5.500% due 2038		1,646		1,797
6.000% due 2038		1,237		1,366
4.000% due 2039		2,520		2,681
4.500% due 2039		8,824		9,610
5.500% due 2039		27		30
6.000% due 2039		1,797		2,009
1.608% due 2040 (Ê)		204		207
4.000% due 2040		34,177		36,232
4.500% due 2040		11,758		12,580
3.500% due 2041		28,000		29,121
4.000% due 2041		163,285		173,315
4.500% due 2041		30,801		32,961
5.000% due 2041		50,937		55,121
4.000% due 2042		9,846		10,472
1.408% due 2043 (Ê)		126		127
15 Year TBA (Ï) 3.000%		182,500		189,922
3.500%		26,615		28,000
4.000%		2,000		2,120
5.500%		5,500		5,978
30 Year TBA (Ï) 3.500%		91,280		94,831
4.000%		38,800		40,984
4.500%		117,705		125,765
5.000%		72,435		78,218
5.500%		28,625		31,161
6.000%		30,375		33,397
6.500%		8,000		8,943
Series 1997-281 Class 2 Interest Only STRIP 9.000% due 11/01/26		36		9
Series 2000-306 Class IO Interest Only STRIP 8.000% due 05/01/30		37		8
Series 2001-317 Class 2 Interest Only STRIP 8.000% due 12/01/31		57		12
Series 2002-320 Class 2 Interest Only STRIP 7.000% due 04/01/32		19		3
Series 2003-339 Class 23 Interest Only STRIP 5.000% due 07/01/18		1,214		104
Series 2003-345 Class 19 Interest Only STRIP 4.500% due 01/01/19		3,773		287
Series 2006-369 Class 8 Interest Only STRIP 5.500% due 04/01/36		1,074		152

114 Russell Strategic Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Fannie Mae Grantor Trust Series 1999-T2 Class A1 7.500% due 01/19/39		54		59
Series 2001-T4 Class A1 7.500% due 07/25/41		2,525		2,972
Series 2001-T8 Class A2 9.500% due 07/25/41		149		172
Series 2001-T10 Class A2 7.500% due 12/25/41		5,615		6,549
Series 2002-T19 Class A1 6.500% due 07/25/42		438		501
Series 2004-T1 Class 1A2 6.500% due 01/25/44		24		27
Fannie Mae REMICS Series 1996-46 Class ZA 7.500% due 11/25/26		168		190
Series 1997-68 Class SC 8.188% due 05/18/27 (Ê)		49		13
Series 1999-56 Class Z 7.000% due 12/18/29		666		759
Series 2001-4 Class SA 7.260% due 02/17/31 (Ê)		65		8
Series 2002-57 Class PG 5.500% due 09/25/17		3,580		3,840
Series 2003-25 Class IK 7.000% due 04/25/33		180		37
Series 2003-32 Class FH 0.676% due 11/25/22 (Ê)		709		711
Series 2003-32 Class UI 6.000% due 05/25/33		225		37
Series 2003-33 Class IA 6.500% due 05/25/33		995		203
Series 2003-35 Class FY 0.676% due 05/25/18 (Ê)		2,066		2,077
Series 2003-35 Class IU 6.000% due 05/25/33		242		44
Series 2003-35 Class UI 6.500% due 05/25/33		222		40
Series 2003-64 Class JI 6.000% due 07/25/33		199		33
Series 2003-82 Class IA 6.000% due 08/25/32		38		—
Series 2003-343 Class 6 Interest Only STRIP 5.000% due 10/01/33		1,478		196
Series 2003-345 Class 18 Interest Only STRIP 4.500% due 12/01/18		3,437		263
Series 2004-70 Class EB 5.000% due 10/25/24		3,450		3,756
Series 2005-110 Class MB 5.500% due 09/25/35		1,167		1,310
Series 2005-117 Class LC 5.500% due 11/25/35		9,128		10,066
Series 2005-365 Class 12 Interest Only STRIP 5.500% due 12/01/35		6,599		900

	Principal Amount ($) or Shares		Market Value $
Series 2006-5 Class 3A2 2.382% due 05/25/35 (Ê)		218		228
Series 2006-22 Class CE 4.500% due 08/25/23		1,895		2,095
Series 2006-118 Class A1 0.336% due 12/25/36 (Ê)		157		155
Series 2007-73 Class A1 0.336% due 07/25/37 (Ê)		1,348		1,290
Series 2009-39 Class LB 4.500% due 06/25/29		1,964		2,157
Series 2009-70 Class PS 6.474% due 01/25/37 (Ê)		36,941		5,711
Series 2009-71 Class MB 4.500% due 09/25/24		2,970		3,257
Series 2009-89 Class A1 5.410% due 05/25/35		3,359		3,555
Series 2009-96 Class DB 4.000% due 11/25/29		8,343		9,019
Series 2010-85 Class NJ 4.500% due 08/25/40		7,519		8,173
Series 2010-95 Class S 6.324% due 09/25/40 (Ê)		28,619		4,712
Series 2010-112 Class PI 6.000% due 10/25/40		26,410		3,836
Fannie Mae Whole Loan Series 2003-W1 Class 2A 7.096% due 12/25/42		92		108
Series 2003-W4 Class 4A 7.272% due 10/25/42		42		50
Series 2003-W17 Class 1A6 5.310% due 08/25/33		2,373		2,443
Series 2004-W2 Class 2A2 7.000% due 02/25/44		4,203		4,852
Series 2004-W9 Class 2A1 6.500% due 02/25/44		214		245
Series 2004-W11 Class 1A2 6.500% due 05/25/44		455		506
Fannie Mae-Aces Series 2006-M2 Class A2F 5.259% due 05/25/20		355		409
FDIC Structured Sale Guaranteed Notes Series 2010-L2A Class A 3.000% due 09/30/19 (Þ)		6,579		6,618
Series 2010-S1 Class 1A 0.845% due 02/25/48 (Ê)(Þ)		3,495		3,491
Series 2010-S2 Class 2A 2.570% due 07/29/47 (Þ)		3,482		3,413
FDIC Trust Series 2010-R1 Class A 2.184% due 05/25/50 (Þ)		2,822		2,818
Series 2011-R1 Class A 2.672% due 07/25/26 (Þ)		11,772		12,051
Federal Home Loan Bank 4.000% due 07/01/39		227		242
4.000% due 08/01/39		185		198
4.000% due 08/01/40		78		83
4.000% due 09/01/40		25		26
4.000% due 09/01/41		101		108

Russell Strategic Bond Fund 115

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
4.000% due 10/01/41		1,043		1,115
4.000% due 12/01/41		2,974		3,180
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates Series 2011-K014 Class X1 Interest Only STRIP 1.453% due 04/25/21		21,973		1,867
Series 2011-K702 Class X1 Interest Only STRIP 1.731% due 02/25/18		77,815		5,788
Series 2011-K703 Class A2 2.699% due 05/25/18		7,000		7,336
Series 2011-KAIV Class A2 3.989% due 06/25/46		6,300		7,035
Series 2012-K705 Class A2 2.303% due 09/25/18		5,900		6,025
Federal Home Loan Mortgage Corp. Structured Pass Through Securities Series 2002-42 Class A6 9.500% due 02/25/42		71		86
Series 2003-58 Class 2A 6.500% due 09/25/43		239		278
Series 2005-63 Class 1A1 1.408% due 02/25/45 (Ê)		101		97
First Horizon Alternative Mortgage Securities Series 2005-AA2 Class 1A1 2.260% due 03/25/35 (Ê)		169		130
Series 2005-AA5 Class 1A1 2.374% due 07/25/35 (Ê)		210		134
First Horizon Asset Securities, Inc. Series 2003-5 Class 1A17 8.000% due 07/25/33		26		28
Series 2004-AR5 Class 4A1 5.659% due 10/25/34 (Ê)		178		177
Series 2005-AR3 Class 2A1 2.743% due 08/25/35 (Ê)		541		419
Series 2005-AR4 Class 2A1 2.633% due 10/25/35 (Ê)		2,274		1,695
Series 2006-AR4 Class 1A3 2.606% due 01/25/37 (Ê)		44		3
First Union Commercial Mortgage Securities, Inc. Series 1997-C2 Class D 7.120% due 11/18/29		397		400
First Union National Bank-Bank of America Commercial Mortgage Trust Series 2001-C1 Class IO1 Interest Only STRIP 1.534% due 03/15/33 (Þ)		18,686		—
First Union-Lehman Brothers-Bank of America Series 1998-C2 Class D 6.778% due 11/18/35		205		209
Freddie Mac 11.000% due 2015		3		3
6.000% due 2016		33		35

	Principal Amount ($) or Shares		Market Value $
10.000% due 2016		31		32
5.500% due 2017		55		60
8.500% due 2017		16		18
10.500% due 2017		3		3
4.500% due 2018		42		46
5.000% due 2018		1,332		1,434
5.500% due 2018		22		24
5.000% due 2019		2,406		2,603
5.500% due 2019		64		70
5.500% due 2020		459		500
8.000% due 2020		54		62
10.000% due 2020		14		17
11.000% due 2020		15		18
5.000% due 2021		474		511
10.500% due 2021		10		12
3.500% due 2025		13,801		14,621
6.500% due 2025		2		3
8.500% due 2025		18		22
2.594% due 2027 (Ê)		13		14
7.000% due 2027		92		107
8.500% due 2027		116		141
2.364% due 2028 (Ê)		14		14
2.495% due 2028 (Ê)		12		12
7.500% due 2028		24		28
6.500% due 2029		56		64
7.500% due 2029		44		52
2.615% due 2030 (Ê)		23		23
6.500% due 2030		1		1
7.000% due 2030		20		23
7.500% due 2030		212		253
8.000% due 2030		29		34
8.500% due 2030		43		52
6.500% due 2031		368		421
7.000% due 2031		230		267
7.500% due 2031		70		80
8.000% due 2031		157		181
7.000% due 2032		101		117
7.500% due 2032		83		94
2.366% due 2033 (Ê)		310		328
2.500% due 2033 (Ê)		51		54
6.000% due 2033		39		43
6.500% due 2033		102		116
7.500% due 2033		50		59
2.611% due 2034 (Ê)		530		563
2.698% due 2034 (Ê)		1,164		1,240
5.500% due 2034		578		630
6.000% due 2034		58		65
2.375% due 2035 (Ê)		1,100		1,166
2.495% due 2035 (Ê)		1,668		1,765
5.000% due 2035		191		211
5.076% due 2035 (Ê)		171		183
5.500% due 2035		982		1,069
6.000% due 2035		298		332
5.500% due 2036		304		333
6.000% due 2036		143		158
6.000% due 2037		162		181
5.500% due 2038		39,902		44,315
6.000% due 2038		9,220		10,229

116 Russell Strategic Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
6.500% due 2038		366		410
4.500% due 2039		29,655		32,146
5.500% due 2039		4,468		4,855
6.000% due 2039		77		86
4.000% due 2040		38,701		41,271
4.500% due 2040		42,126		45,935
5.500% due 2040		5,961		6,473
4.000% due 2041		77,032		82,040
4.500% due 2041		1,573		1,675
4.000% due 2042		701		750
30 Year TBA (Ï)
4.500%		2,725		2,899
5.000%		85		116
5.500%		1,000		1,084
Freddie Mac Mortgage Trust Series 2010-K7 Class B 5.619% due 04/25/20 (Þ)		8,310		8,100
Freddie Mac REMICS Series 1991-1037 Class Z 9.000% due 02/15/21		31		31
Series 1994-1730 Class Z 7.000% due 05/15/24		207		234
Series 1999-2129 Class SG 6.688% due 06/17/27 (Ê)		881		194
Series 2000-2247 Class SC 7.210% due 08/15/30 (Ê)		25		5
Series 2000-2266 Class F 0.740% due 11/15/30 (Ê)		43		42
Series 2002-2463 Class SJ 7.710% due 03/15/32 (Ê)		104		22
Series 2003-2610 Class UI 6.500% due 05/15/33		33		6
Series 2003-2621 Class QH 5.000% due 05/15/33		1,615		1,738
Series 2003-2624 Class QH 5.000% due 06/15/33		1,655		1,890
Series 2003-2649 Class IM 7.000% due 07/15/33		232		44
Series 2003-2662 Class MA 4.500% due 10/15/31		72		72
Series 2003-2697 Class LG 4.500% due 10/15/23		1,375		1,471
Series 2003-2725 Class TA 4.500% due 12/15/33		1,300		1,440
Series 2004-2752 Class FM 0.640% due 12/15/30 (Ê)		37		37
Series 2004-2778 Class UF 0.590% due 06/15/33 (Ê)		322		322
Series 2005-3019 Class IM Interest Only STRIP 5.500% due 01/15/31		175		1
Series 2005-3038 Class XA Zero coupon due 09/15/35 (Å)(Ê)		1		1
Series 2006-3123 Class HT 5.000% due 03/15/26		3,916		4,400
Series 2006-3149 Class LF 0.590% due 05/15/36 (Ê)		345		344

	Principal Amount ($) or Shares		Market Value $
Series 2006-3150 Class EQ 5.000% due 05/15/26		1,920		2,176
Series 2007-3335 Class BF 0.440% due 07/15/19 (Ê)		1,119		1,116
Series 2007-3335 Class FT 0.440% due 08/15/19 (Ê)		2,770		2,761
Series 2007-3345 Class FP 0.490% due 11/15/36 (Ê)		5,239		5,216
Series 2007-3345 Class PF 0.470% due 05/15/36 (Ê)		5,042		5,021
Series 2009-3558 Class G 4.000% due 08/15/24		150		164
Series 2010-3640 Class JA 1.500% due 03/15/15		7,907		7,940
Series 2010-3653 Class B 4.500% due 04/15/30		5,760		6,378
Series 2010-3704 Class DC 4.000% due 11/15/36		2,518		2,689
Series 2011-3820 Class DA 4.000% due 11/15/35		14,735		15,570
Freddie Mac Strips Series 1998-191 Class IO Interest Only STRIP 8.000% due 01/01/28		32		7
Series 1998-194 Class IO Interest Only STRIP 6.500% due 04/01/28		114		21
Series 2001-212 Class IO Interest Only STRIP 6.000% due 05/01/31		129		26
Series 2001-215 Class IO Interest Only STRIP 8.000% due 06/15/31		92		18
Series 2008-256 Class 56 Interest Only STRIP 4.500% due 05/15/23 (Å)		11,571		898
FREMF Mortgage Trust Series 2011-K14 Class B 5.332% due 02/25/47 (Þ)		2,560		2,410
Series 2011-K702 Class B 4.936% due 04/25/44 (Þ)		5,570		5,372
GE Capital Commercial Mortgage Corp. Series 2002-1A Class A3 6.269% due 12/10/35		67		67
Series 2003-C2 Class F 5.705% due 07/10/37 (Þ)		600		609
Series 2005-C3 Class A4 5.046% due 07/10/45		440		439
Series 2005-C4 Class A4 5.486% due 11/10/45		2,320		2,603
Ginnie Mae I 11.000% due 2013		2		2
10.500% due 2015		23		24
11.000% due 2015		—		—
7.000% due 2016		3		3
10.500% due 2016		27		28
8.000% due 2017		—		—
11.000% due 2020		14		15

Russell Strategic Bond Fund 117

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
10.500% due 2021		21		24
8.000% due 2022		10		11
10.000% due 2022		42		48
7.500% due 2024		12		14
3.950% due 2025		1,667		1,805
8.000% due 2025		8		9
10.000% due 2025		37		43
8.000% due 2030		180		218
7.500% due 2031		45		49
8.000% due 2031		2		2
7.500% due 2032		10		12
4.500% due 2039		43,072		47,199
5.000% due 2039		803		894
30 Year TBA (Ï)
3.500%		1,000		1,052
4.000%		25,000		26,957
Ginnie Mae II
1.625% due 2023 (Ê)		20		21
2.125% due 2023 (Ê)		193		199
2.375% due 2023 (Ê)		127		131
1.625% due 2024 (Ê)		141		145
2.125% due 2024 (Ê)		158		162
2.000% due 2025 (Ê)		7		8
2.125% due 2025 (Ê)		7		7
2.375% due 2025 (Ê)		81		83
2.500% due 2025 (Ê)		112		116
3.000% due 2025 (Ê)		38		40
2.125% due 2026 (Ê)		69		71
8.500% due 2026		24		29
1.625% due 2027 (Ê)		132		136
2.125% due 2027 (Ê)		4		5
2.375% due 2027 (Ê)		94		97
2.375% due 2028 (Ê)		2		2
2.125% due 2029 (Ê)		160		165
2.375% due 2030 (Ê)		60		62
4.502% due 2061		3,571		3,939
4.700% due 2061		8,034		9,036
GMAC Commercial Mortgage Securities, Inc. Series 2004-C3 Class A4 4.547% due 12/10/41		2,062		2,078
GMAC Mortgage Corp. Loan Trust Series 2005-AR2 Class 4A 4.955% due 05/25/35 (Ê)		4,946		4,381
Goldman Sachs Mortgage Securities Corp. II Series 2007-GG10 Class A4 5.984% due 08/10/45		5,600		6,205
Government National Mortgage Association Series 1998-23 Class ZA 6.500% due 09/20/28		1,025		1,180
Series 1999-27 Class SE 8.310% due 08/16/29 (Ê)		118		31
Series 1999-44 Class SA 8.260% due 12/16/29 (Ê)		159		36
Series 2000-29 Class S 8.219% due 09/20/30 (Ê)		17		5
Series 2001-46 Class SA 7.290% due 09/16/31 (Ê)		16		4

	Principal Amount ($) or Shares		Market Value $
Series 2002-27 Class SA 7.710% due 05/16/32 (Ê)		26		7
Series 2010-14 Class A 4.500% due 06/16/39		2,529		2,759
Series 2010-116 Class MP 3.500% due 09/16/40		20,673		21,462
Series 2011-67 Class B 3.863% due 10/16/47		3,395		3,734
Series 2011-127 Class IO Interest Only STRIP 1.563% due 03/16/47		39,345		3,140
Greenpoint Mortgage Funding Trust Series 2005-AR5 Class 1A1 0.546% due 11/25/45 (Ê)		202		115
Series 2006-AR6 Class A1A 0.356% due 10/25/46 (Ê)		106		99
Series 2006-AR8 Class 1A1A 0.356% due 01/25/47 (Ê)		44		42
Greenpoint Mortgage Pass-Through Certificates Series 2003-1 Class A1 2.801% due 10/25/33 (Ê)		783		642
Greenwich Capital Commercial Funding Corp. Series 2004-GG1 Class A7 5.317% due 06/10/36		9,435		10,098
Series 2005-GG3 Class A4 4.799% due 08/10/42		100		108
Series 2006-GG7 Class A4 6.079% due 07/10/38		10,790		12,232
Series 2006-GG7 Class AJ 6.079% due 07/10/38		2,500		1,975
Series 2007-GG9 Class A4 5.444% due 03/10/39		13,205		14,486
Series 2007-GG11 Class AJ 6.199% due 12/10/49		2,492		1,546
GS Mortgage Securities Corp. II Series 2004-GG2 Class A4 4.964% due 08/10/38		934		946
Series 2006-GG6 Class A4 5.553% due 04/10/38		5,030		5,572
Series 2007-EOP Class A1 1.143% due 03/06/20 (Ê)(Þ)		2,144		2,141
Series 2011-ALF Class A 2.716% due 02/10/21 (Þ)		3,509		3,543
Series 2011-GC5 Class A4 3.707% due 08/10/44		11,240		11,913
Series 2012-GC6 Class A2 2.539% due 01/10/45		3,315		3,378
GSMPS Mortgage Loan Trust Series 1998-1 Class A 8.000% due 09/19/27 (Þ)		103		107
Series 1998-3 Class A 7.750% due 09/19/27 (Þ)		94		100
Series 1999-3 Class A 8.000% due 08/19/29 (Þ)		244		241
Series 2005-RP1 Class 1A3 8.000% due 01/25/35 (Þ)		1,087		1,115

118 Russell Strategic Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2005-RP1 Class 1A4 8.500% due 01/25/35 (Þ)		760		796
Series 2006-RP1 Class 1A2 7.500% due 01/25/36 (Þ)		1,918		1,913
Series 2006-RP1 Class 1A3 8.000% due 01/25/36 (Þ)		1,646		1,677
GSR Mortgage Loan Trust Series 2004-7 Class 1A1 2.429% due 06/25/34		322		264
Series 2004-11 Class 1A1 2.775% due 09/25/34		269		197
Series 2004-12 Class 2A3 2.753% due 12/25/34		224		177
Series 2005-6F Class 1A6 5.250% due 07/25/35		3,766		3,626
Series 2005-AR4 Class 6A1 5.250% due 07/25/35 (Ê)		4,361		4,083
Series 2005-AR6 Class 2A1 2.658% due 09/25/35 (Ê)		2,649		2,286
Series 2005-AR7 Class 5A1 5.165% due 11/25/35		4,160		3,449
Series 2005-AR7 Class 6A1 5.136% due 11/25/35		1,532		1,327
Series 2006-2F Class 2A17 5.750% due 02/25/36		3,700		3,008
Series 2006-3F Class 2A3 5.750% due 03/25/36		3,148		2,814
Series 2006-8F Class 4A17 6.000% due 09/25/36		4,244		3,578
Series 2007-AR1 Class 1A1 2.799% due 03/25/37		13,801		7,946
Series 2007-AR2 Class 2A1 2.732% due 05/25/47		7,718		5,316
Harborview Mortgage Loan Trust Series 2005-2 Class 2A1A 0.501% due 05/19/35 (Ê)		155		93
Series 2005-4 Class 3A1 2.775% due 07/19/35		3,300		2,224
Series 2005-5 Class 2A1B 0.571% due 07/19/45 (Ê)		260		82
Series 2005-10 Class 2A1B 0.661% due 11/19/35 (Ê)		642		187
Series 2005-15 Class 2A11 0.551% due 10/20/45 (Ê)		932		592
Series 2005-16 Class 3A1B 0.621% due 01/19/36 (Ê)		778		161
Series 2006-10 Class 2A1B 0.521% due 11/19/36 (Ê)		1,737		407
Series 2006-14 Class 2A1B 0.481% due 01/25/47 (Ê)		1,293		226
Impac Secured Assets CMN Owner Trust Series 2005-2 Class A1 0.596% due 03/25/36 (Ê)		724		302
Indymac Index Mortgage Loan Trust Series 2004-AR11 Class 2A 2.578% due 12/25/34		90		64
Series 2005-AR25 Class 1A21 5.355% due 12/25/35		759		507

	Principal Amount ($) or Shares		Market Value $
Series 2005-AR31 Class 1A1 2.404% due 01/25/36		858		482
Series 2006-AR8 Class A3A 0.506% due 07/25/46 (Ê)		11,959		5,964
Series 2006-AR35 Class 2A1A 0.446% due 01/25/37 (Ê)		5,835		2,667
Series 2006-AR41 Class A3 0.456% due 02/25/37 (Ê)		12,449		5,439
Series 2007-AR5 Class 1A1 4.607% due 05/25/37		6,386		2,462
JP Morgan Alternative Loan Trust Series 2006-A2 Class 3A1 2.627% due 05/25/36		5,495		2,964
Series 2006-A4 Class A7 6.300% due 09/25/36		15,975		5,552
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2002-C1 Class A3 5.376% due 07/12/37		811		819
Series 2002-C2 Class A2 5.050% due 12/12/34		10,101		10,319
Series 2002-C2 Class B 5.211% due 12/12/34		120		122
Series 2003-C1 Class A2 4.985% due 01/12/37		3,650		3,750
Series 2006-CB15 Class A4 5.814% due 06/12/43		5,430		5,979
Series 2006-CB16 Class A4 5.552% due 05/12/45		3,960		4,424
Series 2006-LDP7 Class A4 6.065% due 04/15/45		5,405		6,152
Series 2006-LDP8 Class A3B 5.447% due 05/15/45		3,675		3,848
Series 2006-LDP8 Class A4 5.399% due 05/15/45		3,705		4,172
Series 2006-LDP9 Class A3 5.336% due 05/15/47		3,270		3,561
Series 2007-CB18 Class A4 5.440% due 06/12/47		7,000		7,757
Series 2007-CB20 Class A4 5.794% due 02/12/51		7,415		8,468
Series 2007-CB20 Class AJ 6.293% due 02/12/51		1,700		1,287
Series 2007-LD12 Class A4 5.882% due 02/15/51		400		448
Series 2007-LDPX Class A3 5.420% due 01/15/49		200		221
Series 2010-CNTR Class A2 4.311% due 08/05/32 (Þ)		5,904		6,279
Series 2011-C3 Class A4 4.717% due 02/15/46 (Þ)		7,870		8,808
JP Morgan Mortgage Trust Series 2005-A1 Class 6T1 5.019% due 02/25/35 (Ê)		312		309
Series 2005-A4 Class 1A1 5.313% due 07/25/35		908		889
Series 2005-A4 Class 2A1 2.785% due 07/25/35		3,596		2,884

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2005-A6 Class 1A2 5.080% due 09/25/35		2,650		2,150
Series 2005-A8 Class 1A1 5.397% due 11/25/35		3,472		3,099
Series 2005-S3 Class 1A2 5.750% due 01/25/36		214		198
Series 2006-A2 Class 2A1 5.527% due 04/25/36		197		157
Series 2006-A6 Class 1A2 2.768% due 10/25/36		1,356		1,023
Series 2006-A7 Class 3A2 5.683% due 01/25/37		5,778		4,474
Series 2006-S4 Class A5 6.000% due 01/25/37		2,564		2,102
Series 2007-A1 Class 1A1 2.810% due 07/25/35 (Ê)		389		357
Series 2007-A1 Class 5A2 2.813% due 07/25/35 (Ê)		668		586
Series 2007-A1 Class B1 3.232% due 07/25/35		150		12
Series 2007-A4 Class 3A1 5.681% due 06/25/37		16,722		13,625
Series 2007-A4 Class 3A3 5.681% due 06/25/37		2,667		2,341
Series 2007-S3 Class 1A74 6.000% due 08/25/37		2,364		1,971
Series 2007-S3 Class 1A8 6.000% due 08/25/37		9,688		7,748
JP Morgan Reremic Series 2010-2 Class 2A1 2.641% due 03/21/37 (Þ)		2,183		2,132
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2006-LDP7 Class AJ 6.065% due 04/15/45		2,224		1,946
LB-UBS Commercial Mortgage Trust Series 2002-C2 Class F 5.794% due 07/15/35		939		943
Series 2002-C2 Class G 5.873% due 07/15/35		1,433		1,437
Series 2002-C4 Class A5 4.853% due 09/15/31		709		718
Series 2003-C3 Class D 4.274% due 02/15/37		395		403
Series 2004-C7 Class A5 4.628% due 10/15/29		382		395
Series 2005-C1 Class A3 4.545% due 02/15/30		303		303
Series 2005-C2 Class AAB 5.007% due 04/15/30		313		325
Series 2007-C1 Class A4 5.424% due 02/15/40		6,508		7,284
Series 2007-C7 Class A3 5.866% due 09/15/45		7,820		8,787
Lehman Mortgage Trust Series 2005-2 Class 2A3 5.500% due 12/25/35		34		34

	Principal Amount ($) or Shares		Market Value $
Series 2006-8 Class 2A1 0.696% due 12/25/36 (Ê)		6,534		2,761
Series 2007-8 Class 3A1 7.250% due 09/25/37		13,119		5,439
Luminent Mortgage Trust Series 2006-6 Class A1 0.476% due 10/25/46 (Ê)		1,006		647
Master Reperforming Loan Trust Series 2005-1 Class 1A5 8.000% due 08/25/34 (Þ)		700		723
Series 2005-2 Class 1A4 8.000% due 05/25/35 (Þ)		1,142		1,142
Master Specialized Loan Trust Series 2005-2 Class A2 5.006% due 07/25/35 (Þ)		272		274
Mastr Adjustable Rate Mortgages Trust Series 2004-10 Class 2A2 3.027% due 10/25/34		7		4
Series 2005-1 Class B1 3.282% due 03/25/35		1,100		86
Series 2005-6 Class 7A1 5.398% due 06/25/35		375		370
Series 2006-1 Class I2A3 0.937% due 01/25/47 (Ê)		3,033		1,433
Series 2006-2 Class 3A1 2.699% due 01/25/36		317		235
Series 2006-2 Class 4A1 4.873% due 02/25/36		2,214		1,995
Series 2006-OA2 Class 4A1B 1.397% due 12/25/46 (Ê)		11,048		3,261
Series 2007-HF2 Class A1 0.586% due 09/25/37 (Ê)		7,102		4,474
Mastr Alternative Loans Trust Series 2003-4 Class B1 5.783% due 06/25/33		1,198		1,047
Series 2003-6 Class 3A1 8.000% due 09/25/33		15		16
Mastr Asset Securitization Trust Series 2006-2 Class 1A10 6.000% due 06/25/36 (Ê)		4,954		4,507
Mastr Reperforming Loan Trust Series 2005-1 Class 1A3 7.000% due 08/25/34 (Þ)		561		574
Mellon Residential Funding Corp. Series 2000-TBC2 Class A1 0.765% due 06/15/30 (Ê)		489		435
Merrill Lynch Alternative Note Asset Series 2007-OAR3 Class A1 0.466% due 07/25/47 (Ê)		281		143
Merrill Lynch Floating Trust Series 2008-LAQA Class A1 0.833% due 07/09/21 (Ê)(Þ)		4,799		4,503
Merrill Lynch Mortgage Investors, Inc. Series 2004-A4 Class A1 2.603% due 08/25/34		1,720		1,589
Series 2005-A10 Class A 0.486% due 02/25/36 (Ê)		569		382

120 Russell Strategic Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2006-A1 Class 1A1 2.783% due 03/25/36		7,382		4,046
Merrill Lynch Mortgage Trust Series 2002-MW1 Class J 5.695% due 07/12/34 (Þ)		740		603
Series 2003-KEY1 Class A4 5.236% due 11/12/35		1,235		1,308
Series 2005-CIP1 Class A2 4.960% due 07/12/38		32		33
Series 2005-CIP1 Class AM 5.107% due 07/12/38		4,345		4,645
Series 2008-C1 Class A4 5.690% due 02/12/51		7,963		8,826
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-6 Class A4 5.485% due 03/12/51		900		964
Series 2007-8 Class A3 6.164% due 08/12/49		1,100		1,216
MLCC Mortgage Investors, Inc. Series 2005-2 Class 3A 1.295% due 10/25/35 (Ê)		210		172
Series 2005-3 Class 5A 0.526% due 11/25/35 (Ê)		1,043		781
Morgan Stanley Capital I Series 1998-HF2 Class G 6.010% due 11/15/30 (Þ)		2,010		2,008
Series 2005-T19 Class A3 4.827% due 06/12/47		300		300
Series 2005-T19 Class A4A 4.890% due 06/12/47		7,915		8,732
Series 2006-HQ9 Class A4 5.731% due 07/12/44		4,089		4,669
Series 2006-T23 Class A4 5.989% due 08/12/41		5,093		5,907
Series 2007-IQ13 Class A4 5.364% due 03/15/44		4,921		5,298
Series 2007-IQ16 Class A4 5.809% due 12/12/49		3,100		3,531
Series 2008-T29 Class A4 6.456% due 01/11/43		3,690		4,373
Series 2011-C3 Class A2 3.224% due 07/15/49		1,885		1,982
Series 2011-C3 Class A4 4.118% due 07/15/49		1,105		1,209
Morgan Stanley Dean Witter Capital I Series 2001-TOP1 Class E 7.741% due 02/15/33 (Þ)		380		374
Series 2001-TOP3 Class C 6.790% due 07/15/33		840		820
Series 2002-TOP7 Class B 6.080% due 01/15/39		500		502
Morgan Stanley Reremic Trust Series 2009-GG10 Class A4A 5.984% due 08/12/45 (Þ)		400		455

	Principal Amount ($) or Shares		Market Value $
NCUA Guaranteed Notes Series 2010-C1 Class APT 2.650% due 10/29/20		6,267		6,589
Series 2010-R1 Class 1A 0.745% due 10/07/20 (Ê)		13,598		13,613
Series 2010-R1 Class 2A 1.840% due 10/07/20		14,241		14,393
Series 2010-R2 Class 1A 0.665% due 11/06/17 (Ê)		12,351		12,351
Series 2010-R2 Class 2A 0.765% due 11/05/20 (Ê)		7,781		7,781
Series 2010-R3 Class 1A 0.855% due 12/08/20 (Ê)		7,038		7,065
Series 2010-R3 Class 2A 0.855% due 12/08/20 (Ê)		5,873		5,899
Series 2010-R3 Class 3A 2.400% due 12/08/20		4,334		4,430
Series 2011-R2 Class 1A 0.695% due 02/06/20 (Ê)		9,568		9,563
Nomura Asset Acceptance Corp. Series 2005-WF1 Class 2A2 4.786% due 03/25/35		621		571
OBP Depositor LLC Trust Series 2010-OBP Class A 4.646% due 07/15/45 (Þ)		4,460		5,038
Prime Mortgage Trust Series 2004-CL1 Class 1A2 0.676% due 02/25/34 (Ê)		67		59
Series 2004-CL1 Class 2A2 0.676% due 02/25/19 (Ê)		7		7
Prudential Commercial Mortgage Trust Series 2003-PWR1 Class C 4.706% due 02/11/36		860		846
Series 2003-PWR1 Class E 5.259% due 02/11/36 (Þ)		1,405		1,356
Residential Accredit Loans, Inc. Series 2004-QS5 Class A1 4.600% due 04/25/34		647		628
Series 2005-QS13 Class 2A3 5.750% due 09/25/35		5,540		3,896
Series 2005-QS14 Class 2A1 6.000% due 09/25/35		3,490		2,286
Series 2005-QS17 Class A10 6.000% due 12/25/35		987		682
Series 2006-QO1 Class 1A1 0.536% due 02/25/46 (Ê)		277		87
Series 2006-QO1 Class 2A1 0.546% due 02/25/46 (Ê)		400		135
Series 2006-QO10 Class A1 0.436% due 01/25/37 (Ê)		526		295
Series 2007-QO4 Class A1 0.476% due 05/25/47 (Ê)		13,788		7,778
Series 2007-QS6 Class A1 0.606% due 04/25/37 (Ê)		11,373		4,929
Residential Asset Mortgage Products, Inc. Series 2004-SL1 Class A3 7.000% due 11/25/31		8		8

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Residential Asset Securitization Trust Series 2005-A14 Class A5 5.500% due 12/25/35		3,449		2,748
Series 2006-A11 Class 1A4 6.250% due 10/25/36		390		251
Series 2006-A9CB Class A6 6.000% due 09/25/36		2,704		1,444
Residential Funding Mortgage Securities I Series 2005-S5 Class A6 5.250% due 07/25/35		3,818		3,617
Series 2005-SA4 Class 1A21 3.055% due 09/25/35		4,155		2,695
Series 2005-SA4 Class 2A1 2.957% due 09/25/35		2,434		1,833
Series 2006-S10 Class 1A7 6.000% due 10/25/36		2,811		2,299
Series 2006-SA4 Class 2A1 3.696% due 11/25/36		606		409
Sovereign Commercial Mortgage Securities Trust Series 2007-C1 Class A2 5.988% due 07/22/30 (Þ)		1,597		1,640
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12 Class 3A2 2.489% due 09/25/34		3,716		3,233
Series 2004-18 Class 5A 5.500% due 12/25/34		250		229
Series 2004-20 Class 3A1 2.667% due 01/25/35		1,784		1,352
Series 2005-17 Class 3A1 2.602% due 08/25/35		38		28
Series 2005-22 Class 4A2 5.167% due 12/25/35		61		6
Series 2005-19XS Class 1A1 0.596% due 10/25/35 (Ê)		446		265
Series 2006-1 Class 2A3 5.422% due 02/25/36		174		5
Series 2006-5 Class 5A4 5.244% due 06/25/36		126		10
Structured Asset Mortgage Investments, Inc. Series 2005-AR5 Class A3 0.531% due 07/19/35 (Ê)		296		250
Series 2005-AR8 Class A1A 0.556% due 02/25/36 (Ê)		935		475
Series 2005-AR8 Class A2 1.677% due 02/25/36 (Ê)		2,459		1,523
Series 2006-AR5 Class 1A2 0.536% due 05/25/46 (Ê)		493		86
Series 2006-AR6 Class 1A3 0.466% due 07/25/46 (Ê)		1,198		530
Series 2007-AR6 Class A1 1.697% due 08/25/47 (Ê)		11,891		6,139
Structured Asset Securities Corp. Series 2003-34A Class 5A4 2.443% due 11/25/33 (Ê)		7,101		6,744

	Principal Amount ($) or Shares		Market Value $
Series 2005-6 Class B2 5.252% due 05/25/35		314		11
Suntrust Adjustable Rate Mortgage Loan Trust Series 2007-2 Class 3A3 5.511% due 04/25/37 (Ê)		9,481		6,752
Suntrust Alternative Loan Trust Series 2006-1F Class 3A 0.626% due 04/25/36 (Ê)		917		265
Vornado DP LLC Series 2010-VNO Class A2FX 4.004% due 09/13/28 (Þ)		2,350		2,544
Wachovia Bank Commercial Mortgage Trust Series 2003-C4 Class D 5.040% due 04/15/35		844		851
Series 2006-C29 Class E 5.516% due 11/15/48		2,682		612
Series 2006-WL7A Class A1 0.375% due 09/15/21 (Ê)(Þ)		7,084		6,780
Series 2007-C30 Class A5 5.342% due 12/15/43		16,650		17,805
Series 2007-C31 Class A4 5.509% due 04/15/47		3,830		4,127
Series 2007-C32 Class A3 5.929% due 06/15/49		1,890		2,037
Series 2007-WHL8 Class A1 0.365% due 06/15/20 (Ê)(Þ)		2,658		2,411
Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-1 Class 4CB 6.500% due 02/25/36		12,043		5,993
Series 2006-5 Class 3A2 6.000% due 07/25/36		431		191
Series 2006-AR2 Class A1A 1.137% due 04/25/46 (Ê)		1,297		639
Series 2006-AR6 Class 1A 0.466% due 07/25/46 (Ê)		592		319
Series 2006-AR7 Class A1A 1.128% due 09/25/46 (Ê)		15,988		6,015
Series 2006-AR8 Class 2A 1.047% due 10/25/46 (Ê)		2,140		895
Series 2006-AR9 Class 2A 1.048% due 11/25/46 (Ê)		15,370		6,362
Series 2007-HY2 Class 2A3 4.790% due 04/25/37		6,535		3,518
Series 2007-OA5 Class A1A 1.037% due 05/25/47 (Ê)		6,367		3,258
Washington Mutual Mortgage Pass Through Certificates Series 2002-AR9 Class 1A 1.597% due 08/25/42 (Ê)		140		106
Series 2004-AR1 Class A 2.562% due 03/25/34		130		123
Series 2005-AR6 Class B3 0.936% due 04/25/45 (Ê)(Þ)		1,627		55
Series 2005-AR11 Class A1A 0.596% due 08/25/45 (Ê)		855		647

122 Russell Strategic Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2005-AR13 Class A1A1 0.566% due 10/25/45 (Ê)		223		167
Series 2005-AR14 Class 1A1 2.470% due 12/25/35		364		356
Series 2005-AR17 Class A1A2 0.566% due 12/25/45 (Ê)		437		324
Series 2006-AR8 Class 1A5 2.541% due 08/25/46		95		3
Series 2006-AR8 Class 2A3 5.701% due 08/25/36 (Ê)		120		19
Series 2006-AR11 Class 2A 2.701% due 09/25/46 (Ê)		419		298
Series 2007-HY3 Class 4A1 2.601% due 03/25/37		5,563		4,157
Series 2007-HY3 Class 4B1 2.601% due 03/25/37		1,189		24
Wells Fargo Alternative Loan Trust Series 2007-PA2 Class 1A1 6.000% due 06/25/37		1,814		1,399
Wells Fargo Mortgage Backed Securities Trust Series 2003-N Class 1A1 4.552% due 12/25/33 (Ê)		894		895
Series 2004-AA Class A1 2.663% due 12/25/34 (Ê)		819		784
Series 2004-CC Class A1 2.594% due 01/25/35 (Ê)		1,346		1,266
Series 2004-E Class A2 4.500% due 05/25/34 (Ê)		126		125
Series 2004-EE Class 2A1 2.707% due 12/25/34 (Ê)		80		77
Series 2004-I Class 1A1 2.692% due 07/25/34		888		839
Series 2004-T Class A1 2.692% due 09/25/34 (Ê)		2,359		2,236
Series 2005-11 Class 1A3 5.500% due 11/25/35		70		54
Series 2005-17 Class 1A1 5.500% due 01/25/36		1,209		1,148
Series 2005-18 Class 2A10 21.720% due 01/25/36 (Ê)		1,258		1,465
Series 2005-AR2 Class 2A2 2.680% due 03/25/35 (Ê)		71		62
Series 2005-AR7 Class 2A1 5.085% due 05/25/35 (Ê)		5,222		5,080
Series 2005-AR8 Class 2A1 2.696% due 06/25/35		575		543
Series 2005-AR11 Class 1A1 2.701% due 06/25/35 (Ê)		633		625
Series 2005-AR16 Class 2A1 2.672% due 02/25/34		7,097		6,434
Series 2006-2 Class 2A3 5.500% due 03/25/36		1,740		1,723
Series 2006-3 Class A11 5.500% due 03/25/36		5,909		5,813
Series 2006-4 Class 2A3 5.750% due 04/25/36		487		207

	Principal Amount ($) or Shares		Market Value $
Series 2006-6 Class 1A22 6.000% due 05/25/36 (Ê)		13,106		11,935
Series 2006-6 Class 1A8 5.750% due 05/25/36		2,419		2,292
Series 2006-8 Class A15 6.000% due 07/25/36		5,467		4,817
Series 2006-11 Class A8 6.000% due 09/25/36		1,255		1,167
Series 2006-11 Class A9 6.500% due 09/25/36		2,396		2,218
Series 2006-13 Class A5 6.000% due 10/25/36		1,488		1,442
Series 2006-AR1 Class 2A5 5.375% due 03/25/36 (Ê)		1,787		1,580
Series 2006-AR2 Class 2A1 2.648% due 03/25/36		1,841		1,469
Series 2006-AR4 Class 1A1 5.770% due 04/25/36 (Ê)		6,580		5,400
Series 2006-AR6 Class 7A1 5.046% due 03/25/36 (Ê)		5,461		5,107
Series 2006-AR10 Class 4A1 2.698% due 07/25/36 (Ê)		3,403		2,334
Series 2006-AR12 Class 2A1 5.837% due 09/25/36		3,778		3,244
Series 2006-AR14 Class 1A7 5.666% due 10/25/36		16,900		14,587
Series 2006-AR15 Class A1 5.312% due 10/25/36 (Ê)		1,993		1,631
Series 2006-AR17 Class A1 2.609% due 10/25/36 (Ê)		10,095		7,117
Series 2006-AR18 Class 2A2 5.376% due 11/25/36		314		35
Series 2007-1 Class A6 5.500% due 02/25/37		772		653
Series 2007-2 Class 1A13 6.000% due 03/25/37		6,173		5,448
Series 2007-4 Class A15 6.000% due 04/25/37		1,044		938
Series 2007-4 Class A21 5.500% due 04/25/37		682		581
Series 2007-6 Class A6 6.000% due 05/25/37		540		453
Series 2007-7 Class A38 6.000% due 06/25/37		1,098		1,017
Series 2007-7 Class A49 6.000% due 06/25/37		2,404		2,091
Series 2007-7 Class A6 6.000% due 06/25/37		1,033		1,007
Series 2007-8 Class 1A16 6.000% due 07/25/37		233		216
Series 2007-8 Class 2A2 6.000% due 07/25/37		4,253		4,083
Series 2007-10 Class 1A18 6.000% due 07/25/37		4,507		4,120
Series 2007-10 Class 1A5 6.000% due 07/25/37		5,904		5,326
Series 2007-11 6.000% due 08/25/37		5,142		4,832

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2007-11 Class A14 6.000% due 08/25/37		714		664
Series 2007-11 Class A36 6.000% due 08/25/37		2,943		2,726
Series 2007-11 Class A85 6.000% due 08/25/37		235		221
Series 2007-11 Class A96 6.000% due 08/25/37		2,757		2,591
Series 2007-13 Class A7 6.000% due 09/25/37		1,120		1,000
Series 2007-14 Class 1A1 6.000% due 10/25/37		938		883
Series 2007-AR5 Class A1 6.072% due 10/25/37		2,402		2,023
WF-RBS Commercial Mortgage Trust Series 2011-C5 Class A4 3.667% due 11/15/44		14,695		15,497
				3,117,598
Municipal Bonds - 2.0%
American Municipal Power, Inc. Revenue Bonds 6.270% due 02/15/50		1,750		1,969
Chicago Transit Authority Revenue Bonds 6.300% due 12/01/21		500		557
6.899% due 12/01/40		5,200		6,408
City of Chicago Illinois General Obligation Unlimited 5.000% due 12/01/24 (µ)		17,715		19,196
City of Colorado Springs Colorado Utilities System Revenue Bonds 5.000% due 11/15/33		200		208
County of Clark Nevada Airport System Revenue Bonds 6.820% due 07/01/45		1,200		1,535
County of Cook Illinois General Obligation Unlimited 5.000% due 11/15/26 (µ)		15,000		16,316
East Baton Rouge Sewerage Commission Revenue Bonds 6.087% due 02/01/45		1,800		1,943
Iowa Tobacco Settlement Authority Revenue Bonds 6.500% due 06/01/23		355		337
Los Angeles Unified School District General Obligation Unlimited 6.758% due 07/01/34		800		1,046
Municipal Electric Authority of Georgia Revenue Bonds 6.637% due 04/01/57		6,010		7,039
7.055% due 04/01/57		5,615		5,817
New Jersey Economic Development Authority Revenue Bonds 1.546% due 06/15/13 (Ê)		3,900		3,900
New Jersey State Turnpike Authority Revenue Bonds 7.102% due 01/01/41		3,925		5,579

	Principal Amount ($) or Shares		Market Value $
New York City Municipal Water Finance Authority Revenue Bonds 5.375% due 06/15/43		5,075		5,816
New York Liberty Development Corp. Revenue Bonds 5.000% due 12/15/41		300		333
Northstar Education Finance, Inc. Revenue Bonds 1.601% due 04/01/42 (Ê)		1,200		1,002
1.756% due 04/01/42 (Ê)		4,600		3,634
2.084% due 04/01/42 (Ê)		1,350		1,127
1.619% due 01/29/46 (Ê)		150		123
1.624% due 01/29/46 (Ê)		4,000		3,220
Public Power Generation Agency Revenue Bonds 7.242% due 01/01/41		100		116
San Diego County Regional Airport Authority Revenue Bonds 6.628% due 07/01/40		15,190		16,518
San Diego Redevelopment Agency Tax Allocation 7.625% due 09/01/30		500		526
San Diego Tobacco Settlement Revenue Funding Corp. Revenue Bonds 7.125% due 06/01/32		1,045		845
South Carolina Student Loan Corp. Revenue Bonds 0.647% due 12/01/20 (Ê)		4,500		4,299
State of California General Obligation Unlimited 5.700% due 11/01/21		920		1,043
6.650% due 03/01/22		1,675		2,032
7.500% due 04/01/34		800		1,045
7.950% due 03/01/36		4,435		5,226
5.650% due 04/01/39 (Ê)		700		734
7.550% due 04/01/39		4,688		6,285
7.625% due 03/01/40		3,185		4,285
7.600% due 11/01/40		1,100		1,490
State of Illinois General Obligation Unlimited 4.071% due 01/01/14		600		621
5.665% due 03/01/18		7,000		7,600
5.100% due 06/01/33		1,400		1,322
6.900% due 03/01/35		1,000		1,118
6.725% due 04/01/35		200		219
7.350% due 07/01/35		6,400		7,415
State of Louisiana Gasoline & Fuels Tax Revenue Bonds 3.000% due 05/01/43 (Ê)		4,200		4,247
Tobacco Settlement Finance Authority Revenue Bonds 7.467% due 06/01/47		2,350		1,728
Tobacco Settlement Financing Corp. Revenue Bonds 5.500% due 06/01/26		1,500		1,652
				157,471

124 Russell Strategic Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Non-US Bonds - 1.3%
Brasil Telecom SA Series 144a 9.750% due 09/15/16 (Þ)	BRL	2,975		1,694
Brazil Notas do Tesouro Nacional Serie B Series NTNB 6.000% due 05/15/13	BRL	3,157		3,971
Brazil Notas do Tesouro Nacional Serie F Series NTNF 10.000% due 01/01/14	BRL	6,874		3,962
10.000% due 01/01/17	BRL	6,850		3,817
Canada Housing Trust No. 1 3.750% due 03/15/20 (Þ)	CAD	2,300		2,566
3.350% due 12/15/20 (Þ)	CAD	300		325
3.800% due 06/15/21 (Þ)	CAD	1,600		1,795
Canadian Government Bond 4.250% due 06/01/18	CAD	200		233
3.750% due 06/01/19	CAD	1,000		1,142
3.250% due 06/01/21	CAD	1,000		1,111
Eksportfinans ASA Series 2 0.720% due 07/28/16	JPY	300,000		2,929
European Investment Bank 3.625% due 01/15/21	EUR	100		139
Series INTL 4.625% due 04/15/20	EUR	200		297
European Loan Conduit Series 2007-25X Class A 1.612% due 05/15/19 (Ê)	EUR	163		176
Federative Republic of Brazil 12.500% due 01/05/22	BRL	2,500		1,782
10.250% due 01/10/28	BRL	2,600		1,670
Granite Master Issuer PLC Series 2005-2 Class A5 1.080% due 12/20/54 (Ê)	EUR	794		1,001
Granite Mortgages PLC Series 2003-3 Class 2A 1.584% due 01/20/44 (Ê)	EUR	1,182		1,501
Series 2004-2 Class 3A 1.390% due 06/20/44 (Ê)	GBP	195		296
Series 2004-3 Class 2A2 1.697% due 09/20/44 (Ê)	EUR	493		626
Series 2004-3 Class 3A1 1.430% due 09/20/44 (Ê)	GBP	129		196
Holmes Master Issuer PLC Series 2011-1A Class A3 2.581% due 10/15/54 (Ê)(Þ)	EUR	1,200		1,566
Housing Financing Fund Series 2 3.750% due 04/15/34	ISK	369,998		3,468
Series 3 3.750% due 06/15/44	ISK	743,293		7,017
Italy Buoni Poliennali Del Tesoro Series CPI 2.100% due 09/15/21	EUR	1,574		1,555

	Principal Amount ($) or Shares		Market Value $
Mexican Bonos Series M 20 12.500% due 11/30/17	MXN	43,193		4,431
Series M 30 8.500% due 11/18/38	MXN	31,500		2,743
Series M 6.250% due 06/16/16	MXN	59,040		4,741
Province of British Columbia Canada 4.300% due 06/18/42	CAD	200		233
Province of Ontario Canada 4.300% due 03/08/17	CAD	200		224
4.000% due 06/02/21	CAD	13,765		15,133
3.150% due 06/02/22	CAD	500		511
4.600% due 06/02/39	CAD	900		1,074
Province of Quebec Canada 4.500% due 12/01/17	CAD	600		680
4.500% due 12/01/18	CAD	200		228
4.500% due 12/01/20	CAD	700		795
4.250% due 12/01/21	CAD	2,200		2,452
3.500% due 12/01/22	CAD	300		313
Republic of Peru 6.950% due 08/12/31	PEN	7,840		3,060
South Africa Government Bond Series R186 10.500% due 12/21/26	ZAR	86,290		13,245
Series R207 7.250% due 01/15/20	ZAR	6,280		784
Series R208 6.750% due 03/31/21	ZAR	43,630		5,228
				100,710
United States Government Agencies - 1.4%
Fannie Mae 4.125% due 04/15/14		1,800		1,945
5.000% due 02/13/17		200		239
Federal Home Loan Mortgage Corp. 0.700% due 11/04/13		23,040		23,052
1.375% due 02/25/14		4,355		4,427
2.500% due 05/27/16		100		107
2.000% due 08/25/16		11,075		11,587
1.000% due 03/08/17		19,300		19,222
2.375% due 01/13/22		18,500		18,706
Federal National Mortgage Association 1.250% due 01/30/17		13,700		13,867
Principal Only STRIP Zero coupon due 10/09/19		11,005		8,502
Freddie Mac 4.875% due 06/13/18		4,200		5,081
Series 1 0.500% due 10/15/13		3,700		3,698
Tennessee Valley Authority 4.625% due 09/15/60		1,300		1,527
				111,960

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
United States Government Treasuries - 16.1%
United States Treasury Inflation Indexed Bonds 0.625% due 04/15/13 (Æ)		5,459		5,589
1.875% due 07/15/13 (Æ)		4,804		5,056
2.000% due 01/15/14 (Æ)		2,571		2,749
1.625% due 01/15/15 (Æ)		4,028		4,398
2.375% due 01/15/25		3,601		4,701
2.375% due 01/15/27 (Æ)		44,313		58,853
1.750% due 01/15/28 (Æ)		432		535
3.875% due 04/15/29		2,064		3,304
2.125% due 02/15/41 (Æ)		13,327		18,689
United States Treasury Notes 0.250% due 10/31/13		51,500		51,534
0.125% due 12/31/13		63,800		63,690
0.250% due 01/31/14		9,900		9,906
0.625% due 07/15/14		30,800		31,077
0.250% due 09/15/14		25,300		25,284
0.375% due 11/15/14		100,900		101,152
0.250% due 12/15/14		44,100		44,048
0.250% due 01/15/15		14,100		14,080
0.875% due 11/30/16		33,000		33,322
0.875% due 12/31/16		5,580		5,629
0.875% due 01/31/17		21,655		21,829
1.375% due 12/31/18		45,200		45,663
3.625% due 02/15/20		2,400		2,804
3.500% due 05/15/20		1,800		2,086
2.625% due 08/15/20		5,100		5,542
2.625% due 11/15/20		6,700		7,267
3.625% due 02/15/21		170,975		199,734
3.125% due 05/15/21		34,600		38,882
2.125% due 08/15/21		97,300		100,440
2.000% due 11/15/21		114,865		116,875
6.250% due 08/15/23		6,210		8,935
4.750% due 02/15/41		13,500		18,472
4.375% due 05/15/41		58,915		76,138
3.750% due 08/15/41		82,790		96,515
3.125% due 11/15/41		38,490		39,897
				1,264,675
Total Long-Term Investments (cost $7,373,196)				7,430,302
Preferred Stocks - 0.1%
Financial Services - 0.1%
Centaur Funding Corp.		2,868		3,276
DG Funding Trust (Å)		479		3,594
				6,870
Total Preferred Stocks (cost $8,241)				6,870

	Notional Amount $		Market Value $
Options Purchased - 0.0%
(Number of Contracts)
Swaptions
(Fund Receives/Fund Pays)
USD Three Month LIBOR/USD 1.250% Apr 2012 0.00 Call (1)		22,300		170
Total Options Purchased (cost $88)				170
	Principal Amount ($) or Shares
Short-Term Investments - 13.1%
Ally Auto Receivables Trust Series 2012-1 Class A1 0.485% due 01/15/13		11,825		11,840
Appalachian Power Co. Series O 5.650% due 08/15/12		980		1,004
AT&T, Inc. 4.950% due 01/15/13		100		104
Barclays Bank PLC 5.450% due 09/12/12		19,100		19,555
BMW Vehicle Owner Trust Series 2011-A Class A1 0.306% due 09/25/12		5,304		5,306
CarMax Auto Owner Trust Series 2011-2 Class A1 0.311% due 09/17/12		1,816		1,816
Carolina Power & Light Co. 6.500% due 07/15/12		105		108
Citigroup, Inc. 5.500% due 08/27/12		2,500		2,555
5.625% due 08/27/12		1,800		1,835
5.300% due 10/17/12		1,000		1,027
Comcast Cable Holdings LLC 9.800% due 02/01/12 (ç)		1,660		1,660
Comcast Holdings Corp. 10.625% due 07/15/12		4,800		4,977
Countrywide Financial Corp. Series MTN 5.800% due 06/07/12 (Ñ)		500		506
DDR Corp. 5.375% due 10/15/12		3,320		3,356
Delta Air Lines 2002-1 Class G-2 Pass Through Trust Series 02G2 6.417% due 07/02/12		2,785		2,820
Dow Chemical Co. (The) 4.850% due 08/15/12		2,600		2,655
Federal Home Loan Banks 0.180% due 12/19/12		400		400
0.210% due 01/04/13		20,800		20,806
0.125% due 01/17/13		18,100		18,089
0.200% due 01/11/13		4,000		4,000
0.170% due 01/17/13		21,100		21,097

126 Russell Strategic Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Notional Amount $			Market Value $
0.160% due 01/24/13		11,600			11,597
Federal National Mortgage Association 0.312% due 10/18/12 (Ê)		15,490			15,508
FIH Erhvervsbank A/S 2.450% due 08/17/12 (Þ)		8,600			8,682
Ford Motor Credit Co. LLC 7.500% due 08/01/12		4,940			5,076
Freddie Mac MAC 4.500% due 01/15/13		14,700			15,307
Frontier Communications Corp. 6.250% due 01/15/13		3,600			3,690
Governor & Co. of the Bank of Ireland (The) Series REGS 2.750% due 03/02/12		3,110			3,097
Honda Auto Receivables Owner Trust Series 2011-3 Class A1 0.398% due 10/22/12		8,049			8,056
Itau Unibanco SA Zero coupon due 02/09/12 (ç)(ž)		1,400			1,400
KCP&L Greater Missouri Operations Co. 11.875% due 07/01/12		7,475			7,794
Merrill Lynch & Co., Inc. 6.050% due 08/15/12 (Ñ)		6,600			6,731
Mexico Cetes Series BI Zero coupon due 03/08/12 (ž)		65,000			4,965
Zero coupon due 05/03/12		3,750,000			28,454
Mirant Mid Atlantic Pass Through Trust A Series A 8.625% due 06/30/12		750			760
NGPL PipeCo LLC 6.514% due 12/15/12 (Þ)		5,000			4,816
Royal Bank of Scotland PLC (The) 2.625% due 05/11/12 (Þ)		4,400			4,424
Russell U.S. Cash Management Fund		696,621,492	(¥)		696,621
Santander Drive Auto Receivables Trust Series 2011-4 Class A1 0.419% due 10/15/12		8,649			8,652
Santander US Debt SAU 1.379% due 03/30/12 (Ê)(Þ)		11,200			11,187
SBAB Bank AB 3.125% due 03/23/12 (Þ)		7,100			7,126
Societe Financement de l’Economie Francaise 0.767% due 07/16/12 (Ê)(Þ)		2,000			2,002
Springleaf Finance Corp. Series MTNI 4.875% due 07/15/12		200			196
Swedbank AB 2.900% due 01/14/13 (Þ)		15,300			15,666
TNK-BP Finance SA 6.125% due 03/20/12 (Þ)		500			502
UBS AG 1.595% due 02/23/12 (Ê)		1,400			1,401

	Notional Amount $			Market Value $
United States Treasury Bills Zero coupon due 02/23/12		25			25
Zero coupon due 03/01/12 (ç)(ž)		260			260
Zero coupon due 04/12/12 (ž)		2,750			2,750
Zero coupon due 06/07/12 (ž)		702			702
Zero coupon due 07/19/12 (ž)		880			880
0.104% due 01/10/13 (ž)		3,300			3,296
United States Treasury Inflation Indexed Bonds 3.000% due 07/15/12 (Æ)		7,524			7,698
Volkswagen Auto Loan Enhanced Trust Series 2012-1 Class A1 0.439% due 01/22/13		5,310			5,310
WCI Finance LLC / WEA Finance LLC 5.400% due 10/01/12 (Þ)		753			772
World Omni Auto Receivables Trust Series 2011-B Class A1 0.411% due 11/15/12		5,831			5,829
Total Short-Term Investments (cost $1,025,379)					1,026,748
Repurchase Agreements - 0.0%
Agreement with JP Morgan Securities, Inc. and The Bank of New York Mellon (Tri-Party) of $3,100 dated January 31, 2012 at 3.125% to be repurchased at $3,100 on February 1, 2012 collateralized by: $2,812 par various United States Treasury Obligations, valued at $3,121.		3,100			3,100
Total Repurchase Agreements (cost $3,100)					3,100
Other Securities - 0.7%
Russell Investment Company Liquidating Trust (×)		3,881,826	(¥)		3,946
Russell U.S. Cash Collateral Fund (×)		53,574,819	(¥)		53,575
Total Other Securities (cost $57,457)					57,521
Total Investments - 108.7% (identified cost $8,467,461)					8,524,711
Other Assets and Liabilities, Net - (8.7%)					(684,160	)
Net Assets - 100.0%					7,840,551

A portion of the portfolio has been fair valued as of period end.

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 127

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
Eurodollar Futures (CME)		121		USD	30,097		03/13		(15	)
Eurodollar Futures (CME)		755		USD	187,759		06/13		1,153
Eurodollar Futures (CME)		533		USD	132,510		09/13		1,096
Eurodollar Futures (CME)		409		USD	101,580		03/14		988
Eurodollar Futures (CME)		18		USD	4,462		09/14		2
German Euro Bobl Futures		60		EUR	7,537		03/12		206
Ultra Long Term United States Treasury Bond Futures		613		USD	98,061		03/12		1,611
United States Treasury Bond Futures		772		USD	112,278		03/12		2,470
United States Treasury 2 Year Note Futures		261		USD	57,616		03/12		76
United States Treasury 5 Year Note Futures		1,534		USD	190,288		03/12		1,592
United States Treasury 10 Year Futures		1,088		USD	143,888		03/12		2,170
Short Positions
German Euro Bund Futures		18		EUR	2,515		03/12		(120	)
Japan Government 10 Year Bond Futures		64		JPY	9,125,760		03/12		(874	)
United Kingdom Gilt Bond Futures		86		GBP	10,083		03/12		(272	)
United States Treasury Bond Futures		184		USD	26,761		03/12		(468	)
United States Treasury 2 Year Note Futures		243		USD	53,642		03/12		(69	)
United States Treasury 5 Year Note Futures		376		USD	46,642		03/12		(305	)
United States Treasury 10 Year Futures		123		USD	16,267		03/12		(180	)
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									9,061

See accompanying notes which are an integral part of this quarterly report.

128 Russell Strategic Bond Fund

Russell Investment Company

Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Options Written	Call/Put		Number of Contracts		Strike Price		Notional Amount			Expiration Date		Market Value $
Eurodollar Futures		Put		162		99.00		USD	405		03/19/12		(1	)
Inflationary Floor Options		Call		1		0.00		USD	8,490		11/23/20		(24	)
Inflationary Floor Options		Put		1		0.00		USD	1,300		03/10/20		(5	)
Inflationary Floor Options		Put		1		0.00		USD	3,600		03/12/20		(9	)
Inflationary Floor Options		Put		1		0.00		USD	8,800		04/07/20		(22	)
Inflationary Floor Options		Put		1		0.00		USD	3,300		09/29/20		(9	)
Swaptions
(Fund Receives/Fund Pays)
USD 0.9200%/USD Three Month LIBOR		Put		2		0.00			69,000		11/14/12		(85	)
USD 1.000%/USD Three Month LIBOR		Put		1		0.00			6,400		08/13/12		(10	)
USD 1.000%/USD Three Month LIBOR		Put		1		0.00			23,800		11/19/12		(11	)
USD 1.200%/USD Three Month LIBOR		Put		1		0.00			17,100		07/11/13		(42	)
USD 1.700%/USD Three Month LIBOR		Put		4		0.00			136,600		08/13/12		(310	)
USD 1.750%/USD Three Month LIBOR		Put		1		0.00			26,800		11/19/12		(5	)
USD 1.750%/USD Three Month LIBOR		Put		1		0.00			116,400		07/11/13		(63	)
USD 2.000%/USD Three Month LIBOR		Put		1		0.00			44,600		04/30/12		—
USD 2.250%/USD Three Month LIBOR		Put		5		0.00			119,500		09/24/12		(13	)
USD 2.250%/USD Three Month LIBOR		Put		1		0.00			24,700		05/28/13		(8	)
USD 2.750%/USD Three Month LIBOR		Put		2		0.00			31,100		06/18/12		—
USD 3.000%/USD Three Month LIBOR		Put		6		0.00			132,500		06/18/12		—
USD 3.250%/USD Three Month LIBOR		Put		2		0.00			19,000		07/16/12		—
USD 10.000%/USD Three Month LIBOR		Put		1		0.00			9,000		07/10/12		—
Total Liability for Options Written (premiums received $6,387)													(617	)

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 129

Russell Investment Company

Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Bank of America		USD	1,643		AUD	1,550		02/02/12		3
Bank of America		USD	2,940		AUD	2,820		02/13/12		50
Bank of America		AUD	1,550		USD	1,650		02/02/12		4
Bank of America		AUD	2,834		USD	3,018		02/13/12		13
Bank of America		MXN	117,291		USD	8,570		02/13/12		(420	)
Barclays Bank PLC		USD	3,111		AUD	2,934		02/13/12		(1	)
Barclays Bank PLC		USD	5,033		GBP	3,280		02/13/12		135
Barclays Bank PLC		USD	250		MXN	3,493		03/15/12		17
Barclays Bank PLC		AUD	1,100		USD	1,123		02/23/12		(42	)
Barclays Bank PLC		BRL	179		USD	100		03/02/12		(1	)
Barclays Bank PLC		BRL	365		USD	200		03/02/12		(7	)
Barclays Bank PLC		BRL	539		USD	300		03/02/12		(6	)
Barclays Bank PLC		BRL	549		USD	300		03/02/12		(12	)
Barclays Bank PLC		BRL	702		USD	400		03/02/12		1
Barclays Bank PLC		BRL	713		USD	400		03/02/12		(5	)
Barclays Bank PLC		BRL	886		USD	500		03/02/12		(3	)
Barclays Bank PLC		BRL	1,759		USD	1,000		03/02/12		1
Barclays Bank PLC		CAD	38		USD	37		02/09/12		(1	)
Barclays Bank PLC		CAD	304		USD	301		02/09/12		(3	)
Barclays Bank PLC		CAD	717		USD	703		02/09/12		(12	)
Barclays Bank PLC		CHF	1,947		EUR	1,610		03/21/12		(10	)
Barclays Bank PLC		EUR	15,493		USD	19,795		02/13/12		(471	)
Barclays Bank PLC		EUR	1,740		USD	2,318		03/21/12		42
Barclays Bank PLC		EUR	7,608		USD	9,752		04/16/12		(202	)
Barclays Bank PLC		GBP	1,587		EUR	1,897		03/21/12		(18	)
Barclays Bank PLC		GBP	533		USD	817		02/02/12		(23	)
Barclays Bank PLC		GBP	3,280		USD	5,034		02/13/12		(134	)
Barclays Bank PLC		GBP	100		USD	156		03/02/12		(1	)
Barclays Bank PLC		NOK	13,522		SEK	15,917		03/21/12		34
Citibank		USD	15,607		EUR	11,989		02/02/12		75
Citibank		USD	11,028		GBP	7,090		02/02/12		144
Citibank		USD	2,336		JPY	179,092		03/21/12		15
Citibank		AUD	100		USD	101		02/23/12		(5	)
Citibank		AUD	200		USD	202		02/23/12		(10	)
Citibank		AUD	300		USD	296		02/23/12		(21	)
Citibank		AUD	398		USD	408		02/23/12		(13	)
Citibank		AUD	500		USD	513		02/23/12		(17	)
Citibank		AUD	600		USD	600		02/23/12		(36	)
Citibank		AUD	2,265		USD	2,319		03/21/12		(73	)
Citibank		CAD	8		USD	8		02/09/12		—
Citibank		CAD	400		USD	391		02/09/12		(7	)
Citibank		CAD	412		USD	405		02/09/12		(6	)
Citibank		CAD	900		USD	880		02/09/12		(17	)
Citibank		CAD	938		USD	907		02/09/12		(28	)
Citibank		CAD	1,100		USD	1,058		02/09/12		(39	)
Citibank		CHF	971		AUD	1,007		03/21/12		7
Citibank		CHF	2,220		EUR	1,839		03/21/12		(8	)
Citibank		CHF	3,037		USD	3,245		03/21/12		(57	)
Citibank		EUR	1,431		CHF	1,747		03/21/12		27
Citibank		EUR	3,617		GBP	3,024		03/21/12		32
Citibank		EUR	1,768		JPY	180,706		03/21/12		59
Citibank		EUR	3,682		SEK	32,627		03/21/12		(31	)
Citibank		EUR	11,989		USD	15,609		03/02/12		(74	)

See accompanying notes which are an integral part of this quarterly report.

