2024

QUARTERLY

REPORT

Russell

Investment

Company

July

31,

2024

FUND

SHARE

CLASS

U.S.

Equity

Funds

Multifactor

U.S.

Equity

Fund

A,

C,

M,

R6,

S,

Y

Equity

Income

Fund

A,

C,

S,

Y

Sustainable

Equity

Fund

A,

C,

S,

Y

U.S.

Strategic

Equity

Fund

A,

C,

M,

S,

Y

U.S.

Small

Cap

Equity

Fund

A,

C,

M,

R6,

S,

Y

International

and

Global

Equity

Funds

Multifactor

International

Equity

Fund

M,

R6,

S,

Y

International

Developed

Markets

Fund

A,

C,

M,

S,

Y

Global

Equity

Fund

A,

C,

M,

S,

Y

Emerging

Markets

Fund

A,

C,

M,

R6,

S,

Y

Tax-Managed

Equity

Funds

Tax-Managed

U.S.

Large

Cap

Fund

A,

C,

M,

S

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

A,

C,

M,

S

Tax-Managed

International

Equity

Fund

A,

C,

M,

S

Tax-Managed

Real

Assets

Fund

A,

C,

M,

S

Fixed

Income

Funds

Opportunistic

Credit

Fund

A,

C,

M,

S,

Y

Long

Duration

Bond

Fund

(formerly,

Multifactor

Bond

Fund)

M,

S,

Y

Strategic

Bond

Fund

A,

C,

M,

R6,

S,

Y

Investment

Grade

Bond

Fund

A,

C,

M,

R6,

S,

Y

Short

Duration

Bond

Fund

A,

C,

M,

R6,

S,

Y

Tax-Exempt

Fixed

Income

Funds

Tax-Exempt

High

Yield

Bond

Fund

A,

C,

M,

S

Tax-Exempt

Bond

Fund

A,

C,

M,

S

Alternative

Funds

Global

Infrastructure

Fund

A,

C,

M,

S,

Y

Global

Real

Estate

Securities

Fund

A,

C,

M,

R6,

S,

Y

Specialty

Funds

Multi-Strategy

Income

Fund

A,

C,

M,

S,

Y

Multi-Asset

Growth

Strategy

Fund

A,

C,

M,

S,

Y

Russell

Investment

Company

Russell

Investment

Company

is

a

series

investment

company

with

30

different

investment

portfolios

referred

to

as

Funds.

This

Quarterly

Report

reports

on

24

of

these

Funds.

Page

Multifactor

U.S.

Equity

Fund

3

Equity

Income

Fund

12

Sustainable

Equity

Fund

17

U.S.

Strategic

Equity

Fund

25

U.S.

Small

Cap

Equity

Fund

33

Multifactor

International

Equity

Fund

46

International

Developed

Markets

Fund

58

Global

Equity

Fund

69

Emerging

Markets

Fund

79

Tax-Managed

U.S.

Large

Cap

Fund

89

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

95

Tax-Managed

International

Equity

Fund

105

Tax-Managed

Real

Assets

Fund

120

Opportunistic

Credit

Fund

128

Long

Duration

Bond

Fund

171

Strategic

Bond

Fund

176

Investment

Grade

Bond

Fund

215

Short

Duration

Bond

Fund

235

Tax-Exempt

High

Yield

Bond

Fund

258

Tax-Exempt

Bond

Fund

328

Global

Infrastructure

Fund

402

Global

Real

Estate

Securities

Fund

407

Multi-Strategy

Income

Fund

411

Multi-Asset

Growth

Strategy

Fund

440

Notes

to

Schedules

of

Investments

467

Notes

to

Quarterly

Report

469

Russell

Investment

Company

Quarterly

Report

July

31,

2024

(Unaudited)

Table

of

Contents

Russell

Investment

Company

Copyright

©

Russell

Investments

2024.

All

rights

reserved.

Russell

Investments’

ownership

is

composed

of

a

majority

stake

held

by

funds

managed

by

TA

Associates

Management,

L.P.,

with

a

significant

minority

stake

held

by

funds

managed

by

Reverence

Capital

Partners,

L.P.

Certain

of

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA,

part

of

Rus-

sell

Investments.

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

3

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

96.2%

Consumer

Discretionary

-

13.0%

Amazon.com,

Inc.(Æ)

72,579

13,571

Amerco,

Inc.

2,602

166

AutoNation,

Inc.(Æ)

934

178

AutoZone,

Inc.(Æ)

64

201

Axon

Enterprise,

Inc.(Æ)

1,161

348

Bath

&

Body

Works,

Inc.

4,162

153

Best

Buy

Co.,

Inc.

4,578

396

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

3,092

272

BorgWarner,

Inc.

4,356

154

Boyd

Gaming

Corp.

958

58

Bright

Horizons

Family

Solutions,

Inc.(Æ)

778

94

Brunswick

Corp.

1,681

137

Burlington

Stores,

Inc.(Æ)

775

202

Caesars

Entertainment,

Inc.(Æ)

3,014

120

CarMax,

Inc.(Æ)

589

50

Carnival

Corp.(Æ)

4,360

73

Carvana

Co.(Æ)

744

99

Cava

Group,

Inc.(Æ)

903

76

Charter

Communications,

Inc.

Class

A(Æ)

1,304

495

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

13,710

745

Churchill

Downs,

Inc.

896

129

Columbia

Sportswear

Co.

1,424

116

Comcast

Corp.

Class

A

46,684

1,927

Costco

Wholesale

Corp.

3,212

2,640

Coupang,

Inc.(Æ)

13,980

290

Crocs,

Inc.(Æ)

1,308

176

Curtiss-Wright

Corp.

796

235

Deckers

Outdoor

Corp.(Æ)

552

509

Dick's

Sporting

Goods,

Inc.

1,199

259

Dollar

General

Corp.

2,996

361

Dollar

Tree,

Inc.(Æ)

1,028

107

Domino's

Pizza,

Inc.

555

238

DR

Horton,

Inc.

5,511

992

DraftKings,

Inc.

Class

A(Æ)

5,415

200

eBay,

Inc.

12,398

689

Expedia

Group,

Inc.(Æ)

705

90

FactSet

Research

Systems,

Inc.

589

243

Five

Below,

Inc.(Æ)

1,155

84

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

1,270

124

Ford

Motor

Co.

43,769

474

Fox

Corp.

Class

A

6,710

255

Freshpet,

Inc.(Æ)

646

79

Gap,

Inc.

(The)

5,806

136

Garmin,

Ltd.

3,060

524

General

Motors

Co.

20,114

891

Genuine

Parts

Co.

3,048

448

Grand

Canyon

Education,

Inc.(Æ)

739

115

Harley-Davidson,

Inc.

3,988

150

Hilton

Worldwide

Holdings,

Inc.

2,109

453

Home

Depot,

Inc.

(The)

5,764

2,122

Hubbell,

Inc.

Class

B

850

336

Hyatt

Hotels

Corp.

Class

A

573

84

Interpublic

Group

of

Cos.,

Inc.

(The)

6,573

211

Kohl's

Corp.

2,808

61

Las

Vegas

Sands

Corp.

1,986

79

Lear

Corp.

1,585

193

Leggett

&

Platt,

Inc.

3,991

53

Lennar

Corp.

Class

A

5,496

972

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Liberty

Broadband

Corp.

Class

C(Æ)

1,505

101

Liberty

Media

Corp.(Æ)

3,562

80

Liberty

Media

Corp.

Class

C(Æ)

1,030

40

Light

&

Wonder,

Inc.

Class

A(Æ)

951

102

Lithia

Motors,

Inc.

Class

A

517

143

Live

Nation

Entertainment,

Inc.(Æ)

808

78

Lowe's

Cos.,

Inc.

2,140

525

Lululemon

Athletica,

Inc.(Æ)

1,084

280

Macy's,

Inc.

6,087

105

Marriott

International,

Inc.

Class

A

1,040

236

Marriott

Vacations

Worldwide

Corp.

1,284

109

McDonald's

Corp.

1,498

398

MGM

Resorts

International(Æ)

4,953

213

Netflix,

Inc.

Class

B(Æ)

2,859

1,796

New

York

Times

Co.

(The)

Class

A

3,614

194

News

Corp.

Class

A

2,835

78

Nexstar

Media

Group,

Inc.

Class

A

950

176

Nike,

Inc.

Class

B

6,302

472

Norton

LifeLock

Inc.

8,496

221

nVent

Electric

PLC

2,045

149

NVR,

Inc.(Æ)

56

482

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

869

85

Omnicom

Group,

Inc.

4,092

401

O'Reilly

Automotive,

Inc.(Æ)

183

206

Paramount

Global

Class

B(Ñ)

8,551

98

Penske

Automotive

Group,

Inc.

731

127

Polaris,

Inc.

1,257

105

PulteGroup,

Inc.

4,945

653

PVH

Corp.

1,809

185

Ralph

Lauren

Corp.

Class

A

960

169

RB

Global,

Inc.

1,810

144

Ross

Stores,

Inc.

2,131

305

Royal

Caribbean

Cruises,

Ltd.

2,031

318

Sensata

Technologies

Holding

PLC

2,760

108

Service

Corp.

International

1,165

93

SharkNinja,

Inc.

1,133

87

Skechers

USA,

Inc.

Class

A(Æ)

4,109

268

Tapestry,

Inc.

5,878

236

Target

Corp.

7,316

1,100

Tesla,

Inc.(Æ)

15,462

3,588

Texas

Roadhouse,

Inc.

Class

A

1,392

243

Thor

Industries,

Inc.

1,181

125

TJX

Cos.,

Inc.

(The)

7,658

866

TKO

Group

Holdings,

Inc.

1,264

138

Toll

Brothers,

Inc.

2,774

396

Tractor

Supply

Co.

1,788

471

Travel

+

Leisure

Co.

2,210

102

TripAdvisor,

Inc.(Æ)

4,785

84

Ulta

Beauty,

Inc.(Æ)

490

179

Walmart,

Inc.

29,868

2,050

Walt

Disney

Co.

(The)

7,562

709

Warner

Bros

Discovery,

Inc.(Æ)

31,805

275

Wayfair,

Inc.

Class

A(Æ)

2,138

116

Williams-Sonoma,

Inc.

3,989

617

Wingstop,

Inc.

532

199

Wynn

Resorts,

Ltd.

1,004

83

YETI

Holdings,

Inc.(Æ)

2,278

94

Yum!

Brands,

Inc.

1,171

156

55,790

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

4

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Consumer

Staples

-

3.8%

Albertsons

Cos.

LLC

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

Class

A

6,560

130

Altria

Group,

Inc.

7,158

351

Aramark

2,461

84

Archer-Daniels-Midland

Co.

8,216

509

BellRing

Brands,

Inc.(Æ)

1,450

74

Boston

Beer

Co.,

Inc.

Class

A(Æ)

154

43

Brown-Forman

Corp.

Class

B

3,078

139

Bunge,

Ltd.

2,164

228

Campbell

Soup

Co.

5,475

257

Casey's

General

Stores,

Inc.

801

311

Celsius

Holdings,

Inc.(Æ)

3,312

155

Church

&

Dwight

Co.,

Inc.

4,470

438

Clorox

Co.

(The)

1,330

176

Coca-Cola

Bottling

Co.

78

89

Coca-Cola

Co.

(The)

16,069

1,072

Colgate-Palmolive

Co.

5,793

575

Conagra

Brands,

Inc.

10,844

329

CVS

Health

Corp.

13,048

787

elf

Beauty,

Inc.(Æ)

1,073

185

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

1,212

121

Flowers

Foods,

Inc.

4,901

110

General

Mills,

Inc.

7,604

511

Hershey

Co.

(The)

1,780

352

Hormel

Foods

Corp.

4,801

154

Ingredion,

Inc.

2,664

331

JM

Smucker

Co.

(The)

2,533

299

Kellanova

3,182

185

Keurig

Dr

Pepper,

Inc.

3,871

133

Kimberly-Clark

Corp.

3,112

420

Kraft

Heinz

Co.

(The)

12,053

424

Kroger

Co.

(The)

17,251

940

McCormick

&

Co.,

Inc.

2,361

182

Molson

Coors

Beverage

Co.

Class

B

2,296

121

Mondelez

International,

Inc.

Class

A

4,219

288

Monster

Beverage

Corp.(Æ)

9,029

465

PepsiCo,

Inc.

6,447

1,113

Performance

Food

Group

Co.(Æ)

2,304

159

Philip

Morris

International,

Inc.

3,575

412

Post

Holdings,

Inc.(Æ)

969

106

Procter

&

Gamble

Co.

(The)

17,562

2,823

Reynolds

Consumer

Products,

Inc.

3,726

104

Spectrum

Brands

Holdings,

Inc.

1,008

85

Tyson

Foods,

Inc.

Class

A

6,679

407

US

Foods

Holding

Corp.(Æ)

4,871

265

16,442

Energy

-

4.2%

Antero

Resources

Corp.(Æ)

3,138

91

Baker

Hughes

Co.

10,313

399

Chevron

Corp.

13,373

2,146

Coterra

Energy,

Inc.

17,492

451

Devon

Energy

Corp.

9,819

462

Diamondback

Energy,

Inc.

3,758

760

Eaton

Corp.

PLC

2,504

763

Enphase

Energy,

Inc.(Æ)

567

65

EOG

Resources,

Inc.

6,338

804

Exxon

Mobil

Corp.

35,223

4,177

First

Solar,

Inc.(Æ)

486

105

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Halliburton

Co.

12,390

430

Hess

Corp.

3,306

507

HF

Sinclair

Corp.

3,158

163

Kinder

Morgan,

Inc.

21,482

454

Marathon

Oil

Corp.

12,243

344

Marathon

Petroleum

Corp.

4,649

823

Matador

Resources

Co.

3,201

197

NOV,

Inc.

8,403

175

Occidental

Petroleum

Corp.

7,319

445

ONEOK,

Inc.

4,697

391

Phillips

66

3,923

571

Range

Resources

Corp.

7,436

232

Schlumberger

NV

13,278

641

Southwestern

Energy

Co.(Æ)

16,631

107

Targa

Resources

Corp.

2,306

312

TechnipFMC

PLC

5,930

175

Texas

Pacific

Land

Corp.

393

332

Valero

Energy

Corp.

4,213

681

Weatherford

International

PLC

1,431

169

Williams

Cos.,

Inc.

(The)

8,794

378

17,750

Financial

Services

-

14.1%

Affiliated

Managers

Group,

Inc.

468

87

Affirm

Holdings,

Inc.(Æ)

3,778

107

Aflac,

Inc.

9,944

948

Alexandria

Real

Estate

Equities,

Inc.(ö)

731

86

Allstate

Corp.

(The)

3,656

626

Ally

Financial,

Inc.

4,692

211

American

Express

Co.

3,429

868

American

Financial

Group,

Inc.

1,920

251

American

Homes

4

Rent

Class

A(ö)

4,498

162

American

International

Group,

Inc.

6,577

521

American

Tower

Corp.(ö)

809

178

Ameriprise

Financial,

Inc.

1,117

480

Aon

PLC

Class

A

652

214

Apollo

Global

Management,

Inc.

1,736

218

Arch

Capital

Group,

Ltd.(Æ)

7,139

684

Ares

Management

Corp.

Class

A

946

145

Arthur

J

Gallagher

&

Co.

2,018

572

Assurant,

Inc.

1,800

315

Assured

Guaranty,

Ltd.

1,461

120

AvalonBay

Communities,

Inc.(ö)

534

109

AXA

Equitable

Holdings

3,831

167

Axis

Capital

Holdings,

Ltd.

2,038

154

Bank

of

America

Corp.

55,360

2,232

Bank

of

New

York

Mellon

Corp.

(The)

10,790

702

Bank

OZK

2,969

139

Berkshire

Hathaway,

Inc.

Class

B(Æ)

14,405

6,317

BlackRock,

Inc.

Class

A

327

287

Blackstone,

Inc.

Class

A

1,888

268

Blue

Owl

Capital,

Inc.

5,065

97

Brown

&

Brown,

Inc.

5,146

512

Capital

One

Financial

Corp.

3,714

562

Carlyle

Group,

Inc.

(The)

3,871

193

Cboe

Global

Markets,

Inc.

1,983

364

CBRE

Group,

Inc.

Class

A(Æ)

981

111

Charles

Schwab

Corp.

(The)

6,221

406

Chubb,

Ltd.

4,621

1,274

Cincinnati

Financial

Corp.

3,838

501

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Citigroup,

Inc.

14,938

969

Citizens

Financial

Group,

Inc.

3,907

167

CME

Group,

Inc.

Class

A

1,156

224

Coinbase

Global,

Inc.

Class

A(Æ)

1,799

404

Commerce

Bancshares,

Inc.

2,880

186

Crown

Castle,

Inc.(ö)

1,687

186

CubeSmart(ö)

3,332

159

Cullen/Frost

Bankers,

Inc.

570

67

Digital

Realty

Trust,

Inc.(ö)

1,481

221

Discover

Financial

Services

2,086

300

East

West

Bancorp,

Inc.

2,379

209

EastGroup

Properties,

Inc.(ö)

625

117

EPR

Properties(ö)

2,953

133

Equinix,

Inc.(ö)

260

205

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

1,554

107

Equity

Residential(ö)

2,648

184

Essex

Property

Trust,

Inc.(ö)

677

188

Evercore,

Inc.

Class

A

875

219

Everest

Re

Group,

Ltd.

1,032

405

Fidelity

National

Financial,

Inc.

2,482

138

Fifth

Third

Bancorp

9,428

399

First

American

Financial

Corp.

870

53

First

Citizens

BancShares,

Inc.

Class

A

215

449

First

Industrial

Realty

Trust,

Inc.(ö)

2,309

126

FNB

Corp.

8,481

130

Franklin

Resources,

Inc.

2,432

56

Gaming

and

Leisure

Properties,

Inc.(ö)

2,816

141

Globe

Life,

Inc.

1,187

110

Goldman

Sachs

Group,

Inc.

(The)

3,376

1,719

Hanover

Insurance

Group,

Inc.

(The)

899

124

Hartford

Financial

Services

Group,

Inc.

6,612

733

Host

Hotels

&

Resorts,

Inc.(ö)

8,665

152

Houlihan

Lokey,

Inc.

Class

A

1,484

223

Huntington

Bancshares,

Inc.

12,415

186

Interactive

Brokers

Group,

Inc.

Class

A

1,592

190

Intercontinental

Exchange,

Inc.

2,021

306

Invesco,

Ltd.

3,200

55

Invitation

Homes,

Inc.(ö)

5,588

197

Iron

Mountain,

Inc.(ö)

1,415

145

Janus

Henderson

Group

PLC

3,858

144

Jefferies

Financial

Group,

Inc.

4,032

236

Jones

Lang

LaSalle,

Inc.(Æ)

1,092

274

JPMorgan

Chase

&

Co.

23,535

5,008

KeyCorp

7,945

128

Kinsale

Capital

Group,

Inc.

429

196

KKR

&

Co.,

Inc.

Class

A

3,324

410

Lincoln

National

Corp.

2,213

74

Loews

Corp.

4,252

340

LPL

Financial

Holdings,

Inc.

1,769

392

M&T

Bank

Corp.

2,093

360

Markel

Group,

Inc.(Æ)

210

344

Marsh

&

McLennan

Cos.,

Inc.

3,863

860

MasterCard,

Inc.

Class

A

5,094

2,362

MetLife,

Inc.

5,754

442

MGIC

Investment

Corp.

6,951

173

Mid-America

Apartment

Communities,

Inc.

(ö)

1,198

167

Morgan

Stanley

10,951

1,130

Morningstar,

Inc.

560

178

Nasdaq,

Inc.

2,871

194

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NET

Lease

Office

Properties(ö)

1

—

New

Residential

Investment

Corp.(ö)

10,404

121

New

York

Community

Bancorp,

Inc.

3,631

38

NNN

REIT,

Inc.(ö)

2,921

131

Northern

Trust

Corp.

1,928

171

NU

Holdings,

Ltd.

Class

A(Æ)

34,779

422

Old

Republic

International

Corp.

9,249

320

OneMain

Holdings,

Inc.

2,166

113

Pinnacle

Financial

Partners,

Inc.

564

54

PNC

Financial

Services

Group,

Inc.

(The)

4,765

863

Primerica,

Inc.

372

94

Principal

Financial

Group,

Inc.

3,264

266

Progressive

Corp.

(The)

5,562

1,191

Prosperity

Bancshares,

Inc.

1,736

126

Prudential

Financial,

Inc.

3,290

412

Public

Storage(ö)

711

210

Raymond

James

Financial,

Inc.

2,641

306

Realty

Income

Corp.(ö)

2,890

166

Regions

Financial

Corp.

8,529

191

Reinsurance

Group

of

America,

Inc.

Class

A

1,128

254

RenaissanceRe

Holdings,

Ltd.

761

177

Rexford

Industrial

Realty,

Inc.(ö)

1,258

63

RLI

Corp.

826

124

Robinhood

Markets,

Inc.

Class

A(Æ)

7,915

163

Ryan

Specialty

Holdings,

Inc.

Class

A

2,578

159

SEI

Investments

Co.

2,431

165

Simon

Property

Group,

Inc.(ö)

1,497

230

State

Street

Corp.

4,125

351

Stifel

Financial

Corp.

2,356

209

Synchrony

Financial

7,526

382

T

Rowe

Price

Group,

Inc.

3,141

359

Tradeweb

Markets,

Inc.

Class

A

2,563

286

Travelers

Cos.,

Inc.

(The)

3,261

706

Truist

Financial

Corp.

8,924

399

Unum

Group

4,137

238

US

Bancorp

13,154

590

VICI

Properties,

Inc.(ö)

15,394

481

Visa,

Inc.

Class

A

11,315

3,006

Voya

Financial,

Inc.

1,947

142

Webster

Financial

Corp.

1,472

73

Welltower,

Inc.(ö)

2,029

226

Western

Alliance

Bancorp

1,882

151

Western

Union

Co.

(The)

14,174

169

White

Mountains

Insurance

Group,

Ltd.

88

157

Willis

Towers

Watson

PLC

380

107

Wintrust

Financial

Corp.

1,435

155

WP

Carey,

Inc.(ö)

1,744

101

WR

Berkley

Corp.

8,633

476

XP,

Inc.

Class

A

6,822

117

60,293

Health

Care

-

9.5%

10X

Genomics,

Inc.

Class

A(Æ)

1,581

33

Abbott

Laboratories

6,865

727

AbbVie,

Inc.

11,129

2,062

ABIOMED,

Inc.(Š)

505

—

Agilent

Technologies,

Inc.

3,513

497

Align

Technology,

Inc.(Æ)

1,190

276

Alnylam

Pharmaceuticals,

Inc.(Æ)

590

140

Amgen,

Inc.

1,501

499

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

6

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Apellis

Pharmaceuticals,

Inc.(Æ)

1,668

66

Baxter

International,

Inc.

8,031

288

Becton

Dickinson

&

Co.

756

182

Biogen,

Inc.(Æ)

1,791

382

BioMarin

Pharmaceutical,

Inc.(Æ)

845

71

Boston

Scientific

Corp.(Æ)

11,555

854

Bristol-Myers

Squibb

Co.

4,097

195

Bruker

Corp.

1,849

127

Cardinal

Health,

Inc.

2,077

209

Cencora,

Inc.

Class

A

1,261

300

Centene

Corp.(Æ)

7,221

555

Chemed

Corp.

327

187

Cigna

Group

(The)

4,343

1,514

Cooper

Cos,

Inc.

(The)(Æ)

1,609

150

Danaher

Corp.

2,706

750

DaVita

HealthCare

Partners,

Inc.(Æ)

1,341

183

DexCom,

Inc.(Æ)

1,645

112

Doximity,

Inc.

Class

A(Æ)

3,621

101

Edwards

Lifesciences

Corp.(Æ)

3,486

220

Elevance

Health,

Inc.

2,788

1,483

Eli

Lilly

&

Co.

6,477

5,209

Encompass

Health

Corp.

2,149

200

Exact

Sciences

Corp.(Æ)

2,535

116

Exelixis,

Inc.(Æ)

6,865

161

Gilead

Sciences,

Inc.

3,174

241

Globus

Medical,

Inc.

Class

A(Æ)

1,561

112

HCA

Healthcare,

Inc.

2,066

750

Henry

Schein,

Inc.(Æ)

3,867

278

Hologic,

Inc.(Æ)

2,993

244

IDEXX

Laboratories,

Inc.(Æ)

642

306

Incyte

Corp.(Æ)

4,092

266

Inspire

Medical

Systems,

Inc.(Æ)

701

99

Insulet

Corp.(Æ)

330

64

Intuitive

Surgical,

Inc.(Æ)

2,262

1,006

IQVIA,

Inc.(Æ)

282

69

Jazz

Pharmaceuticals

PLC(Æ)

1,492

165

Johnson

&

Johnson

16,130

2,546

Labcorp

Holdings,

Inc.

1,140

246

McKesson

Corp.

938

579

Medpace

Holdings,

Inc.(Æ)

369

141

Medtronic

PLC

6,637

533

Merck

&

Co.,

Inc.

19,684

2,227

Moderna,

Inc.(Æ)

2,656

317

Molina

Healthcare,

Inc.(Æ)

1,190

406

Natera,

Inc.(Æ)

1,758

180

Neurocrine

Biosciences,

Inc.(Æ)

1,742

247

Organon

&

Co.

4,220

92

Penumbra,

Inc.(Æ)

693

116

Pfizer,

Inc.

33,708

1,030

Qiagen

NV(Æ)

2,793

124

Quest

Diagnostics,

Inc.

2,005

285

QuidelOrtho

Corp.(Æ)

1,061

42

Regeneron

Pharmaceuticals,

Inc.(Æ)

515

556

ResMed,

Inc.

2,046

436

Royalty

Pharma

PLC

Class

A

4,157

117

STERIS

PLC

1,031

246

Stryker

Corp.

2,617

857

Tenet

Healthcare

Corp.(Æ)

2,288

343

Thermo

Fisher

Scientific,

Inc.

1,462

897

United

Therapeutics

Corp.(Æ)

1,381

433

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

UnitedHealth

Group,

Inc.

5,445

3,137

Universal

Health

Services,

Inc.

Class

B

1,894

405

Veeva

Systems,

Inc.

Class

A(Æ)

1,849

355

Vertex

Pharmaceuticals,

Inc.(Æ)

2,181

1,081

Viatris,

Inc.

20,153

243

Waters

Corp.(Æ)

456

153

West

Pharmaceutical

Services,

Inc.

671

205

Zimmer

Biomet

Holdings,

Inc.

1,340

149

Zoetis,

Inc.

Class

A

2,474

445

40,618

Materials

and

Processing

-

4.9%

Acuity

Brands,

Inc.

1,348

339

Advanced

Drainage

Systems,

Inc.

1,253

222

Air

Products

&

Chemicals,

Inc.

860

227

Allegheny

Technologies,

Inc.(Æ)

1,492

101

Amcor

PLC

24,976

263

AptarGroup,

Inc.

1,817

267

Armstrong

World

Industries,

Inc.

1,302

171

Axalta

Coating

Systems,

Ltd.(Æ)

3,368

120

AZEK

Co.,

Inc.

(The)(Æ)

2,220

100

Ball

Corp.

3,170

202

Berry

Plastics

Group,

Inc.

3,115

205

Builders

FirstSource,

Inc.(Æ)

2,997

502

Carrier

Global

Corp.

4,278

291

Celanese

Corp.

Class

A

2,054

290

CF

Industries

Holdings,

Inc.

4,628

354

Cleveland-Cliffs,

Inc.(Æ)

11,506

177

Copart,

Inc.(Æ)

10,796

565

Core

&

Main,

Inc.

Class

A(Æ)

3,303

177

CRH

PLC

10,668

914

Crown

Holdings,

Inc.

1,276

113

Darling

Ingredients,

Inc.(Æ)

3,004

119

Dow,

Inc.

9,994

544

DuPont

de

Nemours,

Inc.

4,061

340

Eagle

Materials,

Inc.

221

60

Eastman

Chemical

Co.

3,017

312

Ecolab,

Inc.

3,075

709

Fastenal

Co.

6,291

445

Ferguson

PLC

1,724

384

FMC

Corp.

2,508

146

Fortune

Brands

Innovations,

Inc.

3,055

247

Freeport-McMoRan,

Inc.

8,600

390

General

Electric

Co.

3,276

558

Graphic

Packaging

Holding

Co.

8,332

251

International

Flavors

&

Fragrances,

Inc.

2,507

249

International

Paper

Co.

4,622

215

ITT,

Inc.

2,131

301

Johnson

Controls

International

PLC

2,362

169

Lennox

International,

Inc.

415

242

Linde

PLC

1,148

521

LKQ

Corp.

3,445

143

Louisiana-Pacific

Corp.

1,791

176

LyondellBasell

Industries

Class

A

3,533

351

Martin

Marietta

Materials,

Inc.

876

520

Masco

Corp.

1,804

140

MDU

Resources

Group,

Inc.

8,090

218

Mohawk

Industries,

Inc.(Æ)

1,194

192

Mosaic

Co.

(The)

7,149

213

NewMarket

Corp.

220

123

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

7

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nucor

Corp.

4,057

661

Olin

Corp.

2,482

113

Owens

Corning

2,942

548

Packaging

Corp.

of

America

1,690

338

Pool

Corp.

497

186

PPG

Industries,

Inc.

3,021

384

Reliance

Steel

&

Aluminum

Co.

1,585

483

RPM

International,

Inc.

2,789

339

Sealed

Air

Corp.

2,698

103

Sherwin-Williams

Co.

(The)

1,383

485

Silgan

Holdings,

Inc.

1,496

77

SiteOne

Landscape

Supply,

Inc.(Æ)

890

131

Smurfit

WestRock

PLC

4,791

215

Sonoco

Products

Co.

2,989

161

Southern

Copper

Corp.

1,641

175

Steel

Dynamics,

Inc.

4,113

548

Timken

Co.

(The)

1,875

163

Trane

Technologies

PLC

2,413

807

Trex

Co.,

Inc.(Æ)

2,909

243

United

States

Steel

Corp.

5,801

238

Vulcan

Materials

Co.

1,558

428

Watsco,

Inc.

381

186

Westlake

Chemical

Corp.

1,119

165

21,055

Producer

Durables

-

8.3%

AECOM

968

88

AGCO

Corp.

1,309

124

Alaska

Air

Group,

Inc.(Æ)

2,680

101

Allison

Transmission

Holdings,

Inc.

Class

A

3,020

268

American

Airlines

Group,

Inc.(Æ)

3,856

41

Ametek,

Inc.

1,067

185

Amphenol

Corp.

Class

A

11,809

759

AO

Smith

Corp.

2,630

224

Aptiv

PLC(Æ)

3,806

264

Automatic

Data

Processing,

Inc.

1,832

481

Avery

Dennison

Corp.

1,717

372

Block,

Inc.

Class

A(Æ)

2,703

167

Boeing

Co.

(The)(Æ)

785

150

Booz

Allen

Hamilton

Holding

Corp.

Class

A

1,620

232

BWX

Technologies,

Inc.

1,651

164

Carlisle

Cos.,

Inc.

591

247

Caterpillar,

Inc.

2,086

722

CH

Robinson

Worldwide,

Inc.

1,428

127

Cintas

Corp.

1,094

836

Clean

Harbors,

Inc.(Æ)

605

144

CNH

Industrial

NV

12,563

134

Comfort

Systems

USA,

Inc.

722

240

Corpay,

Inc.(Æ)

702

205

Crane

Co.

1,350

217

CSX

Corp.

6,959

244

Cummins,

Inc.

2,894

844

Deere

&

Co.

1,156

430

Delta

Air

Lines,

Inc.

13,255

570

Donaldson

Co.,

Inc.

3,080

230

Dover

Corp.

2,462

454

EMCOR

Group,

Inc.

1,110

417

Emerson

Electric

Co.

4,693

550

Equifax,

Inc.

356

99

Expeditors

International

of

Washington,

Inc.

2,971

371

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

FedEx

Corp.

3,909

1,181

Flowserve

Corp.

2,897

146

Fortive

Corp.

2,382

171

FTI

Consulting,

Inc.(Æ)

647

141

Gartner,

Inc.(Æ)

521

261

Generac

Holdings,

Inc.(Æ)

620

97

General

Dynamics

Corp.

824

246

Gentex

Corp.

4,499

140

Global

Payments,

Inc.

2,274

231

Graco,

Inc.

3,531

300

H&R

Block,

Inc.

2,423

140

Heico

Corp.

1,135

274

Heico

Corp.

Class

A

634

121

Honeywell

International,

Inc.

1,590

326

Howmet

Aerospace,

Inc.

4,695

449

Huntington

Ingalls

Industries,

Inc.

937

262

IDEX

Corp.

987

206

Illinois

Tool

Works,

Inc.

1,541

381

Ingersoll

Rand,

Inc.

3,064

308

Jacobs

Solutions,

Inc.

1,892

277

JB

Hunt

Transport

Services,

Inc.

1,458

252

Keysight

Technologies,

Inc.(Æ)

2,226

311

Kirby

Corp.(Æ)

704

86

Knight-Swift

Transportation

Holdings,

Inc.

3,245

177

L3Harris

Technologies,

Inc.

1,557

353

Lamb

Weston

Holdings,

Inc.

1,525

92

Landstar

System,

Inc.

943

179

Lincoln

Electric

Holdings,

Inc.

1,002

206

Littelfuse,

Inc.

229

61

ManpowerGroup,

Inc.

1,782

136

MarketAxess

Holdings,

Inc.

417

93

MasTec,

Inc.(Æ)

832

92

Mettler-Toledo

International,

Inc.(Æ)

130

198

Middleby

Corp.(Æ)

1,011

137

Moody's

Corp.

918

419

MSA

Safety,

Inc.

679

128

MSC

Industrial

Direct

Co.,

Inc.

Class

A

2,020

180

Murphy

USA,

Inc.

479

242

Nordson

Corp.

1,181

296

Norfolk

Southern

Corp.

764

191

Northrop

Grumman

Corp.

479

232

Old

Dominion

Freight

Line,

Inc.

1,611

339

Oshkosh

Corp.

1,844

200

Otis

Worldwide

Corp.

3,562

337

PACCAR

Financial

Corp.

10,295

1,016

Parker-Hannifin

Corp.

1,090

612

Paychex,

Inc.

3,042

389

Paylocity

Holding

Corp.(Æ)

727

109

PayPal

Holdings,

Inc.(Æ)

6,969

458

Pentair

PLC

2,389

210

Quanta

Services,

Inc.

1,243

330

RBC

Bearings,

Inc.(Æ)

407

118

Regal

Rexnord

Corp.

1,252

201

Republic

Services,

Inc.

Class

A

2,312

449

Robert

Half,

Inc.

3,815

245

Rollins,

Inc.

4,870

233

Ryder

System,

Inc.

1,559

218

S&P

Global,

Inc.

1,216

589

Saia,

Inc.(Æ)

394

165

Snap-on,

Inc.

1,594

458

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

8

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Southwest

Airlines

Co.

7,960

214

Stanley

Black

&

Decker,

Inc.

1,306

138

Teledyne

Technologies,

Inc.(Æ)

499

210

Tetra

Tech,

Inc.

1,137

242

Textron,

Inc.

3,463

322

Toast,

Inc.

Class

A(Æ)

6,948

182

TopBuild

Corp.(Æ)

783

375

Toro

Co.

(The)

1,187

114

Trade

Desk,

Inc.

(The)

Class

A(Æ)

5,431

488

TransDigm

Group,

Inc.

346

448

Trimble

Navigation,

Ltd.(Æ)

1,925

105

Union

Pacific

Corp.

1,488

367

United

Airlines,

Inc.(Æ)

7,307

332

United

Parcel

Service,

Inc.

Class

B

3,218

420

United

Rentals,

Inc.

977

740

Veralto

Corp.

2,155

230

Verisk

Analytics,

Inc.

Class

A

1,109

290

Vertiv

Holdings

Co.

Class

A

4,405

347

Vontier

Corp.

4,598

180

Waste

Management,

Inc.

2,287

463

WESCO

International,

Inc.

1,268

222

Westinghouse

Air

Brake

Technologies

Corp.

2,594

418

WEX,

Inc.(Æ)

273

50

WillScot

Mobile

Mini

Holdings

Corp.(Æ)

2,760

113

Woodward,

Inc.

844

132

WW

Grainger,

Inc.

437

427

XPO,

Inc.(Æ)

2,385

274

Xylem,

Inc.

3,936

525

Zebra

Technologies

Corp.

Class

A(Æ)

443

156

35,620

Technology

-

35.0%

Accenture

PLC

Class

A

2,755

911

Adobe,

Inc.(Æ)

1,863

1,028

Advanced

Micro

Devices,

Inc.(Æ)

4,661

673

Airbnb,

Inc.

Class

A(Æ)

2,225

311

Akamai

Technologies,

Inc.(Æ)

4,788

471

Allegion

PLC

1,269

174

Alphabet,

Inc.

Class

A

58,641

10,059

Alphabet,

Inc.

Class

C

28,937

5,010

Amdocs,

Ltd.

5,094

446

Amkor

Technology,

Inc.

2,896

95

Analog

Devices,

Inc.

1,447

335

Appfolio,

Inc.

Class

A(Æ)

375

83

Apple,

Inc.

114,595

25,449

Applied

Materials,

Inc.

5,415

1,149

AppLovin

Corp.

Class

A(Æ)

3,954

305

Arista

Networks,

Inc.(Æ)

2,752

954

Arrow

Electronics,

Inc.(Æ)

2,173

269

Atlassian

Corp.

Class

A(Æ)

1,107

195

Autodesk,

Inc.(Æ)

1,719

425

Avnet,

Inc.

2,960

159

Bentley

Systems,

Inc.

Class

B

2,353

115

Bill.com

Holdings,

Inc.(Æ)

1,598

80

Bio

Techne

Corp.

2,190

179

Booking

Holdings,

Inc.

308

1,144

Broadcom,

Inc.

33,464

5,377

Broadridge

Financial

Solutions,

Inc.

644

138

CACI

International,

Inc.

Class

A(Æ)

435

201

Cadence

Design

Systems,

Inc.(Æ)

3,033

812

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CDW

Corp.

1,040

227

Ciena

Corp.(Æ)

2,705

143

Cirrus

Logic,

Inc.(Æ)

1,237

161

Cisco

Systems,

Inc.

70,761

3,428

Cloudflare,

Inc.

Class

A(Æ)

1,558

121

Cognex

Corp.

1,909

95

Cognizant

Technology

Solutions

Corp.

Class

A

14,072

1,065

Coherent

Corp.(Æ)

1,160

81

Concentrix

Corp.

1,748

123

Confluent,

Inc.

Class

A(Æ)

3,052

76

Corning,

Inc.

4,345

174

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

1,951

453

Datadog,

Inc.

Class

A(Æ)

2,748

320

Dell

Technologies,

Inc.

Class

C

1,898

216

DocuSign,

Inc.(Æ)

2,625

146

Dolby

Laboratories,

Inc.

Class

A

1,887

149

DoorDash,

Inc.

Class

A(Æ)

1,668

185

DoubleVerify

Holdings,

Inc.(Æ)

2,734

58

DXC

Technology

Co.(Æ)

7,076

144

Dynatrace,

Inc.(Æ)

4,217

185

Elastic

NV(Æ)

1,028

113

Electronic

Arts,

Inc.

2,030

306

Entegris,

Inc.

1,787

211

EPAM

Systems,

Inc.(Æ)

599

129

F5,

Inc.(Æ)

1,960

399

Fair

Isaac

Corp.(Æ)

225

360

Fidelity

National

Information

Services,

Inc.

4,394

338

Fiserv,

Inc.(Æ)

4,146

678

Five9,

Inc.(Æ)

1,943

87

Fortinet,

Inc.(Æ)

2,675

155

GCI

Liberty,

Inc.(Æ)(Š)

7,417

—

Genpact,

Ltd.

5,516

191

Gitlab,

Inc.

Class

A(Æ)

1,763

90

GlobalFoundries,

Inc.(Æ)

1,706

87

Globant

SA(Æ)

549

107

GoDaddy,

Inc.

Class

A(Æ)

1,745

254

Guidewire

Software,

Inc.(Æ)

1,043

156

Hewlett

Packard

Enterprise

Co.

25,755

513

HP,

Inc.

18,446

666

HubSpot,

Inc.(Æ)

567

282

Intel

Corp.

14,858

457

International

Business

Machines

Corp.

3,823

735

Intuit,

Inc.

1,730

1,120

Jabil

Circuit,

Inc.

2,422

273

Jack

Henry

&

Associates,

Inc.

1,389

238

Juniper

Networks,

Inc.

4,288

162

KLA

Corp.

509

419

Kyndryl

Holdings,

Inc.(Æ)

4,279

115

Lam

Research

Corp.

767

707

Lattice

Semiconductor

Corp.(Æ)

1,297

69

Leidos

Holdings,

Inc.

2,559

369

Manhattan

Associates,

Inc.(Æ)

1,157

295

Maplebear,

Inc.(Æ)

2,511

87

Marvell

Technology,

Inc.

3,117

209

Match

Group,

Inc.(Æ)

3,272

125

Meta

Platforms,

Inc.

Class

A

16,707

7,933

Microchip

Technology,

Inc.

3,289

292

Micron

Technology,

Inc.

4,029

442

Microsoft

Corp.

61,055

25,542

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

9

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MicroStrategy,

Inc.

Class

A(Æ)

111

179

MKS

Instruments,

Inc.

635

80

MongoDB,

Inc.(Æ)

300

76

Monolithic

Power

Systems,

Inc.

640

552

Motorola

Solutions,

Inc.

1,524

608

MSCI,

Inc.

Class

A

274

148

NetApp,

Inc.

3,909

496

Nutanix,

Inc.

Class

A(Æ)

3,332

168

NVIDIA

Corp.

190,881

22,337

Okta,

Inc.(Æ)

1,737

163

ON

Semiconductor

Corp.(Æ)

3,635

284

Onto

Innovation,

Inc.(Æ)

549

105

Oracle

Corp.

5,559

775

Palantir

Technologies,

Inc.

Class

A(Æ)

20,780

559

Palo

Alto

Networks,

Inc.(Æ)

2,502

812

Paycom

Software,

Inc.

859

143

Pinterest,

Inc.

Class

A(Æ)

10,372

331

Procore

Technologies,

Inc.(Æ)

1,843

131

PTC,

Inc.(Æ)

1,103

196

Pure

Storage,

Inc.

Class

A(Æ)

6,534

392

Qorvo,

Inc.(Æ)

1,366

164

QUALCOMM,

Inc.

9,578

1,733

Roku,

Inc.(Æ)

2,781

162

Roper

Technologies,

Inc.

611

333

Salesforce,

Inc.

4,795

1,241

Science

Applications

International

Corp.

741

92

ServiceNow,

Inc.(Æ)

1,349

1,099

Skyworks

Solutions,

Inc.

4,193

476

Smartsheet,

Inc.

Class

A(Æ)

3,071

147

Snowflake,

Inc.

Class

A(Æ)

1,513

197

Spotify

Technology

SA(Æ)

2,023

696

SS&C

Technologies

Holdings,

Inc.

5,185

378

Super

Micro

Computer,

Inc.(Æ)

655

460

SYNNEX

Corp.

2,330

278

Synopsys,

Inc.(Æ)

1,319

736

Teradata

Corp.(Æ)

2,887

94

Teradyne,

Inc.

2,543

333

Texas

Instruments,

Inc.

6,547

1,334

Twilio,

Inc.

Class

A(Æ)

2,477

146

Tyler

Technologies,

Inc.(Æ)

705

400

Uber

Technologies,

Inc.(Æ)

4,356

281

UiPath,

Inc.

Class

A(Æ)

7,321

89

Universal

Display

Corp.

549

122

VeriSign,

Inc.(Æ)

1,110

208

Western

Digital

Corp.(Æ)

4,062

272

Workday,

Inc.

Class

A(Æ)

1,703

387

Zoom

Video

Communications,

Inc.

Class

A(Æ)

6,359

384

Zscaler,

Inc.(Æ)

526

94

149,679

Utilities

-

3.4%

Alliant

Energy

Corp.

2,196

122

Ameren

Corp.

4,176

331

American

Electric

Power

Co.,

Inc.

6,964

683

American

Water

Works

Co.,

Inc.

1,310

186

Antero

Midstream

Corp.

3,209

46

APA

Corp.

2,785

87

AT&T,

Inc.

71,555

1,377

Atmos

Energy

Corp.

1,077

138

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Avangrid,

Inc.

1,400

50

Chesapeake

Energy

Corp.

1,500

115

Chord

Energy

Corp.

1,509

259

Civitas

Resources,

Inc.

1,545

108

CMS

Energy

Corp.

2,460

159

ConocoPhillips

9,091

1,011

Consolidated

Edison,

Inc.

4,677

456

Constellation

Energy

Generation

LLC

2,228

423

Dominion

Energy,

Inc.

1,768

95

DTE

Energy

Co.

3,058

369

Duke

Energy

Corp.

1,898

207

Edison

International

2,494

200

Entergy

Corp.

3,975

461

Essential

Utilities,

Inc.

2,076

84

Eversource

Energy

2,150

140

Exelon

Corp.

14,397

536

FirstEnergy

Corp.

8,785

368

IDACORP,

Inc.

1,323

129

Iridium

Communications,

Inc.

1,700

49

National

Fuel

Gas

Co.

3,411

200

NRG

Energy,

Inc.

5,388

405

Ovintiv,

Inc.

6,684

310

Permian

Resources

Corp.

18,155

279

PG&E

Corp.

15,901

290

Pinnacle

West

Capital

Corp.

2,279

195

PPL

Corp.

4,125

123

Public

Service

Enterprise

Group,

Inc.

1,235

99

Sempra

Energy

7,421

594

Southern

Co.

(The)

4,579

382

T-Mobile

USA,

Inc.

2,550

465

UGI

Corp.

2,585

64

Verizon

Communications,

Inc.

38,215

1,548

Vistra

Corp.

4,474

354

WEC

Energy

Group,

Inc.

4,763

410

Xcel

Energy,

Inc.

8,157

475

14,382

Total

Common

Stocks

(cost

$191,073)

411,629

Short-Term

Investments

-

3.7%

U.S.

Cash

Management

Fund(@)

15,909,613

(∞)

15,906

Total

Short-Term

Investments

(cost

$15,907)

15,906

Other

Securities

-

0.0%

U.S.

Cash

Collateral

Fund(@)(×)

95,450

(∞)

95

Total

Other

Securities

(cost

$95)

95

Total

Investments

-

99.9%

(identified

cost

$207,075)

427,630

Other

Assets

and

Liabilities,

Net

-

0.1%

420

Net

Assets

-

100.0%

428,050

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

10

Multifactor

U.S.

Equity

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

51

USD

14,173

09/24

(102)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(102)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

55,790

$

—

$

—

$

—

$

55,790

Consumer

Staples

16,442

—

—

—

16,442

Energy

17,750

—

—

—

17,750

Financial

Services

60,293

—

—

—

60,293

Health

Care

40,618

—

—

—

40,618

Materials

and

Processing

21,055

—

—

—

21,055

Producer

Durables

35,620

—

—

—

35,620

Technology

149,679

—

—

—

149,679

Utilities

14,382

—

—

—

14,382

Short-Term

Investments

—

—

—

15,906

15,906

Other

Securities

—

—

—

95

95

Total

Investments

411,629

—

—

16,001

427,630

Other

Financial

Instruments

Liabilities

Futures

Contracts

(102

)

—

—

—

(102

)

Total

Other

Financial

Instruments

*

$

(102

)

$

—

$

—

$

—

$

(102

)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

11

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

16,967

$

169,506

$

170,564

$

(3

)

$

—

$

15,906

$

628

$

—

U.S.

Cash

Collateral

Fund

96

7,252

7,253

—

—

95

14

—

$

17,063

$

176,758

$

177,817

$

(3

)

$

—

$

16,001

$

642

$

—

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

12

Equity

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

92.3%

Consumer

Discretionary

-

6.4%

Autoliv,

Inc.

3,026

306

Best

Buy

Co.,

Inc.

3,754

325

Comcast

Corp.

Class

A

50,653

2,090

Dollar

Tree,

Inc.(Æ)

1,403

146

eBay,

Inc.

8,444

470

Ford

Motor

Co.

12,595

136

General

Motors

Co.

33,219

1,472

Hubbell,

Inc.

Class

B

753

298

Lennar

Corp.

Class

A

1,653

293

Liberty

Media

Corp.(Æ)

24,527

552

Lithia

Motors,

Inc.

Class

A

1,897

524

McDonald's

Corp.

1,139

302

New

York

Times

Co.

(The)

Class

A

6,899

370

Nike,

Inc.

Class

B

3,209

240

PulteGroup,

Inc.

3,932

519

Ralph

Lauren

Corp.

Class

A

1,072

188

Raytheon

Technologies

Corp.

2,689

316

RB

Global,

Inc.

3,596

286

Target

Corp.

3,600

542

Walmart,

Inc.

16,617

1,141

Walt

Disney

Co.

(The)

17,409

1,631

Yum!

Brands,

Inc.

849

113

12,260

Consumer

Staples

-

10.8%

Altria

Group,

Inc.

5,581

274

Ambev

SA

-

ADR(Æ)

255,288

526

Archer-Daniels-Midland

Co.

13,931

864

Church

&

Dwight

Co.,

Inc.

1,677

164

Coca-Cola

Co.

(The)

6,779

452

Coca-Cola

Europacific

Partners

PLC

12,426

917

Colgate-Palmolive

Co.

3,964

393

Conagra

Brands,

Inc.

29,074

882

CVS

Health

Corp.

52,653

3,177

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

2,251

224

General

Mills,

Inc.

3,995

268

Hershey

Co.

(The)

699

138

Kenvue,

Inc.

18,950

350

Kraft

Heinz

Co.

(The)

32,457

1,143

Kroger

Co.

(The)

39,241

2,139

Molson

Coors

Beverage

Co.

Class

B

16,335

863

Mondelez

International,

Inc.

Class

A

4,149

284

PepsiCo,

Inc.

2,457

424

Philip

Morris

International,

Inc.

26,182

3,015

Procter

&

Gamble

Co.

(The)

12,343

1,984

Tyson

Foods,

Inc.

Class

A

35,026

2,133

Walgreens

Boots

Alliance,

Inc.

10,383

123

20,737

Energy

-

7.8%

BP

PLC

-

ADR

32,656

1,156

Canadian

Natural

Resources,

Ltd.

18,424

654

Chevron

Corp.

9,892

1,587

Coterra

Energy,

Inc.

13,842

357

Devon

Energy

Corp.

10,073

474

Eaton

Corp.

PLC

1,897

578

Enbridge,

Inc.

47,320

1,771

EOG

Resources,

Inc.

3,455

438

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Exxon

Mobil

Corp.

14,897

1,767

Hess

Corp.

13,033

1,999

Kinder

Morgan,

Inc.

6,947

147

Magna

International,

Inc.

Class

A

15,916

706

Marathon

Petroleum

Corp.

2,648

469

ONEOK,

Inc.

3,284

274

Phillips

66

9,271

1,349

Schlumberger

NV

6,676

322

Shell

PLC

-

ADR

14,059

1,029

15,077

Financial

Services

-

21.4%

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust

14,903

1,400

Aflac,

Inc.

3,730

356

AGNC

Investment

Corp.(ö)

25,366

254

Allstate

Corp.

(The)

11,295

1,933

American

Express

Co.

824

208

American

Financial

Group,

Inc.

2,149

281

American

International

Group,

Inc.

3,072

243

Aon

PLC

Class

A

554

182

Arch

Capital

Group,

Ltd.(Æ)

5,069

485

AvalonBay

Communities,

Inc.(ö)

1,090

223

Bank

of

America

Corp.

36,237

1,461

Bank

of

Nova

Scotia

(The)

16,522

771

Berkshire

Hathaway,

Inc.

Class

B(Æ)

7,879

3,455

BlackRock,

Inc.

Class

A

708

620

Brown

&

Brown,

Inc.

3,178

316

CBRE

Group,

Inc.

Class

A(Æ)

2,021

228

Charles

Schwab

Corp.

(The)

4,451

290

Chubb,

Ltd.

7,088

1,954

Citigroup,

Inc.

45,401

2,946

CME

Group,

Inc.

Class

A

1,729

335

Corporate

Office

Properties

Trust(ö)

19,180

556

Crown

Castle,

Inc.(ö)

1,019

112

Cullen/Frost

Bankers,

Inc.

1,076

126

Digital

Realty

Trust,

Inc.(ö)

1,587

237

Equinix,

Inc.(ö)

368

291

Equity

Residential(ö)

1,680

117

Goldman

Sachs

Group,

Inc.

(The)

586

298

Hartford

Financial

Services

Group,

Inc.

2,485

276

Healthcare

Realty

Trust,

Inc.(ö)

14,289

253

Houlihan

Lokey,

Inc.

Class

A

1,870

281

Howard

Hughes

Corp.

(The)(Æ)

6,240

463

Intercontinental

Exchange,

Inc.

2,101

318

Invitation

Homes,

Inc.(ö)

6,869

242

JPMorgan

Chase

&

Co.

22,989

4,892

Marsh

&

McLennan

Cos.,

Inc.

1,981

441

Medical

Properties

Trust,

Inc.(ö)

91,013

438

MetLife,

Inc.

3,264

251

Mid-America

Apartment

Communities,

Inc.

(ö)

8,714

1,218

Northern

Trust

Corp.

11,522

1,021

Old

Republic

International

Corp.

7,561

262

PNC

Financial

Services

Group,

Inc.

(The)

1,408

255

Principal

Financial

Group,

Inc.

2,043

166

Progressive

Corp.

(The)

2,274

487

Prologis,

LP(ö)

7,778

980

Prudential

Financial,

Inc.

2,216

278

Public

Storage(ö)

6,610

1,956

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Income

Fund

13

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Raymond

James

Financial,

Inc.

2,411

280

Regions

Financial

Corp.

7,876

176

RLI

Corp.

1,560

235

SEI

Investments

Co.

4,374

297

Simon

Property

Group,

Inc.(ö)

1,295

199

T

Rowe

Price

Group,

Inc.

3,212

367

Tradeweb

Markets,

Inc.

Class

A

3,664

409

Travelers

Cos.,

Inc.

(The)

1,398

303

Truist

Financial

Corp.

4,648

208

Wells

Fargo

&

Co.

44,654

2,650

Welltower,

Inc.(ö)

4,007

446

Weyerhaeuser

Co.(ö)

10,820

344

Willis

Towers

Watson

PLC

3,430

968

XP,

Inc.

Class

A

12,384

212

41,250

Health

Care

-

13.2%

Abbott

Laboratories

4,899

519

Amgen,

Inc.

801

266

Baxter

International,

Inc.

17,282

619

Becton

Dickinson

&

Co.

885

213

Boston

Scientific

Corp.(Æ)

3,445

255

Bristol-Myers

Squibb

Co.

19,408

923

Cigna

Group

(The)

416

145

Danaher

Corp.

1,739

482

Dentsply

Sirona,

Inc.

29,369

797

Doximity,

Inc.

Class

A(Æ)

3,754

105

Elevance

Health,

Inc.

451

240

Exelixis,

Inc.(Æ)

31,890

748

Gilead

Sciences,

Inc.

4,349

331

GRAIL,

Inc.(Æ)

190

3

GSK

PLC

-

ADR

23,704

919

Humana,

Inc.

4,565

1,651

Illumina,

Inc.(Æ)

922

113

Jazz

Pharmaceuticals

PLC(Æ)

5,273

581

Johnson

&

Johnson

12,156

1,919

Medtronic

PLC

29,324

2,355

Merck

&

Co.,

Inc.

23,126

2,616

Organon

&

Co.

21,613

472

Pfizer,

Inc.

32,496

992

Regeneron

Pharmaceuticals,

Inc.(Æ)

507

547

Royalty

Pharma

PLC

Class

A

22,964

647

Sanofi

SA

-

ADR

41,366

2,143

Smith

&

Nephew

PLC

-

ADR

52,787

1,519

Solventum

Corp.(Æ)

876

52

Stryker

Corp.

1,087

356

Thermo

Fisher

Scientific,

Inc.

409

251

UnitedHealth

Group,

Inc.

3,021

1,741

Vertex

Pharmaceuticals,

Inc.(Æ)

556

276

Viatris,

Inc.

46,892

566

25,362

Materials

and

Processing

-

6.3%

Air

Products

&

Chemicals,

Inc.

8,309

2,192

Amcor

PLC

14,189

149

AptarGroup,

Inc.

1,870

275

Crown

Holdings,

Inc.

8,398

745

Dow,

Inc.

5,830

318

DuPont

de

Nemours,

Inc.

16,759

1,403

Ecolab,

Inc.

1,107

255

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fastenal

Co.

3,308

234

Ferguson

PLC

1,229

274

FMC

Corp.

20,399

1,190

Freeport-McMoRan,

Inc.

7,809

355

General

Electric

Co.

3,715

632

International

Flavors

&

Fragrances,

Inc.

8,108

807

Johnson

Controls

International

PLC

11,738

840

Linde

PLC

1,382

627

LyondellBasell

Industries

NV

Class

A

2,509

250

Newmont

Corp.

5,610

275

Nucor

Corp.

2,217

361

Packaging

Corp.

of

America

1,392

278

Royal

Gold,

Inc.

2,165

299

Trane

Technologies

PLC

1,174

392

12,151

Producer

Durables

-

9.8%

3M

Co.

3,288

419

Alaska

Air

Group,

Inc.(Æ)

13,128

493

Ametek,

Inc.

894

155

Amphenol

Corp.

Class

A

5,865

377

AO

Smith

Corp.

3,798

323

Chart

Industries,

Inc.(Æ)

5,060

815

Cintas

Corp.

336

257

CoStar

Group,

Inc.(Æ)

2,126

166

Cummins,

Inc.

1,080

315

Delta

Air

Lines,

Inc.

32,569

1,401

EMCOR

Group,

Inc.

1,386

520

Emerson

Electric

Co.

2,549

299

FedEx

Corp.

5,039

1,523

Fortive

Corp.

3,006

216

FTI

Consulting,

Inc.(Æ)

1,632

356

GE

Vernova,

Inc.(Æ)

1,012

180

General

Dynamics

Corp.

6,642

1,984

Gentex

Corp.

10,119

314

Global

Payments,

Inc.

16,765

1,704

Graco,

Inc.

2,625

223

Honeywell

International,

Inc.

1,655

339

Illinois

Tool

Works,

Inc.

985

244

JB

Hunt

Transport

Services,

Inc.

1,279

222

L3Harris

Technologies,

Inc.

3,619

821

Old

Dominion

Freight

Line,

Inc.

1,104

232

PACCAR

Financial

Corp.

4,464

440

Parker-Hannifin

Corp.

690

387

Republic

Services,

Inc.

Class

A

1,048

204

S&P

Global,

Inc.

1,297

629

Saia,

Inc.(Æ)

608

254

Snap-on,

Inc.

847

243

Tetra

Tech,

Inc.

1,961

418

Union

Pacific

Corp.

1,332

329

United

Parcel

Service,

Inc.

Class

B

1,746

228

United

Rentals,

Inc.

698

528

Vontier

Corp.

15,164

595

Waste

Management,

Inc.

1,714

347

Xylem,

Inc.

2,377

317

18,817

Technology

-

8.3%

Advanced

Micro

Devices,

Inc.(Æ)

3,952

571

Alphabet,

Inc.

Class

A

3,204

550

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

14

Equity

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Amdocs,

Ltd.

1,376

120

Analog

Devices,

Inc.

2,585

598

Applied

Materials,

Inc.

1,288

273

Broadridge

Financial

Solutions,

Inc.

1,631

349

Cisco

Systems,

Inc.

16,776

813

Cognizant

Technology

Solutions

Corp.

Class

A

3,788

287

DoorDash,

Inc.

Class

A(Æ)

2,997

332

Electronic

Arts,

Inc.

2,530

382

Fidelity

National

Information

Services,

Inc.

25,788

1,981

Fiserv,

Inc.(Æ)

1,171

192

Hewlett

Packard

Enterprise

Co.

17,047

339

Intel

Corp.

21,302

655

International

Business

Machines

Corp.

3,420

657

Marvell

Technology,

Inc.

7,609

510

Micron

Technology,

Inc.

11,566

1,270

Motorola

Solutions,

Inc.

375

150

nCino,

Inc.(Æ)

8,955

293

ON

Semiconductor

Corp.(Æ)

17,178

1,344

Oracle

Corp.

10,355

1,444

Qorvo,

Inc.(Æ)

1,537

184

QUALCOMM,

Inc.

2,010

364

Roper

Technologies,

Inc.

701

382

Salesforce,

Inc.

1,898

491

Skyworks

Solutions,

Inc.

7,018

797

Take-Two

Interactive

Software,

Inc.(Æ)

1,463

220

Texas

Instruments,

Inc.

2,228

454

16,002

Utilities

-

8.3%

AT&T,

Inc.

101,545

1,955

Brookfield

Renewable

Corp.

Class

A

10,227

287

ConocoPhillips

12,370

1,376

Dominion

Energy,

Inc.

2,997

160

Duke

Energy

Corp.

2,053

224

Edison

International

13,314

1,065

Entergy

Corp.

15,652

1,815

Exelon

Corp.

19,254

716

FirstEnergy

Corp.

24,263

1,017

NextEra

Energy,

Inc.

3,408

260

NRG

Energy,

Inc.

11,224

844

Pinnacle

West

Capital

Corp.

16,553

1,417

Plains

GP

Holdings,

LP

Class

A(Æ)

67,550

1,290

Southern

Co.

(The)

3,926

328

T-Mobile

USA,

Inc.

10,477

1,910

Verizon

Communications,

Inc.

15,939

646

Xcel

Energy,

Inc.

12,505

729

16,039

Total

Common

Stocks

(cost

$123,275)

177,695

Short-Term

Investments

-

4.3%

U.S.

Cash

Management

Fund(@)

8,318,467

(∞)

8,317

Total

Short-Term

Investments

(cost

$8,316)

8,317

Total

Investments

-

96.6%

(identified

cost

$131,591)

186,012

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Other

Assets

and

Liabilities,

Net

-

3.4%

6,543

Net

Assets

-

100.0%

192,555

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Income

Fund

15

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

51

USD

14,173

09/24

48

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

48

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

12,260

$

—

$

—

$

—

$

12,260

Consumer

Staples

20,737

—

—

—

20,737

Energy

15,077

—

—

—

15,077

Financial

Services

41,250

—

—

—

41,250

Health

Care

25,362

—

—

—

25,362

Materials

and

Processing

12,151

—

—

—

12,151

Producer

Durables

18,817

—

—

—

18,817

Technology

16,002

—

—

—

16,002

Utilities

16,039

—

—

—

16,039

Short-Term

Investments

—

—

—

8,317

8,317

Total

Investments

177,695

—

—

8,317

186,012

Other

Financial

Instruments

Assets

Futures

Contracts

48

—

—

—

48

Total

Other

Financial

Instruments

*

$

48

$

—

$

—

$

—

$

48

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

16

Equity

Income

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

6,547

$

28,589

$

26,822

$

1

$

2

$

8,317

$

387

$

—

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

17

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

102.2%

Consumer

Discretionary

-

12.8%

Amazon.com,

Inc.(Æ)(Û)

27,647

5,169

Atmus

Filtration

Technologies,

Inc.

2,611

81

AutoZone,

Inc.(Æ)

18

56

Best

Buy

Co.,

Inc.

405

35

Central

Garden

&

Pet

Co.

Class

A(Æ)

1,278

44

Charter

Communications,

Inc.

Class

A(Æ)

141

54

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

2,572

140

Comcast

Corp.

Class

A

26,623

1,099

Costco

Wholesale

Corp.

664

546

Deckers

Outdoor

Corp.(Æ)

41

38

Dollar

General

Corp.

4,985

600

Domino's

Pizza,

Inc.

611

262

DR

Horton,

Inc.(Û)

2,998

539

eBay,

Inc.(Ð)

17,515

974

Expedia

Group,

Inc.(Æ)

2,645

338

FactSet

Research

Systems,

Inc.

271

112

Fox

Corp.

Class

A(Ð)

5,967

227

Garmin,

Ltd.

253

43

General

Motors

Co.(Û)

11,305

501

Genuine

Parts

Co.

565

83

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Ð)

3,775

44

Grand

Canyon

Education,

Inc.(Æ)

920

143

Hilton

Worldwide

Holdings,

Inc.

1,118

240

Home

Depot,

Inc.

(The)

1,493

550

Hubbell,

Inc.

Class

B

91

36

KB

Home(Ð)

1,249

108

Lear

Corp.

1,466

179

Lennar

Corp.

Class

A(Û)

423

75

Leonardo

DRS,

Inc.(Æ)

2,211

62

Live

Nation

Entertainment,

Inc.(Æ)(Ð)

2,136

205

Lowe's

Cos.,

Inc.

4,311

1,058

Lululemon

Athletica

,

Inc.(Æ)

136

35

McDonald's

Corp.

388

103

Netflix,

Inc.

Class

B(Æ)

1,276

802

Nike,

Inc.

Class

B

15,769

1,180

NVR,

Inc.(Æ)(Û)(Ð)

56

482

Omnicom

Group,

Inc.

7,271

713

O'Reilly

Automotive,

Inc.(Æ)

68

77

Polaris,

Inc.

4,986

415

PriceSmart

,

Inc.(Û)

757

69

PulteGroup,

Inc.(Û)

967

128

Ross

Stores,

Inc.

6,858

982

Service

Corp.

International

3,720

297

Starbucks

Corp.

7,227

563

Target

Corp.

902

136

Tempur

Sealy

International,

Inc.

6,081

318

Tesla,

Inc.(Æ)

1,602

372

Thor

Industries,

Inc.

1,086

115

TJX

Cos.,

Inc.

(The)

2,013

228

Tractor

Supply

Co.

167

44

Ulta

Beauty,

Inc.(Æ)

99

36

Walmart,

Inc.

6,782

466

Walt

Disney

Co.

(The)

15,395

1,442

Wynn

Resorts,

Ltd.(Ð)

1,830

152

Yum!

Brands,

Inc.

6,836

908

Zillow

Group,

Inc.

Class

A(Æ)

3,407

162

23,866

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Consumer

Staples

-

5.9%

Archer-Daniels-Midland

Co.(Û)

5,787

359

BellRing

Brands,

Inc.(Æ)

2,626

135

Boston

Beer

Co.,

Inc.

Class

A(Æ)

294

82

Campbell

Soup

Co.

918

43

Church

&

Dwight

Co.,

Inc.

731

72

Clorox

Co.

(The)

269

36

Coca-Cola

Co.

(The)

15,824

1,056

Colgate-Palmolive

Co.

8,244

818

Conagra

Brands,

Inc.

3,102

94

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

1,547

154

General

Mills,

Inc.

1,847

124

Hershey

Co.

(The)

525

104

Hormel

Foods

Corp.

1,429

46

Ingredion,

Inc.

381

47

JM

Smucker

Co.

(The)

617

73

Kellanova

19,469

1,132

Kenvue

,

Inc.

9,961

184

Keurig

Dr

Pepper,

Inc.

11,327

388

Kimberly-Clark

Corp.

10,596

1,431

Kraft

Heinz

Co.

(The)

1,132

40

Kroger

Co.

(The)

2,834

154

Mondelez

International,

Inc.

Class

A

9,543

652

Monster

Beverage

Corp.(Æ)

3,196

164

PepsiCo,

Inc.

4,653

803

Pilgrim's

Pride

Corp.(Æ)

3,117

129

Procter

&

Gamble

Co.

(The)

5,567

895

Reynolds

Consumer

Products,

Inc.

2,200

61

Sysco

Corp.

10,750

824

Tyson

Foods,

Inc.

Class

A

6,180

376

Unilever

PLC

-

ADR

6,963

428

10,904

Energy

-

1.7%

Chevron

Corp.

1,619

260

Coterra

Energy,

Inc.

1,272

33

Devon

Energy

Corp.

6,190

291

Diamondback

Energy,

Inc.(Ð)

2,143

433

Eaton

Corp.

PLC

317

97

EOG

Resources,

Inc.

510

65

Exxon

Mobil

Corp.

4,144

491

Hess

Corp.

316

48

HF

Sinclair

Corp.

2,270

117

Kinder

Morgan,

Inc.

2,653

56

Marathon

Oil

Corp.

1,239

35

Marathon

Petroleum

Corp.

2,847

504

Murphy

Oil

Corp.

1,934

80

Valero

Energy

Corp.(Ð)

3,506

567

3,077

Financial

Services

-

13.4%

Affiliated

Managers

Group,

Inc.(Ð)

1,071

199

Aflac,

Inc.

1,969

188

Allstate

Corp.

(The)

3,370

577

American

Express

Co.

5,950

1,506

American

Tower

Corp.(ö)

6,360

1,402

Ameriprise

Financial,

Inc.

816

351

Aon

PLC

Class

A

3,024

993

Arch

Capital

Group,

Ltd.(Æ)

346

33

Arthur

J

Gallagher

&

Co.

187

53

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

18

Sustainable

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Assurant,

Inc.

392

68

Bank

of

America

Corp.

4,309

174

Bank

of

New

York

Mellon

Corp.

(The)(Ð)

(Û)

10,752

700

Berkshire

Hathaway,

Inc.

Class

B(Æ)

2,933

1,286

BlackRock,

Inc.

Class

A

657

576

BOK

Financial

Corp.

1,343

138

Brighthouse

Financial,

Inc.(Æ)(Ð)

2,937

146

Brown

&

Brown,

Inc.

402

40

Camden

Property

Trust(ö)(Û)

1,876

208

Carlyle

Group,

Inc.

(The)

7,070

352

Cboe

Global

Markets,

Inc.

204

37

Charles

Schwab

Corp.

(The)

490

32

Chubb,

Ltd.

899

248

Cincinnati

Financial

Corp.

303

39

Citigroup,

Inc.

1,166

76

CME

Group,

Inc.

Class

A

315

61

CNA

Financial

Corp.

984

48

Comerica,

Inc.(Ð)

2,221

122

Corebridge

Financial,

Inc.

5,230

154

Cullen/Frost

Bankers,

Inc.(Û)

1,569

184

Enact

Holdings,

Inc.

1,113

38

Equinix

,

Inc.(ö)

48

38

Equity

Commonwealth(Æ)(ö)

7,779

158

Essex

Property

Trust,

Inc.(Ð)(ö)(Û)

842

234

Everest

Re

Group,

Ltd.

526

207

First

American

Financial

Corp.

1,963

119

Genworth

Financial,

Inc.

Class

A(Æ)(Ð)

11,569

78

Goldman

Sachs

Group,

Inc.

(The)

147

75

Hanover

Insurance

Group,

Inc.

(The)(Ð)

1,014

139

Hartford

Financial

Services

Group,

Inc.

4,726

524

Howard

Hughes

Corp.

(The)(Æ)(Ð)

1,519

113

Huntington

Bancshares,

Inc.

2,597

39

Interactive

Brokers

Group,

Inc.

Class

A(Û)

2,439

291

Intercontinental

Exchange,

Inc.

639

97

Invitation

Homes,

Inc.(ö)

1,030

36

Jackson

Financial,

Inc.

Class

A

2,469

217

Janus

Henderson

Group

PLC

4,694

175

JPMorgan

Chase

&

Co.

3,252

692

LPL

Financial

Holdings,

Inc.

1,372

304

M&T

Bank

Corp.

319

55

Marsh

&

McLennan

Cos.,

Inc.

3,774

840

MasterCard,

Inc.

Class

A(Û)

2,882

1,336

Morgan

Stanley

967

100

Mr.

Cooper

Group,

Inc.(Æ)

1,439

129

Nasdaq,

Inc.

609

41

Northern

Trust

Corp.

555

49

Phillips

Edison

&

Co.,

Inc.(ö)

3,331

117

Pinnacle

Financial

Partners,

Inc.(Ð)

1,524

147

PNC

Financial

Services

Group,

Inc.

(The)

385

70

Popular,

Inc.

2,756

283

Primerica,

Inc.

217

55

Principal

Financial

Group,

Inc.

436

35

Progressive

Corp.

(The)(Û)

912

195

Prosperity

Bancshares,

Inc.

1,011

73

Public

Storage(ö)

161

48

Raymond

James

Financial,

Inc.

802

93

Realty

Income

Corp.(ö)

817

47

Reinsurance

Group

of

America,

Inc.

Class

A

1,777

401

RLI

Corp.(Ð)

836

126

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SEI

Investments

Co.

7,775

527

SLM

Corp.

6,998

159

State

Street

Corp.(Û)(Ð)

10,961

931

Stifel

Financial

Corp.

861

76

Synchrony

Financial

10,943

556

T

Rowe

Price

Group,

Inc.

321

37

Texas

Capital

Bancshares,

Inc.(Æ)

1,136

75

TPG,

Inc.

565

29

Travelers

Cos.,

Inc.

(The)

2,664

577

Truist

Financial

Corp.

1,201

54

US

Bancorp

16,689

749

Virtu

Financial,

Inc.

Class

A(Ð)

1,462

40

Visa,

Inc.

Class

A

11,549

3,068

Wells

Fargo

&

Co.

680

40

Wintrust

Financial

Corp.

500

54

WR

Berkley

Corp.

3,409

188

24,965

Health

Care

-

13.7%

Abbott

Laboratories

8,933

946

AbbVie,

Inc.

2,399

445

Agilent

Technologies,

Inc.

483

68

Align

Technology,

Inc.(Æ)

138

32

Amgen,

Inc.

5,025

1,671

Baxter

International,

Inc.

1,435

51

Becton

Dickinson

&

Co.

212

51

Biogen,

Inc.(Æ)(Ð)

4,431

945

Boston

Scientific

Corp.(Æ)

666

49

Cardinal

Health,

Inc.(Ð)

3,069

309

Cencora

,

Inc.

Class

A

5,923

1,409

Centene

Corp.(Æ)

5,405

416

Cigna

Group

(The)

545

190

Cooper

Cos,

Inc.

(The)(Æ)

843

79

Danaher

Corp.

7,503

2,079

DaVita

HealthCare

Partners,

Inc.(Æ)

293

40

Edwards

Lifesciences

Corp.(Æ)

1,667

105

Elevance

Health,

Inc.(Û)(Ð)

1,559

829

Eli

Lilly

&

Co.

798

642

Exelixis

,

Inc.(Æ)(Ð)

10,286

241

Gilead

Sciences,

Inc.(Û)

6,770

515

GRAIL,

Inc.(Æ)

56

1

HCA

Healthcare,

Inc.

498

181

Henry

Schein,

Inc.(Æ)

1,128

81

Hologic

,

Inc.(Æ)

411

34

Humana,

Inc.

1,242

449

IDEXX

Laboratories,

Inc.(Æ)

176

84

Illumina,

Inc.(Æ)

341

42

Incyte

Corp.(Æ)(Ð)

3,231

210

Intuitive

Surgical,

Inc.(Æ)

162

72

Jazz

Pharmaceuticals

PLC(Æ)

673

74

Johnson

&

Johnson

14,743

2,327

McKesson

Corp.(Û)

1,354

835

Medtronic

PLC

9,414

756

Merck

&

Co.,

Inc.(Û)

13,790

1,560

Moderna

,

Inc.(Æ)

322

38

Molina

Healthcare,

Inc.(Æ)(Ð)

1,596

545

Neurocrine

Biosciences,

Inc.(Æ)

1,933

274

Novo

Nordisk

A/S

-

ADR

6,589

874

Organon

&

Co.(Ð)

5,748

126

Regeneron

Pharmaceuticals,

Inc.(Æ)

112

121

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

19

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ResMed

,

Inc.

215

46

Sarepta

Therapeutics,

Inc.(Æ)

1,491

212

STERIS

PLC

157

38

Stryker

Corp.

457

150

Thermo

Fisher

Scientific,

Inc.

3,016

1,850

Ultragenyx

Pharmaceutical,

Inc.(Æ)

1,365

61

United

Therapeutics

Corp.(Æ)

207

65

UnitedHealth

Group,

Inc.

4,810

2,771

Universal

Health

Services,

Inc.

Class

B

428

92

Vertex

Pharmaceuticals,

Inc.(Æ)

598

296

Waters

Corp.(Æ)

136

46

West

Pharmaceutical

Services,

Inc.

125

38

Zoetis,

Inc.

Class

A

434

78

25,539

Materials

and

Processing

-

3.7%

Acuity

Brands,

Inc.

554

139

Ashland,

Inc.

1,290

125

Ball

Corp.

1,023

65

Builders

FirstSource

,

Inc.(Æ)

232

39

CF

Industries

Holdings,

Inc.

437

33

Commercial

Metals

Co.

1,428

86

Copart

,

Inc.(Æ)

3,261

171

Core

&

Main,

Inc.

Class

A(Æ)(Ð)

2,646

141

Crown

Holdings,

Inc.

1,959

174

Dow,

Inc.(Ð)

6,460

352

DuPont

de

Nemours,

Inc.(Ð)(Û)

5,004

419

Eagle

Materials,

Inc.

3

1

Eastman

Chemical

Co.

553

57

Ecolab,

Inc.

3,952

912

Fastenal

Co.

2,295

162

Huntsman

Corp.

5,184

124

Lennox

International,

Inc.(Ð)

385

225

Linde

PLC

2,453

1,112

Louisiana-Pacific

Corp.

1,530

150

LyondellBasell

Industries

NV

Class

A(Û)

3,480

346

Masco

Corp.

5,210

406

MDU

Resources

Group,

Inc.

562

15

NewMarket

Corp.

108

61

Nucor

Corp.

280

46

Packaging

Corp.

of

America

681

136

Pool

Corp.

98

37

PPG

Industries,

Inc.

4,797

609

Reliance

Steel

&

Aluminum

Co.

169

51

RPM

International,

Inc.

444

54

Sherwin-Williams

Co.

(The)

448

157

Silgan

Holdings,

Inc.

839

43

Sonoco

Products

Co.

651

35

Steel

Dynamics,

Inc.

614

82

Stepan

Co.

635

54

Trane

Technologies

PLC

327

109

Vulcan

Materials

Co.

142

39

Westlake

Chemical

Corp.(Ð)

887

131

6,898

Producer

Durables

-

13.6%

AECOM

2,823

256

AGCO

Corp.(Ð)

1,428

135

Allison

Transmission

Holdings,

Inc.

Class

A

957

85

Ametek

,

Inc.

335

58

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Amphenol

Corp.

Class

A(Ð)

30,586

1,965

AO

Smith

Corp.

512

44

Automatic

Data

Processing,

Inc.(Û)

2,924

768

Avery

Dennison

Corp.

560

121

Booz

Allen

Hamilton

Holding

Corp.

Class

A(Ð)

1,354

194

Canadian

Pacific

Kansas

City,

Ltd.

10,320

865

Carlisle

Cos.,

Inc.

87

36

Caterpillar,

Inc.

296

102

CH

Robinson

Worldwide,

Inc.

571

51

Cintas

Corp.

194

148

CNH

Industrial

NV

3,425

36

Corpay

,

Inc.(Æ)

2,107

615

CSX

Corp.

2,790

98

Cummins,

Inc.

2,244

655

Deere

&

Co.

358

133

Dover

Corp.

663

122

EMCOR

Group,

Inc.

86

32

Emerson

Electric

Co.

1,215

142

Equifax,

Inc.

2,598

726

Esab

Corp.

1,127

114

Euronet

Worldwide,

Inc.(Æ)

1,207

123

Expeditors

International

of

Washington,

Inc.

604

75

FedEx

Corp.

142

43

Flowserve

Corp.

8,808

445

Fortive

Corp.

1,037

75

Gartner,

Inc.(Æ)

1,448

726

General

Dynamics

Corp.

327

98

Gentex

Corp.

13,243

411

Global

Payments,

Inc.

4,825

490

Graco

,

Inc.(Ð)

3,240

276

GXO

Logistics,

Inc.(Æ)

16,139

903

Heico

Corp.

3,753

906

Honeywell

International,

Inc.

410

84

Huntington

Ingalls

Industries,

Inc.

163

46

IDEX

Corp.

174

36

Illinois

Tool

Works,

Inc.

664

164

Insperity

,

Inc.(Ð)

619

64

Jacobs

Solutions,

Inc.(Ð)

2,143

314

JB

Hunt

Transport

Services,

Inc.(Ð)

1,496

259

Keysight

Technologies,

Inc.(Æ)

388

54

L3Harris

Technologies,

Inc.

214

49

Landstar

System,

Inc.

879

167

Lockheed

Martin

Corp.

76

41

ManpowerGroup

,

Inc.

1,658

127

Mettler

-Toledo

International,

Inc.(Æ)

772

1,174

Moody's

Corp.

2,600

1,187

Murphy

USA,

Inc.

129

65

Norfolk

Southern

Corp.

165

41

Northrop

Grumman

Corp.

85

41

Old

Dominion

Freight

Line,

Inc.(Ð)

2,472

520

Otis

Worldwide

Corp.(Ð)

4,880

461

PACCAR

Financial

Corp.

1,592

157

Parker-Hannifin

Corp.

271

152

Paychex,

Inc.

1,143

146

PayPal

Holdings,

Inc.(Æ)

5,649

372

Pentair

PLC

444

39

Phinia

,

Inc.

740

33

Republic

Services,

Inc.

Class

A

320

62

Robert

Half,

Inc.(Ð)

3,323

213

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

20

Sustainable

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Rollins,

Inc.

1,603

77

Ryder

System,

Inc.(Ð)

1,033

145

S&P

Global,

Inc.

2,182

1,058

Schneider

National,

Inc.

Class

B(Ð)

4,050

109

Snap-on,

Inc.

571

164

Southwest

Airlines

Co.

1,271

34

TE

Connectivity,

Ltd.

1,819

281

Teledyne

Technologies,

Inc.(Æ)

91

38

Textron,

Inc.

813

76

TransDigm

Group,

Inc.

1,251

1,619

TriNet

Group,

Inc.

840

88

Union

Pacific

Corp.

364

90

United

Parcel

Service,

Inc.

Class

B

457

60

United

Rentals,

Inc.

98

74

Veralto

Corp.

7,993

852

Verisk

Analytics,

Inc.

Class

A

1,561

409

Waste

Management,

Inc.

2,508

508

Werner

Enterprises,

Inc.(Ð)

2,445

96

Westinghouse

Air

Brake

Technologies

Corp.

2,132

344

WW

Grainger,

Inc.

902

881

Xylem,

Inc.

847

113

25,256

Technology

-

34.9%

Accenture

PLC

Class

A

1,021

338

Adobe,

Inc.(Æ)

2,113

1,166

Advanced

Micro

Devices,

Inc.(Æ)

225

33

Airbnb,

Inc.

Class

A(Æ)

414

58

Akamai

Technologies,

Inc.(Æ)

2,537

175

Allegion

PLC

720

98

Alphabet,

Inc.

Class

A

9,111

1,563

Alphabet,

Inc.

Class

C

18,101

3,134

Amdocs,

Ltd.

8,858

775

Analog

Devices,

Inc.

3,276

758

Apple,

Inc.(Û)

45,431

10,089

Applied

Materials,

Inc.

1,700

361

Arista

Networks,

Inc.(Æ)

260

90

Arrow

Electronics,

Inc.(Æ)

355

44

Atlassian

Corp.

Class

A(Æ)(Ð)

868

153

Autodesk,

Inc.(Æ)

3,034

751

Avnet,

Inc.

839

45

Booking

Holdings,

Inc.(Û)

199

739

Box,

Inc.

Class

A(Æ)(Ð)

5,141

145

Broadcom,

Inc.

7,160

1,150

CACI

International,

Inc.

Class

A(Æ)

155

72

Cadence

Design

Systems,

Inc.(Æ)

473

127

CDW

Corp.

195

43

Ciena

Corp.(Æ)(Û)

2,213

117

Cirrus

Logic,

Inc.(Æ)(Ð)

3,620

472

Cisco

Systems,

Inc.

4,196

203

Cognizant

Technology

Solutions

Corp.

Class

A

3,218

244

CommVault

Systems,

Inc.(Æ)

810

124

Dropbox,

Inc.

Class

A(Æ)(Ð)

10,398

249

Dynatrace

,

Inc.(Æ)(Ð)

3,218

141

Electronic

Arts,

Inc.

1,420

214

F5,

Inc.(Æ)

432

88

Fiserv,

Inc.(Æ)

467

76

Fortinet,

Inc.(Æ)(Ð)

6,903

401

GoDaddy

,

Inc.

Class

A(Æ)

3,152

458

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Guidewire

Software,

Inc.(Æ)

1,212

182

Hewlett

Packard

Enterprise

Co.

2,935

58

Intel

Corp.(Û)(Ð)

14,728

453

International

Business

Machines

Corp.

453

87

Intuit,

Inc.

3,533

2,287

Jack

Henry

&

Associates,

Inc.

462

79

Juniper

Networks,

Inc.

993

37

KBR,

Inc.

3,116

207

KLA

Corp.

313

258

Lam

Research

Corp.

268

247

Leidos

Holdings,

Inc.

543

78

Lyft,

Inc.

Class

A(Æ)

12,072

145

Manhattan

Associates,

Inc.(Æ)(Ð)

821

210

Meta

Platforms,

Inc.

Class

A(Û)

5,418

2,573

Microchip

Technology,

Inc.

17,163

1,524

Microsoft

Corp.

23,696

9,913

Monolithic

Power

Systems,

Inc.

64

55

Motorola

Solutions,

Inc.

169

67

MSCI,

Inc.

Class

A

1,325

716

N-Able,

Inc.(Æ)

2,281

32

NetApp,

Inc.

6,327

803

Nutanix

,

Inc.

Class

A(Æ)

6,653

336

NVIDIA

Corp.

63,810

7,467

NXP

Semiconductors

NV

725

191

ON

Semiconductor

Corp.(Æ)

527

41

Oracle

Corp.

9,407

1,312

Palo

Alto

Networks,

Inc.(Æ)

223

72

Procore

Technologies,

Inc.(Æ)

1,220

87

QUALCOMM,

Inc.

5,464

989

Qualys

,

Inc.(Æ)(Ð)

474

71

Roper

Technologies,

Inc.

1,452

791

Salesforce,

Inc.

6,638

1,718

SAP

SE

-

ADR

6,817

1,442

ServiceNow

,

Inc.(Æ)

910

741

Skyworks

Solutions,

Inc.

1,600

182

Smartsheet

,

Inc.

Class

A(Æ)

2,350

113

Sonos

,

Inc.(Æ)

3,301

45

Spotify

Technology

SA(Æ)

1,561

537

SS&C

Technologies

Holdings,

Inc.

941

69

Super

Micro

Computer,

Inc.(Æ)

62

43

Synopsys,

Inc.(Æ)

1,135

634

Teradata

Corp.(Æ)(Ð)

2,424

79

Teradyne,

Inc.

250

33

Texas

Instruments,

Inc.

2,477

505

Uber

Technologies,

Inc.(Æ)(Û)

8,391

541

VeriSign,

Inc.(Æ)

2,309

432

Workday,

Inc.

Class

A(Æ)

6,020

1,367

Yelp,

Inc.

Class

A(Æ)

2,193

80

Zoom

Video

Communications,

Inc.

Class

A(Æ)

3,633

219

64,842

Utilities

-

2.5%

Ameren

Corp.

4,133

328

American

States

Water

Co.

940

77

American

Water

Works

Co.,

Inc.

273

39

AT&T,

Inc.

2,801

54

Atmos

Energy

Corp.

310

40

Avangrid

,

Inc.

10,468

373

CenterPoint

Energy,

Inc.(Ð)

4,689

130

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

21

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CMS

Energy

Corp.

571

37

ConocoPhillips(Ð)

4,325

481

Consolidated

Edison,

Inc.

933

91

DTE

Energy

Co.

756

91

Duke

Energy

Corp.

33

4

Edison

International

4,468

357

Eversource

Energy

5,355

348

Exelon

Corp.(Û)

12,691

472

FirstEnergy

Corp.

2,047

86

Iridium

Communications,

Inc.

1,465

42

Magnolia

Oil

&

Gas

Corp.

Class

A

3,707

101

NRG

Energy,

Inc.

4,344

326

ONE

Gas,

Inc.(Ð)

1,151

80

Pinnacle

West

Capital

Corp.

894

76

Sempra

Energy

1,448

116

Southwest

Gas

Holdings,

Inc.

349

26

T-Mobile

USA,

Inc.

766

140

Verizon

Communications,

Inc.(Û)

17,464

708

WEC

Energy

Group,

Inc.

1,113

96

4,719

Total

Common

Stocks

(cost

$127,103)

190,066

Short-Term

Investments

-

3.7%

U.S.

Cash

Management

Fund(@)

6,853,619

(∞)

6,852

Total

Short-Term

Investments

(cost

$6,852)

6,852

Total

Investments

-

105.9%

(identified

cost

$133,955)

196,918

Securities

Sold

Short

-

(6.0)%

Consumer

Discretionary

-

(1.0)%

Acushnet

Holdings

Corp.

(1,229)

(89)

Advanced

Energy

Industries,

Inc.

(468)

(54)

Asbury

Automotive

Group,

Inc.(Æ)

(218)

(59)

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

(1,420)

(62)

Caesars

Entertainment,

Inc.(Æ)

(4,467)

(178)

Choice

Hotels

International,

Inc.

(1,033)

(132)

Churchill

Downs,

Inc.

(996)

(143)

Crocs,

Inc.(Æ)

(510)

(69)

Dutch

Bros,

Inc.

Class

A(Æ)

(2,531)

(97)

FirstCash

Holdings,

Inc.

(827)

(92)

Group

1

Automotive,

Inc.

(239)

(87)

Hilton

Grand

Vacations,

Inc.(Æ)

(3,073)

(133)

Lithia

Motors,

Inc.

Class

A

(664)

(183)

Penn

Entertainment,

Inc.(Æ)

(1,703)

(34)

Service

Corp.

International

(754)

(60)

Topgolf

Callaway

Brands

Corp.(Æ)

(4,274)

(71)

Warner

Bros

Discovery,

Inc.(Æ)

(35,852)

(310)

(1,853)

Consumer

Staples

-

(0.1)%

Casey's

General

Stores,

Inc.

(209)

(81)

Kraft

Heinz

Co.

(The)

(5,495)

(194)

(275)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Energy

-

(0.5)%

Enphase

Energy,

Inc.(Æ)

(2,105)

(242)

EQT

Corp.

(3,214)

(111)

ONEOK,

Inc.

(2,279)

(190)

Patterson-UTI

Energy,

Inc.

(12,909)

(142)

Sitio

Royalties

Corp.

Class

A

(2,262)

(55)

Uranium

Energy

Corp.(Æ)

(16,044)

(95)

(835)

Financial

Services

-

(1.2)%

AGNC

Investment

Corp.(ö)

(18,719)

(187)

Annaly

Capital

Management,

Inc.(ö)

(1,448)

(29)

Apollo

Global

Management,

Inc.

(1,714)

(215)

Arbor

Realty

Trust,

Inc.(ö)

(5,449)

(74)

Arthur

J

Gallagher

&

Co.

(105)

(30)

Berkshire

Hathaway,

Inc.

Class

B(Æ)

(212)

(93)

Cohen

&

Steers,

Inc.

(1,933)

(166)

First

Financial

Bankshares

,

Inc.

(1,248)

(48)

Glacier

Bancorp,

Inc.

(1,107)

(49)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(1,350)

(44)

Healthcare

Realty

Trust,

Inc.(ö)

(7,527)

(133)

Iron

Mountain,

Inc.(ö)

(2,341)

(240)

Marsh

&

McLennan

Cos.,

Inc.

(539)

(120)

Old

National

Bancorp

(4,943)

(99)

OneMain

Holdings,

Inc.

(3,744)

(196)

Park

National

Corp.

(383)

(68)

Potlatch

Corp.(ö)

(1,039)

(46)

ServisFirst

Bancshares,

Inc.

(550)

(44)

Starwood

Property

Trust,

Inc.(ö)

(9,478)

(189)

UWM

Holdings

Corp.

(8,726)

(73)

Weyerhaeuser

Co.(ö)

(976)

(31)

(2,174)

Health

Care

-

(0.9)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(2,674)

(173)

Amicus

Therapeutics,

Inc.(Æ)

(1,485)

(15)

Avantor

,

Inc.(Æ)

(2,727)

(73)

Axsome

Therapeutics,

Inc.(Æ)

(206)

(18)

Bio-

Techne

Corp.

(2,016)

(165)

BridgeBio

Pharma,

Inc.(Æ)

(1,186)

(31)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(336)

(18)

Danaher

Corp.

(712)

(197)

Globus

Medical,

Inc.

Class

A(Æ)

(3,226)

(232)

ICU

Medical,

Inc.(Æ)

(203)

(26)

Immunovant

,

Inc.(Æ)

(632)

(18)

Integer

Holdings

Corp.(Æ)

(350)

(42)

Myriad

Genetics,

Inc.(Æ)

(1,131)

(32)

Neogen

Corp.(Æ)

(10,034)

(171)

Nuvalent

,

Inc.

Class

A(Æ)

(244)

(20)

RadNet

,

Inc.(Æ)

(1,103)

(66)

Repligen

Corp.(Æ)

(433)

(72)

Select

Medical

Holdings

Corp.

(1,298)

(52)

Sotera

Health

Co.(Æ)

(1,039)

(14)

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

22

Sustainable

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Surgery

Partners,

Inc.(Æ)

(3,502)

(106)

Thermo

Fisher

Scientific,

Inc.

(64)

(39)

TransMedics

Group,

Inc.(Æ)

(167)

(24)

Vaxcyte

,

Inc.(Æ)

(1,018)

(80)

(1,684)

Materials

and

Processing

-

(0.2)%

AAON,

Inc.

(229)

(20)

Albemarle

Corp.

(646)

(60)

Modine

Manufacturing

Co.(Æ)

(542)

(64)

Pool

Corp.

(26)

(10)

Quaker

Chemical

Corp.

(648)

(118)

SPX

Technologies,

Inc.(Æ)

(249)

(37)

(309)

Producer

Durables

-

(0.9)%

ASGN,

Inc.(Æ)

(460)

(43)

Badger

Meter,

Inc.

(476)

(98)

Bloom

Energy

Corp.

Class

A(Æ)

(2,123)

(29)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(992)

(103)

Howmet

Aerospace,

Inc.

(2,355)

(225)

Itron

,

Inc.(Æ)

(501)

(52)

Kadant

,

Inc.

(183)

(64)

Kirby

Corp.(Æ)

(147)

(18)

Nordson

Corp.

(529)

(132)

OSI

Systems,

Inc.(Æ)

(364)

(54)

RBC

Bearings,

Inc.(Æ)

(684)

(199)

S&P

Global,

Inc.

(443)

(215)

Standex

International

Corp.

(175)

(33)

Teledyne

Technologies,

Inc.(Æ)

(443)

(187)

Union

Pacific

Corp.

(778)

(192)

Zurn

Elkay

Water

Solutions

Corp.

(1,908)

(62)

(1,706)

Technology

-

(0.7)%

Analog

Devices,

Inc.

(927)

(215)

EchoStar

Corp.

Class

A(Æ)

(2,001)

(40)

Fiserv,

Inc.(Æ)

(1,267)

(207)

Gen

Digital,

Inc.

(8,000)

(208)

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

(1,491)

(150)

Motorola

Solutions,

Inc.

(531)

(212)

Oracle

Corp.

(968)

(135)

PTC,

Inc.(Æ)

(59)

(11)

Sanmina

Corp.(Æ)

(626)

(47)

Vishay

Intertechnology

,

Inc.

(2,800)

(68)

Wolfspeed

,

Inc.(Æ)

(2,428)

(46)

(1,339)

Utilities

-

(0.5)%

Alliant

Energy

Corp.

(3,338)

(186)

APA

Corp.

(332)

(10)

Civitas

Resources,

Inc.

(1,420)

(99)

Cogent

Communications

Holdings,

Inc.

(1,698)

(120)

Evergy

,

Inc.

(3,449)

(200)

MGE

Energy,

Inc.

(1,497)

(131)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

New

Fortress

Energy,

Inc.

(3,432)

(68)

Northern

Oil

and

Gas,

Inc.

(1,600)

(69)

Otter

Tail

Corp.

(928)

(90)

Permian

Resources

Corp.

(1,339)

(21)

(994)

Total

Securities

Sold

Short

(proceeds

$10,060)

(11,169)

Other

Assets

and

Liabilities,

Net

-

0.1%

179

Net

Assets

-

100.0%

185,928

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

23

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

24

USD

6,670

09/24

5

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

5

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

23,866

$

—

$

—

$

—

$

23,866

Consumer

Staples

10,904

—

—

—

10,904

Energy

3,077

—

—

—

3,077

Financial

Services

24,965

—

—

—

24,965

Health

Care

25,539

—

—

—

25,539

Materials

and

Processing

6,898

—

—

—

6,898

Producer

Durables

25,256

—

—

—

25,256

Technology

64,842

—

—

—

64,842

Utilities

4,719

—

—

—

4,719

Short-Term

Investments

—

—

—

6,852

6,852

Total

Investments

190,066

—

—

6,852

196,918

Securities

Sold

Short

*

(11,169)

—

—

—

(11,169)

Other

Financial

Instruments

Assets

Futures

Contracts

5

—

—

—

5

Total

Other

Financial

Instruments

**

$

5

$

—

$

—

$

—

$

5

*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

24

Sustainable

Equity

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

6,244

$

41,124

$

40,517

$

—

$

1

$

6,852

$

296

$

—

U.S.

Cash

Collateral

Fund

68

855

923

—

—

—

1

—

$

6,312

$

41,979

$

41,440

$

—

$

1

$

6,852

$

297

$

—

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

25

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

101.4%

Consumer

Discretionary

-

13.4%

Advance

Auto

Parts,

Inc.(Ð)

56,854

3,601

Amazon.com,

Inc.(Æ)(Û)

637,072

119,120

Atmus

Filtration

Technologies,

Inc.

94,860

2,925

Autoliv

,

Inc.

17,963

1,817

AutoZone,

Inc.(Æ)

2,084

6,531

BorgWarner,

Inc.

113,753

4,017

Central

Garden

&

Pet

Co.

Class

A(Æ)

6,209

213

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

217,540

11,817

Comcast

Corp.

Class

A

190,253

7,852

Costco

Wholesale

Corp.

28,250

23,221

Coupang

,

Inc.(Æ)

149,661

3,105

Dick's

Sporting

Goods,

Inc.

14,928

3,230

Dillard's,

Inc.

Class

A(Ð)

2,100

837

Domino's

Pizza,

Inc.(Ð)(Û)

9,855

4,225

DR

Horton,

Inc.

35,729

6,429

Duolingo

,

Inc.(Æ)(Ð)

2,805

482

eBay,

Inc.

171,249

9,523

Expedia

Group,

Inc.(Æ)(Ð)(Û)

32,772

4,184

FactSet

Research

Systems,

Inc.

7,420

3,065

Foot

Locker,

Inc.(Ð)

30,439

885

Ford

Motor

Co.

259,642

2,809

Fox

Corp.

Class

A(Ð)

148,200

5,638

Garmin,

Ltd.

33,693

5,770

General

Motors

Co.(Û)

494,626

21,922

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Ð)

83,163

973

Home

Depot,

Inc.

(The)

20,359

7,495

Hubbell,

Inc.

Class

B

9,398

3,718

KB

Home(Ð)

24,316

2,093

Lear

Corp.

28,624

3,493

Lennar

Corp.

Class

A(Û)

44,974

7,957

Leonardo

DRS,

Inc.(Æ)

34,540

974

Liberty

Media

Corp.(Æ)

152,645

3,436

Lithia

Motors,

Inc.

Class

A

12,133

3,353

Live

Nation

Entertainment,

Inc.(Æ)(Ð)

126,616

12,179

Lowe's

Cos.,

Inc.

54,406

13,357

Marriott

International,

Inc.

Class

A

17,082

3,883

McDonald's

Corp.

41,318

10,966

MercadoLibre

,

Inc.(Æ)(Ð)

506

844

Netflix,

Inc.

Class

B(Æ)

8,423

5,293

News

Corp.

Class

A

129,311

3,566

NVR,

Inc.(Æ)(Ð)

(Û)

1,077

9,270

Omnicom

Group,

Inc.(Ð)

60,229

5,905

O'Reilly

Automotive,

Inc.(Æ)

11,690

13,167

RB

Global,

Inc.

19,107

1,521

Ross

Stores,

Inc.

35,033

5,018

Royal

Caribbean

Cruises,

Ltd.

15,298

2,397

SharkNinja

,

Inc.(Û)

29,431

2,262

Skechers

USA,

Inc.

Class

A(Æ)

38,316

2,496

Target

Corp.

21,764

3,274

Tesla,

Inc.(Æ)

49,060

11,385

Texas

Roadhouse,

Inc.

Class

A

21,219

3,705

TJX

Cos.,

Inc.

(The)

93,979

10,621

Tri

Pointe

Homes,

Inc.(Æ)

30,655

1,387

TripAdvisor,

Inc.(Æ)(Ð)

146,903

2,590

Ulta

Beauty,

Inc.(Æ)

6,279

2,291

Walmart,

Inc.

127,095

8,724

Walt

Disney

Co.

(The)

65,635

6,149

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Williams-Sonoma,

Inc.(Ð)

46,926

7,259

436,219

Consumer

Staples

-

4.0%

Ambev

SA

-

ADR(Æ)

1,571,671

3,238

Archer-Daniels-Midland

Co.(Û)

227,470

14,105

Boston

Beer

Co.,

Inc.

Class

A(Æ)

3,383

948

Church

&

Dwight

Co.,

Inc.

42,912

4,206

Coca-Cola

Co.

(The)

122,581

8,181

Colgate-Palmolive

Co.

41,696

4,136

Conagra

Brands,

Inc.

243,557

7,385

CVS

Health

Corp.

223,074

13,458

Hershey

Co.

(The)

13,789

2,723

Kenvue

,

Inc.

120,415

2,226

Kroger

Co.

(The)

201,010

10,955

Mondelez

International,

Inc.

Class

A

100,171

6,847

Monster

Beverage

Corp.(Æ)

262,846

13,523

PepsiCo,

Inc.

35,482

6,127

Philip

Morris

International,

Inc.

25,729

2,963

Pilgrim's

Pride

Corp.(Æ)

2,180

90

Procter

&

Gamble

Co.

(The)

69,813

11,223

Tyson

Foods,

Inc.

Class

A(Ð)

246,855

15,033

Walgreens

Boots

Alliance,

Inc.

105,405

1,251

128,618

Energy

-

4.2%

Baker

Hughes

Co.

317,293

12,285

BP

PLC

-

ADR

190,700

6,749

Canadian

Natural

Resources,

Ltd.

113,754

4,036

Chevron

Corp.

80,148

12,861

Coterra

Energy,

Inc.

115,153

2,971

Devon

Energy

Corp.

60,136

2,828

Eaton

Corp.

PLC

41,756

12,727

EOG

Resources,

Inc.

22,522

2,856

Exxon

Mobil

Corp.

236,452

28,041

First

Solar,

Inc.(Æ)

17,405

3,759

HF

Sinclair

Corp.

32,895

1,693

Kinder

Morgan,

Inc.

150,830

3,187

Marathon

Petroleum

Corp.(Û)

55,987

9,911

Occidental

Petroleum

Corp.

45,373

2,760

Phillips

66(Ð)

33,513

4,875

Shell

PLC

-

ADR

81,489

5,967

TechnipFMC

PLC

78,639

2,320

Valero

Energy

Corp.(Ð)

84,338

13,639

Williams

Cos.,

Inc.

(The)

62,180

2,670

136,135

Financial

Services

-

13.0%

AerCap

Holdings

Ltd.

/

AerCap

Global

Aviation

Trust

89,174

8,378

Affiliated

Managers

Group,

Inc.(Ð)

17,613

3,269

Aflac,

Inc.

53,616

5,114

Alliance

Data

Systems

Corp.

52,497

2,865

Allstate

Corp.

(The)(Û)

74,396

12,731

Ally

Financial,

Inc.(Û)

39,055

1,758

American

Express

Co.

60,532

15,317

American

Tower

Corp.(ö)

11,497

2,534

Ameriprise

Financial,

Inc.

16,265

6,995

Apollo

Global

Management,

Inc.

87,652

10,984

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

26

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Axis

Capital

Holdings,

Ltd.(Ð)

29,398

2,227

Bank

of

America

Corp.

309,461

12,474

Bank

of

New

York

Mellon

Corp.

(The)(Ð)

152,805

9,943

Berkshire

Hathaway,

Inc.

Class

B(Æ)

9,608

4,213

BlackRock,

Inc.

Class

A

4,288

3,758

BOK

Financial

Corp.

11,834

1,217

Brighthouse

Financial,

Inc.(Æ)(Ð)

41,253

2,057

Camden

Property

Trust(ö)(Û)

29,979

3,320

Carlyle

Group,

Inc.

(The)

250,493

12,460

CBRE

Group,

Inc.

Class

A(Æ)

43,267

4,877

Charles

Schwab

Corp.

(The)

26,794

1,747

Chubb,

Ltd.

17,411

4,799

Cincinnati

Financial

Corp.

20,360

2,659

Citigroup,

Inc.

303,014

19,660

CNO

Financial

Group,

Inc.

18,476

644

Comerica,

Inc.(Ð)

68,285

3,743

Corebridge

Financial,

Inc.

138,293

4,087

Cullen/Frost

Bankers,

Inc.(Ð)(Û)

24,401

2,856

Enact

Holdings,

Inc.

2,624

89

Equinix

,

Inc.(ö)

3,063

2,420

Equity

Commonwealth(Æ)(Ð)(ö)

89,034

1,814

Essex

Property

Trust,

Inc.(Ð)(ö)

15,027

4,183

Evercore

,

Inc.

Class

A

16,988

4,254

Everest

Re

Group,

Ltd.

3,552

1,395

First

American

Financial

Corp.

45,820

2,776

Gaming

and

Leisure

Properties,

Inc.(ö)

46,645

2,342

Genworth

Financial,

Inc.

Class

A(Æ)(Ð)

19,000

129

Goldman

Sachs

Group,

Inc.

(The)

10,759

5,477

Hanover

Insurance

Group,

Inc.

(The)(Ð)

17,975

2,471

Hartford

Financial

Services

Group,

Inc.

34,270

3,801

Howard

Hughes

Corp.

(The)(Æ)(Ð)

62,573

4,641

Interactive

Brokers

Group,

Inc.

Class

A(Ð)

(Û)

31,896

3,804

Intercontinental

Exchange,

Inc.

17,656

2,676

InvenTrust

Properties

Corp.(Ð)(ö)

5,700

161

JPMorgan

Chase

&

Co.

108,893

23,172

Kemper

Corp.

9,320

597

KeyCorp(Ð)

258,003

4,162

Kinsale

Capital

Group,

Inc.(Ð)

2,401

1,097

LPL

Financial

Holdings,

Inc.

6,545

1,450

Marsh

&

McLennan

Cos.,

Inc.

11,264

2,507

MasterCard,

Inc.

Class

A(Û)

99,707

46,235

Mercury

General

Corp.

5,258

315

Morgan

Stanley

96,372

9,947

NU

Holdings,

Ltd.

Class

A(Æ)

493,839

5,990

Park

Hotels

&

Resorts,

Inc.(Ð)(ö)

19,243

290

PennyMac

Financial

Services,

Inc.

2,543

249

Pinnacle

Financial

Partners,

Inc.(Ð)

17,525

1,688

Popular,

Inc.

38,507

3,952

Progressive

Corp.

(The)

27,867

5,967

Prologis,

LP(ö)

76,539

9,648

Public

Storage(ö)

8,042

2,380

Raymond

James

Financial,

Inc.

31,777

3,686

Reinsurance

Group

of

America,

Inc.

Class

A

32,009

7,216

RLI

Corp.(Ð)

7,784

1,172

Robinhood

Markets,

Inc.

Class

A(Æ)

199,013

4,094

SLM

Corp.

166,275

3,773

Synchrony

Financial

157,520

8,000

TPG,

Inc.

38,213

1,948

Travelers

Cos.,

Inc.

(The)(Û)

84,342

18,255

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

US

Bancorp

175,407

7,872

Vestis

Corp.

67,950

881

Visa,

Inc.

Class

A

42,590

11,315

Wells

Fargo

&

Co.

305,494

18,128

Willis

Towers

Watson

PLC

21,077

5,950

WR

Berkley

Corp.

53,062

2,925

423,980

Health

Care

-

12.4%

Abbott

Laboratories

66,510

7,046

AbbVie,

Inc.

100,769

18,675

Acadia

Pharmaceuticals,

Inc.(Æ)

116,606

2,218

Agilent

Technologies,

Inc.

88,591

12,527

Align

Technology,

Inc.(Æ)

23,973

5,559

Amgen,

Inc.

16,057

5,338

Baxter

International,

Inc.

108,008

3,869

Biogen,

Inc.(Æ)

10,656

2,272

Boston

Scientific

Corp.(Æ)

45,110

3,333

Bristol-Myers

Squibb

Co.

193,105

9,184

Cardinal

Health,

Inc.(Ð)

43,290

4,365

Centene

Corp.(Æ)

47,038

3,618

Cigna

Group

(The)

18,309

6,384

Corcept

Therapeutics,

Inc.(Æ)(Ð)

24,110

932

Danaher

Corp.

18,670

5,173

DaVita

HealthCare

Partners,

Inc.(Æ)(Ð)

3,369

460

Dentsply

Sirona,

Inc.

175,029

4,750

DexCom

,

Inc.(Æ)

18,648

1,265

Doximity

,

Inc.

Class

A(Æ)(Ð)

5,111

143

Edwards

Lifesciences

Corp.(Æ)

25,216

1,590

Elevance

Health,

Inc.(Ð)(Û)

31,405

16,708

Eli

Lilly

&

Co.

27,798

22,357

Encompass

Health

Corp.

41,742

3,880

Exelixis

,

Inc.(Æ)

234,290

5,494

Fortrea

Holdings,

Inc.(Æ)(Ð)

67,909

1,874

GE

HealthCare

Technologies,

Inc.

74,120

6,273

Gilead

Sciences,

Inc.

64,277

4,889

GSK

PLC

-

ADR

146,099

5,664

HCA

Healthcare,

Inc.

12,936

4,696

Humana,

Inc.

24,500

8,859

IDEXX

Laboratories,

Inc.(Æ)

3,920

1,866

Incyte

Corp.(Æ)(Ð)

5,259

342

Intuitive

Surgical,

Inc.(Æ)

35,245

15,670

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

46,679

2,309

Jazz

Pharmaceuticals

PLC(Æ)

32,781

3,614

Johnson

&

Johnson

102,823

16,231

McKesson

Corp.(Ð)

17,044

10,517

Medtronic

PLC

109,685

8,810

Merck

&

Co.,

Inc.

70,544

7,981

Molina

Healthcare,

Inc.(Æ)(Ð)

24,474

8,352

Neurocrine

Biosciences,

Inc.(Æ)(Û)

23,670

3,351

Organon

&

Co.(Ð)

265,644

5,807

Oscar

Health,

Inc.

Class

A(Æ)

31,642

559

Pfizer,

Inc.

271,986

8,307

PTC

Therapeutics,

Inc.(Æ)(Ð)

71,546

2,422

Qiagen

NV(Æ)

77,590

3,452

Regeneron

Pharmaceuticals,

Inc.(Æ)

16,109

17,385

Royalty

Pharma

PLC

Class

A

132,652

3,737

Sanofi

SA

-

ADR

62,419

3,234

Sarepta

Therapeutics,

Inc.(Æ)(Ð)(Û)

29,839

4,244

Stryker

Corp.

36,214

11,858

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

27

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tandem

Diabetes

Care,

Inc.(Æ)

57,135

2,113

Thermo

Fisher

Scientific,

Inc.

8,609

5,280

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)

31,395

1,413

UnitedHealth

Group,

Inc.

76,394

44,015

Veeva

Systems,

Inc.

Class

A(Æ)

26,136

5,016

Vertex

Pharmaceuticals,

Inc.(Æ)

22,193

11,002

Viatris

,

Inc.

263,239

3,175

Zoetis,

Inc.

Class

A

54,744

9,856

401,313

Materials

and

Processing

-

4.2%

Boise

Cascade

Co.(Ð)

11,636

1,653

Builders

FirstSource

,

Inc.(Æ)

30,434

5,094

Carrier

Global

Corp.

76,352

5,200

Commercial

Metals

Co.

1,890

114

Copart

,

Inc.(Æ)

241,027

12,613

Crown

Holdings,

Inc.

107,143

9,504

Dow,

Inc.(Ð)

12,000

654

DuPont

de

Nemours,

Inc.(Ð)(Û)

85,193

7,131

Ecolab,

Inc.

15,973

3,685

Fastenal

Co.

58,559

4,143

FMC

Corp.

119,285

6,961

Freeport-McMoRan,

Inc.

127,858

5,806

Huntsman

Corp.

164,051

3,926

Lennox

International,

Inc.(Ð)

5,628

3,284

Linde

PLC

33,029

14,979

Louisiana-Pacific

Corp.

48,532

4,764

Martin

Marietta

Materials,

Inc.

17,470

10,366

Nucor

Corp.

25,945

4,227

Packaging

Corp.

of

America

18,078

3,613

Southern

Copper

Corp.

32,102

3,422

Trane

Technologies

PLC

33,869

11,322

Vulcan

Materials

Co.

39,516

10,847

Westlake

Chemical

Corp.(Ð)(Û)

30,200

4,465

137,773

Producer

Durables

-

8.8%

3M

Co.

32,588

4,157

AECOM

54,571

4,945

Alaska

Air

Group,

Inc.(Æ)

84,725

3,180

Allison

Transmission

Holdings,

Inc.

Class

A

7,499

664

Ametek

,

Inc.

18,887

3,277

Amphenol

Corp.

Class

A(Ð)

106,052

6,815

AO

Smith

Corp.

32,267

2,744

Block,

Inc.

Class

A(Æ)

38,571

2,387

Boeing

Co.

(The)(Æ)

18,629

3,551

Chart

Industries,

Inc.(Æ)

31,197

5,025

Cintas

Corp.

5,562

4,249

Corpay

,

Inc.(Æ)

11,118

3,244

CoStar

Group,

Inc.(Æ)

49,455

3,858

CSX

Corp.

324,898

11,404

Cummins,

Inc.

17,128

4,998

Deere

&

Co.

21,592

8,032

Delta

Air

Lines,

Inc.

177,220

7,624

Donaldson

Co.,

Inc.

38,547

2,884

Dover

Corp.

20,013

3,688

EMCOR

Group,

Inc.

10,860

4,077

Emerson

Electric

Co.

44,693

5,234

Expeditors

International

of

Washington,

Inc.

31,657

3,951

FedEx

Corp.

34,229

10,346

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fluor

Corp.(Æ)

10,766

518

Fortive

Corp.

36,111

2,595

FTI

Consulting,

Inc.(Æ)

12,781

2,786

GE

Vernova

,

Inc.(Æ)

4,873

869

General

Dynamics

Corp.

15,580

4,654

Global

Payments,

Inc.

99,326

10,095

Howmet

Aerospace,

Inc.

85,352

8,168

Insperity

,

Inc.(Ð)

21,734

2,232

JB

Hunt

Transport

Services,

Inc.(Ð)

57,239

9,911

Landstar

System,

Inc.(Ð)

28,545

5,431

Littelfuse

,

Inc.

8,546

2,283

Magna

International,

Inc.

Class

A

92,056

4,085

ManpowerGroup

,

Inc.(Ð)

28,403

2,175

Nordson

Corp.

10,014

2,507

Northrop

Grumman

Corp.

20,269

9,817

Old

Dominion

Freight

Line,

Inc.(Ð)

57,082

11,997

Otis

Worldwide

Corp.(Ð)(Û)

78,423

7,411

PACCAR

Financial

Corp.

34,685

3,422

Parker-Hannifin

Corp.

5,499

3,086

Paychex,

Inc.

24,346

3,117

Pentair

PLC

37,891

3,329

Phinia

,

Inc.(Ð)

52,075

2,328

Regal

Rexnord

Corp.

13,847

2,225

Republic

Services,

Inc.

Class

A

10,397

2,020

Robert

Half,

Inc.(Ð)

47,869

3,073

Rollins,

Inc.

56,595

2,711

RXO,

Inc.(Æ)(Ð)

60,519

1,919

Ryder

System,

Inc.(Ð)

19,459

2,727

S&P

Global,

Inc.

7,705

3,735

Saia,

Inc.(Æ)(Ð)

7,263

3,035

Schneider

National,

Inc.

Class

B(Ð)

68,200

1,835

Snap-on,

Inc.

16,738

4,804

Trade

Desk,

Inc.

(The)

Class

A(Æ)

34,970

3,143

TransUnion(Ð)(Û)

47,914

4,325

TriNet

Group,

Inc.

30,080

3,136

U-Haul

Holding

Co.(Æ)

6,740

450

United

Rentals,

Inc.

4,350

3,293

Veralto

Corp.(Ð)(Û)

73,590

7,842

Vontier

Corp.

84,723

3,324

Waste

Management,

Inc.

15,292

3,099

WESCO

International,

Inc.

15,657

2,739

WW

Grainger,

Inc.

4,827

4,715

XPO,

Inc.(Æ)

39,319

4,517

Xylem,

Inc.

21,732

2,901

284,718

Technology

-

37.6%

Accenture

PLC

Class

A

58,124

19,217

Adobe,

Inc.(Æ)

10,140

5,594

Advanced

Micro

Devices,

Inc.(Æ)

81,588

11,788

Airbnb,

Inc.

Class

A(Æ)(Ð)

48,669

6,792

Akamai

Technologies,

Inc.(Æ)

15,392

504

Alphabet,

Inc.

Class

A

601,893

103,249

Alphabet,

Inc.

Class

C

136,729

23,675

Amkor

Technology,

Inc.

33,530

1,095

Analog

Devices,

Inc.

33,802

7,821

Apple,

Inc.(Û)

923,833

205,165

Applied

Materials,

Inc.

19,306

4,097

Arista

Networks,

Inc.(Æ)

9,447

3,274

ASML

Holding

NV

Class

G

1,335

1,250

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

28

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Atlassian

Corp.

Class

A(Æ)(Ð)

38,086

6,725

Booking

Holdings,

Inc.(Û)

3,959

14,708

Box,

Inc.

Class

A(Æ)(Ð)

96,485

2,713

CACI

International,

Inc.

Class

A(Æ)

5,122

2,364

Cadence

Design

Systems,

Inc.(Æ)

15,927

4,263

CDW

Corp.

13,176

2,874

Cirrus

Logic,

Inc.(Æ)(Ð)

28,162

3,675

Cisco

Systems,

Inc.

258,770

12,537

Cognizant

Technology

Solutions

Corp.

Class

A

61,023

4,618

CommVault

Systems,

Inc.(Æ)

33,281

5,087

Confluent,

Inc.

Class

A(Æ)(Ð)

60,712

1,519

Crowdstrike

Holdings,

Inc.

Class

A(Æ)(Ð)

24,119

5,595

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

40,364

1,337

DocuSign,

Inc.(Æ)

3,562

198

DoorDash

,

Inc.

Class

A(Æ)

23,069

2,554

Dropbox,

Inc.

Class

A(Æ)

313,972

7,510

DXC

Technology

Co.(Æ)

68,027

1,384

EPAM

Systems,

Inc.(Æ)

16,512

3,552

Fortinet,

Inc.(Æ)(Ð)

137,300

7,969

Gitlab

,

Inc.

Class

A(Æ)

1,689

87

GlobalFoundries

,

Inc.(Æ)

17,712

903

Guidewire

Software,

Inc.(Æ)(Ð)

45,714

6,860

Hewlett

Packard

Enterprise

Co.

229,244

4,564

HP,

Inc.

90,699

3,273

Intel

Corp.(Ð)(Û)

290,613

8,933

International

Business

Machines

Corp.

25,848

4,966

Intuit,

Inc.

39,360

25,480

KBR,

Inc.(Ð)

96,595

6,432

KLA

Corp.

3,102

2,553

Kyndryl

Holdings,

Inc.(Æ)

105,889

2,845

Lam

Research

Corp.

16,867

15,539

Lattice

Semiconductor

Corp.(Æ)

33,688

1,785

Lyft,

Inc.

Class

A(Æ)(Ð)

272,122

3,279

Maplebear

,

Inc.(Æ)(Û)

114,791

3,959

Marvell

Technology,

Inc.

51,157

3,426

Meta

Platforms,

Inc.

Class

A

89,033

42,276

Micron

Technology,

Inc.

100,840

11,074

Microsoft

Corp.

520,542

217,769

Monolithic

Power

Systems,

Inc.

8,354

7,210

NAPCO

Security

Technologies,

Inc.

31,343

1,749

NCR

Atleos

Corp.(Æ)

46,843

1,506

NetApp,

Inc.

39,049

4,958

Nutanix

,

Inc.

Class

A(Æ)

118,620

5,992

NVIDIA

Corp.

1,274,156

149,102

NXP

Semiconductors

NV

42,270

11,124

ON

Semiconductor

Corp.(Æ)

76,959

6,022

Oracle

Corp.

67,226

9,375

Palantir

Technologies,

Inc.

Class

A(Æ)

46,116

1,240

Palo

Alto

Networks,

Inc.(Æ)

38,330

12,447

Paycom

Software,

Inc.(Ð)

9,719

1,621

Playtika

Holding

Corp.

82,435

629

Procore

Technologies,

Inc.(Æ)(Ð)

51,667

3,670

Qorvo

,

Inc.(Æ)

32,227

3,861

QUALCOMM,

Inc.

27,458

4,969

RingCentral,

Inc.

Class

A(Æ)(Ð)

30,672

1,075

Roblox

Corp.

Class

A(Æ)(Ð)

117,332

4,872

Roku,

Inc.(Æ)(Ð)

6,845

398

Roper

Technologies,

Inc.

7,082

3,858

Salesforce,

Inc.

68,232

17,658

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Seagate

Technology

Holdings

PLC

37,107

3,791

SentinelOne

,

Inc.

Class

A(Æ)

116,195

2,661

ServiceNow

,

Inc.(Æ)

22,779

18,551

Silicon

Laboratories,

Inc.(Æ)(Ð)

13,526

1,625

Skyworks

Solutions,

Inc.

29,543

3,357

Smartsheet

,

Inc.

Class

A(Æ)

74,248

3,561

Snap,

Inc.

Class

A(Æ)(Ð)

49,653

661

Sonos

,

Inc.(Æ)

111,682

1,508

Spotify

Technology

SA(Æ)

44,348

15,253

Synopsys,

Inc.(Æ)

7,643

4,267

Tenable

Holdings,

Inc.(Æ)

6,511

299

Teradata

Corp.(Æ)(Ð)

53,750

1,743

Teradyne,

Inc.(Ð)

58,034

7,612

Texas

Instruments,

Inc.

101,502

20,687

Twilio

,

Inc.

Class

A(Æ)

34,727

2,053

Uber

Technologies,

Inc.(Æ)

232,024

14,959

Universal

Display

Corp.

11,123

2,476

VeriSign,

Inc.(Æ)

29,148

5,451

Workday,

Inc.

Class

A(Æ)

22,760

5,169

1,219,726

Utilities

-

3.8%

AT&T,

Inc.

730,226

14,057

ConocoPhillips

71,097

7,906

Constellation

Energy

Generation

LLC(Û)

47,277

8,973

Edison

International

79,543

6,364

Exelon

Corp.(Û)

351,036

13,059

FirstEnergy

Corp.

144,742

6,066

Gulfport

Energy

Corp.(Æ)

7,651

1,126

Iridium

Communications,

Inc.(Û)

50,759

1,457

NextEra

Energy,

Inc.

145,756

11,134

NRG

Energy,

Inc.(Û)

158,943

11,948

PG&E

Corp.

475,350

8,675

Pinnacle

West

Capital

Corp.

36,280

3,105

T-Mobile

USA,

Inc.

70,152

12,788

Verizon

Communications,

Inc.

128,092

5,190

Vistra

Corp.(Ð)

96,484

7,644

Xcel

Energy,

Inc.

77,094

4,493

123,985

Total

Common

Stocks

(cost

$2,066,489)

3,292,467

Short-Term

Investments

-

3.8%

U.S.

Cash

Management

Fund(@)

123,598,960

(∞)

123,574

Total

Short-Term

Investments

(cost

$123,574)

123,574

Total

Investments

-

105.2%

(identified

cost

$2,190,063)

3,416,041

Securities

Sold

Short

-

(5.4)%

Consumer

Discretionary

-

(0.9)%

Acushnet

Holdings

Corp.

(20,567)

(1,493)

Advanced

Energy

Industries,

Inc.

(15,613)

(1,817)

Asbury

Automotive

Group,

Inc.(Æ)

(3,564)

(960)

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

(5,653)

(246)

Charter

Communications,

Inc.

Class

A(Æ)

(10,090)

(3,831)

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

29

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Choice

Hotels

International,

Inc.

(4,072)

(519)

Churchill

Downs,

Inc.

(21,141)

(3,035)

Crocs,

Inc.(Æ)

(5,288)

(710)

FirstCash

Holdings,

Inc.

(13,573)

(1,515)

Group

1

Automotive,

Inc.

(7,044)

(2,576)

Kontoor

Brands,

Inc.

(14,428)

(1,012)

LGI

Homes,

Inc.(Æ)

(11,102)

(1,277)

Lithia

Motors,

Inc.

Class

A

(11,062)

(3,057)

Rocket

Lab

USA,

Inc.(Æ)

(81,300)

(426)

Topgolf

Callaway

Brands

Corp.(Æ)

(121,162)

(1,999)

VF

Corp.

(90,719)

(1,539)

Warner

Bros

Discovery,

Inc.(Æ)

(411,590)

(3,560)

(29,572)

Consumer

Staples

-

(0.1)%

Walgreens

Boots

Alliance,

Inc.

(256,198)

(3,041)

Energy

-

(0.2)%

Patterson-UTI

Energy,

Inc.

(112,075)

(1,232)

Sitio

Royalties

Corp.

Class

A

(41,035)

(999)

Sunrun

,

Inc.(Æ)

(130,531)

(2,288)

Uranium

Energy

Corp.(Æ)

(197,235)

(1,170)

(5,689)

Financial

Services

-

(0.8)%

AGNC

Investment

Corp.(ö)

(56,523)

(566)

Apollo

Global

Management,

Inc.

(27,714)

(3,473)

Arbor

Realty

Trust,

Inc.(ö)

(106,595)

(1,439)

Berkshire

Hathaway,

Inc.

Class

B(Æ)

(287)

(126)

BGC

Group,

Inc.

Class

A

(172,431)

(1,588)

Cohen

&

Steers,

Inc.

(14,870)

(1,276)

Erie

Indemnity

Co.

Class

A

(3,139)

(1,385)

First

Financial

Bankshares

,

Inc.

(20,642)

(794)

Glacier

Bancorp,

Inc.

(79,803)

(3,568)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(78,854)

(2,584)

Healthcare

Realty

Trust,

Inc.(ö)

(170,135)

(3,010)

Iron

Mountain,

Inc.(ö)

(2,915)

(299)

New

York

Community

Bancorp,

Inc.

(2,232)

(23)

Old

National

Bancorp

(166,083)

(3,325)

Park

National

Corp.

(1,040)

(184)

ServisFirst

Bancshares,

Inc.

(20,512)

(1,646)

SoFi

Technologies,

Inc.(Æ)

(20,739)

(156)

(25,442)

Health

Care

-

(1.0)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(45,071)

(2,923)

Axsome

Therapeutics,

Inc.(Æ)

(3,002)

(262)

Azenta

,

Inc.(Æ)

(12,953)

(807)

Bio-

Techne

Corp.

(29,731)

(2,426)

BridgeBio

Pharma,

Inc.(Æ)

(22,224)

(582)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(31,222)

(1,659)

Geron

Corp.(Æ)

(332,038)

(1,574)

Globus

Medical,

Inc.

Class

A(Æ)

(54,191)

(3,900)

ICU

Medical,

Inc.(Æ)

(15,021)

(1,907)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Insmed

,

Inc.(Æ)

(19,440)

(1,414)

Integra

LifeSciences

Holdings

Corp.(Æ)

(42,960)

(1,041)

Neogen

Corp.(Æ)

(168,650)

(2,872)

NeoGenomics

,

Inc.(Æ)

(27,350)

(485)

RadNet

,

Inc.(Æ)

(36,720)

(2,194)

Repligen

Corp.(Æ)

(17,508)

(2,930)

Sotera

Health

Co.(Æ)

(44,864)

(622)

Surgery

Partners,

Inc.(Æ)

(38,646)

(1,173)

TransMedics

Group,

Inc.(Æ)

(6,279)

(893)

Vaxcyte

,

Inc.(Æ)

(22,950)

(1,811)

(31,475)

Materials

and

Processing

-

(0.2)%

AAON,

Inc.

(37,725)

(3,340)

O-I

Glass,

Inc.(Æ)

(32,980)

(440)

Pool

Corp.

(3,425)

(1,281)

Quaker

Chemical

Corp.

(2,343)

(425)

Rogers

Corp.(Æ)

(7,053)

(862)

(6,348)

Producer

Durables

-

(0.7)%

AeroVironment

,

Inc.(Æ)

(7,510)

(1,341)

American

Airlines

Group,

Inc.(Æ)

(264,500)

(2,814)

Badger

Meter,

Inc.

(15,645)

(3,225)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(30,643)

(3,174)

Itron

,

Inc.(Æ)

(19,828)

(2,051)

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

(70,816)

(1,596)

OSI

Systems,

Inc.(Æ)

(10,950)

(1,620)

RBC

Bearings,

Inc.(Æ)

(7,880)

(2,292)

Teledyne

Technologies,

Inc.(Æ)

(1,506)

(635)

Union

Pacific

Corp.

(11,079)

(2,734)

Zurn

Elkay

Water

Solutions

Corp.

(83,601)

(2,714)

(24,196)

Technology

-

(1.2)%

Advanced

Micro

Devices,

Inc.(Æ)

(6,058)

(875)

Analog

Devices,

Inc.

(15,111)

(3,496)

Aspen

Technology,

Inc.(Æ)

(11,533)

(2,168)

Coherent

Corp.(Æ)

(48,566)

(3,384)

EchoStar

Corp.

Class

A(Æ)

(123,638)

(2,483)

ePlus

,

Inc.(Æ)

(9,065)

(833)

Fiserv,

Inc.(Æ)

(20,176)

(3,300)

Frontier

Communications

Parent,

Inc.(Æ)

(29,435)

(863)

Gen

Digital,

Inc.

(139,737)

(3,632)

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

(13,386)

(1,351)

Marvell

Technology,

Inc.

(44,303)

(2,967)

Motorola

Solutions,

Inc.

(2,415)

(963)

Oracle

Corp.

(20,276)

(2,828)

PTC,

Inc.(Æ)

(5,938)

(1,056)

Sanmina

Corp.(Æ)

(44,192)

(3,329)

Take-Two

Interactive

Software,

Inc.(Æ)

(4,153)

(625)

Vishay

Intertechnology

,

Inc.

(122,085)

(2,968)

Wolfspeed

,

Inc.(Æ)

(114,861)

(2,165)

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

30

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(39,286)

Utilities

-

(0.3)%

Civitas

Resources,

Inc.

(25,296)

(1,764)

Cogent

Communications

Holdings,

Inc.

(40,403)

(2,852)

MGE

Energy,

Inc.

(9,662)

(849)

New

Fortress

Energy,

Inc.

(57,685)

(1,139)

Northern

Oil

and

Gas,

Inc.

(18,431)

(796)

Otter

Tail

Corp.

(25,845)

(2,505)

(9,905)

Total

Securities

Sold

Short

(proceeds

$149,839)

(174,954)

Other

Assets

and

Liabilities,

Net

-

0.2%

5,416

Net

Assets

-

100.0%

3,246,503

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

31

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

475

USD

132,003

09/24

(96)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(96)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

436,219

$

—

$

—

$

—

$

436,219

Consumer

Staples

128,618

—

—

—

128,618

Energy

136,135

—

—

—

136,135

Financial

Services

423,980

—

—

—

423,980

Health

Care

401,313

—

—

—

401,313

Materials

and

Processing

137,773

—

—

—

137,773

Producer

Durables

284,718

—

—

—

284,718

Technology

1,219,726

—

—

—

1,219,726

Utilities

123,985

—

—

—

123,985

Short-Term

Investments

—

—

—

123,574

123,574

Total

Investments

3,292,467

—

—

123,574

3,416,041

Securities

Sold

Short

*

(174,954)

—

—

—

(174,954)

Other

Financial

Instruments

Liabilities

Futures

Contracts

(96)

—

—

—

(96)

Total

Other

Financial

Instruments

**

$

(96

)

$

—

$

—

$

—

$

(96

)

*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

32

U.S.

Strategic

Equity

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

59,377

$

721,857

$

657,675

$

17

$

(2

)

$

123,574

$

3,462

$

—

U.S.

Cash

Collateral

Fund

4,039

42,232

46,271

—

—

—

99

—

$

63,416

$

764,089

$

703,946

$

17

$

(2

)

$

123,574

$

3,561

$

—

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

33

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

99.0%

Consumer

Discretionary

-

11.4%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

6,953

1,025

Academy

Sports

&

Outdoors,

Inc.

11,977

648

Adtalem

Global

Education,

Inc.(Æ)

1,714

134

AerSale

Corp.(Æ)

209,721

1,414

Amer

Sports,

Inc.(Æ)

7,729

90

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)

26,190

195

American

Eagle

Outfitters,

Inc.

26,503

584

American

Outdoor

Brands,

Inc.(Æ)

1,058

10

American

Public

Education,

Inc.(Æ)

5,158

103

America's

Car-Mart,

Inc.(Æ)

29,259

2,026

Asbury

Automotive

Group,

Inc.(Æ)

2,512

676

Atkore

,

Inc.

6,808

919

Atmus

Filtration

Technologies,

Inc.

19,479

601

Avis

Budget

Group,

Inc.(Ð)

2,826

285

Axon

Enterprise,

Inc.(Æ)

2,859

858

Bath

&

Body

Works,

Inc.(Ð)

2,379

87

Beacon

Roofing

Supply,

Inc.(Æ)

6,513

670

Beazer

Homes

USA,

Inc.(Æ)

16,111

542

Bloomin

'

Brands,

Inc.

160,058

3,337

BlueLinx

Holdings,

Inc.(Æ)

7,934

957

Boot

Barn

Holdings,

Inc.(Æ)

34,207

4,566

BorgWarner,

Inc.(Û)

23,426

827

Brinker

International,

Inc.(Æ)(Ð)(Û)

16,631

1,111

Cadre

Holdings,

Inc.

43,150

1,584

Carriage

Services,

Inc.

Class

A(Ð)

2,700

87

Cava

Group,

Inc.(Æ)

1,593

134

Cavco

Industries,

Inc.(Æ)

1,365

566

Celestica,

Inc.(Æ)

4,569

240

Central

Garden

&

Pet

Co.

Class

A(Æ)

2,924

100

Century

Communities,

Inc.

4,760

498

Chegg

,

Inc.(Æ)

42,478

145

Clarus

Corp.

336,911

2,035

Cooper-Standard

Holdings,

Inc.(Æ)

4,502

67

Coursera,

Inc.(Æ)(Ð)

25,919

241

CTS

Corp.

7,558

369

Dana

Holding

Corp.

20,244

257

Dave

&

Buster's

Entertainment,

Inc.(Æ)

13,170

495

Denny's

Corp.(Æ)

40,628

299

Designer

Brands,

Inc.

Class

A(Ð)

11,164

91

Dillard's,

Inc.

Class

A(Ð)(Û)

1,873

747

Driven

Brands

Holdings,

Inc.(Æ)

13,732

185

Duolingo

,

Inc.(Æ)(Ð)(Û)

4,486

771

Dutch

Bros,

Inc.

Class

A(Æ)

5,927

227

El

Pollo

Loco

Holdings,

Inc.(Æ)

42,170

509

FirstCash

Holdings,

Inc.

8,343

931

Foot

Locker,

Inc.(Ð)

31,840

925

Forestar

Group,

Inc.(Æ)

7,081

224

Freshpet

,

Inc.(Æ)

7,255

883

Genesco,

Inc.(Æ)

4,701

145

Gentherm

,

Inc.(Æ)

8,516

470

G-III

Apparel

Group,

Ltd.(Æ)

28,552

787

Gildan

Activewear

,

Inc.

Class

A

44,837

1,824

GMS,

Inc.(Æ)

6,303

607

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Ð)

72,814

852

GoPro,

Inc.

Class

A(Æ)

56,573

86

Green

Brick

Partners,

Inc.(Æ)

23,633

1,729

Group

1

Automotive,

Inc.

1,450

530

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Haverty

Furniture

Cos.,

Inc.

39,321

1,151

HealthStream

,

Inc.

1,935

57

Hilton

Grand

Vacations,

Inc.(Æ)

8,043

348

Hims

&

Hers

Health,

Inc.(Æ)

37,644

800

International

Game

Technology

PLC

69,754

1,637

iRobot

Corp.(Æ)(Ð)

11,858

140

J

Jill,

Inc.

6,485

249

Johnson

Outdoors,

Inc.

Class

A

38,126

1,617

KB

Home(Ð)

22,187

1,910

Kontoor

Brands,

Inc.

7,328

514

Kura

Sushi

USA,

Inc.

Class

A(Æ)

22,829

1,312

Landsea

Homes

Corp.(Æ)

37,550

457

La-Z-Boy,

Inc.

13,027

575

Lear

Corp.

14,817

1,808

Leonardo

DRS,

Inc.(Æ)

42,921

1,210

LGI

Homes,

Inc.(Æ)

5,981

688

Lincoln

Educational

Services

Corp.(Æ)

32,781

463

M/I

Homes,

Inc.(Æ)

3,056

510

Madison

Square

Garden

Entertainment

Corp.(Æ)

12,820

506

Magnite

,

Inc.(Æ)

49,400

718

MasterCraft

Boat

Holdings,

Inc.(Æ)

5,432

119

Meritage

Homes

Corp.

3,968

805

Monro

Muffler

Brake,

Inc.

59,196

1,824

Motorcar

Parts

of

America,

Inc.(Æ)

65,786

398

Movado

Group,

Inc.

11,457

297

Newell

Rubbermaid,

Inc.

210,285

1,806

ODP

Corp.

(The)(Æ)

9,435

399

OneSpaWorld

Holdings,

Ltd.

311,297

5,009

Overstock.com,

Inc.(Æ)

21,237

240

Papa

John's

International,

Inc.

50,330

2,226

Perdoceo

Education

Corp.

22,927

568

PVH

Corp.(Ð)

9,762

996

Red

Rock

Resorts,

Inc.

Class

A

5,010

286

Reservoir

Media,

Inc.(Æ)

112,856

898

REV

Group,

Inc.

29,959

874

Rocky

Brands,

Inc.

8,960

307

Rush

Street

Interactive,

Inc.(Æ)

69,394

695

Savers

Value

Village,

Inc.(Æ)(Ñ)

49,388

503

Scholastic

Corp.

5,385

169

Sensata

Technologies

Holding

PLC

15,117

589

Shake

Shack,

Inc.

Class

A(Æ)

9,440

827

SharkNinja

,

Inc.(Û)

10,093

776

Shoe

Carnival,

Inc.

14,887

632

Signet

Jewelers,

Ltd.

7,296

614

Smith

&

Wesson

Brands,

Inc.

40,594

672

Sonic

Automotive,

Inc.

Class

A

7,888

470

Steven

Madden,

Ltd.

36,873

1,672

Stitch

Fix,

Inc.

Class

A(Æ)

99,471

469

Strategic

Education,

Inc.

3,603

380

Stride,

Inc.(Æ)

28,835

2,191

Sturm

Ruger

&

Co.,

Inc.

17,738

800

Superior

Uniform

Group,

Inc.

1,700

34

Taylor

Morrison

Home

Corp.

Class

A(Æ)

5,596

375

TechTarget

,

Inc.(Æ)

3,629

116

TEGNA,

Inc.

44,842

714

Texas

Roadhouse,

Inc.

Class

A

15,016

2,622

Thor

Industries,

Inc.(Ð)

8,532

906

Tilly's,

Inc.

Class

A(Æ)

3,134

18

Toll

Brothers,

Inc.

14,033

2,003

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

34

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Transcat

,

Inc.(Æ)

3,900

449

Tri

Pointe

Homes,

Inc.(Æ)

30,466

1,379

TripAdvisor,

Inc.(Æ)

17,808

314

Turtle

Beach

Corp.(Æ)

4,074

59

Udemy

,

Inc.(Æ)(Ð)

17,968

166

Universal

Electronics,

Inc.(Æ)

1,550

18

Universal

Technical

Institute,

Inc.(Æ)

48,254

914

Urban

Outfitters,

Inc.(Æ)

9,821

452

Vera

Bradley,

Inc.(Æ)

1,359

9

VF

Corp.

93,364

1,583

Victoria's

Secret

&

Co.(Æ)

37,454

665

Visteon

Corp.(Æ)

5,072

586

Wayfair,

Inc.

Class

A(Æ)

11,687

636

Whirlpool

Corp.

5,779

589

Wingstop

,

Inc.

515

193

Winnebago

Industries,

Inc.

7,179

449

Wolverine

World

Wide,

Inc.

16,416

244

Wynn

Resorts,

Ltd.(Û)

2,756

228

Ziff

Davis,

Inc.(Æ)

12,004

575

Zillow

Group,

Inc.

Class

A(Æ)(Û)

6,429

305

Zumiez

,

Inc.(Æ)

6,904

175

103,262

Consumer

Staples

-

2.0%

Andersons,

Inc.

(The)(Ð)

1,728

94

Beauty

Health

Co.

(The)(Æ)

25,768

48

Boston

Beer

Co.,

Inc.

Class

A(Æ)(Û)

1,793

502

Calavo

Growers,

Inc.(Ð)

79,020

1,880

Dole

PLC

17,113

254

elf

Beauty,

Inc.(Æ)

7,349

1,268

Energizer

Holdings,

Inc.

-

GDR

10,715

420

Fresh

Del

Monte

Produce,

Inc.

3,063

77

Grocery

Outlet

Holding

Corp.(Æ)

64,157

1,255

Helen

of

Troy,

Ltd.(Æ)

5,302

313

Herbalife,

Ltd.(Æ)(Ð)

35,429

435

Inter

Parfums

,

Inc.

2,403

338

J&J

Snack

Foods

Corp.

11,219

1,893

John

B

Sanfilippo

&

Son,

Inc.

3,108

326

Medifast

,

Inc.(Æ)

3,186

70

Nomad

Foods,

Ltd.

77,619

1,483

Pilgrim's

Pride

Corp.(Æ)(Û)

688

28

Primo

Water

Corp.

71,230

1,562

Quanex

Building

Products

Corp.

20,528

686

SpartanNash

Co.

8,891

188

Sprouts

Farmers

Market,

Inc.(Æ)

18,561

1,854

United

Natural

Foods,

Inc.(Æ)

9,982

155

USANA

Health

Sciences,

Inc.(Æ)(Ð)

2,264

101

Vita

Coco

Co.,

Inc.

(The)(Æ)

45,737

1,182

Vital

Farms,

Inc.(Æ)

46,007

1,679

Weis

Markets,

Inc.

4,512

340

WK

Kellogg

Co.(Ð)

12,356

217

18,648

Energy

-

4.7%

Alpha

Metallurgical

Resources,

Inc.

1,235

365

Antero

Resources

Corp.(Æ)

12,440

361

Aris

Water

Solutions,

Inc.

Class

A

322,225

5,707

Atlas

Energy

Solutions,

Inc.

34,698

737

Berry

Petroleum

Corp.

16,850

116

Broadwind

Energy,

Inc.(Æ)

133,195

434

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ChampionX

Corp.

15,255

523

CVR

Energy,

Inc.(Ð)

19,369

554

Delek

US

Holdings,

Inc.

35,577

846

Helix

Energy

Solutions

Group,

Inc.(Æ)

25,714

303

Helmerich

&

Payne,

Inc.

51,089

2,065

HF

Sinclair

Corp.(Ð)(Û)

22,338

1,150

Kodiak

Gas

Services,

Inc.

67,604

1,950

Liberty

Energy,

Inc.

Class

A

23,162

559

Matrix

Service

Co.(Æ)

63,357

641

Murphy

Oil

Corp.

13,817

572

Natural

Gas

Services

Group,

Inc.(Æ)

38,494

784

Newpark

Resources,

Inc.(Æ)

80,373

664

Noble

Corp.

PLC

7,895

373

NOV,

Inc.

67,989

1,416

NOW,

Inc.(Æ)(Ð)

48,399

743

Oceaneering

International,

Inc.(Æ)

34,104

1,024

Par

Pacific

Holdings,

Inc.(Æ)

21,102

560

Patterson-UTI

Energy,

Inc.

206,075

2,265

PBF

Energy,

Inc.

Class

A(Ð)

28,810

1,174

ProPetro

Holding

Corp.(Æ)

99,817

957

Ramaco

Resources,

Inc.

Class

A

31,496

428

Ranger

Energy

Services,

Inc.

46,338

601

REX

American

Resources

Corp.(Æ)

9,594

487

Select

Water

Solutions,

Inc.

Class

A

127,540

1,508

Sitio

Royalties

Corp.

Class

A

72,585

1,767

SM

Energy

Co.

27,238

1,258

SunCoke

Energy,

Inc.

18,125

212

TechnipFMC

PLC(Û)

54,843

1,618

TETRA

Technologies,

Inc.(Æ)

248,043

925

Transocean,

Ltd.(Æ)

66,423

385

VAALCO

Energy,

Inc.

128,156

918

Valaris

,

Ltd.(Æ)

6,690

526

W&T

Offshore,

Inc.

529,809

1,277

Warrior

Met

Coal,

Inc.

13,499

933

Weatherford

International

PLC(Ð)

10,302

1,214

World

Kinect

Corp.(Ð)

50,063

1,398

42,298

Financial

Services

-

21.6%

1st

Source

Corp.

10,965

697

AGNC

Investment

Corp.(ö)

71,786

719

Agree

Realty

Corp.(ö)

32,798

2,262

Air

Lease

Corp.

Class

A

25,114

1,246

Alliance

Data

Systems

Corp.

23,243

1,269

Ally

Financial,

Inc.(Û)

36,776

1,655

Alpine

Income

Property

Trust,

Inc.(ö)

115,383

2,004

Americold

Realty

Trust,

Inc.(ö)

57,883

1,730

Ameris

Bancorp

10,748

654

Arbor

Realty

Trust,

Inc.(ö)

55,009

743

Atlantic

Union

Bankshares

Corp.

13,666

564

Axis

Capital

Holdings,

Ltd.

5,519

418

Bancorp,

Inc.

(The)(Æ)

16,757

869

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

20,132

772

BankUnited

,

Inc.

3,327

128

Banner

Corp.

10,501

622

BGC

Group,

Inc.

Class

A

162,224

1,494

Blackstone

Mortgage

Trust,

Inc.

Class

A(Ñ)

(ö)

15,439

276

BOK

Financial

Corp.

5,760

592

Bowhead

Specialty

Holdings,

Inc.(Æ)

17,072

479

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

35

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Brighthouse

Financial,

Inc.(Æ)(Ð)

13,931

695

Brixmor

Property

Group,

Inc.(ö)

67,880

1,729

Broadstone

Net

Lease,

Inc.(ö)

33,246

579

BRP

Group,

Inc.

Class

A(Æ)

23,537

1,029

Business

First

Bancshares,

Inc.

105,548

2,683

Cadence

Bank

45,320

1,490

Camden

Property

Trust(ö)(Û)

7,530

834

Capital

Bancorp,

Inc.

41,137

1,049

Capital

City

Bank

Group,

Inc.

33,610

1,193

Cathay

General

Bancorp

12,591

558

Centerspace

(ö)

5,351

374

Chatham

Lodging

Trust(ö)

5,775

51

City

Holding

Co.

4,820

588

Clarivate

PLC(Æ)

156,092

1,052

CNO

Financial

Group,

Inc.

18,399

641

Comerica,

Inc.(Ð)

23,933

1,312

Community

Bank

System,

Inc.

7,482

461

Community

Healthcare

Trust,

Inc.(ö)

90,963

1,979

Compass,

Inc.

Class

A(Æ)

60,886

267

Corebridge

Financial,

Inc.(Û)

52,970

1,565

Corporate

Office

Properties

Trust(ö)

26,693

773

CTO

Realty

Growth,

Inc.(ö)

78,892

1,583

Cullen/Frost

Bankers,

Inc.(Ð)

25,559

2,992

Cushman

&

Wakefield

PLC(Æ)

52,630

690

DiamondRock

Hospitality

Co.(ö)

82,344

678

Dime

Community

Bancshares,

Inc.

27,998

708

Donegal

Group,

Inc.

Class

A

823

12

Douglas

Elliman

,

Inc.(Æ)

8,497

17

Easterly

Government

Properties,

Inc.(ö)

182,241

2,539

Eastern

Bankshares

,

Inc.

40,262

670

Employers

Holdings,

Inc.

626

30

Enact

Holdings,

Inc.

1,972

67

Equity

Commonwealth(Æ)(Ð)(ö)

91,614

1,866

Esquire

Financial

Holdings,

Inc.

20,454

1,261

Essent

Group,

Ltd.

24,593

1,545

Essential

Properties

Realty

Trust,

Inc.(ö)

14,757

437

Evercore

,

Inc.

Class

A

5,792

1,450

EZCORP,

Inc.

Class

A(Æ)

92,862

968

Federal

Agricultural

Mortgage

Corp.

Class

C

3,620

746

Fidelis

Insurance

Holdings,

Ltd.

91,266

1,624

First

American

Financial

Corp.

41,198

2,496

First

BanCorp

77,488

1,662

First

Commonwealth

Financial

Corp.

51,824

937

First

Financial

Corp.

13,352

600

First

Foundation,

Inc.

24,942

175

First

Industrial

Realty

Trust,

Inc.(ö)

37,255

2,039

First

Internet

Bancorp

2,936

109

First

Interstate

BancSystem

,

Inc.

Class

A

14,613

461

First

Merchants

Corp.

15,582

629

First

Mid

Bancshares,

Inc.

40,143

1,541

Four

Corners

Property

Trust,

Inc.(ö)

22,104

600

FTAI

Aviation,

Ltd.

28,681

3,196

Fulton

Financial

Corp.

30,819

597

GCM

Grosvenor,

Inc.

Class

A

155,392

1,729

Genworth

Financial,

Inc.

Class

A(Æ)

158,093

1,070

German

American

Bancorp,

Inc.

43,513

1,712

Getty

Realty

Corp.(ö)

37,340

1,106

Glacier

Bancorp,

Inc.

57,666

2,578

Guaranty

Bancshares,

Inc.

39,646

1,369

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hamilton

Lane,

Inc.

Class

A

3,030

437

Hancock

Holding

Co.

10,051

550

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

60,494

1,982

Hanover

Insurance

Group,

Inc.

(The)(Ð)

14,264

1,961

Hilltop

Holdings,

Inc.

15,663

517

Home

BancShares

,

Inc.

74,785

2,119

Horace

Mann

Educators

Corp.

91,091

3,149

Horizon

Bancorp,

Inc.

40,040

639

Howard

Hughes

Corp.

(The)(Æ)(Ð)

9,270

688

Independence

Realty

Trust,

Inc.(ö)

36,552

682

Independent

Bank

Corp.

42,756

1,691

Innovative

Industrial

Properties,

Inc.(ö)

4,000

491

International

Bancshares

Corp.

9,376

632

International

Money

Express,

Inc.(Æ)

28,492

633

InvenTrust

Properties

Corp.(ö)

9,577

270

Investar

Holding

Corp.

42,599

788

Jackson

Financial,

Inc.

Class

A

30,895

2,721

James

River

Group

Holdings,

Ltd.

14,851

128

John

Wiley

&

Sons,

Inc.

Class

A

11,948

571

Kearny

Financial

Corp.

2,367

17

Kemper

Corp.

51,859

3,322

Kinsale

Capital

Group,

Inc.(Ð)

412

188

Legacy

Housing

Corp.(Æ)

5,977

170

Legalzoom.com,

Inc.(Æ)(Ð)

27,963

187

LendingClub

Corp.(Æ)

124,776

1,561

LendingTree

,

Inc.(Æ)

6,235

332

Live

Oak

Bancshares,

Inc.

13,179

595

LiveRamp

Holdings,

Inc.(Æ)

16,011

485

Macerich

Co.

(The)(ö)

55,229

884

Marcus

&

Millichap,

Inc.

38,201

1,513

McGrath

RentCorp

3,557

391

Mercury

General

Corp.

425

25

Metropolitan

Bank

Holding

Corp.(Æ)

46,451

2,449

Moelis

&

Co.

Class

A

7,706

524

Mr.

Cooper

Group,

Inc.(Æ)

5,515

496

MVB

Financial

Corp.

31,899

733

National

Bank

Holdings

Corp.

Class

A

84,013

3,518

NBT

Bancorp,

Inc.

62,935

3,085

NerdWallet

,

Inc.

Class

A(Æ)

3,677

54

NETSTREIT

Corp.(ö)

198,948

3,277

New

York

Community

Bancorp,

Inc.

63,764

671

Newmark

Group,

Inc.

Class

A

63,993

831

NMI

Holdings,

Inc.

Class

A(Æ)

37,923

1,492

Northeast

Bank

25,629

1,862

OceanFirst

Financial

Corp.

24,142

439

OFG

Bancorp

29,137

1,323

Old

National

Bancorp

78,598

1,574

Outfront

Media,

Inc.(ö)

51,274

832

Pacific

Premier

Bancorp,

Inc.

23,524

637

Pagseguro

Digital,

Ltd.

Class

A(Æ)

103,749

1,326

Park

Hotels

&

Resorts,

Inc.(Ð)(ö)

59,742

900

PennyMac

Financial

Services,

Inc.

5,901

579

Perella

Weinberg

Partners

81,277

1,536

Pinnacle

Financial

Partners,

Inc.

10,593

1,020

Piper

Sandler

Cos.

1,351

369

Plymouth

Industrial

REIT,

Inc.(ö)

43,428

1,039

Popular,

Inc.

22,514

2,311

Potlatch

Corp.(ö)

53,656

2,380

PRA

Group,

Inc.(Æ)

14,706

392

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

36

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Preferred

Bank

6,609

569

Premier

Financial

Corp.

39,752

1,007

ProAssurance

Corp.(Æ)

7,693

101

Prosperity

Bancshares,

Inc.

34,881

2,530

Radian

Group,

Inc.

16,551

614

RE/MAX

Holdings,

Inc.

Class

A

80,886

781

Red

River

Bancshares,

Inc.

9,763

544

Redfin

Corp.(Æ)

49,372

402

Regency

Centers

Corp.(Ð)(ö)

6,314

425

Regional

Management

Corp.

576

19

Reinsurance

Group

of

America,

Inc.

Class

A(Û)

9,912

2,234

Renasant

Corp.

10,490

361

RLI

Corp.

4,613

695

RMR

Group,

Inc.

(The)

Class

A

15,476

401

Robinhood

Markets,

Inc.

Class

A(Æ)

61,216

1,259

Ryman

Hospitality

Properties,

Inc.(ö)

6,238

627

Safety

Insurance

Group,

Inc.(Ð)

5,994

513

Seacoast

Banking

Corp.

of

Florida

79,430

2,211

Selective

Insurance

Group,

Inc.

7,258

656

ServisFirst

Bancshares,

Inc.

6,222

499

Simmons

First

National

Corp.

Class

A

19,113

411

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

15,723

622

SLM

Corp.

49,060

1,113

SmartFinancial

,

Inc.

71,369

2,023

South

Plains

Financial,

Inc.

5,883

191

SouthState

Corp.

5,474

542

Stewart

Information

Services

Corp.

10,587

748

Stock

Yards

Bancorp,

Inc.

37,939

2,361

StoneX

Group,

Inc.(Æ)

4,127

344

Sunstone

Hotel

Investors,

Inc.(ö)

10,289

107

Texas

Capital

Bancshares,

Inc.(Æ)

8,153

539

Tiptree,

Inc.

Class

A

42,634

842

Towne

Bank

72,863

2,422

TPG,

Inc.

16,003

816

TriCo

Bancshares

49,000

2,280

Triumph

Financial,

Inc.(Æ)

39,777

3,609

UMB

Financial

Corp.

5,533

564

UMH

Properties,

Inc.(ö)

61,757

1,097

United

Bankshares

,

Inc.

13,481

525

United

Community

Banks,

Inc.

18,585

575

United

Fire

Group,

Inc.

1,426

32

Universal

Insurance

Holdings,

Inc.

7,977

158

Unum

Group(Û)

22,272

1,281

Valley

National

Bancorp

56,985

479

Vestis

Corp.

21,835

283

Walker

&

Dunlop,

Inc.

5,218

558

Webster

Financial

Corp.

9,358

464

Westwood

Holdings

Group,

Inc.

129,447

1,718

William

Penn

Bancorp

95,878

1,174

Xenia

Hotels

&

Resorts,

Inc.(ö)

24,682

343

Zions

Bancorp

NA

20,032

1,035

196,256

Health

Care

-

18.3%

89Bio,

Inc.(Æ)

16,272

149

Acadia

Pharmaceuticals,

Inc.(Æ)

22,418

426

ACELYRIN,

Inc.(Æ)

22,818

137

ADMA

Biologics,

Inc.(Æ)

153,749

1,888

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Akebia

Therapeutics,

Inc.(Æ)

60,796

84

Alector

,

Inc.(Æ)

21,222

127

American

Well

Corp.

Class

A(Æ)

2,281

18

ANI

Pharmaceuticals,

Inc.(Æ)

59,332

3,899

Arcellx

,

Inc.(Æ)(Ð)

83,127

5,138

Argenx

SE

-

ADR(Æ)

11,270

5,814

Arrowhead

Pharmaceuticals,

Inc.(Æ)

72,259

2,064

ARS

Pharmaceuticals,

Inc.(Æ)

10,505

114

Artivion

,

Inc.(Æ)

7,759

211

Avid

Bioservices

,

Inc.(Æ)

25,005

261

Beam

Therapeutics,

Inc.(Æ)

57,081

1,806

Biohaven

,

Ltd.(Æ)

37,195

1,463

BioLife

Solutions,

Inc.(Æ)

144,603

3,473

Bluebird

Bio,

Inc.(Æ)(Ð)

10,710

12

Blueprint

Medicines

Corp.(Æ)

11,998

1,299

BrightSpring

Health

Services,

Inc.(Æ)

73,644

912

CareDx

,

Inc.(Æ)

60,855

1,217

Castle

Biosciences,

Inc.(Æ)

8,522

206

Catalyst

Pharmaceuticals,

Inc.(Æ)

36,354

627

Chemed

Corp.

2,508

1,430

CinCor

Pharma,

Inc.(Æ)(Š)

16,575

51

CONMED

Corp.

9,473

654

Contra

Inhibrx

,

Inc.(Æ)(Š)

21,895

14

Corcept

Therapeutics,

Inc.(Æ)(Ð)

18,218

705

CorVel

Corp.(Æ)

1,644

504

Crinetics

Pharmaceuticals,

Inc.(Æ)

10,589

563

Cytokinetics,

Inc.(Æ)

23,878

1,409

CytomX

Therapeutics,

Inc.(Æ)

10,940

15

DaVita

HealthCare

Partners,

Inc.(Æ)(Ð)(Û)

3,647

498

Doximity

,

Inc.

Class

A(Æ)(Ð)

20,796

582

Dyne

Therapeutics,

Inc.(Æ)

29,728

1,276

Editas

Medicine,

Inc.(Æ)

17,857

97

Embecta

Corp.

15,145

237

Enanta

Pharmaceuticals,

Inc.(Æ)

6,299

93

Enovis

Corp.

Class

W(Æ)

24,719

1,178

Ensign

Group,

Inc.

(The)

4,201

591

Esperion

Therapeutics,

Inc.(Æ)(Ð)

35,494

82

Exelixis

,

Inc.(Æ)(Ð)

55,161

1,294

Fate

Therapeutics,

Inc.(Æ)

28,779

153

FibroGen

,

Inc.(Æ)

22,180

12

Fortrea

Holdings,

Inc.(Æ)(Ð)

17,139

473

GeneDx

Holdings

Corp.(Æ)(Ñ)

23,971

784

Geron

Corp.(Æ)

633,061

3,001

Ginkgo

Bioworks

Holdings,

Inc.(Æ)

115,100

44

Glaukos

Corp.(Æ)

5,015

588

Guardant

Health,

Inc.(Æ)

16,039

563

Haemonetics

Corp.(Æ)

6,124

551

Halozyme

Therapeutics,

Inc.(Æ)

47,303

2,614

Harvard

Bioscience,

Inc.(Æ)

173,254

554

Health

Catalyst,

Inc.(Æ)

24,338

179

HealthEquity

,

Inc.(Æ)

19,556

1,535

Immunovant

,

Inc.(Æ)

61,957

1,801

Inari

Medical,

Inc.(Æ)

9,040

421

Incyte

Corp.(Æ)(Ð)

357

23

InfuSystem

Holdings,

Inc.(Æ)

217,220

1,499

Inhibrx

Biosciences,

Inc.(Æ)

6,765

98

Inmode

,

Ltd.(Æ)

25,641

465

Innoviva

,

Inc.(Æ)

88,267

1,663

Inogen

,

Inc.(Æ)

4,198

39

Insmed

,

Inc.(Æ)

11,638

847

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

37

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Integer

Holdings

Corp.(Æ)

2,637

313

Integra

LifeSciences

Holdings

Corp.(Æ)

20,730

514

Intellia

Therapeutics,

Inc.(Æ)

41,513

1,088

Intra-Cellular

Therapies,

Inc.

Class

A(Æ)

5,432

428

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

24,189

1,196

iRadimed

Corp.

72,985

3,409

iRhythm

Technologies,

Inc.(Æ)

9,862

851

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

47,801

326

Jasper

Therapeutics,

Inc.(Æ)

50,929

942

Joint

Corp.

(The)(Æ)

25,985

375

KalVista

Pharmaceuticals,

Inc.(Æ)

33,234

483

Keros

Therapeutics,

Inc.(Æ)

23,407

1,174

Kura

Oncology,

Inc.(Æ)

58,531

1,218

Kymera

Therapeutics,

Inc.(Æ)

12,215

564

Lantheus

Holdings,

Inc.(Æ)

5,660

593

Legend

Biotech

Corp.

-

ADR(Æ)

74,587

4,206

LeMaitre

Vascular,

Inc.

92,428

8,031

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

26,750

2,915

Madrigal

Pharmaceuticals,

Inc.(Æ)

1,200

342

MannKind

Corp.(Æ)

29,080

168

Medpace

Holdings,

Inc.(Æ)

5,961

2,280

MeiraGTx

Holdings

PLC(Æ)

50,878

266

Merit

Medical

Systems,

Inc.(Æ)

6,252

533

Moonlake

Immunotherapeutics

(Æ)

10,763

448

Natera

,

Inc.(Æ)

7,453

763

National

HealthCare

Corp.

5,460

743

Nektar

Therapeutics(Æ)

20,218

27

Neurocrine

Biosciences,

Inc.(Æ)

28,525

4,038

Nevro

Corp.(Æ)(Ð)

12,150

121

Nuvation

Bio,

Inc.(Æ)

16,235

62

Omnicell

,

Inc.(Æ)

31,283

914

Option

Care

Health,

Inc.(Æ)

61,374

1,822

OraSure

Technologies,

Inc.(Æ)(Ð)

5,114

23

Organon

&

Co.(Ð)

107,804

2,357

Orthofix

Medical,

Inc.(Æ)

56,876

915

Oscar

Health,

Inc.

Class

A(Æ)

25,418

449

Owens

&

Minor,

Inc.(Æ)

38,164

627

Patterson

Cos.,

Inc.

27,859

703

Pediatrix

Medical

Group,

Inc.(Æ)

54,859

458

Pennpant

Group,

Inc.

(The)(Æ)

24,543

732

Perrigo

Co.

PLC

104,333

2,950

Personalis

,

Inc.(Æ)

4,906

17

PetIQ

,

Inc.(Æ)

29,105

637

Phreesia

,

Inc.(Æ)

30,650

765

Poseida

Therapeutics,

Inc.(Æ)

7,700

27

Prestige

Brands

Holdings,

Inc.(Æ)

7,173

508

PTC

Therapeutics,

Inc.(Æ)

31,639

1,071

Pulmonx

Corp.(Æ)(Ð)

13,245

92

Quipt

Home

Medical

Corp.(Æ)

263,485

1,017

Radius

Health,

Inc.(Æ)(Š)

85,858

7

RadNet

,

Inc.(Æ)

27,874

1,665

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

44,103

362

REGENXBIO,

Inc.(Æ)(Ð)

10,818

154

Repligen

Corp.(Æ)

11,189

1,872

Replimune

Group,

Inc.(Æ)(Ð)

11,867

119

Rigel

Pharmaceuticals,

Inc.(Æ)

3,354

35

Rocket

Pharmaceuticals,

Inc.(Æ)

212,384

5,140

RxSight

,

Inc.(Æ)

14,285

654

Sage

Therapeutics,

Inc.(Æ)

28,638

314

Sangamo

BioSciences

,

Inc.(Æ)

1,775

1

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sarepta

Therapeutics,

Inc.(Æ)(Ð)(Û)

10,487

1,492

Schrodinger,

Inc.(Æ)

58,239

1,298

Select

Medical

Holdings

Corp.

18,324

729

Semler

Scientific,

Inc.(Æ)

1,730

57

SpringWorks

Therapeutics,

Inc.(Æ)

36,626

1,315

STAAR

Surgical

Co.(Æ)

9,319

384

Structure

Therapeutics,

Inc.

-

ADR(Æ)

7,360

275

Supernus

Pharmaceuticals,

Inc.(Æ)

24,899

743

Surmodics

,

Inc.(Æ)

15,327

635

Sutro

Biopharma,

Inc.(Æ)

20,950

83

Tandem

Diabetes

Care,

Inc.(Æ)(Û)

49,656

1,836

Tarsus

Pharmaceuticals,

Inc.(Æ)

7,260

176

Teleflex,

Inc.

3,979

879

Tenet

Healthcare

Corp.(Æ)

13,920

2,084

Terns

Pharmaceuticals,

Inc.(Æ)

181,852

1,409

Theravance

Biopharma,

Inc.(Æ)

6,545

66

TransMedics

Group,

Inc.(Æ)

4,923

700

Travere

Therapeutics,

Inc.(Æ)(Ð)

44,909

428

Twist

Bioscience

Corp.(Æ)

7,859

439

UFP

Technologies,

Inc.(Æ)

19,771

6,358

Ultragenyx

Pharmaceutical,

Inc.(Æ)

39,200

1,765

United

Therapeutics

Corp.(Æ)

5,919

1,854

Utah

Medical

Products,

Inc.

24,097

1,677

Vanda

Pharmaceuticals,

Inc.(Æ)

17,693

103

Vaxcyte

,

Inc.(Æ)

5,032

397

Vera

Therapeutics,

Inc.(Æ)

4,008

147

Veradigm

,

Inc.(Æ)(Û)

2,270

22

Verve

Therapeutics,

Inc.(Æ)

7,820

55

Viemed

Healthcare,

Inc.(Æ)

61,882

446

Viking

Therapeutics,

Inc.(Æ)

96,170

5,482

Vir

Biotechnology,

Inc.(Æ)

3,434

35

Viridian

Therapeutics,

Inc.(Æ)

103,041

1,736

Xencor

,

Inc.(Æ)(Ð)

62,219

1,271

Xenon

Pharmaceuticals,

Inc.(Æ)

55,714

2,403

Zai

Lab,

Ltd.

-

ADR(Æ)

58,376

1,111

Zimvie

,

Inc.(Æ)

33,748

713

Zymeworks

,

Inc.(Æ)

16,208

170

166,122

Materials

and

Processing

-

8.0%

AAON,

Inc.

7,094

628

Acuity

Brands,

Inc.

5,636

1,417

Advanced

Drainage

Systems,

Inc.

1,023

181

AdvanSix

,

Inc.

88,947

2,488

Alcoa

Corp.(Ð)

37,544

1,240

Algoma

Steel

Group,

Inc.

134,795

1,193

American

Vanguard

Corp.

7,136

69

Arcadium

Lithium

PLC(Æ)

114,176

363

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

45,754

168

Ashland,

Inc.

28,445

2,749

Avient

Corp.

40,906

1,851

AZEK

Co.,

Inc.

(The)(Æ)

63,687

2,859

Balchem

Corp.

2,164

384

Boise

Cascade

Co.(Ð)

7,883

1,120

BrightView

Holdings,

Inc.(Æ)

32,776

472

Cabot

Corp.

5,064

508

Capstone

Copper

Corp.(Æ)

109,495

736

Carpenter

Technology

Corp.(Æ)

8,598

1,254

Chemours

Co.

(The)(Ð)

6,222

150

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

38

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Codexis

,

Inc.(Æ)

21,881

78

Commercial

Metals

Co.(Û)

32,793

1,971

Constellium

SE(Æ)

77,345

1,377

Crown

Holdings,

Inc.(Û)

18,812

1,669

Eagle

Materials,

Inc.

636

173

Ecovyst

,

Inc.(Æ)(Ð)

91,213

870

ERO

Copper

Corp.(Æ)(Ñ)

33,121

646

Fabrinet

(Æ)

5,237

1,155

Haynes

International,

Inc.

13,350

795

HB

Fuller

Co.

5,234

451

Hecla

Mining

Co.

63,636

368

Hudson

Technologies,

Inc.(Æ)

32,952

282

Huntsman

Corp.

74,277

1,777

Installed

Building

Products,

Inc.

2,228

602

Insteel

Industries,

Inc.

16,491

565

JELD-WEN

Holding,

Inc.(Æ)

50,495

843

Kaiser

Aluminum

Corp.

19,233

1,513

Knife

River

Corp.(Æ)

9,908

788

Kronos

Worldwide,

Inc.

38,561

461

Lennox

International,

Inc.(Û)

3,091

1,804

Lithium

Americas

Argentina

Corp.(Æ)

112,840

342

Louisiana-Pacific

Corp.(Û)

17,451

1,713

Masterbrand,

Inc.(Æ)

43,851

791

Mativ

Holdings,

Inc.

133,482

2,548

Mercer

International,

Inc.(Ð)

2,965

23

Minerals

Technologies,

Inc.

8,041

630

Modine

Manufacturing

Co.(Æ)

6,105

718

MRC

Global,

Inc.(Æ)

63,061

913

Myers

Industries,

Inc.

95,314

1,420

Northwest

Pipe

Co.(Æ)

22,604

862

O-I

Glass,

Inc.

(Æ)

25,912

346

Olympic

Steel,

Inc.

13,583

688

Origin

Materials,

Inc.(Æ)

5,799

5

Orion

Engineered

Carbons

SA

14,538

358

Quaker

Chemical

Corp.

4,486

815

Ranpak

Holdings

Corp.(Æ)

117,313

847

Rayonier

Advanced

Materials,

Inc.(Æ)

179,787

1,196

Resolute

Forest

Products,

Inc.(Æ)(Š)

33,567

48

Rogers

Corp.(Æ)

3,724

455

Rush

Enterprises,

Inc.

Class

A

10,101

515

ScanSource

,

Inc.(Æ)(Û)

1,035

54

Schnitzer

Steel

Industries,

Inc.

Class

A(Ð)

85,298

1,546

Sealed

Air

Corp.

37,344

1,421

Silgan

Holdings,

Inc.

15,225

783

Sonoco

Products

Co.

24,922

1,344

SPX

Technologies,

Inc.(Æ)

5,064

747

SSR

Mining,

Inc.(Æ)

32,810

183

Stelco

Holdings,

Inc.

31,787

1,530

Stepan

Co.

44,917

3,801

Summit

Materials,

Inc.

Class

A(Æ)

16,737

699

Sylvamo

Corp.(Ð)

5,041

372

Taseko

Mines,

Ltd.(Æ)

191,461

419

TimkenSteel

Corp.(Æ)

53,444

1,198

Tronox

Holdings

PLC

Class

A

77,397

1,251

Unifi,

Inc.(Æ)

1,581

9

United

States

Lime

&

Minerals,

Inc.

3,880

330

Universal

Stainless

&

Alloy

Products,

Inc.

(Æ)

4,983

187

VSE

Corp.

22,605

2,012

Worthington

Industries,

Inc.

8,832

441

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Worthington

Steel,

Inc.

14,136

564

72,142

Producer

Durables

-

16.4%

ABM

Industries,

Inc.

25,701

1,428

Adient

PLC(Æ)(Ð)

16,425

423

ADT,

Inc.

120,497

937

AECOM(Û)

17,529

1,588

AGCO

Corp.(Ð)

10,660

1,007

Alight,

Inc.

Class

A(Æ)

57,755

437

Allied

Motion

Technologies,

Inc.

80,938

2,342

Allison

Transmission

Holdings,

Inc.

Class

A

9,032

800

Alta

Equipment

Group,

Inc.(Ð)

4,705

49

AMN

Healthcare

Services,

Inc.(Æ)

13,436

909

Applied

Industrial

Technologies,

Inc.

2,381

519

Aqua

Metals,

Inc.(Æ)

54,067

17

ArcBest

Corp.

15,583

1,964

Arcosa

,

Inc.

20,779

1,931

Ardmore

Shipping

Corp.

94,659

2,052

Argan

,

Inc.(Ð)

32,357

2,554

Arhaus

,

Inc.

50,307

764

ASGN,

Inc.(Æ)

5,058

479

Astec

Industries,

Inc.(Ð)

48,446

1,700

Babcock

&

Wilcox

Enterprises(Æ)

516,074

697

Barnes

Group,

Inc.

87,245

3,519

Barrett

Business

Services,

Inc.

5,433

198

Blue

Bird

Corp.(Æ)

26,948

1,405

Bowlero

Corp.

Class

A

33,414

433

Bowman

Consulting

Group,

Ltd.(Æ)

23,862

852

Brink's

Co.

(The)

5,513

606

Casella

Waste

Systems,

Inc.

Class

A(Æ)

17,977

1,862

CBIZ,

Inc.(Æ)

5,945

413

CECO

Environmental

Corp.(Æ)

24,111

704

Chart

Industries,

Inc.(Æ)

2,230

359

Construction

Partners,

Inc.

Class

A(Æ)

3,535

229

Covenant

Logistics

Group,

Inc.

Class

A

15,536

869

CRA

International,

Inc.

764

134

Cross

Country

Healthcare,

Inc.(Æ)

27,255

497

CryoPort

,

Inc.(Æ)(Ð)

9,095

84

Deluxe

Corp.

142,795

3,481

DHT

Holdings,

Inc.

104,874

1,232

Dycom

Industries,

Inc.(Æ)

2,910

534

Embraer

SA

-

ADR(Æ)

25,815

802

EnerSys

25,391

2,791

Ennis,

Inc.

17,020

406

Enviri

Corp.(Æ)(Ð)

5,290

63

Esab

Corp.

4,186

425

EVERTEC,

Inc.

12,633

435

ExlService

Holdings,

Inc.(Æ)

16,349

576

Exponent,

Inc.

5,910

627

FARO

Technologies,

Inc.(Æ)

5,690

97

Federal

Signal

Corp.

17,711

1,771

Ferroglobe

Representation

and

Warranty

Insurance

Trust(Æ)(Š)

98,500

—

Flowserve

Corp.

51,718

2,614

Fluor

Corp.(Æ)

59,429

2,859

Franklin

Electric

Co.,

Inc.

5,897

629

Frontdoor

,

Inc.(Æ)

3,773

149

Frontier

Group

Holdings,

Inc.(Æ)

110,115

434

GEO

Group,

Inc.

(The)(Æ)

40,636

589

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

39

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Golden

Ocean

Group,

Ltd.

19,177

238

Granite

Construction,

Inc.

7,887

540

Green

Dot

Corp.

Class

A(Æ)

20,262

194

Heartland

Express,

Inc.(Ð)

29,201

379

Heidrick

&

Struggles

International,

Inc.

28,199

1,132

Herc

Holdings,

Inc.

Class

W

7,731

1,205

HNI

Corp.

13,181

724

Hub

Group,

Inc.

Class

A

10,866

508

Hyster

-Yale

Materials

Handling,

Inc.

2,984

244

I3

Verticals,

Inc.

Class

A(Æ)

170,612

4,182

ICF

International,

Inc.

5,324

783

indie

Semiconductor,

Inc.

Class

A(Æ)

36,301

217

Insperity

,

Inc.(Ð)

8,351

858

Integrated

Electrical

Services,

Inc.(Æ)

5,311

818

International

Seaways,

Inc.

8,602

482

Janus

International

Group,

Inc.(Æ)

28,641

413

Kelly

Services,

Inc.

Class

A

8,371

197

Kennametal,

Inc.

16,897

442

Knight-Swift

Transportation

Holdings,

Inc.

16,696

909

Korn

&

Ferry

International

8,994

663

Landstar

System,

Inc.(Û)

6,759

1,286

Limbach

Holdings,

Inc.(Æ)

8,869

565

Lindsay

Corp.

8,949

1,127

Loar

Holdings,

Inc.(Æ)

4,278

267

Mama's

Creations,

Inc.(Æ)

140,547

1,071

Manitowoc

Co.,

Inc.

(The)(Æ)

7,309

92

ManpowerGroup

,

Inc.

10,996

842

Marathon

Digital

Holdings,

Inc.(Æ)

24,970

491

Marten

Transport,

Ltd.

170,166

3,201

MasTec

,

Inc.(Æ)

14,886

1,638

Matson,

Inc.

4,234

562

Mesa

Laboratories,

Inc.

33,838

3,875

Mirion

Technologies,

Inc.(Æ)

49,312

520

Mitek

Systems,

Inc.(Æ)

213,723

2,845

Moneylion

,

Inc.(Æ)(Ñ)

8,324

574

Moog,

Inc.

Class

A

5,340

1,047

MSA

Safety,

Inc.

5,071

957

Mueller

Industries,

Inc.

11,442

812

MYR

Group,

Inc.(Æ)

3,143

442

NEXTracker

,

Inc.

Class

A(Æ)

30,498

1,499

Orion

Group

Holdings,

Inc.(Æ)

149,145

1,224

Oshkosh

Corp.(Ð)

4,412

479

Paylocity

Holding

Corp.(Æ)

3,968

595

Payoneer

Global,

Inc.(Æ)(Ð)

73,532

407

Paysafe

,

Ltd.(Æ)

9,944

209

Phinia

,

Inc.

11,016

492

Powell

Industries,

Inc.(Ð)

2,428

446

Proficient

Auto

Logistics,

Inc.(Æ)

6,090

123

PROG

Holdings,

Inc.

31,008

1,397

Proto

Labs,

Inc.(Æ)

9,580

334

Radiant

Logistics,

Inc.(Æ)

136,545

849

Repay

Holdings

Corp.(Æ)

281,095

2,704

Resources

Connection,

Inc.

175,821

2,098

Riot

Blockchain

,

Inc.(Æ)

65,283

665

Robert

Half,

Inc.(Ð)

21,032

1,350

RXO,

Inc.(Æ)(Ð)

37,499

1,189

Ryder

System,

Inc.(Ð)(Û)

7,206

1,010

Ryerson

Holding

Corp.

29,588

704

Saia,

Inc.(Æ)(Ð)

4,287

1,791

Schneider

National,

Inc.

Class

B(Ð)

60,592

1,631

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Scorpio

Tankers,

Inc.

31,123

2,386

Scotts

Miracle-

Gro

Co.

(The)

Class

A

22,051

1,733

SHYFT

Group,

Inc.

(The)

11,956

200

Skyline

Champion

Corp.(Æ)

34,320

2,797

Sleep

Number

Corp.(Æ)

9,414

111

Star

Bulk

Carriers

Corp.

83,967

1,893

Steelcase,

Inc.

Class

A

20,954

304

Stericycle,

Inc.(Æ)

11,703

685

Sterling

Infrastructure,

Inc.(Æ)

16,101

1,874

StoneCo

,

Ltd.

Class

A(Æ)

56,232

738

Stoneridge,

Inc.(Æ)

152,997

2,572

Sun

Country

Airlines

Holdings,

Inc.(Æ)

71,169

932

Teekay

Tankers,

Ltd.

Class

A

30,846

2,019

Terex

Corp.(Ð)

16,581

1,049

Thermon

Group

Holdings,

Inc.(Æ)

21,468

704

Tidewater,

Inc.(Æ)

13,811

1,367

TopBuild

Corp.(Æ)

3,962

1,896

TreeHouse

Foods,

Inc.(Æ)

15,551

626

TriNet

Group,

Inc.

7,874

821

TrueBlue

,

Inc.(Æ)

8,958

107

Tutor

Perini

Corp.(Æ)(Ð)

31,066

773

UFP

Industries,

Inc.

6,663

879

U-Haul

Holding

Co.(Æ)(Û)

3,412

228

UniFirst

Corp.

2,379

463

Universal

Truckload

Services,

Inc.

10,426

449

V2X,

Inc.(Æ)

18,418

960

Watts

Water

Technologies,

Inc.

Class

A

2,830

587

Werner

Enterprises,

Inc.

66,603

2,610

WESCO

International,

Inc.

7,194

1,259

WillScot

Mobile

Mini

Holdings

Corp.(Æ)

27,765

1,138

Xerox

Holdings

Corp.

32,430

349

XPO,

Inc.(Æ)

3,291

378

ZipRecruiter,

Inc.

Class

A(Æ)

29,087

266

148,966

Technology

-

12.4%

8x8,

Inc.(Æ)

333,670

1,028

A10

Networks,

Inc.

254,401

3,330

ACI

Worldwide,

Inc.(Æ)

19,993

864

ACM

Research,

Inc.

Class

A(Æ)

13,033

234

Agilysys

,

Inc.(Æ)

5,639

632

Akamai

Technologies,

Inc.(Æ)

7,931

260

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

4,371

181

Altair

Engineering,

Inc.

Class

A(Æ)

6,801

601

Ambarella

,

Inc.(Æ)

7,877

415

American

Software,

Inc.

Class

A

198,440

2,171

Amkor

Technology,

Inc.

14,767

482

Appfolio

,

Inc.

Class

A(Æ)

5,499

1,218

Arlo

Technologies,

Inc.(Æ)

27,050

410

Augmedix

,

Inc.(Æ)

231,314

525

AvePoint

,

Inc.(Æ)

103,188

1,125

Axcelis

Technologies,

Inc.(Æ)

4,461

564

Bandwidth,

Inc.

Class

A(Æ)(Ð)

7,029

160

BigCommerce

Holdings,

Inc.(Æ)(Ð)

23,323

189

Box,

Inc.

Class

A(Æ)(Ð)

41,979

1,180

Calix,

Inc.(Æ)

20,616

848

Cargurus

,

Inc.(Æ)

15,534

386

Cars.com,

Inc.(Æ)

55,395

1,142

Cirrus

Logic,

Inc.(Æ)(Ð)

12,982

1,694

Cohu

,

Inc.(Æ)

16,776

537

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

40

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CommScope

Holding

Co.,

Inc.(Æ)

117,244

304

CommVault

Systems,

Inc.(Æ)

7,765

1,187

Confluent,

Inc.

Class

A(Æ)(Ð)

34,435

862

Consensus

Cloud

Solutions,

Inc.

Class

W(Æ)

23,319

497

Couchbase

,

Inc.(Æ)

7,466

143

Credo

Technology

Group

Holding,

Ltd.(Æ)

16,265

451

CSG

Systems

International,

Inc.

7,484

351

CyberArk

Software,

Ltd.(Æ)

478

123

Daktronics,

Inc.(Æ)

60,853

912

Descartes

Systems

Group,

Inc.

(The)(Æ)

6,700

681

Despegar.com

Corp.(Æ)

8,250

96

DigitalBridge

Group,

Inc.

35,622

503

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

16,109

534

Diodes,

Inc.(Æ)

5,820

455

Domo,

Inc.

Class

B(Æ)(Ð)

9,861

82

Donnelley

Financial

Solutions,

Inc.(Æ)

1,221

82

DoubleVerify

Holdings,

Inc.(Æ)(Ð)

57,726

1,219

Dropbox,

Inc.

Class

A(Æ)(Ð)

48,974

1,171

DXC

Technology

Co.(Æ)

48,828

993

DZS,

Inc.(Æ)

1,839

2

EPAM

Systems,

Inc.(Æ)

490

105

ePlus

,

Inc.(Æ)

8,022

737

Eventbrite,

Inc.

Class

A(Æ)(Ð)

30,651

150

EverQuote

,

Inc.

Class

A(Æ)

39,315

1,026

Expensify,

Inc.

Class

A(Æ)

19,161

35

Extreme

Networks,

Inc.(Æ)

14,319

205

FormFactor

,

Inc.(Æ)

17,140

918

Gitlab

,

Inc.

Class

A(Æ)

14,193

727

Guidewire

Software,

Inc.(Æ)(Ð)

23,613

3,544

Harmonic,

Inc.(Æ)

60,801

891

IDT

Corp.

Class

B

13,714

524

Immersion

Corp.

47,462

606

Insight

Enterprises,

Inc.(Æ)

2,397

538

Integral

Ad

Science

Holding

LLC(Æ)

31,855

324

Ituran

Location

and

Control,

Ltd.

5,845

155

Kaltura

,

Inc.(Æ)(Ñ)

817,376

1,087

KBR,

Inc.(Ð)

36,530

2,433

Kulicke

&

Soffa

Industries,

Inc.

32,990

1,556

Kyndryl

Holdings,

Inc.(Æ)

58,676

1,577

Lyft,

Inc.

Class

A(Æ)

61,870

746

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

2,444

247

Maplebear

,

Inc.(Æ)(Û)

29,202

1,007

MaxLinear

,

Inc.

Class

A(Æ)

28,995

410

MediaAlpha

,

Inc.

Class

A(Æ)

2,533

37

MeridianLink

,

Inc.(Æ)(Ð)

4,790

113

NAPCO

Security

Technologies,

Inc.(Û)

37,889

2,115

NCR

Atleos

Corp.(Æ)

12,110

389

NETGEAR,

Inc.(Æ)

9,463

150

nLight

,

Inc.(Æ)

22,179

268

Novanta

,

Inc.(Æ)

3,697

670

Nutanix

,

Inc.

Class

A(Æ)

33,465

1,690

NVE

Corp.

16,902

1,509

Olo

,

Inc.

Class

A(Æ)

23,545

113

ON24,

Inc.(Æ)

102,210

672

OneSpan

,

Inc.(Æ)

43,819

649

Onto

Innovation,

Inc.(Æ)

1,303

249

Ooma

,

Inc.(Æ)

70,990

738

Opendoor

Technologies,

Inc.(Æ)(Ð)

23,251

54

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Outbrain

,

Inc.(Æ)

1,701

8

Outset

Medical,

Inc.(Æ)(Ð)

15,789

56

Parsons

Corp.(Æ)

3,658

334

Paycom

Software,

Inc.(Ð)

672

112

PDF

Solutions,

Inc.(Æ)

130,777

4,589

Pegasystems

,

Inc.

26,757

1,866

Perficient

,

Inc.(Æ)

6,876

519

Photronics

,

Inc.(Æ)

23,300

592

Planet

Labs

PBC(Æ)(Ð)

7,130

18

PlayAGS

,

Inc.(Æ)

109,149

1,250

Playtika

Holding

Corp.

14,479

110

Power

Integrations,

Inc.

7,171

524

Powerfleet

,

Inc.(Æ)

113,594

515

Procore

Technologies,

Inc.(Æ)(Ð)

17,932

1,274

Progress

Software

Corp.

6,561

383

PROS

Holdings,

Inc.(Æ)

33,379

804

PubMatic,

Inc.

Class

A(Æ)

19,300

424

Pure

Storage,

Inc.

Class

A(Æ)(Ð)(Û)

11,901

713

Qualys

,

Inc.(Æ)

13,400

1,998

Radcom

,

Ltd.(Æ)

38,131

390

Rambus,

Inc.(Æ)

12,450

640

Ribbon

Communications,

Inc.(Æ)(Ð)

14,130

48

RingCentral,

Inc.

Class

A(Æ)(Ð)

19,921

698

Roku,

Inc.(Æ)(Ð)

11,875

691

Sanmina

Corp.(Æ)

8,418

634

Sapiens

International

Corp.

NV

8,943

348

SecureWorks

Corp.

Class

A(Æ)

2,123

16

Semtech

Corp.(Æ)

4,027

128

SentinelOne

,

Inc.

Class

A(Æ)

51,503

1,179

Silicon

Laboratories,

Inc.(Æ)(Ð)

8,841

1,062

Silicon

Motion

Technology

Corp.

-

ADR

5,223

363

Silvaco

Group,

Inc.(Æ)

37,919

644

SimilarWeb

,

Ltd.(Æ)

32,437

199

Simulations

Plus,

Inc.

95,685

3,908

SiTime

Corp.(Æ)

2,991

425

SMART

Global

Holdings,

Inc.(Æ)

49,698

1,163

Smartsheet

,

Inc.

Class

A(Æ)

26,967

1,293

Sonos

,

Inc.(Æ)

55,720

752

Sprout

Social,

Inc.

Class

A(Æ)

7,640

299

SPS

Commerce,

Inc.(Æ)

3,715

800

Squarespace,

Inc.

Class

A(Æ)

15,375

679

Synaptics

,

Inc.(Æ)

6,140

536

Telos

Corp.(Æ)

9,465

41

Teradata

Corp.(Æ)(Ð)

38,147

1,237

Tower

Semiconductor,

Ltd.(Æ)

29,119

1,188

TrueCar

,

Inc.(Æ)

256,618

939

TTM

Technologies,

Inc.(Æ)

28,655

555

UiPath

,

Inc.

Class

A(Æ)

22,076

269

Ultra

Clean

Holdings(Æ)

4,226

183

Unisys

Corp.(Æ)

17,448

83

Upland

Software,

Inc.(Æ)

763

2

Varonis

Systems,

Inc.(Æ)

26,517

1,462

Veeco

Instruments,

Inc.(Æ)

3,757

156

Verint

Systems,

Inc.(Æ)

29,146

1,053

Viavi

Solutions,

Inc.

Class

W(Æ)

49,623

399

Vimeo,

Inc.(Æ)

332,235

1,336

Vishay

Intertechnology

,

Inc.

104,858

2,549

Vivid

Seats,

Inc.

Class

A(Æ)

66,227

323

VTEX

Class

A(Æ)

133,490

865

Weave

Communications,

Inc.(Æ)(Ð)

6,152

62

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

41

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wix.com,

Ltd.(Æ)

1,060

165

WNS

Holdings,

Ltd.(Æ)

40,954

2,440

Workiva

,

Inc.(Æ)

18,289

1,349

Xperi

,

Inc.(Æ)(Ð)

12,421

101

Yelp,

Inc.

Class

A(Æ)

11,570

422

Yext

,

Inc.(Æ)(Ð)

28,620

165

Zeta

Global

Holdings

Corp.

Class

A(Æ)

100,722

2,157

112,273

Utilities

-

4.2%

ALLETE,

Inc.

15,798

1,019

Artesian

Resources

Corp.

Class

A

53,627

2,101

Avista

Corp.

10,278

403

California

Resources

Corp.

8,747

450

California

Water

Service

Group

21,252

1,136

Chesapeake

Utilities

Corp.

3,241

383

CNX

Resources

Corp.(Æ)

17,784

471

Crescent

Energy

Co.

Class

A

72,616

888

Evolution

Petroleum

Corp.

307,616

1,729

Excelerate

Energy,

Inc.

Class

A

136,790

2,754

Genie

Energy,

Ltd.

Class

B

25,575

434

Golar

LNG,

Ltd.

19,692

687

Gulfport

Energy

Corp.(Æ)

5,564

819

IDACORP,

Inc.

19,194

1,876

Iridium

Communications,

Inc.

21,654

621

Kosmos

Energy,

Ltd.(Æ)

213,549

1,181

Magnolia

Oil

&

Gas

Corp.

Class

A

90,607

2,468

MGE

Energy,

Inc.

1,501

132

New

Jersey

Resources

Corp.

8,942

418

Northern

Oil

and

Gas,

Inc.

9,338

403

NorthWestern

Corp.

7,771

418

NRG

Energy,

Inc.(Û)

27,772

2,088

ONE

Gas,

Inc.

6,748

470

Permian

Resources

Corp.

158,311

2,428

Pinnacle

West

Capital

Corp.(Û)

4,803

411

Portland

General

Electric

Co.

30,752

1,457

RGC

Resources,

Inc.

18,384

414

SandRidge

Energy,

Inc.

47,535

646

Saturn

Oil

&

Gas,

Inc.(Æ)

456,984

877

Southwest

Gas

Holdings,

Inc.

5,841

433

Spire,

Inc.

24,162

1,609

Talos

Energy,

Inc.(Æ)

56,645

671

Unitil

Corp.

40,525

2,483

Vital

Energy,

Inc.(Æ)

13,836

603

York

Water

Co.

(The)

58,642

2,422

37,803

Total

Common

Stocks

(cost

$743,452)

897,770

Short-Term

Investments

-

4.9%

U.S.

Cash

Management

Fund(@)

43,905,431

(∞)

43,897

Total

Short-Term

Investments

(cost

$43,894)

43,897

Other

Securities

-

0.2%

U.S.

Cash

Collateral

Fund(@)(×)

1,799,240

(∞)

1,799

Total

Other

Securities

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(cost

$1,799)

1,799

Total

Investments

-

104.1%

(identified

cost

$789,145)

943,466

Securities

Sold

Short

-

(4.1)%

Consumer

Discretionary

-

(0.4)%

Advanced

Energy

Industries,

Inc.

(2,746)

(320)

Altice

USA,

Inc.

Class

A(Æ)

(24,476)

(51)

Boston

Omaha

Corp.

Class

A(Æ)

(769)

(11)

Churchill

Downs,

Inc.

(4,294)

(616)

Ethan

Allen

Interiors,

Inc.

(5,107)

(158)

EW

Scripps

Co.

(The)

Class

A(Æ)

(16,368)

(61)

FirstCash

Holdings,

Inc.

(2,859)

(319)

GrowGeneration

Corp.(Æ)

(3,732)

(9)

Kura

Sushi

USA,

Inc.

Class

A(Æ)

(466)

(27)

Leslie's,

Inc.(Æ)

(29,824)

(88)

Lithia

Motors,

Inc.

Class

A

(1,632)

(451)

Portillo's,

Inc.

Class

A(Æ)

(8,700)

(90)

Rocket

Lab

USA,

Inc.(Æ)

(33,726)

(178)

Savers

Value

Village,

Inc.(Æ)

(8,400)

(86)

Topgolf

Callaway

Brands

Corp.(Æ)

(30,875)

(509)

VF

Corp.

(30,231)

(513)

XPEL,

Inc.(Æ)(Þ)

(3,117)

(127)

Ziff

Davis,

Inc.(Æ)

(1,567)

(75)

(3,689)

Consumer

Staples

-

(0.1)%

Alico

,

Inc.

(752)

(22)

B&G

Foods,

Inc.

Class

A

(848)

(7)

J&J

Snack

Foods

Corp.

(674)

(114)

Krispy

Kreme,

Inc.

(14,131)

(150)

MGP

Ingredients,

Inc.

(3,335)

(272)

WD-40

Co.

(1,477)

(386)

Westrock

Coffee

Co.(Æ)

(3,986)

(40)

(991)

Energy

-

(0.3)%

Aemetis

,

Inc.(Æ)

(6,268)

(20)

Ameresco

,

Inc.

Class

A(Æ)

(5,307)

(168)

Cleanspark

,

Inc.(Æ)

(1,445)

(23)

Core

Laboratories,

Inc.

(8,320)

(204)

Energy

Vault

Holdings,

Inc.(Æ)

(12,213)

(12)

Enphase

Energy,

Inc.(Æ)

(327)

(38)

FuelCell

Energy,

Inc.(Æ)

(54,763)

(28)

Patterson-UTI

Energy,

Inc.

(51,061)

(561)

Plug

Power,

Inc.(Æ)

(12,357)

(31)

ProFrac

Holding

Corp.

Class

A(Æ)

(3,900)

(36)

Ring

Energy,

Inc.(Æ)

(24,826)

(49)

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(24,960)

(162)

Sitio

Royalties

Corp.

Class

A

(7,684)

(187)

Sunnova

Energy

International,

Inc.(Æ)

(20,835)

(147)

Sunrun

,

Inc.(Æ)

(27,693)

(485)

TPI

Composites,

Inc.(Æ)

(2,460)

(11)

Uranium

Energy

Corp.(Æ)

(57,820)

(343)

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

42

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(2,505)

Financial

Services

-

(0.7)%

AGNC

Investment

Corp.(ö)

(25,617)

(256)

Applied

Digital

Corp.(Æ)

(10,109)

(49)

ARMOUR

Residential

REIT,

Inc.(ö)

(16,729)

(338)

BGC

Group,

Inc.

Class

A

(32,606)

(300)

Capitol

Federal

Financial,

Inc.

(28,873)

(183)

Cohen

&

Steers,

Inc.

(4,668)

(401)

Distribution

Solutions

Group,

Inc.(Æ)

(2,430)

(82)

Dynex

Capital,

Inc.(ö)

(20,589)

(251)

European

Wax

Center,

Inc.

Class

A(Æ)

(5,103)

(48)

First

Financial

Bankshares

,

Inc.

(10,750)

(413)

Franklin

BSP

Realty

Trust,

Inc.(ö)

(9,432)

(131)

Glacier

Bancorp,

Inc.

(15,787)

(706)

Global

Net

Lease,

Inc.(ö)

(40,844)

(355)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(15,261)

(500)

Healthcare

Realty

Trust,

Inc.(ö)

(34,649)

(613)

Hudson

Pacific

Properties,

Inc.(ö)

(6,530)

(39)

Lakeland

Financial

Corp.

(4,084)

(280)

MBIA,

Inc.

(6,896)

(30)

Office

Properties

Income

Trust(ö)

(18,486)

(46)

Old

National

Bancorp

(1,469)

(29)

Park

National

Corp.

(778)

(138)

Ready

Capital

Corp.(ö)

(24,834)

(230)

ServisFirst

Bancshares,

Inc.

(6,044)

(485)

Shift4

Payments,

Inc.

Class

A(Æ)

(5,589)

(384)

Shore

Bancshares,

Inc.

(1,513)

(22)

Stock

Yards

Bancorp,

Inc.

(2,500)

(156)

(6,465)

Health

Care

-

(0.9)%

4D

Molecular

Therapeutics,

Inc.(Æ)

(1,249)

(22)

Acadia

Healthcare

Co.,

Inc.(Æ)

(8,049)

(522)

AdaptHealth

Corp.(Æ)

(16,678)

(190)

Agenus,

Inc.(Æ)

(5,009)

(30)

Alphatec

Holdings,

Inc.(Æ)

(12,690)

(128)

Avid

Bioservices

,

Inc.(Æ)

(14,085)

(147)

Bio-

Techne

Corp.

(7,474)

(610)

BridgeBio

Pharma,

Inc.(Æ)

(11,716)

(304)

ClearPoint

Neuro,

Inc.(Æ)

(2,121)

(15)

CorMedix

,

Inc.(Æ)

(6,852)

(31)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(8,378)

(445)

Cytokinetics,

Inc.(Æ)

(3,973)

(235)

Evolus

,

Inc.(Æ)

(6,377)

(79)

EyePoint

Pharmaceuticals,

Inc.(Æ)

(5,257)

(52)

Geron

Corp.(Æ)

(81,427)

(386)

Globus

Medical,

Inc.

Class

A(Æ)

(11,483)

(826)

Ideaya

Biosciences,

Inc.(Æ)

(1,047)

(45)

Joint

Corp.

(The)(Æ)

(3,322)

(48)

Kura

Oncology,

Inc.(Æ)

(8,229)

(171)

Lexicon

Pharmaceuticals,

Inc.(Æ)

(17,753)

(40)

Lineage

Cell

Therapeutics,

Inc.(Æ)

(14,107)

(15)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Neogen

Corp.(Æ)

(27,930)

(476)

OrthoPediatrics

Corp.(Æ)

(3,295)

(101)

Paragon

28,

Inc.(Æ)

(5,055)

(39)

RadNet

,

Inc.(Æ)

(7,184)

(429)

Repligen

Corp.(Æ)

(3,721)

(623)

Rocket

Pharmaceuticals,

Inc.(Æ)

(8,638)

(209)

Surgery

Partners,

Inc.(Æ)

(9,082)

(276)

Syndax

Pharmaceuticals,

Inc.(Æ)

(7,764)

(176)

Tango

Therapeutics,

Inc.(Æ)

(5,542)

(55)

TransMedics

Group,

Inc.(Æ)

(2,568)

(365)

Vaxcyte

,

Inc.(Æ)

(9,174)

(724)

Zynex

,

Inc.(Æ)

(2,500)

(23)

(7,837)

Materials

and

Processing

-

(0.2)%

AAON,

Inc.

(6,154)

(545)

Aspen

Aerogels,

Inc.(Æ)

(10,841)

(221)

Compass

Minerals

International,

Inc.

(8,895)

(118)

Hudson

Technologies,

Inc.(Æ)

(5,996)

(51)

Ivanhoe

Electric,

Inc.(Æ)

(11,555)

(115)

Mativ

Holdings,

Inc.

(2,377)

(45)

Piedmont

Lithium,

Inc.(Æ)

(3,000)

(30)

VSE

Corp.

(2,072)

(185)

(1,310)

Producer

Durables

-

(0.5)%

AeroVironment

,

Inc.(Æ)

(2,854)

(510)

Badger

Meter,

Inc.

(2,568)

(529)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(6,133)

(635)

Custom

Truck

One

Source,

Inc.(Æ)

(1,000)

(5)

Deluxe

Corp.

(6,472)

(158)

Energy

Recovery,

Inc.(Æ)

(5,968)

(87)

FiscalNote

Holdings,

Inc.(Æ)

(7,379)

(11)

Forward

Air

Corp.

(11,746)

(298)

Itron

,

Inc.(Æ)

(4,402)

(455)

Kadant

,

Inc.

(1,717)

(604)

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

(16,868)

(380)

LanzaTech

Global,

Inc.(Æ)

(3,515)

(6)

MultiPlan

Corp.(Æ)

(43,902)

(20)

National

CineMedia

,

Inc.(Æ)

(2,399)

(14)

RBC

Bearings,

Inc.(Æ)

(2,086)

(607)

SES

AI

Corp.(Æ)

(4,665)

(6)

Titan

Machinery,

Inc.(Æ)

(678)

(12)

Universal

Truckload

Services,

Inc.

(1,058)

(46)

WillScot

Mobile

Mini

Holdings

Corp.(Æ)

(1,427)

(58)

Zurn

Elkay

Water

Solutions

Corp.

(12,933)

(420)

(4,861)

Technology

-

(0.8)%

Aehr

Test

Systems(Æ)

(1,909)

(36)

Agilysys

,

Inc.(Æ)

(1,591)

(178)

Atomera

,

Inc.(Æ)

(3,973)

(14)

Clearfield,

Inc.(Æ)

(3,394)

(147)

Coherent

Corp.(Æ)

(9,635)

(671)

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

43

u

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Digi

International,

Inc.(Æ)

(5,333)

(146)

Digimarc

Corp.(Æ)

(3,372)

(108)

EchoStar

Corp.

Class

A(Æ)

(19,658)

(395)

Five9,

Inc.(Æ)

(8,888)

(396)

Frontier

Communications

Parent,

Inc.(Æ)

(28,541)

(836)

Gen

Digital,

Inc.

(28,731)

(747)

Lattice

Semiconductor

Corp.(Æ)

(12,159)

(638)

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

(2,701)

(273)

Navitas

Semiconductor

Corp.(Æ)

(15,012)

(56)

NextNav

,

Inc.(Æ)

(9,551)

(79)

Onto

Innovation,

Inc.(Æ)

(3,168)

(606)

PAR

Technology

Corp.(Æ)

(7,592)

(384)

Progress

Software

Corp.

(7,173)

(419)

SiTime

Corp.(Æ)

(949)

(135)

Veeco

Instruments,

Inc.(Æ)

(8,459)

(350)

Vertex,

Inc.

Class

A(Æ)

(1,185)

(47)

Vishay

Intertechnology

,

Inc.

(20,669)

(503)

Wolfspeed

,

Inc.(Æ)

(19,704)

(371)

(7,535)

Utilities

-

(0.2)%

Civitas

Resources,

Inc.

(2,504)

(175)

Cogent

Communications

Holdings,

Inc.

(7,096)

(501)

Lumen

Technologies,

Inc.(Æ)

(178,371)

(562)

MGE

Energy,

Inc.

(6,069)

(533)

New

Fortress

Energy

LLC

(9,107)

(180)

NextDecade

Corp.(Æ)

(9,433)

(76)

(2,027)

Total

Securities

Sold

Short

(proceeds

$32,277)

(37,220)

Other

Assets

and

Liabilities,

Net

-

0.0%

333

Net

Assets

-

100.0%

906,579

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

44

U.S.

Small

Cap

Equity

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

(0.0)%

XPEL,

Inc.

07/26/24

(3,117)

(

38.65

)

(120)

(127)

(127)

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Russell

2000

E-Mini

Index

Futures

406

USD

46,142

09/24

2,602

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

2,602

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

103,262

$

—

$

—

$

—

$

103,262

Consumer

Staples

18,648

—

—

—

18,648

Energy

42,298

—

—

—

42,298

Financial

Services

196,256

—

—

—

196,256

Health

Care

166,050

—

72

—

166,122

Materials

and

Processing

72,094

—

48

—

72,142

Producer

Durables

148,966

—

—

—

148,966

Technology

112,273

—

—

—

112,273

Utilities

37,803

—

—

—

37,803

Short-Term

Investments

—

—

—

43,897

43,897

Other

Securities

—

—

—

1,799

1,799

Total

Investments

897,650

—

120

45,696

943,466

Securities

Sold

Short

*

(37,220)

—

—

—

(37,220)

Other

Financial

Instruments

Assets

Futures

Contracts

2,602

—

—

—

2,602

Total

Other

Financial

Instruments

**

$

2,602

$

—

$

—

$

—

$

2,602

*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

45

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

30,906

$

228,103

$

215,115

$

—

$

3

$

43,897

$

1,347

$

—

U.S.

Cash

Collateral

Fund

9,789

74,252

82,242

—

—

1,799

483

—

$

40,695

$

302,355

$

297,357

$

—

$

3

$

45,696

$

1,830

$

—

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

46

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.4%

Australia

-

5.8%

Ampol,

Ltd.

5,311

117

APA

Group

10,295

53

Aristocrat

Leisure,

Ltd.

4,564

162

ASX,

Ltd.

4,315

183

Aurizon

Holdings,

Ltd.

48,243

118

Australia

&

New

Zealand

Banking

Group,

Ltd.

23,426

446

BHP

Group,

Ltd.

33,747

937

BlueScope

Steel,

Ltd.

9,280

134

Brambles,

Ltd.

15,978

163

carsales.com,

Ltd.

4,994

115

Cochlear,

Ltd.

701

158

Coles

Group,

Ltd.

11,654

138

Commonwealth

Bank

of

Australia

8,345

752

Computershare,

Ltd.

5,413

98

Fortescue

Metals

Group,

Ltd.

13,543

168

Goodman

Group(ö)

9,442

219

Insurance

Australia

Group,

Ltd.

32,539

157

Macquarie

Group,

Ltd.

740

102

Medibank

Pvt,

Ltd.

62,631

163

Mineral

Resources,

Ltd.

1,932

69

National

Australia

Bank,

Ltd.

12,134

307

Northern

Star

Resources,

Ltd.

12,545

117

Orica,

Ltd.

2,808

33

Origin

Energy,

Ltd.

9,531

65

Pilbara

Minerals,

Ltd.

21,443

41

Pro

Medicus,

Ltd.

814

76

Qantas

Airways,

Ltd.(Æ)

11,430

48

QBE

Insurance

Group,

Ltd.

38,833

459

Ramsay

Health

Care,

Ltd.

1,165

36

REA

Group,

Ltd.

962

129

Reece,

Ltd.

3,633

66

Rio

Tinto

PLC

8,833

572

Rio

Tinto,

Ltd.

3,146

242

Santos,

Ltd.

41,239

214

Scentre

Group(ö)

23,376

53

SEEK,

Ltd.

3,603

52

Seven

Group

Holdings,

Ltd.

1,526

39

Sonic

Healthcare,

Ltd.

4,823

88

Stockland(ö)

11,585

35

Suncorp

Group,

Ltd.

13,002

152

Telstra

Group,

Ltd.

50,940

131

Transurban

Group

7,398

63

Wesfarmers,

Ltd.

7,668

370

Westpac

Banking

Corp.

23,406

458

WiseTech

Global,

Ltd.

2,286

143

Woodside

Energy

Group,

Ltd.

9,142

166

Woolworths

Group,

Ltd.

6,375

144

8,751

Austria

-

0.4%

Erste

Group

Bank

AG

2,883

150

Mondi

PLC

9,976

195

OMV

AB

2,556

107

Verbund

AG

Class

A

723

58

Voestalpine

AG

3,247

83

593

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Belgium

-

0.6%

Ageas

SA

2,340

111

Anheuser-Busch

InBev

SA

570

34

D'ieteren

SA

260

60

Groupe

Bruxelles

Lambert

SA

608

45

KBC

Groep

NV

2,174

168

Lotus

Bakeries

NV

7

76

Sofina

SA

253

60

Syensqo

SA

1,277

113

UCB

SA

985

165

Umicore

SA

1,871

25

857

Brazil

-

0.2%

Wheaton

Precious

Metals

Corp.

1,969

118

Yara

International

ASA

3,859

110

228

Burkina

Faso

-

0.0%

Endeavour

Mining

PLC

17,260

62

Canada

-

10.1%

Agnico

Eagle

Mines,

Ltd.

1,867

144

Air

Canada

Class

B(Æ)

2,420

28

Alimentation

Couche-Tard,

Inc.

3,927

242

AltaGas,

Ltd.

6,294

150

ARC

Resources,

Ltd.

10,552

183

Bank

of

Montreal

2,344

198

Bank

of

Nova

Scotia

(The)

6,250

292

Barrick

Gold

Corp.

4,773

88

BCE,

Inc.(Æ)

1,542

52

Brookfield

Asset

Management,

Inc.

3,569

174

Brookfield

Asset

Management,

Inc.

Class

A

7,152

312

CAE,

Inc.(Æ)

2,536

46

Cameco

Corp.

1,914

87

Canadian

Imperial

Bank

of

Commerce

7,370

381

Canadian

National

Railway

Co.

2,027

235

Canadian

Natural

Resources,

Ltd.

15,022

533

Canadian

Pacific

Kansas

City,

Ltd.

5,387

452

Canadian

Tire

Corp.,

Ltd.

Class

A(Ñ)

1,252

129

Canadian

Utilities,

Ltd.

Class

A

2,670

62

CCL

Industries,

Inc.

Class

B

3,204

174

Cenovus

Energy,

Inc.

20,940

422

CGI

Group,

Inc.(Æ)

1,645

188

Constellation

Software,

Inc.

218

688

Descartes

System

Group,

Inc.

(The)(Æ)

1,485

151

Dollarama,

Inc.

3,867

363

Emera,

Inc.

1,805

65

Empire

Co.,

Ltd.

Class

A

5,476

145

Enbridge,

Inc.

14,176

530

Fairfax

Financial

Holdings,

Ltd.

552

651

Fortis,

Inc.

1,258

53

Franco-Nevada

Corp.

Class

T

437

56

GFL

Environmental,

Inc.

1,700

66

Gildan

Activewear,

Inc.

Class

A

3,582

146

Great-West

Lifeco,

Inc.

5,452

164

Hydro

One,

Ltd.(Þ)

1,692

53

iA

Financial

Corp.,

Inc.

1,419

96

IGM

Financial,

Inc.

1,035

29

Imperial

Oil,

Ltd.

4,471

320

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

47

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Intact

Financial

Corp.

2,583

469

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

5,525

72

Kinross

Gold

Corp.

19,172

174

Loblaw

Cos.,

Ltd.

2,345

289

Magna

International,

Inc.

Class

A

4,127

183

Manulife

Financial

Corp.

15,297

408

MEG

Energy

Corp.

Class

A

6,407

133

Metro,

Inc.

Class

A

2,072

124

National

Bank

of

Canada

2,732

229

Nutrien,

Ltd.

5,856

301

Onex

Corp.

1,107

76

Pan

American

Silver

Corp.

1,947

45

Parkland

Corp.

1,457

41

Pembina

Pipeline

Corp.

2,529

98

Power

Corp.

of

Canada

4,011

116

Quebecor,

Inc.

Class

B

4,273

94

RB

Global,

Inc.

1,897

151

Rogers

Communications,

Inc.

Class

B

1,775

69

Royal

Bank

of

Canada

-

GDR

7,818

874

Saputo,

Inc.

2,786

64

Shopify,

Inc.

Class

A(Æ)

2,815

172

Stantec,

Inc.

1,707

150

Sun

Life

Financial,

Inc.

6,273

311

Suncor

Energy,

Inc.

14,972

598

TELUS

Corp.

3,519

57

TFI

International,

Inc.

1,581

246

Thomson

Reuters

Corp.

817

132

TMX

Group,

Ltd.

5,676

172

Toromont

Industries,

Ltd.

1,738

162

Toronto-Dominion

Bank

(The)

8,846

522

Tourmaline

Oil

Corp.

5,052

222

West

Fraser

Timber

Co.,

Ltd.

1,294

115

WSP

Global,

Inc.

990

164

15,181

Chile

-

0.2%

Antofagasta

PLC

5,187

134

Lundin

Mining

Corp.

12,669

128

262

China

-

0.3%

BOC

Hong

Kong

Holdings,

Ltd.

57,500

167

Prosus

NV

829

29

SITC

International

Holdings

Co.,

Ltd.

36,000

81

Wilmar

International,

Ltd.

46,900

112

389

Denmark

-

3.1%

AP

Moller

-

Maersk

A/S

Class

B

128

212

Carlsberg

A/S

Class

B

458

55

Coloplast

A/S

Class

B

701

91

Danske

Bank

A/S

5,186

159

Demant

A/S(Æ)

1,948

75

Genmab

A/S(Æ)

497

141

Novo

Nordisk

A/S

Class

B

24,971

3,309

Novozymes

A/S

Class

B

2,114

135

Pandora

A/S

1,222

192

Rockwool

International

A/S

Class

B

189

83

Tryg

A/S

6,054

132

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vestas

Wind

Systems

A/S(Æ)

2,612

64

4,648

Finland

-

0.9%

Elisa

OYJ

2,557

119

Kesko

OYJ

Class

B

3,490

63

Kone

OYJ

Class

B

2,309

118

Neste

OYJ

7,027

145

Nokia

OYJ

62,476

245

Nordea

Bank

Abp

19,430

227

Orion

OYJ

Class

B

1,174

54

Outotec

OYJ

7,503

76

Sampo

OYJ

Class

A

2,776

122

UPM-Kymmene

OYJ

2,855

94

Wartsila

OYJ

Abp

Class

B

4,950

102

1,365

France

-

7.8%

Accor

SA

2,884

111

Air

Liquide

SA

Class

A

3,282

598

Airbus

Group

SE

1,980

299

Alstom

SA(Æ)

2,320

45

Amundi

SA(Þ)

1,175

86

Arkema

SA

1,308

118

AXA

SA

12,920

453

BioMerieux

803

85

BNP

Paribas

SA

5,564

381

Bouygues

SA

5,306

183

Bureau

Veritas

SA

5,074

159

Capgemini

SE

1,057

210

Carrefour

SA

10,310

154

Cie

de

Saint-Gobain

SA

5,004

429

Covivio(ö)

631

32

Credit

Agricole

SA

10,157

154

Danone

SA

2,259

147

Dassault

Aviation

SA

239

48

Dassault

Systemes

SE

5,481

208

Edenred

SE

2,499

104

Eiffage

SA

1,617

160

Engie

SA

12,071

190

EssilorLuxottica

SA

1,548

353

Eurazeo

SE

644

51

Hermes

International

194

424

Ipsen

SA

442

50

Kering

281

86

Klepierre

SA(ö)

3,135

90

La

Francaise

des

Jeux

SAEM(Þ)

2,727

106

Legrand

SA

1,365

147

L'Oreal

SA

1,229

532

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,851

1,304

Michelin

(CGDE)

21,133

837

Orange

SA

22,179

246

Pernod

Ricard

SA

435

58

Publicis

Groupe

SA

1,771

185

Renault

SA

5,262

255

Rexel

SA

Class

H

2,214

56

Safran

SA

1,235

271

Sartorius

Stedim

Biotech

247

49

SEB

SA

760

76

Societe

Generale

SA

4,809

124

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

48

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Teleperformance

-

GDR

932

119

Thales

SA

611

97

TotalEnergies

SE

15,938

1,075

Unibail-Rodamco-Westfield(ö)

1,236

93

Veolia

Environnement

SA

3,051

95

Vinci

SA

3,438

392

Vivendi

SE

15,459

165

11,690

Germany

-

6.9%

adidas

AG

1,376

344

Allianz

SE

3,210

906

BASF

SE

5,047

235

Bayerische

Motoren

Werke

Aktiengesellschaft

2,834

263

Bechtle

AG

1,276

56

Beiersdorf

AG

1,348

196

Brenntag

SE

2,161

154

Carl

Zeiss

Meditec

AG

503

35

Commerzbank

AG

16,197

264

Continental

AG

2,464

151

Covestro

AG(Æ)(Þ)

599

35

CTS

Eventim

AG

&

Co.

KGaA

1,076

95

Daimler

Truck

Holding

AG

6,439

247

Deutsche

Bank

AG

11,338

177

Deutsche

Boerse

AG

924

189

Deutsche

Lufthansa

AG

11,363

71

Deutsche

Post

AG

9,623

430

Deutsche

Telekom

AG

18,663

486

E.ON

SE

4,473

63

Evonik

Industries

AG

4,288

87

Fresenius

Medical

Care

AG

&

Co.

KGaA

4,048

157

Fresenius

SE

&

Co.

KGaA(Æ)

7,452

267

GEA

Group

AG

1,723

76

Hannover

Rueck

SE

1,190

296

Heidelberg

Materials

AG

3,777

394

Henkel

AG

&

Co.

KGaA

604

47

Infineon

Technologies

AG

3,840

133

Knorr-Bremse

AG

1,300

105

Mercedes-Benz

Group

AG

7,099

470

Merck

KGaA

818

147

Muenchener

Rueckversicherungs-

Gesellschaft

AG

972

479

Newmont

Mining

Corp.

900

86

Puma

SE

1,786

88

Rational

AG

84

74

Rheinmetall

AG

543

296

SAP

SE

-

ADR

8,389

1,770

Scout24

SE(Þ)

702

56

Siemens

AG

2,955

542

Siemens

Healthineers

AG(Þ)

2,217

119

Symrise

AG

1,112

141

Talanx

AG

1,432

109

Zalando

SE(Æ)(Þ)

2,035

52

10,388

Hong

Kong

-

1.6%

AIA

Group,

Ltd.

67,337

449

CK

Asset

Holdings,

Ltd.

23,330

89

CK

Infrastructure

Holdings,

Ltd.

13,001

86

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Futu

Holdings,

Ltd.

-

ADR(Æ)

1,552

98

Hang

Seng

Bank,

Ltd.

7,196

89

Henderson

Land

Development

Co.,

Ltd.

22,999

64

HKT

Trust

&

HKT,

Ltd.

68,075

83

Hong

Kong

&

China

Gas

Co.,

Ltd.

81,136

66

Hong

Kong

Exchanges

&

Clearing,

Ltd.

10,416

307

Hongkong

Land

Holdings,

Ltd.

9,400

31

Jardine

Matheson

Holdings,

Ltd.

1,600

56

Melco

Crown

Entertainment,

Ltd.(Æ)

(Š)

8,400

16

MTR

Corp.,

Ltd.

10,000

33

Power

Assets

Holdings,

Ltd.

16,679

107

Prudential

PLC

10,041

90

Sino

Land

Co.,

Ltd.

56,414

58

Sun

Hung

Kai

Properties,

Ltd.

16,571

144

Swire

Pacific,

Ltd.

Class

A

10,317

89

Swire

Properties,

Ltd.

12,832

20

Techtronic

Industries

Co.,

Ltd.

12,848

166

WH

Group,

Ltd.(Þ)

221,789

144

Wharf

Real

Estate

Investment

Co.,

Ltd.

20,000

49

2,334

Ireland

-

0.5%

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust

1,880

177

AIB

Group

PLC

23,799

136

Bank

of

Ireland

Group

PLC

7,845

88

Flutter

Entertainment

PLC(Æ)

715

141

Kerry

Group

PLC

Class

A

912

85

Kingspan

Group

PLC

1,848

173

800

Israel

-

0.9%

Bank

Hapoalim

BM

10,932

100

Bank

Leumi

Le-Israel

BM

11,900

103

Check

Point

Software

Technologies,

Ltd.(Æ)

1,823

335

Elbit

Systems,

Ltd.

310

55

Global-e

Online,

Ltd.

Class

E(Æ)

1,380

47

ICL

Group,

Ltd.

17,685

74

Israel

Discount

Bank,

Ltd.

Class

A

12,422

63

Mizrahi

Tefahot

Bank,

Ltd.

1,682

61

Nice,

Ltd.(Æ)

1,135

205

Teva

Pharmaceutical

Industries,

Ltd.

-

ADR

8,978

157

Wix.com,

Ltd.(Æ)

894

139

1,339

Italy

-

2.3%

Amplifon

SpA

923

29

Assicurazioni

Generali

SpA

12,280

318

Banco

BPM

SpA

16,507

114

Coca-Cola

HBC

AG(Æ)

8,253

301

Davide

Campari-Milano

NV

5,045

46

Enel

SpA

52,132

372

Eni

SpA

15,712

251

FinecoBank

Banca

Fineco

SpA

5,439

92

Infrastrutture

Wireless

Italiane

SpA(Þ)

5,703

64

Intesa

Sanpaolo

SpA

88,996

361

Leonardo

SpA

6,305

150

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

49

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mediobanca

Banca

di

Credito

Finanziario

SpA

5,993

97

Moncler

SpA

2,674

159

Poste

Italiane

SpA(Þ)

8,600

116

Prysmian

SpA

3,401

234

Recordati

SpA

2,473

135

Snam

Rete

Gas

SpA

15,771

75

Terna

Rete

Elettrica

Nazionale

SpA

10,690

89

UniCredit

SpA

12,285

504

3,507

Japan

-

21.0%

Advantest

Corp.

6,300

275

Aeon

Co.,

Ltd.

1,900

44

Aisin

Corp.

2,600

89

Ajinomoto

Co.,

Inc.

3,900

161

ANA

Holdings,

Inc.(Æ)

1,700

33

Asahi

Glass

Co.,

Ltd.

1,800

65

Asahi

Group

Holdings,

Ltd.

4,200

155

Asahi

Kasei

Corp.

12,600

91

Asics

Corp.

12,800

209

Bandai

Namco

Holdings,

Inc.

8,000

170

Bridgestone

Corp.

7,000

288

Brother

Industries,

Ltd.

7,200

148

Canon,

Inc.

10,100

319

Capcom

Co.,

Ltd.

-

GDR

6,000

127

Central

Japan

Railway

Co.

8,200

194

Chiba

Bank,

Ltd.

(The)

10,000

95

Chubu

Electric

Power

Co.,

Inc.

8,200

103

Chugai

Pharmaceutical

Co.,

Ltd.

4,400

192

Concordia

Financial

Group,

Ltd.

17,500

111

Dai

Nippon

Printing

Co.,

Ltd.

2,600

86

Daifuku

Co.,

Ltd.

1,700

31

Dai-ichi

Life

Holdings,

Inc.

9,800

301

Daiichi

Sankyo

Co.,

Ltd.

8,100

330

Daikin

Industries,

Ltd.

700

102

Daito

Trust

Construction

Co.,

Ltd.

1,100

132

Daiwa

House

Industry

Co.,

Ltd.

6,900

197

Daiwa

Securities

Group,

Inc.

22,600

188

Denso

Corp.

6,800

113

Disco

Corp.

1,100

360

East

Japan

Railway

Co.

6,900

130

ENEOS

Holdings,

Inc.

44,800

236

Fast

Retailing

Co.,

Ltd.

1,200

329

Fuji

Electric

Co.,

Ltd.

1,700

96

FUJIFILM

Holdings

Corp.

8,100

192

Fujitsu,

Ltd.

10,800

193

Hamamatsu

Photonics

KK

2,600

75

Hankyu

Hanshin

Holdings,

Inc.

3,500

100

Hikari

Tsushin,

Inc.

300

56

Hitachi

Construction

Machinery

Co.,

Ltd.

2,800

70

Hitachi,

Ltd.

31,100

672

Honda

Motor

Co.,

Ltd.

34,500

370

Hoya

Corp.

1,900

237

Hulic

Co.,

Ltd.

4,800

47

Ibiden

Co.,

Ltd.

1,400

54

Idemitsu

Kosan

Co.,

Ltd.

19,600

131

Inpex

Corp.

13,800

214

Isuzu

Motors,

Ltd.

7,500

103

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ITOCHU

Corp.

11,600

595

Japan

Exchange

Group,

Inc.

9,700

227

Japan

Post

Bank

Co.,

Ltd.

Class

A

13,500

141

Japan

Post

Holdings

Co.,

Ltd.

19,900

212

Japan

Post

Insurance

Co.,

Ltd.

Class

A

2,400

50

Japan

Real

Estate

Investment

Corp.(ö)

12

42

Japan

Tobacco,

Inc.

4,800

142

JFE

Holdings,

Inc.

6,800

100

Kajima

Corp.

8,400

163

Kansai

Electric

Power

Co.,

Inc.

(The)

11,000

189

Kao

Corp.

3,500

154

Kawasaki

Kisen

Kaisha,

Ltd.

8,400

131

KDDI

Corp.

6,400

192

Keyence

Corp.

700

305

Kikkoman

Corp.

8,200

103

Kintetsu

Group

Holdings

Co.,

Ltd.

1,500

35

Kirin

Holdings

Co.,

Ltd.

6,000

85

Kobe

Bussan

Co.,

Ltd.

1,400

37

Koito

Manufacturing

Co.,

Ltd.

2,500

37

Komatsu,

Ltd.

6,100

175

Konami

Holdings

Corp.

1,700

128

Kubota

Corp.

8,600

124

Kyocera

Corp.

7,100

90

Kyowa

Kirin

Co.,

Ltd.

5,300

112

Lasertec

Corp.

700

124

M3,

Inc.

5,300

50

Marubeni

Corp.

13,200

250

Matsumotokiyoshi

Holdings

Co.,

Ltd.

6,500

106

Mazda

Motor

Corp.

13,600

123

McDonald's

Holdings

Co.

Japan,

Ltd.

2,200

91

MEIJI

Holdings

Co.,

Ltd.

3,400

86

Minebea

Co.,

Ltd.

1,500

36

Mitsubishi

Chemical

Holdings

Corp.

16,500

98

Mitsubishi

Corp.

15,300

318

Mitsubishi

Electric

Corp.

7,000

117

Mitsubishi

Estate

Co.,

Ltd.

5,600

95

Mitsubishi

HC

Capital,

Inc.

17,500

127

Mitsubishi

Heavy

Industries,

Ltd.

21,800

263

Mitsubishi

UFJ

Financial

Group,

Inc.

70,000

813

Mitsui

&

Co.,

Ltd.

14,100

329

Mitsui

Chemicals,

Inc.

3,200

93

Mitsui

Fudosan

Co.,

Ltd.

11,900

123

Mitsui

OSK

Lines,

Ltd.

5,400

172

Mizuho

Financial

Group,

Inc.

17,900

409

MonotaRO

Co.,

Ltd.

8,500

119

MS&AD

Insurance

Group

Holdings,

Inc.

10,800

254

Murata

Manufacturing

Co.,

Ltd.

12,000

265

NEC

Corp.

2,200

193

Nexon

Co.,

Ltd.

3,600

78

Nidec

Corp.

1,400

62

Nintendo

Co.,

Ltd.

5,000

278

Nippon

Building

Fund,

Inc.(ö)

10

39

Nippon

Express

Holdings,

Inc.

1,300

65

Nippon

Paint

Holdings

Co.,

Ltd.

8,000

51

Nippon

Steel

Corp.

6,700

147

Nippon

Telegraph

&

Telephone

Corp.

283,850

303

Nippon

Yusen

4,800

156

Nissan

Chemical

Corp.

1,500

48

Nissan

Motor

Co.,

Ltd.

35,000

113

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

50

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nissin

Foods

Holdings

Co.,

Ltd.

3,500

105

Nitori

Holdings

Co.,

Ltd.

900

107

Nitto

Denko

Corp.

2,200

192

Nomura

Holdings,

Inc.

28,400

176

Nomura

Real

Estate

Holdings,

Inc.

2,500

70

Nomura

Research

Institute,

Ltd.

3,500

108

NTT

Data

Corp.

2,700

42

Obayashi

Corp.

7,900

104

Obic

Co.,

Ltd.

1,100

168

Olympus

Corp.

7,800

134

Ono

Pharmaceutical

Co.,

Ltd.

6,500

97

Oriental

Land

Co.,

Ltd.

3,200

91

ORIX

Corp.

11,800

286

Osaka

Gas

Co.,

Ltd.

6,700

152

Otsuka

Corp.

4,300

95

Otsuka

Holdings

Co.,

Ltd.

4,700

243

Pan

Pacific

International

Holdings

Corp.

7,400

193

Panasonic

Holdings

Corp.

24,200

193

Rakuten,

Inc.(Æ)

10,900

63

Recruit

Holdings

Co.,

Ltd.

14,200

812

Renesas

Electronics

Corp.

10,100

178

Resona

Holdings,

Inc.

15,800

115

Ricoh

Co.,

Ltd.

12,900

120

SBI

Holdings,

Inc.

3,700

97

SCREEN

Holdings

Co.,

Ltd.

1,600

136

SCSK

Corp.

3,300

65

Secom

Co.,

Ltd.

2,400

154

Seiko

Epson

Corp.

7,700

135

Sekisui

Chemical

Co.,

Ltd.

6,800

103

Sekisui

House,

Ltd.

10,600

266

Seven

&

i

Holdings

Co.,

Ltd.

9,500

114

Shimadzu

Corp.

3,200

94

Shimano,

Inc.

800

142

Shin-Etsu

Chemical

Co.,

Ltd.

10,200

456

Shionogi

&

Co.,

Ltd.

3,700

163

Shiseido

Co.,

Ltd.

1,200

38

Shizuoka

Financial

Group,

Inc.

7,600

77

SMC

Corp.

100

49

SoftBank

Corp.

11,200

147

SoftBank

Group

Corp.

4,100

251

Sompo

Japan

Nipponkoa

Holdings,

Inc.

8,300

189

Sony

Group

Corp.

3,600

320

Start

Today

Co.,

Ltd.

2,300

68

Subaru

Corp.

15,292

302

Sumco

Corp.

2,200

36

Sumitomo

Corp.

11,400

287

Sumitomo

Electric

Industries,

Ltd.

14,200

217

Sumitomo

Metal

Mining

Co.,

Ltd.

3,300

101

Sumitomo

Mitsui

Financial

Group,

Inc.

10,400

753

Sumitomo

Mitsui

Trust

Holdings,

Inc.

5,400

136

Sumitomo

Realty

&

Development

Co.,

Ltd.

1,800

59

Suntory

Beverage

&

Food,

Ltd.

2,000

72

Suzuki

Motor

Corp.

14,000

163

Sysmex

Corp.

6,400

105

Taiyo

Nippon

Sanso

Corp.

3,000

98

Takeda

Pharmaceutical

Co.,

Ltd.

5,366

153

TDK

Corp.

3,300

230

Terumo

Corp.

11,500

205

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

TIS,

Inc.

2,800

61

Toho

Co.,

Ltd.

1,900

68

Tokio

Marine

Holdings,

Inc.

15,900

632

Tokyo

Electron,

Ltd.

2,600

525

Tokyo

Gas

Co.,

Ltd.

6,500

143

Toppan

Printing

Co.,

Ltd.

3,000

85

TOTO,

Ltd.

3,400

95

Toyota

Industries

Corp.

1,400

117

Toyota

Motor

Corp.

75,400

1,468

Toyota

Tsusho

Corp.

11,300

227

Trend

Micro,

Inc.

1,800

86

Unicharm

Corp.

4,400

147

West

Japan

Railway

Co.(Æ)

5,000

99

Yakult

Honsha

Co.,

Ltd.

5,000

103

Yamaha

Motor

Co.,

Ltd.

11,500

108

Yaskawa

Electric

Corp.

3,800

131

Yokogawa

Electric

Corp.

3,400

86

Zensho

Holdings

Co.,

Ltd.

1,700

70

31,653

Jordan

-

0.0%

Hikma

Pharmaceuticals

PLC

2,473

60

Macao

-

0.0%

Galaxy

Entertainment

Group,

Ltd.

12,000

50

Netherlands

-

4.6%

ABN

AMRO

Bank

NV(Þ)

5,230

91

Adyen

NV(Æ)(Þ)

446

546

Aegon

NV

10,194

66

Akzo

Nobel

NV

1,233

76

Argenx

SE(Æ)

236

121

ASM

International

NV

380

262

ASML

Holding

NV

3,002

2,758

ASR

Nederland

NV

2,698

135

BE

Semiconductor

Industries

NV

1,519

197

Euronext

NV(Þ)

975

99

EXOR

NV

804

82

Ferrari

NV

1,063

437

Heineken

Holding

NV

1,609

118

Heineken

NV

1,106

98

ING

Groep

NV

18,348

333

JDE

Peet's

NV

1,664

37

Koninklijke

Ahold

Delhaize

NV

14,125

455

Koninklijke

KPN

NV

26,632

105

Koninklijke

Philips

NV(Æ)

2,450

69

NN

Group

NV

2,502

125

Randstad

NV

2,958

144

Universal

Music

Group

NV

8,940

213

Wolters

Kluwer

NV

2,322

389

6,956

New

Zealand

-

0.3%

Auckland

International

Airport,

Ltd.

8,896

40

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

7,682

147

Meridian

Energy,

Ltd.

11,790

46

Spark

New

Zealand,

Ltd.

37,725

97

Xero,

Ltd.(Æ)

1,195

110

440

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

51

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Norway

-

0.9%

Aker

BP

ASA

5,299

128

DNB

Bank

ASA

6,872

142

Equinor

ASA

Class

N

10,474

278

Gjensidige

Forsikring

ASA

5,496

93

Kongsberg

Gruppen

ASA

1,671

168

Mowi

ASA

4,659

79

Norsk

Hydro

ASA

21,580

119

Orkla

ASA

13,994

118

Salmar

ASA

Class

A

1,484

85

Telenor

ASA

11,734

140

1,350

Portugal

-

0.2%

Energias

de

Portugal

SA

30,020

124

Galp

Energia

SGPS

SA

Class

B

6,975

147

Jeronimo

Martins

SGPS

SA

3,169

55

326

Singapore

-

1.5%

CapitaLand

Ascendas

REIT(ö)

25,700

52

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

61,328

96

Capitaland

Investment,

Ltd.

28,200

57

DBS

Group

Holdings,

Ltd.

15,236

418

Genting

Singapore,

Ltd.

74,500

47

Grab

Holdings,

Ltd.

Class

A(Æ)

28,302

93

Keppel

Corp.,

Ltd.

21,100

105

Oversea-Chinese

Banking

Corp.,

Ltd.

32,479

362

SEA,

Ltd.(Æ)

2,313

152

Sembcorp

Industries,

Ltd.

16,300

58

Singapore

Airlines,

Ltd.

22,600

118

Singapore

Exchange,

Ltd.

19,000

140

Singapore

Technologies

Engineering,

Ltd.

18,300

62

Singapore

Telecommunications,

Ltd.

39,000

90

STMicroelectronics

NV

3,561

118

United

Overseas

Bank,

Ltd.

10,900

263

2,231

South

Africa

-

0.0%

Anglo

American

PLC

1,007

30

South

Korea

-

0.0%

Delivery

Hero

AG(Æ)(Þ)

1,244

28

Spain

-

2.1%

Acciona

SA

308

40

ACS

Actividades

de

Construccion

y

Servicios

SA

4,400

197

Aena

SME

SA(Þ)

680

129

Amadeus

IT

Group

SA

Class

A

1,825

120

Banco

Bilbao

Vizcaya

Argentaria

SA

32,411

341

Banco

de

Sabadell

SA

52,204

110

Banco

Santander

SA

79,285

381

CaixaBank

SA

26,801

156

Cellnex

Telecom

SA(Þ)

2,824

98

Endesa

SA

5,101

99

Grifols

SA(Æ)

3,956

40

Iberdrola

SA

27,009

356

Industria

de

Diseno

Textil

SA

11,478

556

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Redeia

Corp.

SA

3,862

68

Repsol

SA

18,458

263

Telefonica

SA

60,814

275

3,229

Sweden

-

3.3%

Alfa

Laval

AB

2,681

118

Assa

Abloy

AB

Class

B

10,462

318

Atlas

Copco

AB

Class

A

25,806

459

Atlas

Copco

AB

Class

B

8,688

136

Beijer

Ref

AB

2,604

41

Boliden

AB

5,275

160

Epiroc

AB

Class

A

8,226

153

Epiroc

AB

Class

B

3,553

60

Equities

AB

8,112

262

Essity

Aktiebolag

Class

B

3,733

105

Evolution

AB(Þ)

1,667

161

Hennes

&

Mauritz

AB

Class

B

9,198

142

Hexagon

AB

Class

B

2,741

28

Husqvarna

AB

Class

B

4,731

32

Industrivarden

AB

Class

A

1,110

38

Industrivarden

AB

Class

C

4,473

152

Indutrade

AB

4,124

121

Investor

AB

Class

B

15,502

439

L

E

Lundbergforetagen

AB

Class

B

1,094

55

Lifco

AB

Class

B

2,732

81

SAAB

AB

Class

B

2,416

56

Sandvik

AB

5,189

106

Securitas

AB

Class

B

10,536

113

Skandinaviska

Enskilda

Banken

AB

Class

A

18,186

279

Skanska

AB

Class

B

6,463

126

SKF

AB

Class

B

10,388

193

Svenska

Handelsbanken

AB

Class

A

14,652

148

Swedbank

AB

Class

A

9,656

205

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

2,549

66

Tele2

AB

Class

B

3,053

31

Telefonaktiebolaget

LM

Ericsson

Class

B

21,037

144

Trelleborg

AB

Class

B

1,968

73

Volvo

AB

Class

A

-

GDR

3,198

83

Volvo

AB

Class

B

8,609

219

Volvo

Car

AB

Class

B(Æ)

22,554

64

4,967

Switzerland

-

4.7%

ABB,

Ltd.

9,728

540

Adecco

Group

AG

1,925

66

Bachem

Holding

AG

421

38

Baloise

Holding

AG

543

97

Banque

Cantonale

Vaudoise

410

44

Barry

Callebaut

AG

29

47

BKW

AG

469

85

Chocoladefabriken

Lindt

&

Spruengli

AG

7

87

Cie

Financiere

Richemont

SA

Class

A

932

142

DSM-Firmenich

AG

492

63

EMS-Chemie

Holding

AG

112

94

Geberit

AG

324

206

Givaudan

SA

66

324

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

52

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Helvetia

Holding

AG

733

109

Julius

Baer

Group,

Ltd.

1,735

95

Kuehne

&

Nagel

International

AG

467

145

Logitech

International

SA

1,429

129

Lonza

Group

AG

357

237

Novartis

AG

13,421

1,505

Partners

Group

Holding

AG

60

81

Schindler

Holding

AG

1,105

294

SGS

SA

1,538

168

Sika

AG

864

262

Sonova

Holding

AG

371

113

Straumann

Holding

AG

994

128

Swatch

Group

AG

(The)

Class

B

665

137

Swiss

Life

Holding

AG

138

106

Swiss

Prime

Site

AG

Class

A

762

76

Swisscom

AG

348

213

Temenos

AG

686

47

UBS

Group

AG

22,421

680

VAT

Group

AG(Þ)

372

186

Zurich

Insurance

Group

AG

827

455

6,999

United

Kingdom

-

9.4%

3i

Group

PLC

17,942

721

Admiral

Group

PLC

2,833

100

Ashtead

Group

PLC

2,160

155

Associated

British

Foods

PLC

6,979

222

AstraZeneca

PLC

10,491

1,663

Auto

Trader

Group

PLC(Þ)

12,904

135

Aviva

PLC

33,667

217

BAE

Systems

PLC

30,293

506

Barclays

PLC

110,831

331

Berkeley

Group

Holdings

PLC

2,431

159

British

American

Tobacco

PLC

10,333

367

BT

Group

PLC

86,877

158

Bunzl

PLC

3,297

138

Burberry

Group

PLC

4,069

41

Centrica

PLC

75,985

129

CK

Hutchison

Holdings,

Ltd.

Class

B

32,758

172

Coca-Cola

Europacific

Partners

PLC

1,373

101

Compass

Group

PLC

13,346

411

Croda

International

PLC

1,180

61

DCC

PLC

2,688

185

Diageo

PLC

7,704

240

Halma

PLC

4,077

139

Hargreaves

Lansdown

PLC

9,839

139

HSBC

Holdings

PLC

123,517

1,117

Imperial

Tobacco

Group

PLC

10,088

278

Informa

PLC

14,208

159

InterContinental

Hotels

Group

PLC

1,626

164

Intertek

Group

PLC

2,763

180

J

Sainsbury

PLC

32,046

114

JD

Sports

Fashion

PLC

39,145

66

Kingfisher

PLC

38,569

137

Legal

&

General

Group

PLC

10,483

31

Lloyds

Banking

Group

PLC

278,479

212

London

Stock

Exchange

Group

PLC

2,374

289

M&G

PLC

17,891

49

Melrose

Industries

PLC

10,680

81

National

Grid

PLC

33,209

422

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NatWest

Group

PLC

53,823

254

Next

PLC

1,511

177

Pearson

PLC

10,881

147

Reckitt

Benckiser

Group

PLC

1,603

86

RELX

PLC

14,921

704

Rentokil

Initial

PLC

9,523

58

Rolls-Royce

Holdings

PLC(Æ)

59,422

343

Sage

Group

PLC

(The)

15,370

214

Schroders

PLC

12,682

64

Scottish

&

Southern

Energy

PLC

9,951

241

Segro

PLC(ö)

5,124

61

Severn

Trent

PLC

Class

H

3,018

100

Smith

&

Nephew

PLC

9,714

140

Smiths

Group

PLC

5,686

131

Standard

Chartered

PLC

21,746

214

Taylor

Wimpey

PLC

45,725

93

Tesco

PLC

104,167

445

Unilever

PLC

9,251

568

Vodafone

Group

PLC

196,929

184

Whitbread

PLC

1,586

59

Wise

PLC

Class

A(Æ)

7,696

71

14,143

United

States

-

7.8%

Alcon,

Inc.

1,145

108

BP

PLC

108,089

637

BRP,

Inc.

777

56

CSL,

Ltd.

1,880

383

CyberArk

Software,

Ltd.(Æ)

631

162

Experian

PLC

7,620

359

Ferrovial

SE

2,653

106

GSK

Finance

No.

3

PLC

34,696

672

Haleon

PLC

32,917

148

Holcim

AG(Æ)

6,537

612

James

Hardie

Industries

PLC(Æ)

5,401

195

Monday.com,

Ltd.(Æ)

273

62

Nestle

SA

17,193

1,745

Roche

Holding

AG

4,946

1,609

Sanofi

SA

8,358

859

Schneider

Electric

SE

3,291

792

Shell

PLC

55,076

2,009

Smurfit

WestRock

PLC

8,103

363

Stellantis

NV

28,623

477

Swiss

Re

AG

1,326

164

Tenaris

SA

13,584

216

11,734

Total

Common

Stocks

(cost

$99,185)

146,590

Preferred

Stocks

-

0.4%

Germany

-

0.4%

Dr

Ing

hc

F

Porsche

AG

3.303%

(Ÿ)(Þ)

759

57

Henkel

AG

&

Co.

KGaA

2.290%

(Ÿ)

1,459

125

Porsche

Automobil

Holding

SE

6.278%

(Ÿ)

2,395

107

Volkswagen

AG

9.338%

(Ÿ)

1,931

216

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

53

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

505

Total

Preferred

Stocks

(cost

$532)

505

Warrants

and

Rights

-

0.0%

Canada

-

0.0%

Constellation

Software,

Inc.(Æ)

2040

Warrants

387

—

Total

Warrants

and

Rights

(cost

$—)

—

Short-Term

Investments

-

1.4%

United

States

-

1.4%

U.S.

Cash

Management

Fund(@)

2,133,912

(∞)

2,134

Total

Short-Term

Investments

(cost

$2,134)

2,134

Other

Securities

-

0.1%

U.S.

Cash

Collateral

Fund(@)(×)

119,350

(∞)

119

Total

Other

Securities

(cost

$119)

119

Total

Investments

-

99.3%

(identified

cost

$101,970)

149,348

Other

Assets

and

Liabilities,

Net

-

0.7%

1,109

Net

Assets

-

100.0%

150,457

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

54

Multifactor

International

Equity

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.6%

ABN

AMRO

Bank

NV

06/06/22

EUR

5,230

11

.68

61

91

Adyen

NV

03/11/22

EUR

446

1,412

.11

630

546

Aena

SME

SA

06/16/23

EUR

680

171

.83

117

129

Amundi

SA

01/10/17

EUR

1,175

52

.76

62

86

Auto

Trader

Group

PLC

12/11/20

GBP

12,904

7

.37

95

135

Cellnex

Telecom

SA

10/21/22

EUR

2,824

28

.53

81

98

Covestro

AG

06/25/24

EUR

599

58

.43

35

35

Delivery

Hero

AG

10/21/22

EUR

1,244

34

.37

43

28

Dr

Ing

hc

F

Porsche

AG

03/22/23

EUR

759

126

.12

96

57

Euronext

NV

06/06/22

EUR

975

67

.88

66

99

Evolution

AB

11/24/20

SEK

1,667

75

.89

126

161

Hydro

One,

Ltd.

06/16/23

CAD

1,692

28

.08

48

53

Infrastrutture

Wireless

Italiane

SpA

10/21/22

EUR

5,703

8

.25

47

64

La

Francaise

des

Jeux

SAEM

10/21/22

EUR

2,727

34

.69

95

106

Poste

Italiane

SpA

04/06/17

EUR

8,600

6

.63

57

116

Scout24

SE

10/21/22

EUR

702

50

.41

35

56

Siemens

Healthineers

AG

06/25/24

EUR

2,217

45

.34

101

119

VAT

Group

AG

02/04/22

CHF

372

385

.42

143

186

WH

Group,

Ltd.

03/18/20

HKD

221,789

0

.82

182

144

Zalando

SE

06/16/23

EUR

2,035

29

.12

59

52

2,361

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

EURO

STOXX

50

Index

Futures

27

EUR

1,323

09/24

(32)

FTSE

100

Index

Futures

14

GBP

1,170

09/24

27

MSCI

Emerging

Markets

Index

Futures

27

USD

1,480

09/24

24

S&P/TSX

60

Index

Futures

4

CAD

1,108

09/24

30

Short

Positions

Hang

Seng

Index

Futures

8

HKD

6,940

08/24

(16)

MSCI

Singapore

Index

Futures

29

SGD

912

08/24

(8)

S&P

500

E-Mini

Index

Futures

1

USD

278

09/24

(1)

TOPIX

Index

Futures

1

JPY

27,970

09/24

4

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

28

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

AUD

1,400

USD

931

09/18/24

14

Bank

of

America

CAD

1,025

USD

744

09/18/24

—

Bank

of

America

EUR

700

USD

761

09/18/24

2

Bank

of

America

GBP

600

USD

775

09/18/24

3

Citigroup

USD

776

AUD

1,155

09/18/24

(20)

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

55

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

432

CAD

589

09/18/24

(4)

Citigroup

USD

397

EUR

364

09/18/24

(1)

Citigroup

USD

552

GBP

429

09/18/24

—

Citigroup

USD

59

HKD

463

09/19/24

—

Citigroup

USD

550

JPY

84,421

09/18/24

18

Citigroup

USD

41

NZD

67

09/18/24

(2)

Citigroup

CHF

827

USD

939

09/18/24

(8)

Citigroup

NOK

3,207

USD

306

09/18/24

12

Citigroup

SEK

1,465

USD

143

09/18/24

6

HSBC

USD

775

AUD

1,155

09/18/24

(19)

HSBC

USD

431

CAD

589

09/18/24

(4)

HSBC

USD

396

EUR

364

09/18/24

(1)

HSBC

USD

551

GBP

429

09/18/24

1

HSBC

USD

59

HKD

463

09/19/24

—

HSBC

USD

549

JPY

84,421

09/18/24

18

HSBC

USD

41

NZD

67

09/18/24

(2)

HSBC

CHF

827

USD

938

09/18/24

(9)

HSBC

NOK

3,207

USD

306

09/18/24

12

HSBC

SEK

1,465

USD

143

09/18/24

6

Royal

Bank

of

Canada

USD

775

AUD

1,155

09/18/24

(18)

Royal

Bank

of

Canada

USD

431

CAD

589

09/18/24

(4)

Royal

Bank

of

Canada

USD

397

EUR

364

09/18/24

(1)

Royal

Bank

of

Canada

USD

551

GBP

429

09/18/24

—

Royal

Bank

of

Canada

USD

59

HKD

463

09/19/24

—

Royal

Bank

of

Canada

USD

549

JPY

84,421

09/18/24

18

Royal

Bank

of

Canada

USD

41

NZD

67

09/18/24

(2)

Royal

Bank

of

Canada

CHF

827

USD

938

09/18/24

(9)

Royal

Bank

of

Canada

NOK

3,207

USD

306

09/18/24

12

Royal

Bank

of

Canada

SEK

1,465

USD

143

09/18/24

6

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

24

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

8,751

$

—

$

—

$

8,751

Austria

—

593

—

—

593

Belgium

—

857

—

—

857

Brazil

118

110

—

—

228

Burkina

Faso

—

62

—

—

62

Canada

15,181

—

—

—

15,181

Chile

128

134

—

—

262

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

56

Multifactor

International

Equity

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

China

—

389

—

—

389

Denmark

—

4,648

—

—

4,648

Finland

—

1,365

—

—

1,365

France

—

11,690

—

—

11,690

Germany

—

10,388

—

—

10,388

Hong

Kong

98

2,220

16

—

2,334

Ireland

177

623

—

—

800

Israel

678

661

—

—

1,339

Italy

—

3,507

—

—

3,507

Japan

—

31,653

—

—

31,653

Jordan

—

60

—

—

60

Macao

—

50

—

—

50

Netherlands

—

6,956

—

—

6,956

New

Zealand

—

440

—

—

440

Norway

—

1,350

—

—

1,350

Portugal

—

326

—

—

326

Singapore

245

1,986

—

—

2,231

South

Africa

—

30

—

—

30

South

Korea

—

28

—

—

28

Spain

—

3,229

—

—

3,229

Sweden

—

4,967

—

—

4,967

Switzerland

—

6,999

—

—

6,999

United

Kingdom

101

14,042

—

—

14,143

United

States

644

11,090

—

—

11,734

Preferred

Stocks

—

505

—

—

505

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

—

—

2,134

2,134

Other

Securities

—

—

—

119

119

Total

Investments

17,370

129,709

16

2,253

149,348

Other

Financial

Instruments

Assets

Futures

Contracts

85

—

—

—

85

Foreign

Currency

Exchange

Contracts

—

128

—

—

128

Liabilities

Futures

Contracts

(5

7

)

—

—

—

(5

7

)

Foreign

Currency

Exchange

Contracts

—

(

104

)

—

—

(

104

)

Total

Other

Financial

Instruments

*

$

28

$

24

$

—

$

—

$

5

2

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

57

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

21,237

Consumer

Staples

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

8,345

Energy

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

8,705

Financial

Services

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

36,339

Health

Care

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

15,875

Materials

and

Processing

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

13,154

Producer

Durables

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

20,939

Technology

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

14,212

Utilities

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

7,784

Preferred

Stocks

Consumer

Discretionary

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

380

Consumer

Staples

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

125

Warrants

and

Rights

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

—

Short-Term

Investments

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

2,134

Other

Securities

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

119

Total

Investments

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

149,348

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

10,295

$

63,630

$

71,791

$

—

$

—

$

2,134

$

286

$

—

U.S.

Cash

Collateral

Fund

—

7,388

7,269

—

—

119

12

—

$

10,295

$

71,018

$

79,060

$

—

$

—

$

2,253

$

298

$

—

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

58

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

94.3%

Australia

-

2.2%

Aristocrat

Leisure,

Ltd.

7,432

264

ASX,

Ltd.

6,818

290

Australia

&

New

Zealand

Banking

Group,

Ltd.

28,013

533

BHP

Group,

Ltd.

143,941

3,996

Brambles,

Ltd.

32,107

328

Cochlear,

Ltd.

1,212

274

Coles

Group,

Ltd.

26,106

310

Commonwealth

Bank

of

Australia

12,990

1,171

Fortescue

Metals

Group,

Ltd.

128,687

1,601

Glencore

PLC

387,450

2,145

Goodman

Group(ö)

13,378

309

Insurance

Australia

Group,

Ltd.

288,849

1,398

Macquarie

Group,

Ltd.

1,927

265

Medibank

Pvt

,

Ltd.

80,367

209

National

Australia

Bank,

Ltd.

22,981

581

Northern

Star

Resources,

Ltd.

25,451

237

QBE

Insurance

Group,

Ltd.

197,752

2,338

Rio

Tinto

PLC

51,365

3,325

Rio

Tinto,

Ltd.

2,745

211

Santos,

Ltd.

50,540

262

Suncorp

Group,

Ltd.

23,728

277

Telstra

Group,

Ltd.

569,379

1,467

Wesfarmers,

Ltd.

15,433

743

Westpac

Banking

Corp.

23,159

453

WiseTech

Global,

Ltd.

4,329

272

Woodside

Energy

Group,

Ltd.

14,839

269

23,528

Austria

-

0.8%

ams

AG(Æ)

285,792

383

Erste

Group

Bank

AG

103,312

5,363

Mondi

PLC

136,004

2,662

8,408

Belgium

-

0.2%

Ageas

SA

30,118

1,434

KBC

Groep

NV

3,686

285

Proximus

SADP

66,699

483

UCB

SA

1,819

305

2,507

Brazil

-

0.9%

Ambev

SA

1,451,329

2,972

Atacadao

SA

348,242

570

Banco

Bradesco

SA

–

ADR

662,321

1,470

Banco

do

Brasil

SA

263,267

1,236

Caixa

Seguridade

Participacoes

S/A

66,141

169

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

69,671

1,087

Lojas

Renner

SA

219,300

514

Telefonica

Brasil

SA

143,929

1,234

Ultrapar

Participacoes

SA

80,975

318

9,570

Burkina

Faso

-

0.0%

Endeavour

Mining

PLC

22,382

493

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Canada

-

4.4%

Agnico

Eagle

Mines,

Ltd.

3,629

280

Alimentation

Couche-Tard,

Inc.

8,101

499

ARC

Resources,

Ltd.

61,941

1,072

Bank

of

Montreal

3,554

300

Bank

of

Nova

Scotia

(The)

6,238

291

Barrick

Gold

Corp.

83,670

1,550

Brookfield

Asset

Management,

Inc.

6,452

315

Canadian

Imperial

Bank

of

Commerce

8,222

425

Canadian

National

Railway

Co.

66,747

7,727

Canadian

Natural

Resources,

Ltd.

18,440

655

Canadian

Pacific

Kansas

City,

Ltd.

4,351

365

CCL

Industries,

Inc.

Class

B

5,370

292

Cenovus

Energy,

Inc.

20,653

416

Constellation

Software,

Inc.

217

685

Dollarama

,

Inc.

27,706

2,597

Enbridge,

Inc.

16,824

630

Fairfax

Financial

Holdings,

Ltd.

525

619

Great-West

Lifeco

,

Inc.

41,274

1,240

iA

Financial

Corp.,

Inc.

11,739

794

Imperial

Oil,

Ltd.

5,008

359

Intact

Financial

Corp.

2,553

464

Kinross

Gold

Corp.

44,918

408

Loblaw

Cos.,

Ltd.

4,003

494

Magna

International,

Inc.

Class

A

74,280

3,296

Manulife

Financial

Corp.

115,299

3,071

Metro,

Inc.

Class

A

3,785

225

National

Bank

of

Canada

3,347

280

Nutrien

,

Ltd.

7,675

394

Pembina

Pipeline

Corp.

7,188

278

Royal

Bank

of

Canada

38,454

4,297

Shopify,

Inc.

Class

A(Æ)

36,725

2,248

Stantec

,

Inc.

31,472

2,769

Sun

Life

Financial,

Inc.

52,442

2,603

Suncor

Energy,

Inc.

15,683

626

TFI

International,

Inc.

2,445

381

Thomson

Reuters

Corp.

1,509

245

Toronto-Dominion

Bank

(The)

26,969

1,593

Tourmaline

Oil

Corp.

44,181

1,944

West

Fraser

Timber

Co.,

Ltd.

2,901

257

WSP

Global,

Inc.

1,692

281

47,265

Chile

-

0.0%

Antofagasta

PLC

11,050

286

China

-

2.3%

Alibaba

Group

Holding,

Ltd.

422,700

4,164

Baidu,

Inc.

Class

A(Æ)

66,600

739

BOC

Hong

Kong

Holdings,

Ltd.

104,500

304

China

Merchants

Bank

Co.,

Ltd.

Class

H

192,000

794

China

Overseas

Land

&

Investment,

Ltd.

830,500

1,334

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

702,000

205

H

World

Group,

Ltd.

-

ADR

40,931

1,228

Haier

Smart

Home

Co.,

Ltd.

Class

H

447,800

1,465

Lenovo

Group,

Ltd.

1,312,000

1,703

Tencent

Holdings,

Ltd.

250,288

11,556

Weichai

Power

Co.,

Ltd.

Class

H

453,000

726

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

59

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wilmar

International,

Ltd.

75,500

180

24,398

Denmark

-

2.4%

AP

Moller

-

Maersk

A/S

Class

B

113

187

Danske

Bank

A/S

85,958

2,630

DSV

A/S

10,730

1,969

Novo

Nordisk

A/S

Class

B

137,108

18,167

Novozymes

A/S

Class

B

1,619

103

Pandora

A/S

1,769

277

Tryg

A/S

11,848

260

Vestas

Wind

Systems

A/S(Æ)

78,533

1,940

25,533

Finland

-

1.1%

Elisa

OYJ

21,334

994

Nokia

OYJ

1,415,326

5,551

Nordea

Bank

Abp

21,027

246

Sampo

OYJ

Class

A

55,505

2,432

UPM-

Kymmene

OYJ

66,492

2,196

11,419

France

-

8.2%

Accor

SA

134,327

5,165

Air

Liquide

SA

Class

A

3,440

627

Airbus

Group

SE

25,425

3,839

Amundi

SA(Þ)

43,934

3,202

AXA

SA

92,715

3,252

BNP

Paribas

SA

34,230

2,345

Bureau

Veritas

SA(Ñ)

117,436

3,678

Capgemini

SE

13,961

2,771

Carrefour

SA

105,773

1,578

Cie

de

Saint-Gobain

SA

22,970

1,969

Danone

SA

42,862

2,789

Dassault

Aviation

SA

9,028

1,819

Dassault

Systemes

SE

7,043

267

Engie

SA

155,532

2,444

EssilorLuxottica

SA

2,268

518

Eurazeo

SE

5,035

396

Hermes

International

250

546

Legrand

SA

3,814

411

L'Oreal

SA

10,695

4,631

LVMH

Moet

Hennessy

Louis

Vuitton

SE

11,501

8,106

Michelin

(CGDE)

125,340

4,963

Orange

SA

149,838

1,662

Pernod

Ricard

SA

9,679

1,296

Publicis

Groupe

SA

20,362

2,125

Remy

Cointreau

SA

4,190

331

Renault

SA

26,890

1,302

Rexel

SA

Class

H

149,290

3,787

Safran

SA

10,474

2,297

Sartorius

Stedim

Biotech

35,166

6,957

Societe

Generale

SA

83,584

2,163

Teleperformance

43,895

5,615

Total

SE

69,328

4,676

Valeo

SE

69,985

799

Vinci

SA

2,963

338

88,664

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Germany

-

6.3%

adidas

AG

12,057

3,017

Allianz

SE

6,246

1,762

BASF

SE

121,896

5,684

Bayer

AG

121,975

3,627

Beiersdorf

AG

3,335

484

Commerzbank

AG

23,453

383

Continental

AG

55,357

3,395

Covestro

AG(Æ)(Þ)

49,351

2,908

Daimler

Truck

Holding

AG

150,452

5,767

Deutsche

Boerse

AG

37,936

7,767

Deutsche

Post

AG

8,928

399

Deutsche

Telekom

AG

12,444

325

E.ON

SE

26,241

368

Evonik

Industries

AG

147,050

2,986

Fresenius

Medical

Care

AG

&

Co.

KGaA

68,593

2,662

Fresenius

SE

&

Co.

KGaA

(Æ)

50,689

1,819

GEA

Group

AG

19,353

855

Hannover

Rueck

SE

8,901

2,212

Heidelberg

Materials

AG

27,201

2,839

Infineon

Technologies

AG

63,781

2,211

Knorr-

Bremse

AG

9,406

758

Mercedes-Benz

Group

AG

39,018

2,581

Merck

KGaA

1,953

350

Muenchener

Rueckversicherungs-

Gesellschaft

AG

6,595

3,249

Rheinmetall

AG

5,527

3,012

SAP

SE

23,804

5,022

Siemens

AG

3,032

556

Symrise

AG

3,707

468

Talanx

AG

3,353

255

67,721

Hong

Kong

-

2.0%

AIA

Group,

Ltd.

1,230,575

8,202

CK

Asset

Holdings,

Ltd.

252,157

959

CLP

Holdings,

Ltd.

190,000

1,639

Hang

Seng

Bank,

Ltd.

94,000

1,157

Hong

Kong

&

China

Gas

Co.,

Ltd.

1,708,000

1,395

Hong

Kong

Exchanges

&

Clearing,

Ltd.

17,000

501

Power

Assets

Holdings,

Ltd.

242,000

1,545

Prudential

PLC

173,124

1,546

Sino

Land

Co.,

Ltd.

228,000

235

Techtronic

Industries

Co.,

Ltd.

278,239

3,599

WH

Group,

Ltd.(Þ)

1,195,000

779

21,557

Hungary

-

0.1%

OTP

Bank

PLC

17,194

880

India

-

1.3%

Axis

Bank,

Ltd.

-

GDR(Þ)

24,169

1,690

HDFC

Bank,

Ltd.

-

ADR

114,983

6,900

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

51,989

2,371

MakeMyTrip

,

Ltd.(Æ)

37,759

3,534

14,495

Indonesia

-

0.1%

Bank

Rakyat

Indonesia

Persero

Tbk

PT

4,344,300

1,253

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

60

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ireland

-

0.9%

AIB

Group

PLC

246,086

1,408

Bank

of

Ireland

Group

PLC

454,758

5,137

Flutter

Entertainment

PLC(Æ)

16,637

3,284

Kingspan

Group

PLC

3,148

294

10,123

Israel

-

0.1%

Check

Point

Software

Technologies,

Ltd.(Æ)

3,862

708

Nice,

Ltd.(Æ)

1,640

297

1,005

Italy

-

2.7%

Assicurazioni

Generali

SpA

18,807

487

BPER

Banca

SpA

290,287

1,695

Coca-Cola

HBC

AG

8,422

307

Davide

Campari-Milano

SpA

156,802

1,415

Enel

SpA

663,694

4,733

Eni

SpA

174,483

2,787

FinecoBank

Banca

Fineco

SpA

412,227

7,002

Intesa

Sanpaolo

SpA

87,670

356

Moncler

SpA

28,154

1,677

Poste

Italiane

SpA

(Þ)

14,482

196

Prysmian

SpA

4,111

282

Recordati

SpA

13,638

743

Ryanair

Holdings

PLC

-

ADR

20,831

2,110

Terna

Rete

Elettrica

Nazionale

SpA

23,893

199

UniCredit

SpA

111,337

4,567

28,556

Japan

-

16.9%

Advantest

Corp.

48,000

2,096

Ajinomoto

Co.,

Inc.

10,694

442

Alfresa

Holdings

Corp.

35,000

551

Alps

Alpine

Co.,

Ltd.

51,800

551

Amada

Co.,

Ltd.

38,200

452

Asahi

Group

Holdings,

Ltd.

5,600

207

Asics

Corp.

16,300

267

Bridgestone

Corp.

82,000

3,369

Brother

Industries,

Ltd.

23,400

481

Canon,

Inc.

99,600

3,146

Chugai

Pharmaceutical

Co.,

Ltd.

11,000

481

Dai-ichi

Life

Holdings,

Inc.

63,025

1,937

Daiichi

Sankyo

Co.,

Ltd.

93,300

3,797

Daikin

Industries,

Ltd.

1,700

246

Daito

Trust

Construction

Co.,

Ltd.

10,700

1,289

Daiwa

House

Industry

Co.,

Ltd.

13,500

386

DeNA

Co.,

Ltd.

37,800

390

Denso

Corp.

144,200

2,397

Dentsu

,

Inc.

50,400

1,345

Disco

Corp.

2,100

687

Eisai

Co.,

Ltd.

41,710

1,598

Fast

Retailing

Co.,

Ltd.

1,100

302

Fuji

Electric

Co.,

Ltd.

6,000

338

FUJIFILM

Holdings

Corp.

15,600

369

Fujitsu,

Ltd.

26,000

464

Fukuoka

Financial

Group,

Inc.

63,000

1,773

Hakuhodo

DY

Holdings,

Inc.

79,700

652

Hino

Motors,

Ltd.(Æ)

99,200

322

Hitachi,

Ltd.

52,300

1,130

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Honda

Motor

Co.,

Ltd.

119,774

1,283

Hoya

Corp.

1,900

237

Iida

Group

Holdings

Co.,

Ltd.

65,000

985

Isuzu

Motors,

Ltd.

160,400

2,199

ITOCHU

Corp.

65,700

3,373

Japan

Airlines

Co.,

Ltd.

43,800

719

Japan

Exchange

Group,

Inc.

15,200

356

Japan

Post

Bank

Co.,

Ltd.

Class

A

23,900

249

Japan

Post

Holdings

Co.,

Ltd.

47,100

502

Japan

Post

Insurance

Co.,

Ltd.

Class

A

47,700

992

Japan

Tobacco,

Inc.

93,700

2,764

JGC

Holdings

Corp.

57,600

492

Kajima

Corp.

24,700

480

Kao

Corp.

63,100

2,772

KDDI

Corp.

93,400

2,807

Keyence

Corp.

18,600

8,092

Kirin

Holdings

Co.,

Ltd.

143,000

2,029

Koito

Manufacturing

Co.,

Ltd.

95,200

1,421

Komatsu,

Ltd.

118,200

3,390

Kubota

Corp.

122,900

1,773

Kyocera

Corp.

141,600

1,792

Makita

Corp.

42,853

1,400

MEIJI

Holdings

Co.,

Ltd.

23,800

604

Minebea

Co.,

Ltd.

126,000

3,016

Mitsubishi

Corp.

16,300

339

Mitsubishi

Electric

Corp.

16,300

274

Mitsubishi

Estate

Co.,

Ltd.

77,400

1,315

Mitsubishi

Gas

Chemical

Co.,

Inc.

49,700

955

Mitsubishi

HC

Capital,

Inc.

31,900

231

Mitsubishi

Heavy

Industries,

Ltd.

21,900

264

Mitsubishi

UFJ

Financial

Group,

Inc.

73,322

852

Mitsui

&

Co.,

Ltd.

13,800

322

Mizuho

Financial

Group,

Inc.

18,900

432

MS&AD

Insurance

Group

Holdings,

Inc.

216,600

5,098

Murata

Manufacturing

Co.,

Ltd.

21,000

464

NEC

Corp.

3,900

342

Nidec

Corp.

103,900

4,610

Nikon

Corp.

54,500

628

Nintendo

Co.,

Ltd.

11,100

617

Nippon

Telegraph

&

Telephone

Corp.

324,700

346

Nippon

Television

Holdings,

Inc.

48,800

786

Nissan

Chemical

Corp.

13,700

442

Nissan

Motor

Co.,

Ltd.

334,400

1,077

Nitto

Denko

Corp.

68,300

5,968

Obayashi

Corp.

32,600

429

Obic

Co.,

Ltd.

1,400

213

Olympus

Corp.

138,300

2,375

Ono

Pharmaceutical

Co.,

Ltd.

108,892

1,626

ORIX

Corp.

5,900

143

Otsuka

Corp.

25,100

555

Otsuka

Holdings

Co.,

Ltd.

6,800

352

Pan

Pacific

International

Holdings

Corp.

10,800

281

Panasonic

Holdings

Corp.

16,600

133

Persol

Holdings

Co.,

Ltd.

386,400

665

Recruit

Holdings

Co.,

Ltd.

18,400

1,052

Resona

Holdings,

Inc.

621,800

4,511

Rinnai

Corp.

32,200

792

Rohm

Co.,

Ltd.

98,700

1,339

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

61

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Secom

Co.,

Ltd.

6,400

410

Sega

Sammy

Holdings,

Inc.

64,700

1,053

Seiko

Epson

Corp.

31,800

559

Sekisui

Chemical

Co.,

Ltd.

57,400

867

Sekisui

House,

Ltd.

22,200

557

SG

Holdings

Co.,

Ltd.

33,100

337

Shin-Etsu

Chemical

Co.,

Ltd.

248,570

11,106

Shionogi

&

Co.,

Ltd.

36,900

1,623

SMC

Corp.

3,300

1,613

SoftBank

Corp.

35,700

681

Sony

Group

Corp.

28,450

2,531

Stanley

Electric

Co.,

Ltd.

42,623

844

Subaru

Corp.

123,488

2,437

Sumitomo

Corp.

10,500

264

Sumitomo

Electric

Industries,

Ltd.

36,300

555

Sumitomo

Heavy

Industries,

Ltd.

26,900

726

Sumitomo

Mitsui

Financial

Group,

Inc.

23,500

1,702

Sumitomo

Mitsui

Trust

Holdings,

Inc.

113,400

2,861

Sumitomo

Rubber

Industries,

Ltd.

63,900

672

Suntory

Beverage

&

Food,

Ltd.

77,600

2,806

Suzuki

Motor

Corp.

23,200

270

T&D

Holdings,

Inc.

241,200

4,566

Taiheiyo

Cement

Corp.

22,900

627

Takeda

Pharmaceutical

Co.,

Ltd.

91,000

2,600

TDK

Corp.

58,800

4,095

Terumo

Corp.

25,800

461

THK

Co.,

Ltd.

46,500

880

Tokio

Marine

Holdings,

Inc.

91,900

3,653

Tokyo

Electron,

Ltd.

24,368

4,920

Toray

Industries,

Inc.

422,600

2,216

TOTO,

Ltd.

15,600

436

Toyota

Motor

Corp.

146,100

2,844

Trend

Micro,

Inc.

14,700

705

Tsuruha

Holdings,

Inc.

9,900

613

Unicharm

Corp.

13,200

442

Yakult

Honsha

Co.,

Ltd.

28,200

581

Yamaha

Motor

Co.,

Ltd.

120,400

1,128

Yamato

Holdings

Co.,

Ltd.

80,484

983

181,244

Jordan

-

0.1%

Hikma

Pharmaceuticals

PLC

23,289

568

Luxembourg

-

0.9%

ArcelorMittal

SA

106,522

2,405

Eurofins

Scientific

SE

121,836

7,223

RTL

Group

SA

15,918

502

10,130

Macao

-

0.2%

Galaxy

Entertainment

Group,

Ltd.

500,883

2,092

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

641,182

1,038

Mexico

-

0.1%

Fresnillo

PLC

85,728

647

Netherlands

-

4.5%

ABN

AMRO

Bank

NV(Þ)

109,901

1,916

Adyen

NV(Æ)(Þ)

498

609

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Argenx

SE(Æ)

3,185

1,635

ASM

International

NV

379

261

ASML

Holding

NV

9,069

8,331

BE

Semiconductor

Industries

NV

2,690

349

Euronext

NV(Þ)

10,009

1,011

Ferrari

NV

7,141

2,938

Heineken

NV

22,935

2,035

ING

Groep

NV

340,826

6,179

Koninklijke

Ahold

Delhaize

NV

13,509

435

Koninklijke

KPN

NV

470,576

1,852

Koninklijke

Philips

NV(Æ)

160,550

4,526

NN

Group

NV

38,880

1,945

Randstad

NV

117,186

5,697

Universal

Music

Group

NV

295,730

7,034

VEON,

Ltd.

-

ADR(Æ)

11,168

298

Wolters

Kluwer

NV

4,726

793

47,844

New

Zealand

-

0.1%

Spark

New

Zealand,

Ltd.

294,218

757

Norway

-

0.5%

DNB

Bank

ASA

56,217

1,161

Equinor

ASA

Class

N

105,623

2,800

Gjensidige

Forsikring

ASA

28,869

488

Norsk

Hydro

ASA

22,543

125

Orkla

ASA

107,028

903

Telenor

ASA

33,627

400

5,877

Portugal

-

0.0%

Galp

Energia

SGPS

SA

Class

B

13,198

278

Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

607,370

—

Lukoil

PJSC(Æ)(Š)

10,952

—

Mobile

TeleSystems

PJSC

-

ADR(Æ)

(Š)

145,363

—

Sberbank

of

Russia

PJSC(Æ)(Š)

415,116

—

—

Singapore

-

0.9%

CapitaLand

Ascendas

REIT(ö)

91,500

187

DBS

Group

Holdings,

Ltd.

113,180

3,103

Grab

Holdings,

Ltd.

Class

A(Æ)

78,439

259

Oversea-Chinese

Banking

Corp.,

Ltd.

246,960

2,749

Singapore

Exchange,

Ltd.

27,000

199

Singapore

Technologies

Engineering,

Ltd.

117,100

387

Singapore

Telecommunications,

Ltd.

1,104,300

2,551

United

Overseas

Bank,

Ltd.

13,900

336

9,771

South

Africa

-

0.2%

Anglo

American

PLC

34,544

1,039

MTN

Group,

Ltd.

117,055

508

Old

Mutual,

Ltd.

1,068,638

722

2,269

South

Korea

-

1.3%

Coway

Co.,

Ltd.

17,567

795

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

62

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hankook

Tire

&

Technology

Co.,

Ltd.

13,952

452

Hyundai

Mobis

Co.,

Ltd.

8,130

1,303

KB

Financial

Group,

Inc.

30,636

1,950

KT

Corp.

-

ADR

101,516

1,479

Samsung

Electronics

Co.,

Ltd.

65,417

4,022

Shinhan

Financial

Group

Co.,

Ltd.

92,948

4,068

14,069

Spain

-

2.0%

Amadeus

IT

Group

SA

Class

A

84,201

5,536

Banco

Bilbao

Vizcaya

Argentaria

SA

28,373

298

Banco

Santander

SA

62,124

298

CaixaBank

SA

714,423

4,163

Cellnex

Telecom

SA(Þ)

53,263

1,854

Iberdrola

SA

22,599

298

Industria

de

Diseno

Textil

SA

191,024

9,256

Repsol

SA

18,674

266

21,969

Sweden

-

1.9%

Assa

Abloy

AB

Class

B

72,729

2,210

Atlas

Copco

AB

Class

A

34,456

612

Atlas

Copco

AB

Class

B

160,008

2,500

Boliden

AB

6,168

187

Epiroc

AB

Class

A

12,078

225

Equities

AB

8,838

286

Essity

Aktiebolag

Class

B

81,242

2,284

Hexagon

AB

Class

B

335,764

3,414

Investor

AB

Class

B

10,549

299

Sandvik

AB

178,562

3,649

Skandinaviska

Enskilda

Banken

AB

Class

A

31,251

480

SKF

AB

Class

B

84,295

1,563

Svenska

Handelsbanken

AB

Class

A

24,410

246

Telefonaktiebolaget

LM

Ericsson

Class

B

245,840

1,682

Volvo

AB

Class

B

10,344

264

19,901

Switzerland

-

4.0%

ABB,

Ltd.

17,653

980

Adecco

Group

AG

38,588

1,315

Barry

Callebaut

AG

94

152

DSM-

Firmenich

AG

2,280

291

EMS-

Chemie

Holding

AG

426

356

Geberit

AG

418

266

Givaudan

SA

99

485

Julius

Baer

Group,

Ltd.

56,542

3,080

Logitech

International

SA

2,932

264

Novartis

AG

86,932

9,745

Partners

Group

Holding

AG

1,675

2,256

Schindler

Holding

AG

5,192

1,385

SGS

SA

20,561

2,251

Sika

AG

1,022

310

Swatch

Group

AG

(The)

Class

B

7,842

1,612

Swiss

Life

Holding

AG

359

275

Swisscom

AG

3,770

2,309

UBS

Group

AG

395,757

12,003

Zurich

Insurance

Group

AG

5,888

3,238

42,573

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Taiwan

-

2.6%

Catcher

Technology

Co.,

Ltd.

105,000

684

E

Ink

Holdings,

Inc.

199,000

1,633

Hon

Hai

Precision

Industry

Co.,

Ltd.

262,241

1,623

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

370,000

10,635

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

78,728

13,053

27,628

Thailand

-

0.2%

Kasikornbank

PCL

461,900

1,705

United

Kingdom

-

9.3%

3i

Group

PLC

21,332

857

Associated

British

Foods

PLC

8,352

266

AstraZeneca

PLC

38,643

6,127

Auto

Trader

Group

PLC(Þ)

22,671

237

Aviva

PLC

43,101

278

Babcock

International

Group

PLC

91,548

626

BAE

Systems

PLC

36,994

618

Barclays

PLC

807,130

2,413

Barratt

Developments

PLC

112,711

761

Berkeley

Group

Holdings

PLC

4,667

304

British

American

Tobacco

PLC

112,632

3,995

British

Land

Co.

PLC

(The)(ö)

127,073

672

BT

Group

PLC

793,884

1,439

Burberry

Group

PLC

85,980

860

CK

Hutchison

Holdings,

Ltd.

Class

B

268,631

1,414

Compass

Group

PLC

224,610

6,914

Diageo

PLC

89,687

2,793

easyJet

PLC

211,735

1,225

HSBC

Holdings

PLC

571,558

5,170

Imperial

Tobacco

Group

PLC

7,706

213

Intermediate

Capital

Group

PLC

80,787

2,277

Intertek

Group

PLC

114,755

7,459

J

Sainsbury

PLC

844,971

2,996

Kingfisher

PLC

361,174

1,285

Land

Securities

Group

PLC(ö)

89,193

730

Lloyds

Banking

Group

PLC

354,564

270

London

Stock

Exchange

Group

PLC

53,740

6,549

NatWest

Group

PLC

689,441

3,254

Next

PLC

2,351

275

Pearson

PLC

18,974

257

Reckitt

Benckiser

Group

PLC

112,824

6,055

RELX

PLC

142,142

6,706

Rolls

Royce

Holdings

PLC(Æ)

48,298

279

Sage

Group

PLC

(The)

29,934

418

Standard

Chartered

PLC

542,270

5,328

Tate

&

Lyle

PLC

90,502

766

Tesco

PLC

1,160,981

4,956

Travis

Perkins

PLC

81,159

1,000

Unilever

PLC

72,560

4,451

Vodafone

Group

PLC

513,430

479

Wausau

Paper

Corp.

185,605

1,794

Weir

Group

PLC

(The)

151,277

3,946

Wise

PLC

Class

A(Æ)

146,154

1,344

100,056

United

States

-

12.5%

Accenture

PLC

Class

A

20,235

6,690

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

63

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Alcon,

Inc.

18,415

1,742

Allegion

PLC

64,840

8,871

Amdocs,

Ltd.

50,273

4,397

Aon

PLC

Class

A

21,641

7,109

BP

PLC

572,066

3,374

CSL,

Ltd.

2,358

480

Experian

PLC

9,267

437

GSK

Finance

No.

3

PLC

340,034

6,585

Haleon

PLC

2,437,753

10,950

Holcim

AG

46,008

4,306

Las

Vegas

Sands

Corp.

20,803

825

Linde

PLC

24,767

11,232

Medtronic

PLC

31,721

2,548

Nestle

SA

129,149

13,110

Roche

Holding

AG

30,139

9,762

Sanofi

SA

82,018

8,435

Schlumberger

NV

117,660

5,682

Schneider

Electric

SE

48,140

11,582

Shell

PLC

337,11

4

12,297

Spotify

Technology

SA(Æ)

8,707

2,995

Stellantis

NV

35,669

594

Tenaris

SA

54,559

867

134,870

Total

Common

Stocks

(cost

$917,491)

1,012,947

Preferred

Stocks

-

1.0%

Brazil

-

0.1%

Raizen

Energia

SA

5.489%

(Ÿ)

1,113,007

588

Germany

-

0.3%

Henkel

AG

&

Co.

KGaA

2.290%

(Ÿ)

18,264

1,564

Volkswagen

AG

9.338%

(Ÿ)

17,143

1,913

3,477

South

Korea

-

0.6%

Samsung

Electronics

Co.,

Ltd.

2.346%

(Ÿ)

146,482

6,848

Total

Preferred

Stocks

(cost

$11,431)

10,913

Warrants

and

Rights

-

0.0%

Canada

-

0.0%

Constellation

Software,

Inc.(Æ)(Š)

2040

Warrants

325

—

Total

Warrants

and

Rights

(cost

$—)

—

Short-Term

Investments

-

2.9%

United

States

-

2.9%

U.S.

Cash

Management

Fund(@)

30,876,629

(∞)

30,871

Total

Short-Term

Investments

(cost

$30,868)

30,871

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Other

Securities

-

0.3%

U.S.

Cash

Collateral

Fund(@)(×)

3,335,400

(∞)

3,335

Total

Other

Securities

(cost

$3,335)

3,335

Total

Investments

-

98.5%

(identified

cost

$963,125)

1,058,066

Other

Assets

and

Liabilities,

Net

-

1.5%

16,649

Net

Assets

-

100.0%

1,074,715

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

64

International

Developed

Markets

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.6%

ABN

AMRO

Bank

NV

10/03/19

EUR

109,901

17

.26

1,897

1,916

Adyen

NV

08/04/23

EUR

498

1,641

.44

817

609

Amundi

SA

02/28/19

EUR

43,934

66

.73

2,932

3,202

Auto

Trader

Group

PLC

08/04/23

GBP

22,671

8

.08

183

237

Axis

Bank,

Ltd.

04/26/24

USD

24,169

66

.41

1,605

1,690

Cellnex

Telecom

SA

12/10/21

EUR

53,263

49

.12

2,617

1,854

Covestro

AG

06/26/19

EUR

49,351

56

.85

2,806

2,908

Euronext

NV

07/26/24

EUR

10,009

100

.64

1,007

1,011

Larsen

&

Toubro,

Ltd.

03/22/24

USD

51,989

41

.50

2,158

2,371

Poste

Italiane

SpA

11/10/23

EUR

14,482

10

.63

154

196

WH

Group,

Ltd.

06/26/19

HKD

1,195,000

0

.81

966

779

16,773

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

CAC40

Euro

Index

Futures

18

EUR

1,358

08/24

(12)

DAX

Index

Futures

3

EUR

1,395

09/24

24

EURO

STOXX

50

Index

Futures

15

EUR

735

09/24

(8)

FTSE/MIB

Index

Futures

2

EUR

340

09/24

5

IBEX

35

Index

Futures

4

EUR

444

08/24

—

OMXS30

Index

Futures

12

SEK

3,139

08/24

(1)

S&P/TSX

60

Index

Futures

191

CAD

52,918

09/24

2,429

SPI

200

Index

Futures

268

AUD

54,009

09/24

1,512

TOPIX

Index

Futures

159

JPY

4,447,230

09/24

172

Short

Positions

Hang

Seng

Index

Futures

83

HKD

71,998

08/24

(164)

MSCI

Emerging

Markets

Index

Futures

728

USD

39,913

09/24

(614)

MSCI

Singapore

Index

Futures

282

SGD

8,870

08/24

(82)

S&P

500

E-Mini

Index

Futures

74

USD

20,565

09/24

(60)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

3,201

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

8,756

AUD

13,049

09/18/24

(212)

Bank

of

America

USD

7,525

CAD

10,276

09/18/24

(71)

Bank

of

America

USD

703

EUR

650

08/01/24

—

Bank

of

America

USD

7,833

EUR

7,250

09/18/24

31

Bank

of

America

USD

354

GBP

276

08/01/24

1

Bank

of

America

USD

14,107

JPY

2,166,770

09/18/24

458

Bank

of

America

USD

69

NOK

751

08/01/24

—

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

65

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

64

NOK

695

08/02/24

—

Bank

of

America

USD

59

SEK

637

08/01/24

—

Bank

of

America

AUD

4,000

USD

2,637

09/18/24

18

Bank

of

America

EUR

7,065

USD

7,690

09/18/24

26

Bank

of

America

GBP

6,200

USD

8,006

09/18/24

32

Bank

of

America

JPY

1,225,000

USD

7,918

09/18/24

(316)

Bank

of

America

NOK

35,000

USD

3,179

09/18/24

(33)

Barclays

USD

8,756

AUD

13,049

09/18/24

(212)

Barclays

USD

7,525

CAD

10,276

09/18/24

(71)

Barclays

USD

14,115

JPY

2,166,770

09/18/24

449

Barclays

EUR

7,065

USD

7,698

09/18/24

35

Citigroup

USD

8,763

AUD

13,049

09/18/24

(220)

Citigroup

USD

7,525

CAD

10,276

09/18/24

(72)

Citigroup

USD

14,106

JPY

2,166,770

09/18/24

460

Citigroup

EUR

7,065

USD

7,691

09/18/24

27

HSBC

USD

8,753

AUD

13,049

09/18/24

(210)

HSBC

USD

7,523

CAD

10,276

09/18/24

(69)

HSBC

USD

14,098

JPY

2,166,770

09/18/24

467

HSBC

EUR

7,065

USD

7,686

09/18/24

22

Royal

Bank

of

Canada

USD

8,751

AUD

13,049

09/18/24

(207)

Royal

Bank

of

Canada

USD

7,521

CAD

10,276

09/18/24

(68)

Royal

Bank

of

Canada

USD

14,093

JPY

2,166,770

09/18/24

472

Royal

Bank

of

Canada

EUR

7,065

USD

7,686

09/18/24

23

State

Street

USD

9,025

DKK

61,800

09/18/24

(38)

State

Street

USD

4,378

GBP

3,409

09/18/24

7

State

Street

USD

4,014

NOK

42,060

09/18/24

(154)

State

Street

USD

10,107

SEK

103,587

09/18/24

(411)

State

Street

USD

314

SGD

420

09/18/24

1

State

Street

CHF

6,130

USD

6,953

09/18/24

(67)

State

Street

HKD

2,290

USD

294

09/19/24

—

State

Street

NZD

960

USD

596

09/18/24

25

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

123

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

23,528

$

—

$

—

$

23,528

Austria

—

8,408

—

—

8,408

Belgium

—

2,507

—

—

2,507

Brazil

9,570

—

—

—

9,570

Burkina

Faso

493

—

—

—

493

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

66

International

Developed

Markets

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Canada

47,265

—

—

—

47,265

Chile

—

286

—

—

286

China

1,228

23,170

—

—

24,398

Denmark

—

25,533

—

—

25,533

Finland

—

11,419

—

—

11,419

France

—

88,664

—

—

88,664

Germany

—

67,721

—

—

67,721

Hong

Kong

—

21,557

—

—

21,557

Hungary

—

880

—

—

880

India

10,434

4,061

—

—

14,495

Indonesia

—

1,253

—

—

1,253

Ireland

—

10,123

—

—

10,123

Israel

708

297

—

—

1,005

Italy

2,110

26,446

—

—

28,556

Japan

—

181,244

—

—

181,244

Jordan

—

568

—

—

568

Luxembourg

—

10,130

—

—

10,130

Macao

—

2,092

—

—

2,092

Malaysia

—

1,038

—

—

1,038

Mexico

—

647

—

—

647

Netherlands

297

47,547

—

—

47,844

New

Zealand

—

757

—

—

757

Norway

—

5,877

—

—

5,877

Portugal

—

278

—

—

278

Russia

—

—

—

—

—

Singapore

259

9,512

—

—

9,771

South

Africa

—

2,269

—

—

2,269

South

Korea

1,479

12,590

—

—

14,069

Spain

—

21,969

—

—

21,969

Sweden

—

19,901

—

—

19,901

Switzerland

—

42,573

—

—

42,573

Taiwan

13,053

14,575

—

—

27,628

Thailand

—

1,705

—

—

1,705

United

Kingdom

—

100,056

—

—

100,056

United

States

50,349

84,521

—

—

134,870

Preferred

Stocks

588

10,325

—

—

10,913

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

—

—

30,871

30,871

Other

Securities

—

—

—

3,335

3,335

Total

Investments

137,833

886,027

—

34,206

1,058,066

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

67

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Other

Financial

Instruments

Assets

Futures

Contracts

4,142

—

—

—

4,142

Foreign

Currency

Exchange

Contracts

2

2,552

—

—

2,554

Liabilities

Futures

Contracts

(941)

—

—

—

(941)

Foreign

Currency

Exchange

Contracts

—

(2,431)

—

—

(2,431)

Total

Other

Financial

Instruments

*

$

3,203

$

121

$

—

$

—

$

3,324

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

145,518

Consumer

Staples

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

71,232

Energy

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

50,678

Financial

Services

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

253,704

Health

Care

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

110,471

Materials

and

Processing

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

88,506

Producer

Durables

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

134,421

Technology

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

129,270

Utilities

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

29,147

Preferred

Stocks

Consumer

Discretionary

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

1,913

Consumer

Staples

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

1,564

Technology

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

6,848

Utilities

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

588

Warrants

and

Rights

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

—

Short-Term

Investments

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

30,871

Other

Securities

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

3,335

Total

Investments

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

1,058,066

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

68

International

Developed

Markets

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

29,625

$

200,205

$

198,962

$

(1

)

$

4

$

30,871

$

1,402

$

—

U.S.

Cash

Collateral

Fund

6,885

108,370

111,920

—

—

3,335

288

—

$

36,510

$

308,575

$

310,882

$

(1

)

$

4

$

34,206

$

1,690

$

—

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

69

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

–

94.0%

Australia

-

0.1%

BHP

Group,

Ltd.

45,159

1,254

Insurance

Australia

Group,

Ltd.

112,705

545

Telstra

Group,

Ltd.

186,042

479

2,278

Austria

-

0.5%

ams

AG(Æ)

603,001

809

Erste

Group

Bank

AG

93,272

4,841

Mondi

PLC

167,518

3,279

8,929

Belgium

-

0.2%

Ageas

SA

63,178

3,009

Proximus

SADP

144,251

1,044

4,053

Brazil

-

0.7%

Ambev

SA(Æ)

1,017,164

2,082

Atacadao

SA

694,272

1,137

Banco

Bradesco

SA

-

ADR

1,341,770

2,979

Caixa

Seguridade

Participacoes

S/A

172,046

438

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

159,380

2,487

Lojas

Renner

SA

623,529

1,462

MercadoLibre,

Inc.(Æ)

173

288

Telefonica

Brasil

SA

295,392

2,533

Ultrapar

Participacoes

SA

168,228

661

14,067

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

46,789

1,030

Canada

-

2.2%

Agnico

Eagle

Mines,

Ltd.

24,176

1,865

Air

Canada

Class

B(Æ)

60,544

698

ARC

Resources,

Ltd.

94,279

1,631

Barrick

Gold

Corp.

257,439

4,770

Canadian

National

Railway

Co.

76,078

8,807

CCL

Industries,

Inc.

Class

B

7,854

427

Great-West

Lifeco,

Inc.

12,875

387

Imperial

Oil,

Ltd.

7,634

547

Intact

Financial

Corp.

7,480

1,359

Manulife

Financial

Corp.

88,834

2,367

Royal

Bank

of

Canada

-

GDR

27,668

3,092

Shopify,

Inc.

Class

A(Æ)

43,438

2,658

Sun

Life

Financial,

Inc.

28,672

1,423

Suncor

Energy,

Inc.

274,501

10,963

Tourmaline

Oil

Corp.

11,437

503

41,497

China

-

0.9%

Alibaba

Group

Holding,

Ltd.

187,300

1,845

Alibaba

Group

Holding,

Ltd.

-

ADR

89,435

7,052

Baidu,

Inc.

-

ADR(Æ)

12,848

1,138

Baidu,

Inc.

Class

A(Æ)

143,150

1,588

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

1,488,000

434

Tencent

Holdings,

Ltd.

58,900

2,719

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Trip.com

Group,

Ltd.

-

ADR(Æ)

37,055

1,576

16,352

Denmark

-

0.5%

Demant

A/S(Æ)

19,667

753

Novo

Nordisk

A/S

Class

B

70,269

9,311

10,064

Finland

-

0.3%

Elisa

OYJ

6,423

299

Nokia

OYJ

734,620

2,881

Sampo

OYJ

Class

A

20,767

910

UPM-Kymmene

OYJ

24,549

811

4,901

France

-

4.3%

Accor

SA

72,039

2,770

Airbus

Group

SE

41,757

6,306

AXA

SA

166,590

5,843

BNP

Paribas

SA

224,107

15,350

Carrefour

SA

217,213

3,240

Cie

de

Saint-Gobain

SA

42,202

3,617

Engie

SA

325,345

5,113

EssilorLuxottica

SA

5,533

1,263

L'Oreal

SA

6,289

2,723

LVMH

Moet

Hennessy

Louis

Vuitton

SE

13,360

9,416

Orange

SA

300,598

3,335

Pernod

Ricard

SA

20,304

2,719

Publicis

Groupe

SA(Ñ)

24,495

2,557

Renault

SA

60,902

2,948

Societe

Generale

SA

186,036

4,816

TotalEnergies

SE

116,850

7,881

Valeo

SE

149,825

1,710

81,607

Germany

-

2.6%

BASF

SE

73,753

3,439

Bayerische

Motoren

Werke

Aktiengesellschaft

68,785

6,384

Continental

AG

32,601

1,999

Daimler

Truck

Holding

AG

240,938

9,236

Evonik

Industries

AG

140,508

2,853

Fresenius

SE

&

Co.

KGaA(Æ)

113,590

4,076

Hannover

Rueck

SE

2,723

677

Heidelberg

Materials

AG

52,170

5,445

Infineon

Technologies

AG

74,726

2,590

Mercedes-Benz

Group

AG

89,552

5,924

Muenchener

Rueckversicherungs-

Gesellschaft

AG

6,678

3,290

Siemens

AG

21,094

3,867

49,780

Hong

Kong

-

0.9%

AIA

Group,

Ltd.

1,569,748

10,462

CK

Asset

Holdings,

Ltd.

566,000

2,154

Power

Assets

Holdings,

Ltd.

65,500

418

Prudential

PLC

359,038

3,206

WH

Group,

Ltd.(Þ)

2,635,791

1,717

17,957

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

70

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

India

-

0.5%

HDFC

Bank,

Ltd.

-

ADR

157,665

9,462

Ireland

-

0.5%

AIB

Group

PLC

516,553

2,956

Bank

of

Ireland

Group

PLC

249,843

2,822

Flutter

Entertainment

PLC(Æ)

18,780

3,707

9,485

Italy

-

1.1%

BPER

Banca

625,346

3,652

Eni

SpA

383,681

6,129

FinecoBank

Banca

Fineco

SpA

23,779

404

Ryanair

Holdings

PLC

-

ADR

25,041

2,536

UniCredit

SpA

215,866

8,855

21,576

Japan

-

7.4%

Alfresa

Holdings

Corp.

86,800

1,366

Alps

Alpine

Co.,

Ltd.

100,000

1,063

Amada

Co.,

Ltd.

86,300

1,020

Bridgestone

Corp.

21,000

863

Brother

Industries,

Ltd.

56,300

1,158

Canon,

Inc.

82,200

2,597

Dai-ichi

Life

Holdings,

Inc.

117,600

3,614

DeNA

Co.,

Ltd.

76,200

787

Denso

Corp.

71,000

1,180

Dentsu,

Inc.

106,900

2,852

Eisai

Co.,

Ltd.

16,100

617

Hakuhodo

DY

Holdings,

Inc.

161,100

1,318

Hino

Motors,

Ltd.(Æ)

208,100

677

Hirose

Electric

Co.,

Ltd.

4,600

578

Honda

Motor

Co.,

Ltd.

95,031

1,018

Isuzu

Motors,

Ltd.

194,700

2,669

ITOCHU

Corp.

41,000

2,105

Japan

Airlines

Co.,

Ltd.

93,600

1,536

Japan

Post

Insurance

Co.,

Ltd.

Class

A

116,600

2,424

JGC

Holdings

Corp.

141,600

1,209

KDDI

Corp.

66,900

2,011

Keyence

Corp.

21,800

9,484

Kirin

Holdings

Co.,

Ltd.

109,900

1,559

Koito

Manufacturing

Co.,

Ltd.

158,300

2,362

Komatsu,

Ltd.

3,900

112

Kubota

Corp.

262,600

3,788

Kyocera

Corp.

119,400

1,511

Makita

Corp.

82,232

2,687

Mitsubishi

Estate

Co.,

Ltd.

136,100

2,313

Mitsubishi

Gas

Chemical

Co.,

Inc.

99,000

1,903

MS&AD

Insurance

Group

Holdings,

Inc.

168,700

3,971

Nidec

Corp.

127,400

5,653

Nikon

Corp.

103,700

1,194

Nippon

Television

Holdings,

Inc.

100,200

1,613

Nissan

Motor

Co.,

Ltd.

760,000

2,448

Ono

Pharmaceutical

Co.,

Ltd.

122,488

1,829

Otsuka

Corp.

34,100

754

Persol

Holdings

Co.,

Ltd.

1,126,700

1,940

Resona

Holdings,

Inc.

473,100

3,432

Rinnai

Corp.

73,000

1,795

Rohm

Co.,

Ltd.

211,800

2,874

Sega

Sammy

Holdings,

Inc.

138,100

2,248

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Shin-Etsu

Chemical

Co.,

Ltd.

242,600

10,839

SMC

Corp.

4,100

2,004

Sony

Group

Corp.

29,700

2,642

Stanley

Electric

Co.,

Ltd.

92,829

1,837

Subaru

Corp.

146,985

2,900

Sumitomo

Electric

Industries,

Ltd.

58,800

899

Sumitomo

Heavy

Industries,

Ltd.

50,900

1,373

Sumitomo

Mitsui

Financial

Group,

Inc.

75,800

5,488

Sumitomo

Mitsui

Trust

Holdings,

Inc.

191,000

4,818

Sumitomo

Rubber

Industries,

Ltd.

119,900

1,262

T&D

Holdings,

Inc.

285,900

5,411

Taiheiyo

Cement

Corp.

54,300

1,487

Takeda

Pharmaceutical

Co.,

Ltd.

92,000

2,629

THK

Co.,

Ltd.

87,400

1,655

Tokio

Marine

Holdings,

Inc.

88,100

3,502

Trend

Micro,

Inc.

28,600

1,371

Tsuruha

Holdings,

Inc.

25,500

1,580

Yamato

Holdings

Co.,

Ltd.

168,600

2,060

141,889

Luxembourg

-

0.4%

Eurofins

Scientific

SE

118,237

7,010

RTL

Group

SA

30,244

954

7,964

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

1,235,299

1,999

Mexico

-

0.1%

Fresnillo

PLC

193,044

1,457

Netherlands

-

3.0%

ABN

AMRO

Bank

NV(Þ)

227,228

3,960

Argenx

SE(Æ)

5,045

2,589

ASML

Holding

NV

3,850

3,537

Ferrari

NV

5,883

2,420

Heineken

NV

65,747

5,833

ING

Groep

NV

961,524

17,433

Koninklijke

Philips

NV(Æ)

209,190

5,898

NN

Group

NV

84,792

4,242

Randstad

NV

48,700

2,367

Universal

Music

Group

NV

340,873

8,108

VEON,

Ltd.

-

ADR(Æ)

23,615

629

57,016

New

Zealand

-

0.0%

Spark

New

Zealand,

Ltd.

99,136

255

Norway

-

0.0%

Norsk

Hydro

ASA

68,091

377

Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

38,324

—

Gazprom

PJSC

-

ADR(Æ)(Š)

280,696

—

Lukoil

PJSC(Æ)(Š)

3,764

—

Lukoil

PJSC

-

ADR(Æ)(Š)

5,353

—

Mobile

TeleSystems

PJSC

-

ADR(Æ)

(Š)

105,880

—

Sberbank

of

Russia

PJSC(Æ)(Š)

303,624

—

—

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

71

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Singapore

-

0.5%

DBS

Group

Holdings,

Ltd.

168,324

4,615

Oversea-Chinese

Banking

Corp.,

Ltd.

87,700

977

Singapore

Telecommunications,

Ltd.

234,800

542

United

Overseas

Bank,

Ltd.

177,101

4,279

10,413

South

Africa

-

0.3%

Anglo

American

PLC

77,256

2,324

MTN

Group,

Ltd.

240,983

1,047

Old

Mutual,

Ltd.

2,167,556

1,464

4,835

South

Korea

-

2.1%

Coway

Co.,

Ltd.

33,122

1,499

Hankook

Tire

&

Technology

Co.,

Ltd.

30,430

987

Hyundai

Mobis

Co.,

Ltd.

18,181

2,913

KB

Financial

Group,

Inc.

65,425

4,164

KT

Corp.

-

ADR

227,367

3,313

Samsung

Electronics

Co.,

Ltd.

312,720

19,227

Shinhan

Financial

Group

Co.,

Ltd.

181,239

7,931

40,034

Spain

-

0.5%

Cellnex

Telecom

SA(Þ)

45,537

1,585

Industria

de

Diseno

Textil

SA

166,399

8,063

9,648

Sweden

-

0.5%

Assa

Abloy

AB

Class

B

61,117

1,857

Atlas

Copco

AB

Class

B

57,216

894

SKF

AB

Class

B

146,623

2,719

Telefonaktiebolaget

LM

Ericsson

Class

B

524,944

3,592

9,062

Switzerland

-

1.7%

Adecco

Group

AG

77,502

2,640

Novartis

AG

152,205

17,063

SGS

SA

7,175

786

Sonova

Holding

AG

3,030

925

Swatch

Group

AG

(The)

Class

B

17,073

3,510

Swisscom

AG

1,229

753

UBS

Group

AG

149,708

4,541

Zurich

Insurance

Group

AG

4,378

2,407

32,625

Taiwan

-

2.7%

Catcher

Technology

Co.,

Ltd.

232,364

1,513

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

169,000

4,858

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

272,749

45,222

51,593

Thailand

-

0.4%

Kasikornbank

PCL

1,455,500

5,373

SCB

X

PCL

509,000

1,469

6,842

United

Kingdom

-

4.4%

AstraZeneca

PLC

23,205

3,679

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

AstraZeneca

PLC

-

ADR

74,579

5,903

Babcock

International

Group

PLC

183,869

1,258

BAE

Systems

PLC

76,298

1,274

British

American

Tobacco

PLC

238,850

8,472

British

Land

Co.

PLC

(The)(ö)

242,584

1,283

BT

Group

PLC

1,921,055

3,483

Burberry

Group

PLC

161,728

1,618

CK

Hutchison

Holdings,

Ltd.

Class

B

473,000

2,489

Compass

Group

PLC

193,819

5,966

Diageo

PLC

60,746

1,892

easyJet

PLC

410,892

2,376

HSBC

Holdings

PLC

432,841

3,915

J

Sainsbury

PLC

393,681

1,396

Kingfisher

PLC

758,829

2,700

Land

Securities

Group

PLC(ö)

205,118

1,679

Lloyds

Banking

Group

PLC

3,287,941

2,506

NatWest

Group

PLC

1,012,675

4,779

Reckitt

Benckiser

Group

PLC

73,456

3,943

Schroders

PLC

19,071

96

Standard

Chartered

PLC

565,468

5,556

Tate

&

Lyle

PLC

189,066

1,600

Unilever

PLC

180,538

11,075

Wausau

Paper

Corp.

411,475

3,978

82,916

United

States

-

54.5%

Abbott

Laboratories

35,435

3,754

AbbVie,

Inc.

6,001

1,112

Accenture

PLC

Class

A

28,965

9,576

Adobe,

Inc.(Æ)

27,204

15,007

Advanced

Micro

Devices,

Inc.(Æ)

28,252

4,082

Aflac,

Inc.

33,646

3,209

Agilent

Technologies,

Inc.

2,032

287

Airbnb,

Inc.

Class

A(Æ)

78,245

10,920

Akamai

Technologies,

Inc.(Æ)

2,723

268

Align

Technology,

Inc.(Æ)

655

152

Allegion

PLC

59,240

8,105

Allstate

Corp.

(The)

14,504

2,482

Alphabet,

Inc.

Class

A

41,813

7,173

Alphabet,

Inc.

Class

C

273,278

47,318

Amazon.com,

Inc.(Æ)

231,779

43,338

American

Express

Co.

14,922

3,776

American

Financial

Group,

Inc.

4,834

633

American

International

Group,

Inc.

4,685

371

Ameriprise

Financial,

Inc.

4,590

1,974

Amphenol

Corp.

Class

A

5,680

365

Ansys,

Inc.(Æ)

17,574

5,512

AO

Smith

Corp.

8,618

733

Apple,

Inc.

186,674

41,457

Applied

Materials,

Inc.

43,969

9,330

Aptiv

PLC(Æ)

4,893

340

Arch

Capital

Group,

Ltd.(Æ)

7,246

694

Archer-Daniels-Midland

Co.

9,151

567

Arista

Networks,

Inc.(Æ)

2,633

912

Assurant,

Inc.

2,437

426

Autodesk,

Inc.(Æ)

1,942

481

Automatic

Data

Processing,

Inc.

13,618

3,576

Avery

Dennison

Corp.

5,212

1,130

Baker

Hughes

Co.

271,323

10,506

Bank

of

America

Corp.

87,224

3,516

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

72

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Becton

Dickinson

&

Co.

13,148

3,169

Berkshire

Hathaway,

Inc.

Class

B(Æ)

3,494

1,532

Best

Buy

Co.,

Inc.

2,658

230

Biogen,

Inc.(Æ)

856

182

Bio-Techne

Corp.

2,523

206

BlackRock,

Inc.

Class

A

4,132

3,622

Blackstone,

Inc.

Class

A

46,660

6,633

Booking

Holdings,

Inc.

1,439

5,346

Boston

Scientific

Corp.(Æ)

5,489

406

BP

PLC

1,051,108

6,199

Broadcom,

Inc.

27,359

4,396

Builders

FirstSource,

Inc.(Æ)

1,850

310

Burlington

Stores,

Inc.(Æ)

1,381

360

Cadence

Design

Systems,

Inc.(Æ)

1,322

354

Capital

One

Financial

Corp.

2,230

338

Caterpillar,

Inc.

874

303

Celsius

Holdings,

Inc.(Æ)

24,835

1,163

CF

Industries

Holdings,

Inc.

2,569

196

CH

Robinson

Worldwide,

Inc.

2,527

225

Charles

Schwab

Corp.

(The)

140,968

9,190

Chesapeake

Energy

Corp.(Ñ)

2,384

182

Chevron

Corp.

22,477

3,607

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

72,500

3,938

Chubb,

Ltd.

3,386

933

Church

&

Dwight

Co.,

Inc.

3,161

310

Cigna

Group

(The)

33,135

11,553

Cincinnati

Financial

Corp.

8,633

1,128

Cintas

Corp.

642

490

Cisco

Systems,

Inc.

104,926

5,084

Citigroup,

Inc.

51,054

3,312

Cleveland-Cliffs,

Inc.(Æ)

16,411

252

Clorox

Co.

(The)

1,219

161

CME

Group,

Inc.

Class

A

63,183

12,239

Coca-Cola

Co.

(The)

69,421

4,633

Cognizant

Technology

Solutions

Corp.

Class

A

8,695

658

Colgate-Palmolive

Co.

33,539

3,327

Comcast

Corp.

Class

A

26,199

1,081

ConocoPhillips

10,976

1,221

Cooper

Cos,

Inc.

(The)(Æ)

75,624

7,058

Copart,

Inc.(Æ)

7,942

416

Corning,

Inc.

61,188

2,448

Costco

Wholesale

Corp.

1,937

1,592

Coterra

Energy,

Inc.

45,726

1,180

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

1,542

358

Cummins,

Inc.

9,158

2,672

CVS

Health

Corp.

5,295

319

Danaher

Corp.

40,743

11,289

Deckers

Outdoor

Corp.(Æ)

408

376

Delta

Air

Lines,

Inc.

111,725

4,806

Devon

Energy

Corp.

14,766

694

Diamondback

Energy,

Inc.

1,715

347

Dick's

Sporting

Goods,

Inc.

1,549

335

Discover

Financial

Services

1,823

262

Dollar

General

Corp.

3,102

373

Dollar

Tree,

Inc.(Æ)

3,239

338

Dover

Corp.

2,366

436

Dow,

Inc.

3,384

184

DR

Horton,

Inc.

6,064

1,091

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

eBay,

Inc.

6,771

377

Ecolab,

Inc.

1,570

362

Edwards

Lifesciences

Corp.(Æ)

2,972

187

Electronic

Arts,

Inc.

2,127

321

Elevance

Health,

Inc.

19,512

10,381

Eli

Lilly

&

Co.

11,505

9,253

EMCOR

Group,

Inc.

912

342

Emerson

Electric

Co.

3,559

417

EOG

Resources,

Inc.

33,743

4,279

EPAM

Systems,

Inc.(Æ)

960

207

Equifax,

Inc.

48,274

13,486

Equinix,

Inc.(ö)

3,420

2,703

Erie

Indemnity

Co.

Class

A

1,170

516

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

3,588

357

Everest

Re

Group,

Ltd.

583

229

Exact

Sciences

Corp.(Æ)

49,055

2,241

Expeditors

International

of

Washington,

Inc.

2,045

255

Exxon

Mobil

Corp.

61,402

7,282

F5,

Inc.(Æ)

1,377

280

FactSet

Research

Systems,

Inc.

533

220

Fastenal

Co.

4,847

343

FedEx

Corp.

4,541

1,373

Ferguson

PLC

2,849

634

Fortune

Brands

Innovations,

Inc.

3,126

253

Garmin,

Ltd.

2,134

365

General

Dynamics

Corp.

38,397

11,470

General

Mills,

Inc.

28,408

1,907

Genuine

Parts

Co.

1,756

258

Gilead

Sciences,

Inc.

9,123

694

Goldman

Sachs

Group,

Inc.

(The)

7,339

3,736

Graco,

Inc.

2,431

207

GSK

Finance

No.

3

PLC

429,208

8,312

Haleon

PLC

2,983,777

13,403

Halliburton

Co.

96,899

3,360

Hartford

Financial

Services

Group,

Inc.

16,850

1,869

HCA

Healthcare,

Inc.

49,196

17,861

Henry

Schein,

Inc.(Æ)

3,270

235

Hershey

Co.

(The)

1,601

316

Hess

Corp.

1,671

256

Hewlett

Packard

Enterprise

Co.

16,503

329

HF

Sinclair

Corp.

4,219

217

Holcim

AG

38,206

3,576

Hologic,

Inc.(Æ)

3,159

258

Home

Depot,

Inc.

(The)

8,306

3,058

Honeywell

International,

Inc.

16,731

3,426

Hormel

Foods

Corp.

13,568

436

Hubbell,

Inc.

Class

B

755

299

HubSpot,

Inc.(Æ)

5,277

2,623

Humana,

Inc.

6,010

2,173

Huntington

Ingalls

Industries,

Inc.

1,838

515

IDEX

Corp.

1,735

362

IDEXX

Laboratories,

Inc.(Æ)

602

287

Illinois

Tool

Works,

Inc.

5,802

1,435

Incyte

Corp.(Æ)

4,308

280

Intel

Corp.

10,431

321

International

Business

Machines

Corp.

2,189

421

Intuit,

Inc.

1,179

763

Intuitive

Surgical,

Inc.(Æ)

10,162

4,518

Jack

Henry

&

Associates,

Inc.

1,280

219

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

73

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

JB

Hunt

Transport

Services,

Inc.

1,345

233

Johnson

&

Johnson

39,705

6,267

JPMorgan

Chase

&

Co.

50,270

10,697

Juniper

Networks,

Inc.

52,295

1,971

Kellanova

16,990

988

Keurig

Dr

Pepper,

Inc.

39,138

1,342

Keysight

Technologies,

Inc.(Æ)

1,732

242

Kimberly-Clark

Corp.

18,972

2,562

Knight-Swift

Transportation

Holdings,

Inc.

4,632

252

Kroger

Co.

(The)

42,400

2,311

Lam

Research

Corp.

777

716

Las

Vegas

Sands

Corp.

40,146

1,593

Lennar

Corp.

Class

A

1,912

338

Linde

PLC

33,513

15,198

LKQ

Corp.

4,071

169

Lowe's

Cos.,

Inc.

3,813

936

LPL

Financial

Holdings,

Inc.

988

219

Lululemon

Athletica,

Inc.(Æ)

1,114

288

M&T

Bank

Corp.

1,700

293

Marathon

Oil

Corp.

8,162

229

Marathon

Petroleum

Corp.

2,023

358

Markel

Group,

Inc.(Æ)

150

246

MarketAxess

Holdings,

Inc.

1,068

239

Marsh

&

McLennan

Cos.,

Inc.

50,411

11,220

Marvell

Technology,

Inc.

38,581

2,584

Masco

Corp.

10,141

789

MasterCard,

Inc.

Class

A

40,639

18,845

Match

Group,

Inc.(Æ)

9,152

349

McCormick

&

Co.,

Inc.

10,667

821

McDonald's

Corp.

47,230

12,535

Medtronic

PLC

75,863

6,093

Merck

&

Co.,

Inc.

42,859

4,849

Meta

Platforms,

Inc.

Class

A

92,724

44,028

Microchip

Technology,

Inc.

3,951

351

Microsoft

Corp.

163,388

68,353

Moderna,

Inc.(Æ)

2,223

265

Molina

Healthcare,

Inc.(Æ)

683

233

Mondelez

International,

Inc.

Class

A

49,988

3,417

MongoDB,

Inc.(Æ)

9,964

2,515

Monolithic

Power

Systems,

Inc.

383

331

Monster

Beverage

Corp.(Æ)

5,547

285

Nestle

SA

179,903

18,262

NetApp,

Inc.

23,488

2,983

Netflix,

Inc.

Class

B(Æ)

20,454

12,852

Nike,

Inc.

Class

B

27,041

2,024

Nordson

Corp.

859

215

Northrop

Grumman

Corp.

17,794

8,618

Nucor

Corp.

4,755

775

NVIDIA

Corp.

322,059

37,687

NVR,

Inc.(Æ)

50

430

Occidental

Petroleum

Corp.

4,173

254

Old

Dominion

Freight

Line,

Inc.

1,782

375

ON

Semiconductor

Corp.(Æ)

8,953

701

Ovintiv,

Inc.

5,525

257

Owens

Corning

1,910

356

PACCAR

Financial

Corp.

3,720

367

Packaging

Corp.

of

America

5,300

1,059

Palantir

Technologies,

Inc.

Class

A(Æ)

14,724

396

Palo

Alto

Networks,

Inc.(Æ)

1,008

327

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Parker-Hannifin

Corp.

6,268

3,517

Paychex,

Inc.

15,113

1,935

Paycom

Software,

Inc.

654

109

PepsiCo,

Inc.

47,235

8,156

Pfizer,

Inc.

15,970

488

Phillips

66

2,320

338

PNC

Financial

Services

Group,

Inc.

(The)

1,936

351

Pool

Corp.

532

199

PPG

Industries,

Inc.

3,076

391

Principal

Financial

Group,

Inc.

13,941

1,136

Procter

&

Gamble

Co.

(The)

65,758

10,571

Progressive

Corp.

(The)

3,785

810

PulteGroup,

Inc.

3,451

456

QUALCOMM,

Inc.

26,336

4,765

Quest

Diagnostics,

Inc.

1,464

208

Raytheon

Technologies

Corp.

50,372

5,918

Regeneron

Pharmaceuticals,

Inc.(Æ)

826

891

Regions

Financial

Corp.

11,553

258

Reliance

Steel

&

Aluminum

Co.

817

249

ResMed,

Inc.

1,572

335

Roche

Holding

AG

42,276

13,693

Ross

Stores,

Inc.

2,218

318

RPM

International,

Inc.

8,746

1,062

S&P

Global,

Inc.

32,419

15,714

Salesforce,

Inc.

37,049

9,588

Sanofi

SA

33,835

3,480

Schlumberger

NV

44,788

2,163

Schneider

Electric

SE

18,174

4,373

Seagate

Technology

Holdings

PLC

52,644

5,379

ServiceNow,

Inc.(Æ)

5,473

4,457

Shell

PLC

337,026

12,292

Sherwin-Williams

Co.

(The)

1,088

382

Skyworks

Solutions,

Inc.

18,708

2,126

Snap-on,

Inc.

2,704

776

Spotify

Technology

SA(Æ)

12,368

4,254

Steel

Dynamics,

Inc.

2,256

301

Synopsys,

Inc.(Æ)

664

371

T

Rowe

Price

Group,

Inc.

2,252

257

Target

Corp.

5,372

808

TE

Connectivity,

Ltd.

4,871

752

Tenaris

SA

21,719

345

Teradyne,

Inc.

1,877

246

Tesla,

Inc.(Æ)

9,823

2,280

Texas

Instruments,

Inc.

2,559

521

Texas

Pacific

Land

Corp.

462

390

TJX

Cos.,

Inc.

(The)

41,084

4,643

T-Mobile

USA,

Inc.

19,090

3,480

Toro

Co.

(The)

2,149

206

Tractor

Supply

Co.

810

213

Trade

Desk,

Inc.

(The)

Class

A(Æ)

3,274

294

Trane

Technologies

PLC

1,043

349

Travelers

Cos.,

Inc.

(The)

12,853

2,782

Uber

Technologies,

Inc.(Æ)

212,206

13,681

Ulta

Beauty,

Inc.(Æ)

684

250

Union

Pacific

Corp.

14,466

3,569

United

Airlines,

Inc.(Æ)

39,641

1,800

United

Parcel

Service,

Inc.

Class

B

6,473

844

United

Rentals,

Inc.

1,403

1,062

United

Therapeutics

Corp.(Æ)

909

285

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

74

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

UnitedHealth

Group,

Inc.

22,371

12,889

Universal

Health

Services,

Inc.

Class

B

1,831

391

US

Bancorp

4,136

186

Valero

Energy

Corp.

5,108

826

Veeva

Systems,

Inc.

Class

A(Æ)

1,187

228

Verisk

Analytics,

Inc.

Class

A

1,301

341

Verizon

Communications,

Inc.

9,662

391

Vertex

Pharmaceuticals,

Inc.(Æ)

1,945

964

Viking

Holdings,

Ltd.(Æ)

43,073

1,538

Visa,

Inc.

Class

A

6,962

1,850

Walmart,

Inc.

23,677

1,625

Watsco,

Inc.

570

279

Welltower,

Inc.(ö)

31,465

3,500

West

Pharmaceutical

Services,

Inc.

13,804

4,226

Williams-Sonoma,

Inc.

7,909

1,223

Workday,

Inc.

Class

A(Æ)

1,060

241

WR

Berkley

Corp.

20,131

1,110

WW

Grainger,

Inc.

295

288

Zoetis,

Inc.

Class

A

50,694

9,127

Zoom

Video

Communications,

Inc.

Class

A(Æ)

4,411

266

1,040,032

Total

Common

Stocks

(cost

$1,309,864)

1,791,995

Preferred

Stocks

-

0.7%

Brazil

-

0.1%

Raizen

Energia

SA

5.489%

(Ÿ)

2,306,637

1,219

Germany

-

0.3%

Henkel

AG

&

Co.

KGaA

2.290%

(Ÿ)

26,058

2,231

Volkswagen

AG

9.338%

(Ÿ)

35,661

3,980

6,211

South

Korea

-

0.3%

Samsung

Electronics

Co.,

Ltd.

2.346%

(Ÿ)

145,206

6,789

Total

Preferred

Stocks

(cost

$13,870)

14,219

Short-Term

Investments

-

3.0%

United

States

-

3.0%

U.S.

Cash

Management

Fund(@)

56,328,599

(∞)

56,317

Total

Short-Term

Investments

(cost

$56,311)

56,317

Other

Securities

-

0.1%

U.S.

Cash

Collateral

Fund(@)(×)

2,670,250

(∞)

2,670

Total

Other

Securities

(cost

$2,670)

2,670

Total

Investments

-

97.8%

(identified

cost

$1,382,715)

1,865,201

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Other

Assets

and

Liabilities,

Net

-

2.2%

41,895

Net

Assets

-

100.0%

1,907,096

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

75

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

0.4%

ABN

AMRO

Bank

NV

05/08/20

EUR

227,228

10.41

2,366

3,960

Cellnex

Telecom

SA

06/17/22

EUR

45,537

34.33

1,563

1,585

WH

Group,

Ltd.

01/13/23

HKD

2,635,791

0.58

1,516

1,717

7,262

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Russell

2000

E-Mini

Index

Futures

591

USD

67,167

09/24

6,791

S&P

500

E-Mini

Index

Futures

938

USD

260,670

09/24

2,042

S&P/TSX

60

Index

Futures

43

CAD

11,914

09/24

547

SPI

200

Index

Futures

200

AUD

40,305

09/24

1,139

Short

Positions

CAC40

Euro

Index

Futures

409

EUR

30,863

08/24

254

DAX

Index

Futures

52

EUR

24,188

09/24

(438)

EURO

STOXX

50

Index

Futures

324

EUR

15,869

09/24

167

FTSE

100

Index

Futures

549

GBP

45,883

09/24

(954)

FTSE/MIB

Index

Futures

46

EUR

7,810

09/24

(119)

Hang

Seng

Index

Futures

98

HKD

85,010

08/24

(194)

IBEX

35

Index

Futures

69

EUR

7,656

08/24

20

MSCI

Emerging

Markets

Index

Futures

1,348

USD

73,904

09/24

(1,180)

MSCI

Singapore

Index

Futures

367

SGD

11,544

08/24

(107)

OMXS30

Index

Futures

264

SEK

69,056

08/24

16

TOPIX

Index

Futures

134

JPY

3,747,980

09/24

(162)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

7,822

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

5,630

AUD

8,390

09/18/24

(136)

Bank

of

America

USD

3,917

JPY

601,602

09/18/24

127

Bank

of

America

CAD

5,519

USD

4,041

09/18/24

38

Bank

of

America

CHF

11,011

USD

12,492

09/18/24

(119)

Bank

of

America

EUR

25,423

USD

27,669

09/18/24

95

Bank

of

America

GBP

8,231

USD

10,574

09/18/24

(12)

Barclays

USD

5,630

AUD

8,390

09/18/24

(136)

Barclays

USD

3,919

JPY

601,602

09/18/24

125

Barclays

CAD

5,519

USD

4,041

09/18/24

38

Barclays

CHF

11,011

USD

12,502

09/18/24

(108)

Barclays

EUR

25,423

USD

27,700

09/18/24

125

Barclays

GBP

8,231

USD

10,579

09/18/24

(7)

Citigroup

USD

5,635

AUD

8,390

09/18/24

(140)

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

76

Global

Equity

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

3,917

JPY

601,602

09/18/24

127

Citigroup

CAD

5,519

USD

4,041

09/18/24

38

Citigroup

CHF

11,011

USD

12,500

09/18/24

(111)

Citigroup

EUR

25,423

USD

27,673

09/18/24

99

Citigroup

GBP

8,231

USD

10,590

09/18/24

4

HSBC

USD

5,628

AUD

8,390

09/18/24

(135)

HSBC

USD

3,914

JPY

601,602

09/18/24

129

HSBC

CAD

5,519

USD

4,040

09/18/24

37

HSBC

CHF

11,011

USD

12,489

09/18/24

(122)

HSBC

EUR

25,423

USD

27,655

09/18/24

81

HSBC

GBP

8,231

USD

10,574

09/18/24

(11)

Royal

Bank

of

Canada

USD

5,626

AUD

8,390

09/18/24

(133)

Royal

Bank

of

Canada

USD

3,913

JPY

601,602

09/18/24

131

Royal

Bank

of

Canada

CAD

5,519

USD

4,039

09/18/24

36

Royal

Bank

of

Canada

CHF

11,011

USD

12,492

09/18/24

(119)

Royal

Bank

of

Canada

EUR

25,423

USD

27,656

09/18/24

82

Royal

Bank

of

Canada

GBP

8,231

USD

10,580

09/18/24

(6)

State

Street

USD

6,612

DKK

45,281

09/18/24

(28)

State

Street

USD

4,301

NOK

45,071

09/18/24

(165)

State

Street

USD

180

NZD

290

09/18/24

(8)

State

Street

USD

1,968

SEK

20,172

09/18/24

(80)

State

Street

HKD

2,830

USD

363

09/19/24

1

State

Street

SGD

120

USD

90

09/18/24

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(263)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

2,27

8

$

—

$

—

$

2,27

8

Austria

—

8,929

—

—

8,929

Belgium

—

4,053

—

—

4,053

Brazil

14,067

—

—

—

14,067

Burkina

Faso

1,030

—

—

—

1,030

Canada

41,49

7

—

—

—

41,49

7

China

9,766

6,586

—

—

16,352

Denmark

—

10,064

—

—

10,064

Finland

—

4,901

—

—

4,901

France

—

81,607

—

—

81,607

Germany

—

49,780

—

—

49,780

Hong

Kong

—

17,957

—

—

17,957

India

9,46

2

—

—

—

9,46

2

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

77

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Ireland

—

9,485

—

—

9,485

Italy

2,536

19,040

—

—

21,576

Japan

—

141,889

—

—

141,889

Luxembourg

—

7,964

—

—

7,964

Malaysia

—

1,999

—

—

1,999

Mexico

—

1,457

—

—

1,457

Netherlands

629

56,387

—

—

57,016

New

Zealand

—

255

—

—

255

Norway

—

377

—

—

377

Russia

—

—

—

—

—

Singapore

—

10,413

—

—

10,413

South

Africa

—

4,835

—

—

4,835

South

Korea

3,313

36,721

—

—

40,034

Spain

—

9,648

—

—

9,648

Sweden

—

9,062

—

—

9,062

Switzerland

—

32,625

—

—

32,625

Taiwan

45,222

6,37

1

—

—

51,59

3

Thailand

—

6,842

—

—

6,842

United

Kingdom

5,903

77,013

—

—

82,916

United

States

956,097

83,935

—

—

1,040,032

Preferred

Stocks

1,219

13,000

—

—

14,219

Short-Term

Investments

—

—

—

56,317

56,317

Other

Securities

—

—

—

2,670

2,670

Total

Investments

1,090,741

715,473

—

58,987

1,865,201

Other

Financial

Instruments

Assets

Futures

Contracts

10,976

—

—

—

10,976

Foreign

Currency

Exchange

Contracts

—

1,313

—

—

1,313

Liabilities

Futures

Contracts

(3,154)

—

—

—

(3,154)

Foreign

Currency

Exchange

Contracts

—

(1,576)

—

—

(1,576)

Total

Other

Financial

Instruments

*

$

7,822

$

(263)

$

—

$

—

$

7,55

9

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

78

Global

Equity

Fund

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

228,247

Consumer

Staples

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

110,565

Energy

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

87,464

Financial

Services

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

334,809

Health

Care

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

225,673

Materials

and

Processing

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

82,178

Producer

Durables

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

181,815

Technology

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

513,487

Utilities

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

27,757

Preferred

Stocks

Consumer

Discretionary

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

3,980

Consumer

Staples

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

2,231

Technology

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

6,789

Utilities

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

1,219

Short-Term

Investments

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

56,317

Other

Securities

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

2,670

Total

Investments

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

1,865,201

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

49,484

$

614,064

$

607,237

$

2

$

4

$

56,317

$

2,711

$

—

U.S.

Cash

Collateral

Fund

2,056

146,432

145,818

—

—

2,670

343

—

$

51,540

$

760,496

$

753,055

$

2

$

4

$

58,987

$

3,054

$

—

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

79

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

93.5%

Argentina

-

0.5%

Banco

Macro

SA

-

ADR

6,349

335

Globant

SA(Æ)

10,610

2,066

YPF

SA

-

ADR(Æ)

68,999

1,376

3,777

Austria

-

0.1%

Erste

Group

Bank

AG

9,889

513

Brazil

-

6.4%

Ambev

SA

1,092,860

2,237

Arcos

Dorados

Holdings,

Inc.

Class

A

17,732

171

Banco

BTG

Pactual

SA

162,552

937

Banco

do

Brasil

SA

670,152

3,146

BB

Seguridade

Participacoes

SA

11,143

69

Centrais

Eletricas

Brasileiras

SA

117,403

821

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

108,150

1,687

Cosan

SA

402,000

950

Dexco

SA

948,467

1,226

Embraer

SA(Æ)

306,454

2,374

Equatorial

Energia

SA

85,788

495

Gerdau

SA

-

ADR

143,067

464

Hapvida

Participacoes

e

Investimentos

SA(Æ)(Þ)

486,215

350

Itau

Unibanco

Holding

SA

-

ADR

250,948

1,511

Localiza

Rent

a

Car

SA

280,355

2,172

Lojas

Renner

SA

407,803

956

MercadoLibre,

Inc.(Æ)

3,934

6,565

Natura

&

Co.

Holding

SA

584,925

1,544

NU

Holdings,

Ltd.

Class

A(Æ)

395,128

4,793

Petro

Rio

SA

97,810

831

Petroleo

Brasileiro

SA

182,764

1,312

Petroleo

Brasileiro

SA

-

ADR

110,354

1,575

Raia

Drogasil

SA

301,802

1,473

Rumo

SA

56,700

222

Smartfit

Escola

de

Ginastica

e

Danca

SA

42,891

161

Suzano

SA

58,334

555

Telefonica

Brasil

SA

37,845

325

TIM

SA

361,804

1,119

Vale

SA

136,291

1,485

Vale

SA

Class

B

-

ADR

277,725

3,013

Vibra

Energia

SA

106,638

437

WEG

SA

269,876

2,417

XP,

Inc.

Class

A

90,777

1,553

48,946

Canada

-

0.1%

Celestica,

Inc.(Æ)

14,501

760

Chile

-

0.1%

Banco

de

Chile

3,348,250

399

China

-

21.7%

360

DigiTech,

Inc.

3,770

77

AAC

Technologies

Holdings,

Inc.

115,500

424

Agricultural

Bank

of

China,

Ltd.

Class

H

2,107,000

941

Airtac

International

Group

10,000

258

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Alibaba

Group

Holding,

Ltd.

1,120,000

11,033

Alibaba

Group

Holding,

Ltd.

-

ADR

35,399

2,791

Aluminum

Corp.

of

China,

Ltd.

Class

A

1,344,100

1,281

Aluminum

Corp.

of

China,

Ltd.

Class

H

2,286,000

1,281

Anta

Sports

Products,

Ltd.

303,400

2,691

Atour

Lifestyle

Holdings,

Ltd.

-

ADR

34,253

573

Autohome,

Inc.

-

ADR

54,665

1,363

Baidu,

Inc.

Class

A(Æ)

387,100

4,293

Bank

of

China,

Ltd.

Class

H

3,309,000

1,477

Bank

of

Communications

Co.,

Ltd.

Class

H

741,000

539

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.,

Ltd.

Class

A

361,200

649

Bosideng

International

Holdings,

Ltd.

832,000

415

BYD

Co.,

Ltd.

Class

H

51,000

1,505

CGN

Power

Co.,

Ltd.

Class

H(Þ)

1,075,000

439

Chengdu

Xingrong

Environment

Co.,

Ltd.

Class

A

220,400

244

China

CITIC

Bank

Corp.,

Ltd.

Class

H

737,679

442

China

Construction

Bank

Corp.

Class

H

5,948,712

4,147

China

Forestry

Holdings

Co.,

Ltd.(Æ)

(Š)

871,100

—

China

Hongqiao

Group,

Ltd.

206,000

258

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

927,600

1,034

China

Mengniu

Dairy

Co.,

Ltd.

790,000

1,329

China

Merchants

Bank

Co.,

Ltd.

Class

A

31,100

141

China

Merchants

Bank

Co.,

Ltd.

Class

H

988,852

4,090

China

National

Gold

Group

Gold

Jewellery

Co.,

Ltd.

Class

A

221,700

275

China

Oilfield

Services,

Ltd.

Class

H

802,000

706

China

Overseas

Land

&

Investment,

Ltd.

1,615,000

2,595

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

H

450,000

1,188

China

Petroleum

&

Chemical

Corp.

Class

H

1,510,000

968

China

Resources

Land,

Ltd.

712,000

2,139

China

Shenhua

Energy

Co.,

Ltd.

Class

H

333,000

1,388

China

Tower

Corp.,

Ltd.

Class

H(Þ)

3,834,000

470

China

Yangtze

Power

Co.,

Ltd.

Class

A

677,593

2,801

CITIC,

Ltd.

479,000

443

CMOC

Group,

Ltd.

Class

H

354,000

283

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

87,180

2,241

COSCO

SHIPPING

Holdings

Co.,

Ltd.

Class

H

247,000

351

CSPC

Pharmaceutical

Group,

Ltd.

1,587,000

1,184

DiDi

Global,

Inc.

-

ADR(Æ)

117,078

430

Dong-E-E-Jiao

Co.,

Ltd.

Class

A

23,700

160

Eastroc

Beverage

Group

Co.,

Ltd.

30,300

977

ENN

Energy

Holdings,

Ltd.

217,200

1,525

FinVolution

Group

-

ADR

56,552

316

Foshan

Haitian

Flavouring

&

Food

Co.,

Ltd.

Class

A

221,000

1,073

Fuyao

Glass

Industry

Group

Co.,

Ltd.

Class

H(Þ)

52,800

276

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

80

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Geely

Automobile

Holdings,

Ltd.

570,000

579

GF

Securities

Co.,

Ltd.

Class

H

756,800

651

Giant

Biogene

Holding

Co.,

Ltd.(Þ)

88,600

459

Great

Wall

Motor

Co.,

Ltd.

Class

H

1,178,500

1,603

H

World

Group,

Ltd.

-

ADR

52,238

1,567

Haidilao

International

Holding,

Ltd.(Þ)

649,000

1,046

Haier

Smart

Home

Co.,

Ltd.

Class

H

1,126,000

3,685

Hangzhou

Tigermed

Consulting

Co.,

Ltd.

Class

H(Þ)

131,700

507

Henan

Pinggao

Electric

Co.,

Ltd.

Class

A

379,000

1,048

Humanwell

Healthcare

(Group)

Co.,

Ltd.

Class

A

54,800

151

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

5,350,401

2,963

Jangho

Group

Co.,

Ltd.

Class

A

296,800

196

JD.com,

Inc.

Class

A

102,526

1,351

JD.com,

Inc.

-

ADR

52,562

1,387

Jiangling

Motors

Corp.,

Ltd.

Class

A

60,400

267

Jiangxi

Copper

Co.,

Ltd.

Class

A

171,482

512

Jiangxi

Copper

Co.,

Ltd.

Class

H

114,000

200

Jinduicheng

Molybdenum

Co.,

Ltd.

Class

A

509,256

746

JOYY,

Inc.

-

ADR

25,974

865

Kanzhun,

Ltd.

-

ADR

168,224

2,285

Kingsoft

Corp.,

Ltd.

179,000

505

Kuaishou

Technology(Æ)(Þ)

189,400

1,053

Kunlun

Energy

Co.,

Ltd.

316,000

307

Kweichow

Moutai

Co.,

Ltd.

Class

A

4,463

876

Lenovo

Group,

Ltd.

666,701

866

Longfor

Group

Holdings,

Ltd.(Þ)

755,000

970

Meituan

Class

B(Æ)(Þ)

160,928

2,226

Midea

Group

Co.,

Ltd.

Class

A

21,000

185

NAURA

Technology

Group

Co.,

Ltd.

Class

A

8,110

385

NetEase,

Inc.

44,400

818

NetEase,

Inc.

-

ADR

6,844

630

Nongfu

Spring

Co.,

Ltd.

Class

H(Þ)

124,400

486

PDD

Holdings,

Inc.

-

ADR(Æ)

22,587

2,911

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

564,545

741

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

66,700

391

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

1,113,500

4,822

Pop

Mart

Internaitonal

Group,

Ltd.(Þ)

24,200

128

Shandong

Humon

Smelting

Co.,

Ltd.

Class

A

152,000

238

Shanghai

Pudong

Development

Bank

Co.,

Ltd.

Class

A

127,900

148

Shanghai

Tunnel

Engineering

Co.,

Ltd

Class

A

387,300

369

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

3,900

138

Sichuan

Kelun

Pharmaceutical

Co.,

Ltd.

Class

A

213,700

887

Sinopharm

Group

Co.,

Ltd.

Class

H

120,000

283

TAL

Education

Group

-

ADR

15,973

160

Tencent

Holdings,

Ltd.

614,180

28,358

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tencent

Music

Entertainment

Group

-

ADR

120,834

1,714

Three

Squirrels,

Inc.

Class

A

178,200

438

Tingyi

Cayman

Islands

Holding

Corp.

918,000

1,121

Tongcheng

Travel

Holdings,

Ltd.(Þ)

157,600

274

Trip.com

Group,

Ltd.(Æ)

26,750

1,143

Trip.com

Group,

Ltd.

-

ADR(Æ)

64,054

2,724

Tsingtao

Brewery

Co.,

Ltd.

Class

H

50,000

320

Vipshop

Holdings,

Ltd.

-

ADR

35,846

489

Weichai

Power

Co.,

Ltd.

Class

A

382,000

726

Weichai

Power

Co.,

Ltd.

Class

H

1,488,000

2,385

Wilmar

International,

Ltd.

822,600

1,967

Wuliangye

Yibin

Co.,

Ltd.

Class

A

69,200

1,211

Xiaomi

Corp.

Class

B(Æ)(Þ)

1,588,000

3,396

Xinyi

Glass

Holdings,

Ltd.

1,056,000

1,121

Xinyi

Solar

Holdings,

Ltd.

1,376,000

659

Yihai

International

Holding,

Ltd.

147,000

221

Yum

China

Holdings,

Inc.

2,737

83

Zhejiang

Expressway

Co.,

Ltd.

Class

H

668,000

439

Zhejiang

Huahai

Pharmaceutical

Co.,

Ltd.

Class

A

297,000

705

Zhejiang

Longsheng

Group

Co.,

Ltd.

Class

A

1,578,800

1,964

Zhejiang

Weiming

Environment

Protection

Co.,

Ltd

Class

A

143,800

381

Zhengzhou

Yutong

Bus

Co.,

Ltd.

Class

A

193,400

597

Zijin

Mining

Group

Co.,

Ltd.

Class

H

1,198,000

2,449

ZTO

Express,

Inc.

-

ADR

113,195

2,145

165,125

Colombia

-

0.1%

Bancolombia

SA

-

ADR

33,731

1,124

Czech

Republic

-

0.0%

CEZ

AS

7,706

297

Denmark

-

0.1%

Novo

Nordisk

A/S

Class

B

4,503

597

France

-

0.0%

Hermes

International

76

166

Greece

-

0.6%

Alpha

Services

and

Holdings

SA

753,881

1,393

Mytilineos

Holdings

SA

6,370

251

National

Bank

of

Greece

SA

175,592

1,543

OPAP

SA

44,760

781

Piraeus

Financial

Holdings

SA

108,409

457

4,425

Hong

Kong

-

1.0%

AIA

Group,

Ltd.

288,800

1,925

ASM

Pacific

Technology,

Ltd.

97,100

1,010

China

Common

Rich

Renewable

Energy

Investments,

Ltd.(Æ)(Š)

1,630,000

—

China

Huishan

Dairy

Holdings

Co.,

Ltd.(Æ)(Š)

1,269,000

68

China

Lumena

New

Materials

Corp.

(Æ)(Š)

75,600

—

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

81

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

China

Metal

Recycling

Holdings,

Ltd.

(Æ)(Š)

335,400

—

Hang

Lung

Properties,

Ltd.

928,000

684

Real

Gold

Mining,

Ltd.(Æ)(Š)

463,232

—

Sino

Biopharmaceutical,

Ltd.

3,295,000

1,177

Techtronic

Industries

Co.,

Ltd.

10,000

129

Tianhe

Chemicals

Group,

Ltd.(Æ)(Š)

25,778,000

—

WH

Group,

Ltd.(Þ)

3,863,500

2,517

7,510

Hungary

-

0.5%

MOL

Hungarian

Oil

&

Gas

PLC

39,651

309

OTP

Bank

PLC

67,740

3,469

Richter

Gedeon

Nyrt

4,326

123

3,901

India

-

16.1%

ABB,

Ltd.

28,958

2,738

Adani

Ports

and

Special

Economic

Zone,

Ltd.

106,682

2,011

Apollo

Hospitals

Enterprise,

Ltd.

29,031

2,299

Ashok

Leyland,

Ltd.

129,804

399

Asian

Paints,

Ltd.

39,237

1,449

Avenue

Supermarts,

Ltd.(Æ)(Þ)

19,116

1,127

Axis

Bank,

Ltd.

192,639

2,691

Bajaj

Auto,

Ltd.

4,706

545

Bajaj

Finance,

Ltd.

45,084

3,676

Bharat

Electronics,

Ltd.

1,356,830

5,150

Bharat

Petroleum

Corp.,

Ltd.

671,922

2,824

Bharti

Airtel,

Ltd.

166,614

2,981

Bosch,

Ltd.

286

120

Britannia

Industries,

Ltd.

44,389

3,067

Central

Depository

Services

India,

Ltd.

(Þ)

62,904

1,890

Cipla,

Ltd.

94,066

1,739

Cummins

India,

Ltd.

9,214

425

DLF,

Ltd.

163,361

1,743

Dr

Reddy's

Laboratories,

Ltd.

7,245

585

Dr

Reddy's

Laboratories,

Ltd.

-

ADR

8,267

672

GAIL

India,

Ltd.

206,442

597

GMR

Infrastructure,

Ltd.(Æ)

932,490

1,138

Grasim

Industries,

Ltd.

22,231

739

Havells

India,

Ltd.

9,120

202

HCL

Technologies,

Ltd.

49,478

973

HDFC

Asset

Manangement

Co.,

Ltd.

6,974

343

HDFC

Bank,

Ltd.

348,007

6,702

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

168,550

1,445

Hero

MotoCorp,

Ltd.

13,391

880

Hindalco

Industries,

Ltd.

103,148

827

Hindustan

Aeronautics,

Ltd.(Þ)

30,774

1,819

Hindustan

Unilever,

Ltd.

2,627

85

ICICI

Bank,

Ltd.

161,460

2,351

ICICI

Bank,

Ltd.

-

ADR

40,933

1,192

Indian

Hotels

Co.,

Ltd.

254,655

1,959

Indian

Oil

Corp.,

Ltd.

225,949

493

IndusInd

Bank,

Ltd.

99,866

1,708

Infosys,

Ltd.

12,068

269

Infosys,

Ltd.

-

ADR

112,734

2,495

InterGlobe

Aviation,

Ltd.(Æ)(Þ)

9,024

483

Jindal

Saw,

Ltd.

37,551

292

Kaynes

Technology

India,

Ltd.(Æ)

5,755

307

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Larsen

&

Toubro,

Ltd.

88,830

4,067

Lupin,

Ltd.

28,103

643

Macrotech

Developers,

Ltd.(Þ)

47,367

744

Mahindra

&

Mahindra,

Ltd.

77,501

2,699

MakeMyTrip,

Ltd.(Æ)

11,853

1,109

Maruti

Suzuki

India,

Ltd.

6,900

1,084

Max

Healthcare

Institute,

Ltd.

112,012

1,238

Motherson

Sumi

Systems,

Ltd.

328,908

775

Nestle

India,

Ltd.

22,790

671

NTPC,

Ltd.

283,148

1,411

PB

Fintech,

Ltd.(Æ)

43,323

754

Phoenix

Mills,

Ltd.

7,040

303

Polycab

India,

Ltd.

23,011

1,893

Power

Finance

Corp.,

Ltd.

102,266

680

Power

Grid

Corp.

of

India,

Ltd.

875,953

3,653

Reliance

Industries,

Ltd.

192,425

6,954

Rural

Electrification

Corp.,

Ltd.

86,672

671

SBI

Life

Insurance

Co.,

Ltd.(Þ)

5,990

125

Shriram

Transport

Finance

Co.,

Ltd.

84,691

2,975

Siemens,

Ltd.

23,398

2,001

Sona

BLW

Precision

Forgings,

Ltd.(Þ)

36,378

295

State

Bank

of

India

160,037

1,675

Sun

Pharmaceutical

Industries,

Ltd.

49,763

1,023

Supreme

Industries,

Ltd.

3,786

243

Tata

Consultancy

Services,

Ltd.

22,293

1,171

Tata

Global

Beverages,

Ltd.

37,254

529

Tata

Motors,

Ltd.

174,768

2,424

Tata

Power

Co.,

Ltd.

189,329

1,030

Tata

Steel,

Ltd.

292,963

580

Titan

Co.,

Ltd.

79,207

3,281

Trent,

Ltd.

16,423

1,150

Triveni

Turbine,

Ltd.

66,203

472

TVS

Motor

Co.,

Ltd.

31,162

945

UltraTech

Cement,

Ltd.

20,539

2,924

United

Phosphorus,

Ltd.

411,120

2,823

Varun

Beverages,

Ltd

59,319

1,123

Vedanta,

Ltd.

76,295

411

Zomato.,

Ltd.(Æ)

389,275

1,071

123,050

Indonesia

-

1.7%

Astra

International

Tbk

PT

5,940,921

1,727

Bank

Central

Asia

Tbk

PT

6,294,100

3,996

Bank

Mandiri

Persero

Tbk

PT

5,981,500

2,367

Bank

Rakyat

Indonesia

Persero

Tbk

PT

14,783,754

4,264

Sumber

Alfaria

Trijaya

Tbk

PT

207,177

37

Telkom

Indonesia

Persero

Tbk

PT

4,398,874

781

13,172

Japan

-

0.1%

Disco

Corp.

3,400

1,112

Kazakhstan

-

0.9%

Air

Astana

JSC

-

GDR(Æ)(Þ)

33,434

234

Kaspi.KZ

JSC

-

ADR

27,288

3,551

Kaspi.KZ

JSC

-

GDR(Š)(Þ)

21,120

2,748

6,533

Macao

-

0.4%

Galaxy

Entertainment

Group,

Ltd.

611,000

2,551

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

82

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sands

China,

Ltd.(Æ)

414,237

772

3,323

Malaysia

-

0.5%

CIMB

Group

Holdings

BHD

427,700

692

Malayan

Banking

BHD

358,100

796

Petronas

Chemicals

Group

BHD

691,400

873

Press

Metal

Berhad

676,800

790

Public

Bank

BHD

1,127,500

1,034

4,185

Mexico

-

1.5%

America

Movil

SAB

de

CV

902,552

754

Arca

Continental

SAB

de

CV

33,893

334

Banco

del

Bajio

SA(Þ)

174,577

520

BBB

Foods,

Inc.

Class

A(Æ)

25,338

688

Cemex

SAB

de

CV

1,003,701

649

Cemex

SAB

de

CV

-

ADR

178,863

1,148

Corp.

Inmobiliaria

Vesta

SAB

de

CV

30,064

88

Fibra

Uno

Administracion

SA

de

CV(ö)

727,846

925

Fomento

Economico

Mexicano

SAB

de

CV

10,153

112

Fomento

Economico

Mexicano

SAB

de

CV

-

ADR

1,771

195

Fresnillo

PLC

115,829

874

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

374,536

2,807

Grupo

Mexico

SAB

de

CV(Æ)

161,568

911

Regional

SAB

de

CV

18,353

133

Ternium

SA

-

ADR

24,795

860

Vista

Energy

SAB

de

CV

-

ADR(Æ)

4,428

199

11,197

Netherlands

-

0.8%

ASM

International

NV

1,982

1,367

ASML

Holding

NV

2,211

2,031

ASML

Holding

NV

Class

G

2,520

2,360

Ferrari

NV

1,617

668

6,426

Peru

-

0.4%

Credicorp,

Ltd.

15,979

2,727

Philippines

-

0.3%

BDO

Unibank,

Inc.

701,464

1,640

International

Container

Terminal

Services,

Inc.

140,110

852

SM

Investments

Corp.

7,500

117

2,609

Poland

-

1.1%

Bank

Polska

Kasa

Opieki

SA

23,262

939

Dino

Polska

SA(Æ)(Þ)

14,214

1,261

KGHM

Polska

Miedz

SA

10,865

373

ORLEN

SA

42,064

686

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

156,999

2,328

Powszechny

Zaklad

Ubezpieczen

SA

198,966

2,435

8,022

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Romania

-

0.0%

NEPI

Rockcastle

NV

23,203

175

Russia

-

0.0%

Gazprom

PJSC

(Æ)(Š)

1,156,822

—

HeadHunter

Group

PLC

-

ADR(Æ)(Š)

7,327

—

Lukoil

PJSC(Æ)(Š)

143,733

—

Lukoil

PJSC

-

ADR(Æ)(Š)

34,534

—

Novatek

PJSC(Æ)(Š)

145,224

—

Polyus

PJSC(Æ)(Š)

5,679

—

Rosneft

Oil

Co.

PJSC(Æ)(Š)

87,303

—

Sberbank

of

Russia

PJSC(Æ)(Š)

3,336,065

—

Surgutneftegas

OJSC(Æ)(Š)

2,093,900

—

Tatneft

PJSC(Æ)(Š)

375,001

—

TCS

Group

Holding

PLC

-

GDR(Æ)

(Š)(Þ)

22,673

—

Yandex

NV

Class

A(Æ)(Š)

2,474

—

—

Saudi

Arabia

-

2.1%

Al

Rajhi

Bank

72,535

1,656

Alinma

Bank

231,552

1,997

Arab

National

Bank

84,118

482

Arabian

Contracting

Services

Co.(Æ)

1,444

87

Banque

Saudi

Fransi

39,461

389

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

14,317

1,101

Elm

Co.

2,683

654

Etihad

Etisalat

Co.

151,484

2,119

Leejam

Sports

Co.

10,371

553

Ridyadh

Cables

Group

Co.

11,236

293

Riyad

Bank

24,181

177

SABIC

Agri-Nutrients

Co.

15,185

476

Saudi

Arabian

Oil

Co.(Þ)

290,523

2,137

Saudi

British

Bank

(The)

171,804

1,805

Saudi

National

Bank

(The)

140,549

1,420

Saudi

Telecom

Co.

85,309

876

16,222

Singapore

-

0.3%

SEA,

Ltd.

-

ADR(Æ)

30,255

1,988

South

Africa

-

2.8%

Absa

Group,

Ltd.

360,103

3,159

Anglogold

Ashanti

PLC

167,370

4,700

Aspen

Pharmacare

Holdings,

Ltd.

76,769

1,062

AVI,

Ltd.

50,979

274

Bid

Corp.,

Ltd.

24,747

616

Bidvest

Group,

Ltd.

(The)

25,886

388

FirstRand,

Ltd.

382,275

1,715

Foschini

Group,

Ltd.

(The)

94,089

695

Gold

Fields,

Ltd.

55,265

956

Impala

Platinum

Holdings,

Ltd.

106,162

541

Mr

Price

Group,

Ltd.

57,625

684

Naspers,

Ltd.

Class

N

6,963

1,346

Nedbank

Group,

Ltd.

44,459

679

Sanlam,

Ltd.

129,172

578

Sasol,

Ltd.

213,824

1,738

Sibanye

Stillwater,

Ltd.

933,953

1,054

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

83

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Standard

Bank

Group,

Ltd.

67,038

815

21,000

South

Korea

-

12.7%

Amorepacific

Corp.

17,323

2,286

BNK

Financial

Group,

Inc.

40,261

278

Celltrion,

Inc.

572

85

Coupang,

Inc.(Æ)

73,267

1,520

DB

Insurance

Co.,

Ltd.

21,611

1,741

Hana

Financial

Group,

Inc.

31,986

1,498

Hankook

Tire

&

Technology

Co.,

Ltd.

71,153

2,308

Hanmi

Semiconductor

Co.,

Ltd.

8,410

821

HD

Hyundai

Electric

Co.,

Ltd.

8,490

1,887

Hyundai

Heavy

Industries

Co.,

Ltd.

5,953

889

Hyundai

Mobis

Co.,

Ltd.

15,430

2,472

Hyundai

Motor

Co.

9,093

1,654

Hyundai

Robotics

Co.,

Ltd.

17,522

1,068

KakaoBank

Corp.

10,447

162

KB

Financial

Group,

Inc.

98,291

6,255

Kia

Corp.

26,847

2,172

Korea

Electric

Power

Corp.

94,426

1,358

Korea

Investment

Holdings

Co.,

Ltd.

33,899

1,807

KT&G

Corp.

19,663

1,333

LG

Corp.

Class

H

7,458

470

LG

Electronics,

Inc.

Class

H

12,963

984

LG

Household

&

Health

Care,

Ltd.

2,764

707

Mando

Corp.

51,025

1,447

NAVER

Corp.

977

123

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

2,299

1,572

Samsung

C&T

Corp.

6,908

780

Samsung

Electro-Mechanics

Co.,

Ltd.

10,085

1,178

Samsung

Electronics

Co.,

Ltd.

445,025

27,362

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

6,806

1,843

Samsung

Heavy

Industries

Co.,

Ltd.(Æ)

128,798

1,096

Samsung

Life

Insurance

Co.,

Ltd.

6,759

473

Samsung

SDI

Co.,

Ltd.

1,699

399

Samsung

SDS

Co.,

Ltd.

3,036

326

Samsung

Securities

Co.,

Ltd.

33,625

1,094

Samsung

Techwin

Co.,

Ltd.

6,266

1,315

Shinhan

Financial

Group

Co.,

Ltd.

142,382

6,231

SK

Hynix,

Inc.

89,853

13,042

SK

Square

Co.,

Ltd.(Æ)

6,918

423

SK

Telecom

Co.,

Ltd.

35,074

1,378

S-Oil

Corp.

23,065

1,137

Woori

Financial

Group,

Inc.

180,026

2,059

97,033

Taiwan

-

13.9%

Accton

Technology

Corp.

130,000

2,036

ASE

Technology

Holding

Co.,

Ltd.

211,000

992

Asia

Cement

Corp.

22,000

28

Asustek

Computer,

Inc.

180,736

2,526

Bizlink

Holding,

Inc.

288,887

3,379

Catcher

Technology

Co.,

Ltd.

59,000

384

Cathay

Financial

Holding

Co.,

Ltd.

62,000

118

China

Development

Financial

Holding

Corp.

355,000

174

Compal

Electronics,

Inc.

919,000

887

CTBC

Financial

Holding

Co.,

Ltd.

1,882,000

2,034

E

Ink

Holdings,

Inc.

21,000

172

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

First

Financial

Holding

Co.,

Ltd.

70,995

63

Fubon

Financial

Holding

Co.,

Ltd.

515,000

1,378

Gigabyte

Technology

Co.,

Ltd.

211,000

1,687

Hiwin

Technologies

Corp.

205,000

1,259

Hon

Hai

Precision

Industry

Co.,

Ltd.

1,104,000

6,834

Inventec

Corp.

222,000

327

Largan

Precision

Co.,

Ltd.

29,000

2,527

Lite-On

Technology

Corp.

15,107

46

MediaTek,

Inc.

193,000

7,315

Mega

Financial

Holding

Co.,

Ltd.

365,280

481

Nien

Made

Enterprise

Co.,

Ltd.

6,000

73

Pegatron

Corp.

232,000

715

Phison

Electronics

Corp.

37,000

585

Quanta

Computer,

Inc.

137,000

1,164

Realtek

Semiconductor

Corp.

114,000

1,792

Silicon

Motion

Technology

Corp.

-

ADR

9,476

658

SinoPac

Financial

Holdings

Co.,

Ltd.

1,695,000

1,378

Synnex

Technology

International

Corp.

12,000

26

Taishin

Financial

Holding

Co.,

Ltd.

889,978

551

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

1,647,000

47,342

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

62,374

10,342

Uni-President

Enterprises

Corp.

213,000

544

United

Microelectronics

Corp.

534,000

828

Voltronic

Power

Technology

Corp.

2,000

113

Wistron

Corp.

174,000

521

Wiwynn

Corp.

23,000

1,438

WPG

Holdings,

Ltd.

348,000

914

Yageo

Corp.

26,000

634

Yuanta

Financial

Holding

Co.,

Ltd.

1,537,000

1,542

105,807

Thailand

-

2.4%

Amata

Corp.

PCL

205,100

136

Bangchak

Petroleum

PCL

(The)

142,800

126

Bangkok

Bank

PCL

433,600

1,666

Bangkok

Dusit

Medical

Services

PCL

1,049,200

773

Bumrungrad

Hospital

PCL

62,500

432

Central

Pattana

PCL

738,500

1,145

Charoen

Pokphand

Foods

PCL

2,124,000

1,432

CP

ALL

PCL

354,800

581

Indorama

Ventures

PLC

1,396,400

757

Kasikornbank

PCL

301,300

1,112

Polyplex

Thailand

PCL

723,800

650

PTT

Exploration

&

Production

PCL

1,255,900

5,177

SCB

X

PCL

433,000

1,249

Siam

Cement

PCL

(The)

106,500

662

Thai

Beverage

PCL

2,799,800

1,058

Thai

Union

Group

PCL

1,925,200

785

WHA

Corp

PCL

2,314,200

341

18,082

Turkey

-

0.3%

Akbank

TAS

621,007

1,160

KOC

Holding

AS

52,389

339

Tupras

Turkiye

Petrol

Rafinerileri

AS

160,796

795

Turkiye

Is

Bankasi

AS

Class

C

348,824

157

2,451

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

84

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

United

Arab

Emirates

-

1.5%

Abu

Dhabi

Commercial

Bank

PJSC

69,372

168

Aldar

Properties

PJSC

1,163,628

2,340

Americana

Restaurants

International

PLC

721,563

596

Dubai

Islamic

Bank

PJSC

70,706

113

Emaar

Development

PJSC

310,143

717

Emaar

Properties

PJSC

1,938,577

4,555

Emirates

NBD

Bank

PJSC

139,817

728

First

Abu

Dhabi

Bank

PJSC

344,012

1,222

Salik

Co.