130 Russell Strategic Bond Fund

Russell Investment Company

Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Citibank		EUR	1,836		USD	2,335		03/21/12		(66	)
Citibank		EUR	5,620		USD	7,192		04/16/12		(161	)
Citibank		GBP	294		USD	455		02/02/12		(8	)
Citibank		GBP	700		USD	1,093		03/02/12		(10	)
Citibank		GBP	7,090		USD	11,026		03/02/12		(144	)
Citibank		JPY	179,434		EUR	1,768		03/21/12		(43	)
Citibank		JPY	179,753		USD	2,354		03/21/12		(6	)
Citibank		JPY	358,299		USD	4,669		03/21/12		(35	)
Citibank		NOK	10,910		USD	1,816		03/21/12		(40	)
Credit Suisse First Boston		USD	1,931		EUR	1,508		03/21/12		42
Credit Suisse First Boston		USD	2,327		EUR	1,786		03/21/12		10
Credit Suisse First Boston		CHF	1,633		EUR	1,353		03/21/12		(5	)
Credit Suisse First Boston		CHF	2,181		EUR	1,784		03/21/12		(38	)
Credit Suisse First Boston		CHF	5,057		EUR	4,154		03/21/12		(64	)
Credit Suisse First Boston		EUR	1,806		USD	2,337		03/21/12		(25	)
Credit Suisse First Boston		JPY	357,786		USD	4,669		03/21/12		(28	)
Deutsche Bank AG		USD	2,327		AUD	2,265		03/21/12		65
Deutsche Bank AG		USD	4,647		AUD	4,431		03/21/12		32
Deutsche Bank AG		USD	22,246		CNY	141,107		02/13/12		118
Deutsche Bank AG		USD	324		EUR	247		02/01/12		(1	)
Deutsche Bank AG		USD	2,326		EUR	1,834		03/21/12		73
Deutsche Bank AG		USD	2,327		EUR	1,793		03/21/12		19
Deutsche Bank AG		USD	2,332		EUR	1,830		03/21/12		62
Deutsche Bank AG		USD	3		MXN	40		03/15/12		—
Deutsche Bank AG		USD	2,034		NZD	2,636		03/21/12		135
Deutsche Bank AG		USD	4,671		NZD	5,714		03/21/12		32
Deutsche Bank AG		USD	9,292		NZD	11,888		03/21/12		491
Deutsche Bank AG		AUD	2,251		CAD	2,343		03/21/12		(43	)
Deutsche Bank AG		CAD	381		USD	370		02/09/12		(9	)
Deutsche Bank AG		CAD	717		USD	689		02/09/12		(26	)
Deutsche Bank AG		CAD	819		USD	795		02/09/12		(22	)
Deutsche Bank AG		CAD	1,560		USD	1,528		02/09/12		(27	)
Deutsche Bank AG		CHF	1,748		EUR	1,431		03/21/12		(29	)
Deutsche Bank AG		CHF	2,194		EUR	1,788		03/21/12		(47	)
Deutsche Bank AG		CHF	3,497		EUR	2,877		03/21/12		(38	)
Deutsche Bank AG		EUR	1,746		CAD	2,372		03/21/12		79
Deutsche Bank AG		EUR	1,852		CHF	2,233		03/21/12		5
Deutsche Bank AG		EUR	1,523		USD	1,941		03/21/12		(52	)
Deutsche Bank AG		EUR	17,948		USD	23,028		04/16/12		(454	)
Deutsche Bank AG		SEK	6,807		EUR	765		03/21/12		3
Deutsche Bank AG		SEK	16,104		EUR	1,790		03/21/12		(20	)
Deutsche Bank AG		SEK	32,195		EUR	3,622		03/21/12		16
Goldman Sachs		CAD	206		USD	200		02/09/12		(6	)
Goldman Sachs		EUR	11,989		USD	15,733		02/02/12		51
HSBC Bank PLC		USD	—		EUR	—		02/01/12		—
HSBC Bank PLC		USD	4,927		JPY	382,554		03/21/12		95
HSBC Bank PLC		USD	14,397		MXN	187,500		02/02/12		(12	)
HSBC Bank PLC		USD	14,406		MXN	187,500		02/02/12		(21	)
HSBC Bank PLC		USD	25		MXN	349		03/15/12		2
HSBC Bank PLC		USD	2,237		SEK	15,666		03/21/12		61
HSBC Bank PLC		AUD	4,640		USD	4,893		02/13/12		(27	)
HSBC Bank PLC		BRL	16,000		USD	8,689		04/18/12		(314	)
HSBC Bank PLC		EUR	1,352		SEK	12,040		03/21/12		(3	)

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 131

Russell Investment Company

Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
HSBC Bank PLC		EUR	1,598		SEK	14,177		03/21/12		(11	)
HSBC Bank PLC		EUR	—		USD	—		02/01/12		—
HSBC Bank PLC		EUR	1,783		USD	2,324		03/21/12		(8	)
HSBC Bank PLC		JPY	475,831		USD	6,181		02/13/12		(62	)
HSBC Bank PLC		MXN	187,500		USD	14,287		05/03/12		11
HSBC Bank PLC		MXN	187,500		USD	14,296		05/03/12		20
HSBC Bank PLC		SEK	14,046		USD	2,042		03/21/12		(18	)
HSBC Bank PLC		SEK	45,331		USD	6,466		03/21/12		(183	)
HSBC Bank PLC		SEK	55,658		USD	8,155		03/21/12		(9	)
JPMorgan Chase Bank		USD	10,301		BRL	19,474		03/02/12		760
JPMorgan Chase Bank		USD	2,331		CAD	2,379		03/21/12		39
JPMorgan Chase Bank		USD	2,319		EUR	1,772		03/21/12		(1	)
JPMorgan Chase Bank		USD	2,320		EUR	1,750		03/21/12		(31	)
JPMorgan Chase Bank		USD	2,326		EUR	1,783		03/21/12		6
JPMorgan Chase Bank		USD	2,333		EUR	1,769		03/21/12		(18	)
JPMorgan Chase Bank		USD	2,333		EUR	1,811		03/21/12		37
JPMorgan Chase Bank		USD	2,333		EUR	1,799		03/21/12		20
JPMorgan Chase Bank		USD	7,148		EUR	5,635		03/21/12		224
JPMorgan Chase Bank		USD	35		GBP	22		01/31/12		(2	)
JPMorgan Chase Bank		USD	6,769		GBP	4,320		03/08/12		37
JPMorgan Chase Bank		USD	2,329		JPY	179,470		03/21/12		27
JPMorgan Chase Bank		USD	5,135		NOK	30,951		03/21/12		130
JPMorgan Chase Bank		AUD	2,272		CAD	2,358		03/21/12		(50	)
JPMorgan Chase Bank		AUD	2,820		USD	2,946		02/13/12		(45	)
JPMorgan Chase Bank		CAD	14		USD	14		02/09/12		—
JPMorgan Chase Bank		CAD	265		USD	261		02/09/12		(3	)
JPMorgan Chase Bank		CAD	304		USD	297		02/09/12		(6	)
JPMorgan Chase Bank		CAD	461		USD	454		02/09/12		(5	)
JPMorgan Chase Bank		CAD	496		USD	479		02/09/12		(15	)
JPMorgan Chase Bank		CAD	508		USD	498		02/09/12		(9	)
JPMorgan Chase Bank		CAD	614		USD	597		02/09/12		(15	)
JPMorgan Chase Bank		CAD	2,479		USD	2,401		02/09/12		(71	)
JPMorgan Chase Bank		CHF	1,836		EUR	1,516		03/21/12		(12	)
JPMorgan Chase Bank		CHF	2,194		EUR	1,788		03/21/12		(47	)
JPMorgan Chase Bank		EUR	4,149		SEK	37,060		03/21/12		8
JPMorgan Chase Bank		EUR	8		USD	10		01/31/12		—
JPMorgan Chase Bank		EUR	6,425		USD	8,232		02/24/12		(172	)
JPMorgan Chase Bank		EUR	1,783		USD	2,334		03/21/12		1
JPMorgan Chase Bank		EUR	1,825		USD	2,344		03/21/12		(43	)
JPMorgan Chase Bank		EUR	1,827		USD	2,335		03/21/12		(55	)
JPMorgan Chase Bank		EUR	3,554		USD	4,652		03/21/12		2
JPMorgan Chase Bank		EUR	4,772		USD	6,223		03/21/12		(20	)
JPMorgan Chase Bank		EUR	4,780		USD	6,223		03/21/12		(31	)
JPMorgan Chase Bank		JPY	414,749		CAD	5,470		03/21/12		5
JPMorgan Chase Bank		JPY	5,120		USD	67		01/31/12		—
Morgan Stanley & Co., Inc.		USD	2,324		EUR	1,757		03/21/12		(25	)
Morgan Stanley & Co., Inc.		BRL	357		USD	200		03/02/12		(3	)
Morgan Stanley & Co., Inc.		BRL	539		USD	300		03/02/12		(6	)
Morgan Stanley & Co., Inc.		BRL	539		USD	300		03/02/12		(6	)
Morgan Stanley & Co., Inc.		BRL	701		USD	400		03/02/12		2
Morgan Stanley & Co., Inc.		BRL	703		USD	400		03/02/12		1
Morgan Stanley & Co., Inc.		BRL	704		USD	400		03/02/12		—
Morgan Stanley & Co., Inc.		BRL	876		USD	500		03/02/12		2

See accompanying notes which are an integral part of this quarterly report.

132 Russell Strategic Bond Fund

Russell Investment Company

Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Morgan Stanley & Co., Inc.		BRL	885		USD	500		03/02/12		(3	)
Morgan Stanley & Co., Inc.		BRL	891		USD	500		03/02/12		(6	)
Morgan Stanley & Co., Inc.		BRL	901		USD	500		03/02/12		(11	)
Morgan Stanley & Co., Inc.		BRL	1,076		USD	600		03/02/12		(11	)
Morgan Stanley & Co., Inc.		BRL	1,605		USD	900		03/02/12		(12	)
Morgan Stanley & Co., Inc.		CAD	309		USD	300		02/09/12		(8	)
Morgan Stanley & Co., Inc.		CAD	1,234		USD	1,202		02/09/12		(29	)
Morgan Stanley & Co., Inc.		EUR	1,785		USD	2,328		03/21/12		(8	)
Morgan Stanley & Co., Inc.		EUR	1,822		USD	2,331		03/21/12		(52	)
Morgan Stanley & Co., Inc.		GBP	500		USD	785		03/02/12		(3	)
Morgan Stanley & Co., Inc.		JPY	182,258		USD	2,337		03/21/12		(56	)
Royal Bank of Canada		USD	2,710		CAD	2,706		02/09/12		(12	)
Royal Bank of Canada		USD	2,323		CAD	2,370		03/21/12		38
Royal Bank of Canada		USD	2,331		CAD	2,376		03/21/12		36
Royal Bank of Canada		USD	2,331		CAD	2,364		03/21/12		25
Royal Bank of Canada		USD	2,335		CAD	2,357		03/21/12		13
Royal Bank of Canada		USD	4,662		CAD	4,782		03/21/12		102
Royal Bank of Canada		USD	4,669		CAD	4,736		03/21/12		49
Royal Bank of Canada		USD	4,671		CAD	4,679		03/21/12		(9	)
Royal Bank of Canada		USD	2,360		EUR	1,813		04/16/12		12
Royal Bank of Canada		CAD	2,369		EUR	1,786		03/21/12		(24	)
Royal Bank of Canada		CAD	298		USD	292		02/09/12		(5	)
Royal Bank of Canada		CAD	372		USD	362		02/09/12		(9	)
Royal Bank of Canada		CAD	414		USD	401		02/09/12		(12	)
Royal Bank of Canada		CAD	513		USD	499		02/09/12		(12	)
Royal Bank of Canada		CAD	725		USD	700		02/09/12		(22	)
Royal Bank of Canada		CAD	956		USD	930		02/09/12		(23	)
Royal Bank of Canada		CAD	838		USD	814		03/21/12		(21	)
Royal Bank of Canada		CAD	2,706		USD	2,707		03/22/12		12
Royal Bank of Canada		EUR	1,784		CAD	2,414		03/21/12		71
Royal Bank of Canada		EUR	939		USD	1,193		04/16/12		(36	)
Royal Bank of Canada		GBP	5,763		USD	9,023		02/02/12		(59	)
Royal Bank of Canada		GBP	2,387		USD	3,765		03/21/12		6
Royal Bank of Canada		JPY	137,647		CAD	1,778		03/21/12		(36	)
Royal Bank of Canada		JPY	157,726		CAD	2,116		03/21/12		37
Royal Bank of Scotland PLC		USD	9,235		EUR	7,020		03/21/12		(51	)
Royal Bank of Scotland PLC		AUD	2,260		CAD	2,358		03/21/12		(38	)
Royal Bank of Scotland PLC		EUR	1,797		CAD	2,369		03/21/12		9
Royal Bank of Scotland PLC		EUR	1,802		GBP	1,492		03/21/12		(7	)
Royal Bank of Scotland PLC		EUR	3,554		USD	4,648		03/21/12		(2	)
Royal Bank of Scotland PLC		SEK	31,291		EUR	3,451		03/21/12		(75	)
State Street Bank & Trust Co.		USD	2,323		AUD	2,189		03/21/12		(12	)
State Street Bank & Trust Co.		EUR	3,540		CAD	4,776		03/21/12		127
State Street Bank & Trust Co.		EUR	7,087		USD	9,228		03/21/12		(44	)
State Street Bank & Trust Co.		GBP	6,450		USD	10,048		03/21/12		(111	)
State Street Bank & Trust Co.		NZD	11,901		USD	9,090		03/21/12		(705	)
State Street Bank & Trust Co.		ZAR	148,436		USD	17,879		02/09/12		(1,080	)
UBS AG		USD	2,320		EUR	1,757		03/21/12		(21	)
UBS AG		USD	2,331		EUR	1,785		03/21/12		4
UBS AG		AUD	2,286		EUR	1,796		03/21/12		(64	)
UBS AG		BRL	365		USD	200		03/02/12		(8	)
UBS AG		BRL	536		USD	300		03/02/12		(4	)
UBS AG		BRL	540		USD	300		03/02/12		(7	)

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 133

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
UBS AG		BRL	548		USD	300		03/02/12		(11	)
UBS AG		BRL	548		USD	300		03/02/12		(11	)
UBS AG		BRL	718		USD	400		03/02/12		(8	)
UBS AG		BRL	721		USD	400		03/02/12		(10	)
UBS AG		BRL	876		USD	500		03/02/12		3
UBS AG		BRL	896		USD	500		03/02/12		(9	)
UBS AG		CAD	2,354		EUR	1,730		03/21/12		(82	)
UBS AG		CAD	102		USD	100		02/09/12		(2	)
UBS AG		CAD	310		USD	299		02/09/12		(10	)
UBS AG		CHF	944		USD	1,019		03/21/12		(7	)
UBS AG		EUR	2,013		USD	2,589		03/21/12		(45	)
UBS AG		EUR	5,950		USD	7,592		04/16/12		(193	)
UBS AG		EUR	7,801		USD	9,920		04/16/12		(287	)
UBS AG		GBP	500		USD	771		02/02/12		(17	)
Westpac Banking Corp.		USD	9,267		AUD	9,069		03/21/12		310
Westpac Banking Corp.		USD	1,751		NZD	2,351		03/21/12		184
Westpac Banking Corp.		AUD	9,382		USD	9,220		03/21/12		(687	)
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts (å)										(4,141	)

See accompanying notes which are an integral part of this quarterly report.

134 Russell Strategic Bond Fund

Russell Investment Company

Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Interest Rate Swap Contracts
Counterparty	Notional Amount		Fund Receives	Fund Pays	Termination Date		Market Value $
Bank of America	CAD	2,600	Canadian Dealer Offer Rate	3.325%		08/29/42		(336	)
Bank of America	CAD	8,600	Canadian Dealer Offer Rate	2.173%		08/09/17		(243	)
Bank of America	CAD	7,000	Canadian Dealer Offer Rate	2.115%		08/29/17		(173	)
Bank of America	CAD	5,600	Canadian Dealer Offer Rate	2.180%		08/31/17		(156	)
Bank of America	CAD	6,500	Canadian Dealer Offer Rate	1.898%		09/14/17		(90	)
Bank of America	USD	24,600	Three Month LIBOR	2.000%		06/20/19		(694	)
Bank of America	CAD	11,600	3.158%	Canadian Dealer Offer Rate		08/09/22		859
Bank of America	CAD	9,400	2.972%	Canadian Dealer Offer Rate		08/29/22		526
Bank of America	CAD	7,500	3.290%	Canadian Dealer Offer Rate		08/31/22		458
Bank of America	CAD	8,700	2.658%	Canadian Dealer Offer Rate		09/14/22		233
Bank of America	CAD	3,300	Canadian Dealer Offer Rate	3.586%		08/09/42		(605	)
Bank of America	CAD	2,100	Canadian Dealer Offer Rate	3.377%		08/31/42		(293	)
Bank of America	CAD	2,300	Canadian Dealer Offer Rate	2.888%		09/14/42		(90	)
Barclays Bank PLC	BRL	3,100	12.455%	Brazil Interbank Deposit Rate		01/02/13		47
Barclays Bank PLC	BRL	1,500	10.830%	Brazil Interbank Deposit Rate		01/02/14		11
Barclays Bank PLC	EUR	9,690	Six Month EURIBOR	1.375%		12/20/14		(63	)
Barclays Bank PLC	EUR	11,400	Six Month EURIBOR	1.448%		12/27/14		(94	)
Barclays Bank PLC	EUR	23,000	Six Month EURIBOR	1.270%		01/28/15		(72	)
Barclays Bank PLC	MXN	54,800	5.600%	Mexico Interbank 28 Day Deposit Rate		09/06/16		54
Barclays Bank PLC	EUR	3,890	2.650%	Six Month EURIBOR		09/30/18		138
Barclays Bank PLC	EUR	10,400	2.362%	Six Month EURIBOR		12/20/19		225
Barclays Bank PLC	EUR	12,200	2.430%	Six Month EURIBOR		12/27/19		328
Barclays Bank PLC	EUR	24,500	2.350%	Six Month EURIBOR		01/28/20		437
Barclays Bank PLC	EUR	2,020	Six Month EURIBOR	3.005%		09/30/23		(92	)
Barclays Bank PLC	EUR	4,060	Six Month EURIBOR	2.780%		12/20/27		(79	)
Barclays Bank PLC	EUR	4,760	Six Month EURIBOR	2.868%		12/27/27		(159	)
Barclays Bank PLC	EUR	9,610	Six Month EURIBOR	2.876%		01/28/28		(312	)
Barclays Bank PLC	USD	5,000	Three Month LIBOR	2.750%		06/20/42		(84	)
BNP Paribas	BRL	1,500	11.880%	Brazil Interbank Deposit Rate		01/02/13		29
BNP Paribas	BRL	13,600	12.800%	Brazil Interbank Deposit Rate		01/02/13		374
BNP Paribas	BRL	1,700	12.110%	Brazil Interbank Deposit Rate		01/02/14		48
BNP Paribas	USD	9,000	1.000%	Federal Fund Effective Rate - 1 Year		09/19/14		146
Citibank	AUD	700	4.250%	Six Month BBSW		06/15/17		1
Citibank	AUD	1,000	5.000%	Six Month BBSW		06/15/17		37
Citibank	EUR	22,100	2.330%	Six Month EURIBOR		01/31/19		169
Citibank	EUR	12,600	2.275%	Six Month EURIBOR		02/03/19		—
Citibank	EUR	8,560	Six Month EURIBOR	2.940%		01/31/29		(157	)
Citibank	EUR	4,890	Six Month EURIBOR	2.880%		02/03/29		—
Citibank	USD	15,800	Three Month LIBOR	2.750%		06/20/32		(478	)
Citigroupglobal Markets	EUR	1,700	3.650%	Six Month EURIBOR		09/21/21		284
Citigroupglobal Markets	EUR	2,000	3.500%	Six Month EURIBOR		09/21/21		298
Citigroupglobal Markets	EUR	2,900	3.000%	Six Month EURIBOR		03/21/22		251
Credit Suisse Financial Products	BRL	1,200	12.480%	Brazil Interbank Deposit Rate		01/02/13		28
Credit Suisse Financial Products	EUR	11,500	2.350%	Six Month EURIBOR		01/31/19		102
Credit Suisse Financial Products	EUR	4,450	Six Month EURIBOR	2.955%		01/31/29		(92	)
Deutsche Bank	USD	57,900	Three Month LIBOR	1.432%		02/28/15		(1,464	)
Deutsche Bank	AUD	400	4.250%	Six Month BBSW		06/15/17		1
Deutsche Bank	AUD	500	5.000%	Six Month BBSW		06/15/17		18
Deutsche Bank	USD	19,100	Three Month LIBOR	1.750%		06/20/17		(579	)
Deutsche Bank	EUR	1,200	2.500%	Six Month EURIBOR		09/21/18		67
Deutsche Bank	USD	22,300	2.785%	Three Month LIBOR		12/06/19		582
Deutsche Bank	USD	11,800	Three Month LIBOR	2.500%		06/20/22		(525	)
Deutsche Bank	USD	17,700	Three Month LIBOR	2.500%		06/20/22		(787	)
Deutsche Bank	USD	9,100	Three Month LIBOR	3.152%		12/06/29		(293	)

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 135

Russell Investment Company

Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Interest Rate Swap Contracts
Counterparty	Notional Amount		Fund Receives	Fund Pays	Termination Date		Market Value $
Deutsche Bank	USD	3,400	2.750%	Three Month LIBOR		06/20/32		103
Deutsche Bank	USD	13,700	Three Month LIBOR	2.750%		06/20/42		(230	)
Goldman Sachs	BRL	22,200	11.890%	Brazil Interbank Deposit Rate		01/02/13		443
Goldman Sachs	BRL	1,800	12.650%	Brazil Interbank Deposit Rate		01/02/14		68
Goldman Sachs	USD	4,600	0.500%	Federal Fund Effective Rate - 1 Year		09/19/14		28
HSBC	BRL	1,400	10.450%	Brazil Interbank Deposit Rate		01/02/13		4
HSBC	BRL	23,200	11.890%	Brazil Interbank Deposit Rate		01/02/13		463
HSBC	BRL	56,100	12.180%	Brazil Interbank Deposit Rate		01/02/13		1,354
HSBC	BRL	800	11.530%	Brazil Interbank Deposit Rate		01/02/14		12
HSBC	BRL	800	10.990%	Brazil Interbank Deposit Rate		01/02/14		7
HSBC	BRL	800	12.540%	Brazil Interbank Deposit Rate		01/02/14		29
HSBC	BRL	1,900	10.180%	Brazil Interbank Deposit Rate		01/02/14		5
HSBC	BRL	2,000	10.530%	Brazil Interbank Deposit Rate		01/02/14		9
HSBC	GBP	2,100	3.250%	Six Month LIBOR		06/20/42		211
JPMorgan	BRL	2,600	12.170%	Brazil Interbank Deposit Rate		01/02/13		62
JPMorgan	BRL	300	10.870%	Brazil Interbank Deposit Rate		01/02/14		2
JPMorgan	BRL	3,700	12.200%	Brazil Interbank Deposit Rate		01/02/14		111
JPMorgan	USD	37,500	1.000%	Three Month LIBOR		06/20/14		342
JPMorgan	USD	33,100	1.750%	Three Month LIBOR		06/20/17		1,003
JPMorgan	USD	24,700	Three Month LIBOR	2.000%		06/20/19		(696	)
JPMorgan	USD	14,600	Three Month LIBOR	2.500%		06/20/22		(649	)
JPMorgan	USD	14,800	2.750%	Three Month LIBOR		06/20/27		650
JPMorgan	USD	16,600	2.750%	Three Month LIBOR		06/20/27		729
JPMorgan	USD	3,400	Three Month LIBOR	2.750%		06/20/42		(57	)
JPMorgan	USD	8,700	Three Month LIBOR	2.750%		06/20/42		(146	)
Merrill Lynch	BRL	9,400	11.900%	Brazil Interbank Deposit Rate		01/02/13		181
Morgan Stanley	BRL	400	12.590%	Brazil Interbank Deposit Rate		01/02/13		10
Morgan Stanley	BRL	5,900	10.455%	Brazil Interbank Deposit Rate		01/02/13		16
Morgan Stanley	BRL	6,500	12.500%	Brazil Interbank Deposit Rate		01/02/13		102
Morgan Stanley	USD	22,800	0.500%	Federal Fund Effective Rate - 1 Year		09/19/13		85
Morgan Stanley	BRL	1,800	12.510%	Brazil Interbank Deposit Rate		01/02/14		64
Morgan Stanley	BRL	4,400	10.580%	Brazil Interbank Deposit Rate		01/02/14		21
Morgan Stanley	BRL	5,200	12.540%	Brazil Interbank Deposit Rate		01/02/14		124
Morgan Stanley	EUR	7,920	Six Month EURIBOR	1.395%		12/20/14		(56	)
Morgan Stanley	EUR	14,100	Six Month EURIBOR	1.370%		12/21/14		(90	)
Morgan Stanley	MXN	5,700	5.600%	Mexico Interbank 28 Day Deposit Rate		09/06/16		6
Morgan Stanley	EUR	8,500	2.380%	Six Month EURIBOR		12/20/19		197
Morgan Stanley	EUR	15,100	2.354%	Six Month EURIBOR		12/21/19		314
Morgan Stanley	MXN	5,100	6.350%	Mexico Interbank 28 Day Deposit Rate		06/02/21		5
Morgan Stanley	EUR	4,400	3.000%	Six Month EURIBOR		09/21/21		407
Morgan Stanley	EUR	400	Six Month EURIBOR	3.000%		03/21/22		(33	)
Morgan Stanley	EUR	4,000	2.500%	Six Month EURIBOR		03/21/22		104
Morgan Stanley	EUR	9,200	2.750%	Six Month EURIBOR		03/21/22		517
Morgan Stanley	EUR	3,320	Six Month EURIBOR	2.790%		12/20/27		(70	)
Morgan Stanley	EUR	5,870	Six Month EURIBOR	2.770%		12/21/27		(104	)
Morgan Stanley	USD	7,945	Three Month LIBOR	3.925%		05/15/41		(2,170	)
Morgan Stanley	USD	7,500	Three Month LIBOR	2.750%		06/20/42		(126	)
Royal Bank of Canada	CAD	2,300	Canadian Dealer Offer Rate	2.882%		09/27/42		(87	)
Royal Bank of Canada	CAD	6,500	Canadian Dealer Offer Rate	1.921%		09/27/17		(94	)
Royal Bank of Canada	CAD	8,700	2.697%	Canadian Dealer Offer Rate		09/27/22		256
Royal Bank of Scotland	EUR	13,900	Six Month EURIBOR	1.375%		12/20/14		(91	)
Royal Bank of Scotland	AUD	900	5.000%	Six Month BBSW		06/15/17		33
Royal Bank of Scotland	EUR	14,900	2.358%	Six Month EURIBOR		12/20/19		315
Royal Bank of Scotland	EUR	5,790	Six Month EURIBOR	2.775%		12/20/27		(108	)

See accompanying notes which are an integral part of this quarterly report.

136 Russell Strategic Bond Fund

Russell Investment Company

Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Interest Rate Swap Contracts
Counterparty	Notional Amount		Fund Receives	Fund Pays	Termination Date		Market Value $
UBS	BRL	700	10.605%	Brazil Interbank Deposit Rate		01/02/13		3
UBS	BRL	1,600	12.070%	Brazil Interbank Deposit Rate		01/02/13		36
UBS	BRL	1,700	12.250%	Brazil Interbank Deposit Rate		01/02/14		53
UBS	BRL	2,400	10.380%	Brazil Interbank Deposit Rate		01/02/14		9
UBS	BRL	2,900	11.760%	Brazil Interbank Deposit Rate		01/02/14		47
UBS	BRL	4,500	10.770%	Brazil Interbank Deposit Rate		01/02/14		30
Total Market Value on Open Interest Rate Swap Contracts Premiums Paid (Received) - $583 (å)								1,504

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 137

Russell Investment Company

Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Credit Default Swap Contracts
Corporate Issues
Reference Entity	Counterparty	Implied Credit Spread		Notional Amount		Fund (Pays)/ Receives Fixed Rate			Termination Date		Market Value $
Berkshire Hathaway, Inc.	Deutsche Bank		0.850%	USD	17,100		1.000%			03/20/13		37
D.R. Horton, Inc.	Deutsche Bank		1.796%	USD	945		(1.000%	)		09/20/16		33
D.R. Horton, Inc.	Goldman Sachs		1.796%	USD	945		(1.000%	)		09/20/16		33
GE Capital Corp.	Citibank		1.335%	USD	600		4.800%			12/20/13		39
GE Capital Corp.	Deutsche Bank		1.770%	USD	300		1.000%			03/20/16		(9	)
GE Capital Corp.	Morgan Stanley		1.809%	USD	900		1.000%			06/20/16		(30	)
GE Capital Corp.	JPMorgan		2.040%	USD	1,625		1.000%			06/20/15		(55	)
MetLife, Inc.	Deutsche Bank		1.539%	USD	8,500		2.050%			03/20/13		54
MetLife, Inc.	Deutsche Bank		2.330%	USD	1,200		1.000%			03/20/15		(48	)
MetLife, Inc.	Deutsche Bank		2.330%	USD	1,300		1.000%			03/20/15		(52	)
MetLife, Inc.	Deutsche Bank		2.330%	USD	2,300		1.000%			03/20/15		(92	)
MetLife, Inc.	UBS		1.539%	USD	8,500		2.050%			03/20/13		54
Morgan Stanley	Goldman Sachs		2.930%	USD	7,900		1.000%			03/20/16		(581	)
Prudential Financial, Inc.	Deutsche Bank		1.344%	USD	8,500		2.300%			03/20/13		84
Prudential Financial, Inc.	UBS		1.344%	USD	8,500		2.300%			03/20/13		84
Total Market Value on Open Corporate Issues Premiums Paid (Received) - ($445)												(449	)

Credit Indices
Reference Entity	Counterparty	Notional Amount		Fund (Pays)/ Receives Fixed Rate			Termination Date		Market Value $
CMBX AJ Index	Bank of America	USD	2,645		(0.840%	)		10/12/52		403
CMBX AJ Index	Barclays Bank PLC	USD	6,500		(0.840%	)		10/12/52		990
CMBX AJ Index	Credit Suisse First Boston	USD	3,690		(0.840%	)		10/12/52		562
CMBX AJ Index	Credit Suisse First Boston	USD	1,410		(0.840%	)		10/12/52		215
Dow Jones CDX Index	Bank of America	USD	42,800		1.000%			06/20/16		50
Dow Jones CDX Index	Bank of America	USD	42,800		(1.000%	)		06/20/14		(312	)
Dow Jones CDX Index	Barclays Bank PLC	USD	3,100		5.000%			12/20/15		283
Dow Jones CDX Index	Barclays Bank PLC	USD	15,100		5.000%			06/20/15		1,234
Dow Jones CDX Index	Citibank	USD	4,836		0.355%			06/20/12		6
Dow Jones CDX Index	Citibank	USD	1,043		0.401%			06/20/12		1
Dow Jones CDX Index	Citibank	USD	4,742		0.360%			06/20/12		6
Dow Jones CDX Index	Credit Suisse Financial Products	USD	500		5.000%			06/20/15		41
Dow Jones CDX Index	Deutsche Bank	USD	3,140		(1.000%	)		12/20/16		319
Dow Jones CDX Index	Deutsche Bank	USD	1,270		(1.000%	)		12/20/16		129
Dow Jones CDX Index	Deutsche Bank	USD	1,350		0.530%			06/20/13		10
Dow Jones CDX Index	Deutsche Bank	USD	33,900		(1.000%	)		06/20/14		(247	)
Dow Jones CDX Index	Deutsche Bank	USD	900		5.000%			12/20/15		82
Dow Jones CDX Index	Deutsche Bank	USD	9,163		0.708%			12/20/12		58
Dow Jones CDX Index	Deutsche Bank	USD	1,300		5.000%			06/20/15		106
Dow Jones CDX Index	Deutsche Bank	USD	17,600		1.000%			06/20/16		20
Dow Jones CDX Index	Goldman Sachs	USD	7,600		1.120%			12/20/12		75
Dow Jones CDX Index	Goldman Sachs	USD	200		5.000%			06/20/15		16
Dow Jones CDX Index	Goldman Sachs	USD	1,736		0.463%			06/20/13		11
Dow Jones CDX Index	HSBC	USD	3,600		5.000%			06/20/15		294
Dow Jones CDX Index	HSBC	USD	400		5.000%			12/20/15		37
Dow Jones CDX Index	JP Morgan	USD	46,800		(1.000%	)		06/20/14		(341	)
Dow Jones CDX Index	JPMorgan	USD	2,000		1.120%			12/20/12		20
Dow Jones CDX Index	JPMorgan	USD	29,600		1.000%			06/20/16		34
Dow Jones CDX Index	JPMorgan	USD	44,200		(1.000%	)		06/20/14		(322	)
Dow Jones CDX Index	JPMorgan	USD	12,300		1.000%			06/20/16		14

See accompanying notes which are an integral part of this quarterly report.

138 Russell Strategic Bond Fund

Russell Investment Company

Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Credit Default Swap Contracts
Credit Indices
Reference Entity	Counterparty	Notional Amount		Fund (Pays)/ Receives Fixed Rate			Termination Date		Market Value $
Dow Jones CDX Index	JPMorgan	USD	1,447		0.553%			12/20/17		27
Dow Jones CDX Index	Merrill Lynch	USD	19,000		1.580%			12/20/12		243
Dow Jones CDX Index	Merrill Lynch	USD	19,000		1.640%			12/20/12		253
Dow Jones CDX Index	Morgan Stanley	USD	6,200		5.000%			06/20/15		507
Dow Jones CDX Index	Morgan Stanley	USD	2,800		5.000%			12/20/15		256
Dow Jones CDX Index	Morgan Stanley	USD	4,214		(5.000%	)		12/20/16		111
Dow Jones CDX Index	Morgan Stanley	USD	484,000		(1.000%	)		12/20/16		(5	)
Dow Jones CDX Index	Pershing LLC 1st Republic P.B.	USD	579		0.548%			12/20/17		11
Dow Jones CDX Index	UBS	USD	1,640		(1.000%	)		12/20/16		167
Total Market Value on Open Credit Indices Premiums Paid (Received) - $13,754										5,364

Sovereign Issues
Reference Entity	Counterparty	Implied Credit Spread		Notional Amount		Fund (Pays)/ Receives Fixed Rate		Termination Date		Market Value $
Brazil Government International Bond	Bank of America		1.213%	USD	1,800		1.000%		09/20/15		(15	)
Brazil Government International Bond	Barclays Bank PLC		1.170%	USD	500		1.000%		06/20/15		(3	)
Brazil Government International Bond	Barclays Bank PLC		1.281%	USD	1,700		1.000%		03/20/16		(21	)
Brazil Government International Bond	Citibank		1.213%	USD	1,000		1.000%		09/20/15		(8	)
Brazil Government International Bond	Citibank		1.336%	USD	9,400		1.000%		06/20/16		(139	)
Brazil Government International Bond	Credit Suisse Financial Products		1.336%	USD	6,500		1.000%		06/20/16		(96	)
Brazil Government International Bond	Deutsche Bank		1.170%	USD	1,300		1.000%		06/20/15		(8	)
Brazil Government International Bond	Deutsche Bank		1.170%	USD	500		1.000%		06/20/15		(3	)
Brazil Government International Bond	Deutsche Bank		1.336%	USD	1,800		1.000%		06/20/16		(27	)
Brazil Government International Bond	Goldman Sachs		1.170%	USD	500		1.000%		06/20/15		(3	)
Brazil Government International Bond	HSBC		1.213%	USD	500		1.000%		09/20/15		(4	)
Brazil Government International Bond	JPMorgan		1.213%	USD	1,000		1.000%		09/20/15		(8	)
Brazil Government International Bond	JPMorgan		1.384%	USD	700		1.000%		09/20/16		(12	)
Brazil Government International Bond	Morgan Stanley		1.170%	USD	500		1.000%		06/20/15		(3	)
Brazil Government International Bond	UBS		1.213%	USD	500		1.000%		09/20/15		(4	)
Brazil Government International Bond	UBS		0.863%	USD	4,000		1.190%		08/20/13		18
China Government International Bond	Bank of America		1.006%	USD	1,100		1.000%		06/20/15		(2	)
China Government International Bond	Bank of America		1.006%	USD	400		1.000%		06/20/15		(1	)
China Government International Bond	Barclays Bank PLC		1.161%	USD	700		1.000%		03/20/16		(4	)
China Government International Bond	BNP Paribas		1.161%	USD	300		1.000%		03/20/16		(2	)
China Government International Bond	Barclays Bank PLC		1.226%	USD	12,400		1.000%		06/20/16		(109	)
China Government International Bond	Citibank		1.006%	USD	300		1.000%		06/20/15		(1	)
China Government International Bond	Deutsche Bank		1.283%	USD	400		1.000%		09/20/16		(5	)
China Government International Bond	JPMorgan		1.283%	USD	300		1.000%		09/20/16		(4	)
China Government International Bond	Morgan Stanley		1.283%	USD	300		1.000%		09/20/16		(4	)
China Government International Bond	Royal Bank of Scotland		1.006%	USD	800		1.000%		06/20/15		(1	)
France Government International Bond	Bank of America		1.646%	USD	800		0.250%		03/20/16		(44	)
France Government International Bond	Barclays Bank PLC		1.646%	USD	700		0.250%		03/20/16		(38	)
France Government International Bond	Barclays Bank PLC		1.728%	USD	15,000		0.250%		09/20/16		(971	)
France Government International Bond	Barclays Bank PLC		1.747%	USD	200		0.250%		09/20/16		(13	)
France Government International Bond	Deutsche Bank		1.646%	USD	300		0.250%		03/20/16		(16	)
France Government International Bond	Goldman Sachs		1.789%	USD	7,400		0.250%		12/20/16		(516	)
France Government International Bond	HSBC		1.747%	USD	300		0.250%		09/20/16		(19	)
France Government International Bond	Morgan Stanley		1.646%	USD	500		0.250%		03/20/16		(27	)
France Government International Bond	Royal Bank of Scotland		1.646%	USD	500		0.250%		03/20/16		(27	)
France Government International Bond	UBS		1.646%	USD	9,800		0.250%		03/20/16		(534	)

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 139

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Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Credit Default Swap Contracts
Sovereign Issues
Reference Entity	Counterparty	Implied Credit Spread		Notional Amount		Fund (Pays)/ Receives Fixed Rate		Termination Date		Market Value $
France Government International Bond	UBS		1.699%	USD	10,000		0.250%		06/20/16		(596	)
France Government International Bond	UBS		1.747%	USD	200		0.250%		09/20/16		(13	)
Indonesia Government International Bond	Bank of America		1.647%	USD	1,200		1.000%		09/20/16		(38	)
Indonesia Government International Bond	Barclays Bank PLC		1.570%	USD	800		1.000%		06/20/16		(22	)
Indonesia Government International Bond	Barclays Bank PLC		1.570%	USD	800		1.000%		06/20/16		(22	)
Indonesia Government International Bond	Morgan Stanley		1.647%	USD	3,100		1.000%		09/20/16		(98	)
Indonesia Government International Bond	UBS		1.647%	USD	400		1.000%		09/20/16		(13	)
Italy Government International Bond	Barclays Bank PLC		4.108%	USD	800		1.000%		03/20/16		(90	)
Italy Government International Bond	Goldman Sachs		4.108%	USD	200		1.000%		03/20/16		(23	)
Italy Government International Bond	Goldman Sachs		4.109%	USD	1,000		1.000%		06/20/16		(119	)
Japan Government International Bond	Bank of America		1.191%	USD	100		1.000%		03/20/16		(1	)
Japan Government International Bond	Bank of America		1.191%	USD	200		1.000%		03/20/16		(2	)
Japan Government International Bond	Goldman Sachs		1.244%	USD	1,700		1.000%		06/20/16		(20	)
Japan Government International Bond	JPMorgan		1.191%	USD	700		1.000%		03/20/16		(7	)
Kazakhstan Government International Bond	Citibank		2.433%	USD	300		1.000%		03/20/16		(17	)
Kazakhstan Government International Bond	Deutsche Bank		2.433%	USD	300		1.000%		03/20/16		(17	)
Kazakhstan Government International Bond	HSBC		2.433%	USD	400		1.000%		03/20/16		(22	)
Korea Government International Bond	Bank of America		1.421%	USD	600		1.000%		09/20/16		(11	)
Korea Government International Bond	Deutsche Bank		1.363%	USD	500		1.000%		06/20/16		(8	)
Korea Government International Bond	Deutsche Bank		1.363%	USD	400		1.000%		06/20/16		(6	)
Korea Government International Bond	HSBC		1.421%	USD	400		1.000%		09/20/16		(7	)
Korea Government International Bond	UBS		1.421%	USD	700		1.000%		09/20/16		(13	)
Mexico Government International Bond	Bank of America		1.171%	USD	300		1.000%		09/20/15		(2	)
Mexico Government International Bond	Barclays Bank PLC		1.244%	USD	5,000		1.000%		03/20/16		(51	)
Mexico Government International Bond	Citibank		1.171%	USD	700		1.000%		09/20/15		(5	)
Mexico Government International Bond	Citibank		1.301%	USD	12,800		1.000%		06/20/16		(166	)
Mexico Government International Bond	Deutsche Bank		1.301%	USD	3,300		1.000%		06/20/16		(43	)
Mexico Government International Bond	Deutsche Bank		1.244%	USD	3,100		1.000%		03/20/16		(32	)
Mexico Government International Bond	Goldman Sachs		1.301%	USD	2,100		1.000%		06/20/16		(27	)
Mexico Government International Bond	HSBC		1.244%	USD	4,700		1.000%		03/20/16		(48	)
Mexico Government International Bond	JPMorgan		1.246%	USD	2,600		0.920%		03/20/16		(35	)
Spain Government International Bond	Bank of America		3.685%	USD	200		1.000%		03/20/16		(20	)
Spain Government International Bond	Goldman Sachs		3.685%	USD	200		1.000%		03/20/16		(20	)
Spain Government International Bond	Goldman Sachs		3.699%	USD	1,000		1.000%		06/20/16		(106	)
United Kingdom Gilt	Citibank		0.683%	USD	5,700		1.000%		06/20/16		80
United Kingdom Gilt	Deutsche Bank		0.630%	USD	600		1.000%		03/20/16		9
United Kingdom Gilt	Morgan Stanley		0.683%	USD	2,100		1.000%		06/20/16		29
United Kingdom Gilt	Societe Generale		0.415%	USD	4,000		1.000%		03/20/15		69
United Kingdom Gilt	Societe Generale		0.415%	USD	2,700		1.000%		03/20/15		46
United Kingdom Gilt	UBS		0.415%	USD	400		1.000%		03/20/15		7
United Kingdom Gilt	UBS		0.415%	USD	700		1.000%		03/20/15		12
United Kingdom Gilt	UBS		0.683%	USD	1,200		1.000%		06/20/16		17
Total Market Value on Open Sovereign Issues Premiums Paid (Received) - ($3,057)											(4,125	)
Total Market Value on Open Credit Default Swap Contracts Premiums Paid (Received) - $10,252 (å)											790

See accompanying notes which are an integral part of this quarterly report.

140 Russell Strategic Bond Fund

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Russell Strategic Bond Fund

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1			Level 2			Level 3			Total
Long-Term Investments
Asset-Backed Securities	$	—		$	584,730		$	2,022		$	586,752
Corporate Bonds and Notes		—			1,359,712			36,127			1,395,839
International Debt		—			660,781			12,017			672,798
Loan Agreements		—			22,492			7			22,499
Mortgage-Backed Securities		—			3,029,508			88,090			3,117,598
Municipal Bonds		—			148,365			9,106			157,471
Non-US Bonds		—			100,710			—			100,710
United States Government Agencies		—			111,960			—			111,960
United States Government Treasuries		—			1,264,675			—			1,264,675
Preferred Stocks		3,276			—			3,594			6,870
Options Purchased		—			170			—			170
Short-Term Investments		—			1,023,168			3,580			1,026,748
Repurchase Agreements		—			3,100			—			3,100
Other Securities		—			57,521			—			57,521
Total Investments		3,276			8,366,892			154,543			8,524,711
Other Financial Instruments
Futures Contracts		9,061			—			—			9,061
Options Written		(1	)		(547	)		(69	)		(617	)
Foreign Currency Exchange Contracts		(28	)		(4,113	)		—			(4,141	)
Interest Rate Swap Contracts		—			(200	)		1,121			921
Credit Default Swap Contracts		—			(2,324	)		(7,138	)		(9,462	)
Total Other Financial Instruments*	$	9,032		$	(7,184	)	$	(6,086	)	$	(4,238	)

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

A reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining a value for the period ending January 31, 2012 were as follows:

Category and Subcategory	Beginning Balance as of 11/01/11			Gross Purchases		Gross Sales		Accrued Discounts/ (Premium)			Realized Gain/(Loss)
Long-Term Investments
Asset-Backed Securities	$	4,524		$	—	$	—	$	2		$	—
Corporate Bonds and Notes		37,770			1,206		2,536		(91	)		79
International Debt		11,670			—		—		(19	)		—
Loan Agreements		8			—		—		—			—
Mortgage-Backed Securities		106,261			—		14,972		(2	)		(12	)
Municipal Bonds		5,813			—		—		10			—
Preferred Stocks		3,604			—		—		—			—
Short-Term Investments		3,559			—		2		(11	)		—
Total-Term Investments		173,209			1,206		17,510		(111	)		67
Other Financial Instruments
Options Written		(372	)		—		—		—			281
Interest Rate Swap Contracts		—			—		—		—			—
Credit Default Swap Contracts		—			—		—		—			—
Total Other Financial Instruments		(372	)		—		—		—			281

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 141

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Presentation of Portfolio Holdings, continued — January 31, 2012

Amounts in thousands

Category and Subcategory	Net Transfers into Level 3		Net Transfers out of Level 3		Net change in Unrealized Appreciation/ (Depreciation)			Ending Balance at 01/31/12			Change in Unrealized Appreciation/ (Depreciation) on Investments still held as of 01/31/12
Long-Term Investments
Asset-Backed Securities	$	794	$	3,275	$	(23	)	$	2,022		$	(23	)
Corporate Bonds and Notes		—		—		(301	)		36,127			(349	)
International Debt		—		—		366			12,017			(366	)
Loan Agreements		—		—		(1	)		7			(1	)
Mortgage-Backed Securities		—		3,691		506			88,090			113
Municipal Bonds		3,398		—		(115	)		9,106			(115	)
Preferred Stocks		—		—		(10	)		3,594			(10	)
Short-Term Investments		—		—		34			3,580			34
Total Investments		4,192		6,966		456			154,543			(717	)
Other Financial Instruments
Options Written		—		—		22			(69	)		(—	)
Interest Rate Swap Contracts		—		—		1,121			1,121			1,121
Credit Default Swap Contracts		—		—		(7,138	)		(7,138	)		(7,138	)
Total Other Financial Instruments		—		—		(5,995	)		(6,086	)		(6,017	)

See accompanying notes which are an integral part of this quarterly report.

142 Russell Strategic Bond Fund

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Russell Investment Grade Bond Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Long-Term Investments - 91.3%
Asset-Backed Securities - 3.7%
Accredited Mortgage Loan Trust
Series 2007-1 Class A4 0.496% due 02/25/37 (Ê)		2,583		1,083
ACE Securities Corp.
Series 2005-SD3 Class A 0.676% due 08/25/45 (Ê)		98		93
Series 2006-HE4 Class A2A 0.336% due 10/25/36 (Ê)		49		12
Ally Master Owner Trust
Series 2011-3 Class A2 1.810% due 05/15/16		1,550		1,570
AmeriCredit Automobile Receivables Trust
Series 2011-4 Class A3 1.170% due 05/09/16		1,560		1,560
Ameriquest Mortgage Securities, Inc.
Series 2004-R2 Class A1A 0.621% due 04/25/34 (Ê)		301		244
Series 2004-R10 Class A5 0.666% due 11/25/34 (Ê)		2		2
Series 2005-R10 Class A2B 0.496% due 12/25/35 (Ê)		562		526
Argent Securities, Inc.
Series 2003-W9 Class M1 1.311% due 03/25/34 (Ê)		641		520
Asset Backed Funding Certificates Zero coupon due		1,977		1,883
Asset Backed Securities Corp. Home Equity
Series 2003-HE7 Class M1 1.260% due 12/15/33 (Ê)		264		199
Series 2006-HE2 Class A1A 0.526% due 03/25/36 (Ê)		1,346		37
Avis Budget Rental Car Funding AESOP LLC
Series 2010-3A Class A 4.640% due 05/20/16 (Þ)		260		281
Series 2010-5A Class A 3.150% due 03/20/17 (Þ)		220		224
Bayview Financial Acquisition Trust
Series 2006-A Class 1A3 5.865% due 02/28/41		410		308
Bear Stearns Asset Backed Securities Trust
Series 2003-1 Class A1 1.276% due 11/25/42 (Ê)		75		63
Series 2003-SD1 Class A 0.726% due 12/25/33 (Ê)		61		51
Series 2004-SD3 Class A3 0.846% due 09/25/34 (Ê)		199		172
Series 2005-TC2 Class A3 0.646% due 08/25/35 (Ê)		1,945		1,674
Series 2006-SD2 Class A2 0.476% due 06/25/36 (Ê)		35		35
Series 2007-HE5 Class 1A1 0.366% due 06/25/47 (Ê)		16		15
Series 2007-HE6 Class 1A1 1.526% due 08/25/37 (Ê)		549		326

	Principal Amount ($) or Shares		Market Value $
BNC Mortgage Loan Trust
Series 2007-2 Class A2 0.376% due 05/25/37 (Ê)		95		84
Series 2008-4 Class A3A 0.526% due 11/25/37 (Ê)		885		864
Brazos Higher Education Authority
Series 2010-1 Class A2 1.706% due 02/25/35 (Ê)		1,500		1,364
Series 2011-2 Class A3 1.560% due 10/27/36 (Ê)		525		473
Business Loan Express
Series 2003-2A Class A 1.076% due 01/25/32 (Ê)(Þ)		167		123
Carrington Mortgage Loan Trust
Series 2005-NC3 Class M1 0.716% due 06/25/35 (Ê)		2,200		1,811
Series 2005-NC5 Class A2 0.596% due 10/25/35 (Ê)		69		64
Series 2006-NC3 Class A3 0.426% due 08/25/36 (Ê)		2,105		536
Centex Home Equity
Series 2003-B Class AF4 3.735% due 02/25/32		2,253		1,965
Series 2006-A Class AV4 0.526% due 06/25/36 (Ê)		1,700		940
CIT Education Loan Trust
Series 2007-1 Class A 0.664% due 03/25/42 (Ê)(Þ)		1,158		1,045
Citibank Omni Master Trust
Series 2009-A8 Class A8 2.390% due 05/16/16 (Ê)(Þ)		1,000		1,005
Citigroup Mortgage Loan Trust, Inc.
Series 2006-HE1 Class A4 0.546% due 01/25/36 (Ê)		1,432		1,334
Series 2006-SHL1 Class A1 0.476% due 11/25/45 (Ê)(Þ)		472		325
Series 2007-AHL3 Class A3A 0.336% due 07/25/45 (Ê)		137		95
Countrywide Asset-Backed Certificates
Series 2001-BC3 Class A 0.756% due 12/25/31 (Ê)		62		33
Series 2005-4 Class MV1 0.736% due 10/25/35 (Ê)		611		592
Series 2006-6 Class 2A2 0.456% due 09/25/36 (Ê)		299		238
Series 2006-BC1 Class 1A 0.476% due 04/25/36 (Ê)		638		472
Series 2006-BC4 Class 2A2 0.436% due 11/25/36 (Ê)		1,820		1,166
Series 2007-7 Class 2A1 0.356% due 10/25/47 (Ê)		20		20
Countrywide Home Equity Loan Trust
Series 2005-A Class 2A 0.525% due 04/15/35 (Ê)		130		74
Series 2005-G Class 2A 0.515% due 12/15/35 (Ê)		669		367

Russell Investment Grade Bond Fund 143

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2006-E Class 2A 0.425% due 07/15/36 (Ê)		392		234
Series 2007-GW Class A 0.835% due 08/15/37 (Ê)		201		165
Credit-Based Asset Servicing and Securitization LLC
Series 2004-CB7 Class AF5 4.585% due 10/25/34		550		541
Series 2005-CB5 Class AV2 0.536% due 08/25/35 (Ê)		54		50
Series 2007-RP1 Class A 0.586% due 05/25/46 (Ê)(Þ)		849		359
Educational Funding of the South, Inc.
Series 2011-1 Class A2 1.210% due 04/25/35 (Ê)		500		461
Ellington Loan Acquisition Trust
Series 2007-1 Class A2A1 1.276% due 05/26/37 (Ê)(Þ)		255		231
Fannie Mae Grantor Trust
Series 2003-T4 Class 1A 0.495% due 09/26/33 (Ê)		129		127
Series 2003-T4 Class 2A5 5.407% due 09/26/33		736		783
Fannie Mae Whole Loan
Series 2003-W5 Class A 0.496% due 04/25/33 (Ê)		110		105
Series 2003-W9 Class A 0.516% due 06/25/33 (Ê)		163		155
Ford Credit Floorplan Master Owner Trust
Series 2010-5 Class A1 1.500% due 09/15/15		1,000		1,010
GE-WMC Mortgage Securities LLC
Series 2006-1 Class A2A 0.316% due 08/25/36 (Ê)		11		3
Greenpoint Manufactured Housing
Series 2000-6 Class A3 2.292% due 11/22/31 (Ê)		325		270
Series 2001-2 Class IA2 3.776% due 02/20/32 (Ê)		300		227
Series 2001-2 Class IIA2 3.778% due 03/13/32 (Ê)		375		283
GSAA Trust
Series 2006-2 Class 2A3 0.546% due 12/25/35 (Ê)		570		515
GSAMP Trust
Series 2004-SEA2 Class A2B 0.826% due 03/25/34 (Ê)		691		674
Hertz Vehicle Financing LLC
Series 2009-2A Class A2 5.290% due 03/25/16 (Þ)		280		307
Home Equity Asset Trust
Series 2003-8 Class M1 1.356% due 04/25/34 (Ê)		510		375
HSBC Home Equity Loan Trust
Series 2005-1 Class A 0.571% due 01/20/34 (Ê)		341		309

	Principal Amount ($) or Shares		Market Value $
Series 2006-1 Class A1 0.441% due 01/20/36 (Ê)		1,377		1,251
Series 2006-2 Class A1 0.431% due 03/20/36 (Ê)		802		741
Series 2006-4 Class A3V 0.431% due 03/20/36 (Ê)		1,658		1,598
Series 2007-1 Class AS 0.481% due 03/20/36 (Ê)		1,375		1,174
Series 2007-2 Class A2V 0.441% due 07/20/36 (Ê)		847		843
JP Morgan Mortgage Acquisition Corp.
Series 2007-CH1 Class AV4 0.406% due 11/25/36 (Ê)		2,575		2,040
Series 2007-CH3 Class A2 0.356% due 03/25/37 (Ê)		84		81
Lehman ABS Manufactured Housing Contract Trust
Series 2001-B Class A4 5.270% due 04/15/40		853		894
Lehman XS Trust
Series 2005-1 Class 2A1 1.757% due 07/25/35 (Ê)		288		211
Series 2005-5N Class 1A1 0.576% due 11/25/35 (Ê)		318		230
Series 2005-7N Class 1A1B 0.576% due 12/25/35 (Ê)		273		73
Long Beach Mortgage Loan Trust
Series 2004-4 Class 1A1 0.836% due 10/25/34 (Ê)		34		25
Morgan Stanley ABS Capital I
Series 2003-NC6 Class M1 1.476% due 06/25/33 (Ê)		382		296
Series 2003-NC7 Class M1 1.326% due 06/25/33 (Ê)		324		262
Series 2005-WMC1 Class M1 0.981% due 01/25/35 (Ê)		131		130
Series 2007-HE2 Class A2B 0.366% due 01/25/37 (Ê)		2,800		920
Series 2007-HE6 Class A1 0.336% due 05/25/37 (Ê)		45		38
Nelnet Student Loan Trust
Series 2004-4 Class A5 0.720% due 01/25/37 (Ê)		200		189
Novastar Home Equity Loan
Series 2003-3 Class A2C 1.336% due 12/25/33 (Ê)		298		244
Option One Mortgage Loan Trust
Series 2007-6 Class 2A1 0.336% due 07/25/37 (Ê)		109		104
Ownit Mortgage Loan Asset Backed Certificates
Series 2006-6 Class A2C 0.436% due 09/25/37 (Ê)		2,390		747
Park Place Securities, Inc.
Series 2004-MHQ1 Class M1 0.976% due 12/25/34 (Ê)		1,111		1,076

144 Russell Investment Grade Bond Fund

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Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2004-WCW2 Class M1 0.896% due 10/25/34 (Ê)		2,099		2,050
Series 2005-WCW1 Class A3D 0.616% due 09/25/35 (Ê)		930		895
Popular ABS Mortgage Pass-Through Trust
Series 2005-6 Class A3 5.615% due 01/25/36		185		160
Prestige Auto Receivables Trust
Series 2011-1A Class A3 1.900% due 08/17/15 (Þ)		1,555		1,564
RAAC Series
Series 2006-RP2 Class A 0.526% due 02/25/37 (Ê)(Þ)		300		216
Renaissance Home Equity Loan Trust
Series 2003-3 Class A 0.776% due 12/25/33 (Ê)		256		205
Series 2005-2 Class AF4 4.934% due 08/25/35		585		457
Series 2006-1 Class AF6 5.746% due 05/25/36		289		132
Residential Asset Mortgage Products, Inc.
Series 2003-RS2 Class AII 0.956% due 03/25/33 (Ê)		70		47
Series 2003-RS3 Class AII 0.996% due 04/25/33 (Ê)		43		30
Series 2003-RS11 Class AI6A 5.980% due 12/25/33		196		180
Series 2004-RZ1 Class AI7 4.030% due 01/25/33		1,001		998
Residential Asset Securities Corp.
Series 2001-KS1 Class AI6 6.349% due 03/25/32		350		318
Series 2001-KS1 Class AII 0.746% due 03/25/32 (Ê)		19		18
Series 2001-KS3 Class AII 0.736% due 09/25/31 (Ê)		38		28
Series 2003-KS4 Class AIIB 0.856% due 06/25/33 (Ê)		118		68
Series 2005-EMX3 Class M1 0.706% due 09/25/35 (Ê)		1,000		925
Series 2005-KS12 Class A2 0.526% due 01/25/36 (Ê)		1,053		1,001
SACO I, Inc.
Series 2005-WM3 Class A1 0.796% due 09/25/35 (Ê)		40		16
Santander Drive Auto Receivables Trust
Series 2011-1 Class A3 1.280% due 01/15/15		1,560		1,562
Series 2011-2 Class B 2.660% due 01/15/16		970		976
Saxon Asset Securities Trust
Series 2004-1 Class A 0.816% due 03/25/35 (Ê)		57		39
Series 2005-1 Class M1 0.736% due 05/25/35 (Ê)		781		542

	Principal Amount ($) or Shares		Market Value $
Security National Mortgage Loan Trust
Series 2006-3A Class A1 0.556% due 01/25/37 (Ê)(Þ)		161		145
Sierra Receivables Funding Co. LLC
Series 2006-1A Class A2 0.431% due 05/20/18 (Ê)(Þ)		61		60
SLM Student Loan Trust
Series 2006-5 Class A6B 0.680% due 10/25/40 (Ê)		1,000		896
Series 2008-2 Class A1 0.860% due 01/25/15 (Ê)		8		8
Small Business Administration Participation Certificates
Series 2003-20I Class 1 5.130% due 09/01/23		43		48
Soundview Home Equity Loan Trust
Series 2006-WF2 Class A2C 0.416% due 12/25/36 (Ê)		2,505		2,050
Specialty Underwriting & Residential Finance
Series 2003-BC1 Class A 0.956% due 01/25/34 (Ê)		25		19
Structured Asset Securities Corp.
Series 2002-AL1 Class A3 3.450% due 02/25/32		257		235
Series 2002-HF1 Class A 0.856% due 01/25/33 (Ê)		9		8
Series 2006-WF2 Class A3 0.426% due 07/25/36 (Ê)		2,098		2,029
Truman Capital Mortgage Loan Trust
Series 2006-1 Class A 0.536% due 03/25/36 (Ê)(Þ)		685		471
Wells Fargo Home Equity Trust
Series 2004-2 Class AI6 5.000% due 05/25/34		1,900		1,894
				66,509
Corporate Bonds and Notes - 16.6%
Air 2 US
8.027% due 10/01/19 (Þ)		373		343
Allstate Life Global Funding Trusts
5.375% due 04/30/13		400		423
Altria Group, Inc.
8.500% due 11/10/13		220		248
9.700% due 11/10/18		1,285		1,770
10.200% due 02/06/39		325		515
American Express Co.
7.000% due 03/19/18		200		246
American Express Credit Corp.
5.875% due 05/02/13		2,400		2,538
American International Group, Inc.
3.750% due 11/30/13 (Þ)		200		198
5.050% due 10/01/15		200		205
4.875% due 09/15/16		1,190		1,208
8.250% due 08/15/18		1,500		1,727
6.250% due 03/15/37		2,100		1,659

Russell Investment Grade Bond Fund 145

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Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
AmerisourceBergen Corp.
5.875% due 09/15/15		540		620
Amgen, Inc.
3.875% due 11/15/21 (Ñ)		1,480		1,541
5.650% due 06/15/42		300		338
Anadarko Petroleum Corp.
6.375% due 09/15/17		1,300		1,538
6.450% due 09/15/36		865		1,033
Analog Devices, Inc.
5.000% due 07/01/14		755		827
Anheuser-Busch Cos., Inc.
5.500% due 01/15/18		540		638
Anheuser-Busch InBev Worldwide, Inc.
2.500% due 03/26/13 (Ñ)		1,970		2,006
5.375% due 01/15/20		1,830		2,167
Apache Corp.
6.000% due 09/15/13		460		501
6.000% due 01/15/37		200		259
Applied Materials, Inc.
5.850% due 06/15/41		745		870
Aristotle Holding, Inc.
3.500% due 11/15/16 (Þ)		1,410		1,450
4.750% due 11/15/21 (Þ)		1,085		1,148
AT&T Corp.
8.000% due 11/15/31		540		785
AT&T, Inc.
5.100% due 09/15/14		240		265
2.950% due 05/15/16		4,120		4,365
6.500% due 09/01/37		1,095		1,351
5.550% due 08/15/41		650		753
Bank of America Corp.
7.375% due 05/15/14		1,655		1,786
3.625% due 03/17/16		325		318
5.625% due 10/14/16 (Ñ)		1,820		1,882
6.000% due 09/01/17		655		686
5.750% due 12/01/17		950		978
Series MTNL 5.650% due 05/01/18		2,310		2,363
Bank of America NA
Series BKNT 0.826% due 06/15/16 (Ê)(Ñ)		1,200		980
0.846% due 06/15/17 (Ê)(Ñ)		1,340		1,000
6.100% due 06/15/17		1,900		1,927
6.000% due 10/15/36		300		282
Bear Stearns Cos. LLC (The)
7.250% due 02/01/18		425		508
Becton Dickinson and Co.
3.250% due 11/12/20		590		622
Berkshire Hathaway, Inc.
3.750% due 08/15/21 (Ñ)		1,000		1,059
Boeing Capital Corp.
2.125% due 08/15/16 (Ñ)		425		442
Boston Scientific Corp.
4.500% due 01/15/15		1,085		1,158
Braskem America Finance Co.
7.125% due 07/22/41 (Þ)		975		959

	Principal Amount ($) or Shares		Market Value $
Broadcom Corp.
2.700% due 11/01/18 (Ñ)		990		1,017
Burlington Northern and Santa Fe Railway Co. 2005-4 Pass Through Trust
4.967% due 04/01/23		155		176
Burlington Northern Santa Fe LLC
3.450% due 09/15/21		565		586
6.875% due 12/01/27		90		115
Cameron International Corp.
1.459% due 06/02/14 (Ê)		400		401
Cargill, Inc.
3.250% due 11/15/21 (Þ)		540		547
Caterpillar Financial Services Corp.
6.200% due 09/30/13		650		709
Caterpillar, Inc.
0.649% due 05/21/13 (Ê)(Ñ)		1,600		1,605
CBS Corp.
4.300% due 02/15/21 (Ñ)		955		1,012
Celgene Corp.
3.950% due 10/15/20		745		774
CenterPoint Energy Resources Corp.
6.125% due 11/01/17		125		146
Cigna Corp.
5.375% due 02/15/42		760		807
Cisco Systems, Inc.
4.950% due 02/15/19		750		882
Citigroup Capital XXI
8.300% due 12/21/57		1,000		1,018
Citigroup, Inc.
5.500% due 04/11/13		675		700
5.850% due 07/02/13		100		104
6.500% due 08/19/13		1,455		1,543
6.375% due 08/12/14		350		379
5.000% due 09/15/14		1,500		1,543
6.000% due 08/15/17		300		329
6.125% due 11/21/17		1,980		2,178
6.125% due 05/15/18		670		736
8.500% due 05/22/19		100		122
6.125% due 08/25/36		500		482
6.875% due 03/05/38		1,470		1,728
8.125% due 07/15/39		975		1,275
5.875% due 01/30/42 (Ñ)		600		621
Cleco Power LLC
6.000% due 12/01/40		1,100		1,332
Cliffs Natural Resources, Inc.
4.875% due 04/01/21 (Ñ)		435		449
Columbus Southern Power Co.
Series C 5.500% due 03/01/13		85		89
Comcast Corp.
6.300% due 11/15/17		1,125		1,354
5.700% due 05/15/18		650		762
6.500% due 11/15/35		350		430
6.550% due 07/01/39		1,375		1,725
Commonwealth Edison Co.
5.800% due 03/15/18		865		1,025

146 Russell Investment Grade Bond Fund

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Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
ConocoPhillips
6.500% due 02/01/39		275		386
Continental Airlines 2007-1 Class A Pass Through Trust Series 071A
5.983% due 04/19/22		2,463		2,626
Continental Airlines 2009-1 Pass Through Trust Series 09-1
9.000% due 07/08/16		442		491
Corn Products International, Inc.
3.200% due 11/01/15		860		889
COX Communications, Inc.
5.450% due 12/15/14		210		234
Credit Suisse USA, Inc.
5.500% due 08/15/13 (Ñ)		115		120
Crown Castle Towers LLC
3.214% due 08/15/15 (Þ)		540		547
CSX Corp.
4.750% due 05/30/42		350		365
CVS Caremark Corp.
3.250% due 05/18/15		760		806
6.250% due 06/01/27		815		1,002
CVS Pass-Through Trust
5.789% due 01/10/26 (Þ)		229		242
5.880% due 01/10/28		11		11
Daimler Finance NA LLC
1.950% due 03/28/14 (Þ)		515		514
DCP Midstream Operating, LP
3.250% due 10/01/15		975		985
Dell, Inc.
5.650% due 04/15/18 (Ñ)		475		558
Delta Air Lines 2007-1 Class A Pass Through Trust
Series 071A
6.821% due 08/10/22 (Ñ)		1,479		1,597
Delta Air Lines 2010-1 Class A Pass Through Trust
Series 1A
6.200% due 07/02/18 (Ñ)		922		991
Devon Energy Corp.
4.000% due 07/15/21		485		532
DirectTV Holdings LLC/DirectTV Financing Co., Inc.
3.550% due 03/15/15		975		1,019
3.125% due 02/15/16		1,210		1,245
5.000% due 03/01/21		2,345		2,579
Dominion Resources, Inc.
4.450% due 03/15/21		1,355		1,522
Dow Chemical Co. (The)
8.550% due 05/15/19 (Ñ)		420		557
Duke Energy Carolinas LLC
6.000% due 01/15/38		325		426
Duke Energy Corp.
6.300% due 02/01/14		225		248
3.950% due 09/15/14		410		440