PJSC

839,677

771

11,210

United

Kingdom

-

0.1%

BAE

Systems

PLC

37,684

629

United

States

-

2.1%

Cadence

Design

Systems,

Inc.(Æ)

805

215

Cognizant

Technology

Solutions

Corp.

Class

A

32,641

2,470

Freeport-McMoRan,

Inc.

63,811

2,898

Lam

Research

Corp.

2,044

1,883

Meta

Platforms,

Inc.

Class

A

4,062

1,929

Microsoft

Corp.

4,052

1,695

Netflix,

Inc.

Class

B(Æ)

429

270

NVIDIA

Corp.

36,846

4,312

15,672

Vietnam

-

0.3%

Vietnam

Dairy

Products

JSC

876,200

2,487

Total

Common

Stocks

(cost

$584,456)

712,652

Preferred

Stocks

-

1.6%

Brazil

-

1.4%

Banco

Bradesco

SA

8.376%

(Ÿ)

472,666

1,039

Cia

Energetica

de

Minas

Gerais

13.126%

(Ÿ)

1,925,795

3,698

Cia

Paranaense

de

Energia

3.543%

(Ÿ)

267,946

478

Gerdau

SA

4.787%

(Ÿ)

197,328

637

Itau

Unibanco

Holding

SA

6.435%

(Ÿ)

312,746

1,873

Metalurgica

Gerdau

SA

11.848%

(Ÿ)

69,447

130

Petroleo

Brasileiro

SA

13.244%

(Ÿ)

348,016

2,302

Raizen

Energia

SA

5.489%

(Ÿ)

908,192

480

10,637

Russia

-

0.0%

Sberbank

of

Russia

10.627%

(Æ)(Š)(Ÿ)

348,120

—

Surgutneftegas

OJSC

0.000%

(Æ)(Š)

2,472,400

—

—

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

South

Korea

-

0.2%

Samsung

Electronics

Co.,

Ltd.

2.346%

(Ÿ)

42,863

2,004

Total

Preferred

Stocks

(cost

$13,535)

12,641

Warrants

and

Rights

-

0.0%

Brazil

-

0.0%

Localiza

Rent

a

Car

SA(Æ)

2024

Rights

2,832

6

India

-

0.0%

Tata

Consumer

Products,

Ltd.(Æ)

2024

Rights

1,432

6

Total

Warrants

and

Rights

(cost

$—)

12

Short-Term

Investments

-

4.7%

United

States

-

4.7%

U.S.

Cash

Management

Fund(@)

35,692,334

(∞)

35,685

Total

Short-Term

Investments

(cost

$35,684)

35,685

Total

Investments

-

99.8%

(identified

cost

$633,675)

760,990

Other

Assets

and

Liabilities,

Net

-

0.2%

1,339

Net

Assets

-

100.0%

762,329

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

85

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

4.2%

Air

Astana

JSC

04/30/24

33,434

8.60

287

234

Avenue

Supermarts,

Ltd.

07/10/24

INR

19,116

55.32

1,057

1,127

Banco

del

Bajio

SA

03/06/24

MXN

174,577

3.80

664

520

Central

Depository

Services

India,

Ltd.

01/03/24

INR

62,904

23.68

1,490

1,890

CGN

Power

Co.,

Ltd.

05/29/24

HKD

1,075,000

0.39

415

439

China

International

Capital

Corp.,

Ltd.

09/13/23

HKD

927,600

2.04

1,894

1,034

China

Tower

Corp.,

Ltd.

06/30/21

HKD

3,834,000

0.14

525

470

Dino

Polska

SA

06/27/19

PLN

14,214

34.49

490

1,261

Fuyao

Glass

Industry

Group

Co.,

Ltd.

12/13/23

HKD

52,800

4.68

247

276

Giant

Biogene

Holding

Co.,

Ltd.

04/17/24

HKD

88,600

5.98

529

459

Haidilao

International

Holding,

Ltd.

09/13/23

HKD

649,000

2.61

1,692

1,046

Hangzhou

Tigermed

Consulting

Co.,

Ltd.

09/13/23

HKD

131,700

5.40

712

507

Hapvida

Participacoes

e

Investimentos

SA

06/27/24

BRL

486,215

0.69

334

350

HDFC

Life

Insurance

Co.,

Ltd.

01/24/24

INR

168,550

7.68

1,294

1,445

Hindustan

Aeronautics,

Ltd.

04/13/22

INR

30,774

12.90

397

1,819

InterGlobe

Aviation,

Ltd.

12/13/23

INR

9,024

35.82

323

483

Kaspi.KZ

JSC

01/10/24

21,120

99.23

2,096

2,748

Kuaishou

Technology

06/05/24

HKD

189,400

7.29

1,381

1,053

Longfor

Group

Holdings,

Ltd.

09/20/23

HKD

755,000

2.17

1,640

970

Macrotech

Developers,

Ltd.

02/27/24

INR

47,367

13.68

648

744

Meituan

04/27/22

HKD

160,928

15.37

2,474

2,226

Nongfu

Spring

Co.,

Ltd.

10/11/23

HKD

124,400

5.72

711

486

Pop

Mart

Internaitonal

Group,

Ltd.

11/08/23

HKD

24,200

3.02

73

128

Samsung

Biologics

Co.,

Ltd.

09/23/21

KRW

2,299

577.36

1,327

1,572

Saudi

Arabian

Oil

Co.

12/07/22

SAR

290,523

7.70

2,238

2,137

SBI

Life

Insurance

Co.,

Ltd.

07/18/24

INR

5,990

19.50

117

125

Sona

BLW

Precision

Forgings,

Ltd.

09/27/23

INR

36,378

7.17

261

295

TCS

Group

Holding

PLC

01/26/22

22,673

—

1,472

—

Tongcheng

Travel

Holdings,

Ltd.

01/03/24

HKD

157,600

1.85

291

274

WH

Group,

Ltd.

01/31/24

HKD

3,863,500

0.60

2,318

2,517

Xiaomi

Corp.

09/13/23

HKD

1,588,000

1.75

2,773

3,396

32,031

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

MSCI

China

Free

Index

Futures

332

USD

7,312

09/24

(358)

MSCI

Emerging

Markets

Index

Futures

676

USD

37,062

09/24

572

Short

Positions

MSCI

Brazil

Index

Futures

141

USD

7,374

09/24

(63)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

151

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

600

HKD

4,688

08/02/24

—

Bank

of

America

USD

262

TRY

8,669

08/02/24

—

State

Street

Bank

and

Trust

Company

BRL

998

USD

177

08/02/24

—

State

Street

Bank

and

Trust

Company

BRL

5,952

USD

1,053

08/02/24

1

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

86

Emerging

Markets

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

1

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

3,777

$

—

$

—

$

—

$

3,777

Austria

—

513

—

—

513

Brazil

48,946

—

—

—

48,946

Canada

760

—

—

—

760

Chile

399

—

—

—

399

China

22,509

142,616

—

—

165,125

Colombia

1,124

—

—

—

1,124

Czech

Republic

—

297

—

—

297

Denmark

—

597

—

—

597

France

—

166

—

—

166

Greece

—

4,425

—

—

4,425

Hong

Kong

—

7,442

68

—

7,510

Hungary

—

3,901

—

—

3,901

India

6,054

116,996

—

—

123,050

Indonesia

—

13,172

—

—

13,172

Japan

—

1,112

—

—

1,112

Kazakhstan

3,551

234

2,748

—

6,533

Macao

—

3,323

—

—

3,323

Malaysia

—

4,185

—

—

4,185

Mexico

10,323

874

—

—

11,197

Netherlands

3,028

3,398

—

—

6,426

Peru

2,727

—

—

—

2,727

Philippines

—

2,609

—

—

2,609

Poland

—

8,022

—

—

8,022

Romania

—

175

—

—

175

Russia

—

—

—

—

—

Saudi

Arabia

—

16,222

—

—

16,222

Singapore

1,988

—

—

—

1,988

South

Africa

4,700

16,300

—

—

21,000

South

Korea

1,520

95,513

—

—

97,033

Taiwan

11,544

94,263

—

—

105,807

Thailand

—

18,082

—

—

18,082

Turkey

—

2,451

—

—

2,451

United

Arab

Emirates

—

11,210

—

—

11,210

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

87

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

United

Kingdom

—

629

—

—

629

United

States

15,672

—

—

—

15,672

Vietnam

—

2,487

—

—

2,487

Preferred

Stocks

10,637

2,004

—

—

12,641

Warrants

and

Rights

12

—

—

—

12

Short-Term

Investments

—

—

—

35,685

35,685

Total

Investments

149,271

573,218

2,816

35,685

760,990

Other

Financial

Instruments

Assets

Futures

Contracts

572

—

—

—

572

Foreign

Currency

Exchange

Contracts

1

—

—

—

1

Liabilities

Futures

Contracts

(42

1

)

—

—

—

(42

1

)

Total

Other

Financial

Instruments

*

$

15

1

$

—

$

—

$

—

$

15

1

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

125,748

Consumer

Staples

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

34,445

Energy

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

29,576

Financial

Services

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

175,752

Health

Care

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

19,336

Materials

and

Processing

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

50,999

Producer

Durables

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

48,585

Technology

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

200,097

Utilities

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

28,114

Preferred

Stocks

Energy

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

2,302

Financial

Services

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

2,912

Materials

and

Processing

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

767

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

88

Emerging

Markets

Fund

Technology

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

2,004

Utilities

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

4,656

Warrants

and

Rights

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

12

Short-Term

Investments

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

35,685

Total

Investments

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

760,990

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

32,645

$

257,963

$

254,921

$

(3

)

$

1

$

35,685

$

1,099

$

—

U.S.

Cash

Collateral

Fund

2,554

27,863

30,417

—

—

—

92

—

$

35,199

$

285,826

$

285,338

$

(3

)

$

1

$

35,685

$

1,191

$

—

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Large

Cap

Fund

89

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

98.4%

Consumer

Discretionary

-

13.5%

Advance

Auto

Parts,

Inc.

14,141

896

Amazon.com,

Inc.(Æ)

1,890,524

353,490

Autoliv,

Inc.

125,456

12,689

AutoZone,

Inc.(Æ)

3,781

11,849

Best

Buy

Co.,

Inc.

36,279

3,139

Capri

Holdings,

Ltd.(Æ)

255,643

8,574

Charter

Communications,

Inc.

Class

A(Æ)

13,349

5,069

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

475,800

25,845

Comcast

Corp.

Class

A

482,865

19,928

Costco

Wholesale

Corp.

119,777

98,457

Dollar

General

Corp.

5,400

650

Dollar

Tree,

Inc.(Æ)

5,970

623

DR

Horton,

Inc.

169,618

30,519

eBay,

Inc.

26,648

1,482

Expedia

Group,

Inc.(Æ)

5,900

753

Ford

Motor

Co.

577,448

6,248

Fox

Corp.

Class

A

190,145

7,233

Garmin,

Ltd.

46,864

8,025

General

Motors

Co.

1,063,095

47,116

Grand

Canyon

Education,

Inc.(Æ)

17,657

2,754

Hilton

Worldwide

Holdings,

Inc.

58,633

12,587

Home

Depot,

Inc.

(The)

100,998

37,183

Lennar

Corp.

Class

A

115,250

20,391

Lennar

Corp.

Class

B

28,035

4,625

Liberty

Media

Corp.

Class

A(Æ)

21,159

799

Lithia

Motors,

Inc.

Class

A

37,124

10,259

Live

Nation

Entertainment,

Inc.(Æ)

84,263

8,105

Lowe's

Cos.,

Inc.

185,439

45,527

Marriott

International,

Inc.

Class

A

7,893

1,794

McDonald's

Corp.

5,663

1,503

Netflix,

Inc.

Class

B(Æ)

73,342

46,084

New

York

Times

Co.

(The)

Class

A

69,057

3,701

News

Corp.

Class

A

251,088

6,925

Nike,

Inc.

Class

B

303,945

22,753

nVent

Electric

PLC

6,066

441

NVR,

Inc.(Æ)

875

7,532

O'Reilly

Automotive,

Inc.(Æ)

39,735

44,755

PulteGroup,

Inc.

240,752

31,779

Raytheon

Technologies

Corp.

228,015

26,790

Ross

Stores,

Inc.

30,823

4,415

Royal

Caribbean

Cruises,

Ltd.

10,518

1,648

Starbucks

Corp.

215,173

16,773

Tapestry,

Inc.

78,600

3,151

Target

Corp.

158,224

23,799

Tesla,

Inc.(Æ)

280,737

65,151

TJX

Cos.,

Inc.

(The)

206,593

23,349

Travel

+

Leisure

Co.

52,623

2,425

Ulta

Beauty,

Inc.(Æ)

30,131

10,995

Walmart,

Inc.

526,143

36,114

Walt

Disney

Co.

(The)

189,541

17,758

Wyndham

Hotels

&

Resorts,

Inc.

59,865

4,533

Yum

China

Holdings,

Inc.

29,534

893

Yum!

Brands,

Inc.

284,366

37,772

1,227,648

Consumer

Staples

-

4.0%

Ambev

SA

-

ADR(Æ)

4,753,482

9,792

Archer-Daniels-Midland

Co.

488,047

30,264

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Church

&

Dwight

Co.,

Inc.

14,788

1,449

Coca-Cola

Co.

(The)

336,451

22,455

Coca-Cola

Europacific

Partners

PLC

72,498

5,348

Colgate-Palmolive

Co.

61,226

6,073

Conagra

Brands,

Inc.

160,851

4,877

Constellation

Brands,

Inc.

Class

A

26,679

6,541

CVS

Health

Corp.

293,378

17,700

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

968

96

General

Mills,

Inc.

30,682

2,060

Haleon

PLC

-

ADR

958,773

8,773

Hershey

Co.

(The)

4,970

981

Ingredion,

Inc.

166,595

20,719

Kenvue,

Inc.

323,341

5,979

Keurig

Dr

Pepper,

Inc.

14,941

512

Kimberly-Clark

Corp.

80,889

10,924

Kroger

Co.

(The)

975,852

53,184

Molson

Coors

Beverage

Co.

Class

B

200,585

10,601

Mondelez

International,

Inc.

Class

A

349,771

23,907

Monster

Beverage

Corp.(Æ)

163,115

8,392

PepsiCo,

Inc.

131,962

22,786

Philip

Morris

International,

Inc.

112,197

12,921

Procter

&

Gamble

Co.

(The)

266,025

42,766

Sysco

Corp.

51,834

3,973

Tyson

Foods,

Inc.

Class

A

390,149

23,760

Unilever

PLC

-

ADR

63,080

3,873

360,706

Energy

-

4.1%

BP

PLC

-

ADR

717,763

25,402

Canadian

Natural

Resources,

Ltd.

278,164

9,869

Chevron

Corp.

255,741

41,039

Devon

Energy

Corp.

303,480

14,273

Diamondback

Energy,

Inc.

114,378

23,140

Eaton

Corp.

PLC

105,586

32,182

EOG

Resources,

Inc.

137,921

17,488

EQT

Corp.

107,453

3,708

Exxon

Mobil

Corp.

928,977

110,167

Hess

Corp.

80,704

12,382

Marathon

Oil

Corp.

323,910

9,086

Marathon

Petroleum

Corp.

64,204

11,365

Occidental

Petroleum

Corp.

169,197

10,291

Phillips

66

103,255

15,021

Shell

PLC

-

ADR

363,675

26,628

Valero

Energy

Corp.

63,709

10,303

372,344

Financial

Services

-

13.3%

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust

393,077

36,930

Affiliated

Managers

Group,

Inc.

30,574

5,675

Aflac,

Inc.

25,549

2,437

Allstate

Corp.

(The)

143,373

24,534

American

Express

Co.

170,417

43,122

American

International

Group,

Inc.

99,016

7,845

American

Tower

Corp.(ö)

86,616

19,090

Ameriprise

Financial,

Inc.

5,878

2,528

Aon

PLC

Class

A

59,307

19,483

Apollo

Global

Management,

Inc.

159,449

19,981

Arthur

J

Gallagher

&

Co.

28,088

7,963

Assurant,

Inc.

5,910

1,033

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

90

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Assured

Guaranty,

Ltd.

599

49

AvalonBay

Communities,

Inc.(ö)

5,000

1,025

Bank

of

America

Corp.

854,831

34,458

Bank

OZK

21,974

1,030

Berkshire

Hathaway,

Inc.

Class

B(Æ)

185,181

81,202

Brighthouse

Financial,

Inc.(Æ)

21,037

1,049

Capital

One

Financial

Corp.

147,276

22,298

Carlyle

Group,

Inc.

(The)

225,654

11,224

Charles

Schwab

Corp.

(The)

196,141

12,786

Chubb,

Ltd.

142,769

39,356

Cincinnati

Financial

Corp.

26,369

3,444

Citigroup,

Inc.

1,069,041

69,359

Citizens

Financial

Group,

Inc.

462,301

19,726

CME

Group,

Inc.

Class

A

48,878

9,468

Discover

Financial

Services

35,490

5,110

East

West

Bancorp,

Inc.

28,223

2,481

Equinix,

Inc.(ö)

40,864

32,292

Evercore,

Inc.

Class

A

14,201

3,556

Everest

Re

Group,

Ltd.

900

354

Fifth

Third

Bancorp

223,451

9,461

First

Citizens

BancShares,

Inc.

Class

A

1,845

3,852

Goldman

Sachs

Group,

Inc.

(The)

12,071

6,145

Hartford

Financial

Services

Group,

Inc.

63,811

7,078

Howard

Hughes

Corp.

(The)(Æ)

16,964

1,258

Huntington

Bancshares,

Inc.

831,115

12,425

Intercontinental

Exchange,

Inc.

163,857

24,834

Janus

Henderson

Group

PLC

119,188

4,437

JPMorgan

Chase

&

Co.

357,953

76,172

Kimco

Realty

Corp.(ö)

434,379

9,439

Markel

Group,

Inc.(Æ)

9,476

15,530

MasterCard,

Inc.

Class

A

274,727

127,394

MetLife,

Inc.

171,966

13,216

Morgan

Stanley

198,001

20,436

Northern

Trust

Corp.

1,828

162

PNC

Financial

Services

Group,

Inc.

(The)

22,409

4,058

Progressive

Corp.

(The)

233,134

49,919

Prologis,

LP(ö)

57,326

7,226

Prudential

Financial,

Inc.

67,246

8,427

Public

Storage(ö)

23,322

6,901

Raymond

James

Financial,

Inc.

10,375

1,204

Regions

Financial

Corp.

1,024,478

22,918

Reinsurance

Group

of

America,

Inc.

Class

A

68,169

15,367

Simon

Property

Group,

Inc.(ö)

3

—

State

Street

Corp.

42,925

3,647

Synchrony

Financial

264,937

13,456

Torchmark

Corp.

132,647

12,302

Travelers

Cos.,

Inc.

(The)

35,483

7,680

Truist

Financial

Corp.

8,224

368

US

Bancorp

135,069

6,062

VICI

Properties,

Inc.(ö)

18,304

572

Visa,

Inc.

Class

A

289,631

76,946

Voya

Financial,

Inc.

21,215

1,543

Webster

Financial

Corp.

19,386

962

Wells

Fargo

&

Co.

1,048,463

62,216

Welltower,

Inc.(ö)

58,700

6,530

Willis

Towers

Watson

PLC

76,922

21,714

WR

Berkley

Corp.

98,367

5,423

1,208,168

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Health

Care

-

12.0%

Abbott

Laboratories

254,958

27,010

AbbVie,

Inc.

303,906

56,320

ABIOMED,

Inc.

(

Š)

9,546

—

Agilent

Technologies,

Inc.

22,046

3,117

Amgen,

Inc.

53,187

17,683

AstraZeneca

PLC

-

ADR

83,355

6,598

Baxter

International,

Inc.

162,176

5,809

Becton

Dickinson

&

Co.

5,550

1,338

Biogen,

Inc.(Æ)

41,527

8,854

Boston

Scientific

Corp.(Æ)

371,420

27,440

Bristol

Myers

Squibb

Co.

202,998

9,655

Cigna

Group

(The)

92,006

32,080

Danaher

Corp.

215,548

59,724

Edwards

Lifesciences

Corp.(Æ)

94,968

5,988

Elevance

Health,

Inc.

58,028

30,873

Eli

Lilly

&

Co.

58,299

46,888

Exelixis,

Inc.(Æ)

344,804

8,086

Fortrea

Holdings,

Inc.(Æ)

10,723

296

GE

HealthCare

Technologies,

Inc.

10,656

902

Gilead

Sciences,

Inc.

58,798

4,472

GSK

PLC

-

ADR

495,568

19,213

HCA

Healthcare,

Inc.

17,182

6,238

Henry

Schein,

Inc.(Æ)

92,338

6,643

Humana,

Inc.

44,369

16,044

Incyte

Corp.(Æ)

35,481

2,309

Intuitive

Surgical,

Inc.(Æ)

111,532

49,588

IQVIA,

Inc.(Æ)

36,190

8,911

Jazz

Pharmaceuticals

PLC(Æ)

15,348

1,692

Johnson

&

Johnson

300,619

47,453

Koninklijke

Philips

NV(Æ)

546,364

15,396

Labcorp

Holdings,

Inc.

10,723

2,310

McKesson

Corp.

54,558

33,663

Medtronic

PLC

94,373

7,580

Merck

&

Co.,

Inc.

310,510

35,128

Molina

Healthcare,

Inc.(Æ)

4,812

1,642

Novo

Nordisk

A/S

-

ADR

153,053

20,299

Organon

&

Co.

1,049,409

22,940

Pfizer,

Inc.

294,206

8,985

Quest

Diagnostics,

Inc.

9,172

1,305

Regeneron

Pharmaceuticals,

Inc.(Æ)

69,828

75,358

ResMed,

Inc.

11,906

2,539

Royalty

Pharma

PLC

Class

A

81,668

2,301

Sanofi

SA

-

ADR

452,447

23,441

Stryker

Corp.

30,069

9,846

Thermo

Fisher

Scientific,

Inc.

76,312

46,805

UnitedHealth

Group,

Inc.

294,862

169,888

Universal

Health

Services,

Inc.

Class

B

24,354

5,206

Veeva

Systems,

Inc.

Class

A(Æ)

31,948

6,132

Vertex

Pharmaceuticals,

Inc.(Æ)

79,314

39,317

Viatris,

Inc.

705,614

8,510

Waters

Corp.(Æ)

24,577

8,265

Zoetis,

Inc.

Class

A

150,725

27,136

1,085,216

Materials

and

Processing

-

3.7%

Air

Products

&

Chemicals,

Inc.

1,928

509

Ball

Corp.

64,149

4,095

Carrier

Global

Corp.

231,724

15,783

Celanese

Corp.

Class

A

40,329

5,692

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Large

Cap

Fund

91

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CF

Industries

Holdings,

Inc.

156,030

11,919

Copart,

Inc.(Æ)

300,214

15,710

Crown

Holdings,

Inc.

52,077

4,619

Dow,

Inc.

33,546

1,827

DuPont

de

Nemours,

Inc.

273,418

22,885

Ecolab,

Inc.

98,808

22,794

Fastenal

Co.

23,087

1,633

FMC

Corp.

357,636

20,872

Fortune

Brands

Innovations,

Inc.

52,850

4,271

Freeport-McMoRan,

Inc.

12,552

570

General

Electric

Co.

31,968

5,441

Ingevity

Corp.(Æ)

4,417

203

Johnson

Controls

International

PLC

20,895

1,495

Linde

PLC

127,662

57,895

Martin

Marietta

Materials,

Inc.

2,605

1,546

Masco

Corp.

34,631

2,696

Mohawk

Industries,

Inc.(Æ)

58,774

9,467

Mosaic

Co.

(The)

453,934

13,514

NewMarket

Corp.

3,892

2,183

Newmont

Corp.

139,289

6,835

Nucor

Corp.

154,942

25,246

Owens

Corning

19,365

3,609

Packaging

Corp.

of

America

39,823

7,959

PPG

Industries,

Inc.

4,923

625

Reliance

Steel

&

Aluminum

Co.

6,664

2,029

Rio

Tinto

PLC

-

ADR

37,916

2,470

Royal

Gold,

Inc.

26,280

3,630

Sherwin-Williams

Co.

(The)

25,042

8,785

Steel

Dynamics,

Inc.

42,143

5,614

Trane

Technologies

PLC

101,010

33,766

United

States

Steel

Corp.

128,633

5,285

333,472

Producer

Durables

-

7.8%

Alaska

Air

Group,

Inc.(Æ)

402,905

15,121

American

Airlines

Group,

Inc.(Æ)

386,823

4,116

Amphenol

Corp.

Class

A

155,440

9,989

Automatic

Data

Processing,

Inc.

76,295

20,037

Canadian

Pacific

Kansas

City,

Ltd.

164,809

13,814

CH

Robinson

Worldwide,

Inc.

142,437

12,684

Chart

Industries,

Inc.(Æ)

95,972

15,459

Corpay,

Inc.(Æ)

60,475

17,648

CSX

Corp.

271,342

9,524

Cummins,

Inc.

26,409

7,706

Deere

&

Co.

58,675

21,826

Delta

Air

Lines,

Inc.

844,632

36,336

Dover

Corp.

26,181

4,824

Esab

Corp.

29,041

2,950

Expeditors

International

of

Washington,

Inc.

118,270

14,762

FedEx

Corp.

172,216

52,052

Fortive

Corp.

2,085

150

GE

Vernova,

Inc.(Æ)

60,037

10,701

General

Dynamics

Corp.

33,727

10,075

Global

Payments,

Inc.

98,937

10,056

Honeywell

International,

Inc.

123,717

25,331

Illinois

Tool

Works,

Inc.

1,831

453

Ingersoll

Rand,

Inc.

185,713

18,646

Kirby

Corp.(Æ)

8,376

1,029

Knight-Swift

Transportation

Holdings,

Inc.

29,855

1,625

L3Harris

Technologies,

Inc.

11,295

2,563

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lockheed

Martin

Corp.

1,670

905

Magna

International,

Inc.

Class

A

183,355

8,135

Mettler-Toledo

International,

Inc.(Æ)

16,183

24,615

Moody's

Corp.

58,542

26,723

Norfolk

Southern

Corp.

52,320

13,057

Northrop

Grumman

Corp.

8,710

4,218

Old

Dominion

Freight

Line,

Inc.

89,626

18,838

Otis

Worldwide

Corp.

183,325

17,324

PACCAR

Financial

Corp.

90,878

8,966

Parker-Hannifin

Corp.

9,867

5,537

Pentair

PLC

147,694

12,978

Phinia,

Inc.

8,939

399

S&P

Global,

Inc.

147,100

71,304

TE

Connectivity,

Ltd.

27,015

4,169

Textron,

Inc.

261,296

24,274

TopBuild

Corp.(Æ)

3,805

1,821

TransDigm

Group,

Inc.

1,634

2,115

Union

Pacific

Corp.

57,200

14,113

United

Airlines,

Inc.(Æ)

233,018

10,584

United

Parcel

Service,

Inc.

Class

B

91,613

11,944

United

Rentals,

Inc.

15,216

11,520

Veralto

Corp.

69,339

7,389

Vontier

Corp.

741,366

29,084

Waste

Management,

Inc.

4,229

857

Westinghouse

Air

Brake

Technologies

Corp.

204,186

32,904

703,250

Technology

-

36.0%

Accenture

PLC

Class

A

242,514

80,180

Adobe,

Inc.(Æ)

68,297

37,676

Advanced

Micro

Devices,

Inc.(Æ)

317,118

45,817

Akamai

Technologies,

Inc.(Æ)

40,523

3,983

Allegion

PLC

17,438

2,386

Alphabet,

Inc.

Class

A

955,584

163,921

Alphabet,

Inc.

Class

C

1,209,020

209,342

Analog

Devices,

Inc.

107,083

24,777

Apple,

Inc.

2,512,802

558,043

Applied

Materials,

Inc.

109,156

23,163

ASML

Holding

NV

2,663

2,494

Autodesk,

Inc.(Æ)

105,904

26,213

Booking

Holdings,

Inc.

11,334

42,106

Broadcom,

Inc.

458,960

73,746

CACI

International,

Inc.

Class

A(Æ)

4,386

2,024

Cisco

Systems,

Inc.

1,001,882

48,541

Cognizant

Technology

Solutions

Corp.

Class

A

149,553

11,318

Corteva,

Inc.

230,444

12,928

Dell

Technologies,

Inc.

Class

C

66,959

7,612

DXC

Technology

Co.(Æ)

421,839

8,580

EchoStar

Corp.

Class

A(Æ)

81,367

1,634

Electronic

Arts,

Inc.

51,566

7,783

EPAM

Systems,

Inc.(Æ)

92,717

19,946

F5,

Inc.(Æ)

12,816

2,610

Fidelity

National

Information

Services,

Inc.

2,700

207

Fortinet,

Inc.(Æ)

90,530

5,254

Hewlett

Packard

Enterprise

Co.

43,704

870

HP,

Inc.

96,623

3,487

Intel

Corp.

96,181

2,957

International

Business

Machines

Corp.

8,601

1,653

Intuit,

Inc.

119,498

77,357

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

92

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Jabil

Circuit,

Inc.

69,502

7,831

KLA

Corp.

5,800

4,774

Lam

Research

Corp.

32,265

29,724

Meta

Platforms,

Inc.

Class

A

391,135

185,723

Microchip

Technology,

Inc.

57,987

5,148

Micron

Technology,

Inc.

341,304

37,482

Microsoft

Corp.

1,415,981

592,376

MKS

Instruments,

Inc.

20,581

2,591

Motorola

Solutions,

Inc.

72,772

29,030

MSCI,

Inc.

Class

A

31,515

17,042

NVIDIA

Corp.

3,904,610

456,918

NXP

Semiconductors

NV

106,968

28,150

ON

Semiconductor

Corp.(Æ)

31,684

2,479

Oracle

Corp.

258,811

36,091

Palo

Alto

Networks,

Inc.(Æ)

62,884

20,420

Qorvo,

Inc.(Æ)

74,162

8,885

QUALCOMM,

Inc.

177,087

32,044

Salesforce,

Inc.

184,434

47,732

SAP

SE

-

ADR

53,046

11,225

Seagate

Technology

Holdings

PLC

76,216

7,787

ServiceNow,

Inc.(Æ)

56,703

46,178

Synopsys,

Inc.(Æ)

19,663

10,978

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

195,629

32,435

Teradyne,

Inc.

228,975

30,032

Texas

Instruments,

Inc.

197,812

40,316

VeriSign,

Inc.(Æ)

26,378

4,933

Workday,

Inc.

Class

A(Æ)

126,631

28,760

3,265,692

Utilities

-

4.0%

American

Electric

Power

Co.,

Inc.

34,190

3,355

AT&T,

Inc.

1,106,448

21,299

CenterPoint

Energy,

Inc.

401,392

11,139

Cheniere

Energy,

Inc.

73,004

13,334

CMS

Energy

Corp.

37,178

2,409

ConocoPhillips

538,152

59,843

Consolidated

Edison,

Inc.

89,657

8,743

Constellation

Energy

Generation

LLC

24,576

4,665

DT

Midstream,

Inc.

31,773

2,395

DTE

Energy

Co.

6,566

791

Duke

Energy

Corp.

80,474

8,793

Edison

International

135,613

10,850

Entergy

Corp.

120,725

14,001

Exelon

Corp.

347,748

12,936

FirstEnergy

Corp.

347,328

14,557

NextEra

Energy,

Inc.

364,249

27,825

NiSource,

Inc.

38,538

1,204

NRG

Energy,

Inc.

628,721

47,261

Public

Service

Enterprise

Group,

Inc.

14,344

1,144

Sempra

Energy

29,800

2,386

Southern

Co.

(The)

159

13

T-Mobile

USA,

Inc.

305,784

55,738

UGI

Corp.

168,295

4,170

Verizon

Communications,

Inc.

134,698

5,458

Xcel

Energy,

Inc.

476,083

27,746

362,055

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Common

Stocks

(cost

$4,085,383)

8,918,551

Short-Term

Investments

-

1.5%

U.S.

Cash

Management

Fund(@)

130,464,599

(∞)

130,438

Total

Short-Term

Investments

(cost

$130,432)

130,438

Total

Investments

-

99.9%

(identified

cost

$4,215,815)

9,048,989

Other

Assets

and

Liabilities,

Net

-

0.1%

11,071

Net

Assets

-

100.0%

9,060,060

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Large

Cap

Fund

93

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

478

USD

132,836

09/24

982

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

982

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

1,227,648

$

—

$

—

$

—

$

1,227,648

Consumer

Staples

360,706

—

—

—

360,706

Energy

372,344

—

—

—

372,344

Financial

Services

1,208,168

—

—

—

1,208,168

Health

Care

1,085,216

—

—

—

1,085,216

Materials

and

Processing

333,472

—

—

—

333,472

Producer

Durables

703,250

—

—

—

703,250

Technology

3,265,692

—

—

—

3,265,692

Utilities

362,055

—

—

—

362,055

Short-Term

Investments

—

—

—

130,438

130,438

Total

Investments

8,918,551

—

—

130,438

9,048,989

Other

Financial

Instruments

Assets

Futures

Contracts

982

—

—

—

982

Total

Other

Financial

Instruments

*

$

982

$

—

$

—

$

—

$

982

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

94

Tax-Managed

U.S.

Large

Cap

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

199,962

$

473,506

$

543,017

$

(15

)

$

2

$

130,438

$

6,994

$

—

U.S.

Cash

Collateral

Fund

2,755

55,541

58,296

—

—

—

88

—

$

202,717

$

529,047

$

601,313

$

(15

)

$

2

$

130,438

$

7,082

$

—

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

95

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.7%

Consumer

Discretionary

-

12.8%

Academy

Sports

&

Outdoors,

Inc.

86,663

4,686

Advance

Auto

Parts,

Inc.

80,569

5,102

American

Eagle

Outfitters,

Inc.

42,341

934

API

Group

Corp.(Æ)

180,998

6,858

Atkore

,

Inc.

14,063

1,899

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

35,341

1,535

Bath

&

Body

Works,

Inc.

27,381

1,006

Beacon

Roofing

Supply,

Inc.(Æ)

9,638

991

Beazer

Homes

USA,

Inc.(Æ)

86,247

2,904

BJ's

Restaurants,

Inc.(Æ)

11,885

375

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

10,141

892

Bloomin

'

Brands,

Inc.

149,667

3,121

Boot

Barn

Holdings,

Inc.(Æ)

33,886

4,523

BorgWarner,

Inc.

16,984

600

Boyd

Gaming

Corp.

15,720

957

Brinker

International,

Inc.(Æ)

19,584

1,308

Brunswick

Corp.

45,758

3,727

Caesars

Entertainment,

Inc.(Æ)

45,497

1,818

Caleres

,

Inc.

34,500

1,330

Capri

Holdings,

Ltd.(Æ)

32,076

1,076

Carter's,

Inc.

14,172

858

Cavco

Industries,

Inc.(Æ)

5,602

2,323

Century

Communities,

Inc.

18,164

1,902

Cheesecake

Factory,

Inc.

(The)

22,697

883

Churchill

Downs,

Inc.

13,870

1,991

Chuy's

Holdings,

Inc.(Æ)

43,568

1,616

Crocs,

Inc.(Æ)

8,710

1,170

Dana

Holding

Corp.

33,924

431

Dave

&

Buster's

Entertainment,

Inc.(Æ)

51,575

1,940

Deckers

Outdoor

Corp.(Æ)

6,620

6,108

Dick's

Sporting

Goods,

Inc.

30,377

6,572

Domino's

Pizza,

Inc.

7,114

3,050

Dream

Finders

Homes,

Inc.

Class

A(Æ)

14,406

454

Ethan

Allen

Interiors,

Inc.

16,761

517

FactSet

Research

Systems,

Inc.

4,286

1,770

FirstCash

Holdings,

Inc.

9,286

1,036

Five

Below,

Inc.(Æ)

27,773

2,020

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

18,253

1,789

Gentherm

,

Inc.(Æ)

38,134

2,104

G-III

Apparel

Group,

Ltd.(Æ)

88,788

2,448

GMS,

Inc.(Æ)

8,715

839

Golden

Entertainment,

Inc.

38,928

1,301

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)

65,525

767

Grand

Canyon

Education,

Inc.(Æ)

15,870

2,475

Gray

Television,

Inc.

50,688

326

Green

Brick

Partners,

Inc.(Æ)

28,092

2,055

Group

1

Automotive,

Inc.

2,622

959

Harley-Davidson,

Inc.

19,170

719

Hillenbrand,

Inc.

10,655

471

Hilton

Grand

Vacations,

Inc.(Æ)

14,163

612

Hooker

Furniture

Corp.

12,190

186

IAC/InterActiveCorp.(Æ)

33,990

1,795

Instructure

Holdings,

Inc.(Æ)

54,980

1,284

International

Game

Technology

PLC

47,959

1,126

Interpublic

Group

of

Cos.,

Inc.

(The)

52,167

1,678

Johnson

Outdoors,

Inc.

Class

A

66,708

2,828

Kontoor

Brands,

Inc.

40,545

2,844

Kura

Sushi

USA,

Inc.

Class

A(Æ)

15,144

871

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lear

Corp.

11,360

1,386

Levi

Strauss

&

Co.

Class

A

19,645

360

Liberty

Broadband

Corp.

Class

C(Æ)

17,013

1,146

Liberty

Latin

America,

Ltd.

Class

C(Æ)

193,753

2,054

Liberty

Media

Corp.(Æ)

112,995

2,544

Light

&

Wonder,

Inc.

Class

A(Æ)

24,104

2,584

Lions

Gate

Entertainment

Corp.

Class

B(Æ)

208,070

1,714

Lithia

Motors,

Inc.

Class

A

18,124

5,008

Macy's,

Inc.

120,333

2,079

Madison

Square

Garden

Entertainment

Corp.(Æ)

17,765

702

MarineMax

,

Inc.(Æ)

22,593

788

Marriott

Vacations

Worldwide

Corp.

1,828

155

Meritage

Homes

Corp.

5,627

1,142

Newell

Rubbermaid,

Inc.

282,090

2,423

Nexstar

Media

Group,

Inc.

Class

A

33,196

6,134

nVent

Electric

PLC

34,460

2,503

ODP

Corp.

(The)(Æ)

27,488

1,161

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

38,795

3,788

OneWater

Marine,

Inc.

Class

A(Æ)

149,511

3,690

Papa

John's

International,

Inc.

16,171

715

Paramount

Global

Class

B

28,974

331

Patrick

Industries,

Inc.

7,858

1,006

Penn

Entertainment,

Inc.(Æ)

13,154

263

Planet

Fitness,

Inc.

Class

A(Æ)

4,543

335

Potbelly

Corp.(Æ)

115,756

845

PulteGroup,

Inc.

22,204

2,931

PVH

Corp.

26,694

2,723

RB

Global,

Inc.

8,866

706

RCI

Hospitality

Holdings,

Inc.

35,277

1,745

Restoration

Hardware(Æ)

6,407

1,859

Revolve

Group,

Inc.(Æ)(Ñ)

79,830

1,545

Rocky

Brands,

Inc.

46,209

1,584

SeaWorld

Entertainment,

Inc.(Æ)

36,534

1,924

Service

Corp.

International

12,051

963

Shoe

Carnival,

Inc.

13,128

558

Signet

Jewelers,

Ltd.

22,099

1,859

Skechers

USA,

Inc.

Class

A(Æ)

27,104

1,765

Sphere

Entertainment

Co.(Æ)

5,963

265

Taylor

Morrison

Home

Corp.

Class

A(Æ)

26,382

1,770

Texas

Roadhouse,

Inc.

Class

A

9,894

1,728

Toll

Brothers,

Inc.

10,396

1,484

Transcat

,

Inc.(Æ)

5,568

642

Travel

+

Leisure

Co.

53,056

2,445

Tri

Pointe

Homes,

Inc.(Æ)

33,493

1,516

TripAdvisor,

Inc.(Æ)

28,863

509

Under

Armour

,

Inc.

Class

A(Æ)

126,931

885

Universal

Electronics,

Inc.(Æ)

45,523

541

Urban

Outfitters,

Inc.(Æ)

43,349

1,996

Valvoline,

Inc.(Æ)

46,246

2,150

VF

Corp.

237,519

4,028

Victoria's

Secret

&

Co.(Æ)

56,924

1,010

Vista

Outdoor,

Inc.(Æ)

38,357

1,558

Visteon

Corp.(Æ)

3,107

359

Wabash

National

Corp.

27,235

585

Weyco

Group,

Inc.

7,024

244

Whirlpool

Corp.

25,807

2,632

Wingstop

,

Inc.

24,014

8,978

Wyndham

Hotels

&

Resorts,

Inc.

11,079

839

YETI

Holdings,

Inc.(Æ)

89,737

3,711

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

96

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ziff

Davis,

Inc.(Æ)

118,330

5,666

220,319

Consumer

Staples

-

3.1%

Aramark

Services,

Inc.

48,225

1,653

BellRing

Brands,

Inc.(Æ)

21,651

1,110

Calavo

Growers,

Inc.

67,720

1,611

Casey's

General

Stores,

Inc.

17,980

6,973

Celsius

Holdings,

Inc.(Æ)

45,498

2,131

Coty,

Inc.

Class

A(Æ)

56,879

566

Grocery

Outlet

Holding

Corp.(Æ)

53,460

1,046

Ingredion,

Inc.

16,720

2,079

Inter

Parfums

,

Inc.

9,616

1,353

J&J

Snack

Foods

Corp.

6,998

1,180

Kellanova

11,682

679

Lancaster

Colony

Corp.

5,277

1,019

Limoneira

Co.

24,211

534

MGP

Ingredients,

Inc.

9,473

772

Nomad

Foods,

Ltd.

256,204

4,896

Olaplex

Holdings,

Inc.(Æ)

450,795

938

Performance

Food

Group

Co.(Æ)

5,696

393

Pilgrim's

Pride

Corp.(Æ)

57,405

2,367

Post

Holdings,

Inc.(Æ)

5,407

591

Primo

Water

Corp.

404,816

8,878

Spectrum

Brands

Holdings,

Inc.

41,731

3,531

Sprouts

Farmers

Market,

Inc.(Æ)

16,574

1,656

Tyson

Foods,

Inc.

Class

A

50,309

3,064

US

Foods

Holding

Corp.(Æ)

27,044

1,471

Warby

Parker,

Inc.

Class

A(Æ)

129,573

2,134

Weis

Markets,

Inc.

6,526

492

WK

Kellogg

Co.

68,522

1,206

54,323

Energy

-

4.2%

Alpha

Metallurgical

Resources,

Inc.

2,699

797

Antero

Resources

Corp.(Æ)

98,541

2,860

Centrus

Energy

Corp.

Class

A(Æ)

31,889

1,393

ChampionX

Corp.

144,930

4,965

Civitas

Resources,

Inc.

27,056

1,887

CONSOL

Energy,

Inc.

7,881

787

Core

Laboratories,

Inc.

186,567

4,569

Coterra

Energy,

Inc.

74,311

1,917

Delek

US

Holdings,

Inc.

30,789

732

Diamondback

Energy,

Inc.

18,179

3,678

Dril

-Quip,

Inc.(Æ)

35,412

613

EQT

Corp.

17,282

596

Exxon

Mobil

Corp.

20,408

2,420

First

Solar,

Inc.(Æ)

5,095

1,101

Helix

Energy

Solutions

Group,

Inc.(Æ)

195,033

2,301

HF

Sinclair

Corp.

20,474

1,054

Liberty

Energy,

Inc.

Class

A

80,925

1,954

Marathon

Oil

Corp.

79,268

2,223

Matador

Resources

Co.

38,825

2,387

Montauk

Renewables,

Inc.(Æ)

101,532

603

Natural

Gas

Services

Group,

Inc.(Æ)

32,204

656

Newpark

Resources,

Inc.(Æ)

312,683

2,583

NOV,

Inc.

138,022

2,874

NOW,

Inc.(Æ)

90,600

1,392

Oil

States

International,

Inc.(Æ)

353,884

2,024

Par

Pacific

Holdings,

Inc.(Æ)

75,759

2,011

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Pason

Systems,

Inc.

177,949

2,109

Patterson-UTI

Energy,

Inc.

411,264

4,520

ProFrac

Holding

Corp.

Class

A(Æ)

162,307

1,508

ProPetro

Holding

Corp.(Æ)

215,622

2,068

REX

American

Resources

Corp.(Æ)

17,810

905

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

97,500

634

Sitio

Royalties

Corp.

Class

A

85,667

2,086

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

55,034

724

Southwestern

Energy

Co.(Æ)

262,618

1,694

Transocean,

Ltd.(Æ)

217,444

1,259

US

Silica

Holdings,

Inc.(Æ)

116,217

1,800

Viper

Energy,

Inc.

36,186

1,544

Weatherford

International

PLC

4,244

500

71,728

Financial

Services

-

22.5%

Affiliated

Managers

Group,

Inc.

11,012

2,044

Agree

Realty

Corp.(ö)

51,262

3,536

Air

Lease

Corp.

Class

A

108,465

5,382

Alpine

Income

Property

Trust,

Inc.(ö)

146,690

2,548

Ambac

Financial

Group,

Inc.(Æ)

126,399

1,667

American

Realty

Investors,

Inc.(Æ)

1

—

Americold

Realty

Trust,

Inc.(ö)

126,166

3,771

Apple

Hospitality

REIT,

Inc.(ö)

26,356

390

Associated

Banc-Corp.

20,340

467

Assurant,

Inc.

5,539

969

Assured

Guaranty,

Ltd.

32,646

2,689

Atlantic

Union

Bankshares

Corp.

29,938

1,236

Atlanticus

Holdings

Corp.(Æ)

10,658

381

Axis

Capital

Holdings,

Ltd.

30,294

2,295

Axos

Financial,

Inc.(Æ)

11,131

813

Banc

of

California,

Inc.

154,432

2,159

Bancorp,

Inc.

(The)(Æ)

29,842

1,547

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

795

30

Bank

OZK

42,384

1,987

BankUnited

,

Inc.

65,135

2,509

Banner

Corp.

10,529

624

BGC

Group,

Inc.

Class

A

296,615

2,732

Bridgewater

Bancshares,

Inc.(Æ)

223,169

3,082

Brighthouse

Financial,

Inc.(Æ)

62,759

3,130

Burke

&

Herbert

Financial

Services

Corp.

31,000

2,099

Cadence

Bank

57,103

1,877

Cannae

Holdings,

Inc.

136,648

2,748

Carter

Bankshares

,

Inc.(Æ)

142,383

2,319

Chatham

Lodging

Trust(ö)

341,373

3,001

Clarivate

PLC(Æ)

242,820

1,637

CNO

Financial

Group,

Inc.

97,564

3,401

Cohen

&

Steers,

Inc.

13,642

1,171

Columbia

Banking

System,

Inc.

5,350

140

Community

Bank

System,

Inc.

28,319

1,747

Community

Healthcare

Trust,

Inc.(ö)

69,582

1,514

Compass,

Inc.

Class

A(Æ)

53,426

235

CTO

Realty

Growth,

Inc.(Ñ)(ö)

110,822

2,224

Customers

Bancorp,

Inc.(Æ)

76,169

4,911

DiamondRock

Hospitality

Co.(ö)

238,504

1,963

Discover

Financial

Services

20,475

2,948

Distribution

Solutions

Group,

Inc.(Æ)

58,312

1,968

Diversified

Healthcare

Trust(ö)

170,939

571

Dun

&

Bradstreet

Holdings,

Inc.

236,181

2,570

Easterly

Government

Properties,

Inc.(ö)

374,002

5,210

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

97

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Encore

Capital

Group,

Inc.(Æ)

82,522

4,172

Enova

International,

Inc.(Æ)

30,176

2,609

Equity

Bancshares,

Inc.

Class

A

49,936

2,022

Equity

Commonwealth(Æ)(ö)

183,329

3,734

Erie

Indemnity

Co.

Class

A

4,852

2,140

eXp

World

Holdings,

Inc.(Ñ)

87,848

1,262

Extra

Space

Storage,

LP(ö)

6,730

1,074

F&G

Annuities

&

Life,

Inc.

102,569

4,424

Federal

Agricultural

Mortgage

Corp.

Class

C

14,346

2,958

First

American

Financial

Corp.

54,246

3,286

First

BanCorp

106,817

2,291

First

Bancshares,

Inc.

62,741

2,091

First

Bank

93,879

1,450

First

Commonwealth

Financial

Corp.

59,331

1,073

First

Horizon

Corp.

98,309

1,645

First

Industrial

Realty

Trust,

Inc.(ö)

54,380

2,976

First

Internet

Bancorp

56,351

2,088

FirstService

Corp.

7,356

1,284

FNB

Corp.

90,478

1,388

Franklin

Street

Properties

Corp.(ö)

1,031,380

1,795

FTAI

Aviation,

Ltd.

65,879

7,342

Gaming

and

Leisure

Properties,

Inc.(ö)

56,023

2,812

GCM

Grosvenor,

Inc.

Class

A

141,882

1,579

Genworth

Financial,

Inc.

Class

A(Æ)

108,399

734

Glacier

Bancorp,

Inc.

118,001

5,276

Globe

Life,

Inc.

15,022

1,393

Goosehead

Insurance,

Inc.

Class

A(Æ)

57,728

5,212

Grid

Dynamics

Holdings,

Inc.(Æ)

125,887

1,624

Hamilton

Lane,

Inc.

Class

A

45,334

6,545

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

45,013

1,475

Hanover

Insurance

Group,

Inc.

(The)

23,918

3,289

HBT

Financial,

Inc.

51,575

1,186

Hingham

Institution

for

Savings

20,597

5,122

Home

BancShares

,

Inc.

119,152

3,376

Horace

Mann

Educators

Corp.

84,776

2,931

Houlihan

Lokey

,

Inc.

Class

A

57,877

8,696

Howard

Hughes

Corp.

(The)(Æ)

44,947

3,334

Independence

Realty

Trust,

Inc.(ö)

112,785

2,103

Independent

Bank

Group,

Inc.

46,611

2,753

Industrial

Logistics

Properties

Trust(ö)

583,362

2,998

International

General

Insurance

Holdings,

Ltd.

301,956

5,242

Jackson

Financial,

Inc.

Class

A

62,653

5,517

Jones

Lang

LaSalle,

Inc.(Æ)

14,647

3,675

Kemper

Corp.

35,112

2,249

Kennedy-Wilson,

Inc.

175,789

1,830

Kimco

Realty

Corp.(ö)

15,574

338

Kinsale

Capital

Group,

Inc.

2,810

1,284

Lamar

Advertising

Co.

Class

A(ö)

5,068

607

LendingClub

Corp.(Æ)

121,664

1,522

Live

Oak

Bancshares,

Inc.

77,922

3,517

Maiden

Holdings,

Ltd.(Æ)

22,673

48

Marex

Group

PLC

108,635

2,323

Metropolitan

Bank

Holding

Corp.(Æ)

40,364

2,128

MGIC

Investment

Corp.

87,321

2,169

Mid-America

Apartment

Communities,

Inc.

(ö)

4,859

679

Morningstar,

Inc.

11,547

3,668

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mr.

Cooper

Group,

Inc.(Æ)

20,365

1,830

NET

Lease

Office

Properties(ö)

78,384

2,313

Newmark

Group,

Inc.

Class

A

322,719

4,189

NewtekOne

,

Inc.

171,048

2,393

NexPoint

Residential

Trust,

Inc.(ö)

7,918

346

NMI

Holdings,

Inc.

Class

A(Æ)

57,349

2,257

Northrim

BanCorp

,

Inc.

25,286

1,730

OceanFirst

Financial

Corp.

101,759

1,849

OFG

Bancorp

134,940

6,129

Old

Second

Bancorp,

Inc.

126,391

2,139

Origin

Bancorp,

Inc.

80,059

2,751

Pathward

Financial,

Inc.

24,076

1,626

Peapack

-Gladstone

Financial

Corp.

45,968

1,299

Perella

Weinberg

Partners

95,814

1,811

Popular,

Inc.

38,925

3,995

Postal

Realty

Trust,

Inc.

Class

A(ö)

155,208

2,322

Potlatch

Corp.(ö)

138,528

6,145

PRA

Group,

Inc.(Æ)

134,652

3,588

Primerica,

Inc.

8,016

2,018

Progyny

,

Inc.(Æ)

55,971

1,578

Prosperity

Bancshares,

Inc.

67,929

4,926

Radian

Group,

Inc.

51,019

1,893

Raymond

James

Financial,

Inc.

29,861

3,464

Regency

Centers

Corp.(ö)

8,219

553

Reinsurance

Group

of

America,

Inc.

Class

A

9,671

2,180

RenaissanceRe

Holdings,

Ltd.

7,843

1,819

Rexford

Industrial

Realty,

Inc.(ö)

57,024

2,857

RLJ

Lodging

Trust(ö)

377,122

3,560

Ryman

Hospitality

Properties,

Inc.(ö)

23,837

2,396

Seacoast

Banking

Corp.

of

Florida

224,057

6,238

Selective

Insurance

Group,

Inc.

41,173

3,719

Simmons

First

National

Corp.

Class

A

39,362

847

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

46,273

1,831

SLM

Corp.

75,562

1,715

Southern

First

Bancshares,

Inc.(Æ)

64,511

2,232

Southern

Missouri

Bancorp,

Inc.

31,039

1,775

SouthState

Corp.

14,455

1,431

St.

Joe

Co.

(The)

35,120

2,166

STAG

Industrial,

Inc.(ö)

74,288

3,032

Starwood

Property

Trust,

Inc.(ö)

66,209

1,321

Stewart

Information

Services

Corp.

53,043

3,750

Stock

Yards

Bancorp,

Inc.

49,260

3,065

Sun

Communities,

Inc.(ö)

13,480

1,708

Sunrise

Realty

Trust,

Inc.(ö)

141,918

1,703

Synovus

Financial

Corp.

33,737

1,577

Target

Hospitality

Corp.

Class

A(Æ)

75,625

708

Tel

Aviv

Stock

Exchange,

Ltd.

436,394

3,469

Terreno

Realty

Corp.(ö)

830

57

Texas

Capital

Bancshares,

Inc.(Æ)

28,980

1,916

Towne

Bank

64,830

2,155

Tradeweb

Markets,

Inc.

Class

A

18,095

2,021

Transcontinental

Realty

Investors,

Inc.(Æ)

(ö)

1,823

57

Triumph

Financial,

Inc.(Æ)

13,123

1,191

UMB

Financial

Corp.

9,870

1,007

United

Community

Banks,

Inc.

36,250

1,122

Unum

Group

41,015

2,360

Valley

National

Bancorp

75,972

638

Veritex

Holdings,

Inc.

46,589

1,168

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

98

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vestis

Corp.

106,525

1,382

Virtus

Investment

Partners,

Inc.

1,899

429

Vornado

Realty

Trust(ö)

45,471

1,364

Voya

Financial,

Inc.

70,855

5,153

Walker

&

Dunlop,

Inc.

6,326

676

Webster

Financial

Corp.

50,085

2,485

Western

Alliance

Bancorp

15,686

1,262

Whitestone

REIT

Class

B(ö)

54,379

750

388,016

Health

Care

-

13.5%

Acadia

Healthcare

Co.,

Inc.(Æ)

10,511

682

AdaptHealth

Corp.(Æ)

194,821

2,213

Addus

HomeCare

Corp.(Æ)

36,431

4,421

Aduro

Biotech

Holdings,

Inc.(Æ)(Š)

15,391

—

Align

Technology,

Inc.(Æ)

9,207

2,135

Alphatec

Holdings,

Inc.(Æ)

6,199

63

Amneal

Pharmaceuticals,

Inc.(Æ)

162,809

1,193

Arcellx

,

Inc.(Æ)

78,963

4,881

Argenx

SE

-

ADR(Æ)

14,183

7,317

Arrowhead

Pharmaceuticals,

Inc.(Æ)

92,031

2,628

Arvinas

,

Inc.(Æ)

3,287

90

Ascendis

Pharma

A/S

-

ADR(Æ)

3,208

428

Assertio

Holdings,

Inc.(Æ)(Ñ)

1,280,984

1,781

Avadel

Pharmaceuticals

PLC(Æ)

77,165

1,261

Azenta

,

Inc.(Æ)

3,360

209

Beam

Therapeutics,

Inc.(Æ)

52,807

1,671

Biohaven

,

Ltd.(Æ)

53,463

2,103

Bio-

Techne

Corp.

73,832

6,024

Blueprint

Medicines

Corp.(Æ)

16,929

1,833

Catalyst

Pharmaceuticals,

Inc.(Æ)

66,188

1,141

Centene

Corp.(Æ)

19,561

1,505

Certara

,

Inc.(Æ)

19,992

312

Charles

River

Laboratories

International,

Inc.(Æ)

10,479

2,558

Chemed

Corp.

4,610

2,628

Collegium

Pharmaceutical,

Inc.(Æ)

12,905

498

Contra

Inhibrx

,

Inc.(Æ)(Š)

95,150

62

Cooper

Cos,

Inc.

(The)(Æ)

8,232

768

CorVel

Corp.(Æ)

11,987

3,678

Cytokinetics,

Inc.(Æ)

69,124

4,079

DaVita

HealthCare

Partners,

Inc.(Æ)

8,875

1,213

Denali

Therapeutics,

Inc.(Æ)

18,694

456

DexCom

,

Inc.(Æ)

9,320

632

Doximity

,

Inc.

Class

A(Æ)

40,404

1,131

Dyne

Therapeutics,

Inc.(Æ)

38,028

1,632

Encompass

Health

Corp.

51,986

4,832

Enovis

Corp.(Æ)

51,342

2,446

Ensign

Group,

Inc.

(The)

29,828

4,198

Evolus

,

Inc.(Æ)

111,769

1,388

Fortrea

Holdings,

Inc.(Æ)

45,469

1,255

Geron

Corp.(Æ)

771,151

3,655

Haemonetics

Corp.(Æ)

20,950

1,887

Halozyme

Therapeutics,

Inc.(Æ)

34,605

1,912

Harmony

Biosciences

Holdings,

Inc.(Æ)

44,604

1,510

HealthEquity

,

Inc.(Æ)

12,984

1,019

Henry

Schein,

Inc.(Æ)

40,113

2,886

Icon

PLC(Æ)

18,708

6,144

Immunovant

,

Inc.(Æ)

93,833

2,728

Inhibrx

Biosciences,

Inc.(Æ)

48,573

705

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Inmode

,

Ltd.(Æ)

274,821

4,980

Integra

LifeSciences

Holdings

Corp.(Æ)

69,915

1,735

Intellia

Therapeutics,

Inc.(Æ)

28,950

759

Jasper

Therapeutics,

Inc.(Æ)

33,321

616

Jazz

Pharmaceuticals

PLC(Æ)

18,999

2,095

KalVista

Pharmaceuticals,

Inc.(Æ)

58,815

855

Keros

Therapeutics,

Inc.(Æ)

33,321

1,671

Kura

Oncology,

Inc.(Æ)

87,609

1,823

Kymera

Therapeutics,

Inc.(Æ)

23,886

1,104

Legend

Biotech

Corp.

-

ADR(Æ)

109,760

6,189

LeMaitre

Vascular,

Inc.

63,624

5,528

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

9,793

1,067

Liquidia

Corp.(Æ)

67,960

811

Medpace

Holdings,

Inc.(Æ)

10,606

4,057

Molina

Healthcare,

Inc.(Æ)

4,848

1,655

Moonlake

Immunotherapeutics

(Æ)(Ñ)

25,434

1,059

Neurocrine

Biosciences,

Inc.(Æ)

21,785

3,084

OmniAb

,

Inc.(Æ)

6,830

—

Omnicell

,

Inc.(Æ)

28,128

822

Option

Care

Health,

Inc.(Æ)

44,902

1,333

Organon

&

Co.

155,332

3,396

Owens

&

Minor,

Inc.(Æ)

119,462

1,962

Pacira

BioSciences

,

Inc.(Æ)

61,586

1,272

PACS

Group,

Inc.(Æ)

33,845

1,212

Pennant

Group,

Inc.

(The)(Æ)

67,867

2,023

Perrigo

Co.

PLC

297,877

8,421

PetIQ

,

Inc.(Æ)

25,898

567

Prestige

Brands

Holdings,

Inc.(Æ)

7,856

556

PTC

Therapeutics,

Inc.(Æ)

9,522

322

Quest

Diagnostics,

Inc.

7,338

1,044

QuidelOrtho

Corp.(Æ)

37,808

1,485

Rain

Oncology(Æ)(Ñ)(Š)

23,153

1

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

(Ñ)

1,859

15

Repligen

Corp.(Æ)

12,123

2,029

Rocket

Pharmaceuticals,

Inc.(Æ)

290,058

7,019

Sarepta

Therapeutics,

Inc.(Æ)

13,002

1,849

Schrodinger,

Inc.(Æ)

73,381

1,635

Smith

&

Nephew

PLC

-

ADR(Ñ)

134,288

3,865

SpringWorks

Therapeutics,

Inc.(Æ)

41,443

1,488

STERIS

PLC

18,634

4,449

Supernus

Pharmaceuticals,

Inc.(Æ)

31,278

933

Surgery

Partners,

Inc.(Æ)

18,011

547

Tactile

Systems

Technology,

Inc.(Æ)

130,485

1,666

Teladoc

Health,

Inc.(Æ)

133,026

1,254

Tenet

Healthcare

Corp.(Æ)

21,704

3,249

Terns

Pharmaceuticals,

Inc.(Æ)

244,754

1,897

Ultragenyx

Pharmaceutical,

Inc.(Æ)

30,451

1,371

United

Therapeutics

Corp.(Æ)

6,528

2,045

Universal

Health

Services,

Inc.

Class

B

12,406

2,652

US

Physical

Therapy,

Inc.

19,081

1,860

Varex

Imaging

Corp.(Æ)

71,512

1,058

Veeva

Systems,

Inc.

Class

A(Æ)

6,119

1,174

Vericel

Corp.(Æ)

52,837

2,669

Viking

Therapeutics,

Inc.(Æ)

122,721

6,995

Viridian

Therapeutics,

Inc.(Æ)

104,414

1,759

Waystar

Holding

Corp.(Æ)

15,492

356

West

Pharmaceutical

Services,

Inc.

14,698

4,500

Xencor

,

Inc.(Æ)

86,405

1,764

Xenon

Pharmaceuticals,

Inc.(Æ)

87,099

3,757

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

99

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Zai

Lab,

Ltd.

-

ADR(Æ)

118,749

2,260

Zimvie

,

Inc.(Æ)

172,285

3,642

233,052

Materials

and

Processing

-

10.2%

AAON,

Inc.

16,839

1,491

Acuity

Brands,

Inc.

2,856

718

Advanced

Drainage

Systems,

Inc.

16,562

2,932

AdvanSix

,

Inc.

38,456

1,076

Alcoa

Corp.

33,253

1,099

Arcadium

Lithium

PLC(Æ)

543,997

1,730

Ashland,

Inc.

36,848

3,561

Avient

Corp.

10,575

478

Axalta

Coating

Systems,

Ltd.(Æ)

50,647

1,806

Balchem

Corp.

20,807

3,692

Ball

Corp.

47,654

3,042

Belden,

Inc.

5,651

524

Builders

FirstSource

,

Inc.(Æ)

34,934

5,847

Carpenter

Technology

Corp.

6,401

934

Cleveland-Cliffs,

Inc.(Æ)

156,270

2,399

Commercial

Metals

Co.

77,975

4,686

Core

&

Main,

Inc.

Class

A(Æ)

14,449

773

Crown

Holdings,

Inc.

5,723

508

Darling

Ingredients,

Inc.(Æ)

49,333

1,960

Eagle

Materials,

Inc.

17,343

4,722

Element

Solutions,

Inc.

244,990

6,602

Fabrinet

(Æ)

5,341

1,178

FMC

Corp.

49,979

2,917

Fortune

Brands

Innovations,

Inc.

38,931

3,146

Graphic

Packaging

Holding

Co.

21,165

637

Healthcare

Services

Group,

Inc.(Æ)

279,217

3,191

Huntsman

Corp.

21,662

518

Ingevity

Corp.(Æ)

53,318

2,447

Innospec

,

Inc.

4,161

546

Intrepid

Potash,

Inc.(Æ)

19,097

498

ITT,

Inc.

39,309

5,561

JELD-WEN

Holding,

Inc.(Æ)

73,954

1,234

Kaiser

Aluminum

Corp.

32,868

2,586

KAR

Auction

Services,

Inc.(Æ)

46,088

824

Knife

River

Corp.(Æ)

25,914

2,061

Koppers

Holdings,

Inc.

24,020

978

Lennox

International,

Inc.

9,110

5,316

LKQ

Corp.

48,313

2,005

Masterbrand,

Inc.(Æ)

330,073

5,958

Mativ

Holdings,

Inc.

106,944

2,042

MDU

Resources

Group,

Inc.

213,022

5,739

Minerals

Technologies,

Inc.

21,967

1,722

Modine

Manufacturing

Co.(Æ)

73,176

8,610

Mohawk

Industries,

Inc.(Æ)

12,972

2,089

MRC

Global,

Inc.(Æ)

102,533

1,485

Olin

Corp.

23,277

1,062

Olympic

Steel,

Inc.

30,584

1,550

Osisko

Gold

Royalties,

Ltd.

44,839

786

Owens

Corning

10,132

1,888

Packaging

Corp.

of

America

4,726

945

Pool

Corp.

12,749

4,769

Quaker

Chemical

Corp.

6,825

1,239

Reliance

Steel

&

Aluminum

Co.

8,097

2,466

Resideo

Technologies,

Inc.(Æ)

50,050

1,137

Rogers

Corp.(Æ)

7,320

894

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Royal

Gold,

Inc.

12,915

1,784

RPM

International,

Inc.

6,601

802

Rush

Enterprises,

Inc.

Class

A

70,983

3,621

ScanSource

,

Inc.(Æ)

24,883

1,295

Sealed

Air

Corp.

51,724

1,968

Silgan

Holdings,

Inc.

130,449

6,709

SiteOne

Landscape

Supply,

Inc.(Æ)

13,147

1,928

Smurfit

WestRock

PLC

31,055

1,392

Sonoco

Products

Co.

19,852

1,070

SPX

Technologies,

Inc.(Æ)

51,202

7,554

Steel

Dynamics,

Inc.

19,144

2,550

Timken

Co.

(The)

7,696

669

TimkenSteel

Corp.(Æ)

51,280

1,150

Trex

Co.,

Inc.(Æ)

24,638

2,060

TriMas

Corp.

10,859

267

UFP

Industries,

Inc.

16,885

2,228

United

States

Steel

Corp.

41,621

1,710

Valmont

Industries,

Inc.

3,453

1,030

Virco

Mfg.

Corp.

33,613

592

Watsco

,

Inc.

4,901

2,399

Worthington

Industries,

Inc.

9,630

481

Worthington

Steel,

Inc.

29,520

1,177

175,040

Producer

Durables

-

16.7%

ABM

Industries,

Inc.

4,061

226

Adient

PLC(Æ)

48,697

1,254

Advantage

Solutions,

Inc.(Æ)(Ñ)

305,307

1,224

AECOM

40,397

3,660

Air

Transport

Services

Group,

Inc.(Æ)

91,407

1,475

Alamo

Group,

Inc.

5,697

1,098

Alarm.com

Holdings,

Inc.(Æ)

56,742

4,003

Alight,

Inc.

Class

A(Æ)

399,178

3,022

Allison

Transmission

Holdings,

Inc.

Class

A

13,732

1,216

Alta

Equipment

Group,

Inc.

49,965

525

AMN

Healthcare

Services,

Inc.(Æ)

41,633

2,815

Applied

Industrial

Technologies,

Inc.

4,001

873

ArcBest

Corp.

28,587

3,603

Arcosa

,

Inc.

45,271

4,206

Arhaus

,

Inc.

130,817

1,987

Avery

Dennison

Corp.

4,784

1,037

Badger

Meter,

Inc.

12,047

2,484

Barnes

Group,

Inc.

56,557

2,282

Barrett

Business

Services,

Inc.

76,572

2,790

Booz

Allen

Hamilton

Holding

Corp.

Class

A

9,028

1,294

Brady

Corp.

Class

A

34,658

2,482

BWX

Technologies,

Inc.

42,400

4,218

Cactus,

Inc.

Class

A

11,065

698

Carlisle

Cos.,

Inc.

4,808

2,013

Chart

Industries,

Inc.(Æ)

6,668

1,074

Comfort

Systems

USA,

Inc.

8,542

2,840

Compass

Diversified

Holdings

74,709

1,797

Construction

Partners,

Inc.

Class

A(Æ)

59,402

3,840

CoStar

Group,

Inc.(Æ)

25,317

1,975

Crane

Co.

20,790

3,335

Cross

Country

Healthcare,

Inc.(Æ)

81,813

1,492

Deluxe

Corp.

151,127

3,684

DMC

Global,

Inc.(Æ)

69,667

940

Dorian

LPG,

Ltd.

21,165

865

Dorman

Products,

Inc.(Æ)

19,023

1,928

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

100

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Dycom

Industries,

Inc.(Æ)

11,879

2,180

EnerSys

62,739

6,897

EnPro

Industries,

Inc.

10,599

1,812

Esab

Corp.

43,467

4,416

ESCO

Technologies,

Inc.

24,586

3,023

Euronet

Worldwide,

Inc.(Æ)

30,526

3,113

ExlService

Holdings,

Inc.(Æ)

90,996

3,208

Exponent,

Inc.

1,789

190

FARO

Technologies,

Inc.(Æ)

12,960

222

Flowserve

Corp.

132,918

6,719

Fluor

Corp.(Æ)

37,800

1,818

Fox

Factory

Holding

Corp.(Æ)

34,882

1,862

Franklin

Electric

Co.,

Inc.

24,410

2,603

Frontdoor

,

Inc.(Æ)

7,545

298

FTI

Consulting,

Inc.(Æ)

7,468

1,628

Gartner,

Inc.(Æ)

3,010

1,509

Generac

Holdings,

Inc.(Æ)

16,095

2,506

GFL

Environmental,

Inc.

23,751

922

Gorman-Rupp

Co.

(The)

35,210

1,455

Granite

Construction,

Inc.

19,905

1,363

Green

Dot

Corp.

Class

A(Æ)

149,115

1,426

GXO

Logistics,

Inc.(Æ)

31,261

1,750

H&E

Equipment

Services,

Inc.

20,683

1,082

Hackett

Group,

Inc.

(The)

110,692

3,020

Hawaiian

Holdings,

Inc.(Æ)

16,734

214

Heico

Corp.

12,382

2,988

Herc

Holdings,

Inc.

7,337

1,143

Hexcel

Corp.

8,499

563

Hillman

Solutions

Corp.(Æ)

57,820

587

Howmet

Aerospace,

Inc.

42,058

4,025

Huntington

Ingalls

Industries,

Inc.

2,524

707

Insperity

,

Inc.

3,209

330

Keysight

Technologies,

Inc.(Æ)

14,446

2,016

Kirby

Corp.(Æ)

3,741

460

Knight-Swift

Transportation

Holdings,

Inc.

9,433

513

Lamb

Weston

Holdings,

Inc.

54,552

3,274

Landstar

System,

Inc.

9,875

1,879

Limbach

Holdings,

Inc.(Æ)

15,212

969

Lindsay

Corp.

16,831

2,121

Littelfuse

,

Inc.

12,615

3,370

MarketAxess

Holdings,

Inc.

4,289

959

MasTec

,

Inc.(Æ)

17,488

1,924

Matson,

Inc.

32,889

4,365

Maximus,

Inc.

23,374

2,171

Mayville

Engineering

Co.,

Inc.(Æ)

127,401

2,435

Middleby

Corp.(Æ)

8,536

1,157

MillerKnoll

,

Inc.

145,514

4,514

MSC

Industrial

Direct

Co.,

Inc.

Class

A

9,976

887

Murphy

USA,

Inc.

1,877

948

MYR

Group,

Inc.(Æ)

11,935

1,677

National

CineMedia

,

Inc.(Æ)

352,175

2,127

Nordson

Corp.

6,859

1,717

NV5

Global,

Inc.(Æ)

41,288

4,258

Orion

Group

Holdings,

Inc.(Æ)

101,621

834

Paylocity

Holding

Corp.(Æ)

19,836

2,977

Paysafe

,

Ltd.(Æ)

102,616

2,154

Pentair

PLC

13,065

1,148

Phinia

,

Inc.

71,599

3,200

PROG

Holdings,

Inc.

67,376

3,036

Quanta

Services,

Inc.

9,975

2,647

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

RBC

Bearings,

Inc.(Æ)

1,938

564

Regal

Rexnord

Corp.

9,258

1,488

Repay

Holdings

Corp.(Æ)

461,259

4,437

RXO,

Inc.(Æ)

9,872

313

Ryder

System,

Inc.

13,972

1,958

Ryerson

Holding

Corp.

45,546

1,084

Saia,

Inc.(Æ)

14,253

5,956

Schneider

National,

Inc.

Class

B

108,698

2,925

Scotts

Miracle-

Gro

Co.

(The)

Class

A

39,652

3,117

Snap-on,

Inc.

3,029

869

Spirit

AeroSystems

Holdings,

Inc.

Class

A(Æ)

1,769

64

Stagwell

,

Inc.(Æ)

233,472

1,560

Standex

International

Corp.

22,197

4,146

Sterling

Infrastructure,

Inc.(Æ)

21,014

2,445

StoneCo

,

Ltd.

Class

A(Æ)

151,239

1,984

Sun

Country

Airlines

Holdings,

Inc.(Æ)

131,559

1,723

Teekay

Corp.(Æ)

101,223

878

Teekay

Tankers,

Ltd.

Class

A

12,352

808

Teledyne

Technologies,

Inc.(Æ)

2,321

979

Terex

Corp.

16,159

1,022

Tetra

Tech,

Inc.

14,434

3,078

Textron,

Inc.

11,075

1,029

Thermon

Group

Holdings,

Inc.(Æ)

79,805

2,618

Tidewater,

Inc.(Æ)

10,522

1,041

TopBuild

Corp.(Æ)

6,629

3,172

Toro

Co.

(The)

9,787

937

TransUnion

7,119

643

TreeHouse

Foods,

Inc.(Æ)

75,193

3,029

Trimble

Navigation,

Ltd.(Æ)

49,203

2,684

UniFirst

Corp.

7,733

1,504

United

Rentals,

Inc.

4,381

3,317

V2X,

Inc.(Æ)

60,075

3,132

Vontier

Corp.

157,658

6,185

Watts

Water

Technologies,

Inc.

Class

A

4,528

940

Werner

Enterprises,

Inc.

91,210

3,574

WESCO

International,

Inc.

30,963

5,417

Westinghouse

Air

Brake

Technologies

Corp.

15,241

2,456

Whole

Earth

Brands,

Inc.(Æ)(Ñ)

83,925

409

XPO,

Inc.(Æ)

48,776

5,604

288,660

Technology

-

12.2%

ACI

Worldwide,

Inc.(Æ)

19,516

844

ACM

Research,

Inc.

Class

A(Æ)

35,513

637

ADTRAN

Holdings,

Inc.

20,291

137

Advanced

Micro

Devices,

Inc.(Æ)

6,838

988

American

Software,

Inc.

Class

A

57,615

630

Appfolio

,

Inc.

Class

A(Æ)

15,654

3,467

Arista

Networks,

Inc.(Æ)

5,368

1,860

Aspen

Technology,

Inc.(Æ)

4,039

759

Avnet,

Inc.

13,838

744

Bandwidth,

Inc.

Class

A(Æ)

10,470

239

Bel

Fuse,

Inc.

Class

B

29,303

2,176

Bill.com

Holdings,

Inc.(Æ)

6,215

311

Blackbaud

,

Inc.(Æ)

2,067

164

Box,

Inc.

Class

A(Æ)

18,284

514

Broadridge

Financial

Solutions,

Inc.

6,755

1,446

CACI

International,

Inc.

Class

A(Æ)

11,126

5,134

Calix,

Inc.(Æ)

8,224

338

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

101

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CCC

Intelligent

Solutions

Holdings,

Inc.(Æ)

277,018

2,842

Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

115,302

2,254

Cognex

Corp.

19,768

981

Coherent

Corp.(Æ)

53,063

3,697

Concentrix

Corp.

29,259

2,063

Conduent

,

Inc.(Æ)

492,664

2,010

Crane

NXT

Co.

69,316

4,359

Daily

Journal

Corp.(Æ)

2,832

1,319

Descartes

Systems

Group,

Inc.

(The)(Æ)

42,401

4,310

Diebold

Nixdorf

Inc

(Æ)

20,109

876

Digi

International,

Inc.(Æ)

58,099

1,586

Diodes,

Inc.(Æ)

27,037

2,114

Dolby

Laboratories,

Inc.

Class

A

32,605

2,568

Donnelley

Financial

Solutions,

Inc.(Æ)

22,618

1,526

DXC

Technology

Co.(Æ)

126,652

2,576

Dynatrace

,

Inc.(Æ)

63,027

2,768

Endava

PLC

-

ADR(Æ)

25,876

824

Entegris

,

Inc.

37,074

4,386

Envestnet

,

Inc.(Æ)

42,297

2,622

Etsy,

Inc.(Æ)

25,247

1,645

Evolent

Health,

Inc.

Class

A(Æ)

68,493

1,597

Fair

Isaac

Corp.(Æ)

7,318

11,709

Five9,

Inc.(Æ)

25,765

1,148

Fortinet,

Inc.(Æ)

32,036

1,859

GCI

Liberty,

Inc.(Æ)(Š)

39,677

—

Genpact

,

Ltd.

53,372

1,850

Global-e

Online,

Ltd.

Class

E(Æ)

33,130

1,137

Globant

SA(Æ)

30,337

5,907

GoDaddy

,

Inc.

Class

A(Æ)

24,884

3,619

Guidewire

Software,

Inc.(Æ)

16,199

2,431

IDT

Corp.

Class

B

57,296

2,190

Inspired

Entertainment,

Inc.(Æ)

28,807

266

inTEST

Corp.(Æ)

97,316

1,051

Jabil

Circuit,

Inc.

6,244

704

Jack

Henry

&

Associates,

Inc.

4,880

837

KBR,

Inc.

17,593

1,172

Kimball

Electronics,

Inc.(Æ)

58,138

1,378

Kulicke

&

Soffa

Industries,

Inc.

133,134

6,280

Kyndryl

Holdings,

Inc.(Æ)

294,750

7,920

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

5,670

572

MKS

Instruments,

Inc.

1,975

249

Monolithic

Power

Systems,

Inc.

11,476

9,905

NAPCO

Security

Technologies,

Inc.

6,079

339

NCR

Atleos

Corp.(Æ)

52,621

1,692

NCR

Corp.(Æ)

217,032

3,201

Nice,

Ltd.

-

ADR(Æ)

12,484

2,260

ON

Semiconductor

Corp.(Æ)

12,467

976

Paycom

Software,

Inc.

7,340

1,224

PDF

Solutions,

Inc.(Æ)

17,586

617

Photronics

,

Inc.(Æ)

34,924

887

PlayAGS

,

Inc.(Æ)

176,518

2,021

Plexus

Corp.(Æ)

29,571

3,790

Power

Integrations,

Inc.

15,546

1,136

Progress

Software

Corp.

36,263

2,118

PTC,

Inc.(Æ)

24,074

4,282

Pure

Storage,

Inc.

Class

A(Æ)

68,000

4,075

Q2

Holdings,

Inc.(Æ)

13,169

889

Qualys

,

Inc.(Æ)

13,751

2,051

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Rambus,

Inc.(Æ)

18,176

935

Red

Violet,

Inc.(Æ)

47,815

1,232

RingCentral,

Inc.

Class

A(Æ)

11,584

406

Sapiens

International

Corp.

NV

47,738

1,857

Semtech

Corp.(Æ)

28,165

893

Shutterstock

,

Inc.

134,994

5,969

Simulations

Plus,

Inc.

16,354

668

SiTime

Corp.(Æ)

11,079

1,573

Skyworks

Solutions,

Inc.

7,829

890

SPS

Commerce,

Inc.(Æ)

34,943

7,527

Super

Micro

Computer,

Inc.(Æ)

1,216

853

SYNNEX

Corp.

7,146

852

Teradata

Corp.(Æ)

73,784

2,392

Thoughtworks

Holding,

Inc.(Æ)

350,757

1,221

Thryv

Holdings,

Inc.(Æ)

5,671

110

Tyler

Technologies,

Inc.(Æ)

7,467

4,242

Universal

Display

Corp.

5,153

1,147

Verint

Systems,

Inc.(Æ)

4,327

156

Verra

Mobility

Corp.(Æ)

64,131

1,932

Vishay

Intertechnology

,

Inc.

251,966

6,125

Western

Digital

Corp.(Æ)

9,420

632

WNS

Holdings,

Ltd.(Æ)

38,107

2,270

Zeta

Global

Holdings

Corp.

Class

A(Æ)

189,707

4,064

210,999

Utilities

-

2.5%

ALLETE,

Inc.

12,404

800

American

States

Water

Co.

15,862

1,309

Brookfield

Infrastructure

Corp.

Class

A

35,625

1,386

California

Water

Service

Group

28,505

1,524

Chesapeake

Energy

Corp.(Ñ)

6,771

517

Chesapeake

Utilities

Corp.

15,539

1,834

Chord

Energy

Corp.

4,471

768

Cogent

Communications

Holdings,

Inc.

20,249

1,429

Crescent

Energy

Co.

Class

A

216,147

2,644

DT

Midstream,

Inc.

67,071

5,055

Gulfport

Energy

Corp.(Æ)

2,475

364

IDACORP,

Inc.

65,534

6,406

Iridium

Communications,

Inc.

12,321

354

Magnolia

Oil

&

Gas

Corp.

Class

A

14,305

390

Northern

Oil

and

Gas,

Inc.

33,513

1,447

NorthWestern

Corp.

71,641

3,852

Ovintiv

,

Inc.

7,842

364

Permian

Resources

Corp.

76,169

1,168

RGC

Resources,

Inc.

47,873

1,078

Talos

Energy,

Inc.(Æ)

66,207

784

Vistra

Corp.

70,820

5,610

Vital

Energy,

Inc.(Æ)

63,459

2,767

Vitesse

Energy,

Inc.

22,391

581

42,431

Total

Common

Stocks

(cost

$946,523)

1,684,568

Warrants

and

Rights

-

0.0%

Chord

Energy

Corp.

2024  Warrants(Æ)(Ñ)

8,388

275

2025  Warrants(Æ)

4,193

113

Nabors

Industries,

Inc.(Æ)

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

102

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2026  Warrants

3,926

33

Total

Warrants

and

Rights

(cost

$58)

421

Short-Term

Investments

-

2.1%

U.S.

Cash

Management

Fund(@)

36,185,006

(∞)

36,178

Total

Short-Term

Investments

(cost

$36,175)

36,178

Other

Securities

-

0.6%

U.S.

Cash

Collateral

Fund(@)(×)

9,199,466

(∞)

9,199

Total

Other

Securities

(cost

$9,199)

9,199

Total

Investments

-

100.4%

(identified

cost

$991,955)

1,730,366

Other

Assets

and

Liabilities,

Net

-

(0.4)%

(6,404)

Net

Assets

-

100.0%

1,723,962

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

103

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Russell

2000

E-Mini

Index

Futures

301

USD

34,209

09/24

3,445

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

3,445

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

220,319

$

—

$

—

$

—

$

220,319

Consumer

Staples

54,323

—

—

—

54,323

Energy

71,728

—

—

—

71,728

Financial

Services

388,016

—

—

—

388,016

Health

Care

232,989

—

63

—

233,052

Materials

and

Processing

175,040

—

—

—

175,040

Producer

Durables

288,660

—

—

—

288,660

Technology

210,999

—

—

—

210,999

Utilities

42,431

—

—

—

42,431

Warrants

and

Rights

421

—

—

—

421

Short-Term

Investments

—

—

—

36,178

36,178

Other

Securities

—

—

—

9,199

9,199

Total

Investments

1,684,926

—

63

45,377

1,730,366

Other

Financial

Instruments

Assets

Futures

Contracts

3,445

—

—

—

3,445

Total

Other

Financial

Instruments

*

$

3,445

$

—

$

—

$

—

$

3,445

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

104

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

35,622

$

192,337

$

191,783

$

—

$

2

$

36,178

$

1,608

$

—

U.S.

Cash

Collateral

Fund

28,387

118,494

137,682

—

—

9,199

834

—

$

64,009

$

310,831

$

329,465

$

—

$

2

$

45,377

$

2,442

$

—

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

105

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

91.8%

Argentina

-

0.1%

Grupo

Financiero

Galicia

SA

-

ADR

30,645

888

YPF

SA

-

ADR(Æ)

236,498

4,716

5,604

Australia

-

1.3%

Aristocrat

Leisure,

Ltd.

43,905

1,558

ASX,

Ltd.

22,450

954

BHP

Group,

Ltd.

123,093

3,417

BlueScope

Steel,

Ltd.

40,510

583

Brambles,

Ltd.

164,769

1,682

Commonwealth

Bank

of

Australia

93,336

8,411

EBOS

Group,

Ltd.

33,880

726

Glencore

PLC

864,714

4,787

Goodman

Group(ö)

286,858

6,637

Macquarie

Group,

Ltd.

5,422

745

Medibank

Pvt

,

Ltd.

519,559

1,353

Northern

Star

Resources,

Ltd.

106,919

994

Pro

Medicus

,

Ltd.

7,655

720

Qantas

Airways,

Ltd.(Æ)

391,162

1,660

QBE

Insurance

Group,

Ltd.

163,228

1,930

REA

Group,

Ltd.

6,026

807

Rio

Tinto

PLC

66,336

4,295

Rio

Tinto,

Ltd.

19,593

1,506

Santos,

Ltd.

219,561

1,139

Telstra

Group,

Ltd.

219,893

567

Wesfarmers,

Ltd.

68,218

3,287

WiseTech

Global,

Ltd.

17,684

1,110

Woolworths

Group,

Ltd.

73,825

1,666

50,534

Austria

-

0.5%

ams

AG(Æ)

755,204

1,014

Erste

Group

Bank

AG

233,735

12,132

Mondi

PLC

248,417

4,862

18,008

Belgium

-

0.2%

Ageas

SA

46,044

2,194

Anheuser-Busch

InBev

SA

37,682

2,239

Proximus

SA

156,860

1,135

Syensqo

SA

7,540

666

UCB

SA

13,307

2,228

8,462

Brazil

-

2.1%

Ambev

SA

3,227,323

6,607

Atacadao

SA

1,032,741

1,691

B3

SA

-

Brasil

Bolsa

Balcao

148,446

285

Banco

Bradesco

SA

-

ADR

3,747,062

8,318

Banco

do

Brasil

SA

538,604

2,528

Caixa

Seguridade

Participacoes

S/A

232,642

593

Centrais

Eletricas

Brasileiras

SA

341,695

2,391

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

306,008

4,774

Cosan

SA

3,459

8

Equatorial

Energia

SA

142,306

821

Gerdau

SA

-

ADR

433,430

1,404

Hypera

SA

31,472

160

Itau

Unibanco

Holding

SA

-

ADR

910,178

5,480

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Localiza

Rent

a

Car

SA

261,008

2,022

Lojas

Renner

SA

1,423,016

3,336

MercadoLibre

,

Inc.(Æ)

4,305

7,185

Petro

Rio

SA

221,785

1,884

Petroleo

Brasileiro

SA

-

ADR

589,983

8,419

Raia

Drogasil

SA

1,228,213

5,993

Rumo

SA

212,445

832

Suzano

SA

73,767

703

Telefonica

Brasil

SA

464,384

3,983

Ultrapar

Participacoes

SA

627,123

2,463

Vale

SA

Class

B

-

ADR

539,506

5,854

WEG

SA

195,046

1,747

Wheaton

Precious

Metals

Corp.

29,676

1,774

81,255

Burkina

Faso

-

0.0%

Endeavour

Mining

PLC

71,170

1,566

Canada

-

3.8%

Agnico

Eagle

Mines,

Ltd.

9,779

755

Air

Canada

Class

B(Æ)

47,523

548

Alimentation

Couche-Tard,

Inc.

94,175

5,805

ARC

Resources,

Ltd.

134,430

2,326

Bank

of

Montreal

7,324

618

Bank

of

Nova

Scotia

(The)

12,742

595

Barrick

Gold

Corp.

212,680

3,940

Brookfield

Asset

Management,

Inc.

10,546

514

Brookfield

Asset

Management,

Inc.

Class

A

24,440

1,067

CAE,

Inc.(Æ)

25,067

456

Cameco

Corp.

Class

A

24,306

1,106

Canadian

National

Railway

Co.

125,103

14,482

Canadian

Natural

Resources,

Ltd.

37,156

1,319

Canadian

Pacific

Kansas

City,

Ltd.

54,723

4,589

CCL

Industries,

Inc.

Class

B

59,400

3,232

Cenovus

Energy,

Inc.

50,145

1,010

CGI

Group,

Inc.(Æ)

43,117

4,916

Constellation

Software,

Inc.

1,754

5,534

Descartes

Systems

Group,

Inc.

(The)

(Æ)

10,597

1,078

Dollarama

,

Inc.

87,191

8,174

Empire

Co.,

Ltd.

Class

A

30,956

818

Enbridge,

Inc.

58,672

2,196

Fairfax

Financial

Holdings,

Ltd.

3,122

3,682

Fortis,

Inc.

2,182

91

Franco-Nevada

Corp.

Class

T

11,708

1,509

George

Weston,

Ltd.

5,330

825

Great-West

Lifeco

,

Inc.

29,092

874

Hydro

One,

Ltd.(Þ)

26,918

844

iA

Financial

Corp.,

Inc.

7,703

521

Imperial

Oil,

Ltd.

17,826

1,277

Intact

Financial

Corp.

28,889

5,250

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

844,768

11,044

Loblaw

Cos.,

Ltd.

53,003

6,536

Magna

International,

Inc.

Class

A

151,331

6,716

Manulife

Financial

Corp.

106,997

2,850

Metro,

Inc.

Class

A

53,505

3,186

National

Bank

of

Canada

9,586

802

Nutrien

,

Ltd.

21,788

1,117

Onex

Corp.

9,887

678

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

106

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Open

Text

Corp.

7,239

228

Pembina

Pipeline

Corp.

10,204

395

Rogers

Communications,

Inc.

Class

B

33,152

1,282

Royal

Bank

of

Canada

45,502

5,085

Saputo,

Inc.

16,604

382

Shopify,

Inc.

Class

A(Æ)

81,595

4,994

Stantec

,

Inc.

86,383

7,601

Sun

Life

Financial,

Inc.

47,252

2,346

Suncor

Energy,

Inc.

18,907

755

Teck

Resources,

Ltd.

Class

B

57,155

2,802

TFI

International,

Inc.

9,381

1,460

Thomson

Reuters

Corp.

4,644

753

Toromont

Industries,

Ltd.

9,822

913

Toronto-Dominion

Bank

(The)

83,171

4,911

West

Fraser

Timber

Co.,

Ltd.

8,451

749

147,536

Chile

-

0.1%

Antofagasta

PLC

35,475

917

Empresas

COPEC

SA

99,745

695

Enel

Americas

SA

7,751,781

725

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

4,222

161

2,498

China

-

8.5%

Agricultural

Bank

of

China,

Ltd.

Class

A

2,500,000

1,588

Alibaba

Group

Holding,

Ltd.

3,641,477

35,870

Aluminum

Corp.

of

China,

Ltd.

Class

A

2,484,033

2,368

Aluminum

Corp.

of

China,

Ltd.

Class

H

7,286,689

4,085

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

61,891

151

Anhui

Gujing

Distillery

Co

Ltd

Class

A

21,000

548

Anta

Sports

Products,

Ltd.

19,200

170

Baidu,

Inc.

-

ADR(Æ)

32,347

2,865

Bank

of

China,

Ltd.

Class

A

1,108,900

715

Bank

of

China,

Ltd.

Class

H

1,994,000

890

Bank

of

Communications

Co.,

Ltd.

Class

A

768,700

783

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.,

Ltd.

Class

A

1,429,200

2,567

BOE

Technology

Group

Co.,

Ltd.

Class

A

1,319,300

718

BYD

Co.,

Ltd.

Class

A

20,900

713

BYD

Co.,

Ltd.

Class

H

87,500

2,582

CGN

Power

Co.,

Ltd.

Class

A

2,615,100

1,692

CGN

Power

Co.,

Ltd.

Class

H(Þ)

2,578,000

1,053

China

Construction

Bank

Corp.

Class

H

13,560,000

9,452

China

Energy

Engineering

Group

Co.,

Ltd.(Æ)

1,365,920

417

China

Galaxy

Securities

Co.,

Ltd.

Class

A

408,800

617

China

International

Capital

Corp.,

Ltd.

Class

A

152,700

640

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

2,289,200

2,552

China

Life

Insurance

Co.,

Ltd.

Class

A

309,800

1,376

China

Life

Insurance

Co.,

Ltd.

Class

H

782,000

1,078

China

Merchants

Bank

Co.,

Ltd.

Class

A

41,016

185

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

China

Merchants

Bank

Co.,

Ltd.

Class

H

775,598

3,208

China

Merchants

Securities

Co.,

Ltd.

Class

A

761,750

1,566

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.,

Ltd.

Class

A

2,640,554

3,193

China

National

Nuclear

Power

Co.,

Ltd.

Class

A

495,700

755

China

Oilfield

Services,

Ltd.

Class

H

212,593

187

China

Overseas

Land

&

Investment,

Ltd.

1,695,500

2,724

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

A

183,400

747

China

Resources

Land,

Ltd.

1,560,617

4,688

China

Shenhua

Energy

Co.,

Ltd.

Class

A

118,100

650

China

Southern

Airlines

Co.,

Ltd.

Class

A(Æ)

898,100

733

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

A

93,300

883

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

H(Þ)

15,700

111

China

Tower

Corp.,

Ltd.

Class

H(Þ)

9,272,000

1,137

China

Yangtze

Power

Co.,

Ltd.

Class

A

180,800

747

CMOC

Group,

Ltd.

Class

A

91,400

95

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

130,064

3,343

Country

Garden

Services

Holdings

Co.,

Ltd.

5,311,751

3,202

CSPC

Pharmaceutical

Group,

Ltd.

257,447

192

DiDi

Global,

Inc.

-

ADR(Æ)

322,134

1,182

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

1,098,000

320

Foshan

Haitian

Flavouring

&

Food

Co.,

Ltd.

Class

A

117,430

570

Fuyao

Glass

Industry

Group

Co.,

Ltd.

Class

A

95,900

596

Geely

Automobile

Holdings,

Ltd.

7,100,421

7,210

GF

Securities

Co.,

Ltd.

Class

A

385,300

671

Great

Wall

Motor

Co.,

Ltd.

Class

A

205,700

673

Gree

Electric

Appliances,

Inc.

of

Zhuhai

Class

A

130,400

721

H

World

Group,

Ltd.

-

ADR

179,581

5,387

Haidilao

International

Holding,

Ltd.(Þ)

308,000

497

Haier

Smart

Home

Co.,

Ltd.

Class

H

2,383,116

7,798

Haitian

International

Holdings,

Ltd.

114,000

330

Huatai

Securities

Co.,

Ltd.

Class

A

702,300

1,291

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

15,068,463

8,344

JD.com,

Inc.

Class

A

129,500

1,706

JD.com,

Inc.

-

ADR

147,164

3,884

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

8,071

47

JOYY,

Inc.

-

ADR

29,165

971

Kanzhun

,

Ltd.

-

ADR

308,811

4,194

KE

Holdings,

Inc.

-

ADR

187,869

2,602

Kuaishou

Technology(Æ)(Þ)

1,820,317

10,123

Kweichow

Moutai

Co.,

Ltd.

Class

A

10,600

2,081

Lenovo

Group,

Ltd.

3,300,000

4,284

Li

Auto,

Inc.

Class

A(Æ)

201,801

1,980

Li

Auto,

Inc.

-

ADR(Æ)

92,981

1,835

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

107

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Li

Ning

Co.,

Ltd.

1,100,953

2,056

Liaoning

Port

Co.,

Ltd.

Class

A

3,585,900

634

Longfor

Group

Holdings,

Ltd.(Þ)

9,040,000

11,615

Luxshare

Precision

Industry

Co.,

Ltd.

Class

A

154,200

825

Meituan

Class

B(Æ)(Þ)

401,836

5,558

Midea

Group

Co.,

Ltd.

Class

A

53,600

472

Muyuan

Foods

Co.,

Ltd.

Class

A(Æ)

95,573

578

NARI

Technology

Co.,

Ltd.

Class

A

82,900

275

NetEase

,

Inc.

39,470

727

New

China

Life

Insurance

Co.,

Ltd.

Class

A

93,051

410

Nongfu

Spring

Co.,

Ltd.

Class

H(Þ)

286,427

1,118

PDD

Holdings,

Inc.

-

ADR(Æ)

78,657

10,138

PetroChina

Co.,

Ltd.

Class

A

1,180,200

1,459

PICC

Property

&

Casualty

Co.,

Ltd.

Class

A

893,354

707

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

590,000

774

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

154,100

904

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

689,500

2,986

Postal

Savings

Bank

of

China

Co.,

Ltd.

Class

H(Þ)

1,305,000

696

Prosus

NV(Æ)

19,441

676

Qingdao

Haier

Co.,

Ltd.

Class

A

387,900

1,462

Qinghai

Salt

Lake

Industry

Co.,

Ltd.

Class

A(Æ)

573,800

1,236

SAIC

Motor

Corp.,

Ltd.

Class

A

502,132

1,019

Sany

Heavy

Industry

Co.,

Ltd.

Class

A

189,007

422

SF

Holding

Co.,

Ltd.

Class

A

140,400

680

Shandong

Gold

Mining

Co.,

Ltd.

Class

A

215,896

889

Shandong

Nanshan

Aluminum

Co.,

Ltd.

Class

A

1,591,300

798

Shanghai

Electric

Group

Co.,

Ltd.

Class

A(Æ)

1,181,000

630

Shanghai

International

Airport

Co.,

Ltd.

Class

A

79,800

381

Shanghai

Pudong

Development

Bank

Co.,

Ltd.

Class

A

641,000

744

Shenwan

Hongyuan

Group

Co.,

Ltd.

Class

A

1,136,500

719

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

6,500

231

Suofeiya

Home

Collection

Co.,

Ltd.

Class

A

120,600

235

Tencent

Holdings,

Ltd.

1,622,828

74,929

Tencent

Music

Entertainment

Group

-

ADR

46,496

659

Trip.com

Group,

Ltd.

-

ADR(Æ)

59,051

2,511

Tsingtao

Brewery

Co.,

Ltd.

Class

A

61,029

581

Tsingtao

Brewery

Co.,

Ltd.

Class

H

150,000

959

Vipshop

Holdings,

Ltd.

-

ADR

38,131

520

Want

Want

China

Holdings,

Ltd.

339,000

204

Weichai

Power

Co.,

Ltd.

Class

H

419,041

672

Will

Semiconductor,

Ltd.

Class

A

32,657

467

Wilmar

International,

Ltd.

192,800

461

Wuliangye

Yibin

Co.,

Ltd.

Class

A

198,800

3,480

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Xiaomi

Corp.

Class

B(Æ)(Þ)

1,002,400

2,144

Yihai

International

Holding,

Ltd.

339,000

510

YTO

Express

Group

Co.,

Ltd.

Class

A

292,100

579

Yum

China

Holdings,

Inc.

29,052

879

Zhejiang

Zheneng

Electric

Power

Co.,

Ltd.

Class

A

741,100

678

Zhuzhou

CRRC

Times

Electric

Co.,

Ltd.

Class

A

109,805

826

Zijin

Mining

Group

Co.,

Ltd.

Class

H

6,266,000

12,809

ZTE

Corp.

Class

A

228,100

869

ZTO

Express,

Inc.

-

ADR

14,239

270

330,194

Denmark

-

2.0%

Carlsberg

A/S

Class

B

6,062

732

Coloplast

A/S

Class

B

12,308

1,598

Danske

Bank

A/S

212,220

6,493

DSV

A/S

29,904

5,486

Genmab

A/S(Æ)

1,863

527

Novo

Nordisk

A/S

Class

B

427,600

56,658

Novozymes

A/S

Class

B

40,193

2,560

Rockwool

International

A/S

Class

B

2,136

945

Vestas

Wind

Systems

A/S(Æ)

166,570

4,116

79,115

Finland

-

0.5%

Elisa

OYJ

9,821

457

Kone

OYJ

Class

B

21,879

1,117

Nokia

OYJ

3,693,738

14,488

UPM-

Kymmene

OYJ

25,399

839

Wartsila

OYJ

Class

B

82,868

1,709

18,610

France

-

6.5%

Accor

SA

370,716

14,253

Air

Liquide

SA

Class

A

30,934

5,638

Airbus

Group

SE

53,676

8,106

Amundi

SA(Þ)

124,438

9,071

Arkema

SA

6,830

616

AXA

SA

210,107

7,369

BioMerieux

6,339

670

BNP

Paribas

SA

72,584

4,972

Bollore

SA

107,766

671

Bouygues

SA

32,409

1,118

Bureau

Veritas

SA

188,686

5,910

Capgemini

SE

31,614

6,274

Carrefour

SA

248,983

3,714

Cie

de

Saint-Gobain

SA

104,612

8,966

Dassault

Aviation

SA

34,376

6,927

Dassault

Systemes

SE

67,578

2,559

Edenred

SE

14,786

615

Eiffage

SA

10,409

1,034

Engie

SA

407,351

6,402

EssilorLuxottica

SA

16,130

3,682

Hermes

International

1,622

3,543

Ipsen

SA

13,906

1,561

Legrand

SA

16,313

1,759

L'Oreal

SA

38,320

16,594

LVMH

Moet

Hennessy

Louis

Vuitton

SE

29,851

21,039

Michelin

(CGDE)

453,379

17,954

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

108

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Orange

SA

401,794

4,458

Pernod

Ricard

SA

23,192

3,106

Publicis

Groupe

SA

82,184

8,578

Renault

SA

71,422

3,457

Rexel

SA

Class

H

513,660

13,030

Safran

SA

12,465

2,733

Sartorius

Stedim

Biotech

69,785

13,807

Societe

Generale

SA

181,819

4,706

Teleperformance

104,504

13,368

Thales

SA

5,357

850

TotalEnergies

SE

228,754

15,428

Valeo

SE

140,116

1,600

Vinci

SA

18,756

2,138

Vivendi

SE

191,147

2,038

250,314

Germany

-

4.6%

adidas

AG

30,530

7,638

Allianz

SE

14,807

4,178

BASF

SE

282,803

13,188

Bayer

AG

182,320

5,422

Beiersdorf

AG

19,685

2,858

Brenntag

SE

19,138

1,362

Carl

Zeiss

Meditec

AG

952

65

Ceconomy

AG(Æ)

98,566

297

Continental

AG

80,271

4,923

Covestro

AG(Æ)(Þ)

181,042

10,667

Daimler

Truck

Holding

AG

447,906

17,170

Deutsche

Boerse

AG

76,424

15,647

Deutsche

Post

AG

21,870

976

Deutsche

Telekom

AG

204,209

5,337

E.ON

SE

90,006

1,262

Evonik

Industries

AG

384,616

7,809

Fresenius

Medical

Care

AG

&

Co.

KGaA

180,207

6,994

Fresenius

SE

&

Co.

KGaA

(Æ)

141,365

5,072

Hannover

Rueck

SE

11,665

2,899

Heidelberg

Materials

AG

85,057

8,878

Henkel

AG

&

Co.

KGaA

12,769

990

Infineon

Technologies

AG

141,385

4,900

Knorr-

Bremse

AG

20,753

1,673

Mercedes-Benz

Group

AG

56,963

3,769

Merck

KGaA

13,645

2,444

Muenchener

Rueckversicherungs-

Gesellschaft

AG

14,022

6,908

Rheinmetall

AG

12,790

6,971

SAP

SE

84,258

17,777

Siemens

AG

49,626

9,097

Symrise

AG

24,098

3,044

180,215

Ghana

-

0.1%

Kosmos

Energy,

Ltd.(Æ)

592,647

3,277

Tullow

Oil

PLC(Æ)

5,162,468

2,035

5,312

Greece

-

0.5%

Alpha

Services

and

Holdings

SA

2,449,436

4,524

Eurobank

Ergasias

SA

4,362,128

9,992

Hellenic

Telecommunications

Organization

SA

33,711

554

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

National

Bank

of

Greece

SA

275,241

2,419

Piraeus

Financial

Holdings

SA

733,084

3,091

20,580

Hong

Kong

-

1.0%

AIA

Group,

Ltd.

2,088,887

13,922

CK

Asset

Holdings,

Ltd.

669,000

2,546

Hang

Seng

Bank,

Ltd.

36,094

444

Hong

Kong

Exchanges

&

Clearing,

Ltd.

174,917

5,158

Nine

Dragons

Paper

Holdings,

Ltd.(Æ)

325,000

127

Orient

Overseas

International,

Ltd.

65,500

919

Pacific

Basin

Shipping,

Ltd.

794,000

239

Prudential

PLC

464,925

4,151

Sun

Hung

Kai

Properties,

Ltd.

35,500

309

Swire

Pacific,

Ltd.

Class

A

6,813

59

Techtronic

Industries

Co.,

Ltd.

777,500

10,058

WH

Group,

Ltd.(Þ)

3,780,826

2,463

40,395

Hungary

-

0.1%

OTP

Bank

PLC

58,986

3,020

India

-

5.0%

ABB,

Ltd.

1,872

177

Asian

Paints,

Ltd.

18,709

691

Astral,

Ltd.

25,187

659

Aurobindo

Pharma,

Ltd.

49,281

845

Avenue

Supermarts

,

Ltd.(Æ)(Þ)

31,612

1,864

Axis

Bank,

Ltd.

436,910

6,102

Axis

Bank,

Ltd.

-

GDR(Þ)

41,725

2,917

Bajaj

Auto,

Ltd.

6,744

781

Bajaj

Holdings

and

Investment,

Ltd.

4

1

Balkrishna

Industries,

Ltd.

24,136

960

Berger

Paints

India,

Ltd.

36,575

243

Bharat

Electronics,

Ltd.

250,896

952

Bharti

Infratel

,

Ltd.(Æ)

176,714

915

Britannia

Industries,

Ltd.

11,691

808

Canara

Bank

3,530,995

4,855

Cipla

,

Ltd.

188,918

3,493

Cummins

India,

Ltd.

14,856

686

Dabur

India,

Ltd.

Class

A

171,874

1,307

Divi's

Laboratories,

Ltd.

17,053

1,003

Dr

Reddy's

Laboratories,

Ltd.

23,010

1,859

GAIL

India,

Ltd.

66,136

191

GMR

Infrastructure,

Ltd.(Æ)

2,067,830

2,524

Godrej

Consumer

Products,

Ltd.

117,962

2,032

HCL

Technologies,

Ltd.

41,700

820

HDFC

Asset

Manangement

Co.,

Ltd.(Þ)

15,132

745

HDFC

Bank,

Ltd.

1,361,790

26,224

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

173,020

1,483

Hero

MotoCorp,

Ltd.

10,871

715

Hindalco

Industries,

Ltd.

159,785

1,281

Hindustan

Aeronautics,

Ltd.(Þ)

28,296

1,672

Hindustan

Unilever,

Ltd.

75,615

2,448

ICICI

Bank,

Ltd.

954,104

13,892

ICICI

Bank,

Ltd.

-

ADR

149,631

4,356

ICICI

Lombard

General

Insurance

Co.,

Ltd.(Þ)

89,652

2,156

ICICI

Prudential

Life

Insurance

Co.,

Ltd.(Þ)

233,913

2,057

Infosys,

Ltd.

181,061

4,032

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

109

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Infosys,

Ltd.

-

ADR

63,951

1,415

InterGlobe

Aviation,

Ltd.(Æ)(Þ)

150,050

8,032

ITC,

Ltd.

438,304

2,599

Jio

Financial

Services,

Ltd.(Æ)

143,335

565

Kotak

Mahindra

Bank,

Ltd.

74,495

1,616

Larsen

&

Toubro,

Ltd.

79,075

3,620

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

38,672

1,764

Macrotech

Developers,

Ltd.(Þ)

182,653

2,869

Mahindra

&

Mahindra,

Ltd.

20,597

717

MakeMyTrip

,

Ltd.(Æ)

78,276

7,326

Marico,

Ltd.

50,916

411

Maruti

Suzuki

India,

Ltd.

26,358

4,139

Nestle

India,

Ltd.

60,880

1,792

Oil

&

Natural

Gas

Corp.,

Ltd.

591,620

2,371

PB

Fintech,

Ltd.(Æ)

46,735

814

Petronet

LNG,

Ltd.

188,848

830

Pidilite

Industries,

Ltd.

41,747

1,590

Polycab

India,

Ltd.

8,271

680

Power

Grid

Corp.

of

India,

Ltd.

1,059,782

4,419

Reliance

Industries,

Ltd.

386,852

13,980

Reliance

Industries,

Ltd.

-

GDR(Þ)

78,033

5,626

SBI

Life

Insurance

Co.,

Ltd.(Þ)

38,293

802

Shriram

Transport

Finance

Co.,

Ltd.

70,746

2,486

Siemens,

Ltd.

26,374

2,256

SRF,

Ltd.

Class

7

23,406

741

State

Bank

of

India

615,001

6,435

Sun

Pharmaceutical

Industries,

Ltd.

45,190

929

Tata

Consultancy

Services,

Ltd.

15,735

826

Tata

Motors,

Ltd.

Class

A

160,572

1,528

Tech

Mahindra,

Ltd.

46,416

864

Titan

Co.,

Ltd.

6,004

249

UltraTech

Cement,

Ltd.

36,526

5,199

United

Spirits,

Ltd.

161,203

2,724

Wipro,

Ltd.

357,448

2,229

192,189

Indonesia

-

0.5%

Amman

Mineral

Internasional

PT(Æ)

1,092,100

794

Bank

Central

Asia

Tbk

PT

4,880,590

3,098

Bank

Mandiri

Persero

Tbk

PT

14,531,206

5,751

Bank

Negara

Indonesia

Persero

Tbk

PT

3,516,130

1,081

Bank

Rakyat

Indonesia

Persero

Tbk

PT

24,115,180

6,956

Telkom

Indonesia

Persero

Tbk

PT

3,206,952

570

18,250

Ireland

-

1.3%

Accenture

PLC

Class

A

42,617

14,090

AerCap

Holdings

NV

6,729

632

AIB

Group

PLC

554,378

3,173

Bank

of

Ireland

Group

PLC

1,157,704

13,078

Flutter

Entertainment

PLC(Æ)

42,515

8,392

Kerry

Group

PLC

Class

A

108,596

10,152

Kingspan

Group

PLC

20,703

1,932

51,449

Israel

-

0.2%

Bank

Hapoalim

BM

121,768

1,117

Bank

Leumi

Le-Israel

BM

66,942

576

Check

Point

Software

Technologies,

Ltd.(Æ)

26,282

4,821

NICE,

Ltd.(Æ)

3,855

698

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Teva

Pharmaceutical

Industries,

Ltd.

-

ADR

43,630

760

Wix.com,

Ltd.(Æ)

4,892

763

8,735

Italy

-

1.9%

Assicurazioni

Generali

SpA

228,914

5,925

BPER

Banca

SpA

828,821

4,840

Davide

Campari-Milano

NV

SpA

428,705

3,867

DiaSorin

SpA

6,104

667

Enel

SpA

1,706,641

12,171

Eni

SpA

428,121

6,839

FinecoBank

Banca

Fineco

SpA

686,119

11,654

Leonardo

SpA

30,392

723

Moncler

SpA

58,410

3,480

Ryanair

Holdings

PLC

-

ADR

55,427

5,615

UniCredit

SpA

367,910

15,092

70,873

Japan

-

12.1%

Advantest

Corp.

126,400

5,519

Ajinomoto

Co.,

Inc.

23,700

979

Alfresa

Holdings

Corp.

83,800

1,318

Alps

Alpine

Co.,

Ltd.

111,800

1,189

Amada

Co.,

Ltd.

329,000

3,889

Asahi

Group

Holdings,

Ltd.

13,200

488

Bandai

Namco

Holdings,

Inc.

93,100

1,978

Bridgestone

Corp.

98,200

4,034

Canon,

Inc.

109,900

3,472

Central

Japan

Railway

Co.

50,900

1,204

Chiba

Bank,

Ltd.

(The)

113,800

1,079

Chugai

Pharmaceutical

Co.,

Ltd.

41,300

1,807

Concordia

Financial

Group,

Ltd.

144,500

914

Dai-ichi

Life

Holdings,

Inc.

193,185

5,937

Daiichi

Sankyo

Co.,

Ltd.

242,100

9,853

Daikin

Industries,

Ltd.

11,900

1,723

Daito

Trust

Construction

Co.,

Ltd.

6,000

723

Daiwa

House

Industry

Co.,

Ltd.

61,900

1,771

DeNA

Co.,

Ltd.

80,500

831

Dentsu

,

Inc.

91,100

2,431

Disco

Corp.

3,200

1,047

Eisai

Co.,

Ltd.

83,200

3,188

Eneos

Holdings,

Inc.

142,200

750

FANUC

Corp.

22,100

660

Fast

Retailing

Co.,

Ltd.

6,600

1,813

Fujifilm

Holdings

Corp.

162,963

3,857

Fujitsu,

Ltd.

127,440

2,276

Fukuoka

Financial

Group,

Inc.

140,900

3,965

Hakuhodo

DY

Holdings,

Inc.

207,900

1,701

Hamamatsu

Photonics

KK

1,800

52

Hankyu

Hanshin

Holdings,

Inc.

26,800

766

Hino

Motors,

Ltd.(Æ)

320,500

1,042

Hirose

Electric

Co.,

Ltd.

6,800

855

Hitachi,

Ltd.

137,000

2,961

Honda

Motor

Co.,

Ltd.

500,495

5,362

Hoshizaki

Corp.

9,000

286

Hoya

Corp.

18,500

2,312

Iida

Group

Holdings

Co.,

Ltd.

159,800

2,422

Isuzu

Motors,

Ltd.

506,900

6,948

ITOCHU

Corp.

101,818

5,227

Japan

Airlines

Co.,

Ltd.

92,400

1,516

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

110

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Japan

Exchange

Group,

Inc.

106,600

2,499

Japan

Post

Holdings

Co.,

Ltd.

301,700

3,216

Japan

Post

Insurance

Co.,

Ltd.

Class

A

147,500

3,066

JGC

Holdings

Corp.

138,500

1,182

Kajima

Corp.

90,400

1,759

Kao

Corp.

81,000

3,558

KDDI

Corp.

81,700

2,455

Keyence

Corp.

41,300

17,967

Kikkoman

Corp.

88,400

1,109

Kirin

Holdings

Co.,

Ltd.

207,900

2,950

Komatsu,

Ltd.

335,000

9,608

Kubota

Corp.

356,300

5,139

Kyowa

Kirin

Co.,

Ltd.

108,900

2,304

Makita

Corp.

119,400

3,902

Matsumotokiyoshi

Holdings

Co.,

Ltd.

49,200

804

McDonald's

Holdings

Co.

Japan,

Ltd.

32,900

1,364

Meiji

Holdings

Co.,

Ltd.

12,900

327

Minebea

Co.,

Ltd.

312,500

7,479

Mitsubishi

Electric

Corp.

199,800

3,354

Mitsubishi

Estate

Co.,

Ltd.

269,800

4,585

Mitsubishi

Gas

Chemical

Co.,

Inc.

106,200

2,041

Mitsubishi

Heavy

Industries,

Ltd.

71,200

859

Mitsubishi

UFJ

Financial

Group,

Inc.

1,048,500

12,184

Mitsui

Fudosan

Co.,

Ltd.

145,800

1,510

Mizuho

Financial

Group,

Inc.

115,300

2,637

MS&AD

Insurance

Group

Holdings,

Inc.

424,500

9,992

Murata

Manufacturing

Co.,

Ltd.

86,900

1,922

NEC

Corp.

19,700

1,726

Nexon

Co.,

Ltd.

14,700

318

Nidec

Corp.

205,100

9,100

Nikon

Corp.

112,800

1,299

Nintendo

Co.,

Ltd.

61,550

3,419

Nippon

Express

Holdings,

Inc.

13,700

681

Nippon

Telegraph

&

Telephone

Corp.

1,026,000

1,094

Nissan

Motor

Co.,

Ltd.

756,000

2,435

Nissin

Foods

Holdings

Co.,

Ltd.

23,100

689

Nitori

Holdings

Co.,

Ltd.

6,800

812

Nitto

Denko

Corp.

153,400

13,404

Nomura

Holdings,

Inc.

520,500

3,225

Nomura

Research

Institute,

Ltd.

11,200

346

Obayashi

Corp.

136,800

1,800

Obic

Co.,

Ltd.

6,200

944

Oji

Holdings

Corp.

178,800

764

Olympus

Corp.

389,000

6,679

Ono

Pharmaceutical

Co.,

Ltd.

146,200

2,183

Oracle

Corp.

19,100

1,567

Oriental

Land

Co.,

Ltd.

25,400

722

Osaka

Gas

Co.,

Ltd.

104,300

2,368

Otsuka

Corp.

30,800

681

Otsuka

Holdings

Co.,

Ltd.

70,800

3,663

Pan

Pacific

International

Holdings

Corp.

32,300

841

Persol

Holdings

Co.,

Ltd.

1,335,700

2,300

Rakuten

,

Inc.(Æ)

139,500

813

Recruit

Holdings

Co.,

Ltd.

85,000

4,858

Renesas

Electronics

Corp.

39,700

701

Resona

Holdings,

Inc.

1,945,600

14,116

Rinnai

Corp.

73,800

1,814

Rohm

Co.,

Ltd.

211,800

2,874

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Secom

Co.,

Ltd.

37,363

2,397

Sega

Sammy

Holdings,

Inc.

176,600

2,874

Sekisui

Chemical

Co.,

Ltd.

96,600

1,458

Sekisui

House,

Ltd.

55,200

1,385

Seven

&

i

Holdings

Co.,

Ltd.

121,200

1,457

Shimadzu

Corp.

65,000

1,921

Shimano,

Inc.

7,087

1,256

Shimizu

Corp.

147,600

932

Shin-Etsu

Chemical

Co.,

Ltd.

544,000

24,306

Shionogi

&

Co.,

Ltd.

29,700

1,307

Shizuoka

Financial

Group,

Inc.

28,300

285

SMC

Corp.

6,200

3,031

Sompo

Japan

Nipponkoa

Holdings,

Inc.

3,603

82

Sony

Group

Corp.

57,500

5,116

Stanley

Electric

Co.,

Ltd.

123,500

2,445

Subaru

Corp.

202,300

3,992

Sumitomo

Electric

Industries,

Ltd.

347,400

5,310

Sumitomo

Heavy

Industries,

Ltd.

33,500

904

Sumitomo

Mitsui

Financial

Group,

Inc.

148,902

10,781

Sumitomo

Mitsui

Trust

Holdings,

Inc.

291,600

7,356

Sumitomo

Realty

&

Development

Co.,

Ltd.

31,500

1,040

Sumitomo

Rubber

Industries,

Ltd.

116,300

1,224

Suntory

Beverage

&

Food,

Ltd.

202,300

7,316

T&D

Holdings,

Inc.

510,100

9,655

Taiheiyo

Cement

Corp.

84,800

2,322

Taiyo

Nippon

Sanso

Corp.

24,600

806

Takeda

Pharmaceutical

Co.,

Ltd.

226,000

6,458

TDK

Corp.

137,900

9,604

Terumo

Corp.

203,300

3,631

THK

Co.,

Ltd.

131,600

2,492

TIS,

Inc.

10,200

221

Toho

Co.,

Ltd.

31,200

1,125

Tokio

Marine

Holdings,

Inc.

142,800

5,676

Tokyo

Electric

Power

Co.

Holdings,

Inc.(Æ)

134,300

676

Tokyo

Electron,

Ltd.

66,300

13,387

Tokyo

Gas

Co.,

Ltd.

16,200

356

Toray

Industries,

Inc.

961,100

5,039

Toto,

Ltd.

57,000

1,594

Toyota

Motor

Corp.

441,600

8,596

Trend

Micro,

Inc.

8,500

408

Tsuruha

Holdings,

Inc.

26,300

1,629

Unicharm

Corp.

41,888

1,402

USS

Co.,

Ltd.

46,600

419

Yakult

Honsha

Co.,

Ltd.

27,400

564

Yamaha

Motor

Co.,

Ltd.

294,000

2,753

Yamato

Holdings

Co.,

Ltd.

167,400

2,045

Yokogawa

Electric

Corp.

30,300

766

467,952

Jordan

-

0.0%

Hikma

Pharmaceuticals

PLC

20,406

497

Kazakhstan

-

0.0%

Air

Astana

JSC

-

GDR(Æ)(Þ)

83,084

582

Luxembourg

-

0.5%

ArcelorMittal

SA

308,991

6,976

Eurofins

Scientific

SE

178,764

10,598

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

111

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

RTL

Group

SA

32,968

1,040

18,614

Macao

-

0.2%

Galaxy

Entertainment

Group,

Ltd.

1,704,792

7,119

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

895,115

1,449

Hong

Leong

Bank

BHD

158,291

664

Hong

Leong

Financial

Group

BHD

261,314

977

Petronas

Chemicals

Group

BHD

426,900

539

Press

Metal

Berhad

381,300

445

Public

Bank

BHD

680,000

623

4,697

Mexico

-

0.9%

America

Movil

SAB

de

CV

1,519,949

1,269

America

Movil

SAB

de

CV

-

ADR

107,757

1,802

Arca

Continental

SAB

de

CV

104,843

1,032

Cemex

SAB

de

CV

-

ADR

985,093

6,324

Coca-Cola

Femsa

SAB

de

CV

232,817

2,113

Fomento

Economico

Mexicano

SAB

de

CV

215,980

2,385

Fresnillo

PLC

552,320

4,169

Gruma

SAB

de

CV

Class

B

35,595

665

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

18,911

570

Grupo

Bimbo

SAB

de

CV

211,310

739

Grupo

Carso

SAB

de

CV

176,166

1,133

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

570,218

4,273

Grupo

Financiero

Inbursa

SAB

de

CV

Class

O(Æ)

1,552,145

3,780

Southern

Copper

Corp.

8,869

946

Ternium

SA

-

ADR

58,139

2,016

Wal-Mart

de

Mexico

SAB

de

CV

535,101

1,779

34,995

Netherlands

-

3.7%

ABN

AMRO

Bank

NV(Þ)

272,609

4,751

Adyen

NV(Æ)(Þ)

2,205

2,699

Argenx

SE(Æ)

6,920

3,552

ASM

International

NV

971

670

ASML

Holding

NV

30,061

27,614

BE

Semiconductor

Industries

NV

4,478

581

EXOR

NV

34,372

3,516

Ferrari

NV

34,529

14,206

Heineken

NV

81,182

7,202

ING

Groep

NV

1,103,847

20,014

JDE

Peet's

NV

31,574

694

Koninklijke

Ahold

Delhaize

NV

90,943

2,929

Koninklijke

Philips

NV(Æ)

593,476

16,732

NN

Group

NV

98,261

4,915

Randstad

NV

224,594

10,918

Universal

Music

Group

NV

732,460

17,422

VEON,

Ltd.

-

ADR(Æ)

28,690

764

Wolters

Kluwer

NV

28,739

4,820

143,999

New

Zealand

-

0.0%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

45,941

885

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Xero

,

Ltd.(Æ)

8,227

754

1,639

Norway

-

0.1%

Equinor

ASA

Class

N

109,269

2,896

Mowi

ASA

27,678

467

Norsk

Hydro

ASA

175,399

970

Orkla

ASA

102,691

867

5,200

Peru

-

0.0%

Credicorp

,

Ltd.

4,057

692

Philippines

-

0.2%

Bank

of

the

Philippine

Islands

1,163,077

2,417

BDO

Unibank

,

Inc.

792,728

1,853

SM

Investments

Corp.

85,210

1,329

SM

Prime

Holdings,

Inc.

1,452,800

720

6,319

Poland

-

0.1%

Cyfrowy

Polsat

SA(Æ)

102,903

338

Dino

Polska

SA(Æ)(Þ)

7,639

678

KGHM

Polska

Miedz

SA

18,243

626

Santander

Bank

Polska

SA

10,743

1,419

3,061

Portugal

-

0.0%

Energias

de

Portugal

SA

1,056

4

Jeronimo

Martins

SGPS

SA

2,964

52

56

Russia

-

0.0%

Fix

Price

Group,

Ltd.

-

GDR(Æ)(Š)(Þ)

183,060

—

Gazprom

PJSC(Æ)(Š)

1,328,325

—

Lukoil

PJSC(Æ)(Š)

45,621

—

Lukoil

PJSC

-

ADR(Æ)(Š)

10,868

—

Novatek

PJSC(Æ)(Š)

56,290

—

Novolipetsk

Steel

PJSC(Æ)(Š)

194,760

—

Polyus

PJSC(Æ)(Š)

11,471

—

Rosneft

Oil

Co.

PJSC(Æ)(Š)

478,377

—

Sberbank

of

Russia

PJSC(Æ)(Š)

3,518,608

—

Tatneft

PJSC

-

ADR(Æ)(Š)

12,360

—

Yandex

NV

Class

A(Æ)(Š)

47,709

—

—

Saudi

Arabia

-

0.4%

Al

Rajhi

Bank

82,393

1,881

Saudi

Arabian

Oil

Co.(Þ)

1,343,518

9,883

Saudi

National

Bank

(The)

253,038

2,557

Saudi

Telecom

Co.

280,338

2,878

17,199

Singapore

-

0.2%

DBS

Group

Holdings,

Ltd.

210,015

5,759

Oversea-Chinese

Banking

Corp.,

Ltd.

114,995

1,280

STMicroelectronics

NV

28,239

938

United

Overseas

Bank,

Ltd.

4,600

111

UOL

Group,

Ltd.

163,600

659

8,747

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

112

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

South

Africa

-

1.6%

Absa

Group,

Ltd.

391,345

3,433

Anglo

American

PLC

104,722

3,150

Anglogold

Ashanti

PLC

376,213

10,564

Aspen

Pharmacare

Holdings,

Ltd.

111,761

1,547

Bid

Corp.,

Ltd.

30,677

763

Capitec

Bank

Holdings,

Ltd.

24,475

3,810

Clicks

Group,

Ltd.

89,938

1,747

Discovery

Holdings,

Ltd.

92,425

724

FirstRand,

Ltd.

2,201,568

9,875

Foschini

Group,

Ltd.

(The)

115,143

850

Gold

Fields,

Ltd.

-

ADR

706,877

12,143

Impala

Platinum

Holdings,

Ltd.

238,834

1,218

Mr

Price

Group,

Ltd.

206,177

2,448

MTN

Group,

Ltd.

1,054,591

4,580

Old

Mutual,

Ltd.

2,055,278

1,387

Shoprite

Holdings,

Ltd.

49,916

834

Vodacom

Group,

Ltd.

187,984

1,055

60,128

South

Korea

-

3.5%

Celltrion

,

Inc.

3,909

583

CJ

CheilJedang

Corp.

2,833

798

Coway

Co.,

Ltd.

75,959

3,438

E-MART,

Inc.

921

40

Hana

Financial

Group,

Inc.

103,384

4,842

Hankook

Tire

&

Technology

Co.,

Ltd.

54,152

1,756

Hanmi

Semiconductor

Co.,

Ltd.

5,697

556

Hyundai

Mobis

Co.,

Ltd.

17,562

2,814

Hyundai

Motor

Co.

38,212

6,952

KB

Financial

Group,

Inc.

309,136

19,673

Kia

Corp.

68,751

5,561

Korea

Electric

Power

Corp.

45,932

660

Korea

Zinc

Co.,

Ltd.

2,654

933

Krafton

,

Inc.(Æ)

8,243

1,769

KT

Corp.

2,504

73

KT

Corp.

-

ADR

324,673

4,731

KT&G

Corp.

5,455

370

LG

Chem

,

Ltd.

685

153

LG

Electronics,

Inc.

Class

H

16,667

1,265

LG

Household

&

Health

Care,

Ltd.

7,765

1,986

NAVER

Corp.

2,462

311

Orion

Corp.

15,596

992

POSCO

Holdings,

Inc.

3,903

1,003

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

2,419

1,654

Samsung

Electro-Mechanics

Co.,

Ltd.

11,393

1,330

Samsung

Electronics

Co.,

Ltd.

841,202

51,721

Samsung

Engineering

Co.,

Ltd.(Æ)

43,793

911

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

13,726

3,716

Samsung

Life

Insurance

Co.,

Ltd.

5,847

409

Samsung

SDI

Co.,

Ltd.

1,900

446

Samsung

SDS

Co.,

Ltd.

12,110

1,299

Shinhan

Financial

Group

Co.,

Ltd.

226,699

9,921

SK

Hynix,

Inc.

34,052

4,943

137,609

Spain

-

1.4%

Amadeus

IT

Group

SA

Class

A

170,969

11,241

CaixaBank

SA

2,185,668

12,735

Cellnex

Telecom

SA(Þ)

124,013

4,317

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

EDP

Renovaveis

SA

51,078

793

Iberdrola

SA

175,829

2,320

Industria

de

Diseno

Textil

SA

466,691

22,614

54,020

Sweden

-

1.5%

Alfa

Laval

AB

17,220

760

Assa

Abloy

AB

Class

B

242,764

7,376

Atlas

Copco

AB

Class

A

196,168

3,486

Atlas

Copco

AB

Class

B

191,091

2,985

Boliden

AB

57,493

1,747

Epiroc

AB

Class

A

282,066

5,262

Equities

AB

23,534

761

Essity

Aktiebolag

Class

B

29,629

833

Fastighets

AB

Balder

Class

B(Æ)

101,185

743

Hexagon

AB

Class

B

874,278

8,890

L

E

Lundbergforetagen

AB

Class

B

43,887

2,214

Lifco

AB

Class

B

45,014

1,332

Sandvik

AB

287,753

5,880

Securitas

AB

Class

B

156,948

1,684

Skandinaviska

Enskilda

Banken

AB

Class

A

48,485

745

SKF

AB

Class

B

272,311

5,050

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

47,844

1,248

Telefonaktiebolaget

LM

Ericsson

Class

B

671,085

4,593

Volvo

Car

AB

Class

B(Æ)

390,229

1,103

56,692

Switzerland

-

3.1%

ABB,

Ltd.

61,676

3,423

ABB,

Ltd.

-

ADR

45,954

2,550

Adecco

Group

AG

105,806

3,604

Baloise

Holding

AG

5,975

1,071

Barry

Callebaut

AG

456

735

BKW

AG

5,265

952

Chocoladefabriken

Lindt

&

Spruengli

AG

72

2,459

Cie

Financiere

Richemont

SA

Class

A

12,652

1,927

DSM-

Firmenich

AG

7,125

910

EMS-

Chemie

Holding

AG

1,992

1,663

Geberit

AG

2,872

1,827

Givaudan

SA

512

2,510

Helvetia

Holding

AG

5,359

799

Julius

Baer

Group,

Ltd.

139,764

7,613

Kuehne

&

Nagel

International

AG

2,483

770

Logitech

International

SA

8,946

806

Lonza

Group

AG

1,984

1,319

Novartis

AG

201,438

22,582

Partners

Group

Holding

AG

5,406

7,280

Sandoz

Group

AG

16,388

713

Schindler

Holding

AG

11,995

3,194

SGS

SA

24,865

2,723

Sika

AG

2,809

853

Sonova

Holding

AG

6,291

1,921

Swatch

Group

AG

(The)

14,562

589

Swatch

Group

AG

(The)

Class

B

19,719

4,055

Swiss

Life

Holding

AG

818

627

Swiss

Prime

Site

AG

Class

A

9,281

931

Swisscom

AG

2,454

1,503

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

113

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

UBS

Group

AG

1,162,951

35,272

Zurich

Insurance

Group

AG

8,129

4,470

121,651

Taiwan

-

5.3%

Advantech

Co.,

Ltd.

65,087

692

Alchip

Technologies,

Ltd.

1

—

Catcher

Technology

Co.,

Ltd.

295,000

1,920

Cathay

Financial

Holding

Co.,

Ltd.

2,073,000

3,938

Cheng

Shin

Rubber

Industry

Co.,

Ltd.

486,000

715

China

Development

Financial

Holding

Corp.

6,136,691

3,008

Chunghwa

Telecom

Co.,

Ltd.

572,000

2,118

Compal

Electronics,

Inc.

661,000

638

CTBC

Financial

Holding

Co.,

Ltd.

1,170,236

1,264

Delta

Electronics,

Inc.

192,000

2,455

E

Ink

Holdings,

Inc.

458,000

3,759

E.Sun

Financial

Holding

Co.,

Ltd.

2,610,233

2,110

Evergreen

Marine

Corp.

Taiwan,

Ltd.

90,417

472

Feng

TAY

Enterprise

Co.,

Ltd.

43,520

186

First

Financial

Holding

Co.,

Ltd.

532,062

476

Formosa

Petrochemical

Corp.

375,000

734

Fubon

Financial

Holding

Co.,

Ltd.

1,025,670

2,745

Global

Unichip

Corp.

5,000

178

Globalwafers

Co.,

Ltd.

47,246

719

Hon

Hai

Precision

Industry

Co.,

Ltd.

2,108,115

13,049

Hua

Nan

Financial

Holdings

Co.,

Ltd.

1,208,753

1,023

Largan

Precision

Co.,

Ltd.

9,000

784

MediaTek

,

Inc.

342,241

12,972

Mega

Financial

Holding

Co.,

Ltd.

108,245

143

Pegatron

Corp.

199,000

614

Realtek

Semiconductor

Corp.

44,000

692

SinoPac

Financial

Holdings

Co.,

Ltd.

80,591

66

Taishin

Financial

Holding

Co.,

Ltd.

2,254,793

1,396

Taiwan

Business

Bank

1,949,670

1,114

Taiwan

Cooperative

Financial

Holding

Co.,

Ltd.

698,731

571

Taiwan

Mobile

Co.,

Ltd.

290,000

932

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

3,585,679

103,067

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

204,802

33,956

Unimicron

Technology

Corp.

620,000

3,433

Uni

-President

Enterprises

Corp.

160,000

408

United

Microelectronics

Corp.

333,059

516

Yageo

Corp.

31,000

756

Yuanta

Financial

Holding

Co.,

Ltd.

53,639

54

Zhen

Ding

Technology

Holding,

Ltd.

185,000

773

204,446

Thailand

-

0.5%

Advanced

Info

Service

PCL

189,400

1,244

Airports

of

Thailand

PCL

226,300

359

Bangkok

Dusit

Medical

Services

PCL

1,320,500

973

Bumrungrad

Hospital

PCL

99,500

688

Charoen

Pokphand

Foods

PCL

7,018,200

4,730

CP

ALL

PCL

889,100

1,456

Kasikornbank

PCL

1,560,200

5,760

PTT

Exploration

&

Production

PCL

763,700

3,148

PTT

Oil

&

Retail

Business

PCL

538,500

239

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Siam

Cement

PCL

(The)

191,500

1,190

19,787

Turkey

-

0.6%

Akbank

TAS

3,791,250

7,080

BIM

Birlesik

Magazalar

AS

476,096

8,992

Haci

Omer

Sabanci

Holding

AS

484,323

1,453

Turkiye

Garanti

Bankasi

AS

1,961,600

7,355

24,880

United

Arab

Emirates

-

0.2%

Aldar

Properties

PJSC

1,646,273

3,311

Emaar

Properties

PJSC

707,160

1,662

Emirates

NBD

Bank

PJSC

231,816

1,206

Emirates

Telecommunications

Group

Co.

PJSC

1

—

6,179

United

Kingdom

-

6.5%

3i

Group

PLC

53,930

2,166

Ashtead

Group

PLC

12,579

904

AstraZeneca

PLC

142,839

22,645

Aviva

PLC

361,516

2,329

Babcock

International

Group

PLC

472,642

3,234

BAE

Systems

PLC

296,242

4,945

Barclays

PLC

1,992,472

5,958

Berkeley

Group

Holdings

PLC

41,389

2,700

British

American

Tobacco

PLC

292,342

10,370

British

Land

Co.

PLC

(The)(ö)

450,858

2,384

BT

Group

PLC

2,074,145

3,761

Bunzl

PLC

39,739

1,663

Burberry

Group

PLC

149,510

1,495

CK

Hutchison

Holdings,

Ltd.

Class

B

454,461

2,391

Compass

Group

PLC

512,201

15,765

Croda

International

PLC

10,312

535

Diageo

PLC

119,981

3,737

easyJet

PLC

555,538

3,213

Halma

PLC

19,331

661

Hargreaves

Lansdown

PLC

49,764

705

HSBC

Holdings

PLC

1,866,609

16,884

Intermediate

Capital

Group

PLC

168,959

4,763

Intertek

Group

PLC

191,039

12,418

J

Sainsbury

PLC

3,064,963

10,869

Kingfisher

PLC

960,760

3,419

Land

Securities

Group

PLC(ö)

144,710

1,185

London

Stock

Exchange

Group

PLC

80,571

9,819

Marks

&

Spencer

Group

PLC

325,982

1,378

Melrose

Industries

PLC

97,501

737

NatWest

Group

PLC

1,798,687

8,488

Next

PLC

13,758

1,607

Pearson

PLC

62,098

842

Reckitt

Benckiser

Group

PLC

235,230

12,625

RELX

PLC

339,278

16,004

Rolls-Royce

Holdings

PLC(Æ)

120,320

694

Sage

Group

PLC

(The)

147,524

2,058

Smith

&

Nephew

PLC

48,438

699

Spirax-Sarco

Engineering

PLC

12,289

1,434

Standard

Chartered

PLC

1,552,306

15,252

Tate

&

Lyle

PLC

220,717

1,868

Tesco

PLC

2,675,808

11,422

Travis

Perkins

PLC

164,495

2,027

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

114

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Unilever

PLC

103,492

6,349

Vodafone

Group

PLC

1,072,427

1,000

Weir

Group

PLC

(The)

340,671

8,887

Wise

PLC

Class

A(Æ)

370,694

3,409

WPP

PLC

512,465

4,954

252,652

United

States

-

8.1%

Alcon,

Inc.

52,316

4,949

Allegion

PLC

103,313

14,134

Amdocs,

Ltd.

102,462

8,962

Aon

PLC

Class

A

37,406

12,288

ARM

Holdings

PLC

-

ADR(Æ)

7,632

1,100

BP

PLC

1,917,486

11,309

CRH

PLC

14,570

1,249

CSL,

Ltd.

18,662

3,800

CyberArk

Software,

Ltd.(Æ)

3,158

810

Experian

PLC

66,058

3,114

Freeport-McMoRan,

Inc.

162,363

7,373

GSK

Finance

No.

3

PLC

659,800

12,778

Haleon

PLC

5,014,346

22,524

Holcim

AG

77,164

7,222

James

Hardie

Industries

PLC(Æ)

75,299

2,723

Las

Vegas

Sands

Corp.

101,792

4,038

Linde

PLC

53,548

24,284

Lululemon

Athletica

,

Inc.(Æ)

4,290

1,110

Medtronic

PLC

53,708

4,314

Nestle

SA

242,622

24,629

Newmont

Corp.

3,657

179

Qiagen

NV(Æ)

12,576

562

Roche

Holding

AG

77,580

25,351

Sanofi

SA

148,624

15,285

Schlumberger

NV

307,865

14,867

Schneider

Electric

SE

130,106

31,303

Shell

PLC

1,181,612

43,102

Spotify

Technology

SA(Æ)

25,667

8,828

Tenaris

SA

32,274

513

312,700

Zambia

-

0.2%

First

Quantum

Minerals,

Ltd.

646,948

7,919

Total

Common

Stocks

(cost

$2,671,699)

3,564,745

Preferred

Stocks

-

1.0%

Brazil

-

0.2%

Braskem

SA

0.000%

(Æ)

311,432

966

Cia

Paranaense

de

Energia

3.543%

(Ÿ)

400,789

715

Itau

Unibanco

Holding

SA

6.435%

(Ÿ)

709,634

4,251

Petroleo

Brasileiro

SA

13.244%

(Ÿ)

161,350

1,067

Raizen

Energia

SA

5.489%

(Ÿ)

4,913,649

2,598

9,597

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Germany

-

0.3%

Henkel

AG

&

Co.

KGaA

2.290%

(Ÿ)

64,929

5,558

Volkswagen

AG

9.338%

(Ÿ)

45,974

5,131

10,689

South

Korea

-

0.5%

Hyundai

Motor

Co.

9.815%

(Ÿ)

6,639

807

Samsung

Electronics

Co.,

Ltd.

2.346%

(Ÿ)

433,600

20,271

21,078

Total

Preferred

Stocks

(cost

$38,156)

41,364

Warrants

and

Rights

-

0.0%

Brazil

-

0.0%

Localiza

Rent

a

Car

SA(Æ)

2024

Rights

5,326

11

Canada

-

0.0%

Constellation

Software,

Inc.(Æ)(Š)

2040

Warrants

1,754

—

Total

Warrants

and

Rights

(cost

$—)

11

Short-Term

Investments

-

4.2%

United

States

-

4.2%

U.S.

Cash

Management

Fund(@)

162,677,728

(∞)

162,645

Total

Short-Term

Investments

(cost

$162,634)

162,645

Total

Investments

-

97.0%

(identified

cost

$2,872,489)

3,768,765

Other

Assets

and

Liabilities,

Net

-

3.0%

115,339

Net

Assets

-

100.0%

3,884,104

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

115

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

3.0%

ABN

AMRO

Bank

NV

10/31/22

EUR

272,609

9

.99

2,723

4,751

Adyen

NV

11/15/23

EUR

2,205

1,111

.28

2,450

2,699

Air

Astana

JSC

05/02/24

83,084

8

.84

735

582

Amundi

SA

06/28/22

EUR

124,438

59

.60

7,416

9,071

Avenue

Supermarts

,

Ltd.

08/10/23

INR

31,612

44

.47

1,406

1,864

Axis

Bank,

Ltd.

05/02/24

41,725

69

.28

2,891

2,917

Cellnex

Telecom

SA

04/18/19

EUR

124,013

31

.51

3,907

4,317

CGN

Power

Co.,

Ltd.

08/09/23

HKD

2,578,000

0

.25

640

1,053

China

International

Capital

Corp.,

Ltd.

03/27/24

HKD

2,289,200

1

.27

2,901

2,552

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

02/14/24

HKD

15,700

9

.88

155

111

China

Tower

Corp.,

Ltd.

08/10/23

HKD

9,272,000

0

.11

1,006

1,137

Covestro

AG

04/28/20

EUR

181,042

33

.41

6,049

10,667

Dino

Polska

SA

10/06/23

PLN

7,639

81

.32

621

678

Fix

Price

Group,

Ltd.

10/14/21

183,060

—

1,648

—

Haidilao

International

Holding,

Ltd.

05/02/24

HKD

308,000

2

.45

756

497

HDFC

Asset

Manangement

Co.,

Ltd.

06/27/24

INR

15,132

48

.31

731

745

HDFC

Life

Insurance

Co.,

Ltd.

03/02/22

INR

173,020

7

.38

1,276

1,483

Hindustan

Aeronautics,

Ltd.

08/08/23

INR

28,296

22

.81

645

1,672

Hydro

One,

Ltd.

08/08/23

CAD

26,918

25

.76

693

844

ICICI

Lombard

General

Insurance

Co.,

Ltd.

05/15/23

INR

89,652

13

.61

1,220

2,156

ICICI

Prudential

Life

Insurance

Co.,

Ltd.

05/15/23

INR

233,913

5

.33

1,246

2,057

InterGlobe

Aviation,

Ltd.

05/06/22

INR

150,050

23

.47

3,522

8,032

Kuaishou

Technology

11/09/22

HKD

1,820,317

6

.37

11,589

10,123

Larsen

&

Toubro,

Ltd.

05/02/24

38,672

43

.12

1,668

1,764

Longfor

Group

Holdings,

Ltd.

10/06/23

HKD

9,040,000

1

.55

14,009

11,615

Macrotech

Developers,

Ltd.

06/27/24

INR

182,653

16

.01

2,924

2,869

Meituan

01/13/20

HKD

401,836

13

.37

5,372

5,558

Nongfu

Spring

Co.,

Ltd.

01/13/23

HKD

286,427

5

.67

1,624

1,118

Postal

Savings

Bank

of

China

Co.,

Ltd.

12/18/23

HKD

1,305,000

0

.47

610

696

Reliance

Industries,

Ltd.

10/08/15

78,033

9

.99

779

5,626

Samsung

Biologics

Co.,

Ltd.

02/13/24

KRW

2,419

630

.87

1,526

1,654

Saudi

Arabian

Oil

Co.

06/27/24

SAR

1,343,518

8

.18

10,995

9,883

SBI

Life

Insurance

Co.,

Ltd.

03/23/22

INR

38,293

14

.37

550

802

WH

Group,

Ltd.

03/09/23

HKD

3,780,826

0

.56

2,120

2,463

Xiaomi

Corp.

06/27/24

HKD

1,002,400

2

.04

2,047

2,144

116,200

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

116

Tax-Managed

International

Equity

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Australian

Dollar

Currency

Futures

1,801

USD

118,020

09/24

(1,609)

British

Pound

Currency

Futures

269

USD

21,623

09/24

12

Canadian

Dollar

Currency

Futures

1,500

USD

108,885

09/24

(568)

Japanese

Yen

Currency

Futures

2,591

USD

216,737

09/24

7,258

New

Zealand

Dollar

Currency

Futures

45

USD

2,679

09/24

(86)

Norwegian

Krone

Currency

Futures

103

USD

18,916

09/24

(574)

S&P/TSX

60

Index

Futures

608

CAD

168,452

09/24

7,732

SPI

200

Index

Futures

929

AUD

187,217

09/24

5,291

TOPIX

Index

Futures

653

JPY

18,264,410

09/24

692

Short

Positions

CAC40

Euro

Index

Futures

160

EUR

12,074

08/24

99

DAX

Index

Futures

20

EUR

9,303

09/24

(173)

Euro

Currency

Futures

734

USD

99,549

09/24

(225)

EURO

STOXX

50

Index

Futures

127

EUR

6,220

09/24

65

FTSE

100

Index

Futures

143

GBP

11,951

09/24

(249)

FTSE/MIB

Index

Futures

18

EUR

3,056

09/24

(47)

Hang

Seng

Index

Futures

98

HKD

85,010

08/24

(194)

IBEX

35

Index

Futures

27

EUR

2,996

08/24

8

MSCI

Emerging

Markets

Index

Futures

1,622

USD

88,926

09/24

(1,381)

MSCI

Singapore

Index

Futures

352

SGD

11,072

08/24

(103)

OMXS30

Index

Futures

105

SEK

27,465

08/24

6

S&P

500

E-Mini

Index

Futures

197

USD

54,746

09/24

(445)

Swiss

Franc

Currency

Futures

254

USD

36,298

09/24

(251)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

15,258

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

5,604

$

—

$

—

$

—

$

5,604

Australia

—

50,534

—

—

50,534

Austria

—

18,008

—

—

18,008

Belgium

—

8,462

—

—

8,462

Brazil

81,255

—

—

—

81,255

Burkina

Faso

1,566

—

—

—

1,566

Canada

147,536

—

—

—

147,536

Chile

1,581

917

—

—

2,498

China

37,897

292,297

—

—

330,194

Denmark

—

79,115

—

—

79,115

Finland

—

18,610

—

—

18,610

France

—

250,314

—

—

250,314

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

117

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Germany

—

180,215

—

—

180,215

Ghana

3,277

2,035

—

—

5,312

Greece

—

20,580

—

—

20,580

Hong

Kong

—

40,395

—

—

40,395

Hungary

—

3,020

—

—

3,020

India

13,097

179,092

—

—

192,189

Indonesia

—

18,250

—

—

18,250

Ireland

14,722

36,727

—

—

51,449

Israel

6,345

2,390

—

—

8,735

Italy

5,615

65,258

—

—

70,873

Japan

—

467,952

—

—

467,952

Jordan

—

497

—

—

497

Kazakhstan

—

582

—

—

582

Luxembourg

—

18,614

—

—

18,614

Macao

—

7,119

—

—

7,119

Malaysia

—

4,697

—

—

4,697

Mexico

30,826

4,169

—

—

34,995

Netherlands

764

143,235

—

—

143,999

New

Zealand

—

1,639

—

—

1,639

Norway

—

5,200

—

—

5,200

Peru

692

—

—

—

692

Philippines

—

6,319

—

—

6,319

Poland

—

3,061

—

—

3,061

Portugal

—

56

—

—

56

Russia

—

—

—

—

—

Saudi

Arabia

—

17,199

—

—

17,199

Singapore

—

8,747

—

—

8,747

South

Africa

21,120

39,008

—

—

60,128

South

Korea

4,730

132,879

—

—

137,609

Spain

—

54,020

—

—

54,020

Sweden

—

56,692

—

—

56,692

Switzerland

2,550

119,101

—

—

121,651

Taiwan

33,956

170,490

—

—

204,446

Thailand

—

19,787

—

—

19,787

Turkey

—

24,880

—

—

24,880

United

Arab

Emirates

—

6,179

—

—

6,179

United

Kingdom

—

252,652

—

—

252,652

United

States

103,536

209,164

—

—

312,700

Zambia

7,919

—

—

—

7,919

Preferred

Stocks

9,597

31,767

—

—

41,364

Warrants

and

Rights

11

—

—

—

11

Short-Term

Investments

—

—

—

162,645

162,645

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

118

Tax-Managed

International

Equity

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Total

Investments

534,196

3,071,924

—

162,645

3,768,765

Other

Financial

Instruments

Assets

Futures

Contracts

21,163

—

—

—

21,163

Liabilities

Futures

Contracts

(5,905)

—

—

—

(5,905)

Total

Other

Financial

Instruments

*

$

15,258

$

—

$

—

$

—

$

15,258

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

569,370

Consumer

Staples

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

239,125

Energy

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

196,670

Financial

Services

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

886,749

Health

Care

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

317,170

Materials

and

Processing

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

356,458

Producer

Durables

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

375,349

Technology

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

528,574

Utilities

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

95,280

Preferred

Stocks

Consumer

Discretionary

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

5,938

Consumer

Staples

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

5,558

Energy

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

1,067

Financial

Services

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

4,251

Materials

and

Processing

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

966

Technology

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

20,271

Utilities

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

3,313

Warrants

and

Rights

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

11

Short-Term

Investments

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

162,645

Total

Investments

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

3,768,765

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

119

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

86,475

$

543,529

$

467,377

$

8

$

10

$

162,645

$

4,073

$

—

U.S.

Cash

Collateral

Fund

—

41,686

41,686

—

—

—

141

—

$

86,475

$

585,215

$

509,063

$

8

$

10

$

162,645

$

4,214

$

—

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

120

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

94.1%

Argentina

-

0.4%

Corp.

America

Airports

SA(Æ)

59,152

939

YPF

SA

-

ADR(Æ)

150,404

2,999

3,938

Australia

-

4.5%

Atlas

Arteria,

Ltd.

2,022,324

6,931

Beach

Energy,

Ltd.

308,003

300

BHP

Group,

Ltd.

233

,

383

6,474

Dalrymple

Bay

Infrastructure,

Ltd.

103,389

206

Fortescue

Metals

Group,

Ltd.

129,847

1,615

Glencore

PLC

1,908,766

10,567

Mineral

Resources,

Ltd.

16,439

588

Perenti

,

Ltd.

16,262

11

Qube

Holdings,

Ltd.

580,855

1,452

Rio

Tinto

PLC

20,634

1,336

Rio

Tinto,

Ltd.

6,527

502

Sandfire

Resources,

Ltd.(Æ)

131,100

752

South32,

Ltd.

Class

B

440,322

884

Transurban

Group

1,447,892

12,322

Woodside

Energy

Group,

Ltd.

30,603

555

44,495

Austria

-

0.2%

Mondi

PLC

21,377

418

OMV

AB

42,982

1,802

2,220

Brazil

-

1.6%

Adecoagro

SA

98,938

956

CCR

SA

836,484

1,831

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

-

ADR

36,851

576

Cia

Energetica

de

Minas

Gerais

-

ADR

225,906

429

Enauta

Participacoes

SA(Æ)

30,940

118

Petro

Rio

SA

24,544

209

Petroleo

Brasileiro

SA

11,405

82

Petroleo

Brasileiro

SA

-

ADR

24,208

345

Sao

Martinho

S/A

260,820

1,340

SLC

Agricola

SA

43,756

139

Suzano

SA

142,467

1,356

Suzano

SA

-

ADR

104,485

997

Vale

SA

468,887

5,109

Vale

SA

Class

B

-

ADR

115,361

1,252

Wheaton

Precious

Metals

Corp.

12,541

750

Yara

International

ASA

16,183

461

15,950

Canada

-

3.9%

Agnico

Eagle

Mines,

Ltd.

15,613

1,205

AltaGas

,

Ltd.

79,315

1,891

ARC

Resources,

Ltd.

111,946

1,937

Barrick

Gold

Corp.

61,777

1,145

Canadian

Natural

Resources,

Ltd.

18,746

665

Canadian

Solar,

Inc.(Æ)

9,648

160

Enbridge,

Inc.

92,099

3,447

Enerflex

,

Ltd.

56,123

314

Franco-Nevada

Corp.

Class

T

9,445

1,217

Gibson

Energy,

Inc.

103

2

Imperial

Oil,

Ltd.

18,672

1,337

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

729,438

9,536

Largo,

Inc.(Æ)

104,801

216

Li-Cycle

Holdings

Corp.(Æ)

7,016

24

Logan

Energy

Corp.(Æ)

25,659

16

NexGen

Energy,

Ltd.(Æ)

477,926

3,185

Nutrien

,

Ltd.

67,182

3,445

Pembina

Pipeline

Corp.

61,349

2,378

TC

Energy

Corp.

56,801

2,412

Teck

Resources,

Ltd.

Class

B

58,951

2,890

Vermilion

Energy,

Inc.

67,582

726

West

Fraser

Timber

Co.,

Ltd.

5,744

509

Westshore

Terminals

Investment

Corp.

24,184

406

Whitecap

Resources,

Inc.

27,368

211

39,274

Chile

-

0.4%

Antofagasta

PLC

29,173

754

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

93,724

3,567

4,321

China

-

1.1%

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

4,096,798

1,363

CGN

Power

Co.,

Ltd.

Class

H(Þ)

1,301,000

531

China

Gas

Holdings,

Ltd.

314,400

286

China

Longyuan

Power

Group

Corp.,

Ltd.

Class

H

69,000

62

China

Merchants

Port

Holdings

Co.,

Ltd.

584,264

858

China

Resources

Gas

Group,

Ltd.

62,700

213

COSCO

SHIPPING

Ports,

Ltd.

727,093

433

ENN

Energy

Holdings,

Ltd.

235,441

1,653

Guangdong

Investment,

Ltd.

806,000

424

Henan

Shenhuo

Coal

&

Power

Co.,

Ltd.

Class

A

223,700

511

Jiangsu

Expressway

Co.,

Ltd.

Class

H

927,153

882

Kunlun

Energy

Co.,

Ltd.

220,000

214

Shenzhen

Expressway

Corp.,

Ltd.

Class

H

312,172

305

Shenzhen

International

Holdings,

Ltd.

582,000

466

Western

Mining

Co.,

Ltd.

Class

A

698,601

1,566

Wilmar

International,

Ltd.

309,500

740

Yuexiu

Transport

Infrastructure,

Ltd.

582,000

279

Zhejiang

Expressway

Co.,

Ltd.

Class

H

534,000

351

11,137

Denmark

-

0.1%

Vestas

Wind

Systems

A/S(Æ)

21,161

523

Finland

-

0.5%

Kemira

OYJ

20,297

459

Neste

OYJ

105,178

2,166

Stora

Enso

OYJ

Class

R

64,112

801

UPM-

Kymmene

OYJ

57,935

1,913

5,339

France

-

2.5%

Aeroports

de

Paris

SA

24,031

3,152

Eiffage

SA

7,174

713

Engie

SA

48,151

757

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

121

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Eramet

SA

8,750

742

Gaztransport

Et

Technigaz

SA

130

19

Getlink

SE

514,958

9,170

Rubis

SCA

17,880

559

Technip

Energies

NV

20,026

510

TotalEnergies

SE

47,337

3,193

Veolia

Environnement

SA

80,354

2,520

Vinci

SA

27,653

3,152

24,487

Germany

-

0.2%

E.ON

SE

83,362

1,169

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

11,820

601

K+S

AG

26,874

347

RWE

AG

1,122

42

2,159

Ghana

-

1.1%

Kosmos

Energy,

Ltd.(Æ)

2,031,269

11,233

Hong

Kong

-

0.0%

Hutchison

Port

Holdings

Trust

Class

U

150,500

18

Hungary

-

0.1%

MOL

Hungarian

Oil

&

Gas

PLC

160,679

1,252

India

-

0.1%

Reliance

Industries,

Ltd.

-

GDR(Þ)

16,753

1,208

Isle

of

Man

-

0.1%

Lifezone

Metals,

Ltd.(Æ)

119,517

943

Israel

-

0.2%

Equital

,

Ltd.(Æ)

7,002

202

ICL

Group,

Ltd.

80,378

337

Israel

Corp.,

Ltd.

2,643

556

Naphtha

Israel

Petroleum

Corp.,

Ltd.

(Æ)

56,274

314

1,409

Italy

-

0.8%

Enav

SpA

(Þ)

89,897

385

Enel

SpA

220,044

1,569

Eni

SpA

234,675

3,749

Hera

SpA

371,435

1,360

Infrastrutture

Wireless

Italiane

SpA

(Þ)

65,928

733

7,796

Japan

-

0.9%

Ebara

Corp.

78,500

1,134

Hitachi

Zosen

Corp.

2,500

18

Inpex

Corp.

35,000

543

Japan

Airport

Terminal

Co.,

Ltd.

111,000

4,059

Japan

Petroleum

Exploration

Co.,

Ltd.

9,400

391

JFE

Holdings,

Inc.

5,600

82

Kubota

Corp.

15,000

216

Mitsubishi

Materials

Corp.

8,100

151

Nippon

Steel

Corp.

30,000

656

Nittetsu

Mining

Co.,

Ltd.

9,000

286

Sumitomo

Metal

Mining

Co.,

Ltd.

21,500

660

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

West

Japan

Railway

Co.

19,500

385

8,581

Jersey

-

0.1%

Arcadium

Lithium

PLC(Æ)

277,911

884

Luxembourg

-

0.1%

ArcelorMittal

SA

37,979

857

Mexico

-

2.8%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR

12,506

862

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

414,492

6,613

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR

11,820

1,891

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

264,044

7,962

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

ADR

6,712

2,017

Grupo

Mexico

SAB

de

CV

676,620

3,813

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

138,547

1,301

Southern

Copper

Corp.

1,706

182

Vista

Energy

SAB

de

CV

-

ADR(Æ)

68,459

3,085

27,726

Netherlands

-

0.0%

OCI

NV

3,438

83

New

Zealand

-

0.3%

Auckland

International

Airport,

Ltd.

600,123

2,674

Norway

-

0.6%

Aker

BP

ASA

23,037

557

Austevoll

Seafood

ASA

104,639

864

Borregaard

ASA

22,679

388

DNO

ASA

659,139

670

Equinor

ASA

Class

N

141,816

3,759

6,238

Poland

-

0.0%

ORLEN

SA

21,816

356

Portugal

-

0.9%

Galp

Energia

SGPS

SA

Class

B

416,683

8,774

Russia

-

0.0%

Gazprom

Neft

PJSC(Æ)(Š)

172,926

—

Gazprom

PJSC(Æ)(Š)

643,570

—

Gazprom

PJSC

-

ADR(Æ)(Š)

30,369

—

Lukoil

PJSC(Æ)(Š)

35,888

—

Lukoil

PJSC

-

ADR(Æ)(Š)

2,369

—

MMC

Norilsk

Nickel

PJSC(Æ)(Š)

1,789,700

—

MMC

Norilsk

Nickel

PJSC

-

ADR(Æ)

(Š)

11

—

Novatek

PJSC(Æ)(Š)

93,200

—

PhosAgro

PJSC(Æ)(Š)

11,936

—

PhosAgro

PJSC

-

GDR(Æ)(Š)

231

—

Polyus

PJSC(Æ)(Š)

1,778

—

Polyus

PJSC

-

GDR(Æ)(Š)(Þ)

1

—

Ros

Agro

PLC

-

GDR(Æ)(Š)(Þ)

66,112

—

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

122

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Rosneft

Oil

Co.

PJSC(Æ)(Š)

97,843

—

Tatneft

PJSC(Æ)(Š)

107,472

—

Tatneft

PJSC

-

ADR(Æ)(Š)

4,325

—

—

Singapore

-

0.0%

SATS,

Ltd.

96,900

238

South

Africa

-

0.7%

African

Rainbow

Minerals,

Ltd.

74,729

883

Anglo

American

PLC

56,123

1,688

Gold

Fields,

Ltd.

-

ADR

38,878

667

Impala

Platinum

Holdings,

Ltd.

494,265

2,519

Sibanye

Stillwater,

Ltd.

1,083,154

1,223

Thungela

Resources,

Ltd.

7,364

49

7,029

South

Korea

-

0.1%

POSCO

Holdings,

Inc.

3,313

852

Spain

-

2.3%

Aena

SME

SA(Þ)

51,996

9,856

Iberdrola

SA

643,817

8,494

Repsol

SA

222,374

3,165

Solaria

Energia

y

Medio

Ambiente

SA(Æ)

133,850

1,593

23,108

Sweden

-

0.5%

Boliden

AB

124,062

3,770

Svenska

Cellulosa

AB

SCA

Class

B

94,077

1,278

5,048

Switzerland

-

0.7%

Flughafen

Zurich

AG

29,633

6,860

Thailand

-

0.0%

PTT

Exploration

&

Production

PCL

98,800

407

United

Kingdom

-

1.7%

DS

Smith

PLC

191,657

1,119

EnQuest

PLC(Æ)

1,644,647

281

Harbour

Energy

PLC

321,827

1,297

National

Grid

PLC

702,518

8,931

Scottish

&

Southern

Energy

PLC

151,823

3,675

Severn

Trent

PLC

Class

H

60,592

2,005

17,308

United

States

-

64.4%

AES

Corp.

(The)

124,395

2,213

AGCO

Corp.

21,520

2,032

Agree

Realty

Corp.(ö)

142,231

9,810

Albemarle

Corp.

2,630

246

Alcoa

Corp.

3,605

119

Alexander

&

Baldwin,

Inc.(ö)

16,217

320

Alexandria

Real

Estate

Equities,

Inc.(ö)

10,138

1,189

Alliant

Energy

Corp.

46,688

2,599

Amcor

PLC

62,962

663

Ameresco

,

Inc.

Class

A(Æ)

81,091

2,560

American

Electric

Power

Co.,

Inc.

56,158

5,510

American

Healthcare

REIT,

Inc.(ö)

185,860

2,963

American

Homes

4

Rent

Class

A(ö)

261,155

9,425

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

American

Tower

Corp.(ö)

13,246

2,919

American

Water

Works

Co.,

Inc.

9,092

1,294

Americold

Realty

Trust,

Inc.(ö)

30,698

918

Apartment

Investment

and

Management

Co.

Class

A(Æ)(ö)

23,019

204

Apple

Hospitality

REIT,

Inc.(ö)

31,583

467

Archer-Daniels-Midland

Co.

19,908

1,234

Armada

Hoffler

Properties,

Inc.(ö)

17,909

213

Array

Technologies,

Inc.(Æ)

175,681

1,848

Atmos

Energy

Corp.

4,584

586

AvalonBay

Communities,

Inc.(ö)

105,177

21,553

Avery

Dennison

Corp.

2,165

469

Berry

Petroleum

Corp.

28,742

197

Boston

Properties,

Inc.(ö)

16,351

1,166

BP

PLC

1,656,253

9,768

Brandywine

Realty

Trust(ö)

42,652

215

Brixmor

Property

Group,

Inc.(ö)

259,881

6,619

Broadstone

Net

Lease,

Inc.(ö)

35,163

612

Bunge,

Ltd.

2,715

286

California

Resources

Corp.

93,993

4,835

Camden

Property

Trust(ö)

8,406

931

CareTrust

REIT,

Inc.(ö)

151,991

4,098

CenterPoint

Energy,

Inc.

74,571

2,069

Centerspace

(ö)

1,392

97

CF

Industries

Holdings,

Inc.

8,518

651

Cheniere

Energy,

Inc.

69,079

12,617

Chevron

Corp.

13,269

2,129

Civitas

Resources,

Inc.

12,673

884

Clean

Energy

Fuels

Corp.(Æ)

260,570

743

CNX

Resources

Corp.(Æ)

22,415

593

ConocoPhillips

65,537

7,288

Consolidated

Edison,

Inc.

4,473

436

Constellation

Energy

Generation

LLC

9,270

1,759

Corporate

Office

Properties

Trust(ö)

16,229

470

Corteva

,

Inc.

59,350

3,330

Cousins

Properties,

Inc.(ö)

28,371

780

Crescent

Energy

Co.

Class

A

18,453

226

Crown

Castle,

Inc.(ö)

8,893

979

CSX

Corp.

4,801

168

CubeSmart

(ö)

309,441

14,723

Darling

Ingredients,

Inc.(Æ)

253,911

10,088

Deere

&

Co.

957

356

DiamondRock

Hospitality

Co.(ö)

27,431

226

Digital

Realty

Trust,

Inc.(ö)

155,307

23,217

Diversified

Healthcare

Trust(ö)

57,035

190

Dominion

Energy,

Inc.

98,185

5,249

DT

Midstream,

Inc.

75,803

5,713

Duke

Energy

Corp.

88,529

9,674

Easterly

Government

Properties,

Inc.(ö)

17,847

249

EastGroup

Properties,

Inc.(ö)

50,221

9,391

Edison

International

10,026

802

Elme

Communities(ö)

14,560

240

Empire

State

Realty

Trust,

Inc.

Class

A(ö)

40,565

437

Enphase

Energy,

Inc.(Æ)

11,007

1,267

Entergy

Corp.

2,690

312

Enterprise

Products

Partners,

LP

28,820

832

EOG

Resources,

Inc.

8,795

1,115

EPR

Properties(ö)

11,174

503

Equinix

,

Inc.(ö)

26,813

21,189

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

123

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

47,910

3,290

Equity

Residential(ö)

41,190

2,868

Essential

Properties

Realty

Trust,

Inc.

(ö)

327,521

9,691

Essex

Property

Trust,

Inc.(ö)

53,450

14,878

Evergy

,

Inc.

35,614

2,066

Eversource

Energy

48,764

3,165

Exelon

Corp.

114,551

4,261

Extra

Space

Storage,

LP(ö)

35,299

5,634

Exxon

Mobil

Corp.

41,602

4,934

Farmland

Partners,

Inc.(ö)

34,149

363

Federal

Realty

Investment

Trust(ö)

73,521

8,209

First

Industrial

Realty

Trust,

Inc.(ö)

134,515

7,361

First

Solar,

Inc.(Æ)

10,290

2,223

FirstEnergy

Corp.

33,758

1,415

FMC

Corp.

1,030

60

Four

Corners

Property

Trust,

Inc.(ö)

11,225

305

Franklin

Street

Properties

Corp.(ö)

67,977

118

Freeport-McMoRan,

Inc.

113,340

5,147

Gaming

and

Leisure

Properties,

Inc.(ö)

44,116

2,215

Getty

Realty

Corp.(ö)

3,271

97

GFL

Environmental,

Inc.

29,875

1,160

Gladstone

Commercial

Corp.(ö)

14,007

211

Gladstone

Land

Corp.(ö)

6,966

103

Global

Medical

REIT,

Inc.(ö)

21,287

203

Global

Net

Lease,

Inc.(ö)

25,567

222

GrafTech

International,

Ltd.(Æ)

72,524

56

Green

Plains,

Inc.(Æ)

204,703

3,629

Gulfport

Energy

Corp.(Æ)

2,814

414

Halliburton

Co.

31,579

1,095

Healthcare

Realty

Trust,

Inc.(ö)

48,836

864

Healthpeak

Properties,

Inc.(ö)

79,374

1,732

Hess

Corp.

10,695

1,641

Highwoods

Properties,

Inc.(ö)

8,520

264

Host

Hotels

&

Resorts,

Inc.(ö)

190,739

3,340

Hyatt

Hotels

Corp.

Class

A

8,899

1,311

Independence

Realty

Trust,

Inc.(ö)

100,378

1,872

Innovative

Industrial

Properties,

Inc.(ö)

1,703

209

International

Paper

Co.

8,706

405

Invitation

Homes,

Inc.(ö)

70,985

2,504

Iron

Mountain,

Inc.(ö)

200,762

20,590

JBG

Smith

Properties(ö)

14,099

231

Kilroy

Realty

Corp.(ö)

19,531

722

Kimco

Realty

Corp.(ö)

175,150

3,806

Kinder

Morgan,

Inc.

229,749

4,855

Kite

Realty

Group

Trust(ö)

99,755

2,460

Lamar

Advertising

Co.

Class

A(ö)

9,379

1,124

Lexington

Realty

Trust(ö)

46,685

481

Macerich

Co.

(The)(ö)

228,475

3,658

Magnolia

Oil

&

Gas

Corp.

Class

A

69,013

1,880

Medical

Properties

Trust,

Inc.(ö)

20,220

97

Mid-America

Apartment

Communities,

Inc.(ö)

19,653

2,747

Mosaic

Co.

(The)

58,507

1,742

National

Health

Investors,

Inc.(ö)

5,771

432

National

Storage

Affiliates

Trust(ö)

11,415

486

NET

Lease

Office

Properties(ö)

1,247

37

NETSTREIT

Corp.(ö)

243,916

4,017

Newmont

Corp.

33,627

1,650

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NexPoint

Residential

Trust,

Inc.(ö)

13,313

582

NextEra

Energy,

Inc.

220,414

16,837

NEXTracker

,

Inc.

Class

A(Æ)

15,642

769

NiSource,

Inc.

21,022

657

NNN

REIT,

Inc.(ö)

2,618

118

Noble

Corp.

PLC

14,841

696

Norfolk

Southern

Corp.

4,187

1,045

Nucor

Corp.

7,146

1,164

Omega

Healthcare

Investors,

Inc.(ö)

40,950

1,491

ONEOK,

Inc.

13,498

1,125

Ormat

Technologies,

Inc.

3,433

267

Outfront

Media,

Inc.(ö)

15,866

257

Ovintiv

,

Inc.

9,708

451

Packaging

Corp.

of

America

1,803

360

Paramount

Group,

Inc.(ö)

39,233

206

Park

Hotels

&

Resorts,

Inc.(ö)

39,046

588

Patterson-UTI

Energy,

Inc.

36,518

401

Permian

Resources

Corp.

20,008

307

PG&E

Corp.

21,608

394

Phillips

66

640

93

Phillips

Edison

&

Co.,

Inc.(ö)

16,044

563

Piedmont

Office

Realty

Trust,

Inc.

Class

A(ö)

1,626

14

Pinnacle

West

Capital

Corp.

5,317

455

Plymouth

Industrial

REIT,

Inc.(ö)

3,835

92

PNM

Resources,

Inc.

602

25

Postal

Realty

Trust,

Inc.

Class

A(ö)

13,694

205

Prologis,

LP(ö)

279,160

35,188

ProPetro

Holding

Corp.(Æ)

49,442

474

Public

Service

Enterprise

Group,

Inc.

11,268

899

Public

Storage(ö)

52,890

15,651

Rayonier,

Inc.(ö)

12,312

373

Realty

Income

Corp.(ö)

72,625

4,171

Regal

Rexnord

Corp.

3,044

489

Regency

Centers

Corp.(ö)

27,687

1,864

Reliance

Steel

&

Aluminum

Co.

1,306

398

Republic

Services,

Inc.

Class

A

15,292

2,972

Retail

Opportunity

Investments

Corp.

(ö)

21,234

317

REX

American

Resources

Corp.(Æ)

8,144

414

Rexford

Industrial

Realty,

Inc.(ö)

37,221

1,865

RLJ

Lodging

Trust(ö)

29,300

277

Ryman

Hospitality

Properties,

Inc.(ö)

54,922

5,520

Sabra

Health

Care

REIT,

Inc.(ö)

34,397

558

Safehold

,

Inc.(ö)

9,865

228

Select

Water

Solutions,

Inc.

Class

A

21,426

253

Sempra

Energy

26,539

2,125

Shell

PLC

363,094

13,243

Simon

Property

Group,

Inc.(ö)

127,948

19,632

SITE

Centers

Corp.(ö)

25,059

387

SL

Green

Realty

Corp.(ö)

160,026

10,664

SM

Energy

Co.

4,203

194

Smurfit

WestRock

PLC

55,964

2,509

SolarEdge

Technologies,

Inc.(Æ)

96,272

2,778

Southern

Co.

(The)

130,976

10,939

Southwestern

Energy

Co.(Æ)

40,314

260

STAG

Industrial,

Inc.(ö)

153,414

6,261

Steel

Dynamics,

Inc.

3,364

448

Sun

Communities,

Inc.(ö)

41,078

5,206

Sunrun

,

Inc.(Æ)

475,420

8,334

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

124

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Talos

Energy,

Inc.(Æ)

37,938

449

Tanger

,

Inc.(ö)

13,216

382

Targa

Resources

Corp.

68,802

9,308

Tenaris

SA

56,106

891

Terreno

Realty

Corp.(ö)

8,607

589

UDR,

Inc.(ö)

43,260

1,733

UGI

Corp.

65,415

1,621

Union

Pacific

Corp.

5,471

1,350

Universal

Health

Realty

Income

Trust(ö)

4,745

203

Valmont

Industries,

Inc.

1,101

328

Ventas,

Inc.(ö)

160,405

8,732

Veris

Residential,

Inc.(ö)

26,987

424

VICI

Properties,

Inc.(ö)

185,476

5,798

Vital

Energy,

Inc.(Æ)

7,169

313

Vornado

Realty

Trust(ö)

43,137

1,294

Welltower

,

Inc.(ö)

233,797

26,010

Weyerhaeuser

Co.(ö)

12,899

410

Whitestone

REIT

Class

B(ö)

29,192

403

Williams

Cos.,

Inc.

(The)

50,688

2,177

WP

Carey,

Inc.(ö)

30,074

1,739

Xcel

Energy,

Inc.

58,481

3,408

Zurn

Elkay

Water

Solutions

Corp.

13,656

443

643,681

Zambia

-

0.2%

First

Quantum

Minerals,

Ltd.

181,254

2,219

Total

Common

Stocks

(cost

$723,659)

940,625

Preferred

Stocks

-

1.3%

Brazil

-

1.3%

Bradespar

SA

15.719%

(Ÿ)

1,732,502

5,673

Petroleo

Brasileiro

SA

13.244%

(Ÿ)

1,089,823

7,208

12,881

Russia

-

0.0%

Surgutneftegas

OJSC(Æ)(Š)

0.000%

1,385,000

—

Tatneft

PJSC(Æ)(Š)

0.000%

281,695

—

—

Total

Preferred

Stocks

(cost

$15,588)

12,881

Short-Term

Investments

-

4.0%

United

States

-

4.0%

U.S.

Cash

Management

Fund(@)

39,694,294

(∞)

39,686

Total

Short-Term

Investments

(cost

$39,685)

39,686

Total

Investments

-

99.4%

(identified

cost

$778,932)

993,192

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Other

Assets

and

Liabilities,

Net

-

0.6%

6,324

Net

Assets

-

100.0%

999,516

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

125

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.3%

Aena

SME

SA

08/25/20

EUR

51,996

125

.26

6,513

9,856

CGN

Power

Co.,

Ltd.

03/07/23

HKD

1,301,000

0

.24

314

531

Enav

SpA

09/28/22

EUR

89,897

3

.54

318

385

Infrastrutture

Wireless

Italiane

SpA

11/14/22

EUR

65,928

10

.13

667

733

Polyus

PJSC

10/20/22

1

—

—

—

Reliance

Industries,

Ltd.

07/28/21

16,753

49

.58

831

1,208

Ros

Agro

PLC

03/18/20

66,112

—

525

—

12,713

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

107

USD

29,735

09/24

134

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

134

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

3,938

$

—

$

—

$

—

$

3,938

Australia

—

44,495

—

—

44,495

Austria

—

2,220

—

—

2,220

Brazil

15,489

461

—

—

15,950

Canada

39,274

—

—

—

39,274

Chile

3,567

754

—

—

4,321

China

—

11,137

—

—

11,137

Denmark

—

523

—

—

523

Finland

—

5,339

—

—

5,339

France

—

24,487

—

—

24,487

Germany

—

2,159

—

—

2,159

Ghana

11,233

—

—

—

11,233

Hong

Kong

—

18

—

—

18

Hungary

—

1,252

—

—

1,252

India

—

1,208

—

—

1,208

Isle

of

Man

943

—

—

—

943

Israel

—

1,409

—

—

1,409

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

126

Tax-Managed

Real

Assets

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Italy

—

7,796

—

—

7,796

Japan

—

8,581

—

—

8,581

Jersey

884

—

—

—

884

Luxembourg

—

857

—

—

857

Mexico

27,726

—

—

—

27,726

Netherlands

—

83

—

—

83

New

Zealand

—

2,674

—

—

2,674

Norway

—

6,238

—

—

6,238

Poland

—

356

—

—

356

Portugal

—

8,774

—

—

8,774

Russia

—

—

—

—

—

Singapore

—

238

—

—

238

South

Africa

667

6,362

—

—

7,029

South

Korea

—

852

—

—

852

Spain

—

23,108

—

—

23,108

Sweden

—

5,048

—

—

5,048

Switzerland

—

6,860

—

—

6,860

Thailand

—

407

—

—

407

United

Kingdom

—

17,308

—

—

17,308

United

States

619,083

24,598

—

—

643,681

Zambia

2,219

—

—

—

2,219

Preferred

Stocks

12,881

—

—

—

12,881

Short-Term

Investments

—

—

—

39,686

39,686

Total

Investments

737,904

215,602

—

39,686

993,192

Other

Financial

Instruments

Assets

Futures

Contracts

134

—

—

—

134

Total

Other

Financial

Instruments

*

$

134

$

—

$

—

$

—

$

134

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

127

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

1,549

Consumer

Staples

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

4,080

Energy

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

127,912

Financial

Services

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

403,748

Materials

and

Processing

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

125,900

Producer

Durables

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

93,959

Technology

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

3,330

Utilities

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

180,147

Preferred

Stocks

Energy

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

7,208

Financial

Services

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

5,673

Short-Term

Investments

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

39,686

Total

Investments

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

993,192

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

29,394

$

148,079

$

137,783

$

(6

)

$

2

$

39,686

$

1,297

$

—

U.S.

Cash

Collateral

Fund

—

14,342

14,342

—

—

—

44

—

$

29,394

$

162,421

$

152,125

$

(6

)

$

2

$

39,686

$

1,341

$

—

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

128

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Fixed

Income

Investments

-

88.5%

Asset-Backed

Securities

-

3.7%

ACE

Securities

Corp.

Mortgage

Loan

Trust

Series

2007-D1

Class

A3

7.250%

due

02/25/38

(~)(Ê)(Þ)

657

507

CLI

Funding

VI

LLC

Series

2020-1A

Class

A

2.080%

due

09/18/45

(Þ)

610

557

Commonbond

Student

Loan

Trust

Series

2017-AGS

Class

C

5.280%

due

05/25/41

(Þ)

55

52

Series

2020-AGS

Class

B

3.160%

due

08/25/50

(Þ)

71

62

Series

2021-AGS

Class

B

1.400%

due

03/25/52

(Þ)

215

167

DB

Master

Finance

LLC

Series

2019-1A

Class

A23

4.352%

due

05/20/49

(Þ)

381

367

Series

2019-1A

Class

A2II

4.021%

due

05/20/49

(Þ)

191

186

Domino's

Pizza

Master

Issuer

LLC

Series

2019-1A

Class

A2

3.668%

due

10/25/49

(Þ)

912

848

Series

2021-1A

Class

A2II

3.151%

due

04/25/51

(Þ)

584

515

Driven

Brands,

Inc.

Series

2021-1A

Class

A2

2.791%

due

10/20/51

(Þ)

267

238

ELFI

Graduate

Loan

Program

Series

2020-A

Class

A

1.730%

due

08/25/45

(Þ)

87

78

GoodLeap

Sustainable

Home

Solutions

Trust

Series

2021-3CS

Class

A

2.100%

due

05/20/48

(Þ)

1,103

878

Helios

Issuer

LLC

Series

2018-1A

Class

A

4.870%

due

07/20/48

(Þ)

793

697

Series

2018-1A

Class

B

7.710%

due

07/20/48

(Þ)

577

475

Series

2020-AA

Class

A

2.980%

due

06/20/47

(Þ)

337

303

J.G.

Wentworth

XLII

LLC

Series

2018-2A

Class

B

4.700%

due

10/15/77

(Þ)

437

396

Mosaic

Solar

Loan

Trust

Series

2018-2GS

Class

A

4.200%

due

02/22/44

(Þ)

155

144

Series

2018-2GS

Class

B

4.740%

due

02/22/44

(Þ)

59

52

Series

2020-1A

Class

B

3.100%

due

04/20/46

(Þ)

201

175

Series

2020-2A

Class

B

2.210%

due

08/20/46

(Þ)

229

187

Series

2021-1A

Class

B

2.050%

due

12/20/46

(Þ)

580

455

Series

2021-2A

Class

B

2.090%

due

04/22/47

(Þ)

352

263

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA

Class

A

1.310%

due

01/15/69

(Þ)

137

128

Series

2021-A

Class

B

2.240%

due

05/15/69

(Þ)

450

352

Primose

Funding

LLC

Series

2019-1A

Class

A2

4.475%

due

07/30/49

(Þ)

963

939

SoFi

Professional

Loan

Program

LLC

Series

2017-D

Class

BFX

3.610%

due

09/25/40

(Þ)

400

370

Series

2017-E

Class

B

3.490%

due

11/26/40

(Þ)

322

313

Series

2019-B

Class

BFX

3.730%

due

08/17/48

(Þ)

600

542

Series

2019-C

Class

BFX

3.050%

due

11/16/48

(Þ)

1,000

865

SoFi

Professional

Loan

Program

Trust

Series

2018-B

Class

BFX

3.830%

due

08/25/47

(Þ)

850

792

Series

2018-D

Class

R1

0.000%

due

02/25/48

(Æ)(Š)(Þ)

43

255

Series

2020-C

Class

BFX

3.360%

due

02/15/46

(Þ)

600

503

Sonic

Capital

LLC

Series

2020-1A

Class

A2I

3.845%

due

01/20/50

(Þ)

528

507

Series

2021-1A

Class

A2II

2.636%

due

08/20/51

(Þ)

583

482

Sunnova

Helios

Issuer

LLC

Series

2020-2A

Class

A

2.730%

due

11/01/55

(Þ)

312

256

Sunnova

Sol

III

Issuer

LLC

Series

2021-1

Class

A

2.580%

due

04/28/56

(Þ)

731

583

Sunrun

Xanadu

Issuer

Series

2019-1A

Class

A

3.980%

due

06/30/54

(Þ)

374

349

Wendy's

Funding

LLC

Series

2018-1A

Class

A2II

3.884%

due

03/15/48

(Þ)

467

446

Zaxbys

Funding

LLC

Series

2021-1A

Class

A2

3.238%

due

07/30/51

(Þ)

728

658

Series

2024-1A

Class

A2I

6.594%

due

04/30/54

(Þ)

450

460

16,402

Corporate

Bonds

and

Notes

-

29.3%

3M

Co.

3.625%

due

10/15/47

37

28

AdaptHealth

LLC

4.625%

due

08/01/29

(Þ)

223

199

5.125%

due

03/01/30

(Þ)

851

761

Adient

Global

Holdings,

Ltd.

4.875%

due

08/15/26

(Þ)

474

465

8.250%

due

04/15/31

(Ñ)(Þ)

338

355

African

Export-Import

Bank

(The)

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

129

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

3.798%

due

05/17/31

(Þ)

443

385

AHP

Health

Partners,

Inc.

5.750%

due

07/15/29

(Þ)

186

178

Aircastle

,

Ltd.

4.250%

due

06/15/26

101

99

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

4.625%

due

01/15/27

(Þ)

142

138

3.500%

due

03/15/29

(Þ)

171

156

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

6.750%

due

10/15/27

(Þ)

246

244

Alta

Equipment

Group,

Inc.

9.000%

due

06/01/29

(Þ)

386

366

Altria

Group,

Inc.

5.800%

due

02/14/39

69

71

AMC

Networks,

Inc.

10.250%

due

01/15/29

(Þ)

124

123

Amentum

Escrow

Corp.

7.250%

due

08/01/32

(Þ)

130

133

American

Airlines

Group,

Inc.

5.500%

due

04/20/26

(Þ)

421

418

5.750%

due

04/20/29

(Þ)

299

292

American

Finance

Trust,

Inc.

/

American

Finance

Operating

Partner,

LP

4.500%

due

09/30/28

(Þ)

225

205

Amsted

Industries,

Inc.

5.625%

due

07/01/27

(Þ)

219

215

Apache

Corp.

5.100%

due

09/01/40

140

123

4.750%

due

04/15/43

118

96

5.350%

due

07/01/49

210

179

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.625%

due

06/15/29

(Þ)

216

184

Aramark

Services,

Inc.

5.000%

due

02/01/28

(Þ)

242

236

Arches

Buyer,

Inc.

4.250%

due

06/01/28

(Þ)

208

186

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

Series

144a

5.250%

due

08/15/27

(Þ)

187

108

Aretec

Escrow

Issuer

2,

Inc.

10.000%

due

08/15/30

(Þ)

664

708

Arsenal

AIC

Parent

LLC

8.000%

due

10/01/30

(Þ)

168

179

AT&T,

Inc.

3.500%

due

06/01/41

92

72

Avantor

,

Inc.

4.625%

due

07/15/28

(Þ)

249

240

Avnet,

Inc.

3.000%

due

05/15/31

500

428

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV

4.750%

due

06/15/27

(Þ)

180

176

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ball

Corp.

2.875%

due

08/15/30

250

215

Bank

of

America

Corp.

3.705%

due

04/24/28

(CME

Term

SOFR

3

Month

+

1.774%)(Ê)

40

39

Bath

&

Body

Works,

Inc.

6.950%

due

03/01/33

140

137

6.750%

due

07/01/36

152

152

Series

WI

6.875%

due

11/01/35

657

666

Bausch

Health

Cos.,

Inc.

5.500%

due

11/01/25

(Þ)

287

269

11.000%

due

09/30/28

(Þ)

453

424

14.000%

due

10/15/30

(Þ)

102

88

Beazer

Homes

USA,

Inc.

7.500%

due

03/15/31

(Þ)

230

233

Berry

Global,

Inc.

5.625%

due

07/15/27

(Þ)

145

144

Series

WI

1.570%

due

01/15/26

128

122

BlackRock

TCP

Capital

Corp.

2.850%

due

02/09/26

129

123

Blackstone

Mortgage

Trust,

Inc.

3.750%

due

01/15/27

(Þ)

200

184

Boeing

Co.

(The)

6.528%

due

05/01/34

(Þ)

399

419

Booz

Allen

Hamilton

Holding

Corp.

3.875%

due

09/01/28

(Þ)

1,028

974

Boston

Gas

Co.

3.150%

due

08/01/27

(Þ)

83

79

Boyd

Gaming

Corp.

Series

WI

4.750%

due

12/01/27

242

235

Brand

Industrial

Services,

Inc.

10.375%

due

08/01/30

(Þ)

166

182

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

416

384

8.050%

due

03/15/28

261

274

4.550%

due

10/01/29

224

201

Brightsphere

Investment

Group,

Inc.

4.800%

due

07/27/26

153

148

Broadcom,

Inc.

1.950%

due

02/15/28

(Þ)

53

48

3.187%

due

11/15/36

(Þ)

90

73

Brunswick

Corp.

5.100%

due

04/01/52

17

14

Buckeye

Partners,

LP

3.950%

due

12/01/26

367

354

4.125%

due

12/01/27

917

862

5.850%

due

11/15/43

131

116

Builders

FirstSource

,

Inc.

5.000%

due

03/01/30

(Þ)

255

244

Cabot

Corp.

3.400%

due

09/15/26

88

85

Caesars

Entertainment,

Inc.

8.125%

due

07/01/27

(Þ)

507

518

6.500%

due

02/15/32

(Þ)

187

189

Carnival

Corp.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

130

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.750%

due

03/01/27

(Þ)

674

671

6.000%

due

05/01/29

(Þ)

861

859

7.000%

due

08/15/29

(Þ)

59

62

Carriage

Purchaser,

Inc.

7.875%

due

10/15/29

(Þ)

744

689

Carvana

Co.

14.000%

due

06/01/31

(Þ)

765

891

CBL

&

Associates

HoldCo

II

LLC

5.950%

due

12/15/26

(Š)

475

—

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.125%

due

05/01/27

(Þ)

517

502

6.375%

due

09/01/29

(Þ)

68

66

4.750%

due

03/01/30

(Þ)

758

679

4.250%

due

01/15/34

(Þ)

1,247

985

Series

DMTN

5.000%

due

02/01/28

(Þ)

29

28

CDW

LLC

/

CDW

Finance

Corp.

2.670%

due

12/01/26

127

120

Centene

Corp.

Series

WI

4.250%

due

12/15/27

125

121

CF

Industries,

Inc.

4.500%

due

12/01/26

(Þ)

128

126

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Series

WI

3.750%

due

02/15/28

136

129

CHS/Community

Health

Systems,

Inc.

6.000%

due

01/15/29

(Þ)

460

427

6.125%

due

04/01/30

(Þ)

270

205

5.250%

due

05/15/30

(Þ)

160

140

4.750%

due

02/15/31

(Þ)

329

271

CITGO

Petroleum

Corp.

8.375%

due

01/15/29

(Þ)

240

250

Citigroup,

Inc.

3.887%

due

01/10/28

(CME

Term

SOFR

3

Month

+

1.825%)(Ê)

83

81

Citizens

Financial

Group,

Inc.

4.575%

due

08/09/28

(SOFR

+

2.000%)(Ê)

57

56

Clarios

Global,

LP

/

Clarios

US

Finance

Co.

6.750%

due

05/15/28

(Þ)

271

276

Clear

Channel

Outdoor

Holdings,

Inc.

7.875%

due

04/01/30

(Þ)

514

523

Cloud

Software

Group

Holdings,

Inc.

6.500%

due

03/31/29

(Þ)

319

311

9.000%

due

09/30/29

(Þ)

904

899

Clydesdale

Acquisition

Holdings,

Inc.

6.625%

due

04/15/29

(Þ)

179

178

8.750%

due

04/15/30

(Þ)

883

867

Coinbase

Global,

Inc.

3.375%

due

10/01/28

(Þ)

243

214

3.625%

due

10/01/31

(Þ)

120

100

Comcast

Corp.

3.200%

due

07/15/36

46

38

Series

WI

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.887%

due

11/01/51

64

41

Comerica,

Inc.

3.800%

due

07/22/26

53

51

Compass

Group

Diversified

Holdings

LLC

5.250%

due

04/15/29

(Þ)

197

189

ConAgra

Foods,

Inc.

8.250%

due

09/15/30

60

70

Consolidated

Communications

Holdings,

Inc.

5.000%

due

10/01/28

(Þ)

524

454

6.500%

due

10/01/28

(Þ)

203

183

Constellation

Brands,

Inc.

3.500%

due

05/09/27

74

71

CoreLogic

,

Inc.

4.500%

due

05/01/28

(Þ)

201

185

Coty,

Inc.

5.000%

due

04/15/26

(Þ)

176

174

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

6.625%

due

07/15/30

(Þ)

173

178

Covanta

Holding

Corp.

5.000%

due

09/01/30

215

195

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

5.500%

due

06/15/31

(Þ)

758

727

Crane

NXT

Co.

4.200%

due

03/15/48

171

121

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

V

Series

WI

4.250%

due

09/30/26

148

143

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

640

667

CSC

Holdings

LLC

Series

144a

4.625%

due

12/01/30

(Þ)

973

384

Series

144A

11.750%

due

01/31/29

(Þ)

291

263

Cushman

&

Wakefield

U.S.

Borrower

LLC

6.750%

due

05/15/28

(Þ)

149

149

CVR

Energy,

Inc.

5.750%

due

02/15/28

(Þ)

402

379

CVS

Health

Corp.

5.125%

due

07/20/45

75

68

Darden

Restaurants,

Inc.

3.850%

due

05/01/27

48

47

DaVita,

Inc.

4.625%

due

06/01/30

(Þ)

281

257

Deutsche

Bank

AG

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

2.553%)(Ê)

126

121

DIRECTV

Holdings

LLC

/

DIRECTV

Financing

Co.,

Inc.

5.875%

due

08/15/27

(Þ)

1,140

1,098

DISH

DBS

Corp.

5.750%

due

12/01/28

(Þ)

57

42

Series

WI

7.750%

due

07/01/26

324

208

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

131

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.375%

due

07/01/28

5

2

5.125%

due

06/01/29

162

68

DISH

Network

Corp.

Series

NCD

3.375%

due

08/15/26

389

236

Dollar

General

Corp.

4.125%

due

04/03/50

34

26

DPL,

Inc.

Series

WI

4.350%

due

04/15/29

578

543

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

778

851

Duke

Energy

Corp.

3.300%

due

06/15/41

156

117

EchoStar

Corp.

Series

WI

6.625%

due

08/01/26

526

247

Edison

International

5.750%

due

06/15/27

115

117

8.125%

due

06/15/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.864%)(Ê)

170

178

El

Paso

Natural

Gas

Co.

LLC

8.375%

due

06/15/32

52

61

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

55

64

Encino

Acquisition

Partners

Holdings

LLC

8.500%

due

05/01/28

(Þ)

235

241

EnLink

Midstream

Partners,

LP

4.850%

due

07/15/26

59

58

5.600%

due

04/01/44

523

469

5.450%

due

06/01/47

152

134

Enterprise

Products

Operating

LLC

5.375%

due

02/15/78

(CME

Term

SOFR

3

Month

+

2.832%)(Ê)

42

40

EPR

Properties

Co.

4.750%

due

12/15/26

99

97

EQM

Midstream

Partners,

LP

4.500%

due

01/15/29

(Þ)

217

208

7.500%

due

06/01/30

(Þ)

313

338

4.750%

due

01/15/31

(Þ)

195

184

Series

10Y

5.500%

due

07/15/28

1,167

1,161

Series

30Y

6.500%

due

07/15/48

368

374

Equinix

,

Inc.

1.550%

due

03/15/28

132

118

Esab

Corp.

6.250%

due

04/15/29

(Þ)

379

384

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

68

71

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

130

124

Ferguson

Finance

PLC

4.250%

due

04/20/27

(Þ)

73

72

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.750%

due

01/15/30

(Þ)

132

117

FirstEnergy

Corp.

Series

B

3.900%

due

07/15/27

156

151

Fluor

Corp.

4.250%

due

09/15/28

683

657

Forestar

Group,

Inc.

3.850%

due

05/15/26

(Þ)

185

179

Franklin

BSP

Lending

Corp.

Series

WI

3.250%

due

03/30/26

129

123

Frontier

Communications

Corp.

5.000%

due

05/01/28

(Þ)

673

648

6.000%

due

01/15/30

(Þ)

153

138

8.625%

due

03/15/31

(Þ)

156

163

Series

E

6.860%

due

02/01/28

508

514

FS

KKR

Capital

Corp.

3.250%

due

07/15/27

59

55

Gartner,

Inc.

4.500%

due

07/01/28

(Þ)

190

184

General

Motors

Financial

Co.,

Inc.

5.800%

due

06/23/28

115

118

Genesis

Energy,

LP

/

Genesis

Energy

Finance

Corp.

8.000%

due

01/15/27

367

375

7.875%

due

05/15/32

188

192

Genting

New

York

LLC

3.300%

due

02/15/26

(Þ)

282

272

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

323

311

Getty

Images,

Inc.

9.750%

due

03/01/27

(Ñ)(Þ)

650

650

GFL

Environmental,

Inc.

4.750%

due

06/15/29

(Þ)

188

179

Global

Infrastructure

Solutions,

Inc.

5.625%

due

06/01/29

(Þ)

822

790

Global

Marine,

Inc.

7.000%

due

06/01/28

233

218

Global

Net

Lease,

Inc.

3.750%

due

12/15/27

(Þ)

649

587

Global

Partners,

LP

/

GLP

Finance

Corp.

8.250%

due

01/15/32

(Þ)

141

145

Series

WI

6.875%

due

01/15/29

186

185

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

56

56

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

65

63

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

120

112

Graham

Packaging

Co.,

Inc.

7.125%

due

08/15/28

(Þ)

1,000

975

Graphic

Packaging

International

LLC

3.500%

due

03/15/28

(Þ)

244

228

Gray

Oak

Pipeline

LLC

2.600%

due

10/15/25

(Þ)

23

22

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

132

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Gray

Television,

Inc.

7.000%

due

05/15/27

(Ñ)(Þ)

155

150

5.375%

due

11/15/31

(Þ)

201

131

GrubHub

,

Inc.

5.500%

due

07/01/27

(Þ)

186

171

Gulfport

Energy

Corp.

8.000%

due

05/17/26

136

138

H.B.

Fuller

Co.

4.000%

due

02/15/27

500

483

Harvest

Midstream

I,

LP

7.500%

due

09/01/28

(Þ)

1,206

1,234

Hasbro,

Inc.

3.550%

due

11/19/26

122

118

Hawaiian

Airlines

Class

A

Pass

Through

Certificates

Series

A

3.900%

due

01/15/26

336

324

Hawaiian

Brand

Intellectual

Property,

Ltd.

11.000%

due

04/15/29

(Þ)

698

665

HC2

Holdings,

Inc.

8.500%

due

02/01/26

(Þ)

263

200

HCA,

Inc.

4.500%

due

02/15/27

120

119

3.500%

due

09/01/30

960

886

Herbalife

Nutrition,

Ltd.

7.875%

due

09/01/25

(Þ)

242

240

Herbalife,

Ltd.

4.250%

due

06/15/28

166

162

Hercules

Capital,

Inc.

3.375%

due

01/20/27

132

124

Hershey

Co.

(The)

3.375%

due

08/15/46

13

10

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

6.000%

due

02/01/31

(Þ)

258

250

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

12.250%

due

04/15/29

(Þ)

595

596

4.875%

due

06/01/29

(Þ)

959

652

Holdco

LLC

6.625%

due

10/15/29

(Þ)

657

629

Hologic

,

Inc.

4.625%

due

02/01/28

(Þ)

183

177

Howard

Hughes

Corp.

(The)

5.375%

due

08/01/28

(Þ)

252

244

Howmet

Aerospace,

Inc.

5.900%

due

02/01/27

118

120

Hudson

Pacific

Properties,

LP

3.950%

due

11/01/27

566

498

5.950%

due

02/15/28

271

244

4.650%

due

04/01/29

225

190

3.250%

due

01/15/30

229

174

Humana,

Inc.

8.150%

due

06/15/38

57

70

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.483%

due

12/01/27

125

119

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

6.250%

due

05/15/26

670

668

5.250%

due

05/15/27

622

597

IQVIA,

Inc.

5.000%

due

05/15/27

(Þ)

260

255

Iron

Mountain,

Inc.

4.875%

due

09/15/29

(Þ)

193

184

ITC

Holdings

Corp.

Series

144A

4.950%

due

09/22/27

(Þ)

127

127

ITT

Holdings

LLC

6.500%

due

08/01/29

(Þ)

480

450

JB

Poindexter

&

Co.,

Inc.

8.750%

due

12/15/31

(Þ)

649

682

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

Series

WI

2.500%

due

01/15/27

14

13

Jefferson

Capital

Holdings

LLC

6.000%

due

08/15/26

(Þ)

763

758

9.500%

due

02/15/29

(Þ)

351

368

Jersey

Central

Power

&

Light

Co.

4.300%

due

01/15/26

(Þ)

77

76

JPMorgan

Chase

&

Co.

1.578%

due

04/22/27

(SOFR

+

0.885%)(Ê)

130

123

Kennedy-Wilson,

Inc.

4.750%

due

03/01/29

184

162

Keurig

Dr

Pepper,

Inc.

Series

WI

4.597%

due

05/25/28

123

123

KeyCorp

4.700%

due

01/26/26

113

112

KeySpan

Gas

East

Corp.

2.742%

due

08/15/26

(Þ)

82

78

Kodiak

Gas

Services,

Inc.

7.250%

due

02/15/29

(Þ)

220

226

Kohl's

Corp.

4.625%

due

05/01/31

510

414

LABL,

Inc.

10.500%

due

07/15/27

(Ñ)(Þ)

197

192

Lamb

Weston

Holdings,

Inc.

4.375%

due

01/31/32

(Þ)

202

182

Landsea

Homes

Corp.

8.875%

due

04/01/29

(Þ)

1,139

1,148

Level

3

Financing,

Inc.

11.000%

due

11/15/29

(Þ)

1,657

1,754

10.500%

due

05/15/30

(Þ)

315

322

Liberty

Mutual

Group,

Inc.

7.800%

due

03/15/37

(Þ)

51

55

Life

Time,

Inc.

5.750%

due

01/15/26

(Þ)

200

199

8.000%

due

04/15/26

(Þ)

906

918

LifePoint

Health,

Inc.

9.875%

due

08/15/30

(Þ)

995

1,084

11.000%

due

10/15/30

(Þ)

712

799

10.000%

due

06/01/32

(Þ)

333

353

Live

Nation

Entertainment,

Inc.

4.750%

due

10/15/27

(Þ)

785

761

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

133

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

LKQ

Corp.

Series

WI

5.750%

due

06/15/28

115

118

Lumen

Technologies,

Inc.

4.000%

due

02/15/27

(Þ)

245

157

Macy's

Retail

Holdings,

Inc.

4.500%

due

12/15/34

253

215

6.375%

due

03/15/37

257

226

4.300%

due

02/15/43

383

275

Madison

IAQ

LLC

Series

144A

5.875%

due

06/30/29

(Þ)

190

178

Magic

Mergeco

,

Inc.

7.875%

due

05/01/29

(Þ)

148

85

Main

Street

Capital

Corp.

3.000%

due

07/14/26

130

123

Manufacturers

&

Traders

Trust

Co.

4.650%

due

01/27/26

106

105

MasTec

,

Inc.

4.500%

due

08/15/28

(Þ)

1,270

1,229

Mattel,

Inc.

3.375%

due

04/01/26

(Þ)

125

121

Mauser

Packaging

Solutions

Holding

Co.

7.875%

due

08/15/26

(Þ)

248

251

7.875%

due

04/15/27

(Þ)

542

559

9.250%

due

04/15/27

(Þ)

807

808

McDonald's

Corp.

5.700%

due

02/01/39

66

69

Medline

Borrower,

LP

3.875%

due

04/01/29

(Þ)

164

153

5.250%

due

10/01/29

(Þ)

167

161

Mercury

General

Corp.

4.400%

due

03/15/27

123

120

Meritage

Homes

Corp.

Series

WI

5.125%

due

06/06/27

62

62

MGIC

Investment

Corp.

5.250%

due

08/15/28

181

179

MGM

Resorts

International

5.500%

due

04/15/27

150

149

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

4.875%

due

05/01/29

(Þ)

590

557

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

13.250%

due

12/15/27

(Þ)

203

230

Molina

Healthcare,

Inc.

4.375%

due

06/15/28

(Þ)

164

156

3.875%

due

11/15/30

(Þ)

203

184

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

59

57

MPH

Acquisition

Holdings

LLC

5.500%

due

09/01/28

(Þ)

167

130

MPT

Operating

Partnership,

LP

/

MPT

Finance

Corp.

4.625%

due

08/01/29

347

252

Murphy

Oil

Corp.

7.050%

due

05/01/29

107

113

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.750%

due

09/15/29

189

181

5.875%

due

12/01/42

370

339

Nabors

Industries,

Inc.

7.250%

due

01/15/26

(Þ)

476

485

7.500%

due

01/15/28

(Þ)

163

160

National

Fuel

Gas

Co.

5.500%

due

01/15/26

124

124

Navient

Corp.

Series

MTN

5.625%

due

08/01/33

361

301

New

Enterprise

Stone

&

Lime

Co.,

Inc.

5.250%

due

07/15/28

(Þ)

459

441

9.750%

due

07/15/28

(Ñ)(Þ)

575

588

New

Fortress

Energy,

Inc.

6.500%

due

09/30/26

(Þ)

121

112

New

York

State

Electric

&

Gas

Corp.

3.250%

due

12/01/26

(Þ)

99

94

Newell

Brands,

Inc.

5.700%

due

04/01/26

315

314

5.375%

due

04/01/36

804

770

5.500%

due

04/01/46

418

367

News

Corp.

3.875%

due

05/15/29

(Þ)

193

179

NGL

Energy

Operating

LLC

8.125%

due

02/15/29

(Þ)

300

304

8.375%

due

02/15/32

(Þ)

530

542

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

103

121

Nordstrom,

Inc.

5.000%

due

01/15/44

692

554

Northern

Trust

Corp.

3.375%

due

05/08/32

(USD

3

Month

LIBOR

+

1.131%)(Ê)

127

122

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

133

122

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

134

124

Occidental

Petroleum

Corp.

5.875%

due

09/01/25

399

401

6.375%

due

09/01/28

325

339

6.125%

due

01/01/31

260

272

6.450%

due

09/15/36

157

168

Office

Properties

Income

Trust

9.000%

due

09/30/29

(Þ)

331

262

Olympus

Water

US

Holding

Corp.

9.750%

due

11/15/28

(Þ)

287

305

7.250%

due

06/15/31

(Þ)

610

610

Omega

Healthcare

Investors,

Inc.

Series

WI

4.500%

due

04/01/27

108

106

Oracle

Corp.

3.650%

due

03/25/41

90

71

Owens

Corning

Co.

4.400%

due

01/30/48

31

26

Pacific

Gas

and

Electric

Co.

3.300%

due

03/15/27

33

32

Series

WI

3.300%

due

12/01/27

99

94

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

134

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

PECF

USS

Intermediate

Holding

III

Corp.

8.000%

due

11/15/29

(Þ)

446

190

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

76

76

Performance

Food

Group

Co.

5.500%

due

10/15/27

(Þ)

240

237

PetSmart

LLC

7.750%

due

02/25/29

(Þ)

817

793

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

50

55

Pike

Corp.

5.500%

due

09/01/28

(Þ)

991

961

PRA

Group,

Inc.

8.375%

due

02/01/28

(Þ)

200

202

5.000%

due

10/01/29

(Þ)

991

876

8.875%

due

01/31/30

(Þ)

414

421

PRA

Health

Sciences,

Inc.

2.875%

due

07/15/26

(Þ)

45

43

Prestige

Brands

Holdings,

Inc.

5.125%

due

01/15/28

(Þ)

227

222

PROG

Holdings,

Inc.

6.000%

due

11/15/29

(Þ)

770

741

Prospect

Capital

Corp.

3.364%

due

11/15/26

131

122

PTC,

Inc.

4.000%

due

02/15/28

(Þ)

157

149

QVC,

Inc.

5.950%

due

03/15/43

(Ñ)

432

262

Radian

Group,

Inc.

4.875%

due

03/15/27

124

123

Radiology

Partners,

Inc.

4.275%

due

01/31/29

(Þ)

1,080

1,017

Railworks

Holdings,

LP

/

Railworks

Rally,

Inc.

8.250%

due

11/15/28

(Þ)

639

648

Regal

Rexnord

Corp.

Series

WI

6.400%

due

04/15/33

1,420

1,483

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

582

528

4.625%

due

04/06/31

(Þ)

101

88

Series

REGS

4.625%

due

04/16/29

(Þ)

463

420

RHP

Hotel

Properties,

LP

Series

WI

4.750%

due

10/15/27

154

149

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

3.875%

due

03/01/31

(Þ)

310

276

Rockies

Express

Pipeline

LLC

4.950%

due

07/15/29

(Þ)

665

636

4.800%

due

05/15/30

(Þ)

273

255

6.875%

due

04/15/40

(Þ)

357

351

Roller

Bearing

Co.

of

America,

Inc.

4.375%

due

10/15/29

(Þ)

199

186

Royal

Caribbean

Cruises,

Ltd.

5.500%

due

08/31/26

(Þ)

762

759

5.375%

due

07/15/27

(Þ)

508

505

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.500%

due

10/15/27

222

235

3.700%

due

03/15/28

582

548

5.500%

due

04/01/28

(Þ)

327

326

RPM

International,

Inc.

3.750%

due

03/15/27

58

56

RR

Donnelley

&

Sons

Co.

9.750%

due

07/31/28

(Þ)

175

188

Sabra

Health

Care,

LP

Series

WI

5.125%

due

08/15/26

19

19

Sabre

GLBL,

Inc.

7.320%

due

08/01/26

233

248

8.625%

due

06/01/27

(Þ)

663

620

Safeway,

Inc.

7.250%

due

02/01/31

204

217

Santander

Holdings

USA,

Inc.

2.490%

due

01/06/28

(SOFR

+

1.249%)(Ê)

126

117

Saudi

Electricity

Global

Sukuk

Co.

Series

REGS

5.500%

due

04/08/44

51

50

Seagate

HDD

Cayman

4.875%

due

06/01/27

543

535

4.091%

due

06/01/29

639

601

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

497

523

Sempra

Energy

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)

138

127

Service

Properties

Trust

5.250%

due

02/15/26

805

793

4.750%

due

10/01/26

147

141

4.950%

due

02/15/27

147

138

3.950%

due

01/15/28

365

315

8.375%

due

06/15/29

439

437

4.950%

due

10/01/29

310

247

4.375%

due

02/15/30

383

287

Silgan

Holdings,

Inc.

Series

WI

4.125%

due

02/01/28

158

150

Sirius

XM

Radio,

Inc.

3.125%

due

09/01/26

(Þ)

229

218

5.500%

due

07/01/29

(Þ)

83

79

Sitio

Royalties

Operating

Partnership,

LP

/

Sitio

Finance

Corp.

7.875%

due

11/01/28

(Þ)

217

227

Sixth

Street

Specialty

Lending,

Inc.

2.500%

due

08/01/26

131

123

Smithfield

Foods,

Inc.

4.250%

due

02/01/27

(Þ)

125

122

Southwestern

Electric

Power

Co.

Series

K

2.750%

due

10/01/26

87

83

Spirit

AeroSystems

,

Inc.

9.750%

due

11/15/30

(Þ)

777

866

Sprint

Capital

Corp.

8.750%

due

03/15/32

184

224

Sprint

LLC

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

135

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.625%

due

03/01/26

269

276

Standard

Industries,

Inc.

4.375%

due

07/15/30

(Þ)

314

286

Stantec

,

Inc.

12.750%

due

01/15/30

(Þ)

315

244

Staples,

Inc.

10.750%

due

09/01/29

(Þ)

210

203

Starbucks

Corp.

3.750%

due

12/01/47

74

56

Starwood

Property

Trust,

Inc.

3.625%

due

07/15/26

(Þ)

231

220

Steelcase,

Inc.

5.125%

due

01/18/29

597

576

Sunoco

Logistics

Partners

Operations,

LP

6.850%

due

02/15/40

113

120

Talen

Energy

Supply

LLC

8.625%

due

06/01/30

(Þ)

793

855

Tallgrass

Energy

Partners,

LP

/

Tallgrass

Energy

Finance

Corp.

7.375%

due

02/15/29

(Þ)

277

281

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

4.875%

due

02/01/31

314

304

Teledyne

Technologies,

Inc.

2.250%

due

04/01/28

129

118

Teleflex,

Inc.

4.250%

due

06/01/28

(Þ)

156

148

Tenet

Healthcare

Corp.

6.875%

due

11/15/31

286

306

Texas

Capital

Bancshares,

Inc.

4.000%

due

05/06/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.150%)(Ê)

168

156

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

74

71

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

616

699

Time

Warner

Cable

LLC

6.750%

due

06/15/39

69

68

TKC

Holdings,

Inc.

Series

144A

6.875%

due

05/15/28

(Þ)

232

226

T-Mobile

USA,

Inc.

Series

WI

3.750%

due

04/15/27

123

120

Toledo

Hospital

(The)

4.982%

due

11/15/45

291

219

6.015%

due

11/15/48

111

98

Series

B

5.325%

due

11/15/28

185

179

Topaz

Solar

Farms

LLC

5.750%

due

09/30/39

(Þ)

597

581

TransDigm

,

Inc.

6.750%

due

08/15/28

(Þ)

243

248

Series

WI

5.500%

due

11/15/27

306

302

Transocean

Poseidon,

Ltd.

6.875%

due

02/01/27

(Þ)

5

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Transocean

Titan

Financing,

Ltd.

8.375%

due

02/01/28

(Þ)

153

159

Transocean,

Inc.

8.000%

due

02/01/27

(Þ)

79

79

8.250%

due

05/15/29

(Þ)

346

353

8.750%

due

02/15/30

(Þ)

338

355

7.500%

due

04/15/31

308

297

8.500%

due

05/15/31

(Þ)

346

354

6.800%

due

03/15/38

495

425

9.350%

due

12/15/41

212

199

Travel

+

Leisure

Co.

5.750%

due

04/01/27

749

751

Triumph

Group,

Inc.

9.000%

due

03/15/28

(Þ)

337

355

Twilio

,

Inc.

3.875%

due

03/15/31

210

189

Tyson

Foods,

Inc.

3.550%

due

06/02/27

124

120

United

Airlines,

Inc.

Series

144a

4.375%

due

04/15/26

(Þ)

210

205

United

Rentals

NA,

Inc.

3.875%

due

11/15/27

370

353

3.875%

due

02/15/31

272

246

United

States

Steel

Corp.

6.650%

due

06/01/37

151

154

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

6.500%

due

02/15/29

(Þ)

362

274

Univision

Communications,

Inc.

6.625%

due

06/01/27

(Þ)

147

146

8.000%

due

08/15/28

(Þ)

149

150

US

Foods,

Inc.

4.750%

due

02/15/29

(Þ)

253

242

Valley

National

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

3

Month

+

2.360%)(Ê)

284

226

Venture

Global

Calcasieu

Pass

LLC

3.875%

due

08/15/29

(Þ)

236

218

4.125%

due

08/15/31

(Þ)

567

515

3.875%

due

11/01/33

(Þ)

470

408

Venture

Global

LNG,

Inc.

Series

144A

8.125%

due

06/01/28

(Þ)

447

466

Veritas

US,

Inc.

/

Veritas

Bermuda,

Ltd.

7.500%

due

09/01/25

(Þ)

776

675

VICI

Properties,

Inc.

4.500%

due

01/15/28

(Þ)

126

123

5.625%

due

05/15/52

90

83

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

124

120

Vornado

Realty,

LP

3.400%

due

06/01/31

429

350

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

146

127

Walgreens

Boots

Alliance,

Inc.

3.450%

due

06/01/26

368

351

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

136

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.200%

due

04/15/30

772

637

4.500%

due

11/18/34

100

80

4.800%

due

11/18/44

(Ñ)

533

400

4.650%

due

06/01/46

197

134

4.100%

due

04/15/50

(Ñ)

344

226

Walt

Disney

Co.

(The)

4.375%

due

08/16/41

43

38

Weatherford

International,

Ltd.

8.625%

due

04/30/30

(Þ)

792

824

Wells

Fargo

&

Co.

3.584%

due

05/22/28

(CME

Term

SOFR

3

Month

+

1.572%)(Ê)

125

121

Werner

FinCo

,

LP

/

Werner

FinCo

,

Inc.

11.500%

due

06/15/28

(Þ)

211

229

Western

Alliance

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

3

Month

+

2.250%)(Ê)

405

362

Western

Digital

Corp.

4.750%

due

02/15/26

253

249

Western

Midstream

Operating,

LP

5.450%

due

04/01/44

215

197

Williams

Scotsman

International,

Inc.

4.625%

due

08/15/28

(Þ)

188

179

Wilsonart

LLC

11.000%

due

08/15/32

(Þ)

607

595

World

Acceptance

Corp.

7.000%

due

11/01/26

(Þ)

207

199

Xcel

Energy,

Inc.

1.750%

due

03/15/27

92

85

Xerox

Corp.

4.800%

due

03/01/35

334

228

6.750%

due

12/15/39

118

93

XPO

CNW,

Inc.

6.700%

due

05/01/34

478

502

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

118

119

Yum!

Brands,

Inc.

3.625%

due

03/15/31

276

246

6.875%

due

11/15/37

207

227

130,150

International

Debt

-

28.1%

1011778

B.C.

Unltd

.

Liability

Co.

/

New

Red

Finance,

Inc.

4.000%

due

10/15/30

(Þ)

206

184

1375209

BC,

Ltd.

9.000%

due

01/30/28

(Ñ)(Þ)

755

716

180

Medical,

Inc.

3.875%

due

10/15/29

(Þ)

300

272

ABN

AMRO

Bank

NV

4.800%

due

04/18/26

(Þ)

94

93

Abu

Dhabi

Developmental

Holding

Co.

PJSC

5.375%

due

05/08/29

(Þ)

369

377

Abu

Dhabi

Government

International

Bond

5.000%

due

04/30/34

(Þ)

602

617

Series

REGS

1.700%

due

03/02/31

(Þ)

795

669

3.125%

due

09/30/49

(Þ)

477

335

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.000%

due

09/15/51

(Þ)

400

272

Aeropuerto

Internacional

De

Tocumen

SA

Series

REGS

4.000%

due

08/11/41

(Þ)

686

527

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

82

72

Agua

y

Saneamientos

Argentinos

SA

7.900%

due

05/01/26

(Þ)

471

391

Ahlstrom

Holding

3

Oy

Series

144a

4.875%

due

02/04/28

(Ñ)(Þ)

300

282

Albion

Financing

2

SARL

8.750%

due

04/15/27

(Þ)

600

608

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

83

80

Altice

France

Holding

SA

5.125%

due

07/15/29

(Þ)

324

227

Angolan

Government

International

Bond

Series

REGS

8.750%

due

04/14/32

(Þ)

708

632

Apidos

CLO

XXXI

Series

2021-31A

Class

CR

7.463%

due

04/15/31

(USD

3

Month

LIBOR

+

1.900%)(Ê)(Þ)

1,140

1,142

Apidos

CLO

XXXIII

Series

2019-31A

Class

CR

3.259%

due

10/24/34

(USD

3

Month

LIBOR

+

3.000%)(Ê)(Þ)

1,600

1,606

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

Series

REGS

3.000%

due

09/01/29

(Þ)

EUR

300

267

Ardonagh

Group

Finance,

Ltd.

Series

144A

8.875%

due

02/15/32

(Þ)

176

178

Argentine

Republic

Government

International

Bond

1.000%

due

07/09/29

118

68

4.875%

due

07/09/29

(~)(Ê)

1,547

611

1.750%

due

07/09/30

(~)(Ê)

319

172

4.750%

due

07/09/35

(~)(Ê)

353

147

Ashtead

Capital,

Inc.

4.375%

due

08/15/27

(Þ)

107

105

ATS

Automation

Tooling

Systems,

Inc.

4.125%

due

12/15/28

(Þ)

193

179

Avation

Capital

SA

6.500%

due

10/31/26

(Þ)

—

—

Axian

Telecom

Series

REGS

7.375%

due

02/16/27

(Þ)

335

331

Bahrain

Government

International

Bond

Series

REGS

5.450%

due

09/16/32

(Þ)

320

297

Bain

Capital

Credit

CLO,

Ltd.

Series

2024-4A

Class

C

1.000%

due

10/23/37

(CME

Term

SOFR

3

Month

+

1.900%)(Ê)(Þ)

450

450

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

137

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

126

120

Banco

de

Credito

del

Peru

3.250%

due

09/30/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.450%)(Ê)(Þ)

92

86

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

Series

REGS

5.375%

due

01/28/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.928%)(Ê)(Þ)

493

477

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Inbursa

4.375%

due

04/11/27

(Þ)

124

121

Banco

Nacional

de

Panama

Series

REGS

2.500%

due

08/11/30

(Þ)

704

556

Banco

Santander

SA

6.527%

due

11/07/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.650%)(Ê)

118

122

Bank

Gospodarstwa

Krajowego

6.250%

due

07/09/54

(Þ)

452

473

Bank

Negara

Indonesia

Persero

Tbk

PT

4.300%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.466%)(Ê)(ƒ)(Þ)

614

576

Bank

of

Montreal

3.803%

due

12/15/32

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.432%)(Ê)

128

122

Bank

of

Nova

Scotia

(The)

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.050%)(Ê)

59

54

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.389%)(Ê)

60

64

Barclays

Bank

PLC

6.278%

due

12/29/49

(USD

3

Month

LIBOR

+

1.550%)(Ê)(ƒ)

82

82

Barclays

PLC

5.200%

due

05/12/26

119

119

BAT

Capital

Corp.

2.259%

due

03/25/28

119

108

7.081%

due

08/02/53

12

13

Benefit

Street

Partners

CLO

XII,

Ltd.

Series

2018-9A

Class

AR

6.689%

due

07/20/31

(CME

Term

SOFR

3

Month

+

1.372%)(Ê)(Þ)

482

483

Betony

CLO

2,

Ltd.

Series

2018-1A

Class

B

2.055%

due

04/30/31

(USD

3

Month

LIBOR

+

1.850%)(Ê)(Þ)

1,000

1,000

Birch

Grove

CLO

9,

Ltd.

Series

2024-9A

Class

C

1.000%

due

10/22/37

(CME

Term

SOFR

3

Month

+

2.000%)(Ê)(Þ)

250

250

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BNP

Paribas

SA

1.323%

due

01/13/27

(SOFR

+

1.004%)(Ê)(Þ)

120

113

Bolivia

Government

International

Bond

Series

REGS

4.500%

due

03/20/28

(Þ)

200

113

Brazil

Government

International

Bond

6.125%

due

01/22/32

1,106

1,099

4.750%

due

01/14/50

363

264

7.125%

due

05/13/54

707

696

Brookfield

Finance,

Inc.

4.700%

due

09/20/47

78

69

Brookfield

Residential

Properties,

Inc.

6.250%

due

09/15/27

(Þ)

191

190

C&W

Senior

Financing

Designated

Activity

Company

6.875%

due

09/15/27

(Þ)

707

690

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

69

70

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

64

67

Canpack

SA

/

Canpack

US

LLC

3.125%

due

11/01/25

(Þ)

300

288

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2018-3RA

Class

B

3.200%

due

10/15/34

(USD

3

Month

LIBOR

+

1.900%)(Ê)(Þ)

1,000

1,000

Carnival

Corp.

1.000%

due

10/28/29

EUR

120

108

CBB

International

Sukuk

Programme

Co.

WLL

Series

REGS

3.950%

due

09/16/27

(Þ)

1,323

1,252

Cedar

Funding

V

CLO,

Ltd.

Series

2018-5A

Class

CR

3.235%

due

07/17/31

(USD

3

Month

LIBOR

+

2.100%)(Ê)(Þ)

250

250

Celulosa

Arauco

y

Constitucion

SA

4.200%

due

01/29/30

(Þ)

60

56

Series

WI

3.875%

due

11/02/27

58

55

Cencosud

SA

4.375%

due

07/17/27

(Þ)

123

119

CEZ

AS

Series

REGS

5.625%

due

04/03/42

(Þ)

383

348

CGI,

Inc.

Series

WI

1.450%

due

09/14/26

131

122

Chile

Government

International

Bond

4.850%

due

01/22/29

1,064

1,063

China

Government

International

Bond

Series

REGS

0.550%

due

10/21/25

(Þ)

1,187

1,131

CI

Financial

Corp.

3.200%

due

12/17/30

89

72

CIFC

Funding,

Ltd.

Series

2021-4RA

Class

BR

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

138

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.847%

due

01/17/35

(USD

3

Month

LIBOR

+

2.300%)(Ê)(Þ)

500

501

CIFC

LLC

Series

2021-2A

Class

CR

7.647%

due

04/17/34

(USD

3

Month

LIBOR

+

2.100%)(Ê)(Þ)

1,000

1,002

Codelco

Metals,

Inc.

Series

REGS

5.950%

due

01/08/34

(Þ)

618

628

Colombia

Government

International

Bond

8.000%

due

11/14/35

769

802

8.750%

due

11/14/53

676

717

Consolidated

Energy

Finance

SA

6.500%

due

05/15/26

(Ñ)(Þ)

189

183

Series

144a

5.625%

due

10/15/28

(Þ)

655

523

Coronado

Finance

Pty,

Ltd.

10.750%

due

05/15/26

(Þ)

369

382

Corp.

Nacional

del

Cobre

de

Chile

Series

REGS

3.150%

due

01/15/51

(Þ)

615

389

Costa

Rica

Government

International

Bond

7.300%

due

11/13/54

(Þ)

380

405

Series

REGS

6.550%

due

04/03/34

(Þ)

200

207

Credit

Agricole

SA

5.301%

due

07/12/28

(Þ)

116

118

Crown

European

Holdings

SA

Series

REGS

5.000%

due

05/15/28

(Þ)

EUR

250

279

Danske

Bank

A/S

1.549%

due

09/10/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.730%)(Ê)(Þ)

134

125

Deutsche

Bank

AG

Revenue

Bonds

2.311%

due

11/16/27

(SOFR

+

1.219%)(Ê)

99

93

Deutsche

Telekom

International

Finance

BV

4.375%

due

06/21/28

(Þ)

124

122

DNB

Bank

ASA

1.605%

due

03/30/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.680%)(Ê)(Þ)

59

54

Dominican

Republic

Government

International

Bond

7.050%

due

02/03/31

(Þ)

231

243

Series

REGS

7.050%

due

02/03/31

(Þ)

1,306

1,372

Dryden

30

Senior

Loan

Fund

Series

2017-30A

Class

DR

2.992%

due

11/15/28

(USD

3

Month

LIBOR

+

2.600%)(Ê)(Þ)

500

495

Ecopetrol

SA

8.875%

due

01/13/33

74

77

8.375%

due

01/19/36

249

248

7.375%

due

09/18/43

201

178

5.875%

due

11/02/51

120

84

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ecuador

Government

International

Bond

Series

REGS

11.850%

due

07/31/30

(ž)(Þ)

295

151

6.900%

due

07/31/30

(~)(Ê)(Þ)

442

233

5.500%

due

07/31/35

(~)(Ê)(Þ)

409

276

EDO

Sukuk

,

Ltd.

5.662%

due

07/03/31

(Þ)

554

557

Egypt

Government

International

Bond

Series

REGS

7.300%

due

09/30/33

(Þ)

987

795

8.500%

due

01/31/47

(Þ)

800

602

El

Salvador

Government

International

Bond

Series

REGS

8.250%

due

04/10/32

(Þ)

150

121

9.500%

due

07/15/52

(Þ)

300

242

Element

Fleet

Management

Corp.

6.271%

due

06/26/26

(Þ)

114

116

Emera

US

Finance,

LP

Series

WI

3.550%

due

06/15/26

83

80

Emerald

Debt

Merger

Sub

LLC

Series

REGS

6.375%

due

12/15/30

(Þ)

EUR

400

453

Emirates

NBD

Bank

PJSC

6.125%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

3.656%)(Ê)

(ƒ)(Þ)

294

292

Empresa

de

Transporte

de

Pasajeros

Metro

SA

Series

REGS

5.000%

due

01/25/47

(Þ)

568

496

Empresa

Nacional

del

Petroleo

Series

REGS

4.500%

due

09/14/47

(Þ)

338

256

Enbridge,

Inc.

6.700%

due

11/15/53

23

26

Series

16-A

6.000%

due

01/15/77

(CME

Term

SOFR

3

Month

+

4.152%)(Ê)

111

108

Enel

Finance

America

LLC

7.100%

due

10/14/27

(Þ)

67

71

Enel

Finance

International

NV

1.625%

due

07/12/26

(Þ)

131

123

Enerflex

,

Ltd.

9.000%

due

10/15/27

(Þ)

220

227

Energizer

Holdings,

Inc.

Series

REGS

3.500%

due

06/30/29

(Þ)

EUR

575

578

Eskom

Holdings

SOC,

Ltd.

Series

REGS

8.450%

due

08/10/28

(Þ)

616

632

Export-Import

Bank

of

China

4.000%

due

11/28/47

(Þ)

267

233

Export-Import

Bank

of

India

Series

REGS

2.250%

due

01/13/31

(Þ)

300

253

F-

Brasile

SpA

/

F-

Brasile

US

LLC

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

139

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

XR

7.375%

due

08/15/26

(Þ)

175

174

FEL

Energy

VI

SARL

Series

REGS

5.750%

due

12/01/40

(Þ)

224

206

First

Quantum

Minerals,

Ltd.

9.375%

due

03/01/29

(Þ)

306

322

Fortescue

Metals

Group,

Ltd.

4.375%

due

04/01/31

(Þ)

278

251

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

126

121

Fresenius

Medical

Care

US

Finance

III,

Inc.

3.000%

due

12/01/31

(Þ)

165

138

Gabon

Government

International

Bond

Series

REGS

7.000%

due

11/24/31

(Þ)

228

168

Gazprom

OAO

Via

Gaz

Capital

SA

Series

REGS

7.288%

due

08/16/37

(Æ)(Ø)(Þ)

1,000

794

Georgian

Railway

JSC

Series

REGS

4.000%

due

06/17/28

(Þ)

385

339

GGAM

Finance,

Ltd.

8.000%

due

02/15/27

(Þ)

925

956

Ghana

Government

International

Bond

10.750%

due

10/14/30

(Æ)(Ø)(Þ)

250

168

Series

REGS

8.625%

due

04/07/34

(~)(Æ)(Ê)(Ø)

(Þ)

649

332

goeasy

,

Ltd.

4.375%

due

05/01/26

(Þ)

187

182

Greenland

Global

Investment,

Ltd.

6.125%

due

04/22/29

(Þ)

817

94

5.875%

due

07/03/30

(Þ)

489

54

Greensaif

Pipelines

Bidco

SARL

5.853%

due

02/23/36

(Þ)

274

275

6.103%

due

08/23/42

(Þ)

200

200

Grupo

Bimbo

SAB

de

CV

4.875%

due

06/27/44

(Þ)

49

44

Guatemala

Government

International

Bond

6.600%

due

06/13/36

(Þ)

228

231

Hazine

Mustesarligi

Varlik

Kiralama

AS

8.509%

due

01/14/29

(Þ)

1,008

1,075

Series

REGS

8.509%

due

01/14/29

(Þ)

200

213

HBOS

PLC

6.000%

due

11/01/33

(Þ)

27

27

Highlands

Holdings

Bond

Issuer,

Ltd.

7.625%

due

10/15/25

(Þ)

1,567

1,585

HSBC

Holdings

PLC

5.887%

due

08/14/27

(SOFR

+

1.570%)(Ê)

123

125

Huarong

Finance

2017

Co.,

Ltd.

4.750%

due

04/27/27

(Þ)

200

191

Hungary

Government

International

Bond

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.500%

due

03/26/36

(Þ)

302

296

Series

REGS

6.125%

due

05/22/28

(Þ)

675

693

5.500%

due

03/26/36

(Þ)

200

196

3.125%

due

09/21/51

(Þ)

562

358

Indonesia

Government

International

Bond

4.550%

due

01/11/28

493

488

4.400%

due

03/10/29

398

391

2.850%

due

02/14/30

220

199

3.550%

due

03/31/32

904

824

5.650%

due

01/11/53

506

518

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

76

72

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

97

89

Instituto

Costarricense

de

Electricidad

Series

REGS

6.375%

due

05/15/43

(Þ)

561

500

International

Airport

Finance

SA

Series

REGS

12.000%

due

03/15/33

(Þ)

16

17

Intesa

Sanpaolo

SpA

3.875%

due

07/14/27

(Þ)

37

36

4.950%

due

06/01/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.750%)(Ê)(Þ)

290

225

Ivory

Coast

Government

International

Bond

8.250%

due

01/30/37

(Þ)

350

338

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

78

71

Jordan

Government

International

Bond

7.500%

due

01/13/29

(Þ)

172

171

Series

REGS

7.500%

due

01/13/29

(Þ)

264

262

KazMunayGas

National

Co.

JSC

Series

REGS

4.375%

due

09/26/27

(Þ)

338

320

5.750%

due

04/19/47

(Þ)

416

364

KBC

Groep

NV

5.796%

due

01/19/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.100%)(Ê)(Þ)

116

119

KCA

Deutag

Pikco

PLC

Series

IAI

15.000%

due

12/01/27

116

119

KCA

Deutag

UK

Finance

PLC

Series

IAI

14.402%

due

12/01/25

(SOFR

+

9.000%)(Ê)

147

150

Series

REGS

9.875%

due

12/01/25

(Þ)

593

598

KEB

Hana

Bank

3.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.409%)(Ê)(ƒ)(Þ)

50

47

Kenya

Government

International

Bond

9.750%

due

02/16/31

(Þ)

331

315

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

140

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Khazanah

Global

Sukuk

Bhd

4.687%

due

06/01/28

(Þ)

326

324

Kinross

Gold

Corp.

Series

WI

6.250%

due

07/15/33

800

851

Kondor

Finance

PLC

Series

REGS

7.625%

due

11/08/28

(~)(Ê)(Þ)

701

566

LCM

28,

Ltd.

Series

2018-28A

Class

C

3.285%

due

10/20/30

(USD

3

Month

LIBOR

+

2.150%)(Ê)(Þ)

500

499

LCPR

Senior

Secured

Financing

Designated

Acitivity

Co.

6.750%

due

10/15/27

(Þ)

381

355

Lebanon

Government

International

Bond

Series

REGS

6.650%

due

11/03/28

(Æ)(Ø)(Þ)

1,158

81

LG

Energy

Solution,

Ltd.

5.625%

due

09/25/26

(Þ)

115

116

Lloyds

Banking

Group

PLC

4.650%

due

03/24/26

122

121

LYB

Finance

Co.

BV

8.100%

due

03/15/27

(Þ)

77

82

Macquarie

Airfinance

Holdings,

Ltd.

8.125%

due

03/30/29

(Þ)

261

276

Madison

Park

Funding

XXXI,

Ltd.

Series

2024-31A

Class

CR

7.589%

due

07/23/37

(CME

Term

SOFR

3

Month

+

2.250%)(Ê)(Þ)

250

251

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

111

120

Mattamy

Group

Corp.

4.625%

due

03/01/30

(Þ)

620

581

Methanex

Corp.

5.250%

due

12/15/29

767

746

5.650%

due

12/01/44

236

206

Mexico

City

Airport

Trust

Series

REGS

5.500%

due

07/31/47

(Þ)

225

190

Mexico

Government

International

Bond

5.000%

due

05/07/29

391

387

6.000%

due

05/07/36

400

398

4.600%

due

01/23/46

538

423

MF1

Multifamily

Housing

Mortgage

Trust

Series

2021-FL6

Class

D

7.020%

due

07/16/36

(USD

1

Month

LIBOR

+

2.550%)(Ê)(Þ)

500

477

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

125

121

Mongolia

Government

International

Bond

7.875%

due

06/05/29

(Þ)

200

207

MTR

Corp.,

Ltd.

1.625%

due

08/19/30

(Þ)

289

247

MVM

Energetika

Zrt

.

7.500%

due

06/09/28

(Þ)

435

456

Nakilat

,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

6.067%

due

12/31/33

(Þ)

297

310

National

Bank

of

Fujairah

PJSC

5.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.301%)(Ê)(ƒ)(Þ)

200

199

NatWest

Group

PLC

5.847%

due

03/02/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)

117

118

Neuberger

Berman

CLO,

Ltd.

Series

2021-31A

Class

CR

7.494%

due

04/20/31

(USD

3

Month

LIBOR

+

1.950%)(Ê)(Þ)

500

501

Neuberger

Berman

Loan

Advisers

CLO

27,

Ltd.

Series

2024-27A

Class

CR

4.200%

due

07/15/38

(CME

Term

SOFR

3

Month

+

2.100%)(Ê)(Þ)

550

556

Nigeria

Government

International

Bond

Series

REGS

7.375%

due

09/28/33

(Þ)

1,202

983

nogaholding

Sukuk

,

Ltd.

Series

REGS

5.250%

due

04/08/29

(Þ)

247

239

Nokia

OYJ

4.375%

due

06/12/27

123

120

Novelis

Sheet

Ingot

GmbH

Series

REGS

3.375%

due

04/15/29

(Þ)

EUR

100

103

OCP

CLO,

Ltd.

Series

2022-24A

Class

C

7.832%

due

07/20/35

(CME

Term

SOFR

3

Month

+

2.550%)(Ê)(Þ)

500

501

OCP

SA

7.500%

due

05/02/54

(Þ)

496

513

Series

REGS

6.875%

due

04/25/44

126

123

6.875%

due

04/25/44

(Þ)

200

195

Octagon

Investment

Partners

11,

Ltd.

Series

2021-1A

Class

BRR

7.663%

due

07/15/29

(USD

3

Month

LIBOR

+

2.100%)(Ê)(Þ)

1,000

1,002

Octagon

Loan

Funding,

Ltd.

Series

2018-1A

Class

CRR

2.586%

due

11/18/31

(USD

3

Month

LIBOR

+

2.200%)(Ê)(Þ)

250

250

OHA

Credit

Partners

XIV,

Ltd.

Series

2017-14A

Class

C

2.909%

due

01/21/30

(USD

3

Month

LIBOR

+

1.800%)(Ê)(Þ)

500

500

OI

European

Group

BV

Series

REGS

6.250%

due

05/15/28

(Þ)

EUR

255

285

Oil

and

Gas

Holding

Co.

BSCC

(The)

Series

REGS

7.500%

due

10/25/27

(Þ)

340

351

Olympus

Water

US

Holding

Corp.

Series

REGS

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

141

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.875%

due

10/01/28

(Þ)

EUR

200

204

5.375%

due

10/01/29

(Þ)

EUR

170

168

Oman

Government

International

Bond

Series

REGS

6.750%

due

10/28/27

(Þ)

1,114

1,158

OmGrid

Funding,

Ltd.

Series

REGS

5.196%

due

05/16/27

(Þ)

277

272

Ontario

Gaming

GTA

LP

8.000%

due

08/01/30

(Þ)

938

971

Ooredoo

QPSC

Series

REGS

4.500%

due

01/31/43

(Þ)

268

253

Open

Text

Corp.

3.875%

due

02/15/28

(Þ)

244

228

Open

Text

Holdings,

Inc.

4.125%

due

02/15/30

(Þ)

235

214

Optics

Bidco

SpA

Series

2033

6.375%

due

11/15/33

(Þ)

319

313

Series

2034

6.000%

due

09/30/34

(Þ)

369

349

Series

2036

7.200%

due

07/18/36

(Þ)

394

402

Series

2038

7.721%

due

06/04/38

(Þ)

395

423

OQ

SAOC

Series

REGS

5.125%

due

05/06/28

(Þ)

443

433

Pakistan

Government

International

Bond

Series

REGS

7.950%

due

01/31/29

(Þ)

267

238

8.875%

due

04/08/51

(Þ)

400

300

Pakistan

Water

and

Power

Development

Authority

7.500%

due

06/04/31

(Þ)

765

574

Palmer

Square

CLO,

Ltd.

Series

2024-2A

Class

BR

7.786%

due

04/16/37

(CME

Term

SOFR

3

Month

+

2.500%)(Ê)(Þ)

1,250

1,265

Panama

Government

International

Bond

2.252%

due

09/29/32

497

367

4.500%

due

04/16/50

1,612

1,112

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

320

324

Series

REGS

5.850%

due

08/21/33

(Þ)

200

203

Perusahaan

Perseroan

(

Persero

)

PT

Perusahaan

Listrik

Negara

Series

REGS

6.250%

due

01/25/49

(Þ)

245

246

Peruvian

Government

International

Bond

2.783%

due

01/23/31

1,163

1,007

Petrobras

Global

Finance

BV

6.850%

due

06/05/15

517

478

Petroleos

de

Venezuela

SA

Series

REGS

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.000%

due

11/15/26

(Æ)(Ø)(Þ)

1,406

158

Petroleos

del

Peru

SA

Series

REGS

5.625%

due

06/19/47

(Þ)

1,332

851

Petroleos

Mexicanos

6.375%

due

01/23/45

122

81

Series

REGS

6.625%

due

09/29/49

(~)(Ê)(ƒ)(Þ)

597

373

Series

WI

6.750%

due

09/21/47

2,645

1,790

7.690%

due

01/23/50

469

344

Petronas

Capital,

Ltd.

Series

REGS

2.480%

due

01/28/32

(Þ)

1,874

1,593

3.404%

due

04/28/61

(Þ)

200

138

Philippine

Government

International

Bond

5.170%

due

10/13/27

1,375

1,384

1.950%

due

01/06/32

517

423

Prosus

NV

3.680%

due

01/21/30

(Þ)

142

128

PTTEP

Canada

International

Finance,

Ltd.

Series

REGS

6.350%

due

06/12/42

(Þ)

370

411

Qatar

Government

International

Bond

4.625%

due

05/29/29

(Þ)

352

355

4.750%

due

05/29/34

(Þ)

384

390

Series

REGS

4.500%

due

04/23/28

(Þ)

877

876

Qatar

Petroleum

Series

REGS

2.250%

due

07/12/31

(Þ)

573

488

Radnor

RE,

Ltd.

Series

2021-1

Class

M1C

2.710%

due

12/27/33

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

353

356

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

125

121

Republic

of

Azerbaijan

Government

International

Bond

Series

REGS

3.500%

due

09/01/32

(Þ)

384

333

Republic

of

Guatemala

Government

International

Bond

6.050%

due

08/06/31

(Þ)

259

259

6.550%

due

02/06/37

(Þ)

259

260

Series

REGS

6.600%

due

06/13/36

(Þ)

247

250

Republic

of

Kenya

Government

International

Bond

Series

REGS

9.750%

due

02/16/31

(Þ)

200

190

Republic

of

Poland

Government

International

Bond

4.625%

due

03/18/29

160

160

5.125%

due

09/18/34

399

400

5.500%

due

03/18/54

634

625

Republic

of

Serbia

Government

International

Bond

6.000%

due

06/12/34

(Þ)

417

415

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

142

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Republic

of

South

Africa

Government

International

Bond

5.875%

due

04/20/32

727

688

5.750%

due

09/30/49

1,002

772

Republic

of

Turkey

Government

International

Bond

7.125%

due

07/17/32

954

952

Republic

of

Uzbekistan

Government

International

Bond

6.900%

due

02/28/32

(Þ)

200

196

Republic

of

Zambia

Government

International

Bond

7.500%

due

06/30/31

(~)(Ê)(Þ)

118

104

0.500%

due

12/31/53

(Þ)

222

112

Rogers

Communications,

Inc.

5.250%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.590%)(Ê)(Þ)

729

706

Rolls-Royce

PLC

3.625%

due

10/14/25

(Þ)

261

254

Romania

Government

International

Bond

5.875%

due

01/30/29

(Þ)

60

60

7.125%

due

01/17/33

(Þ)

166

178

6.375%

due

01/30/34

(Þ)

302

308

Series

REGS

5.875%

due

01/30/29

(Þ)

74

75

7.125%

due

01/17/33

(Þ)

46

49

6.375%

due

01/30/34

(Þ)

84

86

4.000%

due

02/14/51

(Þ)

812

571

SA

Global

Sukuk

,

Ltd.

Series

REGS

2.694%

due

06/17/31

(Þ)

327

284

Santander

UK

Group

Holdings

PLC

2.469%

due

01/11/28

(SOFR

+

1.220%)(Ê)

98

92

Saudi

Arabian

Oil

Co.

5.875%

due

07/17/64

(Þ)

664

651

Series

REGS

4.250%

due

04/16/39

(Þ)

619

546

Saudi

Electricity

Global

Sukuk

Co.

Series

REGS

5.500%

due

04/08/44

(Þ)

450

444

Saudi

Government

International

Bond

4.750%

due

01/16/30

(Þ)

1,327

1,320

Series

REGS

5.750%

due

01/16/54

(Þ)

609

596

Seagate

HDD

Cayman

5.750%

due

12/01/34

302

295

Seaspan

Corp.

5.500%

due

08/01/29

(Þ)

1,189

1,070

Senegal

Government

International

Bond

Series

REGS

6.750%

due

03/13/48

(Þ)

250

182

Singapore

Telecommunications,

Ltd.

Series

REGS

7.375%

due

12/01/31

(Þ)

218

254

SK

Hynix,

Inc.

1.500%

due

01/19/26

(Þ)

101

96

5.500%

due

01/16/27

(Þ)

24

24

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Societe

Generale

SA

1.792%

due

06/09/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

95

89

Sound

Point

CLO,

Ltd.

Series

2017-1A

Class

CR

2.309%

due

01/23/29

(USD

3

Month

LIBOR

+

2.050%)(Ê)(Þ)

500

502

Sri

Lanka

Government

International

Bond

Series

REGS

6.750%

due

04/18/28

(~)(Ê)(Þ)

811

458

Standard

Chartered

PLC

1.456%

due

01/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

130

123

7.014%

due

12/30/49

(USD

3

Month

LIBOR

+

1.460%)(Ê)(ƒ)(Þ)

415

422

Standard

Industries,

Inc.

Series

REGS

2.250%

due

11/21/26

(Þ)

EUR

288

296

State

Oil

Co.

of

Azerbaijan

Republic

6.950%

due

03/18/30

(Þ)

233

241

Superior

Plus

Corp.

4.500%

due

03/15/29

(Þ)

373

347

Suzano

Austria

GmbH

5.750%

due

07/14/26

(Þ)

74

74

Symphony

CLO

XIX,

Ltd.

Series

2018-19A

Class

C

2.926%

due

04/16/31

(USD

3

Month

LIBOR

+

1.750%)(Ê)(Þ)

500

500

Tacora

Resources,

Inc.

8.250%

due

05/15/26

(~)(Æ)(Ê)(Ø)

(Þ)

399

178

TC

Ziraat

Bankasi

AS

Series

REGS

5.375%

due

03/02/26

(Þ)

617

604

TCW

CLO,

Ltd.

Series

2017-1A

Class

CRR

2.599%

due

10/29/34

(USD

3

Month

LIBOR

+

2.300%)(Ê)(Þ)

300

301

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

54

53

6.000%

due

09/30/34

24

23

7.200%

due

07/18/36

133

133

7.721%

due

06/04/38

168

171

Toronto-Dominion

Bank

(The)

3.625%

due

09/15/31

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

2.205%)(Ê)

126

121

TransAlta

Corp.

6.500%

due

03/15/40

519

525

TransCanada

Trust

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.986%)(Ê)

113

105

Transnet

SOC,

Ltd.

Series

REGS

8.250%

due

02/06/28

(Þ)

352

357

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

143

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Trinidad

&

Tobago

Government

International

Bond

5.950%

due

01/14/31

(Þ)

310

310

Trinidad

Generation

UnLtd

Series

REGS

5.250%

due

11/04/27

(Þ)

468

455

Triton

Container

International,

Ltd.

Series

2021-1A

Class

A

1.860%

due

03/20/46

(Þ)

358

320

Turkey

Government

International

Bond

9.125%

due

07/13/30

200

221

Turkiye

Ihracat

Kredi

Bankasi

AS

Series

REGS

5.750%

due

07/06/26

(Þ)

449

438

Turkiye

Varlik

Fonu

Yonetimi

AS

8.250%

due

02/14/29

(Þ)

397

407

UBS

Group

AG

1.305%

due

02/02/27

(SOFR

+

0.980%)(Ê)(Þ)

131

123

UGI

International

LLC

Series

REGS

2.500%

due

12/01/29

(Þ)

EUR

750

722

Ukraine

Government

International

Bond

Series

GDP

0.750%

due

08/01/41

(~)(Ê)(Þ)

195

120

Series

REGS

8.994%

due

02/01/26

(~)(Æ)(Ê)(Ø)

(Þ)

411

150

7.750%

due

09/01/29

(~)(Æ)(Ê)(Ø)

(Þ)

686

220

9.750%

due

11/01/30

(~)(Ê)(Þ)

665

223

UniCredit

SpA

5.861%

due

06/19/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

3.703%)(Ê)(Þ)

339

336

7.296%

due

04/02/34

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.914%)(Ê)(Þ)

205

213

United

Arab

Emirates

International

Government

Bond

4.857%

due

07/02/34

(Þ)

202

204

Uruguay

Government

International

Bond

5.750%

due

10/28/34

1,114

1,180

Uzbekneftegaz

JSC

Series

REGS

4.750%

due

11/16/28

(Þ)

201

171

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

111

118

Venezuela

Government

International

Bond

Series

REGS

9.250%

due

05/07/28

(Æ)(Ø)(Þ)

575

97

Venture

33

CLO,

Ltd.

7.843%

due

07/15/31

(CME

Term

SOFR

3

Month

+

2.542%)(Ê)(Þ)

1,000

1,000

Videotron,

Ltd.

Series

144A

5.125%

due

04/15/27

(Þ)

104

103

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.873%)(Ê)

1,540

1,594

VTB

Bank

Series

REGS

9.500%

due

12/31/49

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

8.067%)(Æ)(Ê)

(ƒ)(Ø)(Š)(Þ)

714

—

Walgreens

Boots

Alliance,

Inc.

3.600%

due

11/20/25

GBP

350

433

2.125%

due

11/20/26

EUR

855

854

Weir

Group

PLC

(The)

2.200%

due

05/13/26

(Þ)

66

62

Wipro

IT

Services

LLC

1.500%

due

06/23/26

(Þ)

101

95

YPF

SA

9.000%

due

02/12/26

(~)(Ê)(Þ)

—

—

9.000%

due

06/30/29

(~)(Ê)(Þ)

—

—

7.000%

due

09/30/33

(~)(Ê)(Þ)

1

1

Series

REGS

6.950%

due

07/21/27

(Þ)

250

230

8.500%

due

06/27/29

(Þ)

332

315

125,044

Mortgage-Backed

Securities

-

15.8%

Arroyo

Mortgage

Trust

Series

2019-2

Class

A3

3.800%

due

04/25/49

(~)(Ê)(Þ)

77

74

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2017-BNK4

Class

D

3.357%

due

05/15/50

(Þ)

500

330

Series

2017-BNK6

Class

D

3.100%

due

07/15/60

(Þ)

140

110

Series

2021-BN31

Class

XA

Interest

Only

STRIPS

1.000%

due

02/15/54

(~)(Ê)

1,538

98

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

Series

2017-BNK3

Class

C

4.352%

due

02/15/50

(~)(Ê)

500

464

Benchmark

Mortgage

Trust

Series

2019-B14

Class

D

2.500%

due

12/15/62

(Þ)

890

552

Series

2021-B23

Class

XA

Interest

Only

STRIPS

1.280%

due

02/15/54

(~)(Ê)

1,933

109

BMD2

Re-

Remic

Trust

Series

2019-FRR1

Class

6B10

2.526%

due

05/25/52

(~)(Ê)(Þ)

892

699

BOCA

Commercial

Mortgage

Trust

Series

2022-BOCA

Class

D

8.651%

due

05/15/39

(CME

Term

SOFR

1

Month

+

3.318%)(Ê)(Þ)

500

499

BX

Commercial

Mortgage

Trust

Series

2021-21M

Class

E

6.759%

due

10/15/36

(USD

1

Month

LIBOR

+

2.171%)(Ê)(Þ)

175

171

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

144

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-VOLT

Class

F

7.836%

due

09/15/36

(CME

Term

SOFR

1

Month

+

2.514%)(Ê)(Þ)

400

393

Series

2024-KING

Class

D

7.790%

due

05/15/39

(CME

Term

SOFR

1

Month

+

2.490%)(Ê)(Þ)

500

493

BX

Trust

Series

2021-ARIA

Class

D

1.975%

due

10/15/36

(USD

1

Month

LIBOR

+

1.895%)(Ê)(Þ)

500

490

Series

2021-LGCY

Class

C

6.436%

due

10/15/36

(CME

Term

SOFR

1

Month

+

1.118%)(Ê)(Þ)

380

369

Series

2021-RISE

Class

D

7.186%

due

11/15/36

(CME

Term

SOFR

1

Month

+

1.864%)(Ê)(Þ)

459

450

Series

2022-LBA6

Class

E

8.033%

due

01/15/39

(CME

Term

SOFR

1

Month

+

2.700%)(Ê)(Þ)

500

490

Cali

Sun

7.211%

due

07/15/41

(CME

Term

SOFR

1

Month

+

1.891%)(Ê)(Þ)

300

299

Cantor

Commercial

Real

Estate

Lending

Series

2019-CF2

Class

D

2.500%

due

11/15/52

(Þ)

775

583

Cascade

Funding

Mortgage

Trust

Series

2021-FRR1

Class

CK98

7.319%

due

08/29/29

(Þ)

4,500

2,919

CD

Mortgage

Trust

Series

2019-CD8

Class

XA

Interest

Only

STRIPS

1.553%

due

08/15/57

(~)(Ê)

7,581

410

Chase

Home

Lending

Mortgage

Trust

Series

2019-1

Class

A15

3.500%

due

03/25/50

(~)(Ê)(Þ)

71

62

Series

2019-1

Class

A5

4.000%

due

03/25/50

(~)(Ê)(Þ)

453

401

Series

2019-ATR2

Class

A3

3.500%

due

07/25/49

(~)(Ê)(Þ)

116

104

Series

2024-6

Class

A9A

6.000%

due

05/25/55

(~)(Ê)(Þ)

490

486

CHNGE

Mortgage

Trust

Series

2022-1

Class

A1

3.007%

due

01/25/67

(~)(Ê)(Þ)

321

300

CIM

Commercial

Trust

Corp.

Series

2018-INV1

Class

A10

4.000%

due

08/25/48

(~)(Ê)(Þ)

186

172

Series

2019-INV1

Class

A1

4.000%

due

02/25/49

(~)(Ê)(Þ)

36

34

Series

2021-J1

Class

A19

2.500%

due

03/25/51

(~)(Ê)(Þ)

731

589

Series

2021-J2

Class

A19

2.500%

due

04/25/51

(~)(Ê)(Þ)

361

291

CIM

Trust

Series

2019-J2

Class

A13

3.500%

due

10/25/49

(~)(Ê)(Þ)

373

330

Citigroup

Commercial

Mortgage

Trust

Series

2016-C2

Class

D

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.250%

due

08/10/49

(~)(Ê)(Þ)

500

441

Series

2016-C2

Class

E

4.594%

due

08/10/49

(Þ)

120

91

Series

2016-P4

Class

F

4.880%

due

07/10/49

(~)(Ê)(Þ)

313

91

Series

2019-GC41

Class

XA

Interest

Only

STRIPS

1.188%

due

08/10/56

(~)(Ê)

2,199

77

Citigroup

Mortgage

Loan

Trust,

Inc.

Series

2021-J1

Class

A4A

2.500%

due

04/25/51

(~)(Ê)(Þ)

543

439

Series

2021-J2

Class

A4A

2.500%

due

07/25/51

(~)(Ê)(Þ)

474

382

Commercial

Mortgage

Trust

Series

2020-CBM

Class

F

3.754%

due

02/10/37

(~)(Ê)(Þ)

1,500

1,441

Connecticut

Avenue

Securities

Trust

Series

2022-R01

Class

1B1

3.200%

due

12/25/41

(SOFR

30

Day

Average

+

3.150%)(Ê)(Þ)

700

724

Csail

Commercial

Mortgage

Trust

Series

2015-C2

Class

C

4.330%

due

06/15/57

(~)(Ê)

100

88

DBWF

Mortgage

Trust

Series

2015-LCM

Class

D

3.535%

due

06/10/34

(~)(Ê)(Þ)

1,000

883

Ellington

Financial

Mortgage

Trust

Series

2019-2

Class

A3

3.046%

due

11/25/59

(~)(Ê)(Þ)

134

128

Series

2022-2

Class

A1

4.299%

due

04/25/67

(~)(Ê)(Þ)

406

400

Extended

Stay

America

Trust

Series

2021-ESH

Class

E

2.925%

due

07/15/38

(USD

1

Month

LIBOR

+

2.850%)(Ê)(Þ)

453

452

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2020-R02

Class

2B1

3.168%

due

01/25/40

(USD

1

Month

LIBOR

+

3.000%)(Ê)(Þ)

1,200

1,235

Series

2023-R01

Class

1M2

7.678%

due

12/25/42

(SOFR

30

Day

Average

+

3.750%)(Ê)(Þ)

600

643

Series

2023-R02

Class

1M2

7.660%

due

01/25/43

(SOFR

30

Day

Average

+

3.350%)(Ê)(Þ)

1,100

1,163

Flagstar

Mortgage

Trust

Series

2018-1

Class

B1

4.008%

due

03/25/48

(~)(Ê)(Þ)

128

117

Series

2018-6RR

Class

B1

5.010%

due

10/25/48

(~)(Ê)(Þ)

429

414

Series

2018-3INV

Class

A3

4.000%

due

05/25/48

(~)(Ê)(Þ)

82

76

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA5

Class

M2

1.700%

due

01/25/34

(SOFR

30

Day

Average

+

1.650%)(Ê)(Þ)

646

650

Series

2022-DNA2

Class

M1B

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

145

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.449%

due

02/25/42

(SOFR

30

Day

Average

+

2.400%)(Ê)(Þ)

1,200

1,233

Series

2022-DNA6

Class

M1B

9.015%

due

09/25/42

(SOFR

30

Day

Average

+

3.700%)(Ê)(Þ)

200

213

Series

2022-HQA1

Class

M1B

7.810%

due

03/25/42

(SOFR

30

Day

Average

+

3.500%)(Ê)(Þ)

1,100

1,156

FREMF

Mortgage

Trust

Series

2016-K57

Class

D

Principal

Only

STRIPS 

0.000%

due

08/25/49

(Æ)(Þ)

1,450

1,190

Series

2016-K57

Class

X2A

Interest

Only

STRIPS

0.100%

due

08/25/49

(Þ)

14,662

20

Series

2016-K57

Class

X2B

Interest

Only

STRIPS

0.100%

due

08/25/49

(Þ)

3,675

6

Series

2019-KG01

Class

X2A

Interest

Only

STRIPS

0.100%

due

04/25/29

(Þ)

5,055

12

Series

2019-KG01

Class

X2B

Interest

Only

STRIPS

0.100%

due

05/25/29

(Þ)

570

2

FRR

Re-REMIC

Trust

Series

2018-C1

Class

CK43

Principal

Only

STRIPS

0.000%

due

02/27/48

(Æ)(Þ)

200

191

GAM

Re-REMIC

Trust

Series

2021-FRR1

Class

1B

0.000%

due

11/29/50

(Æ)(Þ)

1,000

801

2.420%

due

09/27/51

(~)(Ê)(Þ)

415

327

Series

2021-FRR1

Class

1C

0.000%

due

07/28/27

(Æ)(Þ)

837

656

Series

2021-FRR1

Class

1D

0.000%

due

07/28/27

(Æ)(Þ)

1,258

965

Series

2021-FRR1

Class

2B

0.000%

due

11/29/50

(Æ)(Þ)

1,500

1,166

Series

2021-FRR1

Class

2C

0.000%

due

12/29/27

(Æ)(Þ)

905

686

Series

2021-FRR2

Class

2C

2.935%

due

10/27/28

(Þ)

316

303

Series

2021-FRR2

Class

A

4.292%

due

10/27/28

(Þ)

312

280

Series

2021-FRR2

Class

BK

8.097%

due

10/27/28

(Þ)

266

182

Series

2021-FRR2

Class

C

3.713%

due

10/27/28

(Þ)

316

302

Series

2021-FRR2

Class

CK44

Principal

Only

STRIPS

0.000%

due

10/27/28

(Æ)(Þ)

384

366

Series

2021-FRR2

Class

CK49

1.040%

due

09/27/51

(~)(Ê)(Þ)

796

736

Series

2022-FRR3

Class

A

2.038%

due

01/29/52

(~)(Ê)(Þ)

635

525

Series

2022-FRR3

Class

C728

Principal

Only

STRIPS

0.000%

due

01/29/52

(Æ)(Þ)

246

243

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2022-FRR3

Class

CK47

Principal

Only

STRIPS 

0.000%

due

01/29/52

(Æ)(Þ)

251

233

Series

2022-FRR3

Class

D728

Principal

Only

STRIPS 

0.000%

due

01/29/52

(Æ)(Þ)

246

241

Series

2022-FRR3

Class

DK41

Principal

Only

STRIPS 

0.000%

due

01/29/52

(Æ)(Þ)

199

194

Series

2022-FRR3

Class

DK47

Principal

Only

STRIPS 

0.000%

due

01/29/52

(Æ)(Þ)

251

231

Great

Wolf

Trust

Series

2024-WLF2

Class

D

8.240%

due

05/15/41

(CME

Term

SOFR

1

Month

+

2.939%)(Ê)(Þ)

500

500

GS

Mortgage

Securities

Trust

Series

2019-GC40

Class

XA

Interest

Only

STRIPS

1.231%

due

07/10/52

(~)(Ê)

2,973

128

Series

2019-PJ2

Class

B2

4.496%

due

11/25/49

(~)(Ê)(Þ)

883

817

Series

2020-PJ1

Class

B2

3.710%

due

05/25/50

(~)(Ê)(Þ)

882

761

Series

2021-PJ1

Class

A4

2.500%

due

05/28/52

(~)(Ê)(Þ)

862

693

Series

2021-PJ3

Class

A4

2.500%

due

08/25/51

(~)(Ê)(Þ)

761

614

Series

2021-PJ5

Class

B3

2.600%

due

10/25/51

(~)(Ê)(Þ)

367

291

Series

2021-PJ6

Class

A12

2.500%

due

11/25/51

(~)(Ê)(Þ)

800

571

Series

2021-PJ6

Class

A4

2.500%

due

11/25/51

(~)(Ê)(Þ)

794

641

Series

2021-PJ9

Class

A4

2.500%

due

02/26/52

(~)(Ê)(Þ)

969

779

Series

2021-PJ11

Class

B3

2.875%

due

04/25/52

(~)(Ê)(Þ)

464

365

Series

2023-FUN

Class

C

8.048%

due

03/15/28

(CME

Term

SOFR

1

Month

+

3.389%)(Ê)(Þ)

500

500

Hawaii

Hotel

Trust

Series

2019-MAUI

Class

E

2.864%

due

05/15/38

(USD

1

Month

LIBOR

+

2.160%)(Ê)(Þ)

500

497

HLTN

Commercial

Mortgage

Trust

Series

2024-DPLO

Class

D

8.659%

due

06/15/41

(CME

Term

SOFR

1

Month

+

3.339%)(Ê)(Þ)

500

498

Imperial

Fund

Mortgage

Trust

Series

2022-NQM3

Class

A1

4.380%

due

05/25/67

(~)(Ê)(Þ)

389

381

INTOWN

Mortgage

Trust

Series

2022-STAY

Class

B

8.620%

due

08/15/39

(CME

Term

SOFR

1

Month

+

3.286%)(Ê)(Þ)

500

501

JPMorgan

Commercial

Mortgage

Securities

Trust

Series

2015-C27

Class

XA

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

146

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Interest

Only

STRIPS

1.306%

due

02/15/48

(~)(Ê)

2,498

3

JPMorgan

Mortgage

Trust

Series

2017-6

Class

A7

3.500%

due

12/25/48

(~)(Ê)(Þ)

64

58

Series

2018-3

Class

B3

3.757%

due

09/25/48

(~)(Ê)(Þ)

749

669

Series

2018-6

Class

B1

3.933%

due

12/25/48

(~)(Ê)(Þ)

246

225

Series

2019-1

Class

A3

4.000%

due

05/25/49

(~)(Ê)(Þ)

25

24

Series

2019-2

Class

A3

4.000%

due

08/25/49

(~)(Ê)(Þ)

19

18

Series

2019-7

Class

B2A

3.194%

due

02/25/50

(~)(Ê)(Þ)

354

301

Series

2019-8

Class

A15

3.500%

due

03/25/50

(~)(Ê)(Þ)

53

47

Series

2019-HYB1

Class

B1

3.937%

due

10/25/49

(~)(Ê)(Þ)

650

628

Series

2019-LTV3

Class

A5

3.500%

due

03/25/50

(~)(Ê)(Þ)

47

45

Series

2020-1

Class

A15

3.500%

due

06/25/50

(~)(Ê)(Þ)

143

126

Series

2020-1

Class

A7

3.500%

due

06/25/50

(~)(Ê)(Þ)

321

284

Series

2020-5

Class

B1

3.736%

due

12/25/50

(~)(Ê)(Þ)

409

356

Series

2020-8

Class

A3

3.000%

due

03/25/51

(~)(Ê)(Þ)

165

140

Series

2021-1

Class

A15

2.500%

due

06/25/51

(~)(Ê)(Þ)

297

240

Series

2021-4

Class

A15

2.500%

due

08/25/51

(~)(Ê)(Þ)

219

176

Series

2022-4

Class

A17A

3.000%

due

10/25/52

(~)(Ê)(Þ)

434

364

Series

2023-8

Class

A2

6.000%

due

02/25/54

(~)(Ê)(Þ)

693

693

Series

2023-8

Class

B3

6.356%

due

02/25/54

(~)(Ê)(Þ)

988

962

Series

2024-4

Class

A9

6.500%

due

10/25/54

(~)(Ê)(Þ)

951

961

KSL

Commercial

Mortgage

Trust

Series

2023-HT

Class

C

8.789%

due

12/15/36

(CME

Term

SOFR

1

Month

+

3.439%)(Ê)(Þ)

600

601

Mello

Mortgage

Capital

Acceptance

Series

2018-MTG2

Class

B2

4.485%

due

10/25/48

(~)(Ê)(Þ)

868

807

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

F

2.691%

due

04/15/38

(USD

1

Month

LIBOR

+

2.601%)(Ê)(Þ)

336

331

MHP

Series

2022-MHIL

Class

E

7.936%

due

01/15/27

(CME

Term

SOFR

1

Month

+

2.611%)(Ê)(Þ)

273

270

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2014-C18

Class

D

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.389%

due

10/15/47

(Þ)

250

202

Series

2015-C22

Class

C

4.243%

due

04/15/48

(~)(Ê)

450

404

Series

2016-C29

Class

XB

Interest

Only

STRIPS

1.110%

due

05/15/49

(~)(Ê)

7,710

105

Morgan

Stanley

Capital

I

Trust

Series

2017-HR2

Class

XA

Interest

Only

STRIPS

0.932%

due

12/15/50

(~)(Ê)

2,411

58

Series

2019-H6

Class

D

3.000%

due

06/15/52

(Þ)

377

297

Series

2019-H7

Class

XA

Interest

Only

STRIPS

1.464%

due

07/15/52

(~)(Ê)

5,863

283

Series

2019-L3

Class

XA

Interest

Only

STRIPS

0.645%

due

11/15/52

(~)(Ê)

5,198

139

Series

2021-L5

Class

XA

Interest

Only

STRIPS

1.425%

due

04/15/31

1,497

86

Morgan

Stanley

Residential

Mortgage

Loan

Trust

Series

2024-2

Class

B1

7.201%

due

03/25/54

(~)(Ê)(Þ)

499

529

MRCD

Mortgage

Trust

Series

2019-PARK

Class

E

2.718%

due

12/15/36

(Þ)

120

74

Onslow

Bay

Financial

LLC

Series

2020-INV1

Class

A21

3.500%

due

12/25/49

(~)(Ê)(Þ)

101

90

Series

2022-NQM4

Class

A1B

3.900%

due

04/25/62

(~)(Ê)(Þ)

1,100

1,033

Series

2023-J1

Class

A3

4.500%

due

01/25/53

(~)(Ê)(Þ)

430

412

RCKT

Mortgage

Trust

Series

2020-1

Class

A13

3.000%

due

02/25/50

(~)(Ê)(Þ)

188

160

Series

2021-1

Class

A13

2.500%

due

03/25/51

(~)(Ê)(Þ)

145

117

ReadyCap

Commercial

Mortgage

Trust

Series

2018-4

Class

D

5.235%

due

02/27/51

(~)(Ê)(Þ)

270

256

RFM

Re-REMIC

Trust

Series

2022-FRR1

Class

AB55

0.887%

due

03/28/49

(Þ)

1,430

1,260

Series

2022-FRR1

Class

AB60

2.470%

due

11/08/49

(Þ)

1,210

1,071

Series

2022-FRR1

Class

AB64

2.314%

due

03/01/50

(Þ)

1,583

1,391

Series

2022-FRR1

Class

CK55

Principal

Only

STRIPS 

0.000%

due

03/28/49

(Æ)(Þ)

450

388

Series

2022-FRR1

Class

CK60

Principal

Only

STRIPS 

0.000%

due

11/08/49

(Æ)(Þ)

560

452

Sequoia

Mortgage

Trust

Series

2019-4

Class

A19

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

147

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

11/25/49

(~)(Ê)(Þ)

54

48

Series

2019-5

Class

A7

3.500%

due

12/25/49

(~)(Ê)(Þ)

819

727

Series

2019-CH3

Class

A1

4.000%

due

09/25/49

(~)(Ê)(Þ)

53

50

Series

2020-4

Class

A20

2.500%

due

11/25/50

(~)(Ê)(Þ)

477

384

SMRT

Trust

Series

2022-MINI

Class

F

3.872%

due

01/15/39

(CME

Term

SOFR

1

Month

+

3.350%)(Ê)(Þ)

1,400

1,317

UBS

Bank

of

America

Merrill

Lynch

Mortgage

Trust

Series

2012-WRM

Class

D

4.379%

due

06/10/30

(~)(Ê)(Þ)

2,600

2,119

UWM

Mortgage

Trust

Series

2021-1

Class

A15

2.500%

due

06/25/51

(~)(Ê)(Þ)

750

604

Verus

Securitization

Trust

Series

2021-1

Class

M1

1.968%

due

01/25/66

(~)(Ê)(Þ)

1,000

771

Series

2021-3

Class

A1

1.046%

due

06/25/66

(~)(Ê)(Þ)

472

402

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2004-AR7

Class

A6

4.508%

due

07/25/34

(~)(Ê)

221

206

Series

2006-AR15

Class

1A

2.531%

due

11/25/46

(Federal

Reserve

U.S.

12

Month

Cumulative

Avg

1

year

CMT

+

0.840%)(Ê)

179

147

Wells

Fargo

Commercial

Mortgage

Trust

Series

2014-LC18

Class

XA

Interest

Only

STRIPS

1.188%

due

12/15/47

(~)(Ê)

3,509

3

Series

2016-C37

Class

D

3.185%

due

12/15/49

(~)(Ê)(Þ)

500

441

Series

2016-LC25

Class

D

3.263%

due

12/15/59

(~)(Ê)(Þ)

450

380

Series

2017-C41

Class

XA

Interest

Only

STRIPS

1.366%

due

11/15/50

(~)(Ê)

4,796

145

Series

2018-C45

Class

D

3.000%

due

06/15/51

(Þ)

390

307

Series

2021-C61

Class

D

2.500%

due

11/15/54

(Þ)

500

352

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-1

Class

A17

3.000%

due

12/25/49

(~)(Ê)(Þ)

19

16

Series

2020-4

Class

A17

3.000%

due

07/25/50

(~)(Ê)(Þ)

159

135

Series

2020-RR1

Class

A1

3.000%

due

05/25/50

(~)(Ê)(Þ)

211

182

Series

2021-1

Class

A17

2.500%

due

12/25/50

(~)(Ê)(Þ)

702

566

70,141

Non-US

Bonds

-

11.6%

888

Acquisitions,

Ltd.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

10.750%

due

05/15/30

(Þ)

GBP

350

457

Accor

SA

7.250%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.105%)(Ê)(ƒ)(Þ)

EUR

200

237

Air

France-KLM

7.250%

due

05/31/26

(Þ)

EUR

200

227

3.875%

due

07/01/26

(Þ)

EUR

100

108

alstria

office

REIT-AG

0.500%

due

09/26/25

(Þ)

EUR

100

103

1.500%

due

11/15/27

(Þ)

EUR

100

97

ams

-OSRAM

AG

2.125%

due

11/03/27

(Þ)

EUR

600

513

Series

REGS

10.500%

due

03/30/29

(Þ)

EUR

100

113

Anarafe

SL

Series

REGS

15.386%

due

12/31/26

(~)(Ê)(Þ)

EUR

259

345

Azzurra

Aeroporti

SpA

2.625%

due

05/30/27

(Þ)

EUR

110

114

Banijay

Group

SAS

Series

REGS

6.500%

due

03/01/26

(Þ)

EUR

400

433

Bayer

AG

7.000%

due

09/25/83

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.896%)(Ê)(Þ)

EUR

200

226

Bayer

US

Finance

II

LLC

3.125%

due

11/12/79

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.108%)(Ê)(Þ)

EUR

800

800

Series

N8.5

5.375%

due

03/25/82

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.458%)(Ê)(Þ)

EUR

300

313

BCP

V

Modular

Services

Finance

II

PLC

Series

REGS

4.750%

due

11/30/28

(Þ)

EUR

200

206

BE

Semiconductor

Industries

NV

Series

REGS

4.500%

due

07/15/31

(Þ)

EUR

150

162

Bellis

Acquisition

Co

PLC

Series

REGS

8.125%

due

05/14/30

(Þ)

GBP

200

254

Bertelsmann

SE

&

Co.

KGaA

3.500%

due

04/23/75

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.206%)(Ê)(Þ)

EUR

300

317

British

Telecommunications

PLC

8.375%

due

12/20/83

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

3.820%)(Ê)(Þ)

GBP

300

414

Canary

Wharf

Group

Investment

Holdings

PLC

Series

REGS

1.750%

due

04/07/26

(Þ)

EUR

425

412

3.375%

due

04/23/28

(Þ)

GBP

135

134

Castor

SpA

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

148

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

8.969%

due

02/15/29

(3

Month

EURIBOR

+

5.250%)(Ê)(Þ)

EUR

138

147

CD&R

Firefly

Bidco

PLC

Series

REGS

8.625%

due

04/30/29

(Þ)

GBP

450

585

Cellnex

Telecom

SA

Series

CLNX

0.750%

due

11/20/31

(Þ)

EUR

400

369

Centrica

PLC

6.500%

due

05/21/55

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

2.512%)(Ê)(Þ)

GBP

100

131

Centurion

Bidco

SpA

11.125%

due

05/15/28

(Þ)

EUR

445

463

CGG

SA

Series

REGS

7.750%

due

04/01/27

(Þ)

EUR

600

631

Cidron

Aida

Finco

SARL

Series

REGS

5.000%

due

04/01/28

(Þ)

EUR

600

602

6.250%

due

04/01/28

(Þ)

GBP

300

355

Citycon

Treasury

BV

1.625%

due

03/12/28

(Þ)

EUR

330

310

Commerzbank

AG

4.000%

due

03/23/26

(Þ)

EUR

500

543

Series

EMTN

4.000%

due

03/30/27

(Þ)

EUR

100

109

Constellation

Automotive

Financing

PLC

Series

REGS

4.875%

due

07/15/27

(Þ)

GBP

360

396

Co-operative

Group

Holdings,

Ltd.

5.035%

due

07/08/26

(~)(Ê)(Þ)

GBP

110

143

CPI

Property

Group

SA

2.875%

due

04/23/27

(~)(Ê)(Þ)

EUR

100

97

7.000%

due

05/07/29

(Þ)

EUR

120

128

1.750%

due

01/14/30

(Þ)

EUR

300

247

CPUK

Finance,

Ltd.

6.500%

due

08/28/26

(Þ)

GBP

150

191

Series

.

7.875%

due

08/28/29

(Þ)

GBP

200

261

Daily

Mail

&

General

Trust

PLC

6.375%

due

06/21/27

GBP

100

123

Deutsche

Telekom

AG

Series

REGS

5.500%

due

01/15/30

(Þ)

EUR

600

609

Electricite

de

France

SA

5.000%

due

01/22/49

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

12

Year

Rate

+

3.043%)(Ê)(ƒ)(Þ)

EUR

200

216

2.625%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.860%)(Ê)(ƒ)(Þ)

EUR

200

199

3.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.198%)(Ê)(ƒ)(Þ)

EUR

200

203

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.375%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.970%)(Ê)(ƒ)(Þ)

EUR

800

774

Series

EMTN

5.875%

due

07/22/49

(ICE

SWAP

Rate

GBP

SONIA

15

Year

+

3.323%)

(Ê)(ƒ)(Þ)

GBP

300

371

Elia

Group

SA

5.850%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.506%)(Ê)(ƒ)(Þ)

EUR

400

449

ELO

SACA

2.875%

due

01/29/26

(Þ)

EUR

200

208

3.250%

due

07/23/27

(Þ)

EUR

100

99

4.875%

due

12/08/28

(Þ)

EUR

200

198

6.000%

due

03/22/29

(Þ)

EUR

300

306

Energia

Group

Roi

Financeco

DAC

Series

REGS

6.875%

due

07/31/28

(Þ)

EUR

600

677

Energias

de

Portugal

SA

Series

NC8

1.875%

due

03/14/82

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.080%)(Ê)(Þ)

EUR

200

192

EP

Infrastructure

AS

1.698%

due

07/30/26

(Þ)

EUR

200

203

2.045%

due

10/09/28

(Þ)

EUR

360

346

1.816%

due

03/02/31

(Þ)

EUR

200

177

Esselunga

SpA

1.875%

due

10/25/27

(Þ)

EUR

200

205

Eutelsat

SA

2.250%

due

07/13/27

(Þ)

EUR

400

385

1.500%

due

10/13/28

(Þ)

EUR

300

264

Series

REGS

9.750%

due

04/13/29

(Þ)

EUR

210

238

Fiber

Bidco

SpA

Series

REGS

6.125%

due

06/15/31

(Þ)

EUR

300

321

Grifols

Escrow

Issuer

SA

Series

REGS

3.875%

due

10/15/28

(Þ)

EUR

400

381

Heathrow

Finance

PLC

6.625%

due

03/01/31

(Þ)

GBP

300

382

Holding

d'Infrastructures

des

Metiers

de

l'Environnement

0.125%

due

09/16/25

(Þ)

EUR

465

481

4.500%

due

04/06/27

(Þ)

EUR

190

206

IHO

Verwaltungs

GmbH

Series

REGS

8.750%

due

05/15/28

(Þ)

EUR

150

173

Iliad

SA

5.625%

due

02/15/30

(Þ)

EUR

300

336

Series

REGS

6.875%

due

04/15/31

(Þ)

EUR

150

167

IMA

Industria

Macchine

Automatiche

SpA

Series

REGS

7.435%

due

04/15/29

(3

Month

EURIBOR

+

3.750%)(Ê)(Þ)

EUR

230

252

INEOS

Finance

PLC

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

149

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

6.625%

due

05/15/28

(Þ)

EUR

100

112

Intesa

Sanpaolo

SpA

3.928%

due

09/15/26

(Þ)

EUR

310

337

Kaixo

Bondco

Telecom

SA

Series

REGS

5.125%

due

09/30/29

(Þ)

EUR

775

836

Kennedy

Wilson

Europe

Real

Estate,

Ltd.

3.250%

due

11/12/25

(Þ)

EUR

200

207

Libra

Groupco

SpA

Series

REGS

5.000%

due

05/15/27

(Þ)

EUR

450

478

Mahle

GmbH

Series

REGS

6.500%

due

05/02/31

(Þ)

EUR

250

275

Maison

Finco

PLC

Series

REGS

6.000%

due

10/31/27

(Þ)

GBP

365

443

Mangrove

LuxCo

III

SARL

Series

REGS

7.775%

due

10/09/25

(Þ)

EUR

418

452

8.674%

due

07/15/29

(3

Month

EURIBOR

+

5.000%)(Ê)(Þ)

EUR

350

379

Marks

&

Spencer

PLC

3.250%

due

07/10/27

(Þ)

GBP

390

491

Matterhorn

Telecom

SA

Series

JUN

5.250%

due

07/31/28

(Þ)

CHF

450

533

mBank

SA

0.966%

due

09/21/27

(3

Month

EURIBOR

+

1.250%)(Ê)(Þ)

EUR

200

199

Monitchem

HoldCo

3

SA

Series

REGS

8.750%

due

05/01/28

(Þ)

EUR

245

273

Motion

Bondco

Designated

Activity

Co.

Series

REGS

4.500%

due

11/15/27

(Þ)

EUR

200

206

Mundys

SpA

1.875%

due

07/13/27

(Þ)

EUR

375

384

Nexi

SpA

2.125%

due

04/30/29

(Þ)

EUR

400

397

NGG

Finance

PLC

2.125%

due

09/05/82

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.532%)(Ê)(Þ)

EUR

600

603

Nobian

Finance

BV

Series

REGS

3.625%

due

07/15/26

(Þ)

EUR

250

266

Ocado

Group

PLC

0.750%

due

01/18/27

(Þ)

GBP

400

415

Series

REGS

3.875%

due

10/08/26

(Þ)

GBP

800

951

ONE

Hotels

GmbH

Series

REGS

7.750%

due

04/02/31

(Þ)

EUR

115

129

Orange

SA

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.375%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.659%)(Ê)(ƒ)(Þ)

EUR

700

794

Orsted

A/S

5.250%

due

12/08/22

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.619%)(Ê)(Þ)

EUR

500

552

Series

GBP

2.500%

due

02/18/21

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

2.136%)(Ê)(Þ)

GBP

245

230

Petrobras

Global

Finance

BV

6.250%

due

12/14/26

GBP

260

335

6.625%

due

01/16/34

GBP

100

126

Petroleos

Mexicanos

3.750%

due

11/16/25

(Þ)

GBP

150

183

2.750%

due

04/21/27

(Þ)

EUR

100

97

4.875%

due

02/21/28

(Þ)

EUR

200

200

Series

10.7

4.750%

due

02/26/29

(Þ)

EUR

400

381

Pinewood

Finance

Co.,

Ltd.

Series

REGS

6.000%

due

03/27/30

(Þ)

GBP

300

384

PLT

VII

Finance

SARL

Series

REGS

6.000%

due

06/15/31

(Þ)

EUR

600

650

ProGroup

AG

Series

REGS

5.125%

due

04/15/29

(Þ)

EUR

250

270

RAC

Bond

Co.

PLC

Series

REGS

5.250%

due

11/04/27

(Þ)

GBP

435

529

Renault

SA

1.000%

due

11/28/25

(Þ)

EUR

510

535

2.000%

due

09/28/26

(Þ)

EUR

100

104

1.125%

due

10/04/27

(Þ)

EUR

200

199

Rossini

Sarl

Series

REGS

6.750%

due

12/31/29

(Þ)

EUR

180

202

Schaeffler

AG

2.875%

due

03/26/27

(Þ)

EUR

220

232

Summer

(BC)

Holdco

A

SARL

Series

REGS

9.250%

due

10/31/27

(Þ)

EUR

360

383

Techem

Verwaltungsgesellschaft

674

mbH

Series

REGS

6.000%

due

07/30/26

(Þ)

EUR

242

262

Telecom

Italia

Finance

SA

7.750%

due

01/24/33

EUR

250

323

Telecom

Italia

SpA

5.250%

due

03/17/55

EUR

200

207

Telefonica

Europe

BV

2.875%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

8

Year

Rate

+

3.071%)(Ê)(ƒ)(Þ)

EUR

200

207

6.135%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

7

Year

Rate

+

3.347%)(Ê)(ƒ)(Þ)

EUR

600

686

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

150

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Telefonica

SA

2.880%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

6

Year

Rate

+

2.866%)(Ê)(ƒ)(Þ)

EUR

300

306

Teva

Pharmaceutical

Finance

Netherlands

II

BV

1.875%

due

03/31/27

(Þ)

EUR

250

255

1.625%

due

10/15/28

(Þ)

EUR

560

541

Titan

Holdings

II

BV

Series

REGS

5.125%

due

07/15/29

(Þ)

EUR

1,000

1,095

Travelex

Issuerco

,

Ltd.

Series

REGS

0.500%

due

08/05/25

(Þ)

GBP

2,356

3,407

TUI

Cruises

GmbH

Series

REGS

6.250%

due

04/15/29

(Þ)

EUR

150

165

TVL

Finance

PLC

Series

REGS

10.250%

due

04/28/28

(Þ)

GBP

100

132

United

Group

BV

Series

REGS

4.000%

due

11/15/27

(Þ)

EUR

100

106

3.625%

due

02/15/28

(Þ)

EUR

300

313

4.625%

due

08/15/28

(Þ)

EUR

300

319

Valeo

SA

1.625%

due

03/18/26

(Þ)

EUR

400

419

Var

Energi

ASA

7.862%

due

11/15/83

(EURIBOR

ICE

Swap

Rate

+

4.765%)(Ê)(Þ)

EUR

500

593

Verisure

Holding

AB

Series

REGS

7.125%

due

02/01/28

(Þ)

EUR

175

198

Verisure

Midholding

AB

Series

REGS

5.250%

due

02/15/29

(Þ)

EUR

625

669

Virgin

Media

Finance

PLC

Series

REGS

4.875%

due

07/15/28

(Þ)

GBP

250

293

Vmed

O2

UK

Financing

I

PLC

Series

REGS

4.000%

due

01/31/29

(Þ)

GBP

200

225

4.500%

due

07/15/31

(Þ)

GBP

250

271

Vodafone

Group

PLC

4.200%

due

10/03/78

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.427%)(Ê)(Þ)

EUR

200

214

4.875%

due

10/03/78

(GBP

Swap

Semiannual

[versus

6

Month

LIBOR]

5

Year

Rate

+

3.267%)(Ê)(Þ)

GBP

250

317

Series

NC10

3.000%

due

08/27/80

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.477%)(Ê)(Þ)

EUR

900

891

Volkswagen

Group

of

America

Finance

LLC

3.748%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.924%)(Ê)(ƒ)(Þ)

EUR

100

104

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.875%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

9

Year

Rate

+

4.783%)(Ê)(ƒ)(Þ)

EUR

200

246

WEPA

Hygieneprodukte

GmbH

Series

REGS

2.875%

due

12/15/27

(Þ)

EUR

200

206

5.625%

due

01/15/31

(Þ)

EUR

100

110

Wintershall

Dea

Finance

2

BV

Series

NC5

2.499%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.924%)(Ê)(ƒ)(Þ)

EUR

300

306

Series

NC8

3.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.319%)(Ê)(ƒ)(Þ)

EUR

400

391

Wizz

Air

Finance

Co.

BV

1.000%

due

01/19/26

(Þ)

EUR

405

417

Zegona

Finance

PLC

Series

REGS

6.750%

due

07/15/29

(Þ)

EUR

460

507

ZF

Europe

Finance

BV

2.000%

due

02/23/26

(Þ)

EUR

200

208

2.500%

due

10/23/27

(Þ)

EUR

400

408

6.125%

due

03/13/29

(Þ)

EUR

200

228

3.000%

due

10/23/29

(Þ)

EUR

600

597

51,728

Total

Long-Term

Fixed

Income

Investments

(cost

$403,928)

393,465

Common

Stocks

-

1.7%

Consumer

Discretionary

-

0.0%

Education

Management

Corp.(Æ)(Š)

4,460,190

—

Energy

-

0.0%

Tourmaline

Oil

Corp.(Æ)(Š)

255,236

185

Financial

Services

-

0.0%

Travelex

Topco,

Ltd.(Æ)(Š)

11,057

—

Materials

and

Processing

-

1.0%

Specialty

Steel

Holdco,

Inc.(Æ)(Š)

22

4,276

Producer

Durables

-

0.7%

Affinion

Group,

Inc.(Š)

8,007

—

Bahia

De

Las

Isletas

SL

Class

A(Æ)(Š)

15,907,620

—

Kelly

Topco,

Ltd.(Æ)

2,574

187

Real

Alloy(Š)

39

3,014

3,201

Total

Common

Stocks

(cost

$6,134)

7,662

Preferred

Stocks

-

0.0%

Consumer

Discretionary

-

0.0%

Education

Management

Corp.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

151

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.000%

(Æ)(Š)

2,128

—

Total

Preferred

Stocks

(cost

$297)

—

Warrants

and

Rights

-

0.0%

Travelex

Issuerco

,

Ltd.

(Æ)

675

19

2025

Warrants

Total

Warrants

and

Rights

(cost

$—)

19

Short-Term

Investments

-

7.0%

Abu

Dhabi

National

Energy

Co.

PJSC

4.375%

due

04/23/25

(Þ)

506

502

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

2013-1

Class

A

4.000%

due

07/15/25

324

317

ams

AG

1.000%

due

03/05/25

EUR

800

830

Central

Plaza

Holding

Co.,

Ltd.

3.850%

due

07/14/25

(Þ)

600

574

Development

Bank

of

the

Republic

of

Belarus

JSC

Series

REGS

6.750%

due

05/02/24

(~)(Ê)(Þ)(Š)

942

407

DISH

DBS

Corp.

Series

WI

5.875%

due

11/15/24

100

93

Education

Management

LLC

Term

Loan

B

0.000%

due

07/02/23

(USD

3

Month

LIBOR  +

8.500%)(Ê)(v)

284

—

Explorer

II

AS

3.375%

due

02/24/25

EUR

555

562

Global

Aircraft

Leasing

Co.,

Ltd.

6.500%

due

09/15/24

(Þ)

1,891

1,858

High

Ridge

Brands

Co.

8.875%

due

03/15/25

(Æ)(Ø)

970

—

KAR

Auction

Services,

Inc.

5.125%

due

06/01/25

(Þ)

177

176

Lamar

Funding,

Ltd.

Series

REGS

3.958%

due

05/07/25

(Þ)

490

483

Lebanon

Government

International

Bond

Series

GMTN

6.200%

due

02/26/25

(Æ)(Ø)(Þ)

500

35

Oschadbank

Via

SSB

#1

PLC

9.625%

due

03/20/25

(~)(Ê)(Þ)

75

72

Provident

Funding

Associates,

LP

/

PFG

Finance

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.375%

due

06/15/25

(Þ)

195

190

Republic

of

Kazakhstan

Government

International

Bond

Series

REGS

5.125%

due

07/21/25

(Þ)

200

199

Rockies

Express

Pipeline

LLC

3.600%

due

05/15/25

(Þ)

115

113

RZD

Capital

PLC

7.900%

due

10/19/24

(~)(Æ)(Ê)(Ø)

(Þ)

RUB

115,000

—

Sugarhouse

HSP

Gaming

Prop

Mezz

,

LP

/

Sugarhouse

HSP

Gaming

Finance

Corp.

5.875%

due

05/15/25

(Þ)

833

828

U.S.

Cash

Management

Fund(@)

23,648,677(∞)

23,644

ZF

NA

Capital,

Inc.

4.750%

due

04/29/25

(Þ)

EUR

253

250

Total

Short-Term

Investments

(cost

$34,692)

31,133

Other

Securities

-

0.8%

U.S.

Cash

Collateral

Fund(@)(×)

3,474,17

3

(∞)

3,474

Total

Other

Securities

(cost

$3,474)

3,474

Total

Investments

-

98.0%

(identified

cost

$448,525)

435,753

Other

Assets

and

Liabilities,

Net

-

2.0%

9,026

Net

Assets

-

100.0%

444,779

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

152

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

71.4%

1011778

B.C.

Unltd

.

Liability

Co.

/

New

Red

Finance,

Inc.

07/06/21

206,000

98.20

202

184

1375209

BC,

Ltd.

09/27/22

755,000

100.21

757

716

180

Medical,

Inc.

09/30/21

300,000

100.00

300

272

888

Acquisitions,

Ltd.

05/02/24

GBP

350,000

125.37

439

457

ABN

AMRO

Bank

NV

07/08/20

94,000

104.24

98

93

Abu

Dhabi

Developmental

Holding

Co.

PJSC

04/30/24

369,000

99.49

367

377

Abu

Dhabi

Government

International

Bond

11/02/22

477,000

72.08

344

335

Abu

Dhabi

Government

International

Bond

11/02/23

795,000

83.12

661

669

Abu

Dhabi

Government

International

Bond

04/23/24

602,000

99.66

600

617

Abu

Dhabi

Government

International

Bond

04/30/24

400,000

66.20

265

272

Abu

Dhabi

National

Energy

Co.

PJSC

05/10/18

506,000

99.77

505

502

Accor

SA

10/04/23

EUR

200,000

111.73

223

237

ACE

Securities

Corp.

Mortgage

Loan

Trust

02/23/21

657,496

98.35

647

507

AdaptHealth

LLC

01/28/21

223,000

101.67

227

199

AdaptHealth

LLC

08/12/21

851,000

99.73

849

761

Adient

Global

Holdings,

Ltd.

11/10/21

474,000

100.80

478

465

Adient

Global

Holdings,

Ltd.

02/28/23

338,000

100.00

338

355

Aeropuerto

Internacional

De

Tocumen

SA

03/11/24

686,000

72.58

498

527

AES

Panama

Generation

Holdings

SRL

07/06/22

82,036

89.19

73

72

African

Export-Import

Bank

(The)

07/26/22

443,000

84.21

373

385

Agua

y

Saneamientos

Argentinos

SA

02/17/23

471,459

91.79

433

391

Ahlstrom

Holding

3

Oy

02/26/24

300,000

92.65

278

282

AHP

Health

Partners,

Inc.

08/16/21

186,000

100.58

187

178

Air

France-KLM

05/22/24

EUR

200,000

113.82

228

227

Air

France-KLM

06/18/24

EUR

100,000

106.98

107

108

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

04/20/22

142,000

97.71

139

138

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

04/18/23

171,000

90.50

155

156

Albion

Financing

2

SARL

10/15/21

600,000

100.00

600

608

Alimentation

Couche-Tard,

Inc.

09/24/18

83,000

97.73

81

80

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

11/09/22

246,000

93.30

230

244

alstria

office

REIT-AG

07/12/24

EUR

100,000

103.20

103

103

alstria

office

REIT-AG

07/12/24

EUR

100,000

96.42

96

97

Alta

Equipment

Group,

Inc.

05/21/24

386,000

97.17

375

366

Altice

France

Holding

SA

04/20/22

324,000

90.92

295

227

AMC

Networks,

Inc.

07/09/24

124,000

99.56

123

123

Amentum

Escrow

Corp.

07/30/24

130,000

100.00

130

133

American

Airlines

Group,

Inc.

03/10/21

421,167

100.00

421

418

American

Airlines

Group,

Inc.

08/10/23

299,000

98.61

294

292

American

Finance

Trust,

Inc.

/

American

Finance

Operating

Partner,

LP

01/12/22

225,000

99.69

224

205

ams

-OSRAM

AG

04/29/24

EUR

100,000

107.67

108

113

ams

-OSRAM

AG

07/26/24

EUR

600,000

86.58

519

513

Amsted

Industries,

Inc.

04/05/24

219,000

98.68

216

215

Anarafe

SL

01/12/22

EUR

259,284

126.94

329

345

Angolan

Government

International

Bond

10/17/23

708,000

83.97

595

632

Apidos

CLO

XXXI

04/28/21

1,140,000

100.00

1,140

1,142

Apidos

CLO

XXXIII

09/14/21

1,600,000

100.00

1,600

1,606

Apollo

Commercial

Real

Estate

Finance,

Inc.

09/02/21

216,000

98.44

213

184

Aramark

Services,

Inc.

01/28/21

242,000

102.38

248

236

Arches

Buyer,

Inc.

05/03/23

208,000

89.78

187

186

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

03/06/24

EUR

300,000

87.54

263

267

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

01/28/21

187,000

102.01

191

108

Ardonagh

Group

Finance,

Ltd.

04/05/24

176,000

98.11

173

178

Aretec

Escrow

Issuer

2,

Inc.

10/26/23

664,000

100.00

664

708

Arroyo

Mortgage

Trust

05/12/20

76,937

97.26

75

74

Arsenal

AIC

Parent

LLC

08/10/23

168,000

101.76

171

179

Ashtead

Capital,

Inc.

10/17/23

107,000

93.86

100

105

ATS

Automation

Tooling

Systems,

Inc.

01/28/21

193,000

101.05

195

179

Avantor

,

Inc.

01/28/21

249,000

102.81

256

240

Avation

Capital

SA

07/06/21

291

91.59

—

—

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV

01/28/21

180,000

102.56

185

176

Axian

Telecom

03/08/23

335,000

94.69

317

331

Azzurra

Aeroporti

SpA

10/31/22

EUR

110,000

90.90

100

114

Bahrain

Government

International

Bond

04/02/24

320,000

91.65

293

297

Bain

Capital

Credit

CLO,

Ltd.

07/23/24

450,000

100.00

450

450

Banco

de

Bogota

SA

03/06/24

126,000

95.49

120

120

Banco

de

Credito

del

Peru

04/16/24

92,000

92.41

85

86

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

04/18/23

493,000

91.09

449

477

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

153

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Inbursa

03/06/24

124,000

97.05

120

121

Banco

Nacional

de

Panama

01/23/24

704,000

77.27

544

556

Banijay

Group

SAS

04/28/22

EUR

400,000

108.76

435

433

Bank

Commercial

Mortgage

Pass-Through

Certificates

08/01/19

140,000

91.45

128

110

Bank

Commercial

Mortgage

Pass-Through

Certificates

06/11/21

500,000

96.40

482

330

Bank

Gospodarstwa

Krajowego

07/01/24

452,000

99.28

449

473

Bank

Negara

Indonesia

Persero

Tbk

PT

02/15/24

614,000

91.24

560

576

Bausch

Health

Cos.,

Inc.

05/12/21

453,000

206.95

937

424

Bausch

Health

Cos.,

Inc.

03/25/24

102,000

150.53

154

88

Bausch

Health

Cos.,

Inc.

07/02/24

287,000

94.22

270

269

Bayer

AG

09/26/23

EUR

200,000

104.79

210

226

Bayer

US

Finance

II

LLC

09/04/23

EUR

300,000

100.85

303

313

Bayer

US

Finance

II

LLC

01/31/24

EUR

800,000

94.12

748

800

BCP

V

Modular

Services

Finance

II

PLC

04/26/24

EUR

200,000

101.54

203

206

BE

Semiconductor

Industries

NV

07/10/24

EUR

150,000

108.29

162

162

Beazer

Homes

USA,

Inc.

03/12/24

230,000

100.00

230

233

Bellis

Acquisition

Co

PLC

05/02/24

GBP

200,000

125.37

251

254

Benchmark

Mortgage

Trust

03/28/22

890,000

79.66

709

552

Benefit

Street

Partners

CLO

XII,

Ltd.

03/21/24

481,893

100.10

482

483

Berry

Global,

Inc.

07/22/19

145,000

102.27

148

144

Bertelsmann

SE

&

Co.

KGaA

05/03/22

EUR

300,000

104.33

313

317

Betony

CLO

2,

Ltd.

03/24/21

1,000,000

100.00

1,000

1,000

Birch

Grove

CLO

9,

Ltd.

07/18/24

250,000

100.00

250

250

Blackstone

Mortgage

Trust,

Inc.

11/02/21

200,000

99.84

200

184

BMD2

Re-

Remic

Trust

02/03/21

892,000

89.64

800

699

BNP

Paribas

SA

07/24/23

120,000

92.32

111

113

BOCA

Commercial

Mortgage

Trust

01/24/24

500,000

99.63

498

499

Boeing

Co.

(The)

04/29/24

399,000

100.00

399

419

Bolivia

Government

International

Bond

04/04/23

200,000

59.36

119

113

Booz

Allen

Hamilton

Holding

Corp.

03/03/21

1,028,000

97.12

968

974

Boston

Gas

Co.

04/16/24

83,000

92.55

77

79

Brand

Industrial

Services,

Inc.

08/10/23

166,000

101.80

169

182

British

Telecommunications

PLC

02/26/24

GBP

300,000

135.36

406

414

Broadcom,

Inc.

07/24/23

90,000

76.84

69

73

Broadcom,

Inc.

07/12/24

53,000

90.61

48

48

Brookfield

Residential

Properties,

Inc.

03/15/21

191,000

102.16

195

190

Builders

FirstSource

,

Inc.

03/03/21

255,000

104.55

267

244

BX

Commercial

Mortgage

Trust

02/23/23

175,000

95.94

168

171

BX

Commercial

Mortgage

Trust

04/24/24

400,000

99.23

397

393

BX

Commercial

Mortgage

Trust

05/08/24

500,000

99.75

499

493

BX

Trust

02/06/23

500,000

96.27

481

490

BX

Trust

01/24/24

500,000

97.75

489

490

BX

Trust

04/26/24

458,517

98.71

453

450

BX

Trust

06/06/24

380,000

98.27

373

369

C&W

Senior

Financing

Designated

Activity

Company

04/24/23

707,000

90.86

642

690

Caesars

Entertainment,

Inc.

06/19/20

507,000

99.42

504

518

Caesars

Entertainment,

Inc.

01/24/24

187,000

100.00

187

189

Cali

Sun

07/03/24

300,000

99.75

299

299

Canary

Wharf

Group

Investment

Holdings

PLC

04/05/24

EUR

425,000

93.38

397

412

Canary

Wharf

Group

Investment

Holdings

PLC

04/23/24

GBP

135,000

94.51

128

134

Canpack

SA

/

Canpack

US

LLC

05/08/24

300,000

96.59

290

288

Cantor

Commercial

Real

Estate

Lending

02/16/21

775,000

90.38

700

583

Carlyle

Global

Market

Strategies

CLO,

Ltd.

04/29/22

1,000,000

97.69

977

1,000

Carnival

Corp.

02/23/23

861,000

82.25

708

859

Carnival

Corp.

04/20/23

674,000

92.48

623

671

Carnival

Corp.

08/01/23

59,000

100.00

59

62

Carriage

Purchaser,

Inc.

11/17/21

744,000

98.73

735

689

Carvana

Co.

07/09/24

765,000

105.64

832

891

Cascade

Funding

Mortgage

Trust

02/25/22

4,500,000

64.36

2,896

2,919

Castor

SpA

02/10/22

EUR

138,000

113.91

157

147

CBB

International

Sukuk

Programme

Co.

WLL

07/24/24

1,323,000

94.90

1,255

1,252

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

08/02/21

1,247,000

92.69

1,198

985

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/21/22

29,000

98.49

29

28

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/18/23

517,000

96.23

497

502

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

07/11/23

68,000

94.85

64

66

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

07/11/23

758,000

98.03

743

679

CD&R

Firefly

Bidco

PLC

04/05/24

GBP

450,000

126.34

569

585

Cedar

Funding

V

CLO,

Ltd.

03/22/19

250,000

98.70

247

250

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

154

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Cellnex

Telecom

SA

09/06/23

EUR

400,000

84.67

339

369

Celulosa

Arauco

y

Constitucion

SA

01/08/24

60,000

91.71

55

56

Cencosud

SA

09/12/23

123,000

95.26

117

119

Central

Plaza

Holding

Co.,

Ltd.

05/06/22

600,000

96.49

579

574

Centrica

PLC

05/14/24

GBP

100,000

125.91

126

131

Centurion

Bidco

SpA

07/25/24

EUR

445,000

109.12

486

463

CEZ

AS

06/15/17

383,000

109.24

418

348

CF

Industries,

Inc.

12/07/23

128,000

97.70

125

126

CGG

SA

11/09/21

EUR

600,000

109.23

655

631

Chase

Home

Lending

Mortgage

Trust

07/29/19

116,100

100.94

117

104

Chase

Home

Lending

Mortgage

Trust

10/30/19

70,840

100.75

71

62

Chase

Home

Lending

Mortgage

Trust

10/30/19

453,377

101.53

460

401

Chase

Home

Lending

Mortgage

Trust

06/21/24

489,528

98.44

482

486

China

Government

International

Bond

04/02/24

1,187,000

95.38

1,132

1,131

CHNGE

Mortgage

Trust

01/21/22

321,084

99.99

321

300

CHS/Community

Health

Systems,

Inc.

05/04/21

270,000

100.00

270

205

CHS/Community

Health

Systems,

Inc.

01/20/22

160,000

100.00

160

140

CHS/Community

Health

Systems,

Inc.

04/29/22

460,000

96.25

443

427

CHS/Community

Health

Systems,

Inc.

08/01/22

329,000

93.99

309

271

Cidron

Aida

Finco

SARL

03/25/21

GBP

300,000

137.38

412

355

Cidron

Aida

Finco

SARL

01/31/24

EUR

600,000

114.20

685

602

CIFC

Funding,

Ltd.

12/20/21

500,000

100.00

500

501

CIFC

LLC

03/18/21

1,000,000

100.00

1,000

1,002

CIM

Commercial

Trust

Corp.

09/27/18

186,268

96.95

181

172

CIM

Commercial

Trust

Corp.

03/22/19

35,738

101.36

36

34

CIM

Commercial

Trust

Corp.

03/01/21

730,837

101.90

745

589

CIM

Commercial

Trust

Corp.

03/29/21

361,410

100.38

363

291

CIM

Trust

11/07/19

372,856

100.56

375

330

CITGO

Petroleum

Corp.

07/09/24

240,000

103.65

249

250

Citigroup

Commercial

Mortgage

Trust

06/14/19

120,000

86.89

104

91

Citigroup

Commercial

Mortgage

Trust

08/12/19

313,000

79.03

247

91

Citigroup

Commercial

Mortgage

Trust

05/07/24

500,000

86.44

432

441

Citigroup

Mortgage

Loan

Trust,

Inc.

05/06/21

542,959

101.17

549

439

Citigroup

Mortgage

Loan

Trust,

Inc.

06/25/21

473,527

100.38

475

382

Citycon

Treasury

BV

09/27/23

EUR

330,000

87.37

288

310

Clarios

Global,

LP

/

Clarios

US

Finance

Co.

04/05/24

271,000

100.64

273

276

Clear

Channel

Outdoor

Holdings,

Inc.

07/09/24

514,000

100.64

518

523

CLI

Funding

VI

LLC

03/23/21

610,153

100.23

612

557

Cloud

Software

Group

Holdings,

Inc.

11/09/22

319,000

88.22

281

311

Cloud

Software

Group

Holdings,

Inc.

07/30/24

904,000

96.35

877

899

Clydesdale

Acquisition

Holdings,

Inc.

03/30/22

179,000

100.00

179

178

Clydesdale

Acquisition

Holdings,

Inc.

10/26/23

883,000

91.11

805

867

Codelco

Metals,

Inc.

09/05/23

618,000

100.10

619

628

Coinbase

Global,

Inc.

09/14/21

120,000

100.00

120

100

Coinbase

Global,

Inc.

09/14/21

243,000

94.99

231

214

Commercial

Mortgage

Trust

04/28/22

1,500,000

90.84

1,363

1,441

Commerzbank

AG

10/19/20

EUR

100,000

94.83

95

109

Commerzbank

AG

09/28/22

EUR

500,000

98.15

491

543

Commonbond

Student

Loan

Trust

11/27/18

55,131

100.68

56

52

Commonbond

Student

Loan

Trust

06/02/20

71,173

99.98

71

62

Commonbond

Student

Loan

Trust

03/10/21

214,852

100.00

215

167

Compass

Group

Diversified

Holdings

LLC

04/07/21

197,000

103.01

203

189

Connecticut

Avenue

Securities

Trust

01/11/22

700,000

100.00

700

724

Consolidated

Communications

Holdings,

Inc.

01/09/24

524,000

83.68

438

454

Consolidated

Communications

Holdings,

Inc.

05/16/24

203,000

87.50

178

183

Consolidated

Energy

Finance

SA

09/30/21

655,000

99.96

655

523

Consolidated

Energy

Finance

SA

11/09/22

189,000

96.07

182

183

Constellation

Automotive

Financing

PLC

07/16/21

GBP

360,000

137.61

495

396

Co-operative

Group

Holdings,

Ltd.

03/08/21

GBP

110,000

151.46

167

143

CoreLogic

,

Inc.

07/06/21

201,000

99.76

201

185

Coronado

Finance

Pty,

Ltd.

05/04/21

369,000

99.61

368

382

Corp.

Nacional

del

Cobre

de

Chile

12/14/22

615,000

74.72

460

389

Costa

Rica

Government

International

Bond

11/06/23

380,000

94.82

360

405

Costa

Rica

Government

International

Bond

03/14/24

200,000

103.16

206

207

Coty,

Inc.

08/10/23

176,000

97.86

172

174

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

08/10/23

173,000

100.69

174

178

CPI

Property

Group

SA

07/09/24

EUR

100,000

97.58

98

97

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

155

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

CPI

Property

Group

SA

07/10/24

EUR

120,000

106.95

128

128

CPI

Property

Group

SA

07/10/24

EUR

300,000

83.62

251

247

CPUK

Finance,

Ltd.

09/08/20

GBP

150,000

129.88

195

191

CPUK

Finance,

Ltd.

05/08/24

GBP

200,000

124.96

250

261

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

05/27/21

758,000

100.00

758

727

Credit

Agricole

SA

07/12/24

116,000

101.35

118

118

Crown

European

Holdings

SA

05/09/23

EUR

250,000

109.62

274

279

CSC

Holdings

LLC

07/07/21

973,000

89.24

868

384

CSC

Holdings

LLC

04/05/24

291,000

97.62

284

263

Cushman

&

Wakefield

U.S.

Borrower

LLC

03/15/21

149,000

104.85

156

149

CVR

Energy,

Inc.

01/10/20

402,000

100.00

402

379

Danske

Bank

A/S

03/03/22

134,000

96.67

130

125

DaVita,

Inc.

11/09/22

281,000

79.99

225

257

DB

Master

Finance

LLC

03/20/19

190,500

100.00

190

186

DB

Master

Finance

LLC

03/20/19

381,000

100.00

381

367

DBWF

Mortgage

Trust

10/25/18

1,000,000

91.27

913

883

Deutsche

Telekom

AG

12/09/21

EUR

600,000

108.05

648

609

Deutsche

Telekom

International

Finance

BV

07/12/24

124,000

98.28

122

122

Development

Bank

of

the

Republic

of

Belarus

JSC

08/16/19

942,000

100.00

942

407

DIRECTV

Holdings

LLC

/

DIRECTV

Financing

Co.,

Inc.

07/22/21

1,140,000

100.89

1,148

1,098

DISH

DBS

Corp.

11/10/21

57,000

100.00

57

42

DNB

Bank

ASA

05/06/24

59,000

90.23

53

54

Dominican

Republic

Government

International

Bond

08/01/23

1,306,000

100.28

1,310

1,372

Dominican

Republic

Government

International

Bond

06/25/24

231,000

102.61

237

243

Domino's

Pizza

Master

Issuer

LLC

11/06/19

912,000

100.00

912

848

Domino's

Pizza

Master

Issuer

LLC

04/08/21

583,500

100.00

583

515

Dresdner

Funding

Trust

I

04/02/24

778,000

111.09

864

851

Driven

Brands,

Inc.

05/30/24

267,438

86.63

232

238

Dryden

30

Senior

Loan

Fund

10/05/18

500,000

99.41

497

495

Ecuador

Government

International

Bond

10/12/22

441,872

37.86

167

233

Ecuador

Government

International

Bond

01/02/24

409,359

56.47

231

276

Ecuador

Government

International

Bond

03/01/24

295,380

49.53

146

151

EDO

Sukuk

,

Ltd.

06/26/24

554,000

100.00

554

557

Egypt

Government

International

Bond

01/11/24

987,000

78.41

774

795

Egypt

Government

International

Bond

06/28/24

800,000

76.79

614

602

El

Salvador

Government

International

Bond

10/20/22

300,000

35.23

106

242

El

Salvador

Government

International

Bond

08/08/23

150,000

71.64

107

121

Electricite

de

France

SA

02/02/21

EUR

800,000

119.80

958

774

Electricite

de

France

SA

07/08/22

EUR

200,000

80.66

161

199

Electricite

de

France

SA

11/28/22

GBP

300,000

109.12

327

371

Electricite

de

France

SA

02/28/23

EUR

200,000

87.52

175

203

Electricite

de

France

SA

07/10/24

EUR

200,000

107.30

215

216

Element

Fleet

Management

Corp.

07/24/23

114,000

100.22

114

116

ELFI

Graduate

Loan

Program

06/18/20

87,419

99.97

87

78

Elia

Group

SA

01/31/24

EUR

400,000

111.78

447

449

Ellington

Financial

Mortgage

Trust

11/05/19

133,977

99.98

134

128

Ellington

Financial

Mortgage

Trust

04/14/22

405,929

99.59

404

400

ELO

SACA

04/02/24

EUR

100,000

103.36

103

99

ELO

SACA

04/23/24

EUR

200,000

102.92

206

198

ELO

SACA

04/29/24

EUR

300,000

107.97

324

306

ELO

SACA

06/05/24

EUR

200,000

105.39

211

208

Emerald

Debt

Merger

Sub

LLC

05/04/23

EUR

400,000

110.14

441

453

Emirates

NBD

Bank

PJSC

09/17/19

294,000

105.30

310

292

Empresa

de

Transporte

de

Pasajeros

Metro

SA

06/16/17

568,000

107.17

609

496

Empresa

Nacional

del

Petroleo

11/02/17

338,000

91.30

309

256

Encino

Acquisition

Partners

Holdings

LLC

07/09/24

235,000

102.46

241

241

Enel

Finance

America

LLC

07/24/23

67,000

104.06

70

71

Enel

Finance

International

NV

07/24/23

131,000

92.47

121

123

Enerflex

,

Ltd.

07/09/24

220,000

102.17

225

227

Energia

Group

Roi

Financeco

DAC

01/31/24

EUR

600,000

111.52

669

677

Energias

de

Portugal

SA

02/26/24

EUR

200,000

92.42

185

192

Energizer

Holdings,

Inc.

02/05/24

EUR

575,000

108.03

621

578

EP

Infrastructure

AS

09/20/22

EUR

200,000

72.11

144

177

EP

Infrastructure

AS

10/31/23

EUR

200,000

96.64

193

203

EP

Infrastructure

AS

06/18/24

EUR

360,000

85.59

308

346

EQM

Midstream

Partners,

LP

01/04/21

195,000

100.00

195

184

EQM

Midstream

Partners,

LP

01/04/21

217,000

100.00

217

208

EQM

Midstream

Partners,

LP

06/01/22

313,000

101.05

316

338

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

156

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Esab

Corp.

03/25/24

379,000

100.00

379

384

Eskom

Holdings

SOC,

Ltd.

05/18/22

616,000

99.40

612

632

Esselunga

SpA

10/27/21

EUR

200,000

119.65

239

205

Eutelsat

SA

11/01/23

EUR

400,000

93.66

375

385

Eutelsat

SA

03/27/24

EUR

210,000

108.28

227

238

Eutelsat

SA

04/05/24

EUR

300,000

82.84

249

264

Export-Import

Bank

of

China

08/16/22

267,000

97.26

260

233

Export-Import

Bank

of

India

06/27/22

300,000

83.20

250

253

Extended

Stay

America

Trust

04/25/24

453,208

99.91

453

452

Fannie

Mae

Connecticut

Avenue

Securities

Trust

07/27/22

1,200,000

91.33

1,096

1,235

Fannie

Mae

Connecticut

Avenue

Securities

Trust

02/06/23

1,100,000

100.00

1,100

1,163

Fannie

Mae

Connecticut

Avenue

Securities

Trust

05/07/24

600,000

106.63

640

643

F-

Brasile

SpA

/

F-

Brasile

US

LLC

01/29/24

175,000

90.24

158

174

FEL

Energy

VI

SARL

04/07/22

224,430

90.54

203

206

Ferguson

Finance

PLC

12/07/23

73,000

97.89

71

72

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

01/29/24

132,000

90.26

119

117

Fiber

Bidco

SpA

05/09/24

EUR

300,000

107.82

323

321

First

Quantum

Minerals,

Ltd.

02/22/24

306,000

100.00

306

322

Flagstar

Mortgage

Trust

10/24/18

429,215

103.00

442

414

Flagstar

Mortgage

Trust

06/03/19

81,856

102.68

84

76

Flagstar

Mortgage

Trust

02/04/21

128,346

102.65

132

117

Forestar

Group,

Inc.

05/12/21

185,000

100.31

186

179

Fortescue

Metals

Group,

Ltd.

11/09/22

278,000

82.16

228

251

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

01/19/23

1,200,000

98.56

1,183

1,233

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/03/23

1,100,000

102.09

1,123

1,156

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

03/08/23

645,527

99.39

642

650

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

09/26/23

200,000

104.84

210

213

FREMF

Mortgage

Trust

03/24/21

14,662,099

0.38

56

20

FREMF

Mortgage

Trust

03/24/21

3,675,088

0.42

15

6

FREMF

Mortgage

Trust

03/24/21

1,450,103

85.51

1,240

1,190

FREMF

Mortgage

Trust

05/10/21

5,055,279

0.23

12

12

FREMF

Mortgage

Trust

05/10/21

570,000

0.35

2

2

Fresenius

Medical

Care

US

Finance

III,

Inc.

08/03/22

165,000

86.20

142

138

Frontier

Communications

Corp.

10/05/21

153,000

100.00

153

138

Frontier

Communications

Corp.

04/21/22

673,000

98.02

667

648

Frontier

Communications

Corp.

04/18/23

156,000

98.17

153

163

FRR

Re-REMIC

Trust

09/29/21

199,998

89.00

178

191

Gabon

Government

International

Bond

02/06/23

228,000

86.80

198

168

GAM

Re-REMIC

Trust

04/01/21

1,258,000

111.43

1,402

965

GAM

Re-REMIC

Trust

04/01/21

905,000

69.29

627

686

GAM

Re-REMIC

Trust

04/01/21

837,000

71.73

600

656

GAM

Re-REMIC

Trust

11/04/21

266,000

72.01

192

182

GAM

Re-REMIC

Trust

11/04/21

316,000

86.95

275

302

GAM

Re-REMIC

Trust

11/04/21

384,000

87.63

337

366

GAM

Re-REMIC

Trust

11/04/21

316,000

89.72

283

303

GAM

Re-REMIC

Trust

11/04/21

415,000

91.11

378

327

GAM

Re-REMIC

Trust

11/04/21

312,000

94.32

294

280

GAM

Re-REMIC

Trust

01/25/22

1,500,000

77.25

1,159

1,166

GAM

Re-REMIC

Trust

01/25/22

1,000,000

78.77

787

801

GAM

Re-REMIC

Trust

01/28/22

251,000

85.38

214

231

GAM

Re-REMIC

Trust

01/28/22

251,000

87.49

220

233

GAM

Re-REMIC

Trust

01/28/22

246,000

87.59

215

241

GAM

Re-REMIC

Trust

01/28/22

635,000

88.93

565

525

GAM

Re-REMIC

Trust

01/28/22

199,000

89.20

178

194

GAM

Re-REMIC

Trust

01/28/22

246,000

90.12

222

243

GAM

Re-REMIC

Trust

05/03/22

796,000

87.50

697

736

Gartner,

Inc.

02/18/21

190,000

103.62

197

184

Gazprom

OAO

Via

Gaz

Capital

SA

08/17/16

1,000,000

112.95

1,129

794

Genting

New

York

LLC

10/05/21

282,000

100.04

282

272

Georgian

Railway

JSC

04/07/22

385,000

90.91

350

339

Getty

Images,

Inc.

06/12/23

650,000

100.00

650

650

GFL

Environmental,

Inc.

10/12/21

188,000

101.02

190

179

GGAM

Finance,

Ltd.

12/28/23

925,000

102.30

946

956

Ghana

Government

International

Bond

10/07/15

250,000

100.00

250

168

Ghana

Government

International

Bond

10/11/22

649,000

39.76

258

332

Global

Aircraft

Leasing

Co.,

Ltd.

09/15/20

1,891,129

99.69

1,885

1,858

Global

Infrastructure

Solutions,

Inc.

01/10/24

822,000

91.31

751

790

Global

Net

Lease,

Inc.

06/09/22

649,000

97.03

621

587

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

157

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Global

Partners,

LP

/

GLP

Finance

Corp.

01/03/24

141,000

100.00

141

145

goeasy

,

Ltd.

05/12/21

187,000

100.56

188

182

GoodLeap

Sustainable

Home

Solutions

Trust

06/09/21

1,103,015

99.96

1,103

878

Graham

Packaging

Co.,

Inc.

11/10/22

1,000,000

87.59

876

975

Graphic

Packaging

International

LLC

07/06/21

244,000

100.80

246

228

Gray

Oak

Pipeline

LLC

12/07/23

23,000

96.18

22

22

Gray

Television,

Inc.

10/26/21

201,000

100.00

201

131

Gray

Television,

Inc.

02/13/24

155,000

93.81

145

150

Great

Wolf

Trust

04/26/24

500,000

99.75

499

500

Greenland

Global

Investment,

Ltd.

07/11/18

488,959

96.74

473

54

Greenland

Global

Investment,

Ltd.

10/20/21

817,152

84.22

688

94

Greensaif

Pipelines

Bidco

SARL

07/17/24

274,000

100.00

274

275

Greensaif

Pipelines

Bidco

SARL

07/17/24

200,000

100.00

200

200

Grifols

Escrow

Issuer

SA

01/31/24

EUR

400,000

110.08

440

381

GrubHub

,

Inc.

10/12/21

186,000

101.80

189

171

Grupo

Bimbo

SAB

de

CV

12/07/23

49,000

89.08

44

44

GS

Mortgage

Securities

Trust

08/01/19

882,923

105.61

932

817

GS

Mortgage

Securities

Trust

03/12/21

761,498

101.34

772

614

GS

Mortgage

Securities

Trust

05/14/21

367,017

96.85

355

291

GS

Mortgage

Securities

Trust

06/03/21

882,065

103.73

915

761

GS

Mortgage

Securities

Trust

06/15/21

794,217

100.50

798

641

GS

Mortgage

Securities

Trust

06/15/21

800,000

100.87

807

571

GS

Mortgage

Securities

Trust

09/22/21

968,925

100.85

977

779

GS

Mortgage

Securities

Trust

12/06/21

463,516

96.55

448

365

GS

Mortgage

Securities

Trust

01/10/22

861,947

97.44

840

693

GS

Mortgage

Securities

Trust

03/08/23

500,000

99.81

499

500

Guatemala

Government

International

Bond

06/06/23

228,000

100.00

228

231

Harvest

Midstream

I,

LP

08/05/20

1,206,000

101.48

1,224

1,234

Hawaii

Hotel

Trust

01/23/24

500,000

98.54

493

497

Hawaiian

Brand

Intellectual

Property,

Ltd.

01/29/24

697,950

99.51

716

665

Hazine

Mustesarligi

Varlik

Kiralama

AS

12/05/23

1,008,000

100.92

1,017

1,075

Hazine

Mustesarligi

Varlik

Kiralama

AS

04/02/24

200,000

105.54

211

213

HBOS

PLC

12/06/23

27,000

95.13

26

27

HC2

Holdings,

Inc.

03/03/21

263,000

100.01

263

200

Heathrow

Finance

PLC

05/14/24

GBP

300,000

124.82

374

382

Helios

Issuer

LLC

10/26/18

793,141

99.98

793

697

Helios

Issuer

LLC

10/26/18

577,476

99.98

577

475

Helios

Issuer

LLC

06/15/20

336,662

99.99

337

303

Herbalife

Nutrition,

Ltd.

08/22/23

242,000

97.94

237

240

Highlands

Holdings

Bond

Issuer,

Ltd.

03/02/21

1,567,325

100.53

1,576

1,585

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

05/03/23

258,000

92.42

238

250

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

01/05/24

959,000

78.14

741

652

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

04/05/24

595,000

97.42

580

596

HLTN

Commercial

Mortgage

Trust

05/31/24

500,000

99.75

499

498

Holdco

LLC

07/25/22

657,000

87.86

577

629

Holding

d'Infrastructures

des

Metiers

de

l'Environnement

04/30/24

EUR

465,000

101.76

473

481

Holding

d'Infrastructures

des

Metiers

de

l'Environnement

06/19/24

EUR

190,000

106.88

203

206

Hologic

,

Inc.

01/28/21

183,000

103.64

190

177

Howard

Hughes

Corp.

(The)

02/18/21

252,000

103.82

262

244

Huarong

Finance

2017

Co.,

Ltd.

06/08/21

200,000

86.20

172

191

Hungary

Government

International

Bond

07/25/23

675,000

101.88

688

693

Hungary

Government

International

Bond

01/03/24

302,000

97.95

296

296

Hungary

Government

International

Bond

04/02/24

562,000

62.26

350

358

Hungary

Government

International

Bond

07/25/24

200,000

96.97

194

196

IHO

Verwaltungs

GmbH

03/24/23

EUR

150,000

106.73

160

173

Iliad

SA

03/01/23

EUR

300,000

103.90

312

336

Iliad

SA

04/30/24

EUR

150,000

106.72

160

167

IMA

Industria

Macchine

Automatiche

SpA

04/30/24

EUR

230,000

107.25

247

252

Imperial

Fund

Mortgage

Trust

04/14/22

388,876

99.99

389

381

INEOS

Finance

PLC

03/21/23

EUR

100,000

106.66

107

112

Infraestructura

Energetica

Nova

SAPI

de

CV

06/03/22

76,000

95.32

72

72

InRetail

Consumer

02/07/24

97,000

90.58

88

89

Instituto

Costarricense

de

Electricidad

01/28/21

561,000

81.97

460

500

International

Airport

Finance

SA

01/11/22

16,190

107.72

17

17

Intesa

Sanpaolo

SpA

09/02/21

290,000

104.23

302

225

Intesa

Sanpaolo

SpA

09/21/22

EUR

310,000

96.93

300

337

Intesa

Sanpaolo

SpA

12/06/23

37,000

92.89

34

36

INTOWN

Mortgage

Trust

11/01/23

500,000

99.97

500

501

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

158

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

IQVIA,

Inc.

12/09/19

260,000

102.43

266

255

Iron

Mountain,

Inc.

05/12/21

193,000

101.34

196

184

ITC

Holdings

Corp.

04/16/24

127,000

98.26

125

127

ITT

Holdings

LLC

06/23/21

480,000

99.96

480

450

Ivory

Coast

Government

International

Bond

01/23/24

350,000

98.14

343

338

J.G.

Wentworth

XLII

LLC

10/02/18

436,885

99.97

437

396

JB

Poindexter

&

Co.,

Inc.

01/16/24

649,000

100.53

652

682

JDE

Peet's

NV

12/07/23

78,000

91.02

71

71

Jefferson

Capital

Holdings

LLC

01/05/22

763,000

99.33

758

758

Jefferson

Capital

Holdings

LLC

01/30/24

351,000

100.00

351

368

Jersey

Central

Power

&

Light

Co.

07/24/23

77,000

98.12

76

76

Jordan

Government

International

Bond

04/04/23

172,000

99.03

170

171

Jordan

Government

International

Bond

01/17/24

264,000

98.98

261

262

JPMorgan

Mortgage

Trust

12/06/18

749,127

90.67

679

669

JPMorgan

Mortgage

Trust

02/19/19

25,063

99.93

25

24

JPMorgan

Mortgage

Trust

03/22/19

19,234

101.03

19

18

JPMorgan

Mortgage

Trust

01/24/20

320,712

104.00

334

284

JPMorgan

Mortgage

Trust

01/28/20

53,192

101.61

54

47

JPMorgan

Mortgage

Trust

01/30/20

353,800

101.01

357

301

JPMorgan

Mortgage

Trust

06/02/20

142,829

101.89

146

126

JPMorgan

Mortgage

Trust

07/15/20

650,432

103.62

674

628

JPMorgan

Mortgage

Trust

08/20/20

245,590

105.11

258

225

JPMorgan

Mortgage

Trust

10/28/20

164,502

102.97

169

140

JPMorgan

Mortgage

Trust

11/10/20

64,355

102.64

66

58

JPMorgan

Mortgage

Trust

12/07/20

46,861

103.86

49

45

JPMorgan

Mortgage

Trust

12/23/20

409,057

106.55

436

356

JPMorgan

Mortgage

Trust

01/19/21

297,458

103.12

307

240

JPMorgan

Mortgage

Trust

05/21/21

218,636

100.95

221

176

JPMorgan

Mortgage

Trust

04/27/22

433,965

90.84

394

364

JPMorgan

Mortgage

Trust

09/21/23

987,882

91.83

907

962

JPMorgan

Mortgage

Trust

09/21/23

692,560

97.64

676

693

JPMorgan

Mortgage

Trust

04/17/24

950,994

99.70

948

961

Kaixo

Bondco

Telecom

SA

09/02/22

EUR

775,000

93.38

724

836

KAR

Auction

Services,

Inc.

01/29/24

177,000

99.38

176

176

KazMunayGas

National

Co.

JSC

12/01/23

338,000

95.24

322

320

KazMunayGas

National

Co.

JSC

07/23/24

416,000

85.18

354

364

KBC

Groep

NV

02/07/24

116,000

101.18

117

119

KCA

Deutag

UK

Finance

PLC

10/26/20

592,645

100.57

596

598

KEB

Hana

Bank

06/04/24

50,000

93.72

47

47

Kennedy

Wilson

Europe

Real

Estate,

Ltd.

03/26/24

EUR

200,000

104.15

208

207

Kenya

Government

International

Bond

02/12/24

331,000

97.40

322

315

KeySpan

Gas

East

Corp.

07/24/23

82,000

93.83

77

78

Khazanah

Global

Sukuk

Bhd

07/19/23

326,000

100.00

326

324

Kodiak

Gas

Services,

Inc.

07/09/24

220,000

102.91

226

226

Kondor

Finance

PLC

01/11/22

701,000

97.84

686

566

KSL

Commercial

Mortgage

Trust

12/04/23

600,000

99.76

599

601

LABL,

Inc.

04/05/24

197,000

98.91

195

192

Lamar

Funding,

Ltd.

06/14/17

490,000

99.41

487

483

Lamb

Weston

Holdings,

Inc.

11/02/21

202,000

100.22

202

182

Landsea

Homes

Corp.

03/19/24

1,139,000

100.00

1,139

1,148

LCM

28,

Ltd.

10/16/18

500,000

100.00

500

499

LCPR

Senior

Secured

Financing

Designated

Acitivity

Co.

10/22/19

381,000

100.98

385

355

Lebanon

Government

International

Bond

02/14/19

500,000

97.09

485

35

Lebanon

Government

International

Bond

06/22/23

1,158,000

7.77

90

81

Level

3

Financing,

Inc.

03/31/23

315,000

100.73

317

322

Level

3

Financing,

Inc.

01/29/24

1,657,000

103.33

1,705

1,754

LG

Energy

Solution,

Ltd.

06/04/24

115,000

100.16

115

116

Liberty

Mutual

Group,

Inc.

05/03/22

51,000

127.93

65

55

Libra

Groupco

SpA

01/25/22

EUR

450,000

113.48

511

478

Life

Time,

Inc.

04/21/23

906,000

98.69

894

918

Life

Time,

Inc.

07/28/23

200,000

98.87

198

199

LifePoint

Health,

Inc.

09/29/23

712,000

100.00

712

799

LifePoint

Health,

Inc.

12/21/23

995,000

100.19

997

1,084

LifePoint

Health,

Inc.

05/09/24

333,000

100.00

333

353

Live

Nation

Entertainment,

Inc.

04/08/20

785,000

97.31

764

761

Lumen

Technologies,

Inc.

05/03/23

245,000

77.02

189

157

LYB

Finance

Co.

BV

12/07/23

77,000

105.80

81

82

Macquarie

Airfinance

Holdings,

Ltd.

09/11/23

261,000

100.00

261

276

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

159

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Madison

IAQ

LLC

04/05/24

190,000

90.86

173

178

Madison

Park

Funding

XXXI,

Ltd.

05/30/24

250,000

100.00

250

251

Magic

Mergeco

,

Inc.

04/05/24

148,000

76.71

114

85

Mahle

GmbH

04/24/24

EUR

250,000

107.00

267

275

Maison

Finco

PLC

10/06/21

GBP

365,000

135.89

496

443

Mangrove

LuxCo

III

SARL

11/09/21

EUR

417,500

110.81

463

452

Mangrove

LuxCo

III

SARL

07/04/24

EUR

350,000

107.06

375

379

Marks

&

Spencer

PLC

09/27/18

111,000

107.58

119

120

Marks

&

Spencer

PLC

05/28/24

GBP

390,000

119.48

466

491

MasTec

,

Inc.

06/27/22

1,270,000

93.52

1,188

1,229

Mattamy

Group

Corp.

04/29/20

620,000

92.97

576

581

Mattel,

Inc.

07/24/23

125,000

95.67

120

121

Matterhorn

Telecom

SA

05/28/24

CHF

450,000

111.76

503

533

Mauser

Packaging

Solutions

Holding

Co.

11/01/22

807,000

93.97

758

808

Mauser

Packaging

Solutions

Holding

Co.

01/30/23

542,000

100.00

542

559

Mauser

Packaging

Solutions

Holding

Co.

08/10/23

248,000

99.72

247

251

mBank

SA

07/03/23

EUR

200,000

91.05

182

199

Medline

Borrower,

LP

04/20/22

164,000

92.83

152

153

Medline

Borrower,

LP

05/03/23

167,000

87.95

147

161

Mello

Mortgage

Capital

Acceptance

01/24/20

867,718

104.77

909

807

Mexico

City

Airport

Trust

01/28/21

225,000

100.61

226

190

MF1

Multifamily

Housing

Mortgage

Trust

02/13/23

500,000

94.07

470

477

MHC

Commercial

Mortgage

Trust

12/12/23

335,551

97.22

326

331

MHP

03/26/24

273,484

99.45

272

270

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

07/06/22

590,000

87.61

517

557

MISC

Capital

Two

Labuan,

Ltd.

10/03/23

125,000

93.77

117

121

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

02/14/23

203,000

104.52

212

230

Molina

Healthcare,

Inc.

05/28/20

164,000

100.00

164

156

Molina

Healthcare,

Inc.

06/09/21

203,000

102.13

207

184

Mongolia

Government

International

Bond

11/29/23

200,000

100.23

200

207

Monitchem

HoldCo

3

SA

04/20/23

EUR

245,000

109.64

269

273

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

08/01/19

250,000

94.20

236

202

Morgan

Stanley

Capital

I

Trust

06/05/19

377,000

87.95

332

297

Morgan

Stanley

Residential

Mortgage

Loan

Trust

04/29/24

498,504

103.77

517

529

Mosaic

Solar

Loan

Trust

11/27/18

59,459

98.55

59

52

Mosaic

Solar

Loan

Trust

11/27/18

155,092

99.06

154

144

Mosaic

Solar

Loan

Trust

06/12/20

201,402

99.98

201

175

Mosaic

Solar

Loan

Trust

03/10/21

580,135

99.47

577

455

Mosaic

Solar

Loan

Trust

03/24/21

228,879

100.13

229

187

Mosaic

Solar

Loan

Trust

06/15/21

351,596

99.54

350

263

Motion

Bondco

Designated

Activity

Co.

09/13/21

EUR

200,000

113.74

227

206

MPH

Acquisition

Holdings

LLC

05/03/23

167,000

80.79

135

130

MRCD

Mortgage

Trust

12/05/19

120,000

96.15

115

74

MTR

Corp.,

Ltd.

07/26/22

289,000

88.62

256

247

Mundys

SpA

12/17/21

EUR

375,000

101.64

381

384

MVM

Energetika

Zrt

.

01/23/24

435,000

103.31

449

456

Nabors

Industries,

Inc.

01/05/22

476,000

96.13

458

485

Nabors

Industries,

Inc.

01/06/22

163,000

97.58

159

160

Nakilat

,

Inc.

06/15/17

296,659

110.21

327

310

National

Bank

of

Fujairah

PJSC

07/21/21

200,000

105.06

210

199

Navient

Private

Education

Refi

Loan

Trust

11/03/20

137,364

99.99

137

128

Navient

Private

Education

Refi

Loan

Trust

01/19/21

450,000

99.96

450

352

Neuberger

Berman

CLO,

Ltd.

03/24/21

500,000

100.00

500

501

Neuberger

Berman

Loan

Advisers

CLO

27,

Ltd.

06/27/24

550,000

100.00

550

556

New

Enterprise

Stone

&

Lime

Co.,

Inc.

09/29/21

459,000

100.00

459

441

New

Enterprise

Stone

&

Lime

Co.,

Inc.

09/29/21

575,000

105.51

607

588

New

Fortress

Energy,

Inc.

01/29/24

121,000

97.06

117

112

New

York

State

Electric

&

Gas

Corp.

10/17/23

99,000

93.65

93

94

News

Corp.

05/12/21

193,000

100.59

194

179

Nexi

SpA

01/31/24

EUR

400,000

96.70

387

397

NGG

Finance

PLC

11/09/21

EUR

600,000

91.06

546

603

NGL

Energy

Operating

LLC

01/25/24

300,000

100.00

300

304

NGL

Energy

Operating

LLC

01/25/24

530,000

100.00

530

542

NGPL

PipeCo

LLC

03/03/22

103,000

129.79

134

121

Nigeria

Government

International

Bond

10/13/22

1,202,000

76.59

921

983

Nobian

Finance

BV

06/24/21

EUR

250,000

119.34

298

266

nogaholding

Sukuk

,

Ltd.

07/21/21

247,000

103.22

255

239

Novelis

Sheet

Ingot

GmbH

03/24/21

EUR

100,000

118.14

118

103

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

160

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

NRG

Energy,

Inc.

05/20/24

133,000

90.41

120

122

Ocado

Group

PLC

08/01/23

GBP

400,000

105.99

424

415

Ocado

Group

PLC

12/20/23

GBP

800,000

109.01

872

951

OCP

CLO,

Ltd.

04/26/22

500,000

100.00

500

501

OCP

SA

10/05/17

200,000

111.68

223

195

OCP

SA

05/08/24

496,000

97.83

485

513

Octagon

Investment

Partners

11,

Ltd.

02/09/23

1,000,000

98.27

983

1,002

Octagon

Loan

Funding,

Ltd.

03/27/19

250,000

98.75

247

250

Office

Properties

Income

Trust

01/03/23

331,000

103.89

344

262

OHA

Credit

Partners

XIV,

Ltd.

03/22/19

500,000

98.13

491

500

OI

European

Group

BV

05/12/23

EUR

255,000

108.51

277

285

Oil

and

Gas

Holding

Co.

BSCC

(The)

01/28/21

340,000

104.81

356

351

Olympus

Water

US

Holding

Corp.

09/21/21

EUR

170,000

117.30

199

168

Olympus

Water

US

Holding

Corp.

01/15/24

EUR

200,000

102.19

204

204

Olympus

Water

US

Holding

Corp.

06/06/24

610,000

100.00

610

610

Olympus

Water

US

Holding

Corp.

07/09/24

287,000

106.23

305

305

Oman

Government

International

Bond

04/02/24

1,114,000

101.14

1,127

1,158

OmGrid

Funding,

Ltd.

10/05/17

277,000

100.17

277

272

ONE

Hotels

GmbH

05/02/24

EUR

115,000

107.27

123

129

Onslow

Bay

Financial

LLC

01/15/20

101,239

101.57

103

90

Onslow

Bay

Financial

LLC

04/29/22

1,100,000

96.88

1,066

1,033

Onslow

Bay

Financial

LLC

02/16/23

430,305

96.19

414

412

Ontario

Gaming

GTA

LP

07/26/23

938,000

100.88

944

971

Ooredoo

QPSC

12/14/22

268,000

95.16

255

253

Open

Text

Corp.

01/28/21

244,000

101.34

247

228

Open

Text

Holdings,

Inc.

08/16/21

235,000

103.05

242

214

Optics

Bidco

SpA

07/01/24

394,000

102.99

406

402

Optics

Bidco

SpA

07/01/24

395,000

105.33

416

423

Optics

Bidco

SpA

07/01/24

369,000

95.03

351

349

Optics

Bidco

SpA

07/01/24

319,000

97.87

312

313

OQ

SAOC

07/21/21

443,000

100.21

444

433

Orange

SA

09/04/23

EUR

700,000

110.71

775

794

Orsted

A/S

02/27/24

EUR

500,000

109.97

550

552

Orsted

A/S

05/07/24

GBP

245,000

92.78

227

230

Oschadbank

Via

SSB

#1

PLC

09/02/15

75,000

88.83

67

72

Pakistan

Government

International

Bond

03/21/24

267,000

89.60

239

238

Pakistan

Government

International

Bond

07/26/24

400,000

69.22

277

300

Pakistan

Water

and

Power

Development

Authority

08/25/21

765,000

78.46

600

574

Palmer

Square

CLO,

Ltd.

03/19/24

1,250,000

100.00

1,250

1,265

Paraguay

Government

International

Bond

06/28/23

320,000

99.99

320

324

Paraguay

Government

International

Bond

04/02/24

200,000

99.61

199

203

PECF

USS

Intermediate

Holding

III

Corp.

07/12/23

446,000

74.53

332

190

Pennsylvania

Electric

Co.

07/24/23

76,000

99.18

75

76

Performance

Food

Group

Co.

03/03/21

240,000

102.99

247

237

Perusahaan

Perseroan

(

Persero

)

PT

Perusahaan

Listrik

Negara

03/19/19

245,000

108.42

266

246

Petroleos

de

Venezuela

SA

04/19/24

1,406,197

13.58

191

158

Petroleos

del

Peru

SA

04/21/21

1,332,000

80.05

1,106

851

Petroleos

Mexicanos

07/11/19

597,000

79.86

477

373

Petroleos

Mexicanos

03/22/22

EUR

400,000

105.81

423

381

Petroleos

Mexicanos

01/02/24

EUR

200,000

93.75

187

200

Petroleos

Mexicanos

04/23/24

GBP

150,000

117.39

176

183

Petroleos

Mexicanos

05/20/24

EUR

100,000

97.82

98

97

Petronas

Capital,

Ltd.

09/20/22

1,874,000

86.38

1,619

1,593

Petronas

Capital,

Ltd.

10/31/23

200,000

59.40

119

138

PetSmart

LLC

07/11/23

817,000

99.47

813

793

Pike

Corp.

09/13/21

991,000

94.66

938

961

Pinewood

Finance

Co.,

Ltd.

05/15/24

GBP

300,000

125.12

375

384

PLT

VII

Finance

SARL

05/30/24

EUR

600,000

108.30

650

650

PRA

Group,

Inc.

02/14/23

200,000

100.48

201

202

PRA

Group,

Inc.

05/12/23

991,000

94.64

938

876

PRA

Group,

Inc.

05/15/24

414,000

100.00

414

421

PRA

Health

Sciences,

Inc.

01/08/24

45,000

94.64

43

43

Prestige

Brands

Holdings,

Inc.

04/05/24

227,000

97.20

221

222

Primose

Funding

LLC

03/30/21

962,500

101.81

980

939

PROG

Holdings,

Inc.

12/08/21

770,000

100.04

770

741

ProGroup

AG

03/20/24

EUR

250,000

109.21

273

270

Prosus

NV

12/02/20

142,000

105.95

150

128

Provident

Funding

Associates,

LP

/

PFG

Finance

Corp.

02/14/23

195,000

96.27

188

190

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

161

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

PTC,

Inc.

03/03/21

157,000

101.97

160

149

PTTEP

Canada

International

Finance,

Ltd.

06/15/17

370,000

124.75

462

411

Qatar

Government

International

Bond

03/20/24

877,000

99.43

872

876

Qatar

Government

International

Bond

05/21/24

384,000

99.47

382

390

Qatar

Government

International

Bond

05/21/24

352,000

99.51

350

355

Qatar

Petroleum

07/26/22

573,000

90.74

520

488

RAC

Bond

Co.

PLC

10/21/21

GBP

435,000

137.88

600

529

Radiology

Partners,

Inc.

11/19/21

1,080,264

92.34

997

1,017

Radnor

RE,

Ltd.

06/18/21

353,357

100.00

353

356

Railworks

Holdings,

LP

/

Railworks

Rally,

Inc.

11/04/21

639,000

96.09

614

648

RCKT

Mortgage

Trust

02/06/20

188,392

100.69

190

160

RCKT

Mortgage

Trust

03/11/21

145,056

101.59

147

117

ReadyCap

Commercial

Mortgage

Trust

11/01/19

270,000

102.03

275

256

Reliance

Industries,

Ltd.

02/07/24

125,000

96.50

121

121

Renault

SA

10/19/20

EUR

510,000

110.64

564

535

Renault

SA

03/21/22

EUR

100,000

106.09

106

104

Renault

SA

06/18/24

EUR

200,000

98.51

197

199

Republic

of

Azerbaijan

Government

International

Bond

04/05/24

384,000

85.01

326

333

Republic

of

Guatemala

Government

International

Bond

07/17/24

247,000

102.25

253

250

Republic

of

Guatemala

Government

International

Bond

07/29/24

259,000

100.00

259

260

Republic

of

Guatemala

Government

International

Bond

07/29/24

259,000

100.00

259

259

Republic

of

Kazakhstan

Government

International

Bond

07/17/24

200,000

100.04

200

199

Republic

of

Kenya

Government

International

Bond

04/02/24

200,000

101.58

203

190

Republic

of

Serbia

Government

International

Bond

06/05/24

417,000

97.89

408

415

Republic

of

Uzbekistan

Government

International

Bond

05/21/24

200,000

98.66

197

196

Republic

of

Zambia

Government

International

Bond

06/28/24

118,423

87.53

104

104

Republic

of

Zambia

Government

International

Bond

07/09/24

222,000

49.75

110

112

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

03/02/22

101,000

93.37

94

88

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

04/02/24

582,000

91.30

531

528

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

05/02/24

463,000

81.59

385

420

RFM

Re-REMIC

Trust

08/03/22

560,000

78.85

442

452

RFM

Re-REMIC

Trust

08/03/22

1,430,000

79.82

1,141

1,260

RFM

Re-REMIC

Trust

08/03/22

450,000

83.31

375

388

RFM

Re-REMIC

Trust

08/03/22

1,582,532

85.14

1,347

1,391

RFM

Re-REMIC

Trust

08/03/22

1,210,000

86.62

1,048

1,071

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

04/21/22

310,000

88.06

273

276

Rockies

Express

Pipeline

LLC

05/06/20

273,000

94.00

257

255

Rockies

Express

Pipeline

LLC

01/02/24

115,000

97.99

113

113

Rockies

Express

Pipeline

LLC

04/02/24

665,000

93.37

621

636

Rockies

Express

Pipeline

LLC

04/03/24

357,000

101.45

362

351

Rogers

Communications,

Inc.

05/02/23

729,000

94.15

686

706

Roller

Bearing

Co.

of

America,

Inc.

01/11/22

199,000

101.58

202

186

Rolls-Royce

PLC

03/01/23

261,000

96.60

252

254

Romania

Government

International

Bond

01/05/23

166,000

99.41

165

178

Romania

Government

International

Bond

11/30/23

46,000

103.71

48

49

Romania

Government

International

Bond

01/23/24

302,000

99.19

300

308

Romania

Government

International

Bond

01/23/24

60,000

99.52

60

60

Romania

Government

International

Bond

04/02/24

84,000

100.73

85

86

Romania

Government

International

Bond

04/02/24

812,000

69.92

568

571

Romania

Government

International

Bond

04/02/24

74,000

99.70

74

75

Rossini

Sarl

07/11/24

EUR

180,000

108.66

196

202

Royal

Caribbean

Cruises,

Ltd.

01/04/22

508,000

96.64

491

505

Royal

Caribbean

Cruises,

Ltd.

03/30/23

327,000

90.10

295

326

Royal

Caribbean

Cruises,

Ltd.

07/09/24

762,000

99.57

760

759

RR

Donnelley

&

Sons

Co.

08/10/23

175,000

100.29

175

188

RZD

Capital

PLC

08/05/21

RUB

115,000,000

—

2,047

—

SA

Global

Sukuk

,

Ltd.

12/14/22

327,000

89.80

294

284

Sabre

GLBL,

Inc.

07/25/24

663,000

92.81

615

620

Saudi

Arabian

Oil

Co.

12/14/22

619,000

93.20

577

546

Saudi

Arabian

Oil

Co.

07/10/24

664,000

97.64

648

651

Saudi

Electricity

Global

Sukuk

Co.

06/14/17

450,000

106.98

481

444

Saudi

Government

International

Bond

01/18/24

1,327,000

99.22

1,317

1,320

Saudi

Government

International

Bond

05/21/24

609,000

97.28

592

596

Schaeffler

AG

09/18/23

EUR

220,000

103.10

227

232

Sealed

Air

Corp.

04/02/24

497,000

104.32

518

523

Seaspan

Corp.

07/21/23

1,189,000

92.65

1,102

1,070

Senegal

Government

International

Bond

07/31/19

250,000

96.83

242

182

Sequoia

Mortgage

Trust

09/17/19

53,389

101.64

54

50

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

162

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Sequoia

Mortgage

Trust

10/08/19

54,414

101.24

55

48

Sequoia

Mortgage

Trust

05/04/21

818,801

102.70

841

727

Sequoia

Mortgage

Trust

06/22/22

476,998

84.43

403

384

Singapore

Telecommunications,

Ltd.

06/09/22

218,000

121.55

265

254

Sirius

XM

Radio,

Inc.

01/11/22

229,000

99.36

228

218

Sirius

XM

Radio,

Inc.

05/03/23

83,000

90.43

75

79

Sitio

Royalties

Operating

Partnership,

LP

/

Sitio

Finance

Corp.

07/09/24

217,000

103.92

225

227

SK

Hynix,

Inc.

07/24/23

101,000

93.60

95

96

SK

Hynix,

Inc.

05/06/24

24,000

99.63

24

24

Smithfield

Foods,

Inc.

05/06/24

125,000

96.16

120

122

SMRT

Trust

05/02/22

1,400,000

97.30

1,362

1,317

Societe

Generale

SA

07/24/23

95,000

91.02

86

89

SoFi

Professional

Loan

Program

LLC

10/30/18

400,000

95.90

384

370

SoFi

Professional

Loan

Program

LLC

10/30/18

321,795

96.25

310

313

SoFi

Professional

Loan

Program

LLC

03/26/19

600,000

99.98

600

542

SoFi

Professional

Loan

Program

LLC

08/06/19

1,000,000

99.96

1,000

865

SoFi

Professional

Loan

Program

Trust

03/15/19

850,000

100.34

853

792

SoFi

Professional

Loan

Program

Trust

05/14/20

600,000

99.94

600

503

SoFi

Professional

Loan

Program

Trust

08/30/21

43,000

1,688.11

726

255

Sonic

Capital

LLC

01/15/20

528,458

100.00

528

507

Sonic

Capital

LLC

07/29/21

583,000

100.00

583

482

Sound

Point

CLO,

Ltd.

03/24/21

500,000

100.00

500

502

Spirit

AeroSystems

,

Inc.

01/24/24

777,000

105.11

817

866

Sri

Lanka

Government

International

Bond

02/22/23

811,000

45.17

366

458

Standard

Chartered

PLC

01/28/21

415,000

122.61

507

422

Standard

Chartered

PLC

07/24/23

130,000

92.29

120

123

Standard

Industries,

Inc.

04/21/22

314,000

91.12

286

286

Standard

Industries,

Inc.

10/03/23

EUR

288,000

103.15

297

296

Stantec

,

Inc.

04/19/21

314,551

101.73

320

244

Staples,

Inc.

05/23/24

210,000

99.08

208

203

Starwood

Property

Trust,

Inc.

01/11/22

231,000

99.55

230

220

State

Oil

Co.

of

Azerbaijan

Republic

10/05/17

233,000

105.37

246

241

Sugarhouse

HSP

Gaming

Prop

Mezz

,

LP

/

Sugarhouse

HSP

Gaming

Finance

Corp.

11/29/21

833,000

98.77

823

828

Summer

(BC)

Holdco

A

SARL

11/09/20

EUR

360,421

112.33

405

383

Sunnova

Helios

Issuer

LLC

11/20/20

311,679

99.97

312

256

Sunnova

Sol

III

Issuer

LLC

06/11/21

731,401

99.96

731

583

Sunrun

Xanadu

Issuer

05/31/19

373,517

99.99

373

349

Superior

Plus

Corp.

05/11/22

373,000

92.55

345

347

Suzano

Austria

GmbH

01/08/24

74,000

100.74

75

74

Symphony

CLO

XIX,

Ltd.

03/21/19

500,000

97.61

488

500

Tacora

Resources,

Inc.

11/09/22

399,000

90.18

360

178

Talen

Energy

Supply

LLC

04/28/23

793,000

100.67

798

855

Tallgrass

Energy

Partners,

LP

/

Tallgrass

Energy

Finance

Corp.

07/09/24

277,000

100.87

279

281

TC

Ziraat

Bankasi

AS

05/06/22

617,000

95.09

587

604

TCW

CLO,

Ltd.

09/24/21

300,000

100.00

300

301

Techem

Verwaltungsgesellschaft

674

mbH

01/03/19

EUR

241,779

113.40

274

262

Teleflex,

Inc.

01/28/21

156,000

103.01

161

148

Telefonica

Europe

BV

04/29/22

EUR

200,000

95.28

191

207

Telefonica

Europe

BV

01/26/23

EUR

600,000

108.25

650

686

Telefonica

SA

11/24/22

EUR

300,000

87.40

262

306

Teva

Pharmaceutical

Finance

Netherlands

II

BV

06/02/23

EUR

250,000

96.10

240

255

Teva

Pharmaceutical

Finance

Netherlands

II

BV

06/18/24

EUR

560,000

89.03

499

541

Texas

Eastern

Transmission,

LP

12/05/19

74,000

101.63

75

71

Titan

Holdings

II

BV

08/03/22

EUR

1,000,000

97.41

974

1,095

TKC

Holdings,

Inc.

04/05/24

232,000

97.23

226

226

Topaz

Solar

Farms

LLC

05/02/24

597,000

99.67

595

581

TransDigm

,

Inc.

07/09/24

243,000

101.71

247

248

Transnet

SOC,

Ltd.

02/15/24

352,000

95.98

338

357

Transocean

Poseidon,

Ltd.

04/26/21

4,725

97.30

5

5

Transocean

Titan

Financing,

Ltd.

01/09/23

153,000

100.00

153

159

Transocean,

Inc.

06/29/21

79,000

91.41

72

79

Transocean,

Inc.

01/17/23

337,500

100.00

337

355

Transocean,

Inc.

04/11/24

346,000

100.00

346

353

Transocean,

Inc.

04/11/24

346,000

100.00

346

354

Travelex

Issuerco

,

Ltd.

08/07/23

GBP

2,355,912

127.87

3,012

3,407

Trinidad

&

Tobago

Government

International

Bond

09/11/23

310,000

99.34

308

310

Trinidad

Generation

UnLtd

01/29/21

468,000

101.27

474

455

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

163

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Triton

Container

International,

Ltd.

02/19/21

358,333

99.84

358

320

Triumph

Group,

Inc.

02/28/23

337,000

99.93

337

355

TUI

Cruises

GmbH

04/10/24

EUR

150,000

107.44

161

165

Turkiye

Ihracat

Kredi

Bankasi

AS

07/21/21

449,000

97.93

440

438

Turkiye

Varlik

Fonu

Yonetimi

AS

04/18/24

397,000

101.05

401

407

TVL

Finance

PLC

04/21/23

GBP

100,000

123.04

123

132

UBS

Bank

of

America

Merrill

Lynch

Mortgage

Trust

03/18/21

2,600,000

84.50

2,197

2,119

UBS

Group

AG

07/24/23

131,000

91.52

120

123

UGI

International

LLC

09/18/23

EUR

750,000

91.64

687

722

Ukraine

Government

International

Bond

04/23/15

195,000

43.69

85

120

Ukraine

Government

International

Bond

05/31/24

411,000

36.08

148

150

Ukraine

Government

International

Bond

06/19/24

665,000

31.17

207

223

Ukraine

Government

International

Bond

07/25/24

686,000

32.50

223

220

UniCredit

SpA

05/08/20

205,000

104.80

215

213

UniCredit

SpA

04/02/24

339,000

97.64

331

336

United

Airlines,

Inc.

07/09/24

210,000

97.11

204

205

United

Arab

Emirates

International

Government

Bond

06/25/24

202,000

100.00

202

204

United

Group

BV

01/23/20

EUR

300,000

110.56

332

313

United

Group

BV

01/26/21

EUR

100,000

121.16

121

106

United

Group

BV

07/20/21

EUR

300,000

117.83

353

319

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

06/09/21

362,000

100.59

364

274

Univision

Communications,

Inc.

04/21/22

147,000

101.06

149

146

Univision

Communications,

Inc.

08/10/23

149,000

100.36

150

150

US

Foods,

Inc.

03/03/21

253,000

101.04

256

242

UWM

Mortgage

Trust

05/27/21

749,912

100.48

754

604

Uzbekneftegaz

JSC

01/23/24

201,000

84.68

170

171

Valeo

SA

10/23/23

EUR

400,000

107.38

430

419

Var

Energi

ASA

07/24/23

111,000

103.33

115

118

Var

Energi

ASA

11/08/23

EUR

500,000

110.47

552

593

Venezuela

Government

International

Bond

03/26/24

575,000

17.18

99

97

Venture

33

CLO,

Ltd.

02/11/21

1,000,000

100.00

1,000

1,000

Venture

Global

Calcasieu

Pass

LLC

07/29/21

236,000

100.00

236

218

Venture

Global

Calcasieu

Pass

LLC

07/29/21

567,000

97.30

551

515

Venture

Global

Calcasieu

Pass

LLC

11/17/21

470,000

100.00

470

408

Venture

Global

LNG,

Inc.

04/05/24

447,000

103.35

462

466

Verisure

Holding

AB

01/23/23

EUR

175,000

108.67

190

198

Verisure

Midholding

AB

01/15/21

EUR

625,000

120.79

755

669

Veritas

US,

Inc.

/

Veritas

Bermuda,

Ltd.

11/17/21

776,000

100.11

777

675

Verus

Securitization

Trust

02/08/21

1,000,000

99.99

1,000

771

Verus

Securitization

Trust

06/22/22

471,659

88.48

417

402

VICI

Properties,

Inc.

07/06/22

126,000

94.23

119

123

Videotron,

Ltd.

04/05/24

104,000

97.97

102

103

Virgin

Media

Finance

PLC

06/03/20

GBP

250,000

125.83

315

293

Vistra

Operations

Co.