	Principal Amount ($) or Shares		Market Value $
Ecolab, Inc.
4.350% due 12/08/21		865		954
5.500% due 12/08/41		1,085		1,250
Enterprise Products Operating LLC
5.250% due 01/31/20		1,190		1,331
Series O
9.750% due 01/31/14		830		956
ERAC USA Finance LLC
2.250% due 01/10/14 (Þ)		1,385		1,389
7.000% due 10/15/37 (Þ)		570		681
Exelon Corp.
4.900% due 06/15/15		1,965		2,146
Express Scripts, Inc.
3.125% due 05/15/16 (Ñ)		830		859
Farmers Exchange Capital
7.050% due 07/15/28 (Þ)		1,035		1,135
7.200% due 07/15/48 (Þ)		700		757
Farmers Insurance Exchange
8.625% due 05/01/24 (Þ)		610		772
Freeport-McMoRan Copper & Gold, Inc.
8.375% due 04/01/17		1,410		1,488
General Electric Capital Corp.
5.900% due 05/13/14		370		409
5.625% due 05/01/18		1,270		1,456
4.375% due 09/16/20		700		732
4.650% due 10/17/21		760		803
5.875% due 01/14/38		3,775		4,130
Series EMTN 0.609% due 03/20/14 (Ê)		800		785
Series GMTN 6.150% due 08/07/37		670		759
6.875% due 01/10/39		1,100		1,366
Series MTNA 0.806% due 09/15/14 (Ê)(Ñ)		830		806
General Electric Co.
5.250% due 12/06/17		1,155		1,350
Georgia-Pacific LLC
8.875% due 05/15/31		760		1,056
Gerdau Holdings, Inc.
7.000% due 01/20/20 (Þ)		600		654
Series REGS
7.000% due 01/20/20		1,200		1,308
Gilead Sciences, Inc.
4.400% due 12/01/21 (Ñ)		825		893
Goldman Sachs Group, Inc. (The)
4.750% due 07/15/13		320		332
5.250% due 10/15/13		150		157
3.625% due 02/07/16 (Ñ)		750		747
6.250% due 09/01/17		1,025		1,125
6.150% due 04/01/18		360		388
7.500% due 02/15/19		1,134		1,287
5.375% due 03/15/20		1,200		1,217
5.250% due 07/27/21		1,500		1,499
5.950% due 01/15/27		250		252
6.450% due 05/01/36		125		121
6.750% due 10/01/37		2,300		2,278

Russell Investment Grade Bond Fund 147

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
GSPA Monetization Trust
6.422% due 10/09/29 (Þ)		683		639
Hartford Financial Services Group, Inc.
5.375% due 03/15/17		460		476
HCP, Inc.
3.750% due 02/01/16		555		577
6.300% due 09/15/16 (Ñ)		500		566
6.700% due 01/30/18 (Ñ)		1,025		1,194
Series MTNE
6.000% due 06/15/14		1,000		1,059
Health Care REIT, Inc.
6.125% due 04/15/20		1,700		1,858
5.250% due 01/15/22		1,065		1,124
6.500% due 03/15/41		750		818
Hewlett-Packard Co.
0.786% due 05/24/13 (Ê)		1,900		1,889
4.750% due 06/02/14		865		925
2.650% due 06/01/16		760		770
3.300% due 12/09/16 (Ñ)		1,575		1,646
3.750% due 12/01/20		825		830
4.650% due 12/09/21		1,410		1,517
Historic TW, Inc.
8.050% due 01/15/16 (Ñ)		565		674
Home Depot, Inc.
5.875% due 12/16/36		450		561
HSBC Finance Corp.
6.676% due 01/15/21		975		1,013
Humana, Inc.
6.450% due 06/01/16		540		610
Hyundai Capital America
3.750% due 04/06/16 (Þ)		965		971
ILFC E-Capital Trust II
6.250% due 12/21/65 (Þ)		290		209
Intel Corp.
1.950% due 10/01/16		540		560
3.300% due 10/01/21		760		806
International Business Machines Corp.
5.700% due 09/14/17		700		855
International Lease Finance Corp.
5.625% due 09/20/13		400		401
6.500% due 09/01/14 (Þ)		2,675		2,819
5.750% due 05/15/16		100		98
6.750% due 09/01/16 (Þ)		300		323
International Paper Co.
4.750% due 02/15/22		435		470
6.000% due 11/15/41		435		496
JP Morgan Chase Capital XIII
Series M
1.529% due 09/30/34 (Ê)		625		447
JP Morgan Chase Capital XX
Series T
6.550% due 09/29/36		200		201
JP Morgan Chase Capital XXIII
1.457% due 05/15/47 (Ê)(Ñ)		3,495		2,450
JPMorgan Chase & Co.
5.375% due 01/15/14		475		508
2.050% due 01/24/14 (Ñ)		860		871

	Principal Amount ($) or Shares		Market Value $
6.000% due 01/15/18		425		482
JPMorgan Chase Bank NA
Series BKNT
5.875% due 06/13/16		85		93
6.000% due 10/01/17		1,800		1,999
JPMorgan Chase Capital XXVII
Series AA
7.000% due 11/01/39		930		942
KCP&L Greater Missouri Operations Co.
8.270% due 11/15/21		425		529
Kellogg Co.
4.450% due 05/30/16		800		893
Kentucky Utilities Co.
Series WI
5.125% due 11/01/40		555		660
Kinder Morgan Energy Partners, LP
5.000% due 12/15/13		115		122
3.500% due 03/01/16		735		773
6.950% due 01/15/38		625		720
Kraft Foods, Inc.
2.625% due 05/08/13		4,900		4,995
4.125% due 02/09/16		760		826
6.125% due 02/01/18		900		1,075
5.375% due 02/10/20		525		613
6.500% due 02/09/40		1,450		1,860
Kroger Co. (The)
2.200% due 01/15/17		1,040		1,050
Lehman Brothers Holdings Capital Trust VII
5.857% due 11/29/49 (ƒ)(Ø)		1,450		—
Lehman Brothers Holdings, Inc.
6.500% due 07/19/17 (Ø)		390		—
6.750% due 12/28/17 (Ø)		990		—
6.875% due 05/02/18 (Ø)		200		55
Lockheed Martin Corp.
3.350% due 09/15/21		810		823
Lorillard Tobacco Co.
8.125% due 06/23/19		1,245		1,517
6.875% due 05/01/20		1,300		1,500
Lowe’s Cos., Inc.
3.800% due 11/15/21		540		582
Macy’s Retail Holdings, Inc.
3.875% due 01/15/22		435		445
5.125% due 01/15/42		675		703
Manufacturers & Traders Trust Co.
5.585% due 12/28/20		180		176
Marathon Petroleum Corp.
Series WI
3.500% due 03/01/16		695		716
MBNA Corp.
6.125% due 03/01/13 (Ñ)		445		460
Mead Johnson Nutrition Co.
4.900% due 11/01/19		50		57
Merrill Lynch & Co., Inc.
6.400% due 08/28/17		800		846
MetLife Institutional Funding II
1.481% due 04/04/14 (Ê)(Þ)		1,900		1,900

148 Russell Investment Grade Bond Fund

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Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
MetLife, Inc.
6.750% due 06/01/16 (Ñ)		650		767
4.750% due 02/08/21		770		853
10.750% due 08/01/39		540		751
Metropolitan Life Global Funding I
5.125% due 06/10/14 (Þ)		300		326
MidAmerican Energy Co.
5.800% due 10/15/36		300		362
Morgan Stanley
6.000% due 05/13/14		680		714
3.800% due 04/29/16 (Ñ)		655		636
1.015% due 10/18/16 (Ê)		2,195		1,899
5.550% due 04/27/17		410		420
6.250% due 08/28/17		300		312
6.625% due 04/01/18		2,505		2,639
5.625% due 09/23/19		1,015		1,010
5.500% due 07/24/20		1,025		1,012
Series GMTN
2.953% due 05/14/13 (Ê)		500		500
5.450% due 01/09/17		600		614
Mosaic Co. (The)
3.750% due 11/15/21		975		1,021
National City Bank
Series BKNT
0.904% due 06/07/17 (Ê)		1,400		1,263
National Rural Utilities Cooperative Finance Corp.
1.900% due 11/01/15		435		443
NBCUniversal Media LLC
3.650% due 04/30/15		2,695		2,876
New Cingular Wireless Services, Inc.
8.750% due 03/01/31		435		640
News America, Inc.
8.250% due 10/17/96		65		77
Series WI
6.150% due 02/15/41		1,890		2,257
Nisource Finance Corp.
6.400% due 03/15/18		250		292
Ohio National Financial Services, Inc.
6.375% due 04/30/20 (Þ)		5,000		5,712
Oncor Electric Delivery Co. LLC
5.950% due 09/01/13		760		814
6.800% due 09/01/18		1,350		1,658
Oracle Corp.
5.750% due 04/15/18		1,250		1,536
Panhandle Eastern Pipeline Co., LP
8.125% due 06/01/19		1,725		2,117
PepsiCo, Inc.
4.875% due 11/01/40		540		629
Petrohawk Energy Corp.
7.250% due 08/15/18		865		986
Philip Morris International, Inc.
2.500% due 05/16/16		1,085		1,130
5.650% due 05/16/18 (Ñ)		300		364
Principal Life Income Funding Trusts
5.300% due 04/24/13 (Ñ)		300		316

	Principal Amount ($) or Shares		Market Value $
Prudential Financial, Inc.
3.875% due 01/14/15		535		561
6.200% due 11/15/40		670		745
Prudential Holdings LLC
8.695% due 12/18/23 (Þ)		1,675		2,043
Public Service Co. of New Mexico
7.950% due 05/15/18		675		803
Public Service Electric & Gas Co.
5.300% due 05/01/18		800		961
Quest Diagnostics, Inc.
3.200% due 04/01/16		70		73
Qwest Corp.
6.750% due 12/01/21		770		854
Raytheon Co.
3.125% due 10/15/20		385		399
Republic Services, Inc.
5.250% due 11/15/21		820		941
6.200% due 03/01/40		340		413
Rockies Express Pipeline LLC
6.850% due 07/15/18 (Þ)		1,085		1,042
SABMiller Holdings, Inc.
2.450% due 01/15/17 (Þ)		1,950		1,992
4.950% due 01/15/42 (Å)		1,090		1,159
Simon Property Group, LP
6.100% due 05/01/16 (Ñ)		295		340
10.350% due 04/01/19		650		917
SLM Corp.
8.450% due 06/15/18		1,000		1,083
Southern Copper Corp.
6.375% due 07/27/15		435		483
5.375% due 04/16/20 (Ñ)		375		412
Southwestern Electric Power Co.
6.450% due 01/15/19		770		906
State Street Capital Trust IV
1.546% due 06/15/37 (Ê)		100		68
Stone Street Trust
5.902% due 12/15/15 (Þ)		900		887
Tennessee Gas Pipeline Co.
8.000% due 02/01/16		1,605		1,881
Texas-New Mexico Power Co.
9.500% due 04/01/19 (Þ)		800		1,051
Textron, Inc.
6.200% due 03/15/15		865		928
Time Warner Cable, Inc.
3.500% due 02/01/15		975		1,032
5.850% due 05/01/17		1,225		1,426
6.750% due 07/01/18		2,750		3,331
5.500% due 09/01/41		540		583
Time Warner, Inc.
3.150% due 07/15/15		1,820		1,931
4.875% due 03/15/20		1,570		1,754
Timken Co.
6.000% due 09/15/14		760		822
Toyota Motor Credit Corp.
3.400% due 09/15/21		1,925		1,988
Union Electric Co.
6.400% due 06/15/17 (Ñ)		545		660

Russell Investment Grade Bond Fund 149

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Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
UnitedHealth Group, Inc.
6.000% due 06/15/17		4		5
6.500% due 06/15/37		120		158
US Bancorp
2.200% due 11/15/16		985		1,004
USB Capital IX
3.500% due 10/29/49 (ƒ)		200		150
Valero Energy Corp.
9.375% due 03/15/19		385		491
Verizon Communications, Inc.
3.000% due 04/01/16		760		808
6.100% due 04/15/18		550		673
3.500% due 11/01/21		705		737
6.400% due 02/15/38		800		1,012
4.750% due 11/01/41		1,365		1,456
Viacom, Inc.
2.500% due 12/15/16		740		755
Wachovia Corp.
5.625% due 10/15/16 (Ñ)		400		446
Wal-Mart Stores, Inc.
5.000% due 10/25/40		1,038		1,203
Waste Management, Inc.
4.750% due 06/30/20		1,045		1,167
WEA Finance LLC
7.125% due 04/15/18 (Þ)		2,400		2,887
WEA Finance LLC / WT Finance Aust Pty, Ltd.
7.500% due 06/02/14 (Þ)		1,070		1,184
6.750% due 09/02/19 (Þ)		120		142
Wells Fargo & Co.
3.625% due 04/15/15		2,740		2,915
Series K
7.980% due 03/29/49 (ƒ)(Ñ)		900		974
Wells Fargo Capital X
5.950% due 12/15/36		200		200
Williams Cos., Inc. (The)
7.750% due 06/15/31		526		637
WM Wrigley Jr Co.
3.050% due 06/28/13 (Þ)		5,000		5,089
Xerox Corp.
4.250% due 02/15/15		2,070		2,186
Yum! Brands, Inc.
4.250% due 09/15/15		435		472
ZFS Finance USA Trust II
6.450% due 12/15/65 (Þ)		3,460		3,252
				299,807
International Debt - 6.5%
Abbey National Treasury Services PLC
1.602% due 06/10/13 (ž)		3,500		3,495
2.875% due 04/25/14 (Ñ)		775		761
3.875% due 11/10/14 (Þ)		1,010		990
AK Transneft OJSC Via TransCapitalInvest, Ltd.
8.700% due 08/07/18 (Þ)		200		243
Series REGS
8.700% due 08/07/18		200		243

	Principal Amount ($) or Shares		Market Value $
ANZ National International, Ltd.
6.200% due 07/19/13 (Þ)		1,600		1,690
ArcelorMittal
5.375% due 06/01/13		1,375		1,422
5.250% due 08/05/20 (Ñ)		3,230		3,158
AstraZeneca PLC
5.900% due 09/15/17		300		366
Australia & New Zealand Banking Group, Ltd.
1.288% due 05/08/13 (Ê)(Þ)		700		700
Banco Santander Brasil SA
2.659% due 03/18/14 (Ê)(Þ)		900		859
4.500% due 04/06/15 (Þ)		100		99
4.250% due 01/14/16 (Ñ)(Þ)		500		488
Banco Santander Chile
2.162% due 01/19/16 (Ê)(Þ)		1,000		940
Bank of China Hong Kong, Ltd.
5.550% due 02/11/20 (Þ)		100		105
Bank of Montreal
2.850% due 06/09/15 (Þ)		300		317
Bank of Nova Scotia
0.589% due 10/18/12 (ž)		1,600		1,602
Banque Centrale de Tunisie SA
8.250% due 09/19/27		550		652
Banque PSA Finance SA
Series 144a
2.481% due 04/04/14 (Ê)(Ñ)(Þ)		700		635
Barclays Bank PLC
5.200% due 07/10/14 (Ñ)		785		827
BBVA Bancomer SA
4.500% due 03/10/16 (Þ)		200		201
6.500% due 03/10/21 (Þ)		400		398
BHP Billiton Finance USA, Ltd.
3.250% due 11/21/21 (Ñ)		1,825		1,915
BNP Paribas SA
5.186% due 06/29/49 (ƒ)(Þ)		1,900		1,368
Series BKNT
1.482% due 01/10/14 (Ê)(Ñ)		1,200		1,155
BP Capital Markets PLC
5.250% due 11/07/13		650		700
2.248% due 11/01/16 (Ñ)		895		916
Braskem Finance, Ltd.
5.750% due 04/15/21 (Ñ)(Þ)		300		299
Cenovus Energy, Inc.
4.500% due 09/15/14		435		471
Corp. Andina de Fomento
8.125% due 06/04/19		435		532
Corp. Nacional del Cobre de Chile
7.500% due 01/15/19 (Þ)		400		516
6.150% due 10/24/36 (Þ)		100		126
Credit Suisse AG/Guernsey
5.860% due 05/29/49 (ƒ)		520		452
Series 1
1.147% due 05/29/49 (Ê)(ƒ)		725		464
Credit Suisse NY
5.000% due 05/15/13		1,000		1,038
5.500% due 05/01/14		500		534

150 Russell Investment Grade Bond Fund

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Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
6.000% due 02/15/18 (Ñ)		500		524
Deutsche Telekom International Finance BV
4.875% due 07/08/14		540		577
Dexia Credit Local SA
1.033% due 04/29/14 (Ê)(Þ)		1,700		1,547
Dryden Leveraged Loan CDO 2002-II
Series 2003-5A Class A
1.110% due 12/22/15 (Ê)(Þ)		118		117
Electricite De France
5.500% due 01/26/14 (Þ)		400		428
6.500% due 01/26/19 (Ñ)(Þ)		400		463
6.950% due 01/26/39 (Þ)		400		474
Encana Corp.
3.900% due 11/15/21 (Ñ)		695		680
European Investment Bank
2.375% due 03/14/14		825		846
Export-Import Bank of China
4.875% due 07/21/15 (Þ)		200		216
Export-Import Bank of Korea
4.000% due 01/29/21 (Ñ)		500		480
FIH Erhvervsbank A/S
0.912% due 06/13/13 (Ê)(Þ)		5,900		5,895
France Telecom SA
5.375% due 01/13/42 (Ñ)		590		621
Gazprom OAO Via Gaz Capital SA
7.343% due 04/11/13 (Þ)		100		105
6.212% due 11/22/16 (Þ)		100		107
8.146% due 04/11/18 (Þ)		500		583
Series REGS
8.146% due 04/11/18		1,600		1,864
Gazprom OAO Via Gazprom International SA
Series REGS
7.201% due 02/01/20		45		49
Gazprom OAO Via RBS AG
Series REGS
9.625% due 03/01/13		100		107
Gazprom OAO Via White Nights Finance BV
Series REGS
10.500% due 03/08/14		200		225
10.500% due 03/25/14		200		226
General Electric Capital Corp.
5.500% due 09/15/67 (Þ)		300		341
Gerdau Trade, Inc.
5.750% due 01/30/21 (Þ)		100		101
Glitnir Banki HF
6.693% due 06/15/16 (Þ)(Ø)		700		—
Goldman Sachs Group, Inc. (The)
6.125% due 02/14/17		100		166
Granite Master Issuer PLC
Series 2006-3 Class A7
0.381% due 12/20/54 (Ê)		244		235
HBOS Capital Funding No2, LP
6.071% due 06/29/49 (ƒ)(Þ)		110		79

	Principal Amount ($) or Shares		Market Value $
HBOS PLC
Series GMTN
6.750% due 05/21/18 (Þ)		2,425		2,134
Hillmark Funding
Series 2006-1A Class A1
0.729% due 05/21/21 (Ê)(Þ)		1,400		1,308
HSBC Bank PLC
3.100% due 05/24/16 (Þ)		1,500		1,533
HSBC Finance Corp.
1.583% due 04/05/13 (Ê)		500		641
HSBC Holdings PLC
5.100% due 04/05/21		1,205		1,309
6.500% due 05/02/36		500		534
6.500% due 09/15/37		500		532
Hutchison Whampoa International 11, Ltd.
3.500% due 01/13/17 (Þ)		1,190		1,211
Indian Oil Corp., Ltd.
4.750% due 01/22/15		200		204
ING Bank NV
1.596% due 03/15/13 (Ê)(Þ)		1,900		1,875
1.940% due 06/09/14 (Ê)(Þ)		400		385
Ingersoll-Rand Global Holding Co., Ltd.
9.500% due 04/15/14		565		655
Intesa Sanpaolo SpA
2.906% due 02/24/14 (Ê)(Þ)		700		645
3.625% due 08/12/15 (Þ)		310		281
IPIC GMTN, Ltd.
5.000% due 11/15/20 (Þ)		300		304
5.500% due 03/01/22 (Þ)		1,190		1,205
Itau Unibanco Holding SA
6.200% due 04/15/20 (Ñ)(Þ)		1,800		1,865
Kaupthing Bank Hf
7.625% due 02/28/15 (Þ)(Ø)		1,210		300
7.125% due 05/19/16 (Þ)(Ø)		1,480		—
Korea Electric Power Corp.
3.000% due 10/05/15 (Þ)		1,200		1,205
5.125% due 04/23/34 (Þ)		155		160
Korea Gas Corp.
6.250% due 01/20/42 (Þ)		540		567
Korea Hydro & Nuclear Power Co., Ltd.
3.125% due 09/16/15 (Þ)		600		605
LBG Capital No..1 PLC
8.500% due 12/29/49 (ƒ)(Þ)		200		138
Mexico Government International Bond
6.050% due 01/11/40		334		404
Series MTNA
6.750% due 09/27/34		213		276
Morgan Stanley
Series GMTN
1.651% due 01/16/17 (Ê)		1,900		2,085
National Australia Bank, Ltd.
5.350% due 06/12/13 (Þ)		600		626
1.301% due 04/11/14 (Ê)(Þ)		2,500		2,464
Nexen, Inc.
7.500% due 07/30/39		435		552

Russell Investment Grade Bond Fund 151

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Noble Group, Ltd.
6.750% due 01/29/20 (Þ)		200		181
Series REGS
6.750% due 01/29/20		1,200		1,086
Nokia OYJ
5.375% due 05/15/19		435		442
Novatek Finance, Ltd.
5.326% due 02/03/16 (Þ)		200		205
Pernod-Ricard SA
2.950% due 01/15/17 (Þ)		1,515		1,542
4.450% due 01/15/22 (Þ)		675		705
5.500% due 01/15/42 (Þ)		435		458
Petrobras International Finance Co. - Pifco
3.875% due 01/27/16		1,900		1,945
5.750% due 01/20/20 (Ñ)		1,200		1,286
Petroleos Mexicanos
6.000% due 03/05/20 (Ñ)		400		448
4.875% due 01/24/22 (Þ)		540		557
Province of Ontario Canada
1.375% due 01/27/14		500		506
3.000% due 07/16/18		100		106
Qtel International Finance, Ltd.
5.000% due 10/19/25 (Þ)		975		982
Ras Laffan Liquefied Natural Gas Co., Ltd. II
Series REGS
5.298% due 09/30/20		264		284
Ras Laffan Liquefied Natural Gas Co., Ltd. III
5.838% due 09/30/27 (Þ)		250		266
Series REGS
5.832% due 09/30/16 (Å)		1,009		1,089
Resona Bank, Ltd.
5.850% due 09/29/49 (ƒ)(Ñ)(Þ)		100		102
Rio Tinto Finance USA, Ltd.
3.500% due 11/02/20		1,615		1,694
3.750% due 09/20/21		760		815
Royal Bank of Scotland Group PLC
Series 1
9.118% due 03/31/49 (ƒ)		200		172
Royal Bank of Scotland PLC (The)
3.250% due 01/11/14		1,255		1,244
Russian Foreign Bond - Eurobond
Series REGS
3.625% due 04/29/15		100		102
7.500% due 03/31/30		40		47
Sigma Alimentos SA de CV
5.625% due 04/14/18 (Þ)		435		444
SLM Corp.
1.756% due 06/17/13 (Ê)		650		800
SMART Trust
Series 2011-2USA Class A4A
2.310% due 04/14/17 (Þ)		1,545		1,566
Societe Generale SA
1.631% due 04/11/14 (Ê)(Þ)		2,700		2,545
Statoil ASA
1.800% due 11/23/16		435		445

	Principal Amount ($) or Shares		Market Value $
3.150% due 01/23/22		975		1,018
Suncor Energy, Inc.
5.950% due 12/01/34		435		523
Sydney Airport Finance Co. Pty, Ltd.
5.125% due 02/22/21 (Þ)		100		103
Telecom Italia Capital SA
5.250% due 10/01/15		400		387
Telefonica Emisiones SAU
2.582% due 04/26/13		1,105		1,093
3.992% due 02/16/16 (Ñ)		1,350		1,349
Telefonos de Mexico SAB de CV
5.500% due 01/27/15		865		945
Temasek Financial I, Ltd.
4.300% due 10/25/19 (Þ)		300		326
TNK-BP Finance SA
Series 144a
7.500% due 07/18/16 (Þ)		100		110
Series REGS
6.625% due 03/20/17		400		424
7.875% due 03/13/18		1,600		1,788
Total Capital SA
4.450% due 06/24/20		635		720
Transocean, Inc.
5.250% due 03/15/13		280		287
5.050% due 12/15/16		975		1,045
6.375% due 12/15/21		540		612
7.350% due 12/15/41		865		1,041
Tyco Electronics Group SA
6.550% due 10/01/17		865		1,024
Vale Overseas, Ltd.
6.250% due 01/23/17		100		114
4.625% due 09/15/20 (Ñ)		785		828
6.875% due 11/21/36		100		118
6.875% due 11/10/39 (Ñ)		200		237
Virgin Media Secured Finance PLC
6.500% due 01/15/18		865		930
Vodafone Group PLC
4.150% due 06/10/14		295		316
Volvo Treasury AB
5.950% due 04/01/15 (Þ)		1,085		1,161
Westpac Banking Corp.
3.585% due 08/14/14 (Þ)		2,000		2,133
Woolworths, Ltd.
2.550% due 09/22/15 (Ñ)(Þ)		1,655		1,693
WPP Finance UK
8.000% due 09/15/14		865		975
				117,100
Mortgage-Backed Securities - 41.4%
American Home Mortgage Investment Trust
Series 2004-4 Class 4A 2.746% due 02/25/45 (Ê)		128		98
Series 2005-4 Class 1A1 0.566% due 11/25/45 (Ê)		517		308
Banc of America Alternative Loan Trust
Series 2006-5 Class CB17 6.000% due 06/25/46		504		347

152 Russell Investment Grade Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Banc of America Funding Corp.
Series 2005-5 Class 1A11 5.500% due 09/25/35		419		416
Series 2005-D Class A1 2.682% due 05/25/35 (Ê)		211		202
Series 2006-G Class 2A3 0.451% due 07/20/36 (Ê)		1,498		1,438
Series 2007-E Class 4A1 5.493% due 07/20/47 (Ê)		590		377
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2005-2 Class A4 4.783% due 07/10/43		97		96
Series 2005-2 Class A5 4.857% due 07/10/43		1,690		1,849
Series 2006-1 Class A4 5.372% due 09/10/45		910		1,018
Series 2006-2 Class A4 5.921% due 05/10/45		230		262
Series 2006-3 Class A4 5.889% due 07/10/44		1,330		1,491
Series 2006-4 Class A4 5.634% due 07/10/46		160		180
Series 2006-6 Class A4 5.356% due 10/10/45		2,575		2,825
Series 2007-2 Class AAB 5.757% due 04/10/49		990		1,073
Banc of America Mortgage Securities, Inc.
Series 2004-1 Class 5A1 6.500% due 09/25/33		18		19
Series 2004-2 Class 5A1 6.500% due 10/25/31		20		20
Series 2004-11 Class 2A1 5.750% due 01/25/35		351		359
Series 2005-H Class 2A5 2.754% due 09/25/35 (Ê)		575		437
Series 2006-2 Class A15 6.000% due 07/25/46		103		103
Series 2006-B Class 1A1 2.299% due 10/20/46 (Ê)		139		61
Bear Stearns Adjustable Rate Mortgage Trust
Series 2002-11 Class 1A1 5.703% due 02/25/33		6		6
Series 2004-1 Class 23A1 5.475% due 04/25/34 (Ê)		68		65
Series 2004-8 Class 2A1 2.732% due 11/25/34		402		323
Series 2004-9 Class 22A1 3.207% due 11/25/34 (Ê)		103		99
Series 2004-10 Class 22A1 2.825% due 01/25/35		97		80
Series 2005-2 Class A1 2.710% due 03/25/35 (Ê)		1,511		1,415
Series 2005-12 Class 13A1 5.397% due 02/25/36		90		77

	Principal Amount ($) or Shares		Market Value $
Bear Stearns Alt-A Trust
Series 2004-13 Class A1 1.016% due 11/25/34 (Ê)		1,849		1,640
Series 2005-4 Class 23A1 2.605% due 05/25/35		337		249
Series 2005-7 Class 22A1 2.807% due 09/25/35		220		138
Bear Stearns Commercial Mortgage Securities
Series 2005-T20 Class A4A 5.299% due 10/12/42		1,965		2,194
Series 2006-PW14 Class A4 5.201% due 12/11/38		4,500		5,023
Series 2006-T22 Class A4 5.704% due 04/12/38		1,115		1,272
Series 2007-PW15 Class A4 5.331% due 02/11/44		1,250		1,342
Bear Stearns Structured Products, Inc.
Series 2007-R6 Class 1A1 2.580% due 01/26/36		358		210
Series 2007-R6 Class 2A1 3.230% due 12/26/46		179		106
Chase Mortgage Finance Corp.
Series 2005-A1 Class 2A2 2.802% due 12/25/35 (Ê)		172		167
Series 2006-S4 Class A3 6.000% due 12/25/36		237		231
Citigroup Commercial Mortgage Trust
Series 2006-C5 Class A4 5.431% due 10/15/49		1,225		1,387
Series 2007-C6 Class A4 5.885% due 12/10/49		665		759
Citigroup Mortgage Loan Trust, Inc.
Series 2004-HYB1 Class A2 2.843% due 02/25/34 (Ê)		20		16
Series 2005-3 Class 2A2B 2.687% due 08/25/35		372		179
Series 2005-11 Class A2A 2.580% due 10/25/35 (Ê)		212		179
Series 2007-AR8 Class 2A1A 5.173% due 07/25/37		337		219
Series 2010-3 Class 4A1 2.520% due 02/25/36 (Ê)(Þ)		581		566
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2005-CD1 Class A4 5.399% due 07/15/44		765		852
Commercial Mortgage Asset Trust
Series 1999-C1 Class A4 6.975% due 01/17/32		607		627
Commercial Mortgage Pass Through Certificates
Series 2007-C9 Class A4 6.007% due 12/10/49		330		378
Countrywide Alternative Loan Trust
Series 2005-J8 Class 1A3 5.500% due 07/25/35		490		441

Russell Investment Grade Bond Fund 153

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2007-OA6 Class A1B 0.476% due 06/25/37 (Ê)		493		279
Series 2007-OA7 Class A1A 0.456% due 05/25/47 (Ê)		494		262
Countrywide Home Loan Mortgage
Pass Through Trust Series 2004-22 Class A3 2.751% due 11/25/34		273		203
Series 2004-HYB9 Class 1A1 2.774% due 02/20/35		584		462
Series 2004-R2 Class 1AF1 0.696% due 11/25/34 (Ê)(Þ)		22		17
Series 2005-3 Class 1A2 0.566% due 04/25/35 (Ê)		843		488
Series 2005-9 Class 1A1 0.576% due 05/25/35 (Ê)		2,500		1,517
Series 2005-HYB9 Class 3A2A 2.595% due 02/20/36 (Ê)		86		58
Series 2005-R1 Class 1AF1 0.636% due 03/25/35 (Ê)(Þ)		30		23
Series 2005-R3 Class AF 0.676% due 09/25/35 (Ê)(Þ)		476		391
Series 2006-HYB3 Class 2A1A 2.741% due 05/20/36		454		282
Series 2006-OA4 Class A1 1.157% due 04/25/46 (Ê)		275		114
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-9 Class 2A1 5.500% due 10/25/35		804		741
Series 2005-C4 Class A3 5.120% due 08/15/38		4,137		4,162
Credit Suisse Mortgage Capital Certificates
Series 2006-C4 Class A3 5.467% due 09/15/39		1,350		1,464
Series 2006-C5 Class A3 5.311% due 12/15/39		750		820
Series 2007-C1 Class A3 5.383% due 02/15/40		2,500		2,579
Series 2007-C3 Class A4 5.902% due 06/15/39		2,400		2,590
Series 2007-C5 Class A3 5.694% due 09/15/40		545		580
Series 2007-C5 Class A4 5.695% due 09/15/40		1,200		1,295
Series 2008-C1 Class A3 6.413% due 02/15/41		1,570		1,744
CW Capital Cobalt, Ltd.
Series 2007-C3 Class A4 6.010% due 05/15/46		1,700		1,882
DBRR Trust
Series 2011-LC2 Class A4A 4.537% due 07/12/44 (Þ)		690		780
DBUBS Mortgage Trust
Series 2011-LC3A Class A2 3.642% due 08/10/44		1,290		1,380

	Principal Amount ($) or Shares		Market Value $
Deutsche ALT-A Securities, Inc.
Alternate Loan Trust Series 2005-AR1 Class 2A3 1.926% due 08/25/35		1,060		552
Deutsche Mortgage Securities, Inc.
Series 2005-WF1 Class 1A3 5.244% due 06/26/35 (Þ)		920		851
Downey Savings & Loan Association Mortgage Loan Trust
Series 2004-AR3 Class 1A1B 2.532% due 07/19/44 (Ê)		87		67
Series 2005-AR6 Class 2A1A 0.571% due 10/19/45 (Ê)		490		313
Fannie Mae
5.500% due 2013		6		6
6.500% due 2013		7		7
6.500% due 2015		3		4
7.000% due 2015		2		3
5.500% due 2016		202		220
6.000% due 2016		13		14
6.500% due 2016		38		42
5.500% due 2017		399		434
6.000% due 2017		476		512
6.500% due 2017		92		101
7.500% due 2017		—		—
8.500% due 2017		1		2
5.000% due 2018		410		444
5.500% due 2018		394		430
6.500% due 2018		112		126
5.000% due 2019		712		770
5.500% due 2019		268		292
6.500% due 2019		58		64
3.975% due 2020		1,673		1,857
4.000% due 2020		323		345
4.399% due 2020		1,160		1,310
4.671% due 2020		1,597		1,829
4.761% due 2020		1,577		1,810
5.000% due 2020		347		375
5.500% due 2020		2,436		2,658
6.500% due 2020		24		27
4.000% due 2021		145		155
4.303% due 2021		1,153		1,303
5.500% due 2021		1,280		1,394
4.500% due 2022		224		240
5.000% due 2022		304		329
5.500% due 2022		123		134
4.500% due 2023		1,401		1,499
5.000% due 2023		807		871
4.000% due 2024		439		465
4.500% due 2024		1,876		2,008
5.000% due 2024		109		117
5.500% due 2024		460		502
8.000% due 2024		50		60
8.500% due 2024		7		7
9.000% due 2024		3		3
4.000% due 2025		2,080		2,206
4.500% due 2025		5,939		6,423

154 Russell Investment Grade Bond Fund

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
7.000% due 2025		7		9
8.000% due 2025		1		1
8.500% due 2025		18		19
3.500% due 2026		5,438		5,786
4.000% due 2026		1,864		1,981
4.500% due 2026		149		160
6.000% due 2026		121		133
7.000% due 2026		16		19
9.000% due 2026		4		5
3.000% due 2027		73		76
7.000% due 2027		2		2
9.000% due 2027		1		1
6.500% due 2028		96		110
6.500% due 2029		548		629
8.000% due 2030		65		78
6.500% due 2031		21		25
8.000% due 2031		57		68
6.000% due 2032		72		80
6.500% due 2032		745		852
8.000% due 2032		3		4
4.500% due 2033		3,157		3,409
5.000% due 2033		1,004		1,085
5.500% due 2033		1,232		1,348
6.000% due 2033		110		123
6.500% due 2033		208		236
4.500% due 2034		88		94
5.000% due 2034		1,059		1,145
5.500% due 2034		2,719		2,970
6.000% due 2034		1,509		1,680
6.500% due 2034		434		494
2.103% due 2035 (Ê)		217		224
2.144% due 2035 (Ê)		150		155
2.149% due 2035 (Ê)		73		76
2.156% due 2035 (Ê)		84		87
2.158% due 2035 (Ê)		82		85
2.159% due 2035 (Ê)		101		105
2.170% due 2035 (Ê)		80		83
2.172% due 2035 (Ê)		581		602
2.183% due 2035 (Ê)		123		128
2.371% due 2035 (Ê)		256		271
4.500% due 2035		258		276
5.000% due 2035		4,747		5,131
5.500% due 2035		449		490
6.000% due 2035		1,772		1,967
5.000% due 2036		1,621		1,752
5.500% due 2036		4,983		5,433
6.000% due 2036		1,354		1,498
6.500% due 2036		740		835
5.500% due 2037		1,754		1,909
5.791% due 2037 (Ê)		30		32
6.000% due 2037		4,251		4,681
6.500% due 2037		807		908
5.000% due 2038		713		771
5.500% due 2038		2,604		2,840
6.000% due 2038		4,775		5,261
6.500% due 2038		710		797
4.000% due 2039		2,099		2,221

	Principal Amount ($) or Shares		Market Value $
4.500% due 2039		1,639		1,754
5.500% due 2039		2,489		2,710
6.500% due 2039		843		935
4.000% due 2040		11,059		11,728
4.500% due 2040		3,566		3,815
5.000% due 2040		1,757		1,899
6.500% due 2040		314		346
3.500% due 2041		1,918		2,000
4.000% due 2041		15,129		16,110
4.500% due 2041		3,991		4,270
1.408% due 2044 (Ê)		71		72
15 Year TBA (Ï)
3.000%		63,495		66,053
3.500%		16,345		17,196
4.000%		3,590		3,805
4.500%		155		166
5.000%		165		178
5.500%		395		429
30 Year TBA (Ï)
3.500%		109,270		113,521
4.500%		29,000		30,989
5.000%		17,475		18,871
5.500%		13,835		15,056
6.000%		7,145		7,859
6.500%		195		218
Zero coupon due		840		858
3.000% due 11/01/26		840		877
6.000% due 08/01/35		275		306
6.000% due 11/01/37		297		327
6.000% due 05/01/38		500		553
6.000% due 10/01/38		560		616
6.000% due 11/01/38		288		318
4.500% due 06/01/41		354		378
Series 2003-345 Class 19 Interest Only STRIP 4.500% due 01/01/19		845		64
Series 2006-369 Class 8 Interest Only STRIP 5.500% due 04/01/36		266		38
Fannie Mae Grantor Trust
Series 2002-T5 Class A1 0.516% due 05/25/32 (Ê)		357		342
Fannie Mae REMICS
Series 1992-158 Class ZZ 7.750% due 08/25/22		101		113
Series 1999-56 Class Z 7.000% due 12/18/29		191		217
Series 2003-32 Class FH 0.676% due 11/25/22 (Ê)		54		54
Series 2003-35 Class FY 0.676% due 05/25/18 (Ê)		397		399
Series 2003-343 Class 6 Interest Only STRIP 5.000% due 10/01/33		421		56
Series 2003-345 Class 18 Interest Only STRIP 4.500% due 12/01/18		770		59

Russell Investment Grade Bond Fund 155

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Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2004-38 Class FK 0.626% due 05/25/34 (Ê)		379		379
Series 2005-117 Class LC 5.500% due 11/25/35		2,073		2,286
Series 2005-365 Class 12 Interest Only STRIP 5.500% due 12/01/35		1,152		157
Series 2006-5 Class 3A2 2.382% due 05/25/35 (Ê)		36		38
Series 2007-30 Class AF 0.586% due 04/25/37 (Ê)		344		342
Series 2007-73 Class A1 0.336% due 07/25/37 (Ê)		238		228
Series 2009-70 Class PS 6.474% due 01/25/37 (Ê)		8,113		1,254
Series 2010-110 Class AE 9.750% due 11/25/18		1,644		1,906
Series 2010-112 Class PI 6.000% due 10/25/40		5,748		835
Series 2011-15 Class AB 9.750% due 08/25/19		579		667
Series 2011-63 Class SW Interest Only STRIP 6.404% due 07/25/41 (Ê)		1,027		164
Series 2011-96 Class SA Interest Only STRIP 6.274% due 10/25/41 (Ê)		1,037		197
Series 2011-127 Class FA 0.726% due 12/25/41 (Ê)		675		674
Fannie Mae Whole Loan
Series 2003-W1 Class 1A1 6.283% due 12/25/42		39		45
Series 2004-W2 Class 5AF 0.626% due 03/25/44 (Ê)		227		220
FDIC Structured Sale Guaranteed Notes
Series 2010-S1 Class 1A 0.845% due 02/25/48 (Ê)(Þ)		583		582
Federal Home Loan Bank
5.000% due 2038		184		199
5.000% due 2040		338		364
5.000% due 2041		750		809
3.500% due 08/01/25		100		105
5.500% due 06/01/33		5		5
4.000% due 11/01/39		100		106
4.500% due 07/01/41		281		300
3.500% due 10/01/41		80		83
3.500% due 01/01/42		114		118
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series 2010-K009 Class A2 3.808% due 08/25/20		1,615		1,771
Series 2011-K014 Class X1 Interest Only STRIP 1.453% due 04/25/21		4,711		400
Series 2011-KAIV Class A2 3.989% due 06/25/46		1,585		1,770

	Principal Amount ($) or Shares		Market Value $
Federal Home Loan Mortgage Corp. Structured Pass Through Securities
Series 2005-63 Class 1A1 1.408% due 02/25/45 (Ê)		40		39
FHA Project Citi 68 NP
7.430% due 06/27/21		33		33
First Horizon Alternative Mortgage Securities
Series 2006-AA7 Class A1 2.324% due 01/25/37 (Ê)		1,294		613
Series 2006-FA1 Class 1A6 1.026% due 04/25/36 (Ê)		302		263
Freddie Mac
6.000% due 2013		1		1
7.000% due 2014		3		3
6.000% due 2016		83		89
9.000% due 2016		31		35
6.000% due 2017		160		172
8.000% due 2017		6		6
4.500% due 2018		376		403
5.000% due 2018		90		97
4.500% due 2019		130		139
5.000% due 2019		271		293
5.500% due 2019		274		298
6.000% due 2022		12		13
5.500% due 2024		678		736
9.000% due 2024		4		4
3.500% due 2025		3,144		3,331
6.500% due 2025		5		6
8.000% due 2025		7		9
9.000% due 2025		6		6
9.000% due 2026		1		1
2.594% due 2027 (Ê)		12		13
6.500% due 2027		—		—
8.500% due 2027		28		34
6.000% due 2028		481		529
6.500% due 2028		93		106
6.500% due 2029		126		145
2.615% due 2030 (Ê)		6		6
6.500% due 2031		163		187
5.500% due 2032		494		539
6.000% due 2032		32		36
6.500% due 2032		275		312
7.000% due 2032		181		208
7.500% due 2032		25		31
5.500% due 2033		258		281
6.000% due 2033		4		5
6.500% due 2033		32		36
4.500% due 2034		209		223
5.000% due 2034		1,367		1,474
5.500% due 2034		805		876
6.000% due 2034		93		104
6.500% due 2034		84		95
5.000% due 2035		1,497		1,615
5.500% due 2035		1,045		1,138
6.000% due 2035		209		233
1.977% due 2036 (Ê)		133		141

156 Russell Investment Grade Bond Fund

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
5.000% due 2036		298		324
5.500% due 2036		1,169		1,270
6.000% due 2036		359		397
5.000% due 2037		197		213
5.088% due 2037 (Ê)		427		454
5.434% due 2037 (Ê)		91		95
5.500% due 2037		830		901
5.623% due 2037 (Ê)		158		169
5.684% due 2037 (Ê)		316		332
6.000% due 2037		1,012		1,113
5.000% due 2038		160		173
5.500% due 2038		4,187		4,559
6.000% due 2038		3,093		3,422
4.500% due 2039		4,975		5,407
5.500% due 2039		107		116
6.000% due 2039		348		383
6.500% due 2039		268		303
4.000% due 2040		10,570		11,271
4.500% due 2040		11,441		12,427
5.000% due 2040		270		290
5.500% due 2040		365		397
6.000% due 2040		258		283
4.000% due 2041		18,682		19,908
4.500% due 2041		6,521		6,945
5.000% due 2041		1,305		1,408
30 Year TBA (Ï)
3.500%		1,635		1,695
4.000%		4,310		4,544
4.500%		4,220		4,491
5.000%		6,205		6,678
Freddie Mac REMICS
Series 1991-1053 Class G 7.000% due 03/15/21		19		23
Series 1998-2104 Class ZM 6.000% due 12/15/28		223		238
Series 2000-2266 Class F
0.740% due 11/15/30 (Ê)		5		5
Series 2002-2533 Class Z 5.500% due 12/15/32		4,321		4,848
Series 2004-2778 Class UF 0.590% due 06/15/33 (Ê)		55		55
Series 2004-2808 Class FT 0.640% due 04/15/33 (Ê)		273		273
Series 2005-3019 Class IM Interest Only STRIP 5.500% due 01/15/31		39		—
Series 2007-3335 Class BF 0.440% due 07/15/19 (Ê)		365		364
Series 2007-3335 Class FT 0.440% due 08/15/19 (Ê)		479		478
Ginnie Mae I
9.500% due 2016		—		—
8.000% due 2017		3		3
10.500% due 2020		4		4
8.000% due 2022		8		10
8.500% due 2022		8		9
8.500% due 2024		6		6

	Principal Amount ($) or Shares		Market Value $
8.000% due 2025		14		14
9.000% due 2025		8		8
8.000% due 2026		34		40
7.000% due 2029		2		2
8.000% due 2029		11		13
8.500% due 2029		19		19
8.000% due 2030		17		18
7.000% due 2031		171		204
7.000% due 2032		48		58
7.000% due 2033		14		16
6.000% due 2036		103		116
6.000% due 2038		749		846
4.500% due 2040		287		313
5.000% due 2040		88		98
4.500% due 2041		200		219
30 Year TBA (Ï)
4.000%		920		992
Ginnie Mae II
2.125% due 2027 (Ê)		23		23
2.000% due 2030 (Ê)		59		61
2.375% due 2030 (Ê)		9		9
7.500% due 2032		5		6
6.500% due 2037		553		635
6.000% due 2038		1,100		1,240
5.500% due 2039		574		639
4.500% due 2040		362		396
5.000% due 2040		1,314		1,451
5.500% due 2040		600		669
6.000% due 2040		262		295
4.500% due 2041		2,912		3,183
5.000% due 2041		1,626		1,796
5.500% due 2041		57		63
6.000% due 2041		737		831
3.500% due 2042		300		316
1.981% due 2060 (Ê)		736		770
2.000% due 2060 (Ê)		483		499
30 Year TBA (Ï)
4.000%		3,480		3,747
4.500%		8,460		9,216
Goldman Sachs Mortgage Securities Corp. II
Series 2007-GG10 Class A4 5.984% due 08/10/45		2,000		2,216
Government National Mortgage Association
Series 2004-93 Class PC 5.000% due 04/16/34		2,650		2,954
Series 2007-26 Class SD 6.510% due 05/16/37 (Ê)		5,633		911
Series 2010-42 Class PC 5.000% due 07/20/39		2,800		3,236
Series 2010-116 Class MP 3.500% due 09/16/40		4,495		4,667
Series 2010-H10 Class FB 1.294% due 05/20/60 (Ê)		2,774		2,822
Series 2010-H10 Class FC 1.294% due 05/20/60 (Ê)		1,135		1,152
Series 2010-H11 Class FA 1.294% due 06/20/60 (Ê)		1,143		1,161

Russell Investment Grade Bond Fund 157

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2010-H20 Class AF 0.600% due 10/20/60 (Ê)		2,037		1,999
Series 2011-40 Class SA Interest Only STRIP 5.840% due 02/16/36 (Ê)		1,161		170
Series 2011-H09 Class AF 0.770% due 03/20/61 (Ê)		388		383
Greenpoint Mortgage Pass-Through Certificates
Series 2003-1 Class A1 2.801% due 10/25/33 (Ê)		163		133
Greenwich Capital Commercial Funding Corp.
Series 2004-GG1 Class A7 5.317% due 06/10/36		1,940		2,076
Series 2006-GG7 Class A4 6.079% due 07/10/38		3,350		3,798
Series 2007-GG9 Class A4 5.444% due 03/10/39		1,660		1,821
GS Mortgage Securities Corp. II
Series 2006-GG6 Class A4 5.553% due 04/10/38		1,150		1,274
Series 2011-GC5 Class A4 3.707% due 08/10/44		2,370		2,512
GSMPS Mortgage Loan Trust
Series 2004-4 Class 1AF 0.676% due 06/25/34 (Ê)(Þ)		597		487
Series 2005-RP2 Class 1AF 0.626% due 03/25/35 (Ê)(Þ)		257		207
Series 2005-RP3 Class 1AF 0.626% due 09/25/35 (Ê)(Þ)		823		622
GSR Mortgage Loan Trust
Series 2004-5 Class 1A3 1.750% due 05/25/34 (Ê)		188		146
Series 2004-7 Class 4A1 4.877% due 06/25/34		21		21
Series 2005-AR7 Class 6A1 5.136% due 11/25/35		1,698		1,471
Harborview Mortgage Loan Trust
Series 2004-4 Class 3A 1.045% due 06/19/34 (Ê)		93		71
Series 2005-4 Class 3A1 2.775% due 07/19/35		257		173
Series 2006-3 Class 1A1A 2.664% due 06/19/36 (Ê)		3,669		1,842
Impac CMB Trust
Series 2004-5 Class 1A1 0.996% due 10/25/34 (Ê)		142		126
Indymac Index Mortgage Loan Trust
Series 2004-AR6 Class 5A1 2.588% due 10/25/34		1,680		1,421
Series 2005-AR1 Class 1A1 2.662% due 03/25/35		554		365
Series 2005-AR15 Class A2 4.894% due 09/25/35		195		141
Series 2006-AR2 Class 1A1B 0.486% due 04/25/46 (Ê)		607		311

	Principal Amount ($) or Shares		Market Value $
Series 2007-FLX1 Class A1 0.376% due 02/25/37 (Ê)		627		597
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2002-C2 Class A2 5.050% due 12/12/34		682		697
Series 2002-C3 Class A2 4.994% due 07/12/35		1,573		1,609
Series 2006-CB16 Class A4 5.552% due 05/12/45		785		877
Series 2006-LDP7 Class A4 6.065% due 04/15/45		690		785
Series 2006-LDP8 Class A3B 5.447% due 05/15/45		820		859
Series 2006-LDP8 Class A4 5.399% due 05/15/45		1,055		1,188
Series 2006-LDP9 Class A3 5.336% due 05/15/47		1,555		1,693
Series 2007-CB18 Class A4 5.440% due 06/12/47		1,300		1,441
Series 2007-CB20 Class ASB 5.688% due 02/12/51		1,165		1,256
Series 2007-LDPX Class A3 5.420% due 01/15/49		1,755		1,939
Series 2008-C2 Class ASB 6.125% due 02/12/51		1,055		1,157
Series 2011-C3 Class A4 4.717% due 02/15/46 (Þ)		1,240		1,388
JP Morgan Mortgage Trust
Series 2004-A3 Class SF3 2.178% due 06/25/34		275		263
Series 2005-A1 Class 6T1 5.019% due 02/25/35 (Ê)		137		135
Series 2006-A2 Class 1A1 2.855% due 04/25/36		363		258
Series 2007-A1 Class 3A2 2.791% due 07/25/35 (Ê)		1,023		877
Series 2007-A4 Class 3A1 5.681% due 06/25/37		766		624
LB-UBS Commercial Mortgage Trust
Series 2005-C3 Class A5 4.739% due 07/15/30		450		490
Series 2007-C1 Class A4 5.424% due 02/15/40		123		137
Series 2007-C6 Class A4 5.858% due 07/15/40		1,170		1,311
Mastr Adjustable Rate Mortgages Trust
Series 2004-13 Class 2A1 2.662% due 04/21/34 (Ê)		1,010		982
Series 2006-2 Class 3A1 2.699% due 01/25/36		521		386
Series 2006-OA2 Class 1A1 0.997% due 12/25/46 (Ê)		375		105
Mastr Alternative Loans Trust
Series 2003-4 Class B1 5.783% due 06/25/33		276		241

158 Russell Investment Grade Bond Fund

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
MASTR Alternative Loans Trust
Series 2004-10 Class 5A6 5.750% due 09/25/34		479		486
Mastr Reperforming Loan Trust
Series 2005-1 Class 1A1 6.000% due 08/25/34 (Þ)		349		340
Series 2005-2 Class 1A1F 0.626% due 05/25/35 (Ê)(Þ)		460		346
Merrill Lynch Mortgage Investors, Inc.
Series 2005-A10 Class A 0.486% due 02/25/36 (Ê)		207		139
Merrill Lynch Mortgage Trust
Series 2005-CIP1 Class AM 5.107% due 07/12/38		885		946
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-4 Class A3 5.172% due 12/12/49		1,000		1,102
Series 2007-5 Class A4 5.378% due 08/12/48		2,000		2,126
Series 2007-7 Class A4 5.810% due 06/12/50		2,760		2,954
Series 2007-8 Class A3 6.164% due 08/12/49		900		995
Series 2007-8 Class ASB 6.097% due 08/12/49		810		876
MLCC Mortgage Investors, Inc.
Series 2005-2 Class 3A 1.295% due 10/25/35 (Ê)		105		86
Series 2005-3 Class 4A 0.526% due 11/25/35 (Ê)		48		39
Series 2007-1 Class 4A3 5.688% due 01/25/37		314		308
Morgan Stanley Capital I
Series 2005-HQ5 Class A4 5.168% due 01/14/42		1,125		1,225
Series 2005-T19 Class A4A 4.890% due 06/12/47		1,665		1,837
Series 2006-HQ9 Class A4 5.731% due 07/12/44		1,135		1,296
Series 2006-IQ11 Class A4 5.895% due 10/15/42		360		405
Series 2006-T21 Class A4 5.162% due 10/12/52		1,135		1,269
Series 2006-T23 Class A4 5.989% due 08/12/41		1,080		1,253
Series 2007-IQ16 Class A4 5.809% due 12/12/49		2,045		2,329
Series 2011-C3 Class A2 3.224% due 07/15/49		400		421
Series 2011-C3 Class A4 4.118% due 07/15/49		235		257
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR Class 2A 2.785% due 07/25/34		217		188
Series 2006-3AR Class 2A3 2.732% due 03/25/36		693		363

	Principal Amount ($) or Shares		Market Value $
NCUA Guaranteed Notes
Series 2010-R1 Class 1A 0.745% due 10/07/20 (Ê)		3,106		3,109
Series 2010-R2 Class 1A 0.665% due 11/06/17 (Ê)		2,821		2,821
Series 2010-R2 Class 2A 0.765% due 11/05/20 (Ê)		1,777		1,777
Series 2010-R3 Class 1A 0.855% due 12/08/20 (Ê)		1,613		1,619
Series 2010-R3 Class 2A 0.855% due 12/08/20 (Ê)		1,346		1,352
Series 2011-R2 Class 1A 0.695% due 02/06/20 (Ê)		2,168		2,167
Nomura Asset Acceptance Corp.
Series 2004-R3 Class A1 6.500% due 02/25/35 (Þ)		466		475
Nomura Asset Securities Corp.
Series 1998-D6 Class A1C 6.690% due 03/15/30		431		440
NovaStar Mortgage-Backed Notes
Series 2006-MTA1 Class 2A1A 0.466% due 09/25/46 (Ê)		524		359
Prime Mortgage Trust
Series 2004-CL1 Class 1A2 0.676% due 02/25/34 (Ê)		59		53
Series 2004-CL1 Class 2A2 0.676% due 02/25/19 (Ê)		5		5
RBSSP Resecuritization Trust
Series 2010-3 Class 4A1 3.162% due 12/26/35 (Ê)(Þ)		269		263
Residential Accredit Loans, Inc.
Series 2005-QA10 Class A41 5.676% due 09/25/35		584		379
Series 2005-QO3 Class A1 0.676% due 10/25/45 (Ê)		624		352
Series 2006-QO7 Class 3A2 0.481% due 09/25/46 (Ê)		1,010		467
Salomon Brothers Mortgage Securities VII, Inc.
Series 2003-UP2 Class A1 4.000% due 12/25/18		84		87
Sequoia Mortgage Trust
Series 2007-3 Class 1A1 0.481% due 07/20/36 (Ê)		908		671
Small Business Administration Pools
3.080% due 2018 (Ê)		106		113
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-19XS Class 1A1 0.596% due 10/25/35 (Ê)		330		196
Structured Asset Mortgage Investments, Inc.
Series 2005-AR5 Class A2 0.531% due 07/19/35 (Ê)		223		182
Structured Asset Securities Corp.
Series 2002-9 Class A2 0.576% due 10/25/27 (Ê)		174		151

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2003-26A Class 3A5 2.469% due 09/25/33		573		491
Series 2003-34A Class 5A4 2.443% due 11/25/33 (Ê)		1,617		1,536
Series 2005-RF3 Class 1A 0.626% due 06/25/35 (Ê)(Þ)		110		82
Series 2006-11 Class A1 2.668% due 10/25/35 (Þ)		113		90
Wachovia Bank Commercial Mortgage Trust
Series 2006-C29 Class A4 5.308% due 11/15/48		119		133
Series 2006-WL7A Class A1 0.375% due 09/15/21 (Ê)(Þ)		103		98
Series 2007-WHL8 Class A1 0.365% due 06/15/20 (Ê)(Þ)		124		112
WaMu Mortgage Pass Through Certificates
Series 2003-AR9 Class 1A7 2.461% due 09/25/33 (Ê)		86		83
Series 2003-AR11 Class A6 2.475% due 10/25/33		780		744
Series 2005-AR3 Class A2 2.567% due 03/25/35		342		298
Washington Mutual Alternative Mortgage Pass-Through Certificates
Series 2007-OA2 Class 2A 0.908% due 01/25/47 (Ê)		372		133
Washington Mutual Mortgage Pass Through Certificates
Series 2002-AR19 Class A6 2.477% due 02/25/33 (Ê)		220		199
Series 2004-AR13 Class A1A 0.673% due 11/25/34 (Ê)		314		237
Series 2005-AR6 Class B3 0.936% due 04/25/45 (Å)(Ê)		423		14
Series 2005-AR11 Class A1A 0.596% due 08/25/45 (Ê)		934		706
Series 2005-AR12 Class 1A1 2.479% due 10/25/35		12		11
Series 2005-AR13 Class A1A1 0.566% due 10/25/45 (Ê)		496		372
Series 2005-AR15 Class A1A2 0.556% due 11/25/45 (Ê)		535		361
Series 2005-AR17 Class A1A2 0.566% due 12/25/45 (Ê)		262		194
Series 2007-HY3 Class 4B1 2.601% due 03/25/37		275		6
Series 2007-OA2 Class 1A 0.897% due 03/25/47 (Ê)		348		193
Wells Fargo Mortgage Backed Securities Trust
Series 2003-17 Class 2A10 5.500% due 01/25/34		1,236		1,300
Series 2004-CC Class A1 2.594% due 01/25/35 (Ê)		236		222
Series 2004-Y Class 1A2 2.620% due 11/25/34		304		271

	Principal Amount ($) or Shares		Market Value $
Series 2005-AR8 Class 2A1 2.696% due 06/25/35		312		295
Series 2006-2 Class 2A3 5.500% due 03/25/36		403		399
Series 2006-AR2 Class 2A1 2.648% due 03/25/36		354		283
Series 2006-AR8 Class 1A3 2.660% due 04/25/36		1,680		1,543
Series 2006-AR8 Class 2A3 2.698% due 04/25/36		52		40
Wells Fargo Mortgage Loan Trust
Series 2010-RR4 Class 2A1 2.766% due 08/27/35 (Þ)		707		650
WF-RBS Commercial Mortgage Trust
Series 2011-C5 Class A4 3.667% due 11/15/44		1,105		1,165
				746,243
Municipal Bonds - 2.0%
Birmingham Commercial Development Authority Revenue Bonds
5.500% due 04/01/41		30		33
City of Chicago Illinois O’Hare International Airport Revenue Bonds
5.500% due 01/01/31		90		103
5.625% due 01/01/35		50		56
City of Los Angeles Department of Airports Revenue Bonds
5.000% due 05/15/35		70		78
5.250% due 05/15/39		60		67
City of New York New York General Obligation Unlimited
6.246% due 06/01/35		600		674
County of Clark Nevada Airport System Revenue Bonds
6.820% due 07/01/45		200		256
County of Clark Nevada Revenue Bonds
5.250% due 07/01/39 (µ)		60		64
Florida Educational Loan Marketing Corp. Revenue Bonds
0.345% due 12/01/38 (Ê)		1,000		750
Iowa Tobacco Settlement Authority Revenue Bonds
6.500% due 06/01/23		70		66
Los Angeles Community College District General Obligation Unlimited
6.750% due 08/01/49		5,000		6,664
Los Angeles Department of Water & Power Revenue Bonds
6.574% due 07/01/45		240		328
Los Angeles Unified School District General Obligation Unlimited
6.758% due 07/01/34		100		131
Massachusetts School Building Authority Revenue Bonds
5.468% due 06/15/27		5,000		5,732

160 Russell Investment Grade Bond Fund

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Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Metropolitan Atlanta Rapid Transit Authority Revenue Bonds
5.000% due 07/01/39		50		55
Municipal Electric Authority of Georgia Revenue Bonds
6.637% due 04/01/57		180		211
6.655% due 04/01/57		150		172
New Jersey Economic Development Authority Revenue Bonds
1.546% due 06/15/13 (Ê)		1,100		1,100
New York City Municipal Water Finance Authority Revenue Bonds
6.491% due 06/15/42		1,700		1,976
New York Liberty Development Corp. Revenue Bonds
5.250% due 10/01/35		110		121
Northern California Power Agency Revenue Bonds
7.311% due 06/01/40		3,000		3,500
Northstar Education Finance, Inc. Series 2007-1 Class A3
0.613% due 01/29/46 (Ê)		1,000		893
Pennsylvania Higher Education Assistance Agency Revenue Bonds
2.003% due 05/01/46 (Ê)		800		740
1.996% due 06/01/47 (Ê)		1,475		1,364
Public Power Generation Agency Revenue Bonds
7.242% due 01/01/41		300		348
San Diego County Regional Airport Authority Revenue Bonds
6.628% due 07/01/40		500		544
San Diego Tobacco Settlement Revenue Funding Corp. Revenue Bonds
7.125% due 06/01/32		265		214
San Mateo County Community College District General Obligation Unlimited
5.000% due 09/01/38		30		32
Santa Clara Valley Transportation Authority Revenue Bonds
5.876% due 04/01/32		360		430
South Carolina Student Loan Corp. Revenue Bonds
0.647% due 12/01/20 (Ê)		900		860
State of California General Obligation Unlimited
6.650% due 03/01/22		825		1,001
7.500% due 04/01/34		100		131
5.650% due 04/01/39 (Ê)		100		105
7.550% due 04/01/39		875		1,173
7.300% due 10/01/39		220		284
7.600% due 11/01/40		475		643
State of Illinois General Obligation Unlimited
4.071% due 01/01/14		300		311
5.665% due 03/01/18		1,240		1,346
4.350% due 06/01/18		1,070		1,085

	Principal Amount ($) or Shares		Market Value $
5.877% due 03/01/19		685		753
5.100% due 06/01/33		875		826
Tobacco Settlement Finance Authority Revenue Bonds
7.467% due 06/01/47		475		349
				35,569
Non-US Bonds - 0.5%
Canada Housing Trust No. 1
3.750% due 03/15/20 (Þ)	CAD	200		223
3.350% due 12/15/20 (Þ)	CAD	100		108
3.800% due 06/15/21 (Þ)	CAD	400		449
Canadian Government Bond
3.750% due 06/01/19	CAD	300		343
3.250% due 06/01/21	CAD	200		222
European Investment Bank
Series INTL 4.625% due 04/15/20	EUR	100		149
European Loan Conduit
Series 2007-25X Class A 1.612% due 05/15/19 (Ê)	EUR	54		59
Granite Master Issuer PLC
Series 2005-2 Class A7 0.927% due 12/20/54 (Ê)	GBP	285		430
Instituto de Credito Oficial Series REGS
3.154% due 03/25/14 (Ê)	EUR	800		989
MUFG Capital Finance 5, Ltd.
6.299% due 12/31/49 (ƒ)	GBP	1,000		1,535
Province of British Columbia Canada
4.300% due 06/18/42	CAD	100		116
Province of Ontario Canada
4.300% due 03/08/17	CAD	100		112
4.200% due 06/02/20	CAD	200		224
4.000% due 06/02/21	CAD	1,700		1,869
3.150% due 06/02/22	CAD	300		306
4.700% due 06/02/37	CAD	400		480
4.600% due 06/02/39	CAD	300		358
Province of Quebec Canada
4.500% due 12/01/17	CAD	200		227
4.500% due 12/01/18	CAD	400		455
4.500% due 12/01/20	CAD	100		114
4.250% due 12/01/21	CAD	900		1,003
3.500% due 12/01/22	CAD	100		104
				9,875
United States Government Agencies - 2.5%
Fannie Mae
2.750% due 03/13/14		30		31
5.250% due 09/15/16		145		173
1.500% due 10/20/16		1,120		1,122
5.375% due 06/12/17		2,085		2,540
7.125% due 01/15/30		345		533
7.250% due 05/15/30		230		361
6.625% due 11/15/30		230		342
Federal Farm Credit Bank
5.125% due 08/25/16		310		368

Russell Investment Grade Bond Fund 161

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Federal Home Loan Banks
0.875% due 12/27/13		680		686
Federal Home Loan Mortgage Corp.
0.375% due 10/30/13		635		635
0.700% due 11/04/13		3,585		3,587
3.000% due 07/28/14		2,150		2,280
Zero coupon due 07/30/14		790		802
Zero coupon due 08/27/14		1,110		1,127
0.625% due 12/29/14		640		643
2.875% due 02/09/15		2,710		2,893
1.600% due 08/10/15		1,400		1,408
2.500% due 05/27/16		790		846
2.000% due 08/25/16		3,215		3,363
1.000% due 03/08/17		230		229
3.750% due 03/27/19		595		683
2.375% due 01/13/22		6,665		6,739
Federal National Mortgage Association
0.550% due 09/27/13		405		405
0.875% due 08/28/14		2,600		2,632
0.750% due 12/19/14		830		838
2.375% due 04/11/16		215		229
1.375% due 11/15/16		755		771
Principal Only STRIP Zero coupon due 10/09/19		2,490		1,924
6.000% due 04/18/36		95		111
Series 2 1.500% due 03/28/14		1,705		1,708
Freddie Mac
5.050% due 01/26/15		690		781
4.875% due 06/13/18		2,500		3,025
Tennessee Valley Authority
6.150% due 01/15/38		345		485
				44,300
United States Government Treasuries - 18.1%
United States Treasury Inflation Indexed Bonds
2.375% due 01/15/25		3,061		3,996
2.000% due 01/15/26 (Æ)		570		720
2.375% due 01/15/27 (Æ)		9,760		12,962
1.750% due 01/15/28 (Æ)		1,262		1,564
3.875% due 04/15/29		413		661
2.125% due 02/15/41 (Æ)		2,815		3,948
United States Treasury Notes
1.375% due 03/15/13		3,035		3,076
0.625% due 04/30/13		2,910		2,926
1.375% due 05/15/13		2,445		2,482
1.125% due 06/15/13		2,565		2,598
Zero coupon due 07/15/13		7,180		7,263
3.125% due 08/31/13		2,610		2,730
0.500% due 10/15/13		5,735		5,763
0.500% due 11/15/13		1,835		1,844
0.750% due 12/15/13		3,695		3,731
0.125% due 12/31/13		39,300		39,232
4.000% due 02/15/14		2,205		2,374
1.875% due 04/30/14		5,365		5,561
Zero coupon due 05/15/14		10,170		10,345

	Principal Amount ($) or Shares		Market Value $
0.500% due 08/15/14		2,380		2,394
0.250% due 09/15/14		8,915		8,909
0.250% due 12/15/14		11,700		11,686
0.250% due 01/15/15		300		300
1.250% due 09/30/15		805		829
1.250% due 10/31/15		640		659
1.375% due 11/30/15		6,860		7,100
2.375% due 03/31/16		4,655		5,010
0.875% due 01/31/17		1,500		1,512
3.250% due 03/31/17		995		1,121
2.375% due 07/31/17		4,135		4,474
1.875% due 09/30/17		11,165		11,762
2.625% due 04/30/18		4,375		4,795
1.375% due 11/30/18		14,370		14,535
3.375% due 11/15/19		1,685		1,934
3.625% due 02/15/20		400		467
3.500% due 05/15/20		1,245		1,443
2.625% due 08/15/20		6,615		7,188
2.625% due 11/15/20		1,100		1,193
3.625% due 02/15/21		12,600		14,719
3.125% due 05/15/21		865		972
2.125% due 08/15/21		6,055		6,250
2.000% due 11/15/21		32,320		32,886
6.250% due 08/15/23		875		1,259
6.000% due 02/15/26		440		636
6.500% due 11/15/26		835		1,268
6.125% due 11/15/27		815		1,212
5.375% due 02/15/31		3,450		4,911
4.500% due 02/15/36		140		182
4.375% due 02/15/38		4,420		5,687
3.500% due 02/15/39		8,545		9,553
4.375% due 05/15/40		5,110		6,594
3.875% due 08/15/40		2,685		3,196
4.750% due 02/15/41		7,080		9,687
4.375% due 05/15/41		12,175		15,734
3.750% due 08/15/41		2,340		2,728
3.125% due 11/15/41		7,710		7,992
				326,553
Total Long-Term Investments (cost $1,611,089)				1,645,956
Preferred Stocks - 0.3%
Financial Services - 0.3%
CoBank ACB (Å)		70,000		3,611
DG Funding Trust (Å)		392		2,941
				6,552
Total Preferred Stocks (cost $8,014)				6,552

162 Russell Investment Grade Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Notional Amount $		Market Value $
Options Purchased - 0.0%
(Number of Contracts)
Swaptions
(Fund Receives/Fund Pays)
USD Three Month LIBOR/USD 1.250% Apr 2012 0.00 Call (1)		6,600		50
Total Options Purchased (cost $26)				50
	Principal Amount ($) or Shares
Short-Term Investments - 19.5%
Appalachian Power Co.
Series O 5.650% due 08/15/12		175		179
ASIF Global Financing XIX
4.900% due 01/17/13 (Þ)		50		51
Banco Santander Chile
1.811% due 04/20/12 (Ê)(Þ)		900		900
Bank of America Corp.
4.875% due 09/15/12		170		173
BB&T Corp.
3.850% due 07/27/12		740		752
Bear Stearns Cos. LLC (The)
4.947% due 12/07/12 (Ê)		3,100		3,263
BellSouth Corp.
4.463% due 04/26/12 (Þ)		5,700		5,749
4.750% due 11/15/12		20		21
Carolina Power & Light Co.
6.500% due 07/15/12		5		5
Citigroup, Inc.
5.500% due 08/27/12		500		511
5.625% due 08/27/12		300		306
5.300% due 10/17/12 (Ñ)		200		205
Comcast Cable Holdings LLC
9.800% due 02/01/12 (ç)(Ñ)		715		715
Countrywide Financial Corp.
Series MTN 5.800% due 06/07/12		50		51
Credit Agricole SA
0.833% due 04/13/12 (ž)		2,300		2,299
Danske Bank A/S
2.500% due 05/10/12 (Þ)		300		302
Deutsche Bank AG
5.375% due 10/12/12 (Ñ)		350		360
Dominion Resources, Inc.
5.700% due 09/17/12		455		469
Duke Energy Carolinas LLC
5.625% due 11/30/12		265		276
Federal Farm Credit Bank
0.190% due 08/20/12 (Ê)		3,535		3,536
Federal Home Loan Banks
0.180% due 12/19/12		200		200
0.125% due 01/17/13		11,800		11,793
0.200% due 01/11/13		3,300		3,301

	Principal Amount ($) or Shares			Market Value $
0.170% due 01/17/13		4,400			4,399
0.160% due 01/24/13		3,200			3,199
Federal Home Loan Mortgage Corp.
0.230% due 10/12/12 (Ê)		7,060			7,064
Federal National Mortgage Association
0.299% due 08/23/12 (Ê)		2,040			2,042
0.320% due 09/13/12 (Ê)		3,475			3,479
0.312% due 10/18/12 (Ê)		3,530			3,534
Fortis Bank Nederland NV
3.000% due 04/17/12		400			526
Freddie Mac
8.000% due 05/01/12		—			—
4.500% due 01/15/13		3,100			3,228
General Electric Capital Corp.
2.125% due 12/21/12		1,070			1,089
2.800% due 01/08/13		1,545			1,576
Glitnir Banki HF
6.375% due 09/25/12 (Þ)		390			99
Goldman Sachs Group, Inc. (The)
5.300% due 02/14/12		30			30
3.625% due 08/01/12		100			101
5.450% due 11/01/12		220			227
International Lease Finance Corp.
5.350% due 03/01/12		200			200
5.300% due 05/01/12		200			200
Itau Unibanco Holding SA
Zero coupon due 02/06/12 (ç)(ž)		1,300			1,300
0.010% due 02/16/12 (ç)(ž)		1,400			1,399
KCP&L Greater Missouri Operations Co.
11.875% due 07/01/12		1,085			1,131
Kellogg Co.
5.125% due 12/03/12		300			311
Kinder Morgan Energy Partners, LP
7.125% due 03/15/12		65			65
LeasePlan Corp. NV
3.125% due 02/10/12		700			916
Merrill Lynch & Co., Inc.
6.050% due 08/15/12 (Ñ)		200			204
Mexico Cetes
Zero coupon due 05/03/12		1,742,000			13,218
NGPL PipeCo LLC
6.514% due 12/15/12 (Ñ)(Þ)		4,500			4,334
Northern States Power Co.
Series B 8.000% due 08/28/12		400			416
Reynolds American, Inc.
Series* 7.250% due 06/01/12		40			41
Royal Bank of Scotland PLC (The)
2.625% due 05/11/12 (Þ)		900			905
Russell U.S. Cash Management Fund		193,720,233	(¥)		193,720
Siemens Financieringsmaatschappij NV 5.500% due 02/16/12 (Þ)		1,400			1,402
SLM Corp.
3.125% due 09/17/12		400			517
Societe Financement de l’Economie Francaise
2.375% due 03/26/12 (Þ)		300			301

Russell Investment Grade Bond Fund 163

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Notional Amount $		Market Value $
2.125% due 05/20/12		400		525
0.767% due 07/16/12 (Ê)(Þ)		1,000		1,001
UBS AG
1.595% due 02/23/12 (Ê)		500		500
United Parcel Service, Inc.
4.500% due 01/15/13		100		104
United States Treasury Bills
Zero coupon due 03/15/12 (ç)(ž)		260		260
Zero coupon due 04/05/12 (ž)		620		620
Zero coupon due 12/13/12		45,000		44,961
0.102% due 01/10/13		300		300
0.104% due 01/10/13 (ž)		329		329
United States Treasury Inflation
Indexed Bonds
3.000% due 07/15/12 (Æ)		8,386		8,580
United States Treasury Notes
Zero coupon due 11/15/12		3,495		3,529
Volkswagen International Finance NV
1.031% due 10/01/12 (Ê)(Þ)		1,500		1,499
Wachovia Corp.
4.810% due 05/25/12 (Ê)		1,700		1,799
Washington Mutual, Inc.
5.000% due 03/22/12		425		488
Total Short-Term Investments (cost $351,458)				351,085
Repurchase Agreements - 0.6%
Agreement with Barclays Capital Inc. and Bank of New York Mellon Corp. (Tri-Party) of $5,000 dated January 31, 2012 at 6.0% to be repurchased at $5,000 on February 1, 2012 collateralized by: $5,000 par various United States Treasury Obligations, valued at $5,652.		5,000		5,000
Agreement with JP Morgan Securities LLC and Bank of New York Mellon Corp. (Tri-Party) of $5,200 dated January 31, 2012 at 3.125% to be repurchased at $5,200 on February 1, 2012 collateralized by: $4,717 par various United States Treasury Obligations, valued at $5,849
		5,200		5,200
Total Repurchase Agreements (cost $10,200)				10,200

A portion of the portfolio has been fair valued as of period end.

	Notional Amount $			Market Value $
Other Securities - 1.0%
Russell Investment Company Liquidating Trust (×)		654,646	(¥)		666
Russell U.S. Cash Collateral Fund (×)		17,183,371	(¥)		17,183
Total Other Securities (cost $17,838)					17,849
Total Investments - 112.7% (identified cost $1,998,625)					2,031,692
Other Assets and Liabilities, Net - (12.7%)					(229,018	)
Net Assets - 100.0%					1,802,674

See accompanying notes which are an integral part of this quarterly report.

164 Russell Investment Grade Bond Fund

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
Eurodollar Futures (CME)		299		USD	74,373		03/13		224
Eurodollar Futures (CME)		160		USD	39,778		09/13		331
Eurodollar Futures (CME)		64		USD	15,895		03/14		239
Eurodollar Futures (CME)		5		USD	1,239		09/14		1
United States Treasury Bonds		86		USD	12,508		03/12		275
United States Treasury 2 Year Note Futures		74		USD	16,335		03/12		14
United States Treasury 5 Year Note Futures		155		USD	19,227		03/12		128
United States Treasury 10 Year Note Futures		319		USD	42,188		03/12		644
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									1,856

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 165

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Options Written	Call/Put		Number of Contracts		Strike Price		Notional Amount			Expiration Date		Market Value $
Eurodollar Futures		Put		49		99.00		USD	123		03/19/12		—
Inflationary Floor Options		Call		1		0.00		USD	1,930		11/23/20		(6	)
Inflationary Floor Options		Put		1		0.00		USD	1,600		03/12/20		(4	)
Inflationary Floor Options		Put		1		0.00		USD	1,000		04/07/20		(2	)
Inflationary Floor Options		Put		1		0.00		USD	1,000		09/29/20		(3	)
Swaptions
(Fund Receives/Fund Pays)
USD 0.9200%/USD Three Month LIBOR		Put		2		0.00			12,600		11/14/12		(16	)
USD 1.000%/USD Three Month LIBOR		Put		1		0.00			1,800		08/13/12		(3	)
USD 1.000%/USD Three Month LIBOR		Put		1		0.00			7,700		11/19/12		(3	)
USD 1.200%/USD Three Month LIBOR		Put		1		0.00			4,900		07/11/13		(12	)
USD 1.700%/USD Three Month LIBOR		Put		4		0.00			31,200		08/13/12		(71	)
USD 1.700%/USD Three Month LIBOR		Put		1		0.00			2,600		08/13/12		(6	)
USD 1.750%/USD Three Month LIBOR		Put		1		0.00			8,100		11/19/12		(2	)
USD 1.750%/USD Three Month LIBOR		Put		1		0.00			33,900		07/11/13		(18	)
USD 2.000%/USD Three Month LIBOR		Put		1		0.00			13,200		04/30/12		—
USD 2.250%/USD Three Month LIBOR		Put		5		0.00			36,800		09/24/12		(4	)
USD 2.250%/USD Three Month LIBOR		Put		1		0.00			7,200		05/28/13		(2	)
USD 3.000%/USD Three Month LIBOR		Put		5		0.00			51,700		06/18/12		—
USD 3.250%/USD Three Month LIBOR		Put		2		0.00			5,800		07/16/12		—
USD 10.000%/USD Three Month LIBOR		Put		1		0.00			1,600		07/10/12		—
Total Liability for Options Written (premiums received $1,823)													(152	)

See accompanying notes which are an integral part of this quarterly report.

166 Russell Investment Grade Bond Fund

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Barclays Bank PLC		USD	315		CAD	324		02/09/12		8
Barclays Bank PLC		USD	14		MXN	191		03/15/12		1
Barclays Bank PLC		USD	136		MXN	1,907		03/15/12		10
Barclays Bank PLC		AUD	300		USD	306		02/23/12		(11	)
Barclays Bank PLC		BRL	176		USD	100		03/02/12		—
Barclays Bank PLC		BRL	176		USD	100		03/02/12		—
Barclays Bank PLC		BRL	177		USD	100		03/02/12		(1	)
Barclays Bank PLC		BRL	178		USD	100		03/02/12		(1	)
Barclays Bank PLC		BRL	179		USD	100		03/02/12		(1	)
Barclays Bank PLC		BRL	180		USD	100		03/02/12		(2	)
Barclays Bank PLC		BRL	352		USD	200		03/02/12		—
Barclays Bank PLC		BRL	366		USD	200		03/02/12		(8	)
Barclays Bank PLC		CAD	101		USD	100		02/09/12		(1	)
Barclays Bank PLC		CAD	205		USD	201		02/09/12		(3	)
Barclays Bank PLC		EUR	2,164		USD	2,774		04/16/12		(57	)
Barclays Bank PLC		GBP	200		USD	307		02/02/12		(9	)
Barclays Bank PLC		GBP	236		USD	368		03/02/12		(4	)
Citibank		USD	3,504		CAD	3,570		02/16/12		55
Citibank		USD	8,628		EUR	6,628		02/02/12		41
Citibank		USD	646		EUR	467		02/16/12		(35	)
Citibank		USD	5,951		EUR	4,582		02/16/12		43
Citibank		USD	4,444		GBP	2,857		02/02/12		58
Citibank		USD	772		PLN	2,556		02/16/12		19
Citibank		AUD	99		USD	102		02/23/12		(3	)
Citibank		AUD	100		USD	101		02/23/12		(5	)
Citibank		AUD	100		USD	100		02/23/12		(6	)
Citibank		AUD	200		USD	205		02/23/12		(7	)
Citibank		AUD	338		USD	334		02/23/12		(24	)
Citibank		CAD	100		USD	98		02/09/12		(2	)
Citibank		CAD	200		USD	196		02/09/12		(4	)
Citibank		CAD	312		USD	300		02/09/12		(11	)
Citibank		CAD	313		USD	303		02/09/12		(9	)
Citibank		CAD	3,570		USD	3,526		02/16/12		(33	)
Citibank		EUR	467		USD	593		02/16/12		(18	)
Citibank		EUR	4,582		USD	5,963		02/16/12		(30	)
Citibank		EUR	6,628		USD	8,629		03/02/12		(41	)
Citibank		EUR	1,590		USD	2,035		04/16/12		(46	)
Citibank		GBP	99		USD	153		02/02/12		(3	)
Citibank		GBP	2,857		USD	4,443		03/02/12		(58	)
Citibank		PLN	2,556		USD	804		02/16/12		13
Deutsche Bank AG		USD	7,753		CNY	49,177		02/13/12		41
Deutsche Bank AG		CAD	7		USD	7		02/09/12		—
Deutsche Bank AG		CAD	93		USD	90		02/09/12		(3	)
Deutsche Bank AG		CAD	204		USD	196		02/09/12		(7	)
Deutsche Bank AG		CAD	812		USD	795		02/09/12		(14	)
Deutsche Bank AG		EUR	135		USD	171		04/16/12		(6	)
Deutsche Bank AG		EUR	5,104		USD	6,549		04/16/12		(129	)
Goldman Sachs		CAD	102		USD	99		02/09/12		(3	)
Goldman Sachs		EUR	6,628		USD	8,698		02/02/12		28
HSBC Bank PLC		USD	6,688		MXN	87,100		02/02/12		(5	)
HSBC Bank PLC		USD	6,692		MXN	87,100		02/02/12		(10	)
HSBC Bank PLC		CNY	1,279		USD	200		02/13/12		(3	)
HSBC Bank PLC		CNY	8,904		USD	1,400		02/13/12		(11	)

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 167

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
HSBC Bank PLC		MXN	87,100		USD	6,641		05/03/12		9
HSBC Bank PLC		MXN	87,100		USD	6,637		05/03/12		5
JPMorgan Chase Bank		USD	4,012		BRL	7,584		03/02/12		296
JPMorgan Chase Bank		AUD	4,700		USD	4,618		02/23/12		(360	)
JPMorgan Chase Bank		CAD	1		USD	1		02/09/12		—
JPMorgan Chase Bank		CAD	5		USD	5		02/09/12		—
JPMorgan Chase Bank		CAD	54		USD	53		02/09/12		(1	)
JPMorgan Chase Bank		CAD	93		USD	92		02/09/12		(1	)
JPMorgan Chase Bank		CAD	103		USD	101		02/09/12		(2	)
JPMorgan Chase Bank		CAD	172		USD	168		02/09/12		(3	)
JPMorgan Chase Bank		CAD	198		USD	191		02/09/12		(6	)
JPMorgan Chase Bank		CAD	204		USD	198		02/09/12		(5	)
JPMorgan Chase Bank		CAD	304		USD	297		02/09/12		(6	)
JPMorgan Chase Bank		CAD	306		USD	300		02/09/12		(5	)
JPMorgan Chase Bank		CAD	413		USD	400		02/09/12		(12	)
JPMorgan Chase Bank		CNY	639		USD	100		02/13/12		(1	)
JPMorgan Chase Bank		CNY	639		USD	100		02/13/12		(1	)
Morgan Stanley & Co., Inc.		BRL	175		USD	100		03/02/12		—
Morgan Stanley & Co., Inc.		BRL	176		USD	100		03/02/12		—
Morgan Stanley & Co., Inc.		BRL	176		USD	100		03/02/12		—
Morgan Stanley & Co., Inc.		BRL	180		USD	100		03/02/12		(2	)
Morgan Stanley & Co., Inc.		BRL	180		USD	100		03/02/12		(2	)
Morgan Stanley & Co., Inc.		BRL	350		USD	200		03/02/12		1
Morgan Stanley & Co., Inc.		BRL	354		USD	200		03/02/12		(1	)
Morgan Stanley & Co., Inc.		BRL	356		USD	200		03/02/12		(2	)
Morgan Stanley & Co., Inc.		BRL	359		USD	200		03/02/12		(4	)
Morgan Stanley & Co., Inc.		BRL	360		USD	200		03/02/12		(5	)
Morgan Stanley & Co., Inc.		CAD	307		USD	299		02/09/12		(7	)
Morgan Stanley & Co., Inc.		GBP	100		USD	157		03/02/12		—
Royal Bank of Canada		USD	5,303		CAD	5,295		02/09/12		(23	)
Royal Bank of Canada		CAD	103		USD	100		02/09/12		(3	)
Royal Bank of Canada		CAD	104		USD	101		02/09/12		(3	)
Royal Bank of Canada		CAD	204		USD	200		02/09/12		(3	)
Royal Bank of Canada		CAD	207		USD	200		02/09/12		(6	)
Royal Bank of Canada		CAD	289		USD	281		02/09/12		(7	)
Royal Bank of Canada		CAD	5,295		USD	5,298		03/22/12		23
Royal Bank of Canada		EUR	259		USD	329		04/16/12		(10	)
Royal Bank of Canada		GBP	2,465		USD	3,859		02/02/12		(25	)
UBS AG		USD	605		EUR	477		02/16/12		19
UBS AG		BRL	175		USD	100		03/02/12		—
UBS AG		BRL	179		USD	100		03/02/12		(1	)
UBS AG		BRL	179		USD	100		03/02/12		(2	)
UBS AG		BRL	179		USD	100		03/02/12		(2	)
UBS AG		BRL	180		USD	100		03/02/12		(2	)
UBS AG		BRL	180		USD	100		03/02/12		(2	)
UBS AG		BRL	183		USD	100		03/02/12		(4	)
UBS AG		BRL	183		USD	100		03/02/12		(4	)
UBS AG		BRL	356		USD	200		03/02/12		(2	)
UBS AG		CAD	103		USD	99		02/09/12		(3	)
UBS AG		EUR	477		USD	659		02/16/12		35
UBS AG		EUR	1,683		USD	2,147		04/16/12		(55	)
UBS AG		EUR	2,219		USD	2,822		04/16/12		(82	)
UBS AG		GBP	93		USD	143		02/02/12		(3	)
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts										(587	)

See accompanying notes which are an integral part of this quarterly report.

168 Russell Investment Grade Bond Fund

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Interest Rate Swap Contracts
Counterparty	Notional Amount		Fund Receives	Fund Pays	Termination Date		Market Value $
Barclays Bank PLC	BRL	900	12.455%	Brazil Interbank Deposit Rate		01/02/13		14
Barclays Bank PLC	BRL	2,400	11.910%	Brazil Interbank Deposit Rate		01/02/13		46
Barclays Bank PLC	BRL	300	10.830%	Brazil Interbank Deposit Rate		01/02/14		2
Barclays Bank PLC	MXN	28,300	5.600%	Mexico Interbank 28 Day Deposit Rate		09/06/16		28
Barclays Bank PLC	USD	4,100	Three Month LIBOR	2.750%		06/20/42		(69	)
BNP Paribas	BRL	1,100	11.880%	Brazil Interbank Deposit Rate		01/02/13		21
BNP Paribas	BRL	3,400	12.800%	Brazil Interbank Deposit Rate		01/02/13		93
BNP Paribas	BRL	300	12.110%	Brazil Interbank Deposit Rate		01/02/14		8
BNP Paribas	USD	2,600	1.000%	Federal Fund Effective Rate - 1 Year		09/19/14		42
Citibank	AUD	200	4.250%	Six Month BBSW		06/15/17		—
Citibank	AUD	300	5.000%	Six Month BBSW		06/15/17		11
Citibank	AUD	800	5.250%	Six Month BBSW		06/15/22		45
Citigroupglobal Markets	EUR	200	3.650%	Six Month EURIBOR		09/21/21		33
Citigroupglobal Markets	EUR	800	3.000%	Six Month EURIBOR		03/21/22		69
Credit Suisse Financial Products	BRL	100	12.480%	Brazil Interbank Deposit Rate		01/02/13		2
Deutsche Bank	AUD	100	4.250%	Six Month BBSW		06/15/17		—
Deutsche Bank	AUD	100	5.000%	Six Month BBSW		06/15/17		4
Deutsche Bank	EUR	300	2.500%	Six Month EURIBOR		09/21/18		17
Goldman Sachs	BRL	3,900	11.890%	Brazil Interbank Deposit Rate		01/02/13		78
Goldman Sachs	BRL	800	12.650%	Brazil Interbank Deposit Rate		01/02/14		30
Goldman Sachs	USD	1,300	0.500%	Federal Fund Effective Rate - 1 Year		09/19/14		8
Goldman Sachs	AUD	3,000	5.000%	Six Month BBSW		06/15/17		111
HSBC	BRL	200	10.450%	Brazil Interbank Deposit Rate		01/02/13		1
HSBC	BRL	2,900	11.890%	Brazil Interbank Deposit Rate		01/02/13		58
HSBC	BRL	3,600	12.830%	Brazil Interbank Deposit Rate		01/02/13		100
HSBC	BRL	600	11.530%	Brazil Interbank Deposit Rate		01/02/14		9
HSBC	BRL	1,500	10.990%	Brazil Interbank Deposit Rate		01/02/14		13
HSBC	BRL	1,700	10.530%	Brazil Interbank Deposit Rate		01/02/14		7
HSBC	BRL	2,500	10.180%	Brazil Interbank Deposit Rate		01/02/14		6
HSBC	BRL	2,500	12.540%	Brazil Interbank Deposit Rate		01/02/14		90
HSBC	MXN	1,700	5.600%	Mexico Interbank 28 Day Deposit Rate		09/06/16		2
JPMorgan	BRL	2,900	12.170%	Brazil Interbank Deposit Rate		01/02/13		70
JPMorgan	BRL	100	10.870%	Brazil Interbank Deposit Rate		01/02/14		1
JPMorgan	BRL	600	12.200%	Brazil Interbank Deposit Rate		01/02/14		18
Merrill Lynch	BRL	3,800	11.900%	Brazil Interbank Deposit Rate		01/02/13		73
Morgan Stanley	BRL	1,900	12.500%	Brazil Interbank Deposit Rate		01/02/13		30
Morgan Stanley	BRL	2,200	10.455%	Brazil Interbank Deposit Rate		01/02/13		6
Morgan Stanley	USD	6,600	0.500%	Federal Fund Effective Rate - 1 Year		09/19/13		25
Morgan Stanley	BRL	100	10.580%	Brazil Interbank Deposit Rate		01/02/14		1
Morgan Stanley	BRL	3,400	12.510%	Brazil Interbank Deposit Rate		01/02/14		120
Morgan Stanley	MXN	1,700	5.600%	Mexico Interbank 28 Day Deposit Rate		09/06/16		2
Morgan Stanley	MXN	1,500	6.350%	Mexico Interbank 28 Day Deposit Rate		06/02/21		2
Morgan Stanley	EUR	700	3.000%	Six Month EURIBOR		09/21/21		65
Morgan Stanley	EUR	100	Six Month EURIBOR	3.000%		03/21/22		(8	)
Morgan Stanley	EUR	2,100	2.750%	Six Month EURIBOR		03/21/22		118
Morgan Stanley	EUR	2,900	2.500%	Six Month EURIBOR		03/21/22		75
Morgan Stanley	USD	1,670	Three Month LIBOR	3.925%		05/15/41		(456	)
Morgan Stanley	USD	6,300	Three Month LIBOR	2.750%		06/20/42		(106	)
Royal Bank of Canada	BRL	2,400	12.700%	Brazil Interbank Deposit Rate		01/02/14		82
Royal Bank of Scotland	AUD	300	5.000%	Six Month BBSW		06/15/17		11
Royal Bank of Scotland	GBP	1,200	3.000%	Six Month LIBOR		03/21/22		126
UBS	BRL	300	12.070%	Brazil Interbank Deposit Rate		01/02/13		7
UBS	BRL	100	10.770%	Brazil Interbank Deposit Rate		01/02/14		1
UBS	BRL	400	12.250%	Brazil Interbank Deposit Rate		01/02/14		12

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 169

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Interest Rate Swap Contracts
Counterparty	Notional Amount		Fund Receives	Fund Pays	Termination Date		Market Value $
UBS	BRL	600	10.380%	Brazil Interbank Deposit Rate		01/02/14		2
UBS	BRL	3,000	11.760%	Brazil Interbank Deposit Rate		01/02/14		49
Total Market Value on Open Interest Rate Swap Contracts Premiums Paid (Received) - $136 (å)								1,205

See accompanying notes which are an integral part of this quarterly report.

170 Russell Investment Grade Bond Fund

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Credit Default Swap Contracts
Corporate Issues
Reference Entity	Counterparty	Implied Credit Spread		Notional Amount		Fund (Pays)/ Receives Fixed Rate			Termination Date		Market Value $
American International Group, Inc.	Bank of America		3.192%	USD	900		1.000%			03/20/16		(71	)
American International Group, Inc.	Citibank		3.192%	USD	1,000		1.000%			03/20/16		(79	)
Berkshire Hathaway, Inc.	Deutsche Bank		0.850%	USD	2,900		1.000%			03/20/13		6
D.R. Horton, Inc.	Deutsche Bank		1.796%	USD	165		(1.000%	)		09/20/16		6
D.R. Horton, Inc.	Goldman Sachs		1.796%	USD	165		(1.000%	)		09/20/16		6
GE Capital Corp.	Bank of America		1.770%	USD	2,300		1.000%			03/20/16		(70	)
GE Capital Corp.	Deutsche Bank		0.873%	USD	1,425		1.070%			12/20/12		2
MetLife, Inc.	Deutsche Bank		1.539%	USD	1,500		2.050%			03/20/13		9
MetLife, Inc.	UBS		1.539%	USD	1,500		2.050%			03/20/13		9
Prudential Financial, Inc.	Deutsche Bank		1.344%	USD	1,500		2.300%			03/20/13		15
Prudential Financial, Inc.	UBS		1.344%	USD	1,500		2.300%			03/20/13		15
Wells Fargo & Co.	Credit Suisse Financial Products		0.621%	USD	1,000		1.000%			09/20/13		6
Wells Fargo & Co.	Goldman Sachs		0.573%	USD	700		1.000%			06/20/13		4
Total Market Value on Open Corporate Issues Premiums Paid (Received) - ($78)												(142	)

Credit Indices
Reference Entity	Counterparty	Notional Amount		Fund (Pays)/ Receives Fixed Rate			Termination Date		Market Value $
ABX - HE Index for Sub-Prime Home
Equity Sector	Barclays Bank PLC	USD	2,420		0.760%			01/25/38		(1,559	)
CMBX AJ Index	Bank of America	USD	445		(0.840%	)		10/12/52		68
CMBX AJ Index	Credit Suisse First Boston	USD	115		(0.840%	)		10/12/52		17
CMBX AJ Index	Credit Suisse First Boston	USD	2,420		(0.840%	)		10/12/52		368
Dow Jones CDX Index	Deutsche Bank	USD	1,543		0.708%			12/20/12		10
Dow Jones CDX Index	Goldman Sachs	USD	1,300		1.120%			12/20/12		13
Dow Jones CDX Index	JPMorgan	USD	675		0.553%			12/20/17		13
Dow Jones CDX Index	JPMorgan	USD	400		1.120%			12/20/12		4
Dow Jones CDX Index	Morgan Stanley	USD	600		0.963%			12/20/12		5
Dow Jones CDX Index	Morgan Stanley	USD	5,498		0.771%			12/20/12		38
Dow Jones CDX Index	Pershing LLC 1st Republic P.B.	USD	289		0.548%			12/20/17		5
Total Market Value on Open Credit Indices Premiums Paid (Received) - ($18)										(1,018	)

Sovereign Issues
Reference Entity	Counterparty	Implied Credit Spread		Notional Amount		Fund (Pays)/ Receives Fixed Rate		Termination Date		Market Value $
Brazil Government International Bond	Bank of America		1.213%	USD	1,000		1.000%		09/20/15		(8	)
Brazil Government International Bond	Bank of America		1.281%	USD	2,600		1.000%		03/20/16		(32	)
Brazil Government International Bond	Barclays Bank PLC		1.170%	USD	500		1.000%		06/20/15		(3	)
Brazil Government International Bond	Citibank		1.213%	USD	1,000		1.000%		09/20/15		(8	)
Brazil Government International Bond	Citibank		1.336%	USD	800		1.000%		06/20/16		(12	)
Brazil Government International Bond	Credit Suisse Financial Products		1.336%	USD	1,900		1.000%		06/20/16		(28	)
Brazil Government International Bond	Deutsche Bank		1.336%	USD	1,000		1.000%		06/20/16		(15	)
Brazil Government International Bond	Deutsche Bank		1.170%	USD	1,000		1.000%		06/20/15		(6	)
Brazil Government International Bond	Deutsche Bank		1.170%	USD	500		1.000%		06/20/15		(3	)
Brazil Government International Bond	Goldman Sachs		1.170%	USD	500		1.000%		06/20/15		(3	)
Brazil Government International Bond	HSBC		1.213%	USD	700		1.000%		09/20/15		(6	)
Brazil Government International Bond	HSBC		1.336%	USD	7,400		1.000%		06/20/16		(110	)
Brazil Government International Bond	JPMorgan		1.213%	USD	200		1.000%		09/20/15		(2	)

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 171

Russell Investment Company

Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Credit Default Swap Contracts
Sovereign Issues
Reference Entity	Counterparty	Implied Credit Spread		Notional Amount		Fund (Pays)/ Receives Fixed Rate		Termination Date		Market Value $
Brazil Government International Bond	JPMorgan		1.384%	USD	200		1.000%		09/20/16		(4	)
Brazil Government International Bond	Morgan Stanley		1.170%	USD	500		1.000%		06/20/15		(3	)
Brazil Government International Bond	UBS		1.213%	USD	500		1.000%		09/20/15		(4	)
China Government International Bond	Barclays Bank PLC		1.161%	USD	2,400		1.000%		03/20/16		(13	)
China Government International Bond	Deutsche Bank		1.283%	USD	400		1.000%		09/20/16		(5	)
China Government International Bond	Goldman Sachs		1.283%	USD	100		1.000%		09/20/16		(1	)
China Government International Bond	JPMorgan		1.283%	USD	400		1.000%		09/20/16		(5	)
China Government International Bond	Morgan Stanley		1.283%	USD	300		1.000%		09/20/16		(4	)
China Government International Bond	Morgan Stanley		1.226%	USD	1,200		1.000%		06/20/16		(11	)
China Government International Bond	Morgan Stanley		0.937%	USD	2,000		1.000%		03/20/15		(1	)
France Government International Bond	Barclays Bank PLC		1.728%	USD	3,165		0.250%		09/20/16		(205	)
France Government International Bond	Goldman Sachs		1.646%	USD	3,800		0.250%		03/20/16		(207	)
France Government International Bond	HSBC		1.747%	USD	100		0.250%		09/20/16		(6	)
France Government International Bond	Morgan Stanley		1.646%	USD	500		0.250%		03/20/16		(27	)
France Government International Bond	Royal Bank of Scotland		1.646%	USD	500		0.250%		03/20/16		(27	)
Germany Government International Bond	UBS		0.770%	USD	1,200		0.250%		06/20/16		(27	)
Italy Government International Bond	Barclays Bank PLC		4.108%	USD	800		1.000%		03/20/16		(90	)
Italy Government International Bond	Goldman Sachs		4.108%	USD	2,800		1.000%		03/20/16		(316	)
Italy Government International Bond	Goldman Sachs		4.108%	USD	200		1.000%		03/20/16		(23	)
Italy Government International Bond	Goldman Sachs		4.109%	USD	1,000		1.000%		06/20/16		(119	)
Japan Government International Bond	Bank of America		1.191%	USD	200		1.000%		03/20/16		(2	)
Japan Government International Bond	Bank of America		1.191%	USD	100		1.000%		03/20/16		(1	)
Japan Government International Bond	Goldman Sachs		1.244%	USD	500		1.000%		06/20/16		(6	)
Japan Government International Bond	JPMorgan		1.191%	USD	700		1.000%		03/20/16		(7	)
Kazakhstan Government International Bond	Citibank		2.433%	USD	300		1.000%		03/20/16		(17	)
Kazakhstan Government International Bond	Deutsche Bank		2.433%	USD	300		1.000%		03/20/16		(17	)
Kazakhstan Government International Bond	HSBC		2.433%	USD	400		1.000%		03/20/16		(22	)
Korea Government International Bond	Deutsche Bank		1.363%	USD	600		1.000%		06/20/16		(9	)
Korea Government International Bond	Deutsche Bank		1.363%	USD	400		1.000%		06/20/16		(6	)
Mexico Government International Bond	Bank of America		1.171%	USD	300		1.000%		09/20/15		(2	)
Mexico Government International Bond	Citibank		1.301%	USD	1,000		1.000%		06/20/16		(13	)
Mexico Government International Bond	Citibank		1.171%	USD	700		1.000%		09/20/15		(5	)
Mexico Government International Bond	Citibank		1.072%	USD	400		1.000%		03/20/15		(1	)
Mexico Government International Bond	Credit Suisse Financial Products		1.072%	USD	400		1.000%		03/20/15		(1	)
Mexico Government International Bond	Deutsche Bank		1.301%	USD	2,100		1.000%		06/20/16		(27	)
Mexico Government International Bond	Deutsche Bank		1.072%	USD	200		1.000%		03/20/15		(1	)
Mexico Government International Bond	Deutsche Bank		1.244%	USD	900		1.000%		03/20/16		(9	)
Mexico Government International Bond	Goldman Sachs		1.244%	USD	3,100		1.000%		03/20/16		(32	)
Mexico Government International Bond	Morgan Stanley		1.351%	USD	300		1.000%		09/20/16		(5	)
Spain Government International Bond	Bank of America		3.685%	USD	100		1.000%		03/20/16		(10	)
United Kingdom Gilt	Credit Suisse Financial Products		0.630%	USD	200		1.000%		03/20/16		3
United Kingdom Gilt	Goldman Sachs		0.587%	USD	400		1.000%		12/20/15		6
United Kingdom Gilt	UBS		0.415%	USD	100		1.000%		03/20/15		2
United Kingdom Gilt	UBS		0.415%	USD	300		1.000%		03/20/15		5
United Kingdom Gilt	UBS		0.683%	USD	1,000		1.000%		06/20/16		14
United Kingdom Gilt	UBS		0.683%	USD	400		1.000%		06/20/16		6
United States Government Bond	BNP Paribas		0.364%	EUR	1,000		0.250%		03/20/16		(9	)
Total Market Value on Open Sovereign Issues Premiums Paid (Received) - ($1,453)											(1,500	)
Total Market Value on Open Credit Default Swap Contracts Premiums Paid (Received) - ($1,549) (å)											(2,660	)

See accompanying notes which are an integral part of this quarterly report.

172 Russell Investment Grade Bond Fund

Russell Investment Company

Russell Investment Grade Bond Fund

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1			Level 2			Level 3			Total
Long-Term Investments
Asset-Backed Securities	$	—		$	66,509		$	—		$	66,509
Corporate Bonds and Notes		—			292,878			6,929			299,807
International Debt		—			117,100			—			117,100
Mortgage-Backed Securities		—			724,579			21,664			746,243
Municipal Bonds		—			32,715			2,854			35,569
Non-US Bonds		—			9,875			—			9,875
United States Government Agencies		—			44,300			—			44,300
United States Government Treasuries		—			326,553			—			326,553
Preferred Stocks		3,611			—			2,941			6,552
Options Purchased		—			50			—			50
Short-Term Investments		—			351,085			—			351,085
Repurchase Agreements		—			10,200			—			10,200
Other Securities		—			17,849			—			17,849
Total Investments		3,611			1,993,693			34,388			2,031,692
Other Financial Instruments
Futures Contracts		1,856			—			—			1,856
Options Written		—			(137	)		(15	)		(152	)
Foreign Currency Exchange Contracts		(15	)		(572	)		—			(587	)
Interest Rate Swap Contracts		—			687			382			1,069
Credit Default Swap Contracts		—			(1,111	)		—			(1,111	)
Total Other Financial Instruments*	$	1,841		$	(1,133	)	$	367		$	1,075

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

A reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining a value for the period ending January 31, 2012 were as follows:

Category and Subcategory	Beginning Balance 11/1/2011			Gross Purchases		Gross Sales		Accrued Discounts/ (Premiums)			Realized/ Gain/(Loss)			Net Transfers out of Level 3
Long-Term Investments
Asset-Backed Securities	$	—		$	—	$	—	$	—		$	—		$	—
Corporate Bonds and Notes		7,305			982		1,603		(2	)		33			—
International Debt		—			—		—		—			—			—
Mortgage-Backed Securities		22,134			895		600		—			(5	)		781
Municipal Bonds		2,989			—		26		3			3			—
Preferred Stocks		2,950			—		—		—			—			—
Short-Term Investments		—			—		—		—			—
Total Investments		35,378			1,877		2,229		1			31			781
Other Financial Instruments
Options Written		(70	)		—		—		—			51			—
Interest Rate Swap Contracts		—			—		—		—			—			—
Credit Default Swap Contracts		(48	)		—		—		—			—			—
Index Swaps		(12	)		—		—		—			—			—
Total Other Financial Instruments		(130	)		—		—		—			51			—

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 173

Russell Investment Company

Russell Investment Grade Bond Fund

Presentation of Portfolio Holdings, continued — January 31, 2012

Amounts in thousands

Category and Subcategory	Net change in Unrealized Appreciation/ (Depreciation)			Ending Balance At 1/31/2012			Change in Unrealized Appreciation/ (Depreciation) on Investments still held as of 01/31/12
Long-Term Investments
Asset-Backed Securities	$	—		$	—		$	—
Corporate Bonds and Notes		214			6,929			214
International Debt		—			—			—
Mortgage-Backed Securities		21			21,664			(38	)
Municipal Bonds		(115	)		2,854			(115	)
Preferred Stocks		(9	)		2,941			(9	)
Short-Term Investments		—			—			—
Total Investments		111			34,388			52
Other Financial Instruments
Options Written		4			(15	)		(—	)
Interest Rate Swap Contracts		382			382			382
Credit Default Swap Contracts		48			—			—
Index Swaps		12			—			—
Total Other Financial Instruments		446			367			382

See accompanying notes which are an integral part of this quarterly report.

174 Russell Investment Grade Bond Fund

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Long-Term Investments - 96.1%
Asset-Backed Securities - 7.8%
Ally Master Owner Trust
Series 2010-2 Class A 4.250% due 04/15/17 (Þ)		3,000		3,244
Series 2011-1 Class A2 2.150% due 01/15/16		5,250		5,340
Series 2011-3 Class A2 1.810% due 05/15/16		985		998
AmeriCredit Automobile Receivables Trust
Series 2010-1 Class B 3.720% due 11/17/14		330		336
Series 2010-2 Class A2 1.220% due 10/08/13		305		305
Series 2010-4 Class A2 0.960% due 05/08/14		689		689
Series 2010-4 Class B 1.990% due 10/08/15		1,435		1,449
Series 2010-A Class A2 1.460% due 11/06/13		35		35
Series 2011-2 Class A3 1.610% due 10/08/15		2,525		2,551
Series 2011-3 Class B 2.280% due 06/08/16		1,290		1,293
Series 2011-4 Class A3 1.170% due 05/09/16		4,800		4,802
Ameriquest Mortgage Securities, Inc.
Series 2005-R10 Class A2B 0.496% due 12/25/35 (Ê)		392		366
Asset Backed Securities Corp. Home Equity
Series 2002-HE1 Class M1 1.935% due 03/15/32 (Ê)		427		308
Series 2004-HE6 Class A1 0.551% due 09/25/34 (Ê)		160		142
Atlantic City Electric Transition Funding LLC
Series 2003-1 Class A2 4.460% due 10/20/16		786		827
Bank of America Auto Trust
Series 2009-3A Class A3 1.670% due 12/15/13 (Þ)		111		112
Bear Stearns Asset Backed Securities Trust
Series 2007-HE7 Class 1A1 1.276% due 10/25/37 (Ê)		422		242
Capital One Multi-Asset Execution Trust
Series 2005-A10 Class A 0.365% due 09/15/15 (Ê)		1,365		1,364
Series 2005-B1 Class B1 4.900% due 12/15/17		820		893
CarMax Auto Owner Trust
Series 2010-1 Class A3 1.560% due 07/15/14		655		658
Centex Home Equity
Series 2003-C Class AF4 5.460% due 04/25/32		104		103
Chase Issuance Trust
Series 2005-C2 Class C2 0.725% due 01/15/15 (Ê)		1,785		1,785

	Principal Amount ($) or Shares		Market Value $
Series 2007-A9 Class A9 0.315% due 06/16/14 (Ê)		3,700		3,699
CIT Marine Trust
Series 1999-A Class A4 6.250% due 11/15/19		71		72
Citibank Omni Master Trust
Series 2009-A8 Class A8 2.390% due 05/16/16 (Ê)(Þ)		3,700		3,720
Countrywide Asset-Backed Certificates
Series 2001-BC3 Class A 0.756% due 12/25/31 (Ê)		62		32
Series 2005-1 Class AF4 5.147% due 07/25/35		295		273
Series 2005-4 Class AF3 4.456% due 10/25/35		36		35
Series 2005-17 Class 4A2A 0.536% due 05/25/36 (Ê)		432		369
Series 2006-3 Class 2A2 0.456% due 06/25/36 (Ê)		244		193
Series 2007-4 Class A2 5.530% due 09/25/37		360		310
Discover Card Master Trust I
Series 2007-3 Class B2 0.465% due 10/16/14 (Ê)		1,240		1,239
DT Auto Owner Trust
Series 2009-1 Class A1 2.980% due 10/15/15 (Þ)		558		561
Series 2010-1A Class B 2.360% due 04/15/13 (Þ)		767		768
Series 2011-2A Class A 0.960% due 01/15/14 (Þ)		691		691
Series 2011-2A Class B 2.120% due 02/16/16 (Þ)		2,295		2,297
Series 2011-3A Class A 1.400% due 08/15/14 (Þ)		1,244		1,245
Equity One ABS, Inc.
Series 2003-4 Class M1 5.369% due 10/25/34		415		248
Federal Home Loan Mortgage Corp. Structured Pass Through Securities
Series 2000-30 Class A5 6.704% due 12/25/30		2,220		2,427
Ford Credit Floorplan Master Owner Trust
Series 2010-5 Class A1 1.500% due 09/15/15		1,880		1,899
Franklin Auto Trust
Series 2006-1 Class C 5.410% due 07/21/14		813		814
Fremont Home Loan Trust
Series 2006-E Class 2A1 0.336% due 01/25/37 (Ê)		21		21
GE Equipment Midticket LLC
Series 2009-1 Class A3 2.340% due 06/17/13		8		8
GE-WMC Mortgage Securities LLC
Series 2006-1 Class A2A 0.316% due 08/25/36 (Ê)		11		3

Russell Short Duration Bond Fund 175

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
GSAMP Trust
Series 2007-FM1 Class A2A 0.346% due 12/25/36 (Ê)		99		65
Harley-Davidson Motorcycle Trust
Series 2007-2 Class A4 5.120% due 08/15/13		84		84
Series 2007-3 Class A4 5.520% due 11/15/13		292		294
Home Equity Asset Trust
Series 2006-3 Class 2A3 0.456% due 07/25/36 (Ê)		883		847
HSBC Home Equity Loan Trust
Series 2005-1 Class A 0.571% due 01/20/34 (Ê)		195		176
Series 2005-3 Class A1 0.541% due 01/20/35 (Ê)		1,607		1,465
JPMorgan Auto Receivables Trust
Series 2008-A Class A4 5.220% due 07/15/15 (Þ)		2,455		2,479
Landmark CDO, Ltd.
Series 2003-3A Class A1LA 1.037% due 01/15/16 (Ê)(Þ)		48		47
Long Beach Mortgage Loan Trust
Series 2004-4 Class 1A1 0.836% due 10/25/34 (Ê)		20		15
Long Grove CLO, Ltd.
Series 2004-1A Class A 0.886% due 05/25/16 (Ê)(Þ)		1,297		1,270
Marriott Vacation Club Owner Trust
Series 2006-1A Class D 6.502% due 04/20/28 (Þ)		133		135
Massachusetts Educational Financing Authority
Series 2008-1 Class A1 1.510% due 04/25/38 (Ê)		1,210		1,208
Mercedes-Benz Auto Lease Trust
Series 2011-B Class A4 1.240% due 07/17/17 (Þ)		3,000		3,008
Porsche Innovative Lease Owner Trust
Series 2011-1 Class A4 1.260% due 11/20/17 (Þ)		2,000		2,006
Prestige Auto Receivables Trust
Series 2011-1A Class A3 1.900% due 08/17/15 (Þ)		1,385		1,393
Renaissance Home Equity Loan Trust
Series 2005-4 Class A3 5.565% due 02/25/36		117		101
Series 2007-2 Class AF2 5.675% due 06/25/37		355		144
Santander Drive Auto Receivables Trust
Series 2010-1 Class A2 1.360% due 03/15/13		186		186
Series 2010-1 Class A3 1.840% due 11/17/14		2,085		2,101
Series 2010-2 Class A2 0.950% due 08/15/13		541		541
Series 2010-2 Class B 2.240% due 12/15/14		450		450

	Principal Amount ($) or Shares		Market Value $
Series 2010-A Class A2 1.370% due 08/15/13 (Þ)		345		345
Series 2010-B Class A2 1.010% due 07/15/13 (Þ)		1,056		1,056
Series 2011-1 Class A2 0.940% due 02/18/14		1,298		1,297
Series 2011-1 Class A3 1.280% due 01/15/15		1,240		1,242
Series 2011-1 Class B 2.350% due 11/16/15		1,525		1,532
Series 2011-2 Class B 2.660% due 01/15/16		755		759
Series 2011-3 Class B 2.500% due 12/15/15		2,180		2,181
Series 2012-1 Class B 2.720% due 05/16/16		1,680		1,683
SLM Student Loan Trust
Series 2003-12 Class A4 0.736% due 12/17/18 (Ê)		286		286
Series 2003-7A Class A5A 1.746% due 12/15/33 (Ê)(Þ)		600		595
Series 2008-2 Class A1 0.860% due 01/25/15 (Ê)		4		4
Series 2008-7 Class A2 1.060% due 10/25/17 (Ê)		2,472		2,465
Series 2011-A Class A1 1.285% due 10/15/24 (Ê)(Þ)		3,032		3,002
Series 2011-A Class A2 4.370% due 04/17/28 (Þ)		715		737
Series 2011-B Class A2 3.740% due 02/15/29 (Þ)		1,765		1,765
Small Business Administration Participation Certificates
Series 2009-20D Class 1 4.310% due 04/01/29		471		514
SMART Trust
Series 2011-1USA Class A2A 1.180% due 04/14/13 (Þ)		601		601
South Carolina Student Loan Corp.
Series 2008-1 Class A4 1.527% due 09/03/24 (Ê)		400		394
South Carolina Student Loan Corp. Revenue Bonds
Series 2008-1 Class A2 1.077% due 03/01/18 (Ê)		431		426
Series 2008-1 Class A3 1.277% due 03/02/20 (Ê)		700		690
				88,355
Corporate Bonds and Notes - 12.7%
Allstate Life Global Funding Trusts
5.375% due 04/30/13		200		211
Ally Financial, Inc.
3.963% due 06/20/14 (Ê)		300		292
American Express Bank FSB
Series BKNT 5.500% due 04/16/13		300		316

176 Russell Short Duration Bond Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
American International Group, Inc.
4.250% due 05/15/13		500		507
4.875% due 09/15/16		1,570		1,594
8.250% due 08/15/18		100		115
Amgen, Inc.
2.500% due 11/15/16		1,755		1,810
Anheuser-Busch InBev Worldwide, Inc.
Series FRN 1.107% due 01/27/14 (Ê)		2,100		2,107
Aristotle Holding, Inc.
3.500% due 11/15/16 (Þ)		2,000		2,057
AT&T, Inc.
2.950% due 05/15/16		1,195		1,266
Bank of America Corp.
1.973% due 01/30/14 (Ê)		1,800		1,743
7.375% due 05/15/14		1,415		1,527
4.750% due 08/01/15		770		787
Bank of America NA
Series BKNT 6.100% due 06/15/17		380		385
Bear Stearns Cos. LLC (The)
5.550% due 01/22/17		3,030		3,269
Berkshire Hathaway, Inc.
1.900% due 01/31/17		865		879
Best Buy Co., Inc.
6.750% due 07/15/13		655		695
Black & Decker Corp.
8.950% due 04/15/14		1,020		1,174
Boston Scientific Corp.
4.500% due 01/15/15		860		918
Cameron International Corp.
1.459% due 06/02/14 (Ê)		500		501
Case New Holland, Inc.
7.750% due 09/01/13		450		487
Caterpillar, Inc.
0.649% due 05/21/13 (Ê)		1,800		1,806
CEDC Finance Corp. International, Inc.
9.125% due 12/01/16 (Þ)		575		405
CenterPoint Energy Houston Electric LLC
Series U 7.000% due 03/01/14		547		613
Cintas Corp. No. 2
2.850% due 06/01/16		1,105		1,148
CIT Group, Inc.
7.000% due 05/01/17		204		204
Series A 7.000% due 05/01/16		115		115
Citigroup, Inc.
1.307% due 02/15/13 (Ê)		5,800		5,744
5.500% due 04/11/13		700		726
4.450% due 01/10/17		2,555		2,664
Commonwealth Edison Co.
1.625% due 01/15/14		855		869
Continental Airlines 2006-1 Class G
Pass Through Trust
Series 061G
0.879% due 06/02/13 (Ê)		579		550

	Principal Amount ($) or Shares		Market Value $
CVS Caremark Corp.
3.250% due 05/18/15		890		944
Daimler Finance NA LLC
1.742% due 09/13/13 (Ê)(Þ)		400		399
Devon Energy Corp.
5.625% due 01/15/14		615		673
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
3.550% due 03/15/15		1,190		1,243
Discover Financial Services
10.250% due 07/15/19		745		935
Dr Pepper Snapple Group, Inc.
6.120% due 05/01/13		500		531
Duke Energy Carolinas LLC
1.750% due 12/15/16		1,530		1,556
4.300% due 06/15/20		710		811
E*Trade Financial Corp.
12.500% due 11/30/17		868		1,005
El Paso Pipeline Partners Operating Co. LLC
6.500% due 04/01/20		300		335
Enterprise Products Operating LLC
5.900% due 04/15/13		175		185
Express Scripts, Inc.
6.250% due 06/15/14		685		751
First Horizon National Corp.
5.375% due 12/15/15		500		515
FirstEnergy Solutions Corp.
4.800% due 02/15/15		655		702
Florida Gas Transmission Co. LLC
4.000% due 07/15/15 (Þ)		500		524
Ford Motor Credit Co. LLC
8.700% due 10/01/14		400		453
FUEL Trust
3.984% due 06/15/16 (Å)		1,190		1,212
General Electric Capital Corp.
4.650% due 10/17/21		265		280
Series MTNA 0.806% due 09/15/14 (Ê)		2,525		2,453
Gilead Sciences, Inc.
3.050% due 12/01/16		1,385		1,452
Goldman Sachs Group, Inc. (The)
3.700% due 08/01/15		2,035		2,069
5.250% due 07/27/21		4,900		4,895
Goodrich Corp.
6.290% due 07/01/16		1,215		1,436
Hewlett-Packard Co.
0.786% due 05/24/13 (Ê)		2,100		2,088
4.750% due 06/02/14		1,285		1,374
2.650% due 06/01/16		1,040		1,054
Humana, Inc.
6.450% due 06/01/16		383		433
International Lease Finance Corp.
6.500% due 09/01/14 (Þ)		4,715		4,968
John Deere Capital Corp.
4.900% due 09/09/13		980		1,044
2.800% due 09/18/17		2,290		2,426

Russell Short Duration Bond Fund 177

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Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
JPMorgan Chase & Co.
3.150% due 07/05/16		3,000		3,046
Series 1 7.900% due 04/29/49 (Æ)(ƒ)		275		298
JPMorgan Chase Bank NA
0.872% due 06/13/16 (Ê)		1,400		1,273
Kraft Foods, Inc.
2.625% due 05/08/13		2,700		2,753
4.125% due 02/09/16		680		739
5.375% due 02/10/20		1,145		1,337
Lehman Brothers Holdings Capital Trust VII
5.857% due 11/29/49 (ƒ)(Ø)		270		—
Medco Health Solutions, Inc.
7.250% due 08/15/13		770		840
Medtronic, Inc.
4.500% due 03/15/14		230		249
3.000% due 03/15/15		1,230		1,311
Merrill Lynch & Co., Inc.
5.450% due 02/05/13		3,700		3,808
6.400% due 08/28/17		1,255		1,327
MetLife Institutional Funding II
1.481% due 04/04/14 (Ê)(Þ)		1,700		1,700
Metropolitan Life Global Funding I
5.125% due 04/10/13 (Þ)		100		105
3.125% due 01/11/16 (Þ)		2,345		2,416
Microsoft Corp.
4.200% due 06/01/19		1,000		1,156
Morgan Stanley
6.625% due 04/01/18		1,365		1,438
Series GMTN 2.953% due 05/14/13 (Ê)		2,900		2,898
0.883% due 01/09/14 (Ê)		2,215		2,083
National Rural Utilities Cooperative Finance Corp.
1.900% due 11/01/15		1,405		1,431
NB Capital Trust IV
8.250% due 04/15/27		360		355
NII Capital Corp.
7.625% due 04/01/21		895		917
PACCAR, Inc.
6.875% due 02/15/14		700		787
Pacific Life Global Funding
5.150% due 04/15/13 (Þ)		900		938
Philip Morris International, Inc.
2.500% due 05/16/16		1,765		1,838
Pricoa Global Funding I
0.774% due 09/27/13 (Ê)(Þ)		200		198
Principal Life Income Funding Trusts
5.300% due 04/24/13		200		210
Prudential Financial, Inc.
6.200% due 01/15/15		310		343
Quebecor World Capital Corp.
6.125% due 11/15/13 (Ø)		70		—
4.875% due 01/02/49 (Ø)		205		—
Qwest Corp.
3.796% due 06/15/13 (Ê)		200		202

	Principal Amount ($) or Shares		Market Value $
Regions Financial Corp.
7.750% due 11/10/14		100		105
Rockies Express Pipeline LLC
6.850% due 07/15/18 (Þ)		825		792
SLM Corp.
6.250% due 01/25/16		2,700		2,756
Series BEd 5.775% due 06/15/13 (Ê)		250		247
Southern Copper Corp.
6.375% due 07/27/15		300		333
SSIF Nevada, LP
1.267% due 04/14/14 (Ê)(Þ)		3,700		3,642
Staples, Inc.
9.750% due 01/15/14		1,040		1,192
TD Ameritrade Holding Corp.
4.150% due 12/01/14		1,690		1,804
Texas Competitive Electric Holdings Co. LLC Extended Term Loan
4.795% due 10/10/17 (Ê)		1,134		699
Textron, Inc.
6.200% due 03/15/15		970		1,041
Time Warner, Inc.
3.150% due 07/15/15		700		743
Union Pacific Corp.
5.375% due 05/01/14		1,000		1,087
Verizon Communications, Inc.
4.350% due 02/15/13		1,955		2,030
3.000% due 04/01/16		1,255		1,334
Series FRN 1.184% due 03/28/14 (Ê)		1,300		1,306
Walt Disney Co. (The)
4.500% due 12/15/13		385		413
Watson Pharmaceuticals, Inc.
5.000% due 08/15/14		525		563
Wells Fargo & Co.
2.625% due 12/15/16		1,330		1,358
Series K 7.980% due 03/29/49 (ƒ)		4,600		4,979
Williams Partners, LP / Williams Partners Finance Corp. 7.250% due 02/01/17		1,365		1,649
WM Wrigley Jr Co.
3.050% due 06/28/13 (Þ)		400		407
Yum! Brands, Inc.
4.250% due 09/15/15		1,570		1,705
ZFS Finance USA Trust II
6.450% due 12/15/65 (Þ)		1,100		1,034
				143,445
International Debt - 11.3%
Abu Dhabi National Energy Co.
4.125% due 03/13/17 (Þ)		920		932
AK Transneft OJSC Via TransCapitalInvest, Ltd.
7.700% due 08/07/13 (Þ)		1,100		1,182
America Movil SAB de CV
5.000% due 10/16/19		1,150		1,294

178 Russell Short Duration Bond Fund

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Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
American International Group, Inc.
1.388% due 07/19/13 (Ê)		2,900		3,567
Series MPLE 4.900% due 06/02/14		3,000		2,971
ANZ National International, Ltd.
6.200% due 07/19/13 (Þ)		200		211
ArcelorMittal
3.750% due 08/05/15		1,605		1,623
5.250% due 08/05/20		420		411
Babson CLO, Ltd.
Series 2004-2A Class A2A 0.777% due 11/15/16 (Ê)(Þ)		569		554
Banco Bradesco SA
2.561% due 05/16/14 (Ê)(Þ)		2,100		2,048
Banco do Brasil SA
4.500% due 01/22/15 (Þ)		300		310
Banco do Nordeste do Brasil SA
3.625% due 11/09/15 (Þ)		600		597
Banco Mercantil del Norte SA
4.375% due 07/19/15 (Þ)		500		508
Banco Santander Chile
3.750% due 09/22/15 (Þ)		1,000		1,008
Bank of Montreal
2.500% due 01/11/17		1,350		1,371
Bank of Nova Scotia
2.550% due 01/12/17		590		601
Bank of Tokyo-Mitsubishi UFJ, Ltd.
3.850% due 01/22/15 (Þ)		600		637
Banque PSA Finance SA
Series 144a
2.481% due 04/04/14 (Ê)(Þ)		800		726
BHP Billiton Finance USA, Ltd.
5.500% due 04/01/14		200		221
BNP Paribas SA
Series BKNT 1.482% due 01/10/14 (Ê)		1,300		1,251
Series MTN 0.983% due 04/08/13 (Ê)		1,600		1,561
BPCE SA
2.375% due 10/04/13 (Þ)		100		98
Braskem Finance, Ltd.
5.750% due 04/15/21 (Þ)		300		299
Cenovus Energy, Inc.
4.500% due 09/15/14		335		363
Centrais Eletricas Brasileiras SA
6.875% due 07/30/19 (Þ)		200		228
Central American Bank for Economic Integration
5.375% due 09/24/14 (Þ)		700		749
Commonwealth Bank of Australia
1.000% due 07/12/13 (Ê)(Þ)		4,600		4,624
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA/Utrect
3.375% due 01/19/17		815		839
Corp. Andina de Fomento
8.125% due 06/04/19		210		257

	Principal Amount ($) or Shares		Market Value $
Credit Agricole Home Loan SFH
1.311% due 07/21/14 (Ê)(Þ)		1,800		1,725
Credit Agricole SA
2.011% due 01/21/14 (Ê)(Þ)		1,600		1,512
DanFin Funding, Ltd.
1.267% due 07/16/13 (Ê)(Þ)		3,000		3,032
Deutsche Telekom International Finance BV
5.250% due 07/22/13		2,000		2,104
Dexia Credit Local NY
0.927% due 03/05/13 (Ê)(Þ)		2,800		2,661
Dexia Credit Local SA
1.033% due 04/29/14 (Ê)(Þ)		1,400		1,274
Digicel Group, Ltd.
8.875% due 01/15/15 (Þ)		190		191
9.125% due 01/15/15 (Þ)		1,280		1,293
Dryden Leveraged Loan CDO 2002-II
Series 2005-8A Class A 0.738% due 05/22/17 (Ê)(Þ)		880		843
Eksportfinans ASA
2.375% due 05/25/16		1,740		1,498
FIH Erhvervsbank A/S
0.912% due 06/13/13 (Ê)(Þ)		4,900		4,896
Gazprom OAO Via Gaz Capital SA
7.510% due 07/31/13 (Þ)		600		641
Goldman Sachs Group, Inc. (The)
1.884% due 02/04/13 (Ê)		200		258
6.125% due 02/14/17		100		166
Series REGS 4.500% due 05/09/16		100		132
HSBC Finance Corp.
1.583% due 04/05/13 (Ê)		2,000		2,563
Hutchison Whampoa International 09/19, Ltd.
5.750% due 09/11/19 (Þ)		685		763
Hutchison Whampoa International 11, Ltd.
3.500% due 01/13/17 (Å)		1,500		1,527
Hydro Quebec
2.000% due 06/30/16		3,900		4,006
Industrial Bank of Korea
3.750% due 09/29/16 (Þ)		1,900		1,915
ING Bank NV
3.900% due 03/19/14 (Þ)		300		316
1.940% due 06/09/14 (Ê)(Þ)		400		385
Intesa Sanpaolo SpA
2.906% due 02/24/14 (Ê)(Þ)		700		645
Korea Development Bank (The)
8.000% due 01/23/14		600		660
3.250% due 03/09/16		1,800		1,786
Korea Housing Finance Corp.
4.125% due 12/15/15 (Þ)		700		726
Lloyds TSB Bank PLC
2.911% due 01/24/14 (Ê)		1,900		1,879
Montpelier Re Holdings, Ltd.
6.125% due 08/15/13		585		596
Morgan Stanley
1.807% due 03/01/13 (Ê)		1,400		1,799

Russell Short Duration Bond Fund 179

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Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series GMTN 1.651% due 01/16/17 (Ê)		200		220
5.750% due 02/14/17		100		161
National Australia Bank, Ltd.
1.301% due 04/11/14 (Ê)(Þ)		2,800		2,760
Nordea Eiendomskreditt AS
1.003% due 04/07/14 (Ê)(Þ)		1,300		1,260
Norske Skogindustrier ASA
6.125% due 10/15/15 (Þ)		535		350
PE Paper Escrow GmbH
12.000% due 08/01/14 (Þ)		400		434
Pernod-Ricard SA
2.950% due 01/15/17 (Å)		2,070		2,107
Petroleum Co. of Trinidad & Tobago, Ltd.
6.000% due 05/08/22 (Þ)		2,625		2,592
Province of Ontario Canada
1.600% due 09/21/16		14,500		14,622
Qatar Government International Bond
3.125% due 01/20/17 (Þ)		2,375		2,411
Qatari Diar Finance QSC
3.500% due 07/21/15 (Þ)		1,400		1,453
Qtel International Finance, Ltd.
3.375% due 10/14/16 (Þ)		2,800		2,818
5.000% due 10/19/25 (Þ)		700		705
RCI Banque SA
Series 144a 2.451% due 04/11/14 (Ê)(Þ)		1,800		1,649
SABMiller PLC
5.500% due 08/15/13 (Þ)		1,145		1,213
Shell International Finance BV
3.100% due 06/28/15		1,700		1,833
SLM Corp.
1.756% due 06/17/13 (Ê)		100		123
SLM Student Loan Trust
Series 2004-5X Class A5 1.418% due 10/25/23 (Ê)		1,800		2,118
SMART Trust
Series 2011-2USA Class A4A 2.310% due 04/14/17 (Þ)		1,825		1,850
SMART Trust/Australia
Series 2011-4USA Class A3A 1.810% due 11/14/15 (Þ)		3,000		3,012
Societe Financement de l’Economie Francaise
3.375% due 05/05/14 (Þ)		1,300		1,352
Statoil ASA
1.800% due 11/23/16		405		414
Telefonica Emisiones SAU
2.582% due 04/26/13		390		386
Telefonos de Mexico SAB de CV
5.500% due 01/27/15		845		923
Transocean, Inc.
5.050% due 12/15/16		825		884
Tyco International Finance SA
4.125% due 10/15/14		680		728
Vedanta Resources PLC
6.750% due 06/07/16 (Þ)		535		472

	Principal Amount ($) or Shares		Market Value $
VimpelCom Holdings BV
7.504% due 03/01/22 (Þ)		365		343
Volvo Treasury AB
5.950% due 04/01/15 (Þ)		1,135		1,214
Waha Aerospace BV
3.925% due 07/28/20 (Þ)		1,530		1,564
Westpac Banking Corp.
1.309% due 03/31/14 (Ê)(Þ)		1,400		1,379
Willis Group Holdings PLC
4.125% due 03/15/16		535		548
XL Group PLC
5.250% due 09/15/14		1,101		1,163
				127,894
Loan Agreements - 0.0%
Newsday LLC Term Loan B
10.500% due 08/01/13		275		283
Mortgage-Backed Securities - 46.0%
American Home Mortgage Investment Trust
Series 2004-3 Class 5A 2.566% due 10/25/34 (Ê)		647		560
Series 2004-4 Class 4A 2.746% due 02/25/45 (Ê)		236		179
Asset Securitization Corp.
Series 1997-D5 Class A3 7.133% due 02/14/43		295		301
Banc of America Funding Corp.
Series 2005-D Class A1 2.682% due 05/25/35 (Ê)		3,525		3,368
Series 2006-2 Class 2A18 5.750% due 03/25/36		1,076		1,036
Series 2006-A Class 1A1 2.655% due 02/20/36 (Ê)		866		718
Series 2006-F Class 1A2 2.736% due 07/20/36 (Ê)		77		17
Series 2006-I Class 5A1 5.965% due 10/20/46 (Ê)		444		343
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2002-2 Class F 5.487% due 07/11/43		1,505		1,516
Series 2002-PB2 Class A4 6.186% due 06/11/35		91		91
Series 2002-PB2 Class C 6.349% due 06/11/35		155		155
Series 2003-1 Class D 4.903% due 09/11/36 (Þ)		460		465
Series 2003-1 Class SBB 5.860% due 03/11/32 (Þ)		885		924
Series 2003-1 Class SBC 5.790% due 03/11/32 (Þ)		980		1,022
Series 2003-1 Class SBE 6.770% due 03/11/32 (Þ)		1,112		1,175