LLC

03/06/24

124,000

95.58

119

120

Vmed

O2

UK

Financing

I

PLC

09/10/20

GBP

200,000

127.90

256

225

Vmed

O2

UK

Financing

I

PLC

06/22/21

GBP

250,000

139.48

349

271

Vodafone

Group

PLC

10/19/20

GBP

250,000

136.74

342

317

Vodafone

Group

PLC

04/28/22

EUR

900,000

100.05

900

891

Vodafone

Group

PLC

01/30/23

EUR

200,000

101.16

202

214

Volkswagen

Group

of

America

Finance

LLC

03/01/23

EUR

100,000

93.30

93

104

Volkswagen

Group

of

America

Finance

LLC

08/29/23

EUR

200,000

108.86

218

246

VTB

Bank

03/19/19

714,000

—

750

—

Weatherford

International,

Ltd.

08/22/22

792,000

100.06

781

824

Weir

Group

PLC

(The)

01/08/24

66,000

94.57

62

62

Wells

Fargo

Commercial

Mortgage

Trust

03/21/19

390,000

86.02

335

307

Wells

Fargo

Commercial

Mortgage

Trust

04/17/24

500,000

63.59

318

352

Wells

Fargo

Commercial

Mortgage

Trust

05/01/24

450,000

82.39

371

380

Wells

Fargo

Commercial

Mortgage

Trust

05/06/24

500,000

86.59

433

441

Wells

Fargo

Mortgage

Backed

Securities

Trust

02/14/20

18,934

100.75

19

16

Wells

Fargo

Mortgage

Backed

Securities

Trust

08/10/20

158,580

102.90

163

135

Wells

Fargo

Mortgage

Backed

Securities

Trust

09/17/20

210,657

102.21

215

182

Wells

Fargo

Mortgage

Backed

Securities

Trust

03/12/21

702,046

101.32

711

566

Wendy's

Funding

LLC

03/26/19

467,454

99.04

463

446

WEPA

Hygieneprodukte

GmbH

05/09/23

EUR

200,000

97.77

196

206

WEPA

Hygieneprodukte

GmbH

01/17/24

EUR

100,000

108.09

108

110

Werner

FinCo

,

LP

/

Werner

FinCo

,

Inc.

07/09/24

211,000

108.74

229

229

Williams

Scotsman

International,

Inc.

01/28/21

188,000

102.23

192

179

Wilsonart

LLC

07/25/24

607,000

100.00

607

595

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

164

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Wintershall

Dea

Finance

2

BV

02/24/23

EUR

400,000

86.77

347

391

Wintershall

Dea

Finance

2

BV

07/27/23

EUR

300,000

94.51

284

306

Wipro

IT

Services

LLC

07/24/23

101,000

92.93

94

95

Wizz

Air

Finance

Co.

BV

10/31/23

EUR

405,000

100.09

405

417

World

Acceptance

Corp.

01/11/22

207,000

100.20

207

199

XPO,

Inc.

07/25/23

118,000

99.22

117

119

YPF

SA

08/15/18

950

100.00

1

1

YPF

SA

01/28/21

50

27.86

—

—

YPF

SA

02/10/21

483

84.25

—

—

YPF

SA

03/08/23

250,000

83.00

207

230

YPF

SA

01/23/24

332,000

94.02

312

315

Zaxbys

Funding

LLC

05/03/24

450,000

100.00

450

460

Zaxbys

Funding

LLC

05/13/24

727,500

88.01

640

658

Zegona

Finance

PLC

07/10/24

EUR

460,000

108.29

498

507

ZF

Europe

Finance

BV

04/08/22

EUR

400,000

99.78

399

408

ZF

Europe

Finance

BV

11/14/22

EUR

200,000

97.92

196

208

ZF

Europe

Finance

BV

04/06/23

EUR

600,000

99.29

589

597

ZF

Europe

Finance

BV

09/06/23

EUR

200,000

106.78

214

228

ZF

NA

Capital,

Inc.

05/02/24

253,000

98.98

250

250

317,551

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Euro-

Bobl

Futures

26

EUR

3,055

09/24

50

Long

Gilt

Futures

110

GBP

10,914

09/24

344

United

States

2

Year

Treasury

Note

Futures

780

USD

160,186

09/24

1,252

United

States

5

Year

Treasury

Note

Futures

98

USD

10,574

09/24

194

United

States

10

Year

Treasury

Note

Futures

20

USD

2,236

09/24

61

United

States

10

Year

Treasury

Ultra

Bond

Futures

128

USD

14,794

09/24

422

United

States

Treasury

Long

Bond

Futures

22

USD

2,657

09/24

65

United

States

Treasury

Ultra

Bond

Futures

22

USD

2,816

09/24

84

Short

Positions

Euro-Bund

Futures

111

EUR

14,844

09/24

(399)

Japanese

10

Year

Government

Bond

Futures

14

JPY

1,998,080

09/24

8

United

States

2

Year

Treasury

Note

Futures

100

USD

20,536

09/24

(177)

United

States

5

Year

Treasury

Note

Futures

95

USD

10,250

09/24

(197)

United

States

10

Year

Treasury

Note

Futures

199

USD

22,251

09/24

(612)

United

States

10

Year

Treasury

Ultra

Bond

Futures

50

USD

5,779

09/24

(156)

United

States

Treasury

Long

Bond

Futures

74

USD

8,938

09/24

(266)

United

States

Treasury

Ultra

Bond

Futures

13

USD

1,663

09/24

(52)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

621

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

2,178

NOK

23,291

08/08/24

(43)

Bank

of

America

USD

2,186

NZD

3,705

08/08/24

19

Bank

of

America

USD

14

PLN

56

08/08/24

—

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

165

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

10

THB

345

08/08/24

—

Bank

of

America

USD

10

TRY

349

08/08/24

—

Bank

of

America

USD

1,453

TRY

49,250

08/08/24

25

Bank

of

America

USD

1,458

ZAR

27,152

08/08/24

32

Bank

of

America

CZK

263

USD

11

08/08/24

—

Bank

of

America

CZK

20,396

USD

869

08/08/24

1

Bank

of

America

GBP

97

USD

125

08/30/24

—

Bank

of

America

HKD

6,863

USD

879

08/08/24

1

Bank

of

America

MXN

4,796

USD

261

08/08/24

4

Bank

of

America

PLN

3,534

USD

879

08/08/24

(12)

Bank

of

America

SGD

2,025

USD

1,494

08/08/24

(21)

Bank

of

America

THB

22,585

USD

615

08/08/24

(19)

Bank

of

New

York

USD

1,657

EUR

1,540

08/08/24

10

Bank

of

New

York

USD

114

EUR

105

09/18/24

—

Bank

of

New

York

GBP

100

USD

129

09/18/24

1

BNP

Paribas

EUR

201

USD

218

08/30/24

1

BNP

Paribas

EUR

27,186

USD

29,564

08/30/24

103

BNP

Paribas

GBP

8,255

USD

10,636

08/30/24

22

Citigroup

USD

588

BRL

3,344

08/08/24

3

Citigroup

USD

874

CLP

828,102

08/08/24

5

Citigroup

USD

606

COP

2,521,957

08/08/24

16

Citigroup

EUR

4,333

USD

4,717

09/18/24

17

Citigroup

GBP

734

USD

944

09/18/24

—

HSBC

USD

2,820

GBP

2,225

08/08/24

41

HSBC

AUD

3,373

USD

2,206

08/08/24

—

HSBC

EUR

4,333

USD

4,713

09/18/24

14

HSBC

GBP

734

USD

943

09/18/24

(1)

JPMorgan

Chase

USD

127

GBP

99

08/01/24

—

JPMorgan

Chase

CAD

256

USD

186

08/30/24

—

JPMorgan

Chase

CHF

1,670

USD

1,854

08/08/24

(50)

JPMorgan

Chase

CHF

472

USD

539

08/30/24

(1)

JPMorgan

Chase

EUR

392

USD

425

08/30/24

—

JPMorgan

Chase

GBP

99

USD

127

08/30/24

—

JPMorgan

Chase

JPY

245,634

USD

1,529

08/08/24

(112)

Royal

Bank

of

Canada

EUR

4,333

USD

4,714

09/18/24

14

Royal

Bank

of

Canada

GBP

734

USD

943

09/18/24

(1)

Royal

Bank

of

Canada

SEK

16,172

USD

1,525

08/08/24

15

Standard

Chartered

USD

28

BRL

156

08/08/24

—

Standard

Chartered

USD

12

CLP

11,741

08/08/24

—

Standard

Chartered

USD

1

IDR

11,643

08/08/24

—

Standard

Chartered

COP

39,079

USD

10

08/08/24

—

Standard

Chartered

KRW

4,003

USD

3

08/08/24

—

Standard

Chartered

TWD

364

USD

11

08/08/24

—

State

Street

USD

26

CHF

23

08/08/24

—

State

Street

USD

720

EUR

666

08/08/24

1

State

Street

USD

11

EUR

10

09/18/24

—

State

Street

USD

171

EUR

158

09/18/24

—

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

166

Opportunistic

Credit

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

USD

896

GBP

698

08/08/24

2

State

Street

USD

20

GBP

16

09/18/24

—

State

Street

USD

267

GBP

210

09/18/24

3

State

Street

USD

878

IDR

14,391,725

08/08/24

7

State

Street

USD

968

JPY

149,475

08/08/24

31

State

Street

USD

263

MYR

1,240

08/08/24

7

State

Street

USD

99

NOK

1,090

08/08/24

1

State

Street

USD

5

SGD

7

08/08/24

—

State

Street

USD

17

ZAR

308

08/08/24

—

State

Street

EUR

20

USD

22

09/18/24

—

State

Street

EUR

20

USD

21

09/18/24

—

State

Street

EUR

25

USD

27

09/18/24

—

State

Street

EUR

230

USD

248

09/18/24

(1)

State

Street

EUR

315

USD

342

09/18/24

—

State

Street

EUR

550

USD

594

09/18/24

(3)

State

Street

GBP

10

USD

13

09/18/24

—

State

Street

HKD

40

USD

5

08/08/24

—

State

Street

KRW

853,616

USD

616

08/08/24

(7)

State

Street

MXN

103

USD

5

08/08/24

—

State

Street

MYR

5

USD

1

08/08/24

—

State

Street

SEK

551

USD

51

08/08/24

—

State

Street

TWD

19,954

USD

612

08/08/24

2

UBS

CHF

1,670

USD

1,854

08/08/24

(50)

Westpac

NZD

1,079

USD

654

08/08/24

12

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

89

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

16,147

$

255

$

—

$

16,402

Corporate

Bonds

and

Notes

—

130,150

—

—

130,150

International

Debt

—

125,044

—

—

125,044

Mortgage-Backed

Securities

—

70,141

—

—

70,141

Non-US

Bonds

—

51,728

—

—

51,728

Common

Stocks

Consumer

Discretionary

—

—

—

—

—

Energy

—

—

185

—

185

Financial

Services

—

—

—

—

—

Materials

and

Processing

—

—

4,276

—

4,276

Producer

Durables

—

187

3,014

—

3,201

Preferred

Stocks

—

—

—

—

—

Warrants

and

Rights

—

19

—

—

19

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

167

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Short-Term

Investments

—

7,08

2

40

7

23,644

31,133

Other

Securities

—

—

—

3,474

3,474

Total

Investments

—

400,49

8

8,13

7

27,118

435,753

Other

Financial

Instruments

Assets

Futures

Contracts

2,480

—

—

—

2,480

Foreign

Currency

Exchange

Contracts

—

410

—

—

410

Liabilities

Futures

Contracts

(1,859)

—

—

—

(1,859)

Foreign

Currency

Exchange

Contracts

—

(321)

—

—

(321)

Total

Other

Financial

Instruments

*

$

621

$

89

$

—

$

—

$

710

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Quantitative

Information

about

Level

3

Fair

Value

Measurements

The

significant

inputs

used

in

determining

the

fair

value

levels

of

Level

3

securities

were

as

follows:

Category

and

Subcategory

Valuation

Techniquue

(s)

Unobservable

Input(s)

Input/Range(s)

Weighted

Average

Fair

Value

($)

Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

Other*

255

Common

Stocks

Energy

Other*

185

Materials

and

Processing

Discounted

cash

flow***

Discount

rate**

17.2%

4,276

Market

approach***

EBITDA

multiple****

8.29x

Discount

to

guideline

comparables

20.3%

Producer

Durables

Discounted

cash

flow***

Discount

rate**

14.2%

3,014

Market

approach***

EBITDA

multiple****

4.83x

Discount

to

guideline

comparables

40.4%

Short-Term

Investments

Other*

407

Total

Investments

8,137

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

168

Opportunistic

Credit

Fund

*   Level

3

investments

with

a

listed

Valuation

Technique

of

"Other"

were

less

than

1%

of

net

assets

for

the

period

ended

July

31,

2024.

** The

discount

rates

were

determined

by

calculating

the

weighted

average

cost

of

capital

for

the

companies.

*** A

50%/50%

weighted

average

was

applied

to

the

Market

approach

and

Discounted

cash

flow.

****

A

relative

value

analysis

of

comparable

publicly

traded

companies

was

used

to

derive

the

last

twelve

months

EBIDTA

multiple.

A

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

value

for

the

period

ended

July

31,

2024

were

as

follows:

Category

and

Subcategory

Beginning

Balance

11/01/2023

Gross

Purchases

Gross

Sales

Accrued

Discounts/

(Premiums)

Realized

Gain

(Loss)

Net

Transfers

into

Level

3

Net

Transfers

out

of

Level

3

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

Ending

Balance

7/31/2024

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

held

as

of

7/31/2024

Long-Term

Fixed

Income

Investments

Asset

Backed

Securities

$

289

$

—

$

—

$

—

$

—

$

—

$

—

$

(34)

$

255

$

(34)

Common

Stocks

Energy

184

—

—

—

—

—

—

1

185

1

Material

Processing

3,318

—

—

—

—

—

—

958

4,276

958

Producer

Durables

2,784

—

—

—

—

—

—

230

3,014

230

Short-Term

Investments

—

—

—

(2)

—

407

—

2

407

2

Total

Investments

$

6,575

$

—

$

—

$

(2)

$

—

$

407

$

—

$

1,157

$

8,137

$

1,157

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Angola

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

632

Argentina

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

1,937

Australia

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

634

Austria

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

1,456

Azerbaijan

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

574

Bahrain

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

2,140

Belarus

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

407

Belgium

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

568

Bermuda

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

2,906

Bolivia,

Plurinational

State

of

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

113

Brazil

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

3,550

Canada

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

8,914

Cayman

Islands

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

16,926

Chile

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

3,061

China

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

2,404

Colombia

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

2,226

Costa

Rica

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

1,112

Czech

Republic

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

1,546

Denmark

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

907

Dominican

Republic

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

1,614

Ecuador

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

678

Egypt

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

1,397

El

Salvador

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

363

Finland

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

712

France

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

8,885

Gabon

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

168

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

169

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Georgia

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

339

Germany

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

7,747

Ghana

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

500

Guatemala

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

1,000

Hong

Kong

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

1,317

Hungary

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

1,999

India

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

469

Indonesia

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

3,242

Ireland

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

1,633

Israel

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

796

Italy

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

6,518

Ivory

Coast

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

338

Jersey

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

119

Jordan

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

433

Kazakhstan

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

883

Kenya

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

505

Lebanon

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

116

Liberia

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

235

Luxembourg

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

4,886

Malaysia

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

2,176

Mauritius

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

331

Mexico

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

5,292

Mongolia

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

207

Morocco

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

831

Netherlands

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

2,378

Nigeria

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

983

Norway

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

1,327

Oman

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

2,420

Pakistan

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

1,112

Panama

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

3,324

Paraguay

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

527

Peru

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

2,033

Philippines

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

1,808

Poland

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

2,145

Portugal

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

192

Puerto

Rico

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

355

Qatar

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

2,671

Romania

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

1,327

Russia

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

794

Saudi

Arabia

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

4,367

Senegal

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

182

Serbia

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

415

Singapore

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

254

Slovenia

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

737

South

Africa

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

2,449

South

Korea

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

283

Spain

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

3,045

Sri

Lanka

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

458

Sweden

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

867

Switzerland

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

1,064

Thailand

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

411

Trinidad

and

Tobago

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

765

Turkey

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

3,911

Ukraine

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

1,278

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

170

Opportunistic

Credit

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

United

Arab

Emirates

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

3,466

United

Kingdom

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

19,627

United

States

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

258,696

Uruguay

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

1,180

Uzbekistan

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

367

Venezuela,

Bolivarian

Republic

of

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

255

Zambia

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

538

Total

Investments

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

435,753

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

26,196

$

227,680

$

230,237

$

3

$

2

$

23,644

$

1,003

$

—

U.S.

Cash

Collateral

Fund

5,439

36,142

38,107

—

—

3,474

291

—

$

31,635

$

263,822

$

268,344

$

3

$

2

$

27,118

$

1,294

$

—

Russell

Investment

Company

Long

Duration

Bond

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Long

Duration

Bond

Fund

171

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

95.4%

Asset-Backed

Securities

-

0.2%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Auth

Series

2022-ELL

Class

A3

4.275%

due

02/01/36

105

101

Oklahoma

Development

Finance

Authority

Series

2022-OGE

Class

A2

4.851%

due

02/01/45

80

79

Series

2022-ONG

Class

A1

3.877%

due

05/01/37

71

69

Series

2022-ONG

Class

A3

4.714%

due

05/01/52

90

86

Series

2022-PSO

Class

A2

4.623%

due

06/01/44

85

82

417

Municipal

Bonds

-

4.0%

Alameda

County

Joint

Powers

Authority

Revenue

Bonds

7.046%

due

12/01/44

60

70

American

Municipal

Power,

Inc.

Revenue

Bonds

7.834%

due

02/15/41

60

74

8.084%

due

02/15/50

120

162

Bay

Area

Toll

Authority

Revenue

Bonds

6.263%

due

04/01/49

120

133

7.043%

due

04/01/50

90

109

6.907%

due

10/01/50

70

84

3.126%

due

04/01/55

55

39

California

Health

Facilities

Financing

Authority

Revenue

Bonds

4.190%

due

06/01/37

105

99

California

State

University

Revenue

Bonds

2.975%

due

11/01/51

40

29

2.939%

due

11/01/52

85

60

5.183%

due

11/01/53

70

71

Chicago

O'Hare

International

Airport

Revenue

Bonds

4.472%

due

01/01/49

100

93

4.572%

due

01/01/54

75

70

Chicago

Transit

Authority

Revenue

Bonds

6.899%

due

12/01/40

218

245

City

of

Houston

General

Obligation

Limited

3.961%

due

03/01/47

125

109

City

of

New

York

General

Obligation

Unlimited

5.517%

due

10/01/37

110

112

5.263%

due

10/01/52

75

78

City

of

Riverside

Revenue

Bonds

3.857%

due

06/01/45

30

26

City

Public

Service

Board

of

San

Antonio

Revenue

Bonds

5.808%

due

02/01/41

125

130

Commonwealth

Financing

Authority

Revenue

Bonds

4.144%

due

06/01/38

95

89

Commonwealth

of

Massachusetts

General

Obligation

Limited

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.456%

due

12/01/39

120

124

2.900%

due

09/01/49

85

60

County

of

Clark

Department

of

Aviation

Revenue

Bonds

6.820%

due

07/01/45

95

110

County

of

Miami-Dade

Aviation

Revenue

Bonds

4.280%

due

10/01/41

100

92

Dallas

Area

Rapid

Transit

Revenue

Bonds

2.613%

due

12/01/48

220

154

Dallas

County

Hospital

District

General

Obligation

Limited

5.621%

due

08/15/44

70

72

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

2.919%

due

11/01/50

100

72

4.087%

due

11/01/51

85

73

4.507%

due

11/01/51

95

88

District

of

Columbia

Water

&

Sewer

Authority

Revenue

Bonds

4.814%

due

10/01/14

70

65

East

Bay

Municipal

Utility

District

Revenue

Bonds

5.874%

due

06/01/40

70

74

Foothill/Eastern

Transportation

Corridor

Agency

Revenue

Bonds

4.094%

due

01/15/49

90

77

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

3.714%

due

06/01/41

45

36

4.214%

due

06/01/50

110

85

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

3.236%

due

10/01/52

180

136

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

3.652%

due

08/15/57

160

127

Indiana

Finance

Authority

Revenue

Bonds

3.051%

due

01/01/51

50

38

Kansas

Development

Finance

Authority

Revenue

Bonds

2.774%

due

05/01/51

(µ)

105

75

Los

Angeles

Community

College

District

General

Obligation

Unlimited

6.750%

due

08/01/49

95

111

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

6.574%

due

07/01/45

135

153

6.603%

due

07/01/50

25

29

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

5.198%

due

12/01/39

100

103

Series

2022-ELL

Class

A4

4.475%

due

08/01/39

76

73

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

3.052%

due

07/01/40

155

120

Massachusetts

School

Building

Authority

Tax

Revenue

Bonds

Russell

Investment

Company

Long

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

172

Long

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.395%

due

10/15/40

115

98

Metropolitan

Transportation

Authority

Revenue

Bonds

5.871%

due

11/15/39

75

77

6.668%

due

11/15/39

60

66

7.336%

due

11/15/39

60

73

Metropolitan

Washington

Airports

Authority

Revenue

Bonds

7.462%

due

10/01/46

45

56

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

General

Obligation

Limited

5.720%

due

12/01/38

100

105

Michigan

Finance

Authority

Revenue

Bonds

3.384%

due

12/01/40

105

87

Michigan

State

University

Revenue

Bonds

4.165%

due

08/15/22

95

76

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

6.637%

due

04/01/57

128

144

6.655%

due

04/01/57

153

172

7.055%

due

04/01/57

64

74

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

6.561%

due

12/15/40

90

101

New

Jersey

Turnpike

Authority

Revenue

Bonds

7.414%

due

01/01/40

139

166

7.102%

due

01/01/41

150

175

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

5.572%

due

11/01/38

65

67

New

York

City

Water

&

Sewer

System

Revenue

Bonds

5.750%

due

06/15/41

75

78

5.724%

due

06/15/42

65

68

5.440%

due

06/15/43

70

70

5.882%

due

06/15/44

75

79

New

York

State

Dormitory

Authority

Revenue

Bonds

4.946%

due

08/01/48

(µ)

90

83

North

Texas

Tollway

Authority

Revenue

Bonds

6.718%

due

01/01/49

110

129

Pennsylvania

State

University

(The)

Revenue

Bonds

2.790%

due

09/01/43

155

119

Pennsylvania

Turnpike

Commission

Revenue

Bonds

5.511%

due

12/01/45

110

111

Permanent

University

Fund

-

Texas

A&M

University

System

Revenue

Bonds

3.660%

due

07/01/47

85

72

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

5.647%

due

11/01/40

115

122

4.031%

due

09/01/48

75

65

4.926%

due

10/01/51

155

151

5.072%

due

07/15/53

85

85

4.458%

due

10/01/62

260

234

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.810%

due

10/15/65

85

81

3.287%

due

08/01/69

85

58

Port

of

Morrow

Revenue

Bonds

2.543%

due

09/01/40

80

60

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Bonds

6.548%

due

05/15/48

90

101

6.583%

due

05/15/49

60

67

4.563%

due

05/15/53

65

60

3.256%

due

05/15/60

85

59

Rutgers

The

State

University

of

New

Jersey

Revenue

Bonds

3.270%

due

05/01/43

150

124

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3.238%

due

01/01/42

95

77

3.820%

due

01/01/48

75

63

Salt

River

Project

Agricultural

Improvement

&

Power

District

Revenue

Bonds

4.839%

due

01/01/41

75

72

San

Diego

County

Regional

Transportation

Commission

Revenue

Bonds

5.911%

due

04/01/48

70

74

San

Diego

County

Water

Authority

Revenue

Bonds

6.138%

due

05/01/49

55

60

San

Francisco

City

&

County

Public

Utilities

Commission

Water

Revenue

Bonds

6.950%

due

11/01/50

65

76

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

Bonds

3.492%

due

01/15/50

(µ)

50

39

South

Carolina

State

Public

Service

Authority

Revenue

Bonds

6.454%

due

01/01/50

85

93

State

of

California

General

Obligation

Unlimited

5.125%

due

03/01/38

75

76

4.600%

due

04/01/38

120

117

7.550%

due

04/01/39

320

394

7.300%

due

10/01/39

100

118

7.350%

due

11/01/39

125

148

7.625%

due

03/01/40

175

214

7.600%

due

11/01/40

240

298

State

of

Illinois

General

Obligation

Unlimited

7.350%

due

07/01/35

43

48

State

of

Louisiana

Gasoline

&

Fuels

Tax

Revenue

Bonds

2.952%

due

05/01/41

120

94

State

of

Texas

General

Obligation

Unlimited

5.517%

due

04/01/39

130

136

4.681%

due

04/01/40

70

67

Texas

Natural

Gas

Securitization

Finance

Corp.

Revenue

Bonds

5.169%

due

04/01/41

255

262

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3.922%

due

12/31/49

145

123

Russell

Investment

Company

Long

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Long

Duration

Bond

Fund

173

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Texas

Transportation

Commission

General

Obligation

Unlimited

2.472%

due

10/01/44

120

87

The

Ohio

State

University

Revenue

Bonds

4.910%

due

06/01/40

115

113

University

of

California

Revenue

Bonds

3.071%

due

05/15/51

100

71

4.858%

due

05/15/12

130

119

University

of

Michigan

Revenue

Bonds

2.437%

due

04/01/40

85

64

3.599%

due

04/01/47

75

64

2.562%

due

04/01/50

85

56

3.504%

due

04/01/52

47

37

4.048%

due

04/01/52

85

75

4.454%

due

04/01/22

85

73

University

of

Nebraska

Facilities

Corp.

Revenue

Bonds

3.037%

due

10/01/49

135

101

University

of

Texas

System

(The)

Revenue

Bonds

4.794%

due

08/15/46

35

34

3.354%

due

08/15/47

95

75

University

of

Virginia

Revenue

Bonds

2.256%

due

09/01/50

50

31

2.584%

due

11/01/51

95

63

11,354

United

States

Government

Agencies

-

19.0%

Federal

Farm

Credit

Banks

Funding

Corp.

1.800%

due

06/04/35

596

453

5.940%

due

01/02/36

1,765

1,764

5.940%

due

04/24/36

351

350

3.650%

due

04/01/39

1,459

1,284

1.950%

due

08/13/40

364

245

3.700%

due

03/24/42

2,174

1,814

Federal

Home

Loan

Banks

4.000%

due

06/30/28

90

91

4.875%

due

09/10/32

2,440

2,532

1.625%

due

08/03/35

650

484

2.375%

due

06/23/36

575

460

5.500%

due

07/15/36

4,610

5,143

2.300%

due

08/18/36

295

233

Federal

Home

Loan

Mortgage

Corp.

6.250%

due

07/15/32

800

916

4.637%

due

09/15/36

3,074

1,791

4.694%

due

11/15/38

800

413

Series

1

4.063%

due

11/15/38

3,708

1,915

Federal

National

Mortgage

Association

6.250%

due

05/15/29

85

93

7.125%

due

01/15/30

100

115

7.250%

due

05/15/30

100

116

0.875%

due

08/05/30

296

246

6.625%

due

11/15/30

100

114

5.625%

due

07/15/37

3,127

3,531

6.210%

due

08/06/38

1,950

2,290

Tennessee

Valley

Authority

7.125%

due

05/01/30

1,086

1,253

4.650%

due

06/15/35

1,248

1,274

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.880%

due

04/01/36

5,808

6,558

5.980%

due

04/01/36

540

608

6.150%

due

01/15/38

495

573

5.500%

due

06/15/38

1,413

1,550

5.250%

due

09/15/39

7,479

7,917

3.500%

due

12/15/42

5,446

4,607

4.875%

due

01/15/48

2,192

2,215

Series

B

4.700%

due

07/15/33

326

337

53,285

United

States

Government

Treasuries

-

72.2%

United

States

Treasury

Notes

4.500%

due

02/15/36

29,485

30,863

4.750%

due

02/15/37

18,529

19,767

5.000%

due

05/15/37

23,913

26,085

4.375%

due

02/15/38

25,161

25,855

4.500%

due

05/15/38

28,475

29,578

3.500%

due

02/15/39

28,940

26,864

Series

0001

4.250%

due

05/15/39

43,259

43,536

202,548

Total

Long-Term

Investments

(cost

$260,345)

267,604

Short-Term

Investments

-

3.2%

U.S.

Cash

Management

Fund(@)

9,035,250(∞)

9,034

Total

Short-Term

Investments

(cost

$9,032)

9,034

Total

Investments

-

98.6%

(identified

cost

$269,377)

276,638

Other

Assets

and

Liabilities,

Net

-

1.4%

3,936

Net

Assets

-

100.0%

280,574

Russell

Investment

Company

Long

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

174

Long

Duration

Bond

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Long

Gilt

Futures

21

GBP

2,084

09/24

66

United

States

10

Year

Treasury

Ultra

Bond

Futures

103

USD

11,904

09/24

330

United

States

Treasury

Long

Bond

Futures

47

USD

5,677

09/24

200

Short

Positions

Euro-Bund

Futures

21

EUR

2,808

09/24

(76)

United

States

5

Year

Treasury

Note

Futures

1

USD

108

09/24

(2)

United

States

10

Year

Treasury

Note

Futures

48

USD

5,367

09/24

(142)

United

States

Treasury

Long

Bond

Futures

7

USD

846

09/24

(13)

United

States

Treasury

Ultra

Bond

Futures

6

USD

768

09/24

(18)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

345

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Long-Term

Investments

Asset-Backed

Securities

$

—

$

417

$

—

$

—

$

417

Municipal

Bonds

—

11,354

—

—

11,354

United

States

Government

Agencies

—

53,285

—

—

53,285

United

States

Government

Treasuries

—

202,548

—

—

202,548

Short-Term

Investments

—

—

—

9,034

9,034

Total

Investments

—

267,604

—

9,034

276,638

Other

Financial

Instruments

Assets

Futures

Contracts

596

—

—

—

596

Liabilities

Futures

Contracts

(251)

—

—

—

(251)

Total

Other

Financial

Instruments

*

$

345

$

—

$

—

$

—

$

345

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Long

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Long

Duration

Bond

Fund

175

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

United

States

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

276,638

Total

Investments

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

276,638

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

10,532

$

43,397

$

44,895

$

(1

)

$

1

$

9,034

$

410

$

—

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

176

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

78.8%

Asset-Backed

Securities

-

3.8%

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL3

Class

A

1.155%

due

08/15/34

(USD

1

Month

LIBOR

+

1.070%)(Ê)(Þ)

4,240

4,199

AXIS

Equipment

Finance

Receivables

XIV

LLC

Series

2024-2A

Class

A2

5.190%

due

07/21/31

(Þ)

3,200

3,203

BDS,

Ltd.

Series

2022-FL11

Class

ATS

2.100%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.800%)(Ê)(Þ)

11,123

11,109

BRAVO

Residential

Funding

Trust

Series

2024-CES1

Class

A1A

6.377%

due

04/25/54

(~)(Ê)(Þ)

959

967

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2024-5A

Class

A2R3

6.932%

due

01/20/32

(CME

Term

SOFR

3

Month

+

1.650%)(Ê)(Þ)

270

270

CarMax

Auto

Owner

Trust

Series

2024-1

Class

D

6.000%

due

07/15/30

120

121

CLI

Funding

IX

LLC

Series

2024-1A

Class

A

5.630%

due

07/20/49

(Þ)

3,170

3,221

Conseco

Financial

Corp.

Series

1996-4

Class

M1

7.750%

due

06/15/27

(~)(Ê)

207

207

Countrywide

Asset-Backed

Certificates

Trust

Series

2007-4

Class

A4W

4.640%

due

04/25/47

7,818

7,285

DLLAA

LLC

Series

2023-1A

Class

A4

5.730%

due

10/20/31

(Þ)

4,870

5,000

FIGRE

Trust

Series

2023-HE3

Class

A

6.436%

due

11/25/53

(~)(Ê)(Þ)

1,793

1,834

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

2.190%

due

08/21/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

1,875

1,808

GSAA

Home

Equity

Trust

Series

2006-S1

Class

2M2

5.850%

due

08/25/34

(~)(Ê)(Þ)

329

391

Hilton

Grand

Vacations

Trust

Series

2023-1A

Class

C

6.940%

due

01/25/38

(Þ)

94

96

Irwin

Home

Equity

Loan

Trust

Series

2006-1

Class

2A3

6.270%

due

09/25/35

(~)(Ê)(Þ)

160

160

J.G.

Wentworth

XLII

LLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2018-2A

Class

B

4.700%

due

10/15/77

(Þ)

52

48

J.G.

Wentworth

XXXIX

LLC

Series

2017-2A

Class

B

5.090%

due

09/17/74

(Þ)

125

114

John

Deere

Owner

Trust

Series

2024-B

Class

A4

5.190%

due

05/15/31

4,000

4,079

Kubota

Credit

Owner

Trust

Series

2024-1A

Class

A4

5.200%

due

01/15/30

(Þ)

4,560

4,627

Series

2024-2A

Class

A4

5.190%

due

05/15/30

(Þ)

1,750

1,773

Lunar

Structured

Aircraft

Portfolio

Notes

Series

2021-1

Class

A

2.636%

due

10/15/46

(Þ)

340

306

MF1

LLC

Series

2022-FL9

Class

A

2.960%

due

06/19/37

(CME

Term

SOFR

1

Month

+

2.150%)(Ê)(Þ)

2,218

2,217

Series

2024-FL14

Class

A

7.078%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.737%)(Ê)(Þ)

6,314

6,286

Mid-State

Capital

Corp.

Trust

Series

2005-1

Class

A

5.745%

due

01/15/40

318

316

MMAF

Equipment

Finance

LLC

Series

2020-BA

Class

A4

0.660%

due

11/15/27

(Þ)

1,960

1,892

Series

2024-A

Class

A4

5.100%

due

07/13/49

(Þ)

3,160

3,199

MVW

LLC

Series

2021-1WA

Class

C

1.940%

due

01/22/41

(Þ)

186

174

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

1,433

1,370

PFS

Financing

Corp.

Series

2024-A

Class

A

6.187%

due

01/15/28

(SOFR

30

Day

Average

+

0.850%)(Ê)(Þ)

380

381

Series

2024-A

Class

B

6.637%

due

01/15/28

(SOFR

30

Day

Average

+

1.300%)(Ê)(Þ)

140

140

RCKT

Mortgage

Trust

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

3,373

3,384

Renew

Financial

Group

LLC

Series

2023-1A

Class

A

5.900%

due

11/20/58

(Þ)

502

497

Series

2024-1A

Class

A

6.208%

due

11/20/59

(Þ)

842

842

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG3

Class

A

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

177

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.067%

due

08/25/53

(~)(Ê)(Þ)

1,431

1,480

Series

2023-FIG4

Class

A

6.718%

due

11/25/53

(~)(Ê)(Þ)

2,205

2,256

SCF

Equipment

Leasing

Series

2024-1A

Class

A3

5.520%

due

01/20/32

(Þ)

3,474

3,530

SoFi

Professional

Loan

Program

Trust

Series

2021-A

Class

AFX

1.030%

due

08/17/43

(Þ)

92

79

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

1,790

1,721

80,582

Corporate

Bonds

and

Notes

-

23.5%

3M

Co.

3.625%

due

10/15/47

810

609

AbbVie,

Inc.

5.050%

due

03/15/34

360

367

5.350%

due

03/15/44

130

132

5.400%

due

03/15/54

230

233

5.500%

due

03/15/64

110

111

Series

WI

3.200%

due

11/21/29

180

169

4.050%

due

11/21/39

370

331

Africa

Finance

Corp.

Series

REGS

4.375%

due

04/17/26

(Þ)

1,158

1,126

African

Export-Import

Bank

(The)

2.634%

due

05/17/26

(Þ)

470

443

Aircastle,

Ltd.

2.850%

due

01/26/28

(Þ)

3,397

3,123

5.750%

due

10/01/31

(Þ)

280

282

Alabama

Power

Co.

5.850%

due

11/15/33

180

192

Alaska

Airlines

Pass-Through

Trust

4.800%

due

08/15/27

(Þ)

160

158

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

5.875%

due

02/15/28

(Þ)

370

367

Alexandria

Real

Estate

Equities,

Inc.

2.000%

due

05/18/32

260

209

3.000%

due

05/18/51

330

207

Altria

Group,

Inc.

4.800%

due

02/14/29

92

92

2.450%

due

02/04/32

2,264

1,880

3.400%

due

02/04/41

230

171

3.875%

due

09/16/46

150

112

5.950%

due

02/14/49

577

583

Amazon.com,

Inc.

3.950%

due

04/13/52

240

199

Amcor

PLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

3.625%

due

04/28/26

2,000

1,952

American

Airlines

Group,

Inc.

5.500%

due

04/20/26

(Þ)

292

290

8.500%

due

05/15/29

(Þ)

170

175

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

A

2.875%

due

07/11/34

2,507

2,176

Series

AA

3.575%

due

01/15/28

1,888

1,808

Series

AA

Class

AA

3.650%

due

02/15/29

7,652

7,280

American

Express

Co.

5.043%

due

07/26/28

(SOFR

+

0.930%)(Ê)

370

372

5.532%

due

04/25/30

(SOFR

+

1.090%)(Ê)

20

21

American

International

Group,

Inc.

Series

A-9

5.750%

due

04/01/48

(USD

3

Month

LIBOR

+

2.868%)(Ê)

1,943

1,918

American

Tower

Trust

#1

5.490%

due

03/15/28

(Þ)

6,121

6,226

American

Tower

Trust

#1

Pass-Through

Certificates

3.652%

due

03/23/28

(Þ)

2,394

2,299

American

Transmission

Systems,

Inc.

2.650%

due

01/15/32

(Þ)

110

94

Americo

Life,

Inc.

3.450%

due

04/15/31

(Þ)

430

353

Ameriprise

Financial,

Inc.

5.150%

due

05/15/33

330

335

AmFam

Holdings,

Inc.

2.805%

due

03/11/31

(Þ)

220

171

3.833%

due

03/11/51

(Þ)

220

135

Amgen,

Inc.

4.400%

due

05/01/45

150

129

5.650%

due

03/02/53

310

312

5.750%

due

03/02/63

200

201

Series

WI

4.663%

due

06/15/51

90

79

Analog

Devices,

Inc.

5.300%

due

04/01/54

200

201

Aon

NA,

Inc.

5.450%

due

03/01/34

620

633

5.750%

due

03/01/54

260

262

Apache

Corp.

7.750%

due

12/15/29

10

11

4.250%

due

01/15/44

120

88

Apollo

Global

Management,

Inc.

5.800%

due

05/21/54

180

181

Ares

Capital

Corp.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

178

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.150%

due

07/15/26

1,138

1,065

AT&T,

Inc.

6.950%

due

01/15/28

950

1,006

4.500%

due

05/15/35

130

123

4.800%

due

06/15/44

41

37

Series

WI

2.550%

due

12/01/33

120

98

6.375%

due

03/01/41

140

151

3.500%

due

09/15/53

120

84

3.550%

due

09/15/55

10

7

3.800%

due

12/01/57

640

460

Athene

Holding,

Ltd.

6.250%

due

04/01/54

310

316

Bank

of

America

Corp.

1.197%

due

10/24/26

(SOFR

+

1.010%)(Ê)

1,912

1,819

4.376%

due

04/27/28

(SOFR

+

1.580%)(Ê)

70

69

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

640

553

2.299%

due

07/21/32

(SOFR

+

1.220%)(Ê)

530

445

2.972%

due

02/04/33

(SOFR

+

1.330%)(Ê)

660

572

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

390

377

5.468%

due

01/23/35

(SOFR

+

1.650%)(Ê)

70

72

2.482%

due

09/21/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.200%)(Ê)

790

648

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

150

115

Series

MTN

4.271%

due

07/23/29

(CME

Term

SOFR

3

Month

+

1.572%)(Ê)

80

78

3.974%

due

02/07/30

(CME

Term

SOFR

3

Month

+

1.472%)(Ê)

70

67

2.884%

due

10/22/30

(CME

Term

SOFR

3

Month

+

1.452%)(Ê)

200

182

1.922%

due

10/24/31

(SOFR

+

1.370%)(Ê)

550

461

2.676%

due

06/19/41

(SOFR

+

1.930%)(Ê)

10

7

4.330%

due

03/15/50

(CME

Term

SOFR

3

Month

+

1.782%)(Ê)

10

9

Barings

BDC,

Inc.

Series

WI

3.300%

due

11/23/26

4,538

4,250

BAT

Capital

Corp.

Series

WI

3.557%

due

08/15/27

56

54

Bath

&

Body

Works,

Inc.

6.950%

due

03/01/33

234

228

Bayer

US

Finance

II

LLC

6.650%

due

02/15/28

(Þ)

2,239

2,343

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Becton

Dickinson

&

Co.

4.685%

due

12/15/44

20

18

Belo

Corp.

7.250%

due

09/15/27

561

567

Berry

Global,

Inc.

4.875%

due

07/15/26

(Þ)

1,840

1,816

Berry

Petroleum

Corp.

7.000%

due

02/15/26

(Þ)

520

515

BlackRock

TCP

Capital

Corp.

2.850%

due

02/09/26

4,227

4,029

Blue

Owl

Capital

Corp.

2.625%

due

01/15/27

2,620

2,432

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

6.625%

due

07/15/26

(Þ)

300

300

7.250%

due

07/15/32

(Þ)

330

343

Boeing

Co.

(The)

2.196%

due

02/04/26

220

209

2.700%

due

02/01/27

100

94

2.800%

due

03/01/27

70

65

6.528%

due

05/01/34

(Þ)

310

325

3.250%

due

02/01/35

90

71

5.705%

due

05/01/40

220

210

3.750%

due

02/01/50

40

27

3.950%

due

08/01/59

190

126

Bon

Secours

Mercy

Health,

Inc.

3.464%

due

06/01/30

120

113

Boston

Gas

Co.

3.150%

due

08/01/27

(Þ)

272

257

BP

Capital

Markets

America,

Inc.

3.000%

due

02/24/50

250

169

BP

Capital

Markets

PLC

6.450%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.153%)(Ê)(ƒ)

400

413

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

1,428

1,319

4.550%

due

10/01/29

313

281

Brightsphere

Investment

Group,

Inc.

4.800%

due

07/27/26

160

155

Bristol-Myers

Squibb

Co.

2.350%

due

11/13/40

80

55

5.500%

due

02/22/44

80

81

5.550%

due

02/22/54

350

355

5.650%

due

02/22/64

90

91

Series

WI

3.900%

due

02/20/28

1,305

1,280

Broadcom,

Inc.

5.150%

due

11/15/31

130

132

3.187%

due

11/15/36

(Þ)

420

343

Brunswick

Corp.

5.100%

due

04/01/52

682

550

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

179

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Buckeye

Partners,

LP

3.950%

due

12/01/26

1,692

1,631

4.125%

due

12/01/27

316

297

5.850%

due

11/15/43

136

121

Burlington

Northern

Santa

Fe

LLC

4.400%

due

03/15/42

130

117

Calpine

Corp.

4.500%

due

02/15/28

(Þ)

440

421

Cameron

LNG

LLC

3.701%

due

01/15/39

(Þ)

80

67

Campbell

Soup

Co.

4.150%

due

03/15/28

2,525

2,481

3.125%

due

04/24/50

1,983

1,328

Capital

One

Financial

Corp.

4.927%

due

05/10/28

(SOFR

+

2.057%)(Ê)

3,546

3,535

Cardinal

Health,

Inc.

5.450%

due

02/15/34

370

379

Carrier

Global

Corp.

Series

WI

5.900%

due

03/15/34

320

342

3.577%

due

04/05/50

100

75

CDW

LLC

/

CDW

Finance

Corp.

3.250%

due

02/15/29

3,687

3,377

Cencora,

Inc.

5.125%

due

02/15/34

400

403

Centene

Corp.

Series

WI

4.250%

due

12/15/27

130

126

4.625%

due

12/15/29

150

144

3.375%

due

02/15/30

30

27

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

180

179

5.400%

due

07/01/34

90

91

4.500%

due

04/01/44

290

256

5.300%

due

04/01/53

20

20

CF

Industries,

Inc.

4.500%

due

12/01/26

(Þ)

2,401

2,369

Charles

Schwab

Corp.

(The)

Series

G

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.971%)(Ê)(ƒ)

580

573

Series

H

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.079%)(Ê)(ƒ)

370

312

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6.150%

due

11/10/26

3,587

3,656

2.250%

due

01/15/29

240

210

5.050%

due

03/30/29

10

10

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.550%

due

06/01/34

920

944

3.500%

due

06/01/41

160

111

3.500%

due

03/01/42

260

178

3.850%

due

04/01/61

80

48

3.950%

due

06/30/62

80

49

Series

WI

6.384%

due

10/23/35

70

70

6.484%

due

10/23/45

60

57

6.834%

due

10/23/55

80

77

Cheniere

Energy

Partners,

LP

Series

WI

3.250%

due

01/31/32

160

140

Cheniere

Energy,

Inc.

Series

WI

4.625%

due

10/15/28

1,435

1,407

Chesapeake

Energy

Corp.

5.500%

due

02/01/26

(Þ)

880

875

6.750%

due

04/15/29

(Þ)

410

414

Chord

Energy

Corp.

6.375%

due

06/01/26

(Þ)

200

201

Cigna

Corp.

2.400%

due

03/15/30

79

70

3.200%

due

03/15/40

130

99

Series

WI

4.375%

due

10/15/28

310

306

4.800%

due

08/15/38

70

66

Cigna

Group

(The)

5.600%

due

02/15/54

90

89

Cimarex

Energy

Co.

4.375%

due

03/15/29

500

471

Citigroup,

Inc.

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

90

89

3.980%

due

03/20/30

(CME

Term

SOFR

3

Month

+

1.600%)(Ê)

300

288

2.976%

due

11/05/30

(SOFR

+

1.422%)(Ê)

140

127

2.572%

due

06/03/31

(SOFR

+

2.107%)(Ê)

340

299

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

80

68

8.125%

due

07/15/39

75

96

Series

BKNT

5.570%

due

04/30/34

300

312

Series

VAR

3.070%

due

02/24/28

(SOFR

+

1.280%)(Ê)

3,937

3,763

CMS

Energy

Corp.

3.750%

due

12/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.900%)(Ê)

1,114

935

Columbia

Pipelines

Holding

Co.

LLC

6.042%

due

08/15/28

(Þ)

240

249

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

180

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Columbia

Pipelines

Operating

Co.

LLC

6.036%

due

11/15/33

(Þ)

250

261

Comcast

Corp.

7.050%

due

03/15/33

330

378

3.200%

due

07/15/36

2,585

2,149

3.250%

due

11/01/39

50

40

3.750%

due

04/01/40

20

17

3.400%

due

07/15/46

50

37

4.000%

due

03/01/48

90

72

Series

WI

2.937%

due

11/01/56

109

68

2.987%

due

11/01/63

254

154

Comerica,

Inc.

3.800%

due

07/22/26

2,331

2,252

5.982%

due

01/30/30

(SOFR

+

2.155%)(Ê)

460

461

CommonSpirit

Health

2.782%

due

10/01/30

100

89

5.318%

due

12/01/34

510

515

3.910%

due

10/01/50

150

117

Commonwealth

Edison

Co.

6.450%

due

01/15/38

270

301

Conagra

Brands,

Inc.

1.375%

due

11/01/27

4,978

4,461

ConocoPhillips

Co.

5.050%

due

09/15/33

330

334

Constellation

Brands,

Inc.

3.500%

due

05/09/27

2,289

2,211

4.350%

due

05/09/27

2,250

2,223

Constellation

Energy

Generation

LLC

6.125%

due

01/15/34

140

149

Consumers

Energy

Co.

2.500%

due

05/01/60

64

37

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

300

283

2.875%

due

04/01/32

(Þ)

130

108

Series

WI

4.375%

due

01/15/28

110

107

Coterra

Energy,

Inc.

Series

WI

4.375%

due

03/15/29

40

39

Crane

NXT

Co.

4.200%

due

03/15/48

375

266

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

900

938

CVS

Health

Corp.

4.300%

due

03/25/28

91

89

3.250%

due

08/15/29

135

125

5.250%

due

01/30/31

420

424

2.125%

due

09/15/31

260

214

5.700%

due

06/01/34

200

204

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.780%

due

03/25/38

2,791

2,564

4.125%

due

04/01/40

100

83

Darden

Restaurants,

Inc.

3.850%

due

05/01/27

3,760

3,661

4.550%

due

02/15/48

683

566

DCP

Midstream

Operating,

LP

3.250%

due

02/15/32

210

183

6.450%

due

11/03/36

(Þ)

110

118

Dell

International

LLC

/

EMC

Corp.

Series

WI

8.100%

due

07/15/36

120

146

Delta

Air

Lines,

Inc.

7.375%

due

01/15/26

120

123

3.750%

due

10/28/29

70

65

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.500%

due

10/20/25

(Þ)

233

232

4.750%

due

10/20/28

(Þ)

3,847

3,808

Devon

Energy

Corp.

5.850%

due

12/15/25

210

212

7.875%

due

09/30/31

20

23

5.600%

due

07/15/41

220

211

5.000%

due

06/15/45

220

193

Series

WI

5.250%

due

10/15/27

91

91

5.875%

due

06/15/28

419

423

4.500%

due

01/15/30

120

118

Diamondback

Energy,

Inc.

5.200%

due

04/18/27

330

334

4.400%

due

03/24/51

220

181

Dollar

General

Corp.

4.125%

due

04/03/50

692

538

Dominion

Energy,

Inc.

Series

C

3.375%

due

04/01/30

180

166

DPL,

Inc.

Series

AI

4.350%

due

04/15/29

499

469

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

1,630

1,783

Duke

Energy

Carolinas

LLC

4.950%

due

01/15/33

70

71

6.100%

due

06/01/37

420

448

Duke

Energy

Corp.

5.000%

due

08/15/52

2,905

2,605

3.250%

due

01/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.321%)(Ê)

1,774

1,608

Duke

Energy

Florida

LLC

5.875%

due

11/15/33

370

395

6.200%

due

11/15/53

567

619

Duke

Energy

Indiana

LLC

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

181

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.400%

due

04/01/53

170

167

Series

YYY

3.250%

due

10/01/49

180

124

Duke

Energy

Ohio,

Inc.

5.250%

due

04/01/33

70

71

Duke

Energy

Progress

LLC

5.100%

due

03/15/34

260

264

Edison

International

5.750%

due

06/15/27

3,500

3,567

Series

A

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.698%)(Ê)(ƒ)

910

889

Series

B

5.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.901%)(Ê)(ƒ)(Ñ)

310

298

El

Paso

Natural

Gas

Co.

LLC

7.500%

due

11/15/26

660

693

Elevance

Health,

Inc.

4.100%

due

05/15/32

270

256

4.375%

due

12/01/47

40

34

Eli

Lilly

&

Co.

5.000%

due

02/09/54

260

253

4.950%

due

02/27/63

110

105

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

1,707

1,986

Endeavor

Energy

Resources,

LP

/

EER

Finance,

Inc.

5.750%

due

01/30/28

(Þ)

120

121

Energy

Transfer

Operating,

LP

6.400%

due

12/01/30

660

707

7.375%

due

02/01/31

(Þ)

240

253

5.550%

due

05/15/34

110

111

5.950%

due

05/15/54

370

365

Energy

Transfer,

LP

4.000%

due

10/01/27

4,527

4,416

6.000%

due

02/01/29

(Þ)

1,740

1,766

8.250%

due

11/15/29

260

297

3.750%

due

05/15/30

300

283

5.300%

due

04/01/44

20

18

6.250%

due

04/15/49

80

82

Series

F

6.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.134%)(Ê)(ƒ)

870

863

Series

G

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.306%)(Ê)(ƒ)

170

169

Series

H

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.694%)(Ê)(ƒ)

190

189

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Enterprise

Products

Operating

LLC

7.550%

due

04/15/38

40

49

5.700%

due

02/15/42

90

92

4.850%

due

03/15/44

90

83

3.700%

due

01/31/51

150

114

3.300%

due

02/15/53

70

49

5.375%

due

02/15/78

(CME

Term

SOFR

3

Month

+

2.832%)(Ê)

750

709

Series

D

6.875%

due

03/01/33

410

465

8.574%

due

08/16/77

(CME

Term

SOFR

3

Month

+

3.248%)(Ê)

150

149

Series

E

5.250%

due

08/16/77

(CME

Term

SOFR

3

Month

+

3.295%)(Ê)

3,849

3,716

EOG

Resources,

Inc.

4.375%

due

04/15/30

90

89

EPR

Properties

Co.

4.750%

due

12/15/26

1,449

1,426

4.500%

due

06/01/27

2,539

2,474

EQM

Midstream

Partners,

LP

7.500%

due

06/01/27

(Þ)

100

103

Series

30Y

6.500%

due

07/15/48

961

975

EQT

Corp.

3.625%

due

05/15/31

(Þ)

70

63

Equifax,

Inc.

2.350%

due

09/15/31

150

127

Esab

Corp.

6.250%

due

04/15/29

(Þ)

160

162

Evergy

Kansas

Central,

Inc.

5.900%

due

11/15/33

190

200

Exxon

Mobil

Corp.

4.114%

due

03/01/46

90

77

4.327%

due

03/19/50

20

17

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

2,130

2,226

Ferguson

Finance

PLC

4.250%

due

04/20/27

(Þ)

4,225

4,150

FirstEnergy

Corp.

Series

C

4.850%

due

07/15/47

190

167

FirstEnergy

Pennsylvania

Electric

Co.

5.200%

due

04/01/28

(Þ)

240

243

Florida

Gas

Transmission

Co.

LLC

2.300%

due

10/01/31

(Þ)

700

583

Florida

Power

&

Light

Co.

3.150%

due

10/01/49

90

63

Fluor

Corp.

4.250%

due

09/15/28

1,202

1,156

Ford

Motor

Co.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

182

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.750%

due

01/15/43

170

139

7.400%

due

11/01/46

1,236

1,361

Ford

Motor

Credit

Co.

LLC

6.950%

due

03/06/26

360

368

4.125%

due

08/17/27

3,622

3,487

7.122%

due

11/07/33

580

619

Foundry

JV

Holdco

LLC

6.150%

due

01/25/32

(Þ)

440

460

6.250%

due

01/25/35

(Þ)

560

589

Fox

Corp.

6.500%

due

10/13/33

240

258

Series

WI

5.476%

due

01/25/39

180

177

Freeport

Minerals

Corp.

9.500%

due

06/01/31

120

144

Freeport-McMoRan,

Inc.

5.400%

due

11/14/34

300

299

Frontier

Communications

Corp.

Series

E

6.860%

due

02/01/28

516

522

Series

G

6.730%

due

02/15/28

221

219

FS

KKR

Capital

Corp.

3.400%

due

01/15/26

2,811

2,704

2.625%

due

01/15/27

1,117

1,027

Full

House

Resorts,

Inc.

8.250%

due

02/15/28

(Þ)

140

138

General

Dynamics

Corp.

4.250%

due

04/01/40

260

234

4.250%

due

04/01/50

80

69

General

Motors

Co.

5.600%

due

10/15/32

180

184

6.250%

due

10/02/43

100

102

5.200%

due

04/01/45

1,579

1,420

6.750%

due

04/01/46

40

43

Genting

New

York

LLC

3.300%

due

02/15/26

(Þ)

1,388

1,337

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

730

703

Georgia

Power

Co.

5.250%

due

03/15/34

480

490

Gilead

Sciences,

Inc.

5.650%

due

12/01/41

70

72

Global

Atlantic

Finance

Co.

6.750%

due

03/15/54

(Þ)

200

202

7.950%

due

10/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.608%)(Ê)(Þ)

210

213

Global

Marine,

Inc.

7.000%

due

06/01/28

522

489

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.375%

due

04/15/26

4,028

4,021

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

2,011

1,942

Goldman

Sachs

Group,

Inc.

(The)

3.615%

due

03/15/28

(SOFR

+

1.846%)(Ê)

4,356

4,217

4.223%

due

05/01/29

(CME

Term

SOFR

3

Month

+

1.563%)(Ê)

120

117

5.851%

due

04/25/35

(SOFR

+

1.552%)(Ê)

310

324

5.330%

due

07/23/35

(SOFR

+

1.550%)(Ê)

770

776

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

1,170

984

Series

W

7.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.156%)(Ê)(ƒ)

130

136

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

3,162

2,952

Goodyear

Tire

&

Rubber

Co.

(The)

7.000%

due

03/15/28

339

346

H.B.

Fuller

Co.

4.000%

due

02/15/27

668

646

Hasbro,

Inc.

3.550%

due

11/19/26

3,189

3,081

3.500%

due

09/15/27

1,414

1,352

HCA,

Inc.

4.500%

due

02/15/27

2,203

2,178

5.500%

due

06/01/33

200

202

5.600%

due

04/01/34

290

295

5.125%

due

06/15/39

120

114

3.500%

due

07/15/51

3,103

2,130

Heico

Corp.

5.250%

due

08/01/28

110

112

Hercules

Capital,

Inc.

2.625%

due

09/16/26

2,318

2,157

3.375%

due

01/20/27

316

297

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

6.250%

due

11/01/28

(Þ)

610

610

Hilton

Domestic

Operating

Co.,

Inc.

6.125%

due

04/01/32

(Þ)

150

152

Historic

TW,

Inc.

8.300%

due

01/15/36

(~)(Ê)

360

392

Home

Depot,

Inc.

(The)

3.300%

due

04/15/40

120

96

Honeywell

International,

Inc.

5.250%

due

03/01/54

80

79

Howmet

Aerospace,

Inc.

6.750%

due

01/15/28

2,267

2,388

Hudson

Pacific

Properties,

LP

3.950%

due

11/01/27

786

691

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

183

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.950%

due

02/15/28

354

319

4.650%

due

04/01/29

(Ñ)

520

439

3.250%

due

01/15/30

348

265

Humana,

Inc.

5.875%

due

03/01/33

190

197

8.150%

due

06/15/38

1,841

2,250

4.625%

due

12/01/42

40

35

4.950%

due

10/01/44

50

45

Huntington

National

Bank

(The)

4.552%

due

05/17/28

(SOFR

+

1.650%)(Ê)

3,254

3,211

Hyundai

Capital

America

5.400%

due

01/08/31

(Þ)

310

315

5.400%

due

06/24/31

(Þ)

470

478

ILFC

E-Capital

Trust

I

7.159%

due

12/21/65

(CME

Term

SOFR

3

Month

+

1.812%)(Ê)(Þ)

650

540

ILFC

E-Capital

Trust

II

7.409%

due

12/21/65

(CME

Term

SOFR

3

Month

+

2.062%)(Ê)(Þ)

750

633

Ingersoll

Rand,

Inc.

5.700%

due

08/14/33

170

178

Intel

Corp.

2.800%

due

08/12/41

100

71

4.900%

due

08/05/52

120

109

3.200%

due

08/12/61

190

120

Intercontinental

Exchange,

Inc.

4.600%

due

03/15/33

70

68

4.950%

due

06/15/52

10

9

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

4,905

4,451

Interstate

Power

and

Light

Co.

5.700%

due

10/15/33

220

228

Invitation

Homes,

Inc.

4.150%

due

04/15/32

110

103

Jabil

Circuit,

Inc.

5.450%

due

02/01/29

160

163

Jane

Street

Group

/

JSG

Finance,

Inc.

7.125%

due

04/30/31

(Þ)

380

394

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

Luxembourg

SARL

7.250%

due

11/15/53

(Þ)

328

362

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

Series

WI

2.500%

due

01/15/27

742

696

6.500%

due

12/01/52

532

537

Jersey

Central

Power

&

Light

Co.

4.300%

due

01/15/26

(Þ)

1,828

1,807

JetBlue

Airways

Corp.

Series

1A

4.000%

due

11/15/32

4,090

3,871

Series

2019

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.750%

due

05/15/32

5,146

4,505

JM

Smucker

Co.

(The)

6.200%

due

11/15/33

200

216

JPMorgan

Chase

&

Co.

4.203%

due

07/23/29

(CME

Term

SOFR

3

Month

+

1.522%)(Ê)

50

49

8.750%

due

09/01/30

320

383

2.522%

due

04/22/31

(SOFR

+

2.040%)(Ê)

170

150

2.956%

due

05/13/31

(CME

Term

SOFR

3

Month

+

2.515%)(Ê)

240

215

1.953%

due

02/04/32

(SOFR

+

1.065%)(Ê)

350

292

4.586%

due

04/26/33

(SOFR

+

1.800%)(Ê)

310

301

6.254%

due

10/23/34

(SOFR

+

1.810%)(Ê)

120

130

5.766%

due

04/22/35

(SOFR

+

1.490%)(Ê)

880

922

5.294%

due

07/22/35

(SOFR

+

1.460%)(Ê)

470

477

4.260%

due

02/22/48

(CME

Term

SOFR

3

Month

+

1.842%)(Ê)

80

70

3.328%

due

04/22/52

(SOFR

+

1.580%)(Ê)

110

80

Series

KK

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.850%)(Ê)(ƒ)

180

171

Series

VAR

2.947%

due

02/24/28

(SOFR

+

1.170%)(Ê)

4,317

4,120

Kaiser

Foundation

Hospitals

4.150%

due

05/01/47

60

52

Series

2019

3.266%

due

11/01/49

90

67

Series

2021

2.810%

due

06/01/41

200

149

3.002%

due

06/01/51

70

49

Kenvue,

Inc.

Series

WI

5.050%

due

03/22/53

70

68

5.200%

due

03/22/63

90

87

Keurig

Dr

Pepper,

Inc.

Series

WI

4.597%

due

05/25/28

4,077

4,063

KeyCorp

4.700%

due

01/26/26

2,166

2,141

2.250%

due

04/06/27

2,518

2,330

Kimco

Realty

Corp.

2.250%

due

12/01/31

400

330

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

1,999

2,265

KLA

Corp.

4.650%

due

07/15/32

180

180

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

184

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.950%

due

07/15/52

30

29

Kohl's

Corp.

4.625%

due

05/01/31

1,545

1,254

5.550%

due

07/17/45

80

52

Kyndryl

Holdings,

Inc.

Series

WI

3.150%

due

10/15/31

470

404

4.100%

due

10/15/41

180

141

L

Brands,

Inc.

7.600%

due

07/15/37

65

63

L3Harris

Technologies,

Inc.

2.900%

due

12/15/29

380

347

5.400%

due

07/31/33

310

316

Las

Vegas

Sands

Corp.

3.900%

due

08/08/29

140

129

6.000%

due

08/15/29

180

183

Lehman

Brothers

Holdings,

Inc.

7.000%

due

09/27/27

(Ø)(Æ)

734

—

6.875%

due

05/02/49

(Ø)(Æ)

681

—

6.625%

due

12/31/49

(Ø)(Æ)

455

—

Lennar

Corp.

Series

WI

5.000%

due

06/15/27

20

20

Lennox

International,

Inc.

1.700%

due

08/01/27

200

183

Level

3

Financing,

Inc.

10.500%

due

05/15/30

(Þ)

172

176

Liberty

Mutual

Group,

Inc.

7.800%

due

03/15/37

(Þ)

218

234

Lithia

Motors,

Inc.

3.875%

due

06/01/29

(Þ)

120

109

Lockheed

Martin

Corp.

4.800%

due

08/15/34

560

562

4.500%

due

05/15/36

100

97

4.150%

due

06/15/53

70

59

Lowe's

Cos.,

Inc.

2.800%

due

09/15/41

100

71

3.000%

due

10/15/50

803

518

LPL

Holdings,

Inc.

5.700%

due

05/20/27

270

273

6.750%

due

11/17/28

200

211

Macy's

Retail

Holdings,

Inc.

4.500%

due

12/15/34

508

431

6.375%

due

03/15/37

50

44

5.125%

due

01/15/42

118

96

4.300%

due

02/15/43

449

323

Main

Street

Capital

Corp.

3.000%

due

07/14/26

1,120

1,059

Manufacturers

&

Traders

Trust

Co.

4.650%

due

01/27/26

3,244

3,214

Marsh

&

McLennan

Cos.,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.375%

due

12/15/31

180

153

Massachusetts

Mutual

Life

Insurance

Co.

3.375%

due

04/15/50

(Þ)

120

85

Mastercard,

Inc.

3.850%

due

03/26/50

70

57

Mattel,

Inc.

3.375%

due

04/01/26

(Þ)

4,116

3,983

MBIA,

Inc.

5.700%

due

12/01/34

299

268

McDonald's

Corp.

5.450%

due

08/14/53

490

485

Series

MTN

4.450%

due

03/01/47

80

69

4.450%

due

09/01/48

90

77

Medline

Borrower,

LP

6.250%

due

04/01/29

(Þ)

350

357

Mercury

General

Corp.

4.400%

due

03/15/27

2,320

2,264

Micron

Technology,

Inc.

2.703%

due

04/15/32

150

127

MidAmerican

Energy

Co.

3.650%

due

04/15/29

110

106

3.150%

due

04/15/50

140

97

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

6.500%

due

06/20/27

(Þ)

144

145

Mondelez

International,

Inc.

1.250%

due

09/24/26

(Þ)

358

332

2.625%

due

09/04/50

70

43

Monongahela

Power

Co.

5.850%

due

02/15/34

(Þ)

590

613

Morgan

Stanley

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

4,509

4,248

6.342%

due

10/18/33

(SOFR

+

2.560%)(Ê)

180

195

5.424%

due

07/21/34

(SOFR

+

1.880%)(Ê)

30

30

5.831%

due

04/19/35

(SOFR

+

1.580%)(Ê)

310

324

2.484%

due

09/16/36

(SOFR

+

1.360%)(Ê)

410

332

5.297%

due

04/20/37

(SOFR

+

2.620%)(Ê)

370

363

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.430%)(Ê)

50

51

5.942%

due

02/07/39

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.800%)(Ê)

360

366

3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

250

192

Series

GMTN

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

185

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.431%

due

01/23/30

(CME

Term

SOFR

3

Month

+

1.890%)(Ê)

40

39

Series

MTN

3.622%

due

04/01/31

(SOFR

+

3.120%)(Ê)

30

28

Morgan

Stanley

Bank

NA

5.320%

due

07/19/35

(SOFR

+

1.555%)(Ê)

760

766

Series

BKNT

5.504%

due

05/26/28

(SOFR

+

0.865%)(Ê)

400

407

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

1,039

1,011

MPLX,

LP

4.000%

due

03/15/28

4,167

4,051

4.800%

due

02/15/29

20

20

4.500%

due

04/15/38

30

27

4.700%

due

04/15/48

110

93

Murphy

Oil

Corp.

7.050%

due

05/01/29

267

282

5.875%

due

12/01/42

289

265

National

Fuel

Gas

Co.

5.500%

due

10/01/26

2,746

2,769

Navient

Corp.

Series

MTN

5.625%

due

08/01/33

460

383

NBCUniversal

Media

LLC

4.450%

due

01/15/43

19

17

Netflix,

Inc.

4.900%

due

08/15/34

240

241

New

York

Life

Global

Funding

4.550%

due

01/28/33

(Þ)

220

215

New

York

Life

Insurance

Co.

3.750%

due

05/15/50

(Þ)

150

115

Newell

Brands,

Inc.

5.375%

due

04/01/36

1,588

1,521

5.500%

due

04/01/46

760

668

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

2,298

2,693

Nissan

Motor

Acceptance

Co.

LLC

1.850%

due

09/16/26

(Þ)

1,040

965

Nissan

Motor

Acceptance

Corp.

2.000%

due

03/09/26

(Þ)

215

203

Nordstrom,

Inc.

6.950%

due

03/15/28

(Ñ)

199

203

5.000%

due

01/15/44

927

742

Norfolk

Southern

Corp.

5.550%

due

03/15/34

310

324

Northrop

Grumman

Corp.

5.150%

due

05/01/40

210

205

5.050%

due

11/15/40

70

68

5.250%

due

05/01/50

110

107

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Northwest

Pipeline

LLC

7.125%

due

12/01/25

620

632

Series

WI

4.000%

due

04/01/27

130

128

Northwestern

Mutual

Life

Insurance

Co.

(The)

3.450%

due

03/30/51

(Þ)

310

219

3.625%

due

09/30/59

(Þ)

280

197

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

2,166

1,988

Nuveen

LLC

5.550%

due

01/15/30

(Þ)

210

215

5.850%

due

04/15/34

(Þ)

240

247

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

4,065

3,749

Occidental

Petroleum

Corp.

5.550%

due

03/15/26

160

160

3.400%

due

04/15/26

272

263

7.875%

due

09/15/31

250

286

5.550%

due

10/01/34

120

121

7.950%

due

06/15/39

170

201

6.200%

due

03/15/40

4,075

4,189

4.625%

due

06/15/45

90

73

4.400%

due

04/15/46

80

65

4.100%

due

02/15/47

10

7

Office

Properties

Income

Trust

9.000%

due

09/30/29

(Þ)

1,081

856

Ohio

Edison

Co.

5.500%

due

01/15/33

(Þ)

220

223

Omega

Healthcare

Investors,

Inc.

4.750%

due

01/15/28

1,332

1,310

Series

WI

4.500%

due

04/01/27

2,412

2,363

Oncor

Electric

Delivery

Co.

LLC

3.100%

due

09/15/49

180

123

5.550%

due

06/15/54

(Þ)

460

465

Series

WI

4.150%

due

06/01/32

90

86

5.650%

due

11/15/33

240

252

ONEOK,

Inc.

6.050%

due

09/01/33

660

694

6.625%

due

09/01/53

400

437

Oracle

Corp.

3.900%

due

05/15/35

2,532

2,253

4.000%

due

07/15/46

150

118

6.900%

due

11/09/52

100

115

5.550%

due

02/06/53

770

749

Owens

Corning

Co.

4.400%

due

01/30/48

4,748

3,928

Pacific

Gas

and

Electric

Co.

3.150%

due

01/01/26

2,670

2,594

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

186

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.300%

due

03/15/27

1,273

1,221

2.100%

due

08/01/27

70

64

2.500%

due

02/01/31

110

93

6.950%

due

03/15/34

460

507

5.800%

due

05/15/34

280

285

3.300%

due

08/01/40

60

44

4.750%

due

02/15/44

160

135

4.950%

due

07/01/50

180

153

3.500%

due

08/01/50

70

47

6.700%

due

04/01/53

180

193

PacifiCorp

5.450%

due

02/15/34

700

708

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

4.125%

due

02/15/28

(Þ)

50

49

PayPal

Holdings,

Inc.

3.250%

due

06/01/50

70

49

5.250%

due

06/01/62

50

47

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

1,933

1,933

Permian

Resources

Corp.

5.375%

due

01/15/26

(Þ)

310

309

6.250%

due

02/01/33

(Þ)

180

181

Perrigo

Finance

Unlimited

Co.

4.900%

due

12/15/44

211

172

Pfizer,

Inc.

5.110%

due

05/19/43

510

497

5.300%

due

05/19/53

80

79

PG&E

Wildfire

Recovery

Funding

LLC

Series

A-3

5.081%

due

06/01/41

200

203

Series

A-4

5.212%

due

12/01/47

90

89

Philip

Morris

International,

Inc.

2.100%

due

05/01/30

150

130

1.750%

due

11/01/30

290

243

5.125%

due

02/13/31

480

487

5.250%

due

02/13/34

90

91

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

1,586

1,734

Plains

All

American

Pipeline,

LP

Series

B

9.694%

due

12/31/99

(CME

Term

SOFR

3

Month

+

4.372%)(Ê)(ƒ)

620

618

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

Series

WI

6.700%

due

05/15/36

50

54

PM

General

Purchaser

LLC

9.500%

due

10/01/28

(Þ)

350

359

PNC

Financial

Services

Group,

Inc.

(The)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.615%

due

10/20/27

(SOFR

+

1.730%)(Ê)

4,061

4,206

5.401%

due

07/23/35

(SOFR

+

1.599%)(Ê)

360

364

Series

W

6.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

2.808%)(Ê)(ƒ)

429

418

Prospect

Capital

Corp.

3.706%

due

01/22/26

4,204

4,041

Prudential

Financial,

Inc.

4.500%

due

09/15/47

(USD

3

Month

LIBOR

+

2.380%)(Ê)

2,912

2,772

QUALCOMM,

Inc.

4.500%

due

05/20/52

120

106

Radian

Group,

Inc.

4.875%

due

03/15/27

3,721

3,680

Range

Resources

Corp.

Series

WI

8.250%

due

01/15/29

30

31

Raytheon

Technologies

Corp.

4.450%

due

11/16/38

2,434

2,228

4.625%

due

11/16/48

260

229

5.375%

due

02/27/53

240

235

Regal

Rexnord

Corp.

Series

WI

6.050%

due

02/15/26

1,010

1,018

Reliance

Standard

Life

Global

Funding

II

1.512%

due

09/28/26

(Þ)

530

487

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

600

545

4.625%

due

04/06/31

(Þ)

980

858

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

2.875%

due

10/15/26

(Þ)

210

198

Rockies

Express

Pipeline

LLC

4.950%

due

07/15/29

(Þ)

560

536

4.800%

due

05/15/30

(Þ)

1,142

1,067

6.875%

due

04/15/40

(Þ)

325

320

Royal

Caribbean

Cruises,

Ltd.

7.500%

due

10/15/27

748

791

3.700%

due

03/15/28

610

575

6.250%

due

03/15/32

(Þ)

170

173

RR

Donnelley

&

Sons

Co.

9.500%

due

08/01/29

(Þ)

380

385

RTX

Corp.

6.100%

due

03/15/34

990

1,067

S&P

Global,

Inc.

3.250%

due

12/01/49

30

22

Sabra

Health

Care,

LP

Series

WI

5.125%

due

08/15/26

1,453

1,446

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

187

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Safeway,

Inc.

7.250%

due

02/01/31

356

380

San

Diego

Gas

&

Electric

Co.

Series

RRR

3.750%

due

06/01/47

170

132

Series

VVV

1.700%

due

10/01/30

150

127

Santander

Holdings

USA,

Inc.

Series

WI

3.244%

due

10/05/26

3,420

3,279

SCE

Recovery

Funding

LLC

Series

A-1

4.697%

due

06/15/40

340

336

Seagate

HDD

Cayman

4.875%

due

06/01/27

1,202

1,185

4.091%

due

06/01/29

885

833

5.750%

due

12/01/34

308

301

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

633

666

Sempra

Energy

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)

3,698

3,412

Senior

Housing

Properties

Trust

4.750%

due

02/15/28

(Ñ)

638

540

Service

Properties

Trust

5.250%

due

02/15/26

1,195

1,178

4.750%

due

10/01/26

507

486

4.950%

due

02/15/27

167

156

3.950%

due

01/15/28

788

679

4.375%

due

02/15/30

344

257

Shell

International

Finance

BV

4.375%

due

05/11/45

150

132

Sherwin-Williams

Co.

4.500%

due

06/01/47

874

761

Sixth

Street

Specialty

Lending,

Inc.

2.500%

due

08/01/26

2,004

1,882

Skyworks

Solutions,

Inc.

1.800%

due

06/01/26

4,522

4,254

Smithfield

Foods,

Inc.

4.250%

due

02/01/27

(Þ)

1,205

1,173

Solventum

Corp.

5.450%

due

03/13/31

(Þ)

270

272

5.600%

due

03/23/34

(Þ)

420

423

5.900%

due

04/30/54

(Þ)

220

216

Southern

California

Edison

Co.

2.250%

due

06/01/30

160

139

3.650%

due

02/01/50

170

125

5.750%

due

04/15/54

250

254

Series

C

4.125%

due

03/01/48

210

169

Series

G

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.500%

due

06/01/31

230

198

Southern

Co.

(The)

Series

21-A

3.750%

due

09/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.915%)(Ê)

2,865

2,701

Series

B

4.000%

due

01/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.733%)(Ê)

710

690

Southwestern

Electric

Power

Co.

Series

K

2.750%

due

10/01/26

2,610

2,486

Southwestern

Energy

Co.

4.750%

due

02/01/32

110

103

Starbucks

Corp.

3.750%

due

12/01/47

526

402

State

Street

Corp.

Series

I

6.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.613%)(Ê)(ƒ)

230

230

Series

J

6.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.628%)(Ê)(ƒ)

380

380

Steelcase,

Inc.

5.125%

due

01/18/29

843

813

Sunoco

Logistics

Partners

Operations,

LP

3.900%

due

07/15/26

240

235

SunTrust

Banks,

Inc.

Series

BKNT

4.050%

due

11/03/25

150

148

Synchrony

Financial

5.625%

due

08/23/27

2,655

2,664

Sysco

Corp.

3.300%

due

02/15/50

727

513

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

1,877

1,939

Tapestry,

Inc.

7.050%

due

11/27/25

120

122

7.000%

due

11/27/26

680

703

Targa

Resources

Corp.

4.200%

due

02/01/33

320

294

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

6.875%

due

01/15/29

330

339

5.500%

due

03/01/30

70

70

4.875%

due

02/01/31

350

339

4.000%

due

01/15/32

350

319

TC

PipeLines,

LP

3.900%

due

05/25/27

4,215

4,078

Teachers

Insurance

&

Annuity

Association

of

America

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

188

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.375%

due

09/15/54

(USD

3

Month

LIBOR

+

2.661%)(Ê)(Þ)

200

200

Tenet

Healthcare

Corp.

6.875%

due

11/15/31

425

455

Texas

Instruments,

Inc.

3.650%

due

08/16/32

150

141

3.875%

due

03/15/39

130

118

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

220

250

Time

Warner

Cable

LLC

6.550%

due

05/01/37

100

98

7.300%

due

07/01/38

450

469

5.500%

due

09/01/41

2,500

2,145

T-Mobile

USA,

Inc.

2.625%

due

02/15/29

130

119

Series

WI

2.050%

due

02/15/28

2,933

2,676

2.550%

due

02/15/31

760

660

3.000%

due

02/15/41

220

162

3.300%

due

02/15/51

200

139

Toledo

Hospital

(The)

4.982%

due

11/15/45

158

119

6.015%

due

11/15/48

579

511

Topaz

Solar

Farms

LLC

5.750%

due

09/30/39

(Þ)

851

829

TopBuild

Corp.

3.625%

due

03/15/29

(Þ)

100

92

Toyota

Motor

Credit

Corp.

5.250%

due

09/11/28

210

216

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.450%

due

08/01/42

180

160

Transocean,

Inc.

7.500%

due

04/15/31

1,078

1,040

6.800%

due

03/15/38

229

197

9.350%

due

12/15/41

151

142

Travel

+

Leisure

Co.

5.750%

due

04/01/27

948

951

Truist

Financial

Corp.

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

4,043

4,110

TWDC

Enterprises

18

Corp.

3.000%

due

07/30/46

504

354

Union

Pacific

Corp.

3.750%

due

02/05/70

20

14

Series

WI

2.891%

due

04/06/36

270

224

3.839%

due

03/20/60

130

99

United

Airlines

Pass-Through

Trust

5.800%

due

01/15/36

684

699

Series

2020-1

Class

B

4.875%

due

01/15/26

285

281

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

A

3.100%

due

10/07/28

167

151

Series

AA

4.150%

due

08/25/31

1,462

1,394

2.700%

due

05/01/32

1,594

1,394

United

Airlines,

Inc.

4.625%

due

04/15/29

(Þ)

70

66

Series

144a

4.375%

due

04/15/26

(Þ)

700

682

United

Rentals

NA,

Inc.

3.875%

due

11/15/27

518

494

United

States

Steel

Corp.

6.650%

due

06/01/37

620

634

UnitedHealth

Group,

Inc.

5.350%

due

02/15/33

510

528

5.150%

due

07/15/34

290

294

5.700%

due

10/15/40

140

145

5.500%

due

07/15/44

200

202

4.750%

due

05/15/52

100

90

5.875%

due

02/15/53

30

32

5.375%

due

04/15/54

400

397

5.625%

due

07/15/54

170

174

Universal

Health

Services,

Inc.

Series

WI

1.650%

due

09/01/26

1,588

1,479

US

Airways

Pass-Through

Trust

Class

A

3.950%

due

11/15/25

394

386

Verizon

Communications,

Inc.

7.750%

due

12/01/30

230

267

4.500%

due

08/10/33

420

404

5.250%

due

03/16/37

130

132

2.650%

due

11/20/40

100

71

5.500%

due

03/16/47

50

51

4.000%

due

03/22/50

150

120

2.875%

due

11/20/50

60

39

5.500%

due

02/23/54

90

90

Series

WI

4.329%

due

09/21/28

106

105

2.987%

due

10/30/56

130

82

VICI

Properties,

Inc.

5.750%

due

02/01/27

(Þ)

2,771

2,790

5.625%

due

05/15/52

1,547

1,423

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

3,876

3,744

6.000%

due

04/15/34

(Þ)

370

379

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

370

349

2.400%

due

04/01/28

290

262

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

189

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vornado

Realty,

LP

2.150%

due

06/01/26

1,109

1,041

3.400%

due

06/01/31

216

176

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

3,276

2,849

Walgreens

Boots

Alliance,

Inc.

3.200%

due

04/15/30

905

746

4.500%

due

11/18/34

285

227

4.800%

due

11/18/44

924

693

4.100%

due

04/15/50

(Ñ)

1,059

696

Walmart,

Inc.

3.625%

due

12/15/47

3,215

2,586

Walt

Disney

Co.

(The)

Series

WI

6.650%

due

11/15/37

90

104

WarnerMedia

Holdings,

Inc.

Series

WI

5.050%

due

03/15/42

240

189

Wells

Fargo

&

Co.

3.000%

due

10/23/26

180

173

3.584%

due

05/22/28

(CME

Term

SOFR

3

Month

+

1.572%)(Ê)

4,241

4,091

3.068%

due

04/30/41

(SOFR

+

2.530%)(Ê)

310

234

5.375%

due

11/02/43

280

271

5.013%

due

04/04/51

(CME

Term

SOFR

3

Month

+

4.502%)(Ê)

180

170

Series

U

5.875%

due

12/31/49

(USD

3

Month

LIBOR

+

3.990%)(Ê)(ƒ)

570

568

Welltower,

Inc.

3.850%

due

06/15/32

200

185

Western

Alliance

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

3

Month

+

2.250%)(Ê)

522

467

Western

Digital

Corp.

4.750%

due

02/15/26

234

230

2.850%

due

02/01/29

356

314

Western

Midstream

Operating,

LP

4.650%

due

07/01/26

220

218

4.500%

due

03/01/28

130

127

4.050%

due

02/01/30

180

171

6.150%

due

04/01/33

260

270

5.450%

due

04/01/44

50

46

5.500%

due

08/15/48

90

81

5.250%

due

02/01/50

100

89

Westinghouse

Air

Brake

Technologies

Corp.

Series

WI

3.450%

due

11/15/26

2,595

2,512

Williams

Cos.,

Inc.

(The)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.750%

due

06/15/31

300

337

Xcel

Energy,

Inc.

1.750%

due

03/15/27

3,943

3,643

Xerox

Corp.

4.800%

due

03/01/35

628

429

XPO

CNW,

Inc.

6.700%

due

05/01/34

716

752

XTO

Energy,

Inc.

6.750%

due

08/01/37

1,644

1,905

Yum!

Brands,

Inc.

6.875%

due

11/15/37

310

340

Zions

Bancorp

NA

3.250%

due

10/29/29

237

204

500,959

International

Debt

-

15.1%

Aegon,

Ltd.

5.500%

due

04/11/48

(USD

6

Month

LIBOR

+

3.540%)(Ê)

1,265

1,232

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.850%

due

10/29/41

320

258

6.950%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.720%)(Ê)

230

233

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

2,248

1,984

Alibaba

Group

Holding,

Ltd.

2.700%

due

02/09/41

250

174

3.150%

due

02/09/51

290

193

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

4,176

4,032

AMMC

CLO

23,

Ltd.

Series

2020-23A

Class

BR2

2.103%

due

04/17/35

(CME

Term

SOFR

3

Month

+

2.050%)(Ê)(Þ)

220

221

Anglo

American

Capital

PLC

5.750%

due

04/05/34

(Þ)

500

510

Anheuser-Busch

InBev

Worldwide,

Inc.

5.000%

due

06/15/34

530

537

Apidos

CLO

XXVI

Series

2024-12A

Class

BRR

6.751%

due

04/15/31

(CME

Term

SOFR

3

Month

+

1.450%)(Ê)(Þ)

150

150

Series

26A-A2R

7.072%

due

07/18/29

(CME

Term

SOFR

3

Month

+

1.762%)(Ê)(Þ)

250

250

Arbor

Realty

CLO,

Ltd.

Series

2021-FL4

Class

A

1.440%

due

11/15/36

(USD

1

Month

LIBOR

+

1.350%)(Ê)(Þ)

1,553

1,542

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2022-FL2

Class

A

6.710%

due

05/15/37

(CME

Term

SOFR

1

Month

+

1.850%)(Ê)(Þ)

7,989

7,979

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

190

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Argentine

Republic

Government

International

Bond

1.000%

due

07/09/29

129

74

Ballyrock

CLO,

Ltd.

Series

2018-1A

Class

A2

6.850%

due

04/20/31

(USD

3

Month

LIBOR

+

1.600%)(Ê)(Þ)

250

250

Banco

Bilbao

Vizcaya

Argentaria

SA

5.381%

due

03/13/29

400

409

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

4,202

4,007

Banco

de

Credito

e

Inversiones

SA

3.500%

due

10/12/27

(Þ)

4,671

4,466

Banco

Santander

SA

6.527%

due

11/07/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.650%)(Ê)

4,007

4,136

5.365%

due

07/15/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.950%)(Ê)

400

404

5.439%

due

07/15/31

400

407

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.911%)(Ê)(ƒ)

200

202

Series

_

9.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.298%)(Ê)(ƒ)

200

228

Bank

Gospodarstwa

Krajowego

5.750%

due

07/09/34

(Þ)

420

433

Bank

of

Montreal

3.803%

due

12/15/32

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.432%)(Ê)

4,360

4,161

7.300%

due

11/26/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.010%)(Ê)

280

283

Bank

of

Nova

Scotia

(The)

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.050%)(Ê)

624

576

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.389%)(Ê)

1,116

1,182

8.000%

due

01/27/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.017%)(Ê)

250

262

Barclays

PLC

5.200%

due

05/12/26

4,234

4,226

Barrick

NA

Finance

LLC

5.700%

due

05/30/41

230

234

BAT

Capital

Corp.

3.215%

due

09/06/26

405

391

2.259%

due

03/25/28

130

118

6.000%

due

02/20/34

170

177

3.734%

due

09/25/40

80

61

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.081%

due

08/02/53

578

640

BAT

International

Finance

PLC

5.931%

due

02/02/29

470

489

Bellemeade

Re,

Ltd.

Series

2021-3A

Class

A2

1.050%

due

09/25/31

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

7,422

7,422

Series

2021-3A

Class

M1B

1.450%

due

09/25/31

(SOFR

30

Day

Average

+

1.400%)(Ê)(Þ)

3,396

3,402

Series

2021-3A

Class

M1C

1.600%

due

09/25/31

(SOFR

30

Day

Average

+

1.550%)(Ê)(Þ)

2,959

2,955

Series

2022-1

Class

M1C

3.700%

due

01/26/32

(SOFR

30

Day

Average

+

3.700%)(Ê)(Þ)

3,523

3,609

Benin

Government

International

Bond

7.960%

due

02/13/38

(Þ)

200

186

BNP

Paribas

SA

4.375%

due

05/12/26

(Þ)

115

113

5.125%

due

01/13/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.450%)(Ê)(Þ)

310

312

4.375%

due

03/01/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.483%)(Ê)

(Þ)

3,915

3,757

5.894%

due

12/05/34

(SOFR

+

1.866%)(Ê)(Þ)

640

671

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.899%)(Ê)(ƒ)(Þ)

1,340

1,380

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.969%)(Ê)(ƒ)(Þ)

320

343

BPCE

SA

5.936%

due

05/30/35

(SOFR

+

1.850%)(Ê)(Þ)

690

704

Brazil

Government

International

Bond

6.125%

due

03/15/34

560

551

Bristol

Park

CLO,

Ltd.

Series

2020-1A

Class

BR

6.710%

due

04/15/29

(USD

3

Month

LIBOR

+

1.450%)(Ê)(Þ)

260

260

British

Airways

Pass-Through

Trust

3.350%

due

06/15/29

(Þ)

106

100

British

Telecommunications

PLC

9.625%

due

12/15/30

100

125

Brookfield

Finance,

Inc.

4.700%

due

09/20/47

2,445

2,155

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

468

478

Canadian

Pacific

Railway

Co.

3.700%

due

02/01/26

2,235

2,189

3.100%

due

12/02/51

110

75

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

191

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2018-4A

Class

A2

7.388%

due

01/20/31

(CME

Term

SOFR

3

Month

+

2.062%)(Ê)(Þ)

250

250

Celulosa

Arauco

y

Constitucion

SA

Series

WI

3.875%

due

11/02/27

4,280

4,038

Cencosud

SA

4.375%

due

07/17/27

(Þ)

4,015

3,872

Cenovus

Energy,

Inc.

6.750%

due

11/15/39

11

12

Series

WI

4.250%

due

04/15/27

2,852

2,803

CI

Financial

Corp.

7.500%

due

05/30/29

(Þ)

760

765

3.200%

due

12/17/30

2,797

2,255

CIFC

Funding,

Ltd.

Series

2017-1A

Class

ARR

3.702%

due

01/22/31

(CME

Term

SOFR

3

Month

+

1.372%)(Ê)(Þ)

1,541

1,545

Series

2021-2A

Class

BR

7.088%

due

04/20/30

(CME

Term

SOFR

3

Month

+

1.762%)(Ê)(Þ)

290

290

Coca-Cola

Icecek

AS

4.500%

due

01/20/29

(Þ)

2,579

2,430

Comision

Federal

de

Electricidad

3.348%

due

02/09/31

(Þ)

360

304

Credit

Agricole

SA

1.247%

due

01/26/27

(SOFR

+

0.892%)(Ê)(Þ)

2,720

2,564

5.301%

due

07/12/28

(Þ)

470

480

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.644%)(Ê)

(Þ)

1,385

1,312

8.125%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

6.185%)(Ê)

(ƒ)(Þ)

1,300

1,326

Daimler

Truck

Finance

NA

LLC

5.125%

due

09/25/27

(Þ)

460

464

5.375%

due

01/18/34

(Þ)

390

396

5.375%

due

06/25/34

(Þ)

150

152

Danske

Bank

A/S

0.976%

due

09/10/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.550%)(Ê)(Þ)

1,310

1,303

1.549%

due

09/10/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.730%)(Ê)(Þ)

825

768

Delhaize

America,

Inc.

9.000%

due

04/15/31

809

966

Deutsche

Bank

AG

7.146%

due

07/13/27

(SOFR

+

2.520%)(Ê)

3,550

3,668

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

2.553%)(Ê)

388

372

Deutsche

Telekom

International

Finance

BV

8.750%

due

06/15/30

1,945

2,311

Dryden

41

Senior

Loan

Fund

Series

2018-41A

Class

BR

6.560%

due

04/15/31

(USD

3

Month

LIBOR

+

1.300%)(Ê)(Þ)

490

490

Eagle

Re,

Ltd.

Series

2021-2

Class

M1B

2.099%

due

04/25/34

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

2,289

2,292

Ecopetrol

SA

4.625%

due

11/02/31

170

141

8.375%

due

01/19/36

440

438

5.875%

due

11/02/51

230

161

Element

Fleet

Management

Corp.

6.271%

due

06/26/26

(Þ)

3,463

3,527

5.643%

due

03/13/27

(Þ)

460

466

Emera

US

Finance,

LP

Series

WI

3.550%

due

06/15/26

4,074

3,939

Enbridge,

Inc.

5.700%

due

03/08/33

3,561

3,677

Series

16-A

6.000%

due

01/15/77

(CME

Term

SOFR

3

Month

+

4.152%)(Ê)

303

295

Enel

Americas

SA

4.000%

due

10/25/26

2,881

2,802

Enel

Finance

America

LLC

7.100%

due

10/14/27

(Þ)

2,115

2,248

Enel

Finance

International

NV

1.625%

due

07/12/26

(Þ)

398

373

4.625%

due

06/15/27

(Þ)

3,122

3,098

Eni

USA,

Inc.

7.300%

due

11/15/27

3,139

3,371

Export-Import

Bank

of

Korea

(The)

4.875%

due

01/11/26

3,900

3,909

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

1,123

1,078

Fresenius

Medical

Care

US

Finance

II,

Inc.

2.375%

due

02/16/31

(Þ)

4,036

3,284

Fresnillo

PLC

4.250%

due

10/02/50

(Þ)

330

250

Galaxy

XXVI

CLO,

Ltd.

Series

2024-26A

Class

BR

6.927%

due

11/22/31

(CME

Term

SOFR

3

Month

+

2.600%)(Ê)(Þ)

250

250

Garda

World

Security

Corp.

2022

Term

Loan

9.594%

due

02/01/29

(USD

3

Month

LIBOR  +

4.250%)(Ê)

273

274

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

192

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

GE

Capital

European

Funding

Unltd.

Co.

6.025%

due

03/01/38

EUR

120

164

Global

Auto

Holdings,

Ltd.

/

AAG

FH

UK,

Ltd.

8.750%

due

01/15/32

(Þ)

620

592

Goldentree

Loan

Management,

LP

Series

2024-5A

Class

BRR

1.000%

due

10/20/32

(CME

Term

SOFR

3

Month

+

1.500%)(Ê)(Þ)

250

250

Greensaif

Pipelines

Bidco

SARL

5.853%

due

02/23/36

(Þ)

320

321

Greystone

Commercial

Real

Estate

Notes

Series

2024-HC3

Class

D

10.663%

due

03/15/41

(CME

Term

SOFR

1

Month

+

5.333%)(Ê)(Þ)

260

259

Grifols

Worldwide

Operations

USA,

Inc.

Term

Loan

B

7.444%

due

11/15/27

(USD

3

Month

LIBOR  +

2.000%)(Ê)

241

234

Harbor

Park

CLO,

Ltd.

Series

2024-1A

Class

B1R

6.982%

due

01/20/31

(CME

Term

SOFR

3

Month

+

1.700%)(Ê)(Þ)

200

200

HGI

CRE

CLO,

Ltd.

Series

2021-FL2

Class

A

5.459%

due

09/17/36

(USD

1

Month

LIBOR

+

1.000%)(Ê)(Þ)

5,267

5,220

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-

Issuer,

Inc.

7.625%

due

10/15/25

(Þ)

1,224

1,238

Home

RE,

Ltd.

Series

2021-2

Class

M2

3.293%

due

01/25/34

(SOFR

30

Day

Average

+

3.250%)(Ê)(Þ)

1,227

1,239

HSBC

Holdings

PLC

4.250%

due

08/18/25

210

207

1.589%

due

05/24/27

(SOFR

+

1.290%)(Ê)

4,330

4,084

5.719%

due

03/04/35

(SOFR

+

1.780%)(Ê)(Ñ)

800

823

Hudbay

Minerals,

Inc.

4.500%

due

04/01/26

(Þ)

550

538

Hyundai

Capital

Services,

Inc.

1.250%

due

02/08/26

(Þ)

2,877

2,714

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

3,732

3,618

5.875%

due

07/01/34

(Þ)

410

411

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

2,354

2,237

ING

Groep

NV

Series

VAR

1.726%

due

04/01/27

(SOFR

+

1.005%)(Ê)

3,759

3,556

InRetail

Consumer

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.250%

due

03/22/28

(Þ)

1,547

1,413

Intesa

Sanpaolo

SpA

7.000%

due

11/21/25

(Þ)

320

327

5.710%

due

01/15/26

(Þ)

380

380

6.625%

due

06/20/33

(Þ)

3,878

4,108

7.200%

due

11/28/33

(Þ)

870

958

Israel

Government

International

Bond

5.500%

due

03/12/34

1,680

1,640

Ivory

Coast

Government

International

Bond

7.625%

due

01/30/33

(Þ)

500

486

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

4,524

4,148

Juniper

Valley

Park

CLO,

Ltd.

Series

2024-1A

Class

AR

6.532%

due

07/20/36

(CME

Term

SOFR

3

Month

+

1.250%)(Ê)(Þ)

8,740

8,743

Lloyds

Banking

Group

PLC

4.650%

due

03/24/26

543

537

3.574%

due

11/07/28

(USD

3

Month

LIBOR

+

1.205%)(Ê)

3,595

3,441

7.500%

due

12/31/99

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.496%)(Ê)(ƒ)

380

381

Macquarie

Bank,

Ltd.

1.340%

due

01/12/27

(SOFR

+

1.069%)(Ê)(Þ)

2,116

2,001

Madison

Park

Funding

XVII,

Ltd.

Series

2021-17A

Class

AR2

3.732%

due

07/21/30

(USD

3

Month

LIBOR

+

1.000%)(Ê)(Þ)

4,554

4,554

Madison

Park

Funding

XXIV,

Ltd.

Series

2024-24A

Class

BR2

6.832%

due

10/20/29

(CME

Term

SOFR

3

Month

+

1.550%)(Ê)(Þ)

330

330

Magnetite

XXIX,

Ltd.

Series

2021-29A

Class

B

7.056%

due

01/15/34

(CME

Term

SOFR

3

Month

+

1.662%)(Ê)(Þ)

400

400

Manulife

Financial

Corp.

4.061%

due

02/24/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

1.647%)(Ê)

4,055

3,940

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

58

63

Melco

Resorts

Finance,

Ltd.

5.375%

due

12/04/29

(Þ)

620

558

7.625%

due

04/17/32

(Þ)

300

299

Methanex

Corp.

5.250%

due

12/15/29

1,073

1,044

5.650%

due

12/01/44

316

276

Mexico

Generadora

de

Energia

S

de

rl

5.500%

due

12/06/32

(Þ)

1,723

1,696

Mexico

Government

International

Bond

3.500%

due

02/12/34

450

373

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

193

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.000%

due

05/07/36

200

199

4.350%

due

01/15/47

580

443

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

3,603

3,496

NatWest

Group

PLC

7.472%

due

11/10/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.850%)(Ê)

1,143

1,173

3.073%

due

05/22/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.550%)(Ê)

2,561

2,434

3.754%

due

11/01/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.100%)(Ê)

310

308

8.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.752%)(Ê)(ƒ)

200

207

Neuberger

Berman

Loan

Advisers

CLO

30,

Ltd.

Series

2021-30A

Class

BR

6.979%

due

01/20/31

(CME

Term

SOFR

3

Month

+

1.662%)(Ê)(Þ)

340

340

Nigeria

Government

International

Bond

7.143%

due

02/23/30

(Þ)

350

307

Nippon

Life

Insurance

Co.

2.750%

due

01/21/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.653%)(Ê)(Þ)

360

304

Nissan

Motor

Co.,

Ltd.

3.522%

due

09/17/25

(Þ)

490

478

Nokia

OYJ

4.375%

due

06/12/27

4,011

3,901

NTT

Finance

Corp.

5.136%

due

07/02/31

(Þ)

990

1,006

Oaktown

Re

VI,

Ltd.

Series

2021-1A

Class

M1B

2.060%

due

10/25/33

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

2,124

2,127

Oaktown

Re

VII,

Ltd.

Series

2021-2

Class

M1A

1.650%

due

04/25/34

(SOFR

30

Day

Average

+

1.600%)(Ê)(Þ)

933

933

Oaktown

Re,

Ltd.

Series

2021-2

Class

M1C

3.400%

due

04/25/34

(SOFR

30

Day

Average

+

3.350%)(Ê)(Þ)

3,798

3,885

Series

2021-1A

Class

M1C

3.010%

due

10/25/33

(SOFR

30

Day

Average

+

3.000%)(Ê)(Þ)

1,024

1,039

OCP

SA

3.750%

due

06/23/31

(Þ)

390

340

6.750%

due

05/02/34

(Þ)

300

313

Octagon

Investment

Partners

30,

Ltd.

Series

2021-1A

Class

A1R

6.586%

due

03/17/30

(CME

Term

SOFR

3

Month

+

1.262%)(Ê)(Þ)

2,183

2,184

OHA

Loan

Funding,

Ltd.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-1A

Class

AR3

6.738%

due

01/19/37

(CME

Term

SOFR

3

Month

+

1.412%)(Ê)(Þ)

1,990

1,993

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

2,092

2,171

Optics

Bidco

SpA

Series

2033

6.375%

due

11/15/33

(Þ)

672

659

Series

2034

6.000%

due

09/30/34

(Þ)

1,147

1,084

Series

2036

7.200%

due

07/18/36

(Þ)

210

215

Series

2038

7.721%

due

06/04/38

(Þ)

207

222

OZLM

Funding

II,

Ltd.

Series

2024-2A

Class

A2RA

7.055%

due

07/30/31

(CME

Term

SOFR

3

Month

+

1.800%)(Ê)(Þ)

350

350

Petrobras

Global

Finance

BV

6.900%

due

03/19/49

180

175

5.500%

due

06/10/51

290

237

Petroleos

del

Peru

SA

5.625%

due

06/19/47

(Þ)

220

141

Petroleos

Mexicanos

Series

WI

6.875%

due

10/16/25

640

639

Prologis,

LP

4.000%

due

05/05/34

EUR

180

199

Prosus

NV

3.680%

due

01/21/30

(Þ)

3,847

3,464

Provincia

de

Buenos

Aires

6.625%

due

09/01/37

(~)(Ê)(Þ)

1,148

507

Provincia

de

Cordoba

7.125%

due

12/10/25

(~)(Ê)(Þ)

210

194

7.450%

due

06/01/27

(~)(Ê)(Þ)

500

435

Puma

International

Financing

SA

7.750%

due

04/25/29

(Þ)

270

273

Radnor

RE,

Ltd.

Series

2021-2

Class

M1A

1.898%

due

11/25/31

(SOFR

30

Day

Average

+

1.850%)(Ê)(Þ)

33

33

Series

2022-1

Class

M1A

5.933%

due

09/25/32

(SOFR

30

Day

Average

+

3.750%)(Ê)(Þ)

1,499

1,512

Regatta

XV

Funding,

Ltd.

Series

2024-4A

Class

A2R

6.835%

due

10/25/31

(CME

Term

SOFR

3

Month

+

1.550%)(Ê)(Þ)

240

240

Reynolds

American,

Inc.

5.850%

due

08/15/45

210

202

Rogers

Communications,

Inc.

5.000%

due

02/15/29

550

552

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

194

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.250%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.590%)(Ê)(Þ)

158

153

Royal

Bank

of

Canada

Series

GMTN

5.150%

due

02/01/34

150

152

RWE

Finance

US

LLC

5.875%

due

04/16/34

(Þ)

650

669

Sands

China,

Ltd.

Series

WI

5.125%

due

08/08/25

1,127

1,119

3.350%

due

03/08/29

330

291

Santander

UK

Group

Holdings

PLC

1.673%

due

06/14/27

(SOFR

+

0.989%)(Ê)

3,947

3,696

Sasol

Financing

USA

LLC

8.750%

due

05/03/29

(Þ)

540

559

Saudi

Arabian

Oil

Co.

4.250%

due

04/16/39

(Þ)

2,394

2,111

SK

Hynix,

Inc.

1.500%

due

01/19/26

(Þ)

3,931

3,729

Smurfit

Kappa

Treasury

Funding,

Ltd.

7.500%

due

11/20/25

2,280

2,347

5.200%

due

01/15/30

(Þ)

350

356

Societe

Generale

SA

4.250%

due

08/19/26

(Þ)

1,618

1,569

2.797%

due

01/19/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.300%)(Ê)(Þ)

2,623

2,462

Sodexo,

Inc.

1.634%

due

04/16/26

(Þ)

3,844

3,618

Southern

Copper

Corp.

5.250%

due

11/08/42

140

132

St.

Marys

Cement,

Inc.

5.750%

due

04/02/34

(Þ)

740

737

Standard

Chartered

PLC

1.456%

due

01/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

2,073

1,958

7.014%

due

12/30/49

(USD

3

Month

LIBOR

+

1.460%)(Ê)(ƒ)(Þ)

950

966

Suncor

Energy,

Inc.

7.150%

due

02/01/32

2,174

2,428

Suzano

Austria

GmbH

5.750%

due

07/14/26

(Þ)

3,034

3,054

Teck

Resources,

Ltd.

6.250%

due

07/15/41

40

42

5.400%

due

02/01/43

160

149

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

114

111

6.000%

due

09/30/34

74

70

7.721%

due

06/04/38

365

371

Telefonica

Emisiones

SA

5.213%

due

03/08/47

300

274

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150%

due

10/01/26

70

66

Teva

Pharmaceutical

Industries,

Ltd.

4.750%

due

05/09/27

460

446

T-Mobile

USA,

Inc.

3.700%

due

05/08/32

EUR

480

531

Toronto-Dominion

Bank

(The)

3.625%

due

09/15/31

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

2.205%)(Ê)

3,805

3,668

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.075%)(Ê)

642

669

TransAlta

Corp.

6.500%

due

03/15/40

528

535

TransCanada

Trust

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.986%)(Ê)

953

884

TSMC

Arizona

Corp.

2.500%

due

10/25/31

340

295

UBS

Group

AG

1.305%

due

02/02/27

(SOFR

+

0.980%)(Ê)(Þ)

4,308

4,055

6.537%

due

08/12/33

(SOFR

+

3.920%)(Ê)(Þ)

470

505

9.016%

due

11/15/33

(SOFR

+

5.020%)(Ê)(Þ)

370

456

Series

WI

4.500%

due

06/26/48

350

317

UniCredit

SpA

1.982%

due

06/03/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.200%)(Ê)(Þ)

1,087

1,025

5.861%

due

06/19/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

3.703%)(Ê)(Þ)

388

385

7.296%

due

04/02/34

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.914%)(Ê)(Þ)

131

136

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

3,711

3,935

Verdelite

Static

CLO,

Ltd.

Series

2024-1A

Class

B

6.944%

due

07/20/32

(CME

Term

SOFR

3

Month

+

1.650%)(Ê)(Þ)

260

260

Vodafone

Group

PLC

6.150%

due

02/27/37

54

59

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.873%)(Ê)

2,748

2,845

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

4.750%

due

09/17/44

(Þ)

420

329

Westpac

Banking

Corp.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

195

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.668%

due

11/15/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.750%)(Ê)

270

229

3.020%

due

11/18/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.530%)(Ê)

220

186

Wipro

IT

Services

LLC

1.500%

due

06/23/26

(Þ)

2,039

1,916

Wynn

Macau,

Ltd.

5.500%

due

01/15/26

(Þ)

660

649

Yamana

Gold,

Inc.

2.630%

due

08/15/31

70

59

Series

WI

4.625%

due

12/15/27

900

883

Yara

International

ASA

3.800%

due

06/06/26

(Þ)

3,094

3,018

4.750%

due

06/01/28

(Þ)

1,450

1,428

ZF

NA

Capital,

Inc.

6.750%

due

04/23/30

(Þ)

280

285

322,999

Loan

Agreements

-

0.1%

Alterra

Mountain

Co.

Term

Loan

B4

8.594%

due

08/17/28

(USD

1

Month

LIBOR

+

3.250%)(Ê)

326

327

Asplundh

Tree

Expert

LLC

Term

Loan

B

7.194%

due

09/04/27

(USD

1

Month

LIBOR

+

1.750%)(Ê)

413

414

Caesars

Entertainment,

Inc.

2024

Term

Loan

B1

8.097%

due

01/24/31

(USD

3

Month

LIBOR  +

2.750%)(Ê)

369

370

NRG

Energy,

Inc.

2024

Term

Loan

7.350%

due

03/27/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

398

399

Truist

Insurance

Holdings

LLC

1st

Lien

Term

Loan

8.585%

due

05/06/31

(USD

3

Month

LIBOR  +

3.250%)(Ê)

660

661

Vistra

Operations

Co.

LLC

Term

Loan

B

8.097%

due

03/20/31

(USD

1

Month

LIBOR

+

2.750%)(Ê)

658

662

2,833

Mortgage-Backed

Securities

-

25.2%

2023-MIC

Trust

(The)

Series

2023-MIC

Class

A

8.437%

due

11/05/28

(~)(Ê)(Þ)

390

423

Alternative

Loan

Trust

Series

2006-13T1

Class

A3

6.000%

due

05/25/36

1,485

767

Banc

of

America

Mortgage

Trust

Series

2005-D

Class

2A7

3.781%

due

05/25/35

(~)(Ê)

128

112

Barclays

PLC

Series

2022-RPL1

Class

A

4.250%

due

02/25/28

(~)(Ê)(Þ)

1,554

1,497

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bear

Stearns

ARM

Trust

Series

2004-5

Class

2A

4.112%

due

07/25/34

(~)(Ê)

102

93

BRAVO

Residential

Funding

Trust

Series

2023-NQM5

Class

A1

6.505%

due

06/25/63

(~)(Ê)(Þ)

132

134

Series

2023-NQM5

Class

A3

7.012%

due

06/25/63

(~)(Ê)(Þ)

265

267

BX

Commercial

Mortgage

Trust

Series

2021-CIP

Class

D

1.771%

due

12/15/28

(USD

1

Month

LIBOR

+

1.671%)(Ê)(Þ)

9,786

9,614

BX

Trust

Series

2024-BIO

Class

C

7.940%

due

02/15/41

(CME

Term

SOFR

1

Month

+

2.640%)(Ê)(Þ)

15,622

15,554

Series

2024-MDHS

Class

B

7.191%

due

05/15/41

(CME

Term

SOFR

1

Month

+

1.841%)(Ê)(Þ)

5,929

5,911

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE

Class

F

2.735%

due

12/15/37

(USD

1

Month

LIBOR

+

2.550%)(Ê)(Þ)

3,491

3,473

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

13,042

10,841

CORE

Mortgage

Trust

Series

2019-CORE

Class

D

1.835%

due

12/15/31

(USD

1

Month

LIBOR

+

1.650%)(Ê)(Þ)

5,704

5,260

CRSO

Trust

Series

2023-BRND

7.121%

due

07/10/28

290

305

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

4,612

3,410

DK

Trust

Series

2024-SPBX

Class

A

6.850%

due

03/15/34

(CME

Term

SOFR

1

Month

+

1.500%)(Ê)(Þ)

4,021

3,988

Fannie

Mae

2.600%

due

2031

1,680

1,501

5.500%

due

2034

157

160

4.500%

due

2035

788

779

5.500%

due

2035

104

106

6.000%

due

2035

108

111

5.500%

due

2036

207

211

5.500%

due

2037

62

63

6.000%

due

2039

87

90

5.500%

due

2040

1,255

1,258

5.000%

due

2041

670

678

6.000%

due

2041

326

339

3.500%

due

2045

1,787

1,662

4.000%

due

2045

1,241

1,189

3.000%

due

2046

377

337

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

196

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

2046

491

460

4.500%

due

2046

913

902

3.000%

due

2047

1,790

1,603

3.500%

due

2047

855

796

4.000%

due

2047

1,054

1,010

4.500%

due

2048

2,134

2,090

5.000%

due

2048

1,364

1,369

3.000%

due

2049

14,886

13,146

3.500%

due

2049

62

57

4.000%

due

2049

1,885

1,804

5.000%

due

2049

93

93

2.000%

due

2050

5,386

4,388

2.500%

due

2050

2,791

2,345

3.000%

due

2050

13,288

11,719

2.000%

due

2051

3,722

2,996

2.500%

due

2051

1,653

1,404

5.000%

due

2052

17,207

16,975

5.000%

due

2053

12,243

12,074

5.500%

due

2054

1,098

1,101

30

Year

TBA(Ï)

5.500%

42,174

42,238

6.000%

39,620

40,182

Series

1997-281

Class

2

Interest

Only

STRIPS

9.000%

due

11/25/26

—

—

Series

2000-306

Class

IO

Interest

Only

STRIPS

8.000%

due

05/25/30

3

—

Series

2001-317

Class

2

Interest

Only

STRIPS

8.000%

due

12/25/31

4

1

Series

2002-320

Class

2

Interest

Only

STRIPS

7.000%

due

04/25/32

2

—

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2023-R08

Class

1M1

6.821%

due

10/25/43

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

317

319

Series

2023-R08

Class

1M2

7.821%

due

10/25/43

(SOFR

30

Day

Average

+

2.500%)(Ê)(Þ)

440

454

Fannie

Mae

REMICS

Series

1997-68

Class

SC

Interest

Only

STRIPS

8.306%

due

05/18/27

(USD

1

Month

LIBOR

+

8.500%)(Ê)

1

—

Series

2003-25

Class

IK

Interest

Only

STRIPS 

7.000%

due

04/25/33

12

2

Series

2003-32

Class

UI

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Interest

Only

STRIPS 

6.000%

due

05/25/33

14

2

Series

2003-33

Class

IA

Interest

Only

STRIPS 

6.500%

due

05/25/33

56

9

Series

2003-35

Class

IU

Interest

Only

STRIPS 

6.000%

due

05/25/33

11

2

Series

2003-35

Class

UI

Interest

Only

 STRIPS

6.500%

due

05/25/33

13

2

Series

2003-64

Class

JI

Interest

Only

 STRIPS

6.000%

due

07/25/33

6

1

Series

2006-118

Class

A1

0.228%

due

12/25/36

(USD

1

Month

LIBOR

+

0.060%)(Ê)

8

8

Series

2007-73

Class

A1

0.236%

due

07/25/37

(USD

1

Month

LIBOR

+

0.060%)(Ê)

70

68

Series

2009-70

Class

PS

Interest

Only

STRIPS 

6.582%

due

01/25/37

(USD

1

Month

LIBOR

+

6.750%)(Ê)

2,191

126

Series

2010-95

Class

S

Interest

Only

STRIPS 

6.432%

due

09/25/40

(-1

x

USD

1

Month

LIBOR

+

6.600%)(Ê)

2,220

269

FIGRE

Trust

Series

2024-HE1

Class

A

6.165%

due

03/25/54

(~)(Ê)(Þ)

5,886

5,959

Freddie

Mac

6.000%

due

2038

473

489

4.500%

due

2039

1,602

1,591

5.500%

due

2039

200

204

5.500%

due

2040

305

311

4.000%

due

2041

1,933

1,869

5.500%

due

2041

426

435

4.000%

due

2044

989

955

3.500%

due

2045

4,068

3,802

3.000%

due

2046

6,664

5,977

4.000%

due

2046

509

488

4.500%

due

2046

166

164

3.000%

due

2047

1,886

1,691

3.000%

due

2048

209

187

4.000%

due

2048

710

681

4.500%

due

2048

1,315

1,285

3.000%

due

2049

846

753

2.500%

due

2050

8,353

7,122

3.000%

due

2050

10,617

9,419

2.000%

due

2051

17,770

14,367

2.500%

due

2051

9,263

7,922

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

197

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.000%

due

2052

14,650

13,753

5.000%

due

2052

12,449

12,281

5.500%

due

2053

13,608

13,629

6.000%

due

2054

12,785

12,964

Freddie

Mac

REMICS

Series

1999-2129

Class

SG

Interest

Only

STRIPS 

6.806%

due

06/17/27

(USD

1

Month

LIBOR

+

7.000%)(Ê)

57

2

Series

2000-2247

Class

SC

Interest

Only

STRIPS

7.315%

due

08/15/30

(-1

x

USD

1

Month

LIBOR

+

7.500%)(Ê)

2

—

Series

2002-2463

Class

SJ

Interest

Only

STRIPS 

7.815%

due

03/15/32

(USD

1

Month

LIBOR

+

8.000%)(Ê)

7

1

Series

2003-2610

Class

UI

Interest

Only

STRIPS 

6.500%

due

05/15/33

2

—

Series

2003-2624

Class

QH

5.000%

due

06/15/33

100

101

Series

2003-2649

Class

IM

Interest

Only

STRIPS 

7.000%

due

07/15/33

15

3

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

386

405

Series

2012-4045

Class

HD

4.500%

due

07/15/41

11

11

Freddie

Mac

STRIPS

Series

1998-191

Class

IO

Interest

Only

STRIPS 

8.000%

due

01/01/28

1

—

Series

1998-194

Class

IO

Interest

Only

STRIPS 

6.500%

due

04/01/28

3

—

Series

2001-212

Class

IO

Interest

Only

STRIPS 

6.000%

due

05/15/31

5

1

Series

2001-215

Class

IO

Interest

Only

STRIPS 

8.000%

due

06/15/31

7

1

FS

Commercial

Mortgage

Trust

Series

2023-4SZN

Class

B

7.544%

due

11/10/27

(~)(Ê)(Þ)

220

230

Ginnie

Mae

I

4.500%

due

2039

2,377

2,361

Ginnie

Mae

II

6.500%

due

2054

5,000

5,096

30

Year

TBA(Ï)

5.500%

16,979

17,030

6.000%

40,990

41,471

6.500%

14,500

14,771

Ginnie

Mae

REMICS

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

1999-27

Class

SE

Interest

Only

 STRIPS

8.405%

due

08/16/29

(-1

x

USD

1

Month

LIBOR

+

8.600%)(Ê)

5

—

Series

2014-190

Class

PL

3.500%

due

12/20/44

1,011

925

GS

Mortgage

Securities

Trust

Series

2023-SHIP

Class

A

4.322%

due

09/10/38

(~)

(Ê)(Þ)

5,637

5,519

Series

2023-SHIP

Class

B

5.101%

due

09/06/26

(~)(Ê)(Þ)

250

247

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

7,770

791

JPMorgan

Mortgage

Trust

Series

2018-3

Class

A3

3.500%

due

09/25/48

(~)(Ê)(Þ)

85

77

Series

2018-8

Class

A3

4.000%

due

01/25/49

(~)(Ê)(Þ)

138

127

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

463

409

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

12,945

11,863

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

5,881

5,190

Series

2021-14

Class

A4

2.500%

due

05/25/52

(~)(Ê)(Þ)

2,527

2,217

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

9,858

8,576

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

4,584

4,073

Series

2023-HE2

Class

A1

7.016%

due

03/25/54

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

3,940

3,972

Series

2024-HE1

Class

A1

6.820%

due

08/25/54

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

1,882

1,892

JPMorgan

Wealth

Management

Series

2020-ATR1

Class

A3

3.000%

due

02/25/50

(~)(Ê)(Þ)

1,374

1,194

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

0.951%

due

04/15/26

(USD

1

Month

LIBOR

+

0.801%)(Ê)(Þ)

12,545

12,436

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

5,268

4,136

Series

2017-237P

Class

XA

Interest

Only

STRIPS  

0.468%

due

09/13/39

(~)(Ê)(Þ)

58,208

539

Series

2017-237P

Class

XB

Interest

Only

STRIPS  

0.175%

due

09/13/39

(~)(Ê)(Þ)

35,996

89

Nomura

Resecuritization

Trust

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

198

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2015-11R

Class

3A2

3.593%

due

05/26/36

(~)(Ê)(Þ)

661

657

Onslow

Bay

Financial

LLC

Series

2023-NQM7

Class

A1

6.844%

due

04/25/63

(~)(Ê)(Þ)

428

436

Preston

Ridge

Partners

Mortgage

LLC

Series

2020-6

Class

A1

2.363%

due

11/25/25

(~)(Ê)(Þ)

1,093

1,090

Series

2021-3

Class

A1

1.867%

due

04/25/26

(~)(Ê)(Þ)

2,293

2,286

Series

2024-1

Class

A1

6.959%

due

02/25/29

(~)(Ê)(Þ)

7,228

7,297

Preston

Ridge

Partners

Mortgage

Trust

Series

2021-10

Class

A1

2.487%

due

10/25/26

(~)(Ê)(Þ)

1,229

1,237

PRKCM

Trust

Series

2024-AFC1

Class

A2

6.636%

due

03/25/59

(~)(Ê)(Þ)

368

372

RCKT

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.515%

due

06/25/43

(~)(Ê)(Þ)

1,191

1,200

Series

2024-CES2

Class

A1A

6.141%

due

04/25/44

(~)(Ê)(Þ)

4,629

4,654

Saluda

Grade

Alternative

Mortgage

Trust

Series

2024-FIG5

Class

A

6.255%

due

04/25/54

(~)(Ê)(Þ)

6,801

6,919

Sequoia

Mortgage

Trust

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

393

359

Series

2021-4

Class

A10

2.500%

due

06/25/51

(~)(Ê)(Þ)

6,893

6,277

Structured

Asset

Mortgage

Investments

II

Trust

Series

2004-AR7

Class

A1B

0.594%

due

04/19/35

(USD

1

Month

LIBOR

+

0.400%)(Ê)

134

125

Towd

Point

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.750%

due

07/25/63

(~)(Ê)(Þ)

6,052

6,112

Series

2023-CES2

Class

A1A

7.294%

due

10/25/63

(~)(Ê)(Þ)

3,280

3,346

Wells

Fargo

Commercial

Mortgage

Trust

Series

2021-SAVE

Class

A

4.562%

due

02/15/40

(USD

1

Month

LIBOR

+

1.150%)(Ê)(Þ)

2,858

2,830

539,399

Municipal

Bonds

-

0.1%

American

Municipal

Power,

Inc.

Revenue

Bonds

8.084%

due

02/15/50

230

311

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

4.926%

due

10/01/51

240

234

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Bonds

4.132%

due

05/15/32

380

369

State

of

California

General

Obligation

Unlimited

7.300%

due

10/01/39

45

53

Texas

Natural

Gas

Securitization

Finance

Corp.

Revenue

Bonds

5.102%

due

04/01/35

631

641

1,608

Non-US

Bonds

-

6.6%

Andorra

Government

International

Bond

Series

EMTN

1.250%

due

05/06/31

(Þ)

EUR

8,700

8,133

Eurosail-UK

PLC

Series

2007-6NCX

Class

A3A

0.795%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.700%)(Ê)(Þ)

GBP

1,489

1,901

Hellenic

Republic

International

Government

Bond

4.125%

due

06/15/54

(Þ)

EUR

2,707

2,988

Indonesia

Government

International

Bond

Series

FR87

6.500%

due

02/15/31

IDR

10,539,000

635

Japan

30

Year

Government

International

Bond

Series

81

1.600%

due

12/20/53

JPY

1,171,250

6,829

Japan

40

Year

Government

International

Bond

Series

17

2.200%

due

03/20/64

JPY

270,550

1,718

Ludgate

Funding

PLC

Series

2007-1

Class

A2A

0.638%

due

01/01/61

(GBP

3

Month

LIBOR

+

0.160%)(Ê)(Þ)

GBP

107

134

Mexican

Bonos

Series

M

5.500%

due

03/04/27

MXN

467,500

22,546

8.500%

due

03/01/29

MXN

247,720

12,630

Mexican

Bonos

de

Desarrollo

Series

M

8.500%

due

11/18/38

MXN

16,930

812

Mexico

Government

International

Bond

2.250%

due

08/12/36

EUR

552

461

4.000%

due

03/15/15

EUR

2,521

2,007

Norway

Government

International

Bond

Series

487

3.625%

due

04/13/34

(Þ)

NOK

43,000

3,989

Paragon

Mortgages

(No.

12)

PLC

0.293%

due

11/15/38

(SONIA

+

0.359%)(Ê)

GBP

876

1,112

Parkmore

Point

RMBS

PLC

Series

2022-1A

Class

A

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

199

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.362%

due

07/25/45

(SONIA

+

1.500%)(Ê)(Þ)

GBP

2,581

3,333

Petroleos

Mexicanos

Series

10.7

4.750%

due

02/26/29

(Þ)

EUR

7,803

7,442

Series

14-2

7.470%

due

11/12/26

MXN

173,000

8,238

Republic

of

South

Africa

Government

International

Bond

Series

2037

8.500%

due

01/31/37

ZAR

2,316

104

Series

2040

9.000%

due

01/31/40

ZAR

100,224

4,512

Series

2044

8.750%

due

01/31/44

ZAR

33,564

1,438

Series

2048

8.750%

due

02/28/48

ZAR

14,157

601

RMAC

Securities

No.

1

PLC

Series

2006-NS1X

Class

A2A

1.050%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

978

1,231

Series

2006-NS3X

Class

A2A

0.245%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

1,168

1,465

Series

2006-NS4X

Class

A3A

3.853%

due

06/12/44

(SONIA

+

0.289%)(Ê)(Þ)

GBP

2,578

3,245

Romania

Government

International

Bond

5.500%

due

09/18/28

(Þ)

EUR

3,640

4,105

5.625%

due

02/22/36

(Þ)

EUR

1,784

1,903

Series

REGS

2.750%

due

02/26/26

(Þ)

EUR

4,163

4,437

5.000%

due

09/27/26

(Þ)

EUR

3,192

3,537

1.750%

due

07/13/30

(Þ)

EUR

5,029

4,524

2.124%

due

07/16/31

(Þ)

EUR

3,866

3,434

3.750%

due

02/07/34

(Þ)

EUR

4,383

4,124

3.875%

due

10/29/35

(Þ)

EUR

659

611

2.625%

due

12/02/40

(Þ)

EUR

4,312

3,105

2.875%

due

04/13/42

(Þ)

EUR

4,020

2,924

4.625%

due

04/03/49

(Þ)

EUR

1,251

1,138

3.375%

due

01/28/50

(Þ)

EUR

692

507

Shamrock

Residential

Series

2022-2

Class

A

5.068%

due

02/24/71

(1

Month

EURIBOR

+

1.250%)(Ê)(Þ)

EUR

1,646

1,782

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

6.555%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

1.300%)(Ê)

(Þ)

GBP

1,211

1,544

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

Series

2024-1A

Class

A2

6.172%

due

05/28/39

(Þ)

GBP

4,320

5,631

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

140,810

United

States

Government

Treasuries

-

4.4%

United

States

Treasury

Notes

2.000%

due

08/15/25

2,276

2,215

2.250%

due

11/15/25

6,475

6,289

1.625%

due

02/15/26

5,860

5,616

2.250%

due

03/31/26

5,240

5,060

1.625%

due

05/15/26

4,506

4,296

0.625%

due

03/31/27

4,803

4,385

2.375%

due

05/15/27

5,205

4,970

0.500%

due

05/31/27

3,970

3,593

2.250%

due

08/15/27

4,999

4,741

2.250%

due

11/15/27

2,495

2,358

2.750%

due

02/15/28

219

210

1.125%

due

02/29/28

117

106

3.125%

due

11/15/28

666

644

2.375%

due

05/15/29

5,522

5,145

4.000%

due

10/31/29

1,478

1,481

1.750%

due

11/15/29

3,297

2,959

0.625%

due

05/15/30

4,361

3,616

6.250%

due

05/15/30

2,534

2,833

0.625%

due

08/15/30

5,856

4,817

0.875%

due

11/15/30

3,822

3,174

1.625%

due

05/15/31

411

354

1.250%

due

08/15/31

481

401

1.375%

due

11/15/31

614

513

3.500%

due

02/15/33

410

394

3.875%

due

08/15/33

2,243

2,214

4.500%

due

11/15/33

2,213

2,289

4.000%

due

02/15/34

1,000

996

1.125%

due

05/15/40

2,485

1,588

1.375%

due

11/15/40

1,621

1,062

1.750%

due

08/15/41

1,939

1,329

2.000%

due

11/15/41

327

232

3.250%

due

05/15/42

2,005

1,721

2.875%

due

05/15/43

2,292

1,836

4.625%

due

05/15/44

460

472

2.875%

due

08/15/45

5

4

2.750%

due

11/15/47

1,574

1,182

3.000%

due

02/15/48

1,514

1,189

3.000%

due

02/15/49

239

187

2.875%

due

05/15/49

989

754

2.000%

due

02/15/50

1,826

1,147

1.250%

due

05/15/50

482

248

1.375%

due

08/15/50

557

295

1.625%

due

11/15/50

586

332

2.375%

due

05/15/51

1,309

890

1.875%

due

11/15/51

2,595

1,557

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

200

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.875%

due

05/15/52

1,506

1,141

3.625%

due

02/15/53

511

449

93,284

Total

Long-Term

Investments

(cost

$1,741,256)

1,682,474

Common

Stocks

-

0.0%

Financial

Services

-

0.0%

AGNC

Investment

Corp.(Æ)(ö)

9,228

222

Chimera

Investment

Corp.(Æ)(ö)

4,636

103

325

Total

Common

Stocks

(cost

$328)

325

Preferred

Stocks

-

0.0%

Financial

Services

-

0.0%

KeyCorp

6.200%

due

12/15/27(¢)

9,175

210

Prudential

Financial,

Inc.

5.950%

due

09/01/62

5,711

149

359

Utilities

-

0.0%

SCE

Trust

VIII

6.950%

due

05/13/29(¢)

11,850

300

Total

Preferred

Stocks

(cost

$669)

659

Short-Term

Investments

-

24.9%

Africa

Finance

Corp.

3.125%

due

06/16/25

(Þ)

2,500

2,437

Agence

Francaise

de

Developpement

EPIC

Series

EMTN

5.727%

due

11/19/24

(SOFR

+

1.000%)(Ê)(Þ)

4,600

4,610

Air

Canada

Class

A

Pass-Through

Trust

Series

2013-1

Class

A

4.125%

due

05/15/25

(Þ)

70

69

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

2017-1B

Class

B

4.950%

due

02/15/25

292

290

Aviation

Capital

Group

LLC

5.500%

due

12/15/24

(Þ)

380

379

CBL

&

Associated

Properties,

Inc.

5.250%

due

12/01/23

(ç)

400

—

Citizens

Financial

Group,

Inc.

4.023%

due

10/01/24

200

199

CPPIB

Capital,

Inc.

4.125%

due

10/21/24

(Þ)

3,700

3,689

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

DAE

Funding

LLC

1.550%

due

08/01/24

(ç)(Þ)

280

280

Inter-American

Development

Bank

Series

GMTN

4.924%

due

02/04/25

(SOFR

+

0.250%)(Ê)

4,770

4,776

Jordan

Government

International

Bond

4.950%

due

07/07/25

(Þ)

760

747

Lamar

Funding,

Ltd.

3.958%

due

05/07/25

(Þ)

510

502

Las

Vegas

Sands

Corp.

2.900%

due

06/25/25

680

663

NCL

Corp.,

Ltd.

3.625%

due

12/15/24

(Þ)

610

604

Newell

Brands,

Inc.

4.000%

due

12/01/24

420

418

Petroleos

Mexicanos

Series

REGS

7.190%

due

09/12/24

(Þ)

MXN

68,738

3,659

Range

Resources

Corp.

Series

WI

4.875%

due

05/15/25

290

288

Rockies

Express

Pipeline

LLC

3.600%

due

05/15/25

(Þ)

309

303

Starwood

Property

Trust,

Inc.

3.750%

due

12/31/24

(Þ)

250

246

TD

SYNNEX

Corp.

Series

WI

1.250%

due

08/09/24

770

769

U.S.

Cash

Management

Fund(@)

256,946,000(∞)

256,895

United

States

Treasury

Bills

0.000%

due

08/01/24

(ç)(ž)

79,802

79,802

5.328%

due

08/29/24

(ž)

16,035

15,969

5.334%

due

10/03/24

(ž)

141,233

139,952

5.297%

due

10/24/24

(ž)

9,793

9,676

United

States

Treasury

Notes

4.514%

due

07/31/25

231

221

US

Airways

Pass-Through

Trust

Class

A

4.625%

due

06/03/25

233

231

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

3.750%

due

09/17/24

(Þ)

1,195

1,191

Western

Midstream

Operating,

LP

3.100%

due

02/01/25

610

602

Wynn

Macau,

Ltd.

4.875%

due

10/01/24

(Þ)

580

578

ZF

NA

Capital,

Inc.

4.750%

due

04/29/25

(Þ)

1,679

1,660

Total

Short-Term

Investments

(cost

$531,404)

531,705

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

201

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Other

Securities

-

0.1%

U.S.

Cash

Collateral

Fund(@)(×)

2,772,570

(∞)

2,773

Total

Other

Securities

(cost

$2,773)

2,773

Total

Investments

-

103.8%

(identified

cost

$2,276,430)

2,217,936

Other

Assets

and

Liabilities,

Net

-

(3.8)%

(81,027)

Net

Assets

-

100.0%

2,136,909

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

202

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

29.5%

2023-MIC

Trust

(The)

03/06/24

390,000

107

.38

419

423

AES

Panama

Generation

Holdings

SRL

04/26/21

2,247,790

102

.51

2,304

1,984

Africa

Finance

Corp.

11/02/21

1,158,000

101

.19

1,172

1,126

Africa

Finance

Corp.

09/13/22

2,500,000

98

.34

2,458

2,437

African

Export-Import

Bank

(The)

05/10/21

470,000

100

.00

470

443

Agence

Francaise

de

Developpement

EPIC

09/13/22

4,600,000

100

.23

4,611

4,610

Air

Canada

Class

A

Pass-Through

Trust

10/17/23

69,889

95

.91

67

69

Aircastle,

Ltd.

07/07/22

3,397,000

88

.27

2,999

3,123

Aircastle,

Ltd.

07/15/24

280,000

99

.64

279

282

Alaska

Airlines

Pass-Through

Trust

04/05/23

159,641

97

.19

155

158

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

09/21/23

370,000

97

.42

360

367

Alimentation

Couche-Tard,

Inc.

09/19/17

4,176,000

98

.33

4,106

4,032

American

Airlines

Group,

Inc.

12/14/22

291,667

100

.69

294

290

American

Airlines

Group,

Inc.

11/17/23

170,000

100

.02

170

175

American

Tower

Trust

#1

05/08/24

6,121,000

100

.36

6,143

6,226

American

Tower

Trust

#1

Pass-Through

Certificates

05/08/24

2,394,000

93

.96

2,249

2,299

American

Transmission

Systems,

Inc.

11/29/21

110,000

99

.79

110

94

Americo

Life,

Inc.

04/12/21

430,000

99

.80

429

353

AmFam

Holdings,

Inc.

04/12/21

220,000

100

.11

220

171

AmFam

Holdings,

Inc.

04/19/21

220,000

103

.17

227

135

AMMC

CLO

23,

Ltd.

04/16/24

220,000

100

.00

220

221

Andorra

Government

International

Bond

04/15/21

EUR

8,700,000

113

.32

9,859

8,133

Anglo

American

Capital

PLC

04/29/24

500,000

99

.37

497

510

Apidos

CLO

XXVI

08/01/23

250,000

99

.32

248

250

Apidos

CLO

XXVI

06/24/24

150,000

100

.00

150

150

Arbor

Realty

CLO,

Ltd.

06/14/23

1,553,432

98

.14

1,524

1,542

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

09/20/21

4,239,525

100

.00

4,239

4,199

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

05/05/22

7,988,771

100

.00

7,989

7,979

Aviation

Capital

Group

LLC

04/13/21

380,000

101

.32

385

379

AXIS

Equipment

Finance

Receivables

XIV

LLC

07/18/24

3,200,000

99

.99

3,200

3,203

Ballyrock

CLO,

Ltd.

07/11/23

250,000

98

.82

247

250

Banco

de

Bogota

SA

04/25/24

4,202,000

94

.15

3,956

4,007

Banco

de

Credito

e

Inversiones

SA

07/15/24

4,671,000

94

.68

4,422

4,466

Bank

Gospodarstwa

Krajowego

07/01/24

420,000

98

.97

416

433

Barclays

PLC

03/26/24

1,553,508

96

.88

1,505

1,497

Bayer

US

Finance

II

LLC

03/06/24

2,239,000

102

.39

2,293

2,343

BDS,

Ltd.

04/04/22

11,122,892

100

.00

11,123

11,109

Bellemeade

Re,

Ltd.

09/23/21

7,422,000

100

.00

7,422

7,422

Bellemeade

Re,

Ltd.

09/27/21

2,959,000

100

.23

2,966

2,955

Bellemeade

Re,

Ltd.

01/25/22

3,523,000

100

.00

3,523

3,609

Bellemeade

Re,

Ltd.

02/15/23

3,395,957

97

.67

3,317

3,402

Benin

Government

International

Bond

02/06/24

200,000

96

.81

194

186

Berry

Global,

Inc.

08/08/23

1,840,000

97

.72

1,798

1,816

Berry

Petroleum

Corp.

04/13/21

520,000

99

.06

515

515

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

02/01/23

300,000

99

.23

298

300

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

05/14/24

330,000

100

.00

330

343

BNP

Paribas

SA

08/08/22

1,340,000

100

.00

1,340

1,380

BNP

Paribas

SA

11/09/22

320,000

100

.00

320

343

BNP

Paribas

SA

01/09/23

310,000

100

.00

310

312

BNP

Paribas

SA

11/28/23

640,000

100

.00

640

671

BNP

Paribas

SA

02/06/24

115,000

98

.16

113

113

BNP

Paribas

SA

04/17/24

3,915,000

93

.90

3,676

3,757

Boeing

Co.

(The)

04/29/24

310,000

100

.00

310

325

Boston

Gas

Co.

01/05/24

272,000

94

.27

256

257

BPCE

SA

05/21/24

690,000

100

.00

690

704

BRAVO

Residential

Funding

Trust

08/03/23

264,614

99

.99

265

267

BRAVO

Residential

Funding

Trust

08/03/23

132,307

99

.99

132

134

BRAVO

Residential

Funding

Trust

04/30/24

959,240

100

.00

959

967

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

203

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Bristol

Park

CLO,

Ltd.

06/08/23

260,000

98

.40

256

260

British

Airways

Pass-Through

Trust

08/01/23

106,358

89

.59

95

100

Broadcom,

Inc.

04/16/21

420,000

99

.90

420

343

BX

Commercial

Mortgage

Trust

12/02/21

9,785,598

99

.88

9,774

9,614

BX

Trust

01/24/24

15,622,000

99

.76

15,584

15,554

BX

Trust

05/02/24

5,929,252

99

.75

5,915

5,911

Calpine

Corp.

05/16/24

440,000

95

.24

419

421

CAMB

Commercial

Mortgage

Trust

01/25/19

3,491,000

100

.00

3,491

3,473

CAMB

Commercial

Mortgage

Trust

10/22/21

13,042,000

102

.69

13,393

10,841

Cameron

LNG

LLC

04/09/21

80,000

106

.87

85

67

Carlyle

Global

Market

Strategies

CLO,

Ltd.

08/08/23

250,000

99

.37

248

250

Carlyle

Global

Market

Strategies

CLO,

Ltd.

06/18/24

270,000

100

.00

270

270

Cencosud

SA

11/06/23

4,015,000

94

.62

3,799

3,872

CF

Industries,

Inc.

09/12/23

2,401,000

97

.10

2,331

2,369

Chesapeake

Energy

Corp.

01/26/23

880,000

98

.70

868

875

Chesapeake

Energy

Corp.

08/17/23

410,000

98

.93

406

414

Chord

Energy

Corp.

05/31/23

200,000

99

.27

198

201

CI

Financial

Corp.

06/04/24

760,000

99

.13

753

765

CIFC

Funding,

Ltd.

07/18/23

290,000

98

.80

286

290

CIFC

Funding,

Ltd.

06/05/24

1,540,570

100

.23

1,544

1,545

CLI

Funding

IX

LLC

07/24/24

3,170,000

100

.50

3,186

3,220

Coca-Cola

Icecek

AS

04/25/24

2,579,000

92

.52

2,386

2,430

Columbia

Pipelines

Holding

Co.

LLC

08/02/23

240,000

100

.00

240

249

Columbia

Pipelines

Operating

Co.

LLC

08/02/23

250,000

99

.55

249

261

Comision

Federal

de

Electricidad

04/12/21

360,000

97

.71

352

304

Continental

Resources,

Inc.

11/09/21

130,000

99

.94

130

108

Continental

Resources,

Inc.

01/26/23

300,000

93

.00

279

283

CORE

Mortgage

Trust

03/01/19

5,704,000

100

.00

5,704

5,260

CPPIB

Capital,

Inc.

09/14/22

3,700,000

99

.99

3,700

3,689

Credit

Agricole

SA

06/17/21

2,720,000

99

.34

2,702

2,564

Credit

Agricole

SA

09/22/22

1,300,000

99

.07

1,288

1,326

Credit

Agricole

SA

01/05/23

470,000

100

.00

470

480

Credit

Agricole

SA

04/17/24

1,385,000

92

.59

1,282

1,312

DAE

Funding

LLC

06/15/21

280,000

100

.00

280

280

Daimler

Truck

Finance

NA

LLC

01/10/24

390,000

99

.83

389

396

Daimler

Truck

Finance

NA

LLC

06/17/24

460,000

99

.67

458

464

Daimler

Truck

Finance

NA

LLC

06/17/24

150,000

99

.83

150

152

Danske

Bank

A/S

09/07/21

825,000

96

.01

798

768

Danske

Bank

A/S

09/07/21

1,310,000

98

.55

1,291

1,303

DBGS

Mortgage

Trust

04/03/19

4,612,000

101

.04

4,660

3,410

DCP

Midstream

Operating,

LP

12/11/19

110,000

104

.08

114

118

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

09/16/20

233,333

99

.86

233

232

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

11/09/23

3,847,000

97

.56

3,730

3,808

DK

Trust

03/01/24

4,021,000

100

.00

4,021

3,988

DLLAA

LLC

07/25/23

4,870,000

100

.00

4,870

5,000

Dresdner

Funding

Trust

I

05/02/24

1,630,000

110

.27

1,797

1,783

Dryden

41

Senior

Loan

Fund

05/26/23

490,000

96

.75

474

490

Eagle

Re,

Ltd.

10/29/21

2,288,665

100

.02

2,289

2,292

Element

Fleet

Management

Corp.

08/08/23

3,463,000

100

.49

3,480

3,527

Element

Fleet

Management

Corp.

03/04/24

460,000

100

.00

460

466

Endeavor

Energy

Resources,

LP

/

EER

Finance,

Inc.

01/24/23

120,000

98

.91

119

121

Enel

Finance

America

LLC

08/08/23

2,115,000

104

.14

2,202

2,248

Enel

Finance

International

NV

10/16/23

398,000

91

.30

363

373

Enel

Finance

International

NV

04/17/24

3,122,000

97

.56

3,046

3,098

Energy

Transfer

Operating,

LP

07/24/24

240,000

104

.86

252

253

Energy

Transfer,

LP

11/07/23

1,740,000

98

.34

1,711

1,766

EQM

Midstream

Partners,

LP

05/31/22

100,000

100

.30

100

103

EQT

Corp.

05/10/21

70,000

100

.00

70

63

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

204

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Esab

Corp.

03/25/24

160,000

100

.00

160

162

Eurosail-UK

PLC

01/21/21

GBP

1,488,583

135

.70

2,020

1,901

Fannie

Mae

Connecticut

Avenue

Securities

Trust

11/16/23

440,000

100

.00

440

454

Fannie

Mae

Connecticut

Avenue

Securities

Trust

11/16/23

316,848

100

.00

317

319

Ferguson

Finance

PLC

05/06/24

4,225,000

97

.06

4,101

4,150

FIGRE

Trust

03/19/24

5,886,483

100

.03

5,888

5,959

FIGRE

Trust

06/06/24

1,793,006

101

.00

1,811

1,834

FirstEnergy

Pennsylvania

Electric

Co.

03/28/23

240,000

99

.89

240

243

Florida

Gas

Transmission

Co.

LLC

09/15/21

700,000

99

.94

700

583

Foundry

JV

Holdco

LLC

05/02/24

560,000

100

.28

562

589

Foundry

JV

Holdco

LLC

05/02/24

440,000

99

.75

439

460

Fresenius

Medical

Care

US

Finance

II,

Inc.

08/04/22

4,036,000

84

.78

3,422

3,284

Fresnillo

PLC

04/09/21

330,000

98

.50

325

250

FS

Commercial

Mortgage

Trust

10/19/23

220,000

99

.99

220

230

Full

House

Resorts,

Inc.

11/16/23

140,000

94

.51

132

138

Galaxy

XXVI

CLO,

Ltd.

05/13/24

250,000

100

.00

250

250

Genting

New

York

LLC

05/29/24

1,388,000

97

.39

1,361

1,337

Global

Atlantic

Finance

Co.

03/12/24

200,000

99

.93

200

202

Global

Atlantic

Finance

Co.

06/04/24

210,000

100

.00

210

213

Global

Auto

Holdings,

Ltd.

/

AAG

FH

UK,

Ltd.

01/11/24

620,000

100

.00

620

592

Goldentree

Loan

Management,

LP

07/19/24

250,000

100

.00

250

250

Greensaif

Pipelines

Bidco

SARL

07/17/24

320,000

100

.00

320

321

Greystone

Commercial

Real

Estate

Notes

03/04/24

260,000

99

.78

259

259

GS

Mortgage

Securities

Trust

08/04/23

250,000

95

.98

240

247

GS

Mortgage

Securities

Trust

08/04/23

5,637,000

95

.99

5,411

5,519

GSAA

Home

Equity

Trust

10/21/15

329,063

78

.73

259

391

Harbor

Park

CLO,

Ltd.

04/19/24

200,000

100

.00

200

200

Hellenic

Republic

International

Government

Bond

04/24/24

EUR

2,707,000

104

.82

2,837

2,988

HGI

CRE

CLO,

Ltd.

09/17/21

5,266,911

100

.00

5,267

5,220

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-Issuer,

Inc.

04/12/21

1,223,968

100

.98

1,236

1,238

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

05/28/24

610,000

98

.79

603

610

Hilton

Domestic

Operating

Co.,

Inc.

03/22/24

150,000

100

.10

150

152

Hilton

Grand

Vacations

Trust

08/01/23

93,566

99

.98

94

96

HMH

Trust

06/09/17

7,770,000

99

.97

7,767

791

Home

RE,

Ltd.

07/23/21

1,227,000

100

.00

1,227

1,239

Hudbay

Minerals,

Inc.

02/29/24

550,000

97

.13

534

538

Hyundai

Capital

America

01/03/24

310,000

99

.67

309

315

Hyundai

Capital

America

07/09/24

470,000

99

.99

470

478

Hyundai

Capital

Services,

Inc.

06/05/24

2,877,000

93

.79

2,698

2,714

ILFC

E-Capital

Trust

I

01/30/23

650,000

65

.06

423

540

ILFC

E-Capital

Trust

II

01/30/23

750,000

68

.05

510

633

Imperial

Brands

Finance

PLC

08/08/23

3,732,000

96

.04

3,584

3,618

Imperial

Brands

Finance

PLC

06/24/24

410,000

99

.50

408

411

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

2,354,000

94

.40

2,222

2,237

InRetail

Consumer

01/05/24

1,547,000

91

.20

1,411

1,413

International

Flavors

&

Fragrances,

Inc.

07/15/24

4,905,000

90

.38

4,433

4,451

Intesa

Sanpaolo

SpA

11/14/22

320,000

99

.91

320

327

Intesa

Sanpaolo

SpA

08/09/23

3,878,000

98

.86

3,834

4,108

Intesa

Sanpaolo

SpA

11/20/23

870,000

99

.91

869

958

Intesa

Sanpaolo

SpA

07/16/24

380,000

100

.00

380

380

Irwin

Home

Equity

Loan

Trust

02/03/16

159,688

101

.37

162

160

Ivory

Coast

Government

International

Bond

01/24/24

500,000

98

.91

494

486

J.G.

Wentworth

XLII

LLC

01/02/24

52,426

87

.68

46

48

J.G.

Wentworth

XXXIX

LLC

01/02/24

125,288

88

.80

111

114

Jane

Street

Group

/

JSG

Finance,

Inc.

04/17/24

380,000

100

.00

380

394

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

Luxembourg

SARL

01/05/24

328,000

106

.42

349

362

JDE

Peet's

NV

03/06/24

4,524,000

91

.29

4,130

4,148

Jersey

Central

Power

&

Light

Co.

08/08/23

1,828,000

98

.19

1,795

1,807

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

205

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Jordan

Government

International

Bond

01/24/23

760,000

97

.54

741

747

JPMorgan

Mortgage

Trust

06/05/20

85,345

102

.76

88

77

JPMorgan

Mortgage

Trust

06/05/20

138,108

103

.32

143

127

JPMorgan

Mortgage

Trust

03/30/21

462,859

101

.96

472

409

JPMorgan

Mortgage

Trust

04/26/21

12,945,369

101

.76

13,173

11,863

JPMorgan

Mortgage

Trust

01/26/22

9,857,896

99

.15

9,774

8,576

JPMorgan

Mortgage

Trust

04/27/22

4,584,219

95

.80

4,392

4,073

JPMorgan

Mortgage

Trust

03/10/23

5,880,692

88

.45

5,202

5,190

JPMorgan

Mortgage

Trust

04/20/23

2,527,037

88

.36

2,233

2,217

JPMorgan

Mortgage

Trust

09/27/23

3,939,621

100

.02

3,941

3,972

JPMorgan

Mortgage

Trust

02/27/24

1,881,803

100

.00

1,882

1,892

JPMorgan

Wealth

Management

07/30/20

1,373,536

103

.36

1,420

1,194

Juniper

Valley

Park

CLO,

Ltd.

06/28/24

8,740,000

100

.00

8,740

8,743

Kubota

Credit

Owner

Trust

02/14/24

4,560,000

99

.98

4,559

4,627

Kubota

Credit

Owner

Trust

06/18/24

1,750,000

99

.99

1,750

1,773

Lamar

Funding,

Ltd.

08/24/23

510,000

98

.11

500

502

Level

3

Financing,

Inc.

03/31/23

172,000

96

.21

165

176

Liberty

Mutual

Group,

Inc.

05/03/22

218,000

127

.93

279

234

Lithia

Motors,

Inc.

06/04/21

120,000

102

.07

122

109

Ludgate

Funding

PLC

01/25/24

GBP

106,727

123

.40

132

134

Lunar

Structured

Aircraft

Portfolio

Notes

12/11/23

339,734

86

.62

294

306

Macquarie

Bank,

Ltd.

02/06/24

2,116,000

93

.44

1,977

2,001

Madison

Park

Funding

XVII,

Ltd.

06/20/24

4,553,526

100

.13

4,559

4,554

Madison

Park

Funding

XXIV,

Ltd.

05/14/24

330,000

100

.00

330

330

Magnetite

XXIX,

Ltd.

10/19/23

400,000

98

.33

393

400

Marks

&

Spencer

PLC

09/25/19

58,000

112

.21

65

63

Massachusetts

Mutual

Life

Insurance

Co.

04/09/21

120,000

100

.34

120

85

Mattel,

Inc.

08/08/23

4,116,000

95

.63

3,936

3,983

Medline

Borrower,

LP

03/20/24

350,000

100

.00

350

357

Melco

Resorts

Finance,

Ltd.

11/09/23

620,000

97

.08

602

558

Melco

Resorts

Finance,

Ltd.

04/09/24

300,000

100

.05

300

299

Mexico

Generadora

de

Energia

S

de

rl

04/04/23

1,722,584

97

.05

1,672

1,696

MF1

LLC

01/30/24

6,314,000

99

.76

6,299

6,286

MF1

LLC

02/13/24

2,217,813

100

.24

2,223

2,217

MHC

Commercial

Mortgage

Trust

04/06/21

12,545,401

99

.31

12,458

12,436

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

12/01/23

144,000

99

.51

143

145

MISC

Capital

Two

Labuan,

Ltd.

02/06/24

3,603,000

96

.24

3,468

3,496

MMAF

Equipment

Finance

LLC

01/17/24

3,160,000

99

.99

3,160

3,199

MMAF

Equipment

Finance

LLC

07/08/24

1,960,000

96

.30

1,888

1,892

Mondelez

International,

Inc.

11/05/21

358,000

99

.37

356

332

Monongahela

Power

Co.

09/12/23

590,000

99

.83

589

613

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

35,996,000

0

.25

89

89

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

58,208,000

0

.93

539

539

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,268,000

98

.87

5,208

4,136

MVW

LLC

09/13/23

185,760

90

.92

169

174

NCL

Corp.,

Ltd.

02/09/24

610,000

99

.16

605

604

Neuberger

Berman

Loan

Advisers

CLO

30,

Ltd.

01/25/24

340,000

99

.95

340

340

New

York

Life

Global

Funding

01/24/23

220,000

99

.84

220

215

New

York

Life

Insurance

Co.

04/09/21

150,000

107

.40

161

115

NGPL

PipeCo

LLC

09/26/19

2,298,000

124

.58

2,863

2,693

Nigeria

Government

International

Bond

11/30/23

350,000

87

.11

305

307

Nippon

Life

Insurance

Co.

04/09/21

360,000

96

.40

347

304

Nissan

Motor

Acceptance

Co.

LLC

09/12/23

1,040,000

92

.27

960

965

Nissan

Motor

Acceptance

Corp.

01/31/24

215,000

94

.06

202

203

Nissan

Motor

Co.,

Ltd.

01/18/23

490,000

97

.19

476

478

Nomura

Resecuritization

Trust

10/23/15

661,405

95

.03

628

657

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

310,000

101

.56

315

219

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

280,000

103

.88

291

197

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

206

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Norway

Government

International

Bond

02/06/24

NOK

43,000,000

9

.33

4,013

3,989

NRG

Energy,

Inc.

04/12/21

2,166,000

94

.97

2,019

1,988

NTT

Finance

Corp.

06/25/24

990,000

99

.86

989

1,006

Nuveen

LLC

04/08/24

240,000

99

.87

240

247

Nuveen

LLC

04/08/24

210,000

99

.89

210

215

Oaktown

Re

VI,

Ltd.

04/19/21

2,124,012

100

.05

2,125

2,127

Oaktown

Re

VII,

Ltd.

10/15/21

932,770

100

.00

933

933

Oaktown

Re,

Ltd.

09/28/21

1,024,000

101

.53

1,040

1,039

Oaktown

Re,

Ltd.

10/15/21

3,798,000

100

.00

3,798

3,885

OCP

SA

06/10/21

390,000

99

.54

388

340

OCP

SA

07/17/24

300,000

103

.85

312

313

Octagon

Investment

Partners

30,

Ltd.

06/07/24

2,182,520

100

.13

2,185

2,184

Office

Properties

Income

Trust

06/20/24

1,081,000

99

.69

1,078

856

OHA

Loan

Funding,

Ltd.

07/12/24

1,990,000

100

.20

1,994

1,993

Ohio

Edison

Co.

09/22/22

220,000

99

.82

220

223

Oncor

Electric

Delivery

Co.

LLC

06/17/24

460,000

99

.96

460

465

Onslow

Bay

Financial

LLC

09/18/23

427,981

99

.99

428

436

Open

Text

Corp.

08/08/23

2,092,000

101

.14

2,116

2,171

Optics

Bidco

SpA

07/01/24

210,000

102

.99

216

215

Optics

Bidco

SpA

07/01/24

207,000

105

.33

218

222

Optics

Bidco

SpA

07/01/24

1,147,000

95

.03

1,090

1,084

Optics

Bidco

SpA

07/01/24

672,000

97

.87

658

659

OZLM

Funding

II,

Ltd.

02/02/24

350,000

100

.00

350

350

Parkmore

Point

RMBS

PLC

02/07/23

GBP

2,580,797

118

.44

3,057

3,333

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

09/25/20

50,000

95

.90

48

49

Pennsylvania

Electric

Co.

08/08/23

1,933,000

99

.57

1,920

1,933

Permian

Resources

Corp.

01/31/24

310,000

98

.96

307

309

Permian

Resources

Corp.

07/29/24

180,000

100

.00

180

181

Petroleos

del

Peru

SA

04/26/21

220,000

101

.64

224

141

Petroleos

Mexicanos

02/23/21

MXN

68,738,300

4

.88

3,353

3,659

Petroleos

Mexicanos

04/02/24

EUR

7,803,000

92

.81

7,242

7,442

PFS

Financing

Corp.

01/30/24

140,000

100

.00

140

140

PFS

Financing

Corp.

01/30/24

380,000

100

.00

380

381

PM

General

Purchaser

LLC

11/30/23

350,000

100

.11

350

359

Preston

Ridge

Partners

Mortgage

LLC

12/01/20

1,093,034

100

.00

1,093

1,090

Preston

Ridge

Partners

Mortgage

LLC

04/28/21

2,292,660

100

.00

2,293

2,286

Preston

Ridge

Partners

Mortgage

LLC

02/23/24

7,228,326

100

.00

7,228

7,297

Preston

Ridge

Partners

Mortgage

Trust

05/31/23

1,228,681

97

.94

1,203

1,237

PRKCM

Trust

02/22/24

367,700

99

.99

368

372

Prosus

NV

08/04/22

3,847,000

88

.12

3,390

3,464

Provincia

de

Buenos

Aires

06/28/22

1,148,045

46

.05

529

507

Provincia

de

Cordoba

04/12/21

210,004

69

.50

146

194

Provincia

de

Cordoba

04/12/21

500,000

77

.36

387

435

Puma

International

Financing

SA

04/18/24

270,000

100

.00

270

273

Radnor

RE,

Ltd.

11/05/21

32,621

100

.00

33

33

Radnor

RE,

Ltd.

11/30/23

1,498,653

101

.46

1,521

1,512

RCKT

Mortgage

Trust

07/13/23

1,191,372

99

.10

1,181

1,200

RCKT

Mortgage

Trust

02/15/24

3,372,887

99

.99

3,373

3,384

RCKT

Mortgage

Trust

03/19/24

4,628,687

99

.99

4,628

4,654

Regatta

XV

Funding,

Ltd.

05/09/24

240,000

100

.00

240

240

Reliance

Standard

Life

Global

Funding

II

09/12/23

530,000

90

.47

479

487

Renew

01/11/24

842,474

100

.00

842

842

Renew

Financial

Group

LLC

07/31/23

501,566

95

.19

477

497

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

02/02/22

600,000

98

.07

588

545

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

11/08/23

980,000

75

.28

738

858

RMAC

Securities

No.

1

PLC

04/15/21

GBP

2,578,230

133

.61

3,445

3,245

RMAC

Securities

No.

1

PLC

04/15/21

GBP

1,167,588

133

.67

1,561

1,465

RMAC

Securities

No.

1

PLC

04/15/21

GBP

978,216

134

.57

1,316

1,231

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

207

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

09/21/21

210,000

100

.00

210

198

Rockies

Express

Pipeline

LLC

05/06/20

1,142,000

91

.81

1,048

1,067

Rockies

Express

Pipeline

LLC

03/23/21

560,000

97

.88

548

536

Rockies

Express

Pipeline

LLC

01/03/23

309,000

98

.82

305

303

Rockies

Express

Pipeline

LLC

04/25/24

325,000

91

.63

298

320

Rogers

Communications,

Inc.

02/02/24

158,000

95

.36

151

153

Romania

Government

International

Bond

04/26/21

EUR

4,312,000

114

.28

4,928

3,105

Romania

Government

International

Bond

07/27/21

EUR

4,020,000

110

.96

4,461

2,924

Romania

Government

International

Bond

02/24/22

EUR

3,866,000

86

.32

3,337

3,434

Romania

Government

International

Bond

03/01/22

EUR

659,000

104

.82

691

611

Romania

Government

International

Bond

06/28/22

EUR

692,000

66

.03

457

507

Romania

Government

International

Bond

09/21/22

EUR

4,163,000

95

.83

3,990

4,437

Romania

Government

International

Bond

12/02/22

EUR

5,029,000

85

.65

4,308

4,524

Romania

Government

International

Bond

07/13/23

EUR

1,251,000

98

.92

1,237

1,138

Romania

Government

International

Bond

09/11/23

EUR

3,640,000

107

.43

3,911

4,105

Romania

Government

International

Bond

02/15/24

EUR

1,784,000

106

.74

1,904

1,903

Romania

Government

International

Bond

02/27/24

EUR

3,192,000

110

.95

3,542

3,537

Romania

Government

International

Bond

07/09/24

EUR

4,383,000

93

.49

4,097

4,124

Royal

Caribbean

Cruises,

Ltd.

02/22/24

170,000

100

.24

170

173

RR

Donnelley

&

Sons

Co.

07/30/24

380,000

100

.00

380

385

RWE

Finance

US

LLC

04/11/24

650,000

99

.63

648

669

Saluda

Grade

Alternative

Mortgage

Trust

11/17/23

1,430,904

100

.24

1,434

1,480

Saluda

Grade

Alternative

Mortgage

Trust

02/07/24

2,205,479

102

.10

2,252

2,256

Saluda

Grade

Alternative

Mortgage

Trust

04/05/24

6,800,991

100

.00

6,801

6,919

Sasol

Financing

USA

LLC

04/26/23

540,000

100

.00

540

559

Saudi

Arabian

Oil

Co.

08/08/23

2,394,000

87

.77

2,101

2,111

SCF

Equipment

Leasing

06/03/24

3,474,000

99

.99

3,474

3,530

Sealed

Air

Corp.

12/06/23

633,000

105

.06

665

666

Sequoia

Mortgage

Trust

10/21/16

392,901

102

.51

403

359

Sequoia

Mortgage

Trust

05/06/21

6,892,977

102

.51

7,066

6,277

Shamrock

Residential

11/20/23

EUR

1,646,030

109

.37

1,800

1,782

SK

Hynix,

Inc.

01/05/24

3,931,000

94

.01

3,695

3,729

Smithfield

Foods,

Inc.

04/17/24

1,205,000

95

.76

1,154

1,173

Smurfit

Kappa

Treasury

Funding,

Ltd.

03/26/24

350,000

99

.89

350

356

Societe

Generale

SA

02/03/23

2,623,000

93

.31

2,447

2,462

Societe

Generale

SA

02/06/24

1,618,000

96

.90

1,568

1,569

Sodexo,

Inc.

10/12/23

3,844,000

93

.18

3,582

3,618

SoFi

Professional

Loan

Program

Trust

01/29/24

91,986

87

.25

80

79

Solventum

Corp.

02/23/24

220,000

99

.58

219

216

Solventum

Corp.

02/23/24

270,000

99

.78

269

272

Solventum

Corp.

02/23/24

420,000

99

.94

420

423

St.

Marys

Cement,

Inc.

03/27/24

740,000

98

.94

732

737

Standard

Chartered

PLC

11/08/23

950,000

95

.32

906

966

Standard

Chartered

PLC

04/25/24

2,073,000

93

.30

1,934

1,958

Starwood

Property

Trust,

Inc.

04/24/24

250,000

99

.04

248

247

Suzano

Austria

GmbH

10/12/23

3,034,000

99

.46

3,018

3,054

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

1,211,105

140

.62

1,703

1,544

Teachers

Insurance

&

Annuity

Association

of

America

11/09/15

200,000

97

.52

195

200

Topaz

Solar

Farms

LLC

04/25/24

851,000

99

.45

846

829

TopBuild

Corp.

05/08/24

100,000

91

.25

91

92

Towd

Point

Mortgage

Trust

08/17/20

1,789,811

101

.67

1,820

1,721

Towd

Point

Mortgage

Trust

07/21/23

6,052,120

99

.84

6,043

6,112

Towd

Point

Mortgage

Trust

10/19/23

3,280,239

100

.00

3,280

3,346

UBS

Group

AG

08/08/22

470,000

100

.00

470

505

UBS

Group

AG

11/09/22

370,000

104

.32

386

456

UBS

Group

AG

04/25/24

4,308,000

92

.85

4,000

4,055

UniCredit

SpA

04/22/20

131,000

104

.42

137

136

UniCredit

SpA

01/05/24

1,087,000

92

.66

1,007

1,025

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

208

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

UniCredit

SpA

05/02/24

388,000

97

.17

377

385

United

Airlines,

Inc.

04/14/21

70,000

100

.00

70

66

United

Airlines,

Inc.

07/15/24

700,000

98

.87

692

682

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

05/17/24

GBP

4,320,000

127

.07

5,490

5,631

Var

Energi

ASA

12/05/23

3,711,000

104

.14

3,865

3,935

Verdelite

Static

CLO,

Ltd.

06/21/24

260,000

100

.00

260

260

VICI

Properties,

Inc.

07/06/22

2,771,000

98

.25

2,722

2,790

Vistra

Operations

Co.

LLC

04/09/24

370,000

99

.88

370

379

Vistra

Operations

Co.

LLC

04/17/24

3,876,000

94

.90

3,678

3,744

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

04/09/21

420,000

103

.26

434

329

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

07/07/22

1,195,000

99

.85

1,193

1,191

Wells

Fargo

Commercial

Mortgage

Trust

11/15/22

2,858,074

97

.28

2,780

2,830

Wipro

IT

Services

LLC

08/08/23

2,039,000

93

.16

1,900

1,916

Wynn

Macau,

Ltd.

01/09/23

580,000

99

.59

578

578

Wynn

Macau,

Ltd.

07/16/24

660,000

98

.30

649

649

Yara

International

ASA

02/06/24

3,094,000

97

.75

3,024

3,018

Yara

International

ASA

07/15/24

1,450,000

98

.03

1,421

1,428

ZF

NA

Capital,

Inc.

08/07/23

1,679,000

98

.51

1,651

1,660

ZF

NA

Capital,

Inc.

04/16/24

280,000

100

.00

280

285

631,041

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Canadian

10

Year

Government

Bond

Futures

158

CAD

19,425

09/24

438

Long

Gilt

Futures

476

GBP

47,229

09/24

1,489

United

States

2

Year

Treasury

Note

Futures

4,822

USD

990,281

09/24

7,728

United

States

5

Year

Treasury

Note

Futures

1,673

USD

180,501

09/24

3,043

United

States

10

Year

Treasury

Note

Futures

2,264

USD

253,144

09/24

6,223

United

States

10

Year

Treasury

Ultra

Bond

Futures

2,239

USD

258,780

09/24

7,643

United

States

Treasury

Long

Bond

Futures

1,617

USD

195,303

09/24

5,254

United

States

Treasury

Ultra

Bond

Futures

898

USD

114,916

09/24

3,416

Short

Positions

Euro-Bobl

Futures

81

EUR

9,518

09/24

(183)

Euro-Bund

Futures

622

EUR

83,180

09/24

(1,947)

Euro-Buxl

Futures

19

EUR

2,560

09/24

(130)

Euro-OAT

Futures

121

EUR

15,230

09/24

(181)

Euro-Schatz

Futures

34

EUR

3,607

09/24

(31)

Japanese

10

Year

Government

Bond

Futures

125

JPY

17,840,000

09/24

216

Long

Gilt

Futures

20

GBP

1,985

09/24

(66)

Three

Month

SOFR

Futures

835

USD

199,137

03/25

(30)

United

States

2

Year

Treasury

Note

Futures

574

USD

117,881

09/24

(956)

United

States

5

Year

Treasury

Note

Futures

664

USD

71,639

09/24

(1,241)

United

States

10

Year

Treasury

Note

Futures

712

USD

79,611

09/24

(2,272)

United

States

10

Year

Treasury

Ultra

Bond

Futures

858

USD

99,167

09/24

(2,379)

United

States

Treasury

Ultra

Bond

Futures

165

USD

21,115

09/24

(658)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

25,376

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

209

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

10,503

NOK

112,335

08/08/24

(207)

Bank

of

America

USD

10,426

NZD

17,675

08/08/24

93

Bank

of

America

EUR

380

USD

413

10/18/24

1

Bank

of

New

York

USD

7,992

EUR

7,427

08/08/24

49

Barclays

USD

2,187

TRY

85,479

11/12/24

125

BNP

Paribas

USD

4,380

TRY

172,576

11/08/24

308

Citigroup

USD

8,928

BRL

46,495

08/02/24

(709)

Citigroup

USD

4,130

AUD

6,283

10/17/24

(14)

Citigroup

USD

400

BRL

2,267

08/02/24

—

Citigroup

USD

554

BRL

3,096

08/02/24

(6)

Citigroup

USD

710

BRL

4,019

08/02/24

1

Citigroup

USD

1,160

BRL

6,295

08/02/24

(47)

Citigroup

USD

8,760

BRL

49,600

08/02/24

9

Citigroup

USD

8,705

BRL

49,600

11/04/24

(25)

Citigroup

USD

495

CAD

673

10/17/24

(7)

Citigroup

USD

121

CLP

114,507

10/17/24

1

Citigroup

USD

121

CLP

114,411

10/17/24

1

Citigroup

USD

238

CLP

225,643

10/17/24

1

Citigroup

USD

971

CLP

921,710

10/17/24

7

Citigroup

USD

1,530

CLP

1,448,160

10/17/24

7

Citigroup

USD

448

EUR

411

10/17/24

(1)

Citigroup

USD

493

EUR

450

10/17/24

(5)

Citigroup

USD

7,594

EUR

7,000

10/17/24

9

Citigroup

USD

11,658

EUR

10,700

10/17/24

(37)

Citigroup

USD

5,972

GBP

4,600

08/12/24

(58)

Citigroup

USD

512

GBP

400

10/17/24

2

Citigroup

USD

775

GBP

600

10/17/24

(3)

Citigroup

USD

2,098

IDR

34,353,228

10/17/24

12

Citigroup

USD

606

JPY

96,546

10/17/24

45

Citigroup

USD

7,600

JPY

1,210,080

10/17/24

567

Citigroup

USD

518

JPY

82,016

10/18/24

36

Citigroup

USD

252

MXN

4,541

10/17/24

(12)

Citigroup

USD

6,524

MXN

119,719

10/17/24

(174)

Citigroup

USD

11,772

MXN

211,889

10/17/24

(534)

Citigroup

USD

495

NZD

830

10/17/24

(1)

Citigroup

USD

1,909

THB

67,594

10/17/24

(1)

Citigroup

USD

2,231

THB

79,088

10/17/24

1

Citigroup

USD

1,578

TRY

58,758

11/12/24

11

Citigroup

USD

1,024

ZAR

19,091

10/17/24

18

Citigroup

AUD

115

USD

76

10/17/24

1

Citigroup

BRL

2,267

USD

411

08/02/24

11

Citigroup

BRL

3,096

USD

547

08/02/24

(1)

Citigroup

BRL

4,019

USD

732

08/02/24

21

Citigroup

BRL

6,295

USD

1,112

08/02/24

(1)

Citigroup

BRL

46,495

USD

8,212

08/02/24

(9)

Citigroup

BRL

49,600

USD

8,794

08/02/24

25

Citigroup

CLP

2,832,067

USD

3,100

10/17/24

95

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

210

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

COP

945,748

USD

230

10/17/24

(1)

Citigroup

COP

4,112,777

USD

1,023

10/17/24

19

Citigroup

COP

4,171,769

USD

1,039

10/17/24

20

Citigroup

COP

4,180,098

USD

1,039

10/17/24

18

Citigroup

EUR

1,905

NOK

22,752

10/17/24

39

Citigroup

EUR

250

USD

272

10/17/24

1

Citigroup

EUR

440

USD

478

10/17/24

1

Citigroup

EUR

461

USD

501

10/17/24

—

Citigroup

EUR

600

USD

652

10/17/24

1

Citigroup

EUR

2,100

USD

2,283

10/17/24

2

Citigroup

EUR

67,515

USD

73,391

10/17/24

62

Citigroup

GBP

183

USD

236

08/12/24

—

Citigroup

GBP

192

USD

249

10/17/24

3

Citigroup

GBP

998

USD

1,278

10/17/24

(5)

Citigroup

IDR

5,473,106

USD

335

10/17/24

(1)

Citigroup

IDR

6,409,029

USD

391

10/17/24

(2)

Citigroup

IDR

11,280,863

USD

692

10/17/24

(1)

Citigroup

IDR

11,291,862

USD

692

10/17/24

(2)

Citigroup

JPY

45,709

USD

299

10/17/24

(9)

Citigroup

JPY

260,000

USD

1,640

10/17/24

(115)

Citigroup

JPY

1,165,909

USD

7,357

10/17/24

(513)

Citigroup

JPY

1,306,626

USD

8,230

10/17/24

(591)

Citigroup

MXN

16,930

USD

938

10/17/24

40

Citigroup

MXN

20,407

USD

1,132

10/17/24

50

Citigroup

MXN

29,192

USD

1,616

10/17/24

68

Citigroup

MXN

63,055

USD

3,483

10/17/24

138

Citigroup

MXN

83,330

USD

4,630

10/17/24

210

Citigroup

MXN

176,310

USD

9,582

10/17/24

230

Citigroup

MXN

259,612

USD

14,148

10/17/24

378

Citigroup

MXN

278,400

USD

15,227

10/17/24

460

Citigroup

MXN

318,171

USD

17,384

10/17/24

507

Citigroup

NOK

42,694

USD

4,051

10/17/24

132

Citigroup

NZD

907

USD

556

10/17/24

16

Citigroup

THB

16,705

USD

467

10/17/24

(5)

Citigroup

THB

40,442

USD

1,130

10/17/24

(11)

Citigroup

THB

91,065

USD

2,543

10/17/24

(27)

Citigroup

TRY

38,115

USD

1,025

11/12/24

(5)

Citigroup

TRY

68,428

USD

1,841

11/12/24

(9)

Citigroup

ZAR

3,847

USD

210

10/17/24

—

Citigroup

ZAR

19,951

USD

1,070

10/17/24

(19)

Citigroup

ZAR

124,349

USD

6,756

10/17/24

(32)

Goldman

Sachs

USD

1,878

BRL

10,636

08/02/24

2

Goldman

Sachs

USD

1,945

BRL

10,636

08/02/24

(64)

Goldman

Sachs

USD

1,880

BRL

10,636

09/04/24

(6)

Goldman

Sachs

USD

1

GBP

1

10/18/24

—

Goldman

Sachs

BRL

10,636

USD

1,878

08/02/24

(2)

Goldman

Sachs

BRL

10,636

USD

1,886

08/02/24

6

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

211

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

HSBC

USD

11,482

GBP

9,060

08/08/24

165

HSBC

AUD

16,188

USD

10,588

08/08/24

1

JPMorgan

Chase

USD

467

MXN

8,527

10/18/24

(15)

JPMorgan

Chase

CHF

7,109

USD

7,891

08/08/24

(211)

JPMorgan

Chase

JPY

846,220

USD

5,267

08/08/24

(387)

Morgan

Stanley

IDR

4,744,423

USD

291

10/18/24

—

Royal

Bank

of

Canada

GBP

21,376

USD

27,369

08/12/24

(113)

Royal

Bank

of

Canada

SEK

55,715

USD

5,255

08/08/24

51

State

Street

USD

188

CHF

166

08/08/24

2

State

Street

USD

3,415

EUR

3,159

08/08/24

5

State

Street

USD

4,260

GBP

3,320

08/08/24

9

State

Street

USD

2,060

GBP

1,600

08/12/24

(3)

State

Street

USD

4,600

JPY

710,489

08/08/24

147

State

Street

USD

426

NOK

4,676

08/08/24

2

State

Street

EUR

1,763

USD

1,907

08/12/24

(2)

State

Street

SEK

1,613

USD

150

08/08/24

(1)

UBS

CHF

7,109

USD

7,891

08/08/24

(211)

Westpac

NZD

8,671

USD

5,258

08/08/24

98

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

125

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Citigroup

JPY

9,800,000

TONAR

(4)

0.290%

(4)

03/18/26

—

199

199

Citigroup

USD

24,000

4.884%

(4)

SOFR

(4)

04/19/26

—

216

216

Citigroup

USD

46,600

4.667%

(4)

SOFR

(4)

06/07/26

—

348

348

Citigroup

BRL

20,682

10.030%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(156)

(156)

Citigroup

BRL

21,120

11.160%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(54)

(54)

Citigroup

BRL

24,441

10.200%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(163)

(163)

Citigroup

BRL

35,648

10.730%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(151)

(151)

Citigroup

BRL

38,100

11.110%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(105)

(105)

Citigroup

BRL

42,880

11.240%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(96)

(96)

Citigroup

BRL

43,500

11.870%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

12

12

Citigroup

BRL

48,352

10.710%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(210)

(210)

Citigroup

BRL

50,877

9.810%

(4)

Brazil

CDI

Deposit

Rate

(4)

01/04/27

—

(437)

(437)

Citigroup

SEK

100,000

3

Month

STIBOR

(4)

3.570%

(2)

10/19/28

—

(719)

(719)

Citigroup

NOK

102,400

4.290%

(3)

6

Month

NIBOR

(4)

10/19/28

—

373

373

Citigroup

NOK

20,300

3.780%

(3)

6

Month

NIBOR

(4)

02/09/29

—

(8)

(8)

Citigroup

SEK

15,000

3

Month

STIBOR

(4)

2.620%

(2)

07/12/29

—

(20)

(20)

Citigroup

NOK

27,774

3.930%

(3)

3

Month

NIBOR

(4)

07/15/29

—

24

24

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

212

Strategic

Bond

Fund

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Citigroup

SEK

48,800

3

Month

STIBOR

(4)

2.630%

(2)

02/08/34

—

(119)

(119)

Citigroup

CAD

10,600

CORRA

(3)

3.498%

(3)

03/26/34

—

(224)

(224)

Citigroup

HUF

1,545,900

6.460%

(3)

6

Month

BUBOR

(4)

06/19/34

—

192

192

Citigroup

CAD

8,000

CORRA

(3)

3.416%

(3)

03/26/54

—

(257)

(257)

Total

Open

Interest

Rate

Swap

Contracts

(å)

—

(1,355)

(1,355)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Long-Term

Investments

Asset-Backed

Securities

$

—

$

80,582

$

—

$

—

$

80,582

Corporate

Bonds

and

Notes

—

500,959

—

—

500,959

International

Debt

—

322,999

—

—

322,999

Loan

Agreements

—

2,833

—

—

2,833

Mortgage-Backed

Securities

—

539,399

—

—

539,399

Municipal

Bonds

—

1,608

—

—

1,608

Non-US

Bonds

—

140,810

—

—

140,810

United

States

Government

Treasuries

—

93,284

—

—

93,284

Common

Stocks

325

—

—

—

325

Preferred

Stocks

659

—

—

—

659

Short-Term

Investments

—

274,810

—

256,895

531,705

Other

Securities

—

—

—

2,773

2,773

Total

Investments

984

1,957,284

—

259,668

2,217,936

Other

Financial

Instruments

Assets

Futures

Contracts

35,4

50

—

—

—

35,4

50

Foreign

Currency

Exchange

Contracts

—

4,3

40

—

—

4,3

40

Interest

Rate

Swap

Contracts

—

1,364

—

—

1,364

Liabilities

Futures

Contracts

(10,07

4

)

—

—

—

(10,07

4

)

Foreign

Currency

Exchange

Contracts

—

(4,21

5

)

—

—

(4,21

5

)

Interest

Rate

Swap

Contracts

—

(2,719)

—

—

(2,719)

Total

Other

Financial

Instruments

*

$

25,376

$

(1,230)

$

—

$

—

$

24,146

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

213

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Andorra

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

8,133

Argentina

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

1,210

Australia

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

2,416

Belgium

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

538

Benin

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

186

Bermuda

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

31,685

Brazil

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

9,200

Canada

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

56,620

Cayman

Islands

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

29,799

Chile

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

15,177

China

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

3,831

Colombia

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

4,747

Denmark

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

2,071

Egypt

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

443

Finland

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

3,901

France

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

26,741

Germany

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

13,261

Greece

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

2,988

Hong

Kong

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

856

India

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

1,916

Indonesia

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

635

Ireland

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

6,520

Israel

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

2,152

Italy

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

19,138

Ivory

Coast

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

486

Japan

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

10,335

Jersey

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

14,635

Jordan

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

747

Macao

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

2,637

Malaysia

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

3,496

Mexico

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

64,068

Morocco

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

653

Netherlands

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

9,902

Nigeria

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

3,870

Norway

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

7,924

Oman

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

502

Panama

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

1,984

Peru

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

1,554

Poland

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

433

Romania

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

34,350

Saudi

Arabia

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

2,433

Singapore

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

273

South

Africa

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

7,724

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

214

Strategic

Bond

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

South

Korea

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

10,352

Spain

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

6,294

Switzerland

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

5,332

Taiwan

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

295

Turkey

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

2,430

United

Arab

Emirates

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

280

United

Kingdom

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

46,807

United

States

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

1,733,976

Total

Investments

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

2,217,936

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

228,628

$

1,563,596

$

1,535,344

$

(8

)

$

23

$

256,895

$

10,674

$

—

U.S.

Cash

Collateral

Fund

2,543

34,329

34,099

—

—

2,773

176

—

$

231,171

$

1,597,925

$

1,569,443

$

(8

)

$

23

$

259,668

$

10,850

$

—

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

215

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

92.4%

Asset-Backed

Securities

-

3.7%

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL3

Class

A

1.155%

due

08/15/34

(USD

1

Month

LIBOR

+

1.070%)(Ê)(Þ)

346

343

AXIS

Equipment

Finance

Receivables

XIV

LLC

Series

2024-2A

Class

A2

5.190%

due

07/21/31

(Þ)

1,660

1,662

Series

2024-2A

Class

B

5.200%

due

07/21/31

(Þ)

1,205

1,207

CLI

Funding

IX

LLC

Series

2024-1A

Class

A

5.630%

due

07/20/49

(Þ)

1,620

1,646

Credit-Based

Asset

Servicing

&

Securitization

LLC

Series

2004-CB7

Class

AF5

4.090%

due

09/25/34

(~)(Ê)

17

16

DLLAA

LLC

Series

2023-1A

Class

A4

5.730%

due

10/20/31

(Þ)

2,059

2,114

FIGRE

Trust

Series

2023-HE1

Class

A

5.850%

due

03/25/53

(Þ)

714

718

Series

2024-HE2

Class

A

6.380%

due

05/25/54

(~)(Ê)(Þ)

845

858

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

2.190%

due

08/21/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

475

458

John

Deere

Owner

Trust

Series

2024-B

Class

A4

5.190%

due

05/15/31

1,900

1,937

JPMorgan

Chase

Mortgage

Trust

Series

2023-HE1

Class

A1

6.817%

due

11/25/53

(SOFR

30

Day

Average

+

1.750%)(Ê)(Þ)

2,011

2,030

Kubota

Credit

Owner

Trust

Series

2024-1A

Class

A4

5.200%

due

01/15/30

(Þ)

2,236

2,269

Series

2024-2A

Class

A4

5.190%

due

05/15/30

(Þ)

830

841

MF1

LLC

Series

2022-FL9

Class

A

2.960%

due

06/19/37

(CME

Term

SOFR

1

Month

+

2.150%)(Ê)(Þ)

3,075

3,073

Series

2023-FL12

Class

A

7.366%

due

10/19/38

(CME

Term

SOFR

1

Month

+

2.066%)(Ê)(Þ)

6,018

6,025

Series

2024-FL14

Class

A

7.078%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.737%)(Ê)(Þ)

2,102

2,093

MMAF

Equipment

Finance

LLC

Series

2020-BA

Class

A4

0.660%

due

11/15/27

(Þ)

1,290

1,245

Series

2024-A

Class

A4

5.100%

due

07/13/49

(Þ)

1,500

1,519

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

OneSky

Loan

Trust

Series

A

Class

A

3.875%

due

07/15/29

1,826

1,722

RCKT

Mortgage

Trust

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

1,654

1,660

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG4

Class

A

6.718%

due

11/25/53

(~)(Ê)(Þ)

1,082

1,107

SCF

Equipment

Leasing

Series

2024-1A

Class

A3

5.520%

due

01/20/32

(Þ)

1,617

1,643

Towd

Point

HE

Trust

Series

2023-1

Class

A1A

6.875%

due

02/25/63

(Þ)

2,697

2,701

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

378

364

39,251

Corporate

Bonds

and

Notes

-

27.6%

AbbVie,

Inc.

5.050%

due

03/15/34

805

820

5.400%

due

03/15/54

450

456

Series

WI

4.550%

due

03/15/35

425

414

AEP

Texas,

Inc.

5.450%

due

05/15/29

1,465

1,497

Series

WI

3.950%

due

06/01/28

347

335

Aetna,

Inc.

6.750%

due

12/15/37

1,240

1,367

3.875%

due

08/15/47

180

135

AGCO

Corp.

5.800%

due

03/21/34

995

1,013

Air

Lease

Corp.

5.850%

due

12/15/27

1,270

1,303

3.000%

due

02/01/30

860

780

Aircastle,

Ltd.

4.250%

due

06/15/26

386

379

5.750%

due

10/01/31

(Þ)

760

765

Alleghany

Corp.

3.250%

due

08/15/51

460

319

Ally

Financial,

Inc.

6.184%

due

07/26/35

(SOFR

+

2.290%)(Ê)

1,710

1,718

Altria

Group,

Inc.

3.400%

due

02/04/41

397

296

Amcor

PLC

Series

WI

3.625%

due

04/28/26

222

217

Ameren

Corp.

1.750%

due

03/15/28

586

528

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

AA

Class

AA

3.650%

due

02/15/29

1,683

1,601

American

Electric

Power

Co.,

Inc.

5.699%

due

08/15/25

1,090

1,094

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

216

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.625%

due

03/01/33

1,500

1,539

American

International

Group,

Inc.

Series

A-9

5.750%

due

04/01/48

(USD

3

Month

LIBOR

+

2.868%)(Ê)

542

535

American

Tower

Trust

#1

5.490%

due

03/15/28

(Þ)

5,790

5,890

Amgen,

Inc.

5.250%

due

03/02/30

610

626

3.150%

due

02/21/40

1,200

920

5.650%

due

03/02/53

1,260

1,270

Aon

NA,

Inc.

5.750%

due

03/01/54

1,140

1,150

Apollo

Global

Management,

Inc.

6.375%

due

11/15/33

292

316

Apollo

Management

Holdings,

LP

4.400%

due

05/27/26

(Þ)

810

801

Apple,

Inc.

0.700%

due

02/08/26

780

737

Ares

Capital

Corp.

3.875%

due

01/15/26

281

274

Arizona

Public

Service

Co.

5.550%

due

08/01/33

915

932

5.700%

due

08/15/34

1,045

1,073

AT&T,

Inc.

4.300%

due

02/15/30

865

846

6.800%

due

05/15/36

525

590

3.500%

due

06/01/41

1,190

936

4.750%

due

05/15/46

61

54

Series

WI

8.750%

due

11/15/31

415

494

4.900%

due

08/15/37

780

747

3.500%

due

09/15/53

695

486

3.550%

due

09/15/55

2,090

1,449

Athene

Global

Funding

5.684%

due

02/23/26

(Þ)

930

937

2.950%

due

11/12/26

(Þ)

1,900

1,811

Athene

Holding,

Ltd.

4.125%

due

01/12/28

2,075

2,026

Avnet,

Inc.

6.250%

due

03/15/28

494

513

AXIS

Specialty

Finance

LLC

4.900%

due

01/15/40

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.186%)(Ê)

153

143

Bank

of

America

Corp.

3.366%

due

01/23/26

(CME

Term

SOFR

3

Month

+

1.072%)(Ê)

2,850

2,821

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

1,480

1,429

5.288%

due

04/25/34

(SOFR

+

1.910%)(Ê)

1,875

1,893

5.468%

due

01/23/35

(SOFR

+

1.650%)(Ê)

1,910

1,953

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

890

685

Series

MTN

3.093%

due

10/01/25

(CME

Term

SOFR

3

Month

+

1.352%)(Ê)

1,070

1,065

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bank

of

America

NA

Series

BKNT

6.000%

due

10/15/36

310

335

Barings

BDC,

Inc.

Series

WI

3.300%

due

11/23/26

198

185

Berry

Global,

Inc.

4.875%

due

07/15/26

(Þ)

157

155

Series

WI

1.570%

due

01/15/26

214

203

Blue

Owl

Capital

Corp.

3.400%

due

07/15/26

112

107

2.625%

due

01/15/27

102

95

Boeing

Co.

(The)

2.196%

due

02/04/26

2,750

2,617

3.200%

due

03/01/29

910

826

6.298%

due

05/01/29

(Þ)

1,610

1,665

6.528%

due

05/01/34

(Þ)

1,475

1,548

5.705%

due

05/01/40

615

586

Brighthouse

Financial

Global

Funding

5.550%

due

04/09/27

(Þ)

1,200

1,209

Broadcom,

Inc.

5.150%

due

11/15/31

1,400

1,418

3.419%

due

04/15/33

(Þ)

1,110

980

4.926%

due

05/15/37

(Þ)

508

490

3.500%

due

02/15/41

(Þ)

396

312

Series

WI

4.150%

due

11/15/30

616

593

Brooklyn

Union

Gas

Co.

(The)

6.415%

due

07/18/54

(Þ)

1,145

1,173

Brunswick

Corp.

5.100%

due

04/01/52

42

34

Bunge,

Ltd.

Finance

Corp.

3.750%

due

09/25/27

543

526

Burlington

Northern

Santa

Fe

LLC

5.500%

due

03/15/55

760

780

Cantor

Fitzgerald,

LP

4.500%

due

04/14/27

(Þ)

605

593

Capital

One

Financial

Corp.

7.149%

due

10/29/27

(SOFR

+

2.440%)(Ê)

225

235

Carlisle

Cos.,

Inc.

3.750%

due

12/01/27

410

396

CDW

LLC

/

CDW

Finance

Corp.

3.250%

due

02/15/29

389

356

Celanese

US

Holdings

LLC

6.700%

due

11/15/33

925

995

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6.100%

due

06/01/29

795

813

3.900%

due

06/01/52

2,025

1,313

Series

WI

4.200%

due

03/15/28

375

361

Cheniere

Corpus

Christi

Holdings

LLC

Series

WI

5.125%

due

06/30/27

295

296

3.700%

due

11/15/29

1,177

1,114

2.742%

due

12/31/39

695

567

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

217

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cheniere

Energy,

Inc.

Series

WI

4.625%

due

10/15/28

316

310

Citadel

Finance

LLC

3.375%

due

03/09/26

(Þ)

590

569

Citadel,

LP

4.875%

due

01/15/27

(Þ)

625

618

Citigroup,

Inc.

1.281%

due

11/03/25

(SOFR

+

0.528%)(Ê)

1,060

1,048

5.610%

due

09/29/26

(SOFR

+

1.546%)(Ê)

1,245

1,250

3.520%

due

10/27/28

(CME

Term

SOFR

3

Month

+

1.413%)(Ê)

428

410

5.174%

due

02/13/30

(SOFR

+

1.364%)(Ê)

2,185

2,209

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

3,005

2,564

8.125%

due

07/15/39

450

577

CNO

Financial

Group,

Inc.

6.450%

due

06/15/34

405

415

Colgate-Palmolive

Co.

4.000%

due

08/15/45

195

169

Columbia

Pipelines

Operating

Co.

LLC

6.714%

due

08/15/63

(Þ)

104

113

Comcast

Corp.

6.450%

due

03/15/37

835

928

5.350%

due

05/15/53

1,600

1,566

5.650%

due

06/01/54

570

581

Series

WI

3.999%

due

11/01/49

265

212

Comerica,

Inc.

3.800%

due

07/22/26

215

208

Conagra

Brands,

Inc.

1.375%

due

11/01/27

334

299

ConocoPhillips

Co.

5.550%

due

03/15/54

960

967

Consolidated

Edison

Co.,

Inc.

5.700%

due

05/15/54

558

573

4.625%

due

12/01/54

463

403

Constellation

Brands,

Inc.

4.400%

due

11/15/25

1,270

1,260

3.500%

due

05/09/27

556

537

Consumers

Energy

Co.

2.650%

due

08/15/52

740

468

Corebridge

Financial,

Inc

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.846%)(Ê)

444

452

CVS

Health

Corp.

4.780%

due

03/25/38

625

574

5.050%

due

03/25/48

3,169

2,795

6.050%

due

06/01/54

610

613

Darden

Restaurants,

Inc.

4.550%

due

02/15/48

202

167

DCP

Midstream

Operating,

LP

5.600%

due

04/01/44

80

77

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.750%

due

10/20/28

(Þ)

518

513

Devon

Energy

Corp.

7.875%

due

09/30/31

560

647

Diamondback

Energy,

Inc.

6.250%

due

03/15/33

1,385

1,479

4.250%

due

03/15/52

740

590

Discovery

Communications

LLC

Class

A

5.000%

due

09/20/37

195

167

DTE

Energy

Co.

4.950%

due

07/01/27

895

898

4.875%

due

06/01/28

526

526

5.850%

due

06/01/34

1,450

1,509

Duke

Energy

Corp.

4.850%

due

01/05/29

1,345

1,350

5.000%

due

08/15/52

288

258

5.800%

due

06/15/54

1,110

1,110

Duke

Energy

Florida

LLC

5.875%

due

11/15/33

1,060

1,131

East

Ohio

Gas

Co.

(The)

3.000%

due

06/15/50

(Þ)

445

282

Elevance

Health,

Inc.

5.375%

due

06/15/34

1,025

1,052

Enable

Midstream

Partners,

LP

4.950%

due

05/15/28

408

409

Enbridge

Energy

Partners,

LP

5.500%

due

09/15/40

128

126

Energy

Transfer

Operating,

LP

4.200%

due

04/15/27

132

130

5.950%

due

05/15/54

1,205

1,190

Energy

Transfer,

LP

4.000%

due

10/01/27

1,205

1,176

5.250%

due

04/15/29

1,560

1,583

3.750%

due

05/15/30

1,365

1,286

6.550%

due

12/01/33

680

734

Entergy

Corp.

5.750%

due

06/01/54

830

850

Enterprise

Products

Operating

LLC

Series

E

5.250%

due

08/16/77

(CME

Term

SOFR

3

Month

+

3.295%)(Ê)

539

520

EPR

Properties

Co.

4.750%

due

12/15/26

413

406

4.500%

due

06/01/27

152

148

Essent

Group,

Ltd.

6.250%

due

07/01/29

680

694

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

361

377

F&G

Global

Funding

1.750%

due

06/30/26

(Þ)

1,245

1,162

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

269

256

Farmers

Exchange

Capital

III

5.454%

due

10/15/54

(USD

3

Month

LIBOR

+

3.454%)(Ê)(Þ)

290

244

Ferguson

Finance

PLC

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

218

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.250%

due

04/20/27

(Þ)

545

535

Fifth

Third

Bancorp

8.250%

due

03/01/38

434

533

Florida

Power

&

Light

Co.

2.450%

due

02/03/32

1,635

1,398

Ford

Motor

Credit

Co.

LLC

6.050%

due

03/05/31

1,750

1,775

Fox

Corp.

Series

WI

5.576%

due

01/25/49

275

260

Franklin

BSP

Lending

Corp.

Series

WI

3.250%

due

03/30/26

319

304

FS

KKR

Capital

Corp.

3.400%

due

01/15/26

255

245

2.625%

due

01/15/27

218

200

GA

Global

Funding

Trust

1.625%

due

01/15/26

(Þ)

1,090

1,035

General

Motors

Co.

6.600%

due

04/01/36

380

406

5.200%

due

04/01/45

87

78

General

Motors

Financial

Co.,

Inc.

5.750%

due

02/08/31

1,175

1,202

5.950%

due

04/04/34

1,345

1,371

Georgia

Power

Co.

5.250%

due

03/15/34

1,255

1,282

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

502

501

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

338

326

Goldman

Sachs

Group,

Inc.

(The)

3.272%

due

09/29/25

(CME

Term

SOFR

3

Month

+

1.463%)(Ê)

2,170

2,161

5.798%

due

08/10/26

(SOFR

+

1.075%)(Ê)

1,165

1,171

6.345%

due

02/15/34

1,220

1,287

6.450%

due

05/01/36

585

642

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

5,310

4,465

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

332

310

Harley-Davidson

Financial

Services,

Inc.

6.500%

due

03/10/28

(Þ)

488

504

Hasbro,

Inc.

3.550%

due

11/19/26

564

545

HCA,

Inc.

4.500%

due

02/15/27

670

662

5.200%

due

06/01/28

236

238

3.500%

due

09/01/30

1,120

1,033

5.600%

due

04/01/34

1,390

1,413

5.500%

due

06/15/47

1,320

1,260

5.250%

due

06/15/49

615

561

Series

WI

3.125%

due

03/15/27

317

304

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.875%

due

06/15/54

(Þ)

550

554

Hercules

Capital,

Inc.

2.625%

due

09/16/26

324

302

3.375%

due

01/20/27

227

213

Hess

Corp.

6.000%

due

01/15/40

1,280

1,352

5.600%

due

02/15/41

315

320

5.800%

due

04/01/47

440

457

Hexcel

Corp.

3.950%

due

02/15/27

379

369

HF

Sinclair

Corp.

5.000%

due

02/01/28

(Þ)

1,195

1,177

Series

WI

5.875%

due

04/01/26

1,095

1,103

Home

Depot,

Inc.

(The)

4.950%

due

06/25/34

1,300

1,313

5.875%

due

12/16/36

132

144

HSBC

Holdings

PLC

Series

BKNT

7.000%

due

01/15/39

1,435

1,667

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.483%

due

12/01/27

535

511

Hyundai

Capital

America

5.400%

due

01/08/31

(Þ)

805

817

IBM

International

Capital

Pte,

Ltd.

5.300%

due

02/05/54

890

856

Indianapolis

Power

&

Light

Co.

5.700%

due

04/01/54

(Þ)

395

399

Intercontinental

Exchange,

Inc.

5.250%

due

06/15/31

1,010

1,033

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

595

540

International

Paper

Co.

6.000%

due

11/15/41

136

142

Jackson

Financial,

Inc.

Series

WI

3.125%

due

11/23/31

505

434

Jacobs

Engineering

Group,

Inc.

5.900%

due

03/01/33

162

166

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

Series

WI

5.125%

due

02/01/28

529

528

6.500%

due

12/01/52

1,575

1,590

Jersey

Central

Power

&

Light

Co.

4.300%

due

01/15/26

(Þ)

244

241

JetBlue

Airways

Corp.

Series

1A

4.000%

due

11/15/32

1,733

1,640

Series

2019

2.750%

due

05/15/32

2,174

1,903

John

Deere

Capital

Corp.

5.100%

due

04/11/34

1,145

1,170

JPMorgan

Chase

&

Co.

5.546%

due

12/15/25

(SOFR

+

1.070%)(Ê)

1,830

1,831

1.045%

due

11/19/26

(SOFR

+

0.800%)(Ê)

885

839

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

219

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.578%

due

04/22/27

(SOFR

+

0.885%)(Ê)

542

512

8.750%

due

09/01/30

405

485

6.254%

due

10/23/34

(SOFR

+

1.810%)(Ê)

2,045

2,214

5.336%

due

01/23/35

(SOFR

+

1.620%)(Ê)

740

752

5.766%

due

04/22/35

(SOFR

+

1.490%)(Ê)

1,230

1,289

5.294%

due

07/22/35

(SOFR

+

1.460%)(Ê)

520

527

3.157%

due

04/22/42

(SOFR

+

1.460%)(Ê)

1,885

1,443

Kellogg

Co.

Series

B

7.450%

due

04/01/31

238

270

Kentucky

Utilities

Co.

Series

KENT

5.450%

due

04/15/33

690

712

KeyCorp

2.250%

due

04/06/27

348

322

KeySpan

Gas

East

Corp.

2.742%

due

08/15/26

(Þ)

200

190

KKR

Group

Finance

Co.

III

LLC

5.125%

due

06/01/44

(Þ)

880

817

Kraft

Heinz

Foods

Co.

Series

WI

4.375%

due

06/01/46

208

175

Kyndryl

Holdings,

Inc.

Series

WI

2.050%

due

10/15/26

950

887

Las

Vegas

Sands

Corp.

3.500%

due

08/18/26

553

533

Lehman

Brothers

Holdings,

Inc.

5.857%

due

11/30/56

(Š)(Æ)(Ø)

1,450

—

Main

Street

Capital

Corp.

3.000%

due

07/14/26

358

339

Manufacturers

&

Traders

Trust

Co.

4.650%

due

01/27/26

483

479

Massachusetts

Mutual

Life

Insurance

Co.

3.200%

due

12/01/61

(Þ)

1,730

1,082

MasTec,

Inc.

4.500%

due

08/15/28

(Þ)

112

108

5.900%

due

06/15/29

575

586

Mattel,

Inc.

3.375%

due

04/01/26

(Þ)

551

533

McDonald's

Corp.

Series

MTN

4.450%

due

09/01/48

155

133

Merck

&

Co.,

Inc.

2.750%

due

12/10/51

515

332

Mercury

General

Corp.

4.400%

due

03/15/27

2,362

2,305

Meta

Platforms,

Inc.

Series

WI

4.450%

due

08/15/52

1,195

1,048

Monongahela

Power

Co.

3.550%

due

05/15/27

(Þ)

975

941

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.850%

due

02/15/34

(Þ)

795

826

Morgan

Stanley

0.985%

due

12/10/26

(SOFR

+

0.720%)(Ê)

231

218

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

2,545

2,397

5.250%

due

04/21/34

(SOFR

+

1.870%)(Ê)

1,725

1,733

5.466%

due

01/18/35

(SOFR

+

1.730%)(Ê)

1,925

1,959

5.831%

due

04/19/35

(SOFR

+

1.580%)(Ê)

1,220

1,275

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

184

179

MPLX,

LP

4.500%

due

04/15/38

190

171

Nasdaq,

Inc.

5.550%

due

02/15/34

1,085

1,114

Nationwide

Mutual

Insurance

Co.

9.375%

due

08/15/39

(Þ)

445

578

New

York

Life

Global

Funding

4.900%

due

06/13/28

(Þ)

970

979

New

York

Life

Insurance

Co.

3.750%

due

05/15/50

(Þ)

195

149

New

York

State

Electric

&

Gas

Corp.

3.250%

due

12/01/26

(Þ)

407

388

Newmont

Corp.

5.350%

due

03/15/34

(Þ)

965

988

NextEra

Energy

Capital

Holdings,

Inc.

5.749%

due

09/01/25

1,190

1,198

5.250%

due

03/15/34

835

842

4.800%

due

12/01/77

(USD

3

Month

LIBOR

+

2.409%)(Ê)

204

189

3.800%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.547%)(Ê)

362

337

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

297

348

NiSource,

Inc.

5.350%

due

04/01/34

1,365

1,375

Nissan

Motor

Acceptance

Corp.

2.000%

due

03/09/26

(Þ)

258

243

NMI

Holdings,

Inc.

6.000%

due

08/15/29

940

947

Northrop

Grumman

Corp.

4.900%

due

06/01/34

1,000

997

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

558

512

Nuveen

LLC

5.550%

due

01/15/30

(Þ)

795

815

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

565

521

Occidental

Petroleum

Corp.

7.875%

due

09/15/31

291

333

5.550%

due

10/01/34

820

824

6.050%

due

10/01/54

300

302

OGE

Energy

Corp.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

220

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.450%

due

05/15/29

735

753

Ohio

National

Financial

Services,

Inc.

6.800%

due

01/24/30

(Þ)

615

610

Omega

Healthcare

Investors,

Inc.

Series

WI

4.500%

due

04/01/27

552

541

Oncor

Electric

Delivery

Co.

LLC

5.550%

due

06/15/54

(Þ)

980

992

Oracle

Corp.

2.950%

due

04/01/30

270

245

3.900%

due

05/15/35

200

178

3.800%

due

11/15/37

160

136

3.600%

due

04/01/40

2,096

1,659

6.900%

due

11/09/52

1,875

2,151

4.375%

due

05/15/55

380

306

Owens

Corning

Co.

4.400%

due

01/30/48

344

285

Owl

Rock

Capital

Corp.

4.250%

due

01/15/26

294

288

Pacific

Gas

and

Electric

Co.

2.950%

due

03/01/26

311

300

2.100%

due

08/01/27

1,325

1,216

6.100%

due

01/15/29

230

239

2.500%

due

02/01/31

635

538

6.400%

due

06/15/33

1,075

1,137

5.800%

due

05/15/34

1,670

1,703

4.200%

due

06/01/41

360

289

Pacific

Life

Insurance

Co.

4.300%

due

10/24/67

(USD

3

Month

LIBOR

+

2.796%)(Ê)(Þ)

255

201

PacifiCorp

2.900%

due

06/15/52

1,145

698

Paramount

Global

5.900%

due

10/15/40

380

321

6.375%

due

03/30/62

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.999%)(Ê)

440

404

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

164

164

Pfizer,

Inc.

5.300%

due

05/19/53

1,095

1,081

Philip

Morris

International,

Inc.

4.375%

due

11/15/41

635

552

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

222

243

PNC

Financial

Services

Group,

Inc.

(The)

5.582%

due

06/12/29

(SOFR

+

1.841%)(Ê)

1,095

1,121

Potomac

Electric

Power

Co.

5.500%

due

03/15/54

1,065

1,072

Prospect

Capital

Corp.

3.706%

due

01/22/26

(Ñ)

391

376

3.364%

due

11/15/26

192

179

Public

Service

Co.

of

Colorado

5.750%

due

05/15/54

1,040

1,060

Public

Service

Co.

of

Oklahoma

Series

G

6.625%

due

11/15/37

115

126

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Radian

Group,

Inc.

4.875%

due

03/15/27

510

504

6.200%

due

05/15/29

895

924

Raytheon

Technologies

Corp.

4.450%

due

11/16/38

175

160

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/06/31

(Þ)

395

346

Royalty

Pharma

PLC

5.400%

due

09/02/34

435

435

5.900%

due

09/02/54

1,060

1,055

Series

WI

1.200%

due

09/02/25

1,740

1,666

RPM

International,

Inc.

3.750%

due

03/15/27

336

326

RTX

Corp.

6.100%

due

03/15/34

1,210

1,304

Sabine

Pass

Liquefaction

LLC

Series

WI

5.000%

due

03/15/27

2,095

2,101

Sabra

Health

Care,

LP

3.900%

due

10/15/29

1,865

1,725

Series

WI

5.125%

due

08/15/26

437

435

Santander

Holdings

USA,

Inc.

2.490%

due

01/06/28

(SOFR

+

1.249%)(Ê)

253

236

Sempra

Energy

3.250%

due

06/15/27

526

504

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)

79

73

Simon

Property

Group,

LP

2.450%

due

09/13/29

1,225

1,100

6.250%

due

01/15/34

495

534

Sixth

Street

Specialty

Lending,

Inc.

2.500%

due

08/01/26

293

275

Smithfield

Foods,

Inc.

4.250%

due

02/01/27

(Þ)

182

177

Southern

Co.

(The)

Series

21-A

3.750%

due

09/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.915%)(Ê)

361

340

Series

B

4.000%

due

01/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.733%)(Ê)

153

149

Sprint

Capital

Corp.

8.750%

due

03/15/32

1,670

2,031

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

5.152%

due

03/20/28

(Þ)

2,190

2,190

Starbucks

Corp.

4.300%

due

06/15/45

314

265

Synchrony

Financial

5.625%

due

08/23/27

362

363

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

221

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.935%

due

08/02/30

(SOFR

+

2.130%)(Ê)

1,215

1,222

Series

BKNT

5.400%

due

08/22/25

1,690

1,686

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

155

160

Teledyne

Technologies,

Inc.

2.250%

due

04/01/28

576

527

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

1,216

1,090

8.375%

due

06/15/32

515

603

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

178

171

Thermo

Fisher

Scientific,

Inc.

5.300%

due

02/01/44

308

308

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

723

820

Time

Warner

Cable

LLC

6.550%

due

05/01/37

2,508

2,458

7.300%

due

07/01/38

380

396

6.750%

due

06/15/39

370

366

T-Mobile

USA,

Inc.

3.500%

due

04/15/31

696

637

Series

WI

3.750%

due

04/15/27

283

276

2.050%

due

02/15/28

289

264

4.500%

due

04/15/50

1,920

1,643

Toll

Brothers

Finance

Corp.

Series

10YR

4.350%

due

02/15/28

542

531

Truist

Financial

Corp.

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

98

100

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)

965

996

5.711%

due

01/24/35

(SOFR

+

1.922%)(Ê)

1,160

1,186

Tyson

Foods,

Inc.

3.550%

due

06/02/27

431

416

United

Airlines

Pass-Through

Trust

5.800%

due

01/15/36

1,695

1,730

Series

AA

4.150%

due

08/25/31

618

589

2.700%

due

05/01/32

674

589

5.450%

due

02/15/37

165

168

UnitedHealth

Group,

Inc.

5.875%

due

02/15/53

920

974

5.375%

due

04/15/54

650

645

5.625%

due

07/15/54

675

692

US

Bancorp

4.653%

due

02/01/29

(SOFR

+

1.230%)(Ê)

518

514

5.836%

due

06/12/34

(SOFR

+

2.260%)(Ê)

810

841

5.678%

due

01/23/35

(SOFR

+

1.860%)(Ê)

895

919

Verizon

Communications,

Inc.

7.750%

due

12/01/30

1,165

1,354

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

2.355%

due

03/15/32

1,990

1,665

ViacomCBS,

Inc.

6.875%

due

04/30/36

665

649

4.600%

due

01/15/45

235

163

VICI

Properties,

Inc.

5.625%

due

05/15/52

376

346

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

4.500%

due

09/01/26

(Þ)

276

271

Virginia

Electric

&

Power

Co.

5.000%

due

04/01/33

1,246

1,243

5.000%

due

01/15/34

840

838

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

553

534

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

870

821

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

310

270

WarnerMedia

Holdings,

Inc.

Series

WI

5.050%

due

03/15/42

1,526

1,204

5.141%

due

03/15/52

980

729

Wells

Fargo

&

Co.

6.063%

due

01/15/27

(CME

Term

SOFR

3

Month

+

0.762%)(Ê)

1,520

1,499

3.196%

due

06/17/27

(CME

Term

SOFR

3

Month

+

1.432%)(Ê)

2,065

1,998

5.707%

due

04/22/28

(SOFR

+

1.070%)(Ê)

1,230

1,254

2.393%

due

06/02/28

(SOFR

+

2.100%)(Ê)

578

540

5.557%

due

07/25/34

(SOFR

+

1.990%)(Ê)

1,040

1,063

5.950%

due

12/15/36

100

103

Xcel

Energy,

Inc.

4.000%

due

06/15/28

552

536

Zions

Bancorp

NA

3.250%

due

10/29/29

381

328

295,265

International

Debt

-

10.6%

ABN

AMRO

Bank

NV

4.800%

due

04/18/26

(Þ)

515

510

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.000%

due

10/29/28

1,055

976

6.950%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.720%)(Ê)

785

794

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

146

129

Algonquin

Power

&

Utilities

Corp.

5.365%

due

06/15/26

(~)(Ê)

805

807

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

176

170

Anglo

American

Capital

PLC

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

222

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.750%

due

04/05/34

(Þ)

640

653

Anheuser-Busch

InBev

Worldwide,

Inc.

5.000%

due

06/15/34

335

340

8.200%

due

01/15/39

200

261

5.450%

due

01/23/39

785

816

5.550%

due

01/23/49

1,145

1,178

Series

WI

4.439%

due

10/06/48

370

325

Arbor

Realty

CLO,

Ltd.

Series

2021-FL4

Class

A

1.440%

due

11/15/36

(USD

1

Month

LIBOR

+

1.350%)(Ê)(Þ)

3,200

3,176

ArcelorMittal

SA

6.000%

due

06/17/34

625

640

6.350%

due

06/17/54

1,055

1,053

AstraZeneca

PLC

6.450%

due

09/15/37

1,345

1,535

Avolon

Holdings

Funding,

Ltd.

6.375%

due

05/04/28

(Þ)

1,190

1,230

5.750%

due

03/01/29

(Þ)

840

855

5.750%

due

11/15/29

(Þ)

960

978

BAE

Systems

PLC

5.300%

due

03/26/34

(Þ)

1,295

1,312

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

532

507

Banco

de

Credito

del

Peru

3.250%

due

09/30/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.450%)(Ê)(Þ)

549

516

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Inbursa

4.375%

due

04/11/27

(Þ)

539

524

Banco

Santander

SA

1.722%

due

09/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.900%)(Ê)

1,310

1,217

5.439%

due

07/15/31

1,200

1,220

Bank

of

Montreal

3.803%

due

12/15/32

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.432%)(Ê)

565

539

Bank

of

Nova

Scotia

(The)

4.500%

due

12/16/25

325

322

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.050%)(Ê)

241

223

Barclays

PLC

4.375%

due

01/12/26

1,435

1,422

5.200%

due

05/12/26

462

461

3.564%

due

09/23/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.900%)(Ê)

96

85

Barings

CLO,

Ltd.

Series

2021-2A

Class

AR2

5.313%

due

01/20/32

(USD

3

Month

LIBOR

+

1.070%)(Ê)(Þ)

1,947

1,948

Barrick

NA

Finance

LLC

5.750%

due

05/01/43

1,070

1,098

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BAT

Capital

Corp.

6.421%

due

08/02/33

2,905

3,117

Series

WI

3.557%

due

08/15/27

508

490

4.390%

due

08/15/37

800

703

BDS,

Ltd.

Series

2021-FL7

Class

A

5.409%

due

06/16/36

(USD

1

Month

LIBOR

+

1.070%)(Ê)(Þ)

667

662

Bellemeade

Re,

Ltd.

Series

2021-3A

Class

M1B

1.450%

due

09/25/31

(SOFR

30

Day

Average

+

1.400%)(Ê)(Þ)

871

873

Series

2021-3A

Class

M1C

1.600%

due

09/25/31

(SOFR

30

Day

Average

+

1.550%)(Ê)(Þ)

1,461

1,459

Series

2022-2

Class

M1A

6.285%

due

09/27/32

(SOFR

30

Day

Average

+

4.000%)(Ê)(Þ)

2,358

2,411

Series

2023-1

Class

M1A

7.521%

due

10/25/33

(SOFR

30

Day

Average

+

2.200%)(Ê)(Þ)

810

817

BNP

Paribas

SA

4.375%

due

05/12/26

(Þ)

132

130

4.625%

due

03/13/27

(Þ)

405

400

5.497%

due

05/20/30

(SOFR

+

1.590%)(Ê)(Þ)

850

862

5.894%

due

12/05/34

(SOFR

+

1.866%)(Ê)(Þ)

740

775

BPCE

SA

5.975%

due

01/18/27

(SOFR

+

2.100%)(Ê)(Þ)

1,945

1,962

British

Airways

Pass-Through

Trust

4.250%

due

11/15/32

(Þ)

207

198

Brookfield

Finance,

Inc.

3.450%

due

04/15/50

359

253

Canadian

Imperial

Bank

of

Commerce

6.092%

due

10/03/33

1,170

1,243

Canadian

Natural

Resources,

Ltd.

3.850%

due

06/01/27

164

160

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

242

255

Celulosa

Arauco

y

Constitucion

SA

Series

WI

3.875%

due

11/02/27

556

525

Cencosud

SA

4.375%

due

07/17/27

(Þ)

558

538

CGI,

Inc.

Series

WI

1.450%

due

09/14/26

433

402

Chile

Electricity

Lux

MPC

SARL

6.010%

due

01/20/33

(Þ)

1,467

1,498

CI

Financial

Corp.

3.200%

due

12/17/30

2,073

1,671

CIFC

Funding,

Ltd.

Series

2017-1A

Class

ARR

3.702%

due

01/22/31

(CME

Term

SOFR

3

Month

+

1.372%)(Ê)(Þ)

746

748

Coca-Cola

Icecek

AS

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

223

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.500%

due

01/20/29

(Þ)

280

264

Cooperatieve

Rabobank

UA

3.758%

due

04/06/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.420%)(Ê)(Þ)

1,365

1,246

Credit

Agricole

SA

1.247%

due

01/26/27

(SOFR

+

0.892%)(Ê)(Þ)

281

265

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.644%)(Ê)

(Þ)

109

103

Danske

Bank

A/S

6.466%

due

01/09/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.100%)(Ê)(Þ)

1,592

1,598

6.259%

due

09/22/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.180%)(Ê)(Þ)

1,755

1,775

Deutsche

Bank

AG

2.129%

due

11/24/26

(SOFR

+

1.870%)(Ê)

323

309

6.819%

due

11/20/29

(SOFR

+

2.510%)(Ê)

1,250

1,322

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

2.553%)(Ê)

196

188

Deutsche

Telekom

International

Finance

BV

8.750%

due

06/15/30

242

288

DNB

Bank

ASA

1.535%

due

05/25/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.720%)(Ê)(Þ)

361

339

Electricite

de

France

SA

5.950%

due

04/22/34

(Þ)

235

244

6.000%

due

04/22/64

(Þ)

1,000

970

Element

Fleet

Management

Corp.

6.271%

due

06/26/26

(Þ)

479

488

Emera

US

Finance,

LP

Series

WI

3.550%

due

06/15/26

551

533

Enbridge,

Inc.

5.700%

due

03/08/33

443

457

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.708%)(Ê)

63

63

Enel

Finance

America

LLC

7.100%

due

10/14/27

(Þ)

289

307

Enel

Finance

International

NV

1.625%

due

07/12/26

(Þ)

286

268

3.500%

due

04/06/28

(Þ)

214

204

Eni

USA,

Inc.

7.300%

due

11/15/27

465

499

5.950%

due

05/15/54

(Þ)

720

729

Fairfax

Financial

Holdings,

Ltd.

6.350%

due

03/22/54

(Þ)

575

591

Federation

des

Caisses

Desjardins

du

Quebec

4.400%

due

08/23/25

(Þ)

1,455

1,444

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

370

355

Galaxy

Pipeline

Assets

Bidco,

Ltd.

1.750%

due

09/30/27

(Þ)

1,549

1,462

2.940%

due

09/30/40

(Þ)

742

603

Greensaif

Pipelines

Bidco

SARL

6.103%

due

08/23/42

(Þ)

690

689

HGI

CRE

CLO,

Ltd.

Series

2021-FL2

Class

A

5.459%

due

09/17/36

(USD

1

Month

LIBOR

+

1.000%)(Ê)(Þ)

2,250

2,230

HSBC

Holdings

PLC

2.999%

due

03/10/26

(SOFR

+

1.430%)(Ê)

745

734

4.041%

due

03/13/28

(CME

Term

SOFR

3

Month

+

1.808%)(Ê)

548

534

Hyundai

Capital

Services,

Inc.

5.125%

due

02/05/29

(Þ)

915

922

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

517

501

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

308

293

ING

Groep

NV

4.017%

due

03/28/28

(SOFR

+

1.830%)(Ê)

549

537

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

272

248

Intesa

Sanpaolo

SpA

7.000%

due

11/21/25

(Þ)

514

525

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

601

551

Juniper

Valley

Park

CLO,

Ltd.

Series

2024-1A

Class

AR

6.532%

due

07/20/36

(CME

Term

SOFR

3

Month

+

1.250%)(Ê)(Þ)

4,210

4,211

LG

Energy

Solution,

Ltd.

5.625%

due

09/25/26

(Þ)

363

366

Lloyds

Banking

Group

PLC

4.650%

due

03/24/26

141

140

1.627%

due

05/11/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.850%)(Ê)

374

352

5.985%

due

08/07/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.480%)(Ê)

1,900

1,932

Madison

Park

Funding

XVII,

Ltd.

Series

2021-17A

Class

AR2

3.732%

due

07/21/30

(USD

3

Month

LIBOR

+

1.000%)(Ê)(Þ)

2,172

2,172

Manulife

Financial

Corp.

4.061%

due

02/24/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

1.647%)(Ê)

548

532

Mitsubishi

UFJ

Financial

Group,

Inc.

5.063%

due

09/12/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)

2,370

2,368

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

224

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.719%

due

02/20/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.080%)(Ê)

1,120

1,122

National

Grid

PLC

5.418%

due

01/11/34

1,130

1,134

NatWest

Group

PLC

7.472%

due

11/10/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.850%)(Ê)

1,170

1,201

1.642%

due

06/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.900%)(Ê)

961

902

Nokia

OYJ

4.375%

due

06/12/27

567

551

Oaktown

Re

VI,

Ltd.

Series

2021-1A

Class

M1B

2.060%

due

10/25/33

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

438

439

Oaktown

Re,

Ltd.

Series

2021-1A

Class

M1C

3.010%

due

10/25/33

(SOFR

30

Day

Average

+

3.000%)(Ê)(Þ)

833

845

OHA

Loan

Funding,

Ltd.

Series

2021-1A

Class

AR3

6.738%

due

01/19/37

(CME

Term

SOFR

3

Month

+

1.412%)(Ê)(Þ)

1,370

1,372

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

290

301

Prosus

NV

4.850%

due

07/06/27

(Þ)

260

253

Radnor

RE,

Ltd.

Series

2021-2

Class

M1A

1.898%

due

11/25/31

(SOFR

30

Day

Average

+

1.850%)(Ê)(Þ)

7

7

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Ñ)(Þ)

527

509

Reynolds

American,

Inc.

7.250%

due

06/15/37

390

436

8.125%

due

05/01/40

715

830

Rogers

Communications,

Inc.

5.300%

due

02/15/34

1,150

1,153

Santander

UK

Group

Holdings

PLC

1.673%

due

06/14/27

(SOFR

+

0.989%)(Ê)

566

530

Saudi

Arabian

Oil

Co.

4.250%

due

04/16/39

(Þ)

336

296

5.750%

due

07/17/54

(Þ)

795

780

Saudi

Government

International

Bond

5.750%

due

01/16/54

(Þ)

1,140

1,117

Scentre

Group

Trust

1

/

Scentre

Group

Trust

2

3.625%

due

01/28/26

(Þ)

1,550

1,519

Scentre

Group

Trust

2

4.750%

due

09/24/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.379%)(Ê)(Þ)

945

919

SK

Hynix,

Inc.

1.500%

due

01/19/26

(Þ)

543

515

Smurfit

Kappa

Treasury

Funding,

Ltd.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.500%

due

11/20/25

86

88

Societe

Generale

SA

4.250%

due

08/19/26

(Þ)

381

369

1.792%

due

06/09/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

113

106

2.797%

due

01/19/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.300%)(Ê)(Þ)

89

84

7.367%

due

01/10/53

(Þ)

685

694

Sodexo,

Inc.

1.634%

due

04/16/26

(Þ)

380

358

Standard

Chartered

PLC

6.170%

due

01/09/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.050%)(Ê)(Þ)

160

162

1.456%

due

01/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

361

341

Suzano

Austria

GmbH

5.750%

due

07/14/26

(Þ)

446

449

Toronto-Dominion

Bank

(The)

3.625%

due

09/15/31

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

2.205%)(Ê)

520

501

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.075%)(Ê)

59

61

Triton

Container

International,

Ltd.

2.050%

due

04/15/26

(Þ)

1,215

1,145

UBS

Group

AG

6.537%

due

08/12/33

(SOFR

+

3.920%)(Ê)(Þ)

455

489

5.699%

due

02/08/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.770%)(Ê)(Þ)

1,010

1,033

UniCredit

SpA

1.982%

due

06/03/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.200%)(Ê)(Þ)

151

142

United

Utilities

PLC

6.875%

due

08/15/28

481

514

Var

Energi

ASA

8.000%

due

11/15/32

(Þ)

469

535

Volkswagen

Group

of

America

Finance

LLC

1.250%

due

11/24/25

(Þ)

1,715

1,634

Weir

Group

PLC

(The)

2.200%

due

05/13/26

(Þ)

541

512

Wipro

IT

Services

LLC

1.500%

due

06/23/26

(Þ)

277

260

Yara

International

ASA

3.800%

due

06/06/26

(Þ)

260

254

113,185

Mortgage-Backed

Securities

-

27.0%

Banc

of

America

Mortgage

Trust

Series

2004-D

Class

2A2

3.846%

due

05/25/34

(~)(Ê)

28

27

Series

2006-B

Class

1A1

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

225

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.122%

due

10/20/46

(~)(Ê)

2

2

BX

Trust

Series

2024-BIO

Class

C

7.940%

due

02/15/41

(CME

Term

SOFR

1

Month

+

2.640%)(Ê)(Þ)

7,432

7,399

Series

2024-MDHS

Class

A

6.991%

due

05/15/41

(CME

Term

SOFR

1

Month

+

1.641%)(Ê)(Þ)

2,542

2,534

Series

2024-MDHS

Class

B

7.191%

due

05/15/41

(CME

Term

SOFR

1

Month

+

1.841%)(Ê)(Þ)

3,699

3,687

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE

Class

E

2.335%

due

12/15/37

(USD

1

Month

LIBOR

+

2.150%)(Ê)(Þ)

3,188

3,184

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

2,617

2,175

Chase

Home

Lending

Mortgage

Trust

Series

2020-CL1

Class

M1

2.429%

due

06/26/34

(USD

1

Month

LIBOR

+

2.250%)(Ê)(Þ)

1,011

1,023

Series

2024-1

Class

A6

6.500%

due

01/25/55

(~)(Ê)(Þ)

3,732

3,762

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P

Class

D

3.635%

due

05/10/35

(~)(Ê)(Þ)

2,427

2,271

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

1,961

1,450

DK

Trust

Series

2024-SPBX

Class

A

6.850%

due

03/15/34

(CME

Term

SOFR

1

Month

+

1.500%)(Ê)(Þ)

2,292

2,273

Eagle

RE,

Ltd.

Series

2021-1

Class

M2

9.765%

due

10/25/33

(SOFR

30

Day

Average

+

4.450%)(Ê)(Þ)

6,190

6,354

Series

2021-2

Class

M1B

1.899%

due

04/25/34

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

825

826

Series

2021-2

Class

M1C

4.035%

due

04/25/34

(SOFR

30

Day

Average

+

3.450%)(Ê)(Þ)

2,001

2,042

Series

2023-1

Class

M1A

7.315%

due

09/26/33

(SOFR

30

Day

Average

+

2.000%)(Ê)(Þ)

2,629

2,645

ELP

Commercial

Mortgage

Trust

Series

2021-ELP

Class

D

1.619%

due

11/15/36

(USD

1

Month

LIBOR

+

1.518%)(Ê)(Þ)

3,543

3,484

Fannie

Mae

2.600%

due

2031

330

295

5.500%

due

2033

10

10

5.500%

due

2034

113

116

4.500%

due

2035

162

161

6.000%

due

2035

28

29

5.500%

due

2036

83

85

5.500%

due

2037

64

65

5.500%

due

2038

265

270

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.000%

due

2039

17

18

4.500%

due

2040

58

58

5.500%

due

2040

247

248

4.000%

due

2041

70

67

3.500%

due

2043

678

635

4.000%

due

2043

73

71

4.000%

due

2044

368

355

3.500%

due

2045

510

474

4.000%

due

2045

334

320

4.000%

due

2046

751

720

4.500%

due

2046

183

180

4.000%

due

2047

231

221

4.500%

due

2047

51

50

4.000%

due

2048

300

286

5.000%

due

2048

807

810

3.000%

due

2049

2,518

2,206

4.000%

due

2049

315

302

2.000%

due

2051

4,225

3,445

4.000%

due

2052

7,630

7,159

5.000%

due

2052

3,011

2,971

5.500%

due

2052

5,321

5,340

5.000%

due

2053

6,630

6,539

5.500%

due

2053

10,979

11,030

30

Year

TBA(Ï)

5.500%

14,488

14,510

6.000%

19,907

20,189

6.500%

20,000

20,510

Fannie

Mae

REMIC

Trust

Series

2004-W12

Class

1A3

7.000%

due

07/25/44

282

295

Fannie

Mae

REMICS

Series

1999-56

Class

Z

7.000%

due

12/18/29

7

8

FIGRE

Trust

Series

2024-HE1

Class

A

6.165%

due

03/25/54

(~)(Ê)(Þ)

2,891

2,927

Freddie

Mac

5.500%

due

2032

4

4

7.500%

due

2032

4

4

5.500%

due

2034

10

10

4.000%

due

2040

319

308

5.500%

due

2041

90

92

3.500%

due

2044

70

65

4.000%

due

2044

234

226

4.000%

due

2045

473

456

3.500%

due

2046

59

55

4.000%

due

2047

415

398

4.500%

due

2048

155

151

3.000%

due

2050

5,894

5,196

2.500%

due

2051

1,316

1,122

3.500%

due

2051

1,863

1,696

3.500%

due

2052

4,019

3,652

4.000%

due

2052

5,656

5,310

5.000%

due

2052

3,047

3,006

5.500%

due

2053

13,473

13,506

6.000%

due

2054

5,427

5,503

Freddie

Mac

Reference

REMICS

Series

2006-R007

Class

ZA

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

226

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.000%

due

05/15/36

112

117

Freddie

Mac

REMICS

Series

2002-2533

Class

Z

5.500%

due

12/15/32

213

218

Series

2006-3123

Class

HT

5.000%

due

03/15/26

13

13

Series

2010-3632

Class

PK

5.000%

due

02/15/40

42

42

Series

2012-4019

Class

JD

3.000%

due

05/15/41

33

32

Ginnie

Mae

II

4.500%

due

2042

76

75

2.500%

due

2052

4,182

3,598

5.500%

due

2053

1,489

1,494

30

Year

TBA(Ï)

5.500%

17,839

17,893

6.000%

16,600

16,795

6.500%

18,000

18,336

GS

Mortgage

Securities

Trust

Series

2023-SHIP

Class

A

4.322%

due

09/10/38

(~)(Ê)(Þ)

2,328

2,279

JPMorgan

Mortgage

Trust

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

159

140

Series

2021-6

Class

A4

2.500%

due

10/25/51

(~)(Ê)(Þ)

2,028

1,782

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

3,003

2,752

Series

2021-8

Class

A4

2.500%

due

12/25/51

(~)(Ê)(Þ)

481

423

Series

2021-8

Class

A6

2.500%

due

12/25/51

(~)(Ê)(Þ)

2,302

2,103

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

2,891

2,552

Series

2021-14

Class

A4

2.500%

due

05/25/52

(~)(Ê)(Þ)

1,354

1,188

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

1,399

1,217

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

613

532

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

866

769

Series

2023-HE2

Class

A1

7.016%

due

03/25/54

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

1,873

1,889

Series

2024-HE1

Class

A1

6.820%

due

08/25/54

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

1,206

1,213

Series

2024-HE2

Class

A1

6.524%

due

10/25/54

(SOFR

30

Day

Average

+

1.200%)(Ê)(Þ)

862

862

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

0.951%

due

04/15/26

(USD

1

Month

LIBOR

+

0.801%)(Ê)(Þ)

4,917

4,874

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

1,883

1,478

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

10,103

94

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

6,248

16

Preston

Ridge

Partners

Mortgage

LLC

Series

2023-RCF1

Class

A1

4.000%

due

06/25/53

(~)(Ê)(Þ)

3,634

3,539

RCKT

Mortgage

Trust

Series

2024-CES2

Class

A1A

6.141%

due

04/25/44

(~)(Ê)(Þ)

2,267

2,280

Series

2024-CES3

Class

A1A

6.591%

due

05/25/44

(~)(Ê)(Þ)

1,746

1,770

Saluda

Grade

Alternative

Mortgage

Trust

Series

2024-FIG5

Class

A

6.255%

due

04/25/54

(~)(Ê)(Þ)

3,381

3,439

Sequoia

Mortgage

Trust

Series

2021-4

Class

A10

2.500%

due

06/25/51

(~)(Ê)(Þ)

1,574

1,433

Wells

Fargo

Commercial

Mortgage

Trust

Series

2021-SAVE

Class

A

4.562%

due

02/15/40

(USD

1

Month

LIBOR

+

1.150%)(Ê)(Þ)

2,955

2,927

289,037

Municipal

Bonds

-

0.0%

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

6.637%

due

04/01/57

378

425

7.055%

due

04/01/57

226

261

686

Non-US

Bonds

-

1.2%

Eurohome

UK

Mortgages

PLC

Series

2007-1

Class

A

0.477%

due

06/15/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

611

777

Eurosail-UK

PLC

Series

2007-2X

Class

A3C

0.930%

due

03/13/45

(SONIA

+

0.269%)(Ê)(Þ)

GBP

325

416

Series

2014-4X

Class

A3

1.252%

due

06/13/45

(SONIA

+

1.069%)(Ê)(Þ)

GBP

898

1,149

Great

Hall

Mortgages

PLC

Series

2007-1

Class

A2B

1.000%

due

03/18/39

(3

Month

EURIBOR

+

0.130%)(Ê)(Þ)

EUR

34

37

Ludgate

Funding

PLC

Series

2007-1

Class

A2A

0.638%

due

01/01/61

(GBP

3

Month

LIBOR

+

0.160%)(Ê)(Þ)

GBP

52

65

Parkmore

Point

RMBS

PLC

Series

2022-1A

Class

A

5.362%

due

07/25/45

(SONIA

+

1.500%)(Ê)(Þ)

GBP

1,091

1,409

Resloc

UK

PLC

Series

2007-1X

Class

A3B

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

227

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.241%

due

12/15/43

(GBP

3

Month

LIBOR

+

0.160%)(Ê)(Þ)

GBP

1,183

1,482

RMAC

Securities

No.

1

PLC

Series

2006-NS1X

Class

A2A

1.050%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

263

331

Series

2006-NS3X

Class

A2A

0.245%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

1,413

1,773

Series

2006-NS4X

Class

A3A

3.853%

due

06/12/44

(SONIA

+

0.289%)(Ê)(Þ)

GBP

692

871

Shamrock

Residential

Series

2022-2

Class

A

5.068%

due

02/24/71

(1

Month

EURIBOR

+

1.250%)(Ê)(Þ)

EUR

818

886

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

6.555%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

1.300%)(Ê)

(Þ)

GBP

496

633

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

Series

2024-1A

Class

A2

6.172%

due

05/28/39

(Þ)

GBP

2,090

2,724

12,553

United

States

Government

Treasuries

-

22.3%

United

States

Treasury

Notes

2.000%

due

08/15/25

9,316

9,064

0.250%

due

09/30/25

2,442

2,321

0.250%

due

10/31/25

5,785

5,483

2.250%

due

11/15/25

6,552

6,364

0.500%

due

02/28/26

5,170

4,862

1.625%

due

05/15/26

8,419

8,027

1.500%

due

08/15/26

9,281

8,785

6.750%

due

08/15/26

16,648

17,508

0.625%

due

03/31/27

5,327

4,863

2.375%

due

05/15/27

4,803

4,586

0.500%

due

05/31/27

4,958

4,487

0.625%

due

12/31/27

5,471

4,883

2.750%

due

02/15/28

6,391

6,123

1.125%

due

02/29/28

7,719

6,982

1.250%

due

03/31/28

8,137

7,378

2.875%

due

05/15/28

6,246

5,999

1.250%

due

09/30/28

8,155

7,310

3.125%

due

11/15/28

6,937

6,706

1.500%

due

11/30/28

6,737

6,081

2.375%

due

05/15/29

4,850

4,519

4.000%

due

07/31/29

790

793

1.625%

due

08/15/29

3,558

3,187

4.000%

due

10/31/29

1,771

1,775

0.625%

due

05/15/30

5,001

4,146

0.625%

due

08/15/30

5,923

4,872

0.875%

due

11/15/30

6,400

5,315

1.125%

due

02/15/31

4,248

3,566

1.625%

due

05/15/31

4,069

3,506

4.125%

due

07/31/31

40

40

1.250%

due

08/15/31

4,753

3,963

1.875%

due

02/15/32

4,959

4,278

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

02/15/33

7,275

6,995

4.500%

due

11/15/33

5,382

5,567

4.000%

due

02/15/34

1,900

1,892

4.375%

due

05/15/34

1,275

1,308

1.125%

due

08/15/40

3,097

1,961

1.375%

due

11/15/40

3,563

2,335

1.875%

due

02/15/41

5,777

4,095

2.250%

due

05/15/41

2,192

1,642

1.750%

due

08/15/41

5,808

3,979

2.750%

due

11/15/42

3,977

3,146

3.750%

due

11/15/43

1,515

1,379

4.625%

due

05/15/44

7,260

7,456

3.125%

due

08/15/44

1,692

1,395

2.875%

due

08/15/45

3,070

2,409

3.000%

due

02/15/48

3,342

2,625

3.125%

due

05/15/48

3,256

2,613

3.375%

due

11/15/48

1,567

1,313

1.250%

due

05/15/50

4,019

2,064

1.375%

due

08/15/50

1,126

596

1.625%

due

11/15/50

4,172

2,363

1.875%

due

02/15/51

4,234

2,557

2.000%

due

08/15/51

4,074

2,528

1.875%

due

11/15/51

3,879

2,328

2.250%

due

02/15/52

2,073

1,366

3.625%

due

05/15/53

1,856

1,631

4.250%

due

02/15/54

980

964

4.625%

due

05/15/54

2,610

2,733

239,012

Total

Long-Term

Investments

(cost

$1,002,059)

988,989

Short-Term

Investments

-

16.3%

Barclays

PLC

3.650%

due

03/16/25

1,405

1,389

Bayer

US

Finance

LLC

3.375%

due

10/08/24

(Þ)

360

358

Celanese

US

Holdings

LLC

6.050%

due

03/15/25

491

491

CenterPoint

Energy,

Inc.

2.500%

due

09/01/24

730

728

Credit

Suisse

AG

3.625%

due

09/09/24

865

863

Dominion

Energy,

Inc.

3.071%

due

08/15/24

(~)(Ê)

580

580

General

Motors

Financial

Co.,

Inc.

2.750%

due

06/20/25

735

718

HCA,

Inc.

5.375%

due

02/01/25

420

419

Hyundai

Capital

America

5.800%

due

06/26/25

(Þ)

470

472

JPMorgan

Chase

&

Co.

7.750%

due

07/15/25

260

266

Nasdaq,

Inc.

5.650%

due

06/28/25

785

787

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

228

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Principal

Life

Global

Funding

II

2.250%

due

11/21/24

(Þ)

820

812

Societe

Generale

SA

2.625%

due

01/22/25

(Þ)

1,630

1,605

U.S.

Cash

Management

Fund(@)

150,137,549(∞)

150,108

UBS

Group

AG

Series

WI

3.750%

due

03/26/25

1,175

1,162

United

States

Treasury

Bills

0.000%

due

08/01/24

(ç)(ž)

100

100

5.352%

due

09/10/24

(ç)(ž)

6,326

6,289

United

States

Treasury

Notes

4.514%

coupon

due

07/31/25

7,782

7,446

Total

Short-Term

Investments

(cost

$174,628)

174,593

Other

Securities

-

0.0%

U.S.

Cash

Collateral

Fund(@)(×)

498,82

6(∞)

499

Total

Other

Securities

(cost

$499)

499

Total

Investments

-

108.7%

(identified

cost

$1,177,186)

1,164,081

Other

Assets

and

Liabilities,

Net

-

(8.7)%

(93,426)

Net

Assets

-

100.0%

1,070,655

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

229

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

23.7%

ABN

AMRO

Bank

NV

12/07/21

515,000

99.80

514

510

AES

Panama

Generation

Holdings

SRL

08/04/22

145,735

88.69

129

129

Aircastle,

Ltd.

07/15/24

760,000

99.64

757

765

Alimentation

Couche-Tard,

Inc.

01/23/18

176,000

98.18

173

170

American

Tower

Trust

#1

06/09/23

5,790,000

100.94

5,844

5,890

Anglo

American

Capital

PLC

04/03/24

640,000

99.66

638

653

Apollo

Management

Holdings,

LP

05/24/16

810,000

97.97

794

801

Arbor

Realty

CLO,

Ltd.

11/23/22

3,199,696

96.92

3,101

3,176

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

06/14/23

346,227

97.72

338

343

Athene

Global

Funding

12/04/20

1,900,000

96.74

1,838

1,811

Athene

Global

Funding

02/20/24

930,000

100.00

930

937

Avolon

Holdings

Funding,

Ltd.

12/05/23

1,190,000

100.26

1,193

1,230

Avolon

Holdings

Funding,

Ltd.

01/16/24

840,000

99.22

833

855

Avolon

Holdings

Funding,

Ltd.

05/08/24

960,000

99.22

953

978

AXIS

Equipment

Finance

Receivables

XIV

LLC

07/18/24

1,660,000

99.99

1,660

1,662

A

XIS

Equipment

Finance

Receivables

XIV

LLC

07/23/24

1,205,000

100.15

1,207

1,207

BAE

Systems

PLC

03/19/24

1,295,000

99.49

1,288

1,312

Banco

de

Bogota

SA

05/06/24

532,000

94.14

501

507

Banco

de

Credito

del

Peru

04/16/24

549,000

92.41

507

516

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Inbursa

06/04/24

539,000

96.52

520

524

Barings

CLO,

Ltd.

06/05/24

1,946,597

100.17

1,950

1,948

Bayer

US

Finance

LLC

06/18/18

360,000

99.74

359

358

BDS,

Ltd.

11/15/22

666,840

98.99

660

662

Bellemeade

Re,

Ltd.

09/27/21

1,461,000

99.14

1,448

1,459

Bellemeade

Re,

Ltd.

09/23/22

2,358,000

100.00

2,358

2,411

Bellemeade

Re,

Ltd.

02/15/23

871,256

97.67

851

873

Bellemeade

Re,

Ltd.

10/18/23

810,000

100.00

810

817

Berry

Global,

Inc.

02/06/23

157,000

98.63

155

155

BNP

Paribas

SA

10/17/23

132,000

96.56

127

130

BNP

Paribas

SA

11/28/23

740,000

100.00

740

775

BNP

Paribas

SA

02/12/24

850,000

100.00

850

862

BNP

Paribas

SA

05/06/24

405,000

97.80

396

400

Boeing

Co.

(The)

04/29/24

1,475,000

100.00

1,475

1,548

Boeing

Co.

(The)

04/29/24

1,610,000

100.00

1,610

1,665

BPCE

SA

01/10/23

1,945,000

99.89

1,943

1,962

Brighthouse

Financial

Global

Funding

04/04/24

1,200,000

99.97

1,200

1,209

British

Airways

Pass-Through

Trust

11/17/20

207,140

100.00

207

198

Broadcom,

Inc.

11/14/22

508,000

93.35

474

490

Broadcom,

Inc.

07/31/23

396,000

75.58

299

312

Broadcom,

Inc.

09/15/23

1,110,000

86.74

963

980

Brooklyn

Union

Gas

Co.

(The)

07/15/24

1,145,000

100.00

1,145

1,173

BX

Trust

01/24/24

7,432,000

99.76

7,414

7,399

BX

Trust

05/02/24

2,541,784

99.75

2,536

2,534

BX

Trust

05/02/24

3,698,688

99.75

3,690

3,687

CAMB

Commercial

Mortgage

Trust

01/25/19

3,188,000

100.00

3,188

3,184

CAMB

Commercial

Mortgage

Trust

10/22/21

2,617,000

102.69

2,687

2,175

Cantor

Fitzgerald,

LP

12/02/22

605,000

95.77

579

593

Cencosud

SA

12/11/23

558,000

95.08

531

538

Chase

Home

Lending

Mortgage

Trust

07/22/20

1,010,640

100.00

1,011

1,023

Chase

Home

Lending

Mortgage

Trust

01/25/24

3,732,196

100.39

3,747

3,762

Chile

Electricity

Lux

MPC

SARL

08/14/23

1,466,800

100.08

1,468

1,498

CIFC

Funding,

Ltd.

06/05/24

746,083

100.23

748

748

Citadel

Finance

LLC

03/03/21

590,000

99.84

589

569

Citadel,

LP

09/11/19

625,000

99.90

624

618

Citigroup

Commercial

Mortgage

Trust

03/06/19

2,427,000

0.99

2,399

2,271

CLI

Funding

IX

LLC

07/24/24

1,620,000

100.50

1,628

1,646

Coca-Cola

Icecek

AS

07/12/24

280,000

93.26

261

264

Columbia

Pipelines

Operating

Co.

LLC

10/17/23

104,000

94.82

99

113

Cooperatieve

Rabobank

UA

03/30/22

1,365,000

89.89

1,227

1,246

Credit

Agricole

SA

06/17/21

281,000

99.34

279

265

Credit

Agricole

SA

09/13/23

109,000

90.22

98

103

Danske

Bank

A/S

09/15/23

1,592,000

99.99

1,592

1,598

Danske

Bank

A/S

09/19/23

1,755,000

100.00

1,755

1,775

DBGS

Mortgage

Trust

04/03/19

1,961,000

101.04

1,981

1,450

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

04/16/24

518,000

96.46

500

513

DK

Trust

03/01/24

2,292,000

100.00

2,292

2,273

DLLAA

LLC

07/25/23

2,059,000

100.00

2,059

2,114

DNB

Bank

ASA

12/02/22

361,000

92.03

332

339

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

230

Investment

Grade

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Eagle

RE,

Ltd.

12/05/22

824,819

99.21

818

826

Eagle

RE,

Ltd.

04/19/23

2,001,000

101.95

2,040

2,042

Eagle

RE,

Ltd.

09/20/23

2,629,000

100.00

2,629

2,645

Eagle

RE,

Ltd.

09/26/23

6,190,000

103.78

6,424

6,354

East

Ohio

Gas

Co.

(The)

07/12/24

445,000

63.09

281

282

Electricite

de

France

SA

04/15/24

235,000

99.90

235

244

Electricite

de

France

SA

04/16/24

1,000,000

91.78

918

970

Element

Fleet

Management

Corp.

07/28/23

479,000

100.35

481

488

ELP

Commercial

Mortgage

Trust

09/19/23

3,542,876

97.73

3,463

3,484

Enel

Finance

America

LLC

07/31/23

289,000

104.19

301

307

Enel

Finance

International

NV

07/27/23

286,000

92.10

263

268

Enel

Finance

International

NV

07/12/24

214,000

94.67

203

204

Eni

USA,

Inc.

05/08/24

720,000

98.83

712

729

Eurohome

UK

Mortgages

PLC

03/18/24

GBP

610,827

126.03

770

777

Eurosail-UK

PLC

11/23/22

GBP

898,468

118.68

1,066

1,149

Eurosail-UK

PLC

10/25/23

GBP

324,668

116.87

379

416

F&G

Global

Funding

11/14/22

1,245,000

95.30

1,186

1,162

Fairfax

Financial

Holdings,

Ltd.

03/19/24

575,000

99.74

573

591

Farmers

Exchange

Capital

III

10/12/16

290,000

99.17

288

244

Federation

des

Caisses

Desjardins

du

Quebec

11/14/22

1,455,000

99.39

1,446

1,444

Ferguson

Finance

PLC

03/06/24

545,000

97.85

533

535

FIGRE

Trust

04/28/23

713,728

99.42

710

718

FIGRE

Trust

04/02/24

2,891,411

100.03

2,892

2,927

FIGRE

Trust

07/19/24

845,174

101.28

856

858

GA

Global

Funding

Trust

12/02/22

1,090,000

96.77

1,055

1,035

Galaxy

Pipeline

Assets

Bidco,

Ltd.

12/02/22

1,548,912

95.46

1,479

1,462

Galaxy

Pipeline

Assets

Bidco,

Ltd.

09/20/23

741,782

79.32

588

603

Great

Hall

Mortgages

PLC

07/22/22

EUR

34,374

100.68

35

37

Greensaif

Pipelines

Bidco

SARL

07/17/24

690,000

100.00

690

689

GS

Mortgage

Securities

Trust

08/04/23

2,328,000

95.99

2,235

2,279

Harley-Davidson

Financial

Services,

Inc.

04/16/24

488,000

100.75

492

504

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

06/05/24

550,000

99.69

548

554

HF

Sinclair

Corp.

02/23/24

1,195,000

96.82

1,157

1,177

HGI

CRE

CLO,

Ltd.

09/17/21

2,249,741

97.81

2,201

2,230

Hyundai

Capital

America

06/21/23

470,000

99.95

470

472

Hyundai

Capital

America

01/03/24

805,000

99.67

802

817

Hyundai

Capital

Services,

Inc.

01/29/24

915,000

99.62

912

922

Imperial

Brands

Finance

PLC

08/01/23

517,000

95.88

496

501

Indianapolis

Power

&

Light

Co.

03/07/24

395,000

99.85

394

399

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

308,000

94.40

291

293

InRetail

Consumer

12/11/23

272,000

89.06

242

248

International

Flavors

&

Fragrances,

Inc.

07/24/24

595,000

90.76

540

540

Intesa

Sanpaolo

SpA

12/08/23

514,000

101.12

520

525

JDE

Peet's

NV

02/07/24

601,000

91.44

550

551

Jersey

Central

Power

&

Light

Co.

07/27/23

244,000

97.90

239

241

JPMorgan

Chase

Mortgage

Trust

06/22/23

2,010,842

100.00

2,011

2,030

JPMorgan

Mortgage

Trust

03/30/21

158,641

101.96

162

140

JPMorgan

Mortgage

Trust

06/24/21

2,302,496

102.38

2,357

2,103

JPMorgan

Mortgage

Trust

02/24/22

612,739

97.63

598

532

JPMorgan

Mortgage

Trust

04/27/22

865,926

95.80

830

769

JPMorgan

Mortgage

Trust

07/20/22

3,002,606

101.62

3,051

2,752

JPMorgan

Mortgage

Trust

01/19/23

1,399,340

89.93

1,258

1,217

JPMorgan

Mortgage

Trust

01/30/23

2,027,992

89.15

1,808

1,782

JPMorgan

Mortgage

Trust

01/31/23

480,648

89.30

429

423

JPMorgan

Mortgage

Trust

04/20/23

1,354,222

88.36

1,197

1,188

JPMorgan

Mortgage

Trust

04/20/23

2,891,409

88.38

2,555

2,552

JPMorgan

Mortgage

Trust

09/27/23

1,873,340

100.00

1,873

1,889

JPMorgan

Mortgage

Trust

02/27/24

1,206,478

100.00

1,206

1,213

JPMorgan

Mortgage

Trust

05/29/24

861,798

100.00

862

862

Juniper

Valley

Park

CLO,

Ltd.

06/28/24

4,210,000

100.00

4,210

4,211

KeySpan

Gas

East

Corp.

07/28/23

200,000

93.78

188

190

KKR

Group

Finance

Co.

III

LLC

11/29/22

880,000

92.63

815

817

Kubota

Credit

Owner

Trust

02/14/24

2,236,000

99.98

2,235

2,269

Kubota

Credit

Owner

Trust

06/18/24

830,000

99.99

830

841

LG

Energy

Solution,

Ltd.

06/04/24

363,000

100.18

364

366

Ludgate

Funding

PLC

01/25/24

GBP

51,771

123.40

64

65

Madison

Park

Funding

XVII,

Ltd.

06/20/24

2,171,681

100.13

2,174

2,172

Massachusetts

Mutual

Life

Insurance

Co.

11/18/21

1,730,000

77.10

1,334

1,082

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

231

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

MasTec,

Inc.

02/07/24

112,000

94.32

106

108

Mattel,

Inc.

07/31/23

551,000

95.61

527

533

MF1

LLC

05/13/22

3,074,968

99.13

3,048

3,073

MF1

LLC

09/29/23

6,018,000

99.52

5,989

6,025

MF1

LLC

01/30/24

2,102,000

99.76

2,097

2,093

MHC

Commercial

Mortgage

Trust

04/06/21

4,917,495

99.36

4,886

4,874

MMAF

Equipment

Finance

LLC

01/17/24

1,500,000

99.99

1,500

1,519

MMAF

Equipment

Finance

LLC

07/08/24

1,290,000

96.30

1,242

1,245

Monongahela

Power

Co.

09/12/23

795,000

99.53

791

826

Monongahela

Power

Co.

09/15/23

975,000

95.13

928

941

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

6,248,000

0.25

16

16

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

10,103,000

0.93

94

94

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

05/09/18

1,883,000

97.66

1,839

1,478

Nationwide

Mutual

Insurance

Co.

09/15/23

445,000

123.42

549

578

New

York

Life

Global

Funding

06/06/23

970,000

99.32

963

979

New

York

Life

Insurance

Co.

04/08/20

195,000

99.44

194

149

New

York

State

Electric

&

Gas

Corp.

01/10/24

407,000

95.31

388

388

Newmont

Corp.

03/04/24

965,000

99.69

962

988

NGPL

PipeCo

LLC

10/02/19

297,000

123.91

368

348

Nissan

Motor

Acceptance

Corp.

02/07/24

258,000

93.92

242

243

NRG

Energy,

Inc.

04/16/24

558,000

90.14

503

512

Nuveen

LLC

04/08/24

795,000

99.89

794

815

Oaktown

Re

VI,

Ltd.

04/14/21

437,919

100.00

438

439

Oaktown

Re,

Ltd.

08/23/23

832,605

101.61

846

845

OHA

Loan

Funding,

Ltd.

07/12/24

1,370,000

100.20

1,373

1,372

Ohio

National

Financial

Services,

Inc.

11/15/21

615,000

103.82

638

610

Oncor

Electric

Delivery

Co.

LLC

06/17/24

980,000

99.96

980

992

Open

Text

Corp.

08/01/23

290,000

101.52

294

301

Pacific

Life

Insurance

Co.

06/15/18

255,000

92.42

236

201

Parkmore

Point

RMBS

PLC

02/07/23

GBP

1,091,371

118.44

1,293

1,409

Pennsylvania

Electric

Co.

07/27/23

164,000

99.15

163

164

Preston

Ridge

Partners

Mortgage

LLC

06/09/23

3,633,976

93.94

3,414

3,539

Principal

Life

Global

Funding

II

04/20/22

820,000

99.33

814

812

Prosus

NV

08/01/23

260,000

96.62

251

253

Radnor

RE,

Ltd.

11/05/21

7,028

100.00

7

7

RCKT

Mortgage

Trust

02/15/24

1,654,378

99.99

1,654

1,660

RCKT

Mortgage

Trust

03/19/24

2,267,112

99.99

2,267

2,280

RCKT

Mortgage

Trust

06/27/24

1,745,908

100.93

1,762

1,770

Reliance

Industries,

Ltd.

02/07/24

527,000

95.76

505

509

Resloc

UK

PLC

11/15/22

GBP

1,183,296

113.15

1,339

1,482

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

03/30/21

395,000

98.34

388

346

RMAC

Securities

No.

1

PLC

04/15/21

GBP

691,648

133.61

924

871

RMAC

Securities

No.

1

PLC

04/15/21

GBP

262,787

134.57

354

331

RMAC

Securities

No.

1

PLC

11/28/22

GBP

1,413,477

117.91

1,667

1,773

Saluda

Grade

Alternative

Mortgage

Trust

02/07/24

1,082,152

102.10

1,105

1,107

Saluda

Grade

Alternative

Mortgage

Trust

04/05/24

3,380,532

100.00

3,380

3,439

Saudi

Arabian

Oil

Co.

08/01/23

336,000

88.24

296

296

Saudi

Arabian

Oil

Co.

07/10/24

795,000

97.46

775

780

Saudi

Government

International

Bond

01/08/24

1,140,000

97.81

1,115

1,117

Scentre

Group

Trust

1

/

Scentre

Group

Trust

2

05/19/20

1,550,000

97.81

1,516

1,519

Scentre

Group

Trust

2

09/16/20

945,000

100.00

945

919

SCF

Equipment

Leasing

06/03/24

1,617,000

99.99

1,617

1,643

Sequoia

Mortgage

Trust

05/06/21

1,573,514

102.51

1,613

1,433

Shamrock

Residential

11/20/23

EUR

817,849

109.37

894

886

SK

Hynix,

Inc.

01/10/24

543,000

94.10

511

515

Smithfield

Foods,

Inc.

06/04/24

182,000

96.46

176

177

Societe

Generale

SA

09/15/23

685,000

96.54

661

694

Societe

Generale

SA

11/06/23

113,000

90.57

102

106

Societe

Generale

SA

11/08/23

1,630,000

98.83

1,611

1,605

Societe

Generale

SA

01/10/24

381,000

96.97

369

369

Societe

Generale

SA

02/07/24

89,000

92.98

83

84

Sodexo,

Inc.

11/06/23

380,000

93.36

355

358

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

06/21/23

2,190,000

99.72

2,184

2,190

Standard

Chartered

PLC

07/28/23

361,000

92.46

334

341

Standard

Chartered

PLC

07/31/23

160,000

100.76

161

162

Suzano

Austria

GmbH

10/17/23

446,000

99.62

444

449

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

496,354

140.62

698

633

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

232

Investment

Grade

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Tennessee

Gas

Pipeline

Co.

LLC

12/02/22

1,216,000

87.27

1,061

1,090

Texas

Eastern

Transmission,

LP

11/13/19

178,000

101.63

181

171

Towd

Point

HE

Trust

02/24/23

2,697,070

100.07

2,699

2,701

Towd

Point

Mortgage

Trust

08/17/20

378,151

101.67

384

364

Triton

Container

International,

Ltd.

04/06/21

1,215,000

95.96

1,166

1,145

UBS

Group

AG

11/14/22

455,000

90.82

413

489

UBS

Group

AG

01/02/24

1,010,000

99.99

1,010

1,033

UniCredit

SpA

12/11/23

151,000

91.80

139

142

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

05/17/24

GBP

2,090,000

127.07

2,656

2,724

Var

Energi

ASA

08/01/23

469,000

106.82

501

535

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

07/06/22

276,000

96.10

265

271

Vistra

Operations

Co.

LLC

05/06/24

553,000

95.33

527

534

Volkswagen

Group

of

America

Finance

LLC

11/17/20

1,715,000

96.30

1,652

1,634

Weir

Group

PLC

(The)

01/10/24

541,000

94.55

512

512

Wells

Fargo

Commercial

Mortgage

Trust

11/15/22

2,955,424

94.02

2,779

2,927

Wipro

IT

Services

LLC

07/31/23

277,000

92.95

257

260

Yara

International

ASA

12/06/22

260,000

96.42

251

254

253,268

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Long

Gilt

Futures

183

GBP

18,157

09/24

572

United

States

2

Year

Treasury

Note

Futures

502

USD

103,094

09/24

750

United

States

5

Year

Treasury

Note

Futures

437

USD

47,148

09/24

817

United

States

10

Year

Treasury

Note

Futures

846

USD

94,593

09/24

2,138

United

States

10

Year

Treasury

Ultra

Bond

Futures

1,116

USD

128,985

09/24

3,709

United

States

Treasury

Long

Bond

Futures

103

USD

12,441

09/24

317

United

States

Treasury

Ultra

Bond

Futures

179

USD

22,907

09/24

706

Short

Positions

Euro-Bund

Futures

185

EUR

24,740

09/24

(664)

Japanese

10

Year

Government

Bond

Futures

15

JPY

2,140,800

09/24

9

Japanese

10

Year

Mini

Government

Bond

Futures

3

JPY

42,831

09/24

—

Long

Gilt

Futures

9

GBP

893

09/24

(29)

United

States

2

Year

Treasury

Note

Futures

77

USD

15,813

09/24

(128)

United

States

5

Year

Treasury

Note

Futures

474

USD

51,140

09/24

(635)

United

States

10

Year

Treasury

Ultra

Bond

Futures

208

USD

24,040

09/24

(581)

United

States

Treasury

Long

Bond

Futures

111

USD

13,407

09/24

(313)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

6,668

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

Of

America

USD

69

GBP

54

08/12/24

—

Bank

Of

America

USD

3,246

GBP

2,500

08/12/24

(31)

Bank

Of

America

USD

3,524

NOK

37,689

08/08/24

(70)

Bank

Of

America

USD

3,488

NZD

5,914

08/08/24

31

HSBC

USD

3,852

GBP

3,040

08/08/24

56

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

233

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

HSBC

AUD

5,402

USD

3,533

08/08/24

—

JP

Morgan

Chase

CHF

2,385

USD

2,647

08/08/24

(71)

JP

Morgan

Chase

JPY

283,906

USD

1,767

08/08/24

(130)

Royal

Bank

Of

Canada

SEK

18,692

USD

1,763

08/08/24

17

Royal

Bank

Of

Canada

GBP

13,967

USD

17,883

08/12/24

(74)

State

Street

USD

92

CHF

81

08/08/24

1

State

Street

USD

1,125

EUR

1,041

08/08/24

2

State

Street

USD

1,400

GBP

1,092

08/08/24

3

State

Street

USD

1,545

JPY

238,614

08/08/24

48

State

Street

USD

124

NOK

1,358

08/08/24

1

State

Street

SEK

438

USD

41

08/08/24

—

State

Street

USD

2,575

GBP

2,000

08/12/24

(3)

State

Street

EUR

966

USD

1,045

08/12/24

(1)

Bank

of

New

York

USD

2,681

EUR

2,492

08/08/24

16

UBS

CHF

2,385

USD

2,647

08/08/24

(71)

Westpac

NZD

2,909

USD

1,764

08/08/24

33

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(243)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Long-Term

Investments

Asset-Backed

Securities

$

—

$

39,251

$

—

$

—

$

39,251

Corporate

Bonds

and

Notes

—

295,265

—

—

295,265

International

Debt

—

113,185

—

—

113,185

Mortgage-Backed

Securities

—

289,037

—

—

289,037

Municipal

Bonds

—

686

—

—

686

Non-US

Bonds

—

12,553

—

—

12,553

United

States

Government

Treasuries

—

239,012

—

—

239,012

Short-Term

Investments

—

24,485

—

150,108

174,593

Other

Securities

—

—

—

499

499

Total

Investments

—

1,013,474

—

150,607

1,164,081

Other

Financial

Instruments

Assets

Futures

Contracts

9,018

—

—

—

9,018

Foreign

Currency

Exchange

Contracts

—

208

—

—

208

Liabilities

Futures

Contracts

(2,350)

—

—

—

(2,350)

Foreign

Currency

Exchange

Contracts

—

(451)

—

—

(451)

Total

Other

Financial

Instruments

*

$

6,668

$

(243)

$

—

$

—

$

6,42

5

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

234

Investment

Grade

Bond

Fund

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

2,438

Belgium

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

2,920

Bermuda

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

19,863

Brazil

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

703

Canada

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

13,622

Cayman

Islands

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

12,308

Chile

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

2,561

China

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

253

Colombia

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

507

Denmark

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

3,373

Finland

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

551

France

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

8,927

Germany

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

4,099

India

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

769

Ireland

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

6,440

Italy

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

2,674

Japan

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

3,490

Jersey

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

6,935

Luxembourg

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

1,693

Mexico

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

817

Netherlands

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

2,844

Norway

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

874

Panama

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

129

Peru

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

764

Saudi

Arabia

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

2,882

South

Africa

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

653

South

Korea

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

1,803

Spain

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

2,437

Switzerland

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

3,547

Turkey

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

264

United

Arab

Emirates

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

2,065

United

Kingdom

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

29,777

United

States

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

1,021,099

Total

Investments

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

1,164,081

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

99,155

$

447,401

$

396,459

$

1

$

10

$

150,108

$

5,784

$

—

U.S.

Cash

Collateral

Fund

—

867

368

—

—

499

3

—

$

99,155

$

448,268

$

396,827

$

1

$

10

$

150,607

$

5,787

$

—

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

235

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

83.5%

Asset-Backed

Securities

-

12.5%

ACE

Securities

Corp.

Home

Equity

Loan

Trust

Series

2003-OP1

Class

M1

2.287%

due

12/25/33

(CME

Term

SOFR

1

Month

+

1.164%)(Ê)

162

163

AEP

Texas

Restoration

Funding

LLC

Series

2019-1

Class

A1

2.056%

due

02/01/27

169

168

American

Express

Credit

Account

Master

Trust

Series

2022-3

Class

A

3.750%

due

08/15/27

500

494

American

Homes

4

Rent

Trust

Series

2015-SFR1

Class

A

3.467%

due

04/17/45

(Þ)

1,168

1,150

AmeriCredit

Automobile

Receivables

Trust

Series

2022-2

Class

A3

4.380%

due

04/18/28

569

566

AMSR

Trust

Series

2020-SFR1

Class

A

1.819%

due

04/17/37

(Þ)

1,698

1,656

Series

2020-SFR2

Class

A

1.632%

due

07/17/37

(Þ)

1,141

1,100

Series

2020-SFR4

Class

A

1.355%

due

11/17/37

(Þ)

965

920

Series

2020-SFR5

Class

A

1.379%

due

11/17/37

(Þ)

482

460

Series

2021-SFR2

Class

A

1.527%

due

08/17/26

(Þ)

2,575

2,399

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

Series

2020-1A

Class

A

2.330%

due

08/20/26

(Þ)

930

906

Series

2022-3A

Class

A

4.620%

due

02/20/27

(Þ)

1,580

1,565

Series

2023-5A

Class

A

5.780%

due

04/20/28

(Þ)

890

905

Bank

of

America

Credit

Card

Trust

Series

2022-A2

Class

A2

5.000%

due

04/17/28

200

200

Series

2024-A1

Class

A

4.930%

due

05/15/29

280

283

Capital

One

Prime

Auto

Receivables

Trust

Series

2023-1

Class

A2

5.200%

due

05/15/26

91

91

Chase

Issuance

Trust

Series

2023-A1

Class

A

5.160%

due

09/15/28

1,085

1,098

Enterprise

Fleet

Financing

LLC

Series

2022-1

Class

A2

3.030%

due

01/20/28

(Þ)

114

113

FirstKey

Homes

Trust

Series

2020-SFR1

Class

A

1.339%

due

09/17/25

(Þ)

452

433

Series

2020-SFR2

Class

A

1.266%

due

10/19/37

(Þ)

516

492

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2022-SFR3

Class

A

4.250%

due

07/17/26

(Þ)

1,448

1,421

Ford

Credit

Auto

Owner

Trust

Series

2023-B

Class

A3

5.230%

due

05/15/28

770

773

GECU

Auto

Receivables

Trust

Series

2023-1A

Class

A3

5.630%

due

08/15/28

(Þ)

270

272

GoodGreen

Trust

Series

2021-1A

Class

A

2.660%

due

10/15/56

(Þ)

158

132

Hertz

Vehicle

Financing

III

LLC

Series

2023-4A

Class

A

6.150%

due

03/25/30

(Þ)

815

843

Hertz

Vehicle

Financing

III,

LP

Series

2021-2A

Class

A

1.680%

due

12/27/27

(Þ)

2,350

2,175

Series

2021-2A

Class

B

2.120%

due

12/27/27

(Þ)

250

231

Hertz

Vehicle

Financing

LLC

Series

2021-1A

Class

A

1.210%

due

12/26/25

(Þ)

488

482

Series

2022-2A

Class

A

2.330%

due

06/26/28

(Þ)

585

541

Hilton

Grand

Vacations

Trust

Series

2020-AA

Class

A

2.740%

due

02/25/39

(Þ)

110

106

HINNT

LLC

Series

2024-A

Class

A

5.490%

due

03/15/43

(Þ)

209

212

Home

Partners

of

America

Trust

Series

2020-2

Class

A

1.532%

due

01/17/41

(Þ)

491

430

Honda

Auto

Receivables

Owner

Trust

Series

2023-1

Class

A2

5.220%

due

10/21/25

211

211

Series

2023-3

Class

A2

5.710%

due

03/18/26

469

469

Series

2024-1

Class

A2

5.360%

due

09/15/26

550

550

Series

2024-2

Class

A2

5.480%

due

11/18/26

200

200

Hyundai

Auto

Receivables

Trust

Series

2022-C

Class

A2A

5.350%

due

11/17/25

97

97

Series

2023-A

Class

A3

4.580%

due

04/15/27

400

398

Series

2024-A

Class

A2A

5.290%

due

04/15/27

950

951

Invitation

Homes

Trust

Series

2018-SFR4

Class

A

6.208%

due

01/17/38

(USD

1

Month

LIBOR

+

1.100%)(Ê)(Þ)

929

930

John

Deere

Owner

Trust

Series

2024-A

Class

A2A

5.190%

due

02/16/27

1,125

1,125

JPMorgan

Mortgage

Acquisition

Trust

Series

2007-CH2

Class

MV2

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

236

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.389%

due

01/25/37

(USD

1

Month

LIBOR

+

0.300%)(Ê)

246

240

Lunar

Structured

Aircraft

Portfolio

Notes

Series

2021-1

Class

A

2.636%

due

10/15/46

(Þ)

193

174

M&T

Bank

Auto

Receivables

Trust

Series

2024

-A

Class

A3

5.220%

due

02/17/32

(Þ)

1,315

1,327

M&T

Equipment

Notes

Series

2023-1A

Class

A4

5.750%

due

07/15/30

(Þ)

280

284

Mercedes-Benz

Auto

Lease

Trust

Series

2023-A

Class

A4

4.710%

due

02/15/29

1,020

1,016

Merchants

Fleet

Funding

LLC

Series

2024-1A

Class

A

5.820%

due

04/20/37

(Þ)

300

303

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

Series

2004-HE3

Class

M1

2.092%

due

03/25/34

(CME

Term

SOFR

1

Month

+

0.969%)(Ê)

110

110

Navient

Private

Education

Refi

Loan

Trust

Series

2018-CA

Class

A2

3.520%

due

06/16/42

(Þ)

5

5

Series

2022-BA

Class

A

4.160%

due

10/15/70

(Þ)

182

176

Nelnet

Student

Loan

Trust

Series

2021-A

Class

A2

1.134%

due

04/20/62

(USD

1

Month

LIBOR

+

1.030%)(Ê)(Þ)

250

248

Nissan

Auto

Receivables

Owner

Trust

Series

2023-A

Class

A2A

5.340%

due

02/17/26

176

176

Series

2023-B

Class

A2A

5.950%

due

05/15/26

1,009

1,011

Pear

LLC

Series

2021-1

Class

A

2.600%

due

01/15/34

(Þ)

262

255

Progress

Residential

Trust

Series

2020-SFR3

Class

A

1.294%

due

10/17/27

(Þ)

390

388

Series

2021-SFR2

Class

A

1.546%

due

04/19/38

(Þ)

430

405

Series

2021-SFR4

Class

A

1.558%

due

05/17/38

(Þ)

806

759

Series

2021-SFR5

Class

A

1.427%

due

07/17/38

(Þ)

183

171

Series

2022-SFR4

Class

A

4.438%

due

05/17/41

(Þ)

810

793

RCKT

Mortgage

Trust

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

1,297

1,301

SFS

Auto

Receivables

Securitization

Trust

Series

2024-1A

Class

A3

4.950%

due

05/21/29

(Þ)

170

171

SLM

Student

Loan

Trust

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2006-B

Class

A5

0.782%

due

12/15/39

(CME

Term

SOFR

3

Month

+

0.532%)(Ê)

182

177

Series

2011-3

Class

A

6.538%

due

08/27/40

(SOFR

30

Day

Average

+

1.214%)(Ê)

194

195

SMB

Private

Education

Loan

Trust

Series

2023-B

Class

A1B

7.137%

due

10/16/56

(SOFR

30

Day

Average

+

2.150%)(Ê)(Þ)

245

250

Series

2024-A

Class

A1A

5.240%

due

03/15/56

(Þ)

223

226

STAR

Trust

Series

2022-SFR3

Class

A

6.726%

due

05/17/39

(CME

Term

SOFR

1

Month

+

1.650%)(Ê)(Þ)

1,632

1,634

Towd

Point

HE

Trust

Series

2023-1

Class

A1A

6.875%

due

02/25/63

(Þ)

1,271

1,273

Towd

Point

Mortgage

Trust

Series

2018-2

Class

A1

3.250%

due

03/25/58

(~)(Ê)(Þ)

40

39

Series

2024-CES1

Class

A1A

5.848%

due

01/25/64

(~)(Ê)(Þ)

1,410

1,411

Toyota

Auto

Loan

Extended

Note

Trust

Series

2024-1A

Class

A

5.160%

due

11/25/36

(Þ)

250

256

Toyota

Auto

Receivables

Owner

Trust

Series

2022-D

Class

A3

5.300%

due

09/15/27

1,240

1,243

Series

2023-B

Class

A2A

5.280%

due

05/15/26

739

738

Series

2024-A

Class

A2A

5.130%

due

12/15/26

290

289

Series

2024-C

Class

A3

4.880%

due

03/15/29

1,165

1,171

Tricon

American

Homes

Trust

Series

2020-SFR2

Class

A

1.482%

due

11/17/39

(Þ)

1,601

1,440

Tricon

Residential

Trust

Series

2024-SFR2

Class

A

4.750%

due

06/17/40

(Þ)

750

743

Trinital

CLO,

Ltd.

Series

2018-9A

Class

ARRR

1.000%

due

01/20/32

(Þ)

910

910

49,019

Corporate

Bonds

and

Notes

-

35.3%

AbbVie,

Inc.

4.800%

due

03/15/27

240

242

AEP

Texas,

Inc.

Series

WI

3.950%

due

06/01/28

603

583

Air

Lease

Corp.

5.300%

due

02/01/28

40

41

Aircastle

,

Ltd.

4.250%

due

06/15/26

507

498

2.850%

due

01/26/28

(Þ)

231

212

Alaska

Airlines

Pass-Through

Trust

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

237

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.800%

due

08/15/27

(Þ)

468

462

Alcoa,

Inc.

6.750%

due

01/15/28

551

580

Ally

Financial,

Inc.

6.992%

due

06/13/29

(SOFR

+

3.260%)(Ê)

419

441

Alphabet,

Inc.

0.800%

due

08/15/27

1,800

1,629

Altria

Group,

Inc.

4.400%

due

02/14/26

360

357

Amazon.com,

Inc.

1.000%

due

05/12/26

90

85

3.300%

due

04/13/27

20

19

American

Airlines

Group,

Inc.

8.500%

due

05/15/29

(Þ)

90

93

American

Express

Co.

1.650%

due

11/04/26

1,900

1,774

5.645%

due

04/23/27

(SOFR

+

0.750%)(Ê)

20

20

5.389%

due

07/28/27

(SOFR

+

0.970%)(Ê)

970

979

5.098%

due

02/16/28

(SOFR

+

1.000%)(Ê)

455

457

Aon

Corp.

5.150%

due

03/01/29

170

173

Apple,

Inc.

Series

0002

3.350%

due

02/09/27

1,300

1,269

Ares

Capital

Corp.

3.875%

due

01/15/26

482

470

2.875%

due

06/15/28

181

163

Asian

Development

Bank

Series

GMTN

1.500%

due

01/20/27

160

150

AT&T,

Inc.

1.700%

due

03/25/26

2,150

2,042

Avery

Dennison

Corp.

4.875%

due

12/06/28

590

591

Bank

of

America

Corp.

2.015%

due

02/13/26

(CME

Term

SOFR

3

Month

+

0.902%)(Ê)

810

795

3.384%

due

04/02/26

(SOFR

+

1.330%)(Ê)

1,100

1,085

1.197%

due

10/24/26

(SOFR

+

1.010%)(Ê)

631

600

1.734%

due

07/22/27

(SOFR

+

0.960%)(Ê)

280

263

Series

N

1.658%

due

03/11/27

(SOFR

+

0.910%)(Ê)

1,505

1,426

Bank

of

New

York

Mellon

Corp.

(The)

4.414%

due

07/24/26

(SOFR

+

1.345%)(Ê)

1,200

1,190

3.992%

due

06/13/28

(SOFR

+

1.151%)(Ê)

240

235

BankUnited

,

Inc.

4.875%

due

11/17/25

578

573

Barings

BDC,

Inc.

Series

WI

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.300%

due

11/23/26

623

583

Becton

Dickinson

&

Co.

Series

WI

6.700%

due

12/01/26

175

182

Berry

Global,

Inc.

Series

WI

1.570%

due

01/15/26

621

590

BlackRock

TCP

Capital

Corp.

2.850%

due

02/09/26

752

717

Boeing

Co.

(The)

2.196%

due

02/04/26

505

481

2.800%

due

03/01/27

709

663

BorgWarner,

Inc.

5.000%

due

10/01/25

(Þ)

710

706

Bristol-Myers

Squibb

Co.

0.750%

due

11/13/25

290

276

4.950%

due

02/20/26

40

40

4.900%

due

02/22/27

2,135

2,155

Broadcom,

Inc.

1.950%

due

02/15/28

(Þ)

705

642

Series

WI

3.150%

due

11/15/25

322

315

Caesars

Entertainment,

Inc.

8.125%

due

07/01/27

(Þ)

90

92

Capital

One

Financial

Corp.

4.927%

due

05/10/28

(SOFR

+

2.057%)(Ê)

589

587

Cardinal

Health,

Inc.

5.125%

due

02/15/29

160

162

Cargill,

Inc.

4.875%

due

10/10/25

(Þ)

1,300

1,301

0.750%

due

02/02/26

(Þ)

190

179

Carnival

Corp.

10.375%

due

05/01/28

(Þ)

80

87

Caterpillar

Financial

Services

Corp.

4.800%

due

01/06/26

1,765

1,768

CDW

LLC

/

CDW

Finance

Corp.

4.250%

due

04/01/28

609

589

Centene

Corp.

Series

WI

4.250%

due

12/15/27

60

58

CenterPoint

Energy

Houston

Electric

LLC

5.200%

due

10/01/28

200

204

Charles

Schwab

Corp.

(The)

5.875%

due

08/24/26

60

61

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6.150%

due

11/10/26

567

578

Chevron

Corp.

0.687%

due

08/12/25

200

192

2.954%

due

05/16/26

1,800

1,750

Citibank

NA

4.838%

due

08/06/29

300

301

Citigroup,

Inc.

5.500%

due

09/13/25

570

572

3.290%

due

03/17/26

(SOFR

+

1.528%)(Ê)

310

306

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

238

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

740

728

3.980%

due

03/20/30

(CME

Term

SOFR

3

Month

+

1.600%)(Ê)

695

668

CNH

Industrial

Capital

LLC

1.450%

due

07/15/26

765

716

Columbia

Pipelines

Holding

Co.

LLC

6.055%

due

08/15/26

(Þ)

210

213

6.042%

due

08/15/28

(Þ)

785

816

Comerica,

Inc.

4.000%

due

02/01/29

603

564

Conagra

Brands,

Inc.

1.375%

due

11/01/27

622

557

Concentrix

Corp.

6.600%

due

08/02/28

445

459

Connecticut

Light

&

Power

Co.

(The)

4.650%

due

01/01/29

90

90

Constellation

Brands,

Inc.

3.600%

due

02/15/28

429

412

Constellation

Energy

Generation

LLC

5.600%

due

03/01/28

191

196

Consumers

Energy

Co.

4.900%

due

02/15/29

665

674

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

190

179

Corebridge

Financial,

Inc

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.846%)(Ê)

133

135

Devon

Energy

Corp.

5.850%

due

12/15/25

80

81

Series

WI

5.250%

due

10/15/27

180

181

Diamondback

Energy,

Inc.

5.200%

due

04/18/27

70

71

DISH

DBS

Corp.

5.250%

due

12/01/26

(Þ)

20

17

DTE

Energy

Co.

4.950%

due

07/01/27

655

657

Eli

Lilly

&

Co.

4.500%

due

02/09/29

260

262

Energy

Transfer

Operating,

LP

5.550%

due

02/15/28

30

31

Enterprise

Products

Operating

LLC

3.700%

due

02/15/26

240

236

5.375%

due

02/15/78

(CME

Term

SOFR

3

Month

+

2.832%)(Ê)

184

174

EPR

Properties

Co.

4.750%

due

12/15/26

631

621

EQT

Corp.

3.125%

due

05/15/26

(Þ)

290

279

3.900%

due

10/01/27

190

184

5.000%

due

01/15/29

10

10

Equinix

,

Inc.

1.450%

due

05/15/26

350

329

1.550%

due

03/15/28

446

398

ERAC

USA

Finance

LLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.600%

due

05/01/28

(Þ)

375

375

Exxon

Mobil

Corp.

3.043%

due

03/01/26

1,800

1,757

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

568

594

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

619

589

Fifth

Third

Bancorp

6.361%

due

10/27/28

(SOFR

+

2.192%)(Ê)

538

557

FirstEnergy

Corp.

Series

A

1.600%

due

01/15/26

608

577

Florida

Power

&

Light

Co.

5.050%

due

04/01/28

425

432

5.150%

due

06/15/29

80

82

Ford

Motor

Credit

Co.

LLC

5.800%

due

03/05/27

445

449

4.950%

due

05/28/27

400

395

Fortinet,

Inc.

1.000%

due

03/15/26

310

291

Fortive

Corp.

Series

WI

3.150%

due

06/15/26

603

583

Franklin

BSP

Lending

Corp.

Series

WI

3.250%

due

03/30/26

642

611

FS

KKR

Capital

Corp.

3.400%

due

01/15/26

534

514

3.250%

due

07/15/27

205

190

GA

Global

Funding

Trust

1.625%

due

01/15/26

(Þ)

285

271

General

Motors

Financial

Co.,

Inc.

6.050%

due

10/10/25

560

566

1.250%

due

01/08/26

1,350

1,278

Georgia

Power

Co.

5.004%

due

02/23/27

180

182

Georgia-Pacific

LLC

0.950%

due

05/15/26

(Þ)

170

159

GFL

Environmental,

Inc.

5.125%

due

12/15/26

(Þ)

90

89

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

90

90

5.750%

due

06/01/28

500

506

Goldman

Sachs

Group,

Inc.

(The)

3.272%

due

09/29/25

(CME

Term

SOFR

3

Month

+

1.463%)(Ê)

570

568

5.414%

due

05/21/27

(SOFR

+

0.750%)(Ê)

890

896

4.387%

due

06/15/27

(SOFR

+

1.510%)(Ê)

310

306

5.727%

due

04/25/30

(SOFR

+

1.265%)(Ê)

150

155

Series

BKNT

5.283%

due

03/18/27

(SOFR

+

0.777%)(Ê)

20

20

Series

VAR

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

239

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.093%

due

12/09/26

(SOFR

+

0.789%)(Ê)

2,261

2,136

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

610

569

Haleon

US

Capital

LLC

Series

WI

3.375%

due

03/24/27

1,035

1,001

Harley-Davidson

Financial

Services,

Inc.

6.500%

due

03/10/28

(Þ)

463

479

HCA,

Inc.

5.200%

due

06/01/28

585

591

Hexcel

Corp.

3.950%

due

02/15/27

607

590

Highmark,

Inc.

1.450%

due

05/10/26

(Þ)

520

485

Highwoods

Properties,

Inc.

4.125%

due

03/15/28

644

614

Home

Depot,

Inc.

(The)

2.875%

due

04/15/27

20

19

4.875%

due

06/25/27

745

753

Humana,

Inc.

5.750%

due

12/01/28

300

311

Hyundai

Capital

America

5.950%

due

09/21/26

(Þ)

20

20

5.275%

due

06/24/27

(Þ)

170

172

Jackson

National

Life

Global

Funding

3.050%

due

04/29/26

(Þ)

650

626

John

Deere

Capital

Corp.

5.150%

due

09/08/26

1,725

1,743

JPMorgan

Chase

&

Co.

2.083%

due

04/22/26

(SOFR

+

1.850%)(Ê)

190

186

1.040%

due

02/04/27

(CME

Term

SOFR

3

Month

+

0.695%)(Ê)

1,365

1,286

1.578%

due

04/22/27

(SOFR

+

0.885%)(Ê)

1,065

1,005

5.040%

due

01/23/28

(SOFR

+

1.190%)(Ê)

845

849

4.979%

due

07/22/28

(SOFR

+

0.930%)(Ê)

790

794

Juniper

Networks,

Inc.

1.200%

due

12/10/25

764

723

Kenvue

,

Inc.

Series

WI

5.350%

due

03/22/26

90

91

5.050%

due

03/22/28

30

31

KeyCorp

4.700%

due

01/26/26

535

529

2.250%

due

04/06/27

606

561

Series

BKNT

3.400%

due

05/20/26

568

546

KeySpan

Gas

East

Corp.

2.742%

due

08/15/26

(Þ)

607

578

L3Harris

Technologies,

Inc.

5.400%

due

01/15/27

1,245

1,263

Las

Vegas

Sands

Corp.

3.500%

due

08/18/26

738

711

5.900%

due

06/01/27

210

213

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lehman

Brothers

Holdings

Capital

Trust

VII

5.857%

due

11/29/49

(Æ)(Ø)(Š)

270

—

Lennox

International,

Inc.

5.500%

due

09/15/28

541

555

LKQ

Corp.

Series

WI

5.750%

due

06/15/28

566

579

Lowe's

Cos.,

Inc.

4.400%

due

09/08/25

565

561

Main

Street

Capital

Corp.

3.000%

due

07/14/26

661

625

Manufacturers

&

Traders

Trust

Co.

4.650%

due

01/27/26

718

711

Masco

Corp.

1.500%

due

02/15/28

720

644

MasTec

,

Inc.

4.500%

due

08/15/28

(Þ)

550

532

Mattel,

Inc.

3.375%

due

04/01/26

(Þ)

607

587

Met

Tower

Global

Funding

1.250%

due

09/14/26

(Þ)

985

916

Microsoft

Corp.

3.125%

due

11/03/25

1,135

1,114

Monongahela

Power

Co.

3.550%

due

05/15/27

(Þ)

440

425

Morgan

Stanley

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

1,160

1,133

4.679%

due

07/17/26

(SOFR

+

1.669%)(Ê)

915

909

0.985%

due

12/10/26

(SOFR

+

0.720%)(Ê)

585

552

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

493

464

5.123%

due

02/01/29

(SOFR

+

1.730%)(Ê)

330

333

5.656%

due

04/18/30

(SOFR

+

1.260%)(Ê)

140

144

Morgan

Stanley

Bank

NA

Series

BKNT

4.754%

due

04/21/26

260

260

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

608

591

MPLX,

LP

1.750%

due

03/01/26

1,375

1,307

Mutual

of

Omaha

Insurance

Co.

5.800%

due

07/27/26

(Þ)

435

440

National

Fuel

Gas

Co.

5.500%

due

01/15/26

571

573

National

Securities

Clearing

Corp.

0.750%

due

12/07/25

(Þ)

340

322

NCL

Corp.,

Ltd.

8.375%

due

02/01/28

(Þ)

60

63

8.125%

due

01/15/29

(Þ)

30

32

Nestle

Holdings,

Inc.

5.250%

due

03/13/26

(Þ)

1,500

1,516

NextEra

Energy

Capital

Holdings,

Inc.

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

240

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.749%

due

09/01/25

20

20

NGPL

PipeCo

LLC

4.875%

due

08/15/27

(Þ)

536

531

NiSource,

Inc.

0.950%

due

08/15/25

435

417

Nissan

Motor

Acceptance

Corp.

2.000%

due

03/09/26

(Þ)

702

662

Northwestern

Mutual

Life

Insurance

Co.

(The)

0.800%

due

01/14/26

(Þ)

570

539

NRG

Energy,

Inc.

2.000%

due

12/02/25

(Þ)

628

600

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

687

634

Occidental

Petroleum

Corp.

5.550%

due

03/15/26

30

30

3.400%

due

04/15/26

197

191

3.000%

due

02/15/27

30

28

5.000%

due

08/01/27

710

712

Omega

Healthcare

Investors,

Inc.

4.750%

due

01/15/28

607

597

Oncor

Electric

Delivery

Co.

LLC

Series

WI

0.550%

due

10/01/25

210

200

ONEOK,

Inc.

5.550%

due

11/01/26

140

142

5.650%

due

11/01/28

110

113

Oracle

Corp.

1.650%

due

03/25/26

170

161

4.500%

due

05/06/28

40

40

Owl

Rock

Capital

Corp.

4.250%

due

01/15/26

559

548

2.875%

due

06/11/28

185

167

PACCAR

Financial

Corp.

3.550%

due

08/11/25

2,270

2,239

Pacific

Gas

and

Electric

Co.

3.000%

due

06/15/28

656

612

5.550%

due

05/15/29

100

102

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

525

525

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

1.200%

due

11/15/25

(Þ)

183

174

Philip

Morris

International,

Inc.

0.875%

due

05/01/26

70

65

4.750%

due

02/12/27

200

201

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

138

151

Pioneer

Natural

Resources

Co.

1.125%

due

01/15/26

330

314

PNC

Financial

Services

Group,

Inc.

(The)

5.812%

due

06/12/26

(SOFR

+

1.322%)(Ê)

160

161

6.615%

due

10/20/27

(SOFR

+

1.730%)(Ê)

561

581

5.300%

due

01/21/28

(SOFR

+

1.342%)(Ê)

1,085

1,095

PPG

Industries,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.200%

due

03/15/26

100

94

Procter

&

Gamble

Co.

(The)

2.800%

due

03/25/27

1,800

1,734

Prospect

Capital

Corp.

3.706%

due

01/22/26

(Ñ)

602

579

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

3

Month

LIBOR

+

2.665%)(Ê)

612

603

Radian

Group,

Inc.

4.875%

due

03/15/27

609

602

Raytheon

Technologies

Corp.

3.950%

due

08/16/25

130

129

Regal

Rexnord

Corp.

Series

WI

6.050%

due

02/15/26

1,068

1,076

Roche

Holding

AG

4.790%

due

03/08/29

(Þ)

200

203

Royal

Caribbean

Cruises,

Ltd.

5.375%

due

07/15/27

(Þ)

100

99

RTX

Corp.

5.750%

due

11/08/26

470

480

Sabra

Health

Care,

LP

Series

WI

5.125%

due

08/15/26

575

572

Santander

Holdings

USA,

Inc.

6.499%

due

03/09/29

(SOFR

+

2.356%)(Ê)

580

599

Sealed

Air

Corp.

1.573%

due

10/15/26

(Þ)

976

901

Sixth

Street

Specialty

Lending,

Inc.

6.125%

due

03/01/29

261

263

Skyworks

Solutions,

Inc.

1.800%

due

06/01/26

741

697

Solventum

Corp.

5.450%

due

02/25/27

(Þ)

100

101

Southern

California

Edison

Co.

5.650%

due

10/01/28

320

331

Southern

Co.

(The)

Series

21-A

3.750%

due

09/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.915%)(Ê)

656

618

Southern

Power

Co.

0.900%

due

01/15/26

685

646

Southwestern

Energy

Co.

8.375%

due

09/15/28

180

186

State

Street

Corp.

4.993%

due

03/18/27

1,925

1,944

Sun

Communities,

Inc.

2.300%

due

11/01/28

675

604

Synchrony

Financial

3.700%

due

08/04/26

576

557

Synovus

Financial

Corp.

5.625%

due

02/15/28

455

450

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

581

600

T-Mobile

USA,

Inc.

2.250%

due

02/15/26

630

604

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

241

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.950%

due

03/15/28

710

715

4.800%

due

07/15/28

583

585

3.375%

due

04/15/29

10

9

Toll

Brothers

Finance

Corp.

4.875%

due

11/15/25

589

586

Toyota

Motor

Credit

Corp.

3.650%

due

08/18/25

1,800

1,777

Transcontinental

Gas

Pipe

Line

Co.

LLC

Series

WI

7.850%

due

02/01/26

20

21

TransDigm

,

Inc.

6.375%

due

03/01/29

(Þ)

90

92

Truist

Financial

Corp.

5.900%

due

10/28/26

(SOFR

+

1.626%)(Ê)

570

574

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

110

112

United

Airlines

Pass-Through

Trust

Series

A

4.300%

due

08/15/25

119

117

4.000%

due

04/11/26

468

456

3.750%

due

09/03/26

905

880

United

Airlines,

Inc.

Series

144a

4.375%

due

04/15/26

(Þ)

190

185

UnitedHealth

Group,

Inc.

4.700%

due

04/15/29

330

333

4.800%

due

01/15/30

120

121

Universal

Health

Services,

Inc.

Series

WI

1.650%

due

09/01/26

638

594

US

Bancorp

5.775%

due

06/12/29

(SOFR

+

2.020%)(Ê)

20

21

Series

MTN

2.215%

due

01/27/28

(SOFR

+

0.730%)(Ê)

30

28

Venture

Global

LNG,

Inc.

9.500%

due

02/01/29

(Þ)

80

89

Veralto

Corp.

5.500%

due

09/18/26

(Þ)

569

574

Verizon

Communications,

Inc.

4.125%

due

03/16/27

80

79

2.100%

due

03/22/28

30

28

VICI

Properties,

Inc.

4.500%

due

09/01/26

(Þ)

584

573

Visa,

Inc.

3.150%

due

12/14/25

180

176

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

190

184

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

115

109

2.400%

due

04/01/28

671

606

Walmart,

Inc.

3.950%

due

09/09/27

1,300

1,288

WarnerMedia

Holdings,

Inc.

6.412%

due

03/15/26

40

40

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

3.755%

due

03/15/27

130

124

WEC

Energy

Group,

Inc.

5.600%

due

09/12/26

560

568

Wells

Fargo

&

Co.

2.406%

due

10/30/25

(CME

Term

SOFR

3

Month

+

1.087%)(Ê)

1,510

1,498

3.196%

due

06/17/27

(CME

Term

SOFR

3

Month

+

1.432%)(Ê)

736

712

5.707%

due

04/22/28

(SOFR

+

1.070%)(Ê)

935

953

Western

Gas

Partners,

LP

4.750%

due

08/15/28

30

30

Western

Midstream

Operating,

LP

4.650%

due

07/01/26

570

564

6.350%

due

01/15/29

30

31

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

573

579

137,852

International

Debt

-

14.4%

ABN

AMRO

Bank

NV

4.800%

due

04/18/26

(Þ)

516

511

1.542%

due

06/16/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.800%)(Ê)(Þ)

221

207

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.100%

due

01/15/27

730

748

Apex

Credit

CLO

2020,

Ltd.

Series

2024-1A

Class

A1RR

6.773%

due

04/20/35

(CME

Term

SOFR

3

Month

+

1.450%)(Ê)(Þ)

100

100

Apidos

CLO

XXVI

Series

2024-12A

Class

ARR

6.381%

due

04/15/31

(CME

Term

SOFR

3

Month

+

1.080%)(Ê)(Þ)

127

128

Ashtead

Capital,

Inc.

4.375%

due

08/15/27

(Þ)

565

552

Atrium

XIII

Series

2024-13A

Class

AR

6.433%

due

11/21/30

(CME

Term

SOFR

3

Month

+

1.150%)(Ê)(Þ)

541

541

BAE

Systems

PLC

5.000%

due

03/26/27

(Þ)

850

854

Ballyrock

CLO,

Ltd.

Series

2024-2A

Class

A1RR

6.719%

due

02/20/36

(CME

Term

SOFR

3

Month

+

1.400%)(Ê)(Þ)

100

100

Banco

Santander

SA

4.175%

due

03/24/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.000%)(Ê)

200

195

5.365%

due

07/15/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.950%)(Ê)

200

202

5.588%

due

08/08/28

539

552

Bank

of

Montreal

5.266%

due

12/11/26

485

491

Bank

of

Nova

Scotia

(The)

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

242

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.500%

due

12/16/25

576

571

4.750%

due

02/02/26

450

449

1.050%

due

03/02/26

360

339

Barclays

PLC

5.304%

due

08/09/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.300%)(Ê)

990

989

4.836%

due

05/09/28

610

600

Barings

Private

Credit

Corp

CLO

Series

2023-1A

Class

A1

7.701%

due

07/15/31

(CME

Term

SOFR

3

Month

+

2.400%)(Ê)(Þ)

68

68

BAT

Capital

Corp.

3.215%

due

09/06/26

190

184

BAT

International

Finance

PLC

1.668%

due

03/25/26

630

597

BCRED

MML

CLO

LLC

Series

2021-1A

Class

A

7.043%

due

01/15/35

(USD

3

Month

LIBOR

+

1.480%)(Ê)(Þ)

200

200

BDS,

Ltd.

Series

2021-FL8

Class

A

1.020%

due

01/18/36

(USD

1

Month

LIBOR

+

0.920%)(Ê)(Þ)

26

26

Black

Diamond

CLO,

Ltd.

Series

2021-1A

Class

A1AR

1.309%

due

04/24/29

(USD

3

Month

LIBOR

+

1.050%)(Ê)(Þ)

7

8

BNP

Paribas

SA

4.375%

due

05/12/26

(Þ)

421

414

1.323%

due

01/13/27

(SOFR

+

1.004%)(Ê)(Þ)

176

166

Canadian

Imperial

Bank

of

Commerce

0.950%

due

10/23/25

210

200

5.615%

due

07/17/26

1,740

1,765

Cedar

Funding

V

CLO,

Ltd.

Series

2020-5A

Class

AFRR

1.937%

due

07/17/31

(Þ)

255

244

Cencosud

SA

4.375%

due

07/17/27

(Þ)

584

563

Columbia

Cent

CLO

32,

Ltd.

Series

2024-32A

Class

A1R

6.733%

due

07/24/34

(CME

Term

SOFR

3

Month

+

1.450%)(Ê)(Þ)

310

310

Cooperatieve

Rabobank

UA

3.649%

due

04/06/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.220%)(Ê)(Þ)

450

436

Credit

Agricole

SA

1.247%

due

01/26/27

(SOFR

+

0.892%)(Ê)(Þ)

568

535

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.644%)(Ê)

(Þ)

521

493

Daimler

Finance

NA

LLC

1.450%

due

03/02/26

(Þ)

210

199

Deutsche

Bank

AG

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.129%

due

11/24/26

(SOFR

+

1.870%)(Ê)

621

595

Dryden

Senior

Loan

Fund

Series

2018-55A

Class

A1

1.146%

due

04/15/31

(USD

3

Month

LIBOR

+

1.020%)(Ê)(Þ)

203

203

Series

2021-87A

Class

A1

6.729%

due

05/20/34

(CME

Term

SOFR

3

Month

+

1.362%)(Ê)(Þ)

200

200

Series

2022-80A

Class

BR

2.596%

due

01/17/33

(CME

Term

SOFR

3

Month

+

1.750%)(Ê)(Þ)

270

270

Series

2024-40A

Class

AR2

6.472%

due

08/15/31

(CME

Term

SOFR

3

Month

+

1.150%)(Ê)(Þ)

914

914

Element

Fleet

Management

Corp.

6.271%

due

06/26/26

(Þ)

604

615

Elmwood

CLO

I,

Ltd.

Series

2024-1A

Class

A1RR

6.802%

due

04/20/37

(CME

Term

SOFR

3

Month

+

1.520%)(Ê)(Þ)

130

131

Emera

US

Finance,

LP

Series

WI

3.550%

due

06/15/26

640

619

Enbridge,

Inc.

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.708%)(Ê)

618

622

Enel

Finance

International

NV

3.500%

due

04/06/28

(Þ)

584

557

Engie

SA

5.250%

due

04/10/29

(Þ)

200

203

Equinor

ASA

3.000%

due

04/06/27

475

458

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

528

527

First

Quantum

Minerals,

Ltd.

9.375%

due

03/01/29

(Þ)

200

210

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

604

580

Glencore

Funding

LLC

4.000%

due

03/27/27

(Þ)

130

127

Goldentree

Loan

Management,

LP

Series

2024-4A

Class

ARR

6.433%

due

04/24/31

(CME

Term

SOFR

3

Month

+

1.150%)(Ê)(Þ)

222

223

Great-West

Lifeco

U.S.

Finance

2020,

LP

0.904%

due

08/12/25

(Þ)

250

239

Greywolf

CLO

VI,

Ltd.

Series

2018-1A

Class

A2

1.806%

due

04/26/31

(USD

3

Month

LIBOR

+

1.630%)(Ê)(Þ)

250

250

Halsey

Point

CLO

I,

Ltd.

Series

2019-1A

Class

A1A1

1.538%

due

01/20/33

(USD

3

Month

LIBOR

+

1.350%)(Ê)(Þ)

250

250

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

243

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

HSBC

Holdings

PLC

1.645%

due

04/18/26

(SOFR

+

1.538%)(Ê)

270

263

1.589%

due

05/24/27

(SOFR

+

1.290%)(Ê)

638

602

5.887%

due

08/14/27

(SOFR

+

1.570%)(Ê)

685

696

5.597%

due

05/17/28

(SOFR

+

1.060%)(Ê)

200

203

ICICI

Bank,

Ltd.

4.000%

due

03/18/26

(Þ)

597

587

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

735

713

ING

Groep

NV

4.017%

due

03/28/28

(SOFR

+

1.830%)(Ê)

270

264

Series

VAR

1.726%

due

04/01/27

(SOFR

+

1.005%)(Ê)

763

722

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

513

469

Intesa

Sanpaolo

SpA

7.000%

due

11/21/25

(Þ)

545

556

Inversiones

CMPC

SA

4.375%

due

04/04/27

(Þ)

230

223

Israel

Government

International

Bond

5.375%

due

03/12/29

200

199

LG

Energy

Solution,

Ltd.

5.625%

due

09/25/26

(Þ)

542

546

Lloyds

Banking

Group

PLC

Series

WI

4.582%

due

12/10/25

599

593

Macquarie

Bank,

Ltd.

1.340%

due

01/12/27

(SOFR

+

1.069%)(Ê)(Þ)

756

715

Madison

Park

Funding

XXXI,

Ltd.

Series

2024-24A

Class

AR2

6.402%

due

10/20/29

(CME

Term

SOFR

3

Month

+

1.120%)(Ê)(Þ)

1,023

1,024

Manulife

Financial

Corp.

4.061%

due

02/24/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

1.647%)(Ê)

632

614

MEGlobal

BV

4.250%

due

11/03/26

(Þ)

260

253

Mercedes-Benz

Finance

North

America

LLC

4.750%

due

08/01/27

(Þ)

210

211

MF1,

Ltd.

Series

2021-FL7

Class

A

1.175%

due

10/18/36

(USD

1

Month

LIBOR

+

1.080%)(Ê)(Þ)

213

212

Mountain

View

CLO

XVI,

Ltd.

Series

2024-1A

Class

A1R

6.761%

due

04/15/34

(CME

Term

SOFR

3

Month

+

1.460%)(Ê)(Þ)

100

100

National

Australia

Bank,

Ltd.

4.966%

due

01/12/26

460

461

NatWest

Group

PLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.642%

due

06/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.900%)(Ê)

639

599

NBK

Tier

1

Financing

2,

Ltd.

1.625%

due

09/15/27

(SOFR

+

1.050%)(Ê)(Þ)

628

582

Nissan

Motor

Co.,

Ltd.

3.522%

due

09/17/25

(Þ)

200

195

Nomura

Holdings,

Inc.

1.653%

due

07/14/26

626

586

Nordea

Bank

Abp

0.750%

due

08/28/25

(Þ)

270

258

NTT

Finance

Corp.

1.162%

due

04/03/26

(Þ)

350

329

nVent

Finance

SARL

Series

WI

4.550%

due

04/15/28

534

527

Octagon

Investment

Partners

28,

Ltd.

Series

2024-1A

Class

XRR

6.624%

due

04/24/37

(CME

Term

SOFR

3

Month

+

1.300%)(Ê)(Þ)

460

460

Octagon

Investment

Partners

39,

Ltd.

Series

2024-3A

Class

AR

6.432%

due

10/20/30

(CME

Term

SOFR

3

Month

+

1.150%)(Ê)(Þ)

497

498

Octagon

Investment

Partners

52,

Ltd.

Series

2024-1A

Class

X

6.612%

due

07/23/37

(CME

Term

SOFR

3

Month

+

1.250%)(Ê)(Þ)

240

240

Octagon

Investment

Partners

XIV,

Ltd.

Series

2021-1A

Class

AARR

6.606%

due

07/15/29

(CME

Term

SOFR

3

Month

+

1.212%)(Ê)(Þ)

52

52

Oversea-Chinese

Banking

Corp.,

Ltd.

1.832%

due

09/10/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.580%)(Ê)(Þ)

590

568

Palmer

Square

Loan

Funding,

Ltd.

Series

2024-3A

Class

A1AR

6.401%

due

04/15/31

(CME

Term

SOFR

3

Month

+

1.100%)(Ê)(Þ)

472

472

Perusahaan

Perseroan

(

Persero

)

PT

Perusahaan

Listrik

Negara

5.450%

due

05/21/28

(Þ)

220

222

Prosus

NV

3.257%

due

01/19/27

(Þ)

647

611

3.061%

due

07/13/31

(Þ)

240

201

QazaqGaz

NC

JSC

4.375%

due

09/26/27

(Þ)

240

227

Rogers

Communications,

Inc.

3.625%

due

12/15/25

554

543

Royal

Bank

of

Canada

1.200%

due

04/27/26

1,800

1,692

Sands

China,

Ltd.

Series

WI

2.800%

due

03/08/27

200

184

Santander

UK

Group

Holdings

PLC

6.833%

due

11/21/26

(SOFR

+

2.749%)(Ê)

703

716

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

244

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Setanta

Aircraft

Leasing

DAC

Term

Loan

B

7.085%

due

11/05/28

(USD

3

Month

LIBOR  +

1.750%)(Ê)

65

65

SK

Hynix,

Inc.

6.250%

due

01/17/26

(Þ)

688

697

Skandinaviska

Enskilda

Banken

AB

0.850%

due

09/02/25

(Þ)

270

258

Societe

Generale

SA

4.750%

due

11/24/25

(Þ)

422

416

1.488%

due

12/14/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.100%)(Ê)(Þ)

260

246

Standard

Chartered

PLC

1.456%

due

01/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

655

619

Sumitomo

Mitsui

Financial

Group,

Inc.

1.402%

due

09/17/26

340

316

Suncor

Energy,

Inc.

7.875%

due

06/15/26

489

513

Suzano

Austria

GmbH

5.750%

due

07/14/26

(Þ)

696

701

Suzano

International

Finance

BV

5.500%

due

01/17/27

120

120

TCI-Flatiron

CLO,

Ltd.

Series

2022-1A

Class

AR3

1.270%

due

01/17/32

(CME

Term

SOFR

3

Month

+

1.100%)(Ê)(Þ)

127

127

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150%

due

10/01/26

350

331

THL

Credit

Wind

River

CLO,

Ltd.

Series

2024-2A

Class

A1R

6.501%

due

07/15/30

(CME

Term

SOFR

3

Month

+

1.200%)(Ê)(Þ)

1,405

1,405

TIAA

CLO

I,

Ltd.

Series

2024-1A

Class

ARR

6.575%

due

07/20/31

(CME

Term

SOFR

3

Month

+

1.250%)(Ê)(Þ)

1,131

1,136

Toronto-Dominion

Bank

(The)

0.750%

due

09/11/25

290

277

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.075%)(Ê)

460

480

Toyota

Motor

Credit

Corp.

1.339%

due

03/25/26

60

57

TransCanada

Trust

Series

16-A

5.875%

due

08/15/76

(USD

3

Month

LIBOR

+

4.640%)(Ê)

627

613

Transportadora

de

Gas

Internacional

SA

ESP

5.550%

due

11/01/28

(Þ)

484

477

TSMC

Arizona

Corp.

1.750%

due

10/25/26

200

187

UBS

Group

AG

4.125%

due

09/24/25

(Þ)

340

336

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.488%

due

05/12/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)(Þ)

365

362

5.711%

due

01/12/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)(Þ)

579

583

UniCredit

SpA

1.982%

due

06/03/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.200%)(Ê)(Þ)

635

599

Valley

Stream

Park

CLO,

Ltd.

Series

2023-1A

Class

DR

9.432%

due

10/20/34

(CME

Term

SOFR

3

Month

+

4.150%)(Ê)(Þ)

110

111

Var

Energi

ASA

5.000%

due

05/18/27

(Þ)

194

192

7.500%

due

01/15/28

(Þ)

201

213

Venture

34

CLO,

Ltd.

Series

34A-AR

6.566%

due

10/15/31

(CME

Term

SOFR

3

Month

+

1.280%)(Ê)(Þ)

455

455

Verdelite

Static

CLO,

Ltd.

Series

2024-1A

Class

B

6.944%

due

07/20/32

(CME

Term

SOFR

3

Month

+

1.650%)(Ê)(Þ)

130

130

Voya

CLO,

Ltd.

Series

2024-3A

Class

A1R2

6.501%

due

10/15/31

(CME

Term

SOFR

3

Month

+

1.200%)(Ê)(Þ)

185

186

Weir

Group

PLC

(The)

2.200%

due

05/13/26

(Þ)

659

624

Whitebox

CLO

I,

Ltd.

Series

2024-1A

Class

A1RR

1.000%

due

07/24/36

(CME

Term

SOFR

3

Month

+

1.320%)(Ê)(Þ)

120

120

Whitebox

CLO

III,

Ltd.

Series

2021-3A

Class

A1

6.790%

due

10/15/34

(CME

Term

SOFR

3

Month

+

1.482%)(Ê)(Þ)

250

250

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

593

584

56,104

Loan

Agreements

-

0.2%

APIi

Group

DE,

Inc.

2024

Term

Loan

B

7.347%

due

01/03/29

(USD

1

Month

LIBOR

+

2.000%)(Ê)

77

77

Asurion

LLC

2021

Term

Loan

B9

8.708%

due

07/31/27

(USD

1

Month

LIBOR

+

3.250%)(Ê)

127

125

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Term

Loan

B4

7.341%

due

12/09/30

(USD

3

Month

LIBOR  +

2.000%)(Ê)

107

106

Hudson

River

Trading

LLC

2021

Term

Loan

8.458%

due

03/18/28

(USD

1

Month

LIBOR

+

3.000%)(Ê)

127

127

Nexstar

Broadcasting,

Inc.

Term

Loan

B4

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

245

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.958%

due

09/19/26

(USD

1

Month

LIBOR

+

2.500%)(Ê)

77

77

Rent-A-Center,

Inc.

1st

Lien

Term

Loan

B

8.002%

due

02/17/28

(USD

3

Month

LIBOR  +

2.750%)(Ê)

120

120

Virgin

Media

Secured

Finance

PLC

Term

Loan

7.943%

due

01/31/28

(USD

1

Month

LIBOR

+

2.500%)(Ê)

130

125

757

Mortgage-Backed

Securities

-

10.9%

2023-MIC

Trust

(The)

Series

2023-MIC

Class

A

8.437%

due

11/05/28

(~)(Ê)(Þ)

220

239

Arbor

Multifamily

Mortgage

Securities

Trust

Series

2021-MF3

Class

A1

1.075%

due

10/15/54

(Þ)

202

192

Series

2021-MF3

Class

A2

2.213%

due

10/15/54

(Þ)

345

315

AREIT,

Inc.

Series

2021-CRE5

Class

A

1.180%

due

07/17/26

(USD

1

Month

LIBOR

+

1.080%)(Ê)(Þ)

42

42

Avenue

of

Americas

Series

2021-1177

Class

A

0.965%

due

10/15/36

(USD

1

Month

LIBOR

+

0.874%)(Ê)(Þ)

310

292

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2020-BN29

Class

A1

0.549%

due

11/15/53

407

392

Series

2021-BN36

Class

A5

2.470%

due

09/15/64

100

85

BBCMS

Mortgage

Trust

Series

2023

C19

Class

A1

5.698%

due

04/15/56

208

209

Series

2023-C20

Class

A1

5.862%

due

07/15/56

211

212

Benchmark

Mortgage

Trust

Series

2020-B17

Class

A1

1.282%

due

03/15/53

49

48

Series

2020-B21

Class

A1

0.537%

due

12/17/53

76

74

Series

2020-B22

Class

A1

0.509%

due

01/15/54

567

544

Series

2021-B27

Class

XA

Interest

Only

STRIPS

1.274%

due

07/15/54

(~)(Ê)

4,137

235

Series

2023-B39

Class

A1

6.035%

due

07/15/55

207

209

Series

2023-V3

Class

A1

5.957%

due

07/15/56

151

152

BMO

Mortgage

Trust

Series

2023-C5

Class

A1

5.740%

due

06/15/56

325

327

BPR

Trust

Series

2021-TY

Class

C

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.800%

due

09/15/38

(USD

1

Month

LIBOR

+

1.700%)(Ê)(Þ)

250

246

BRAVO

Residential

Funding

Trust

5.803%

due

06/25/64

1,300

1,300

Series

2024-NQM1

Class

A1

5.943%

due

12/01/63

(~)(Ê)(Þ)

1,378

1,385

BX

Commercial

Mortgage

Trust

Series

2020-VIVA

Class

E

3.667%

due

03/11/44

(~)(Ê)(Þ)

250

209

Series

2021-XL2

Class

D

1.497%

due

10/15/36

(USD

1

Month

LIBOR

+

1.397%)(Ê)(Þ)

218

215

Series

2022-LP2

Class

A

1.063%

due

02/15/39

(CME

Term

SOFR

1

Month

+

1.013%)(Ê)(Þ)

182

180

BX

Trust

Series

2019-OC11

Class

A

3.202%

due

12/09/41

(Þ)

270

245

Series

2021-ARIA

Class

A

0.979%

due

10/15/36

(USD

1

Month

LIBOR

+

0.899%)(Ê)(Þ)

310

306

Series

2021-BXMF

Class

A

6.083%

due

10/15/26

(CME

Term

SOFR

1

Month

+

0.750%)(Ê)(Þ)

289

285

Series

2022-LBA6

Class

A

1.058%

due

01/15/39

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

250

247

Series

2022-PSB

Class

A

4.951%

due

08/15/39

(CME

Term

SOFR

1

Month

+

2.451%)(Ê)(Þ)

120

120

BXMT,

Ltd.

Series

2021-FL4

Class

A

1.170%

due

05/15/38

(USD

1

Month

LIBOR

+

1.050%)(Ê)(Þ)

318

300

Citigroup

Commercial

Mortgage

Trust

Series

2016-P4

Class

A3

2.646%

due

07/10/49

840

802

Series

2020-GC46

Class

A1

1.846%

due

02/15/53

31

31

COLT

Funding

LLC

Series

2023-1

Class

A1

6.048%

due

04/25/68

(~)(Ê)(Þ)

2

2

Series

2024-4

Class

A1

5.949%

due

07/25/69

(~)(Ê)(Þ)

1,095

1,101

COLT

Mortgage

Loan

Trust

Series

2022-2

Class

A1

2.994%

due

02/25/67

(~)(Ê)(Þ)

87

81

Series

2024-1

Class

A1

5.835%

due

02/25/69

(~)(Ê)(Þ)

1,351

1,357

Series

2024-2

Class

A1

6.125%

due

04/25/69

(~)(Ê)(Þ)

1,648

1,661

Series

2024-INV1

Class

A1

5.903%

due

12/25/68

(~)(Ê)(Þ)

850

851

Series

2024-INV2

Class

A1

6.421%

due

05/25/69

(~)(Ê)(Þ)

6

6

Commercial

Mortgage

Trust

Series

2015-CR22

Class

ASB

3.144%

due

03/10/48

18

18

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

246

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2015-LC23

Class

ASB

3.598%

due

10/10/48

13

12

Series

2020-CBM

Class

A2

2.896%

due

02/10/37

(Þ)

310

303

Credit

Suisse

Mortgage

Trust

Series

2020-RPL4

Class

A1

2.000%

due

01/25/60

(~)(Ê)(Þ)

170

151

Series

2021-NQM6

Class

A3

1.585%

due

07/25/66

(~)(Ê)(Þ)

156

132

CSAIL

Commercial

Mortgage

Trust

Series

2015-C3

Class

ASB

3.448%

due

08/15/48

16

16

Series

2016-C7

Class

ASB

3.314%

due

11/15/49

82

81

Series

2020-C19

Class

A1

1.296%

due

03/15/53

57

56

Ellington

Financial

Mortgage

Trust

Series

2022-1

Class

A1

2.206%

due

02/25/26

(~)(Ê)(Þ)

133

115

ELP

Commercial

Mortgage

Trust

Series

2021-ELP

Class

D

1.619%

due

11/15/36

(USD

1

Month

LIBOR

+

1.518%)(Ê)(Þ)

250

246

Extended

Stay

America

Trust

Series

2021-ESH

Class

C

7.147%

due

07/15/38

(CME

Term

SOFR

1

Month

+

1.814%)(Ê)(Þ)

218

216

Fannie

Mae

2.280%

due

2026

278

264

2.000%

due

2033

539

512

3.000%

due

2034

76

74

3.000%

due

2040

1,277

1,175

5.500%

due

2052

245

246

30

Year

TBA(Ï)

5.500%

100

100

6.000%

100

101

6.500%

100

102

Fannie

Mae

REMICS

Series

2007-73

Class

A1

0.236%

due

07/25/37

(USD

1

Month

LIBOR

+

0.060%)(Ê)

7

7

Freddie

Mac

3.269%

due

2049

(FTSE

USD

IBOR

Consumer

Cash

Fallbacks

Term

1

Year

Rate

+

1.630%)(Ê)

711

678

6.000%

due

2053

183

186

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA5

Class

M2

1.700%

due

01/25/34

(SOFR

30

Day

Average

+

1.650%)(Ê)(Þ)

129

130

Series

2022-DNA2

Class

M1A

1.349%

due

02/25/42

(SOFR

30

Day

Average

+

1.300%)(Ê)(Þ)

35

35

Series

2022-DNA2

Class

M1B

2.449%

due

02/25/42

(SOFR

30

Day

Average

+

2.400%)(Ê)(Þ)

100

103

GCAT

Trust

Series

2024-INV1

Class

1A2

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.500%

due

01/25/54

(~)(Ê)(Þ)

181

180

Series

2024-INV2

Class

A6

6.000%

due

06/25/54

5

5

Ginnie

Mae

II

5.500%

due

2053

95

96

30

Year

TBA(Ï)

5.500%

200

201

6.000%

100

101

6.500%

100

102

Ginnie

Mae

REMICS

Series

2016-H11

Class

HA

2.500%

due

01/20/66

465

452

Series

2017-H03

Class

NA

3.125%

due

10/20/66

599

579

Series

2017-H23

Class

MA

3.000%

due

11/20/67

194

185

Series

2021-H15

Class

HB

1.250%

due

09/20/65

159

148

Series

2022-H17

Class

DF

5.359%

due

07/20/72

(SOFR

30

Day

Average

+

0.800%)(Ê)

594

590

GS

Mortgage

Securities

Trust

Series

2023-PJ4

Class

A15

6.000%

due

01/25/54

(~)(Ê)(Þ)

347

349

Hawaii

Hotel

Trust

Series

2019-MAUI

Class

F

2.935%

due

05/15/38

(USD

1

Month

LIBOR

+

2.750%)(Ê)(Þ)

250

248

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2017-JP5

Class

ASB

3.549%

due

03/15/50

220

214

Series

2017-JP7

Class

A3

3.379%

due

09/15/50

530

527

JPMorgan

Mortgage

Trust

6.000%

due

12/25/54

(Þ)

660

659

Series

2023-4

Class

1A4A

5.500%

due

11/25/53

(~)(Ê)(Þ)

706

703

Series

2023-8

Class

A4

6.000%

due

02/25/54

(~)(Ê)(Þ)

804

809

Series

2024-1

Class

A6

6.000%

due

06/25/54

(~)(Ê)(Þ)

1,073

1,076

Series

2024-2

Class

A6A

6.000%

due

08/25/54

(~)(Ê)(Þ)

693

697

Legacy

Mortgage

Asset

Trust

Series

2020-RPL1

Class

A1

3.000%

due

09/25/59

(~)(Ê)(Þ)

136

128

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C23

Class

A3

3.451%

due

07/15/50

459

452

Series

2015-C25

Class

A3

3.280%

due

10/15/48

247

242

Series

2016-C32

Class

ASB

3.514%

due

12/15/49

165

161

Morgan

Stanley

Capital

I

Trust

Series

2021-L5

Class

A1

0.785%

due

04/15/26

227

217

Series

2021-L7

Class

A1

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

247

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.881%

due

08/15/26

706

671

MSWF

Commercial

Mortgage

Trust

Series

2023-1

Class

A1

5.539%

due

01/15/28

157

158

New

Residential

Mortgage

Loan

Trust

Series

2022-NQM2

Class

A1

3.079%

due

03/27/62

(~)(Ê)(Þ)

191

177

NYO

Commercial

Mortgage

Trust

Series

2021-1290

Class

D

2.625%

due

11/15/38

(USD

1

Month

LIBOR

+

2.545%)(Ê)(Þ)

310

275

OBX

Trust

Series

2022-NQM1

Class

A1

2.305%

due

11/25/61

(~)(Ê)(Þ)

182

160

Onslow

Bay

Financial

LLC

Series

2023-NQM1

Class

A1

5.928%

due

11/25/63

(~)(Ê)(Þ)

1,470

1,477

Series

2024-NQM2

Class

A1

5.878%

due

12/25/63

(~)(Ê)(Þ)

8

8

Series

2024-NQM4

Class

A1

6.067%

due

01/25/64

(~)(Ê)(Þ)

610

613

Premier

Global

Infrastructure

Trust

PLC

Series

2021-PORT

Class

A

0.584%

due

10/15/36

(USD

1

Month

LIBOR

+

0.484%)(Ê)(Þ)

150

147

Rate

Mortgage

Trust

6.000%

due

07/25/54

(~)(Ê)(Þ)

1,005

1,008

Sequoia

Mortgage

Trust

Series

2023-3

Class

A4

6.000%

due

09/25/53

(~)(Ê)(Þ)

548

554

Series

2024-2

Class

A4

6.000%

due

12/25/53

(~)(Ê)(Þ)

759

767

Series

2024-6

Class

A11

6.000%

due

07/27/54

(~)(Ê)(Þ)

1,175

1,178

SG

Capital

Partners

LLC

Series

2022-1

Class

A1

3.166%

due

03/27/62

(~)(Ê)(Þ)

202

187

SREIT

Trust

Series

2021-MFP

Class

A

0.831%

due

11/15/38

(USD

1

Month

LIBOR

+

0.731%)(Ê)(Þ)

297

293

Starwood

Real

Estate

Income

Trust

Series

2021-FLWR

Class

E

2.024%

due

07/15/36

(USD

1

Month

LIBOR

+

1.924%)(Ê)(Þ)

250

246

STWD

Trust

Series

2021-MFP2

Class

A

0.922%

due

11/15/36

(USD

1

Month

LIBOR

+

0.822%)(Ê)(Þ)

270

267

Towd

Point

Mortgage

Trust

Series

2018-5

Class

A1A

3.250%

due

07/25/58

(~)(Ê)(Þ)

1,863

1,813

Series

2021-SJ1

Class

A1

2.250%

due

07/25/68

(~)(Ê)(Þ)

364

344

Series

2021-SJ2

Class

A1A

2.250%

due

03/25/59

(~)(Ê)(Þ)

256

246

Verus

Securitization

Trust

Series

2024-1

Class

A1

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.712%

due

01/25/69

(~)(Ê)(Þ)

745

745

Series

2024-2

Class

A1

6.095%

due

02/25/69

(Þ)

816

822

Series

2024-INV1

Class

A1

6.116%

due

03/25/69

(~)(Ê)(Þ)

222

224

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28

Class

A3

3.290%

due

05/15/48

634

625

Series

2015-NXS2

Class

ASB

3.461%

due

07/15/58

24

24

Series

2016-C35

Class

A3

2.674%

due

07/15/48

822

790

Series

2020-C57

Class

A1

0.903%

due

08/15/53

59

58

42,554

Municipal

Bonds

-

0.0%

Taxable

Municipal

Funding

Trust

Revenue

Bonds

0.530%

due

09/01/30

(~)(Ê)(Þ)

170

170

United

States

Government

Agencies

-

0.6%

Fannie

Mae

5.430%

due

06/18/26

(SOFR

+

0.100%)(Ê)

240

240

Federal

Home

Loan

Banks

5.500%

due

09/17/25

1,400

1,400

5.875%

due

12/18/28

800

800

2,440

United

States

Government

Treasuries

-

9.6%

United

States

Treasury

Notes

5.000%

due

08/31/25

3,700

3,710

5.000%

due

10/31/25

3,210

3,224

4.875%

due

04/30/26

4,150

4,184

4.875%

due

05/31/26

195

197

0.625%

due

07/31/26

3,940

3,668

4.625%

due

09/15/26

750

756

4.625%

due

11/15/26

30

30

1.250%

due

11/30/26

190

178

4.500%

due

04/15/27

15,990

16,145

4.375%

due

11/30/28

5,435

5,525

3.875%

due

08/15/33

10

10

37,627

Total

Long-Term

Investments

(cost

$325,625)

326,523

Options

Purchased

-

0.0%

(Number

of

Contracts)

Three

Month

SOFR

Futures

Bank

of

Montreal

Dec

2024

95.50

Put

(11)

USD

2,626

(ÿ)

6

United

States

5

Year

Treasury

Note

Futures

Bank

of

Montreal

Aug

2024

107.75

Call

(10)

USD

1,078

(ÿ)

6

Bank

of

Montreal

Aug

2024

109.25

Call

(10)

USD

1,093

(ÿ)

1

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

248

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Options

Purchased

(cost

$14)

13

Short-Term

Investments

-

16.1%

AbbVie,

Inc.

3.600%

due

05/14/25

330

326

Series

WI

2.600%

due

11/21/24

440

436

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.650%

due

10/29/24

290

287

3.500%

due

01/15/25

510

505

American

Honda

Finance

Corp.

1.500%

due

01/13/25

500

492

1.200%

due

07/08/25

380

367

Amgen,

Inc.

1.900%

due

02/21/25

250

245

Anglo

American

Capital

PLC

3.625%

due

09/11/24

(Þ)

740

738

Atlantic

Asset

Securitization

LLC

5.506%

due

09/12/24

(ç)(Þ)(ž)

400

397

Autobahn

Funding

Co.

LLC

1.000%

due

09/09/24

(ç)

1,400

1,392

Bank

of

Montreal

3.700%

due

06/07/25

605

597

Bank

of

Nova

Scotia

(The)

3.450%

due

04/11/25

60

59

Barclays

Bank

PLC

5.605%

due

10/09/24

(Þ)(ž)

1,200

1,188

Boeing

Co.

(The)

4.875%

due

05/01/25

80

79

Cargill,

Inc.

3.500%

due

04/22/25

(Þ)

370

366

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Series

WI

4.908%

due

07/23/25

180

179

Cigna

Corp.

3.250%

due

04/15/25

540

532

Constellation

Energy

Generation

LLC

3.250%

due

06/01/25

855

840

Credit

Agricole

SA

3.250%

due

10/04/24

(Þ)

1,400

1,394

Credit

Suisse

AG

7.950%

due

01/09/25

250

253

CVS

Health

Corp.

3.875%

due

07/20/25

660

651

Devon

Energy

Corp.

Series

WI

5.250%

due

09/15/24

180

180

DR

Horton,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.500%

due

10/15/24

140

139

Edison

International

4.950%

due

04/15/25

190

189

Elevance

Health,

Inc.

3.500%

due

08/15/24

395

395

Energy

Transfer,

LP

2.900%

due

05/15/25

200

196

Enterprise

Products

Operating

LLC

3.750%

due

02/15/25

600

595

EOG

Resources,

Inc.

3.150%

due

04/01/25

230

227

Equinor

ASA

2.875%

due

04/06/25

580

571

Exxon

Mobil

Corp.

2.992%

due

03/19/25

360

355

Fannie

Mae

4.500%

due

06/01/25

7

7

Federal

Farm

Credit

Banks

Funding

Corp.

3.375%

due

08/26/24

120

120

0.710%

due

04/21/25

1,900

1,843

Federal

Home

Loan

Bank

Discount

Notes

4.952%

due

08/14/24

(ç)(ž)

390

389

General

Mills,

Inc.

4.000%

due

04/17/25

1,800

1,783

General

Motors

Financial

Co.,

Inc.

2.750%

due

06/20/25

250

244

Gotham

Funding

Corp.

5.620%

due

10/09/24

(Þ)(ž)

600

594

Home

Depot,

Inc.

(The)

2.700%

due

04/15/25

70

69

Honeywell

International,

Inc.

2.300%

due

08/15/24

1,400

1,398

Humana,

Inc.

4.500%

due

04/01/25

20

20

ING

US

Funding

LLC

5.454%

due

09/26/24

(ç)(Þ)(ž)

800

793

Kinder

Morgan,

Inc.

4.300%

due

06/01/25

340

337

L3Harris

Technologies,

Inc.

3.832%

due

04/27/25

140

138

Las

Vegas

Sands

Corp.

2.900%

due

06/25/25

190

185

Liberty

Street

Funding

LLC

5.614%

due

10/04/24

(Þ)(ž)

1,400

1,386

Lowe's

Cos.,

Inc.

3.125%

due

09/15/24

120

120

Manhattan

Asset

Funding

Co.

LLC

5.509%

due

09/13/24

(ç)(Þ)(ž)

1,000

994

McDonald's

Corp.

3.300%

due

07/01/25

270

266

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

249

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Merck

&

Co.,

Inc.

2.750%

due

02/10/25

1,800

1,776

Mitsubishi

UFJ

Financial

Group,

Inc.

1.412%

due

07/17/25

250

241

MPLX,

LP

4.000%

due

02/15/25

240

238

Northrop

Grumman

Corp.

2.930%

due

01/15/25

80

79

Pacific

Gas

and

Electric

Co.

4.950%

due

06/08/25

310

308

Pacific

Life

Global

Funding

II

1.200%

due

06/24/25

(Þ)

500

483

PayPal

Holdings,

Inc.

2.400%

due

10/01/24

370

368

Private

Export

Funding

Corp.

Series

OO

1.750%

due

11/15/24

1,200

1,187

Protective

Life

Global

Funding

Series

REGS

1.170%

due

07/15/25

(Þ)

930

895

Royal

Bank

of

Canada

3.375%

due

04/14/25

210

207

Southwest

Airlines

Co.

5.250%

due

05/04/25

150

149

Sungard

AS

New

Holdings

III

LLC

Term

Loan

0.000%

due

08/01/24

(~)(Ê)(v)

75

51

Sungard

Availability

Services

Capital,

Inc.

Term

Loan

0.000%

due

11/03/22

(~)(Ê)(v)

237

31

Swedbank

AB

3.356%

due

04/04/25

(Þ)

340

336

Tennessee

Valley

Authority

0.750%

due

05/15/25

370

358

T-Mobile

USA,

Inc.

Series

WI

3.500%

due

04/15/25

25

25

Toronto-Dominion

Bank

(The)

1.250%

due

12/13/24

1,400

1,379

TotalEnergies

Capital

International

SA

2.434%

due

01/10/25

1,800

1,777

Toyota

Motor

Credit

Corp.

3.000%

due

04/01/25

300

296

U.S.

Cash

Management

Fund(@)

16,486,660(∞)

16,483

Unilever

Capital

Corp.

3.100%

due

07/30/25

1,800

1,769

United

States

Treasury

Bills

5.199%

due

08/20/24

(ç)(ž)

1,690

1,686

5.386%

due

09/10/24

(ž)

300

298

5.396%

due

09/17/24

(ç)(ž)

280

278

5.386%

due

09/26/24

(ç)(ž)

980

972

5.330%

due

10/29/24

(ž)

790

780

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.152%

due

01/23/25

(ž)

240

234

UPMC

Series

D-1

3.600%

due

04/03/25

1,130

1,120

US

Bank

NA

Series

BKNT

2.050%

due

01/21/25

340

335

Viatris

,

Inc.

Series

WI

1.650%

due

06/22/25

505

488

Walt

Disney

Co.

(The)

1.750%

due

08/30/24

1,800

1,794

WarnerMedia

Holdings,

Inc.

Series

WI

3.638%

due

03/15/25

190

187

Wells

Fargo

&

Co.

3.300%

due

09/09/24

1,300

1,296

Total

Short-Term

Investments

(cost

$63,400)

62,760

Other

Securities

-

0.1%

U.S.

Cash

Collateral

Fund(@)(×)

577,102

(∞)

577

Total

Other

Securities

(cost

$577)

577

Total

Investments

-

99.7%

(identified

cost

$389,616)

389,873

Other

Assets

and

Liabilities,

Net

-

0.3%

1,097

Net

Assets

-

100.0%

390,970

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

250

Short

Duration

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

31.9%

2023-MIC

Trust

(The)

10/26/23

220,000

100.00

220

239

ABN

AMRO

Bank

NV

04/29/24

516,000

97.53

503

511

ABN

AMRO

Bank

NV

06/13/24

221,000

92.64

205

207

Aircastle

,

Ltd.

09/14/23

231,000

88.26

204

212

Alaska

Airlines

Pass-Through

Trust

11/17/23

468,038

97.11

455

462

American

Airlines

Group,

Inc.

11/17/23

90,000

102.79

92

93

American

Homes

4

Rent

Trust

11/13/23

1,168,113

96.32

1,125

1,150

AMSR

Trust

01/16/24

1,140,961

94.25

1,075

1,100

AMSR

Trust

02/01/24

964,807

93.86

906

920

AMSR

Trust

02/06/24

1,698,370

95.47

1,621

1,656

AMSR

Trust

05/01/24

481,779

91.95

443

460

AMSR

Trust

06/07/24

2,575,000

91.55

2,357

2,399

Anglo

American

Capital

PLC

09/15/23

740,000

100.14

741

738

Apex

Credit

CLO

2020,

Ltd.

05/22/24

100,000

100.00

100

100

Apidos

CLO

XXVI

06/24/24

127,497

100.00

127

128

Arbor

Multifamily

Mortgage

Securities

Trust

09/27/21

202,150

100.00

202

192

Arbor

Multifamily

Mortgage

Securities

Trust

09/27/21

345,000

102.77

355

315

AREIT,

Inc.

09/28/21

42,343

99.99

42

42

Ashtead

Capital,

Inc.

04/29/24

565,000

95.99

542

552

Atlantic

Asset

Securitization

LLC

05/16/24

400,000

99.37

397

397

Atrium

XIII

03/06/24

540,761

100.00

541

541

Avenue

of

Americas

10/20/21

310,000

99.89

310

292

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

07/12/22

1,580,000

99.69

1,575

1,565

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

07/19/23

930,000

95.49

888

906

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

04/02/24

890,000

100.16

891

905

BAE

Systems

PLC

03/19/24

850,000

99.55

846

854

Ballyrock

CLO,

Ltd.

02/07/24

100,000

100.00

100

100

Barclays

Bank

PLC

07/02/24

1,200,000

98.97

1,188

1,188

Barings

Private

Credit

Corp

CLO

07/28/23

67,510

100.00

67

68

BCRED

MML

CLO

LLC

11/10/21

200,000

100.00

200

200

BDS,

Ltd.

07/22/21

26,179

100.00

26

26

Black

Diamond

CLO,

Ltd.

07/15/21

7,498

100.00

7

8

BNP

Paribas

SA

05/16/24

176,000

93.74

165

166

BNP

Paribas

SA

07/17/24

421,000

98.26

414

414

BorgWarner,

Inc.

05/15/24

710,000

99.18

704

706

BPR

Trust

09/10/21

250,000

100.00

250

246

BRAVO

Residential

Funding

Trust

01/18/24

1,378,089

100.00

1,378

1,385

Broadcom,

Inc.

02/14/24

705,000

90.01

635

642

BX

Commercial

Mortgage

Trust

06/16/21

250,000

100.40

251

209

BX

Commercial

Mortgage

Trust

10/14/21

218,212

99.58

217

215

BX

Commercial

Mortgage

Trust

02/10/22

182,217

99.63

182

180

BX

Trust

10/13/21

310,000

99.79

309

306

BX

Trust

10/28/21

289,113

99.63

288

285

BX

Trust

01/21/22

250,000

100.00

250

247

BX

Trust

09/20/23

270,000

85.67

231

245

BX

Trust

01/18/24

119,698

100.32

120

120

BXMT,

Ltd.

04/09/21

317,740

100.00

318

300

Caesars

Entertainment,

Inc.

02/29/24

90,000

102.44

92

92

Cargill,

Inc.

01/28/21

190,000

96.87

184

179

Cargill,

Inc.

04/25/23

1,300,000

100.13

1,302

1,301

Cargill,

Inc.

10/31/23

370,000

98.55

365

366

Carnival

Corp.

02/29/24

80,000

108.57

87

87

Cedar

Funding

V

CLO,

Ltd.

07/23/21

255,004

100.00

255

244

Cencosud

SA

08/14/23

584,000

95.93

560

563

COLT

Funding

LLC

04/18/23

2,149

99.88

2

2

COLT

Funding

LLC

07/11/24

1,095,000

100.00

1,095

1,101

COLT

Mortgage

Loan

Trust

02/18/22

87,051

99.99

87

81

COLT

Mortgage

Loan

Trust

01/19/24

850,091

100.00

850

851

COLT

Mortgage

Loan

Trust

01/31/24

1,350,972

100.00

1,351

1,357

COLT

Mortgage

Loan

Trust

04/03/24

1,648,164

100.00

1,648

1,661

COLT

Mortgage

Loan

Trust

04/22/24

5,920

100.00

6

6

Columbia

Cent

CLO

32,

Ltd.

03/07/24

310,000

100.10

310

310

Columbia

Pipelines

Holding

Co.

LLC

09/27/23

210,000

100.26

211

213

Columbia

Pipelines

Holding

Co.

LLC

10/12/23

785,000

100.42

789

816

Commercial

Mortgage

Trust

01/30/20

310,000

102.23

317

303

Continental

Resources,

Inc.

04/25/22

190,000

93.46

178

179

Cooperatieve

Rabobank

UA

04/05/22

450,000

99.40

447

436

Credit

Agricole

SA

01/22/24

521,000

93.30

486

493

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

251

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Credit

Agricole

SA

02/22/24

1,400,000

99.59

1,394

1,394

Credit

Agricole

SA

04/29/24

568,000

96.31

550

535

Credit

Suisse

Mortgage

Trust

09/27/21

155,797

99.99

156

132

Credit

Suisse

Mortgage

Trust

03/04/22

169,889

97.39

165

151

Daimler

Finance

NA

LLC

05/20/21

210,000

100.28

211

199

DISH

DBS

Corp.

11/10/21

20,000

100.00

20

17

Dryden

Senior

Loan

Fund

07/26/21

202,932

100.00

203

203

Dryden

Senior

Loan

Fund

04/08/22

270,000

99.33

268

270

Dryden

Senior

Loan

Fund

11/20/23

200,000

99.45

199

200

Dryden

Senior

Loan

Fund

05/03/24

913,536

100.00

914

914

Element

Fleet

Management

Corp.

01/22/24

604,000

101.26

612

615

Ellington

Financial

Mortgage

Trust

01/14/22

132,993

99.99

133

115

Elmwood

CLO

I,

Ltd.

02/01/24

130,000

100.00

130

131

ELP

Commercial

Mortgage

Trust

11/01/21

249,709

99.67

249

246

Enel

Finance

International

NV

04/29/24

584,000

93.23

544

557

Engie

SA

04/03/24

200,000

99.67

199

203

Enterprise

Fleet

Financing

LLC

03/23/22

113,551

99.99

114

113

EQT

Corp.

05/09/24

290,000

98.16

285

279

ERAC

USA

Finance

LLC

04/26/23

375,000

99.71

374

375

Extended

Stay

America

Trust

09/19/23

217,540

98.69

215

216

First

Quantum

Minerals,

Ltd.

02/29/24

200,000

103.73

207

210

FirstKey

Homes

Trust

02/29/24

451,653

94.17

425

433

FirstKey

Homes

Trust

05/01/24

515,694

93.56

482

492

FirstKey

Homes

Trust

05/06/24

1,448,038

96.95

1,404

1,421

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

07/19/21

129,105

100.00

129

130

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/07/22

34,779

100.00

35

35

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

04/10/24

100,000

100.94

101

103

GA

Global

Funding

Trust

01/08/21

285,000

99.97

285

271

GCAT

Trust

01/22/24

181,474

98.51

179

180

GECU

Auto

Receivables

Trust

08/07/23

270,000

99.99

270

272

Georgia-Pacific

LLC

05/20/21

170,000

95.60

163

159

GFL

Environmental,

Inc.

02/29/24

90,000

98.28

88

89

Glencore

Funding

LLC

04/30/24

130,000

96.13

125

127

Goldentree

Loan

Management,

LP

03/07/24

222,254

100.00

222

223

GoodGreen

Trust

04/21/21

157,670

99.98

158

132

Gotham

Funding

Corp.

07/26/24

600,000

98.97

594

594

Great-West

Lifeco

U.S.

Finance

2020,

LP

09/14/23

250,000

97.74

244

239

Greywolf

CLO

VI,

Ltd.

11/20/23

250,000

99.50

249

250

GS

Mortgage

Securities

Trust

08/18/23

346,991

98.62

342

349

Halsey

Point

CLO

I,

Ltd.

11/20/23

250,000

99.84

250

250

Harley-Davidson

Financial

Services,

Inc.

02/21/24

463,000

101.65

471

479

Hawaii

Hotel

Trust

06/17/21

250,000

100.13

250

248

Hertz

Vehicle

Financing

III

LLC

12/26/23

815,000

103.03

840

843

Hertz

Vehicle

Financing

III,

LP

06/24/21

250,000

99.97

250

231

Hertz

Vehicle

Financing

III,

LP

05/27/22

2,350,000

92.51

2,149

2,175

Hertz

Vehicle

Financing

LLC

11/12/21

487,500

99.52

485

482

Hertz

Vehicle

Financing

LLC

02/06/24

585,000

92.42

541

541

Highmark,

Inc.

05/05/21

520,000

99.95

520

485

Hilton

Grand

Vacations

Trust

06/02/20

110,313

99.99

110

106

HINNT

LLC

03/19/24

209,356

99.97

209

212

Home

Partners

of

America

Trust

02/13/24

490,939

83.81

411

430

Hyundai

Capital

America

01/04/24

20,000

101.03

20

20

Hyundai

Capital

America

06/18/24

170,000

99.84

170

172

ICICI

Bank,

Ltd.

02/21/24

597,000

97.72

583

587

Imperial

Brands

Finance

PLC

06/13/24

735,000

96.25

707

713

ING

US

Funding

LLC

03/27/24

800,000

99.18

793

793

InRetail

Consumer

02/14/24

513,000

90.08

462

469

Intesa

Sanpaolo

SpA

10/18/23

545,000

100.35

547

556

Inversiones

CMPC

SA

08/23/23

230,000

95.97

221

223

Invitation

Homes

Trust

05/31/23

929,197

99.88

928

930

Jackson

National

Life

Global

Funding

06/23/20

650,000

102.40

666

626

JPMorgan

Mortgage

Trust

09/21/23

803,606

98.54

792

809

JPMorgan

Mortgage

Trust

01/19/24

1,073,100

99.86

1,072

1,076

JPMorgan

Mortgage

Trust

01/26/24

705,612

99.50

702

703

JPMorgan

Mortgage

Trust

02/22/24

693,469

99.35

689

697

JPMorgan

Mortgage

Trust

07/18/24

660,000

99.71

658

659

KeySpan

Gas

East

Corp.

07/17/24

607,000

95.03

577

578

Legacy

Mortgage

Asset

Trust

10/06/21

135,507

103.80

141

128

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

252

Short

Duration

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

LG

Energy

Solution,

Ltd.

04/29/24

542,000

99.75

541

546

Liberty

Street

Funding

LLC

07/08/24

1,400,000

99.05

1,387

1,386

Lunar

Structured

Aircraft

Portfolio

Notes

11/05/21

193,031

100.00

193

174

M&T

Bank

Auto

Receivables

Trust

03/13/24

1,315,000

99.98

1,315

1,327

M&T

Equipment

Notes

08/08/23

280,000

99.97

280

284

Macquarie

Bank,

Ltd.

05/09/24

756,000

93.75

709

715

Madison

Park

Funding

XXXI,

Ltd.

05/14/24

1,023,081

100.00

1,023

1,024

Manhattan

Asset

Funding

Co.

LLC

07/15/24

1,000,000

99.36

994

994

MasTec

,

Inc.

09/14/23

550,000

92.45

508

532

Mattel,

Inc.

09/14/23

607,000

95.43

579

587

MEGlobal

BV

08/23/23

260,000

96.92

252

253

Mercedes-Benz

Finance

North

America

LLC

07/29/24

210,000

99.87

210

211

Merchants

Fleet

Funding

LLC

06/11/24

300,000

99.99

300

303

Met

Tower

Global

Funding

09/07/21

985,000

97.25

958

916

MF1,

Ltd.

09/10/21

213,484

100.00

213

212

Monongahela

Power

Co.

12/12/23

440,000

95.73

421

425

Mountain

View

CLO

XVI,

Ltd.

04/02/24

100,000

100.00

100

100

Mutual

of

Omaha

Insurance

Co.

07/19/23

435,000

99.95

435

440

National

Securities

Clearing

Corp.

05/20/21

340,000

99.66

339

322

Navient

Private

Education

Refi

Loan

Trust

01/28/21

4,927

101.90

5

5

Navient

Private

Education

Refi

Loan

Trust

01/27/23

182,425

96.65

176

176

NBK

Tier

1

Financing

2,

Ltd.

07/17/24

628,000

92.65

582

582

NCL

Corp.,

Ltd.

01/10/24

30,000

104.75

31

32

NCL

Corp.,

Ltd.

02/29/24

60,000

104.76

63

63

Nelnet

Student

Loan

Trust

01/07/22

250,000

100.38

251

248

Nestle

Holdings,

Inc.

02/29/24

1,500,000

100.48

1,507

1,516

New

Residential

Mortgage

Loan

Trust

03/03/22

191,438

99.63

191

177

NGPL

PipeCo

LLC

04/26/23

536,000

98.31

527

531

Nissan

Motor

Acceptance

Corp.

02/21/24

702,000

93.78

658

662

Nissan

Motor

Co.,

Ltd.

04/25/22

200,000

99.05

198

195

Nordea

Bank

Abp

05/21/21

270,000

99.79

269

258

Northwestern

Mutual

Life

Insurance

Co.

(The)

01/07/21

570,000

99.95

570

539

NRG

Energy,

Inc.

02/21/24

628,000

95.18

598

600

NTT

Finance

Corp.

02/24/21

350,000

96.06

336

329

NYO

Commercial

Mortgage

Trust

11/08/21

310,000

99.57

309

275

OBX

Trust

01/18/22

182,257

99.99

182

160

Octagon

Investment

Partners

28,

Ltd.

04/25/24

460,000

100.00

460

460

Octagon

Investment

Partners

39,

Ltd.

03/05/24

497,265

100.00

497

498

Octagon

Investment

Partners

52,

Ltd.

06/26/24

240,000

100.00

240

240

Octagon

Investment

Partners

XIV,

Ltd.

10/24/23

52,307

99.69

52

52

Onslow

Bay

Financial

LLC

01/04/24

1,469,799

100.00

1,470

1,477

Onslow

Bay

Financial

LLC

01/25/24

7,598

100.00

8

8

Onslow

Bay

Financial

LLC

03/05/24

609,977

100.00

610

613

Oversea-Chinese

Banking

Corp.,

Ltd.

02/21/24

590,000

94.52

558

568

Pacific

Life

Global

Funding

II

06/17/20

500,000

99.96

500

483

Palmer

Square

Loan

Funding,

Ltd.

03/06/24

471,724

100.00

472

472

Pear

LLC

03/12/24

262,247

96.78

254

255

Pennsylvania

Electric

Co.

03/28/23

525,000

99.86

524

525

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

10/18/23

183,000

93.55

171

174

Perusahaan

Perseroan

(

Persero

)

PT

Perusahaan

Listrik

Negara

08/23/23

220,000

99.38

219

222

Premier

Global

Infrastructure

Trust

PLC

09/30/21

149,884

99.32

149

147

Progress

Residential

Trust

01/12/24

805,634

92.16

742

759

Progress

Residential

Trust

01/12/24

810,234

97.07

787

793

Progress

Residential

Trust

02/28/24

430,076

92.45

398

405

Progress

Residential

Trust

02/29/24

183,071

91.56

168

171

Progress

Residential

Trust

04/02/24

390,049

94.44

368

388

Prosus

NV

07/07/21

240,000

100.00

240

201

Prosus

NV

02/15/23

647,000

93.43

605

611

Protective

Life

Global

Funding

07/08/20

930,000

100.00

930

895

QazaqGaz

NC

JSC

08/23/23

240,000

93.73

225

227

Rate

Mortgage

Trust

06/28/24

1,005,231

99.46

1,000

1,008

RCKT

Mortgage

Trust

05/20/24

1,296,549

99.69

1,292

1,301

Roche

Holding

AG

03/04/24

200,000

100.00

200

203

Royal

Caribbean

Cruises,

Ltd.

02/29/24

100,000

98.56

99

99

Sealed

Air

Corp.

09/15/21

976,000

96.05

926

901

Sequoia

Mortgage

Trust

08/18/23

548,146

99.03

543

554

Sequoia

Mortgage

Trust

02/08/24

759,452

99.87

758

767

Sequoia

Mortgage

Trust

06/21/24

1,174,691

99.48

1,169

1,178

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

253

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

SFS

Auto

Receivables

Securitization

Trust

01/09/24

170,000

99.99

170

171

SG

Capital

Partners

LLC

03/07/22

202,347

99.84

202

187

SK

Hynix,

Inc.

05/09/24

688,000

100.34

690

697

Skandinaviska

Enskilda

Banken

AB

05/21/21

270,000

99.85

270

258

SMB

Private

Education

Loan

Trust

05/12/23

244,568

100.00

245

250

SMB

Private

Education

Loan

Trust

03/07/24

222,854

99.97

223

226

Societe

Generale

SA

09/14/23

260,000

92.65

241

246

Societe

Generale

SA

01/22/24

422,000

98.50

416

416

Solventum

Corp.

02/23/24

100,000

99.97

100

101

SREIT

Trust

11/16/21

296,628

99.50

295

293

Standard

Chartered

PLC

02/15/23

655,000

93.01

609

619

STAR

Trust

07/06/23

1,632,302

99.78

1,629

1,634

Starwood

Real

Estate

Income

Trust

07/12/21

250,000

99.71

249

246

STWD

Trust

11/24/21

270,000

99.69

269

267

Suzano

Austria

GmbH

05/09/24

696,000

99.96

696

701

Swedbank

AB

04/25/22

340,000

99.95

340

336

Taxable

Municipal

Funding

Trust

Revenue

Bonds

08/17/20

170,000

100.00

170

170

TCI-Flatiron

CLO,

Ltd.

01/14/22

127,413

100.00

127

127

THL

Credit

Wind

River

CLO,

Ltd.

07/08/24

1,405,000

100.00

1,405

1,405

TIAA

CLO

I,

Ltd.

04/18/24

1,130,857

100.00

1,131

1,136

Towd

Point

HE

Trust

05/20/24

1,270,836

100.12

1,272

1,273

Towd

Point

Mortgage

Trust

07/01/19

40,413

101.27

41

39

Towd

Point

Mortgage

Trust

11/18/21

363,799

101.01

367

344

Towd

Point

Mortgage

Trust

12/15/21

256,499

96.20

247

246

Towd

Point

Mortgage

Trust

05/20/24

1,863,370

96.93

1,806

1,813

Towd

Point

Mortgage

Trust

05/20/24

1,409,785

99.38

1,401

1,411

Toyota

Auto

Loan

Extended

Note

Trust

06/11/24

250,000

99.97

250

256

TransDigm

,

Inc.

02/29/24

90,000

100.58

91

92

Transportadora

de

Gas

Internacional

SA

ESP

01/22/24

484,000

97.91

474

477

Tricon

American

Homes

Trust

01/12/24

1,600,785

88.44

1,416

1,440

Tricon

Residential

Trust

05/22/24

750,000

96.64

725

743

Trinital

CLO,

Ltd.

07/24/24

910,000

100.00

910

910

UBS

Group

AG

05/21/21

340,000

103.26

351

336

UBS

Group

AG

05/03/22

365,000

99.25

362

362

UBS

Group

AG

02/15/23

579,000

100.22

580

583

UniCredit

SpA

09/14/23

635,000

91.04

578

599

United

Airlines,

Inc.

03/18/22

190,000

99.43

189

185

Valley

Stream

Park

CLO,

Ltd.

09/08/23

110,000

100.00

110

111

Var

Energi

ASA

05/11/23

194,000

98.39

191

192

Var

Energi

ASA

09/14/23

201,000

102.85

207

213

Venture

34

CLO,

Ltd.

06/28/24

455,000

100.00

455

455

Venture

Global

LNG,

Inc.

02/29/24

80,000

106.39

85

89

Veralto

Corp.

04/29/24

569,000

99.68

567

574

Verdelite

Static

CLO,

Ltd.

06/21/24

130,000

100.00

130

130

Verus

Securitization

Trust

01/12/24

745,472

100.00

745

745

Verus

Securitization

Trust

02/15/24

816,258

100.00

816

822

Verus

Securitization

Trust

05/20/24

222,110

99.87

222

224

VICI

Properties,

Inc.

07/17/24

584,000

98.16

573

573

Vistra

Operations

Co.

LLC

09/14/23

190,000

93.65

178

184

Voya

CLO,

Ltd.

04/24/24

185,461

100.00

185

186

Weir

Group

PLC

(The)

01/22/24

659,000

94.43

622

624

Whitebox

CLO

I,

Ltd.

06/07/24

120,000

100.00

120

120

Whitebox

CLO

III,

Ltd.

11/20/23

250,000

99.67

249

250

XPO,

Inc.

09/14/23

573,000

98.56

565

579

Yara

International

ASA

08/14/23

593,000

95.52

566

584

124,632

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

254

Short

Duration

Bond

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Japanese

10

Year

Mini

Government

Bond

Futures

2

JPY

28,554

09/24

—

Long

Gilt

Futures

43

GBP

4,266

09/24

135

Three

Month

SOFR

Futures

37

USD

8,921

03/26

64

United

States

2

Year

Treasury

Note

Futures

421

USD

86,460

09/24

570

United

States

5

Year

Treasury

Note

Futures

91

USD

9,818

09/24

117

United

States

10

Year

Treasury

Ultra

Bond

Futures

55

USD

6,357

09/24

189

United

States

Treasury

Ultra

Bond

Futures

2

USD

256

09/24

—

Short

Positions

Euro-Bund

Futures

43

EUR

5,751

09/24

(155)

Japanese

10

Year

Government

Bond

Futures

8

JPY

1,141,760

09/24

5

Three

Month

SOFR

Futures

17

USD

4,054

03/25

(1)

United

States

2

Year

Treasury

Note

Futures

15

USD

3,081

09/24

(25)

United

States

10

Year

Treasury

Note

Futures

9

USD

1,006

09/24

(24)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

875

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

Three

Month

SOFR

Futures

Bank

of

Montreal

Call

22

97.13

USD

5,342

12/13/24

(1)

Three

Month

SOFR

Futures

Bank

of

Montreal

Put

11

95.00

USD

2,613

12/13/24

(1)

United

States

5

Year

Treasury

Note

Futures

Bank

of

Montreal

Call

20

108.50

USD

2,170

08/23/24

(4)

Total

Liability

for

Options

Written

(premiums

received

$19)

(6)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

3,525

NOK

37,704

08/08/24

(69)

Bank

of

America

USD

3,502

NZD

5,936

08/08/24

31

Bank

of

New

York

USD

2,926

EUR

2,719

08/08/24

18

HSBC

USD

3,126

GBP

2,467

08/08/24

45

HSBC

AUD

5,460

USD

3,571

08/08/24

—

JPMorgan

Chase

CHF

2,314

USD

2,568

08/08/24

(69)

JPMorgan

Chase

JPY

103,280

USD

643

08/08/24

(47)

Royal

Bank

of

Canada

SEK

17,000

USD

1,603

08/08/24

16

State

Street

USD

35

CHF

31

08/08/24

—

State

Street

USD

839

EUR

776

08/08/24

1

State

Street

USD

1,056

GBP

823

08/08/24

2

State

Street

USD

1,100

JPY

169,874

08/08/24

35

State

Street

USD

161

NOK

1,765

08/08/24

1

State

Street

SEK

579

USD

54

08/08/24

—

UBS

CHF

2,314

USD

2,568

08/08/24

(69)

Westpac

NZD

3,175

USD

1,925

08/08/24

36

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(69)

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

255

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Citigroup

USD

4,804

3.500%

(4)

SOFR

(4)

09/30/24

(16)

(73)

(89)

Citigroup

USD

4,013

2.770%

(4)

SOFR

(4)

10/14/24

(21)

(82)

(103)

Citigroup

USD

1,666

SOFR

(4)

2.600%

(4)

10/14/27

22

75

97

Total

Open

Interest

Rate

Swap

Contracts

(å)

(15)

(80)

(95)

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

-

Sell

Protection

Reference

Entity

Counterparty

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

Fair

Value

$

CDX

NA

High

Yield

Index

Citigroup

USD

410

5.000%

(2)

06/20/29

27

3

30

CDX

NA

Investment

Grade

Index

Citigroup

USD

2,120

1.000%

(2)

06/20/29

46

2

48

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

73

5

78

Total

Open

Credit

Default

Swap

Contracts

(å)

73

5

78

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Long-Term

Investments

Asset-Backed

Securities

$

—

$

49,019

$

—

$

—

$

49,019

Corporate

Bonds

and

Notes

—

137,852

—

—

137,852

International

Debt

—

56,104

—

—

56,104

Loan

Agreements

—

757

—

—

757

Mortgage-Backed

Securities

—

42,554

—

—

42,554

Municipal

Bonds

—

170

—

—

170

United

States

Government

Agencies

—

2,440

—

—

2,440

United

States

Government

Treasuries

—

37,627

—

—

37,627

Options

Purchased

13

—

—

—

13

Short-Term

Investments

—

46,277

—

16,483

62,760

Other

Securities

—

—

—

577

577

Total

Investments

13

372,800

—

17,060

389,873

Other

Financial

Instruments

Assets

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

256

Short

Duration

Bond

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Futures

Contracts

1,080

—

—

—

1,080

Foreign

Currency

Exchange

Contracts

—

185

—

—

185

Interest

Rate

Swap

Contracts

—

97

—

—

97

Credit

Default

Swap

Contracts

—

78

—

—

78

Liabilities

Futures

Contracts

(205)

—

—

—

(205)

Options

Written

(6)

—

—

—

(6)

Foreign

Currency

Exchange

Contracts

—

(254)

—

—

(254)

Interest

Rate

Swap

Contracts

—

(192)

—

—

(192)

Total

Other

Financial

Instruments

*

$

869

$

(86)

$

—

$

—

$

783

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

1,303

Bermuda

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

168

Brazil

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

1,405

Canada

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

13,991

Cayman

Islands

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

10,738

Chile

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

786

China

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

812

Colombia

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

477

Finland

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

258

France

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

5,645

Germany

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

1,005

India

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

587

Indonesia

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

222

Ireland

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

1,605

Israel

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

531

Italy

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

1,712

Japan

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

1,724

Jersey

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

241

Kazakhstan

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

227

Kuwait

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

835

Macao

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

184

Netherlands

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

2,932

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

257

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Norway

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

1,434

Peru

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

469

Singapore

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

568

South

Africa

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

738

South

Korea

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

1,243

Spain

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

949

Sweden

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

594

Switzerland

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

1,533

Taiwan

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

187

United

Kingdom

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

12,886

United

States

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

321,674

Zambia

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

210

Total

Investments

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

389,873

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

19,102

$

253,637

$

256,259

$

3

$

—

$

16,483

$

663

$

—

U.S.