180 Russell Short Duration Bond Fund

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Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2005-1 Class A3 4.877% due 11/10/42		329		329
Series 2005-1 Class A4 5.237% due 11/10/42		1,815		1,876
Series 2005-3 Class A2 4.501% due 07/10/43		230		229
Series 2006-1 Class A2 5.334% due 09/10/45		2,016		2,033
Series 2007-1 Class A2 5.381% due 01/15/49		132		132
Series 2007-2 Class AAB 5.757% due 04/10/49		460		499
Banc of America Mortgage Securities, Inc.
Series 2004-2 Class 5A1 6.500% due 10/25/31		43		45
Series 2004-I Class 2A2 2.753% due 10/25/34 (Ê)		1,698		1,514
Series 2004-L Class 1A1 2.958% due 01/25/35 (Ê)		31		24
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-1 Class 5A1 5.579% due 04/25/33		134		128
Series 2003-8 Class 2A1 2.918% due 01/25/34 (Ê)		128		119
Series 2005-6 Class 1A1 2.732% due 08/25/35		163		94
Bear Stearns Alt-A Trust
Series 2005-4 Class 23A1 2.605% due 05/25/35		582		429
Series 2005-7 Class 22A1 2.807% due 09/25/35		37		23
Bear Stearns Asset Backed Securities Trust
Series 2003-AC3 Class A1 4.500% due 07/25/33		165		161
Bear Stearns Commercial Mortgage Securities
Series 2003-T10 Class A1 4.000% due 03/13/40		92		92
Series 2003-T12 Class A3 4.240% due 08/13/39		6		6
Series 2003-T12 Class B 4.891% due 08/13/39		465		478
Series 2003-T12 Class C 5.011% due 08/13/39		945		937
Series 2005-PWR7 Class A3 5.116% due 02/11/41		330		361
Series 2005-PWR8 Class A3 4.550% due 06/11/41		167		167
Series 2005-T20 Class A2 5.127% due 10/12/42		425		425
Series 2006-PW11 Class A1 5.266% due 03/11/39		144		144
Series 2007-T26 Class A4 5.471% due 01/12/45		100		114
Bear Stearns Structured Products, Inc.
Series 2007-R6 Class 1A1 2.580% due 01/26/36		179		105

	Principal Amount ($) or Shares		Market Value $
Series 2007-R6 Class 2A1 3.230% due 12/26/46		1,492		881
Chase Commercial Mortgage Securities Corp.
Series 1997-1 Class F 7.370% due 06/19/29 (Þ)		78		79
Series 1998-1 Class F 6.560% due 05/18/30 (Þ)		3,457		3,584
Chase Mortgage Finance Corp.
Series 2007-A1 Class 8A1 2.739% due 02/25/37		299		301
Citicorp Mortgage Securities, Inc.
Series 2005-7 Class 1A1 5.500% due 10/25/35		341		343
Citigroup Mortgage Loan Trust, Inc.
Series 2007-10 Class 2A3A 5.912% due 09/25/37		127		78
Commercial Mortgage Acceptance Corp.
Series 1998-C2 Class F 5.440% due 09/15/30 (Þ)		695		724
Commercial Mortgage Asset Trust
Series 1999-C1 Class D 7.350% due 01/17/32		650		704
Series 1999-C2 Class E 7.640% due 11/17/32		50		54
Commercial Mortgage Pass Through Certificates
Series 2003-LB1A Class A2 4.084% due 06/10/38		1,520		1,561
Series 2006-C7 Class A2 5.690% due 06/10/46		4		4
Series 2006-C8 Class A4 5.306% due 12/10/46		400		444
Series 2011-THL Class A 3.376% due 06/09/28 (Þ)		930		956
Community Program Loan Trust
Series 1987-A Class A4 4.500% due 10/01/18		127		128
Countrywide Alternative Loan Trust
Series 2003-J2 Class A1 6.000% due 10/25/33		100		97
Series 2005-48T1 Class A6 5.500% due 11/25/35		2,692		1,710
Series 2006-36T2 Class 1A9 1.176% due 12/25/36 (Ê)		677		314
Countrywide Home Loan Mortgage Pass Through Trust
Series 2004-22 Class A3 2.751% due 11/25/34		159		118
Series 2004-HYB9 Class 1A1 2.774% due 02/20/35		278		220
Series 2005-HYB9 Class 5A1 2.610% due 02/20/36 (Ê)		628		368
Series 2005-R2 Class 2A4 8.500% due 06/25/35 (Þ)		158		162
Series 2006-1 Class A2 6.000% due 03/25/36		743		575

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Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2007-1 Class A1 6.000% due 03/25/37		2,773		2,226
Series 2007-2 Class A2 6.000% due 03/25/37		5,400		4,333
Series 2007-9 Class A11 5.750% due 07/25/37		1,300		1,108
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-CKN2 Class C1 6.376% due 04/15/37		1,155		1,154
Series 2002-CKS4 Class B 5.333% due 11/15/36		1,400		1,403
Series 2002-CP3 Class C 5.510% due 07/15/35		1,655		1,661
Series 2005-C1 Class AAB 4.815% due 02/15/38		401		410
Series 2005-C2 Class A3 4.691% due 04/15/37		1,100		1,150
Series 2005-C3 Class A2 4.512% due 07/15/37		53		53
Series 2005-C4 Class A3 5.120% due 08/15/38		2,806		2,823
Credit Suisse Mortgage Capital Certificates
Series 2006-C2 Class A3 5.851% due 03/15/39		100		110
Series 2010-19R Class 3A1 1.270% due 10/27/37 (Þ)		1,715		1,695
DBUBS Mortgage Trust
Series 2011-LC3A Class A2 3.642% due 08/10/44		795		850
Deutsche ALT-A Securities, Inc. Alternate Loan Trust Series 2003-4XS Class A6A 4.820% due 10/25/33		326		319
DLJ Commercial Mortgage Corp.
Series 2000-CKP1 Class B1 7.950% due 11/10/33		75		76
Fannie Mae
5.000% due 2013		49		52
6.000% due 2013		22		24
4.000% due 2014		317		336
6.000% due 2014		94		100
5.500% due 2016		253		275
5.500% due 2017		415		452
6.000% due 2017		48		51
7.000% due 2017		52		57
4.000% due 2018		1,321		1,410
7.000% due 2022		748		790
4.500% due 2023		2,545		2,724
4.000% due 2024		74		79
4.500% due 2024		2,787		2,982
4.000% due 2025		1,285		1,363
4.000% due 2026		1,777		1,887
5.000% due 2028		281		304
2.356% due 2033 (Ê)		47		50
5.000% due 2033		536		579
5.000% due 2034		796		861

	Principal Amount ($) or Shares			Market Value $
2.240% due 2035 (Ê)		1,535			1,603
2.407% due 2035 (Ê)		141			149
2.603% due 2035 (Ê)		8,726			9,285
5.000% due 2035		336			363
5.500% due 2035		312			340
5.000% due 2036		102			110
5.500% due 2036		451			491
6.000% due 2036		1,877			2,068
5.000% due 2037		3,088			3,339
5.500% due 2037		917			998
5.000% due 2038		251			271
5.500% due 2038		5,889			6,412
6.000% due 2038		1,200			1,326
4.500% due 2039		227			243
5.000% due 2039		82,059			88,687
6.000% due 2039		152			169
4.500% due 2040		4,096			4,382
5.000% due 2040		4,079			4,407
5.500% due 2040		196			213
1.458% due 2041 (Ê)		412			419
4.500% due 2041		5,820			6,227
5.000% due 2041		137			149
5.500% due 2041		367			402
1.408% due 2042 (Ê)		138			139
15 Year TBA (Ï) 3.000%		64,880			67,455
3.500%		7,450			7,839
4.500%		(2,000	)		(2,138	)
30 Year TBA (Ï) 3.500%		1,215			1,262
4.000%		(17,000	)		(17,917	)
4.500%		(2,000	)		(2,137	)
5.000%		13,000			14,523
5.500%		21,000			22,838
6.000%		6,000			6,582
4.000%		27,000			28,577
4.500%		11,010			11,801
5.000%		7,838			8,475
5.500%		1,248			1,361
Fannie Mae Grantor Trust Series 2001-T3 Class A1 7.500% due 11/25/40		317			374
Series 2001-T4 Class A1 7.500% due 07/25/41		871			1,025
Series 2001-T8 Class A2 9.500% due 07/25/41		24			28
Series 2001-T10 Class A1 7.000% due 12/25/41		67			74
Series 2001-T10 Class A2 7.500% due 12/25/41		1,273			1,485
Series 2002-T4 Class A3 7.500% due 12/25/41		11			13
Series 2002-T19 Class A1 6.500% due 07/25/42		559			640
Series 2004-T1 Class 1A2 6.500% due 01/25/44		1,060			1,194
Series 2004-T2 Class 1A3 7.000% due 11/25/43		907			1,020

182 Russell Short Duration Bond Fund

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Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Fannie Mae REMICS Series 2002-57 Class PG 5.500% due 09/25/17		759		814
Series 2003-16 Class BH 5.000% due 03/25/17		26		26
Series 2003-63 Class GU 4.000% due 07/25/33		12		13
Series 2004-70 Class EB 5.000% due 10/25/24		335		365
Series 2007-30 Class AF 0.586% due 04/25/37 (Ê)		301		299
Series 2007-63 Class FC 0.626% due 07/25/37 (Ê)		1,224		1,220
Series 2007-73 Class A1 0.336% due 07/25/37 (Ê)		132		127
Series 2009-96 Class DB 4.000% due 11/25/29		265		286
Series 2010-15 Class FD 1.016% due 03/25/40 (Ê)		2,143		2,157
Series 2011-53 Class FY 0.826% due 06/25/41 (Ê)		4,558		4,556
Fannie Mae Whole Loan
Series 2002-W3 Class A4 6.500% due 11/25/41		392		441
Series 2003-W2 Class 1A1 6.500% due 07/25/42		199		232
Series 2004-W2 Class 2A2 7.000% due 02/25/44		926		1,068
Series 2004-W9 Class 2A1 6.500% due 02/25/44		40		46
Series 2004-W11 Class 1A2 6.500% due 05/25/44		318		353
Series 2005-W1 Class 1A2 6.500% due 10/25/44		112		133
FDIC Structured Sale Guaranteed Notes Series 2010-C1 Class A 2.980% due 12/06/20 (Þ)		1,473		1,534
Series 2010-L2A Class A 3.000% due 09/30/19 (Þ)		1,222		1,229
Series 2010-S1 Class 1A 0.845% due 02/25/48 (Ê)(Þ)		583		582
FDIC Trust Series 2010-R1 Class A 2.184% due 05/25/50 (Þ)		1,382		1,380
Series 2011-R1 Class A 2.672% due 07/25/26 (Þ)		2,018		2,065
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates Series 2009-K003 Class A3 4.324% due 12/25/15		875		965
Series 2011-K014 Class X1 Interest Only STRIP 1.453% due 04/25/21		5,334		453
Series 2011-K015 Class X1 Interest Only STRIP 1.848% due 07/25/21		2,985		336

	Principal Amount ($) or Shares		Market Value $
Series 2011-K702 Class X1 Interest Only STRIP 1.731% due 02/25/18		19,508		1,451
Series 2011-K703 Class A1 1.873% due 01/25/18		7,659		7,834
Federal Home Loan Mortgage Corp. Structured Pass Through Securities Series 2002-51 Class 1A 6.500% due 09/25/43		192		219
Series 2003-54 Class 2A 6.500% due 02/25/43		159		176
Series 2003-58 Class 2A 6.500% due 09/25/43		48		56
Series 2005-63 Class 1A1 1.408% due 02/25/45 (Ê)		403		387
First Horizon Asset Securities, Inc. Series 2005-AR4 Class 2A1 2.633% due 10/25/35 (Ê)		1,365		1,017
First Union Commercial Mortgage Securities, Inc. Series 1997-C2 Class D 7.120% due 11/18/29		101		102
First Union-Lehman Brothers-Bank of America Series 1998-C2 Class D 6.778% due 11/18/35		1,069		1,094
Freddie Mac
6.000% due 2013		10		11
5.500% due 2014		5		5
6.000% due 2014		16		17
6.000% due 2016		94		101
6.000% due 2018		96		103
5.500% due 2019		1,727		1,880
5.500% due 2022		1,148		1,244
5.500% due 2029		319		348
6.000% due 2029		32		36
6.000% due 2031		81		90
6.000% due 2033		173		193
2.494% due 2035 (Ê)		265		281
5.500% due 2038		774		840
5.500% due 2039		616		668
30 Year TBA (Ï) 4.500%		2,000		2,128
Freddie Mac REMICS Series 2003-2559 Class PB 5.500% due 08/15/30		2		2
Series 2003-2614 Class JA 3.760% due 03/15/29		86		86
Series 2003-2632 Class AB 4.500% due 06/15/18		1,205		1,339
Series 2003-2657 Class WT 4.500% due 08/15/18		810		864
Series 2003-2662 Class MA 4.500% due 10/15/31		8		8
Series 2006-3149 Class LF 0.590% due 05/15/36 (Ê)		345		344
Harborview Mortgage Loan Trust Series 2005-4 Class 3A1 2.775% due 07/19/35		880		593

Russell Short Duration Bond Fund 183

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Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2006-3173 Class PE 6.000% due 04/15/35		265		288
Series 2007-3335 Class BF 0.440% due 07/15/19 (Ê)		122		121
Series 2007-3335 Class FT 0.440% due 08/15/19 (Ê)		320		319
Series 2008-3414 Class JB 4.500% due 02/15/23		360		402
Series 2010-3640 Class JA 1.500% due 03/15/15		1,375		1,381
Series 2010-3704 Class DC 4.000% due 11/15/36		485		518
Series 2011-3898 Class AF 0.860% due 06/15/41 (Ê)		5,669		5,668
FREMF Mortgage Trust Series 2011-K14 Class B 5.332% due 02/25/47 (Þ)		400		377
Series 2011-K702 Class B 4.936% due 04/25/44 (Þ)		500		482
GE Capital Commercial Mortgage Corp. Series 2002-1A Class A3 6.269% due 12/10/35		22		22
Series 2003-C1 Class A4 4.819% due 01/10/38		1,032		1,060
Series 2003-C2 Class F 5.705% due 07/10/37 (Þ)		135		137
Series 2005-C3 Class A4 5.046% due 07/10/45		2,163		2,163
Ginnie Mae I 9.500% due 2017		—		—
Ginnie Mae II 1.625% due 2027 (Ê)		36		37
2.000% due 2032 (Ê)		52		54
4.502% due 2061		755		833
4.700% due 2061		1,880		2,115
GMAC Commercial Mortgage Securities, Inc. Series 2001-C1 Class D 7.034% due 04/15/34		83		83
Series 2001-C2 Class C 6.870% due 04/15/34		285		285
Series 2002-C3 Class B 5.101% due 07/10/39		1,485		1,511
Series 2004-C3 Class A4 4.547% due 12/10/41		744		750
Government National Mortgage Association Series 2006-67 Class A 3.947% due 11/16/30		338		343
Series 2007-4 Class A 4.206% due 06/16/29		294		299
Series 2010-14 Class A 4.500% due 06/16/39		444		485
Series 2011-127 Class IO Interest Only STRIP 1.563% due 03/16/47		8,954		715
Series 2011-H21 Class HI Interest Only STRIP 1.789% due 11/20/61		10,027		777

	Principal Amount ($) or Shares		Market Value $
Greenpoint Mortgage Funding Trust Series 2006-AR8 Class 1A1A 0.356% due 01/25/47 (Ê)		39		37
Greenpoint Mortgage Pass-Through Certificates Series 2003-1 Class A1 2.801% due 10/25/33 (Ê)		177		145
Greenwich Capital Commercial Funding Corp. Series 2005-GG3 Class A2 4.305% due 08/10/42		107		107
Series 2007-GG9 Class A2 5.381% due 03/10/39		518		520
Series 2007-GG9 Class A4 5.444% due 03/10/39		100		110
GS Mortgage Securities Corp. II Series 2004-GG2 Class A4 4.964% due 08/10/38		2,787		2,822
Series 2005-GG4 Class A2 4.475% due 07/10/39		433		433
Series 2006-GG8 Class A2 5.479% due 11/10/39		227		228
Series 2011-ALF Class A 2.716% due 02/10/21 (Þ)		1,075		1,085
Series 2012-GC6 Class A2 2.539% due 01/10/45		805		821
GSMPS Mortgage Loan Trust Series 1998-1 Class A 8.000% due 09/19/27 (Þ)		64		66
Series 1998-2 Class A 7.750% due 05/19/27 (Þ)		302		315
Series 1998-3 Class A 7.750% due 09/19/27 (Þ)		15		16
Series 1999-3 Class A 8.000% due 08/19/29 (Þ)		24		24
Series 2005-RP1 Class 1A3 8.000% due 01/25/35 (Þ)		426		437
Series 2005-RP1 Class 1A4 8.500% due 01/25/35 (Þ)		248		260
Series 2006-RP1 Class 1A2 7.500% due 01/25/36 (Þ)		467		466
Series 2006-RP1 Class 1A3 8.000% due 01/25/36 (Þ)		129		131
GSR Mortgage Loan Trust
Series 2004-7 Class 1A1 2.429% due 06/25/34		247		203
Series 2005-AR6 Class 2A1 2.658% due 09/25/35 (Ê)		366		316
Series 2006-2F Class 3A3 6.000% due 02/25/36		2,586		1,897
Series 2006-3F Class 2A3 5.750% due 03/25/36		650		581
Series 2006-8F Class 4A17 6.000% due 09/25/36		1,231		1,037
Series 2007-AR1 Class 1A1 2.799% due 03/25/37		3,615		2,081

184 Russell Short Duration Bond Fund

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2001-CIB2 Class D 6.847% due 04/15/35		103		103
Series 2001-CIBC Class E 7.167% due 03/15/33		19		19
Series 2002-C2 Class B 5.211% due 12/12/34		761		772
Series 2002-C3 Class B 5.146% due 07/12/35		465		471
Series 2002-CIB4 Class A3 6.162% due 05/12/34		123		124
Series 2003-C1 Class A2 4.985% due 01/12/37		480		493
Series 2003-C1 Class B 5.095% due 01/12/37		175		177
Series 2007-LD12 Class A4 5.882% due 02/15/51		100		112
JP Morgan Mortgage Trust Series 2004-A2 Class 1A1 2.752% due 05/25/34		301		278
Series 2005-A1 Class 6T1 5.019% due 02/25/35 (Ê)		20		19
Series 2005-A3 Class 3A3 4.831% due 06/25/35		288		284
Series 2005-A4 Class 1A1 5.313% due 07/25/35		156		153
Series 2006-A6 Class 1A2 2.768% due 10/25/36		36		27
JP Morgan Reremic Series 2009-7 Class 2A1 6.000% due 02/27/37 (Þ)		1,026		1,040
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2010-CNTR Class A2 4.311% due 08/05/32 (Þ)		595		633
LB Commercial Conduit Mortgage Trust Series 1998-C1 Class E 7.000% due 02/18/30		655		681
LB-UBS Commercial Mortgage Trust Series 2003-C7 Class A2 4.064% due 09/15/27		226		226
Series 2003-C8 Class D 5.237% due 09/15/37		470		483
Series 2004-C2 Class A3 3.973% due 03/15/29		125		127
Series 2004-C7 Class A1A 4.475% due 10/15/29		1,331		1,388
Series 2004-C7 Class A5 4.628% due 10/15/29		232		240
Series 2005-C1 Class A3 4.545% due 02/15/30		67		67
Lehman Mortgage Trust Series 2005-2 Class 2A3 5.500% due 12/25/35		—		1
Series 2006-1 Class 3A3 5.500% due 02/25/36		105		105

	Principal Amount ($) or Shares		Market Value $
Mastr Adjustable Rate Mortgages Trust Series 2005-1 Class B1 3.282% due 03/25/35		319		25
Series 2005-6 Class 7A1 5.398% due 06/25/35		47		47
Mastr Reperforming Loan Trust Series 2005-1 Class 1A3 7.000% due 08/25/34 (Þ)		603		616
Series 2005-1 Class 1A5 8.000% due 08/25/34 (Þ)		393		406
Series 2005-2 Class 1A4 8.000% due 05/25/35 (Þ)		416		416
Mastr Specialized Loan Trust Series 2005-2 Class A2 5.006% due 07/25/35 (Þ)		96		96
Mellon Residential Funding Corp. Series 2000-TBC2 Class A1 0.765% due 06/15/30 (Ê)		391		348
Merrill Lynch Mortgage Investors, Inc. Series 1998-C1 Class A3 6.720% due 11/15/26		2,298		2,564
Series 1998-C3 Class E 7.008% due 12/15/30		3,650		3,865
Series 2005-A10 Class A 0.486% due 02/25/36 (Ê)		52		35
Merrill Lynch Mortgage Trust Series 2003-KEY1 Class A4 5.236% due 11/12/35		3,000		3,178
Series 2005-CIP1 Class A2 4.960% due 07/12/38		160		162
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-6 Class A4 5.485% due 03/12/51		200		214
MLCC Mortgage Investors, Inc. Series 2005-1 Class 2A1 2.116% due 04/25/35		1,137		990
Series 2005-1 Class 2A2 2.116% due 04/25/35		593		540
Series 2005-3 Class 5A 0.526% due 11/25/35 (Ê)		95		71
Morgan Stanley Capital I Series 1998-HF2 Class G 6.010% due 11/15/30 (Þ)		85		85
Morgan Stanley Dean Witter Capital I Series 2001-TOP1 Class E 7.741% due 02/15/33 (Þ)		55		54
Series 2001-TOP3 Class C 6.790% due 07/15/33		745		728
Series 2002-HQ Class B 6.640% due 04/15/34		900		903
Series 2002-IQ2 Class B 5.930% due 12/15/35		75		75
Series 2002-TOP7 Class B 6.080% due 01/15/39		1,100		1,105
NCUA Guaranteed Notes Series 2010-R1 Class 2A 1.840% due 10/07/20		2,909		2,940

Russell Short Duration Bond Fund 185

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Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2010-R3 Class 3A 2.400% due 12/08/20		913		933
Nomura Asset Acceptance Corp. Series 2004-AR4 Class 1A1 2.405% due 12/25/34		782		737
Series 2005-WF1 Class 2A2 4.786% due 03/25/35		258		237
PNC Mortgage Acceptance Corp. Series 1999-CM1 Class B5 7.100% due 12/10/32 (Þ)		272		272
Prime Mortgage Trust Series 2004-CL1 Class 1A2 0.676% due 02/25/34 (Ê)		59		53
Series 2004-CL1 Class 2A2 0.676% due 02/25/19 (Ê)		5		5
Prudential Commercial Mortgage Trust Series 2003-PWR1 Class C 4.706% due 02/11/36		500		492
Series 2003-PWR1 Class E 5.259% due 02/11/36 (Þ)		180		174
Residential Accredit Loans, Inc. Series 2005-QS14 Class 2A1 6.000% due 09/25/35		279		183
Residential Asset Securitization Trust Series 2005-A10 Class A3 5.500% due 09/25/35		679		554
Series 2006-A9CB Class A6 6.000% due 09/25/36		684		365
Residential Funding Mortgage Securities I Series 2006-S10 Class 1A7 6.000% due 10/25/36		653		534
Salomon Brothers Mortgage Securities VII, Inc. Series 2002-KEY2 Class C 5.045% due 03/18/36		150		149
Series 2003-UP2 Class A1 4.000% due 12/25/18		177		184
Sovereign Commercial Mortgage Securities Trust Series 2007-C1 Class A2 5.988% due 07/22/30 (Þ)		395		405
Structured Adjustable Rate Mortgage Loan Trust Series 2005-22 Class 4A2 5.167% due 12/25/35		7		1
Structured Asset Mortgage Investments, Inc. Series 2002-AR3 Class A1 0.941% due 09/19/32 (Ê)		20		17
Structured Asset Securities Corp. Series 2001-21A Class 1A1 2.334% due 01/25/32 (Ê)		11		9
Series 2003-34A Class 6A 2.518% due 11/25/33		426		382
Series 2005-6 Class B2 5.252% due 05/25/35		153		6

	Principal Amount ($) or Shares		Market Value $
Suntrust Adjustable Rate Mortgage Loan Trust Series 2007-2 Class 3A3 5.511% due 04/25/37 (Ê)		5,786		4,121
Series 2005-6 Class B2 5.252% due 05/25/35		153		6
Suntrust Adjustable Rate Mortgage Loan Trust Series 2007-2 Class 3A3 5.511% due 04/25/37 (Ê)		5,786		4,121
Wachovia Bank Commercial Mortgage Trust Series 2003-C4 Class D 5.040% due 04/15/35		555		560
Series 2003-C5 Class B 4.107% due 06/15/35		110		110
Series 2003-C9 Class B 5.109% due 12/15/35		240		245
Series 2005-C22 Class A3 5.464% due 12/15/44		475		484
Series 2006-WL7A Class A1 0.375% due 09/15/21 (Ê)(Þ)		890		852
Series 2007-C31 Class A4 5.509% due 04/15/47		100		108
Series 2007-C33 Class A2 6.051% due 02/15/51		1,000		1,008
Washington Mutual Mortgage Pass Through Certificates Series 2002-AR6 Class A 1.597% due 06/25/42 (Ê)		58		44
Series 2002-AR9 Class 1A 1.597% due 08/25/42 (Ê)		160		122
Series 2003-AR7 Class A7 2.443% due 08/25/33 (Ê)		167		161
Series 2004-AR13 Class A2A 0.683% due 11/25/34 (Ê)		484		366
Series 2005-AR13 Class A1A1 0.566% due 10/25/45 (Ê)		768		576
Series 2006-AR8 Class 1A5 2.541% due 08/25/46		551		18
Series 2006-AR8 Class 2A3 5.701% due 08/25/36 (Ê)		21		3
Series 2006-AR11 Class 2A 2.701% due 09/25/46 (Ê)		419		298
Series 2007-HY3 Class 4A1 2.601% due 03/25/37		2,938		2,195
Wells Fargo Mortgage Backed Securities Trust Series 2004-BB Class A2 2.618% due 01/25/35 (Ê)		209		177
Series 2004-BB Class A4 2.618% due 01/25/35 (Ê)		511		500
Series 2004-CC Class A1 2.594% due 01/25/35 (Ê)		986		927
Series 2004-DD Class 2A5 2.619% due 01/25/35 (Ê)		405		398
Series 2004-E Class A2 4.500% due 05/25/34 (Ê)		264		263

186 Russell Short Duration Bond Fund

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Series 2004-EE Class 3A1 2.741% due 12/25/34 (Ê)		184		180
Series 2004-I Class 1A1 2.692% due 07/25/34		234		221
Series 2004-T Class A1 2.692% due 09/25/34 (Ê)		391		370
Series 2005-9 Class 1A1 4.750% due 10/25/35		7		7
Series 2005-17 Class 1A1 5.500% due 01/25/36		325		309
Series 2005-AR2 Class 2A1 2.680% due 03/25/35 (Ê)		336		291
Series 2005-AR2 Class 2A2 2.680% due 03/25/35 (Ê)		341		295
Series 2005-AR8 Class 2A1 2.696% due 06/25/35		268		254
Series 2005-AR16 Class 2A1 2.672% due 02/25/34		1,465		1,328
Series 2005-AR16 Class 6A3 2.722% due 10/25/35		4,155		3,670
Series 2006-3 Class A1 5.500% due 03/25/36		601		596
Series 2006-4 Class 2A3 5.750% due 04/25/36		508		216
Series 2006-6 Class 1A22 6.000% due 05/25/36 (Ê)		3,112		2,833
Series 2006-AR2 Class 2A1 2.648% due 03/25/36		575		459
Series 2006-AR4 Class 1A1 5.770% due 04/25/36 (Ê)		383		314
Series 2006-AR4 Class 2A1 5.622% due 04/25/36 (Ê)		84		75
Series 2006-AR10 Class 4A1 2.698% due 07/25/36 (Ê)		751		515
Series 2006-AR17 Class A1 2.609% due 10/25/36 (Ê)		2,132		1,503
Series 2006-AR18 Class 2A2 5.376% due 11/25/36		248		28
Series 2007-AR8 Class A1 6.034% due 11/25/37		1,122		834
				518,816
Municipal Bonds - 0.1%
New Jersey Economic Development Authority Revenue Bonds 1.546% due 06/15/13 (Ê)		1,000		1,000
Non-US Bonds - 2.6%
Arran Residential Mortgages Funding PLC Series 2011-1A Class A1B 2.660% due 11/19/47 (Ê)(Þ)	EUR	4,124		5,391
Brazil Notas do Tesouro Nacional Serie B Series NTNB 6.000% due 05/15/13	BRL	445		560
Brazil Notas do Tesouro Nacional Serie F Series NTNF 10.000% due 01/01/14	BRL	969		559

	Principal Amount ($) or Shares		Market Value $
10.000% due 01/01/17	BRL	900		501
Bundesrepublik Deutschland Series 07 4.000% due 01/04/18	EUR	150		230
Canada Housing Trust No. 1 3.750% due 03/15/20 (Þ)	CAD	3,500		3,905
3.800% due 06/15/21 (Þ)	CAD	100		112
Canadian Government Bond 2.000% due 06/01/16	CAD	3,700		3,811
2.750% due 09/01/16	CAD	200		212
3.250% due 06/01/21	CAD	1,200		1,334
Granite Master Issuer PLC Series 2006-2 Class A6 0.888% due 12/20/54 (Ê)	GBP	1,097		1,658
Kreditanstalt fuer Wiederaufbau 2.000% due 09/07/16	EUR	400		538
4.375% due 07/04/18	EUR	700		1,053
3.875% due 01/21/19	EUR	800		1,174
Mexican Bonos Series M 6.250% due 06/16/16	MXN	11,625		933
6.500% due 06/10/21	MXN	10,000		799
Opera Finance PLC Series 2005-CSC3 Class A 1.317% due 04/25/17 (Ê)	GBP	333		475
Province of Ontario Canada 4.000% due 06/02/21	CAD	2,605		2,864
3.150% due 06/02/22	CAD	2,700		2,758
Republic of Peru 6.950% due 08/12/31	PEN	2,500		976
				29,843
United States Government Agencies - 0.5%
Fannie Mae 5.000% due 05/11/17		500		600
Federal Home Loan Mortgage Corp. 1.375% due 02/25/14		925		940
2.000% due 08/25/16		2,175		2,276
Federal National Mortgage Association Principal Only STRIP Zero coupon due 10/09/19		1,670		1,290
				5,106
United States Government Treasuries - 15.1%
United States Treasury Inflation Indexed Bonds 1.625% due 01/15/15 (Æ)		2,328		2,542
2.000% due 01/15/16		849		963
0.125% due 04/15/16		22,036		23,383
United States Treasury Notes 0.250% due 01/31/14		78,160		78,209
0.250% due 01/15/15		26,870		26,832
0.875% due 12/31/16		13,555		13,675
1.375% due 12/31/18		24,000		24,246
2.000% due 11/15/21		1,000		1,017
				170,867
Total Long-Term Investments (cost $1,080,142)				1,085,609

Russell Short Duration Bond Fund 187

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Preferred Stocks - 0.2%
Financial Services - 0.2%
DG Funding Trust (Å)		219		1,643
Wells Fargo & Co.		300		329
				1,972
Total Preferred Stocks (cost $2,482)				1,972
Short-Term Investments - 14.1%
Ally Financial, Inc. Series * 6.875% due 08/28/12		300		304
American International Group, Inc. 4.950% due 03/20/12		100		99
AT&T, Inc. 4.950% due 01/15/13		1,500		1,563
Bank of Nova Scotia 0.589% due 10/18/12 (ž)		1,500		1,502
Banco Bradesco SA 1.955% due 01/24/13 (ž)		400		403
Banco Santander Chile 1.811% due 04/20/12 (Ê)(Þ)		700		700
2.875% due 11/13/12 (Þ)		1,200		1,204
BellSouth Corp. 4.463% due 04/26/12 (Þ)		6,600		6,657
Berkshire Hathaway Finance Corp. 4.000% due 04/15/12		440		443
BMW Vehicle Owner Trust Series 2011-A Class A1 0.306% due 09/25/12		1,169		1,170
BP Capital Markets PLC 2.750% due 02/27/12		300		300
3.125% due 03/10/12		1,000		1,003
CarMax Auto Owner Trust Series 2011-2 Class A1 0.311% due 09/17/12		401		401
Citigroup, Inc. 5.625% due 08/27/12		200		204
Commonwealth Edison Co. Series 98 6.150% due 03/15/12		250		252
COX Communications, Inc. 7.125% due 10/01/12		2,250		2,348
Danske Bank A/S 2.500% due 05/10/12 (Þ)		200		201
Dominion Resources, Inc. Series B 6.250% due 06/30/12		350		358
Dow Chemical Co. (The) 4.850% due 08/15/12		5,455		5,570
Enterprise Products Operating LLC 4.600% due 08/01/12		1,000		1,019
Export-Import Bank of Korea 1.050% due 03/03/12 (Þ)		700		556
Fannie Mae 5.250% due 08/01/12		2,230		2,282

	Principal Amount ($) or Shares			Market Value $
Federal Home Loan Mortgage Corp. Structured Pass Through Securities Series 2002-50 Class A6 3.614% due 09/27/12		58			59
Ford Motor Credit Co. LLC 7.500% due 08/01/12		525			539
Fortis Bank Nederland NV 3.000% due 04/17/12		100			132
Freddie Mac 2.125% due 03/23/12		325			326
IBM International Group Capital LLC 5.050% due 10/22/12		335			346
ING Bank NV 2.625% due 02/09/12 (Þ)		3,400			3,401
1.379% due 03/30/12 (Ê)(Þ)		300			300
International Lease Finance Corp. 5.400% due 02/15/12		200			200
Intesa Sanpaolo SpA NY Series YCD 2.375% due 12/21/12		2,100			2,038
Itau Unibanco Holding SA Zero coupon due 02/06/12 (ç)(ž)		3,500			3,499
0.010% due 02/16/12 (ç)(ž)		1,600			1,599
MeadWestvaco Corp. 6.850% due 04/01/12		700			704
Merrill Lynch & Co., Inc. 5.571% due 10/04/12		2,200			2,236
Mexico Cetes Series BI Zero coupon due 04/26/12		224,500			17,048
Motorola Solutions, Inc. 5.375% due 11/15/12		800			826
Nationwide Building Society 2.500% due 08/17/12 (Þ)		400			404
Railcar Leasing LLC Series 1997-1 Class A2 7.125% due 01/15/13 (Þ)		470			484
Regions Financial Corp. 0.744% due 06/26/12 (Ê)		1,100			1,084
Russell U.S. Cash Management Fund		64,043,483	(¥)		64,043
Santander Drive Auto Receivables Trust Series 2011-4 Class A1 0.419% due 10/15/12		2,014			2,015
Santander US Debt SAU 1.379% due 03/30/12 (Ê)(Þ)		1,800			1,798
SBAB Bank AB 3.125% due 03/23/12 (Þ)		1,500			1,506
SLM Corp. Series emtn 4.875% due 12/17/12		500			768
Societe Financement de l’Economie Francaise 2.125% due 05/20/12		300			394
Springleaf Finance Corp. Series MTNI 4.875% due 07/15/12		300			294
TIAA Global Markets, Inc. 5.125% due 10/10/12 (Þ)		1,000			1,030

188 Russell Short Duration Bond Fund

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
UBS AG 1.595% due 02/23/12 (Ê)		700		700
United States Treasury Bills 0.009% due 03/01/12 (ç)(ž)		80		80
0.073% due 05/24/12 (ž)		10		10
0.096% due 12/13/12 (ž)		15,579		15,566
Volkswagen International Finance NV 1.031% due 10/01/12 (Ê)(Þ)		1,700		1,699
Wachovia Corp. 4.810% due 05/25/12 (Ê)		2,700		2,858
Westpac Banking Corp. 2.250% due 11/19/12		2,000		2,025
Total Short-Term Investments (cost $158,344)				158,550
Total Investments - 110.4% (identified cost $1,240,968)				1,246,131
Other Assets and Liabilities, Net - (10.4%)				(117,705	)
Net Assets - 100.0%				1,128,426

A portion of the portfolio has been fair valued as of period end.

See accompanying notes which are an integral part of this quarterly report.

Russell Short Duration Bond Fund 189

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
Eurodollar Futures (CME)		187		USD	46,514		03/13		(15	)
Eurodollar Futures (CME)		46		USD	11,436		09/13		95
Eurodollar Futures (CME)		18		USD	4,471		03/14		67
United States Treasury 2 Year Note Futures		292		USD	64,459		03/12		86
United States Treasury 5 Year Note Futures		46		USD	5,706		03/12		41
Short Positions
United States Treasury 5 Year Note Futures		198		USD	24,561		03/12		(250	)
United States Treasury 10 Year Futures		200		USD	26,450		03/12		(491	)
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									(467	)

See accompanying notes which are an integral part of this quarterly report.

190 Russell Short Duration Bond Fund

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Options Written	Call/Put		Number of Contracts		Strike Price		Notional Amount			Expiration Date		Market Value $
Eurodollar Futures		Put		54		99.00		USD	135		03/19/12		—
Swaptions
(Fund Receives/Fund Pays)
USD 0.9200%/USD Three Month LIBOR		Put		2		0.00			7,800		11/14/12		(10	)
USD 1.750%/USD Three Month LIBOR		Put		1		0.00			24,400		07/11/13		(13	)
USD 2.250%/USD Three Month LIBOR		Put		3		0.00			26,600		09/24/12		(3	)
USD 2.750%/USD Three Month LIBOR		Put		2		0.00			14,800		06/18/12		—
USD 3.000%/USD Three Month LIBOR		Put		6		0.00			30,000		06/18/12		—
USD 3.250%/USD Three Month LIBOR		Put		2		0.00			5,200		07/16/12		—
Total Liability for Options Written (premiums received $982)													(26	)

See accompanying notes which are an integral part of this quarterly report.

Russell Short Duration Bond Fund 191

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Bank of America		USD	424		AUD	400		02/02/12		1
Bank of America		USD	667		AUD	640		02/13/12		11
Bank of America		AUD	400		USD	426		02/02/12		1
Bank of America		AUD	693		USD	738		02/13/12		3
Bank of America		MXN	21,337		USD	1,559		02/13/12		(76	)
Barclays Bank PLC		USD	735		AUD	693		02/13/12		—
Barclays Bank PLC		USD	1,635		CAD	1,680		02/09/12		40
Barclays Bank PLC		USD	10,790		EUR	8,326		02/02/12		100
Barclays Bank PLC		USD	1,228		GBP	800		02/13/12		33
Barclays Bank PLC		AUD	400		USD	408		02/23/12		(15	)
Barclays Bank PLC		BRL	176		USD	100		03/02/12		—
Barclays Bank PLC		BRL	176		USD	100		03/02/12		—
Barclays Bank PLC		BRL	178		USD	100		03/02/12		(1	)
Barclays Bank PLC		BRL	180		USD	100		03/02/12		(2	)
Barclays Bank PLC		BRL	183		USD	100		03/02/12		(4	)
Barclays Bank PLC		BRL	183		USD	100		03/02/12		(4	)
Barclays Bank PLC		BRL	354		USD	200		03/02/12		(1	)
Barclays Bank PLC		BRL	528		USD	300		03/02/12		—
Barclays Bank PLC		CAD	203		USD	201		02/09/12		(2	)
Barclays Bank PLC		CAD	307		USD	301		02/09/12		(5	)
Barclays Bank PLC		CAD	2,543		USD	2,484		02/09/12		(52	)
Barclays Bank PLC		EUR	2,742		USD	3,503		02/13/12		(83	)
Barclays Bank PLC		EUR	8,326		USD	10,792		03/02/12		(100	)
Barclays Bank PLC		EUR	2,928		USD	3,753		04/16/12		(77	)
Barclays Bank PLC		GBP	300		USD	460		02/02/12		(13	)
Barclays Bank PLC		GBP	800		USD	1,228		02/13/12		(33	)
Barclays Bank PLC		MXN	224,500		USD	16,930		04/26/12		(172	)
Citibank		USD	3,235		EUR	2,485		02/02/12		16
Citibank		USD	5,850		GBP	3,761		02/02/12		76
Citibank		AUD	100		USD	100		02/23/12		(6	)
Citibank		AUD	100		USD	101		02/23/12		(5	)
Citibank		AUD	166		USD	164		02/23/12		(12	)
Citibank		CAD	100		USD	98		02/09/12		(2	)
Citibank		CAD	300		USD	293		02/09/12		(5	)
Citibank		CAD	325		USD	314		02/09/12		(10	)
Citibank		CAD	416		USD	400		02/09/12		(15	)
Citibank		EUR	2,485		USD	3,235		03/02/12		(15	)
Citibank		EUR	2,363		USD	3,024		04/16/12		(68	)
Citibank		GBP	373		USD	583		03/02/12		(5	)
Citibank		GBP	3,761		USD	5,849		03/02/12		(76	)
Citibank		SGD	706		USD	552		02/10/12		(9	)
Deutsche Bank AG		USD	8,903		CNY	56,471		02/13/12		47
Deutsche Bank AG		CAD	215		USD	209		02/09/12		(6	)
Deutsche Bank AG		CAD	307		USD	295		02/09/12		(11	)
Deutsche Bank AG		CAD	2,913		USD	2,853		02/09/12		(51	)
Deutsche Bank AG		EUR	6,907		USD	8,862		04/16/12		(175	)
Goldman Sachs		CAD	103		USD	100		02/09/12		(3	)
Goldman Sachs		EUR	14,291		USD	18,754		02/02/12		61
HSBC Bank PLC		USD	—		EUR	—		02/01/12		—
HSBC Bank PLC		AUD	1,205		USD	1,271		02/13/12		(7	)
HSBC Bank PLC		CNY	10,176		USD	1,600		02/13/12		(12	)
HSBC Bank PLC		EUR	—		USD	—		02/01/12		—
HSBC Bank PLC		JPY	44,577		USD	579		02/13/12		(6	)

See accompanying notes which are an integral part of this quarterly report.

192 Russell Short Duration Bond Fund

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
JPMorgan Chase Bank		USD	5,130		BRL	9,698		03/02/12		378
JPMorgan Chase Bank		AUD	640		USD	669		02/13/12		(10	)
JPMorgan Chase Bank		AUD	2,685		USD	2,638		02/23/12		(206	)
JPMorgan Chase Bank		CAD	42		USD	41		02/09/12		(1	)
JPMorgan Chase Bank		CAD	61		USD	60		02/09/12		(1	)
JPMorgan Chase Bank		CAD	100		USD	97		02/09/12		(3	)
JPMorgan Chase Bank		CAD	114		USD	112		02/09/12		(1	)
JPMorgan Chase Bank		CAD	203		USD	200		02/09/12		(2	)
JPMorgan Chase Bank		CAD	207		USD	204		02/09/12		(3	)
JPMorgan Chase Bank		CAD	304		USD	297		02/09/12		(6	)
JPMorgan Chase Bank		CAD	307		USD	298		02/09/12		(8	)
JPMorgan Chase Bank		CAD	826		USD	800		02/09/12		(24	)
Morgan Stanley & Co., Inc.		USD	3,601		CAD	3,713		02/09/12		101
Morgan Stanley & Co., Inc.		BRL	178		USD	100		03/02/12		(1	)
Morgan Stanley & Co., Inc.		BRL	179		USD	100		03/02/12		(1	)
Morgan Stanley & Co., Inc.		BRL	180		USD	100		03/02/12		(2	)
Morgan Stanley & Co., Inc.		BRL	180		USD	100		03/02/12		(2	)
Morgan Stanley & Co., Inc.		BRL	350		USD	200		03/02/12		1
Morgan Stanley & Co., Inc.		BRL	351		USD	200		03/02/12		1
Morgan Stanley & Co., Inc.		BRL	351		USD	200		03/02/12		—
Morgan Stanley & Co., Inc.		BRL	352		USD	200		03/02/12		—
Morgan Stanley & Co., Inc.		BRL	354		USD	200		03/02/12		(1	)
Morgan Stanley & Co., Inc.		BRL	356		USD	200		03/02/12		(2	)
Morgan Stanley & Co., Inc.		BRL	360		USD	200		03/02/12		(5	)
Morgan Stanley & Co., Inc.		BRL	538		USD	300		03/02/12		(6	)
Morgan Stanley & Co., Inc.		CAD	411		USD	400		02/09/12		(10	)
Morgan Stanley & Co., Inc.		GBP	27		USD	42		03/02/12		—
Morgan Stanley & Co., Inc.		GBP	170		USD	267		03/02/12		(1	)
Royal Bank of Canada		USD	2,294		CAD	2,291		02/09/12		(10	)
Royal Bank of Canada		CAD	53		USD	52		02/09/12		(1	)
Royal Bank of Canada		CAD	104		USD	101		02/09/12		(3	)
Royal Bank of Canada		CAD	205		USD	199		02/09/12		(5	)
Royal Bank of Canada		CAD	207		USD	200		02/09/12		(7	)
Royal Bank of Canada		CAD	345		USD	336		02/09/12		(8	)
Royal Bank of Canada		CAD	2,821		USD	2,769		02/09/12		(44	)
Royal Bank of Canada		CAD	3,712		USD	3,617		02/09/12		(85	)
Royal Bank of Canada		CAD	2,291		USD	2,292		03/22/12		10
Royal Bank of Canada		GBP	3,416		USD	5,348		02/02/12		(35	)
UBS AG		USD	4,525		EUR	3,480		02/02/12		27
UBS AG		BRL	179		USD	100		03/02/12		(1	)
UBS AG		BRL	179		USD	100		03/02/12		(2	)
UBS AG		BRL	180		USD	100		03/02/12		(2	)
UBS AG		BRL	183		USD	100		03/02/12		(4	)
UBS AG		BRL	183		USD	100		03/02/12		(4	)
UBS AG		BRL	183		USD	100		03/02/12		(4	)
UBS AG		BRL	350		USD	200		03/02/12		1
UBS AG		BRL	357		USD	200		03/02/12		(3	)
UBS AG		BRL	359		USD	200		03/02/12		(4	)
UBS AG		BRL	361		USD	200		03/02/12		(5	)
UBS AG		CAD	206		USD	199		02/09/12		(7	)
UBS AG		CAD	3,416		USD	3,330		02/09/12		(76	)
UBS AG		EUR	3,480		USD	4,525		03/02/12		(27	)
UBS AG		EUR	2,502		USD	3,192		04/16/12		(81	)

See accompanying notes which are an integral part of this quarterly report.

Russell Short Duration Bond Fund 193

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
UBS AG		EUR	3,003		USD	3,819		04/16/12		(110	)
UBS AG		GBP	45		USD	69		02/02/12		(1	)
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts										(1,056	)

See accompanying notes which are an integral part of this quarterly report.

194 Russell Short Duration Bond Fund

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Interest Rate Swap Contracts
Counterparty	Notional Amount		Fund Receives	Fund Pays	Termination Date		Market Value $
Barclays Bank PLC	BRL	2,000	11.910%	Brazil Interbank Deposit Rate		01/02/13		39
Barclays Bank PLC	BRL	400	11.990%	Brazil Interbank Deposit Rate		01/02/14		10
Barclays Bank PLC	BRL	7,200	10.830%	Brazil Interbank Deposit Rate		01/02/14		53
BNP Paribas	BRL	500	11.880%	Brazil Interbank Deposit Rate		01/02/13		10
BNP Paribas	BRL	2,800	12.800%	Brazil Interbank Deposit Rate		01/02/13		77
BNP Paribas	BRL	400	12.110%	Brazil Interbank Deposit Rate		01/02/14		11
BNP Paribas	BRL	3,700	12.560%	Brazil Interbank Deposit Rate		01/02/14		118
BNP Paribas	USD	19,100	1.000%	Federal Fund Effective Rate - 1 Year		09/19/14		311
Credit Suisse Financial Products	BRL	2,400	12.480%	Brazil Interbank Deposit Rate		01/02/13		56
Goldman Sachs	BRL	2,600	11.890%	Brazil Interbank Deposit Rate		01/02/13		52
HSBC	BRL	500	11.880%	Brazil Interbank Deposit Rate		01/02/13		9
HSBC	BRL	600	10.450%	Brazil Interbank Deposit Rate		01/02/13		1
HSBC	BRL	1,200	11.890%	Brazil Interbank Deposit Rate		01/02/13		24
HSBC	BRL	3,000	12.830%	Brazil Interbank Deposit Rate		01/02/13		83
HSBC	BRL	3,500	12.300%	Brazil Interbank Deposit Rate		01/02/13		91
HSBC	BRL	200	12.540%	Brazil Interbank Deposit Rate		01/02/14		7
HSBC	BRL	1,000	10.990%	Brazil Interbank Deposit Rate		01/02/14		9
HSBC	BRL	1,400	10.530%	Brazil Interbank Deposit Rate		01/02/14		6
HSBC	BRL	4,800	10.180%	Brazil Interbank Deposit Rate		01/02/14		12
JPMorgan	BRL	2,400	12.170%	Brazil Interbank Deposit Rate		01/02/13		58
JPMorgan	BRL	5,500	12.070%	Brazil Interbank Deposit Rate		01/02/13		98
JPMorgan	BRL	300	10.870%	Brazil Interbank Deposit Rate		01/02/14		2
JPMorgan	BRL	700	12.200%	Brazil Interbank Deposit Rate		01/02/14		21
Merrill Lynch	BRL	5,600	11.900%	Brazil Interbank Deposit Rate		01/02/13		108
Morgan Stanley	BRL	700	11.980%	Brazil Interbank Deposit Rate		01/02/13		15
Morgan Stanley	BRL	1,800	10.455%	Brazil Interbank Deposit Rate		01/02/13		5
Morgan Stanley	BRL	7,500	12.590%	Brazil Interbank Deposit Rate		01/02/13		186
Morgan Stanley	BRL	2,200	10.580%	Brazil Interbank Deposit Rate		01/02/14		11
Morgan Stanley	BRL	3,400	11.890%	Brazil Interbank Deposit Rate		01/02/14		72
Royal Bank of Canada	BRL	400	11.955%	Brazil Interbank Deposit Rate		01/02/13		6
Royal Bank of Scotland	BRL	400	11.950%	Brazil Interbank Deposit Rate		01/02/13		6
UBS	BRL	300	12.070%	Brazil Interbank Deposit Rate		01/02/13		7
UBS	BRL	600	10.605%	Brazil Interbank Deposit Rate		01/02/13		2
UBS	BRL	300	12.250%	Brazil Interbank Deposit Rate		01/02/14		9
UBS	BRL	500	10.380%	Brazil Interbank Deposit Rate		01/02/14		2
UBS	BRL	1,200	10.770%	Brazil Interbank Deposit Rate		01/02/14		8
UBS	BRL	5,300	11.760%	Brazil Interbank Deposit Rate		01/02/14		86
Total Market Value on Open Interest Rate Swap Contracts Premiums Paid (Received) - $53 (å)								1,681

See accompanying notes which are an integral part of this quarterly report.

Russell Short Duration Bond Fund 195

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Credit Default Swap Contracts
Corporate Issues
Reference Entity	Counterparty	Implied Credit Spread		Notional Amount		Fund (Pays)/ Receives Fixed Rate		Termination Date		Market Value $
Ally Financial, Inc.	JPMorgan		2.430%	USD	500		5.000%		06/20/15		41
Berkshire Hathaway, Inc.	Bank of America		1.412%	USD	400		1.000%		03/20/16		(6	)
Gazprom	Deutsche Bank		1.240%	USD	1,200		1.000%		12/20/12		—
Gazprom	UBS		1.240%	USD	1,200		1.000%		12/20/12		—
GE Capital Corp.	Barclays Bank PLC		0.954%	USD	700		1.670%		03/20/13		6
GE Capital Corp.	BNP Paribas		0.954%	USD	1,200		1.300%		03/20/13		5
GE Capital Corp.	BNP Paribas		0.954%	USD	100		1.250%		03/20/13		—
GE Capital Corp.	Citibank		1.335%	USD	100		4.900%		12/20/13		6
GE Capital Corp.	Citibank		1.335%	USD	200		4.325%		12/20/13		11
GE Capital Corp.	Citibank		1.335%	USD	200		4.200%		12/20/13		10
GE Capital Corp.	Deutsche Bank		1.335%	USD	200		4.230%		12/20/13		11
MetLife, Inc.	JPMorgan		1.832%	USD	1,400		1.000%		09/20/13		(17	)
Petbra	Deutsche Bank		0.710%	USD	600		1.000%		09/20/12		—
Wells Fargo & Co.	Goldman Sachs		0.573%	USD	1,100		1.000%		06/20/13		6
Total Market Value on Open Corporate Issues Premiums Paid (Received) - ($81)											73

Credit Indices
Reference Entity	Counterparty	Notional Amount			Fund (Pays)/ Receives Fixed Rate		Termination Date		Market Value $
Dow Jones CDX Index	Barclays Bank PLC		USD	6,200		5.000%		06/20/15		507
Dow Jones CDX Index	Barclays Bank PLC		USD	1,000		5.000%		06/20/15		82
Dow Jones CDX Index	Deutsche Bank		USD	200		5.000%		12/20/15		18
Dow Jones CDX Index	Deutsche Bank		USD	772		0.708%		12/20/12		5
Dow Jones CDX Index	HSBC		USD	200		5.000%		12/20/15		18
Dow Jones CDX Index	HSBC		USD	1,700		5.000%		06/20/15		139
Dow Jones CDX Index	JPMorgan		USD	96		0.553%		12/20/17		2
Dow Jones CDX Index	Morgan Stanley		USD	300		5.000%		06/20/15		25
Dow Jones CDX Index	Morgan Stanley		USD	200		5.000%		12/20/15		18
Dow Jones CDX Index	Pershing LLC 1st Republic P.B.		USD	96		0.548%		12/20/17		2
iTraxx SovX Western Europe Series 5	BNP Paribas		EUR	8,900		1.000%		12/20/15		(183	)
Total Market Value on Open Credit Indices Premiums Paid (Received) - $662										633

Sovereign Issues
Reference Entity	Counterparty	Implied Credit Spread		Notional Amount		Fund (Pays)/ Receives Fixed Rate		Termination Date		Market Value $
Abu Dhabi	Morgan Stanley		1.214%	USD	900		1.000%		12/20/15		(8	)
Brazil Government International Bond	Barclays Bank PLC		1.213%	USD	1,700		1.000%		09/20/15		(14	)
Brazil Government International Bond	BNP Paribas		0.685%	USD	1,700		1.000%		12/20/12		4
Brazil Government International Bond	Citibank		0.685%	USD	1,100		1.000%		12/20/12		2
Brazil Government International Bond	Citibank		1.213%	USD	1,000		1.000%		09/20/15		(8	)
Brazil Government International Bond	Citibank		1.281%	USD	3,300		1.000%		03/20/16		(40	)
Brazil Government International Bond	Credit Suisse Financial Products		1.336%	USD	2,200		1.000%		06/20/16		(33	)
Brazil Government International Bond	Goldman Sachs		0.685%	USD	1,600		1.000%		12/20/12		3
Brazil Government International Bond	HSBC		1.213%	USD	700		1.000%		09/20/15		(6	)
Brazil Government International Bond	HSBC		1.281%	USD	300		1.000%		03/20/16		(4	)
Brazil Government International Bond	UBS		1.213%	USD	500		1.000%		09/20/15		(4	)
China Government International Bond	Barclays Bank PLC		0.534%	USD	700		1.000%		12/20/12		2
China Government International Bond	Deutsche Bank		2.030%	USD	700		1.000%		12/20/16		(33	)

See accompanying notes which are an integral part of this quarterly report.

196 Russell Short Duration Bond Fund

Russell Investment Company

Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Credit Default Swap Contracts
Sovereign Issues
Reference Entity	Counterparty	Implied Credit Spread		Notional Amount		Fund (Pays)/ Receives Fixed Rate			Termination Date		Market Value $
Credit Agricole (London)	Citibank		1.898%	USD	300		(1.000%	)		03/20/14		8
Credit Agricole (London)	Credit Suisse Financial Products		4.576%	EUR	300		3.000%			06/20/16		(25	)
Credit Agricole (London)	Deutsche Bank		4.576%	EUR	300		3.000%			06/20/16		(25	)
France Government International Bond	Citibank		1.607%	USD	200		0.250%			12/20/15		(10	)
France Government International Bond	Citibank		1.747%	USD	700		0.250%			09/20/16		(45	)
France Government International Bond	Deutsche Bank		1.747%	USD	2,000		0.250%			09/20/16		(129	)
France Government International Bond	HSBC		1.747%	USD	1,700		0.250%			09/20/16		(110	)
France Government International Bond	Morgan Stanley		1.747%	USD	2,600		0.250%			09/20/16		(168	)
Germany Government International Bond	Citibank		0.820%	USD	2,000		0.250%			09/20/16		(51	)
Germany Government International Bond	Morgan Stanley		0.820%	USD	4,900		0.250%			09/20/16		(124	)
Italy Government International Bond	BNP Paribas		4.109%	USD	1,900		1.000%			06/20/16		(226	)
Japan Government International Bond	Bank of America		1.156%	USD	500		1.000%			12/20/15		(4	)
Japan Government International Bond	Bank of America		1.191%	USD	800		1.000%			03/20/16		(8	)
Japan Government International Bond	Bank of America		1.191%	USD	1,100		1.000%			03/20/16		(11	)
Japan Government International Bond	Barclays Bank PLC		1.156%	USD	500		1.000%			12/20/15		(4	)
Japan Government International Bond	Barclays Bank PLC		1.191%	USD	1,400		1.000%			03/20/16		(13	)
Japan Government International Bond	JPMorgan		1.191%	USD	700		1.000%			03/20/16		(7	)
Japan Government International Bond	JPMorgan		1.191%	USD	1,200		1.000%			03/20/16		(11	)
Japan Government International Bond	Morgan Stanley		1.156%	USD	500		1.000%			12/20/15		(4	)
Japan Government International Bond	Pamure Gordon & Co. Ltd.		1.070%	USD	800		1.000%			06/20/15		(3	)
Japan Government International Bond	UBS		1.156%	USD	500		1.000%			12/20/15		(4	)
Korea Government International Bond	Deutsche Bank		0.647%	USD	800		1.000%			12/20/12		2
Korea Government International Bond	Deutsche Bank		0.647%	USD	900		1.000%			12/20/12		2
Korea Government International Bond	Deutsche Bank		1.653%	USD	300		1.000%			12/20/16		(8	)
Mexico Government International Bond	Barclays Bank PLC		1.171%	USD	1,700		1.000%			09/20/15		(12	)
Mexico Government International Bond	Citibank		0.469%	USD	400		1.000%			12/20/12		2
Mexico Government International Bond	Deutsche Bank		1.244%	USD	1,100		1.000%			03/20/16		(11	)
Mexico Government International Bond	Deutsche Bank		1.301%	USD	2,500		1.000%			06/20/16		(32	)
Mexico Government International Bond	Goldman Sachs		0.469%	USD	1,900		1.000%			12/20/12		7
Mexico Government International Bond	HSBC		1.711%	USD	1,300		1.000%			03/20/21		(72	)
Mexico Government International Bond	JPMorgan		0.469%	USD	2,500		1.000%			12/20/12		10
Russian Government International Bond	HSBC		0.935%	USD	2,200		1.000%			12/20/12		—
Spain Government International Bond	Bank of America		3.685%	USD	100		1.000%			03/20/16		(10	)
Spain Government International Bond	Citibank		3.699%	USD	900		1.000%			06/20/16		(95	)
United Kingdom Gilt	BNP Paribas		0.415%	USD	400		1.000%			03/20/15		7
United Kingdom Gilt	Citibank		0.630%	USD	500		1.000%			03/20/16		8
United Kingdom Gilt	Deutsche Bank		0.630%	USD	400		1.000%			03/20/16		6
United Kingdom Gilt	Goldman Sachs		0.415%	USD	100		1.000%			03/20/15		2
United Kingdom Gilt	Goldman Sachs		0.630%	USD	500		1.000%			03/20/16		8
United Kingdom Gilt	Goldman Sachs		0.630%	USD	300		1.000%			03/20/16		5
United Kingdom Gilt	Goldman Sachs		0.731%	USD	1,300		1.000%			09/20/16		16
United Kingdom Gilt	Morgan Stanley		0.731%	USD	5,500		1.000%			09/20/16		69
United Kingdom Gilt	Morgan Stanley		0.731%	USD	1,100		1.000%			09/20/16		14
United Kingdom Gilt	UBS		0.415%	USD	300		1.000%			03/20/15		5
United Kingdom Gilt	UBS		0.415%	USD	100		1.000%			03/20/15		2
United Kingdom Gilt	UBS		0.415%	USD	100		1.000%			03/20/15		2
United Kingdom Gilt	UBS		0.415%	USD	200		1.000%			03/20/15		3
United Kingdom Gilt	UBS		0.683%	USD	800		1.000%			06/20/16		11
United States Government Bond	BNP Paribas		0.402%	EUR	2,000		0.250%			09/20/16		(22	)
Total Market Value on Open Sovereign Issues Premiums Paid (Received) - ($626)												(1,194	)
Total Market Value on Open Credit Default Swap Contracts Premiums Paid (Received) - ($45) (å)												(488	)

See accompanying notes which are an integral part of this quarterly report.