Cash

Collateral

Fund

—

1,646

1,069

—

—

577

2

—

$

19,102

$

255,283

$

257,328

$

3

$

—

$

17,060

$

665

$

—

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

258

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Municipal

Bonds

-

96.6%

Alabama

-

2.3%

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

1,000

4.000

12/01/49

1,004

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.250

02/01/53

2,656

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

500

5.250

12/01/53

542

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(Ê)

1,550

5.250

05/01/55

1,696

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

(Þ)

150

8.000

07/01/28

157

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

(Þ)

375

6.000

07/01/45

395

Cooper

Green

Mercy

Health

Services

Authority

Revenue

Bonds

2,000

5.250

09/01/42

2,155

County

of

Jefferson

Sewer

Revenue

Bonds

6,000

5.250

10/01/44

6,548

County

of

Jefferson

Sewer

Revenue

Bonds

2,050

5.250

10/01/49

2,211

County

of

Jefferson

Sewer

Revenue

Bonds

2,170

5.500

10/01/53

2,371

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

225

5.750

04/01/54

250

Homewood

Educational

Building

Authority

Revenue

Bonds

2,500

4.000

12/01/38

2,409

Homewood

Educational

Building

Authority

Revenue

Bonds

1,900

5.500

10/01/54

2,003

Homewood

Educational

Building

Authority

Revenue

Bonds

100

5.000

10/01/56

101

Hoover

Industrial

Development

Board

Revenue

Bonds

1,805

5.750

10/01/49

1,884

Hoover

Industrial

Development

Board

Revenue

Bonds

(~)(ae)(Ê)

785

6.375

11/01/50

878

Houston

County

Health

Care

Authority

Revenue

Bonds

1,085

5.000

10/01/30

1,097

MidCity

Improvement

District

Special

Assessment

1,000

4.500

11/01/42

845

MidCity

Improvement

District

Special

Assessment

250

4.750

11/01/49

209

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

3,250

5.000

06/01/54

3,326

Montgomery

Educational

Building

Authority

Revenue

Bonds

820

5.000

10/01/36

825

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

690

4.000

11/01/49

412

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

5,000

4.000

12/01/51

4,998

Sumter

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

894

6.000

07/15/52

429

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

7,500

5.250

05/01/44

7,584

46,985

Alaska

-

0.1%

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

2,000

4.000

10/01/49

1,850

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

1,835

Zero

coupon

06/01/66

242

2,092

Arizona

-

1.5%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(S&P

Municipal

Bond

7

Day

Intermediate

Grade

Index

Rate

+

0.810%)(Ê)

4,830

1.770

01/01/37

4,679

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,250

4.500

07/15/29

1,197

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

440

5.000

06/01/31

443

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,365

6.000

07/01/37

1,415

Arizona

Industrial

Development

Authority

Revenue

Bonds

400

4.000

07/01/41

362

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

75

4.000

12/15/41

67

Arizona

Industrial

Development

Authority

Revenue

Bonds

60

5.000

01/01/43

40

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

50

5.000

01/01/43

23

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

200

5.000

05/01/43

110

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

3.000

07/01/46

773

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

330

5.000

05/01/48

181

Arizona

Industrial

Development

Authority

Revenue

Bonds

250

4.500

01/01/49

144

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

225

5.000

01/01/49

102

Arizona

Industrial

Development

Authority

Revenue

Bonds

(µ)

460

5.000

06/01/49

471

Arizona

Industrial

Development

Authority

Revenue

Bonds

100

4.000

11/01/50

93

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

100

5.000

05/01/51

55

Arizona

Industrial

Development

Authority

Revenue

Bonds

3,185

4.000

07/01/51

2,908

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

259

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

30

4.000

07/15/51

25

Arizona

Industrial

Development

Authority

Revenue

Bonds

3,275

4.000

11/01/51

3,036

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

210

4.000

12/15/51

173

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

5.375

07/01/53

102

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

700

5.000

07/15/53

691

Arizona

Industrial

Development

Authority

Revenue

Bonds

125

5.000

01/01/54

77

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

50

5.125

01/01/54

22

Arizona

Industrial

Development

Authority

Revenue

Bonds

(µ)

260

5.000

06/01/54

265

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,500

4.500

07/01/54

1,346

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

30

4.000

07/15/56

24

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

5.500

07/01/58

102

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

1,160

5.000

07/01/44

1,200

City

of

Phoenix

Industrial

Development

Authority

Revenue

Bonds

600

5.000

07/01/35

604

City

of

Phoenix

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

07/01/44

1,021

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

20

3.500

07/01/29

19

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

25

4.100

07/01/34

23

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

105

4.750

07/01/43

95

Glendale

Industrial

Development

Authority

Revenue

Bonds

715

5.000

05/15/41

705

Glendale

Industrial

Development

Authority

Revenue

Bonds

1,360

5.000

05/15/56

1,241

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The)

Revenue

Bonds

1,650

5.000

07/01/46

1,650

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

500

6.875

11/15/52

541

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

250

7.000

11/15/57

271

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

250

6.000

08/01/28

112

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

1,000

6.250

08/01/40

450

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

115

5.250

10/01/40

111

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

325

4.250

07/01/44

314

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

225

5.000

07/01/44

192

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

775

4.000

10/15/47

713

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

50

5.000

07/01/50

49

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

4.000

07/01/51

89

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

115

5.500

10/01/51

107

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

200

6.250

07/01/53

205

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

50

5.000

07/01/54

49

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

4.000

07/01/56

87

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

200

6.375

07/01/58

206

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

300

2.400

06/01/35

253

Pima

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

25

5.500

05/01/40

25

Pima

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

50

5.750

05/01/50

50

Tempe

Industrial

Development

Authority

Revenue

Bonds

80

5.000

12/01/50

79

Tempe

Industrial

Development

Authority

Revenue

Bonds

100

5.000

12/01/54

97

29,484

Arkansas

-

0.5%

Arkansas

Development

Finance

Authority

Revenue

Bonds

300

3.500

07/01/38

235

Arkansas

Development

Finance

Authority

Revenue

Bonds

150

4.250

07/01/41

133

Arkansas

Development

Finance

Authority

Revenue

Bonds

900

3.500

07/01/46

617

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

5,750

4.500

09/01/49

5,660

Arkansas

Development

Finance

Authority

Revenue

Bonds

1,325

5.450

09/01/52

1,368

Arkansas

River

Power

Authority

Revenue

Bonds

1,680

5.000

10/01/33

1,732

9,745

California

-

8.2%

Alameda

Community

Facilities

District

Special

Tax

100

5.000

09/01/53

103

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

260

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

150

5.300

10/01/47

88

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

150

5.350

10/01/48

88

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

800

5.375

10/01/49

465

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

125

5.400

10/01/50

72

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

(µ)

275

5.200

10/01/51

157

Alhambra

Unified

School

District

General

Obligation

Unlimited

(µ)

1,150

4.220

08/01/37

730

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

Bonds

(µ)

500

4.500

07/01/54

501

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

Bonds

625

5.250

07/01/54

675

California

Community

Choice

Financing

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.450%)(Ê)

180

4.060

08/01/31

164

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.250

01/01/54

3,215

California

Community

College

Financing

Authority

Revenue

Bonds

(Þ)

475

5.750

07/01/60

485

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

200

4.000

08/01/50

161

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

4,505

4.000

02/01/56

3,828

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

175

3.000

02/01/57

123

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

10,020

4.904

06/01/55

1,940

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

4,500

7.296

06/01/55

590

California

Enterprise

Development

Authority

Revenue

Bonds

(Þ)

1,095

4.000

06/01/61

923

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

100

3.125

05/15/29

98

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000

02/01/42

1,038

California

Health

Facilities

Financing

Authority

Revenue

Bonds

2,000

4.000

04/01/45

1,960

California

Health

Facilities

Financing

Authority

Revenue

Bonds

3,000

5.000

08/15/47

3,065

California

Health

Facilities

Financing

Authority

Revenue

Bonds

550

4.000

04/01/49

533

California

Health

Facilities

Financing

Authority

Revenue

Bonds

225

4.000

05/15/51

223

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(~)(Ê)(Þ)

1,800

8.000

08/15/25

1,825

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(Þ)

785

4.125

01/01/35

771

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(~)(ae)(Ê)

(Þ)

1,230

8.000

01/01/50

1,290

California

Municipal

Finance

Authority

Revenue

Bonds

645

5.000

12/31/27

666

California

Municipal

Finance

Authority

Revenue

Bonds

2,825

4.000

07/15/29

2,824

California

Municipal

Finance

Authority

Revenue

Bonds

100

5.000

10/01/30

105

California

Municipal

Finance

Authority

Revenue

Bonds

225

5.000

10/01/32

236

California

Municipal

Finance

Authority

Revenue

Bonds

250

5.000

10/01/36

261

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.000

11/01/36

1,526

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,130

5.000

10/01/39

1,138

California

Municipal

Finance

Authority

Revenue

Bonds

1,000

4.250

02/01/40

1,007

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.375

11/01/40

1,011

California

Municipal

Finance

Authority

Revenue

Bonds

25

5.000

02/01/42

25

California

Municipal

Finance

Authority

Revenue

Bonds

6,650

5.000

12/31/43

6,767

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,815

5.000

07/01/49

1,824

California

Municipal

Finance

Authority

Revenue

Bonds

2,000

4.000

10/01/49

1,876

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

60

5.000

10/01/49

59

California

Municipal

Finance

Authority

Revenue

Bonds

3,700

5.000

06/01/50

3,716

California

Municipal

Finance

Authority

Revenue

Bonds

(µ)

1,000

3.000

05/15/51

767

California

Municipal

Finance

Authority

Revenue

Bonds

100

4.000

07/01/51

84

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

65

5.000

07/01/52

61

California

Municipal

Finance

Authority

Revenue

Bonds

250

5.000

07/01/52

252

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

95

5.000

10/01/54

92

California

Municipal

Finance

Authority

Revenue

Bonds

400

5.000

12/01/54

428

California

Municipal

Finance

Authority

Revenue

Bonds

50

4.000

07/01/55

41

California

Municipal

Finance

Authority

Revenue

Bonds

275

5.000

07/01/62

276

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

125

5.000

06/01/64

126

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

261

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

Municipal

Finance

Authority

Special

Tax

250

5.000

09/01/52

257

California

Municipal

Finance

Authority

Special

Tax

575

5.000

09/01/57

590

California

Pollution

Control

Financing

Authority

Revenue

Bonds

1,000

3.375

07/01/25

994

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

250

5.000

07/01/35

279

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

500

5.000

07/01/37

551

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Æ)(Ø)(Š)(Þ)

1,490

7.500

12/01/40

179

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

2,590

5.000

11/21/45

2,643

California

Public

Finance

Authority

Revenue

Bonds

200

5.500

09/01/48

215

California

Public

Finance

Authority

Revenue

Bonds

(Þ)

600

6.250

07/01/54

633

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

07/01/37

1,018

California

School

Finance

Authority

Revenue

Bonds

(Þ)

465

4.000

07/01/38

451

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

08/01/42

1,018

California

School

Finance

Authority

Revenue

Bonds

(Þ)

60

4.000

07/01/45

52

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

5.000

08/01/45

502

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,100

4.000

10/01/46

978

California

School

Finance

Authority

Revenue

Bonds

(Þ)

125

5.500

08/01/47

132

California

School

Finance

Authority

Revenue

Bonds

(Þ)

400

5.000

07/01/50

401

California

School

Finance

Authority

Revenue

Bonds

(Þ)

100

4.000

06/01/51

75

California

School

Finance

Authority

Revenue

Bonds

(Þ)

975

6.375

06/01/52

1,017

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.000

07/01/52

250

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.250

07/01/52

256

California

School

Finance

Authority

Revenue

Bonds

(Þ)

170

5.000

10/01/52

171

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

4.000

11/01/55

847

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.375

07/01/56

256

California

School

Finance

Authority

Revenue

Bonds

(Þ)

600

5.000

06/01/58

582

California

School

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

07/01/59

149

California

School

Finance

Authority

Revenue

Bonds

(Þ)

80

4.000

06/01/61

57

California

School

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/61

94

California

School

Finance

Authority

Revenue

Bonds

(Þ)

315

5.000

07/01/61

311

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.000

10/01/61

250

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.250

03/01/62

190

California

School

Finance

Authority

Revenue

Bonds

(Þ)

385

6.375

04/01/62

395

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

6.500

06/01/62

522

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.500

07/01/62

257

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.000

06/01/64

249

California

Statewide

Communities

Development

Authority

Revenue

Bonds

460

5.000

05/15/32

467

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

200

5.000

11/01/32

206

California

Statewide

Communities

Development

Authority

Revenue

Bonds

500

5.000

08/01/37

516

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

200

5.250

07/01/39

205

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

400

5.000

12/01/41

405

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

8,100

5.000

12/01/46

8,182

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,225

5.000

04/01/47

1,248

California

Statewide

Communities

Development

Authority

Revenue

Bonds

275

5.000

05/15/47

279

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

250

5.250

07/01/49

253

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/51

100

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,445

5.500

12/01/54

1,449

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

935

5.250

12/01/56

945

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.500

12/01/58

1,032

California

Statewide

Communities

Development

Authority

Special

Assessment

70

5.000

09/02/39

73

California

Statewide

Communities

Development

Authority

Special

Assessment

45

5.000

09/02/44

47

California

Statewide

Communities

Development

Authority

Special

Assessment

470

4.000

09/02/50

405

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

262

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

Statewide

Communities

Development

Authority

Special

Tax

600

4.000

09/01/40

596

California

Statewide

Communities

Development

Authority

Special

Tax

1,300

4.000

09/01/50

1,203

California

Statewide

Communities

Development

Authority

Special

Tax

300

4.000

09/01/51

272

California

Statewide

Communities

Development

Authority

Special

Tax

500

5.000

09/01/52

513

California

Statewide

Communities

Development

Authority

Special

Tax

1,775

5.250

09/01/52

1,851

California

Statewide

Financing

Authority

Revenue

Bonds

1,450

5.250

12/01/44

1,454

California

Statewide

Financing

Authority

Revenue

Bonds

3,325

7.459

06/01/46

568

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

75

4.000

09/01/46

69

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

75

4.000

09/01/51

68

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

(Þ)

100

4.000

09/01/51

85

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

(Þ)

275

5.750

09/01/53

296

City

of

Dublin

Special

Assessment

100

5.375

09/01/51

104

City

of

Irvine

Special

Tax

(µ)

100

5.000

09/01/51

104

City

of

Long

Beach

Marina

System

Revenue

Bonds

225

5.000

05/15/40

226

City

of

Long

Beach

Marina

System

Revenue

Bonds

1,185

5.000

05/15/45

1,187

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

50

4.125

05/15/43

50

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

2,500

5.250

05/15/48

2,586

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

1,700

4.000

05/15/50

1,634

City

of

Oroville

Revenue

Bonds

100

5.250

04/01/34

73

City

of

Oroville

Revenue

Bonds

185

5.250

04/01/39

134

City

of

Oroville

Revenue

Bonds

1,435

5.250

04/01/49

1,040

City

of

Oroville

Revenue

Bonds

1,050

5.250

04/01/54

756

City

of

Palm

Desert

Special

Tax

100

3.000

09/01/31

92

City

of

Palm

Desert

Special

Tax

100

4.000

09/01/51

86

City

of

Roseville

Special

Tax

25

4.000

09/01/40

24

City

of

Roseville

Special

Tax

50

4.000

09/01/45

45

City

of

Roseville

Special

Tax

1,550

4.000

09/01/50

1,379

City

of

Roseville

Special

Tax

150

5.250

09/01/53

156

CMFA

Special

Finance

Agency

Revenue

Bonds

(Þ)

285

3.000

12/01/56

208

CMFA

Special

Finance

Agency

VIII

Revenue

Bonds

(Þ)

350

3.000

08/01/56

250

Coachella

Valley

Unified

School

District

General

Obligation

Unlimited

(µ)

2,500

16.733

08/01/43

1,122

County

of

El

Dorado

Special

Tax

80

5.000

09/01/49

81

County

of

Los

Angeles

Community

Facilities

District

No.

2021-01

Special

Tax

225

5.000

09/01/52

231

County

of

Placer

Community

Facilities

District

Special

Tax

920

3.000

09/01/41

726

County

of

San

Diego

Special

Tax

40

3.000

09/01/50

28

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

525

3.600

05/01/47

445

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

1,250

4.000

10/01/56

999

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

775

3.000

12/01/56

561

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

1,000

3.000

02/01/57

724

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

100

3.250

04/01/57

77

Dublin

Community

Facilities

District

Improvement

Area

No.

1

Special

Tax

100

5.000

09/01/37

104

Dublin

Community

Facilities

District

Improvement

Area

No.

1

Special

Tax

340

5.000

09/01/47

346

Fairfield

Community

Facilities

District

Special

Tax

150

5.000

09/01/50

153

Foothill/Eastern

Transportation

Corridor

Agency

Revenue

Bonds

(µ)

4,074

4.000

01/15/46

4,062

Foothill/Eastern

Transportation

Corridor

Agency

Revenue

Bonds

6,531

4.000

01/15/46

6,373

Fremont

Community

Facilities

District

No.

1

Special

Tax

1,255

5.000

09/01/26

1,275

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

1,075

3.850

06/01/50

1,022

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

2,365

5.000

06/01/51

2,460

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

55,300

Zero

coupon

06/01/66

6,353

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

(Þ)

5,500

5.000

07/01/45

5,361

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

263

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Independent

Cities

Finance

Authority

Revenue

Bonds

(µ)(Þ)

900

4.000

06/01/46

902

Inland

Empire

Tobacco

Securitization

Authority

Revenue

Bonds

70

3.678

06/01/38

66

Inland

Empire

Tobacco

Securitization

Corp.

Revenue

Bonds

2,550

Zero

coupon

06/01/57

220

Irvine

Unified

School

District

Special

Tax

570

5.000

03/01/57

579

Jurupa

Public

Financing

Authority

Special

Tax

1,000

5.000

09/01/43

1,015

Moreno

Valley

Unified

School

District

General

Obligation

Unlimited

(µ)

1,000

3.000

08/01/50

808

M-S-R

Energy

Authority

Revenue

Bonds

2,700

6.500

11/01/39

3,451

Natomas

Unified

School

District

General

Obligation

Unlimited

(µ)

425

4.000

08/01/42

426

Northern

California

Gas

Authority

No.

1

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.720%)(Ê)

785

1.680

07/01/27

785

Orange

County

Convention

Center

Revenue

Bonds

115

5.500

08/15/53

123

Oxnard

School

District

General

Obligation

Unlimited

(~)(µ)(Ê)

465

2.000

08/01/47

488

River

Islands

Public

Financing

Authority

Special

Tax

230

5.250

09/01/47

238

River

Islands

Public

Financing

Authority

Special

Tax

330

5.000

09/01/52

332

River

Islands

Public

Financing

Authority

Special

Tax

(µ)

1,750

5.250

09/01/52

1,900

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

150

4.000

10/01/40

151

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

300

4.000

10/01/39

302

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

125

4.000

10/01/40

126

Sacramento

County

Water

Financing

Authority

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.550%)(µ)(Ê)

165

0.785

06/01/34

158

San

Diego

County

Regional

Airport

Authority

Revenue

Bonds

2,000

4.000

07/01/56

1,874

San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

6,485

5.000

05/01/49

6,641

San

Francisco

City

&

County

Redevelopment

Agency

Tax

Allocation

1,190

5.000

08/01/35

1,232

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

75

4.000

08/01/32

67

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/33

87

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/34

86

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/35

85

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/36

84

San

Jacinto

Community

Facilities

District

Special

Tax

280

5.000

09/01/33

285

San

Jacinto

Community

Facilities

District

Special

Tax

335

5.000

09/01/34

341

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

Bonds

1,000

5.000

01/15/29

1,010

Silicon

Valley

Tobacco

Securitization

Authority

Revenue

Bonds

2,250

Zero

coupon

06/01/56

219

Silicon

Valley

Tobacco

Securitization

Authority

Revenue

Bonds

7,300

8.018

06/01/56

778

Southern

California

Public

Power

Authority

Revenue

Bonds

(~)(Ê)

5,700

4.200

07/01/35

5,700

State

of

California

General

Obligation

Unlimited

2,000

5.000

08/01/46

2,050

State

of

California

General

Obligation

Unlimited

230

4.000

04/01/49

226

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

400

5.000

06/01/48

410

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

515

5.810

06/01/54

101

University

of

California

Revenue

Bonds

450

3.000

05/15/51

362

William

S

Hart

Union

High

School

District

Special

Tax

25

5.000

09/01/47

25

166,257

Colorado

-

3.6%

3rd

and

Havana

Metropolitan

District

General

Obligation

Limited

750

5.250

12/01/49

655

Allison

Valley

Metropolitan

District

No.

1

General

Obligation

Limited

500

5.000

12/01/47

466

Arista

Metropolitan

District

General

Obligation

Unlimited

(~)(Ê)

500

8.250

12/15/39

519

Aurora

Crossroads

Metropolitan

District

No.

2

General

Obligation

Limited

500

7.750

12/15/50

483

Banning

Lewis

Ranch

Metropolitan

District

No.

8

General

Obligation

Limited

(Þ)

500

4.875

12/01/51

407

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.750

12/01/51

466

Belford

North

Metropolitan

District

General

Obligation

Limited

500

8.500

12/15/50

485

Bent

Grass

Metropolitan

District

General

Obligation

Limited

(Þ)

500

5.250

12/01/49

489

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

264

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

BNC

Metropolitan

District

No.

1

General

Obligation

Limited

822

7.375

12/15/47

806

Brighton

Crossing

Metropolitan

District

No.

4

General

Obligation

Limited

1,220

5.000

12/01/47

1,197

Brighton

Crossing

Metropolitan

District

No.

6

General

Obligation

Limited

500

5.000

12/01/50

449

Canyon

Pines

Metropolitan

District

Special

Improvement

District

No.

1

Special

Assessment

2,000

3.750

12/01/40

1,642

Canyons

Metropolitan

District

No.

5

General

Obligation

Limited

500

6.125

12/01/47

501

Cascade

Ridge

Metropolitan

District

General

Obligation

Limited

500

5.000

12/01/51

444

Castleview

Metropolitan

District

No.

1

General

Obligation

Limited

500

5.000

12/01/50

421

Cherry

Creek

South

Metropolitan

District

No.

5

General

Obligation

Limited

600

6.000

12/01/51

510

Citadel

on

Colfax

Business

Improvement

District

Revenue

Bonds

350

5.350

12/01/50

327

Citadel

on

Colfax

Business

Improvement

District

Revenue

Bonds

365

7.875

12/15/50

348

City

&

County

of

Denver

Special

Facilities

Airport

Revenue

Bonds

3,615

5.000

10/01/32

3,615

Cloverleaf

Metropolitan

District

General

Obligation

Limited

500

6.000

12/01/51

508

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

500

5.000

11/01/49

499

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

25

4.000

05/01/51

22

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

1,935

4.000

07/01/51

1,523

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(µ)

205

3.000

08/01/51

143

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(µ)

2,000

4.000

06/01/52

1,788

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

400

6.250

07/01/53

409

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

300

5.800

04/01/54

313

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

170

5.000

09/01/57

172

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

200

5.750

04/01/59

207

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

330

5.000

10/01/59

317

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

435

5.000

02/01/61

405

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

1,350

4.000

05/01/61

1,149

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

125

4.000

10/01/61

100

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

175

5.000

09/01/62

176

Colorado

Health

Facilities

Authority

Revenue

Bonds

515

6.000

07/01/31

515

Colorado

Health

Facilities

Authority

Revenue

Bonds

810

6.000

07/01/36

811

Colorado

Health

Facilities

Authority

Revenue

Bonds

400

4.000

08/01/39

393

Colorado

Health

Facilities

Authority

Revenue

Bonds

50

4.000

01/01/42

44

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,225

4.000

08/01/44

2,149

Colorado

Health

Facilities

Authority

Revenue

Bonds

(ae)

190

5.000

06/01/47

201

Colorado

Health

Facilities

Authority

Revenue

Bonds

135

3.250

08/01/49

107

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,000

5.250

11/01/52

2,149

Colorado

Health

Facilities

Authority

Revenue

Bonds

400

5.250

12/01/54

435

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,834

5.000

07/01/57

1,423

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

100

5.000

12/31/51

100

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

820

5.000

12/31/56

820

Colorado

School

of

Mines

Revenue

Bonds

1,850

4.000

12/01/49

1,832

Colorado

Springs

Urban

Renewal

Authority

Tax

Allocation

(Æ)(Ø)

500

5.750

12/01/47

415

Constitution

Heights

Metropolitan

District

General

Obligation

Limited

1,765

5.000

12/01/49

1,697

Copper

Ridge

Metropolitan

District

Revenue

Bonds

725

5.000

12/01/39

702

Copperleaf

Metropolitan

District

No.

2

General

Obligation

Limited

(~)(Ê)

500

6.000

12/15/41

497

Copperleaf

Metropolitan

District

No.

9

General

Obligation

Limited

500

4.875

12/01/51

412

Cornerstar

Metropolitan

District

General

Obligation

Limited

500

5.250

12/01/47

499

Creekside

Village

Metropolitan

District

General

Obligation

Limited

489

5.000

12/01/49

466

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

(Þ)

555

5.500

12/01/39

487

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

(Þ)

975

5.750

12/01/49

835

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

(Þ)

280

8.000

12/15/49

251

Denver

Convention

Center

Hotel

Authority

Revenue

Bonds

375

5.000

12/01/31

384

Denver

Health

&

Hospital

Authority

Certificate

of

Participation

25

5.000

12/01/32

26

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

265

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Denver

Health

&

Hospital

Authority

Certificate

of

Participation

175

4.000

12/01/38

163

Denver

Health

&

Hospital

Authority

Certificate

of

Participation

110

5.000

12/01/48

107

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

300

5.000

12/01/34

308

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

200

4.000

12/01/35

188

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

200

4.000

12/01/36

187

Denver

Health

&

Hospital

Authority

Revenue

Bonds

100

4.000

12/01/39

93

Denver

Health

&

Hospital

Authority

Revenue

Bonds

50

4.000

12/01/40

45

Denver

Health

&

Hospital

Authority

Revenue

Bonds

1,500

5.250

12/01/45

1,501

Denver

International

Business

Center

Metropolitan

District

No.

1

General

Obligation

Unlimited

300

3.750

12/01/39

262

Denver

International

Business

Center

Metropolitan

District

No.

1

General

Obligation

Unlimited

350

4.000

12/01/48

293

Denver

Urban

Renewal

Authority

Tax

Allocation

(Þ)

545

5.250

12/01/39

550

Dinosaur

Ridge

Metropolitan

District

Revenue

Bonds

500

5.000

06/01/49

497

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

(Þ)

1,250

5.550

12/01/47

1,288

Four

Corners

Business

Improvement

District

General

Obligation

Limited

500

6.000

12/01/52

512

Glen

Metropolitan

District

No.

3

General

Obligation

Limited

500

4.250

12/01/51

405

Greenspire

Metropolitan

District

No.

1

General

Obligation

Limited

500

5.125

12/01/51

465

High

Plains

Metropolitan

District

General

Obligation

Unlimited

(µ)

25

5.000

12/01/35

26

High

Plains

Metropolitan

District

General

Obligation

Unlimited

(µ)

250

4.000

12/01/47

244

Highlands

Metropolitan

District

No.

1

General

Obligation

Limited

500

5.000

12/01/51

432

Jefferson

Center

Metropolitan

District

No.

1

Revenue

Bonds

1,350

4.375

12/01/47

1,251

Johnstown

Farms

East

Metropolitan

District

General

Obligation

Limited

500

5.000

12/01/51

441

Johnstown

Plaza

Metropolitan

District

General

Obligation

Limited

2,312

4.250

12/01/46

2,055

Jones

District

Community

Authority

Board

Revenue

Bonds

500

5.750

12/01/50

465

Kremmling

Memorial

Hospital

District

Certificate

of

Participation

(Þ)

1,000

6.625

12/01/56

971

Ledge

Rock

Center

Residential

Metropolitan

District

No.

1

General

Obligation

Limited

500

6.375

12/01/54

511

Loretto

Heights

Community

Authority

Revenue

Bonds

500

4.875

12/01/51

407

Meridian

Ranch

Metropolitan

District

Revenue

Bonds

500

6.750

12/01/52

509

Mirabelle

Metropolitan

District

No.

2

General

Obligation

Limited

700

5.000

12/01/39

702

Mirabelle

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.000

12/01/49

501

Murphy

Creek

Metropolitan

District

No.

4

General

Obligation

Limited

850

5.000

12/01/51

748

Murphy

Creek

Metropolitan

District

No.

5

General

Obligation

Limited

500

6.000

12/01/52

504

Nexus

North

at

DIA

Metropolitan

District

General

Obligation

Limited

500

5.000

12/01/51

447

North

Range

Metropolitan

District

No.

2

General

Obligation

Limited

1,000

5.750

12/01/47

1,003

North

Range

Metropolitan

District

No.

2

General

Obligation

Limited

(~)(Ê)

500

7.750

12/15/47

501

Northglenn

Urban

Renewal

Authority

Tax

Allocation

10

4.000

12/01/34

10

Northglenn

Urban

Renewal

Authority

Tax

Allocation

30

4.000

12/01/36

29

Northglenn

Urban

Renewal

Authority

Tax

Allocation

10

4.000

12/01/38

9

Parkdale

Community

Authority

Revenue

Bonds

(Þ)

500

7.750

12/01/27

386

Parkdale

Community

Authority

Revenue

Bonds

500

5.250

12/01/50

471

Parkdale

Community

Authority

Revenue

Bonds

500

7.750

12/15/50

472

Powhaton

Community

Authority

Revenue

Bonds

500

5.000

12/01/51

443

Prairie

Center

Metropolitan

District

No.

3

General

Obligation

Limited

500

5.875

12/15/46

538

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

(Þ)

500

5.000

12/15/41

503

Prairie

Center

Metropolitan

District

No.

7

General

Obligation

Limited

1,425

4.875

12/15/44

1,284

Pronghorn

Valley

Metropolitan

District

General

Obligation

Limited

515

3.750

12/01/41

422

Pueblo

Urban

Renewal

Authority

Tax

Allocation

(Þ)

100

Zero

coupon

12/01/25

91

Pueblo

Urban

Renewal

Authority

Tax

Allocation

(Þ)

350

4.750

12/01/45

239

RRC

Metropolitan

District

No.

2

Revenue

Bonds

500

5.250

12/01/51

441

Second

Creek

Farm

Metropolitan

District

No.

3

General

Obligation

Limited

500

5.000

12/01/49

477

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

266

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Senac

South

Metropolitan

District

No.

1

General

Obligation

Limited

625

5.250

12/01/51

563

South

Timnath

Metropolitan

District

No.

1

General

Obligation

Limited

720

5.500

12/01/48

620

Southlands

Metropolitan

District

No.

1

General

Obligation

Unlimited

1,000

5.000

12/01/37

1,008

Southlands

Metropolitan

District

No.

1

General

Obligation

Unlimited

1,000

5.000

12/01/47

994

State

Vrain

Lakes

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.125

12/01/47

496

Sterling

Hills

West

Metropolitan

District

General

Obligation

Limited

100

5.000

12/01/39

104

Sterling

Ranch

Community

Authority

Board

Special

Assessment

500

5.625

12/01/43

518

Takoda

Metropolitan

District

General

Obligation

Bonds

500

6.000

12/01/50

524

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

(Þ)

1,364

5.625

12/01/48

1,370

Waterview

II

Metropolitan

District

General

Obligation

Limited

500

5.000

12/01/51

482

West

Meadow

Metropolitan

District

General

Obligation

Limited

(Þ)

500

6.500

12/01/50

524

West

Virginia

Economic

Development

Authority

Revenue

Bonds

110

5.375

05/01/43

112

Westerly

Metropolitan

District

No.

4

General

Obligation

Limited

500

5.000

12/01/50

439

Winsome

Metropolitan

District

No.

3

General

Obligation

Limited

(Þ)

500

5.125

12/01/50

440

72,202

Connecticut

-

1.0%

City

of

New

Haven

General

Obligation

Unlimited

100

5.500

08/01/34

107

City

of

New

Haven

General

Obligation

Unlimited

1,100

5.500

08/01/38

1,166

City

of

West

Haven

General

Obligation

Unlimited

400

5.000

11/01/32

416

City

of

West

Haven

General

Obligation

Unlimited

700

5.000

11/01/37

726

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

3,535

4.000

07/01/39

2,987

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

07/01/39

989

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

720

4.000

07/01/41

642

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,260

2.050

07/01/42

1,260

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,100

5.000

01/01/45

1,000

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

175

4.000

07/01/49

133

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,250

4.000

07/01/51

1,011

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

205

5.375

07/01/52

197

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

400

5.375

07/01/54

404

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

225

5.000

01/01/55

194

Hartford

Stadium

Authority

Revenue

Bonds

250

5.000

02/01/36

251

Hartford

Stadium

Authority

Revenue

Bonds

420

4.000

02/01/42

381

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

(Þ)

2,070

7.000

02/01/45

2,076

Stamford

Housing

Authority

Revenue

Bonds

(Þ)

400

11.000

12/01/27

462

State

of

Connecticut

Bradley

International

Airport

CFC

Revenue

Bonds

250

4.000

07/01/49

230

State

of

Connecticut

General

Obligation

Unlimited

120

5.000

06/15/29

129

State

of

Connecticut

General

Obligation

Unlimited

1,500

5.000

06/15/31

1,599

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

(Þ)

100

5.625

04/01/44

105

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

(Þ)

2,200

4.000

04/01/51

1,866

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

(Þ)

200

6.000

04/01/52

214

Town

of

Hamden

Revenue

Bonds

750

7.000

01/01/53

815

19,360

Delaware

-

0.0%

Delaware

State

Economic

Development

Authority

Revenue

Bonds

45

5.000

08/01/49

45

Delaware

State

Economic

Development

Authority

Revenue

Bonds

100

5.000

09/01/50

102

Delaware

State

Economic

Development

Authority

Revenue

Bonds

75

4.000

06/01/52

62

Delaware

State

Economic

Development

Authority

Revenue

Bonds

75

4.000

06/01/57

60

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

335

4.000

07/01/43

326

Town

of

Bridgeville

Special

Tax

310

4.000

07/01/35

306

901

District

of

Columbia

-

1.1%

District

of

Columbia

Revenue

Bonds

(Þ)

325

6.600

06/01/34

186

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

267

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

District

of

Columbia

Revenue

Bonds

2,510

5.000

10/01/35

2,510

District

of

Columbia

Revenue

Bonds

750

5.000

07/01/37

754

District

of

Columbia

Revenue

Bonds

1,000

5.000

07/01/47

1,007

District

of

Columbia

Revenue

Bonds

575

5.250

05/01/48

641

District

of

Columbia

Revenue

Bonds

1,000

5.000

06/01/55

976

District

of

Columbia

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

13,400

7.666

06/15/46

2,987

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,000

5.000

10/01/43

1,028

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,510

4.000

10/01/44

1,450

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

10,620

4.000

10/01/49

9,946

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

1,280

3.000

10/01/50

979

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

100

4.000

10/01/53

93

22,557

Florida

-

10.8%

Abbott

Square

Community

Development

District

Special

Assessment

115

5.500

06/15/52

118

Alachua

County

Health

Facilities

Authority

Revenue

Bonds

1,500

4.000

10/01/46

1,281

Anthem

Park

Community

Development

District

Special

Assessment

120

4.750

05/01/36

120

Antillia

Community

Development

District

Special

Assessment

100

5.600

05/01/44

102

Antillia

Community

Development

District

Special

Assessment

100

5.875

05/01/54

102

Arbors

Community

Development

District

Special

Assessment

200

5.625

05/01/53

208

Armstrong

Community

Development

District

Special

Assessment

30

4.000

11/01/40

27

Armstrong

Community

Development

District

Special

Assessment

160

4.000

11/01/50

135

Artisan

Lakes

East

Community

Development

District

Special

Assessment

135

2.300

05/01/26

131

Artisan

Lakes

East

Community

Development

District

Special

Assessment

250

2.750

05/01/31

228

Artisan

Lakes

East

Community

Development

District

Special

Assessment

945

3.125

05/01/41

768

Artisan

Lakes

East

Community

Development

District

Special

Assessment

450

4.000

05/01/51

379

Astonia

Community

Development

District

Special

Assessment

(Þ)

1,380

3.200

05/01/41

1,135

Avalon

Groves

Community

Development

District

Special

Assessment

50

3.125

05/01/41

41

Avalon

Groves

Community

Development

District

Special

Assessment

25

3.375

05/01/41

21

Avalon

Groves

Community

Development

District

Special

Assessment

150

6.000

05/01/48

159

Avalon

Park

West

Community

Development

District

Special

Assessment

100

5.625

05/01/52

104

Ave

Maria

Stewardship

Community

District

Special

Assessment

(Þ)

2,380

5.250

05/01/43

2,430

Avelar

Creek

Community

Development

District

Special

Assessment

90

4.000

05/01/36

89

Avenir

Community

Development

District

Special

Assessment

150

5.250

05/01/29

151

Avenir

Community

Development

District

Special

Assessment

(Þ)

595

5.000

05/01/41

606

Avenir

Community

Development

District

Special

Assessment

120

5.375

05/01/43

122

Avenir

Community

Development

District

Special

Assessment

390

3.400

05/01/52

295

Avenir

Community

Development

District

Special

Assessment

405

5.625

05/01/54

415

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

(Þ)

100

4.500

06/01/39

98

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

(Þ)

100

4.625

06/01/49

94

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

100

5.000

11/01/31

101

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

(Þ)

1,060

5.000

11/01/39

1,086

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

1,250

3.200

05/01/41

1,026

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

500

5.000

05/01/42

505

Bannon

Lakes

Community

Development

District

Special

Assessment

100

5.000

11/01/48

99

Bartram

Park

Community

Development

District

Special

Assessment

390

4.250

05/01/29

392

Bartram

Park

Community

Development

District

Special

Assessment

480

4.500

05/01/35

481

Bay

Laurel

Center

Community

Development

District

Special

Assessment

90

4.000

05/01/37

87

Baywinds

Community

Development

District

Special

Assessment

175

4.250

05/01/37

175

Beaumont

Community

Development

District

Special

Assessment

(Þ)

90

6.375

11/01/49

94

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

268

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Berry

Bay

Community

Development

District

Special

Assessment

105

2.625

05/01/26

102

Berry

Bay

Community

Development

District

Special

Assessment

150

5.750

05/01/53

156

Biscayne

Drive

Estates

Community

Development

District

Special

Assessment

100

6.000

06/15/52

104

Black

Creek

Community

Development

District

Special

Assessment

25

3.750

06/15/40

22

Black

Creek

Community

Development

District

Special

Assessment

50

4.000

06/15/50

42

Blue

Lake

Community

Development

District

Special

Assessment

100

4.250

06/15/39

94

Bonterra

Community

Development

District

Special

Assessment

1,570

4.125

05/01/47

1,463

Bonterra

Community

Development

District

Special

Assessment

580

5.000

05/01/47

581

Botaniko

Community

Development

District

Special

Assessment

30

3.625

05/01/40

26

Bradbury

Community

Development

District

Special

Assessment

200

5.250

05/01/43

203

Bradbury

Community

Development

District

Special

Assessment

250

5.500

05/01/53

254

Bridgewalk

Community

Development

District

Special

Assessment

60

6.500

12/15/53

64

Brightwater

Community

Development

District

Revenue

Bonds

240

3.150

05/01/41

193

Brookstone

Community

Development

District

Special

Assessment

250

5.625

05/01/52

257

Buckhead

Trails

Community

Development

District

Special

Assessment

100

5.625

05/01/42

104

Buckhead

Trails

Community

Development

District

Special

Assessment

100

5.750

05/01/52

103

Buckhead

Trails

Community

Development

District

Special

Assessment

125

5.875

05/01/54

126

Buena

Lago

Community

Development

District

Revenue

Bonds

100

5.500

05/01/52

104

Buena

Lago

Community

Development

District

Special

Assessment

100

5.550

05/01/54

100

Campo

Bello

Community

Development

District

Special

Assessment

100

4.000

12/15/39

92

Campo

Bello

Community

Development

District

Special

Assessment

150

4.000

12/15/49

126

Capital

Projects

Finance

Authority

Revenue

Bonds

1,000

5.000

11/01/58

995

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

2,000

4.500

01/01/35

2,002

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

325

5.000

06/01/41

315

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

300

5.250

12/01/43

302

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

425

6.250

05/01/48

433

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,255

5.000

12/15/49

1,208

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

100

4.000

07/01/51

81

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

400

6.375

05/01/53

408

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

100

6.500

06/15/54

103

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

100

4.000

07/01/56

79

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

150

5.000

12/01/56

117

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

5,405

5.250

12/01/58

5,402

Capital

Trust

Agency,

Inc.

Revenue

Bonds

4,000

1.798

01/01/60

300

Caribe

Palm

Community

Development

District

Special

Assessment

94

4.000

05/01/25

94

Caribe

Palm

Community

Development

District

Special

Assessment

97

4.000

05/01/26

97

Caribe

Palm

Community

Development

District

Special

Assessment

545

4.500

05/01/35

546

Caymas

Community

Development

District

Special

Assessment

100

5.625

05/01/54

101

Center

Lake

Ranch

West

Community

Development

District

Special

Assessment

225

6.000

05/01/54

235

Central

Parc

Community

Development

District

Special

Assessment

100

5.700

05/01/44

101

Central

Parc

Community

Development

District

Special

Assessment

100

6.000

05/01/54

101

Centre

Lake

Community

Development

District

Special

Assessment

1,025

4.000

05/01/52

906

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

535

4.125

11/01/38

507

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

1,560

4.250

11/01/48

1,422

CFM

Community

Development

District

Special

Assessment

490

4.000

05/01/51

412

Chapel

Creek

Community

Development

District

Special

Assessment

(Þ)

35

3.375

05/01/41

29

Chapel

Creek

Community

Development

District

Special

Assessment

(Þ)

55

4.000

05/01/52

46

Charles

Cove

Community

Development

District

Special

Assessment

100

4.000

05/01/52

83

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

220

5.500

10/01/36

223

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

350

5.000

10/01/49

351

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,500

4.000

10/01/51

2,093

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

269

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Atlantic

Beach

Revenue

Bonds

1,000

5.000

11/15/37

1,001

City

of

Cape

Coral

Water

&

Sewer

Revenue

Bonds

1,000

4.000

10/01/36

1,001

City

of

Palmetto

Revenue

Bonds

75

5.250

06/01/52

77

City

of

Palmetto

Revenue

Bonds

150

5.375

06/01/57

154

City

of

Palmetto

Revenue

Bonds

125

5.625

06/01/62

129

City

of

Tampa

Revenue

Bonds

960

5.000

04/01/45

964

Cityplace

Community

Development

District

Special

Assessment

Revenue

Bonds

(µ)

1,550

4.562

05/01/46

1,488

Coddington

Community

Development

District

Special

Assessment

100

5.750

05/01/52

104

Collier

County

Educational

Facilities

Authority

Revenue

Bonds

2,400

5.000

06/01/43

2,320

Collier

County

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000

05/01/52

926

Concord

Station

Community

Development

District

Special

Assessment

275

3.625

05/01/35

268

Concord

Station

Community

Development

District

Special

Assessment

285

3.750

05/01/46

250

Concord

Station

Community

Development

District

Special

Assessment

100

4.750

05/01/46

96

Connerton

East

Community

Development

District

Special

Assessment

200

5.375

06/15/53

206

Copes

Landing

Community

Development

District

Special

Assessment

150

5.875

05/01/53

158

Coral

Bay

Lee

County

Community

Development

District

Special

Assessment

50

5.625

05/01/52

51

Coral

Keys

Homes

Community

Development

District

Special

Assessment

90

4.000

05/01/40

84

Cordova

Palms

Community

Development

District

Special

Assessment

1,015

5.400

05/01/42

1,044

Cordova

Palms

Community

Development

District

Special

Assessment

1,645

4.000

05/01/52

1,382

Corkscrew

Crossing

Community

Development

District

Special

Assessment

150

5.300

05/01/53

151

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

50

5.000

11/01/38

51

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

100

5.125

11/01/50

100

Coronado

Community

Development

District

Special

Assessment

25

4.000

05/01/31

25

Coronado

Community

Development

District

Special

Assessment

44

4.250

05/01/38

42

Country

Greens

Community

Development

District

Special

Assessment

50

3.200

05/01/25

50

Country

Greens

Community

Development

District

Special

Assessment

345

3.875

05/01/31

337

Country

Greens

Community

Development

District

Special

Assessment

130

4.000

05/01/34

129

County

of

Broward

Port

Facilities

Revenue

Bonds

200

4.000

09/01/44

187

County

of

Broward

Port

Facilities

Revenue

Bonds

2,000

5.250

09/01/47

2,145

County

of

Lake

Revenue

Bonds

500

5.750

08/15/50

479

County

of

Miami-Dade

Aviation

Revenue

Bonds

2,775

5.000

10/01/49

2,844

County

of

Miami-Dade

Seaport

Department

Revenue

Bonds

1,165

5.250

10/01/52

1,242

County

of

Monroe

Airport

Revenue

Bonds

2,250

5.000

10/01/52

2,279

County

of

Osceola

Transportation

Revenue

Bonds

(ae)

3,700

6.000

10/01/36

4,315

County

of

Osceola

Transportation

Revenue

Bonds

1,340

5.000

10/01/44

1,395

Cross

Creek

North

Community

Development

District

Special

Assessment

200

4.500

05/01/52

187

Cross

Creek

North

Community

Development

District

Special

Assessment

120

5.375

05/01/53

122

Crossings

Community

Development

District

Special

Assessment

175

5.125

05/01/52

174

Crossings

Community

Development

District

Special

Assessment

(Þ)

100

5.600

05/01/54

100

Cypress

Bay

West

Community

Development

District

Special

Assessment

100

5.250

05/01/43

102

Cypress

Bay

West

Community

Development

District

Special

Assessment

100

5.500

05/01/53

102

Cypress

Park

Estates

Community

Development

District

Special

Assessment

85

5.000

05/01/42

85

Cypress

Park

Estates

Community

Development

District

Special

Assessment

85

5.125

05/01/52

85

Davenport

Road

South

Community

Development

District

Special

Assessment

(Þ)

100

5.000

11/01/38

102

Davenport

Road

South

Community

Development

District

Special

Assessment

(Þ)

150

5.125

11/01/48

151

Deer

Run

Community

Development

District

Special

Assessment

175

5.400

05/01/39

182

Deer

Run

Community

Development

District

Special

Assessment

200

5.500

05/01/44

207

Deerbrook

Community

Development

District

Revenue

Bonds

100

5.500

05/01/53

103

Del

Webb

Oak

Creek

Community

Development

District

Special

Assessment

350

5.250

05/01/53

356

Durbin

Crossing

Community

Development

District

Special

Assessment

(µ)

75

3.750

05/01/34

75

Durbin

Crossing

Community

Development

District

Special

Assessment

(µ)

120

4.000

05/01/37

121

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

270

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

75

3.375

05/01/41

66

Eagle

Hammock

Community

Development

District

Special

Assessment

205

5.375

05/01/52

209

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

75

4.125

05/01/40

69

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

225

4.125

05/01/51

193

East

547

Community

Development

District

Revenue

Bonds

100

6.500

05/01/54

107

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

625

5.000

11/01/38

638

East

Nassau

Stewardship

District

Special

Assessment

1,270

3.500

05/01/41

1,067

Eden

Hills

Community

Development

District

Special

Assessment

50

4.000

05/01/42

46

Eden

Hills

Community

Development

District

Special

Assessment

200

4.125

05/01/52

170

Edgewater

East

Community

Development

District

Special

Assessment

75

3.600

05/01/41

65

Edgewater

East

Community

Development

District

Special

Assessment

150

4.000

05/01/42

135

Elevation

Pointe

Community

Development

District

Special

Assessment

700

4.400

05/01/42

659

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

135

3.250

05/01/25

133

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

140

3.500

05/01/26

137

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

790

3.750

05/01/31

756

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

1,170

4.000

05/01/37

1,121

Entrada

Community

Development

District

Special

Assessment

150

5.800

05/01/53

157

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

580

4.000

08/15/45

529

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

(µ)

255

3.000

08/15/50

193

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

5,525

4.000

08/15/50

4,931

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

100

4.125

11/01/50

86

Everlands

II

Community

Development

District

Special

Assessment

50

5.200

06/15/44

50

Everlands

II

Community

Development

District

Special

Assessment

100

5.450

06/15/54

100

Fallschase

Community

Development

District

Special

Assessment

100

3.375

05/01/41

83

Fallschase

Community

Development

District

Special

Assessment

570

4.000

05/01/52

475

Fishhawk

Ranch

Community

Development

District

Special

Assessment

(µ)

70

3.000

11/01/41

55

Florida

Development

Finance

Corp.

(~)(Ê)(Þ)

3,000

8.250

07/01/57

3,132

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

9,175

12.000

07/15/28

9,774

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

06/01/40

85

Florida

Development

Finance

Corp.

Revenue

Bonds

(µ)

940

4.000

02/01/46

912

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

06/30/46

77

Florida

Development

Finance

Corp.

Revenue

Bonds

1,150

5.000

06/15/47

1,157

Florida

Development

Finance

Corp.

Revenue

Bonds

(µ)

550

5.250

07/01/47

580

Florida

Development

Finance

Corp.

Revenue

Bonds

2,000

5.250

07/01/47

2,052

Florida

Development

Finance

Corp.

Revenue

Bonds

100

5.000

06/01/50

91

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

225

5.250

06/01/50

216

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

115

5.000

09/15/50

105

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

275

5.000

06/01/51

259

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

500

4.000

07/01/51

431

Florida

Development

Finance

Corp.

Revenue

Bonds

2,500

5.000

02/01/52

2,481

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

405

5.500

07/01/52

375

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

250

5.875

08/15/52

250

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

350

5.125

10/01/52

347

Florida

Development

Finance

Corp.

Revenue

Bonds

(µ)

1,000

5.250

07/01/53

1,044

Florida

Development

Finance

Corp.

Revenue

Bonds

2,700

5.500

07/01/53

2,804

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

250

5.250

06/01/54

255

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

200

4.000

06/01/55

147

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

160

5.000

06/01/55

121

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

220

5.250

06/01/55

208

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

200

4.000

06/30/56

143

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

271

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

315

5.625

07/01/56

294

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

175

5.250

10/01/56

175

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

225

6.000

08/15/57

226

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

175

5.250

06/01/59

178

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

100

5.000

03/01/39

79

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

350

5.000

03/01/44

262

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

1,350

5.000

06/01/48

1,309

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

515

5.000

03/01/49

368

Forest

Lake

Community

Development

District

Special

Assessment

(Þ)

305

5.375

05/01/42

317

Forest

Lake

Community

Development

District

Special

Assessment

(Þ)

265

5.500

05/01/52

273

Gardens

at

Hammock

Beach

Community

Development

District

Special

Assessment

100

5.600

05/01/44

100

Gardens

at

Hammock

Beach

Community

Development

District

Special

Assessment

100

5.875

05/01/55

100

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

65

4.750

05/01/36

65

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

65

5.000

05/01/46

65

Grand

Oaks

Community

Development

District

Special

Assessment

100

4.000

11/01/51

84

Greater

Orlando

Aviation

Authority

Revenue

Bonds

750

5.000

11/15/36

750

Grove

Resort

Community

Development

District

Special

Assessment

50

4.000

05/01/52

41

Hacienda

Lakes

Community

Development

District

Special

Assessment

100

4.625

05/01/46

94

Hacienda

North

Community

Development

District

Special

Assessment

250

6.500

05/01/53

270

Hammock

Oaks

Community

Development

District

Special

Assessment

125

6.150

05/01/54

128

Hammock

Reserve

Community

Development

District

Special

Assessment

50

4.700

05/01/42

48

Hammock

Reserve

Community

Development

District

Special

Assessment

145

5.000

05/01/52

141

Harbor

Bay

Community

Development

District

Special

Assessment

100

3.750

05/01/34

94

Harbor

Bay

Community

Development

District

Special

Assessment

105

3.875

05/01/39

95

Harbor

Bay

Community

Development

District

Special

Assessment

100

4.100

05/01/48

87

Harmony

on

Lake

Eloise

Community

Development

District

Special

Assessment

100

5.375

05/01/53

102

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

1,185

5.250

05/01/49

1,208

Hawks

Point

Community

Development

District

Special

Assessment

185

4.250

05/01/35

185

Hawkstone

Community

Development

District

Special

Assessment

100

3.875

11/01/39

90

Hawkstone

Community

Development

District

Special

Assessment

150

5.375

05/01/43

154

Hawkstone

Community

Development

District

Special

Assessment

100

4.000

11/01/51

83

Hawkstone

Community

Development

District

Special

Assessment

130

5.500

05/01/53

133

Hawthorne

Mill

North

Community

Development

District

Special

Assessment

110

5.500

05/01/54

110

Heights

Community

Development

District

County

of

Hillsborough

Special

Assessment

150

5.000

01/01/38

151

Heights

Community

Development

District

County

of

Hillsborough

Special

Assessment

300

5.000

01/01/50

296

Herons

Glen

Recreation

District

Special

Assessment

(µ)

105

2.500

05/01/40

82

Highlands

Community

Development

District

Special

Assessment

200

4.250

05/01/36

195

Highlands

Meadows

II

Community

Development

District

Special

Assessment

415

5.375

11/01/37

424

Highlands

Meadows

II

Community

Development

District

Special

Assessment

100

5.500

11/01/47

101

Highlands

Meadows

West

Community

Development

District

Special

Assessment

25

3.625

05/01/40

21

Highlands

Meadows

West

Community

Development

District

Special

Assessment

35

4.000

05/01/50

29

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

160

4.000

05/01/40

146

Hills

Minneola

Community

Development

District

Special

Assessment

50

5.550

05/01/44

51

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

230

4.000

05/01/50

196

Hills

Minneola

Community

Development

District

Special

Assessment

100

5.875

05/01/54

102

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

1,695

4.000

08/01/50

1,618

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

3,305

4.000

08/01/55

2,943

Hobe-St

Lucie

Conservancy

District

Special

Assessment

100

5.600

05/01/44

103

Hobe-St

Lucie

Conservancy

District

Special

Assessment

250

5.875

05/01/55

258

Hunt

Club

Grove

Community

Development

District

Special

Assessment

135

5.625

06/15/54

135

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

272

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Island

Lakes

Estate

Special

Assessment

150

6.000

12/15/53

157

Isles

of

Bartram

Park

Community

Development

District

Special

Assessment

155

4.625

11/01/37

153

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

185

4.500

05/01/38

181

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

100

3.125

05/01/41

79

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

275

4.625

05/01/48

258

Kelly

Park

Community

Development

District

Special

Assessment

100

6.250

11/01/53

104

Kindred

Community

Development

District

II

Special

Assessment

100

5.650

05/01/43

105

Kindred

Community

Development

District

II

Special

Assessment

100

3.750

05/01/50

86

Kindred

Community

Development

District

II

Special

Assessment

100

5.875

05/01/54

104

Kingman

Gate

Community

Development

District

Special

Assessment

85

4.000

06/15/40

84

Kingman

Gate

Community

Development

District

Special

Assessment

60

4.000

06/15/50

55

Knightsbridge

Community

Development

District

Revenue

Bonds

(Þ)

1,000

5.500

06/15/54

1,008

Lake

Deer

Community

Development

District

Special

Assessment

165

5.625

05/01/53

168

Lake

Emma

Community

Development

District

Special

Assessment

(Þ)

50

5.250

05/01/43

51

Lake

Emma

Community

Development

District

Special

Assessment

(Þ)

100

5.500

05/01/53

102

Lake

Frances

Community

Development

District

Special

Assessment

87

3.000

05/01/26

85

Lake

Frances

Community

Development

District

Special

Assessment

689

4.000

05/01/37

665

Lakeside

Preserve

Community

Development

District

Special

Assessment

30

5.250

05/01/30

31

Lakeside

Preserve

Community

Development

District

Special

Assessment

70

6.000

05/01/43

74

Lakeside

Preserve

Community

Development

District

Special

Assessment

115

6.375

05/01/54

122

Lakewood

Park

Community

Development

District

Special

Assessment

100

5.750

05/01/53

104

Lakewood

Ranch

Stewardship

District

Special

Assessment

75

4.250

05/01/26

75

Lakewood

Ranch

Stewardship

District

Special

Assessment

915

4.875

05/01/35

919

Lakewood

Ranch

Stewardship

District

Special

Assessment

100

5.000

05/01/36

101

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

100

2.625

05/01/37

84

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

100

5.000

05/01/37

102

Lakewood

Ranch

Stewardship

District

Special

Assessment

150

5.250

05/01/37

153

Lakewood

Ranch

Stewardship

District

Special

Assessment

315

5.125

05/01/46

316

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

100

5.125

05/01/47

101

Lakewood

Ranch

Stewardship

District

Special

Assessment

225

5.375

05/01/47

229

Lakewood

Ranch

Stewardship

District

Special

Assessment

240

5.450

05/01/48

245

Lakewood

Ranch

Stewardship

District

Special

Assessment

100

3.900

05/01/50

87

Lakewood

Ranch

Stewardship

District

Special

Assessment

800

4.000

05/01/52

684

Lakewood

Ranch

Stewardship

District

Special

Assessment

100

5.550

05/01/54

101

Lakewood

Ranch

Stewardship

District

Special

Assessment

320

6.300

05/01/54

339

Landings

at

Miami

Community

Development

District

Special

Assessment

(Þ)

100

4.625

11/01/38

100

Landings

at

Miami

Community

Development

District

Special

Assessment

(Þ)

100

4.750

11/01/48

96

Landmark

at

Doral

Community

Development

District

Special

Assessment

35

3.375

05/01/30

33

Landmark

at

Doral

Community

Development

District

Special

Assessment

110

3.000

05/01/35

98

Landmark

at

Doral

Community

Development

District

Special

Assessment

110

3.000

05/01/38

93

Landmark

at

Doral

Community

Development

District

Special

Assessment

50

4.000

05/01/38

46

Lee

County

Industrial

Development

Authority

Revenue

Bonds

275

5.250

10/01/52

252

Lee

County

Industrial

Development

Authority

Revenue

Bonds

300

5.250

11/15/54

316

Lee

County

Industrial

Development

Authority

Revenue

Bonds

775

5.250

10/01/57

701

Liberty

Cove

Community

Development

District

Special

Assessment

175

5.700

05/01/54

175

LT

Ranch

Community

Development

District

Special

Assessment

200

4.000

05/01/50

171

LT

Ranch

Community

Development

District

Special

Assessment

100

5.900

05/01/53

104

LT

Ranch

Community

Development

District

Special

Assessment

1,000

5.850

05/01/54

1,021

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

175

3.250

05/01/31

163

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

50

3.450

05/01/41

41

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

100

5.650

05/01/54

100

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

273

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

50

6.000

05/01/54

51

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

100

6.050

05/01/54

102

Lucerne

Park

Community

Development

District

Special

Assessment

95

4.625

05/01/39

94

Lucerne

Park

Community

Development

District

Special

Assessment

95

4.750

05/01/50

90

Mandarin

Grove

Community

Development

District

Special

Assessment

(Þ)

125

6.625

05/01/53

137

Marion

Ranch

Community

Development

District

Special

Assessment

50

5.700

05/01/44

51

Marion

Ranch

Community

Development

District

Special

Assessment

140

5.950

05/01/54

142

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

200

5.125

11/01/38

206

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

250

5.250

11/01/49

253

Meadow

Pointe

III

Community

Development

District

Special

Assessment

520

4.400

05/01/31

520

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

115

3.400

05/01/25

114

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

650

4.100

05/01/30

635

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

100

3.750

05/01/52

80

Mediterranea

Community

Development

District

Special

Assessment

100

5.000

05/01/48

100

Merrick

Square

Community

Development

District

Special

Assessment

100

5.625

05/01/53

104

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,750

5.125

07/01/38

1,546

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,750

5.000

11/15/39

1,753

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000

11/15/46

946

Miami

World

Center

Community

Development

District

Special

Assessment

510

5.125

11/01/39

521

Miami

World

Center

Community

Development

District

Special

Assessment

1,150

5.250

11/01/49

1,171

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

130

5.250

07/01/52

132

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

185

5.500

07/01/61

189

Mid-Bay

Bridge

Authority

Revenue

Bonds

1,000

5.000

10/01/40

1,009

Midtown

Miami

Community

Development

District

Special

Assessment

100

5.000

05/01/29

100

Mirada

Community

Development

District

Special

Assessment

125

5.625

05/01/44

126

Mirada

II

Community

Development

District

Special

Assessment

125

3.500

05/01/41

105

Mirada

II

Community

Development

District

Special

Assessment

1,615

4.000

05/01/51

1,344

Mirada

II

Community

Development

District

Special

Assessment

230

5.750

05/01/53

238

Naples

Reserve

Community

Development

District

Special

Assessment

(Þ)

40

5.000

11/01/38

40

Naples

Reserve

Community

Development

District

Special

Assessment

(Þ)

190

5.125

11/01/48

191

North

AR-1

Pasco

Community

Development

District

Special

Assessment

750

5.750

05/01/43

775

North

AR-1

Pasco

Community

Development

District

Special

Assessment

75

5.750

05/01/44

76

North

AR-1

Pasco

Community

Development

District

Special

Assessment

200

6.000

05/01/54

204

North

Loop

Community

Development

District

Special

Assessment

150

6.625

05/01/54

162

North

Park

Isle

Community

Development

District

Special

Assessment

100

3.375

11/01/41

84

North

Park

Isle

Community

Development

District

Special

Assessment

150

4.000

11/01/51

127

North

Powerline

Road

Community

Development

District

Special

Assessment

(Þ)

140

5.625

05/01/52

143

Oak

Creek

Community

Development

District

Special

Assessment

190

3.850

05/01/25

189

Ocala

Preserve

Community

Development

District

Special

Assessment

1,175

3.100

11/01/41

922

Ocala

Preserve

Community

Development

District

Special

Assessment

100

5.700

05/01/43

105

Ocala

Preserve

Community

Development

District

Special

Assessment

100

5.875

05/01/53

105

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

140

4.850

05/01/39

140

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

100

5.250

06/15/43

104

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

215

5.000

05/01/49

214

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

100

5.375

06/15/53

103

Orchid

Grove

Community

Development

District

Special

Assessment

1,245

5.000

05/01/36

1,256

Osceola

Chain

Lakes

Community

Development

District

Special

Assessment

100

4.000

05/01/40

91

Palermo

Community

Development

District

Special

Assessment

100

5.000

06/15/43

102

Palermo

Community

Development

District

Special

Assessment

125

5.250

06/15/53

127

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

(Þ)

600

11.500

07/01/27

738

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

175

4.000

06/01/36

170

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

274

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

200

5.000

11/01/47

203

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

300

4.250

06/01/56

255

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

125

7.625

05/15/58

142

Palm

Coast

Park

Community

Development

District

Special

Assessment

730

3.125

05/01/41

580

Palm

Coast

Park

Community

Development

District

Special

Assessment

100

5.400

05/01/43

103

Palm

Coast

Park

Community

Development

District

Special

Assessment

1,200

4.000

05/01/52

999

Palm

Coast

Park

Community

Development

District

Special

Assessment

100

5.600

05/01/53

103

Palm

Glades

Community

Development

District

Special

Assessment

350

3.750

05/01/31

343

Palm

Glades

Community

Development

District

Special

Assessment

185

4.000

11/01/38

178

Palm

Glades

Community

Development

District

Special

Assessment

120

5.000

05/01/39

121

Palm

Glades

Community

Development

District

Special

Assessment

250

4.200

11/01/48

231

Parker

Pointe

Community

Development

District

Special

Assessment

1,000

5.750

05/01/54

1,007

Parkland

Preserve

Community

Development

District

Special

Assessment

490

5.250

05/01/39

503

Parkland

Preserve

Community

Development

District

Special

Assessment

340

5.375

05/01/50

345

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

130

4.375

05/01/31

128

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

175

4.700

05/01/49

168

Parrish

Lakes

Community

Development

District

Special

Assessment

125

5.125

05/01/43

126

Parrish

Lakes

Community

Development

District

Special

Assessment

50

5.375

05/01/43

51

Parrish

Lakes

Community

Development

District

Special

Assessment

100

5.500

05/01/44

100

Parrish

Lakes

Community

Development

District

Special

Assessment

150

5.400

05/01/53

151

Parrish

Lakes

Community

Development

District

Special

Assessment

150

5.625

05/01/53

153

Parrish

Lakes

Community

Development

District

Special

Assessment

200

5.800

05/01/54

201

Parrish

Plantation

Community

Development

District

Special

Assessment

100

6.050

05/01/54

103

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

195

4.375

05/01/36

194

Peace

Creek

Community

Development

Special

Assessment

100

5.125

06/15/43

103

Peace

Creek

Community

Development

Special

Assessment

180

5.375

06/15/53

186

Pinellas

County

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

665

4.125

12/15/28

661

Pinellas

County

Industrial

Development

Authority

Revenue

Bonds

1,270

5.000

07/01/29

1,296

Portico

Community

Development

District

Special

Assessment

25

3.625

05/01/40

22

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Bonds

535

5.250

11/01/38

558

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Bonds

100

4.000

11/01/39

95

Prosperity

Lakes

Community

Development

District

Revenue

Bonds

100

6.125

12/15/53

105

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

540

5.050

05/01/39

549

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

895

5.200

05/01/49

901

Regal

Village

Community

Development

District

Revenue

Bonds

150

5.500

05/01/54

152

Reunion

East

Community

Development

District

Special

Assessment

755

5.000

05/01/33

760

Reunion

East

Community

Development

District

Special

Assessment

2,000

3.150

05/01/41

1,635

Reunion

West

Community

Development

District

Special

Assessment

30

4.500

05/01/39

29

Reunion

West

Community

Development

District

Special

Assessment

85

4.625

05/01/50

80

Ridge

at

Heath

Brook

Community

Development

District

Special

Assessment

25

5.250

05/01/43

26

Ridge

at

Heath

Brook

Community

Development

District

Special

Assessment

50

5.500

05/01/53

51

River

Glen

Community

Development

District

Special

Assessment

600

4.000

05/01/51

500

River

Hall

Community

Development

District

Special

Assessment

150

6.500

05/01/54

160

Riverwalk

Community

Development

District

Special

Assessment

100

5.800

05/01/54

101

Rivington

Community

Development

District

Special

Assessment

300

4.000

05/01/52

249

Rolling

Hills

Community

Development

District

Special

Assessment

950

4.000

05/01/52

791

Rolling

Oaks

Community

Development

District

Special

Assessment

(Þ)

100

5.375

11/01/38

103

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

275

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Rolling

Oaks

Community

Development

District

Special

Assessment

(Þ)

200

5.500

11/01/49

204

Rolling

Oaks

Community

Development

District

Special

Assessment

(Þ)

150

6.500

05/01/53

159

Rustic

Oaks

Community

Development

District

Special

Assessment

1,000

3.450

05/01/42

829

Rye

Crossing

Community

Development

District

Special

Assessment

100

5.250

05/01/53

102

Rye

Crossing

Community

Development

District

Special

Assessment

(Þ)

60

6.000

11/01/53

62

Rye

Ranch

Community

Development

District

Special

Assessment

200

6.625

05/01/54

216

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

Special

Assessment

1,000

3.350

12/15/41

847

Saltleaf

Community

Development

District

Special

Assessment

300

6.000

05/01/56

305

Saltmeadows

Community

Development

District

General

Obligation

Unlimited

125

5.500

05/01/53

128

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

25

3.125

05/01/30

24

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

60

3.625

05/01/40

57

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

50

3.750

05/01/50

44

Sandmine

Road

Community

Development

District

Special

Assessment

100

6.000

11/01/52

106

Sarasota

County

Public

Hospital

District

Revenue

Bonds

400

4.000

07/01/48

380

Sarasota

National

Community

Development

District

Special

Assessment

100

4.125

05/01/31

99

Sarasota

National

Community

Development

District

Special

Assessment

285

3.900

05/01/41

256

Sarasota

National

Community

Development

District

Special

Assessment

200

4.125

05/01/41

185

Savanna

Lakes

Community

Development

District

Special

Assessment

50

5.500

06/15/54

50

Sawgrass

Village

Community

Development

District

Special

Assessment

200

5.750

05/01/53

205

Sawgrass

Village

Community

Development

District

Special

Assessment

135

6.375

11/01/53

143

Scenic

Terrace

North

Community

Development

District

Special

Assessment

175

5.875

05/01/43

181

Scenic

Terrace

North

Community

Development

District

Special

Assessment

200

6.125

05/01/54

208

Scenic

Terrace

South

Community

Development

District

Special

Assessment

105

4.500

05/01/42

100

Scenic

Terrace

South

Community

Development

District

Special

Assessment

235

4.625

05/01/53

217

Scenic

Terrace

South

Community

Development

District

Special

Assessment

100

6.750

11/01/53

108

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

(Þ)

100

5.500

06/15/53

103

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

335

4.000

06/15/51

281

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

4.000

06/15/56

82

Seminole

Improvement

District

Revenue

Bonds

100

5.300

10/01/37

103

Seminole

Palms

Community

Development

District

Special

Assessment

100

5.700

05/01/53

103

Shell

Point

Community

Development

District

Special

Assessment

(Þ)

100

5.250

11/01/39

102

Shell

Point

Community

Development

District

Special

Assessment

(Þ)

175

5.375

11/01/49

178

Sherwood

Manor

Community

Development

District

Special

Assessment

75

5.500

05/01/43

78

Sherwood

Manor

Community

Development

District

Special

Assessment

(Þ)

200

5.250

11/01/49

203

Sherwood

Manor

Community

Development

District

Special

Assessment

135

5.625

05/01/53

139

Shingle

Creek

at

Bronson

Community

Development

District

Special

Assessment

475

3.100

06/15/31

456

Silverlake

Community

Development

District

Special

Assessment

100

5.500

05/01/53

102

Six

Mile

Creek

Community

Development

District

Special

Assessment

310

3.100

05/01/31

288

Six

Mile

Creek

Community

Development

District

Special

Assessment

20

4.125

11/01/40

19

Six

Mile

Creek

Community

Development

District

Special

Assessment

750

3.400

05/01/41

624

Six

Mile

Creek

Community

Development

District

Special

Assessment

75

3.500

05/01/41

63

Six

Mile

Creek

Community

Development

District

Special

Assessment

45

4.250

11/01/50

41

Six

Mile

Creek

Community

Development

District

Special

Assessment

125

5.700

05/01/54

129

Solaeris

Community

Development

District

Special

Assessment

140

6.000

05/01/44

145

Solaeris

Community

Development

District

Special

Assessment

225

6.250

05/01/55

231

Somerset

Bay

Community

Development

District

Special

Assessment

(Þ)

100

5.900

05/01/54

101

Somerset

Community

Development

District

Special

Assessment

1,000

4.200

05/01/37

951

South

Broward

Hospital

District

Revenue

Bonds

1,750

3.000

05/01/51

1,332

South

Fork

III

Community

Development

District

Special

Assessment

200

5.000

05/01/38

203

South

Kendall

Community

Development

District

Special

Assessment

100

4.125

11/01/40

93

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

600

4.000

05/01/43

531

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

276

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

2,030

4.000

05/01/48

1,773

Southshore

Bay

Community

Development

District

Revenue

Bonds

100

5.625

05/01/54

100

Springs

at

Lake

Alfred

Community

Development

District

Special

Assessment

50

5.250

05/01/44

51

Springs

at

Lake

Alfred

Community

Development

District

Special

Assessment

100

5.600

05/01/54

101

St.

Augustine

Lakes

Community

Development

District

Special

Assessment

1,000

5.500

06/15/53

1,024

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

550

4.000

12/15/41

473

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

25

4.000

12/15/46

20

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

200

4.000

12/15/50

155

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

375

4.000

08/01/55

325

State

of

Florida

Department

of

Transportation

Turnpike

System

Revenue

Bonds

1,000

3.000

07/01/51

772

Stellar

North

Community

Development

District

Special

Assessment

825

3.200

05/01/41

660

Stonegate

Preserve

Community

Development

District

Special

Assessment

200

6.125

12/15/53

210

Stoneybrook

North

Community

Development

District

Special

Assessment

100

6.375

11/01/52

110

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

200

4.500

06/15/39

202

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

150

4.625

06/15/49

149

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

(Þ)

1,125

3.750

12/15/50

968

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

100

5.500

06/15/53

105

Storey

Creek

Community

Development

District

Special

Assessment

50

5.200

06/15/42

51

Storey

Creek

Community

Development

District

Special

Assessment

75

5.375

06/15/52

76

Storey

Park

Community

Development

District

Special

Assessment

(Þ)

650

3.300

06/15/41

580

Stuart

Crossing

Community

Development

District

Revenue

Bonds

(Þ)

100

5.500

05/01/54

100

Summer

Woods

Community

Development

District

Special

Assessment

15

3.400

05/01/41

13

Summer

Woods

Community

Development

District

Special

Assessment

15

4.000

05/01/51

13

Summer

Woods

Community

Development

District

Special

Assessment

285

4.000

05/01/52

237

Sunbridge

Stewardship

District

Special

Assessment

200

5.350

05/01/52

202

Talis

Park

Community

Development

District

Special

Assessment

100

4.000

05/01/33

98

Tamarindo

Community

Development

District

Special

Assessment

50

3.375

05/01/41

42

Tapestry

Community

Development

District

Special

Assessment

100

5.000

05/01/46

100

Tern

Bay

Community

Development

District

Special

Assessment

450

4.000

06/15/42

408

Terreno

Community

Development

District

Special

Assessment

100

5.250

05/01/53

101

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

1,000

5.000

11/01/48

1,002

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

250

3.300

12/15/41

204

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

1,250

4.000

12/15/51

1,045

Tohoqua

Community

Development

District

Special

Assessment

100

3.600

05/01/41

88

Tolomato

Community

Development

District

Special

Assessment

(µ)

200

3.750

05/01/40

193

Tolomato

Community

Development

District

Special

Assessment

(Þ)

100

5.625

05/01/40

103

Toscana

Isles

Community

Development

District

Special

Assessment

Revenue

Bonds

215

5.375

11/01/39

225

Toscana

Isles

Community

Development

District

Special

Assessment

Revenue

Bonds

245

5.500

11/01/49

252

Touchstone

Community

Development

District

Special

Assessment

(Þ)

100

4.625

06/15/38

99

Touchstone

Community

Development

District

Special

Assessment

(Þ)

100

4.750

06/15/48

96

Towne

Park

Community

Development

District

Special

Assessment

60

4.625

05/01/50

56

Towns

at

Woodsdale

Community

Development

District

Special

Assessment

(Þ)

100

6.375

11/01/53

106

Tradition

Community

Development

District

No.

9

Special

Assessment

100

3.000

05/01/41

78

Tradition

Community

Development

District

No.

9

Special

Assessment

100

4.000

05/01/52

82

Triple

Creek

Community

Development

District

Special

Assessment

25

5.250

11/01/27

25

Triple

Creek

Community

Development

District

Special

Assessment

80

6.125

11/01/46

84

Triple

Creek

Community

Development

District

Special

Assessment

(Þ)

265

5.375

11/01/48

270

TSR

Community

Development

District

Special

Assessment

200

5.000

11/01/39

203

TSR

Community

Development

District

Special

Assessment

200

4.750

11/01/47

192

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

277

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

TSR

Community

Development

District

Special

Assessment

485

5.125

11/01/49

487

Tuckers

Pointe

Community

Development

District

Special

Assessment

300

3.625

05/01/32

283

Tuckers

Pointe

Community

Development

District

Special

Assessment

100

4.000

05/01/52

84

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

75

5.875

05/01/43

78

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

50

6.125

05/01/54

52

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

125

6.000

05/01/55

127

Two

Creeks

Community

Development

District

Special

Assessment

100

3.500

05/01/32

97

Two

Creeks

Community

Development

District

Special

Assessment

100

3.625

05/01/37

96

Two

Lakes

Community

Development

District

Special

Assessment

150

3.750

12/15/39

133

Two

Lakes

Community

Development

District

Special

Assessment

(Þ)

200

5.000

12/15/47

200

Two

Rivers

East

Community

Development

District

Special

Assessment

275

5.875

05/01/53

283

Two

Rivers

North

Community

Development

District

Special

Assessment

150

5.250

05/01/52

152

Two

Rivers

West

Community

Development

District

Special

Assessment

150

6.000

05/01/43

157

Two

Rivers

West

Community

Development

District

Special

Assessment

300

6.250

05/01/53

314

Two

Rivers

West

Community

Development

District

Special

Assessment

145

6.125

11/01/53

151

Two

Rivers

West

Community

Development

District

Special

Assessment

(Þ)

125

5.875

05/01/54

126

Union

Park

East

Community

Development

District

Special

Assessment

(Þ)

500

5.500

11/01/47

510

Varrea

South

Community

Development

District

Special

Assessment

125

5.400

05/01/53

129

V-Dana

Community

Development

District

Special

Assessment

500

3.125

05/01/31

465

V-Dana

Community

Development

District

Special

Assessment

100

5.250

05/01/43

103

V-Dana

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/51

84

V-Dana

Community

Development

District

Special

Assessment

200

5.500

05/01/54

205

Ventana

Community

Development

District

Special

Assessment

(Þ)

790

5.000

05/01/38

810

Ventana

Community

Development

District

Special

Assessment

(Þ)

500

5.125

05/01/49

502

Veranda

Community

Development

District

II

Special

Assessment

210

5.000

11/01/39

214

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

60

3.600

05/01/41

51

Veranda

Community

Development

District

II

Special

Assessment

160

5.125

05/01/44

163

Veranda

Community

Development

District

II

Special

Assessment

120

5.375

05/01/44

123

Veranda

Community

Development

District

II

Special

Assessment

290

5.125

11/01/49

292

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

55

4.000

05/01/51

46

Veranda

Community

Development

District

II

Special

Assessment

300

5.375

05/01/54

304

Veranda

Community

Development

District

II

Special

Assessment

25

5.625

05/01/54

25

Veranda

Landing

Community

Development

District

Special

Assessment

100

5.500

06/15/53

103

Verandah

East

Community

Development

District

Special

Assessment

200

4.000

05/01/31

197

Verano

No.

1

Community

Development

District

Special

Assessment

60

4.750

11/01/25

60

Verano

No.

1

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/31

97

Verano

No.

1

Community

Development

District

Special

Assessment

250

5.125

11/01/35

257

Verano

No.

1

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/37

96

Verano

No.

1

Community

Development

District

Special

Assessment

245

5.250

11/01/46

248

Verano

No.

2

Community

Development

District

Special

Assessment

60

4.000

05/01/50

51

Verano

No.

3

Community

Development

District

Special

Assessment

470

6.625

11/01/52

504

Verano

No.

4

Community

Development

District

Special

Assessment

75

5.375

05/01/43

78

Verano

No.

4

Community

Development

District

Special

Assessment

75

5.625

05/01/53

78

Viera

East

Community

Development

District

Special

Assessment

(µ)

90

2.600

05/01/34

76

Viera

East

Community

Development

District

Special

Assessment

(µ)

50

2.750

05/01/38

39

Viera

Stewardship

District

Special

Assessment

100

5.300

05/01/43

103

Viera

Stewardship

District

Special

Assessment

250

5.500

05/01/54

256

Village

Community

Development

District

No.

13

Special

Assessment

(Þ)

260

3.250

05/01/40

228

Village

Community

Development

District

No.

13

Special

Assessment

(Þ)

575

3.500

05/01/51

473

Village

Community

Development

District

No.

13

Special

Assessment

320

3.250

05/01/52

247

Village

Community

Development

District

No.

14

Special

Assessment

975

5.500

05/01/53

1,017

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

278

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Village

Community

Development

District

No.

15

Special

Assessment

(Þ)

200

5.000

05/01/43

206

Village

Community

Development

District

No.

15

Special

Assessment

(Þ)

400

5.250

05/01/54

413

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

75

4.000

05/01/52

63

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

100

5.250

05/01/53

101

Villamar

Community

Development

District

Special

Assessment

905

4.625

05/01/39

892

Villamar

Community

Development

District

Special

Assessment

510

4.000

11/01/51

425

Villamar

Community

Development

District

Special

Assessment

500

4.125

05/01/52

425

Villamar

Community

Development

District

Special

Assessment

1,310

5.750

05/01/53

1,348

Vizcaya

in

Kendall

Community

Development

District

Special

Assessment

100

4.125

11/01/46

90

Volusia

County

Educational

Facility

Authority

Revenue

Bonds

240

5.000

06/01/45

236

Waterford

Community

Development

District

Special

Assessment

50

5.375

05/01/43

51

Waterford

Community

Development

District

Special

Assessment

75

5.600

05/01/53

77

Waterford

Landing

Community

Development

District

Special

Assessment

145

5.500

05/01/34

145

Waterford

Landing

Community

Development

District

Special

Assessment

150

5.750

05/01/44

150

Watergrass

Community

Development

District

II

Special

Assessment

260

5.250

05/01/49

262

Waterset

Central

Community

Development

District

Special

Assessment

(Þ)

150

5.125

11/01/38

153

Waterset

Central

Community

Development

District

Special

Assessment

(Þ)

150

5.250

11/01/49

151

Wellness

Ridge

Community

Development

District

Special

Assessment

125

5.125

06/15/43

128

Wellness

Ridge

Community

Development

District

Special

Assessment

125

5.375

06/15/53

129

Wesbridge

Community

Development

District

Special

Assessment

75

4.250

11/01/49

66

West

Hillcrest

Community

Development

District

Special

Assessment

100

5.500

06/15/53

103

West

Port

Community

Development

District

Special

Assessment

90

3.400

05/01/41

74

West

Port

Community

Development

District

Special

Assessment

(Þ)

1,700

4.000

05/01/51

1,428

West

Port

Community

Development

District

Special

Assessment

50

5.250

05/01/52

50

West

Villages

Improvement

District

Revenue

Bonds

100

5.375

05/01/43

104

West

Villages

Improvement

District

Revenue

Bonds

200

5.625

05/01/53

207

West

Villages

Improvement

District

Special

Assessment

135

4.750

05/01/39

134

West

Villages

Improvement

District

Special

Assessment

1,935

3.500

05/01/41

1,626

West

Villages

Improvement

District

Special

Assessment

50

5.375

05/01/42

52

West

Villages

Improvement

District

Special

Assessment

210

5.000

05/01/50

210

West

Villages

Improvement

District

Special

Assessment

150

5.500

05/01/53

154

West

Villages

Improvement

District

Special

Assessment

100

5.625

05/01/54

101

West

Villages

Improvement

District

Special

Assessment

100

6.250

05/01/54

107

West

Virginia

Economic

Development

Authority

Revenue

Bonds

100

5.375

05/01/43

102

West

Virginia

Economic

Development

Authority

Revenue

Bonds

300

5.600

05/01/53

307

West

Virginia

Economic

Development

Authority

Revenue

Bonds

150

5.625

05/01/53

154

Westside

Community

Development

District

Special

Assessment

(Þ)

100

4.100

05/01/37

95

Westside

Community

Development

District

Special

Assessment

(Þ)

100

4.125

05/01/38

94

Westside

Community

Development

District

Special

Assessment

815

4.000

05/01/50

687

Westside

Haines

City

Community

Development

District

Special

Assessment

200

5.750

05/01/44

204

Westside

Haines

City

Community

Development

District

Special

Assessment

200

6.000

05/01/54

204

Westview

North

Community

Development

District

Special

Assessment

100

6.000

06/15/52

104

Westwood

of

Pasco

Community

Development

District

Special

Assessment

500

5.400

05/01/43

514

Whispering

Pines

Community

Development

District

Special

Assessment

100

5.500

05/01/53

103

Whispering

Pines

Community

Development

District

Special

Assessment

100

5.500

05/01/54

101

Wildblue

Community

Development

District

Special

Assessment

(Þ)

125

4.250

06/15/39

117

Wildblue

Community

Development

District

Special

Assessment

(Þ)

250

4.375

06/15/49

225

Willowbrook

Community

Development

District

Special

Assessment

100

5.900

05/01/55

101

Willows

Community

Development

District

Special

Assessment

100

5.750

05/01/52

104

Wind

Meadows

South

Community

Development

District

Special

Assessment

935

4.000

05/01/52

781

Wind

Meadows

South

Community

Development

District

Special

Assessment

125

5.625

05/01/53

129

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

279

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Winding

Cypress

Community

Development

District

Special

Assessment

100

5.000

11/01/45

100

Winding

Cypress

Community

Development

District

Special

Assessment

100

5.000

11/01/49

100

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

100

4.250

05/01/52

85

Windward

Community

Development

District

Special

Assessment

80

4.400

11/01/35

79

Yarborough

Lane

Community

Development

District

Special

Assessment

1,625

5.600

05/01/55

1,625

Zephyr

Lakes

Community

Development

District

Special

Assessment

50

3.375

05/01/41

41

Zephyr

Lakes

Community

Development

District

Special

Assessment

50

4.000

05/01/51

42

217,457

Georgia

-

1.6%

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

3,330

3.875

07/01/51

3,007

Bartow

County

Development

Authority

Revenue

Bonds

(~)(Ê)

3,000

1.500

11/01/62

3,000

City

of

Rockdale

Special

Assessment

(Þ)

400

7.500

09/15/54

419

Columbia

County

Hospital

Authority

Revenue

Bonds

130

5.125

04/01/53

138

Columbia

County

Hospital

Authority

Revenue

Bonds

1,100

5.750

04/01/53

1,240

Coweta

County

Residential

Care

Facilities

for

the

Elderly

Authority

Revenue

Bonds

970

4.000

03/01/36

863

Development

Authority

of

Burke

County

(The)

Revenue

Bonds

1,000

4.125

11/01/45

949

Development

Authority

of

Cobb

County

(The)

Revenue

Bonds

(ae)

50

5.000

07/15/38

51

Development

Authority

of

Cobb

County

(The)

Revenue

Bonds

1,450

5.000

07/15/38

1,451

Gainesville

&

Hall

County

Development

Authority

Educational

Facilities

Revenue

Bonds

100

5.125

03/01/52

69

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

60

3.625

01/01/31

57

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

160

5.000

01/01/36

161

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

3,920

4.000

01/01/54

3,493

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

2,795

5.000

01/01/54

2,621

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

Bonds

1,000

4.000

08/01/38

943

Lawson

Dunes

Community

Development

District

Special

Assessment

45

5.000

05/01/42

46

Lawson

Dunes

Community

Development

District

Special

Assessment

80

5.125

05/01/52

80

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

350

5.000

05/15/43

362

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

1,035

5.000

07/01/53

1,103

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

145

5.000

12/01/53

155

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

2,365

5.000

07/01/48

2,537

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

1,500

4.000

01/01/49

1,461

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

3,220

4.000

01/01/49

3,136

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,000

5.000

01/01/49

1,029

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

2,000

5.000

01/01/56

2,054

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,500

4.000

01/01/59

1,395

Private

Colleges

&

Universities

Authority

Revenue

Bonds

1,000

5.000

10/01/40

1,009

Rockdale

County

Development

Authority

Revenue

Bonds

(Þ)

225

4.000

01/01/38

222

Sunbridge

Stewardship

District

Special

Assessment

175

5.500

05/01/52

179

33,230

Guam

-

0.5%

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

100

3.720

09/01/27

93

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

625

5.000

09/01/38

631

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

100

5.125

10/01/34

102

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

100

3.839

10/01/36

86

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

100

5.250

10/01/36

102

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

100

5.375

10/01/40

102

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

125

4.460

10/01/43

105

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

100

5.375

10/01/43

102

Guam

Business

Privilege

Tax

Revenue

Bonds

2,825

4.000

01/01/36

2,840

Guam

Business

Privilege

Tax

Revenue

Bonds

1,420

4.000

01/01/42

1,379

Guam

Department

of

Education

Certificate

of

Participation

750

4.250

02/01/30

730

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

280

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Guam

Department

of

Education

Certificate

of

Participation

545

5.000

02/01/40

544

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,605

5.000

01/01/46

1,627

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,000

5.000

01/01/50

1,031

Port

Authority

of

Guam

Revenue

Bonds

200

5.000

07/01/36

206

Territory

of

Guam

Revenue

Bonds

500

5.000

12/01/31

512

Territory

of

Guam

Revenue

Bonds

500

5.000

11/01/35

526

10,718

Hawaii

-

0.6%

Kauai

County

Community

Facilities

District

Special

Tax

1,250

5.000

05/15/51

1,265

State

of

Hawaii

Airports

System

Revenue

Bonds

1,000

5.000

07/01/51

1,045

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

1,670

3.100

05/01/26

1,509

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

3,940

6.000

07/01/28

4,058

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

1,720

5.000

01/01/30

1,695

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

130

4.000

03/01/37

109

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

1,360

3.200

07/01/39

1,023

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

250

5.000

07/01/39

252

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

250

5.125

07/01/43

247

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

105

3.500

10/01/49

73

11,276

Idaho

-

0.2%

Avimor

Community

Infrastructure

District

No.

1

Special

Assessment

(Þ)

200

5.875

09/01/53

208

County

of

Nez

Perce

Pollution

Control

Revenue

Bonds

825

2.750

10/01/24

820

Idaho

Health

Facilities

Authority

Revenue

Bonds

400

5.000

09/01/37

403

Idaho

Housing

&

Finance

Association

Revenue

Bonds

2,190

4.650

01/01/54

2,184

3,615

Illinois

-

8.1%

Bridgeview

Finance

Corp.

Sales

Tax

Revenue

Bonds

2,100

5.000

12/01/37

2,072

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

2,150

5.750

04/01/48

2,385

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

105

Zero

coupon

12/01/29

84

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,500

5.000

12/01/29

1,573

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

345

5.078

12/01/29

275

Chicago

Board

of

Education

General

Obligation

Unlimited

225

6.038

12/01/29

226

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

325

5.000

12/01/30

341

Chicago

Board

of

Education

General

Obligation

Unlimited

1,600

5.000

12/01/31

1,667

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/32

1,050

Chicago

Board

of

Education

General

Obligation

Unlimited

320

5.125

12/01/32

321

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

350

5.000

12/01/34

367

Chicago

Board

of

Education

General

Obligation

Unlimited

735

5.250

12/01/35

737

Chicago

Board

of

Education

General

Obligation

Unlimited

990

5.000

12/01/36

1,009

Chicago

Board

of

Education

General

Obligation

Unlimited

2,000

4.000

12/01/37

1,939

Chicago

Board

of

Education

General

Obligation

Unlimited

1,000

5.000

12/01/37

1,040

Chicago

Board

of

Education

General

Obligation

Unlimited

75

5.250

12/01/39

75

Chicago

Board

of

Education

General

Obligation

Unlimited

2,000

4.000

12/01/41

1,847

Chicago

Board

of

Education

General

Obligation

Unlimited

3,040

4.000

12/01/42

2,778

Chicago

Board

of

Education

General

Obligation

Unlimited

1,500

5.000

12/01/42

1,483

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

2,000

7.000

12/01/42

2,160

Chicago

Board

of

Education

General

Obligation

Unlimited

585

4.000

12/01/43

528

Chicago

Board

of

Education

General

Obligation

Unlimited

710

5.000

12/01/44

713

Chicago

Board

of

Education

General

Obligation

Unlimited

2,325

7.000

12/01/44

2,394

Chicago

Board

of

Education

General

Obligation

Unlimited

2,620

5.000

12/01/46

2,619

Chicago

Board

of

Education

General

Obligation

Unlimited

1,460

6.500

12/01/46

1,514

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

281

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

1,500

7.000

12/01/46

1,610

Chicago

Board

of

Education

General

Obligation

Unlimited

275

6.000

12/01/49

304

Chicago

Board

of

Education

Revenue

Bonds

225

5.000

12/01/25

228

Chicago

Board

of

Education

Revenue

Bonds

(µ)

250

Zero

coupon

12/01/27

218

Chicago

Board

of

Education

Revenue

Bonds

500

5.750

04/01/35

526

Chicago

Board

of

Education

Revenue

Bonds

2,240

5.000

04/01/42

2,275

Chicago

Board

of

Education

Revenue

Bonds

1,725

5.000

04/01/46

1,744

Chicago

Board

of

Education

Revenue

Bonds

3,445

6.000

04/01/46

3,600

Chicago

Board

of

Education

Revenue

Bonds

1,800

4.000

12/01/47

1,571

Chicago

Board

of

Education

Revenue

Bonds

4,905

5.000

12/01/47

4,964

Chicago

O'Hare

International

Airport

Revenue

Bonds

170

5.000

01/01/47

172

Chicago

O'Hare

International

Airport

Revenue

Bonds

200

4.500

01/01/48

200

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

5.000

07/01/48

1,009

Chicago

O'Hare

International

Airport

Revenue

Bonds

600

5.000

01/01/52

605

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

3,635

5.500

01/01/53

3,882

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

25

4.000

01/01/39

25

Chicago

Transit

Authority

Revenue

Bonds

3,500

5.000

12/01/46

3,552

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

210

4.000

01/01/52

200

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

50

3.750

07/01/41

48

City

of

Calumet

City

General

Obligation

Unlimited

1,620

4.500

03/01/37

1,532

City

of

Chicago

General

Obligation

Unlimited

250

5.000

01/01/25

251

City

of

Chicago

General

Obligation

Unlimited

1,200

5.000

01/01/28

1,248

City

of

Chicago

General

Obligation

Unlimited

290

5.250

01/01/28

291

City

of

Chicago

General

Obligation

Unlimited

(ae)

210

5.250

01/01/28

212

City

of

Chicago

General

Obligation

Unlimited

360

5.000

01/01/30

382

City

of

Chicago

General

Obligation

Unlimited

940

5.000

01/01/31

985

City

of

Chicago

General

Obligation

Unlimited

250

5.500

01/01/31

251

City

of

Chicago

General

Obligation

Unlimited

(ae)

900

5.000

01/01/34

907

City

of

Chicago

General

Obligation

Unlimited

2,000

5.000

01/01/38

2,009

City

of

Chicago

General

Obligation

Unlimited

6,875

6.000

01/01/38

7,137

City

of

Chicago

General

Obligation

Unlimited

2,465

5.500

01/01/42

2,470

City

of

Chicago

General

Obligation

Unlimited

6,225

5.500

01/01/49

6,435

Eastern

Illinois

Economic

Development

Authority

Revenue

Bonds

425

6.000

05/01/46

431

Illinois

Finance

Authority

Revenue

Bonds

250

5.500

04/01/32

248

Illinois

Finance

Authority

Revenue

Bonds

965

5.000

05/15/33

905

Illinois

Finance

Authority

Revenue

Bonds

500

2.250

07/01/33

412

Illinois

Finance

Authority

Revenue

Bonds

1,390

5.000

05/15/36

556

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000

09/01/36

1,017

Illinois

Finance

Authority

Revenue

Bonds

1,865

5.000

05/15/37

1,888

Illinois

Finance

Authority

Revenue

Bonds

630

5.000

12/01/37

625

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000

05/15/41

400

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

3,250

4.000

10/01/42

2,897

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000

08/01/46

1,009

Illinois

Finance

Authority

Revenue

Bonds

100

5.000

03/01/47

97

Illinois

Finance

Authority

Revenue

Bonds

100

5.000

05/15/47

99

Illinois

Finance

Authority

Revenue

Bonds

250

5.500

10/01/47

259

Illinois

Finance

Authority

Revenue

Bonds

1,500

5.000

12/01/47

1,503

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

3,025

6.125

04/01/49

3,032

Illinois

Finance

Authority

Revenue

Bonds

270

5.000

12/01/49

250

Illinois

Finance

Authority

Revenue

Bonds

2,300

4.000

10/01/50

2,081

Illinois

Finance

Authority

Revenue

Bonds

50

5.000

05/15/51

45

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

282

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Illinois

Finance

Authority

Revenue

Bonds

100

5.000

03/01/52

95

Illinois

Finance

Authority

Revenue

Bonds

250

6.625

05/15/52

267

Illinois

Finance

Authority

Revenue

Bonds

200

5.250

10/01/52

202

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

500

5.625

08/01/53

530

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000

10/01/55

890

Illinois

Finance

Authority

Revenue

Bonds

50

5.000

05/15/56

44

Illinois

Finance

Authority

Revenue

Bonds

500

5.500

06/01/57

458

Illinois

Finance

Authority

Revenue

Bonds

(~)(Ê)

3,700

4.250

08/15/57

3,700

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,975

6.125

04/01/58

1,946

Illinois

Finance

Authority

Revenue

Bonds

500

6.750

05/15/58

535

Illinois

Finance

Authority

Student

Housing

&

Academic

Facilities

Revenue

Bonds

1,000

5.000

02/15/50

983

Illinois

General

Obligation

Unlimited

(µ)

1,000

4.000

06/01/41

971

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

575

5.000

06/15/31

617

Illinois

State

University

Revenue

Bonds

(µ)

250

5.000

04/01/36

264

Illinois

State

University

Revenue

Bonds

(µ)

225

5.000

04/01/37

237

Illinois

State

University

Revenue

Bonds

(µ)

200

5.000

04/01/38

210

Illinois

State

University

Revenue

Bonds

(µ)

275

5.000

04/01/39

288

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

10

2.968

06/15/30

8

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

2,100

Zero

coupon

06/15/38

1,189

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,500

Zero

coupon

06/15/41

702

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

500

4.000

12/15/42

500

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

5,000

Zero

coupon

06/15/43

2,191

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

250

4.000

06/15/50

233

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,000

5.000

06/15/50

1,035

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

10,000

6.070

12/15/51

2,726

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

6,000

4.000

06/15/52

5,538

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

400

5.000

06/15/53

425

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

2,370

5.047

12/15/54

553

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

1,600

4.752

12/15/56

362

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

6,800

5.068

12/15/56

1,434

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

720

5.000

06/15/57

732

Sangamon

County

Water

Reclamation

District

General

Obligation

Unlimited

(µ)

1,750

4.000

01/01/49

1,677

Sangamon

County

Water

Reclamation

District

General

Obligation

Unlimited

1,000

5.750

01/01/53

1,020

Southwestern

Illinois

Development

Authority

Revenue

Bonds

200

5.750

08/01/42

200

State

of

Illinois

General

Obligation

Unlimited

1,625

5.000

11/01/25

1,661

State

of

Illinois

General

Obligation

Unlimited

1,270

5.000

02/01/27

1,324

State

of

Illinois

General

Obligation

Unlimited

750

5.000

02/01/28

780

State

of

Illinois

General

Obligation

Unlimited

700

5.000

10/01/28

747

State

of

Illinois

General

Obligation

Unlimited

5,775

5.000

11/01/28

6,064

State

of

Illinois

General

Obligation

Unlimited

400

5.250

02/01/29

400

State

of

Illinois

General

Obligation

Unlimited

1,000

5.000

05/01/29

1,001

State

of

Illinois

General

Obligation

Unlimited

750

5.000

10/01/29

800

State

of

Illinois

General

Obligation

Unlimited

3,530

5.000

11/01/29

3,707

State

of

Illinois

General

Obligation

Unlimited

(µ)

265

4.000

02/01/31

268

State

of

Illinois

General

Obligation

Unlimited

450

5.000

05/01/32

474

State

of

Illinois

General

Obligation

Unlimited

1,000

5.000

10/01/33

1,056

State

of

Illinois

General

Obligation

Unlimited

500

5.000

12/01/35

520

State

of

Illinois

General

Obligation

Unlimited

1,000

5.000

05/01/39

1,000

State

of

Illinois

General

Obligation

Unlimited

100

5.500

05/01/39

110

State

of

Illinois

General

Obligation

Unlimited

2,600

5.000

12/01/39

2,687

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

283

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

State

of

Illinois

General

Obligation

Unlimited

2,500

4.000

11/01/41

2,438

State

of

Illinois

General

Obligation

Unlimited

1,000

3.000

12/01/41

838

State

of

Illinois

General

Obligation

Unlimited

1,910

4.500

12/01/41

1,930

State

of

Illinois

General

Obligation

Unlimited

240

5.000

05/01/42

248

State

of

Illinois

General

Obligation

Unlimited

250

5.000

12/01/42

257

State

of

Illinois

General

Obligation

Unlimited

240

5.000

05/01/43

247

State

of

Illinois

General

Obligation

Unlimited

1,250

5.750

05/01/45

1,362

Town

of

Cortland

Special

Service

Areas

No.

9

&

10

Special

Tax

100

5.800

03/01/37

85

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

(Þ)

300

5.750

03/01/53

308

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

(Þ)

200

5.000

01/01/55

192

Village

of

Bellwood

Tax

Allocation

225

5.000

12/01/50

230

Village

of

Morton

Grove

Tax

Increment

Revenue

Tax

Allocation

1,000

5.000

01/01/39

962

164,252

Indiana

-

0.7%

City

of

Goshen

Revenue

Bonds

(Þ)

1,000

5.000

08/01/41

842

City

of

Valparaiso

Revenue

Bonds

(Þ)

400

5.000

01/01/54

413

Indiana

Finance

Authority

Revenue

Bonds

975

4.125

12/01/26

979

Indiana

Finance

Authority

Revenue

Bonds

240

3.000

11/01/30

225

Indiana

Finance

Authority

Revenue

Bonds

2,195

4.250

11/01/30

2,218

Indiana

Finance

Authority

Revenue

Bonds

400

5.000

10/01/32

400

Indiana

Finance

Authority

Revenue

Bonds

2,000

5.500

03/01/44

2,152

Indiana

Finance

Authority

Revenue

Bonds

100

4.000

09/15/44

86

Indiana

Finance

Authority

Revenue

Bonds

100

4.000

09/15/49

82

Indiana

Finance

Authority

Revenue

Bonds

200

5.000

06/01/53

206

Indiana

Finance

Authority

Revenue

Bonds

50

5.000

07/01/55

49

Indiana

Finance

Authority

Revenue

Bonds

510

5.375

06/01/64

532

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

250

6.000

03/01/53

276

Terre

Haute

Sanitary

District

Revenue

Bonds

4,000

5.250

09/28/28

4,000

Town

of

Upland

Revenue

Bonds

1,695

4.000

09/01/41

1,637

Town

of

Upland

Revenue

Bonds

200

2.500

09/01/50

121

Town

of

Whiteland

Tax

Allocation

(Þ)

125

6.125

03/01/49

127

14,345

Iowa

-

0.8%

City

of

Coralville

General

Obligation

Unlimited

1,720

5.000

05/01/42

1,661

Iowa

Finance

Authority

Revenue

Bonds

900

5.000

05/15/43

892

Iowa

Finance

Authority

Revenue

Bonds

200

5.000

05/15/47

195

Iowa

Finance

Authority

Revenue

Bonds

350

5.000

05/15/48

340

Iowa

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

200

5.000

12/01/50

212

Iowa

Finance

Authority

Revenue

Bonds

1,700

5.000

12/01/50

1,804

Iowa

Finance

Authority

Revenue

Bonds

100

5.000

05/15/55

95

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

3,290

4.000

10/01/45

3,062

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

1,500

5.000

10/01/47

1,540

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

100

5.375

10/01/52

104

Iowa

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

4,115

4.000

06/01/49

3,863

Iowa

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,100

Zero

coupon

06/01/65

465

State

of

Iowa

Board

of

Regents

Revenue

Bonds

285

3.000

09/01/61

211

Xenia

Rural

Water

District

Revenue

Bonds

1,250

5.000

12/01/36

1,309

15,753

Kansas

-

0.2%

City

of

Manhattan

Revenue

Bonds

75

4.000

06/01/46

63

City

of

Manhattan

Revenue

Bonds

150

4.000

06/01/52

121

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

284

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Prairie

Village

Tax

Allocation

20

2.875

04/01/30

20

City

of

Prairie

Village

Tax

Allocation

60

3.125

04/01/36

56

City

of

Topeka

Revenue

Bonds

180

6.500

12/01/52

189

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

75

5.000

05/15/28

72

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

75

5.000

05/15/29

72

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

150

5.000

05/15/34

138

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

60

5.000

05/15/50

46

Wyandotte

County

City

Unified

Government

Revenue

Bonds

1,000

5.000

09/01/27

986

Wyandotte

County

City

Unified

Government

Revenue

Bonds

(Þ)

5,250

Zero

coupon

09/01/34

2,240

Wyandotte

County

City

Unified

Government

Revenue

Bonds

335

4.500

06/01/40

333

4,336

Kentucky

-

0.9%

City

of

Ashland

Revenue

Bonds

750

4.000

02/01/38

724

City

of

Henderson

Revenue

Bonds

(Þ)

2,580

3.700

01/01/32

2,537

City

of

Henderson

Revenue

Bonds

(Þ)

350

4.450

01/01/42

349

City

of

Henderson

Revenue

Bonds

(Þ)

1,050

4.700

01/01/52

1,033

County

of

Carroll

Environmental

Facilities

Authority

Revenue

Bonds

425

2.000

02/01/32

352

County

of

Carroll

Environmental

Facilities

Authority

Revenue

Bonds

325

2.125

10/01/34

259

County

of

Meade

Revenue

Bonds

(~)(Ê)

8,400

3.350

08/01/61

8,400

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

150

4.000

06/01/37

150

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

100

4.000

12/01/41

99

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

100

4.000

06/01/45

96

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,500

5.000

06/01/45

1,514

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

2,700

5.000

08/01/49

2,790

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

575

5.250

02/01/32

626

18,929

Louisiana

-

0.7%

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

150

5.000

12/01/34

149

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

360

5.000

12/01/39

352

City

of

New

Orleans

General

Obligation

Unlimited

1,000

5.000

12/01/50

1,050

Juban

Crossing

Economic

Development

District

Revenue

Bonds

(Þ)

600

7.000

09/15/44

601

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

(Þ)

100

4.125

06/01/39

92

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

100

3.200

06/01/41

82

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

735

5.375

06/01/42

749

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

(Þ)

200

4.375

06/01/48

176

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(Þ)

250

5.625

06/15/51

224

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(Þ)

400

7.375

06/01/54

417

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(Þ)

400

7.500

06/01/59

419

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(Ê)

690

3.850

05/01/42

690

Louisiana

Public

Facilities

Authority

Revenue

Bonds

635

4.000

05/15/42

626

Louisiana

Public

Facilities

Authority

Revenue

Bonds

450

5.000

05/15/42

460

Louisiana

Public

Facilities

Authority

Revenue

Bonds

300

5.000

05/15/46

304

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(µ)

385

3.000

06/01/50

304

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

265

4.000

06/01/51

198

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.125

06/01/52

104

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.250

06/01/52

101

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

230

4.000

06/01/56

166

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.250

06/01/62

104

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

150

6.375

06/01/62

150

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

285

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

500

6.625

06/15/62

511

New

Orleans

Aviation

Board

Revenue

Bonds

1,780

5.000

01/01/40

1,783

New

Orleans

Aviation

Board

Revenue

Bonds

1,000

5.000

01/01/45

1,001

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)(Þ)

100

6.100

06/01/38

111

Parish

of

St.

James

Revenue

Bonds

(Þ)

125

6.350

07/01/40

138

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,000

5.850

08/01/41

1,015

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

1,050

2.200

06/01/37

1,016

Plaquemines

Port

Harbor

&

Terminal

District

Revenue

Bonds

(Þ)

550

9.000

12/01/44

548

13,641

Maine

-

0.1%

Finance

Authority

of

Maine

Revenue

Bonds

(Þ)

925

8.000

12/01/51

557

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

500

5.000

07/01/48

510

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

125

4.000

07/01/50

119

1,186

Maryland

-

1.6%

Baltimore

Convention

Center

Hotel

Revenue

Bonds

150

5.000

09/01/35

147

Baltimore

Convention

Center

Hotel

Revenue

Bonds

735

5.000

09/01/42

705

Baltimore

Research

Park

Project

Revenue

Bonds

150

4.000

01/01/45

142

Baltimore

Research

Park

Project

Revenue

Bonds

865

4.000

01/01/50

790

Baltimore

Research

Park

Project

Tax

Allocation

(Þ)

100

3.500

06/01/39

87

Baltimore

Research

Park

Project

Tax

Allocation

(Þ)

100

3.625

06/01/46

85

City

of

Baltimore

Revenue

Bonds

100

5.000

09/01/28

100

City

of

Baltimore

Revenue

Bonds

150

5.000

09/01/38

151

City

of

Baltimore

Revenue

Bonds

180

5.000

09/01/39

175

City

of

Baltimore

Revenue

Bonds

1,090

5.000

09/01/46

1,013

City

of

Baltimore

Revenue

Bonds

130

5.000

06/01/51

131

City

of

Brunswick

Special

Tax

100

5.000

07/01/36

102

City

of

Gaithersburg

Revenue

Bonds

175

5.000

01/01/37

179

City

of

Gaithersburg

Revenue

Bonds

300

5.125

01/01/42

304

County

of

Frederick

Educational

Facilities

Revenue

Bonds

(Þ)

3,705

5.000

09/01/45

3,576

County

of

Frederick

Special

Tax

(Þ)

230

4.000

07/01/50

209

County

of

Frederick

Tax

Allocation

(Þ)

2,045

4.625

07/01/43

2,004

County

of

Prince

George's

Special

Obligation

Tax

Allocation

(Þ)

340

5.250

07/01/48

344

Maryland

Economic

Development

Corp.

Revenue

Bonds

400

3.997

04/01/34

325

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,100

4.000

07/01/39

1,072

Maryland

Economic

Development

Corp.

Revenue

Bonds

75

4.000

07/01/40

73

Maryland

Economic

Development

Corp.

Revenue

Bonds

2,500

5.250

06/30/47

2,631

Maryland

Economic

Development

Corp.

Revenue

Bonds

100

4.250

07/01/50

94

Maryland

Economic

Development

Corp.

Revenue

Bonds

225

5.000

07/01/50

231

Maryland

Economic

Development

Corp.

Revenue

Bonds

5,000

5.250

06/30/52

5,232

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,000

5.250

06/30/53

1,052

Maryland

Economic

Development

Corp.

Revenue

Bonds

4,250

5.750

07/01/53

4,646

Maryland

Economic

Development

Corp.

Revenue

Bonds

125

5.000

06/01/58

127

Maryland

Economic

Development

Corp.

Revenue

Bonds

500

6.000

07/01/58

554

Maryland

Economic

Development

Corp.

Tax

Allocation

350

4.000

09/01/40

323

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

50

3.000

10/01/34

45

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

600

5.250

01/01/37

604

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

25

4.000

10/01/40

24

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,250

5.000

07/01/43

1,283

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000

07/01/45

1,004

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,500

4.000

01/01/51

1,413

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

5.500

05/01/52

99

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

286

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.125

07/01/53

103

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.250

07/01/63

103

Maryland

Stadium

Authority

Revenue

Bonds

1,200

Zero

coupon

05/01/53

302

Maryland

Stadium

Authority

Revenue

Bonds

1,000

Zero

coupon

05/01/54

239

Maryland

Stadium

Authority

Revenue

Bonds

750

Zero

coupon

05/01/55

170

31,993

Massachusetts

-

0.8%

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,500

4.000

05/01/39

1,508

Massachusetts

Development

Finance

Agency

General

Obligation

Limited

1,525

8.500

10/01/26

1,552

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,415

5.000

09/01/35

1,436

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,580

5.000

10/01/35

1,608

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,000

5.000

10/01/37

1,025

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

5.000

10/01/38

1,015

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

100

5.000

11/15/38

104

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

4.000

09/01/39

996

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,300

5.000

07/01/41

1,186

Massachusetts

Development

Finance

Agency

Revenue

Bonds

150

5.000

10/01/43

152

Massachusetts

Development

Finance

Agency

Revenue

Bonds

2,005

5.000

07/01/44

2,011

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

150

5.125

11/15/46

155

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

5.000

10/01/48

1,004

Massachusetts

Development

Finance

Agency

Revenue

Bonds

225

5.000

07/01/52

228

Massachusetts

Development

Finance

Agency

Revenue

Bonds

260

5.250

07/01/52

279

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

305

2.000

07/01/37

263

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

2,000

3.000

07/01/51

1,422

15,944

Michigan

-

2.1%

City

of

Detroit

General

Obligation

Limited

(~)(Ê)

6,900

4.000

04/01/44

5,551

City

of

Detroit

General

Obligation

Unlimited

75

2.960

04/01/27

71

City

of

Detroit

General

Obligation

Unlimited

50

3.110

04/01/28

47

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000

04/01/29

1,054

City

of

Detroit

General

Obligation

Unlimited

100

5.500

04/01/31

110

City

of

Detroit

General

Obligation

Unlimited

300

5.500

04/01/32

329

City

of

Detroit

General

Obligation

Unlimited

50

3.644

04/01/34

44

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000

04/01/34

1,045

City

of

Detroit

General

Obligation

Unlimited

50

5.500

04/01/34

55

City

of

Detroit

General

Obligation

Unlimited

50

5.500

04/01/35

55

City

of

Detroit

General

Obligation

Unlimited

635

5.500

04/01/36

692

City

of

Detroit

General

Obligation

Unlimited

465

5.500

04/01/37

506

City

of

Detroit

General

Obligation

Unlimited

300

5.500

04/01/39

324

City

of

Detroit

General

Obligation

Unlimited

325

6.000

05/01/39

381

City

of

Detroit

General

Obligation

Unlimited

75

4.000

04/01/41

73

City

of

Detroit

General

Obligation

Unlimited

75

4.000

04/01/42

72

City

of

Detroit

General

Obligation

Unlimited

100

6.000

05/01/43

115

City

of

Detroit

General

Obligation

Unlimited

570

5.500

04/01/45

606

City

of

Detroit

General

Obligation

Unlimited

775

5.000

04/01/46

806

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000

04/01/50

1,032

Detroit

Downtown

Development

Authority

Tax

Allocation

(µ)

1,000

5.000

07/01/48

1,003

Detroit

Service

Learning

Academy

Revenue

Bonds

1,000

4.000

07/01/41

870

Grand

Rapids

Charter

Township

Revenue

Bonds

200

5.000

05/15/37

196

Grand

Rapids

Charter

Township

Revenue

Bonds

375

5.000

05/15/44

346

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

287

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Ivywood

Classical

Academy

Revenue

Bonds

100

6.000

01/01/54

101

Ivywood

Classical

Academy

Revenue

Bonds

100

6.250

01/01/59

102

Kalamazoo

Economic

Development

Corp.

Revenue

Bonds

350

5.000

05/15/55

300

Kentwood

Economic

Development

Corp.

Revenue

Bonds

100

4.000

11/15/43

87

Kentwood

Economic

Development

Corp.

Revenue

Bonds

25

4.000

11/15/45

22

Michigan

Finance

Authority

Revenue

Bonds

1,400

4.000

02/01/29

1,330

Michigan

Finance

Authority

Revenue

Bonds

1,000

5.000

07/01/33

1,013

Michigan

Finance

Authority

Revenue

Bonds

1,635

5.000

02/01/37

1,642

Michigan

Finance

Authority

Revenue

Bonds

450

3.267

06/01/39

423

Michigan

Finance

Authority

Revenue

Bonds

100

4.250

12/01/39

83

Michigan

Finance

Authority

Revenue

Bonds

100

4.000

12/01/41

85

Michigan

Finance

Authority

Revenue

Bonds

745

4.000

02/01/42

634

Michigan

Finance

Authority

Revenue

Bonds

5,000

Zero

coupon

06/01/45

1,278

Michigan

Finance

Authority

Revenue

Bonds

25

4.000

09/01/45

23

Michigan

Finance

Authority

Revenue

Bonds

1,815

5.500

11/15/45

1,632

Michigan

Finance

Authority

Revenue

Bonds

100

5.000

12/01/46

86

Michigan

Finance

Authority

Revenue

Bonds

25

4.000

09/01/50

23

Michigan

Finance

Authority

Revenue

Bonds

325

4.000

11/15/50

304

Michigan

Finance

Authority

Revenue

Bonds

100

4.000

12/01/51

79

Michigan

Finance

Authority

Revenue

Bonds

235

4.375

02/28/54

230

Michigan

Finance

Authority

Revenue

Bonds

1,400

5.500

02/28/57

1,544

Michigan

Finance

Authority

Revenue

Bonds

17,355

4.785

06/01/65

1,916

Michigan

Mathematics

&

Science

Initiative

Revenue

Bonds

1,110

4.000

01/01/41

1,004

Michigan

Strategic

Fund

Revenue

Bonds

125

5.000

05/15/37

123

Michigan

Strategic

Fund

Revenue

Bonds

1,000

5.000

11/15/43

1,002

Michigan

Strategic

Fund

Revenue

Bonds

100

5.000

05/15/44

92

Michigan

Strategic

Fund

Revenue

Bonds

(µ)

435

4.500

06/30/48

431

Michigan

Strategic

Fund

Revenue

Bonds

3,000

5.000

06/30/48

3,040

Michigan

Strategic

Fund

Revenue

Bonds

(~)(ae)(Ê)

300

4.000

10/01/61

301

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

10,000

8.675

06/01/46

1,352

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

4,255

9.111

06/01/52

554

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

34,055

Zero

coupon

06/01/58

1,035

State

of

Michigan

Trunk

Line

Revenue

Bonds

3,500

5.500

11/15/49

3,973

Summit

Academy

North

Revenue

Bonds

825

2.250

11/01/26

782

Tipton

Academy

Revenue

Bonds

315

4.000

06/01/51

237

Universal

Academy

Revenue

Bonds

500

4.000

12/01/31

483

Universal

Academy

Revenue

Bonds

65

4.000

12/01/40

59

42,788

Minnesota

-

0.5%

City

of

Forest

Lake

Charter

School

Lease

Revenue

Bonds

500

5.250

08/01/43

509

City

of

Ham

Lake

Revenue

Bonds

2,000

5.000

11/01/36

2,021

City

of

Minneapolis

Charter

Lease

Revenue

Bonds

(Þ)

1,400

5.000

12/01/32

1,429

City

of

State

Cloud

Revenue

Bonds

125

4.000

05/01/49

117

City

of

Woodbury

Revenue

Bonds

50

4.000

12/01/40

44

City

of

Woodbury

Revenue

Bonds

25

4.000

12/01/50

21

Duluth

Economic

Development

Authority

Revenue

Bonds

100

4.000

07/01/36

90

Duluth

Economic

Development

Authority

Revenue

Bonds

380

4.000

06/15/37

395

Duluth

Economic

Development

Authority

Revenue

Bonds

200

4.250

02/15/48

193

Duluth

Economic

Development

Authority

Revenue

Bonds

2,500

5.000

02/15/48

2,547

Duluth

Economic

Development

Authority

Revenue

Bonds

1,425

5.250

02/15/58

1,460

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

288

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

35

3.250

03/01/25

35

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

45

4.000

03/01/29

46

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

75

4.000

03/01/32

77

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

705

4.200

03/01/34

726

Housing

&

Redevelopment

Authority

of

The

City

of

St

Paul

Revenue

Bonds

200

5.500

12/01/57

206

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

100

4.000

12/01/40

91

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

100

5.000

05/01/47

89

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

(Þ)

140

5.250

07/01/33

143

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

(Þ)

230

5.500

07/01/38

234

10,473

Mississippi

-

0.2%

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)(Þ)

830

6.000

10/15/30

828

Mississippi

Business

Finance

Corp.

Revenue

Bonds

1,400

2.375

06/01/44

875

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

1,025

4.000

10/01/34

936

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

900

4.000

10/01/35

821

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

950

4.000

10/01/36

860

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

200

4.000

10/01/41

168

4,488

Missouri

-

0.7%

Branson

Industrial

Development

Authority

Tax

Allocation

200

4.000

11/01/27

195

Branson

Industrial

Development

Authority

Tax

Allocation

90

5.500

06/01/29

86

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

75

5.000

03/01/36

78

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

1,600

4.000

03/01/41

1,554

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

175

3.000

03/01/46

138

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

585

4.875

06/15/34

598

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

200

5.000

05/15/41

202

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,350

5.500

06/15/42

2,274

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

250

4.750

11/15/47

206

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

200

5.750

06/15/54

204

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

1,200

5.000

12/01/52

1,283

I-470

Western

Gateway

Transportation

Development

District

Revenue

Bonds

(Þ)

250

5.250

12/01/48

251

Joplin

Industrial

Development

Authority

Revenue

Bonds

85

3.500

11/01/40

78

Joplin

Industrial

Development

Authority

Revenue

Bonds

200

4.250

11/01/50

169

Kansas

City

Land

Clearance

Redevelopment

Authority

Tax

Allocation

(Þ)

1,500

5.000

02/01/40

1,471

Lees

Summit

Industrial

Development

Authority

Revenue

Bonds

405

5.000

08/15/39

426

Missouri

Southern

State

University

Revenue

Bonds

250

4.000

10/01/34

242

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,000

4.000

02/01/42

933

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

150

5.250

02/01/48

158

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

120

5.250

02/01/54

126

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

450

3.000

05/01/25

446

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

125

3.125

05/01/35

109

St.

Louis

County

Industrial

Development

Authority

Revenue

Bonds

650

5.000

08/15/30

637

St.

Louis

Land

Clearance

for

Redevelopment

Authority

Revenue

Bonds

500

4.000

06/01/41

457

Taney

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

400

6.000

10/01/49

402

University

City

Industrial

Development

Authority

Revenue

Bonds

210

4.875

06/15/36

213

University

City

Industrial

Development

Authority

Revenue

Bonds

500

5.500

06/15/42

508

13,444

Montana

-

0.1%

County

of

Gallatin

Revenue

Bonds

(Þ)

1,000

4.000

10/15/46

753

Montana

Facility

Finance

Authority

Health

Care

Facilities

Revenue

Bonds

1,500

5.000

07/01/43

1,523

2,276

Nevada

-

0.3%

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

289

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Carson

City

Hospital

Revenue

Bonds

1,025

5.000

09/01/47

1,039

City

of

Las

Vegas  Special

Improvement

District

No.

817

Summerlin

Village

29

Special

Assessment

500

5.750

06/01/43

524

City

of

Las

Vegas  Special

Improvement

District

No.

817

Summerlin

Village

29

Special

Assessment

350

6.000

06/01/48

367

City

of

Las

Vegas

Special

Improvement

District

No.

613

Special

Assessment

50

5.500

12/01/53

50

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

50

3.000

06/01/41

39

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

100

3.125

06/01/51

72

Director

of

the

State

of

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(~)(ae)(Ê)(Þ)

800

8.125

01/01/50

839

Henderson

Local

Improvement

Districts

Special

Assessment

50

4.000

09/01/35

46

Henderson

Local

Improvement

Districts

Special

Assessment

50

3.500

09/01/45

40

Henderson

Local

Improvement

Districts

Special

Assessment

30

4.000

09/01/51

26

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

50

5.000

07/01/30

52

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

155

5.000

07/01/43

162

Las

Vegas

Redevelopment

Agency

Tax

Allocation

250

5.000

06/15/45

252

Las

Vegas

Special

Improvement

District

No.

813

Special

Assessment

15

4.250

06/01/37

15

Las

Vegas

Special

Improvement

District

No.

813

Special

Assessment

25

4.375

06/01/42

25

Las

Vegas

Special

Improvement

District

No.

813

Special

Assessment

25

4.500

06/01/47

24

Las

Vegas

Special

Improvement

District

No.

814

Special

Assessment

80

4.000

06/01/49

66

Las

Vegas

Special

Improvement

District

No.

815

Special

Assessment

50

5.000

12/01/49

48

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

1,100

5.000

07/15/37

1,106

State

of

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(~)(Ê)

300

8.125

08/15/25

304

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

1,000

5.000

07/01/34

1,047

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

165

5.000

07/01/45

168

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

175

5.000

07/01/51

176

6,487

New

Hampshire

-

0.8%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)(Þ)

100

2.950

04/01/29

94

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

325

4.875

12/01/33

325

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,415

5.625

12/15/33

1,450

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

7,300

6.890

04/01/34

7,648

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

600

6.250

12/15/38

623

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

996

4.250

07/20/41

980

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

180

3.625

07/01/43

151

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

535

3.750

07/01/45

452

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

350

5.250

07/01/48

369

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,000

4.000

01/01/51

825

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

390

5.000

08/01/32

407

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

845

5.000

08/01/35

881

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

500

5.000

10/01/36

513

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

935

5.000

08/01/37

973

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

980

5.000

08/01/40

1,010

16,701

New

Jersey

-

3.6%

Atlantic

City

General

Obligation

Unlimited

500

5.000

12/01/24

500

Atlantic

City

General

Obligation

Unlimited

450

5.000

12/01/25

449

Atlantic

City

General

Obligation

Unlimited

270

5.000

12/01/28

268

Essex

County

Improvement

Authority

Revenue

Bonds

545

4.000

06/15/38

535

Essex

County

Improvement

Authority

Revenue

Bonds

815

4.000

06/15/46

756

New

Jersey

Economic

Development

Authority

Revenue

Bonds

3,250

5.250

09/15/29

3,252

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

4.000

07/01/32

497

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

5.000

07/01/32

506

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

290

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

5.000

06/15/41

525

New

Jersey

Economic

Development

Authority

Revenue

Bonds

675

3.000

08/01/41

558

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

200

5.000

06/01/42

205

New

Jersey

Economic

Development

Authority

Revenue

Bonds

635

5.000

06/15/42

653

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5,000

5.000

11/01/44

5,233

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,275

4.000

06/15/46

1,251

New

Jersey

Economic

Development

Authority

Revenue

Bonds

100

5.000

07/01/47

99

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,000

5.000

07/15/47

1,004

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,250

5.000

01/01/48

1,192

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

200

4.000

07/01/42

146

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

795

5.000

07/01/46

703

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

500

3.000

07/01/50

378

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(µ)

300

4.125

07/01/38

300

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,400

3.912

12/15/26

1,291

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

600

4.302

12/15/29

496

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

465

5.000

06/15/30

478

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

2,400

4.168

12/15/30

1,907

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

385

4.000

12/15/31

392

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

910

4.403

12/15/32

672

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

500

3.965

12/15/33

359

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

450

5.000

12/15/33

480

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

100

4.526

12/15/34

68

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

370

5.000

12/15/35

393

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

2,975

5.130

12/15/35

1,949

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

550

5.591

12/15/35

360

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

3,425

4.342

12/15/36

2,138

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,255

4.668

12/15/36

2,032

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

460

5.000

12/15/36

487

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

7,235

4.649

12/15/37

4,297

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,335

4.000

06/15/38

2,358

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

675

5.000

06/15/38

675

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

320

4.250

12/15/38

325

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,750

4.680

12/15/38

1,563

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

7,975

4.000

06/15/45

7,825

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

185

3.500

06/15/46

165

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

80

3.000

06/15/50

63

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,425

4.000

06/15/50

1,388

New

Jersey

Turnpike

Authority

Revenue

Bonds

1,785

4.000

01/01/48

1,769

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

100

5.500

07/01/58

103

South

Jersey

Port

Corp.

Revenue

Bonds

2,395

5.000

01/01/36

2,485

South

Jersey

Port

Corp.

Revenue

Bonds

6,285

5.000

01/01/42

6,455

South

Jersey

Port

Corp.

Revenue

Bonds

1,600

5.000

01/01/48

1,627

South

Jersey

Transportation

Authority

Revenue

Bonds

315

5.000

11/01/26

316

South

Jersey

Transportation

Authority

Revenue

Bonds

945

5.000

11/01/39

947

South

Jersey

Transportation

Authority

Revenue

Bonds

1,000

4.500

11/01/42

1,029

South

Jersey

Transportation

Authority

Revenue

Bonds

1,000

4.625

11/01/47

1,025

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

4,115

5.000

06/01/46

4,138

Union

County

Improvement

Authority

Revenue

Bonds

(Þ)

100

6.000

12/01/25

93

Union

County

Improvement

Authority

Revenue

Bonds

(Þ)

1,100

6.750

12/01/41

722

71,880

New

Mexico

-

0.0%

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

291

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

Tax

Allocation

(Þ)

500

4.250

05/01/40

471

New

York

-

8.7%

Albany

Capital

Resource

Corp.

Revenue

Bonds

100

4.750

06/01/54

100

Albany

Capital

Resource

Corp.

Revenue

Bonds

200

5.000

06/01/64

201

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

1,780

5.000

07/15/42

1,810

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

(µ)

30

3.000

07/15/43

23

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

1,000

Zero

coupon

07/15/45

380

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

510

Zero

coupon

07/15/46

184

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

2.500

06/15/31

89

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

170

9.750

07/01/32

169

Build

NYC

Resource

Corp.

Revenue

Bonds

400

4.000

06/15/36

382

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

500

6.500

07/01/42

515

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

4.000

06/15/51

81

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

350

5.000

06/15/51

345

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

1,000

4.000

11/01/51

852

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

330

5.000

12/01/51

300

Build

NYC

Resource

Corp.

Revenue

Bonds

100

5.000

06/15/52

101

Build

NYC

Resource

Corp.

Revenue

Bonds

55

5.000

07/01/52

56

Build

NYC

Resource

Corp.

Revenue

Bonds

250

5.250

07/01/52

260

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

150

6.500

07/01/52

153

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

5.500

06/15/53

104

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

5.000

12/01/55

90

Build

NYC

Resource

Corp.

Revenue

Bonds

45

5.000

07/01/56

45

Build

NYC

Resource

Corp.

Revenue

Bonds

100

5.000

06/15/57

101

Build

NYC

Resource

Corp.

Revenue

Bonds

375

5.250

07/01/57

389

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

150

6.500

07/01/57

152

Build

NYC

Resource

Corp.

Revenue

Bonds

125

4.750

06/15/58

122

Build

NYC

Resource

Corp.

Revenue

Bonds

500

5.250

07/01/62

517

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

5.500

06/15/63

103

City

of

New

York

General

Obligation

Unlimited

(~)(Ê)

1,940

4.000

04/01/36

1,940

City

of

New

York

General

Obligation

Unlimited

2,000

4.500

05/01/49

2,050

City

of

New

York

General

Obligation

Unlimited

(~)(Ê)

1,870

4.000

09/01/49

1,870

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

1,000

5.000

07/01/45

1,023

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

1,625

5.000

07/01/46

1,634

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

1,500

5.000

07/01/51

1,521

Erie

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

(Þ)

4,000

Zero

coupon

06/01/60

189

Genesee

County

Funding

Corp.

(The)

Revenue

Bonds

1,875

5.250

12/01/52

1,951

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

475

5.000

07/01/38

480

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

500

5.500

06/15/57

517

Huntington

Local

Development

Corp.

Revenue

Bonds

705

4.750

07/01/31

676

Huntington

Local

Development

Corp.

Revenue

Bonds

700

5.250

07/01/56

606

Jefferson

County

Civic

Facility

Development

Corp.

Revenue

Bonds

1,000

4.000

11/01/32

929

Metropolitan

Transportation

Authority

Revenue

Bonds

150

5.000

11/15/25

153

Metropolitan

Transportation

Authority

Revenue

Bonds

35

5.000

11/15/27

36

Metropolitan

Transportation

Authority

Revenue

Bonds

140

4.000

11/15/32

142

Metropolitan

Transportation

Authority

Revenue

Bonds

295

5.000

11/15/33

323

Metropolitan

Transportation

Authority

Revenue

Bonds

50

4.000

11/15/35

51

Metropolitan

Transportation

Authority

Revenue

Bonds

40

2.813

11/15/40

20

Metropolitan

Transportation

Authority

Revenue

Bonds

375

4.000

11/15/40

376

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

292

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Metropolitan

Transportation

Authority

Revenue

Bonds

2,500

5.000

11/15/40

2,516

Metropolitan

Transportation

Authority

Revenue

Bonds

2,585

4.000

11/15/45

2,524

Metropolitan

Transportation

Authority

Revenue

Bonds

500

4.750

11/15/45

514

Metropolitan

Transportation

Authority

Revenue

Bonds

1,500

5.000

11/15/45

1,590

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

2,500

4.000

11/15/48

2,429

Metropolitan

Transportation

Authority

Revenue

Bonds

200

4.000

11/15/48

193

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

900

4.000

11/15/50

870

Metropolitan

Transportation

Authority

Revenue

Bonds

4,300

4.000

11/15/50

4,123

Metropolitan

Transportation

Authority

Revenue

Bonds

290

5.000

11/15/50

303

Metropolitan

Transportation

Authority

Revenue

Bonds

1,125

5.250

11/15/55

1,185

Nassau

County

Tobacco

Settlement

Corp.

Revenue

Bonds

12,290

Zero

coupon

06/01/60

793

New

York

City

Housing

Development

Corp.

Revenue

Bonds

600

3.500

02/15/48

598

New

York

City

Industrial

Development

Revenue

Bonds

(µ)

1,665

3.000

01/01/46

1,334

New

York

City

Industrial

Development

Revenue

Bonds

(µ)

1,375

3.000

03/01/49

1,060

New

York

City

Industrial

Development

Revenue

Bonds

125

3.000

03/01/49

93

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

(~)(Ê)

4,620

4.000

06/15/49

4,620

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

(~)

(Ê)

1,720

1.700

11/01/44

1,720

New

York

Counties

Tobacco

Trust

IV

Revenue

Bonds

9,455

8.130

06/01/60

591

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

325

5.150

11/15/34

326

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

1,900

5.375

11/15/40

1,904

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

1,000

2.750

02/15/44

767

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

12,615

5.000

11/15/44

12,627

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

2,600

7.250

11/15/44

2,611

New

York

Power

Authority

Revenue

Bonds

2,000

4.000

11/15/50

1,956

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

900

5.000

12/01/30

893

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

400

5.000

12/01/35

396

New

York

State

Dormitory

Authority

Revenue

Bonds

1,090

4.000

03/15/38

1,117

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

520

3.000

09/01/50

402

New

York

State

Dormitory

Authority

Revenue

Bonds

455

4.000

09/01/50

418

New

York

State

Dormitory

Authority

Revenue

Bonds

525

4.250

05/01/52

521

New

York

State

Dormitory

Authority

Revenue

Bonds

840

5.000

05/01/52

889

New

York

State

Dormitory

Authority

Revenue

Bonds

2,000

4.000

07/01/53

1,922

New

York

State

Dormitory

Authority

Revenue

Bonds

1,435

4.000

03/15/54

1,381

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000

07/01/57

982

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

(~)(ae)(Ê)

500

2.750

09/01/50

491

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

250

5.125

09/01/50

259

New

York

State

Housing

Finance

Agency

Revenue

Bonds

2,045

2.800

11/01/51

1,449

New

York

State

Thruway

Authority

Revenue

Bonds

3,000

5.000

12/01/34

3,245

New

York

State

Thruway

Authority

Revenue

Bonds

10,000

4.000

03/15/39

10,092

New

York

State

Thruway

Authority

Revenue

Bonds

500

3.000

03/15/48

393

New

York

State

Thruway

Authority

Revenue

Bonds

4,855

3.000

03/15/51

3,719

New

York

Transportation

Development

Corp.

Revenue

Bonds

105

2.250

08/01/26

102

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,055

5.000

08/01/26

1,055

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,925

4.000

10/01/30

1,913

New

York

Transportation

Development

Corp.

Revenue

Bonds

530

3.000

08/01/31

500

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,390

5.250

08/01/31

1,474

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,315

4.000

07/01/33

1,305

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,055

5.000

10/01/35

2,161

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,075

4.000

01/01/36

2,076

New

York

Transportation

Development

Corp.

Revenue

Bonds

775

5.375

08/01/36

825

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

293

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,700

4.000

12/01/39

1,706

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,510

5.000

12/01/39

1,605

New

York

Transportation

Development

Corp.

Revenue

Bonds

625

5.625

04/01/40

676

New

York

Transportation

Development

Corp.

Revenue

Bonds

875

5.000

10/01/40

910

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

75

4.000

12/01/40

75

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

2,490

5.000

12/01/40

2,727

New

York

Transportation

Development

Corp.

Revenue

Bonds

375

5.000

07/01/41

374

New

York

Transportation

Development

Corp.

Revenue

Bonds

6,000

4.375

10/01/45

5,779

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

1,000

4.000

07/01/46

949

New

York

Transportation

Development

Corp.

Revenue

Bonds

750

5.000

07/01/46

749

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,440

5.250

01/01/50

2,440

New

York

Transportation

Development

Corp.

Revenue

Bonds

5,435

5.500

06/30/54

5,799

New

York

Transportation

Development

Corp.

Revenue

Bonds

225

6.000

06/30/54

245

New

York

Transportation

Development

Corp.

Revenue

Bonds

3,700

5.000

06/30/60

3,770

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

2,500

5.250

06/30/60

2,639

New

York

Transportation

Development

Corp.

Revenue

Bonds

4,050

5.375

06/30/60

4,211

New

York

Transportation

Development

Corp.

Revenue

Bonds

6,700

5.500

06/30/60

7,128

New

York

Transportation

Development

Facilities

Revenue

Bonds

100

5.000

01/01/34

103

Nuveen

AMT-Free

Municipal

Credit

Income

Fund

(~)(Ê)

11,000

3.430

03/01/29

11,000

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

90

4.000

12/01/38

90

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

215

3.000

12/01/39

179

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

60

3.000

12/01/40

49

Oneida

Indian

Nation

of

New

York

Revenue

Bonds

(Þ)

200

6.000

09/01/43

219

Onondaga

Civic

Development

Corp.

Revenue

Bonds

100

5.125

08/01/44

101

Onondaga

Civic

Development

Corp.

Revenue

Bonds

100

5.375

08/01/54

102

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

2,450

5.000

01/15/52

2,568

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

200

5.500

08/01/52

217

Suffolk

Regional

Off-Track

Betting

Co.

Revenue

Bonds

1,200

5.750

12/01/44

1,254

Suffolk

Regional

Off-Track

Betting

Co.

Revenue

Bonds

1,200

6.000

12/01/53

1,259

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

2,000

4.000

06/01/50

1,794

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

1,850

4.250

05/15/58

1,844

Westchester

County

Industrial

Development

Agency

Revenue

Bonds

(Þ)

150

7.000

06/01/46

149

Westchester

County

Local

Development

Corp.

Revenue

Bonds

100

5.000

11/01/30

99

Westchester

County

Local

Development

Corp.

Revenue

Bonds

100

5.000

11/01/33

98

Westchester

County

Local

Development

Corp.

Revenue

Bonds

150

5.000

11/01/34

147

Westchester

County

Local

Development

Corp.

Revenue

Bonds

125

5.000

11/01/46

118

Westchester

County

Local

Development

Corp.

Revenue

Bonds

(µ)

1,000

5.000

11/01/51

1,057

Westchester

County

Local

Development

Corp.

Revenue

Bonds

100

6.250

11/01/52

113

Western

Regional

Off-Track

Betting

Corp.

Revenue

Bonds

(Þ)

115

4.125

12/01/41

101

Yonkers

Economic

Development

Corp.

Revenue

Bonds

25

5.000

10/15/39

26

Yonkers

Economic

Development

Corp.

Revenue

Bonds

250

5.000

10/15/40

257

Yonkers

Economic

Development

Corp.

Revenue

Bonds

100

5.000

10/15/49

100

Yonkers

Economic

Development

Corp.

Revenue

Bonds

75

5.000

10/15/50

76

Yonkers

Economic

Development

Corp.

Revenue

Bonds

100

5.000

10/15/54

100

176,340

North

Carolina

-

0.6%

Greater

Asheville

Regional

Airport

Authority

Revenue

Bonds

(µ)

1,000

5.500

07/01/47

1,095

Greater

Asheville

Regional

Airport

Authority

Revenue

Bonds

(µ)

260

5.250

07/01/53

278

North

Carolina

Department

of

Transportation

Revenue

Bonds

325

5.000

12/31/37

328

North

Carolina

Medical

Care

Commission

Revenue

Bonds

500

5.000

07/01/39

503

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,100

4.000

03/01/41

1,001

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

294

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

North

Carolina

Medical

Care

Commission

Revenue

Bonds

2,180

4.000

09/01/41

1,922

North

Carolina

Medical

Care

Commission

Revenue

Bonds

100

5.000

10/01/45

96

North

Carolina

Medical

Care

Commission

Revenue

Bonds

25

4.000

09/01/46

21

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,000

5.000

01/01/49

994

North

Carolina

Medical

Care

Commission

Revenue

Bonds

285

5.000

10/01/50

266

North

Carolina

Medical

Care

Commission

Revenue

Bonds

400

4.000

03/01/51

332

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,960

4.000

09/01/51

1,607

North

Carolina

Medical

Care

Commission

Revenue

Bonds

700

4.000

01/01/52

570

North

Carolina

Turnpike

Authority

Revenue

Bonds

2,000

5.000

01/01/43

2,100

North

Carolina

Turnpike

Authority

Revenue

Bonds

1,000

5.000

07/01/51

1,013

12,126

North

Dakota

-

0.3%

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

500

4.000

12/01/46

453

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

200

3.000

12/01/51

152

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

1,000

5.000

12/01/53

1,039

City

of

Horace

General

Obligation

Unlimited

250

4.850

08/01/26

250

County

of

Burleigh

Revenue

Bonds

395

5.200

04/15/46

390

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

1,000

5.000

06/01/38

999

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

2,500

5.000

06/01/53

2,260

5,543

Ohio

-

4.2%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

3,000

5.250

11/15/46

3,041

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

460

4.000

06/01/37

465

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

175

4.000

06/01/38

176

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

300

3.000

06/01/48

230

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,730

4.000

06/01/48

1,611

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

32,380

5.000

06/01/55

29,986

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

28,915

6.259

06/01/57

2,712

Centerville

Health

Care

Revenue

Bonds

100

5.250

11/01/37

100

Centerville

Health

Care

Revenue

Bonds

150

5.250

11/01/50

139

City

of

Cleveland

Revenue

Bonds

1,245

5.375

09/15/27

1,246

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

1,000

4.000

08/01/44

959

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

1,500

5.500

08/01/52

1,605

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

(Þ)

100

4.000

12/01/55

84

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

(Þ)

200

4.500

12/01/55

175

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

1,415

4.000

11/15/38

1,384

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

(Þ)

600

7.000

07/01/53

618

County

of

Darke

Revenue

Bonds

50

4.000

09/01/40

43

County

of

Darke

Revenue

Bonds

50

4.000

09/01/45

41

County

of

Darke

Revenue

Bonds

75

5.000

09/01/49

68

County

of

Franklin

Revenue

Bonds

400

5.250

07/01/41

403

County

of

Franklin

Revenue

Bonds

1,055

5.500

07/01/41

1,085

County

of

Franklin

Revenue

Bonds

520

5.250

11/15/55

480

County

of

Lucas

Hospital

Revenue

Bonds

4,325

5.250

11/15/48

4,421

County

of

Lucas

Revenue

Bonds

120

4.000

11/15/45

96

County

of

Muskingum

Revenue

Bonds

200

5.000

02/15/48

192

Cuyahoga

County

Hospital

Revenue

Bonds

170

5.000

05/15/32

170

Cuyahoga

County

Hospital

Revenue

Bonds

1,000

5.000

02/15/37

1,020

Cuyahoga

County

Hospital

Revenue

Bonds

225

5.375

05/15/37

228

Cuyahoga

County

Hospital

Revenue

Bonds

2,140

5.000

02/15/42

2,164

Cuyahoga

County

Hospital

Revenue

Bonds

400

5.500

05/15/42

400

Cuyahoga

County

Hospital

Revenue

Bonds

990

5.250

02/15/47

1,008

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

295

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Cuyahoga

County

Hospital

Revenue

Bonds

3,300

5.000

02/15/57

3,306

Cuyahoga

County

Hospital

Revenue

Bonds

3,020

5.500

02/15/57

3,078

Franklin

County

Convention

Facilities

Authority

Revenue

Bonds

1,050

5.000

12/01/51

1,046

Green

Local

School

District/Summit

County

General

Obligation

Unlimited

1,000

5.500

11/01/59

1,080

Northeast

Ohio

Medical

University

Revenue

Bonds

25

3.000

12/01/40

20

Northeast

Ohio

Medical

University

Revenue

Bonds

25

4.000

12/01/45

23

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

100

3.750

01/15/28

99

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

230

3.250

09/01/29

222

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

270

4.250

01/15/38

270

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

3,465

4.500

01/15/48

3,440

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,385

5.250

12/01/43

1,333

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

2,000

5.000

11/01/44

1,868

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,100

4.000

07/01/46

1,012

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

200

6.000

09/01/47

205

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,500

5.000

01/15/50

1,559

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

300

5.000

12/01/50

286

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

275

6.000

09/01/52

281

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

3,175

5.000

11/15/45

3,299

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

375

5.000

12/01/46

362

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

120

4.250

12/01/50

108

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

180

4.375

06/15/56

178

State

of

Ohio

Revenue

Bonds

(Þ)

110

5.000

12/01/38

107

State

of

Ohio

Revenue

Bonds

350

3.000

01/15/45

279

State

of

Ohio

Revenue

Bonds

1,915

4.000

01/15/46

1,810

State

of

Ohio

Revenue

Bonds

(Þ)

275

5.000

12/01/48

253

State

of

Ohio

Revenue

Bonds

25

4.000

01/15/50

23

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

925

5.000

07/01/39

925

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

100

4.000

01/01/43

95

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

1,050

4.000

01/01/46

983

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

50

4.000

01/01/51

45

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

150

4.000

01/01/57

132

Warren

County

Port

Authority

Revenue

Bonds

1,370

4.000

12/01/53

1,086

85,163

Oklahoma

-

0.5%

Oklahoma

Capitol

Improvement

Authority

Revenue

Bonds

(Þ)

100

6.000

06/15/44

103

Oklahoma

Capitol

Improvement

Authority

Revenue

Bonds

(Þ)

125

6.250

06/15/54

128

Oklahoma

Development

Finance

Authority

Revenue

Bonds

200

5.250

08/15/48

204

Oklahoma

Development

Finance

Authority

Revenue

Bonds

(µ)

500

4.000

08/15/52

453

Oklahoma

Development

Finance

Authority

Revenue

Bonds

2,825

5.500

08/15/52

2,912

Oklahoma

Development

Finance

Authority

Revenue

Bonds

950

5.500

08/15/57

977

Tulsa

Airports

Improvement

Trust

Revenue

Bonds

(~)(ae)(Ê)

1,555

5.000

06/01/35

1,567

Tulsa

Airports

Improvement

Trust

Revenue

Bonds

625

5.500

12/01/35

625

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

(Þ)

560

4.375

12/01/41

516

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

(Þ)

715

4.000

12/01/43

668

Tulsa

County

Industrial

Authority

Revenue

Bonds

1,000

5.250

11/15/37

1,016

9,169

Oregon

-

0.5%

Astoria

Hospital

Facilities

Authority

Revenue

Bonds

640

5.000

08/01/41

648

Astoria

Hospital

Facilities

Authority

Revenue

Bonds

450

5.250

08/01/54

477

Clackamas

County

Hospital

Facility

Authority

Revenue

Bonds

25

5.375

11/15/55

24

County

of

Yamhill

Revenue

Bonds

350

4.000

12/01/41

343

County

of

Yamhill

Revenue

Bonds

1,655

4.000

12/01/51

1,563

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

296

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Medford

Hospital

Facilities

Authority

Revenue

Bonds

215

4.000

08/15/50

202

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/36

976

Oregon

State

Facilities

Authority

Revenue

Bonds

2,500

5.000

04/01/45

2,513

Oregon

State

Facilities

Authority

Revenue

Bonds

(ae)

30

5.000

10/01/46

31

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/48

952

Salem

Hospital

Facility

Authority

Revenue

Bonds

950

4.000

05/15/47

792

Union

County

Hospital

Facility

Authority

Revenue

Bonds

1,505

5.000

07/01/37

1,565

Yamhill

County

Hospital

Authority

Revenue

Bonds

125

5.000

11/15/51

102

10,188

Pennsylvania

-

4.8%

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

1,700

4.000

01/01/46

1,645

Allegheny

County

Airport

Authority

Revenue

Bonds

1,000

4.000

01/01/56

918

Allegheny

County

Hospital

Development

Authority

Revenue

Bonds

1,865

4.000

04/01/44

1,768

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

250

4.875

11/01/24

250

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

225

5.125

05/01/30

238

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

900

3.000

06/15/31

813

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

100

4.000

06/15/41

89

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

100

4.000

06/15/51

82

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

100

4.000

06/15/56

80

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

1,515

5.000

05/01/28

1,544

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

500

5.000

05/01/32

508

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.000

05/01/33

1,019

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

500

5.000

05/01/42

518

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

4,450

5.000

05/01/42

4,459

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

700

5.250

05/01/42

705

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

710

6.000

05/01/42

750

Berks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

11/01/29

32

Berks

County

Industrial

Development

Authority

Revenue

Bonds

110

5.000

11/01/30

70

Berks

County

Industrial

Development

Authority

Revenue

Bonds

75

5.000

11/01/34

48

Berks

County

Industrial

Development

Authority

Revenue

Bonds

325

3.750

11/01/42

208

Berks

County

Industrial

Development

Authority

Revenue

Bonds

725

4.000

11/01/47

464

Berks

County

Industrial

Development

Authority

Revenue

Bonds

100

5.000

11/01/47

64

Berks

County

Industrial

Development

Authority

Revenue

Bonds

750

5.000

11/01/50

480

Berks

County

Municipal

Authority

Revenue

Bonds

1,195

5.000

11/01/40

765

Berks

County

Municipal

Authority

Revenue

Bonds

355

5.000

11/01/44

227

Berks

County

Municipal

Authority

Revenue

Bonds

1,225

5.000

10/01/49

1,103

Bethlehem

Redevelopment

Authority

Revenue

Bonds

1,600

5.250

10/01/49

1,669

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

725

4.000

07/01/51

552

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

2,245

5.000

07/01/54

1,994

Cheltenham

Township

Industrial

Development

Authority

Revenue

Bonds

450

5.000

04/01/44

451

Cheltenham

Township

Industrial

Development

Authority

Revenue

Bonds

200

5.750

04/01/54

203

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

795

5.000

11/01/24

793

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

625

5.000

11/01/25

617

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

1,985

5.000

11/01/37

1,758

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

03/01/27

1,014

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,000

5.625

10/15/42

2,049

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,255

5.000

12/15/51

1,245

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

250

6.000

10/15/52

259

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

297

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

(Þ)

1,770

5.000

09/15/33

1,749

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

(ae)(Þ)

295

5.000

09/15/33

305

City

of

Scranton

General

Obligation

Unlimited

1,275

5.000

09/01/28

1,310

Commonwealth

Financing

Authority

Revenue

Bonds

(µ)

1,525

4.000

06/01/39

1,550

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

850

5.875

10/15/40

697

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

1,000

5.125

10/15/41

748

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

2,700

6.250

10/15/53

2,108

Doylestown

Hospital

Authority

Revenue

Bonds

210

5.000

07/01/25

210

Doylestown

Hospital

Authority

Revenue

Bonds

225

5.000

07/01/26

225

Doylestown

Hospital

Authority

Revenue

Bonds

50

5.000

07/01/27

50

Doylestown

Hospital

Authority

Revenue

Bonds

50

5.000

07/01/28

50

Doylestown

Hospital

Authority

Revenue

Bonds

(Þ)

2,050

5.375

07/01/39

2,159

Doylestown

Hospital

Authority

Revenue

Bonds

40

5.000

07/01/41

40

Doylestown

Hospital

Authority

Revenue

Bonds

(ae)

10

5.000

07/01/41

10

Doylestown

Hospital

Authority

Revenue

Bonds

(ae)

5

4.000

07/01/45

5

Doylestown

Hospital

Authority

Revenue

Bonds

45

4.000

07/01/45

40

Doylestown

Hospital

Authority

Revenue

Bonds

165

5.000

07/01/46

165

Doylestown

Hospital

Authority

Revenue

Bonds

(ae)

35

5.000

07/01/46

36

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

100

5.000

12/01/43

96

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

100

5.000

12/01/48

93

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

510

5.000

12/01/49

471

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

150

5.000

12/01/53

136

Geisinger

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.770%)(Ê)

100

1.230

05/01/37

94

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

75

4.000

06/01/44

72

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

(Þ)

1,765

6.500

07/15/48

1,830

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

Revenue

Bonds

290

5.000

07/01/27

297

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

Revenue

Bonds

210

5.000

07/01/28

214

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

Revenue

Bonds

500

5.000

07/01/34

507

Huntingdon

County

General

Authority

Revenue

Bonds

1,000

5.000

05/01/46

987

Lancaster

County

Hospital

Authority

Revenue

Bonds

1,000

5.250

07/01/41

996

Lancaster

County

Hospital

Authority

Revenue

Bonds

750

5.000

03/01/50

634

Lancaster

Higher

Education

Authority

Revenue

Bonds

1,195

5.000

10/01/37

1,214

Lancaster

Higher

Education

Authority

Revenue

Bonds

2,000

5.000

10/01/42

1,984

Lancaster

Industrial

Development

Authority

Revenue

Bonds

675

4.000

07/01/46

562

Latrobe

Industrial

Development

Authority

Revenue

Bonds

315

5.000

03/01/34

323

Latrobe

Industrial

Development

Authority

Revenue

Bonds

125

4.000

03/01/46

105

Latrobe

Industrial

Development

Authority

Revenue

Bonds

125

4.000

03/01/51

101

Lehigh

County

General

Purpose

Authority

Revenue

Bonds

1,000

4.000

06/01/52

865

Lincoln

University

of

the

Commonwealth

System

of

Higher

Education

General

Obligation

Limited

325

5.250

07/01/44

322

Mercer

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

375

6.125

10/01/50

280

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

1,500

5.000

12/01/37

1,527

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,700

5.250

01/15/46

1,717

Northampton

County

General

Purpose

Authority

Revenue

Bonds

1,625

5.000

10/01/36

1,671

Northeastern

Pennsylvania

Hospital

&

Education

Authority

Revenue

Bonds

55

5.000

05/01/44

53

Northeastern

Pennsylvania

Hospital

&

Education

Authority

Revenue

Bonds

75

5.000

05/01/49

70

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(ae)(Ê)

2,875

5.250

06/01/27

2,921

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

2,110

5.000

12/31/34

2,139

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,050

4.000

07/01/41

1,017

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,250

5.000

06/30/42

1,258

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

250

5.000

07/01/42

263

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

298

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

2,500

5.500

06/30/43

2,687

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

150

4.000

07/01/46

139

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

200

5.250

07/01/46

212

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

8,445

5.750

06/30/48

9,128

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

150

5.250

07/01/49

158

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

125

5.250

06/30/53

129

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

500

5.000

12/31/57

518

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

675

6.000

06/30/61

735

Pennsylvania

Higher

Education

Assistance

Agency

Revenue

Bonds

3,500

5.000

06/01/51

3,513

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

125

5.000

05/01/37

104

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

350

5.000

05/01/42

276

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue

Bonds

1,000

5.250

12/01/48

1,047

Pennsylvania

Turnpike

Commission

Revenue

Bonds

1,250

5.000

12/01/40

1,260

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(~)(Ê)(Þ)

940

4.875

12/15/35

926

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

100

5.375

06/15/38

105

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

900

5.000

06/15/40

917

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

300

4.000

05/01/42

207

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

1,600

6.250

05/01/42

1,526

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

750

5.125

06/15/42

757

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

150

5.500

06/15/43

157

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

150

5.000

06/15/50

139

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

145

5.250

06/15/52

146

Scranton

Redevelopment

Authority

Revenue

Bonds

70

5.000

11/15/28

70

Scranton

School

District

General

Obligation

Limited

(µ)

2,025

4.250

06/01/37

1,996

Susquehanna

Area

Regional

Airport

Authority

Revenue

Bonds

200

5.000

01/01/38

203

Upper

Dauphin

Industrial

Development

Authority

Revenue

Bonds

(Þ)

380

6.250

07/01/57

378

Washington

County

Redevelopment

Authority

Tax

Allocation

205

5.000

07/01/28

205

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

365

4.000

11/15/36

354

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

555

4.000

11/15/46

488

96,207

Puerto

Rico

-

7.8%

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,290

5.625

07/01/27

1,346

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,653

5.625

07/01/29

1,773

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,601

5.750

07/01/31

2,879

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

6,448

Zero

coupon

07/01/33

4,341

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,434

4.000

07/01/33

2,442

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

3,932

4.000

07/01/35

3,864

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

843

4.000

07/01/37

819

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,457

4.000

07/01/41

1,367

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(Æ)(~)(Ê)(Ø)

14,518

1.000

11/01/43

8,892

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,162

4.000

07/01/46

3,808

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(Æ)(~)(Ê)(Ø)

8,107

1.000

11/01/51

4,798

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(~)(Ê)

5,128

1.000

11/01/51

1,611

GDB

Debt

Recovery

Authority

of

Puerto

Rico

Revenue

Bonds

8,877

7.500

08/20/40

8,611

HTA

CL

6

Trust

Special

Assessment

615

5.250

07/01/38

615

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

600

3.500

07/01/26

572

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

600

3.750

07/01/27

562

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

1,800

5.000

07/01/35

1,876

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

1,550

5.000

07/01/37

1,624

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

4,580

4.000

07/01/42

4,299

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

2,000

4.000

07/01/47

1,813

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

299

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

11,650

5.000

07/01/47

11,810

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

650

5.250

07/01/19

349

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

775

4.750

07/01/26

417

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

135

5.250

07/01/26

73

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

675

5.250

07/01/26

363

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,685

5.250

07/01/27

906

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

3,295

5.000

07/01/28

1,771

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.520%)(µ)(Ê)

3,510

1.480

07/01/29

3,404

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,150

5.250

07/01/31

618

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

4,280

5.000

07/01/32

2,301

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

100

5.250

07/01/32

99

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

355

4.750

07/01/33

347

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

135

7.000

07/01/33

73

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

655

5.250

07/01/35

352

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,020

6.750

07/01/36

548

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

325

5.000

07/01/37

175

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,275

5.500

07/01/38

685

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

4,180

5.250

07/01/40

2,247

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,525

5.000

07/01/42

820

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,000

7.000

07/01/43

538

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

100

6.500

01/01/42

118

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

625

6.750

01/01/45

739

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

475

5.250

08/01/24

475

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

394

4.030

07/01/27

353

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

273

3.071

07/01/29

227

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

249

4.491

07/01/31

191

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

585

Zero

coupon

07/01/33

412

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

220

4.500

07/01/34

220

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

8,149

4.329

07/01/40

8,077

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

1,175

4.550

07/01/40

1,175

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

5,000

Zero

coupon

07/01/46

1,645

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Æ)(Ø)

63,586

5.709

07/01/46

21,112

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Æ)(Ø)

13,899

5.772

07/01/51

3,364

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

32

4.536

07/01/53

31

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

4,198

4.750

07/01/53

4,161

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

10,025

4.784

07/01/58

9,915

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

18,965

5.000

07/01/58

19,044

157,067

Rhode

Island

-

0.3%

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,000

4.125

05/15/53

999

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

750

5.250

05/15/54

800

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Bonds

650

4.600

10/01/49

651

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

500

5.000

10/01/42

529

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,450

6.959

06/01/52

653

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

12,000

8.861

06/01/52

2,094

5,726

South

Carolina

-

0.8%

Berkeley

County

Special

Assessment

435

4.000

11/01/30

421

County

of

Berkeley

Special

Assessment

2,250

4.250

11/01/40

2,059

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

300

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Patriots

Energy

Group

Financing

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.250

03/01/31

1,086

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

350

5.000

11/15/47

356

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

500

5.250

06/15/52

486

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

1,465

5.250

11/15/52

1,465

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

575

4.500

11/01/54

577

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

450

5.500

11/01/54

503

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

425

5.250

06/15/57

406

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

2,851

4.000

12/01/39

2,885

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,364

4.000

12/01/46

1,336

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,000

5.000

12/01/52

1,060

South

Carolina

Public

Service

Authority

Revenue

Bonds

250

5.250

12/01/55

251

South

Carolina

Transportation

Infrastructure

Bank

Revenue

Bonds

1,800

2.250

10/01/32

1,559

South

Carolina

Transportation

Infrastructure

Bank

Revenue

Bonds

(ae)

125

5.250

07/01/55

127

Spartanburg

Regional

Health

Services

District

Revenue

Bonds

(µ)

1,000

3.000

04/15/49

756

15,333

South

Dakota

-

0.1%

County

of

Lincoln

Revenue

Bonds

1,940

4.000

08/01/41

1,780

County

of

Lincoln

Revenue

Bonds

75

4.000

08/01/56

62

County

of

Lincoln

Revenue

Bonds

650

4.000

08/01/61

529

2,371

Tennessee

-

0.4%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

500

4.000

08/01/36

502

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

3,000

5.000

08/01/44

3,119

Chattanooga-Hamilton

County

Hospital

Authority

Revenue

Bonds

2,000

5.000

10/01/44

2,000

Greenville

Health

&

Educational

Facilities

Board

Revenue

Bonds

275

4.000

07/01/40

263

Memphis-Shelby

County

Industrial

Development

Board

Tax

Allocation

(Æ)(Ø)

400

5.625

01/01/46

274

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

230

5.000

10/01/34

236

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

100

5.000

07/01/46

101

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

1,500

4.000

05/01/51

1,421

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

(Þ)

175

Zero

coupon

06/01/43

70

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

(Þ)

100

4.000

06/01/51

85

8,071

Texas

-

5.6%

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

25

4.000

08/15/36

24

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

50

4.000

08/15/41

45

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,500

4.750

08/15/44

1,500

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

50

4.000

08/15/46

43

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

520

3.000

08/15/49

396

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

100

5.625

08/15/52

95

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

4.000

02/15/54

945

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.875

06/15/54

100

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

100

5.000

08/15/54

100

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

215

4.875

06/15/56

217

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

150

5.750

08/15/57

144

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.875

06/15/59

99

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

500

6.750

02/15/62

506

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

06/15/64

99

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

100

5.000

01/01/29

101

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

50

5.000

01/01/32

50

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

301

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

50

5.000

01/01/33

50

Bastrop

Independent

School

District

1,000

5.000

02/15/53

1,078

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

750

5.000

07/15/37

727

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

755

5.000

07/15/42

705

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

325

5.250

12/01/35

325

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

65

5.000

12/01/40

61

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

50

5.000

12/01/45

46

Brazoria

County

Industrial

Development

Corp.

Revenue

Bonds

(~)(Ê)(Þ)

650

10.000

06/01/42

648

Caddo

Mills

Independent

School

District

General

Obligation

Unlimited

500

4.250

02/15/53

494

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,000

3.625

07/01/26

912

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,000

6.500

07/01/26

1,927

Cedar

Bayou

Navigation

District

Special

Assessment

585

6.000

09/15/51

492

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,000

4.000

01/01/41

982

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

100

5.000

01/01/45

102

Central

Texas

Turnpike

System

Revenue

Bonds

3,000

5.000

08/15/42

3,014

City

of

Anna

Special

Assessment

(Þ)

504

5.000

09/15/51

487

City

of

Anna

Special

Assessment

(Þ)

175

6.000

09/01/52

179

City

of

Anna

Special

Assessment

(Þ)

200

7.375

09/15/52

212

City

of

Anna

Special

Assessment

(Þ)

125

5.875

09/15/53

128

City

of

Anna

Special

Assessment

(Þ)

100

5.750

09/15/54

100

City

of

Arlington

Tax

Allocation

920

4.000

08/15/41

846

City

of

Aubrey

Special

Assessment

(Þ)

120

5.875

09/01/43

123

City

of

Aubrey

Special

Assessment

(Þ)

183

6.000

09/01/45

189

City

of

Aubrey

Special

Assessment

(Þ)

125

6.000

09/01/53

128

City

of

Austin

Special

Assessment

(Þ)

100

5.500

11/01/51

101

City

of

Austin

Water

Utility

Improvement

District

Special

Assessment

Revenue

Bonds

(Þ)

230

5.125

11/01/33

229

City

of

Bee

Cave

Special

Assessment

(Þ)

281

4.125

09/01/26

273

City

of

Bee

Cave

Special

Assessment

(Þ)

100

5.000

09/01/41

95

City

of

Bee

Cave

Special

Assessment

(Þ)

122

5.250

09/01/51

117

City

of

Celina

Special

Assessment

(Þ)

25

2.750

09/01/26

24

City

of

Celina

Special

Assessment

(Þ)

25

3.500

09/01/26

24

City

of

Celina

Special

Assessment

(Þ)

25

3.250

09/01/31

23

City

of

Celina

Special

Assessment

(Þ)

28

4.000

09/01/31

27

City

of

Celina

Special

Assessment

(µ)

1,020

3.000

09/01/35

889

City

of

Celina

Special

Assessment

(Þ)

145

4.125

09/01/39

134

City

of

Celina

Special

Assessment

(µ)

1,955

2.625

09/01/40

1,452

City

of

Celina

Special

Assessment

(Þ)

72

3.500

09/01/41

61

City

of

Celina

Special

Assessment

(Þ)

61

4.250

09/01/41

57

City

of

Celina

Special

Assessment

(Þ)

55

3.375

09/01/42

43

City

of

Celina

Special

Assessment

(Þ)

100

6.250

09/01/42

102

City

of

Celina

Special

Assessment

(Þ)

100

4.000

09/01/43

87

City

of

Celina

Special

Assessment

50

6.250

09/01/45

50

City

of

Celina

Special

Assessment

100

7.500

09/01/45

100

City

of

Celina

Special

Assessment

(Þ)

1,845

4.375

09/01/49

1,644

City

of

Celina

Special

Assessment

(Þ)

131

4.000

09/01/51

109

City

of

Celina

Special

Assessment

(Þ)

100

4.125

09/01/51

83

City

of

Celina

Special

Assessment

(Þ)

90

4.500

09/01/51

81

City

of

Celina

Special

Assessment

(Þ)

100

5.000

09/01/51

97

City

of

Celina

Special

Assessment

(Þ)

255

4.000

09/01/52

209

City

of

Celina

Special

Assessment

(Þ)

100

5.625

09/01/52

102

City

of

Celina

Special

Assessment

(Þ)

130

5.750

09/01/52

133

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

302

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Celina

Special

Assessment

(Þ)

125

6.500

09/01/52

128

City

of

Celina

Special

Assessment

(Þ)

650

6.750

09/01/52

661

City

of

Celina

Special

Assessment

(Þ)

375

5.500

09/01/53

378

City

of

Celina

Special

Assessment

(Þ)

140

6.000

09/01/53

142

City

of

Celina

Special

Assessment

(Þ)

125

6.125

09/01/53

128

City

of

Celina

Special

Assessment

(Þ)

100

5.750

09/01/54

102

City

of

Crandall

Special

Assessment

(Þ)

269

6.125

09/15/32

275

City

of

Crandall

Special

Assessment

(Þ)

100

4.250

09/15/41

92

City

of

Crandall

Special

Assessment

(Þ)

100

5.000

09/15/41

99

City

of

Crandall

Special

Assessment

(Þ)

100

4.500

09/15/51

90

City

of

Crandall

Special

Assessment

(Þ)

100

5.250

09/15/51

99

City

of

Crandall

Special

Assessment

(Þ)

500

6.125

09/15/52

524

City

of

Crandall

Special

Assessment

(Þ)

175

6.750

09/15/52

186

City

of

Dayton

Special

Assessment

(Þ)

105

5.250

09/01/52

105

City

of

Dayton

Special

Assessment

(Þ)

100

5.750

09/01/52

97

City

of

Dayton

Special

Assessment

(Þ)

150

5.750

09/01/54

150

City

of

Dayton

Special

Assessment

(Þ)

200

6.250

09/01/54

201

City

of

Decatur

Special

Assessment

(Þ)

200

6.875

09/15/54

206

City

of

Elmendorf

Special

Assessment

(Þ)

100

4.000

09/01/51

81

City

of

Fate

Special

Assessment

(Þ)

100

3.750

08/15/41

85

City

of

Fate

Special

Assessment

(Þ)

110

4.000

08/15/51

91

City

of

Fate

Special

Assessment

(Þ)

105

4.375

08/15/52

92

City

of

Fate

Special

Assessment

(Þ)

225

6.000

08/15/52

232

City

of

Fate

Special

Assessment

(Þ)

100

5.375

08/15/53

101

City

of

Forney

Special

Assessment

(Þ)

630

6.500

09/15/53

628

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

(Þ)

150

5.000

09/01/32

149

City

of

Georgetown

Special

Assessment

(Þ)

100

4.125

09/15/42

90

City

of

Georgetown

Special

Assessment

(Þ)

100

4.250

09/15/47

89

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

85

4.500

09/01/32

84

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

620

4.500

09/01/38

591

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

100

5.000

09/01/44

100

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

145

5.000

09/01/47

144

City

of

Haslet

Special

Assessment

(Þ)

200

4.375

09/01/49

178

City

of

Haslet

Special

Assessment

(Þ)

200

4.000

09/01/51

163

City

of

Houston

Airport

System

Revenue

Bonds

295

5.000

07/01/27

301

City

of

Houston

Airport

System

Revenue

Bonds

740

5.000

07/15/27

754

City

of

Houston

Airport

System

Revenue

Bonds

3,595

5.000

07/15/28

3,690

City

of

Houston

Airport

System

Revenue

Bonds

500

5.000

07/01/29

500

City

of

Houston

Airport

System

Revenue

Bonds

100

5.000

07/15/30

101

City

of

Houston

Airport

System

Revenue

Bonds

2,800

5.000

07/15/35

2,811

City

of

Houston

Airport

System

Revenue

Bonds

575

4.000

07/15/41

553

City

of

Houston

Airport

System

Revenue

Bonds

540

4.000

07/01/47

514

City

of

Hutto

Special

Assessment

(Þ)

200

4.000

09/01/51

169

City

of

Hutto

Special

Assessment

(Þ)

296

4.000

09/01/56

246

City

of

Hutto

Special

Assessment

(Þ)

170

5.625

09/01/58

174

City

of

Justin

Special

Assessment

(Þ)

255

5.500

09/01/47

258

City

of

Justin

Special

Assessment

(Þ)

802

5.750

09/01/53

818

City

of

Kaufman

Special

Assessment

(Þ)

100

6.000

09/15/52

104

City

of

Kyle

Special

Assessment

(Þ)

216

4.375

09/01/32

210

City

of

Kyle

Special

Assessment

(Þ)

100

4.625

09/01/39

99

City

of

Kyle

Special

Assessment

(Þ)

100

3.750

09/01/41

88

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

303

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Kyle

Special

Assessment

160

5.000

09/01/42

161

City

of

Kyle

Special

Assessment

(Þ)

200

5.250

09/01/43

204

City

of

Kyle

Special

Assessment

(Þ)

100

4.750

09/01/44

97

City

of

Kyle

Special

Assessment

(Þ)

100

5.500

09/01/47

103

City

of

Kyle

Special

Assessment

(Þ)

260

5.750

09/01/53

263

City

of

Lago

Vista

Special

Assessment

55

3.750

09/01/42

46

City

of

Lago

Vista

Special

Assessment

(Þ)

210

6.000

09/01/54

214

City

of

Lavon

Special

Assessment

(Þ)

100

4.250

09/15/39

92

City

of

Lavon

Special

Assessment

(Þ)

136

4.000

09/15/42

122

City

of

Lavon

Special

Assessment

(Þ)

100

4.375

09/15/42

93

City

of

Lavon

Special

Assessment

(Þ)

135

4.500

09/15/49

121

City

of

Lavon

Special

Assessment

(Þ)

318

4.125

09/15/52

270

City

of

Lavon

Special

Assessment

(Þ)

100

4.500

09/15/52

92

City

of

Lavon

Special

Assessment

(Þ)

400

6.125

09/15/52

409

City

of

Lewisville

Special

Assessment

(Þ)

125

8.000

09/01/53

132

City

of

Liberty

Hill

Special

Assessment

(Þ)

100

4.125

09/01/42

87

City

of

Liberty

Hill

Special

Assessment

(Þ)

100

4.375

09/01/52

86

City

of

Manor

Special

Assessment

(Þ)

100

4.500

09/15/40

95

City

of

Manor

Special

Assessment

(Þ)

100

4.000

09/15/51

81

City

of

Manor

Special

Assessment

(Þ)

100

4.375

09/15/51

84

City

of

Manor

Special

Assessment

(Þ)

100

5.625

09/15/54

101

City

of

Marble

Falls

Revenue

Bonds

(Þ)

100

4.125

09/01/41

91

City

of

Marble

Falls

Revenue

Bonds

(Þ)

100

4.375

09/01/51

88

City

of

Marble

Falls

Revenue

Bonds

(Þ)

100

5.125

09/01/51

97

City

of

McLendon-Chisholm

Special

Assessment

(µ)

100

2.500

09/15/35

82

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

35

3.625

09/15/41

28

City

of

McLendon-Chisholm

Special

Assessment

(µ)

650

3.000

09/15/45

481

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

100

4.375

09/15/49

90

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

50

4.000

09/15/51

41

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

270

5.750

09/15/52

271

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

100

5.750

09/15/39

102

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

150

5.500

09/01/43

151

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

1,000

5.375

09/01/48

1,008

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

150

6.000

09/15/49

154

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

200

5.625

09/01/53

202

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

400

5.750

09/01/53

406

City

of

Midlothian

Special

Assessment

(Þ)

100

4.125

09/15/31

97

City

of

Midlothian

Special

Assessment

(Þ)

100

4.125

09/15/51

82

City

of

Midlothian

Special

Assessment

(Þ)

100

4.750

09/15/51

90

City

of

Midlothian

Special

Assessment

(Þ)

200

5.375

09/15/52

199

City

of

Midlothian

Special

Assessment

(Þ)

115

6.125

09/15/52

117

City

of

Mustang

Ridge

Special

Assessment

(Þ)

75

6.375

09/01/53

77

City

of

New

Braunfels

Special

Assessment

(Þ)

100

4.500

09/01/41

90

City

of

New

Braunfels

Special

Assessment

(Þ)

100

4.750

09/01/51

89

City

of

Oak

Point

Special

Assessment

(Þ)

650

3.125

09/01/41

505

City

of

Oak

Point

Special

Assessment

(Þ)

100

4.125

09/01/48

88

City

of

Oak

Point

Special

Assessment

(Þ)

100

4.500

09/01/48

92

City

of

Pilot

Point

Special

Assessment

(Þ)

200

5.500

09/15/42

202

City

of

Pilot

Point

Special

Assessment

(Þ)

204

5.625

09/15/52

206

City

of

Pilot

Point

Special

Assessment

(Þ)

300

6.000

09/15/52

309

City

of

Pilot

Point

Special

Assessment

(Þ)

150

6.125

09/15/52

155

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

304

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Pilot

Point

Special

Assessment

(Þ)

120

6.500

09/15/52

124

City

of

Plano

Special

Assessment

(Þ)

140

8.250

09/15/43

148

City

of

Plano

Special

Assessment

(Þ)

115

7.500

09/15/53

122

City

of

Plano

Special

Assessment

(Þ)

225

8.500

09/15/53

239

City

of

Princeton

Special

Assessment

(Þ)

300

4.500

09/01/39

285

City

of

Princeton

Special

Assessment

(Þ)

100

5.500

09/01/39

102

City

of

Princeton

Special

Assessment

(Þ)

225

3.750

09/01/40

191

City

of

Princeton

Special

Assessment

(Þ)

125

3.875

09/01/40

108

City

of

Princeton

Special

Assessment

(Þ)

75

5.125

09/01/42

74

City

of

Princeton

Special

Assessment

(Þ)

100

5.250

09/01/43

101

City

of

Princeton

Special

Assessment

(Þ)

100

7.000

09/01/43

103

City

of

Princeton

Special

Assessment

(Þ)

130

4.875

09/01/48

128

City

of

Princeton

Special

Assessment

(Þ)

100

4.750

09/01/49

93

City

of

Princeton

Special

Assessment

(Þ)

100

5.750

09/01/49

102

City

of

Princeton

Special

Assessment

(Þ)

325

4.000

09/01/50

270

City

of

Princeton

Special

Assessment

(Þ)

160

4.125

09/01/50

136

City

of

Princeton

Special

Assessment

(Þ)

185

4.000

09/01/51

153

City

of

Princeton

Special

Assessment

(Þ)

100

4.375

09/01/52

87

City

of

Princeton

Special

Assessment

(Þ)

270

5.250

09/01/52

265

City

of

Princeton

Special

Assessment

(Þ)

125

5.500

09/01/53

126

City

of

Princeton

Special

Assessment

(Þ)

100

6.375

09/01/53

104

City

of

Princeton

Special

Assessment

(Þ)

250

7.000

09/01/53

254

City

of

Princeton

Special

Assessment

(Þ)

150

7.875

09/01/53

154

City

of

Red

Oak

Special

Assessment

(Þ)

100

3.375

09/15/41

80

City

of

Red

Oak

Special

Assessment

(Þ)

100

4.000

09/15/51

84

City

of

Royse

City

Special

Assessment

(Þ)

100

5.875

09/15/54

102

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

4.375

09/15/30

96

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

125

4.125

09/15/39

116

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

4.125

09/15/40

90

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

4.375

09/15/49

90

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

200

4.375

09/15/50

177

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

6.000

09/15/52

103

City

of

Sachse

Special

Assessment

(Þ)

100

6.875

09/15/42

104

City

of

Sachse

Special

Assessment

(Þ)

150

7.000

09/15/52

156

City

of

San

Marcos

Special

Assessment

(Þ)

130

6.000

09/01/48

131

City

of

San

Marcos

Special

Assessment

(Þ)

100

4.500

09/01/51

88

City

of

Santa

Fe

Special

Assessment

(Þ)

509

4.875

09/01/42

492

City

of

Santa

Fe

Special

Assessment

(Þ)

859

5.000

09/01/52

821

City

of

Seagoville

Special

Assessment

(Þ)

150

6.000

09/15/44

152

City

of

Seagoville

Special

Assessment

(Þ)

200

6.250

09/15/54

201

City

of

Seagoville

Special

Assessment

(Þ)

325

7.000

09/15/54

325

City

of

Shenandoah

Special

Assessment

Revenue

Bonds

140

5.700

09/01/47

142

City

of

Sinton

Special

Assessment

(Þ)

100

5.125

09/01/42

98

City

of

Sinton

Special

Assessment

(Þ)

100

5.250

09/01/51

97

City

of

Tomball

Special

Assessment

(Þ)

112

5.750

09/15/52

114

City

of

Tomball

Special

Assessment

(Þ)

100

6.000

09/15/53

103

City

of

Uhland

Special

Assessment

(Þ)

750

6.625

09/01/52

790

City

of

Waxahachie

Special

Assessment

(Þ)

100

5.500

08/15/52

101

Conroe

Local

Government

Corp.

Revenue

Bonds

75

4.000

10/01/50

61

County

of

Bastrop

Special

Assessment

(Þ)

100

5.375

09/01/53

101

County

of

Hays

Revenue

Bonds

(Þ)

200

5.500

09/15/42

204

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

305

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

County

of

Hays

Revenue

Bonds

(Þ)

356

5.750

09/15/52

362

Decatur

Hospital

Authority

Revenue

Bonds

200

5.250

09/01/44

200

Edinburg

Economic

Development

Corp.

Revenue

Bonds

(Þ)

100

4.500

08/15/35

94

Edinburg

Economic

Development

Corp.

Revenue

Bonds

(Þ)

100

5.000

08/15/44

94

Fort

Bend

County

Industrial

Development

Corp.

Revenue

Bonds

230

4.750

05/01/38

230

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

1,000

5.800

10/01/46

1,082

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

(µ)

5,200

4.000

10/01/49

4,999

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

425

Zero

coupon

12/01/49

112

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

445

Zero

coupon

12/01/50

110

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

475

Zero

coupon

12/01/51

110

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

475

Zero

coupon

12/01/52

104

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

500

Zero

coupon

12/01/53

103

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

525

Zero

coupon

12/01/54

102

Highland

Park

Independent

School

District/Potter

County

General

Obligation

Unlimited

1,000

4.000

02/15/48

975

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

115

4.000

10/01/51

92

Joshua

Farms

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

310

5.500

09/01/53

313

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

General

Obligation

Unlimited

230

3.000

09/01/46

157

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

350

3.000

09/01/40

279

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

30

2.500

09/01/41

22

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

1,485

3.000

09/01/44

1,132

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

50

3.000

09/01/47

36

Matagorda

County

Navigation

District

No.

1

Revenue

Bonds

265

4.250

05/01/30

268

Mission

Economic

Development

Corp.