Russell Short Duration Bond Fund 197

Russell Investment Company

Russell Short Duration Bond Fund

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1			Level 2			Level 3		Total
Long-Term Investments
Asset-Backed Securities	$	—		$	88,355		$	—	$	88,355
Corporate Bonds and Notes		—			142,895			550		143,445
International Debt		—			127,894			—		127,894
Loan Agreements		—			283			—		283
Mortgage-Backed Securities		—			511,936			6,880		518,816
Municipal Bonds		—			1,000			—		1,000
Non-US Bonds		—			29,843			—		29,843
United States Government Agencies		—			5,106			—		5,106
United States Government Treasuries		—			170,867			—		170,867
Preferred Stocks		329			—			1,643		1,972
Short-Term Investments		—			158,066			484		158,550
Total Investments		329			1,236,245			9,557		1,246,131
Other Financial Instruments
Futures Contracts		(467	)		—			—		(467	)
Options Written		—			(26	)		—		(26	)
Foreign Currency Exchange Contracts		2			(1,058	)		—		(1,056	)
Interest Rate Swap Contracts		—			1,628			—		1,628
Credit Default Swap Contracts		—			(443	)		—		(443	)
Total Other Financial Instruments*	$	(465	)	$	101		$	—	$	(364	)

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

Investments in which significant unobservable inputs (Level 3) used in determining a value for the period ending January 31, 2012 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

198 Russell Short Duration Bond Fund

Russell Investment Company

Russell Tax Exempt Bond Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Rate %		Date of Maturity		Value $
Municipal Bonds - 94.6%
Alabama - 0.8%
Alabama Public School & College Authority Revenue Bonds		1,000		5.000		05/01/14		1,086
Alabama Public School & College Authority Revenue Bonds		1,000		5.000		05/01/15		1,133
Birmingham Water Works Board Revenue Bonds (µ)		1,275		5.000		01/01/17		1,482
Courtland Industrial Development Board Revenue Bonds		250		5.000		11/01/13		265
Mobile Industrial Development Board Revenue Bonds (Ê)		1,400		4.875		06/01/34		1,469
								5,435
Alaska - 0.3%
City of Valdez Alaska Revenue Bonds		1,470		5.000		01/01/21		1,732
Arizona - 2.9%
Arizona Health Facilities Authority Revenue Bonds		2,000		5.250		01/01/18		2,385
Arizona Health Facilities Authority Revenue Bonds		2,000		5.250		01/01/22		2,278
Arizona School Facilities Board Revenue Bonds		1,500		5.000		07/01/16		1,708
Arizona Transportation Board Revenue Bonds		1,500		5.000		07/01/14		1,657
Arizona Water Infrastructure Finance Authority Revenue Bonds		1,455		5.000		10/01/18		1,821
City of Mesa Arizona Revenue Bonds (µ)		1,000		5.250		07/01/14		1,100
City of Phoenix Arizona General Obligation Unlimited		2,000		5.000		07/01/15		2,289
Maricopa County Pollution Control Corp. Revenue Bonds (Ê)		2,310		5.200		06/01/43		2,539
Salt River Project Agricultural Improvement & Power District Revenue Bonds		1,635		5.000		01/01/25		1,940
Salt Verde Financial Corp. Revenue Bonds		1,045		5.250		12/01/24		1,115
								18,832
Arkansas - 0.3%
State of Arkansas General Obligation Unlimited		1,750		5.000		08/01/13		1,871
California - 9.3%
Abag Finance Authority for Nonprofit Corps. Certificate Of Participation		380		5.700		08/15/14		382
California Health Facilities Financing Authority Revenue Bonds		1,550		5.000		07/01/16		1,752
California Health Facilities Financing Authority Revenue Bonds		1,375		5.000		11/15/32		1,531
California Infrastructure & Economic Development Bank Revenue Bonds (µ)(Ê)		1,600		0.040		09/01/37		1,600
California State Department of Water Resources Revenue Bonds		1,000		5.000		05/01/14		1,103
California State Department of Water Resources Revenue Bonds		1,000		5.000		05/01/16		1,181
California State Department of Water Resources Revenue Bonds		1,000		5.000		05/01/17		1,205
California State Department of Water Resources Revenue Bonds		2,500		5.000		05/01/19		3,118
California State Department of Water Resources Revenue Bonds		2,500		5.000		12/01/20		3,164
California State Department of Water Resources Revenue Bonds		1,000		5.000		12/01/21		1,201
California State Public Works Board Revenue Bonds		1,000		5.000		12/01/16		1,144
California Statewide Communities Development Authority Revenue Bonds		2,250		5.000		06/15/13		2,386
California Statewide Communities Development Authority Revenue Bonds		1,000		5.000		04/01/14		1,090
California Statewide Communities Development Authority Revenue Bonds		2,260		5.000		04/01/19		2,715
California Statewide Communities Development Authority Revenue Bonds		1,405		6.000		05/15/23		1,588
California Statewide Communities Development Authority Revenue Bonds (µ)(Ê)		610		4.100		04/01/28		633
County of Sacramento California Airport System Revenue Bonds		2,000		5.000		07/01/22		2,253
County of Sacramento California Airport System Revenue Bonds		895		5.500		07/01/28		998
County of Sacramento California Airport System Revenue Bonds		750		5.625		07/01/29		837
Golden State Tobacco Securitization Corp. Revenue Bonds (µ)		500		5.000		06/01/20		500
Golden State Tobacco Securitization Corp. Revenue Bonds (µ)		750		4.600		06/01/23		777
Kings River Conservation District Certificate Of Participation		850		5.000		05/01/15		949
Los Angeles Harbor Department Revenue Bonds		2,000		5.250		08/01/22		2,409
Los Angeles Unified School District General Obligation Unlimited (µ)(æ)		1,150		5.000		07/01/13		1,226
Modesto Irrigation District Revenue Bonds		1,425		5.000		07/01/17		1,667
Northern California Power Agency Revenue Bonds		1,000		5.000		06/01/15		1,114
San Diego Public Facilities Financing Authority Sewer Revenue Bonds		240		5.000		05/15/21		290
San Francisco City & County Public Utilities Commission Water Revenue Bonds		2,685		5.000		11/01/27		3,249

Russell Tax Exempt Bond Fund 199

Russell Investment Company

Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Rate %		Date of Maturity		Value $
Southern California Public Power Authority Revenue Bonds		1,000		5.000		07/01/23		1,192
State of California General Obligation Unlimited		1,000		5.000		02/01/12		1,000
State of California General Obligation Unlimited (µ)		1,000		6.000		02/01/17		1,230
State of California General Obligation Unlimited		1,000		5.000		10/01/17		1,200
State of California General Obligation Unlimited		1,250		5.000		07/01/20		1,533
State of California General Obligation Unlimited		2,500		5.500		04/01/21		3,042
State of California General Obligation Unlimited		1,000		5.250		07/01/21		1,242
State of California General Obligation Unlimited		1,000		5.250		03/01/22		1,218
State of California General Obligation Unlimited (µ)(Ê)		100		0.040		07/01/23		100
State of California General Obligation Unlimited		2,500		5.250		09/01/28		2,913
State of California General Obligation Unlimited (µ)(Ê)		300		0.040		05/01/34		300
Tuolumne Wind Project Authority Revenue Bonds		1,500		5.000		01/01/18		1,750
University of California Revenue Bonds		500		4.000		05/15/14		540
								59,322
Colorado - 0.3%
Colorado Health Facilities Authority Revenue Bonds		1,000		5.250		06/01/23		1,062
Colorado Housing & Finance Authority Revenue Bonds		5		6.300		08/01/12		5
Colorado Housing & Finance Authority Revenue Bonds		20		6.300		08/01/16		20
Colorado Housing & Finance Authority Revenue Bonds		5		6.700		10/01/16		5
E-470 Public Highway Authority Revenue Bonds (µ)		850		5.000		09/01/17		903
								1,995
Connecticut - 0.9%
Connecticut State Health & Educational Facility Authority Revenue Bonds		2,500		5.000		07/01/25		3,003
State of Connecticut General Obligation Unlimited		2,490		5.000		01/01/16		2,898
								5,901
Delaware - 0.7%
Delaware Transportation Authority Revenue Bonds		1,330		5.000		07/01/16		1,572
Delaware Transportation Authority Revenue Bonds		1,000		5.000		07/01/17		1,212
Delaware Transportation Authority Revenue Bonds (µ)		1,305		5.000		07/01/18		1,476
								4,260
District of Columbia - 0.2%
District of Columbia Revenue Bonds (µ)		1,000		5.000		02/01/12		1,000
Florida - 6.4%
Citizens Property Insurance Corp. Revenue Bonds (µ)		1,000		5.000		03/01/15		1,088
Citizens Property Insurance Corp. Revenue Bonds		2,600		5.000		06/01/15		2,847
Citizens Property Insurance Corp. Revenue Bonds		2,500		5.000		06/01/18		2,828
City of Gulf Breeze Florida Revenue Bonds (µ)		1,825		5.000		12/01/15		1,865
City of Lakeland Florida Energy System Revenue Bonds (µ)		2,000		5.000		10/01/17		2,348
City of Pembroke Pines Florida Revenue Bonds (µ)		1,000		5.000		10/01/16		1,122
City of Tampa Florida Revenue Bonds		500		5.000		11/15/15		572
County of Hillsborough Florida Revenue Bonds (µ)		1,000		5.500		08/01/12		1,026
County of Miami-Dade Florida Water & Sewer System Revenue Bonds (µ)		1,500		5.250		10/01/19		1,834
Escambia County Health Facilities Authority Revenue Bonds		1,000		5.250		11/15/13		1,082
Florida Department of Children & Family Services Certificate Of Participation (µ)		1,175		5.000		10/01/15		1,310
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds		1,000		5.000		07/01/15		1,110
Florida State Department of Transportation Revenue Bonds (µ)		2,000		5.000		07/01/13		2,128
Hillsborough County Aviation Authority Revenue Bonds		1,000		5.000		10/01/14		1,095
JEA Electric System Revenue Bonds		1,000		5.000		10/01/17		1,195
Kissimmee Utility Authority Revenue Bonds (µ)		1,000		5.000		10/01/17		1,179
Miami-Dade County Educational Facilities Authority Revenue Bonds (µ)(æ)		1,750		5.000		04/01/14		1,916
Orlando Utilities Commission Revenue Bonds		3,000		5.000		10/01/19		3,682

Russell Tax Exempt Bond Fund 200

Russell Investment Company

Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Rate %		Date of Maturity		Value $
Palm Beach County School District Certificate Of Participation (µ)		1,000		5.000		08/01/14		1,081
South Miami Health Facilities Authority Revenue Bonds		750		5.000		08/15/18		876
State of Florida General Obligation Unlimited		1,000		5.000		06/01/16		1,176
State of Florida General Obligation Unlimited		3,515		5.000		06/01/17		4,037
State of Florida Revenue Bonds (µ)		1,000		5.250		01/01/13		1,045
State of Florida Revenue Bonds		1,300		5.000		07/01/16		1,508
Tampa-Hillsborough County Expressway Authority Revenue Bonds (µ)		1,000		5.000		07/01/14		1,096
								41,046
Georgia - 4.3%
Atlanta Independent School System Certificate Of Participation		2,000		5.000		03/01/17		2,352
City of Atlanta Georgia Airport Revenue Revenue Bonds		2,000		5.000		01/01/16		2,275
City of Atlanta Georgia Airport Revenue Revenue Bonds		2,500		5.000		01/01/20		2,994
City of Atlanta Georgia Revenue Bonds		1,000		6.000		11/01/20		1,272
City of Atlanta Georgia Revenue Bonds (µ)		2,000		5.500		11/01/23		2,371
City of Atlanta Georgia Revenue Bonds		1,300		6.000		11/01/25		1,588
Georgia State Road & Tollway Authority Revenue Bonds		1,150		5.000		03/01/19		1,453
Hall County School District General Obligation Unlimited		1,000		5.000		11/01/12		1,034
Marietta Development Authority Revenue Bonds		515		6.250		06/15/20		521
Municipal Electric Authority of Georgia Revenue Bonds (µ)		850		6.250		01/01/17		1,029
Private Colleges & Universities Authority Revenue Bonds		1,500		5.000		09/01/16		1,784
State of Georgia General Obligation Unlimited		2,000		5.000		07/01/12		2,040
State of Georgia General Obligation Unlimited		2,100		5.500		07/01/13		2,255
State of Georgia General Obligation Unlimited		1,000		5.000		11/01/16		1,201
State of Georgia General Obligation Unlimited		1,240		5.000		07/01/17		1,517
State of Georgia General Obligation Unlimited		1,500		5.000		07/01/22		1,831
								27,517
Guam - 0.1%
Territory of Guam Revenue Bonds		500		5.375		12/01/24		535
Hawaii - 0.8%
City & County of Honolulu Hawaii Revenue Bonds (µ)		1,500		5.000		07/01/19		1,783
Hawaii Housing & Community Development Corp. Revenue Bonds		160		3.700		01/01/22		164
State of Hawaii General Obligation Unlimited		1,000		5.000		02/01/15		1,129
State of Hawaii General Obligation Unlimited		1,290		5.000		06/01/15		1,473
State of Hawaii General Obligation Unlimited		660		5.000		12/01/29		795
								5,344
Idaho - 0.4%
Boise State University Revenue Bonds (µ)(æ)		1,230		5.375		04/01/12		1,240
Boise State University Revenue Bonds (µ)		5		5.375		04/01/22		5
Idaho Housing & Finance Association Revenue Bonds (µ)		1,330		5.250		07/15/21		1,565
								2,810
Illinois - 4.0%
City of Chicago Illinois General Obligation Unlimited (µ)(æ)		1,000		5.000		01/01/14		1,088
City of Chicago Illinois General Obligation Unlimited (µ)		2,500		5.000		01/01/17		2,779
City of Chicago Illinois General Obligation Unlimited (µ)		2,135		5.000		12/01/23		2,339
City of Chicago Illinois O’Hare International Airport Revenue		1,320		3.840		01/31/20		1,522
City of Chicago Illinois O’Hare International Airport Revenue Revenue Bonds (µ)		1,000		5.000		01/01/19		1,106
Cook County Community Consolidated School District No. 15 Palatine General Obligation Limited (µ)		2,235		Zero coupon		12/01/13		2,151
Illinois Finance Authority Revenue Bonds		670		5.500		10/01/12		691
Illinois Finance Authority Revenue Bonds		1,000		5.000		03/01/15		1,113
Lake County Community Unit School District No. 116 Round Lake General Obligation Unlimited (µ)		400		7.600		02/01/14		457

Russell Tax Exempt Bond Fund 201

Russell Investment Company

Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Rate %		Date of Maturity		Value $
Railsplitter Tobacco Settlement Authority Revenue Bonds		1,000		5.000		06/01/18		1,133
Railsplitter Tobacco Settlement Authority Revenue Bonds		1,000		5.000		06/01/19		1,129
Railsplitter Tobacco Settlement Authority Revenue Bonds		1,925		5.250		06/01/20		2,196
Railsplitter Tobacco Settlement Authority Revenue Bonds		1,000		5.500		06/01/23		1,134
Railsplitter Tobacco Settlement Authority Revenue Bonds		2,500		6.250		06/01/24		2,795
State of Illinois Revenue Bonds		1,250		5.000		06/15/14		1,369
State of Illinois Revenue Bonds (µ)		1,000		5.000		06/15/16		1,155
University of Illinois Revenue Bonds		1,115		5.000		04/01/20		1,325
								25,482
Indiana - 1.5%
Ball State University Revenue Bonds (µ)		1,000		5.000		07/01/16		1,146
City of Indianapolis Indiana Gas Utility Revenue Bonds (µ)		1,000		5.000		08/15/23		1,178
City of Whiting Indiana Revenue Bonds		375		5.000		01/01/16		421
Indiana Bond Bank Revenue Bonds (µ)		45		5.750		08/01/13		47
Indiana Finance Authority Revenue Bonds		1,000		4.900		01/01/16		1,101
Indiana Finance Authority Revenue Bonds		1,500		5.250		02/01/18		1,858
Indiana Finance Authority Revenue Bonds		1,000		5.000		02/01/19		1,241
Indianapolis Local Public Improvement Bond Bank Revenue Bonds		1,150		5.000		06/01/16		1,309
Indianapolis Local Public Improvement Bond Bank Revenue Bonds		1,000		5.000		02/01/18		1,221
								9,522
Iowa - 0.5%
Iowa Finance Authority Revenue Bonds (µ)		1,000		5.000		07/01/14		1,084
Iowa Higher Education Loan Authority Revenue Bonds		1,625		5.000		12/01/18		2,020
								3,104
Kansas - 0.2%
Wyandotte County-Kansas City Unified Government Revenue Bonds		2,070		Zero coupon		06/01/21		1,371
Louisiana- 0.8%
Louisiana Public Facilities Authority Revenue Bonds		1,000		5.000		07/01/19		1,162
Louisiana State Citizens Property Insurance Corp. Revenue Bonds (µ)		2,460		6.750		06/01/26		2,967
Louisiana State University & Agricultural & Mechanical College Revenue Bonds		1,000		5.000		07/01/16		1,175
								5,304
Maryland - 2.7%
County of Montgomery Maryland General Obligation Unlimited		2,000		5.000		07/01/17		2,449
County of Montgomery Maryland General Obligation Unlimited		1,350		5.000		07/01/19		1,711
County of Prince George’s Maryland General Obligation Limited		1,000		5.000		07/15/16		1,192
Maryland Economic Development Corp. Revenue Bonds		1,250		5.125		06/01/20		1,312
Maryland Economic Development Corp. Revenue Bonds		885		6.200		09/01/22		1,086
Maryland Economic Development Corp. Revenue Bonds		1,120		5.375		06/01/25		1,160
Maryland Economic Development Corp. Revenue Bonds		1,350		5.750		09/01/25		1,417
Maryland Health & Higher Educational Facilities Authority Revenue Bonds (Ê)		465		5.000		05/15/48		523
Maryland State Department of Transportation Revenue Bonds (æ)		1,100		5.000		05/01/14		1,215
Maryland State Transportation Authority Revenue Bonds		1,000		5.000		03/01/16		1,172
State of Maryland General Obligation Unlimited		2,500		5.250		03/01/13		2,635
State of Maryland General Obligation Unlimited		1,500		5.000		08/01/14		1,671
								17,543
Massachusetts - 1.7%
Commonwealth of Massachusetts General Obligation Limited		930		5.500		11/01/15		1,095
Commonwealth of Massachusetts General Obligation Limited		1,000		5.500		10/01/16		1,215
Commonwealth of Massachusetts General Obligation Unlimited		1,500		5.250		08/01/13		1,610

202 Russell Tax Exempt Bond Fund

Russell Investment Company

Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Rate %		Date of Maturity		Value $
Massachusetts Department of Transportation Revenue Bonds		1,380		5.000		01/01/15		1,517
Massachusetts School Building Authority Revenue Bonds		1,000		5.000		10/15/22		1,273
Massachusetts School Building Authority Revenue Bonds		780		5.000		10/15/27		954
Massachusetts State Water Pollution Abatement Revenue Bonds		1,090		5.000		08/01/16		1,297
Massachusetts Water Resources Authority Revenue Bonds		1,525		5.000		08/01/14		1,694
								10,655
Michigan - 1.8%
City of Detroit Michigan Sewage Disposal System Revenue Bonds (µ)		1,000		5.000		07/01/14		1,074
City of Detroit Michigan Water Supply System Revenue Bonds (µ)		1,015		5.000		07/01/18		1,105
Detroit City School District General Obligation Unlimited (µ)		1,000		6.000		05/01/19		1,185
Kent Hospital Finance Authority Revenue Bonds		1,505		5.000		11/15/19		1,774
Kent Hospital Finance Authority Revenue Bonds (Ê)		500		5.250		01/15/47		536
Michigan State Hospital Finance Authority Revenue Bonds		1,000		5.500		11/01/14		1,069
Michigan State Housing Development Authority Revenue Bonds (µ)		40		4.150		10/01/13		41
Michigan Strategic Fund Revenue Bonds		2,000		6.250		06/01/14		2,216
Wayne County Airport Authority Revenue Bonds		2,000		5.000		12/01/17		2,279
								11,279
Minnesota - 3.2%
City of Minneapolis Minnesota Revenue Bonds		1,250		5.000		08/01/17		1,366
City of Minneapolis Minnesota Revenue Bonds		1,855		6.375		11/15/23		2,199
City of Rochester Minnesota Revenue Bonds (Ê)		1,125		4.000		11/15/30		1,273
City of Saint Louis Park Minnesota Revenue Bonds		1,165		5.500		07/01/17		1,330
City of Saint Louis Park Minnesota Revenue Bonds		725		5.500		07/01/18		832
Minnesota Municipal Power Agency Revenue Bonds		2,220		5.250		10/01/21		2,447
State of Minnesota General Obligation Unlimited		545		5.000		06/01/14		603
State of Minnesota General Obligation Unlimited		1,000		5.000		08/01/15		1,151
State of Minnesota General Obligation Unlimited		2,990		5.000		06/01/17		3,642
State of Minnesota General Obligation Unlimited		1,925		4.000		08/01/18		2,279
Tobacco Securitization Authority Minnesota Revenue Bonds		1,175		5.000		03/01/21		1,344
Tobacco Securitization Authority Minnesota Revenue Bonds		1,010		5.000		03/01/22		1,152
Tobacco Securitization Authority Minnesota Revenue Bonds		780		5.250		03/01/31		843
								20,461
Mississippi - 0.5%
Mississippi Development Bank Revenue Bonds (µ)		1,000		5.000		07/01/15		1,105
Mississippi Hospital Equipment & Facilities Authority Revenue Bonds		1,555		5.000		10/01/17		1,822
								2,927
Missouri - 0.8%
City of State Louis Missouri Airport Revenue Bonds		1,680		6.125		07/01/24		1,913
Missouri Highway & Transportation Commission Revenue Bonds		2,500		5.250		05/01/23		2,923
								4,836
Nevada - 1.0%
County of Clark Nevada Airport System Revenue Bonds		1,000		5.000		07/01/12		1,019
County of Clark Nevada Airport System Revenue Bonds (µ)		2,500		5.000		07/01/22		2,860
County of Clark Nevada General Obligation Limited (µ)		1,000		5.000		11/01/13		1,082
County of Clark Nevada Revenue Bonds		1,000		5.000		07/01/16		1,141
								6,102
New Jersey - 3.5%
New Jersey Economic Development Authority Revenue Bonds		1,000		5.000		09/01/12		1,028
New Jersey Economic Development Authority Revenue Bonds		1,020		5.375		06/15/15		1,091
New Jersey Economic Development Authority Revenue Bonds (µ)		1,500		5.500		06/15/16		1,624

Russell Tax Exempt Bond Fund 203

Russell Investment Company

Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Rate %		Date of Maturity		Value $
New Jersey Economic Development Authority Revenue Bonds		2,500		5.000		09/01/18		3,011
New Jersey Educational Facilities Authority Revenue Bonds		2,000		5.000		07/01/16		2,384
New Jersey Health Care Facilities Financing Authority Revenue Bonds		980		5.000		07/01/13		1,018
New Jersey Health Care Facilities Financing Authority Revenue Bonds (µ)		1,000		5.000		09/15/17		1,148
New Jersey Transportation Trust Fund Authority Revenue Bonds		1,000		5.000		12/15/16		1,173
New Jersey Transportation Trust Fund Authority Revenue Bonds (µ)		1,500		5.000		06/15/18		1,692
New Jersey Transportation Trust Fund Authority Revenue Bonds		1,000		5.000		12/15/18		1,218
New Jersey Transportation Trust Fund Authority Revenue Bonds		3,750		5.500		06/15/31		4,433
State of New Jersey General Obligation Unlimited (µ)		2,080		5.500		07/15/18		2,607
								22,427
New Mexico - 0.6%
State of New Mexico Revenue Bonds		3,500		5.000		07/01/15		4,012
New York - 11.3%
Battery Park City Authority Revenue Bonds		1,500		5.250		11/01/22		1,628
Brooklyn Arena Local Development Corp. Revenue Bonds		2,250		6.500		07/15/30		2,466
Buffalo & Erie County Industrial Land Development Corp. Revenue Bonds		1,350		5.750		10/01/26		1,620
City of New York New York General Obligation Unlimited		850		5.000		03/01/12		853
City of New York New York General Obligation Unlimited		750		5.000		11/01/12		777
City of New York New York General Obligation Unlimited		1,500		5.000		08/01/15		1,717
City of New York New York General Obligation Unlimited		2,170		5.000		08/01/16		2,559
City of New York New York General Obligation Unlimited		1,500		5.000		08/01/19		1,860
City of New York New York General Obligation Unlimited		2,750		5.000		10/01/28		3,280
Hempstead Town Local Development Corp. Revenue Bonds		1,600		5.750		07/01/23		1,810
Metropolitan Transportation Authority Revenue Bonds		1,430		6.500		11/15/28		1,763
New York City Health & Hospital Corp. Revenue Bonds		1,500		5.000		02/15/17		1,749
New York City Municipal Water Finance Authority Revenue Bonds (µ)		865		5.000		06/15/21		974
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds		890		5.000		11/01/20		1,122
New York City Trust for Cultural Resources Revenue Bonds		940		5.000		07/01/21		1,124
New York State Dormitory Authority Revenue Bonds		3,415		5.000		07/01/16		3,822
New York State Dormitory Authority Revenue Bonds		1,755		5.000		07/01/17		2,074
New York State Dormitory Authority Revenue Bonds		1,000		5.000		10/01/19		1,264
New York State Dormitory Authority Revenue Bonds		1,000		5.250		02/15/21		1,250
New York State Dormitory Authority Revenue Bonds		1,000		6.500		12/01/21		1,094
New York State Dormitory Authority Revenue Bonds		2,400		5.000		05/01/22		2,825
New York State Dormitory Authority Revenue Bonds		2,500		5.250		07/01/29		2,931
New York State Environmental Facilities Corp. Revenue Bonds		770		5.000		06/15/22		920
New York State Environmental Facilities Corp. Revenue Bonds		1,640		5.000		09/15/23		1,928
New York State Thruway Authority Revenue Bonds (µ)		1,575		5.250		04/01/13		1,665
New York State Thruway Authority Revenue Bonds		4,000		5.000		04/01/14		4,384
New York State Thruway Authority Revenue Bonds		2,300		5.000		03/15/19		2,853
New York State Urban Development Corp. Revenue Bonds		2,500		5.000		03/15/17		2,999
Port Authority of New York & New Jersey Revenue Bonds		2,500		6.500		12/01/28		2,686
Sales Tax Asset Receivable Corp. Revenue Bonds (µ)		1,700		5.000		10/15/25		1,881
State of New York General Obligation Unlimited		1,500		5.000		02/15/14		1,639
State of New York General Obligation Unlimited		2,000		5.000		12/15/21		2,568
Tobacco Settlement Financing Corp. Revenue Bonds		1,030		5.000		06/01/12		1,046
Triborough Bridge & Tunnel Authority Revenue Bonds		950		5.000		11/15/17		1,155
Triborough Bridge & Tunnel Authority Revenue Bonds (µ)		1,000		5.500		11/15/20		1,272
Triborough Bridge & Tunnel Authority Revenue Bonds (Ê)		2,250		5.000		11/15/25		2,434
Triborough Bridge & Tunnel Authority Revenue Bonds (Ê)		900		5.000		11/15/38		1,021
Troy Capital Resource Corp. Revenue Bonds		1,000		5.000		09/01/20		1,178
								72,191
North Carolina - 1.8%
City of Charlotte North Carolina General Obligation Unlimited		1,890		5.000		06/01/15		2,164

204 Russell Tax Exempt Bond Fund

Russell Investment Company

Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Rate %		Date of Maturity		Value $
North Carolina Eastern Municipal Power Agency Revenue Bonds		650		5.000		01/01/16		746
North Carolina Medical Care Commission Revenue Bonds		410		5.400		10/01/27		412
North Carolina Municipal Power Agency No. 1 Revenue Bonds		200		5.500		01/01/13		209
State of North Carolina General Obligation Unlimited		1,000		5.000		03/01/12		1,004
State of North Carolina General Obligation Unlimited		1,000		5.000		03/01/14		1,052
State of North Carolina General Obligation Unlimited		2,500		5.000		05/01/20		3,194
State of North Carolina Revenue Bonds		1,000		5.000		05/01/19		1,250
University of North Carolina at Chapel Hill Revenue Bonds		1,205		5.000		12/01/31		1,366
								11,397
Ohio - 1.2%
County of Montgomery Ohio Revenue Bonds		1,100		5.750		11/15/22		1,342
Kent State University Revenue Bonds (µ)		2,000		5.000		05/01/16		2,300
Ohio Air Quality Development Authority Revenue Bonds		1,110		5.700		02/01/14		1,191
Ohio Air Quality Development Authority Revenue Bonds		1,050		5.625		06/01/18		1,188
Ohio Air Quality Development Authority Revenue Bonds		1,725		5.700		08/01/20		1,942
								7,963
Oklahoma - 0.2%
Oklahoma Development Finance Authority Revenue Bonds		275		5.000		10/01/13		293
Tulsa County Industrial Authority Revenue Bonds		1,000		4.000		09/01/14		1,070
								1,363
Oregon - 1.6%
City of Portland Oregon Sewer System Revenue Bonds		2,000		5.000		06/15/18		2,474
Morrow County School District No. 1 General Obligation Unlimited (µ)		1,955		5.500		06/15/21		2,529
Oregon Department of Transportation Revenue Bonds		2,000		5.250		11/15/14		2,262
State of Oregon General Obligation Unlimited		2,500		5.000		05/01/27		3,052
								10,317
Pennsylvania - 5.5%
Allegheny County Hospital Development Authority Revenue Bonds		2,000		5.000		09/01/16		2,324
Allegheny County Industrial Development Authority Revenue Bonds		920		6.500		05/01/17		967
Berks County Municipal Authority Revenue Bonds		1,960		5.250		11/01/24		2,244
Berks County Vocational Technical School Authority Revenue Bonds (µ)		1,260		5.000		06/01/15		1,375
Butler County Hospital Authority Revenue Bonds		1,000		7.125		07/01/29		1,163
Commonwealth of Pennsylvania General Obligation Unlimited		2,000		5.000		08/01/13		2,139
Commonwealth of Pennsylvania General Obligation Unlimited		2,500		5.500		01/01/14		2,743
Commonwealth of Pennsylvania General Obligation Unlimited (µ)		1,000		5.000		09/01/15		1,117
Commonwealth of Pennsylvania General Obligation Unlimited (µ)		1,300		5.375		07/01/17		1,606
County of Allegheny Pennsylvania General Obligation Unlimited (µ)		1,000		5.000		10/01/15		1,130
Delaware County Industrial Development Authority Revenue Bonds		1,035		5.250		08/15/30		956
Erie County Hospital Authority Revenue Bonds (µ)(Ê)		900		0.050		05/15/20		900
Erie County Industrial Development Authority Revenue Bonds		180		5.300		04/01/12		181
Montgomery County Industrial Development Authority Revenue Bonds		1,000		5.000		11/15/17		1,082
Pennsylvania Economic Development Financing Authority Revenue Bonds		1,200		6.250		10/15/23		1,331
Pennsylvania Economic Development Financing Authority Revenue Bonds (Ê)		605		5.000		12/01/42		614
Pennsylvania Higher Educational Facilties Authority Revenue Bonds		1,000		5.000		09/01/17		1,218
Pennsylvania Higher Educational Facilties Authority Revenue Bonds (µ)		3,000		5.000		06/15/20		3,296
Pennsylvania Higher Educational Facilties Authority Revenue Bonds		1,125		6.000		07/01/21		1,289
Pennsylvania Higher Educational Facilties Authority Revenue Bonds		1,940		5.250		05/01/24		2,251
Pennsylvania Intergovernmental Cooperation Authority Special Tax		1,000		5.000		06/15/17		1,207
Pennsylvania Turnpike Commission Revenue Bonds (µ)		1,450		5.500		12/01/13		1,579
Philadelphia School District General Obligation Unlimited		1,480		5.000		06/01/12		1,503
University of Pittsburgh Revenue Bonds		1,000		5.500		09/15/21		1,259
								35,474

Russell Tax Exempt Bond Fund 205

Russell Investment Company

Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Rate %		Date of Maturity		Value $
Puerto Rico - 4.1%
Commonwealth of Puerto Rico General Obligation Unlimited		750		5.250		07/01/15		818
Commonwealth of Puerto Rico General Obligation Unlimited (æ)		620		5.250		07/01/16		745
Commonwealth of Puerto Rico General Obligation Unlimited		1,780		5.250		07/01/22		1,831
Government Development Bank for Puerto Rico Revenue Bonds (µ)		2,830		4.750		12/01/15		2,913
Puerto Rico Electric Power Authority Revenue Bonds (µ)		1,005		5.500		07/01/16		1,150
Puerto Rico Electric Power Authority Revenue Bonds		1,000		5.000		07/01/17		1,133
Puerto Rico Electric Power Authority Revenue Bonds (µ)		500		5.500		07/01/17		579
Puerto Rico Highway & Transportation Authority Revenue Bonds		2,000		5.000		07/01/13		2,107
Puerto Rico Housing Finance Authority Revenue Bonds		180		5.500		12/01/15		200
Puerto Rico Housing Finance Authority Revenue Bonds		1,830		5.500		12/01/16		2,076
Puerto Rico Public Buildings Authority Revenue Bonds (æ)		2,000		5.500		07/01/14		2,234
Puerto Rico Public Buildings Authority Revenue Bonds		500		5.750		07/01/16		560
Puerto Rico Public Finance Corp. Revenue Bonds (µ)(Ê)		2,250		5.750		08/01/27		2,250
Puerto Rico Sales Tax Financing Corp. Revenue Bonds (æ)		30		6.125		02/01/14		33
Puerto Rico Sales Tax Financing Corp. Revenue Bonds		650		5.000		08/01/22		786
Puerto Rico Sales Tax Financing Corp. Revenue Bonds		2,500		5.500		08/01/22		2,941
Puerto Rico Sales Tax Financing Corp. Revenue Bonds		970		6.125		08/01/29		1,041
Puerto Rico Sales Tax Financing Corp. Revenue Bonds		2,500		6.500		08/01/35		2,978
								26,375
South Carolina - 0.8%
Piedmont Municipal Power Agency Revenue Bonds		1,000		5.000		01/01/20		1,183
South Carolina State Public Service Authority Revenue Bonds		1,000		5.000		12/01/16		1,183
South Carolina Transportation Infrastructure Bank Revenue Bonds		2,500		5.000		10/01/17		2,963
								5,329
South Dakota - 0.3%
South Dakota Housing Development Authority Revenue Bonds		270		4.800		05/01/22		272
South Dakota State Building Authority Revenue Bonds (µ)		1,330		5.000		09/01/12		1,367
								1,639
Tennessee - 1.1%
City of Memphis Tennessee Revenue Bonds		2,500		5.000		12/01/14		2,792
City of Memphis Tennessee Revenue Bonds		1,135		5.000		12/01/15		1,306
Memphis-Shelby County Airport Authority Revenue Bonds		1,000		5.050		09/01/12		1,025
Metropolitan Government of Nashville & Davidson County Tennessee Revenue Bonds		1,500		5.000		07/01/21		1,881
								7,004
Texas - 9.1%
Canadian River Municipal Water Authority Corp. Revenue Bonds (µ)		800		5.000		02/15/17		927
Canadian River Municipal Water Authority Corp. Revenue Bonds (µ)		415		5.000		02/15/18		478
City of Austin Texas Water & Wastewater System Revenue Revenue Bonds (µ)		1,000		5.250		11/15/14		1,127
City of Bryan Texas Revenue Bonds		1,000		5.000		07/01/15		1,124
City of Dallas Texas Revenue Bonds (µ)		2,500		5.000		10/01/17		3,064
City of Dallas Texas Revenue Bonds		2,000		5.000		10/01/18		2,488
City of Fort Worth Texas Water & Sewer System Revenue Bonds		1,000		5.000		02/15/13		1,049
City of Fort Worth Texas Water & Sewer System Revenue Bonds		1,340		5.000		02/15/17		1,611
City of Houston Texas Airport System Revenue Bonds		1,500		5.000		07/01/17		1,774
City of Houston Texas General Obligation Limited		1,375		5.250		03/01/28		1,616
City of Houston Texas Revenue Bonds		1,890		5.000		09/01/20		2,182
City of New Braunfels Texas General Obligation Limited (µ)(æ)		665		5.250		10/01/14		750
City of San Antonio Texas Revenue Bonds		50		5.250		02/01/13		52
City of San Antonio Texas Revenue Bonds		1,000		5.000		02/01/14		1,091
City of San Antonio Texas Revenue Bonds		1,000		5.000		02/01/18		1,230
City of San Antonio Texas Revenue Bonds		2,250		5.000		05/15/24		2,721

206 Russell Tax Exempt Bond Fund

Russell Investment Company

Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Rate %		Date of Maturity		Value $
Conroe Independent School District General Obligation Unlimited		1,445		5.000		02/15/13		1,516
Conroe Independent School District General Obligation Unlimited		1,085		5.000		02/15/25		1,316
County of Fort Bend Texas General Obligation Limited (µ)		1,000		5.000		03/01/16		1,165
County of Travis Texas General Obligation Limited		1,000		5.000		03/01/15		1,127
Dallas Convention Center Hotel Development Corp. Revenue Bonds		2,150		5.250		01/01/23		2,450
Dallas Independent School District General Obligation Unlimited		2,100		5.000		02/15/14		2,295
Dallas-Fort Worth International Airport Facilities Improvement Corp. Revenue Bonds		280		5.000		11/01/22		314
Dallas-Fort Worth International Airport Facilities Improvement Corp. Revenue Bonds		200		5.000		11/01/23		223
Dallas-Fort Worth International Airport Facilities Improvement Corp. Revenue Bonds		250		5.000		11/01/24		277
Dickinson Independent School District General Obligation Unlimited		1,000		5.000		02/15/23		1,121
Fort Worth Independent School District General Obligation Unlimited		2,000		5.000		02/15/18		2,458
Grand Prairie Independent School District General Obligation Unlimited		750		5.000		02/15/19		890
Lower Colorado River Authority Revenue Bonds (µ)		430		5.875		05/15/14		432
Lower Colorado River Authority Revenue Bonds		1,300		5.000		05/15/16		1,515
North East Independent School District General Obligation Unlimited (µ)(æ)		1,000		5.000		08/01/14		1,113
North Texas Municipal Water District Revenue Bonds (µ)		2,000		5.000		09/01/13		2,147
North Texas Tollway Authority Revenue Bonds		960		6.000		01/01/24		1,140
North Texas Tollway Authority Revenue Bonds (Ê)		1,235		5.750		01/01/38		1,433
Round Rock Independent School District General Obligation Unlimited		430		5.375		08/01/12		441
Round Rock Independent School District General Obligation Unlimited		1,350		5.250		08/01/14		1,510
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds		1,500		5.000		11/15/16		1,760
Texas A&M University Revenue Bonds		2,000		5.000		05/15/15		2,285
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds		1,445		7.500		12/31/31		1,690
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds		1,250		7.500		06/30/33		1,460
Texas Transportation Commission Revenue Bonds		2,500		5.000		04/01/25		2,834
								58,196
Utah - 0.4%
State of Utah General Obligation Unlimited		2,000		5.000		07/01/16		2,377
Virgin Islands - 0.0%
Virgin Islands Public Finance Authority Revenue Bonds		200		5.000		10/01/13		210
Virginia - 2.7%
Chesapeake Economic Development Authority Revenue Bonds (Ê)		550		3.600		02/01/32		560
Chesterfield County Economic Development Authority Revenue Bonds		650		5.000		05/01/23		740
Commonwealth of Virginia General Obligation Unlimited		1,000		5.000		06/01/23		1,197
County of Fairfax Virginia General Obligation Unlimited		1,750		5.250		04/01/14		1,932
County of Fairfax Virginia General Obligation Unlimited		3,000		5.000		04/01/18		3,719
University of Virginia Revenue Bonds (æ)		2,345		5.000		06/01/13		2,493
University of Virginia Revenue Bonds		205		5.000		06/01/20		214
University of Virginia Revenue Bonds		240		5.000		06/01/21		250
Virginia College Building Authority Revenue Bonds (æ)		2,065		5.000		02/01/14		2,254
Virginia Commonwealth Transportation Board Revenue Bonds		360		5.375		05/15/12		362
Virginia Commonwealth Transportation Board Revenue Bonds		1,250		4.750		05/15/21		1,344
Virginia Public Building Authority Revenue Bonds		1,000		5.000		08/01/14		1,110
Virginia Public School Authority Revenue Bonds		1,000		5.000		08/01/17		1,215
								17,390
Washington - 3.3%
City of Seattle Washington Municipal Light & Power Revenue Bonds		1,500		5.000		02/01/14		1,637
Clark County Public Utility District No. 1 Revenue Bonds		1,375		5.000		01/01/14		1,477
County of King Washington Sewer Revenue Bonds (µ)		1,625		5.000		01/01/14		1,768
Energy Northwest Revenue Bonds		1,000		5.000		07/01/14		1,108
Energy Northwest Revenue Bonds		2,500		5.000		07/01/15		2,865
Energy Northwest Revenue Bonds		1,000		7.125		07/01/16		1,261
King County Public Hospital District No. 2 General Obligation Limited (µ)		1,000		5.000		12/01/19		1,132

Russell Tax Exempt Bond Fund 207

Russell Investment Company

Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares			Rate %		Date of Maturity		Value $
King County School District No. 405 Bellevue General Obligation Unlimited (µ)		1,000			5.000		12/01/14		1,120
Mason County School District No. 309 Shelton General Obligation Unlimited (µ)		1,115			5.000		12/01/18		1,361
Pierce County School District No. 3 Puyallup General Obligation Unlimited (µ)		1,000			5.000		12/01/18		1,143
Port of Seattle Washington Revenue Bonds		1,000			5.000		06/01/22		1,204
Snohomish County School District No. 15 Edmonds General Obligation Unlimited (µ)		2,000			5.000		12/01/18		2,308
State of Washington General Obligation Unlimited		1,000			5.000		07/01/17		1,211
State of Washington General Obligation Unlimited		1,560			5.000		08/01/29		1,864
									21,459
West Virginia - 0.3%
West Virginia University Revenue Bonds		1,350			5.000		10/01/21		1,699
Wisconsin - 0.4%
City of Madison Wisconsin Revenue Bonds (Ê)		280			4.875		10/01/27		282
Wisconsin Department of Transportation Revenue Bonds (µ)		1,500			5.000		07/01/19		1,867
Wisconsin Health & Educational Facilities Authority Revenue Bonds		210			5.250		05/01/12		211
Wisconsin Health & Educational Facilities Authority Revenue Bonds		220			5.250		05/01/13		226
									2,586
Total Municipal Bonds (cost 564,146)									605,594
Short-Term Investments - 5.2%
Russell U.S. Cash Management Fund		33,150,628	(¥)						33,151
Total Short-Term Investments (cost 33,151)									33,151
Total Investments - 99.8% (identified cost $597,297)									638,745
Other Assets and Liabilities, Net - 0.2%									1,476
Net Assets - 100.0%									640,221

See accompanying notes which are an integral part of this quarterly report.

208 Russell Tax Exempt Bond Fund

Russell Investment Company

Russell Tax Exempt Bond Fund

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3		Total
Municipal Bonds
Alabama	$	—	$	5,435	$	—	$	5,435
Alaska		—		1,732		—		1,732
Arizona		—		18,832		—		18,832
Arkansas		—		1,871		—		1,871
California		—		59,322		—		59,322
Colorado		—		1,995		—		1,995
Connecticut		—		5,901		—		5,901
Delaware		—		4,260		—		4,260
District of Columbia		—		1,000		—		1,000
Florida		—		41,046		—		41,046
Georgia		—		27,517		—		27,517
Guam		—		535		—		535
Hawaii		—		5,344		—		5,344
Idaho		—		2,810		—		2,810
Illinois		—		25,482		—		25,482
Indiana		—		9,522		—		9,522
Iowa		—		3,104		—		3,104
Kansas		—		1,371		—		1,371
Louisiana		—		5,304		—		5,304
Maryland		—		17,543		—		17,543
Massachusetts		—		10,655		—		10,655
Michigan		—		11,279		—		11,279
Minnesota		—		20,461		—		20,461
Mississippi		—		2,927		—		2,927
Missouri		—		4,836		—		4,836
Nevada		—		6,102		—		6,102
New Jersey		—		22,427		—		22,427
New Mexico		—		4,012		—		4,012
New York		—		72,191		—		72,191
North Carolina		—		11,397		—		11,397
Ohio		—		7,963		—		7,963
Oklahoma		—		1,363		—		1,363
Oregon		—		10,317		—		10,317
Pennsylvania		—		35,474		—		35,474
Puerto Rico		—		26,375		—		26,375
South Carolina		—		5,329		—		5,329
South Dakota		—		1,639		—		1,639
Tennessee		—		7,004		—		7,004
Texas		—		58,196		—		58,196
Utah		—		2,377		—		2,377
Virgin Islands		—		210		—		210
Virginia		—		17,390		—		17,390
Washington		—		21,459		—		21,459
West Virginia		—		1,699		—		1,699
Wisconsin		—		2,586		—		2,586
Short-Term Investments		—		33,151		—		33,151
Total Investments	$	—	$	638,745	$	—	$	638,745

For a description of the levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt Bond Fund 209

Russell Investment Company

Russell Commodity Strategies Fund

Consolidated Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares			Market Value $
Long-Term Investments - 11.4%
United States Government Agencies - 11.4%
Federal Farm Credit Bank
0.261% due 02/11/13 (Ê)		22,000			22,019
0.260% due 03/15/13 (Ê)		20,000			20,018
0.221% due 07/29/13 (Ê)		10,100			10,106
Federal Home Loan Banks
0.280% due 03/06/13		10,000			10,007
0.240% due 04/12/13		13,000			12,999
Series 1 0.320% due 03/15/13 (Ê)		15,000			15,022
Federal Home Loan Mortgage Corp.
0.239% due 03/21/13 (Ê)		18,000			18,021
0.245% due 05/06/13 (Ê)		10,000			10,019
Federal National Mortgage Association
0.550% due 08/23/13		7,000			7,006
0.265% due 11/08/13 (Ê)		15,000			15,012
					140,229
Total Long-Term Investments (cost $140,080)					140,229
Short-Term Investments - 86.5%
FC Discount Notes Zero coupon due 11/20/12		10,000			9,993
Federal Farm Credit Bank
0.270% due 04/25/12		18,000			18,007
0.400% due 08/17/12 (Ê)		8,000			8,007
Series 1 0.331% due 07/02/12 (Ê)		4,000			4,004
Federal Farm Credit Discount Notes Zero coupon due 05/15/12		11,000			10,999
Federal Home Loan Banks
0.130% due 02/24/12 (ç)		10,000			10,000
0.161% due 09/04/12 (Ê)		18,000			18,007
0.235% due 11/01/12 (Ê)		18,000			18,009
0.200% due 11/21/12		16,000			16,003
Federal Home Loan Mortgage Corp.
1.000% due 08/28/12		12,000			12,058
0.750% due 12/28/12		15,000			15,079
Federal National Mortgage Association
0.299% due 08/23/12 (Ê)		17,500			17,515
0.315% due 09/17/12 (Ê)		15,000			15,015
0.290% due 12/03/12 (Ê)		15,000			15,017
0.375% due 12/28/12		12,500			12,529
Freddie Mac Discount Notes Zero coupon due 02/21/12		18,000			18,000
Russell U.S. Cash Management Fund		358,979,588	(¥)		358,980
United States Treasury Bills
0.103% due 02/23/12 (ç)(ž)		100,000			99,998
Zero coupon due 03/29/12 (ç)(ž)		6,700			6,700
0.033% due 04/19/12 (ž)		84,000			83,991
Zero coupon due 04/26/12 (ž)		5,000			4,999
0.061% due 05/24/12 (ž)		100,000			99,981
0.064% due 05/31/12 (ž)		100,000			99,978

	Principal Amount ($) or Shares		Market Value $
United States Treasury Notes
0.231% due 02/29/12 (ç)(ž)		15,000		15,007
0.379% due 03/31/12 (ç)		18,000		18,027
0.173% due 03/31/12 (ç)		7,000		7,010
0.185% due 04/30/12		10,000		10,023
0.070% due 04/30/12		5,000		5,011
0.098% due 08/31/12		10,000		10,016
0.100% due 08/31/12		2,000		2,003
0.121% due 09/30/12		5,000		5,008
0.117% due 09/30/12		5,000		5,009
0.103% due 10/31/12		10,000		10,019
Total Short-Term Investments (cost $1,059,878)				1,060,002
Total Investments - 97.9% (identified cost $1,199,958)				1,200,231
Other Assets and Liabilities, Net - 2.1%				25,818
Net Assets - 100.0%				1,226,049

See accompanying notes which are an integral part of this quarterly report.

210 Russell Commodity Strategies Fund

Russell Investment Company

Russell Commodity Strategies Fund

Consolidated Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
Corn Futures		52		USD	1,481		12/12		6
Light Sweet Crude Oil Futures		291		USD	28,887		04/12		(318	)
Short Positions
Corn Futures		52		USD	1,661		03/12		(8	)
Light Sweet Crude Oil Futures		291		USD	28,658		02/12		464
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts									144

See accompanying notes which are an integral part of this quarterly report.

Russell Commodity Strategies Fund 211

Russell Investment Company

Russell Commodity Strategies Fund

Consolidated Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Index Swaps
Fund Receives Underlying Security	Counterparty	Notional Amount			Fund Pays Fixed Rate		Termination Date		Market Value $
Dow Jones-UBS Commodity Index	Merrill Lynch		USD	121,000		0.140%		06/20/12		2,586
Dow Jones-UBS Commodity Index	Merrill Lynch		USD	100,951		0.140%		06/20/12		87
Dow Jones-UBS Commodity Index 3 Month Forward	UBS AG		USD	121,000		0.250%		01/28/13		541
Dow Jones-UBS Commodity Index 3 Month Forward	UBS AG		USD	147,933		0.250%		01/28/13		(1,193	)
Dow Jones-UBS Commodity Index Total Return	BNP Paribas		USD	43,188		0.250%		02/23/12		(619	)
Dow Jones-UBS Commodity Index Total Return	Morgan Stanley		USD	31,671		0.160%		12/23/13		823
Dow Jones-UBS Commodity Index Total Return	Societe Generale		USD	49,979		0.150%		02/23/12		(717	)
Dow Jones-UBS Commodity Index Total Return	UBS AG		USD	20,944		0.130%		02/23/12		(300	)
Dow Jones-UBS Commodity Index Total Return 2 Month Forward	Morgan Stanley		USD	244,895		0.250%		12/23/13		6,948
Dow Jones-UBS Commodity Index Total Return 2 Month Forward	Societe Generale		USD	48,707		0.300%		02/23/12		(613	)
Dow Jones-UBS Commodity Index Total Return 2 Month Forward	UBS AG		USD	29,732		0.300%		02/23/12		(374	)
Dow Jones-UBS Commodity Index Total Return 2 Month Forward	UBS AG		USD	3,000		0.300%		02/23/12		(44	)
Russell Jeffries Diversified I Index	Newedge Group		USD	246,953		0.350%		09/09/31		(1,115	)
Total Market Value of Open Index Swap Contracts Premiums Paid (Received) - $— (å)										6,010

See accompanying notes which are an integral part of this quarterly report.

212 Russell Commodity Strategies Fund

Russell Investment Company

Russell Commodity Strategies Fund

Consolidated Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3			Total
Long-Term Investments
United States Government Agencies	$	—	$	140,229	$	—		$	140,229
Short-Term Investments		—		1,060,002		—			1,060,002
Total Investments		—		1,200,231		—			1,200,231
Other Financial Instruments
Futures Contracts		144		—		—			144
Index Swaps		—		7,125		(1,115	)		6,010
Total Other Financial Instruments*	$	144	$	7,125	$	(1,115	)	$	6,154

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

Investments in which significant unobservable inputs (Level 3) were used in determining a value for the period ending January 31, 2012 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

Russell Commodity Strategies Fund 213

Russell Investment Company

Russell Global Infrastructure Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Common Stocks - 95.1%
Australia - 8.5%
APA Group (Ñ)		532,352		2,713
Asciano, Ltd.		1,337,831		6,675
Australian Infrastructure Fund Class Miscellaneous (Ñ)		2,810,508		5,997
DUET Group		432,373		831
Macquarie Atlas Roads Group (Æ)		485,905		815
QR National, Ltd.		673,193		2,651
SP AusNet Class Miscellaneous		958,855		982
Spark Infrastructure Group		5,467,382		7,749
Sydney Airport		2,609,386		7,397
Transurban Group - ADR (Æ)		6,340,271		36,954
				72,764
Austria - 0.2%
Flughafen Wien AG (Ñ)		14,359		528
Oesterreichische Post AG (Ñ)		36,991		1,207
				1,735
Belgium - 0.1%
Elia System Operator SA		16,163		615
Brazil - 4.6%
CCR SA		1,402,921		9,764
Cia de Saneamento Basico do Estado de Sao Paulo - ADR (Æ)		46,132		3,040
Cia Paranaense de Energia - ADR (Æ)		18,711		428
EcoRodovias Infraestrutura e Logistica SA		230,079		1,620
EDP - Energias do Brasil SA		471,321		10,979
Equatorial Energia SA		329,198		2,318
LLX Logistica SA (Æ)		1,997,600		4,082
Santos Brasil Participacoes SA		58,422		902
Ultrapar Participacoes SA		128,020		2,590
Ultrapar Participacoes SA - ADR		87,632		1,744
Wilson Sons, Ltd. Class BDR		172,342		2,565
				40,032
Canada - 10.5%
AltaGas, Ltd. - ADR		29,000		876
Atco, Ltd. Class I (Ñ)		47,726		2,841
Brookfield Infrastructure Partners, LP		232,084		6,770
Brookfield Renewable Energy Partners, LP		121,767		3,184
Canadian Utilities, Ltd. Class A		20,026		1,206
Emera, Inc. (Ñ)		77,804		2,516
Enbridge, Inc.		1,007,451		37,879
Fortis, Inc.		54,667		1,820
Keyera Corp. (Ñ)		87,109		4,080
Pembina Pipeline Corp. (Ñ)		82,124		2,197
TransCanada Corp. (Ñ)		520,874		21,425
Veresen, Inc. Class Common Subscription Recei		40,331		607
Westshore Terminals Investment Corp.		213,828		5,274
				90,675

	Principal Amount ($) or Shares		Market Value $
Chile - 0.5%
E.CL SA		467,400		1,349
Empresa Nacional de Electricidad SA - ADR		42,639		1,999
Enersis SA - ADR		35,450		649
Inversiones Aguas Metropolitanas SA		157,722		250
				4,247
China - 3.7%
Anhui Expressway Co. Class H		614,112		372
Beijing Capital International Airport Co., Ltd. Class H		4,512,000		2,339
China Suntien Green Energy Corp., Ltd. Class H		2,497,552		464
COSCO Pacific, Ltd.		7,075,800		9,835
Dalian Port PDA Co., Ltd. Class H		13,924,000		3,268
ENN Energy Holdings, Ltd.		1,437,525		4,365
Jiangsu Expressway Co., Ltd. Class H		7,476,000		7,451
Towngas China Co., Ltd.		1,320,477		763
Zhejiang Expressway Co., Ltd. Class H		4,329,775		3,037
				31,894
Czech Republic - 0.0%
CEZ AS		1,285		52
France - 5.4%
Aeroports de Paris		161,367		11,915
Eutelsat Communications SA		86,517		3,211
GDF Suez		577,846		15,684
Groupe Eurotunnel SA		768,436		6,331
Rubis		53,798		2,903
Suez Environnement Co.		46,667		597
Vinci SA		120,060		5,569
				46,210
Germany - 5.4%
E.ON AG		773,603		16,540
Fraport AG Frankfurt Airport Services Worldwide		396,238		23,728
Hamburger Hafen und Logistik AG (Ñ)		172,403		5,525
RWE AG		22,531		862
				46,655
Hong Kong - 4.8%
Beijing Enterprises Holdings, Ltd.		1,777,109		10,312
Cheung Kong Infrastructure Holdings, Ltd.		1,463,202		8,330
China Everbright International, Ltd.		3,635,371		1,561
China Merchants Holdings International Co., Ltd.		2,572,635		8,559
CLP Holdings, Ltd.		45,500		373
Guangdong Investment, Ltd.		3,912,932		2,265
Hong Kong & China Gas Co., Ltd.		1,118,037		2,653
MTR Corp.		897,715		2,992
Power Assets Holdings, Ltd.		603,265		4,352
				41,397

214 Russell Global Infrastructure Fund

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Russell Global Infrastructure Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
India - 0.3%
GAIL India, Ltd. - GDR		36,473		1,656
Power Grid Corp. of India, Ltd.		616,006		1,297
				2,953
Italy - 4.0%
Ansaldo STS SpA		75,374		731
Atlantia SpA		1,599,991		24,905
Autostrada Torino-Milano SpA		51,162		475
Enel SpA		792,249		3,239
Hera SpA		967,289		1,354
Iren SpA - ADR		194,079		180
Societa Iniziative Autostradali e Servizi SpA		353,522		2,525
Terna Rete Elettrica Nazionale SpA		204,300		749
				34,158
Japan - 2.1%
East Japan Railway Co.		39,615		2,565
Japan Airport Terminal Co., Ltd. (Ñ)		256,954		3,560
Kamigumi Co., Ltd.		288,526		2,540
Kansai Electric Power Co., Inc. (The) (Ñ)		40,700		655
Mitsubishi Logistics Corp. (Ñ)		245,000		2,829
Tokyo Gas Co., Ltd.		1,386,000		6,401
				18,550
Luxembourg - 0.8%
SES SA		295,138		6,969
Mexico - 1.1%
Grupo Aeroportuario del Pacifico SAB de CV - ADR		89,096		3,338
Grupo Aeroportuario del Sureste SA de CV Class B		10,197		67
Grupo Aeroportuario del Sureste SAB de CV - ADR		34,493		2,272
OHL Mexico SAB de CV (Æ)		2,265,791		3,663
				9,340
Netherlands - 1.3%
Koninklijke Vopak NV		209,616		11,390
New Zealand - 0.8%
Auckland International Airport, Ltd.		1,062,842		2,154
Infratil, Ltd.		873,269		1,352
Port of Tauranga, Ltd.		368,522		3,177
				6,683
Norway - 0.1%
Hafslund ASA Class B		72,456		716
Philippines - 0.5%
International Container Terminal Services, Inc.		3,034,543		3,966

	Principal Amount ($) or Shares		Market Value $
Portugal - 0.1%
Brisa Auto-Estradas de Portugal SA (Ñ)		422,661		1,238
Singapore - 3.1%
Cityspring Infrastructure Trust (Æ)		3,634,013		1,069
ComfortDelGro Corp., Ltd. (Ñ)		1,403,364		1,657
Hutchison Port Holdings Trust Class U (Ñ)		15,184,214		11,388
Hyflux, Ltd. (Ñ)		209,546		229
Parkway Life Real Estate Investment Trust (Æ)(ö)		1,085,500		1,532
SATS, Ltd. (Ñ)		1,201,735		2,188
SembCorp Industries, Ltd.		61,235		233
Singapore Post, Ltd. (Ñ)		4,232,267		3,281
Singapore Telecommunications, Ltd.		802,447		1,971
SMRT Corp., Ltd. (Ñ)		2,539,866		3,513
				27,061
Spain - 3.7%
Abertis Infraestructuras SA		1,178,788		19,860
Enagas SA		144,483		2,892
Ferrovial SA (Ñ)		761,915		8,920
Iberdrola SA		116,700		687
				32,359
Switzerland - 0.9%
Flughafen Zuerich AG		19,928		7,577
United Kingdom - 6.1%
BBA Aviation PLC		597,898		1,756
Centrica PLC		1,379,869		6,380
National Grid PLC		1,405,456		13,997
National Grid PLC - ADR		239,645		11,956
Pennon Group PLC		100,293		1,099
Scottish & Southern Energy PLC		372,362		7,176
Severn Trent PLC Class H		252,551		6,069
United Utilities Group PLC		434,036		4,117
				52,550
United States - 26.5%
American Electric Power Co., Inc.		188,438		7,455
American States Water Co.		9,019		326
American Tower Corp. Class A		242,444		15,398
American Water Works Co., Inc.		124,075		4,185
Aqua America, Inc.		65,016		1,434
Atmos Energy Corp.		45,924		1,488
Boardwalk Pipeline Partners, LP (Ñ)		20,601		568
CenterPoint Energy, Inc.		138,856		2,565
Chesapeake Utilities Corp.		19,310		831
Corrections Corp. of America (Æ)		281,718		6,629
Crown Castle International Corp. (Æ)		73,500		3,563
Digital Realty Trust, Inc. (ö)		9,912		702
Dominion Resources, Inc.		167,043		8,359
Edison International		34,700		1,424
El Paso Corp.		526,598		14,149
El Paso Pipeline Partners, LP		39,637		1,392
Enbridge Energy Partners, LP Class A		43,600		1,412

Russell Global Infrastructure Fund 215

Russell Investment Company

Russell Global Infrastructure Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares			Market Value $
Enterprise Products Partners, LP		64,563			3,118
Exelon Corp.		149,099			5,931
FirstEnergy Corp.		48,700			2,056
Golar LNG Partners, LP		28,825			990
Holly Energy Partners, LP		1,067			59
ITC Holdings Corp.		40,920			3,016
Kinder Morgan, Inc. (Ñ)		39,448			1,281
Magellan Midstream Partners, LP		25,700			1,724
MarkWest Energy Partners, LP		14,550			843
Middlesex Water Co.		20,466			387
NextEra Energy, Inc.		184,126			11,020
NiSource, Inc. (Ñ)		224,897			5,112
OGE Energy Corp.		104,404			5,519
Oiltanking Partners, LP		29,576			859
ONEOK, Inc.		7,485			622
Pepco Holdings, Inc.		49,645			976
PG&E Corp.		326,899			13,292
Piedmont Natural Gas Co., Inc.		4,803			158
Pinnacle West Capital Corp.		18,781			888
PPL Corp.		372,472			10,351
Public Service Enterprise Group, Inc.		125,750			3,815
Questar Corp.		458,345			8,837
Rose Rock Midstream, LP (Æ)		22,350			469
Sempra Energy		16,315			928
Southern Co.		234,703			10,693
Spectra Energy Corp.		602,945			18,987
Standard Parking Corp. (Æ)		61,061			1,080
Targa Resources Corp.		20,200			837
Tesoro Logistics, LP		33,896			1,125
UIL Holdings Corp.		89,464			3,094
Unitil Corp.		31,927			882
Waste Connections, Inc.		262,930			8,495
Williams Cos., Inc. (The)		769,182			22,168
Williams Partners, LP (Æ)		37,473			2,338
Wisconsin Energy Corp.		12,200			415
WPX Energy Inc (Æ)		107,966			1,779
Xcel Energy, Inc.		106,476			2,832
					228,856
Total Common Stocks (cost $789,290)					820,642
Preferred Stocks - 0.1%
Brazil - 0.1%
Cia Energetica do Ceara		28,187			547
Total Preferred Stocks (cost $532)					547
Short-Term Investments - 4.5%
United States - 4.5%
Russell U.S. Cash Management Fund		39,476,663	(¥)		39,477
Total Short-Term Investments (cost $39,477)					39,477

	Principal Amount ($) or Shares			Market Value $
Other Securities - 2.8%
Russell U.S. Cash Collateral Fund (×)		24,458,490	(¥)		24,458
Total Other Securities (cost $24,458)					24,458
Total Investments - 102.5% (identified cost $853,757)					885,124
Other Assets and Liabilities, Net - (2.5%)					(21,725	)
Net Assets - 100.0%					863,399

See accompanying notes which are an integral part of this quarterly report.

216 Russell Global Infrastructure Fund

Russell Investment Company

Russell Global Infrastructure Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contract amounts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
ASX SPI 200 Index Futures		33		AUD	3,487		03/12		39
EURO STOXX 50 Index Futures		360		EUR	8,712		03/12		465
FTSE 100 Index Futures		30		GBP	1,693		03/12		61
Hang Seng Index Futures (Hong Kong)		18		HKD	18,321		02/12		3
S&P 500 E-Mini Index Futures (CME)		205		USD	13,409		03/12		384
S&P TSE 60 Index Futures		31		CAD	4,390		03/12		155
TOPIX Index Futures (Japan)		17		JPY	128,605		03/12		24
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									1,131

See accompanying notes which are an integral part of this quarterly report.

Russell Global Infrastructure Fund 217

Russell Investment Company

Russell Global Infrastructure Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Barclays Bank PLC		USD	98		AUD	100		03/21/12		7
Barclays Bank PLC		USD	508		AUD	501		03/21/12		21
Barclays Bank PLC		USD	193		CAD	200		03/21/12		7
Barclays Bank PLC		USD	634		CAD	641		03/21/12		5
Barclays Bank PLC		USD	1,042		EUR	800		03/21/12		4
Barclays Bank PLC		USD	1,789		EUR	1,335		03/21/12		(42	)
Barclays Bank PLC		USD	155		GBP	100		03/21/12		3
Barclays Bank PLC		USD	402		GBP	256		03/21/12		1
Barclays Bank PLC		USD	64		HKD	500		03/21/12		—
Barclays Bank PLC		USD	374		HKD	2,908		03/21/12		1
Barclays Bank PLC		USD	260		JPY	20,171		03/21/12		4
Brown Brothers Harriman & Co.		USD	512		EUR	400		03/21/12		11
Brown Brothers Harriman & Co.		AUD	80		USD	82		03/21/12		(2	)
Brown Brothers Harriman & Co.		CAD	130		USD	128		03/21/12		(1	)
Brown Brothers Harriman & Co.		EUR	125		USD	163		03/21/12		—
Brown Brothers Harriman & Co.		EUR	130		USD	168		03/21/12		(2	)
Brown Brothers Harriman & Co.		EUR	500		USD	639		03/21/12		(15	)
Brown Brothers Harriman & Co.		GBP	40		USD	62		03/21/12		(1	)
Brown Brothers Harriman & Co.		HKD	250		USD	32		03/21/12		—
Brown Brothers Harriman & Co.		HKD	1,000		USD	129		03/21/12		—
Citibank		USD	591		AUD	557		02/01/12		—
Citibank		USD	1,597		CAD	1,604		02/02/12		2
Citibank		AUD	200		USD	206		03/21/12		(6	)
Citibank		CAD	230		USD	227		03/21/12		(2	)
Citibank		EUR	500		USD	648		03/21/12		(6	)
Citibank		GBP	100		USD	156		03/21/12		(1	)
Citibank		HKD	6,017		USD	776		02/01/12		—
Citibank		HKD	15,545		USD	2,004		02/02/12		—
Citibank		HKD	950		USD	122		03/21/12		—
Citibank		JPY	6,500		USD	85		03/21/12		(1	)
Commonwealth Bank of Australia		USD	508		AUD	501		03/21/12		21
Commonwealth Bank of Australia		USD	1,789		EUR	1,335		03/21/12		(42	)
Commonwealth Bank of Australia		USD	260		JPY	20,171		03/21/12		4
Credit Suisse First Boston		USD	301		AUD	300		03/21/12		16
Credit Suisse First Boston		USD	508		AUD	501		03/21/12		21
Credit Suisse First Boston		USD	336		CAD	337		02/03/12		—
Credit Suisse First Boston		USD	391		CAD	400		03/21/12		8
Credit Suisse First Boston		USD	633		CAD	641		03/21/12		5
Credit Suisse First Boston		USD	1,569		EUR	1,200		03/21/12		—
Credit Suisse First Boston		USD	1,789		EUR	1,335		03/21/12		(42	)
Credit Suisse First Boston		USD	1,288		GBP	819		02/01/12		3
Credit Suisse First Boston		USD	313		GBP	200		03/21/12		2
Credit Suisse First Boston		USD	401		GBP	256		03/21/12		1
Credit Suisse First Boston		USD	257		HKD	2,000		03/21/12		1
Credit Suisse First Boston		USD	257		JPY	20,000		03/21/12		6
Credit Suisse First Boston		CAD	253		USD	253		02/02/12		—
Credit Suisse First Boston		SGD	351		USD	279		02/02/12		—
Credit Suisse First Boston		SGD	75		USD	60		02/03/12		—
Deutsche Bank AG		USD	508		AUD	501		03/21/12		21
Deutsche Bank AG		USD	1,789		EUR	1,335		03/21/12		(42	)
Deutsche Bank AG		USD	374		HKD	2,908		03/21/12		—
Deutsche Bank AG		AUD	300		USD	310		03/21/12		(6	)
Deutsche Bank AG		CAD	467		USD	466		02/01/12		1

See accompanying notes which are an integral part of this quarterly report.

218 Russell Global Infrastructure Fund

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Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Deutsche Bank AG		CAD	300		USD	297		03/21/12		(2	)
Deutsche Bank AG		EUR	1,000		USD	1,289		03/21/12		(19	)
Deutsche Bank AG		GBP	450		USD	709		02/03/12		—
Deutsche Bank AG		GBP	150		USD	232		03/21/12		(4	)
Deutsche Bank AG		MXN	55		USD	4		02/01/12		—
Deutsche Bank AG		NZD	100		USD	82		02/02/12		(1	)
Deutsche Bank AG		SGD	430		USD	342		02/01/12		1
HSBC Bank PLC		USD	508		AUD	501		03/21/12		21
HSBC Bank PLC		USD	633		CAD	641		03/21/12		5
HSBC Bank PLC		USD	1,789		EUR	1,335		03/21/12		(42	)
HSBC Bank PLC		USD	401		GBP	256		03/21/12		1
HSBC Bank PLC		USD	374		HKD	2,908		03/21/12		1
HSBC Bank PLC		USD	260		JPY	20,171		03/21/12		5
JPMorgan Chase Bank		USD	508		AUD	501		03/21/12		21
JPMorgan Chase Bank		USD	634		CAD	641		03/21/12		5
JPMorgan Chase Bank		USD	1,789		EUR	1,335		03/21/12		(42	)
JPMorgan Chase Bank		USD	402		GBP	256		03/21/12		1
JPMorgan Chase Bank		USD	374		HKD	2,908		03/21/12		1
JPMorgan Chase Bank		USD	260		JPY	20,171		03/21/12		4
Mellon Bank		AUD	30		USD	31		03/21/12		(1	)
Mellon Bank		CAD	135		USD	133		03/21/12		(1	)
Mellon Bank		HKD	500		USD	64		03/21/12		—
Mellon Bank		JPY	4,000		USD	52		03/21/12		—
Morgan Stanley & Co., Inc.		USD	15		AUD	14		02/01/12		—
Morgan Stanley & Co., Inc.		USD	3		CAD	3		02/01/12		—
Morgan Stanley & Co., Inc.		USD	4		JPY	284		02/01/12		—
Morgan Stanley & Co., Inc.		EUR	53		USD	65		02/01/12		(4	)
Morgan Stanley & Co., Inc.		GBP	7		USD	11		02/01/12		1
Morgan Stanley & Co., Inc.		HKD	74		USD	10		02/01/12		—
Royal Bank of Canada		USD	634		CAD	641		03/21/12		5
Royal Bank of Canada		USD	402		GBP	256		03/21/12		1
Royal Bank of Canada		USD	374		HKD	2,908		03/21/12		1
Royal Bank of Canada		USD	260		JPY	20,171		03/21/12		4
State Street Bank & Trust Co.		USD	5		AUD	5		02/01/12		—
State Street Bank & Trust Co.		USD	22		AUD	21		02/01/12		—
State Street Bank & Trust Co.		USD	630		AUD	597		02/01/12		5
State Street Bank & Trust Co.		USD	609		AUD	571		02/02/12		(3	)
State Street Bank & Trust Co.		USD	100		AUD	100		03/21/12		6
State Street Bank & Trust Co.		USD	102		AUD	100		03/21/12		4
State Street Bank & Trust Co.		USD	102		AUD	100		03/21/12		4
State Street Bank & Trust Co.		USD	106		AUD	100		03/21/12		—
State Street Bank & Trust Co.		USD	201		AUD	200		03/21/12		10
State Street Bank & Trust Co.		USD	208		AUD	200		03/21/12		3
State Street Bank & Trust Co.		USD	312		AUD	300		03/21/12		5
State Street Bank & Trust Co.		USD	349		AUD	350		03/21/12		20
State Street Bank & Trust Co.		USD	632		AUD	600		03/21/12		1
State Street Bank & Trust Co.		USD	97		CAD	100		03/21/12		3
State Street Bank & Trust Co.		USD	97		CAD	100		03/21/12		2
State Street Bank & Trust Co.		USD	98		CAD	100		03/21/12		2
State Street Bank & Trust Co.		USD	150		CAD	150		03/21/12		—
State Street Bank & Trust Co.		USD	196		CAD	200		03/21/12		4
State Street Bank & Trust Co.		USD	247		CAD	250		03/21/12		2
State Street Bank & Trust Co.		USD	295		CAD	300		03/21/12		3

See accompanying notes which are an integral part of this quarterly report.

Russell Global Infrastructure Fund 219

Russell Investment Company

Russell Global Infrastructure Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
State Street Bank & Trust Co.		USD	340		CAD	350		03/21/12		9
State Street Bank & Trust Co.		USD	633		CAD	641		03/21/12		5
State Street Bank & Trust Co.		USD	797		CAD	800		03/21/12		—
State Street Bank & Trust Co.		USD	1,294		EUR	981		02/01/12		(11	)
State Street Bank & Trust Co.		USD	245		EUR	187		02/03/12		—
State Street Bank & Trust Co.		USD	253		EUR	200		03/21/12		8
State Street Bank & Trust Co.		USD	260		EUR	200		03/21/12		2
State Street Bank & Trust Co.		USD	261		EUR	200		03/21/12		—
State Street Bank & Trust Co.		USD	461		EUR	350		03/21/12		(3	)
State Street Bank & Trust Co.		USD	522		EUR	400		03/21/12		1
State Street Bank & Trust Co.		USD	525		EUR	400		03/21/12		(2	)
State Street Bank & Trust Co.		USD	637		EUR	500		03/21/12		17
State Street Bank & Trust Co.		USD	670		EUR	500		03/21/12		(16	)
State Street Bank & Trust Co.		USD	775		EUR	600		03/21/12		10
State Street Bank & Trust Co.		USD	779		EUR	600		03/21/12		6
State Street Bank & Trust Co.		USD	1,970		EUR	1,500		03/21/12		(7	)
State Street Bank & Trust Co.		USD	153		GBP	100		03/21/12		5
State Street Bank & Trust Co.		USD	155		GBP	100		03/21/12		2
State Street Bank & Trust Co.		USD	156		GBP	100		03/21/12		2
State Street Bank & Trust Co.		USD	157		GBP	100		03/21/12		1
State Street Bank & Trust Co.		USD	157		GBP	100		03/21/12		1
State Street Bank & Trust Co.		USD	157		GBP	100		03/21/12		1
State Street Bank & Trust Co.		USD	402		GBP	256		03/21/12		1
State Street Bank & Trust Co.		USD	471		GBP	300		03/21/12		2
State Street Bank & Trust Co.		USD	81		HKD	626		02/01/12		—
State Street Bank & Trust Co.		USD	269		HKD	2,089		02/01/12		—
State Street Bank & Trust Co.		USD	705		HKD	5,466		02/01/12		—
State Street Bank & Trust Co.		USD	84		HKD	650		02/02/12		—
State Street Bank & Trust Co.		USD	174		HKD	1,352		02/02/12		—
State Street Bank & Trust Co.		USD	64		HKD	500		03/21/12		—
State Street Bank & Trust Co.		USD	64		HKD	500		03/21/12		—
State Street Bank & Trust Co.		USD	90		HKD	700		03/21/12		—
State Street Bank & Trust Co.		USD	129		HKD	1,000		03/21/12		—
State Street Bank & Trust Co.		USD	129		HKD	1,000		03/21/12		—
State Street Bank & Trust Co.		USD	129		HKD	1,000		03/21/12		—
State Street Bank & Trust Co.		USD	129		HKD	1,000		03/21/12		—
State Street Bank & Trust Co.		USD	129		HKD	1,000		03/21/12		—
State Street Bank & Trust Co.		USD	322		HKD	2,500		03/21/12		—
State Street Bank & Trust Co.		USD	64		JPY	5,000		03/21/12		2
State Street Bank & Trust Co.		USD	65		JPY	5,000		03/21/12		1
State Street Bank & Trust Co.		USD	128		JPY	10,000		03/21/12		3
State Street Bank & Trust Co.		USD	129		JPY	10,000		03/21/12		2
State Street Bank & Trust Co.		USD	262		JPY	20,000		03/21/12		—
State Street Bank & Trust Co.		USD	10		MXN	125		02/02/12		—
State Street Bank & Trust Co.		USD	1		NOK	3		02/03/12		—
State Street Bank & Trust Co.		AUD	533		USD	562		02/01/12		(4	)
State Street Bank & Trust Co.		AUD	1		USD	1		02/02/12		—
State Street Bank & Trust Co.		AUD	80		USD	86		02/03/12		—
State Street Bank & Trust Co.		AUD	100		USD	100		03/21/12		(6	)
State Street Bank & Trust Co.		AUD	100		USD	104		03/21/12		(2	)
State Street Bank & Trust Co.		AUD	150		USD	153		03/21/12		(5	)
State Street Bank & Trust Co.		AUD	200		USD	200		03/21/12		(11	)
State Street Bank & Trust Co.		AUD	200		USD	211		03/21/12		—

See accompanying notes which are an integral part of this quarterly report.

220 Russell Global Infrastructure Fund

Russell Investment Company

Russell Global Infrastructure Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
State Street Bank & Trust Co.		AUD	300		USD	318		03/21/12		1
State Street Bank & Trust Co.		AUD	575		USD	585		03/21/12		(22	)
State Street Bank & Trust Co.		BRL	232		USD	133		02/01/12		—
State Street Bank & Trust Co.		CAD	94		USD	94		02/01/12		—
State Street Bank & Trust Co.		CAD	100		USD	99		03/21/12		(1	)
State Street Bank & Trust Co.		CAD	200		USD	195		03/21/12		(5	)
State Street Bank & Trust Co.		CAD	300		USD	293		03/21/12		(6	)
State Street Bank & Trust Co.		CAD	300		USD	299		03/21/12		1
State Street Bank & Trust Co.		CAD	350		USD	349		03/21/12		—
State Street Bank & Trust Co.		CAD	575		USD	563		03/21/12		(9	)
State Street Bank & Trust Co.		EUR	41		USD	53		02/02/12		—
State Street Bank & Trust Co.		EUR	100		USD	129		03/21/12		(1	)
State Street Bank & Trust Co.		EUR	185		USD	241		03/21/12		—
State Street Bank & Trust Co.		EUR	200		USD	260		03/21/12		(2	)
State Street Bank & Trust Co.		EUR	500		USD	655		03/21/12		1
State Street Bank & Trust Co.		EUR	700		USD	926		03/21/12		10
State Street Bank & Trust Co.		EUR	700		USD	907		03/21/12		(9	)
State Street Bank & Trust Co.		EUR	800		USD	1,015		03/21/12		(31	)
State Street Bank & Trust Co.		EUR	1,100		USD	1,407		03/21/12		(32	)
State Street Bank & Trust Co.		EUR	1,400		USD	1,848		03/21/12		17
State Street Bank & Trust Co.		GBP	524		USD	821		02/02/12		(4	)
State Street Bank & Trust Co.		GBP	100		USD	158		03/21/12		—
State Street Bank & Trust Co.		GBP	100		USD	153		03/21/12		(4	)
State Street Bank & Trust Co.		GBP	100		USD	155		03/21/12		(3	)
State Street Bank & Trust Co.		GBP	150		USD	234		03/21/12		(3	)
State Street Bank & Trust Co.		GBP	200		USD	314		03/21/12		(1	)
State Street Bank & Trust Co.		GBP	235		USD	364		03/21/12		(6	)
State Street Bank & Trust Co.		HKD	500		USD	64		03/21/12		—
State Street Bank & Trust Co.		HKD	900		USD	116		03/21/12		—
State Street Bank & Trust Co.		HKD	1,000		USD	129		03/21/12		—
State Street Bank & Trust Co.		HKD	1,000		USD	129		03/21/12		—
State Street Bank & Trust Co.		HKD	1,300		USD	167		03/21/12		—
State Street Bank & Trust Co.		HKD	2,300		USD	296		03/21/12		(1	)
State Street Bank & Trust Co.		HKD	2,500		USD	322		03/21/12		—
State Street Bank & Trust Co.		JPY	69,873		USD	913		02/02/12		(4	)
State Street Bank & Trust Co.		JPY	10,000		USD	129		03/21/12		(3	)
State Street Bank & Trust Co.		JPY	10,000		USD	130		03/21/12		(1	)
State Street Bank & Trust Co.		JPY	10,000		USD	131		03/21/12		—
State Street Bank & Trust Co.		JPY	10,000		USD	128		03/21/12		(3	)
State Street Bank & Trust Co.		JPY	20,000		USD	260		03/21/12		(3	)
Westpac Banking Corp.		USD	374		HKD	2,908		03/21/12		1
Westpac Banking Corp.		USD	260		JPY	20,171		03/21/12		4
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts										(107	)

See accompanying notes which are an integral part of this quarterly report.

Russell Global Infrastructure Fund 221

Russell Investment Company

Russell Global Infrastructure Fund

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1			Level 2			Level 3		Total
Common Stocks
Australia	$	72,764		$	—		$	—	$	72,764
Austria		1,735			—			—		1,735
Belgium		615			—			—		615
Bermuda		3,184			—			—		3,184
Brazil		40,032			—			—		40,032
Canada		90,675			—			—		90,675
Chile		4,247			—			—		4,247
China		31,894			—			—		31,894
Czech Republic		52			—			—		52
France		46,210			—			—		46,210
Germany		46,655			—			—		46,655
Hong Kong		41,397			—			—		41,397
India		2,953			—			—		2,953
Italy		34,158			—			—		34,158
Japan		18,550			—			—		18,550
Luxembourg		6,969			—			—		6,969
Marshall Islands		990			—			—		990
Mexico		9,340			—			—		9,340
Netherlands		11,390			—			—		11,390
New Zealand		6,683			—			—		6,683
Norway		716			—			—		716
Philippines		3,966			—			—		3,966
Portugal		1,238			—			—		1,238
Singapore		27,061			—			—		27,061
Spain		32,359			—			—		32,359
Switzerland		7,577			—			—		7,577
United Kingdom		52,550			—			—		52,550
United States		228,856			—			—		228,856
Preferred Stocks		547			—			—		547
Short-Term Investments		—			39,477			—		39,477
Other Securities		—			24,458			—		24,458
Total Investments		821,189			63,935			—		885,124
Other Financial Instruments
Futures Contracts		1,131			—			—		1,131
Foreign Currency Exchange Contracts		(18	)		(89	)		—		(107	)
Total Other Financial Instruments*	$	1,113		$	(89	)	$	—	$	1,024

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

222 Russell Global Infrastructure Fund

Russell Investment Company

Russell Global Real Estate Securities Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Common Stocks - 97.7%
Australia - 9.0%
BGP Holdings PLC (Æ)(Þ)(ö)		4,619,419		—
CFS Retail Property Trust (Ñ)(ö)		5,453,076		9,929
Charter Hall Retail REIT (ö)		252,770		872
Commonwealth Property Office Fund (Ñ)(ö)		3,773,206		3,886
Dexus Property Group (ö)		13,710,331		12,954
FKP Property Group (Ñ)		3,662,657		2,469
Goodman Group (ö)		5,481,314		3,724
GPT Group (ö)		4,026,666		13,209
Investa Office Fund (ö)		9,029,628		6,087
Mirvac Group (ö)		5,304,353		6,955
Stockland (ö)		6,589,391		23,505
Westfield Group (ö)		4,581,437		41,343
Westfield Retail Trust (ö)		6,671,071		17,918
				142,851
Austria - 0.2%
Conwert Immobilien Invest SE (Ñ)		247,098		2,671
Brazil - 0.9%
Aliansce Shopping Centers SA		152,190		1,272
BR Malls Participacoes SA		368,297		4,020
BR Properties SA		556,583		6,068
Multiplan Empreendimentos Imobiliarios SA		99,550		2,279
				13,639
Canada - 4.4%
Boardwalk Real Estate Investment Trust (ö)		231,987		12,144
Brookfield Office Properties, Inc.		913,229		15,794
Canadian Real Estate Investment Trust (ö)		46,457		1,726
Chartwell Seniors Housing Real Estate Investment Trust Class Trust Unit (ö)		389,977		3,465
Dundee Real Estate Investment Trust (ö)		208,066		6,945
First Capital Realty, Inc. Class A (Ñ)		78,700		1,406
H&R Real Estate Investment Trust (ö)		166,750		3,875
Primaris Retail Real Estate Investment Trust Class Common Subscription Receipt (ö)		433,169		9,318
RioCan Real Estate Investment Trust Class Trust Unit (ö)		587,694		15,227
				69,900
Finland - 0.2%
Citycon OYJ		395,820		1,294
Sponda OYJ		560,691		2,398
				3,692
France - 3.4%
Fonciere Des Regions (ö)		9,520		629
Gecina SA (ö)		52,302		4,994
ICADE (ö)		7,079		576
Klepierre - GDR (ö)		151,459		4,548
Mercialys SA (ö)		48,416		1,681

	Principal Amount ($) or Shares		Market Value $
Societe Immobiliere de Location pourl’Industrie et le Commerce (Ñ)(ö)		26,148		2,653
Unibail-Rodamco SE (ö)		205,868		39,531
				54,612
Germany - 1.0%
Alstria Office REIT- AG (ö)		136,263		1,628
Deutsche Euroshop AG		18,123		618
Deutsche Wohnen AG		742,559		9,854
GSW Immobilien AG (Æ)		129,922		4,026
				16,126
Hong Kong - 13.1%
Agile Property Holdings, Ltd. (Ñ)		1,620,565		1,808
China Overseas Land & Investment, Ltd. (Ñ)		10,948,985		20,415
China Resources Land, Ltd. (Ñ)		7,944,016		14,033
Country Garden Holdings Co., Ltd. (Ñ)		12,625,797		5,421
Hang Lung Properties, Ltd. - ADR		4,953,745		17,023
Henderson Land Development Co., Ltd. (Ñ)		697,250		3,785
Hongkong Land Holdings, Ltd. (Ñ)		4,833,980		24,895
Hysan Development Co., Ltd.		1,668,693		6,563
Kerry Properties, Ltd.		1,916,373		7,351
Link REIT (The) (Ñ)(ö)		4,241,546		15,451
New World Development Co., Ltd.		1,829,128		2,005
Shimao Property Holdings, Ltd. (Ñ)		4,158,053		4,284
Sino Land Co., Ltd. (Ñ)		4,620,286		7,697
Soho China, Ltd. (Ñ)		1,549,500		1,017
Sun Hung Kai Properties, Ltd. (Ñ)		4,383,635		60,707
Wharf Holdings, Ltd.		1,983,424		11,279
Wheelock & Co., Ltd.		1,023,760		3,267
				207,001
India - 0.1%
Phoenix Mills, Ltd.		340,094		1,249
Italy - 0.1%
Beni Stabili SpA (ö)		2,605,251		1,290
Japan - 7.5%
Advance Residence Investment Corp. Class A (ö)		1,282		2,313
Aeon Mall Co., Ltd.		158,570		3,508
Japan Prime Realty Investment Corp. Class A (Ñ)(ö)		778		1,857
Japan Real Estate Investment Corp. Class A (Ñ)(ö)		278		2,433
Japan Retail Fund Investment Corp. Class A (Ñ)(ö)		1,376		1,995
Mitsubishi Estate Co., Ltd.		2,003,743		31,994
Mitsui Fudosan Co., Ltd.		2,015,552		33,134
Mori Hills Reit Investment C Class A (ö)		175		579
Nippon Accommodations Fund, Inc. Class A (ö)		412		2,713
Nippon Building Fund, Inc. Class A (Ñ)(ö)		1,520		13,640
Nomura Real Estate Holdings, Inc.		240,900		3,739

Russell Global Real Estate Securities Fund 223

Russell Investment Company

Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Market Value $
Nomura Real Estate Office Fund, Inc. Class A (ö)		355		1,898
Sumitomo Realty & Development Co., Ltd.		533,260		10,131
Tokyu Land Corp.		460,000		1,913
United Urban Investment Corp. Class A (Ñ)(ö)		5,792		6,307
				118,154
Netherlands - 0.6%
Corio NV (ö)		158,373		7,368
Eurocommercial Properties NV (ö)		58,468		2,023
Vastned Retail NV (ö)		16,307		726
				10,117
Norway - 0.1%
Norwegian Property ASA		1,528,982		2,202
Philippines - 0.4%
SM Prime Holdings, Inc.		16,452,518		6,292
Singapore - 3.7%
Ascendas Real Estate Investment Trust (Æ)(Ñ)(ö)		1,296,000		1,922
CapitaCommercial Trust (Æ)(Ñ)(ö)		5,961,000		5,094
CapitaLand, Ltd.		5,307,380		11,097
CapitaMall Trust Class A (Ñ)(ö)		8,503,425		11,560
CapitaMalls Asia, Ltd. (Ñ)		1,397,000		1,472
City Developments, Ltd. (Ñ)		276,000		2,164
Global Logistic Properties, Ltd. (Æ)(Ñ)		7,359,427		11,643
Keppel Land, Ltd. (Ñ)		944,654		2,140
Mapletree Industrial Trust (Ñ)(ö)		4,006,057		3,567
Overseas Union Enterprise, Ltd. (Ñ)		464,447		827
Perennial China Retail Trust (Æ)(Ñ)		7,197,370		2,918
Suntec Real Estate Investment Trust (Ñ)(ö)		4,383,670		3,921
				58,325
Sweden - 1.1%
Castellum AB		501,202		6,373
Fabege AB		692,343		6,046
Hufvudstaden AB Class A		247,266		2,601
Wihlborgs Fastigheter AB		194,473		2,659
				17,679
Switzerland - 0.7%
PSP Swiss Property AG (Æ)		88,532		7,391
Swiss Prime Site AG Class A (Æ)		50,318		3,821
				11,212
United Kingdom - 5.0%
Big Yellow Group PLC (ö)		352,331		1,553
British Land Co. PLC (ö)		2,610,221		20,097
Capital & Counties Properties PLC		397,521		1,190
Capital Shopping Centres Group PLC Class H (ö)		320,631		1,633
Derwent London PLC (ö)		382,012		10,071
Great Portland Estates PLC (ö)		669,612		3,802

	Principal Amount ($) or Shares		Market Value $
Hammerson PLC (ö)		2,750,048		16,342
Land Securities Group PLC (ö)		1,545,522		16,427
Metric Property Investments PLC (ö)		605,470		782
Segro PLC (ö)		779,542		2,700
Shaftesbury PLC (ö)		367,895		2,902
Unite Group PLC		858,138		2,407
				79,906
United States - 46.2%
Acadia Realty Trust (ö)		115,452		2,427
Alexandria Real Estate Equities, Inc. (ö)		249,756		18,085
American Assets Trust, Inc. (ö)		216,881		4,802
American Campus Communities, Inc. (ö)		119,050		5,095
Apartment Investment & Management Co. Class A (ö)		233,875		5,744
AvalonBay Communities, Inc. (ö)		209,461		28,489
BioMed Realty Trust, Inc. (ö)		417,541		7,754
Boston Properties, Inc. (ö)		278,222		28,949
BRE Properties, Inc. Class A (ö)		173,885		9,011
Brookdale Senior Living, Inc. Class A (Æ)		56,123		988
Camden Property Trust (ö)		122,237		7,884
Campus Crest Communities, Inc. (ö)		45,730		489
CBL & Associates Properties, Inc. (ö)		229,886		3,993
Colonial Properties Trust (ö)		123,894		2,649
Coresite Realty Corp. (ö)		52,100		1,045
CubeSmart (ö)		369,680		4,207
DCT Industrial Trust, Inc. (ö)		1,177,117		6,498
DDR Corp. (ö)		616,699		8,547
DiamondRock Hospitality Co. (ö)		292,319		3,081
Digital Realty Trust, Inc. (Ñ)(ö)		167,438		11,865
Douglas Emmett, Inc. (ö)		251,472		5,258
Duke Realty Corp. (ö)		423,546		5,671
DuPont Fabros Technology, Inc. (Ñ)(ö)		329,616		8,405
Education Realty Trust, Inc. Classonvertible model bit (ö)		356,759		3,817
Entertainment Properties Trust (ö)		83,700		3,722
Equity Lifestyle Properties, Inc. Classonvertible model bit (ö)		130,259		9,136
Equity Residential (ö)		681,215		40,566
Essex Property Trust, Inc. (ö)		73,358		10,564
Extra Space Storage, Inc. (ö)		404,635		10,650
Federal Realty Investment Trust (ö)		155,814		14,718
First Industrial Realty Trust, Inc. (Æ)(ö)		265,996		3,054
First Potomac Realty Trust (ö)		218,500		3,251
Forest City Enterprises, Inc. Class A (Æ)		148,900		1,955
General Growth Properties, Inc. (ö)		797,692		12,588
HCP, Inc. (ö)		847,191		35,608
Health Care REIT, Inc. (Ñ)(ö)		207,436		11,867
Healthcare Realty Trust, Inc. (ö)		128,100		2,699
Hersha Hospitality Trust Class A (ö)		625,051		3,394
Highwoods Properties, Inc. (ö)		98,097		3,246
Host Hotels & Resorts, Inc. (ö)		1,814,997		29,802
Hyatt Hotels Corp. Class A (Æ)		145,528		6,202
Kilroy Realty Corp. (ö)		415,772		17,309
Kimco Realty Corp. (ö)		357,433		6,523
Kite Realty Group Trust (ö)		120,200		601
Liberty Property Trust (Ñ)(ö)		268,556		8,940

224 Russell Global Real Estate Securities Fund

Russell Investment Company

Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares			Market Value $
Macerich Co. (The) (ö)		261,732			14,212
Mid-America Apartment Communities, Inc. (ö)		57,554			3,679
National Retail Properties, Inc. (ö)		207,033			5,592
Omega Healthcare Investors, Inc. (Ñ)(ö)		211,700			4,412
Orient-Express Hotels, Ltd. Class A (Æ)		147,906			1,251
Pebblebrook Hotel Trust (ö)		173,301			3,844
Piedmont Office Realty Trust, Inc. Class A (Ñ)(ö)		244,600			4,530
Post Properties, Inc. (ö)		214			10
ProLogis, Inc. (ö)		1,004,707			31,859
Public Storage (ö)		238,802			33,160
Regency Centers Corp. (ö)		275,022			11,364
Retail Opportunity Investments Corp. (Ñ)(ö)		387,259			4,593
RLJ Lodging Trust (ö)		119,800			2,137
Rouse Properties, Inc. (Æ)		17,385			215
Simon Property Group, Inc. (ö)		621,899			84,491
SL Green Realty Corp. (ö)		140,277			10,314
Sovran Self Storage, Inc. (ö)		60,802			2,827
Starwood Hotels & Resorts Worldwide, Inc. (ö)		145,687			7,902
Sunstone Hotel Investors, Inc. (Æ)(ö)		158,500			1,473
Taubman Centers, Inc. (ö)		99,669			6,681
UDR, Inc. (ö)		212,750			5,536
Ventas, Inc. (ö)		699,499			40,788
Vornado Realty Trust (ö)		311,500			25,194
Weingarten Realty Investors (ö)		177,952			4,319
					731,531
Total Common Stocks (cost $1,310,350)					1,548,449
Short-Term Investments - 1.6%
United States - 1.6%
Russell U.S. Cash Management Fund		25,861,765	(¥)		25,862
Total Short-Term Investments (cost $25,862)					25,862
Other Securities - 6.9%
Russell Investment Company Liquidating Trust (×)		3,610,574	(¥)		3,671
Russell U.S. Cash Collateral Fund (×)		105,141,633	(¥)		105,142
Total Other Securities (cost $108,752)					108,813
Total Investments - 106.2% (identified cost $1,444,964)					1,683,124
Other Assets and Liabilities, Net - (6.2%)					(98,287	)
Net Assets - 100.0%					1,584,837

A portion of the portfolio has been fair valued as of period end.

See accompanying notes which are an integral part of this quarterly report.

Russell Global Real Estate Securities Fund 225

Russell Investment Company

Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands (except contracts)

Futures Contracts	Number of Contracts		Notional Amount			Expiration Date		Unrealized Appreciation (Depreciation) $
Long Positions
ASX SPI 200 Index Futures (Australia)		23		AUD	2,430		03/12		49
FTSE EPRA Europe Index Futures (UK)		250		EUR	3,173		03/12		257
HANG SENG Index Futures (Hong Kong)		27		HKD	27,482		02/12		13
S&P Midcap 400 E-Mini Index Futures (CME)		30		USD	2,805		03/12		74
S&P TSE 60 Index Futures (Canada)		12		CAD	1,699		03/12		31
SGX MSCI Index Futures (Singapore)		22		SGD	1,466		02/12		5
TOPIX Index Futures (Japan)		26		JPY	196,690		03/12		61
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)									490

See accompanying notes which are an integral part of this quarterly report.

226 Russell Global Real Estate Securities Fund

Russell Investment Company

Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
Barclays Bank PLC		USD	718		AUD	708		03/21/12		29
Barclays Bank PLC		USD	475		CAD	480		03/21/12		4
Barclays Bank PLC		USD	1,401		EUR	1,046		03/21/12		(33	)
Barclays Bank PLC		USD	1,109		HKD	8,613		03/21/12		2
Barclays Bank PLC		USD	853		JPY	66,075		03/21/12		15
Barclays Bank PLC		USD	2,345		SGD	3,015		03/21/12		52
Brown Brothers Harriman & Co.		USD	185		CAD	185		02/01/12		—
Brown Brothers Harriman & Co.		USD	669		EUR	500		03/21/12		(15	)
Brown Brothers Harriman & Co.		AUD	400		USD	410		03/21/12		(12	)
Brown Brothers Harriman & Co.		CAD	400		USD	392		03/21/12		(7	)
Brown Brothers Harriman & Co.		EUR	600		USD	767		03/21/12		(18	)
Brown Brothers Harriman & Co.		HKD	6,500		USD	837		03/21/12		(1	)
Brown Brothers Harriman & Co.		JPY	45,000		USD	586		03/21/12		(4	)
Brown Brothers Harriman & Co.		SGD	300		USD	233		03/21/12		(6	)
Commonwealth Bank of Australia		USD	718		AUD	708		03/21/12		29
Commonwealth Bank of Australia		USD	1,401		EUR	1,046		03/21/12		(33	)
Commonwealth Bank of Australia		USD	853		JPY	66,075		03/21/12		15
Credit Suisse First Boston		USD	718		AUD	708		03/21/12		29
Credit Suisse First Boston		USD	474		CAD	480		03/21/12		4
Credit Suisse First Boston		USD	1,401		EUR	1,046		03/21/12		(33	)
Deutsche Bank AG		USD	718		AUD	708		03/21/12		29
Deutsche Bank AG		USD	1,401		EUR	1,046		03/21/12		(33	)
Deutsche Bank AG		USD	1,109		HKD	8,613		03/21/12		2
HSBC Bank PLC		USD	718		AUD	708		03/21/12		29
HSBC Bank PLC		USD	474		CAD	480		03/21/12		4
HSBC Bank PLC		USD	1,401		EUR	1,046		03/21/12		(33	)
HSBC Bank PLC		USD	1,109		HKD	8,613		03/21/12		2
HSBC Bank PLC		USD	852		JPY	66,075		03/21/12		15
HSBC Bank PLC		HKD	4,000		USD	515		03/21/12		(1	)
JPMorgan Chase Bank		USD	718		AUD	708		03/21/12		29
JPMorgan Chase Bank		USD	475		CAD	480		03/21/12		4
JPMorgan Chase Bank		USD	1,401		EUR	1,046		03/21/12		(33	)
JPMorgan Chase Bank		USD	1,109		HKD	8,613		03/21/12		2
JPMorgan Chase Bank		USD	853		JPY	66,075		03/21/12		15
Mellon Bank		AUD	1,600		USD	1,646		03/21/12		(44	)
Mellon Bank		CAD	1,200		USD	1,185		03/21/12		(11	)
Mellon Bank		HKD	24,000		USD	3,090		03/21/12		(4	)
Mellon Bank		JPY	175,000		USD	2,285		03/21/12		(12	)
Mellon Bank		SGD	1,300		USD	1,013		03/21/12		(21	)
Royal Bank of Canada		USD	475		CAD	480		03/21/12		3
Royal Bank of Canada		USD	1,109		HKD	8,613		03/21/12		2
Royal Bank of Canada		USD	853		JPY	66,075		03/21/12		15
State Street Bank & Trust Co.		USD	58		AUD	55		02/01/12		—
State Street Bank & Trust Co.		USD	477		AUD	447		02/01/12		(1	)
State Street Bank & Trust Co.		USD	78		AUD	74		02/02/12		—
State Street Bank & Trust Co.		USD	124		AUD	117		02/02/12		1
State Street Bank & Trust Co.		USD	307		AUD	300		03/21/12		10
State Street Bank & Trust Co.		USD	865		AUD	850		03/21/12		33
State Street Bank & Trust Co.		USD	25		BRL	43		02/01/12		—
State Street Bank & Trust Co.		USD	195		CAD	200		03/21/12		4
State Street Bank & Trust Co.		USD	474		CAD	480		03/21/12		4
State Street Bank & Trust Co.		USD	784		CAD	800		03/21/12		13
State Street Bank & Trust Co.		USD	3		EUR	2		02/01/12		—
State Street Bank & Trust Co.		USD	7		EUR	5		02/01/12		—
State Street Bank & Trust Co.		USD	21		EUR	16		02/01/12		—

See accompanying notes which are an integral part of this quarterly report.

Russell Global Real Estate Securities Fund 227

Russell Investment Company

Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
State Street Bank & Trust Co.		USD	49		EUR	37		02/01/12		—
State Street Bank & Trust Co.		USD	609		EUR	461		02/01/12		(6	)
State Street Bank & Trust Co.		USD	50		EUR	38		02/02/12		—
State Street Bank & Trust Co.		USD	190		EUR	145		02/02/12		(1	)
State Street Bank & Trust Co.		USD	202		EUR	154		02/02/12		(1	)
State Street Bank & Trust Co.		USD	381		EUR	300		03/21/12		12
State Street Bank & Trust Co.		USD	1,919		EUR	1,500		03/21/12		43
State Street Bank & Trust Co.		USD	133		GBP	84		02/01/12		—
State Street Bank & Trust Co.		USD	225		GBP	143		02/01/12		1
State Street Bank & Trust Co.		USD	142		GBP	91		02/02/12		1
State Street Bank & Trust Co.		USD	132		GBP	84		02/03/12		—
State Street Bank & Trust Co.		USD	131		HKD	1,020		02/01/12		—
State Street Bank & Trust Co.		USD	256		HKD	1,989		02/01/12		—
State Street Bank & Trust Co.		USD	23		HKD	177		02/02/12		—
State Street Bank & Trust Co.		USD	74		HKD	572		02/02/12		—
State Street Bank & Trust Co.		USD	170		HKD	1,317		02/02/12		—
State Street Bank & Trust Co.		USD	205		HKD	1,588		02/02/12		—
State Street Bank & Trust Co.		USD	515		HKD	4,000		03/21/12		1
State Street Bank & Trust Co.		USD	1,545		HKD	12,000		03/21/12		2
State Street Bank & Trust Co.		USD	188		JPY	14,459		02/01/12		1
State Street Bank & Trust Co.		USD	260		JPY	20,000		03/21/12		2
State Street Bank & Trust Co.		USD	921		JPY	71,000		03/21/12		11
State Street Bank & Trust Co.		USD	71		SGD	89		02/02/12		—
State Street Bank & Trust Co.		USD	80		SGD	101		02/02/12		—
State Street Bank & Trust Co.		USD	12		SGD	16		02/03/12		—
State Street Bank & Trust Co.		USD	124		SGD	155		02/03/12		—
State Street Bank & Trust Co.		USD	116		SGD	150		03/21/12		3
State Street Bank & Trust Co.		USD	387		SGD	500		03/21/12		10
State Street Bank & Trust Co.		AUD	3,474		USD	3,700		02/01/12		12
State Street Bank & Trust Co.		AUD	100		USD	106		03/21/12		—
State Street Bank & Trust Co.		AUD	200		USD	211		03/21/12		—
State Street Bank & Trust Co.		AUD	200		USD	208		03/21/12		(3	)
State Street Bank & Trust Co.		AUD	200		USD	204		03/21/12		(7	)
State Street Bank & Trust Co.		AUD	250		USD	256		03/21/12		(8	)
State Street Bank & Trust Co.		AUD	300		USD	309		03/21/12		(8	)
State Street Bank & Trust Co.		CAD	100		USD	100		03/21/12		—
State Street Bank & Trust Co.		CAD	200		USD	197		03/21/12		(2	)
State Street Bank & Trust Co.		CAD	200		USD	197		03/21/12		(3	)
State Street Bank & Trust Co.		CAD	200		USD	196		03/21/12		(3	)
State Street Bank & Trust Co.		CHF	69		USD	75		02/01/12		1
State Street Bank & Trust Co.		CHF	75		USD	82		02/01/12		1
State Street Bank & Trust Co.		CHF	186		USD	202		02/02/12		—
State Street Bank & Trust Co.		EUR	16		SEK	147		02/01/12		—
State Street Bank & Trust Co.		EUR	1		USD	1		02/01/12		—
State Street Bank & Trust Co.		EUR	5		USD	6		02/01/12		—
State Street Bank & Trust Co.		EUR	20		USD	27		02/01/12		—
State Street Bank & Trust Co.		EUR	195		USD	258		02/01/12		2
State Street Bank & Trust Co.		EUR	606		USD	800		02/01/12		8
State Street Bank & Trust Co.		EUR	18		USD	23		02/02/12		—
State Street Bank & Trust Co.		EUR	293		USD	384		02/02/12		1
State Street Bank & Trust Co.		EUR	1		USD	1		02/03/12		—
State Street Bank & Trust Co.		EUR	13		USD	18		02/03/12		—
State Street Bank & Trust Co.		EUR	355		USD	464		02/03/12		—
State Street Bank & Trust Co.		EUR	100		USD	127		03/21/12		(4	)
State Street Bank & Trust Co.		EUR	100		USD	130		03/21/12		(1	)

See accompanying notes which are an integral part of this quarterly report.

228 Russell Global Real Estate Securities Fund

Russell Investment Company

Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Foreign Currency Exchange Contracts
Counterparty	Amount Sold			Amount Bought			Settlement Date		Unrealized Appreciation (Depreciation) $
State Street Bank & Trust Co.		EUR	100		USD	132		03/21/12		1
State Street Bank & Trust Co.		EUR	200		USD	260		03/21/12		(2	)
State Street Bank & Trust Co.		EUR	200		USD	257		03/21/12		(4	)
State Street Bank & Trust Co.		EUR	200		USD	262		03/21/12		—
State Street Bank & Trust Co.		EUR	200		USD	261		03/21/12		(1	)
State Street Bank & Trust Co.		EUR	300		USD	381		03/21/12		(12	)
State Street Bank & Trust Co.		EUR	350		USD	446		03/21/12		(12	)
State Street Bank & Trust Co.		EUR	3,000		USD	3,916		03/21/12		(8	)
State Street Bank & Trust Co.		GBP	41		EUR	49		02/02/12		—
State Street Bank & Trust Co.		HKD	1,997		AUD	243		02/01/12		1
State Street Bank & Trust Co.		HKD	766		USD	99		02/01/12		—
State Street Bank & Trust Co.		HKD	1,713		USD	221		02/01/12		—
State Street Bank & Trust Co.		HKD	1,845		USD	238		02/01/12		—
State Street Bank & Trust Co.		HKD	2,215		USD	286		02/01/12		—
State Street Bank & Trust Co.		HKD	626		USD	81		02/02/12		—
State Street Bank & Trust Co.		HKD	3,491		USD	450		02/02/12		—
State Street Bank & Trust Co.		HKD	500		USD	64		03/21/12		—
State Street Bank & Trust Co.		HKD	700		USD	90		03/21/12		—
State Street Bank & Trust Co.		HKD	1,000		USD	129		03/21/12		—
State Street Bank & Trust Co.		HKD	2,000		USD	258		03/21/12		—
State Street Bank & Trust Co.		HKD	2,000		USD	258		03/21/12		—
State Street Bank & Trust Co.		HKD	2,000		USD	258		03/21/12		—
State Street Bank & Trust Co.		HKD	2,500		USD	322		03/21/12		—
State Street Bank & Trust Co.		JPY	54,972		AUD	673		02/01/12		(7	)
State Street Bank & Trust Co.		JPY	13,706		USD	179		02/01/12		(1	)
State Street Bank & Trust Co.		JPY	10,000		USD	128		03/21/12		(3	)
State Street Bank & Trust Co.		JPY	15,000		USD	195		03/21/12		(2	)
State Street Bank & Trust Co.		JPY	20,000		USD	261		03/21/12		(2	)
State Street Bank & Trust Co.		JPY	20,000		USD	261		03/21/12		(2	)
State Street Bank & Trust Co.		JPY	20,000		USD	263		03/21/12		—
State Street Bank & Trust Co.		SEK	776		EUR	88		02/02/12		1
State Street Bank & Trust Co.		SGD	310		AUD	232		02/01/12		—
State Street Bank & Trust Co.		SGD	87		AUD	65		02/02/12		—
State Street Bank & Trust Co.		SGD	94		AUD	70		02/03/12		—
State Street Bank & Trust Co.		SGD	80		USD	64		02/02/12		—
State Street Bank & Trust Co.		SGD	88		USD	70		02/02/12		—
State Street Bank & Trust Co.		SGD	13		USD	10		02/03/12		—
State Street Bank & Trust Co.		SGD	156		USD	125		02/03/12		—
State Street Bank & Trust Co.		SGD	100		USD	77		03/21/12		(2	)
State Street Bank & Trust Co.		SGD	150		USD	117		03/21/12		(3	)
State Street Bank & Trust Co.		SGD	150		USD	116		03/21/12		(3	)
State Street Bank & Trust Co.		SGD	150		USD	119		03/21/12		—
State Street Bank & Trust Co.		SGD	200		USD	157		03/21/12		(2	)
UBS AG		USD	11		AUD	11		02/01/12		1
UBS AG		USD	1		CAD	1		02/01/12		—
UBS AG		USD	6		JPY	501		02/01/12		—
UBS AG		EUR	10		USD	13		02/01/12		—
UBS AG		HKD	131		USD	17		02/01/12		—
UBS AG		SGD	10		USD	8		02/01/12		—
Westpac Banking Corp.		USD	1,109		HKD	8,613		03/21/12		2
Westpac Banking Corp.		USD	852		JPY	66,075		03/21/12		15
Total Unrealized Appreciation (Depreciation) Open Foreign Currency Exchange Contracts										60

See accompanying notes which are an integral part of this quarterly report.

Russell Global Real Estate Securities Fund 229

Russell Investment Company

Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2012 (Unaudited)

Amounts in thousands

Index Swap Contracts
Underlying Security	Counterparty	Notional Amount			Terms	Termination Date		Market Value $
iShares Dow Jones US Real Estate Index Fund	Bank of America		USD	11,206	3 Month LIBOR minus 0.610%		09/04/12		663
Total Market Value of Open Index Swap Contracts Premiums Paid (Received) -$- (å)									663

See accompanying notes which are an integral part of this quarterly report.

230 Russell Global Real Estate Securities Fund

Russell Investment Company

Russell Global Real Estate Securities Fund

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	142,851	$	—	$	—	$	142,851
Austria		2,671		—		—		2,671
Brazil		13,639		—		—		13,639
Canada		68,551		—		1,349		69,900
Finland		3,692		—		—		3,692
France		54,612		—		—		54,612
Germany		16,126		—		—		16,126
Hong Kong		207,001		—		—		207,001
India		1,249		—		—		1,249
Italy		1,290		—		—		1,290
Japan		118,154		—		—		118,154
Netherlands		10,117		—		—		10,117
Norway		2,202		—		—		2,202
Philippines		6,292		—		—		6,292
Singapore		58,325		—		—		58,325
Sweden		17,679		—		—		17,679
Switzerland		11,212		—		—		11,212
United Kingdom		79,906		—		—		79,906
United States		731,531		—		—		731,531
Short-Term Investments		—		25,862		—		25,862
Other Securities		—		108,813		—		108,813
Total Investments		1,547,100		134,675		1,349		1,683,124
Other Financial Instruments
Futures Contracts		490		—		—		490
Foreign Currency Exchange Contracts		13		47		—		60
Index Swap Contracts		—		663		—		663
Total Other Financial Instruments*	$	503	$	710	$	—	$	1,213

* Other financial instruments reflected, such as futures, forwards, interest rate swaps, and credit default swaps are valued at the unrealized appreciation/depreciation on the instruments.

For a description of the levels see note 2 in the Notes to Quarterly Report.

Investments in which significant observable inputs (Level 3) used in determining a value for the period ending January 31, 2012 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

Russell Global Real Estate Securities Fund 231

Russell Investment Company

Russell Money Market Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Principal Amount ($) or Shares		Rate %		Date of Maturity		Value $
Domestic Commercial Paper - 3.0%
Straight-A Funding, LLC		4,000		Zero coupon		03/01/12		3,999
Straight-A Funding, LLC		1,500		Zero coupon		04/05/12		1,500
Total Domestic Commercial Paper (amortized cost $5,499)								5,499
United States Government Agencies - 56.1%
AID to INH Portugal Guaranteed Notes, weekly demand (Å)(Ê)		3,750		0.894		12/01/17		3,769
Fannie Mae		2,880		5.000		02/16/12		2,886
Federal Farm Credit Bank		2,300		0.950		03/05/12		2,302
Federal Home Loan Bank Discount Notes		7,500		Zero coupon		02/01/12		7,500
Federal Home Loan Bank Discount Notes		7,442		Zero coupon		02/03/12		7,442
Federal Home Loan Bank Discount Notes		15,000		Zero coupon		02/10/12		15,000
Federal Home Loan Bank Discount Notes		18,837		Zero coupon		02/15/12		18,837
Federal Home Loan Bank Discount Notes		2,000		Zero coupon		02/16/12		2,000
Federal Home Loan Bank Discount Notes		14,000		Zero coupon		02/22/12		14,000
Federal Home Loan Bank Discount Notes		3,705		0.120		02/27/12		3,705
Federal National Mortgage Association Discount Notes		5,000		Zero coupon		04/27/12		4,999
Freddie Mac Discount Notes		2,747		Zero coupon		02/01/12		2,747
Freddie Mac Discount Notes		2,000		Zero coupon		02/07/12		2,000
Freddie Mac Discount Notes		10,000		Zero coupon		03/05/12		9,999
Freddie Mac Discount Notes		5,000		Zero coupon		03/06/12		5,000
Total United States Government Agencies (amortized cost $102,186)								102,186
United States Treasury - 46.4%
United States Treasury Bills		22,860		Zero coupon		02/02/12		22,860
United States Treasury Bills		25,500		Zero coupon		02/09/12		25,500
United States Treasury Bills		22,000		Zero coupon		02/23/12		21,999
United States Treasury Notes		12,000		0.875		02/29/12		12,008
United States Treasury Notes		2,000		0.375		10/31/12		2,004
Total United States Treasury (amortized cost $84,371)								84,371
Total Investments - 105.5% (cost $192,056) (†)								192,056
Other Assets and Liabilities, Net - (5.5%)								(10,093	)
Net Assets - 100.0%								181,963

See accompanying notes which are an integral part of this quarterly report.

232 Russell Money Market Fund

Russell Investment Company

Russell Money Market Fund

Presentation of Portfolio Holdings — January 31, 2012 (Unaudited)

Amounts in thousands

	Market Value
Portfolio Summary	Level 1		Level 2		Level 3		Total
Domestic Commercial Paper	$	—	$	5,499	$	—	$	5,499
United States Government Agencies		—		102,186		—		102,186
United States Treasury		—		84,371		—		84,371
Total Investments	$	—	$	192,056	$	—	$	192,056

For a description of the levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

Russell Money Market Fund 233

Russell Investment Company

Russell Funds

Notes to Schedules of Investments — January 31, 2012 (Unaudited)

Footnotes:

(Æ) Nonincome-producing security.

(Ï) Forward commitment.

(Ê) Adjustable or floating rate security. Rate shown reflects rate in effect at period end.

(ƒ) Perpetual floating rate security. Rate shown reflects rate in effect at period end.

(ö) Real Estate Investment Trust (REIT).

(µ) Bond is insured by a guarantor.

(ß) Illiquid security.

(Ø) In default.

(ç) At amortized cost, which approximates market value.

(ž) Rate noted is yield-to-maturity from date of acquisition.

(æ) Pre-refunded: These bonds are collateralized by U.S. Treasury securities, which are held in escrow by a trustee and used to pay principal and interest in the tax-exempt issue and to retire the bonds in full at the earliest refunding date.

(§) All or a portion of the shares of this security are held as collateral in connection with futures contracts purchased (sold), options written, or swaps entered into by the Fund.

(×) The security is purchased with the cash collateral from the securities loaned.

(Ñ) All or a portion of the shares of this security are on loan.

(Þ) Restricted security. Security may have contractual restrictions on resale, may have been offered in a private placement transaction, and may not be registered under the Securities Act of 1933.

(Å) Illiquid and restricted security.

(Û) All or a portion of the shares of this security are held as collateral in connection with securities sold short.

(†) The identified cost for Federal income tax purposes is the same as shown above.

(#) All securities with a maturity greater than thirteen months have a demand feature or an optional or mandatory put, or are pre-refunded, resulting in an effective maturity of thirteen months or less. Additionally, all daily and weekly demand securities are backed by direct payment of letters of credit.

(¥) Unrounded units

(å) Currency balances were held in connection with futures, options written, foreign currency exchange, or swap contracts entered into by the Fund. See Note 2.

Abbreviations:

ADR - American Depositary Receipt

ADS - American Depositary Share

BBR - Bank Bill Rate

BBSW - Bank Bill Swap Reference Rate

CIBOR - Copenhagen Interbank Offered Rate

CME - Chicago Mercantile Exchange

CMO - Collateralized Mortgage Obligation

CVO - Contingent Value Obligation

EMU - European Economic and Monetary Union

EURIBOR - Euro Interbank Offered Bank

FDIC - Federal Deposit Insurance Company

GDR - Global Depositary Receipt

GDS - Global Depositary Share

LIBOR - London Interbank Offered Rate

NIBOR - Norwegian Interbank Offered Rate

NZD - New Zealand Dollar

PIK - Payment in Kind

REMIC - Real Estate Mortgage Investment Conduit

STRIP - Separate Trading of Registered Interest and Principal of Securities

TBA - To Be Announced Security

UK - United Kingdom

234 Notes to Schedules of Investments

Russell Investment Company

Russell Funds

Notes to Schedules of Investments, continued — January 31, 2012 (Unaudited)

Foreign Currency Abbreviations:

ARS - Argentine peso	HUF - Hungarian forint	PKR - Pakistani rupee
AUD - Australian dollar	IDR - Indonesian rupiah	PLN - Polish zloty
BRL - Brazilian real	ILS - Israeli shekel	RUB - Russian ruble
CAD - Canadian dollar	INR - Indian rupee	SEK - Swedish krona
CHF - Swiss franc	ISK - Iceland krona	SGD - Singapore dollar
CLP - Chilean peso	ITL - Italian lira	SKK - Slovakian koruna
CNY - Chinese renminbi yuan	JPY - Japanese yen	THB - Thai baht
COP - Colombian peso	KES - Kenyan schilling	TRY - Turkish lira
CRC - Costa Rica colon	KRW - South Korean won	TWD - Taiwanese dollar
CZK - Czech koruna	MXN - Mexican peso	USD - United States dollar
DKK - Danish krone	MYR - Malaysian ringgit	VEB - Venezuelan bolivar
EGP - Egyptian pound	NOK - Norwegion krone	VND - Vietnam dong
EUR - Euro	NZD - New Zealand dollar	ZAR - South African rand
GBP - British pound sterling	PEN - Peruvian nouveau sol
HKD - Hong Kong dollar	PHP - Philippine peso

Notes to Schedules of Investments 235

Russell Investment Company

Russell Funds

Notes to Quarterly Report — January 31, 2012 (Unaudited)

1. Organization

Russell Investment Company (the “Investment Company” or “RIC”) is a series investment company with 36 different investment portfolios referred to as Funds. These financial statements report on 19 of these Funds (each a “Fund” and collectively the “Funds”). The Investment Company is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. It is organized and operated as a Massachusetts business trust under a Second Amended and Restated Master Trust Agreement dated October 1, 2008 (“Master Trust Agreement”), as amended. The Investment Company’s Master Trust Agreement permits the Board of Trustees (the “Board”) to issue an unlimited number of shares of beneficial interest.

2. Significant Accounting Policies

The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of this Quarterly Report. These policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for investment companies. The presentation of these schedules of investments in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Quarterly Report. Actual results could differ from those estimates.

Security Valuation

The Funds value portfolio securities according to Board-approved securities valuation procedures which include market and fair value procedures. Russell Money Market Fund securities are priced using the amortized cost method of valuation, as are debt obligation securities maturing within 60 days at the time of purchase, unless the Board determines that amortized cost does not represent market value of such money market fund securities or short-term debt obligations. The Board has delegated the responsibility for administration of the securities valuation procedures to Russell Fund Services Company (“RFSC”).

U.S. GAAP defines fair market value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires a separate disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, and 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

• Level 1 — Inputs using quoted prices in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are non-active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The valuation techniques and significant inputs used in determining the fair market values of financial instruments classified as Level 1 and Level 2 of the fair value hierarchy are as follows:

Common stocks, exchange traded funds and derivatives that are traded on a national securities exchange are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, bank notes and non-U.S. bonds are normally valued by pricing service providers that use broker dealer quotations or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads and default rates. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis and marked-to-market daily until settlement at the forward settlement date are categorized as Level 2 of the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker dealer quotations or valuation estimates from their

236 Notes to Quarterly Report

Russell Investment Company

Russell Funds

Notes to Quarterly Report, continued — January 31, 2012 (Unaudited)

internal pricing models. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows of each tranche, market-based yield spreads for each tranche, current market data and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Investments in privately held investment funds will be valued based upon the net asset value (“NAV”) of such investments and are categorized as Level 2 of the fair value hierarchy. The Funds have adopted the authoritative guidance under U.S. GAAP for estimating the fair value of investments in funds that have calculated NAV per share in accordance with the specialized accounting guidance for investment companies. Accordingly, while NAV per share of an investment may not be determinative of fair value, as defined by U.S. GAAP, the Funds estimate the fair value of an investment in a fund using the NAV per share of the investment (or its equivalent) without further adjustment as a practical expedient, if the NAV per share of the investment is determined in accordance with the specialized accounting guidance for investment companies as of the reporting entity’s measurement date.

Short-term investments having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.

Financial over-the-counter derivative instruments are instruments such as foreign currency contracts, futures contracts, options contracts, or swap agreements that derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or pricing service providers. Depending on the product and the terms of the transaction, the value of the derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Events or circumstances affecting the values of Fund securities that occur between the closing of the principal markets on which they trade and the time the NAV of Fund shares is determined may be reflected in the calculation of NAV for each applicable Fund when the Fund deems that the particular event or circumstance would materially affect such Fund’s NAV. Funds that invest primarily in frequently traded exchange-listed securities will use fair value pricing in limited circumstances since reliable market quotations will often be readily available. Funds that invest in foreign securities are likely to use fair value pricing more often since significant events may occur between the close of foreign markets and the time of pricing which would trigger fair value pricing of the foreign securities. Although there are observable inputs assigned on a security level, prices are derived from factors using proprietary models or matrix pricing. For this reason, significant events will cause movement between Levels 1 and 2. Funds that invest in low-rated debt securities are also likely to use fair value pricing more often since the markets in which such securities are traded are generally thinner, more limited and less active than those for higher rated securities. Examples of events that could trigger fair value pricing of one or more securities are: a material market movement of the U.S. securities market (defined in the fair value procedures as the movement by a single major U.S. index greater than a certain percentage) or other significant event; foreign market holidays if, on a daily basis, a Fund’s foreign exposure exceeds 20% in aggregate (all closed markets combined); a company development; a natural disaster; or an armed conflict.

Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

The NAV of a Fund’s portfolio that includes foreign securities may change on days when shareholders will not be able to purchase or redeem fund shares, since foreign securities can trade on non-business days.

Level 3 Trading Assets and Trading Liabilities, at Fair Value.

The valuation techniques and significant inputs used in determining the fair values of financial instruments classified as Level 3 of the fair value hierarchy are as follows:

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board and are categorized as Level 3 of the fair value hierarchy. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes). When RFSC applies fair valuation methods that use significant unobservable inputs to determine a Fund’s NAV, securities will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. Fair value pricing may require subjective determinations about the value of a security. While the securities valuation procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the process cannot guarantee that fair values determined by the Board or persons acting at their direction would accurately reflect the

Notes to Quarterly Report 237

Russell Investment Company

Russell Funds

Notes to Quarterly Report, continued — January 31, 2012 (Unaudited)

price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in/out of the Level 3 category during the period. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and Level 3 reconciliation, if any, have been included in the Notes to the Schedule of Investments for each respective Fund.

In 2011, the Financial Accounting Standards Board (“FASB”) issued an update to requirements relating to fair valuation measurements which represent amendments to achieve common fair value measurements and disclosure requirements in U.S. GAAP and International Financial Reporting Standards. The amendments are of two types: (i) those that clarify the FASB’s intent about the application of existing fair value measurements and disclosure requirements and (ii) those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements.

The amendments that change a particular principle or requirement for measuring fair value or disclosing information about fair value measurements relate to (i) measuring the fair value of the financial instruments that are managed within a portfolio; (ii) application of premium and discount in a fair value measurement; and (iii) additional disclosures about fair value measurements. The update is effective for annual periods beginning after December 15, 2011. Management does not believe the adoption of this update will have a material impact on the Funds’ financial statements.

Investment Transactions

Investment transactions are reflected as of the trade date for financial reporting purposes. This may cause the NAV stated in the financial statements to be different from the NAV at which shareholders may transact. Realized gains and losses from securities transactions, if any, are recorded on the basis of specific identified cost incurred by each money manager within a particular Fund.

Investment Income

Dividend income is recorded net of applicable withholding taxes on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon thereafter as the Funds are informed of the ex-dividend date. Interest income is recorded daily on the accrual basis. The fixed income funds classify gains and losses realized on prepayments received on mortgage-backed securities as an adjustment to interest income. All premiums and discounts, including original issue discounts, are amortized/accreted using the effective interest method.

Foreign Currency Translations

The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts and transactions of the Funds are translated into U.S. dollars on the following basis:

(a) Market value of investment securities, other assets and liabilities at the closing rate of exchange on the valuation date.

(b) Purchases and sales of investment securities and income at the closing rate of exchange prevailing on the respective trade dates of such transactions.

Net realized gains or losses from foreign currency-related transactions arise from: sales and maturities of short-term securities; sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized gains or losses from foreign currency-related transactions arise from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in the exchange rates.

The Funds do not isolate that portion of the results of operations of the Funds that arises as a result of changes in exchange rates from that portion that arises from changes in market prices of investments during the year. Such fluctuations are included with the net realized and unrealized gain or loss from investments. However, for federal income tax purposes, the Funds do isolate the effects of changes in foreign exchange rates from the fluctuations arising from changes in market prices for realized gain (or loss) on debt obligations.

Derivatives

To the extent permitted by the investment objectives, restrictions and policies set forth in the Funds’ Prospectuses and Statement of Additional Information, the Funds may participate in various derivative-based transactions. Derivative securities are

238 Notes to Quarterly Report

Russell Investment Company

Russell Funds

Notes to Quarterly Report, continued — January 31, 2012 (Unaudited)

instruments or agreements whose value is derived from an underlying security or index. They include options, futures, swaps and forwards. These instruments offer unique characteristics and risks that facilitate Funds’ investment strategies.

The Funds typically use derivatives in three ways: exposing cash reserves to markets, hedging and return enhancement. In addition, certain Funds may enter into foreign exchange contracts for trade settlement purposes. The Funds, other than the Russell Tax Exempt Bond Fund, Russell Commodity Strategies Fund, and Russell Money Market Fund, may pursue their strategy of being fully invested by exposing cash reserves to the performance of appropriate markets by purchasing securities and/or derivatives. This is intended to cause the Funds to perform as though cash reserves were actually invested in those markets. Hedging may also be used by certain Funds to limit or control risks, such as adverse movements in exchange rates and interest rates. Return enhancement can be accomplished through the use of derivatives in a Fund, including using derivatives as a substitute for holding physical bonds, and using them to express various macro views (e.g., interest rate movements, currency movements, and macro credit strategies). By purchasing certain instruments, the Funds may more effectively achieve the desired portfolio characteristics that assist them in meeting their investment objectives. Depending on how the derivatives are structured and utilized, the risks associated with them may vary widely. These risks include, but are not limited to, market risk, liquidity risk, counterparty risk, basis risk, reinvestment risk, political risk, prepayment risk, extension risk and credit risk.

Foreign Currency Exchange Contracts

In connection with investment transactions consistent with the Funds’ investment objectives and strategies, certain Funds may enter into foreign currency exchange spot contracts and forward foreign currency exchange contracts (“FX contracts”). From time to time, certain Funds may enter into FX contracts to hedge certain foreign currency-denominated assets. FX contracts are recorded at market value. Certain risks may arise upon entering into these FX contracts from the potential inability of counterparties to meet the terms of their FX contracts and are generally limited to the amount of unrealized gain on the FX contracts, if any, that are disclosed in the Statements of Assets and Liabilities. Realized gains or losses arising from such transactions are included in net realized gain (or loss) from foreign currency-related transactions.

For the period ended January 31, 2012, the following Funds entered into foreign currency exchange contracts primarily for the strategies listed below:

Funds	Strategies
Russell International Developed Markets Fund	Return enhancement, exposing cash reserves to markets and trade settlement
Russell Global Equity Fund	Exposing cash reserves to markets and trade settlement
Russell Emerging Markets Fund	Exposing cash reserves to markets and trade settlement
Russell Global Opportunistic Credit Fund	Return enhancement and hedging
Russell Strategic Bond Fund	Return enhancement and hedging
Russell Investment Grade Bond Fund	Return enhancement and hedging
Russell Short Duration Bond Fund	Return enhancement and hedging
Russell Global Infrastructure Fund	Exposing cash reserves to markets and trade settlement
Russell Global Real Estate Securities Fund	Trade settlement

The Funds’ period end foreign currency exchange contracts, as presented in the tables following the Schedule of Investments, generally are indicative of the volume of their derivative activity during the period ended January 31, 2012.

As of January 31, 2012, the Funds had cash collateral balances in connection with forward contracts purchased (sold) as follows:

	Cash Collateral for Forwards		Due to Broker
Russell Strategic Bond Fund	$	—	$	235,000

Options

The Funds may purchase and sell (write) call and put options on securities and securities indices, provided such options are traded on a national securities exchange or in an over-the-counter market. The Funds may also purchase and sell call and put options on foreign currencies. The domestic equity Funds may utilize options to expose cash reserves to markets.

When a Fund writes a covered call or a put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. The Fund receives a premium on the sale of a call option but gives up the opportunity to profit from any increase in stock value above the exercise price of the option, and when the Fund writes a put option it is exposed to a decline in the price of the underlying security.

Notes to Quarterly Report 239

Russell Investment Company

Russell Funds

Notes to Quarterly Report, continued — January 31, 2012 (Unaudited)

Whether an option which the Fund has written expires on its stipulated expiration date or the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss, if the cost of a closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a call option which the Fund has written is exercised, the Fund realizes a capital gain or loss from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. When a put option which a Fund has written is exercised, the amount of the premium originally received will reduce the cost of the security which a Fund purchases upon exercise of the option. Realized gains (losses) on purchased options are included in net realized gain (loss) from investments on the Statements of Operations.

The Funds’ use of written options involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. The face or contract amounts of these instruments reflect the extent of the Funds’ exposure to market risk. The risks may be caused by an imperfect correlation between movements in the price of the instrument and the price of the underlying securities and interest rates.

A Fund may enter into a swaption (swap option). In a swaption, the buyer gains the right but not the obligation to enter into a specified swap agreement with the issuer on a specified future date. The writer of the contract receives the premium and bears the risk of unfavorable changes in the preset rate on the underlying interest rate swap. Unrealized gains/losses on swaptions are reflected in investment assets and investment liabilities in a Fund’s Statement of Assets and Liabilities.

For the period ended January 31, 2012, the Funds purchased/sold options primarily for the strategies listed below:

Funds	Strategies
Russell Global Opportunistic Credit Fund	Return enhancement and hedging
Russell Strategic Bond Fund	Return enhancement and hedging
Russell Investment Grade Bond Fund	Return enhancement and hedging
Russell Short Duration Bond Fund	Return enhancement and hedging

The Funds’ period end options contracts, as presented in the Schedule of Investments or the tables following the Schedule of Investments, generally are indicative of the volume of their derivative activity during the period ended January 31, 2012.

Futures Contracts

The Funds may invest in futures contracts (i.e., interest rate, foreign currency and index futures contracts) to a limited extent. The face or contract amounts of these instruments reflect the extent of the Funds’ exposure to off balance sheet risk. The primary risks associated with the use of futures contracts are an imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Funds are required to deposit with a broker an amount, termed the initial margin, which typically represents 5% of the purchase price indicated in the futures contract. Payments to and from the broker, known as variation margin, are typically required to be made on a daily basis as the price of the futures contract fluctuates. Changes in initial settlement value are accounted for as unrealized appreciation (depreciation) until the contracts are terminated, at which time realized gains and losses are recognized.

For the period ended January 31, 2012, the following Funds entered into future contracts primarily for the strategies listed below:

Funds	Strategies
Russell U.S. Core Equity Fund	Exposing cash reserves to markets
Russell U.S. Quantitative Equity Fund	Exposing cash reserves to markets
Russell U.S. Growth Fund	Exposing cash reserves to markets
Russell U.S. Value Fund	Exposing cash reserves to markets
Russell U.S. Small Cap Equity Fund	Exposing cash reserves to markets
Russell International Developed Markets Fund	Return enhancement and exposing cash reserves to markets
Russell Global Equity Fund	Exposing cash reserves to markets
Russell Emerging Markets	Exposing cash reserves to markets
Russell Tax-Managed U.S. Large Cap Fund	Exposing cash reserves to markets
Russell Tax-Managed U.S. Mid & Small Cap Fund	Exposing cash reserves to markets
Russell Global Opportunistic Credit Fund	Return enhancement, hedging and exposing cash reserves to markets
Russell Strategic Bond Fund	Return enhancement, hedging, and exposing cash reserves to markets
Russell Investment Grade Bond Fund	Return enhancement, hedging, and exposing cash reserves to markets
Russell Short Duration Bond Fund	Return enhancement, hedging, and exposing cash reserves to markets
Russell Commodity Strategies Fund	Return enhancement
Russell Global Infrastructure Fund	Exposing cash reserves to markets and trade settlement
Russell Global Real Estate Securities Fund	Exposing cash reserves to markets and trade settlement

240 Notes to Quarterly Report

Russell Investment Company

Russell Funds

Notes to Quarterly Report, continued — January 31, 2012 (Unaudited)

The Funds’ period end futures contracts, as presented in the tables following the Schedule of Investments, generally are indicative of the volume of their derivative activity during the period ended January 31, 2012.

As of January 31, 2012, the Funds had cash collateral balances in connection with futures contracts purchased (sold) as follows:

	Cash Collateral for Futures		Due to Broker
Russell U.S. Core Equity Fund	$	19,000,000	$	—
Russell U.S. Quantitative Equity Fund		7,000,000		—
Russell U.S. Growth Fund		270,000		—
Russell U.S. Value Fund		385,000		—
Russell U.S. Small Cap Equity Fund		3,550,000		—
Russell International Developed Markets Fund		51,949,862		3,012,881
Russell Global Equity Fund		11,100,000		—
Russell Emerging Markets Fund		4,300,000		—
Russell Tax-Managed U.S. Large Cap Fund		1,005,000		—
Russell Tax-Managed U.S. Mid & Small Cap Fund		1,005,000		—
Russell Strategic Bond Fund		1,990,000		—
Russell Investment Grade Bond Fund		1,047,800		—
Russell Short Duration Bond Fund		99,000		—
Russell Global Infrastructure Fund		3,700,000		—
Russell Global Real Estate Securities Fund		1,800,000

Swap Agreements

The Funds may enter into swap agreements, on either an asset-based or liability-based basis, depending on whether they are hedging their assets or their liabilities, and will usually enter into swaps on a net basis, i.e., the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments. When a Fund engages in a swap, it exchanges its obligations to pay or rights to receive payments for the obligations or rights to receive payments of another party (i.e., an exchange of floating rate payments for fixed rate payments).

Certain Funds may enter into several different types of agreements including interest rate, credit default, commodity-linked (Russell Commodity Strategies Fund only), index (total return) and currency swaps. The Funds may enter into index swap agreements to expose cash reserves to markets or to effect investment transactions consistent with those Funds’ investment objectives and strategies. Interest rate swaps are a counterparty agreement, can be customized to meet each party’s needs, and involve the exchange of a fixed payment per period for a payment that is not fixed. Currency swaps are an agreement where two parties exchange specified amounts of different currencies which are followed by each paying the other a series of interest payments that are based on the principal cash flow. At maturity the principal amounts are returned. Credit default swaps are a counterparty agreement which allows the transfer of third party credit risk (the possibility that an issuer will default on their obligation by failing to pay principal or interest in a timely manner) from one party to another. The lender faces the credit risk from a third party and the counterparty in the swap agrees to insure this risk in exchange for regular periodic payments.

The Funds expect to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of their portfolios or to protect against any increase in the price of securities they anticipate purchasing at a later date or for return enhancement. The net amount of the excess, if any, of the Funds’ obligations over their entitlements with respect to each swap will be accrued on a daily basis and an amount of cash or liquid assets having an aggregate NAV at least equal to the accrued excess will be segregated. To the extent that the Funds enter into swaps on other than a net basis, the amount earmarked on the Funds’ records will be the full amount of the Funds’ obligations, if any, with respect to such interest rate swaps, accrued on a daily basis. If there is a default by the other party to such a transaction, the Funds will have contractual remedies pursuant to the agreement related to the transaction.

A Fund may not receive the expected amount under a swap agreement if the other party to the agreement defaults or becomes bankrupt. The market for swap agreements is largely unregulated. The Funds may enter into swap agreements with counterparties that meet RIMCo’s credit quality limitations. The Funds will not enter into any swap unless the counterparty has a minimum senior unsecured credit rating or long term counterparty credit rating, including reassignments, of A- or better as defined by Standard & Poor’s or an equivalent rating from any nationally recognized statistical rating organization (using highest of split ratings) at the time of entering into such transaction.

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Swap agreements generally are entered into by “eligible contract participants” and in compliance with certain other criteria necessary to render them excluded from regulation under the Commodity Exchange Act (“CEA”) and, therefore not subject to regulation as futures or commodity option transactions under the CEA.

As of January 31, 2012, the Funds had cash collateral balances in connection with swap contracts purchased (sold) as follows:

	Cash Collateral for Swaps		Due to Broker
Russell Emerging Markets Fund	$	8,000,000	$	—
Russell Global Opportunistic Credit Fund		1,413,000		1,188,000
Russell Strategic Bond Fund		4,966,779		11,386,364
Russell Investment Grade Bond Fund		1,411,000		1,179,000
Russell Short Duration Bond Fund		—		1,445,000
Russell Commodity Strategies Fund		22,635,290		—
Russell Global Real Estate Securities Fund		3,175,000		3,635,000

Credit Default Swaps

The fixed income funds may enter into credit default swaps. A credit default swap can refer to corporate issues, asset-backed securities or an index of assets, each known as the reference entity or underlying asset. The fixed income funds may act as either the buyer or the seller of a credit default swap involving one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Depending upon the terms of the contract, the credit default swap may be closed via physical settlement. However, due to the possible or potential instability in the market, there is a risk that the fixed income funds may be unable to deliver the underlying debt security to the other party to the agreement. Additionally, the fixed income funds may not receive the expected amount under the swap agreement if the other party to the agreement defaults or becomes bankrupt. In an unhedged credit default swap, the fixed income funds enter into a credit default swap without owning the underlying asset or debt issued by the reference entity. Credit default swaps allow the fixed income funds to acquire or reduce credit exposure to a particular issuer, asset or basket of assets.

As the seller of protection in a credit default swap, a fixed income fund would be required to pay the par or other agreed-upon value (or otherwise perform according to the swap contract) of a reference debt obligation to the counterparty in the event of a default (or other specified credit event); the counterparty would be required to surrender the reference debt obligation. In return, the fixed income fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the fixed income fund would keep the stream of payments and would have no payment obligations. As a seller of protection, the fixed income fund would effectively add leverage to its portfolio because in addition to its total net assets, that Fund would be subject to investment exposure on the notional amount of the swap.

Each fixed income fund may also purchase protection via credit default swap contracts in order to offset the risk of default of debt securities held in its portfolio, in which case the fixed income fund would function as the counterparty referenced in the preceding paragraph.

If a credit event occurs on a corporate issue and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). The fixed income funds may use credit default swaps on corporate issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the fixed income funds own or have exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood (as measured by the credit default swap’s spread) of a particular issuer’s default.

Unlike credit default swaps on corporate issues, deliverable obligations for credit default swaps on asset-backed securities in most instances are limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other write-down or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement generally will be adjusted by corresponding amounts. The fixed income funds may use credit default swaps on asset-backed securities to provide a measure of protection against defaults (or other defined credit events) of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default (or other defined credit events).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of

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the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Traders may use credit default swaps on indices to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end are disclosed in the Schedules of Investments and generally serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default (or other defined credit event) for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of entering into a credit default swap and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a fixed income fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of January 31, 2012 for which a fixed income fund is the seller of protection are disclosed in the Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a fixed income fund for the same referenced entity or entities.

Credit default swaps could result in losses if the fixed income funds do not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the fixed income funds had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity and counterparty risk. A fixed income fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, a fixed income fund may lose its investment and recover nothing should a credit event fail to occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by a fixed income fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the fixed income fund.

If the creditworthiness of a fixed income fund’s swap counterparty declines, the risk that the counterparty may not perform could increase, potentially resulting in a loss to the fixed income fund. To limit the counterparty risk involved in swap agreements, the fixed income funds will only enter into swap agreements with counterparties that meet certain standards of creditworthiness. Although there can be no assurance that the fixed income funds will be able to do so, the fixed income funds may be able to reduce or eliminate their exposure under a swap agreement either by assignment or other disposition, or by entering into an offsetting swap agreement with the same party or another creditworthy party. The fixed income funds may have limited ability to eliminate their exposure under a credit default swap if the credit of the reference entity or underlying asset has declined.

For the period ended January 31, 2012, the Funds entered into credit default swaps primarily for the strategies listed below:

Funds	Strategies
Russell Global Opportunistic Credit Fund	Return enhancement, hedging and exposing cash reserves to markets
Russell Strategic Bond Fund	Return enhancement and hedging
Russell Investment Grade Bond Fund	Return enhancement and hedging
Russell Short Duration Bond Fund	Return enhancement and hedging

The Funds’ period end credit default swap contracts, as presented in the tables following the Schedule of Investments, generally are indicative of the volume of their derivative activity during the period ended January 31, 2012.

Interest Rate Swaps

The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If a money manager using this technique is incorrect in its forecast of

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market values, interest rates and other applicable factors, the investment performance of a Fund might diminish compared to what it would have been if this investment technique were not used.

Interest rate swaps do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that the Funds are contractually obligated to make. If the other party to an interest rate swap defaults, the Funds’ risk of loss consists of the net amount of interest payments that the Funds are contractually entitled to receive. Since interest rate swaps are individually negotiated, the Funds expect to achieve an acceptable degree of correlation between their rights to receive interest on their portfolio securities and their rights and obligations to receive and pay interest pursuant to interest rate swaps.

For the period ended January 31, 2012, the Funds entered into interest rate swaps primarily for the strategies listed below:

Funds	Strategies
Russell Global Opportunistic Credit Fund	Return enhancement and hedging
Russell Strategic Bond Fund	Return enhancement and hedging
Russell Investment Grade Bond Fund	Return enhancement and hedging
Russell Short Duration Bond Fund	Return enhancement and hedging

The Funds’ period end interest rate swap contracts, as presented in the tables following the Schedule of Investments, generally are indicative of the volume of their derivative activity during the period ended January 31, 2012.

Index Swaps

Certain Funds may enter into index swap agreements to expose cash reserves to markets or to effect investment transactions consistent with these Funds’ investment objectives and strategies. Swap agreements are two party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard swap transaction, the two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular investments or instruments. The returns to be exchanged between the parties are calculated with respect to a “notional amount” (i.e., a specified dollar amount that is hypothetically invested in a “basket” of securities representing a particular index).

For the period ended January 31, 2012, the Funds entered into index swaps primarily for the strategies listed below:

Funds	Strategies
Russell Emerging Markets Fund	Exposing cash reserves to markets
Russell Global Opportunistic Credit Fund	Exposing cash reserves to markets
Russell Investment Grade Bond Fund	Return enhancement
Russell Commodity Strategies Fund	Return enhancement and gain exposure to the commodity futures markets

The Funds’ period end index swap contracts, as presented in the tables following the Schedule of Investments, generally are indicative of the volume of their derivative activity during the period ended January 31, 2012.

Commodity-Linked Derivatives

The Russell Commodity Strategies Fund invests in commodity-linked derivative instruments, such as swap agreements and futures. At least part of their value is derived from the value of an underlying commodity index, commodity futures contract, index or other readily measurable economic variable. The prices of commodity-linked derivative instruments may move in different directions than investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. As an example, during periods of rising inflation, historically debt securities have tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, historically the prices of certain commodities, such as oil and metals, have tended to increase. Of course, there cannot be any guarantee that derivative instruments will perform in that manner in the future, and at certain times the price movements of commodity-linked investments have been parallel to those of debt and equity securities. For the period ended January 31, 2012, the Russell Commodity Strategies Fund entered into commodity-linked swaps primarily for exposure to the commodities markets.

ISDA Master Agreements

The Funds are parties to International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with counterparties that govern transactions in over-the-counter derivative and foreign exchange contracts entered into by the Funds and those counterparties. The ISDA Master Agreements contain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle

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counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements.

Loan Agreements

The Russell Global Opportunistic Credit, Russell Strategic Bond, Russell Investment Grade Bond and Russell Short Duration Bond Funds may invest in direct debt instruments, which are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. The Funds’ investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “agent”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, the Funds have the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt by the agent of payments from the borrower. The Funds generally have no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Funds may be subject to the credit risk of both the borrower and the agent that is selling the loan agreement. When the Funds purchase assignments from agents they acquire direct rights against the borrower on the loan. As of January 31, 2012, the Funds had no unfunded loan commitments.

Participation Notes

Certain Funds may purchase participation notes, also known as participation certificates or participation interest notes. Participation notes are issued by banks or broker-dealers that are designed to replicate the performance of foreign companies or foreign securities markets and can be used by the Fund as an alternative means to access the securities market of a frontier emerging market country. The performance results of participation notes will not replicate exactly the performance of the foreign companies or foreign securities markets that they seek to replicate due to transaction and other expenses. Investments in participation notes involve certain risks in addition to those associated with a direct investment in the underlying foreign companies or foreign securities markets whose return they seek to replicate. There can be no assurance that there will be a trading market or that the trading price of a participation note will equal the underlying value of the foreign company or foreign securities market that it seeks to replicate. The Fund relies on the creditworthiness of the counterparty issuing the participation note and has no rights against the issuer of the underlying security. The Fund minimizes this risk by entering into agreements only with counterparties that RIMCo deems creditworthy. Due to liquidity and transfer restrictions, the secondary markets on which the participation notes are traded may be less liquid than the markets for other securities, or may be completely illiquid.

Credit Linked Notes

The Russell Global Opportunistic Credit Fund may purchase credit linked notes. Credit linked notes are obligations between two or more parties where the payment of principal and/or interest is based on the performance of some obligation, basket of obligations, index or economic indicator (a “reference instrument”). In addition to the credit risk associated with the reference instrument and interest rate risk, the buyer and seller of a credit linked note or similar structured investment are subject to counterparty risk.

Short Sales

The Russell U.S. Quantitative Equity Fund may enter into short sale transactions. In a short sale, the seller sells a security that it does not own, typically a security borrowed from a broker or dealer. Because the seller remains liable to return the underlying security that it borrowed from the broker or dealer, the seller must purchase the security prior to the date on which delivery to the broker or dealer is required. The Fund will incur a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Fund must return the borrowed security. The Fund will realize a gain if the security declines in price between those dates. The making of short sales exposes the Fund to the risk of liability for the market value of the security that is sold (the amount of which increases as the market value of the underlying security increases), in addition to the costs associated with establishing, maintaining and closing out the short position.

Although the Fund’s potential for gain as a result of a short sale is limited to the price at which it sold the security short less the cost of borrowing the security, its potential for loss is theoretically unlimited because there is no limit to the cost of replacing the borrowed security. When the Fund makes a short sale, the Fund may use all or a portion of the cash proceeds of short sales to purchase other securities or for any other permissible Fund purpose. To the extent necessary to meet collateral requirements, the Fund is required to pledge assets in a segregated account maintained by the Fund’s custodian for the benefit of the broker. The Fund also may use securities it owns to meet any such collateral obligations. Until the Fund replaces a borrowed security in connection with a short sale, the Fund will: (a) maintain daily a segregated account, containing cash, cash equivalents, or liquid marketable securities, at such a level that the amount deposited in the segregated account plus the amount deposited with the

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broker as collateral will equal the current requirement under Regulation T promulgated by the Board of Governors of the Federal Reserve System under the authority of Sections 7 and 8 of the Securities Exchange Act of 1934, as amended; or (b) otherwise cover its short position in accordance with positions taken by the staff of the Securities and Exchange Commission (e.g., taking an offsetting long position in the security sold short). As of January 31, 2012, $637,366,530 was held as collateral.

Investments in Emerging Markets

Emerging Markets Securities

Investing in emerging markets securities can pose some risks different from and greater than, risks of investing in U.S. or developed markets securities. These risks include: a risk of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and to political systems which may have less stability, than those of more developed countries; smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Funds. Emerging market securities may be subject to currency transfer restrictions and may experience delays and disruptions in securities settlement procedures for a Fund’s portfolio securities. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Emerging Markets Debt

A Fund’s emerging markets debt securities may include obligations of governments and corporations. As with any fixed income securities, emerging markets debt securities are subject to the risk of being downgraded in credit rating and to the risk of default. In the event of a default on any investments in foreign debt obligations, it may be more difficult for a Fund to obtain or to enforce a judgment against the issuers of such securities. With respect to debt issued by emerging market governments, such issuers may be unwilling to pay interest and repay principal when due, either due to an inability to pay or submission to political pressure not to pay, and as a result may default, declare temporary suspensions of interest payments or require that the conditions for payment be renegotiated.

Repurchase Agreements

The fixed income funds and the Russell Money Market Fund may enter into repurchase agreements. A repurchase agreement is an agreement under which a Fund acquires a fixed income security from a commercial bank, broker or dealer and simultaneously agrees to resell such security to the seller at an agreed upon price and date (normally within a few days or weeks). The resale price reflects an agreed upon interest rate effective for the period the security is held by the Fund and is unrelated to the interest rate on the security. The securities acquired by the Fund constitute collateral for the repurchase obligation. In these transactions, the securities acquired by the Fund (including accrued interest earned thereon) must have a total value in excess of the value of the repurchase agreement and must be held by the custodian bank until repurchased. A Fund will not invest more than 15% (10% in the case of the Russell Money Market Fund) of its net assets (taken at current market value) in repurchase agreements maturing in more than seven days. The Russell Money Market Fund will only enter into repurchase agreements collateralized by U.S. government or agency obligations.

Mortgage-Related and Other Asset-Backed Securities

Certain Funds may invest in mortgage or other asset-backed securities (“ABS”). These securities may include mortgage instruments issued by U.S. government agencies (“agency mortgages”) or those issued by private entities (“non-agency mortgages”). Specific types of instruments may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities and other securities that directly or indirectly represent a participation in, or are secured by a payable from, mortgage loans on real property. The value of a Fund’s mortgage-backed securities (“MBS”) may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The quality and value of the underlying assets may decline, or default. This has become an increasing risk for collateral related to non-agency mortgages (e.g., sub-prime, Alternative A-paper (“Alt-A loans”)) and non-conforming mortgage loans, especially in a declining residential real estate market. In addition, regulatory or tax changes may adversely affect the mortgage securities markets as a whole.

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MBS often have stated maturities of up to thirty years when they are issued, depending upon the length of the mortgages underlying the securities. In practice however, unscheduled or early payments of principal and interest on the underlying mortgages may make the securities’ effective maturity shorter than this, and the prevailing interest rates may be higher or lower than the current yield of a Fund’s portfolio at the time the Fund receives the payments for reinvestment.

Rising or high interest rates may result in slower than expected principal payments which may tend to extend the duration of MBS, making them more volatile and more sensitive to changes in interest rates. This is known as extension risk.

MBS may have less potential for capital appreciation than comparable fixed income securities due to the likelihood of increased prepayments of mortgages resulting from foreclosures or declining interest rates. These foreclosed or refinanced mortgages are paid off at face value (par) or less, causing a loss, particularly for any investor who may have purchased the security at a premium or a price above par. In such an environment, this risk limits the potential price appreciation of these securities.

Through its investments in MBS, including those that are issued by private issuers, the Funds have exposure to agency mortgages, private non-agency mortgages (including those secured by subprime and Alt-A loans) and non-conforming loans as well as to the mortgage and credit markets generally. Private issuers include commercial banks, savings associations, mortgage companies, investment banking firms, finance companies and special purpose finance entities (called special purpose vehicles or “SPVs”) and other entities that acquire and package mortgage loans for resale as MBS. These privately issued non-agency MBS may offer higher yields than those issued by government agencies, but also may be subject to greater price changes than governmental issues. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. Alt-A loans refer to loans extended to borrowers who have incomplete documentation of income, assets, or other variables that are important to the credit underwriting processes. Non-conforming mortgages are loans that do not meet the standards that allow purchase by government-sponsored enterprises. MBS with exposure to subprime loans, Alt-A loans or non-conforming loans have had in many cases higher default rates than those loans that meet government underwriting requirements. The risk of non-payment is greater for MBS that are backed by mortgage pools that contain subprime, Alt-A and non-conforming loans, but a level of risk exists for all loans.

Unlike agency MBS issued or guaranteed by the U.S. government or a government-sponsored entity (e.g., Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (the Federal Home Loan Mortgage Corporation)), MBS issued by private issuers do not have a government or government-sponsored entity guarantee, but may have credit enhancements provided by external entities such as banks or financial institutions or achieved through the structuring of the transaction itself. Examples of such credit support arising out of the structure of the transaction include the issue of senior and subordinated securities (e.g., the issuance of securities by an SPV in multiple classes or “tranches,” with one or more classes being senior to other subordinated classes as to the payment of principal and interest, with the result that defaults on the underlying mortgage loans are borne first by the holders of the subordinated class); creation of “reserve funds” (in which case cash or investments, sometimes funded from a portion of the payments on the underlying mortgage loans, are held in reserve against future losses); and “overcollateralization” (in which case the scheduled payments on, or the principal amount of, the underlying mortgage loans exceeds that required to make payment on the securities and pay any servicing or other fees). However, there can be no guarantee that credit enhancements, if any, will be sufficient to prevent losses in the event of defaults on the underlying mortgage loans. In addition, MBS that are issued by private issuers are not subject to the underwriting requirements for the underlying mortgages that are applicable to those MBS that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private MBS may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored MBS and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon rates and maturities of the underlying mortgage loans in a private-label MBS pool may vary to a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans.

Privately issued MBS are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, MBS held in a Fund’s portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans.

ABS may include MBS, loans, receivables or other assets. The value of the Funds’ ABS may be affected by, among other things, actual or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the receivables, the market’s assessment of the quality of underlying assets or actual or perceived changes in the credit worthiness of the individual borrowers, the originator, the servicing agent or the financial institution providing the credit support.

Payment of principal and interest may be largely dependent upon the cash flows generated by the assets backing the securities. Rising or high interest rates tend to extend the duration of ABS, making them more volatile and more sensitive to changes in

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interest rates. The underlying assets are sometimes subject to prepayments which can shorten the security’s weighted average life and may lower its return. Defaults on loans underlying ABS have become an increasing risk for ABS that are secured by home equity loans related to sub-prime, Alt-A or non-conforming mortgage loans, especially in a declining residential real estate market.

ABS (other than MBS) present certain risks that are not presented by MBS. Primarily, these securities may not have the benefit of any security interest in the related assets. Credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. There is the possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on these securities. ABS are often backed by a pool of assets representing the obligations of a number of different parties. To lessen the effect of failures by obligors on underlying assets to make payments, the securities may contain elements of credit support which fall into two categories: (i) liquidity protection, and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that the receipt of payments on the underlying pool occurs in a timely fashion. Protection against losses results from payment of the insurance obligations on at least a portion of the assets in the pool. This protection may be provided through guarantees, policies or letters of credit obtained by the issuer or sponsor from third parties, through various means of structuring the transaction or through a combination of such approaches. The Funds will not pay any additional or separate fees for credit support. The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets. Delinquency or loss in excess of that anticipated or failure of the credit support could adversely affect the return on an investment in such a security. The availability of ABS may be affected by legislative or regulatory developments. It is possible that such developments may require the Funds to dispose of any then existing holdings of such securities.

Forward Commitments

The Funds may contract to purchase securities for a fixed price at a future date beyond customary settlement time consistent with a Fund’s investment strategies. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The Funds may dispose of a forward commitment transaction prior to settlement if it is appropriate to do so and may realize short-term gains (or losses) upon such sale. When effecting such transactions, cash or liquid high-grade debt obligations of the Funds in a dollar amount sufficient to make payment for the portfolio securities to be purchased will be earmarked on the Fund’s records at the trade date and until the transaction is settled. A forward commitment transaction involves a risk of loss if the value of the security to be purchased declines prior to the settlement date or the other party to the transaction fails to complete the transaction.

A to be announced (“TBA”) security is a forward mortgage-backed securities trade. The securities are purchased and sold on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned. As of January 31, 2012, the Funds had cash collateral balances in connection with TBAs as follows:

	Due to Broker
Russell Strategic Bond Fund	$	1,300,000
Russell Short Duration Bond Fund		840,000

Inflation-Indexed Bonds

Fixed income funds may invest in inflation-indexed securities, which are typically bonds or notes designed to provide a return higher than the rate of inflation (based on a designated index) if held to maturity. A common type of inflation-indexed security is a U.S. Treasury Inflation-Protected Security, or TIPS. The principal of a TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price Index. When a TIPS matures, the adjusted principal or original principal is paid, whichever is greater. TIPS pay interest twice a year, at a fixed rate. The rate is applied to the adjusted principal; so, like the principal, interest payments rise with inflation and fall with deflation.

Guarantees

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

248 Notes to Quarterly Report

Russell Investment Company

Russell Funds

Notes to Quarterly Report, continued — January 31, 2012 (Unaudited)

Market, Credit and Counterparty Risk

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to a transaction to perform (credit risk). Similar to credit risk, the Funds may also be exposed to counterparty risk or risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss could exceed the value of the relevant assets recorded in the financial statements (the “Assets”). The Assets, which potentially expose the Funds to credit risk, consist principally of cash due from counterparties and investments. The extent of the Funds’ exposure to credit and counterparty risks with respect to the Assets approximates their carrying value as recorded in the Funds’ Statements of Assets and Liabilities.

On September 15, 2008, Lehman Brothers Holdings Inc. filed for protection under Chapter 11 of the United States Bankruptcy Code. Certain Funds had direct holdings, swap agreements, and securities and derivatives transactions outstanding with Lehman Brothers entities as issuers, counterparties or guarantors at the time the relevant Lehman Brothers entities filed for protection or were placed in administration. The direct holdings and other derivative transactions associated with Lehman Brothers entities have been written down to their estimated recoverable values and incorporated as components of other receivables and liabilities on the Statements of Assets and Liabilities and net changes in the realized gain (loss) or unrealized appreciation (depreciation) on the Statements of Operations. The Funds have also utilized certain netting arrangements to offset payables and receivables of Lehman Brothers entities’ securities.

On November 4, 2011, creditors of Lehman Brothers Holdings Inc. and its affiliated chapter 11 debtors (collectively, “Lehman Brothers”) voted to accept the Third Amended Joint Chapter 11 Plan of Lehman Brothers dated August 31, 2011 (the “Plan”). The Bankruptcy Court confirmed the Plan on December 6, 2011. Creditors of Lehman Brothers expect to receive preliminary distributions in the first quarter of 2012. Pursuant to the Plan, there will be an initial distribution of “Available Cash” with semiannual distributions on each March 30t^h and September 30t^h thereafter. Reserved amounts that become available (through claims being disallowed or reduced, litigation being resolved, or distributions not being collected) will be included as Available Cash for the subsequent semi-annual distributions. Distributions will be made only to claimants holding “Allowed Claims” as of the relevant distribution date. The date for final distributions to creditors of Lehman Brothers is unknown.

3. Investment in Russell Cayman Commodity Strategies Fund Ltd.

Russell Cayman Commodity Strategies Fund Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on March 5, 2010 and is currently a wholly-owned subsidiary of the Russell Commodity Strategy Fund (the “Fund”), both of which are advised by RIMCo. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objectives and policies specified in the Fund’s prospectus and statement of additional information. The Fund is the sole shareholder of the Subsidiary and it is intended that the Fund will remain the sole shareholder and, as a result, will continue to control the Subsidiary. As of January 31, 2012, net assets of the Fund were $1,226,049,327 of which $258,765,543, or approximately 21%, represented the Fund’s ownership of the shares of the Subsidiary.

The Russell Commodity Strategies Fund may invest up to 25% of its total assets in the Subsidiary, which may invest without limitation in commodity-linked derivative instruments, such as swaps and futures that provide exposure to the performance of commodities markets. The Subsidiary may also invest in fixed income securities. The Russell Commodity Strategies Fund’s Schedule of Investments has been consolidated and includes the accounts of both the Russell Commodity Strategies Fund and the Subsidiary. All inter-company transactions and balances have been eliminated upon consolidation.

4. Investment Transactions

Written Options Contracts

Transactions in written options contracts for the period ended January 31, 2012 for the following Funds were as follows:

	Russell Strategic Bond Fund						Russell Investment Grade Bond Fund						Russell Short Duration Bond Fund
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Outstanding October 31, 2011		210		$	5,837,130			413		$	1,842,652			80		$	1,118,943
Opened		7			1,119,127			55			254,861			3			28,135
Closed		(1	)		(40,999	)		(161	)		(78,805	)		(1	)		(4,713	)
Expired		(20	)		(528,424	)		(227	)		(195,949	)		(12	)		(160,811	)
Outstanding January 31, 2012		196		$	6,386,834			80		$	1,822,759			70		$	981,554

Notes to Quarterly Report 249

Russell Investment Company

Russell Funds

Notes to Quarterly Report, continued — January 31, 2012 (Unaudited)

Securities Lending

The Investment Company has a securities lending program whereby each Fund can loan securities with a value up to 33 ¹/3% of each Fund’s total assets. The Fund receives cash (U.S. currency), U.S. Government or U.S. Government Agency obligations as collateral against the loaned securities. To the extent that a loan is collateralized by cash, such collateral is invested by the securities lending agent, State Street Bank and Trust Company (“State Street”), in short-term instruments, pooled collateral vehicles that invest in short term instruments, money market mutual funds and other short-term investments that meet certain quality and diversification requirements. The collateral received is recorded on a lending Fund’s Statement of Assets and Liabilities along with the related obligation to return the collateral.

Income generated from the investment of cash collateral, less negotiated rebate fees paid to participating brokers and transaction costs, is divided between the Fund and State Street and is recorded as income for the Fund. To the extent that a loan is secured by non-cash collateral, brokers pay the Fund negotiated lenders’ fees, which are divided between the Fund and State Street and are recorded as securities lending income for the Fund. All collateral received will be in an amount at least equal to 102% (for loans of U.S. securities) or 105% (for loans of non-U.S. securities) of the market value of the loaned securities at the inception of each loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund the next day. Should the borrower of the securities fail financially, there is a risk of delay in recovery of the securities or loss of rights in the collateral. Consequently, loans are made only to borrowers which are deemed to be creditworthy by State Street.

Each Fund that participates in the securities lending program has most of the cash collateral invested in the Russell U.S. Cash Collateral Fund, an unregistered fund advised by RIMCo. Prior to December 3, 2010, the Funds that participated in securities lending had a portion of their cash collateral invested in the State Street Securities Lending Quality Trust Fund (“SLQT”), a securities lending cash collateral vehicle. On December 3, 2010, the Funds redeemed in-kind out of SLQT, realizing certain losses as a result of such redemption, and proceeds of the redemption were invested in the RIC Liquidating Trust, an unregistered fund managed by State Street.

As of January 31, 2012, the non-cash collateral pledged for the securities on loan in the following funds was as follows:

	Non-Cash Collateral Value		Non-Cash Collateral Holding
Russell U.S. Core Equity Fund	$	12,028		Pool of U.S. Government Securities
Russell U.S. Value Fund		87,926		Pool of U.S. Government Securities
Russell U.S. Small Cap Equity Fund		1,613,776		Pool of U.S. Government Securities
Russell International Developed Markets Fund		14,345,020		Pool of U.S. Government Securities
Russell Global Equity Fund		12,761,493		Pool of U.S. Government Securities
Russell Emerging Markets Fund		11,424,010		Pool of U.S. Government Securities
Russell Tax-Managed U.S. Large Cap Fund		13,349		Pool of U.S. Government Securities
Russell Tax-Managed U.S. Mid & Small Cap Fund		166,429		Pool of U.S. Government Securities
Russell Global Infrastructure Fund		5,886,292		Pool of U.S. Government Securities
Russell Global Real Estate Securities Fund		391,080		Pool of U.S. Government Securities

5. Related Party Transactions

Adviser and Administrator

RIMCo is the Funds’ adviser and RFSC, a wholly-owned subsidiary of RIMCo, is the Funds’ administrator and transfer agent. RIMCo is a wholly-owned subsidiary of Frank Russell Company (a subsidiary of The Northwestern Mutual Life Insurance Company). Frank Russell Company provides ongoing money manager research and trade placement services to RIC and RIMCo.

The Funds are permitted to invest their cash reserves (i.e., cash awaiting investment or cash held to meet redemption requests or to pay expenses) in the Russell U.S. Cash Management Fund, an unregistered Fund advised by RIMCo. As of January 31, 2012, the Funds have invested $2,370,411,370 in the Russell U.S. Cash Management Fund. In addition, a portion of the collateral received from the Investment Company’s securities lending program in the amount of $864,546,423 is invested in the Russell U.S. Cash Collateral Fund, an unregistered Fund advised by RIMCo.

250 Notes to Quarterly Report

Russell Investment Company

Russell Funds

Notes to Quarterly Report, continued — January 31, 2012 (Unaudited)

6. Federal Income Taxes

At January 31, 2012, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

	Russell U.S. Core Equity Fund			Russell U.S. Quantitative Equity Fund			Russell U.S. Growth Fund			Russell U.S. Value Fund			Russell U.S. Small Cap Equity Fund
Cost of Investments	$	3,373,421,281		$	2,794,966,132		$	54,953,740		$	84,466,951		$	1,440,875,532
Unrealized Appreciation	$	454,186,877		$	397,172,696		$	10,985,791		$	8,381,303		$	170,627,109
Unrealized Depreciation		(61,125,049	)		(62,190,088	)		(872,239	)		(2,052,232	)		(36,631,013	)
Net Unrealized Appreciation (Depreciation)	$	393,061,828		$	334,982,608		$	10,113,552		$	6,329,071		$	133,996,096
	Russell International Developed Markets Fund			Russell Global Equity Fund			Russell Emerging Markets Fund			Russell Tax-Managed U.S. Large Cap Fund			Russell Tax-Managed U.S. Mid & Small Cap Fund
Cost of Investments	$	4,787,617,529		$	2,685,975,117		$	1,808,046,188		$	379,152,721		$	132,930,352
Unrealized Appreciation	$	155,166,247		$	264,483,686		$	257,086,177		$	99,915,495		$	40,516,267
Unrealized Depreciation		(98,702,796	)		(122,139,127	)		(74,434,885	)		(8,847,631	)		(3,412,288	)
Net Unrealized Appreciation (Depreciation)	$	56,463,451		$	142,344,559		$	182,651,292		$	91,067,864		$	37,103,979
	Russell Global Opportunistic Credit Fund			Russell Strategic Bond Fund			Russell Investment Grade Bond Fund			Russell Short Duration Bond Fund			Russell Tax Exempt Bond Fund
Cost of Investments	$	797,831,777		$	8,483,709,938		$	2,004,221,104		$	1,262,856,161		$	597,297,416
Unrealized Appreciation	$	17,803,639		$	218,055,431		$	57,582,867		$	39,960,471		$	41,843,365
Unrealized Depreciation		(27,025,412	)		(177,054,722	)		(30,111,745	)		(56,685,938	)		(395,495	)
Net Unrealized Appreciation (Depreciation)	$	(9,221,773	)	$	41,000,709		$	27,471,122		$	(16,725,467	)	$	41,447,870
	Russell Commodity Strategies Fund			Russell Global Infrastructure Fund			Russell Global Real Estate Securities Fund
Cost of Investments	$	1,231,394,368		$	868,870,470		$	1,524,413,437
Unrealized Appreciation	$	429,759		$	35,689,334		$	200,796,467
Unrealized Depreciation		(31,592,655	)		(19,435,580	)		(42,085,701	)
Net Unrealized Appreciation (Depreciation)	$	(31,162,896	)	$	16,253,754		$	158,710,766

7. Restricted Securities

Restricted securities are subject to contractual limitations on resale, are often issued in private placement transactions, and are not registered under the Securities Act of 1933, as amended (the “Act”). The most common types of restricted securities are those sold under Rule 144A of the Act and commercial paper sold under Section 4(2) of the Act.

A Fund may invest a portion of its net assets not to exceed 15% (other than Russell Money Market Fund) in securities that are illiquid. The Russell Money Market Fund may invest a portion of its net assets not to exceed 5% in securities that are illiquid. This limitation is applied at the time of purchase. Illiquid securities are securities that may not be readily marketable, and that cannot be sold within seven days in the ordinary course of business at the approximate amount at which the Fund has valued the securities. Restricted securities are generally considered to be illiquid.

Notes to Quarterly Report 251

Russell Investment Company

Russell Funds

Notes to Quarterly Report, continued — January 31, 2012 (Unaudited)

The following table lists restricted securities held by a Fund that are illiquid. The following table does not include (1) securities deemed liquid by RIMCo or a money manager pursuant to Board approved policies and procedures or (2) illiquid securities that are not restricted securities as designated on a Fund’s Schedule of Investments.

Fund - % of Net Assets Securities	Acquisition Date		Principal Amount ($) or Shares		Cost per Unit $		Cost (000) $		Market Value (000) $
Russell Global Equity Fund - 0.1%
BrasilAgro - Companhia Brasileira de Propriedades Agricolas		05/28/10		373,800		4.66		1,743		2,182
Russell Emerging Markets Fund - 0.2%
Magnit OJSC		05/16/06		30,428		30.13		917		3,311
Russell Global Opportunistic Credit Fund - 2.3%
ARS Intermediate Holdings LLC		05/03/11		2,143,062		98.57		2,112		2,126
Charger Merger Corp.		01/13/12		560,000		100.00		560		582
Citigroup Funding, Inc.		01/09/12		200,000		543.56		1,087		1,143
Equinox Holdings, Inc.		01/09/12		3,040,000		104.80		3,186		3,177
Grupo Aval, Ltd.		01/25/12		200,000		99.46		199		202
Hutchison Whampoa International 11, Ltd.		01/10/12		400,000		98.94		396		402
IPIC GMTN, Ltd.		01/05/12		200,000		103.75		207		206
Korea Gas Corp.		01/12/12		249,000		98.06		244		262
Level 3 Financing, Inc.		01/10/12		450,000		100.04		450		461
New Star Metals, Inc.		05/31/11		6,750,000		100.00		6,750		6,750
Prestige Brands, Inc.		01/24/12		1,365,000		103.68		1,415		1,416
Summit Materials LLC / Summit Materials Finance Corp.		01/23/12		1,285,000		100.00		1,285		1,307
Volcan Cia Minera SAA		01/26/12		200,000		100.00		200		202
										18,236
Russell Strategic Bond Fund - 1.1%
Adam Aircraft Industries, Inc. Term Loan		05/22/07		760,489		96.83		736		7
Aristotle Holding, Inc.		01/06/12		1,750,000		102.74		1,798		1,800
Banco do Estado do Rio Grande do Sul		01/26/12		230,000		99.13		228		236
Bank of Montreal		01/23/12		6,800,000		99.83		6,788		6,911
Chatham Light CLO, Ltd.		11/25/09		3,177,195		92.05		2,925		3,067
CIT Mortgage Loan Trust		10/05/07		590,945		100.00		591		586
CIT Mortgage Loan Trust		10/05/07		2,100,000		100.00		2,100		1,587
CIT Mortgage Loan Trust		10/05/07		3,900,000		100.00		3,900		1,663
DG Funding Trust		11/05/03		479		10,585.30		5,070		3,594
Educational Services of America, Inc.		02/23/10		2,951,342		100.00		2,951		2,897
Freddie Mac REMICS		05/29/07		614		94.14		—		1
Freddie Mac Strips		12/02/09		11,570,854		7.92		917		898
FUEL Trust		06/14/11		6,530,000		100.00		6,530		6,650
Grupo Bimbo SAB de CV		01/18/12		3,550,000		99.19		3,521		3,623
Hutchison Whampoa International 11, Ltd.		01/19/12		7,645,000		99.06		7,573		7,688
Korea Gas Corp.		01/12/12		1,400,000		98.06		1,373		1,470
MMCA Automobile Trust		01/11/12		10,790,000		100.00		10,790		10,789
Pernod-Ricard SA		01/05/12		2,880,000		98.64		2,841		3,028
Pernod-Ricard SA		01/05/12		13,050,000		99.83		13,028		13,285
Petroleos Mexicanos		01/17/12		980,000		99.12		971		1,011
SABMiller Holdings, Inc.		01/10/12		5,950,000		99.52		5,922		6,194
SABMiller Holdings, Inc.		01/10/12		3,400,000		99.81		3,393		3,473
Volcan Cia Minera SAA		01/26/12		1,900,000		100.00		1,900		1,915
										82,373
Russell Investment Grade Bond Fund - 0.5%
CoBank ACB		03/23/11		70,000		55.20		3,864		3,611
DG Funding Trust		11/05/03		392		10,587.26		4,150		2,941
Ras Laffan Liquefied Natural Gas Co., Ltd. III		03/09/10		1,008,540		104.75		1,056		1,089

252 Notes to Quarterly Report

Russell Investment Company

Russell Funds

Notes to Quarterly Report, continued — January 31, 2012 (Unaudited)

Fund - % of Net Assets Securities	Acquisition Date		Principal Amount ($) or Shares		Cost per Unit $		Cost (000) $		Market Value (000) $
SABMiller Holdings, Inc.		01/10/12		1,090,000		100.20		1,092		1,159
Washington Mutual Mortgage Pass Through Certificates		04/01/05		422,808		100.00		423		14
										8,814
Russell Short Duration Bond Fund - 0.6%
DG Funding Trust		11/05/03		219		10,537.12		2,307		1,643
FUEL Trust		06/14/11		1,190,000		100.00		1,190		1,212
Hutchison Whampoa International 11, Ltd.		01/10/12		1,500,000		99.52		1,493		1,527
Pernod-Ricard SA		01/05/12		2,070,000		99.83		2,067		2,107
										6,489
Russell Money Market Fund - 2.1%
AID to INH Portugal Guaranteed Notes, weekly demand		05/06/94		3,750,000		100.50		3,769		3,769

Illiquid securities and restricted securities may be priced by the Funds using fair valuation procedures approved by the Board.

8. Subsequent Events

Management has evaluated events and/or transactions that have occurred through the date this Quarterly Report was issued and noted no items requiring adjustments of the Quarterly Report or additional disclosures.

Notes to Quarterly Report 253

Russell Investment Company

Russell Funds

Shareholder Requests for Additional Information — January 31, 2012 (Unaudited)

A complete unaudited schedule of investments is made available generally no later than 60 days after the end of the first and third quarters of each fiscal year. These reports are available (i) free of charge, upon request, by calling the Funds at (800) 787-7354; (ii) at www.russell.com; (iii) on the Securities and Exchange Commission’s website at www.sec.gov; and (iv) at the Securities and Exchange Commission’s public reference room.

The Board has delegated to RIMCo, as RIC’s investment adviser, the primary responsibility for monitoring, evaluating and voting proxies solicited by or with respect to issuers of securities in which assets of the Funds may be invested. RIMCo has established a proxy voting committee and has adopted written proxy voting policies and procedures (“P&P”) and proxy voting guidelines (“Guidelines”). The Funds maintain a Portfolio Holdings Disclosure Policy that governs the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Funds. A description of the P&P, Guidelines, Portfolio Holdings Disclosure Policy and additional information about Fund Trustees are contained in the Funds’ Statement of Additional Information (“SAI”). The SAI and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2011 are available (i) free of charge, upon request, by calling the Funds at (800) 787-7354; (ii) at www.russell.com; and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

To reduce expenses, we may mail only one copy of the Funds’ prospectuses and 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 institution.

Some Financial Intermediaries may offer electronic delivery of the Funds’ prospectuses and annual and semi-annual reports. Please contact your Financial Intermediary for further details.

254 Shareholder Requests for Additional Information

Russell Investment Company	1301 Second Avenue	800-787-7354
	Seattle, Washington 98101	Fax: 206-505-3495
		www.russell.com

2012 QUARTERLY REPORT

LifePoints^® Funds

JANUARY 31, 2012

FUND	SHARE CLASS
Conservative Strategy Fund	A, C, E, R1, R2, R3, S
Moderate Strategy Fund	A, C, E, R1, R2, R3, S
Balanced Strategy Fund	A, C, E, R1, R2, R3, S
Growth Strategy Fund	A, C, E, R1, R2, R3, S
Equity Growth Strategy Fund	A, C, E, R1, R2, R3, S
2015 Strategy Fund	R1, R2, R3
2020 Strategy Fund	A, E, R1, R2, R3, S
2025 Strategy Fund	R1, R2, R3
2030 Strategy Fund	A, E, R1, R2, R3, S
2035 Strategy Fund	R1, R2, R3
2040 Strategy Fund	A, E, R1, R2, R3, S
2045 Strategy Fund	R1, R2, R3
2050 Strategy Fund	R1, R2, R3
2055 Strategy Fund	R1, R2, R3
In Retirement Fund	A, R1, R2, R3

Russell Investment Company

Russell Investment Company is a series investment company with 36 different investment portfolios referred to as Funds. This Quarterly Report reports on 15 of these Funds.

Russell Investment Company

LifePoints^® Funds

Quarterly Report

January 31, 2012 (Unaudited)

Table of Contents

	Page
Conservative Strategy Fund		3
Moderate Strategy Fund		4
Balanced Strategy Fund		5
Growth Strategy Fund		6
Equity Growth Strategy Fund		7
2015 Strategy Fund		8
2020 Strategy Fund		9
2025 Strategy Fund		10
2030 Strategy Fund		11
2035 Strategy Fund		12
2040 Strategy Fund		13
2045 Strategy Fund		14
2050 Strategy Fund		15
2055 Strategy Fund		16
In Retirement Fund		17
Notes to Quarterly Report		18
Shareholder Requests for Additional Information		22

Russell Investment Company - LifePoints^® Funds.

Copyright © Russell Investments 2012. All rights reserved.

Russell Investments is a Washington, USA corporation, which operates through subsidiaries worldwide and is a subsidiary of The Northwestern Mutual Life Insurance Company.

Fund objectives, risks, charges and expenses should be carefully considered before investing. A prospectus containing this and other important information must precede or accompany this material. Please read the prospectus carefully before investing.

Securities distributed through Russell Financial Services, Inc., member FINRA and part of Russell Investments.

Russell Investment Company

Conservative Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 99.8%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 6.0%
Russell U.S. Core Equity Fund		747,599		21,067
Russell U.S. Quantitative Equity Fund		680,652		21,155
				42,222
Fixed Income - 77.8%
Russell Global Opportunistic Credit Fund		1,418,645		14,172
Russell Investment Grade Bond Fund		6,291,221		141,049
Russell Short Duration Bond Fund		6,547,597		126,500
Russell Strategic Bond Fund		24,510,946		268,395
				550,116
International Equities - 10.0%
Russell Global Equity Fund		4,156,947		35,376
Russell International Developed Markets Fund		1,254,628		35,405
				70,781
Real Assets - 6.0%
Russell Commodity Strategies Fund		1,434,713		14,032
Russell Global Infrastructure Fund		1,364,260		14,188
Russell Global Real Estate Securities Fund		406,020		14,312
				42,532
Total Investments - 99.8% (identified cost $656,023)				705,651
Other Assets and Liabilities, Net - 0.2%				1,408
Net Assets - 100.0%				707,059

See accompanying notes which are an integral part of this quarterly report.

Conservative Strategy Fund 3

Russell Investment Company

Moderate Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.0%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 13.0%
Russell U.S. Core Equity Fund		1,951,120		54,983
Russell U.S. Quantitative Equity Fund		2,130,086		66,203
Russell U.S. Small Cap Equity Fund		958,418		22,331
				143,517
Fixed Income - 57.6%
Russell Global Opportunistic Credit Fund		2,216,233		22,140
Russell Investment Grade Bond Fund		9,776,355		219,186
Russell Strategic Bond Fund		36,100,977		395,306
				636,632
International Equities - 20.3%
Russell Emerging Markets Fund		1,923,430		34,179
Russell Global Equity Fund		10,489,515		89,266
Russell International Developed Markets Fund		3,560,944		100,490
				223,935
Real Assets - 9.1%
Russell Commodity Strategies Fund		3,372,395		32,982
Russell Global Infrastructure Fund		3,197,165		33,250
Russell Global Real Estate Securities Fund		966,441		34,067
				100,299
Total Investments - 100.0% (identified cost $1,031,362)				1,104,383
Other Assets and Liabilities, Net - 0.0%				144
Net Assets - 100.0%				1,104,527

See accompanying notes which are an integral part of this quarterly report.

4 Moderate Strategy Fund

Russell Investment Company

Balanced Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.0%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 23.3%
Russell U.S. Core Equity Fund		14,974,343		421,977
Russell U.S. Quantitative Equity Fund		12,245,888		380,602
Russell U.S. Small Cap Equity Fund		7,329,010		170,766
				973,345
Fixed Income - 37.7%
Russell Global Opportunistic Credit Fund		12,620,770		126,082
Russell Strategic Bond Fund		132,478,765		1,450,642
				1,576,724
International Equities - 29.1%
Russell Emerging Markets Fund		9,615,483		170,867
Russell Global Equity Fund		49,722,043		423,135
Russell International Developed Markets Fund		22,091,756		623,429
				1,217,431
Real Assets - 9.9%
Russell Commodity Strategies Fund		16,431,254		160,698
Russell Global Infrastructure Fund		12,149,093		126,351
Russell Global Real Estate Securities Fund		3,669,008		129,332
				416,381
Total Investments - 100.0% (identified cost $3,960,152)				4,183,881
Other Assets and Liabilities, Net - (0.0%)				(763	)
Net Assets - 100.0%				4,183,118

See accompanying notes which are an integral part of this quarterly report.

Balanced Strategy Fund 5

Russell Investment Company

Growth Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.0%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 29.1%
Russell U.S. Core Equity Fund		11,306,009		318,603
Russell U.S. Quantitative Equity Fund		9,431,121		293,119
Russell U.S. Small Cap Equity Fund		6,918,918		161,211
				772,933
Fixed Income - 18.6%
Russell Global Opportunistic Credit Fund		10,614,480		106,039
Russell Strategic Bond Fund		35,623,249		390,074
				496,113
International Equities - 38.4%
Russell Emerging Markets Fund		7,681,640		136,503
Russell Global Equity Fund		44,122,788		375,485
Russell International Developed Markets Fund		17,976,931		507,309
				1,019,297
Real Assets - 13.9%
Russell Commodity Strategies Fund		15,667,309		153,226
Russell Global Infrastructure Fund		10,260,584		106,710
Russell Global Real Estate Securities Fund		3,092,419		109,008
				368,944
Total Investments - 100.0% (identified cost $2,556,971)				2,657,287
Other Assets and Liabilities, Net - (0.0%)				(1,216	)
Net Assets - 100.0%				2,656,071

See accompanying notes which are an integral part of this quarterly report.

6 Growth Strategy Fund

Russell Investment Company

Equity Growth Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.1%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 36.0%
Russell U.S. Core Equity Fund		6,255,089		176,268
Russell U.S. Quantitative Equity Fund		5,310,904		165,063
Russell U.S. Small Cap Equity Fund		3,558,673		82,917
				424,248
Fixed Income - 5.0%
Russell Global Opportunistic Credit Fund		5,859,622		58,538
International Equities - 44.2%
Russell Emerging Markets Fund		4,719,878		83,872
Russell Global Equity Fund		19,471,576		165,703
Russell International Developed Markets Fund		9,641,936		272,096
				521,671
Real Assets - 14.9%
Russell Commodity Strategies Fund		7,043,840		68,889
Russell Global Infrastructure Fund		4,554,297		47,365
Russell Global Real Estate Securities Fund		1,694,059		59,715
				175,969
Total Investments - 100.1% (identified cost $1,149,978)				1,180,426
Other Assets and Liabilities, Net - (0.1%)				(607	)
Net Assets - 100.0%				1,179,819

See accompanying notes which are an integral part of this quarterly report.

Equity Growth Strategy Fund 7

Russell Investment Company

2015 Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.0%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 15.9%
Russell U.S. Core Equity Fund		135,971		3,832
Russell U.S. Quantitative Equity Fund		125,438		3,898
Russell U.S. Small Cap Equity Fund		67,881		1,582
				9,312
Fixed Income - 62.0%
Russell Investment Grade Bond Fund		520,130		11,661
Russell Short Duration Bond Fund		60,182		1,163
Russell Strategic Bond Fund		2,131,242		23,337
				36,161
International Equities - 16.3%
Russell Emerging Markets Fund		59,791		1,062
Russell Global Equity Fund		406,122		3,456
Russell International Developed Markets Fund		176,568		4,983
				9,501
Real Assets - 5.8%
Russell Commodity Strategies Fund		173,045		1,693
Russell Global Real Estate Securities Fund		48,597		1,713
				3,406
Total Investments - 100.0% (identified cost $53,370)				58,380
Other Assets and Liabilities, Net - (0.0%)				(20	)
Net Assets - 100.0%				58,360

See accompanying notes which are an integral part of this quarterly report.

8 2015 Strategy Fund

Russell Investment Company

2020 Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.0%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 21.4%
Russell U.S. Core Equity Fund		818,263		23,059
Russell U.S. Quantitative Equity Fund		743,635		23,112
Russell U.S. Small Cap Equity Fund		375,903		8,758
				54,929
Fixed Income - 51.9%
Russell Investment Grade Bond Fund		1,373,908		30,803
Russell Strategic Bond Fund		9,389,409		102,814
				133,617
International Equities - 20.3%
Russell Emerging Markets Fund		351,696		6,250
Russell Global Equity Fund		2,060,856		17,538
Russell International Developed Markets Fund		1,006,719		28,409
				52,197
Real Assets - 6.4%
Russell Commodity Strategies Fund		891,341		8,718
Russell Global Real Estate Securities Fund		220,831		7,784
				16,502
Total Investments - 100.0% (identified cost $228,626)				257,245
Other Assets and Liabilities, Net - (0.0%)				(52	)
Net Assets - 100.0%				257,193

See accompanying notes which are an integral part of this quarterly report.

2020 Strategy Fund 9

Russell Investment Company

2025 Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.1%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 28.3%
Russell U.S. Core Equity Fund		228,338		6,434
Russell U.S. Quantitative Equity Fund		206,825		6,428
Russell U.S. Small Cap Equity Fund		93,373		2,176
				15,038
Fixed Income - 39.1%
Russell Strategic Bond Fund		1,898,321		20,787
International Equities - 25.5%
Russell Emerging Markets Fund		92,246		1,639
Russell Global Equity Fund		505,329		4,301
Russell International Developed Markets Fund		268,393		7,574
				13,514
Real Assets - 7.2%
Russell Commodity Strategies Fund		221,637		2,167
Russell Global Real Estate Securities Fund		46,410		1,636
				3,803
Total Investments - 100.1% (identified cost $47,587)				53,142
Other Assets and Liabilities, Net - (0.1%)				(27	)
Net Assets - 100.0%				53,115

See accompanying notes which are an integral part of this quarterly report.

10 2025 Strategy Fund

Russell Investment Company

2030 Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.0%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 36.0%
Russell U.S. Core Equity Fund		1,089,608		30,705
Russell U.S. Quantitative Equity Fund		933,981		29,028
Russell U.S. Small Cap Equity Fund		492,889		11,485
				71,218
Fixed Income - 21.9%
Russell Strategic Bond Fund		3,960,235		43,364
International Equities - 32.4%
Russell Emerging Markets Fund		439,445		7,809
Russell Global Equity Fund		2,282,472		19,424
Russell International Developed Markets Fund		1,300,870		36,710
				63,943
Real Assets - 9.7%
Russell Commodity Strategies Fund		1,164,724		11,391
Russell Global Real Estate Securities Fund		220,842		7,785
				19,176
Total Investments - 100.0% (identified cost $174,164)				197,701
Other Assets and Liabilities, Net - (0.0%)				(42	)
Net Assets - 100.0%				197,659

See accompanying notes which are an integral part of this quarterly report.

2030 Strategy Fund 11

Russell Investment Company

2035 Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.1%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 41.9%
Russell U.S. Core Equity Fund		151,802		4,278
Russell U.S. Quantitative Equity Fund		134,353		4,176
Russell U.S. Small Cap Equity Fund		66,639		1,552
				10,006
Fixed Income - 10.0%
Russell Strategic Bond Fund		219,107		2,399
International Equities - 37.1%
Russell Emerging Markets Fund		61,218		1,088
Russell Global Equity Fund		322,470		2,744
Russell International Developed Markets Fund		177,998		5,023
				8,855
Real Assets - 11.1%
Russell Commodity Strategies Fund		146,936		1,437
Russell Global Real Estate Securities Fund		34,266		1,208
				2,645
Total Investments - 100.1% (identified cost $20,880)				23,905
Other Assets and Liabilities, Net - (0.1%)				(23	)
Net Assets - 100.0%				23,882

See accompanying notes which are an integral part of this quarterly report.

12 2035 Strategy Fund

Russell Investment Company

2040 Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.0%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 41.9%
Russell U.S. Core Equity Fund		904,233		25,481
Russell U.S. Quantitative Equity Fund		800,302		24,873
Russell U.S. Small Cap Equity Fund		396,593		9,241
				59,595
Fixed Income - 10.0%
Russell Strategic Bond Fund		1,300,362		14,239
International Equities - 37.1%
Russell Emerging Markets Fund		363,607		6,461
Russell Global Equity Fund		1,923,002		16,365
Russell International Developed Markets Fund		1,060,766		29,935
				52,761
Real Assets - 11.0%
Russell Commodity Strategies Fund		869,030		8,499
Russell Global Real Estate Securities Fund		202,810		7,149
				15,648
Total Investments - 100.0% (identified cost $121,625)				142,243
Other Assets and Liabilities, Net - (0.0%)				(15	)
Net Assets - 100.0%				142,228

See accompanying notes which are an integral part of this quarterly report.

2040 Strategy Fund 13

Russell Investment Company

2045 Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.2%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 42.0%
Russell U.S. Core Equity Fund		66,805		1,883
Russell U.S. Quantitative Equity Fund		58,959		1,832
Russell U.S. Small Cap Equity Fund		29,186		680
				4,395
Fixed Income - 10.1%
Russell Strategic Bond Fund		96,199		1,053
International Equities - 37.1%
Russell Emerging Markets Fund		26,673		474
Russell Global Equity Fund		141,399		1,204
Russell International Developed Markets Fund		77,863		2,197
				3,875
Real Assets - 11.0%
Russell Commodity Strategies Fund		64,374		630
Russell Global Real Estate Securities Fund		14,926		526
				1,156
Total Investments - 100.2% (identified cost $8,891)				10,479
Other Assets and Liabilities, Net - (0.2%)				(25	)
Net Assets - 100.0%				10,454

See accompanying notes which are an integral part of this quarterly report.

14 2045 Strategy Fund

Russell Investment Company

2050 Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.2%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 42.1%
Russell U.S. Core Equity Fund		86,248		2,430
Russell U.S. Quantitative Equity Fund		76,047		2,364
Russell U.S. Small Cap Equity Fund		37,672		878
				5,672
Fixed Income - 10.0%
Russell Strategic Bond Fund		123,365		1,351
International Equities - 37.1%
Russell Emerging Markets Fund		34,358		610
Russell Global Equity Fund		182,533		1,553
Russell International Developed Markets Fund		100,525		2,837
				5,000
Real Assets - 11.0%
Russell Commodity Strategies Fund		82,847		810
Russell Global Real Estate Securities Fund		19,224		678
				1,488
Total Investments - 100.2% (identified cost $10,333)				13,511
Other Assets and Liabilities, Net - (0.2%)				(24	)
Net Assets - 100.0%				13,487

See accompanying notes which are an integral part of this quarterly report.

2050 Strategy Fund 15

Russell Investment Company

2055 Strategy Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.0%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 42.0%
Russell U.S. Core Equity Fund		6,652		187
Russell U.S. Quantitative Equity Fund		5,884		183
Russell U.S. Small Cap Equity Fund		2,952		69
				439
Fixed Income - 9.9%
Russell Strategic Bond Fund		9,512		104
International Equities - 37.1%
Russell Emerging Markets Fund		2,723		49
Russell Global Equity Fund		14,112		120
Russell International Developed Markets Fund		7,761		219
				388
Real Assets - 11.0%
Russell Commodity Strategies Fund		6,328		62
Russell Global Real Estate Securities Fund		1,517		53
				115
Total Investments - 100.0% (identified cost $1,017)				1,046
Other Assets and Liabilities, Net - (0.0%)				(—	)
Net Assets - 100.0%				1,046

See accompanying notes which are an integral part of this quarterly report.

16 2055 Strategy Fund

Russell Investment Company

In Retirement Fund

Schedule of Investments — January 31, 2012 (Unaudited)

Amounts in thousands (except share amounts)

	Shares		Market Value $
Investments - 100.0%
Other Russell Investment Company Series Mutual Funds - Class Y Shares
Domestic Equities - 13.0%
Russell U.S. Core Equity Fund		158,129		4,456
Russell U.S. Quantitative Equity Fund		154,263		4,795
Russell U.S. Small Cap Equity Fund		64,005		1,491
				10,742
Fixed Income - 67.9%
Russell Investment Grade Bond Fund		735,544		16,491
Russell Short Duration Bond Fund		340,580		6,580
Russell Strategic Bond Fund		3,016,158		33,027
				56,098
International Equities - 13.9%
Russell Emerging Markets Fund		56,525		1,004
Russell Global Equity Fund		546,393		4,650
Russell International Developed Markets Fund		206,175		5,818
				11,472
Real Assets - 5.2%
Russell Commodity Strategies Fund		219,072		2,143
Russell Global Real Estate Securities Fund		61,511		2,168
				4,311
Total Investments - 100.0% (identified cost $72,259)				82,623
Other Assets and Liabilities, Net - (0.0%)				(32	)
Net Assets - 100.0%				82,591

See accompanying notes which are an integral part of this quarterly report.

In Retirement Fund 17

Russell Investment Company

LifePoints^® Funds

Notes to Quarterly Report — January 31, 2012 (Unaudited)

1. Organization

Russell Investment Company (the “Investment Company” or “RIC”) is a series investment company with 36 different investment portfolios referred to as Funds. These financial statements report on 15 of these Funds (each a “Fund” and collectively the “Funds”). The Investment Company is registered under the Investment Company Act of 1940, as amended (“Investment Company Act”), as an open-end management investment company. It is organized and operates as a Massachusetts business trust under a Second Amended and Restated Master Trust Agreement dated October 1, 2008. (“Master Trust Agreement”), as amended. The Investment Company’s Master Trust Agreement permits the Board of Trustees (the “Board”) to issue an unlimited number of shares of beneficial interest.

Target Portfolio Funds

Each of the Target Portfolio Funds listed in the table below is a “fund of funds” which seeks to achieve its objective by investing in a combination of several other RIC funds (the “Underlying Funds”) as set forth in the table below. The Funds intend their strategy of investing in a combination of Underlying Funds to result in investment diversification that an investor could otherwise achieve only by holding numerous individual investments. Russell Investment Management Company (“RIMCo”), the Funds’ investment adviser, may modify the target allocation for any Fund and/or the Underlying Funds in which a Fund invests from time to time based on capital markets research or on factors such as RIMCo’s outlook for the economy, financial markets generally and/or relative market valuation of the asset classes represented by each Underlying Fund. Modifications in the allocations to the Underlying Funds are typically based on strategic, long-term allocation decisions. A Fund’s actual allocation may vary from the target strategic asset allocation at any point in time (1) due to market movements, (2) by up to +/- 3% at the equities, fixed income or real asset category level based on RIMCo’s assessment of relative market valuation of the asset classes represented by each Underlying Fund, (3) due to the implementation over a period of time of a change to the target strategic asset allocation including the addition of a new Underlying Fund. There may be no changes in the asset allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year. In the future, the Funds may also invest in other RIC Underlying Funds that pursue investment strategies not pursued by the current Underlying Funds or represent asset classes which are not currently represented by the Underlying Funds.

	Asset Allocation Targets as of March 1, 2011*
Underlying Funds	Conservative Strategy Fund			Moderate Strategy Fund			Balanced Strategy Fund			Growth Strategy Fund			Equity Growth Strategy Fund
Domestic Equity Funds
Russell U.S. Core Equity Fund		3	%		5	%		10	%		12	%		15	%
Russell U.S. Quantitative Equity Fund		3			6			9			11			14
Russell U.S. Small Cap Equity Fund		—			2			4			6			7
Fixed Income Funds
Russell Global Opportunistic Credit Fund		2			2			3			4			5
Russell Investment Grade Bond Fund		20			20			—			—			—
Russell Short Duration Bond Fund		18			—			—			—			—
Russell Strategic Bond Fund		38			36			35			15			—
International Equity Funds
Russell Emerging Markets Fund		—			3			4			5			7
Russell Global Equity Fund		5			8			10			14			14
Russell International Developed Markets Fund		5			9			15			19			23
Real Asset Funds
Russell Commodity Strategies Fund		2			3			4			6			6
Russell Global Infrastructure Fund		2			3			3			4			4
Russell Global Real Estate Securities Fund		2			3			3			4			5
		100	%		100	%		100	%		100	%		100	%

* Prospectus dated March 1, 2011, as supplemented through December 20, 2011

Target Date Funds

Each of the Target Date Funds listed in the table below is a “fund of funds” which seeks to achieve its objective by investing in a combination of several of the Underlying Funds. The allocation of these Funds’ assets to the Underlying Funds in which they invest will become more conservative over time, excluding the In Retirement Fund. At approximately the target year, the target allocations of each Fund to the Underlying Funds will be fixed at 68% exposure to the fixed income Underlying Funds, 26%

18 Notes to Quarterly Report

Russell Investment Company

LifePoints^® Funds

Notes to Quarterly Report, continued — January 31, 2012 (Unaudited)

exposure to domestic and international equity Underlying Funds and 6% to the real asset Underlying Funds. This means 32% of the investment will be exposed to the equity and real asset Underlying Funds, and the risks of such exposure, while in retirement. Once a Fund (other than the In Retirement Fund) reaches its target year it may, depending on the facts and circumstances at the time and contingent upon Board approval, continue to operate, be merged into the In Retirement Fund or another fund, or be liquidated. Currently, RIMCo will manage each Fund according to its target asset allocation strategy and will not trade actively among Underlying Funds or attempt to capture short-term market opportunities. However, RIMCo may modify the target asset allocation for the Fund and/or the Underlying Funds in which the Fund invests from time to time based on strategic capital markets research or on factors such as RIMCo’s outlook for the economy, financial markets generally and/or relative market valuation of the asset classes represented by each Underlying Fund. In the future, the Funds may also invest in other RIC Underlying Funds. Any modification in the asset allocation or changes to the Underlying Funds will be based on strategic, long-term allocation decisions and not on tactical, short-term positioning and may be made one or more times per year. In addition, the Funds may in the future invest in other funds which are not currently Underlying Funds.

	Asset Allocation Targets as of March 1, 2011*
Underlying Funds	2015 Strategy Fund			2020 Strategy Fund			2025 Strategy Fund			2030 Strategy Fund			2035 Strategy Fund
Domestic Equity Funds
Russell U.S. Core Equity Fund		7	%		9	%		13	%		17	%		18	%
Russell U.S. Quantitative Equity Fund		7			9			13			16			17
Russell U.S. Small Cap Equity Fund		3			4			4			6			7
Fixed Income Funds
Russell Investment Grade Bond Fund		20			10			—			—			—
Russell Short Duration Bond Fund		—			—			—			—			—
Russell Strategic Bond Fund		40			40			36			17			10
International Equity Funds
Russell Emerging Markets Fund		2			3			3			4			5
Russell Global Equity Fund		6			7			9			10			11
Russell International Developed Markets Fund		9			11			15			20			21
Real Asset Funds
Russell Commodity Strategies Fund		3			4			4			6			6
Russell Global Real Estate Securities Fund		3			3			3			4			5
		100	%		100	%		100	%		100	%		100	%

	Asset Allocation Targets as of March 1, 2011*
Underlying Funds	2040 Strategy Fund			2045 Strategy Fund			2050 Strategy Fund			2055 Strategy Fund			In Retirement Fund
Domestic Equity Funds
Russell U.S. Core Equity Fund		18	%		18	%		18	%		18	%		5	%
Russell U.S. Quantitative Equity Fund		17			17			17			17			6
Russell U.S. Small Cap Equity Fund		7			7			7			7			2
Fixed Income Funds
Russell Investment Grade Bond Fund		—			—			—			—			20
Russell Short Duration Bond Fund		—			—			—			—			8
Russell Strategic Bond Fund		10			10			10			10			40
International Equity Funds
Russell Emerging Markets Fund		5			5			5			5			1
Russell Global Equity Fund		11			11			11			11			5
Russell International Developed Markets Fund		21			21			21			21			7
Real Asset Funds
Russell Commodity Strategies Fund		6			6			6			6			3
Russell Global Real Estate Securities Fund		5			5			5			5			3
		100	%		100	%		100	%		100	%		100	%

* Prospectus dated March 1, 2011, as supplemented through December 20, 2011

Notes to Quarterly Report 19

Russell Investment Company

LifePoints^® Funds

Notes to Quarterly Report, continued — January 31, 2012 (Unaudited)

2. Significant Accounting Policies

The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of this Quarterly Report. These policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for investment companies. The presentation of these schedules of investments in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Quarterly Report. Actual results could differ from those estimates.

Security Valuation

The Funds value their portfolio securities, the shares of the Underlying Funds, at the current net asset value per share of each Underlying Fund.

Fair value of securities is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. To increase consistency and comparability in fair value measurement, the fair value hierarchy was established to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, (e.g., the risk inherent in a particular valuation technique, such as a pricing model or the risks inherent in the inputs to a particular valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The fair value hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 — quoted prices (unadjusted) in active markets for identical investments

• Level 2 — other significant observable inputs including quoted prices in non-active markets or prices derived from market data

• Level 3 — significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments

The levels associated with valuing the Funds’ investments for the period ended January 31, 2012 were Level 1 for all Funds.

Investment Transactions

Investment transactions are reflected as of the trade date for financial reporting purposes. This may cause the net asset value stated in the financial statements to be different from the net asset value at which shareholders may transact. Realized gains and losses from securities transactions, if any, are recorded on the basis of specific identified cost.

Investment Income

Distributions of income and capital gains from the Underlying Funds are recorded on the ex-dividend date.

Guarantees

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

Market, Credit and Counterparty Risk

In the normal course of business, the Underlying Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to a transaction to perform (credit risk). Similar to credit risk, the Underlying Funds may also be exposed to counterparty risk or risk that an institution or other entity with which the Underlying Funds have unsettled or open transactions will default. The potential loss could exceed the value of the relevant assets recorded in the financial statements (the “Assets”). The Assets, which potentially expose the Underlying Funds to credit risk, consist principally of cash due from counterparties and investments. The extent of the Underlying Funds’ exposure to credit and counterparty risks with respect to the Assets approximates their carrying value as recorded in the Underlying Funds’ Statements of Assets and Liabilities.

20 Notes to Quarterly Report

Russell Investment Company

LifePoints^® Funds

Notes to Quarterly Report, continued — January 31, 2012 (Unaudited)

3. Federal Income Taxes

At January 31, 2012, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

	Conservative Strategy Fund			Moderate Strategy Fund			Balanced Strategy Fund			Growth Strategy Fund			Equity Growth Strategy Fund
Cost of Investments	$	662,252,234		$	1,042,608,257		$	4,031,780,179		$	2,594,395,434		$	1,201,448,679
Unrealized Appreciation	$	43,656,340		$	62,793,303		$	203,253,368		$	112,990,896		$	41,014,653
Unrealized Depreciation		(257,486	)		(1,018,491	)		(51,152,636	)		(50,098,978	)		(62,037,503	)
Net Unrealized Appreciation (Depreciation)	$	43,398,854		$	61,774,812		$	152,100,732		$	62,891,918		$	(21,022,850	)
	2015 Strategy Fund			2020 Strategy Fund			2025 Strategy Fund			2030 Strategy Fund			2035 Strategy Fund
Cost of Investments	$	53,852,589		$	233,368,831		$	48,131,232		$	176,443,944		$	21,130,197
Unrealized Appreciation	$	4,578,295		$	24,864,999		$	5,067,390		$	23,320,505		$	2,819,459
Unrealized Depreciation		(51,076	)		(988,672	)		(56,565	)		(2,063,257	)		(44,182	)
Net Unrealized Appreciation (Depreciation)	$	4,527,219		$	23,876,327		$	5,010,825		$	21,257,248		$	2,775,277
	2040 Strategy Fund			2045 Strategy Fund			2050 Strategy Fund			2055 Strategy Fund			In Retirement Fund
Cost of Investments	$	123,599,550		$	9,026,089		$	10,462,033		$	1,017,825		$	74,054,220
Unrealized Appreciation	$	19,549,343		$	1,465,831		$	3,066,832		$	39,761		$	8,619,617
Unrealized Depreciation		(905,615	)		(13,215	)		(17,664	)		(11,493	)		(50,825	)
Net Unrealized Appreciation (Depreciation)	$	18,643,728		$	1,452,616		$	3,049,168		$	28,268		$	8,568,792

4. Subsequent Events

Management has evaluated events and/or transactions that have occurred through the date this Quarterly Report was issued and noted no items requiring adjustments of the Quarterly Report or additional disclosures.

Notes to Quarterly Report 21

Russell Investment Company

LifePoints^® Funds

Shareholder Requests for Additional Information — January 31, 2012 (Unaudited)

A complete unaudited schedule of investments is made available generally no later than 60 days after the end of the first and third quarters of each fiscal year. These reports are available (i) free of charge, upon request, by calling the Funds at (800) 787-7354; (ii) at www.russell.com; (iii) on the Securities and Exchange Commission’s website at www.sec.gov; and (iv) at the Securities and Exchange Commission’s public reference room.

The Board has delegated to RIMCo, as RIC’s investment adviser, the primary responsibility for monitoring, evaluating and voting proxies solicited by or with respect to issuers of securities in which assets of the Underlying Funds may be invested. RIMCo has established a proxy voting committee and has adopted written proxy voting policies and procedures (“P&P”) and proxy voting guidelines (“Guidelines”). The Funds maintain a Portfolio Holdings Disclosure Policy that governs the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Funds. A description of the P&P, Guidelines, Portfolio Holdings Disclosure Policy and additional information about Fund Trustees are contained in the Funds’ Statement of Additional Information (“SAI”). The SAI and information regarding how the Underlying Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2011 are available (i) free of charge, upon request, by calling the Funds at (800) 787-7354; (ii) at www.russell.com; and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

To reduce expenses, we may mail only one copy of the Funds’ prospectuses and 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.

Some Financial Intermediaries may offer electronic delivery of the Funds’ prospectuses and annual and semi-annual reports. Please contact your Financial Intermediary for further details.

22 Shareholder Requests for Additional Information

Russell Investment Company	1301 Second Avenue	800-787-7354
	Seattle, Washington 98101	Fax: 206-505-3495
		www.russell.com

Item 2. 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 required by Rule 30a-3(b) under the Act and Rule 13a-15(b) or 15d-15(b) under the Exchange Act as of a date within 90 days of the date this report is filed with the Securities and Exchange Commission.

(b) There were no material changes in Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits

(a) Certification for principal executive officer of Registrant as required by Rule 30a-2(a) under the Act and certification for principal financial officer of Registrant as required by Rule 30a-2(a) under the Act.

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/ Sandra Cavanaugh
	Sandra Cavanaugh
	Principal Executive Officer and Chief   Executive Officer
Date:	March 30, 2012

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/ Sandra Cavanaugh
	Sandra Cavanaugh
	Principal Executive Officer and Chief   Executive Officer
Date	: March 30, 2012

By:	/s/ Mark E. Swanson
	Mark E. Swanson
	Principal Financial Officer, Principal   Accounting Officer and Treasurer
Date:	March 30, 2012