Revenue

Bonds

(Þ)

2,070

4.625

10/01/31

2,066

Mitchell

County

Hospital

District

General

Obligation

Limited

45

5.500

02/15/40

45

Mitchell

County

Hospital

District

General

Obligation

Limited

80

5.250

02/15/45

77

Mitchell

County

Hospital

District

General

Obligation

Limited

50

4.000

02/15/51

38

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

300

5.000

09/15/48

302

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

400

4.250

10/01/26

400

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

125

4.000

01/01/36

115

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,000

4.000

08/15/36

959

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

08/15/39

100

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,000

5.000

08/15/40

1,002

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

200

5.000

11/01/40

201

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

150

4.000

01/01/41

130

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

250

5.250

01/01/42

243

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

700

4.000

08/15/46

608

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,250

4.000

08/15/51

1,053

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

175

5.750

07/15/52

175

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,000

4.000

11/01/55

875

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,100

4.000

08/15/56

904

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

3,320

5.500

01/01/57

3,156

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

250

7.000

01/01/57

134

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

250

6.000

07/15/57

253

North

East

Texas

Regional

Mobility

Authority

Revenue

Bonds

350

5.000

01/01/46

353

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

75

4.000

09/15/41

68

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

300

4.750

09/15/41

295

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

390

5.000

09/15/51

384

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

306

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

North

Texas

Tollway

Authority

Revenue

Bonds

(µ)

2,000

3.000

01/01/46

1,608

North

Texas

Tollway

Authority

Revenue

Bonds

1,345

3.000

01/01/46

1,063

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

925

10.000

07/01/26

942

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

100

2.750

01/01/36

82

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

400

5.000

01/01/39

403

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

325

2.875

01/01/41

249

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

300

5.125

01/01/44

302

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

1,450

3.000

01/01/50

1,000

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

350

5.250

01/01/54

353

Port

of

Beaumont

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,900

4.100

01/01/28

1,670

Red

River

Education

Finance

Corp.

Education

Revenue

Bonds

1,255

5.500

10/01/46

1,262

Royse

City

Special

Assessment

(Þ)

50

5.625

09/15/54

50

San

Antonio

Education

Facilities

Corp.

Revenue

Bonds

1,000

4.000

04/01/51

816

South

Manvel

Development

Authority

Tax

Allocation

125

5.000

04/01/43

123

South

Manvel

Development

Authority

Tax

Allocation

200

5.250

04/01/50

199

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

500

5.000

05/15/45

472

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

150

5.000

10/01/49

157

Tarrant

County

Hospital

District

General

Obligation

Limited

230

4.250

08/15/53

228

Texas

City

Industrial

Development

Corp.

Revenue

Bonds

770

4.125

12/01/45

703

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

1,000

5.000

12/15/31

1,072

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,000

5.000

12/31/50

1,007

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

100

5.000

12/31/55

101

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

4,100

5.000

06/30/58

4,122

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

5,150

5.500

12/31/58

5,605

Texas

Water

Development

Board

Revenue

Bonds

1,500

5.000

10/15/58

1,623

Town

of

Argyle

Special

Assessment

(Þ)

145

5.250

09/01/47

146

Town

of

Hickory

Creek

Special

Assessment

200

3.875

09/01/37

190

Town

of

Lakewood

Village

Special

Assessment

(Þ)

175

5.375

09/15/52

174

Town

of

Little

Elm

Special

Assessment

(Þ)

727

5.750

09/01/38

751

Town

of

Little

Elm

Special

Assessment

(Þ)

100

3.750

09/01/42

84

Town

of

Little

Elm

Special

Assessment

(Þ)

100

5.000

09/01/47

99

Town

of

Little

Elm

Special

Assessment

(Þ)

100

4.000

09/01/51

82

Town

of

Little

Elm

Special

Assessment

(Þ)

750

6.875

09/01/52

793

Travis

County

Development

Authority

Special

Assessment

(Þ)

100

5.500

09/01/52

99

Uptown

Development

Authority

Tax

Allocation

105

3.000

09/01/36

89

Uptown

Development

Authority

Tax

Allocation

50

3.000

09/01/37

42

Uptown

Development

Authority

Tax

Allocation

50

3.000

09/01/39

40

Uptown

Development

Authority

Tax

Allocation

50

3.000

09/01/40

39

Village

of

Salado

Special

Assessment

(Þ)

100

6.500

09/01/54

101

Viridian

Municipal

Management

District

Special

Assessment

25

3.125

12/01/35

21

Viridian

Municipal

Management

District

Special

Assessment

30

3.375

12/01/40

24

Viridian

Municipal

Management

District

Special

Assessment

385

4.750

12/01/43

378

Viridian

Municipal

Management

District

Special

Assessment

50

3.500

12/01/47

38

Westside

211

Special

Improvement

District

Revenue

Bonds

600

3.000

08/15/53

417

113,778

Utah

-

1.1%

Benloch

Ranch

Improvement

Association

No.

1

Revenue

Bonds

(Š)(Þ)

343

9.750

12/01/39

311

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

1,000

4.000

03/01/51

844

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

500

7.375

09/15/51

441

Black

Desert

Public

Infrastructure

District

Special

Assessment

(Þ)

600

5.625

12/01/53

620

Coral

Junction

Public

Infrastructure

District

No.

1

Special

Assessment

(Þ)

146

5.500

06/01/41

143

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

307

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Firefly

Public

Infrastructure

District

No.

1

General

Obligation

Unlimited

(Þ)

500

6.625

03/01/54

517

Firefly

Public

Infrastructure

District

No.

1

Special

Assessment

(Þ)

550

5.625

12/01/43

569

Medical

School

Campus

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

750

5.500

02/01/50

634

Mida

Golf

and

Equestrian

Center

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

1,500

4.500

06/01/51

1,191

Mida

Mountain

Village

Public

Infrastructure

District

Special

Assessment

(Þ)

1,000

4.500

08/01/40

972

Military

Installation

Development

Authority

Revenue

Bonds

550

4.000

06/01/41

490

Military

Installation

Development

Authority

Revenue

Bonds

2,275

4.000

06/01/52

1,904

Olympia

Public

Infrastructure

District

No.

1

General

Obligation

Limited

(Þ)

500

6.375

03/01/55

512

Olympia

Public

Infrastructure

District

No.

1

Revenue

Bonds

(Þ)

500

5.125

12/01/29

504

Red

Bridge

Public

Infrastructure

District

No.

1

General

Obligation

Limited

(Þ)

500

4.375

02/01/51

369

Salt

Lake

City

Airport

Revenue

Bonds

1,965

5.500

07/01/53

2,145

UIPA

Crossroads

Public

Infrastructure

District

Revenue

Bonds

(Þ)

1,000

4.125

06/01/41

966

Utah

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

400

4.000

06/15/31

372

Utah

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

890

4.000

06/15/41

721

Utah

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

1,420

4.250

06/15/51

1,095

Utah

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

500

5.750

06/15/52

507

Utah

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

450

4.000

10/15/61

311

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

4.000

10/15/38

973

Utah

Infrastructure

Agency

Revenue

Bonds

2,000

5.000

10/15/40

2,028

Utah

Infrastructure

Agency

Revenue

Bonds

850

4.000

10/15/41

804

Utah

Infrastructure

Agency

Revenue

Bonds

1,100

6.000

10/15/47

1,217

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

200

4.000

10/15/51

147

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

425

4.000

10/15/56

301

21,608

Vermont

-

0.1%

Vermont

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

175

5.000

06/01/52

178

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

550

5.000

10/01/42

515

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

275

5.500

10/01/43

279

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

400

5.250

10/01/52

379

Vermont

Student

Assistance

Corp.

Revenue

Bonds

1,600

4.500

06/15/45

1,543

2,894

Virgin

Islands

-

0.7%

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

750

5.000

10/01/28

780

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

7,845

5.000

10/01/30

8,236

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

2,640

5.000

10/01/32

2,793

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

175

5.000

10/01/39

182

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

1,790

5.000

10/01/32

1,724

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

(Þ)

450

5.000

10/01/39

424

14,139

Virginia

-

1.5%

Albemarle

County

Economic

Development

Authority

Revenue

Bonds

500

4.000

06/01/54

451

Farmville

Industrial

Development

Authority

Revenue

Bonds

5,300

5.000

01/01/40

5,380

Farmville

Industrial

Development

Authority

Revenue

Bonds

200

5.000

01/01/50

197

James

City

County

Economic

Development

Authority

Revenue

Bonds

40

4.000

06/01/41

35

James

City

County

Economic

Development

Authority

Revenue

Bonds

60

4.000

06/01/47

49

Newport

News

Economic

Development

Authority

Revenue

Bonds

1,000

5.000

12/01/38

1,008

Salem

Economic

Development

Authority

Revenue

Bonds

40

4.000

04/01/45

36

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

1,975

5.200

06/01/46

1,944

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,805

6.706

06/01/46

3,242

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

125

5.000

06/01/47

119

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

2,250

7.456

06/01/47

614

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

308

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

12,175

11.642

06/01/47

3,397

Virginia

Beach

Development

Authority

Revenue

Bonds

275

7.000

09/01/53

316

Virginia

Beach

Development

Authority

Revenue

Bonds

800

7.000

09/01/59

912

Virginia

College

Building

Authority

Revenue

Bonds

100

3.000

06/01/41

79

Virginia

College

Building

Authority

Revenue

Bonds

75

4.000

06/01/46

66

Virginia

Housing

Development

Authority

Revenue

Bonds

250

4.500

08/01/54

249

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,005

5.000

01/01/36

1,067

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

4,500

4.000

01/01/48

4,108

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,000

5.000

12/31/49

1,014

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,550

5.000

12/31/52

1,590

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

3,570

5.000

12/31/56

3,608

29,481

Washington

-

1.4%

Grant

County

Public

Hospital

District

No.

1

General

Obligation

Unlimited

1,000

5.125

12/01/48

1,019

Grant

County

Public

Hospital

District

No.

2

General

Obligation

Unlimited

1,500

5.000

12/01/44

1,520

Port

of

Seattle

Industrial

Development

Corp.

Revenue

Bonds

460

5.000

04/01/30

460

Port

of

Seattle

Revenue

Bonds

235

4.000

08/01/47

218

Skagit

County

Public

Hospital

District

No.

1

Revenue

Bonds

3,050

5.500

12/01/54

3,259

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.625

12/01/40

1,012

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

975

4.000

10/01/42

896

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

75

4.000

05/01/45

70

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

2,500

4.000

10/01/49

2,170

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

1,710

5.000

07/01/33

1,812

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,200

5.000

07/01/48

2,240

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

4,400

3.000

07/01/58

2,977

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,820

4.000

07/01/58

2,516

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

(µ)

1,420

4.000

07/01/58

1,275

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

2,525

4.000

01/01/41

2,083

Washington

State

Housing

Finance

Commission

Revenue

Bonds

175

5.000

07/01/43

184

Washington

State

Housing

Finance

Commission

Revenue

Bonds

2,220

5.500

07/01/44

2,436

Washington

State

Housing

Finance

Commission

Revenue

Bonds

165

5.000

07/01/48

171

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

150

5.000

01/01/49

128

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

200

5.000

01/01/55

167

Whidbey

Island

Public

Hospital

District

General

Obligation

Unlimited

1,500

5.500

12/01/33

1,446

28,059

West

Virginia

-

0.4%

City

of

South

Charleston

Revenue

Bonds

(Þ)

165

5.500

06/01/32

149

City

of

South

Charleston

Revenue

Bonds

(Þ)

185

6.000

06/01/37

158

City

of

South

Charleston

Revenue

Bonds

(Þ)

100

4.250

06/01/42

82

City

of

South

Charleston

Revenue

Bonds

(Þ)

1,150

4.500

06/01/50

914

County

of

Monongalia

Tax

Allocation

(Þ)

100

5.750

06/01/43

107

County

of

Monongalia

Tax

Allocation

(Þ)

150

6.000

06/01/53

161

County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

55

3.000

03/01/35

49

County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

90

3.000

03/01/37

76

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

1,155

4.125

06/01/43

1,029

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

1,070

4.875

06/01/43

1,037

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

1,000

8.000

06/01/43

225

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

300

4.125

07/01/45

300

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

700

5.000

07/01/45

702

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

330

5.000

01/01/43

335

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

640

4.125

01/01/47

535

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

1,000

4.125

01/01/47

884

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

309

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

290

5.500

09/01/48

321

7,064

Wisconsin

-

2.6%

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,685

4.000

03/01/28

1,620

Public

Finance

Authority

Revenue

Bonds

1,720

5.250

07/01/28

1,721

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/28

1,033

Public

Finance

Authority

Revenue

Bonds

(Þ)

15

4.000

06/15/29

15

Public

Finance

Authority

Revenue

Bonds

(Þ)

30

4.000

07/01/30

29

Public

Finance

Authority

Revenue

Bonds

325

5.000

07/15/30

325

Public

Finance

Authority

Revenue

Bonds

100

4.300

11/01/30

100

Public

Finance

Authority

Revenue

Bonds

(Þ)

2,000

6.750

08/01/31

1,460

Public

Finance

Authority

Revenue

Bonds

675

5.000

10/01/31

698

Public

Finance

Authority

Revenue

Bonds

710

5.000

10/01/32

733

Public

Finance

Authority

Revenue

Bonds

(Þ)

550

5.375

12/15/32

551

Public

Finance

Authority

Revenue

Bonds

(Þ)

65

5.000

10/01/34

67

Public

Finance

Authority

Revenue

Bonds

1,000

5.750

04/01/35

1,014

Public

Finance

Authority

Revenue

Bonds

(Þ)

95

5.000

12/01/35

96

Public

Finance

Authority

Revenue

Bonds

(Þ)

630

5.250

05/15/37

638

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,750

5.250

07/01/38

1,919

Public

Finance

Authority

Revenue

Bonds

1,595

5.000

06/01/39

1,635

Public

Finance

Authority

Revenue

Bonds

(Þ)

525

5.000

06/15/39

526

Public

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

10/01/39

153

Public

Finance

Authority

Revenue

Bonds

(Þ)

50

5.000

07/01/40

48

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,150

5.000

06/01/41

1,165

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,185

7.125

06/01/41

1,164

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

4.000

04/01/42

94

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

5.250

05/15/42

753

Public

Finance

Authority

Revenue

Bonds

(~)(Ê)(Þ)

625

8.000

06/15/42

627

Public

Finance

Authority

Revenue

Bonds

500

5.000

07/01/42

500

Public

Finance

Authority

Revenue

Bonds

1,010

5.000

06/15/44

1,025

Public

Finance

Authority

Revenue

Bonds

75

4.000

01/01/45

71

Public

Finance

Authority

Revenue

Bonds

(Þ)

200

5.250

03/01/45

191

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,185

6.500

06/01/45

1,045

Public

Finance

Authority

Revenue

Bonds

725

5.350

12/01/45

730

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.625

02/01/46

104

Public

Finance

Authority

Revenue

Bonds

340

5.250

07/01/47

341

Public

Finance

Authority

Revenue

Bonds

(µ)

150

4.125

07/01/49

146

Public

Finance

Authority

Revenue

Bonds

1,650

5.000

11/15/49

1,678

Public

Finance

Authority

Revenue

Bonds

100

3.000

01/01/50

77

Public

Finance

Authority

Revenue

Bonds

(Þ)

875

5.625

06/01/50

824

Public

Finance

Authority

Revenue

Bonds

75

5.500

06/15/50

78

Public

Finance

Authority

Revenue

Bonds

(µ)

50

4.000

07/01/50

48

Public

Finance

Authority

Revenue

Bonds

720

4.000

02/01/51

520

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/51

81

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

06/15/51

944

Public

Finance

Authority

Revenue

Bonds

1,750

4.000

09/30/51

1,504

Public

Finance

Authority

Revenue

Bonds

2,000

4.000

12/01/51

1,748

Public

Finance

Authority

Revenue

Bonds

1,000

5.000

02/01/52

1,023

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,600

4.000

04/01/52

1,418

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/15/52

99

Public

Finance

Authority

Revenue

Bonds

160

5.250

06/15/52

163

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

310

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Public

Finance

Authority

Revenue

Bonds

(Þ)

175

5.500

06/15/52

174

Public

Finance

Authority

Revenue

Bonds

(Þ)

400

7.000

06/15/53

444

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

5.750

07/01/53

814

Public

Finance

Authority

Revenue

Bonds

(Þ)

50

6.625

07/01/53

52

Public

Finance

Authority

Revenue

Bonds

(Þ)

75

5.000

06/15/54

73

Public

Finance

Authority

Revenue

Bonds

100

5.250

06/15/54

102

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.875

10/01/54

670

Public

Finance

Authority

Revenue

Bonds

(Þ)

450

5.250

03/01/55

409

Public

Finance

Authority

Revenue

Bonds

(µ)

65

4.000

07/01/55

61

Public

Finance

Authority

Revenue

Bonds

(Þ)

125

5.000

07/01/55

111

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,150

5.000

12/01/55

1,063

Public

Finance

Authority

Revenue

Bonds

4,750

4.000

03/31/56

4,001

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,550

4.500

06/01/56

1,263

Public

Finance

Authority

Revenue

Bonds

(Þ)

890

5.000

06/15/56

755

Public

Finance

Authority

Revenue

Bonds

(Þ)

275

5.000

01/01/57

235

Public

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

06/15/57

147

Public

Finance

Authority

Revenue

Bonds

150

5.375

06/15/57

154

Public

Finance

Authority

Revenue

Bonds

(µ)

100

5.000

07/01/58

102

Public

Finance

Authority

Revenue

Bonds

(Þ)

50

6.750

07/01/58

53

Public

Finance

Authority

Revenue

Bonds

(µ)

80

4.000

07/01/59

74

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/61

79

Public

Finance

Authority

Revenue

Bonds

275

4.000

07/01/61

224

Public

Finance

Authority

Revenue

Bonds

(Þ)

785

4.000

07/01/61

663

Public

Finance

Authority

Revenue

Bonds

(Þ)

125

5.250

07/01/61

112

Public

Finance

Authority

Revenue

Bonds

(Þ)

2,475

6.000

02/01/62

2,602

Public

Finance

Authority

Revenue

Bonds

(Þ)

165

6.000

06/01/62

169

Public

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

06/15/62

145

Public

Finance

Authority

Revenue

Bonds

(Þ)

300

5.750

06/15/62

301

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

750

5.000

08/01/27

766

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,020

4.000

12/01/41

821

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,175

5.000

03/15/50

1,185

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

50

4.000

12/01/51

37

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

800

5.500

02/15/54

871

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

250

5.750

08/15/54

265

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

50

4.000

12/01/56

35

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

400

5.750

08/15/59

422

51,996

Wyoming

-

0.0%

County

of

Campbell

Wastewater

Facilities

Revenue

Bonds

1,000

3.625

07/15/39

910

Total

Municipal

Bonds

(cost

$1,969,732)

1,948,499

Loan

Agreements

-

0.0%

Rialto

Bioenergy

Facility

LLC  New

Money

Term

Loan

(USD

3

Month

LIBOR  +

10.000%)(Ê)(Š)(v)

155

0.000

06/06/25

141

Rialto

Bioenergy

Facility

LLC

1st

Lien

Term

Loan

(USD

3

Month

LIBOR  +

10.000%)(Ê)(Š)(v)

453

0.000

06/06/24

—

Rialto

Bioenergy

Facility

LLC

2024

New

Money

Term

Loan

(USD

3

Month

LIBOR  +

10.000%)(Ê)(Š)(v)

217

0.000

02/28/31

—

Rialto

Bioenergy

Facility

LLC

2024

Roll

Up

Term

Loan

(USD

3

Month

LIBOR  +

10.000%)(Ê)(Š)(v)

77

0.000

02/28/31

70

Rialto

Bioenergy

Facility

LLC

New

Money

Dip

Term

Loan

(USD

3

Month

LIBOR  +

10.000%)(Ê)(Š)(v)

307

0.000

06/06/25

280

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

311

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Rialto

Bioenergy

Facility

LLC

Term

Loan

(USD

1

Month

LIBOR

+

10.000%)(Ê)(Š)

(v)

923

0.000

06/06/25

—

491

Total

Loan

Agreements

(cost

$2,122)

491

Short-Term

Investments

-

2.6%

U.S.

Cash

Management

Fund

(@)

51,656,151

(∞)

51,646

Total

Short-Term

Investments

(cost

$51,644)

51,646

Total

Investments

-

99.2%

(identified

cost

$2,023,498)

2,000,636

Other

Assets

and

Liabilities,

Net

-

0.8%

15,478

Net

Assets

-

100.0%

2,016,114

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

312

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

19.9%

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

11/19/21

900,000

102

.18

920

813

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

08/18/17

500,000

105

.77

529

508

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

04/19/18

1,000,000

105

.38

1,054

1,019

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

12/19/18

1,515,000

100

.80

1,529

1,544

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

01/21/21

710,000

100

.00

710

750

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

05/26/22

700,000

99

.49

699

705

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

12/29/23

4,450,000

101

.14

4,526

4,459

American

Samoa

Economic

Development

Authority

Revenue

Bonds

06/16/21

100,000

100

.00

100

93

American

Samoa

Economic

Development

Authority

Revenue

Bonds

01/25/23

625,000

101

.42

634

631

Arizona

Industrial

Development

Authority

Revenue

Bonds

09/08/17

1,365,000

107

.12

1,462

1,415

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/28/20

440,000

98

.60

434

443

Arizona

Industrial

Development

Authority

Revenue

Bonds

10/08/20

700,000

105

.90

741

691

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

75,000

103

.82

78

67

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/11/21

30,000

109

.19

33

24

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/11/21

30,000

109

.76

33

25

Arizona

Industrial

Development

Authority

Revenue

Bonds

02/15/22

210,000

102

.28

215

173

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/06/22

1,250,000

100

.00

1,250

1,197

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

100,000

98

.34

98

102

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

100,000

98

.34

98

102

Arkansas

Development

Finance

Authority

Revenue

Bonds

09/26/23

5,750,000

84

.81

4,876

5,660

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

08/26/22

500,000

103

.48

517

506

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

04/20/23

215,000

100

.00

215

217

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

100,000

97

.14

97

99

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

100,000

97

.47

97

99

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

100,000

98

.83

99

100

Astonia

Community

Development

District

Special

Assessment

07/09/21

1,380,000

99

.81

1,378

1,135

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

07/20/23

3,330,000

86

.46

2,879

3,007

Ave

Maria

Stewardship

Community

District

Special

Assessment

07/24/23

2,380,000

100

.00

2,380

2,430

Avenir

Community

Development

District

Special

Assessment

03/19/24

595,000

100

.25

596

606

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

04/30/19

100,000

100

.00

100

94

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

04/30/19

100,000

100

.00

100

98

Avimor

Community

Infrastructure

District

No.

1

Special

Assessment

05/22/24

200,000

100

.00

200

208

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

12/14/18

1,060,000

99

.47

1,055

1,086

Baltimore

Research

Park

Project

Tax

Allocation

10/03/19

100,000

100

.00

100

85

Baltimore

Research

Park

Project

Tax

Allocation

10/03/19

100,000

100

.13

100

87

Banning

Lewis

Ranch

Metropolitan

District

No.

8

General

Obligation

Limited

07/23/21

500,000

100

.00

500

407

Beaumont

Community

Development

District

Special

Assessment

01/25/19

90,000

100

.00

90

94

Benloch

Ranch

Improvement

Association

No.

1

Revenue

Bonds

06/29/20

342,940

100

.00

343

311

Bent

Grass

Metropolitan

District

General

Obligation

Limited

06/24/20

500,000

100

.00

500

489

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

09/23/21

500,000

100

.00

500

441

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

09/23/21

1,000,000

100

.96

1,010

844

Black

Desert

Public

Infrastructure

District

Special

Assessment

05/09/24

600,000

100

.00

600

620

Brazoria

County

Industrial

Development

Corp.

Revenue

Bonds

11/17/22

650,000

97

.87

636

648

Build

NYC

Resource

Corp.

Revenue

Bonds

04/08/21

330,000

93

.57

309

300

Build

NYC

Resource

Corp.

Revenue

Bonds

06/11/21

100,000

105

.96

106

81

Build

NYC

Resource

Corp.

Revenue

Bonds

07/22/21

100,000

100

.00

100

89

Build

NYC

Resource

Corp.

Revenue

Bonds

07/22/21

350,000

117

.53

411

345

Build

NYC

Resource

Corp.

Revenue

Bonds

11/12/21

1,000,000

110

.39

1,104

852

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

170,000

100

.00

170

169

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

150,000

100

.00

150

152

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

313

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

150,000

100

.89

151

153

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

500,000

101

.73

509

515

Build

NYC

Resource

Corp.

Revenue

Bonds

07/13/22

100,000

98

.75

99

90

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

100,000

97

.34

97

103

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

100,000

98

.99

99

104

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

07/20/21

1,000,000

100

.00

1,000

912

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

07/20/21

2,000,000

100

.91

2,018

1,927

California

Community

College

Financing

Authority

Revenue

Bonds

07/28/22

475,000

97

.59

464

485

California

Community

Housing

Agency

Revenue

Bonds

03/25/21

4,505,000

91

.51

4,274

3,828

California

Community

Housing

Agency

Revenue

Bonds

08/30/22

200,000

75

.65

151

161

California

Community

Housing

Agency

Revenue

Bonds

03/01/23

175,000

65

.14

114

123

California

Enterprise

Development

Authority

Revenue

Bonds

11/03/22

1,095,000

76

.47

837

923

California

Health

Facilities

Financing

Authority

Revenue

Bonds

03/17/23

100,000

90

.56

91

98

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

08/13/20

785,000

100

.31

787

771

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

08/30/23

1,230,000

100

.00

1,230

1,290

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

07/26/24

1,800,000

99

.25

1,786

1,825

California

Municipal

Finance

Authority

Revenue

Bonds

07/01/15

1,000,000

99

.51

995

1,011

California

Municipal

Finance

Authority

Revenue

Bonds

11/02/16

1,500,000

102

.28

1,534

1,526

California

Municipal

Finance

Authority

Revenue

Bonds

09/14/18

1,815,000

103

.52

1,879

1,824

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

65,000

100

.34

65

61

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

95,000

104

.24

99

92

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

60,000

104

.55

63

59

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

1,130,000

105

.99

1,198

1,138

California

Municipal

Finance

Authority

Revenue

Bonds

05/22/24

125,000

96

.81

121

126

California

Pollution

Control

Financing

Authority

Revenue

Bonds

01/17/19

1,490,000

95

.47

1,423

179

California

Pollution

Control

Financing

Authority

Revenue

Bonds

02/17/23

500,000

102

.79

514

551

California

Pollution

Control

Financing

Authority

Revenue

Bonds

08/07/23

2,590,000

98

.34

2,550

2,643

California

Pollution

Control

Financing

Authority

Revenue

Bonds

10/23/23

250,000

101

.42

254

279

California

Public

Finance

Authority

Revenue

Bonds

01/26/21

600,000

113

.08

679

633

California

School

Finance

Authority

Revenue

Bonds

12/10/15

500,000

106

.57

533

502

California

School

Finance

Authority

Revenue

Bonds

06/21/17

1,000,000

105

.66

1,057

1,018

California

School

Finance

Authority

Revenue

Bonds

10/22/20

600,000

104

.03

624

582

California

School

Finance

Authority

Revenue

Bonds

10/30/20

150,000

105

.16

158

149

California

School

Finance

Authority

Revenue

Bonds

10/30/20

60,000

97

.91

59

52

California

School

Finance

Authority

Revenue

Bonds

04/19/21

100,000

109

.15

109

94

California

School

Finance

Authority

Revenue

Bonds

04/29/21

1,100,000

110

.29

1,213

978

California

School

Finance

Authority

Revenue

Bonds

06/18/21

80,000

105

.58

84

57

California

School

Finance

Authority

Revenue

Bonds

06/18/21

100,000

106

.50

107

75

California

School

Finance

Authority

Revenue

Bonds

07/22/21

465,000

113

.02

526

451

California

School

Finance

Authority

Revenue

Bonds

03/11/22

250,000

97

.99

245

190

California

School

Finance

Authority

Revenue

Bonds

03/23/22

315,000

101

.64

320

311

California

School

Finance

Authority

Revenue

Bonds

03/23/22

250,000

102

.61

257

250

California

School

Finance

Authority

Revenue

Bonds

04/27/22

1,000,000

102

.95

1,030

1,018

California

School

Finance

Authority

Revenue

Bonds

05/26/22

250,000

100

.23

251

250

California

School

Finance

Authority

Revenue

Bonds

05/26/22

170,000

101

.47

172

171

California

School

Finance

Authority

Revenue

Bonds

06/15/22

385,000

100

.00

385

395

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100

.16

250

256

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100

.24

251

256

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100

.27

251

257

California

School

Finance

Authority

Revenue

Bonds

09/07/22

400,000

102

.34

409

401

California

School

Finance

Authority

Revenue

Bonds

10/27/22

500,000

98

.06

490

522

California

School

Finance

Authority

Revenue

Bonds

10/27/22

975,000

98

.52

961

1,017

California

School

Finance

Authority

Revenue

Bonds

11/01/22

1,000,000

64

.01

640

847

California

School

Finance

Authority

Revenue

Bonds

05/25/23

125,000

98

.71

123

132

California

School

Finance

Authority

Revenue

Bonds

07/26/24

250,000

99

.82

250

249

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

200,000

105

.61

211

206

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/08/18

1,000,000

107

.41

1,074

1,032

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

314

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/16/19

250,000

104

.08

260

253

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/16/19

200,000

104

.70

209

205

California

Statewide

Communities

Development

Authority

Revenue

Bonds

05/15/19

100,000

110

.37

110

100

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/30/22

935,000

100

.55

940

945

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/30/22

400,000

99

.65

399

405

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/30/24

8,100,000

97

.35

7,886

8,182

Capital

Trust

Agency,

Inc.

Revenue

Bonds

04/10/19

5,405,000

98

.72

5,336

5,402

Capital

Trust

Agency,

Inc.

Revenue

Bonds

01/24/20

1,255,000

106

.01

1,330

1,208

Capital

Trust

Agency,

Inc.

Revenue

Bonds

07/17/20

2,000,000

100

.00

2,000

2,002

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/18/21

325,000

110

.20

358

315

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

107

.28

107

79

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

108

.00

108

81

Capital

Trust

Agency,

Inc.

Revenue

Bonds

12/03/21

150,000

103

.45

155

117

Capital

Trust

Agency,

Inc.

Revenue

Bonds

01/04/22

300,000

115

.59

347

302

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/23/23

425,000

100

.00

425

433

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/23/23

400,000

100

.00

400

408

Capital

Trust

Agency,

Inc.

Revenue

Bonds

04/24/24

100,000

100

.00

100

103

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

08/07/20

375,000

100

.00

375

395

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

08/07/20

150,000

100

.00

150

157

Chapel

Creek

Community

Development

District

Special

Assessment

05/27/21

35,000

100

.00

35

29

Chapel

Creek

Community

Development

District

Special

Assessment

05/27/21

55,000

103

.50

57

46

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

12/09/15

220,000

99

.12

218

223

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

05/31/19

350,000

103

.93

364

351

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

12/02/21

2,500,000

82

.00

2,050

2,093

Chester

County

Industrial

Development

Authority

Revenue

Bonds

09/14/22

250,000

100

.00

250

259

Chester

County

Industrial

Development

Authority

Revenue

Bonds

09/14/22

2,000,000

99

.15

1,983

2,049

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

1,500,000

93

.08

1,396

1,610

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

2,000,000

94

.58

1,892

2,160

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

05/07/21

100,000

110

.48

110

85

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

11/17/23

275,000

96

.97

267

296

City

of

Anna

Special

Assessment

07/28/21

504,000

100

.00

504

487

City

of

Anna

Special

Assessment

12/14/22

175,000

100

.00

175

179

City

of

Anna

Special

Assessment

09/13/23

125,000

99

.37

124

128

City

of

Anna

Special

Assessment

10/11/23

200,000

98

.53

197

212

City

of

Anna

Special

Assessment

07/10/24

100,000

100

.00

100

100

City

of

Aubrey

Special

Assessment

09/23/22

183,000

99

.40

182

189

City

of

Aubrey

Special

Assessment

08/25/23

120,000

100

.00

120

123

City

of

Aubrey

Special

Assessment

08/25/23

125,000

99

.31

124

128

City

of

Austin

Special

Assessment

12/01/22

100,000

99

.29

99

101

City

of

Austin

Water

Utility

Improvement

District

Special

Assessment

Revenue

Bonds

12/14/18

230,000

100

.00

230

229

City

of

Bee

Cave

Special

Assessment

10/27/21

122,000

100

.00

122

117

City

of

Bee

Cave

Special

Assessment

10/27/21

281,000

100

.00

281

273

City

of

Bee

Cave

Special

Assessment

10/27/21

100,000

100

.00

100

95

City

of

Celina

Special

Assessment

09/11/19

145,000

100

.00

145

134

City

of

Celina

Special

Assessment

08/12/20

1,845,000

95

.18

1,756

1,644

City

of

Celina

Special

Assessment

11/10/21

25,000

100

.00

25

23

City

of

Celina

Special

Assessment

11/10/21

72,000

100

.00

72

61

City

of

Celina

Special

Assessment

11/10/21

90,000

100

.00

90

81

City

of

Celina

Special

Assessment

11/10/21

25,000

100

.00

25

24

City

of

Celina

Special

Assessment

11/10/21

28,000

100

.00

28

27

City

of

Celina

Special

Assessment

11/10/21

61,000

100

.00

61

57

City

of

Celina

Special

Assessment

11/10/21

25,000

100

.00

25

24

City

of

Celina

Special

Assessment

12/15/21

55,000

99

.39

55

43

City

of

Celina

Special

Assessment

01/12/22

100,000

100

.00

100

83

City

of

Celina

Special

Assessment

01/12/22

100,000

100

.00

100

87

City

of

Celina

Special

Assessment

02/23/22

131,000

98

.83

129

109

City

of

Celina

Special

Assessment

02/23/22

255,000

99

.31

253

209

City

of

Celina

Special

Assessment

04/13/22

100,000

100

.00

100

97

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

315

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

City

of

Celina

Special

Assessment

09/14/22

100,000

100

.00

100

102

City

of

Celina

Special

Assessment

02/15/23

650,000

100

.00

650

661

City

of

Celina

Special

Assessment

03/15/23

125,000

100

.00

125

128

City

of

Celina

Special

Assessment

03/15/23

100,000

100

.00

100

102

City

of

Celina

Special

Assessment

03/15/23

130,000

100

.00

130

133

City

of

Celina

Special

Assessment

04/12/23

375,000

99

.28

372

378

City

of

Celina

Special

Assessment

06/14/23

125,000

100

.00

125

128

City

of

Celina

Special

Assessment

07/12/23

140,000

100

.00

140

142

City

of

Celina

Special

Assessment

04/10/24

100,000

99

.56

100

102

City

of

Crandall

Special

Assessment

06/08/21

100,000

100

.00

100

99

City

of

Crandall

Special

Assessment

06/08/21

100,000

100

.00

100

90

City

of

Crandall

Special

Assessment

06/08/21

100,000

99

.27

99

92

City

of

Crandall

Special

Assessment

06/08/21

100,000

99

.31

99

99

City

of

Crandall

Special

Assessment

10/18/22

500,000

100

.00

500

524

City

of

Crandall

Special

Assessment

10/18/22

269,000

100

.00

269

275

City

of

Crandall

Special

Assessment

10/18/22

175,000

100

.00

175

186

City

of

Dayton

Special

Assessment

04/19/22

105,000

100

.00

105

105

City

of

Dayton

Special

Assessment

04/19/22

100,000

100

.00

100

97

City

of

Dayton

Special

Assessment

03/19/24

200,000

100

.00

200

201

City

of

Dayton

Special

Assessment

03/19/24

150,000

99

.28

149

150

City

of

Decatur

Special

Assessment

11/28/23

200,000

100

.00

200

206

City

of

Elmendorf

Special

Assessment

08/20/21

100,000

100

.00

100

81

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

03/29/17

1,770,000

102

.21

1,809

1,749

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

03/29/17

295,000

102

.21

302

305

City

of

Fate

Special

Assessment

10/19/21

110,000

100

.53

111

91

City

of

Fate

Special

Assessment

10/19/21

100,000

99

.37

99

85

City

of

Fate

Special

Assessment

04/05/22

105,000

100

.00

105

92

City

of

Fate

Special

Assessment

09/07/22

225,000

100

.00

225

232

City

of

Fate

Special

Assessment

05/02/23

100,000

99

.05

99

101

City

of

Forney

Special

Assessment

06/27/23

630,000

96

.82

610

628

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

08/16/17

150,000

100

.00

150

149

City

of

Georgetown

Special

Assessment

03/23/22

100,000

100

.00

100

89

City

of

Georgetown

Special

Assessment

03/23/22

100,000

100

.00

100

90

City

of

Goshen

Revenue

Bonds

08/06/21

1,000,000

100

.00

1,000

842

City

of

Haslet

Special

Assessment

07/30/20

200,000

105

.30

211

178

City

of

Haslet

Special

Assessment

02/23/22

200,000

98

.85

198

163

City

of

Henderson

Revenue

Bonds

03/25/22

350,000

100

.00

350

349

City

of

Henderson

Revenue

Bonds

03/25/22

2,580,000

100

.00

2,580

2,537

City

of

Henderson

Revenue

Bonds

03/25/22

1,050,000

99

.28

1,040

1,033

City

of

Hutto

Special

Assessment

04/05/21

296,000

99

.89

296

246

City

of

Hutto

Special

Assessment

10/22/21

200,000

99

.02

198

169

City

of

Hutto

Special

Assessment

07/07/23

170,000

99

.62

169

174

City

of

Justin

Special

Assessment

03/27/18

255,000

100

.00

255

258

City

of

Justin

Special

Assessment

04/01/24

802,000

99

.29

796

818

City

of

Kaufman

Special

Assessment

11/22/22

100,000

101

.07

101

104

City

of

Kyle

Special

Assessment

05/08/19

100,000

100

.00

100

99

City

of

Kyle

Special

Assessment

05/08/19

100,000

100

.00

100

97

City

of

Kyle

Special

Assessment

10/20/21

100,000

100

.00

100

88

City

of

Kyle

Special

Assessment

03/23/22

216,000

100

.00

216

210

City

of

Kyle

Special

Assessment

01/18/23

100,000

100

.00

100

103

City

of

Kyle

Special

Assessment

01/18/23

200,000

99

.40

199

204

City

of

Kyle

Special

Assessment

06/21/23

260,000

100

.00

260

263

City

of

Lago

Vista

Special

Assessment

01/05/24

210,000

100

.00

210

214

City

of

Lavon

Special

Assessment

08/21/19

135,000

104

.29

141

121

City

of

Lavon

Special

Assessment

08/21/19

100,000

99

.45

99

92

City

of

Lavon

Special

Assessment

02/02/22

100,000

100

.00

100

93

City

of

Lavon

Special

Assessment

02/02/22

100,000

100

.00

100

92

City

of

Lavon

Special

Assessment

02/02/22

318,000

98

.77

314

270

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

316

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

City

of

Lavon

Special

Assessment

02/02/22

136,000

99

.11

135

122

City

of

Lavon

Special

Assessment

11/16/22

400,000

100

.00

400

409

City

of

Lewisville

Special

Assessment

10/03/23

125,000

100

.00

125

132

City

of

Liberty

Hill

Special

Assessment

12/14/21

100,000

100

.00

100

86

City

of

Liberty

Hill

Special

Assessment

12/14/21

100,000

100

.00

100

87

City

of

Manor

Special

Assessment

12/19/19

100,000

100

.00

100

95

City

of

Manor

Special

Assessment

05/06/21

100,000

100

.00

100

84

City

of

Manor

Special

Assessment

05/06/21

100,000

102

.39

102

81

City

of

Manor

Special

Assessment

05/16/24

100,000

99

.06

99

101

City

of

Marble

Falls

Revenue

Bonds

07/21/21

100,000

100

.00

100

88

City

of

Marble

Falls

Revenue

Bonds

07/21/21

100,000

100

.00

100

97

City

of

Marble

Falls

Revenue

Bonds

07/21/21

100,000

100

.00

100

91

City

of

McLendon-Chisholm

Special

Assessment

06/26/20

100,000

105

.02

105

90

City

of

McLendon-Chisholm

Special

Assessment

02/10/21

35,000

100

.00

35

28

City

of

McLendon-Chisholm

Special

Assessment

02/10/21

50,000

101

.61

51

41

City

of

McLendon-Chisholm

Special

Assessment

05/25/22

270,000

99

.44

268

271

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

1,000,000

100

.00

1,000

1,008

City

of

Mesquite

Special

Assessment

Revenue

Bonds

06/04/19

150,000

100

.00

150

154

City

of

Mesquite

Special

Assessment

Revenue

Bonds

06/04/19

100,000

100

.00

100

102

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

400,000

100

.00

400

406

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

200,000

99

.68

199

202

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

150,000

99

.41

149

151

City

of

Midlothian

Special

Assessment

03/24/21

100,000

100

.00

100

97

City

of

Midlothian

Special

Assessment

03/24/21

100,000

100

.00

100

82

City

of

Midlothian

Special

Assessment

03/24/21

100,000

100

.00

100

90

City

of

Midlothian

Special

Assessment

08/10/22

115,000

100

.00

115

117

City

of

Midlothian

Special

Assessment

08/10/22

200,000

100

.00

200

199

City

of

Minneapolis

Charter

Lease

Revenue

Bonds

12/08/17

1,400,000

101

.90

1,427

1,429

City

of

Mustang

Ridge

Special

Assessment

11/21/23

75,000

100

.00

75

77

City

of

New

Braunfels

Special

Assessment

11/09/21

100,000

100

.00

100

90

City

of

New

Braunfels

Special

Assessment

11/09/21

100,000

100

.00

100

89

City

of

Oak

Point

Special

Assessment

07/25/18

100,000

100

.00

100

88

City

of

Oak

Point

Special

Assessment

07/25/18

100,000

99

.55

100

92

City

of

Oak

Point

Special

Assessment

07/22/21

650,000

100

.00

650

505

City

of

Pilot

Point

Special

Assessment

05/13/22

120,000

100

.00

120

124

City

of

Pilot

Point

Special

Assessment

05/13/22

300,000

100

.00

300

309

City

of

Pilot

Point

Special

Assessment

06/10/22

150,000

100

.00

150

155

City

of

Pilot

Point

Special

Assessment

06/10/22

204,000

100

.00

204

206

City

of

Pilot

Point

Special

Assessment

06/10/22

200,000

100

.00

200

202

City

of

Plano

Special

Assessment

10/24/23

140,000

100

.00

140

148

City

of

Plano

Special

Assessment

10/24/23

225,000

100

.00

225

239

City

of

Plano

Special

Assessment

10/24/23

115,000

100

.00

115

122

City

of

Princeton

Special

Assessment

04/24/18

130,000

100

.00

130

128

City

of

Princeton

Special

Assessment

08/27/19

100,000

100

.00

100

102

City

of

Princeton

Special

Assessment

08/27/19

100,000

100

.00

100

93

City

of

Princeton

Special

Assessment

08/27/19

100,000

100

.00

100

102

City

of

Princeton

Special

Assessment

06/23/20

225,000

100

.00

225

191

City

of

Princeton

Special

Assessment

06/23/20

325,000

100

.00

325

270

City

of

Princeton

Special

Assessment

06/23/20

125,000

100

.00

125

108

City

of

Princeton

Special

Assessment

06/23/20

160,000

100

.00

160

136

City

of

Princeton

Special

Assessment

07/30/20

300,000

103

.25

310

285

City

of

Princeton

Special

Assessment

05/25/21

185,000

101

.02

185

153

City

of

Princeton

Special

Assessment

03/29/22

100,000

100

.00

100

87

City

of

Princeton

Special

Assessment

06/28/22

270,000

100

.00

270

265

City

of

Princeton

Special

Assessment

07/26/22

75,000

100

.00

75

74

City

of

Princeton

Special

Assessment

07/25/23

125,000

100

.00

125

126

City

of

Princeton

Special

Assessment

07/25/23

100,000

100

.00

100

101

City

of

Princeton

Special

Assessment

09/12/23

150,000

100

.00

150

154

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

317

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

City

of

Princeton

Special

Assessment

09/12/23

100,000

100

.00

100

103

City

of

Princeton

Special

Assessment

09/12/23

250,000

98

.17

245

254

City

of

Princeton

Special

Assessment

10/11/23

100,000

99

.01

99

104

City

of

Red

Oak

Special

Assessment

06/15/21

100,000

102

.63

103

84

City

of

Red

Oak

Special

Assessment

06/15/21

100,000

99

.03

99

80

City

of

Rockdale

Special

Assessment

10/31/23

400,000

97

.08

388

419

City

of

Royse

City

Special

Assessment

04/24/24

100,000

99

.64

100

102

City

of

Royse

Special

Assessment

Revenue

Bonds

08/14/19

125,000

99

.50

124

116

City

of

Royse

Special

Assessment

Revenue

Bonds

06/30/20

100,000

102

.77

103

90

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

200,000

100

.70

201

177

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

100,000

100

.82

101

96

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

100,000

101

.29

101

90

City

of

Royse

Special

Assessment

Revenue

Bonds

09/14/22

100,000

100

.00

100

103

City

of

Sachse

Special

Assessment

11/15/22

100,000

100

.00

100

104

City

of

Sachse

Special

Assessment

11/15/22

150,000

100

.00

150

156

City

of

San

Marcos

Special

Assessment

12/16/21

100,000

100

.00

100

88

City

of

San

Marcos

Special

Assessment

12/20/23

130,000

100

.00

130

131

City

of

Santa

Fe

Special

Assessment

03/25/22

859,000

100

.00

859

821

City

of

Santa

Fe

Special

Assessment

03/25/22

509,000

100

.00

509

492

City

of

Seagoville

Special

Assessment

03/19/24

150,000

100

.00

150

152

City

of

Seagoville

Special

Assessment

03/19/24

200,000

100

.00

200

201

City

of

Seagoville

Special

Assessment

03/19/24

325,000

98

.76

321

325

City

of

Sinton

Special

Assessment

01/19/22

100,000

100

.00

100

98

City

of

Sinton

Special

Assessment

01/19/22

100,000

100

.00

100

97

City

of

South

Charleston

Revenue

Bonds

01/14/22

165,000

100

.00

165

149

City

of

South

Charleston

Revenue

Bonds

01/14/22

185,000

100

.00

185

158

City

of

South

Charleston

Revenue

Bonds

01/14/22

100,000

100

.35

100

82

City

of

South

Charleston

Revenue

Bonds

01/14/22

1,150,000

100

.36

1,154

914

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

07/29/22

2,350,000

98

.32

2,310

2,274

City

of

Tomball

Special

Assessment

08/22/23

112,000

98

.63

110

114

City

of

Tomball

Special

Assessment

08/22/23

100,000

99

.32

99

103

City

of

Uhland

Special

Assessment

11/03/22

750,000

100

.00

750

790

City

of

Valparaiso

Revenue

Bonds

04/26/24

400,000

100

.00

400

413

City

of

Waxahachie

Special

Assessment

05/17/22

100,000

100

.00

100

101

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

09/02/21

100,000

101

.67

102

84

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

11/27/23

200,000

90

.00

180

175

CMFA

Special

Finance

Agency

Revenue

Bonds

11/10/21

285,000

91

.64

261

208

CMFA

Special

Finance

Agency

VIII

Revenue

Bonds

11/01/21

350,000

92

.23

323

250

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

02/01/22

1,935,000

89

.28

1,728

1,523

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

04/07/22

435,000

100

.10

435

405

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

05/10/23

400,000

100

.00

400

409

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

08/22/23

330,000

86

.45

285

317

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

04/19/24

300,000

100

.00

300

313

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

04/19/24

200,000

97

.79

196

207

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

12/21/23

600,000

100

.00

600

618

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

12/18/19

1,000,000

112

.97

1,130

989

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

1,100,000

92

.65

920

1,000

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

225,000

91

.78

206

194

Coral

Junction

Public

Infrastructure

District

No.

1

Special

Assessment

05/26/22

146,000

100

.00

146

143

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

100,000

100

.00

100

100

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

50,000

100

.00

50

51

County

of

Bastrop

Special

Assessment

05/22/23

100,000

98

.90

99

101

County

of

Frederick

Educational

Facilities

Revenue

Bonds

01/10/24

3,705,000

98

.93

3,665

3,576

County

of

Frederick

Special

Tax

10/29/20

230,000

98

.02

225

209

County

of

Frederick

Tax

Allocation

07/20/23

2,045,000

97

.72

1,998

2,004

County

of

Gallatin

Revenue

Bonds

12/09/21

1,000,000

102

.98

1,030

753

County

of

Hays

Revenue

Bonds

12/06/22

200,000

100

.00

200

204

County

of

Hays

Revenue

Bonds

12/06/22

356,000

100

.00

356

362

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

318

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

County

of

Monongalia

Tax

Allocation

07/21/23

150,000

99

.18

149

161

County

of

Monongalia

Tax

Allocation

07/21/23

100,000

99

.20

99

107

County

of

Prince

George's

Special

Obligation

Tax

Allocation

11/16/18

340,000

99

.47

338

344

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

07/29/19

280,000

100

.00

280

251

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

07/29/19

975,000

100

.00

975

835

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

07/29/19

555,000

100

.54

559

487

Crossings

Community

Development

District

Special

Assessment

07/25/24

100,000

100

.00

100

100

CSCDA

Community

Improvement

Authority

Revenue

Bonds

11/24/21

775,000

88

.97

689

561

CSCDA

Community

Improvement

Authority

Revenue

Bonds

03/09/22

525,000

88

.96

467

445

CSCDA

Community

Improvement

Authority

Revenue

Bonds

05/18/22

1,000,000

65

.36

654

724

CSCDA

Community

Improvement

Authority

Revenue

Bonds

06/02/22

1,250,000

87

.69

1,096

999

CSCDA

Community

Improvement

Authority

Revenue

Bonds

08/04/22

100,000

79

.47

79

77

Dauphin

County

General

Authority

Revenue

Bonds

01/05/18

1,000,000

98

.13

981

748

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

850,000

100

.00

850

697

Dauphin

County

General

Authority

Revenue

Bonds

07/14/21

2,700,000

104

.67

2,828

2,108

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

150,000

98

.97

148

151

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

100,000

98

.99

99

102

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

300,000

107

.36

322

308

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

200,000

98

.56

197

187

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

200,000

99

.10

198

188

Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

545,000

99

.27

543

550

Director

of

the

State

of

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

08/30/23

800,000

100

.00

800

839

District

of

Columbia

Revenue

Bonds

05/01/24

325,000

52

.82

172

186

Doylestown

Hospital

Authority

Revenue

Bonds

04/15/24

2,050,000

100

.96

2,070

2,159

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

75,000

99

.68

75

66

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

225,000

101

.27

228

193

Eagle

Pointe

Community

Development

District

Special

Assessment

11/02/23

75,000

93

.69

70

69

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

625,000

100

.00

625

638

Edinburg

Economic

Development

Corp.

Revenue

Bonds

04/17/19

100,000

100

.97

101

94

Edinburg

Economic

Development

Corp.

Revenue

Bonds

04/17/19

100,000

99

.91

100

94

Erie

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

02/02/21

4,000,000

6

.10

244

189

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

05/13/22

1,250,000

100

.00

1,250

1,288

Finance

Authority

of

Maine

Revenue

Bonds

12/17/21

925,000

69

.66

644

557

Firefly

Public

Infrastructure

District

No.

1

General

Obligation

Unlimited

04/18/24

500,000

99

.40

497

517

Firefly

Public

Infrastructure

District

No.

1

Special

Assessment

04/18/24

550,000

99

.47

547

569

Florida

Development

Finance

Corp.

03/27/24

3,000,000

100

.00

3,000

3,132

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/20

115,000

103

.53

119

105

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

160,000

101

.67

163

121

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

100,000

102

.78

103

85

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

220,000

101

.14

223

208

Florida

Development

Finance

Corp.

Revenue

Bonds

06/04/21

100,000

106

.38

106

77

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

200,000

86

.62

173

147

Florida

Development

Finance

Corp.

Revenue

Bonds

09/24/21

500,000

101

.91

510

431

Florida

Development

Finance

Corp.

Revenue

Bonds

05/31/22

405,000

97

.90

396

375

Florida

Development

Finance

Corp.

Revenue

Bonds

05/31/22

315,000

98

.18

309

294

Florida

Development

Finance

Corp.

Revenue

Bonds

06/01/22

200,000

92

.83

186

143

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

175,000

100

.00

175

175

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

350,000

100

.00

350

347

Florida

Development

Finance

Corp.

Revenue

Bonds

08/19/22

225,000

100

.00

225

226

Florida

Development

Finance

Corp.

Revenue

Bonds

08/19/22

250,000

100

.00

250

250

Florida

Development

Finance

Corp.

Revenue

Bonds

05/23/24

175,000

95

.69

167

178

Florida

Development

Finance

Corp.

Revenue

Bonds

05/23/24

250,000

96

.64

242

255

Florida

Development

Finance

Corp.

Revenue

Bonds

06/26/24

9,175,000

100

.15

9,189

9,774

Florida

Development

Finance

Corp.

Revenue

Bonds

07/08/24

275,000

101

.07

278

259

Florida

Development

Finance

Corp.

Revenue

Bonds

07/17/24

225,000

99

.43

224

216

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/25/18

1,350,000

103

.95

1,403

1,309

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

319

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Forest

Lake

Community

Development

District

Special

Assessment

05/06/22

305,000

100

.00

305

317

Forest

Lake

Community

Development

District

Special

Assessment

05/06/22

265,000

100

.00

265

273

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

08/17/18

1,765,000

106

.93

1,887

1,830

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

03/26/21

60,000

100

.00

60

57

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

08/01/23

160,000

99

.47

159

161

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

11/01/23

2,795,000

81

.86

2,297

2,621

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

1,185,000

100

.00

1,185

1,208

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

08/28/20

5,500,000

96

.75

5,321

5,361

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

230,000

90

.32

208

196

Hills

Minneola

Community

Development

District

Special

Assessment

05/02/24

160,000

93

.18

149

146

I-470

Western

Gateway

Transportation

Development

District

Revenue

Bonds

02/21/19

250,000

100

.00

250

251

Illinois

Finance

Authority

Revenue

Bonds

02/25/20

3,025,000

103

.33

3,029

3,032

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

3,250,000

107

.53

3,532

2,897

Illinois

Finance

Authority

Revenue

Bonds

10/13/22

1,975,000

97

.66

1,914

1,946

Illinois

Finance

Authority

Revenue

Bonds

02/15/23

500,000

99

.22

496

530

Independent

Cities

Finance

Authority

Revenue

Bonds

03/12/21

900,000

110

.89

998

902

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

500,000

100

.00

500

541

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

250,000

100

.00

250

271

Joshua

Farms

Municipal

Management

District

No.

1

Special

Assessment

04/12/23

310,000

99

.02

307

313

Juban

Crossing

Economic

Development

District

Revenue

Bonds

06/21/23

600,000

100

.49

603

601

Kansas

City

Land

Clearance

Redevelopment

Authority

Tax

Allocation

01/10/18

1,500,000

100

.32

1,505

1,471

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

185,000

100

.00

185

181

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

275,000

100

.00

275

258

Knightsbridge

Community

Development

District

Revenue

Bonds

03/14/24

1,000,000

99

.70

997

1,008

Kremmling

Memorial

Hospital

District

Certificate

of

Participation

02/08/24

1,000,000

98

.35

984

971

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

07/16/18

1,000,000

100

.00

1,000

450

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

07/16/18

250,000

100

.00

250

112

Lake

Emma

Community

Development

District

Special

Assessment

07/07/23

50,000

99

.17

50

51

Lake

Emma

Community

Development

District

Special

Assessment

07/07/23

100,000

99

.42

99

102

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

10/03/19

200,000

100

.00

200

176

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

10/03/19

100,000

99

.39

99

92

Lakewood

Ranch

Stewardship

District

Special

Assessment

04/26/17

100,000

99

.00

99

101

Lakewood

Ranch

Stewardship

District

Special

Assessment

04/26/17

100,000

99

.44

99

102

Landings

at

Miami

Community

Development

District

Special

Assessment

01/10/18

100,000

100

.00

100

100

Landings

at

Miami

Community

Development

District

Special

Assessment

01/10/18

100,000

100

.00

100

96

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

06/10/21

250,000

97

.61

244

224

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

02/05/24

400,000

96

.98

388

419

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

02/05/24

400,000

97

.06

388

417

Louisiana

Public

Facilities

Authority

Revenue

Bonds

11/19/21

230,000

102

.45

236

166

Louisiana

Public

Facilities

Authority

Revenue

Bonds

11/19/21

265,000

102

.65

272

198

Louisiana

Public

Facilities

Authority

Revenue

Bonds

07/01/22

150,000

98

.93

148

150

Louisiana

Public

Facilities

Authority

Revenue

Bonds

07/01/22

100,000

99

.73

100

101

Louisiana

Public

Facilities

Authority

Revenue

Bonds

09/16/22

100,000

98

.14

98

104

Louisiana

Public

Facilities

Authority

Revenue

Bonds

09/16/22

100,000

98

.61

99

104

Louisiana

Public

Facilities

Authority

Revenue

Bonds

02/17/23

500,000

99

.23

496

511

Mandarin

Grove

Community

Development

District

Special

Assessment

10/19/22

125,000

100

.00

125

137

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

01/24/20

50,000

109

.62

55

49

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

01/24/20

50,000

110

.37

55

49

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

115,000

101

.57

117

107

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

115,000

101

.75

117

111

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

225,000

100

.00

225

192

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

100,000

109

.41

109

87

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

02/09/23

775,000

99

.48

771

713

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

320

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/09/23

200,000

100

.27

201

206

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/09/23

200,000

100

.27

201

205

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/15/23

100,000

75

.85

76

89

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

04/28/22

100,000

100

.49

100

99

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

06/22/23

100,000

100

.28

100

103

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

06/22/23

100,000

100

.30

100

103

Massachusetts

Development

Finance

Agency

Revenue

Bonds

12/07/17

1,000,000

106

.06

1,061

1,025

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

150,000

100

.00

150

155

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

100,000

100

.00

100

104

Massachusetts

Development

Finance

Agency

Revenue

Bonds

07/16/21

1,300,000

109

.83

1,428

1,186

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

250,000

98

.62

247

253

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

200,000

99

.25

198

206

Medical

School

Campus

Public

Infrastructure

District

General

Obligation

Limited

08/19/20

750,000

100

.00

750

634

Mercer

County

Industrial

Development

Authority

Revenue

Bonds

07/17/24

375,000

73

.31

275

280

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

11/05/21

100,000

100

.00

100

85

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

11/05/21

175,000

39

.45

69

70

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

06/02/22

130,000

98

.20

128

132

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

06/02/22

185,000

98

.44

182

189

Mida

Golf

and

Equestrian

Center

Public

Infrastructure

District

General

Obligation

Limited

06/06/22

1,500,000

81

.39

1,221

1,191

Mida

Mountain

Village

Public

Infrastructure

District

Special

Assessment

08/21/20

1,000,000

100

.00

1,000

972

Mission

Economic

Development

Corp.

Revenue

Bonds

01/13/23

2,070,000

99

.52

2,060

2,066

Mississippi

Business

Finance

Corp.

Revenue

Bonds

09/06/19

830,000

100

.41

833

828

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

200,000

104

.53

209

168

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

950,000

105

.31

1,000

860

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

900,000

105

.44

949

821

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

1,025,000

105

.77

1,084

936

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

01/25/17

2,070,000

100

.03

2,071

2,076

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

05/27/21

1,070,000

99

.24

1,055

1,037

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

11/01/23

1,000,000

21

.04

210

225

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

02/02/24

1,155,000

94

.98

1,056

1,029

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

40,000

99

.49

40

40

Naples

Reserve

Community

Development

District

Special

Assessment

05/15/18

190,000

99

.65

189

191

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

09/26/19

100,000

100

.00

100

94

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

08/13/20

180,000

100

.00

180

151

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

12/20/23

535,000

89

.84

481

452

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/03/24

7,300,000

100

.00

7,300

7,648

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/04/24

600,000

100

.00

600

623

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/04/24

1,415,000

100

.00

1,415

1,450

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

06/20/24

325,000

100

.00

325

325

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

06/10/20

1,000,000

101

.56

1,016

1,002

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,000,000

112

.05

1,120

959

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,100,000

99

.09

1,090

904

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

03/24/23

1,250,000

86

.22

1,078

1,053

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

07/11/23

100,000

98

.95

99

100

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

10/10/23

700,000

90

.51

569

608

New

York

Liberty

Development

Corp.

Revenue

Bonds

05/27/20

12,615,000

95

.33

11,842

12,627

New

York

Liberty

Development

Corp.

Revenue

Bonds

07/28/22

2,600,000

101

.25

2,632

2,611

New

York

Liberty

Development

Corp.

Revenue

Bonds

01/10/23

325,000

96

.29

313

326

New

York

Liberty

Development

Corp.

Revenue

Bonds

01/26/23

1,900,000

99

.51

1,891

1,904

New

York

State

Dormitory

Authority

Revenue

Bonds

06/16/15

400,000

102

.65

411

396

New

York

State

Dormitory

Authority

Revenue

Bonds

10/27/23

900,000

94

.44

850

893

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

08/10/23

250,000

100

.00

250

259

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

10/07/21

300,000

100

.00

300

295

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

10/07/21

390,000

100

.36

391

384

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

10/07/21

75,000

99

.38

75

68

North

Powerline

Road

Community

Development

District

Special

Assessment

05/26/22

140,000

100

.00

140

143

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

321

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

11/16/17

100,000

100

.00

100

99

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

11/16/17

3,465,000

97

.72

3,372

3,440

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

11/16/17

270,000

97

.05

262

270

Oklahoma

Capitol

Improvement

Authority

Revenue

Bonds

05/16/24

125,000

97

.75

122

128

Oklahoma

Capitol

Improvement

Authority

Revenue

Bonds

05/16/24

100,000

98

.63

99

103

Olympia

Public

Infrastructure

District

No.

1

General

Obligation

Limited

05/03/24

500,000

99

.37

497

512

Olympia

Public

Infrastructure

District

No.

1

Revenue

Bonds

05/03/24

500,000

100

.00

500

504

Oneida

Indian

Nation

of

New

York

Revenue

Bonds

02/02/24

200,000

100

.00

200

219

Oregon

State

Facilities

Authority

Revenue

Bonds

09/23/16

1,000,000

109

.15

1,092

976

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

1,000,000

103

.70

1,037

952

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

07/29/22

600,000

100

.00

600

738

Parish

of

St.

James

Revenue

Bonds

05/20/20

125,000

100

.00

125

138

Parish

of

St.

James

Revenue

Bonds

05/20/20

1,000,000

100

.00

1,000

1,015

Parish

of

St.

James

Revenue

Bonds

05/20/20

100,000

100

.00

100

111

Parkdale

Community

Authority

Revenue

Bonds

03/04/24

500,000

77

.65

388

386

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

900,000

110

.90

998

917

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

150,000

98

.84

148

157

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

100,000

99

.56

100

105

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

10/11/23

940,000

90

.94

855

926

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

03/28/24

1,600,000

94

.87

1,518

1,526

Pima

County

Industrial

Development

Authority

Revenue

Bonds

05/22/20

25,000

100

.00

25

25

Pima

County

Industrial

Development

Authority

Revenue

Bonds

05/22/20

50,000

100

.00

50

50

Pinellas

County

Educational

Facilities

Authority

Revenue

Bonds

09/21/23

665,000

97

.75

650

661

Plaquemines

Port

Harbor

&

Terminal

District

Revenue

Bonds

06/04/24

550,000

97

.72

537

548

Port

Beaumont

Navigation

District

Revenue

Bonds

08/04/21

100,000

100

.00

100

82

Port

Beaumont

Navigation

District

Revenue

Bonds

03/04/22

1,450,000

88

.42

1,282

1,000

Port

Beaumont

Navigation

District

Revenue

Bonds

03/10/22

325,000

90

.36

294

249

Port

Beaumont

Navigation

District

Revenue

Bonds

05/31/24

300,000

100

.00

300

302

Port

Beaumont

Navigation

District

Revenue

Bonds

05/31/24

925,000

100

.00

925

942

Port

Beaumont

Navigation

District

Revenue

Bonds

05/31/24

350,000

100

.00

350

353

Port

Beaumont

Navigation

District

Revenue

Bonds

05/31/24

400,000

100

.00

400

403

Port

of

Beaumont

Industrial

Development

Authority

Revenue

Bonds

08/04/21

1,900,000

100

.00

1,900

1,670

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

120,000

99

.21

119

108

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

10/13/17

500,000

99

.65

498

503

Public

Finance

Authority

Revenue

Bonds

04/07/17

750,000

102

.92

772

753

Public

Finance

Authority

Revenue

Bonds

04/07/17

630,000

103

.00

649

638

Public

Finance

Authority

Revenue

Bonds

02/21/19

525,000

100

.93

525

526

Public

Finance

Authority

Revenue

Bonds

05/01/19

15,000

100

.41

15

15

Public

Finance

Authority

Revenue

Bonds

11/27/19

1,000,000

100

.00

1,000

670

Public

Finance

Authority

Revenue

Bonds

06/12/20

75,000

102

.47

77

73

Public

Finance

Authority

Revenue

Bonds

07/30/20

30,000

100

.21

30

29

Public

Finance

Authority

Revenue

Bonds

07/30/20

125,000

102

.56

128

111

Public

Finance

Authority

Revenue

Bonds

07/30/20

50,000

103

.90

52

48

Public

Finance

Authority

Revenue

Bonds

08/10/20

150,000

106

.28

159

153

Public

Finance

Authority

Revenue

Bonds

08/28/20

450,000

105

.01

473

409

Public

Finance

Authority

Revenue

Bonds

08/28/20

200,000

105

.49

211

191

Public

Finance

Authority

Revenue

Bonds

09/16/20

65,000

105

.06

68

67

Public

Finance

Authority

Revenue

Bonds

03/26/21

1,185,000

91

.91

1,089

1,045

Public

Finance

Authority

Revenue

Bonds

03/26/21

875,000

98

.53

862

824

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

108

.15

108

79

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

108

.63

109

81

Public

Finance

Authority

Revenue

Bonds

11/10/21

890,000

101

.77

906

755

Public

Finance

Authority

Revenue

Bonds

11/18/21

1,000,000

108

.52

1,085

944

Public

Finance

Authority

Revenue

Bonds

11/18/21

1,685,000

99

.85

1,682

1,620

Public

Finance

Authority

Revenue

Bonds

11/19/21

125,000

100

.43

126

112

Public

Finance

Authority

Revenue

Bonds

11/19/21

785,000

83

.90

659

663

Public

Finance

Authority

Revenue

Bonds

01/21/22

1,600,000

103

.79

1,661

1,418

Public

Finance

Authority

Revenue

Bonds

01/21/22

100,000

104

.98

105

94

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

322

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Public

Finance

Authority

Revenue

Bonds

03/11/22

275,000

102

.41

282

235

Public

Finance

Authority

Revenue

Bonds

03/31/22

2,475,000

100

.00

2,475

2,602

Public

Finance

Authority

Revenue

Bonds

04/14/22

150,000

100

.00

150

147

Public

Finance

Authority

Revenue

Bonds

04/14/22

100,000

100

.76

101

99

Public

Finance

Authority

Revenue

Bonds

04/14/22

150,000

98

.32

147

145

Public

Finance

Authority

Revenue

Bonds

05/25/22

175,000

97

.63

171

174

Public

Finance

Authority

Revenue

Bonds

05/25/22

300,000

98

.18

295

301

Public

Finance

Authority

Revenue

Bonds

09/01/22

165,000

98

.23

162

169

Public

Finance

Authority

Revenue

Bonds

09/29/22

1,000,000

98

.82

988

1,033

Public

Finance

Authority

Revenue

Bonds

04/20/23

1,150,000

89

.92

1,034

1,063

Public

Finance

Authority

Revenue

Bonds

06/14/23

100,000

98

.70

99

104

Public

Finance

Authority

Revenue

Bonds

08/04/23

95,000

92

.69

88

96

Public

Finance

Authority

Revenue

Bonds

08/24/23

50,000

99

.67

50

52

Public

Finance

Authority

Revenue

Bonds

08/24/23

50,000

99

.72

50

53

Public

Finance

Authority

Revenue

Bonds

09/11/23

1,750,000

99

.12

1,735

1,919

Public

Finance

Authority

Revenue

Bonds

09/11/23

750,000

99

.85

749

814

Public

Finance

Authority

Revenue

Bonds

11/09/23

1,185,000

87

.05

1,032

1,164

Public

Finance

Authority

Revenue

Bonds

11/15/23

400,000

100

.85

403

444

Public

Finance

Authority

Revenue

Bonds

12/20/23

2,000,000

74

.40

1,488

1,460

Public

Finance

Authority

Revenue

Bonds

03/27/24

1,150,000

97

.23

1,118

1,165

Public

Finance

Authority

Revenue

Bonds

03/27/24

625,000

97

.65

610

627

Public

Finance

Authority

Revenue

Bonds

06/24/24

1,550,000

85

.83

1,330

1,263

Public

Finance

Authority

Revenue

Bonds

06/28/24

550,000

100

.00

550

551

Pueblo

Urban

Renewal

Authority

Tax

Allocation

03/24/21

350,000

100

.00

350

239

Pueblo

Urban

Renewal

Authority

Tax

Allocation

03/24/21

100,000

93

.64

94

91

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

08/19/21

600,000

100

.00

600

562

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

08/19/21

600,000

100

.00

600

572

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

08/19/21

4,580,000

97

.84

4,428

4,299

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

10/12/22

11,650,000

94

.85

10,725

11,810

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

03/23/23

1,800,000

100

.83

1,815

1,876

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

06/13/23

1,550,000

99

.70

1,544

1,624

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

07/30/24

2,000,000

91

.29

1,826

1,813

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

11/30/18

895,000

100

.00

895

901

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

11/30/18

540,000

100

.00

540

549

Red

Bridge

Public

Infrastructure

District

No.

1

General

Obligation

Limited

07/01/21

500,000

100

.00

500

369

Rockdale

County

Development

Authority

Revenue

Bonds

07/17/18

225,000

100

.43

226

222

Rolling

Oaks

Community

Development

District

Special

Assessment

10/24/18

100,000

100

.00

100

103

Rolling

Oaks

Community

Development

District

Special

Assessment

10/24/18

200,000

100

.00

200

204

Rolling

Oaks

Community

Development

District

Special

Assessment

11/09/22

150,000

99

.35

149

159

Royse

City

Special

Assessment

07/10/24

50,000

98

.92

49

50

Rye

Crossing

Community

Development

District

Special

Assessment

09/13/23

60,000

99

.31

60

62

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

25,000

100

.00

25

24

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

60,000

100

.00

60

57

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

50,000

99

.18

50

44

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

06/13/23

100,000

99

.28

99

103

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

08/03/21

100,000

112

.15

112

82

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

06/27/24

335,000

92

.05

308

281

Shell

Point

Community

Development

District

Special

Assessment

02/13/19

100,000

100

.00

100

102

Shell

Point

Community

Development

District

Special

Assessment

02/13/19

175,000

99

.65

174

178

Sherwood

Manor

Community

Development

District

Special

Assessment

09/13/18

200,000

98

.74

197

203

Somerset

Bay

Community

Development

District

Special

Assessment

05/20/24

100,000

100

.00

100

101

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

03/30/22

425,000

97

.55

415

406

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

03/30/22

500,000

99

.12

496

486

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

07/27/17

140,000

100

.76

141

143

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

07/27/17

230,000

100

.89

232

234

Stamford

Housing

Authority

Revenue

Bonds

11/21/22

400,000

100

.00

400

462

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

12/04/15

1,720,000

101

.70

1,749

1,695

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

323

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

10/10/23

3,940,000

100

.00

3,940

4,058

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

06/14/24

250,000

100

.39

251

252

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

06/14/24

250,000

98

.51

246

247

State

of

Ohio

Revenue

Bonds

11/14/19

275,000

106

.02

292

253

State

of

Ohio

Revenue

Bonds

12/05/19

110,000

107

.89

119

107

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

12/28/22

2,200,000

82

.37

1,677

1,866

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

05/17/24

200,000

98

.79

198

214

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

05/17/24

100,000

98

.88

99

105

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

03/15/23

1,125,000

87

.61

1,094

968

Storey

Park

Community

Development

District

Special

Assessment

02/01/22

650,000

98

.91

643

580

Stuart

Crossing

Community

Development

District

Revenue

Bonds

03/13/24

100,000

98

.98

99

100

Taney

County

Industrial

Development

Authority

Revenue

Bonds

04/12/23

400,000

100

.00

400

402

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

1,000,000

98

.27

983

1,002

Tolomato

Community

Development

District

Special

Assessment

03/15/18

100,000

99

.32

99

103

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99

.29

99

96

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99

.44

99

99

Town

of

Argyle

Special

Assessment

01/24/18

145,000

100

.00

145

146

Town

of

Lakewood

Village

Special

Assessment

08/12/22

175,000

100

.00

175

174

Town

of

Little

Elm

Special

Assessment

12/06/17

100,000

100

.33

100

99

Town

of

Little

Elm

Special

Assessment

11/07/18

727,000

100

.00

727

751

Town

of

Little

Elm

Special

Assessment

12/22/21

100,000

100

.00

100

82

Town

of

Little

Elm

Special

Assessment

12/22/21

100,000

99

.09

99

84

Town

of

Little

Elm

Special

Assessment

11/02/22

750,000

100

.00

750

793

Town

of

Whiteland

Tax

Allocation

07/11/24

125,000

99

.75

125

127

Towns

at

Woodsdale

Community

Development

District

Special

Assessment

10/13/23

100,000

99

.67

100

106

Travis

County

Development

Authority

Special

Assessment

09/13/22

100,000

100

.00

100

99

Triple

Creek

Community

Development

District

Special

Assessment

11/08/18

265,000

98

.63

261

270

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

08/24/21

715,000

98

.63

705

668

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

08/01/23

560,000

94

.21

528

516

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

04/24/24

7,500,000

94

.43

7,083

7,584

Two

Lakes

Community

Development

District

Special

Assessment

06/19/17

200,000

102

.38

205

200

Two

Rivers

West

Community

Development

District

Special

Assessment

05/16/24

125,000

100

.00

125

126

UIPA

Crossroads

Public

Infrastructure

District

Revenue

Bonds

12/28/21

1,000,000

100

.00

1,000

966

Union

County

Improvement

Authority

Revenue

Bonds

10/23/19

1,100,000

84

.85

933

722

Union

County

Improvement

Authority

Revenue

Bonds

02/22/24

100,000

93

.44

93

93

Union

Park

East

Community

Development

District

Special

Assessment

06/15/18

500,000

102

.64

513

510

Upper

Dauphin

Industrial

Development

Authority

Revenue

Bonds

07/27/22

380,000

100

.00

380

378

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

01/23/20

200,000

97

.16

194

192

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

03/16/23

300,000

95

.94

288

308

Utah

Charter

School

Finance

Authority

Revenue

Bonds

11/17/21

450,000

100

.58

453

311

Utah

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

890,000

102

.15

909

721

Utah

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

1,420,000

102

.24

1,452

1,095

Utah

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

400,000

103

.40

414

372

Utah

Charter

School

Finance

Authority

Revenue

Bonds

06/16/22

500,000

100

.00

500

507

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

02/02/23

425,000

73

.65

313

301

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

03/01/23

200,000

68

.89

138

147

V-Dana

Community

Development

District

Special

Assessment

07/23/20

100,000

98

.38

98

84

Ventana

Community

Development

District

Special

Assessment

03/01/18

500,000

97

.60

488

502

Ventana

Community

Development

District

Special

Assessment

07/01/24

790,000

97

.13

767

810

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

60,000

100

.00

60

51

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

55,000

101

.56

56

46

Verano

No.

1

Community

Development

District

Special

Assessment

05/04/17

100,000

98

.82

99

96

Verano

No.

1

Community

Development

District

Special

Assessment

05/30/17

100,000

100

.00

100

97

Vermont

Economic

Development

Authority

Revenue

Bonds

05/20/22

175,000

100

.00

175

178

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

400,000

91

.76

367

379

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

275,000

98

.25

270

279

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

05/04/18

1,364,000

100

.00

1,364

1,370

Village

Community

Development

District

No.

13

Special

Assessment

09/11/20

575,000

100

.00

575

473

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

324

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Village

Community

Development

District

No.

13

Special

Assessment

09/11/20

260,000

100

.00

260

228

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

400,000

100

.00

400

413

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

200,000

100

.30

201

206

Village

of

Salado

Special

Assessment

06/07/24

100,000

100

.00

100

101

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

09/20/19

450,000

101

.07

455

424

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

12/15/20

1,000,000

103

.92

1,039

1,012

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

200,000

107

.50

215

167

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

150,000

108

.04

162

128

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/10/21

2,525,000

104

.65

2,642

2,083

Waterset

Central

Community

Development

District

Special

Assessment

05/01/18

150,000

100

.00

150

153

Waterset

Central

Community

Development

District

Special

Assessment

05/01/18

150,000

100

.00

150

151

West

Meadow

Metropolitan

District

General

Obligation

Limited

04/21/23

500,000

99

.24

496

524

West

Port

Community

Development

District

Special

Assessment

08/05/20

1,700,000

101

.79

1,731

1,428

Westchester

County

Industrial

Development

Agency

Revenue

Bonds

07/22/24

150,000

99

.25

149

149

Western

Regional

Off-Track

Betting

Corp.

Revenue

Bonds

08/27/21

115,000

98

.96

114

101

Westside

Community

Development

District

Special

Assessment

09/20/19

100,000

100

.00

100

95

Westside

Community

Development

District

Special

Assessment

09/20/19

100,000

99

.84

100

94

Wildblue

Community

Development

District

Special

Assessment

05/23/19

125,000

100

.00

125

117

Wildblue

Community

Development

District

Special

Assessment

05/23/19

250,000

100

.27

251

225

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

Tax

Allocation

01/05/24

500,000

90

.57

453

471

Winsome

Metropolitan

District

No.

3

General

Obligation

Limited

07/08/21

500,000

100

.00

500

440

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

02/22/24

750,000

102

.19

766

766

Wyandotte

County

City

Unified

Government

Revenue

Bonds

08/03/23

5,250,000

42

.52

2,263

2,240

400,972

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Short

Positions

United

States

10

Year

Treasury

Note

Futures

220

USD

24,599

09/24

(797)

United

States

Treasury

Long

Bond

Futures

100

USD

12,078

09/24

(579)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(1,376)

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

325

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Municipal

Bonds

Alabama

$

—

$

46,985

$

—

$

—

$

46,985

Alaska

—

2,092

—

—

2,092

Arizona

—

29,484

—

—

29,484

Arkansas

—

9,745

—

—

9,745

California

—

166,078

179

—

166,257

Colorado

—

72,202

—

—

72,202

Connecticut

—

19,360

—

—

19,360

Delaware

—

901

—

—

901

District

of

Columbia

—

22,557

—

—

22,557

Florida

—

217,457

—

—

217,457

Georgia

—

33,230

—

—

33,230

Guam

—

10,718

—

—

10,718

Hawaii

—

11,276

—

—

11,276

Idaho

—

3,615

—

—

3,615

Illinois

—

164,252

—

—

164,252

Indiana

—

14,345

—

—

14,345

Iowa

—

15,753

—

—

15,753

Kansas

—

4,336

—

—

4,336

Kentucky

—

18,929

—

—

18,929

Louisiana

—

13,641

—

—

13,641

Maine

—

1,186

—

—

1,186

Maryland

—

31,993

—

—

31,993

Massachusetts

—

15,944

—

—

15,944

Michigan

—

42,788

—

—

42,788

Minnesota

—

10,473

—

—

10,473

Mississippi

—

4,488

—

—

4,488

Missouri

—

13,444

—

—

13,444

Montana

—

2,276

—

—

2,276

Nevada

—

6,487

—

—

6,487

New

Hampshire

—

16,701

—

—

16,701

New

Jersey

—

71,880

—

—

71,880

New

Mexico

—

471

—

—

471

New

York

—

176,340

—

—

176,340

North

Carolina

—

12,126

—

—

12,126

North

Dakota

—

5,543

—

—

5,543

Ohio

—

85,163

—

—

85,163

Oklahoma

—

9,169

—

—

9,169

Oregon

—

10,188

—

—

10,188

Pennsylvania

—

96,207

—

—

96,207

Puerto

Rico

—

157,067

—

—

157,067

Rhode

Island

—

5,726

—

—

5,726

South

Carolina

—

15,333

—

—

15,333

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

326

Tax-Exempt

High

Yield

Bond

Fund

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

South

Dakota

—

2,371

—

—

2,371

Tennessee

—

8,071

—

—

8,071

Texas

—

113,778

—

—

113,778

Utah

—

21,297

311

—

21,608

Vermont

—

2,894

—

—

2,894

Virgin

Islands

—

14,139

—

—

14,139

Virginia

—

29,481

—

—

29,481

Washington

—

28,059

—

—

28,059

West

Virginia

—

7,064

—

—

7,064

Wisconsin

—

51,996

—

—

51,996

Wyoming

—

910

—

—

910

Loan

Agreements

—

—

491

—

491

Short-Term

Investments

—

—

—

51,646

51,646

Total

Investments

—

1,948,009

981

51,646

2,000,636

Other

Financial

Instruments

Liabilities

Futures

Contracts

(1,376)

—

—

—

(1,376)

Total

Other

Financial

Instruments*

$

(1,376)

$

—

$

—

$

—

$

(1,376)

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

327

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

33,578

$

620,024

$

601,956

$

(1

)

$

1

$

51,646

$

2,455

$

—

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

328

Tax-Exempt

Bond

Fund

u

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Municipal

Bonds

-

99.7%

Alabama

-

2.6%

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

150

4.000

01/01/33

153

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

200

4.000

01/01/34

205

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

300

4.000

01/01/36

304

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

380

4.000

01/01/39

381

Alabama

Housing

Finance

Authority

Revenue

Bonds

(~)(Ê)

3,429

5.000

06/01/26

3,456

Bessemer

Governmental

Utility

Services

Corp.

Revenue

Bonds

(µ)

1,000

5.000

06/01/31

1,043

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

1,000

4.000

07/01/37

1,016

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

700

4.000

07/01/39

706

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

600

4.000

07/01/40

602

Black

Belt

Energy

Gas

District

Revenue

Bonds

2,315

5.000

06/01/25

2,337

Black

Belt

Energy

Gas

District

Revenue

Bonds

2,500

5.000

07/01/29

2,628

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

850

4.000

12/01/49

853

Black

Belt

Energy

Gas

District

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.350%)(ae)(Ê)

2,135

3.960

10/01/52

2,094

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

5,500

4.000

10/01/52

5,526

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

4,575

5.250

02/01/53

4,860

Black

Belt

Energy

Gas

District

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.650%)(ae)(Ê)

24,865

2.850

04/01/53

24,507

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

710

4.000

04/01/53

714

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.500

11/01/53

5,317

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

2,360

5.250

12/01/53

2,560

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(Ê)

19,280

1.000

05/01/55

20,566

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(Ê)

7,725

5.250

05/01/55

8,453

City

of

Birmingham

Special

Care

Facilities

Financing

Authority

Revenue

Bonds

2,000

5.000

06/01/32

2,022

City

of

Gadsden

General

Obligation

Unlimited

(µ)

1,690

5.000

08/01/27

1,779

County

of

Jefferson

Sewer

Revenue

Bonds

500

5.250

10/01/40

554

County

of

Jefferson

Sewer

Revenue

Bonds

500

5.250

10/01/41

552

County

of

Jefferson

Sewer

Revenue

Bonds

1,025

5.250

10/01/44

1,119

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

250

5.000

12/01/26

254

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

1,015

5.000

06/01/29

1,047

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

9,990

5.250

06/01/32

10,809

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

850

5.750

04/01/54

944

Health

Care

Authority

for

Baptist

Health

(The)

Revenue

Bonds

550

5.000

11/15/37

587

Homewood

Educational

Building

Authority

Revenue

Bonds

1,475

5.500

10/01/49

1,565

Houston

County

Health

Care

Authority

Revenue

Bonds

350

5.000

10/01/30

354

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

700

3.780

06/01/34

704

Montgomery

County

Public

Facilities

Authority

Revenue

Bonds

690

4.000

03/01/38

703

Montgomery

County

Public

Facilities

Authority

Revenue

Bonds

420

4.000

03/01/39

427

Montgomery

County

Public

Facilities

Authority

Revenue

Bonds

400

4.000

03/01/41

405

Phoenix

City

Board

of

Education

School

Warrants

Special

Tax

(µ)

2,140

4.000

08/01/39

2,154

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

210

2.250

11/01/27

155

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

550

2.375

11/01/28

385

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

1,590

4.000

11/01/37

1,014

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

1,670

4.000

11/01/38

1,065

Southeast

Alabama

Gas

Supply

District

(The)

Revenue

Bonds

(~)(ae)(Ê)

1,690

5.000

04/01/32

1,820

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

10,200

5.500

01/01/53

10,961

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

835

5.000

05/01/53

872

Town

of

Pike

Road

General

Obligation

Limited

3,055

5.000

03/01/43

3,342

Town

of

Pike

Road

General

Obligation

Limited

7,875

5.000

03/01/48

8,465

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

250

5.250

05/01/44

253

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

329

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

University

of

South

Alabama

Revenue

Bonds

(µ)

1,000

5.000

10/01/31

1,044

University

of

South

Alabama

Revenue

Bonds

(µ)

715

5.000

10/01/32

746

University

of

South

Alabama

Revenue

Bonds

(µ)

325

5.000

10/01/36

338

University

of

West

Alabama

Revenue

Bonds

(µ)

300

4.000

01/01/33

304

University

of

West

Alabama

Revenue

Bonds

(µ)

330

4.000

01/01/34

335

University

of

West

Alabama

Revenue

Bonds

(µ)

430

4.000

01/01/35

436

University

of

West

Alabama

Revenue

Bonds

(µ)

250

4.000

01/01/38

252

West

Jefferson

Industrial

Development

Board

Revenue

Bonds

(~)(Ê)

1,730

3.650

06/01/28

1,734

147,781

Alaska

-

0.1%

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

1,170

5.000

04/01/25

1,171

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

465

5.000

06/01/33

484

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

160

5.000

12/01/26

166

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

635

5.000

12/01/27

671

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

295

5.000

12/01/28

316

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

300

5.000

12/01/29

326

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

210

5.000

12/01/30

231

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

1,125

5.000

12/01/36

1,257

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

750

5.000

12/01/38

832

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

750

5.000

12/01/47

809

Municipality

of

Anchorage

General

Obligation

Unlimited

1,000

4.000

09/01/41

1,007

7,270

Arizona

-

2.0%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(S&P

Municipal

Bond

7

Day

Intermediate

Grade

Index

Rate

+

0.810%)(Ê)

6,625

1.770

01/01/37

6,417

Arizona

Health

Facilities

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.250%)(Ê)

3,750

4.230

01/01/46

3,718

Arizona

Industrial

Development

Authority

Revenue

Bonds

170

2.650

07/01/26

165

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(Ê)

1,500

5.000

09/01/26

1,549

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

13,050

5.000

01/01/27

13,480

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

490

5.000

05/01/27

270

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

270

5.000

05/01/28

149

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,250

4.500

07/15/29

1,197

Arizona

Industrial

Development

Authority

Revenue

Bonds

275

4.000

07/01/31

274

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

240

3.000

12/15/31

221

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

11/01/32

1,062

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,100

5.000

11/01/35

1,164

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,050

5.000

11/01/37

1,104

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

250

5.000

07/01/38

255

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,890

4.000

11/01/39

1,892

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

11/01/39

1,046

Arizona

Industrial

Development

Authority

Revenue

Bonds

800

4.000

11/01/40

794

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,500

4.000

07/01/42

1,351

Arizona

Industrial

Development

Authority

Revenue

Bonds

120

5.000

01/01/43

80

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,880

5.000

10/01/44

6,032

Arizona

Industrial

Development

Authority

Revenue

Bonds

225

5.000

11/01/44

232

Arizona

Industrial

Development

Authority

Revenue

Bonds

500

4.500

01/01/49

289

Arizona

Industrial

Development

Authority

Revenue

Bonds

275

5.000

01/01/54

168

Arizona

Transportation

Board

Revenue

Bonds

2,735

5.000

07/01/25

2,740

Arizona

Water

Infrastructure

Finance

Authority

Revenue

Bonds

1,500

5.000

10/01/26

1,504

Chandler

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,650

3.800

12/01/35

1,671

City

of

Glendale

Excise

Tax

Revenue

Bonds

2,500

5.000

07/01/28

2,639

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

330

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Glendale

Excise

Tax

Revenue

Bonds

2,025

5.000

07/01/32

2,130

City

of

Glendale

Water

&

Sewer  Revenue

Bonds

1,500

5.000

07/01/42

1,687

City

of

Mesa

Utility

System

Revenue

Bonds

(µ)

1,000

5.000

07/01/34

1,128

City

of

Mesa

Utility

System

Revenue

Bonds

(µ)

1,025

5.000

07/01/41

1,128

City

of

Mesa

Utility

System

Revenue

Bonds

2,500

5.000

07/01/43

2,653

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

1,750

5.000

07/01/39

1,993

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

3,000

5.000

07/01/40

3,395

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

4,270

5.000

07/01/41

4,859

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

275

5.000

07/01/45

288

Coconino

County

Pollution

Control

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,000

3.750

03/01/39

996

County

of

Pinal

Revenue

Bonds

1,775

5.000

08/01/25

1,778

Entertainment

Center

Community

Facilities

District

Revenue

Bonds

2,772

4.000

07/01/37

2,762

Festival

Ranch

Community

Facilities

District

General

Obligation

Unlimited

(µ)

850

4.000

07/15/36

847

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

1,000

5.125

11/15/29

1,010

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

500

6.750

11/15/42

545

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

50

4.000

02/15/41

45

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

850

5.000

09/01/30

900

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

3.000

07/01/31

95

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

09/01/31

1,058

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

925

5.000

09/01/32

978

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

800

5.000

09/01/33

846

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

1,225

4.000

07/01/34

1,220

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

5,000

5.000

01/01/35

5,163

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

610

4.000

01/01/41

602

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

515

4.000

07/01/41

471

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

2,280

6.250

03/01/55

2,539

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,000

3.875

06/01/29

5,066

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

1,800

2.400

06/01/35

1,518

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

3,315

3.600

04/01/40

3,034

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

400

5.000

07/01/26

414

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

325

5.000

07/01/29

343

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

675

4.000

07/01/36

698

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

440

4.000

07/01/37

455

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

500

4.000

07/01/38

514

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

530

4.000

07/01/39

541

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

560

4.000

07/01/40

567

Northern

Arizona

University

Certificate

of

Participation

(µ)

1,050

5.000

09/01/28

1,130

Pinal

County

Elementary

School

District

No.

4

Casa

Grande

General

Obligation

Unlimited

(µ)

125

5.000

07/01/28

131

Pinal

County

Elementary

School

District

No.

4

Casa

Grande

General

Obligation

Unlimited

(µ)

215

5.000

07/01/29

226

Pinal

County

Elementary

School

District

No.

4

Casa

Grande

General

Obligation

Unlimited

(µ)

765

5.000

07/01/30

802

Salt

River

Project

Agricultural

Improvement

&

Power

District

Electrical

System

Revenue

Bonds

1,960

5.000

01/01/36

2,076

Salt

River

Project

Agricultural

Improvement

&

Power

District

Electrical

System

Revenue

Bonds

1,950

5.000

12/01/45

1,981

Salt

Verde

Financial

Corp.

Revenue

Bonds

1,090

5.250

12/01/24

1,096

Salt

Verde

Financial

Corp.

Revenue

Bonds

400

5.000

12/01/37

441

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

331

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Student

&

Academic

Services

LLC

Revenue

Bonds

(µ)

425

5.000

06/01/27

427

Student

&

Academic

Services

LLC

Revenue

Bonds

(µ)

390

5.000

06/01/28

392

114,431

Arkansas

-

0.4%

Arkansas

Development

Finance

Authority

Revenue

Bonds

190

4.000

07/01/26

188

Arkansas

Development

Finance

Authority

Revenue

Bonds

230

4.000

07/01/28

225

Arkansas

Development

Finance

Authority

Revenue

Bonds

50

3.000

07/01/32

43

Arkansas

Development

Finance

Authority

Revenue

Bonds

230

3.125

07/01/36

184

Batesville

Public

Facilities

Board

Revenue

Bonds

390

5.000

06/01/26

389

Batesville

Public

Facilities

Board

Revenue

Bonds

230

5.000

06/01/27

228

City

of

Batesville

Sales

&

Use

Tax

Revenue

Bonds

(µ)

1,355

5.000

02/01/39

1,444

City

of

Fort

Smith

Water

&

Sewer

Revenue

Bonds

3,500

5.000

10/01/31

3,736

City

of

Hot

Springs

Waterworks

Revenue

Bonds

(µ)

600

4.000

10/01/36

601

City

of

Hot

Springs

Waterworks

Revenue

Bonds

(µ)

300

4.000

10/01/37

300

Conway

Health

Facilities

Board

Revenue

Bonds

500

5.000

08/01/28

511

County

of

Pulaski

Revenue

Bonds

1,000

5.000

03/01/41

1,092

Little

Rock

School

District

General

Obligation

Limited

(µ)

3,640

2.000

02/01/36

2,842

Rogers

School

District

No.

30

General

Obligation

Limited

1,285

4.000

02/01/37

1,295

Rogers

School

District

No.

30

General

Obligation

Limited

3,815

4.000

02/01/38

3,847

Southern

Arkansas

University

Revenue

Bonds

(µ)

1,005

4.000

03/01/33

1,005

Southern

Arkansas

University

Revenue

Bonds

(µ)

860

4.000

03/01/36

860

University

of

Arkansas

Revenue

Bonds

1,000

5.000

11/01/47

1,033

University

of

Central

Arkansas

Revenue

Bonds

(µ)

400

3.250

11/01/33

375

University

of

Central

Arkansas

Revenue

Bonds

(µ)

325

5.000

11/01/36

336

20,534

California

-

7.4%

Alameda

Community

Facilities

District

Special

Tax

125

5.000

09/01/48

127

Banning

Unified

School

District

General

Obligation

Unlimited

(µ)

500

5.000

08/01/28

522

Bay

Area

Toll

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.300%)

(ae)(Ê)

1,750

3.910

04/01/56

1,724

Bay

Area

Toll

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.410%)

(ae)(Ê)

1,200

4.020

04/01/56

1,177

Beaumont

Financing

Authority

Special

Tax

990

5.000

09/01/45

996

Brea

Redevelopment

Agency

Tax

Allocation

600

5.000

08/01/32

632

Brentwood

Infrastructure

Financing

Authority

Special

Assessment

(µ)

995

5.000

09/02/29

997

Brentwood

Union

School

District

General

Obligation

Unlimited

200

5.000

08/01/32

208

Brentwood

Union

School

District

General

Obligation

Unlimited

250

5.000

08/01/33

260

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

Bonds

(µ)

1,000

4.000

07/01/54

987

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,250

4.000

08/01/31

1,262

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

12,325

5.250

01/01/54

13,210

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

275

5.000

02/01/54

295

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

415

4.000

10/15/26

416

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

130

5.000

06/01/49

133

California

Educational

Facilities

Authority

Revenue

Bonds

200

5.000

10/01/27

213

California

Educational

Facilities

Authority

Revenue

Bonds

445

5.000

10/01/32

475

California

Educational

Facilities

Authority

Revenue

Bonds

800

5.000

10/01/35

853

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,265

5.000

02/01/27

1,331

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000

10/01/27

1,040

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,350

5.000

02/01/28

1,421

California

Health

Facilities

Financing

Authority

Revenue

Bonds

2,075

5.000

12/01/28

2,221

California

Health

Facilities

Financing

Authority

Revenue

Bonds

365

5.000

08/15/32

379

California

Health

Facilities

Financing

Authority

Revenue

Bonds

600

5.000

08/15/33

623

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

332

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,600

5.000

08/15/35

1,659

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,130

5.250

12/01/41

1,259

California

Health

Facilities

Financing

Authority

Revenue

Bonds

250

5.000

08/15/42

257

California

Health

Facilities

Financing

Authority

Revenue

Bonds

5,000

5.000

11/15/42

5,642

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,130

5.250

12/01/43

1,244

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,620

5.000

10/01/44

1,620

California

Health

Facilities

Financing

Authority

Revenue

Bonds

850

5.000

08/15/47

869

California

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

332

5.000

11/01/26

343

California

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,150

3.750

06/01/27

1,162

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

4,000

3.250

08/01/29

3,957

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

400

5.000

11/01/33

426

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

675

4.000

05/01/39

680

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

540

4.000

05/01/40

540

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

225

5.000

05/15/40

229

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

1,410

5.000

07/01/40

1,528

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

2,100

5.000

07/01/41

2,259

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

1,800

5.000

07/01/42

1,931

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

1,400

5.000

07/01/43

1,494

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

1,000

5.000

07/01/44

1,064

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

495

5.000

11/01/44

513

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

5,000

5.250

07/01/49

5,408

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(~)(ae)(Ê)

2,750

1.200

12/01/50

2,449

California

Municipal

Finance

Authority

Certificate

of

Participation

(µ)

1,200

5.250

11/01/35

1,348

California

Municipal

Finance

Authority

Revenue

Bonds

100

5.000

10/01/25

101

California

Municipal

Finance

Authority

Revenue

Bonds

690

5.000

08/15/27

735

California

Municipal

Finance

Authority

Revenue

Bonds

100

5.000

10/01/27

104

California

Municipal

Finance

Authority

Revenue

Bonds

75

2.750

11/15/27

75

California

Municipal

Finance

Authority

Revenue

Bonds

150

5.000

10/01/28

159

California

Municipal

Finance

Authority

Revenue

Bonds

590

4.000

11/15/28

591

California

Municipal

Finance

Authority

Revenue

Bonds

225

5.000

10/01/29

238

California

Municipal

Finance

Authority

Revenue

Bonds

10,100

5.000

05/15/30

10,714

California

Municipal

Finance

Authority

Revenue

Bonds

350

5.000

01/01/31

377

California

Municipal

Finance

Authority

Revenue

Bonds

70

4.000

07/01/31

69

California

Municipal

Finance

Authority

Revenue

Bonds

800

5.000

08/15/32

847

California

Municipal

Finance

Authority

Revenue

Bonds

100

5.000

10/01/33

105

California

Municipal

Finance

Authority

Revenue

Bonds

1,200

5.000

08/15/34

1,260

California

Municipal

Finance

Authority

Revenue

Bonds

250

4.000

07/01/41

228

California

Municipal

Finance

Authority

Revenue

Bonds

820

5.000

05/15/42

857

California

Municipal

Finance

Authority

Revenue

Bonds

570

5.000

07/01/47

574

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

325

3.700

08/01/40

327

California

Public

Finance

Authority

Revenue

Bonds

360

4.000

10/15/28

360

California

Public

Finance

Authority

Revenue

Bonds

(~)(Ê)

680

4.000

10/15/51

664

California

School

Finance

Authority

Revenue

Bonds

(Þ)

295

2.000

10/01/26

282

California

School

Finance

Authority

Revenue

Bonds

(Þ)

215

3.000

10/01/31

199

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

4.000

11/01/31

500

California

School

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/33

103

California

School

Finance

Authority

Revenue

Bonds

(Þ)

830

4.000

11/01/36

806

California

School

Finance

Authority

Revenue

Bonds

(Þ)

430

5.000

07/01/39

450

California

School

Finance

Authority

Revenue

Bonds

(Þ)

545

5.000

07/01/40

558

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

08/01/42

1,018

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.000

06/01/44

254

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

333

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

School

Finance

Authority

Revenue

Bonds

(Þ)

125

5.000

08/01/46

125

California

School

Finance

Authority

Revenue

Bonds

(Þ)

100

4.000

10/01/46

89

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.000

06/01/54

251

California

State

Public

Works

Board

Revenue

Bonds

1,500

5.000

04/01/41

1,715

California

State

Public

Works

Board

Revenue

Bonds

2,040

5.000

04/01/43

2,311

California

State

Public

Works

Board

Revenue

Bonds

1,725

5.000

04/01/45

1,938

California

State

University

Revenue

Bonds

6,350

5.000

11/01/41

6,530

California

Statewide

Communities

Development

Authority

Revenue

Bonds

400

4.000

09/02/27

399

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

2,125

3.500

11/01/27

2,081

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

350

5.000

12/01/27

363

California

Statewide

Communities

Development

Authority

Revenue

Bonds

300

4.000

09/02/28

299

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,320

1.750

09/01/29

1,171

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,315

5.000

11/01/29

2,537

California

Statewide

Communities

Development

Authority

Revenue

Bonds

275

5.000

04/01/30

284

California

Statewide

Communities

Development

Authority

Revenue

Bonds

300

4.000

09/02/30

298

California

Statewide

Communities

Development

Authority

Revenue

Bonds

435

4.750

09/02/33

440

California

Statewide

Communities

Development

Authority

Revenue

Bonds

700

4.500

11/01/33

745

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

3,125

6.125

11/01/33

3,132

California

Statewide

Communities

Development

Authority

Revenue

Bonds

425

3.000

04/01/37

382

California

Statewide

Communities

Development

Authority

Revenue

Bonds

625

4.000

09/01/41

605

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,825

5.000

04/01/47

1,859

California

Statewide

Communities

Development

Authority

Special

Tax

1,965

5.000

09/01/42

2,058

California

Statewide

Financing

Authority

Revenue

Bonds

570

5.250

12/01/44

572

Chula

Vista

Community

Facilities

District

Special

Tax

880

4.000

09/01/36

882

Chula

Vista

Community

Facilities

District

Special

Tax

770

4.000

09/01/41

746

City

&

County

of

San

Francisco

Certificate

of

Participation

5,420

4.000

04/01/40

5,516

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

125

4.000

09/01/41

119

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

1

Tax

Allocation

(Þ)

375

5.000

09/01/32

406

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

1

Tax

Allocation

(Þ)

375

5.000

09/01/37

402

City

of

Atwater

Wastewater

Revenue

Bonds

(µ)

240

5.000

05/01/43

248

City

of

Beaumont

Special

Tax

600

5.000

09/01/43

628

City

of

Beaumont

Special

Tax

650

5.000

09/01/44

679

City

of

Bell

General

Obligation

Unlimited

(µ)

500

3.375

08/01/33

486

City

of

Bell

General

Obligation

Unlimited

(µ)

500

3.375

08/01/34

484

City

of

Calimesa

Special

Tax

185

4.000

09/01/33

186

City

of

Clovis

Wastewater

Revenue

Bonds

(µ)

1,250

5.000

08/01/28

1,324

City

of

Fillmore

Special

Tax

920

5.000

09/01/38

983

City

of

Fillmore

Special

Tax

1,100

5.000

09/01/43

1,152

City

of

Lemoore

Water

Revenue

Bonds

(µ)

230

5.000

06/01/33

247

City

of

Lemoore

Water

Revenue

Bonds

(µ)

500

5.000

06/01/38

533

City

of

Lemoore

Water

Revenue

Bonds

(µ)

600

5.000

06/01/39

638

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

5,535

5.000

05/15/38

6,232

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

7,630

4.000

05/15/39

7,888

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

5,640

5.000

05/15/39

6,309

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

12,945

4.000

05/15/40

13,292

City

of

Palm

Desert

Special

Tax

25

4.000

09/01/30

25

City

of

Palm

Desert

Special

Tax

25

4.000

09/01/33

25

City

of

Palm

Desert

Special

Tax

25

4.000

09/01/36

24

City

of

Rocklin

Special

Tax

(µ)

1,490

4.000

09/01/43

1,507

City

of

Roseville

Special

Tax

10

4.000

09/01/24

10

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

334

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Roseville

Special

Tax

10

4.000

09/01/26

10

City

of

Roseville

Special

Tax

10

5.000

09/01/30

11

City

of

Roseville

Special

Tax

25

4.000

09/01/32

25

City

of

Roseville

Special

Tax

250

4.000

09/01/33

248

City

of

Roseville

Special

Tax

500

4.500

09/01/33

498

City

of

Roseville

Special

Tax

30

4.000

09/01/34

30

City

of

Roseville

Special

Tax

2,250

5.000

09/01/35

2,311

City

of

Roseville

Special

Tax

35

4.000

09/01/36

34

City

of

Roseville

Special

Tax

125

2.500

09/01/37

100

City

of

Roseville

Special

Tax

40

4.000

09/01/38

38

City

of

Roseville

Special

Tax

45

4.000

09/01/40

42

City

of

Roseville

Special

Tax

725

4.000

09/01/41

689

City

of

Roseville

Special

Tax

1,500

6.000

09/01/53

1,593

City

of

Sacramento

North

Natomas

Community

Facilities

District

No.

4

Revenue

Bonds

(µ)

2,745

5.000

09/01/30

3,039

City

of

San

Mateo

Special

Tax

(µ)

2,930

5.250

09/01/35

3,305

Corona

Community

Facilities

District

Special

Tax

100

5.000

09/01/30

107

Corona

Community

Facilities

District

Special

Tax

100

5.000

09/01/31

108

Corona

Community

Facilities

District

Special

Tax

180

5.250

09/01/33

196

Corona-Norco

Unified

School

District

General

Obligation

Unlimited

3,380

4.000

08/01/39

3,443

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

100

5.000

09/01/28

106

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

275

5.000

09/01/33

296

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

500

5.000

09/01/35

538

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

600

5.000

09/01/37

643

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

400

5.000

09/01/47

412

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,105

5.000

09/01/28

1,164

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

400

5.000

09/01/29

421

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

775

5.000

09/01/32

815

Dinuba

Redevelopment

Agency

Tax

Allocation

(µ)

590

5.000

09/01/33

592

Dixon

Unified

School

District

General

Obligation

Unlimited

(µ)

110

5.000

08/01/34

121

Dublin

Community

Facilities

District

Improvement

Area

No.

1

Special

Tax

2,285

5.000

09/01/37

2,365

Fontana

Unified

School

District

General

Obligation

Unlimited

(µ)

1,500

2.375

08/01/44

1,065

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

3,690

5.000

06/01/28

3,920

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

750

5.000

06/01/33

809

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

2,300

5.000

06/01/34

2,480

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

1,150

5.000

06/01/45

1,170

Grossmont-Cuyamaca

Community

College

District

General

Obligation

Unlimited

425

5.000

08/01/34

461

Grossmont-Cuyamaca

Community

College

District

General

Obligation

Unlimited

1,000

5.000

08/01/36

1,080

Hayward

Unified

School

District

General

Obligation

Unlimited

(µ)

2,000

4.000

08/01/42

2,003

Hercules

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

2,050

5.000

08/01/37

2,289

Hercules

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

635

5.000

08/01/42

691

Hollister

Joint

Powers

Financing

Authority

Wastewater

Revenue

Bonds

(µ)

1,000

5.000

06/01/36

1,034

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

760

5.000

08/15/29

817

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

410

5.000

08/15/30

441

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,845

5.000

08/15/31

1,986

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,625

5.000

08/15/32

1,749

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,100

5.000

08/15/33

1,183

Inglewood

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,000

5.000

05/01/33

1,046

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

290

5.000

08/01/31

302

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

335

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

345

5.000

08/01/32

358

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

500

5.000

08/01/33

519

Irvine

Facilities

Financing

Authority

Revenue

Bonds

1,850

5.250

05/01/48

1,893

Irvine

Unified

School

District

Special

Tax

60

5.000

09/01/30

65

Irvine

Unified

School

District

Special

Tax

60

5.000

09/01/34

65

Irvine

Unified

School

District

Special

Tax

75

5.000

09/01/36

80

Kern

Community

College

District

General

Obligation

Unlimited

1,000

5.250

08/01/35

1,180

Lake

Elsinore

School

Financing

Authority

Special

Tax

(µ)

1,490

5.000

10/01/35

1,626

Lancaster

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,380

5.000

08/01/33

1,437

Long

Beach

Bond

Finance

Authority

Revenue

Bonds

1,000

5.000

11/15/24

1,003

Los

Angeles

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

630

3.750

12/01/46

633

Los

Angeles

County

Metropolitan

Transportation

Authority

Revenue

Bonds

1,200

5.000

07/01/38

1,262

Los

Angeles

Unified

School

District

General

Obligation

Unlimited

2,135

5.000

07/01/25

2,177

Los

Angeles

Unified

School

District

General

Obligation

Unlimited

675

5.000

07/01/26

703

Los

Angeles

Unified

School

District

General

Obligation

Unlimited

1,355

5.000

07/01/27

1,442

Los

Angeles

Unified

School

District

General

Obligation

Unlimited

2,440

5.000

07/01/34

2,899

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

565

2.769

08/01/31

439

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

500

2.943

08/01/32

373

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

685

3.113

08/01/33

490

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

630

3.256

08/01/34

431

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

785

3.381

08/01/35

513

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

990

3.478

08/01/36

618

Lynwood

Utility

Authority

Revenue

Bonds

(µ)

465

5.000

06/01/32

491

Madera

Development

Agency

Successor

Agency

Tax

Allocation

2,305

5.000

09/01/36

2,471

Madera

Unified

School

District

General

Obligation

Unlimited

1,250

4.000

08/01/44

1,244

Menifee

Union

School

District

Special

Tax

150

5.000

09/01/42

157

Modesto

Irrigation

District

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.630%)

(µ)(Ê)

2,500

0.744

09/01/37

2,380

Napa

Valley

Community

College

District

General

Obligation

Unlimited

4,000

Zero

coupon

08/01/31

4,054

Northern

California

Energy

Authority

Revenue

Bonds

(~)(Ê)

4,295

5.000

12/01/54

4,585

Oxnard

Financing

Authority

Revenue

Bonds

(µ)

775

5.000

06/01/34

776

Oxnard

School

District

General

Obligation

Unlimited

(µ)

810

5.250

08/01/28

831

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

350

5.000

10/01/29

370

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

185

5.000

10/01/30

196

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

390

5.000

10/01/31

412

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

405

5.000

10/01/32

428

Palomar

Health

General

Obligation

Unlimited

2,230

5.000

08/01/29

2,259

Paramount

Unified

School

District

General

Obligation

Unlimited

(µ)

1,355

2.845

08/01/34

948

Reef-Sunset

Unified

School

District

General

Obligation

Unlimited

(µ)

665

5.000

08/01/38

697

Rio

Vista

Public

Financing

Authority

Special

Tax

275

5.000

09/01/27

288

Rio

Vista

Public

Financing

Authority

Special

Tax

235

5.000

09/01/29

246

River

Islands

Public

Financing

Authority

Special

Tax

(µ)

555

4.000

09/01/37

575

River

Islands

Public

Financing

Authority

Special

Tax

125

4.000

09/01/41

118

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

1,000

5.000

10/01/28

1,022

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

1,150

5.000

10/01/30

1,175

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

490

Zero

coupon

10/01/28

513

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

1,010

Zero

coupon

10/01/37

1,052

Riverside

County

Transportation

Commission

Revenue

Bonds

310

4.000

06/01/37

315

Riverside

County

Transportation

Commission

Revenue

Bonds

410

4.000

06/01/38

416

Riverside

County

Transportation

Commission

Revenue

Bonds

530

4.000

06/01/39

535

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

336

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Riverside

County

Transportation

Commission

Revenue

Bonds

245

4.000

06/01/40

246

Riverside

Unified

School

District

Special

Tax

25

4.000

09/01/27

25

Riverside

Unified

School

District

Special

Tax

30

4.000

09/01/28

30

Riverside

Unified

School

District

Special

Tax

30

4.000

09/01/29

30

Riverside

Unified

School

District

Special

Tax

30

4.000

09/01/30

30

Romoland

School

District

Special

Tax

250

5.000

09/01/38

268

Root

Creek

Water

District

Community

Facilities

District

No.

2016-1

Impt

Area

No.

2

Special

Tax

2,690

5.000

09/01/43

2,818

Sacramento

Airport

System

Revenue

Bonds

4,700

5.000

07/01/41

4,800

Sacramento

County

Water

Financing

Authority

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.550%)(µ)(Ê)

1,770

0.785

06/01/34

1,699

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

2,950

3.622

07/01/34

1,979

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

1,885

3.775

07/01/36

1,154

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

3,180

3.835

07/01/37

1,862

San

Diego

Community

College

District

General

Obligation

Unlimited

(ae)

2,000

5.000

08/01/41

2,091

San

Diego

Unified

School

District

General

Obligation

Unlimited

1,000

6.625

07/01/41

991

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Revenue

Bonds

3,000

5.250

05/01/48

3,368

San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

10,000

5.000

05/01/43

11,216

San

Jacinto

Unified

School

District

Financing

Authority

Special

Tax

100

5.000

09/01/36

104

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

Bonds

5,140

5.250

01/15/49

5,168

San

Leandro

Unified

School

District

General

Obligation

Unlimited

(µ)

430

5.000

08/01/34

456

San

Ysidro

School

District

Certificate

of

Participation

(µ)

1,175

5.000

09/01/28

1,204

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

525

5.000

08/01/31

556

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

780

5.000

08/01/33

825

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

1,275

5.000

08/01/34

1,348

Santa

Ana

College

Improvement

District

#1

Rancho

Santiago

Community

College

District

General

Obligation

Unlimited

500

4.000

08/01/31

512

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,000

5.000

04/01/29

1,070

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

830

5.000

04/01/31

888

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

650

5.000

04/01/32

695

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,360

5.000

04/01/33

1,453

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,425

5.000

04/01/34

1,527

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,500

5.000

04/01/35

1,606

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

2,120

5.000

04/01/36

2,267

Santa

Clara

Unified

School

District

General

Obligation

Unlimited

3,500

3.250

07/01/44

3,102

Santa

Rosa

High

School

District

General

Obligation

Unlimited

(µ)

1,100

5.000

08/01/35

1,144

South

Orange

County

Public

Financing

Authority

Special

Assessment

1,500

5.000

08/15/28

1,583

South

Orange

County

Public

Financing

Authority

Special

Assessment

(µ)

700

5.000

08/15/30

754

South

Orange

County

Public

Financing

Authority

Special

Assessment

(µ)

385

5.000

08/15/31

413

Southern

California

Public

Power

Authority

Revenue

Bonds

(~)(ae)(Ê)

8,095

5.000

09/01/30

8,651

Southern

California

Public

Power

Authority

Revenue

Bonds

(~)(Ê)

5,765

4.200

07/01/35

5,765

State

of

California

Department

of

Water

Resources

Revenue

Bonds

1,500

5.000

12/01/25

1,546

State

of

California

General

Obligation

Unlimited

7,360

4.000

10/01/24

7,373

State

of

California

General

Obligation

Unlimited

5,000

5.000

04/01/25

5,069

State

of

California

General

Obligation

Unlimited

3,080

4.000

09/01/43

3,177

State

of

California

General

Obligation

Unlimited

270

5.000

04/01/49

286

Stockton

Community

Facilities

District

Special

Tax

55

2.000

09/01/24

55

Stockton

Community

Facilities

District

Special

Tax

60

2.250

09/01/26

57

Stockton

Community

Facilities

District

Special

Tax

60

2.375

09/01/28

55

Stockton

Community

Facilities

District

Special

Tax

70

2.750

09/01/31

63

Stockton

Community

Facilities

District

Special

Tax

70

3.000

09/01/33

63

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

337

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Stockton

Community

Facilities

District

Special

Tax

75

3.000

09/01/34

67

Stockton

Community

Facilities

District

Special

Tax

50

3.000

09/01/35

45

Stockton

Community

Facilities

District

Special

Tax

155

3.125

09/01/37

137

Stockton

Community

Facilities

District

Special

Tax

130

3.125

09/01/39

110

Stockton

Community

Facilities

District

Special

Tax

155

3.250

09/01/41

129

Stockton

Community

Facilities

District

Special

Tax

800

5.000

09/01/44

828

Stockton

Community

Facilities

District

Special

Tax

525

5.000

09/01/49

544

Stockton

Public

Financing

Authority

Water

Revenue

Bonds

(µ)

1,565

5.000

10/01/30

1,679

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

130

5.000

06/01/28

137

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

500

5.000

06/01/35

536

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

120

4.000

06/01/49

121

Town

of

Tiburon

Special

Assessment

75

2.375

09/02/41

53

Town

of

Tiburon

Special

Assessment

150

2.500

09/02/46

99

Transbay

Joint

Powers

Authority

Tax

Allocation

205

5.000

10/01/35

215

Transbay

Joint

Powers

Authority

Tax

Allocation

685

5.000

10/01/36

718

Transbay

Joint

Powers

Authority

Tax

Allocation

120

5.000

10/01/38

125

Transbay

Joint

Powers

Authority

Tax

Allocation

250

5.000

10/01/39

260

Transbay

Joint

Powers

Authority

Tax

Allocation

120

5.000

10/01/40

124

University

of

California

Revenue

Bonds

7,100

5.000

05/15/33

8,329

University

of

California

Revenue

Bonds

13,295

5.500

05/15/40

15,719

University

of

California

Revenue

Bonds

2,650

5.000

05/15/41

2,727

University

of

California

Revenue

Bonds

(~)(Ê)

10,835

4.000

05/15/48

10,835

Vista

Unified

School

District

General

Obligation

Unlimited

(µ)

3,455

5.250

08/01/41

3,948

Washington

Township

Health

Care

District

Revenue

Bonds

875

5.750

07/01/48

959

409,565

Colorado

-

2.3%

Adams

12

Five

Star

Schools

General

Obligation

Unlimited

3,500

5.000

12/15/30

3,661

Arapahoe

County

School

District

No.

5

Cherry

Creek

General

Obligation

Unlimited

2,250

2.300

12/15/28

2,099

Arapahoe

County

School

District

No.

6

Littleton

General

Obligation

Unlimited

1,500

5.500

12/01/43

1,613

Arkansas

River

Power

Authority

Revenue

Bonds

1,000

5.000

10/01/27

1,025

Arkansas

River

Power

Authority

Revenue

Bonds

1,200

5.000

10/01/28

1,239

Arkansas

River

Power

Authority

Revenue

Bonds

1,005

5.000

10/01/29

1,038

Arkansas

River

Power

Authority

Revenue

Bonds

1,000

5.000

10/01/30

1,032

Arkansas

River

Power

Authority

Revenue

Bonds

750

5.000

10/01/31

774

Arkansas

River

Power

Authority

Revenue

Bonds

2,660

5.000

10/01/38

2,734

BNC

Metropolitan

District

No.

1

General

Obligation

Limited

(µ)

360

5.000

12/01/32

378

Boulder

Larimer

&

Weld

Counties

St

Vrain

Valley

School

District

General

Obligation

Unlimited

1,500

5.000

12/15/36

1,573

Brighton

Crossing

Metropolitan

District

No.

4

General

Obligation

Unlimited

329

4.000

12/01/27

323

Buffalo

Ridge

Metropolitan

District

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/35

1,081

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,350

5.000

11/15/38

1,525

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,200

5.000

11/15/39

1,350

City

&

County

of

Denver

Airport

System

Revenue

Bonds

900

5.000

11/15/40

1,007

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,215

5.000

11/15/41

1,354

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,190

5.000

11/15/42

1,321

City

&

County

of

Denver

Dedicated

Excise

Tax

Revenue

Bonds

2,580

5.000

08/01/44

2,629

City

of

Boulder

Water

&

Sewer

Revenue

Bonds

4,250

4.000

12/01/42

4,295

Colorado

Bridge

&

Tunnel

Enterprise

Revenue

Bonds

(µ)

800

5.000

12/01/41

893

Colorado

Bridge

&

Tunnel

Enterprise

Revenue

Bonds

(µ)

1,000

5.000

12/01/42

1,111

Colorado

Bridge

&

Tunnel

Enterprise

Revenue

Bonds

(µ)

1,500

5.000

12/01/43

1,658

Colorado

Bridge

&

Tunnel

Enterprise

Revenue

Bonds

(µ)

1,660

5.250

12/01/49

1,846

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

60

4.000

05/01/30

60

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

338

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

1,000

5.000

08/15/30

1,001

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

325

4.000

06/01/31

326

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

850

5.000

12/01/31

853

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

100

4.000

05/01/36

98

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

25

4.000

05/01/41

24

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

335

4.000

10/01/46

289

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

75

5.000

06/01/49

75

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

75

5.000

06/01/54

75

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,725

5.000

11/01/25

1,762

Colorado

Health

Facilities

Authority

Revenue

Bonds

750

2.125

05/15/28

724

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,075

5.000

11/15/29

1,166

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,295

5.000

11/15/31

2,543

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

3,150

5.000

08/01/32

3,397

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,000

5.000

05/15/33

2,258

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

1,950

5.000

08/01/33

2,098

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,500

5.000

08/01/34

1,611

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

5,885

5.000

08/01/35

6,342

Colorado

Health

Facilities

Authority

Revenue

Bonds

855

5.000

08/01/35

915

Colorado

Health

Facilities

Authority

Revenue

Bonds

4,000

5.000

05/15/36

4,482

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000

01/01/37

1,016

Colorado

Health

Facilities

Authority

Revenue

Bonds

360

5.000

08/01/38

382

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,100

5.250

11/01/38

1,235

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

5.000

08/01/39

1,057

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

5.250

11/01/39

1,116

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,975

5.000

12/01/39

3,329

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,100

5.500

11/01/47

1,218

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

850

4.000

08/01/49

826

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,785

5.000

08/01/49

4,823

Colorado

Housing

and

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

455

3.500

11/01/26

455

Colorado

Housing

and

Finance

Authority

Revenue

Bonds

930

4.250

11/01/49

934

Colorado

Mesa

University

Revenue

Bonds

2,260

5.000

05/15/31

2,444

Crystal

Valley

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

750

4.000

12/01/37

768

Denver

Health

&

Hospital

Authority

Revenue

Bonds

1,465

5.000

12/01/30

1,518

Denver

Health

&

Hospital

Authority

Revenue

Bonds

620

5.000

12/01/31

642

Denver

Health

&

Hospital

Authority

Revenue

Bonds

450

5.000

12/01/33

465

Denver

Urban

Renewal

Authority

Tax

Allocation

(Þ)

1,175

5.250

12/01/39

1,186

E-470

Public

Highway

Authority

Revenue

Bonds

(SOFR

+

0.750%)(ae)(Ê)

5,400

4.335

09/01/26

5,397

E-470

Public

Highway

Authority

Revenue

Bonds

(µ)

3,865

Zero

coupon

09/01/27

3,474

E-470

Public

Highway

Authority

Revenue

Bonds

1,000

5.000

09/01/28

1,073

E-470

Public

Highway

Authority

Revenue

Bonds

(µ)

1,620

Zero

coupon

09/01/30

1,302

E-470

Public

Highway

Authority

Revenue

Bonds

155

5.000

09/01/34

171

E-470

Public

Highway

Authority

Revenue

Bonds

1,200

5.000

09/01/36

1,313

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

(Þ)

1,250

5.000

12/01/32

1,288

Glen

Metropolitan

District

No.

2

General

Obligation

Unlimited

1,320

5.000

12/01/47

1,292

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

1,000

5.250

12/01/34

1,053

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

500

5.250

12/01/35

526

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

2,555

5.250

12/01/37

2,668

Lakes

at

Centerra

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

1,050

4.000

12/01/43

1,027

Morgan

Hill

Metropolitan

District

No.

3

General

Obligation

Limited

485

3.000

12/01/31

413

Park

Creek

Metropolitan

District

Revenue

Bonds

1,000

5.000

12/01/26

1,021

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

339

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Park

Creek

Metropolitan

District

Revenue

Bonds

(µ)

1,150

5.000

12/01/28

1,192

Park

Creek

Metropolitan

District

Revenue

Bonds

365

5.000

12/01/34

372

Park

Creek

Metropolitan

District

Revenue

Bonds

500

5.000

12/01/37

507

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

(Þ)

1,500

5.000

12/15/41

1,509

Public

Authority

for

Colorado

Energy

Revenue

Bonds

1,000

6.250

11/15/28

1,051

Regional

Transportation

District

Revenue

Bonds

500

5.000

01/15/28

524

Sierra

Ridge

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

1,040

4.000

12/01/42

1,021

Southlands

Metropolitan

District

No.

1

General

Obligation

Unlimited

325

5.000

12/01/47

319

St.

Vrain

Lakes

Metropolitan

District

No.

2

General

Obligation

Unlimited

500

5.000

12/01/37

501

State

of

Colorado

Certificate

of

Participation

2,300

6.000

12/15/38

2,768

State

of

Colorado

Certificate

of

Participation

2,000

6.000

12/15/41

2,377

Sterling

Ranch

Community

Authority

Board

Revenue

Bonds

500

3.375

12/01/30

474

Vauxmont

Metropolitan

District

General

Obligation

Limited

(µ)

125

5.000

12/15/29

130

Vauxmont

Metropolitan

District

General

Obligation

Limited

(µ)

125

5.000

12/15/30

129

VDW

Metropolitan

District

No

2

General

Obligation

Limited

(µ)

885

4.000

12/01/45

832

Village

at

Dry

Creek

Metropolitan

District

No.

2

General

Obligation

Limited

(The)

500

4.375

12/01/44

488

Weld

County

School

District

No.

RE-4

General

Obligation

Unlimited

1,000

5.000

12/01/42

1,110

Wilkes-Barre

Finance

Authority

Revenue

Bonds

(µ)

1,000

4.250

12/01/44

1,001

129,395

Connecticut

-

2.2%

City

of

Bridgeport

General

Obligation

Unlimited

1,345

5.000

08/15/27

1,417

City

of

Bridgeport

General

Obligation

Unlimited

(µ)

965

5.000

07/01/29

966

City

of

Bridgeport

General

Obligation

Unlimited

1,640

5.000

11/01/33

1,724

City

of

Bridgeport

General

Obligation

Unlimited

700

5.000

11/01/34

736

City

of

Bridgeport

General

Obligation

Unlimited

1,310

5.000

09/01/39

1,428

City

of

Bridgeport

General

Obligation

Unlimited

690

4.000

09/01/41

689

City

of

Danbury

General

Obligations

Unlimited

(Þ)

6,105

5.000

09/24/24

6,118

City

of

Hartford

General

Obligation

Unlimited

(µ)

250

5.000

07/01/25

255

City

of

Hartford

General

Obligation

Unlimited

(µ)

2,205

5.000

07/01/31

2,241

City

of

Hartford

General

Obligation

Unlimited

(µ)

370

4.000

07/15/33

371

City

of

Hartford

General

Obligation

Unlimited

(µ)

180

4.000

07/01/34

180

City

of

New

Haven

General

Obligation

Unlimited

600

5.000

08/01/26

615

City

of

New

Haven

General

Obligation

Unlimited

(µ)

600

5.000

02/01/27

625

City

of

New

Haven

General

Obligation

Unlimited

450

5.000

08/01/27

467

City

of

New

Haven

General

Obligation

Unlimited

125

5.500

08/01/29

134

City

of

New

Haven

General

Obligation

Unlimited

500

5.500

08/01/30

535

City

of

New

Haven

General

Obligation

Unlimited

(µ)

1,915

5.000

09/01/30

1,949

City

of

New

Haven

General

Obligation

Unlimited

200

5.500

08/01/32

214

City

of

New

Haven

General

Obligation

Unlimited

100

5.500

08/01/33

107

City

of

New

Haven

General

Obligation

Unlimited

(µ)

1,000

4.000

08/01/37

1,016

City

of

New

Haven

General

Obligation

Unlimited

(µ)

1,900

5.250

08/01/43

2,097

City

of

West

Haven

General

Obligation

Unlimited

400

5.000

11/01/24

402

City

of

West

Haven

General

Obligation

Unlimited

400

5.000

11/01/25

408

City

of

West

Haven

General

Obligation

Unlimited

525

5.000

11/01/26

542

City

of

West

Haven

General

Obligation

Unlimited

435

5.000

11/01/27

454

Connecticut

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,605

3.850

05/15/27

1,611

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000

07/01/26

1,015

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,830

5.000

01/01/27

1,886

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

6,700

5.000

07/01/29

7,243

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

5.000

01/01/30

100

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

340

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

2,650

1.100

07/01/33

2,611

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

3,000

5.000

07/01/35

3,399

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,025

5.000

07/01/40

1,099

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

500

4.000

07/01/41

446

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

9,000

0.780

07/01/42

9,000

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

475

5.000

07/01/44

482

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

5,000

2.800

07/01/48

4,964

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,315

2.950

07/01/49

1,304

Metropolitan

District

General

Obligation

Unlimited

(µ)

630

5.000

11/01/30

658

South

Central

Connecticut

Regional

Water

Authority

Revenue

Bonds

3,935

4.000

08/01/38

4,008

State

of

Connecticut

Clean

Water

Fund

-

State

Revolving

Fund

Revenue

Bonds

4,000

5.000

02/01/33

4,368

State

of

Connecticut

General

Obligation

Unlimited

1,060

5.000

06/15/27

1,122

State

of

Connecticut

General

Obligation

Unlimited

9,860

5.000

04/15/28

10,592

State

of

Connecticut

General

Obligation

Unlimited

245

5.000

06/15/28

264

State

of

Connecticut

General

Obligation

Unlimited

5,500

5.000

03/15/29

5,653

State

of

Connecticut

General

Obligation

Unlimited

275

5.000

06/15/29

295

State

of

Connecticut

General

Obligation

Unlimited

3,025

3.000

01/15/32

2,889

State

of

Connecticut

General

Obligation

Unlimited

1,000

5.000

04/15/34

1,082

State

of

Connecticut

General

Obligation

Unlimited

4,975

4.000

04/15/37

5,038

State

of

Connecticut

Special

Tax

Revenue

Bonds

1,275

4.000

05/01/36

1,316

State

of

Connecticut

Special

Tax

Revenue

Bonds

2,500

4.000

05/01/40

2,534

State

of

Connecticut

Special

Tax

Revenue

Bonds

3,000

5.250

07/01/40

3,414

State

of

Connecticut

Special

Tax

Revenue

Bonds

3,200

4.000

11/01/40

3,245

Town

of

Hamden

General

Obligation

Unlimited

(µ)

400

5.000

08/15/29

424

Town

of

North

Branford

General

Obligation

Unlimited

4,860

5.000

08/02/24

4,860

Town

of

Stratford

General

Obligation

Unlimited

(µ)

1,970

4.000

01/01/38

1,980

University

of

Connecticut

Revenue

Bonds

(µ)

1,585

5.000

03/15/29

1,636

University

of

Connecticut

Revenue

Bonds

(µ)

665

5.000

04/15/29

712

University

of

Connecticut

Revenue

Bonds

(µ)

3,455

5.000

01/15/36

3,601

120,541

Delaware

-

0.4%

Delaware

Municipal

Electric

Corp.

(The)

Revenue

Bonds

(µ)

335

5.000

10/01/38

357

Delaware

State

Economic

Development

Authority

Revenue

Bonds

55

4.000

08/01/29

54

Delaware

State

Economic

Development

Authority

Revenue

Bonds

185

5.000

08/01/39

188

Delaware

State

Economic

Development

Authority

Revenue

Bonds

175

4.000

09/01/41

165

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

800

5.000

07/01/29

843

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

600

5.000

06/01/30

623

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

2,000

5.000

10/01/40

2,112

Delaware

State

Housing

Authority

Revenue

Bond

6,090

5.750

01/01/55

6,599

Delaware

State

Housing

Authority

Revenue

Bonds

2,000

4.650

07/01/49

2,010

State

of

Delaware

General

Obligation

Unlimited

3,605

5.000

02/01/25

3,643

State

of

Delaware

General

Obligation

Unlimited

1,520

5.000

05/01/36

1,768

Town

of

Bridgeville

Special

Tax

100

4.000

07/01/25

100

Town

of

Bridgeville

Special

Tax

100

4.000

07/01/26

100

Town

of

Bridgeville

Special

Tax

90

4.000

07/01/27

90

Town

of

Bridgeville

Special

Tax

370

4.000

07/01/30

365

Town

of

Bridgeville

Special

Tax

(Þ)

875

5.250

07/01/44

917

19,934

District

of

Columbia

-

1.1%

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

341

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

District

of

Columbia

General

Obligation

Unlimited

2,000

5.000

06/01/42

2,066

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,580

5.000

06/01/26

1,612

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.000

07/01/26

5,048

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(Ê)

1,850

5.000

12/01/26

1,889

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,575

3.650

07/01/27

1,581

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(Ê)

5,000

5.000

12/01/28

5,246

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

4,500

5.000

10/01/41

4,622

District

of

Columbia

Revenue

Bonds

2,000

5.000

06/01/36

2,027

District

of

Columbia

Revenue

Bonds

1,325

5.000

07/01/37

1,367

District

of

Columbia

Revenue

Bonds

1,755

5.000

10/01/37

2,054

District

of

Columbia

Revenue

Bonds

2,500

5.000

12/01/37

2,856

District

of

Columbia

Revenue

Bonds

(~)(Ê)

11,150

0.060

08/15/38

11,150

District

of

Columbia

Revenue

Bonds

1,905

5.000

06/01/40

1,925

District

of

Columbia

Revenue

Bonds

2,185

4.000

03/01/45

2,157

District

of

Columbia

Water

&

Sewer

Authority

Revenue

Bonds

1,605

5.000

10/01/36

1,881

District

of

Columbia

Water

&

Sewer

Authority

Revenue

Bonds

(~)(ae)(Ê)

425

3.000

10/01/57

417

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Bonds

5,000

5.000

10/01/26

5,217

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

150

5.000

10/01/31

160

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

605

5.000

10/01/33

645

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

1,500

Zero

coupon

10/01/37

823

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,000

5.000

10/01/38

1,060

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,805

4.000

10/01/49

1,690

Washington

Convention

&

Sports

Authority

Revenue

Bonds

1,300

5.000

10/01/27

1,374

Washington

Metropolitan

Area

Transit

Authority

Revenue

Bonds

600

5.000

07/15/37

667

Washington

Metropolitan

Area

Transit

Authority

Revenue

Bonds

2,500

5.000

07/15/48

2,698

62,232

Florida

-

5.8%

Abbott

Square

Community

Development

District

Special

Assessment

125

4.500

06/15/27

126

Aberdeen

Community

Development

District

Special

Assessment

(µ)

1,000

3.250

05/01/36

918

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

70

2.350

05/01/26

68

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

185

3.000

05/01/31

170

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

500

3.250

05/01/41

405

Alachua

County

Health

Facilities

Authority

Revenue

Bonds

250

4.000

10/01/40

228

Arbors

Community

Development

District

Special

Assessment

105

4.500

05/01/30

106

Arbors

Community

Development

District

Special

Assessment

130

5.400

05/01/43

135

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,210

2.750

05/01/25

1,204

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,250

3.000

05/01/26

1,244

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,285

3.125

05/01/27

1,278

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,330

3.250

05/01/28

1,319

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,370

3.500

05/01/32

1,351

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

195

2.300

05/01/26

189

Artisan

Lakes

East

Community

Development

District

Special

Assessment

140

2.300

05/01/26

135

Astonia

Community

Development

District

Revenue

Bonds

220

4.350

06/15/30

222

Astonia

Community

Development

District

Special

Assessment

(Þ)

85

2.500

05/01/26

83

Astonia

Community

Development

District

Special

Assessment

(Þ)

250

3.000

05/01/31

232

Astonia

Community

Development

District

Special

Assessment

210

4.500

05/01/31

213

Avalon

Park

West

Community

Development

District

Special

Assessment

200

4.700

05/01/32

206

Ave

Maria

Stewardship

Community

District

Special

Assessment

540

2.875

05/01/27

526

Ave

Maria

Stewardship

Community

District

Special

Assessment

170

3.000

05/01/27

166

Ave

Maria

Stewardship

Community

District

Special

Assessment

(µ)

2,225

2.750

05/01/33

2,079

Ave

Maria

Stewardship

Community

District

Special

Assessment

(Þ)

500

4.500

05/01/33

506

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

342

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Ave

Maria

Stewardship

Community

District

Special

Assessment

(µ)

2,920

3.000

05/01/38

2,642

Ave

Maria

Stewardship

Community

District

Special

Assessment

2,000

4.000

05/01/42

1,781

Avenir

Community

Development

District

Special

Assessment

120

4.500

05/01/30

122

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

170

3.100

11/01/31

157

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

65

2.375

05/01/26

63

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

250

2.875

05/01/31

228

Bannon

Lakes

Community

Development

District

Special

Assessment

50

3.300

05/01/32

47

Bauer

Drive

Community

Development

District

Special

Assessment

130

4.500

06/15/30

132

Bauer

Drive

Community

Development

District

Special

Assessment

405

5.375

06/15/43

420

Bauer

Drive

Community

Development

District

Special

Assessment

790

5.500

06/15/53

815

Berry

Bay

Community

Development

District

Special

Assessment

295

4.625

05/01/30

300

Black

Creek

Community

Development

District

Special

Assessment

250

5.125

06/15/32

258

Bonterra

Community

Development

District

Special

Assessment

215

3.250

05/01/27

210

Bonterra

Community

Development

District

Special

Assessment

220

3.400

05/01/28

215

Bonterra

Community

Development

District

Special

Assessment

720

3.625

05/01/31

699

Bonterra

Community

Development

District

Special

Assessment

655

4.000

05/01/37

641

Bridgewalk

Community

Development

District

Special

Assessment

100

2.500

06/15/27

95

Bridgewalk

Community

Development

District

Special

Assessment

225

5.500

12/15/30

232

Broward

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

345

4.050

09/01/56

348

Buena

Lago

Community

Development

District

Revenue

Bonds

255

4.500

05/01/32

257

Buena

Lago

Community

Development

District

Special

Assessment

465

4.700

05/01/31

466

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

120

4.500

01/01/35

120

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

100

4.000

07/01/41

89

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,000

5.250

12/01/43

1,006

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

500

5.250

12/01/58

500

Caymas

Community

Development

District

Special

Assessment

300

4.450

05/01/31

301

Celebration

Community

Development

District

Special

Assessment

100

2.250

05/01/26

97

Celebration

Community

Development

District

Special

Assessment

115

2.750

05/01/31

108

Center

Lake

Ranch

West

Community

Development

District

Special

Assessment

445

5.000

05/01/30

459

Centre

Lake

Community

Development

District

Special

Assessment

260

2.750

05/01/31

236

Centre

Lake

Community

Development

District

Special

Assessment

1,000

3.000

05/01/42

790

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

120

3.500

11/01/27

118

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

120

3.500

11/01/28

116

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

443

3.500

05/01/31

423

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

130

4.000

05/01/31

127

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

650

4.000

11/01/33

629

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

1,036

4.000

05/01/37

982

CFM

Community

Development

District

Special

Assessment

100

2.400

05/01/26

97

CFM

Community

Development

District

Special

Assessment

125

2.875

05/01/31

114

Charles

Cove

Community

Development

District

Special

Assessment

100

2.400

05/01/26

97

Charles

Cove

Community

Development

District

Special

Assessment

280

3.000

05/01/31

257

City

of

Fort

Lauderdale

Revenue

Bonds

(Þ)

210

5.000

07/01/28

217

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

230

5.000

07/01/30

239

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

240

5.000

07/01/31

250

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

255

5.000

07/01/32

267

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,450

4.000

07/01/37

1,360

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,000

4.000

07/01/42

893

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,625

4.000

07/01/48

1,383

City

of

Fort

Lauderdale

Water

&

Sewer

Revenue

Bonds

2,440

4.000

03/01/38

2,478

City

of

Jacksonville

Revenue

Bonds

3,000

5.000

10/01/26

3,130

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

343

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Miami

Beach

Parking

Revenue

Bonds

(µ)

1,755

5.000

09/01/33

1,776

City

of

Miami

Beach

Revenue

Bonds

1,350

5.000

09/01/45

1,362

City

of

Palmetto

Revenue

Bonds

165

4.250

06/01/27

166

City

of

Palmetto

Revenue

Bonds

400

5.000

06/01/32

420

City

of

Palmetto

Revenue

Bonds

300

5.125

06/01/42

309

City

of

St.

Petersburg

Public

Utility

Revenue

Bonds

1,000

5.000

10/01/49

1,052

City

of

Tallahassee

Revenue

Bonds

650

5.000

12/01/28

659

City

of

Tampa

Revenue

Bonds

720

5.000

07/01/32

783

City

of

Tampa

Revenue

Bonds

725

5.000

07/01/33

788

City

of

Tampa

Revenue

Bonds

1,325

4.000

07/01/38

1,341

City

of

Tampa

Special

Assessment

2,345

5.250

05/01/46

2,457

City

of

West

Palm

Beach

Utility

System

Revenue

Bonds

1,800

5.000

10/01/42

1,866

Cityplace

Community

Development

District

Special

Assessment

(µ)

2,380

1.359

05/01/28

2,300

Cityplace

Community

Development

District

Special

Assessment

(µ)

3,000

0.630

05/01/33

3,001

Cobblestone

Community

Development

District

Special

Assessment

190

3.400

05/01/27

186

Cobblestone

Community

Development

District

Special

Assessment

(Þ)

235

3.800

05/01/32

223

Cobblestone

Community

Development

District

Special

Assessment

460

3.800

05/01/32

436

Coddington

Community

Development

District

Special

Assessment

175

4.200

05/01/27

175

Collier

County

Educational

Facilities

Authority

Revenue

Bonds

2,360

5.500

06/01/31

2,477

Connerton

East

Community

Development

District

Special

Assessment

605

4.250

06/15/30

613

Copes

Landing

Community

Development

District

Special

Assessment

480

4.875

05/01/30

489

Copper

Oaks

Community

Development

District

Special

Assessment

681

3.000

05/01/31

624

Copper

Oaks

Community

Development

District

Special

Assessment

770

3.000

05/01/35

661

Cordova

Palms

Community

Development

District

Special

Assessment

100

2.400

05/01/26

97

Cordova

Palms

Community

Development

District

Special

Assessment

100

4.500

05/01/27

100

Cordova

Palms

Community

Development

District

Special

Assessment

170

2.800

05/01/31

154

Cordova

Palms

Community

Development

District

Special

Assessment

170

5.100

05/01/32

175

Cordova

Palms

Community

Development

District

Special

Assessment

100

5.300

05/01/32

103

Corkscrew

Crossing

Community

Development

District

Special

Assessment

250

4.125

05/01/28

250

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

155

4.500

11/01/28

156

Country

Greens

Community

Development

District

Special

Assessment

100

4.000

05/01/34

99

Country

of

Brevard

Solid

Waste

Management

System

Revenue

Bonds

5,415

5.500

09/01/48

5,979

County

of

Broward

Tourist

Development

Tax

Revenue

Bonds

4,500

4.000

09/01/39

4,583

County

of

Miami-Dade

Aviation

Revenue

Bonds

4,100

4.000

10/01/38

4,134

County

of

Miami-Dade

Revenue

Bonds

(µ)

4,310

3.233

10/01/35

2,632

County

of

Miami-Dade

Revenue

Bonds

1,865

5.000

04/01/45

1,997

County

of

Miami-Dade

Revenue

Bonds

1,285

5.000

04/01/48

1,364

County

of

Miami-Dade

Transit

System

Revenue

Bonds

9,515

5.000

07/01/44

10,280

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

Bonds

1,275

4.000

10/01/39

1,299

County

of

Okeechobee

Revenue

Bonds

(~)(Ê)

4,000

3.800

07/01/39

4,009

County

of

Osceola

Transportation

Revenue

Bonds

(ae)

1,000

6.150

10/01/24

1,175

County

of

Osceola

Transportation

Revenue

Bonds

400

5.000

10/01/32

424

County

of

Osceola

Transportation

Revenue

Bonds

350

5.000

10/01/33

371

County

of

Osceola

Transportation

Revenue

Bonds

440

5.000

10/01/35

466

County

of

Osceola

Transportation

Revenue

Bonds

600

5.000

10/01/36

634

County

of

Osceola

Transportation

Revenue

Bonds

525

5.000

10/01/37

553

County

of

Osceola

Transportation

Revenue

Bonds

790

5.000

10/01/38

830

County

of

Pasco

Revenue

Bonds

(µ)

100

5.250

09/01/35

114

County

of

Pasco

Revenue

Bonds

(µ)

100

5.250

09/01/36

114

County

of

Pasco

Revenue

Bonds

(µ)

50

5.500

09/01/37

58

County

of

Pasco

Revenue

Bonds

(µ)

40

5.500

09/01/38

46

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

344

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

County

of

Pasco

Revenue

Bonds

(µ)

3,755

5.500

09/01/39

4,272

County

of

Pasco

Revenue

Bonds

(µ)

710

5.750

09/01/54

797

County

of

St.

Johns

Water

&

Sewer

Revenue

Bonds

3,000

5.000

06/01/52

3,216

Creek

Preserve

Community

Development

District

Revenue

Bonds

(Þ)

500

4.250

11/01/30

500

Creek

Preserve

Community

Development

District

Special

Assessment

(Þ)

1,215

4.700

11/01/39

1,196

Cross

Creek

North

Community

Development

District

Special

Assessment

330

4.500

05/01/30

333

Crossings

Community

Development

District

Special

Assessment

(Þ)

300

4.750

05/01/31

300

Crossings

Community

Development

District

Special

Assessment

1,735

5.000

05/01/42

1,742

Crystal

Cay

Community

Development

District

Special

Assessment

850

3.050

05/01/41

718

Cypress

Bay

West

Community

Development

District

Special

Assessment

125

4.625

05/01/30

126

Cypress

Bluff

Community

Development

District

Special

Assessment

(Þ)

800

3.625

05/01/40

757

Cypress

Mill

Community

Development

District

Special

Assessment

385

3.000

06/15/31

354

Cypress

Mill

Community

Development

District

Special

Assessment

635

5.000

05/01/43

654

Cypress

Shadows

Community

Development

District

Special

Assessment

108

5.000

11/01/32

114

Cypress

Shadows

Community

Development

District

Special

Assessment

292

5.000

11/01/37

301

Cypress

Shadows

Community

Development

District

Special

Assessment

347

5.000

11/01/42

350

Deer

Run

Community

Development

District

Special

Assessment

1,040

5.400

05/01/39

1,084

Deerbrook

Community

Development

District

Revenue

Bonds

300

4.375

05/01/30

303

DG

Farms

Community

Development

District

Special

Assessment

65

2.750

05/01/25

64

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

25

2.375

05/01/26

24

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

60

3.000

05/01/32

57

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

10

3.000

05/01/25

10

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

60

3.625

05/01/31

57

East

547

Community

Development

District

Revenue

Bonds

305

5.500

05/01/30

314

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

340

4.375

11/01/29

345

East

Nassau

Stewardship

District

Special

Assessment

125

2.400

05/01/26

121

East

Nassau

Stewardship

District

Special

Assessment

235

3.000

05/01/31

216

Eden

Hills

Community

Development

District

Special

Assessment

40

3.250

05/01/27

39

Edgewater

East

Community

Development

District

Special

Assessment

20

2.500

05/01/26

19

Edgewater

East

Community

Development

District

Special

Assessment

95

3.000

05/01/27

92

Edgewater

East

Community

Development

District

Special

Assessment

100

3.100

05/01/31

93

Elevation

Pointe

Community

Development

District

Special

Assessment

205

3.900

05/01/27

204

Elevation

Pointe

Community

Development

District

Special

Assessment

250

4.125

05/01/32

247

Elevation

Pointe

Community

Development

District

Special

Assessment

1,105

4.400

05/01/32

1,100

Enbrook

Community

Development

District

Special

Assessment

(Þ)

55

2.500

05/01/25

54

Entrada

Community

Development

District

Special

Assessment

(Þ)

370

2.625

05/01/31

344

Epperson

North

Community

Development

District

Special

Assessment

40

2.500

05/01/26

39

Epperson

North

Community

Development

District

Special

Assessment

200

2.450

11/01/26

193

Epperson

North

Community

Development

District

Special

Assessment

150

3.000

05/01/31

138

Epperson

North

Community

Development

District

Special

Assessment

290

3.100

11/01/31

267

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

360

5.000

08/15/32

376

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

1,000

5.000

08/15/33

1,041

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

355

5.000

08/15/34

369

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

540

5.000

08/15/35

559

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

1,000

5.000

08/15/36

1,032

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

160

5.000

08/15/38

164

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

100

3.250

11/01/25

99

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

170

4.000

11/01/40

156

Fishhawk

Ranch

Community

Development

District

Special

Assessment

(µ)

200

2.750

11/01/35

171

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

110

4.000

06/01/25

109

Florida

Development

Finance

Corp.

Revenue

Bonds

285

5.000

04/01/26

292

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

345

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

06/01/26

98

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

12/15/29

98

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

135

5.000

06/01/31

138

Florida

Development

Finance

Corp.

Revenue

Bonds

170

4.000

07/01/31

171

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

925

5.000

10/01/32

954

Florida

Development

Finance

Corp.

Revenue

Bonds

760

5.000

06/15/33

780

Florida

Development

Finance

Corp.

Revenue

Bonds

800

5.000

06/15/34

820

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

150

5.000

12/15/34

154

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

06/01/35

102

Florida

Development

Finance

Corp.

Revenue

Bonds

1,260

5.000

06/15/35

1,289

Florida

Development

Finance

Corp.

Revenue

Bonds

1,325

5.000

06/15/36

1,353

Florida

Development

Finance

Corp.

Revenue

Bonds

1,750

5.000

02/01/37

1,791

Florida

Development

Finance

Corp.

Revenue

Bonds

2,780

5.000

06/15/37

2,837

Florida

Development

Finance

Corp.

Revenue

Bonds

860

5.000

06/15/38

876

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

125

5.000

12/15/39

127

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

225

5.125

06/01/40

225

Florida

Governmental

Utility

Authority

Revenue

Bonds

(µ)

1,000

4.000

10/01/35

1,019

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

800

4.500

06/01/33

804

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

150

4.750

06/01/38

150

Florida

Housing

Finance

Corp.

(~)(Ê)

275

3.350

10/01/27

274

Florida

Insurance

Assistance

Revenue

Bonds

1,780

5.000

09/01/25

1,797

Florida

Insurance

Assistance

Revenue

Bonds

605

5.000

09/01/26

620

Florida

Insurance

Assistance

Revenue

Bonds

1,425

5.000

09/01/27

1,472

Florida

Municipal

Power

Agency

Revenue

Bonds

4,720

5.000

10/01/28

4,890

Flow

Way

Community

Development

District

Special

Assessment

210

4.000

11/01/28

210

Flow

Way

Community

Development

District

Special

Assessment

200

4.875

11/01/37

201

Flow

Way

Community

Development

District

Special

Assessment

100

5.000

11/01/38

102

Forest

Brooke

Community

Development

District

Special

Assessment

50

3.000

11/01/24

50

Forest

Brooke

Community

Development

District

Special

Assessment

105

3.000

11/01/25

104

Forest

Brooke

Community

Development

District

Special

Assessment

105

3.000

11/01/26

102

Forest

Brooke

Community

Development

District

Special

Assessment

110

3.000

11/01/27

106

Forest

Brooke

Community

Development

District

Special

Assessment

115

3.000

11/01/28

109

Forest

Brooke

Community

Development

District

Special

Assessment

115

3.000

11/01/29

108

Forest

Brooke

Community

Development

District

Special

Assessment

1,000

3.000

11/01/39

824

Gardens

at

Hammock

Beach

Community

Development

District

Special

Assessment

305

5.375

05/01/44

305

Golden

Lakes

Community

Development

District

Special

Assessment

(µ)

510

4.250

05/01/32

520

Gracewater

Sarasota

Community

Development

District

Special

Assessment

240

2.400

05/01/26

233

Grand

Oaks

Community

Development

District

Special

Assessment

115

2.625

11/01/26

111

Grande

Pines

Community

Development

District

Special

Assessment

800

3.200

05/01/31

742

Grove

Resort

Community

Development

District

Special

Assessment

90

2.950

05/01/27

86

Hacienda

North

Community

Development

District

Special

Assessment

1,000

5.500

05/01/33

1,049

Hammock

Oaks

Community

Development

District

Special

Assessment

170

4.875

05/01/30

173

Hammock

Oaks

Community

Development

District

Special

Assessment

345

5.000

05/01/31

348

Harbor

Bay

Community

Development

District

Special

Assessment

880

3.300

05/01/29

849

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

420

4.750

05/01/29

429

Harmony

West

Community

Development

District

Special

Assessment

175

4.125

05/01/30

177

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

620

5.100

05/01/38

642

Harmony

West

Community

Development

District

Special

Assessment

635

5.000

05/01/43

647

Heritage

Harbor

North

Community

Development

District

Special

Assessment

100

5.000

05/01/34

104

Hillcrest

Community

Development

District

Special

Assessment

300

4.000

11/01/28

300

Hillcrest

Community

Development

District

Special

Assessment

300

4.500

11/01/38

294

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

346

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

50

3.000

05/01/25

50

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

140

3.500

05/01/31

134

Hillsborough

County

Aviation

Authority

Revenue

Bonds

1,000

4.000

10/01/37

1,038

Hillsborough

County

Aviation

Authority

Revenue

Bonds

1,000

4.000

10/01/42

1,007

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

11,900

4.000

08/01/45

11,351

Hilltop

Point

Community

Development

District

Special

Assessment

320

5.100

05/01/32

325

Hyde

Park

Community

Development

District

No.

1

Special

Assessment

500

3.600

05/01/32

473

Hyde

Park

Community

Development

District

No.

2

Special

Assessment

265

3.250

05/01/27

259

Island

Lakes

Estate

Special

Assessment

310

4.875

12/15/28

315

JEA

Water

&

Sewer

System

Revenue

Bonds

9,295

5.250

10/01/49

10,397

Julington

Creek

Plantation

Community

Development

District

Special

Assessment

(µ)

1,035

5.000

05/01/32

1,125

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

255

4.000

05/01/28

255

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

100

2.750

05/01/31

90

Kelly

Park

Community

Development

District

Special

Assessment

280

5.125

11/01/30

285

Kindred

Community

Development

District

II

Special

Assessment

115

2.200

05/01/26

112

Kindred

Community

Development

District

II

Special

Assessment

135

2.700

05/01/31

126

Kingman

Gate

Community

Development

District

Special

Assessment

85

2.500

06/15/26

83

Kingman

Gate

Community

Development

District

Special

Assessment

250

3.125

06/15/31

242

Knightsbridge

Community

Development

District

Revenue

Bonds

(Þ)

690

5.200

06/15/44

697

Lake

Emma

Community

Development

District

Special

Assessment

(Þ)

110

4.500

05/01/30

111

Lakeshore

Ranch

Community

Development

District

Special

Assessment

370

3.000

05/01/25

365

Lakeshore

Ranch

Community

Development

District

Special

Assessment

380

3.000

05/01/26

371

Lakeshore

Ranch

Community

Development

District

Special

Assessment

390

3.000

05/01/27

378

Lakeshore

Ranch

Community

Development

District

Special

Assessment

405

3.000

05/01/28

389

Lakeshore

Ranch

Community

Development

District

Special

Assessment

415

3.000

05/01/29

396

Lakeshore

Ranch

Community

Development

District

Special

Assessment

2,675

3.000

05/01/35

2,401

Lakewood

Park

Community

Development

District

Special

Assessment

170

4.750

05/01/30

173

Lakewood

Ranch

Stewardship

District

Special

Assessment

315

2.125

05/01/26

304

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

550

2.000

05/01/27

521

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

585

2.000

05/01/30

519

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

310

3.125

05/01/30

293

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

100

3.200

05/01/30

94

Lakewood

Ranch

Stewardship

District

Special

Assessment

260

2.625

05/01/31

235

Lakewood

Ranch

Stewardship

District

Special

Assessment

410

2.700

05/01/31

369

Lakewood

Ranch

Stewardship

District

Special

Assessment

420

4.625

05/01/31

423

Lakewood

Ranch

Stewardship

District

Special

Assessment

500

6.125

05/01/43

533

Laurel

Road

Community

Development

District

Special

Assessment

130

2.600

05/01/26

126

Laurel

Road

Community

Development

District

Special

Assessment

655

3.125

05/01/31

592

Lee

County

Industrial

Development

Authority

Revenue

Bonds

1,550

4.375

11/15/29

1,553

Lee

Memorial

Health

System

Revenue

Bonds

(~)

(ae)(Ê)

2,635

5.000

04/01/33

2,680

Liberty

Cove

Community

Development

District

Special

Assessment

240

4.800

05/01/31

240

Los

Cayos

Community

Development

District

Special

Assessment

850

5.250

06/15/44

863

LT

Ranch

Community

Development

District

Special

Assessment

105

5.200

05/01/27

106

LT

Ranch

Community

Development

District

Special

Assessment

880

4.650

05/01/31

889

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

345

4.750

05/01/31

345

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

140

4.850

05/01/31

141

Lucerne

Park

Community

Development

District

Special

Assessment

1,025

4.625

05/01/39

1,010

Mangrove

Point

&

Mangrove

Manor

Community

Development

District

Special

Assessment

185

3.800

05/01/27

184

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

520

4.750

11/01/29

530

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

440

2.400

05/01/26

427

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

205

3.000

05/01/31

188

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

347

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Mediterranea

Community

Development

District

Special

Assessment

220

4.250

05/01/29

221

Mediterranea

Community

Development

District

Special

Assessment

1,130

4.750

05/01/37

1,135

Merrick

Square

Community

Development

District

Special

Assessment

175

4.500

05/01/30

177

Midtown

Miami

Community

Development

District

Special

Assessment

100

5.000

05/01/29

100

Midtown

Miami

Community

Development

District

Special

Assessment

1,835

5.000

05/01/37

1,835

Mitchell

Ranch

Community

Development

District

Special

Assessment

475

3.375

12/15/30

454

Naples

Reserve

Community

Development

District

Special

Assessment

(Þ)

535

4.625

11/01/29

543

North

Dade

Community

Development

District

Special

Assessment

92

3.500

05/01/25

91

North

Dade

Community

Development

District

Special

Assessment

96

3.500

05/01/26

94

North

Dade

Community

Development

District

Special

Assessment

100

3.500

05/01/27

97

North

Dade

Community

Development

District

Special

Assessment

99

3.500

05/01/28

96

North

Dade

Community

Development

District

Special

Assessment

327

3.750

05/01/31

313

North

Dade

Community

Development

District

Special

Assessment

824

4.000

05/01/38

786

North

Springs

Improvement

District

General

Obligation

Unlimited

(µ)

2,000

4.000

05/01/41

2,029

Orlando

Utilities

Commission

Revenue

Bonds

(~)(Ê)

575

1.250

10/01/46

507

Palm

Beach

County

Educational

Facilities

Authority

Revenue

Bonds

800

5.000

10/01/34

867

Palm

Beach

County

Educational

Facilities

Authority

Revenue

Bonds

300

5.000

10/01/43

314

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

150

4.000

06/01/26

150

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

100

4.000

05/15/30

97

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

625

4.000

06/01/31

621

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

1,105

4.000

05/15/36

1,040

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

200

7.500

05/15/53

226

Palm

Beach

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,515

5.000

02/01/27

3,597

Palm

Coast

Park

Community

Development

District

Special

Assessment

55

2.400

05/01/26

53

Palm

Coast

Park

Community

Development

District

Special

Assessment

200

4.700

05/01/33

204

Palm

Glades

Community

Development

District

Special

Assessment

750

4.000

11/01/33

740

Park

East

Community

Development

District

Special

Assessment

220

2.400

11/01/26

210

Parker

Pointe

Community

Development

District

Special

Assessment

450

4.950

05/01/31

452

Parker

Road

Community

Development

District

Special

Assessment

60

3.100

05/01/25

59

Parker

Road

Community

Development

District

Special

Assessment

255

3.375

05/01/30

237

Parkview

at

Long

Lake

Ranch

Community

Development

District

Special

Assessment

135

2.500

05/01/25

133

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

95

3.500

05/01/25

94

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

100

4.000

05/01/26

100

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

105

4.000

05/01/27

105

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

110

4.000

05/01/28

110

Parrish

Plantation

Community

Development

District

Special

Assessment

100

4.750

05/01/31

101

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

455

4.000

05/01/25

455

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

495

4.000

05/01/27

496

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

375

4.500

05/01/31

378

Pine

Isle

Community

Development

District

Special

Assessment

(Þ)

190

2.375

12/15/26

184

Pine

Isle

Community

Development

District

Special

Assessment

100

4.500

06/15/30

102

Pine

Isle

Community

Development

District

Special

Assessment

(Þ)

100

3.000

12/15/31

96

Pine

Isle

Community

Development

District

Special

Assessment

525

5.375

06/15/43

555

Pine

Isle

Community

Development

District

Special

Assessment

815

5.500

06/15/53

860

Polk

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

522

4.150

06/01/26

528

Portico

Community

Development

District

Special

Assessment

25

3.250

05/01/31

23

Preston

Cove

Community

Development

District

Special

Assessment

200

3.250

05/01/27

195

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

348

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Preston

Cove

Community

Development

District

Special

Assessment

335

3.600

05/01/32

316

Preston

Cove

Community

Development

District

Special

Assessment

1,800

4.125

05/01/52

1,521

Prosperity

Lakes

Community

Development

District

Revenue

Bonds

230

5.150

12/15/30

236

Ranches

at

Lake

McLeod

Community

Development

District

Revenue

Bonds

155

4.625

06/15/30

157

Reunion

East

Community

Development

District

Special

Assessment

280

2.400

05/01/26

272

Reunion

East

Community

Development

District

Special

Assessment

700

2.850

05/01/31

635

Reunion

West

Community

Development

District

Special

Assessment

75

2.600

05/01/27

73

Reunion

West

Community

Development

District

Special

Assessment

405

3.000

05/01/28

391

Reunion

West

Community

Development

District

Special

Assessment

400

3.000

05/01/29

383

Reunion

West

Community

Development

District

Special

Assessment

400

3.000

05/01/30

377

Reunion

West

Community

Development

District

Special

Assessment

435

3.000

05/01/31

406

Reunion

West

Community

Development

District

Special

Assessment

450

3.000

05/01/36

397

Ridge

at

Apopka

Community

Development

District

Special

Assessment

500

5.000

05/01/32

516

River

Glen

Community

Development

District

Special

Assessment

151

2.500

05/01/29

138

River

Glen

Community

Development

District

Special

Assessment

159

2.500

05/01/31

138

River

Glen

Community

Development

District

Special

Assessment

750

3.000

05/01/31

691

River

Glen

Community

Development

District

Special

Assessment

509

3.000

05/01/34

451

River

Glen

Community

Development

District

Special

Assessment

750

3.000

05/01/36

640

River

Glen

Community

Development

District

Special

Assessment

685

3.000

05/01/38

561

River

Hall

Community

Development

District

Special

Assessment

220

5.375

05/01/30

226

River

Landing

Community

Development

District

Special

Assessment

850

4.125

05/01/40

786

Rivers

Edge

III

Community

Development

District

Special

Assessment

(Þ)

105

2.400

05/01/26

102

Rivers

Edge

III

Community

Development

District

Special

Assessment

(Þ)

300

3.000

05/01/31

276

Riverwalk

Community

Development

District

Special

Assessment

610

4.650

05/01/31

615

Rivington

Community

Development

District

Special

Assessment

215

3.250

05/01/27

210

Rivington

Community

Development

District

Special

Assessment

430

3.625

05/01/32

406

Rolling

Hills

Community

Development

District

Special

Assessment

360

3.400

05/01/32

335

Rolling

Hills

Community

Development

District

Special

Assessment

400

3.650

05/01/32

378

Rolling

Hills

Community

Development

District

Special

Assessment

485

3.750

05/01/42

413

Rye

Crossing

Community

Development

District

Special

Assessment

180

4.125

05/01/30

181

Rye

Crossing

Community

Development

District

Special

Assessment

(Þ)

200

5.000

11/01/30

203

Sampson

Creek

Community

Development

District

Special

Assessment

(µ)

95

2.375

05/01/35

80

Sampson

Creek

Community

Development

District

Special

Assessment

(µ)

190

2.625

05/01/40

151

Sanctuary

Cove

Community

Development

District

Special

Assessment

5

2.125

05/01/26

5

Sanctuary

Cove

Community

Development

District

Special

Assessment

190

2.625

05/01/31

175

Sanctuary

Cove

Community

Development

District

Special

Assessment

400

3.125

05/01/41

330

Sanctuary

Cove

Community

Development

District

Special

Assessment

770

4.000

05/01/52

684

Sandmine

Road

Community

Development

District

Special

Assessment

185

2.300

11/01/26

179

Sandmine

Road

Community

Development

District

Special

Assessment

85

5.000

11/01/29

87

Sarasota

National

Community

Development

District

Special

Assessment

135

3.400

05/01/31

128

Sarasota

National

Community

Development

District

Special

Assessment

1,495

3.500

05/01/31

1,491

Sarasota

National

Community

Development

District

Special

Assessment

125

3.625

05/01/31

121

Sarasota

National

Community

Development

District

Special

Assessment

2,200

4.000

05/01/39

2,202

Savanna

Lakes

Community

Development

District

Special

Assessment

(Þ)

175

4.250

06/15/30

176

Savanna

Lakes

Community

Development

District

Special

Assessment

375

4.625

06/15/31

375

Sawgrass

Village

Community

Development

District

Special

Assessment

100

4.875

05/01/30

101

Sawgrass

Village

Community

Development

District

Special

Assessment

240

5.500

05/01/43

246

Sawyers

Landing

Community

Development

District

Special

Assessment

295

3.250

05/01/26

288

Scenic

Terrace

South

Community

Development

District

Special

Assessment

45

3.750

05/01/27

44

Scenic

Terrace

South

Community

Development

District

Special

Assessment

215

5.750

11/01/30

222

School

Board

of

Miami-Dade

County

(The)

Certificate

of

Participation

5,000

5.000

05/01/31

5,054

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

349

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

School

District

of

Broward

County

General

Obligation

Limited

885

5.000

07/01/39

985

School

District

of

Broward

County

General

Obligation

Limited

590

5.000

07/01/40

651

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

(Þ)

220

4.625

06/15/30

223

Sedona

Point

Community

Development

District

Special

Assessment

260

4.125

06/15/30

262

Seminole

Improvement

District

Revenue

Bonds

350

4.400

10/01/27

351

Seminole

Improvement

District

Revenue

Bonds

350

5.000

10/01/32

358

Seminole

Improvement

District

Revenue

Bonds

500

5.300

10/01/37

517

Seminole

Palms

Community

Development

District

Special

Assessment

290

4.750

05/01/30

293

Sherwood

Manor

Community

Development

District

Special

Assessment

(Þ)

550

4.625

11/01/29

558

Shingle

Creek

at

Bronson

Community

Development

District

Special

Assessment

100

2.500

06/15/26

97

Siena

North

Community

Development

District

Special

Assessment

80

2.875

06/15/27

77

Silver

Oaks

Community

Development

District

Special

Assessment

300

4.700

05/01/31

303

Silver

Palms

West

Community

Development

District

Special

Assessment

255

2.600

06/15/27

244

Silverlake

Community

Development

District

Special

Assessment

175

4.500

05/01/30

177

Six

Mile

Creek

Community

Development

District

Special

Assessment

495

4.750

05/01/30

501

Somerset

Bay

Community

Development

District

Special

Assessment

(Þ)

370

4.850

05/01/31

372

Somerset

Community

Development

District

Special

Assessment

215

4.000

05/01/25

215

Somerset

Community

Development

District

Special

Assessment

600

4.000

05/01/26

598

Somerset

Community

Development

District

Special

Assessment

625

4.000

05/01/27

622

Somerset

Community

Development

District

Special

Assessment

460

4.000

05/01/32

447

Sorrento

Pines

Community

Development

District

Revenue

Bonds

175

4.375

05/01/30

177

South

Fork

East

Community

Development

District

Special

Assessment

100

3.000

05/01/25

99

South

Fork

East

Community

Development

District

Special

Assessment

258

3.000

05/01/31

243

South

Fork

East

Community

Development

District

Special

Assessment

1,990

4.125

05/01/36

1,930

South

Fork

East

Community

Development

District

Special

Assessment

597

3.000

05/01/38

506

South

Kendall

Community

Development

District

Special

Assessment

230

4.000

11/01/31

222

South

Village

Community

Development

District

Special

Assessment

415

3.500

05/01/32

397

South

Village

Community

Development

District

Special

Assessment

230

3.750

05/01/38

219

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

100

2.400

05/01/26

97

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

700

2.800

05/01/31

656

Southshore

Bay

Community

Development

District

Revenue

Bonds

415

4.750

05/01/31

416

Stonegate

Community

Development

District

Special

Assessment

205

3.000

05/01/25

202

Stonegate

Community

Development

District

Special

Assessment

210

3.000

05/01/26

204

Stonegate

Community

Development

District

Special

Assessment

215

3.000

05/01/27

207

Stonegate

Community

Development

District

Special

Assessment

225

3.000

05/01/28

214

Stonegate

Community

Development

District

Special

Assessment

230

3.000

05/01/29

216

Stonegate

Community

Development

District

Special

Assessment

1,260

3.000

05/01/34

1,115

Stonegate

Community

Development

District

Special

Assessment

1,465

3.000

05/01/39

1,180

Stonewater

Community

Development

District

Special

Assessment

(Þ)

165

2.250

11/01/26

158

Stoneybrook

Community

Development

District

Special

Assessment

470

3.500

05/01/32

465

Stoneybrook

Community

Development

District

Special

Assessment

1,230

4.125

05/01/42

1,252

Stoneybrook

North

Community

Development

District

Special

Assessment

240

5.500

11/01/29

245

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

205

4.500

06/15/30

210

Storey

Drive

Community

Development

District

Special

Assessment

120

2.550

06/15/27

115

Stuart

Crossing

Community

Development

District

Revenue

Bonds

(Þ)

260

4.375

05/01/31

261

Summer

Woods

Community

Development

District

Special

Assessment

105

2.500

05/01/26

102

Summerstone

Community

Development

District

Special

Assessment

(Þ)

120

2.200

05/01/26

117

Sumter

County

School

Board

Revenue

Bonds

(µ)

600

5.250

01/01/49

660

Sunbridge

Stewardship

District

Special

Assessment

500

5.200

05/01/42

507

Sweetwater

Creek

Community

Development

District

Special

Assessment

(µ)

375

2.250

05/01/27

355

Tampa

Bay

Water

Revenue

Bonds

1,545

5.000

10/01/41

1,712

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

350

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Tampa-Hillsborough

County

Expressway

Authority

Revenue

Bonds

4,210

5.000

07/01/48

4,350

Tern

Bay

Community

Development

District

Special

Assessment

620

3.125

06/15/27

602

Terreno

Community

Development

District

Special

Assessment

265

4.250

05/01/30

267

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

45

4.125

11/01/24

45

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

400

4.625

11/01/29

407

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

535

5.000

11/01/38

548

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

135

2.500

06/15/25

133

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

650

3.000

06/15/30

604

Tohoqua

Community

Development

District

Special

Assessment

320

3.125

05/01/31

306

Tolomato

Community

Development

District

Special

Assessment

1,050

2.625

05/01/27

1,016

Tolomato

Community

Development

District

Special

Assessment

275

2.875

05/01/27

268

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,505

3.000

05/01/29

1,472

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,810

3.000

05/01/31

1,733

Tolomato

Community

Development

District

Special

Assessment

1,500

3.200

05/01/32

1,395

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,180

3.000

05/01/33

1,095

Tolomato

Community

Development

District

Special

Assessment

(µ)

930

3.000

05/01/37

827

Tolomato

Community

Development

District

Special

Assessment

(µ)

605

3.000

05/01/40

518

Touchstone

Community

Development

District

Special

Assessment

1,800

5.500

05/01/53

1,869

Town

of

Davie

Revenue

Bonds

550

5.000

04/01/33

577

Tradition

Community

Development

District

No.

9

Special

Assessment

65

2.300

05/01/26

63

Tradition

Community

Development

District

No.

9

Special

Assessment

270

2.700

05/01/31

243

Triple

Creek

Community

Development

District

Special

Assessment

(Þ)

450

2.875

11/01/31

407

Triple

Creek

Community

Development

District

Special

Assessment

(Þ)

190

5.125

11/01/38

195

Tuckers

Pointe

Community

Development

District

Special

Assessment

30

3.000

05/01/27

29

Tuckers

Pointe

Community

Development

District

Special

Assessment

100

3.375

05/01/32

93

Two

Rivers

East

Community

Development

District

Special

Assessment

825

4.875

05/01/30

836

Two

Rivers

North

Community

Development

District

Special

Assessment

80

4.625

05/01/27

80

Two

Rivers

North

Community

Development

District

Special

Assessment

630

4.875

05/01/32

641

Union

Park

East

Community

Development

District

Special

Assessment

(Þ)

43

2.400

05/01/26

41

Varrea

South

Community

Development

District

Special

Assessment

300

4.250

05/01/30

303

V-Dana

Community

Development

District

Special

Assessment

195

2.600

05/01/26

190

V-Dana

Community

Development

District

Special

Assessment

125

3.125

05/01/31

116

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

15

2.500

05/01/26

15

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

50

3.100

05/01/31

46

Veranda

Landing

Community

Development

District

Special

Assessment

270

4.500

06/15/30

273

Verano

No.

3

Community

Development

District

Special

Assessment

40

2.375

05/01/26

39

Verano

No.

3

Community

Development

District

Special

Assessment

120

3.000

05/01/31

111

Viera

Stewardship

District

Special

Assessment

155

2.300

05/01/26

150

Viera

Stewardship

District

Special

Assessment

460

2.800

05/01/31

415

Viera

Stewardship

District

Special

Assessment

300

4.600

05/01/33

305

Viera

Stewardship

District

Special

Assessment

1,000

5.300

05/01/43

1,029

Village

Community

Development

District

No.

12

Special

Assessment

1,130

3.800

05/01/28

1,137

Village

Community

Development

District

No.

13

Special

Assessment

495

1.800

05/01/26

481

Village

Community

Development

District

No.

15

Special

Assessment

(Þ)

175

4.250

05/01/28

177

Village

Community

Development

District

No.

15

Special

Assessment

(Þ)

665

4.375

05/01/33

678

Village

Community

Development

District

No.

15

Special

Assessment

(Þ)

200

4.850

05/01/38

206

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

100

2.700

05/01/27

96

Villamar

Community

Development

District

Special

Assessment

230

4.875

05/01/30

233

Villamar

Community

Development

District

Special

Assessment

255

3.625

05/01/32

241

Villamar

Community

Development

District

Special

Assessment

300

3.500

11/01/32

279

Villamar

Community

Development

District

Special

Assessment

925

5.625

05/01/43

962

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

351

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Volusia

County

Educational

Facility

Authority

Revenue

Bonds

1,925

5.000

06/01/33

1,934

Volusia

County

School

Board

Certificate

of

Participation

(µ)

1,280

5.000

08/01/32

1,310

Watergrass

Community

Development

District

II

Special

Assessment

200

2.000

05/01/26

193

Watergrass

Community

Development

District

II

Special

Assessment

635

4.450

05/01/28

641

Watergrass

Community

Development

District

II

Special

Assessment

1,035

2.500

05/01/31

919

Watergrass

Community

Development

District

II

Special

Assessment

2,260

5.150

05/01/38

2,298

Watergrass

Community

Development

District

II

Special

Assessment

1,380

2.800

05/01/39

1,072

West

Hillcrest

Community

Development

District

Special

Assessment

370

4.500

06/15/30

375

West

Port

Community

Development

District

Special

Assessment

125

4.250

05/01/27

125

West

Villages

Improvement

District

Special

Assessment

280

5.250

05/01/30

288

West

Villages

Improvement

District

Special

Assessment

825

3.125

05/01/31

764

West

Villages

Improvement

District

Special

Assessment

750

4.500

05/01/31

753

West

Virginia

Economic

Development

Authority

Revenue

Bonds

185

4.750

05/01/28

186

Westside

Haines

City

Community

Development

District

Special

Assessment

65

2.500

05/01/26

63

Westside

Haines

City

Community

Development

District

Special

Assessment

215

3.000

05/01/31

197

Westview

North

Community

Development

District

Special

Assessment

300

5.000

06/15/29

305

Whispering

Pines

Community

Development

District

Special

Assessment

100

5.375

05/01/43

104

Willowbrook

Community

Development

District

Special

Assessment

250

4.950

05/01/31

252

Willows

Community

Development

District

Special

Assessment

300

4.700

05/01/29

305

Wind

Meadows

South

Community

Development

District

Special

Assessment

920

5.375

05/01/43

947

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

245

3.250

05/01/27

236

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

545

3.625

05/01/32

503

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

105

4.000

05/01/42

92

Wiregrass

II

Community

Development

District

Special

Assessment

240

4.800

05/01/32

244

320,866

Georgia

-

3.6%

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

785

2.375

07/01/26

771

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

2,080

2.875

07/01/31

1,928

Atlanta

Urban

Residential

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,700

5.000

05/01/27

4,853

Bartow

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

760

3.950

12/01/32

778

Bartow

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

2.875

08/01/43

988

City

of

Atlanta

Airport

Passenger

Facility

Charge

Revenue

Bonds

4,000

5.000

07/01/40

4,285

City

of

Atlanta

Water

&

Wastewater

Revenue

Bonds

(ae)

1,000

5.000

11/01/33

1,016

City

of

Atlanta

Water

&

Wastewater

Revenue

Bonds

8,370

5.000

11/01/40

8,444

County

of

Fulton

Water

&

Sewerage

Revenue

Bonds

1,415

4.000

01/01/35

1,415

Coweta

County

Water

&

Sewage

Authority

Revenue

Bonds

160

4.000

06/01/46

159

Coweta

County

Water

&

Sewage

Authority

Revenue

Bonds

325

5.000

06/01/49

358

Development

Authority

of

Burke

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

5,425

3.375

03/12/27

5,427

Development

Authority

of

Burke

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

750

3.700

06/13/28

762

Development

Authority

of

Burke

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

800

2.875

12/01/49

791

Development

Authority

of

Monroe

County

Revenue

Bonds

(~)(ae)(Ê)

250

1.000

07/01/49

231

Gainesville

&

Hall

County

Hospital

Authority

Revenue

Bonds

2,000

5.000

10/15/30

2,200

Gainesville

&

Hall

County

Hospital

Authority

Revenue

Bonds

2,000

5.000

10/15/34

2,293

Gwinnett

County

School

District

General

Obligation

Unlimited

7,500

5.000

08/01/25

7,655

Heard

County

Development

Authority

Revenue

Bonds

(~)(Ê)

15,300

1.170

09/01/29

15,300

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

400

4.000

11/01/24

400

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

2,350

4.000

11/01/25

2,334

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

550

4.000

11/01/26

543

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

2,800

5.000

05/15/29

2,943

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(Ê)

7,500

5.000

09/01/31

8,052

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

28,750

5.000

12/01/31

30,626

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

352

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

5,450

5.000

12/01/31

5,829

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

13,500

5.000

03/01/32

14,543

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

4,460

4.000

08/01/49

4,463

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000

07/01/52

2,015

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

1,500

4.000

09/01/52

1,512

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

6,000

5.000

12/01/52

6,308

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

2,670

5.000

07/01/53

2,845

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

840

5.000

12/01/53

899

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(SOFR

+

1.700%)(ae)(Ê)

36,000

5.285

12/01/53

37,036

Monterey

Regional

Waste

Management

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,200

3.875

10/01/48

2,220

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,195

5.000

01/01/48

1,214

Paulding

County

Hospital

Authority

Revenue

Bonds

(µ)

1,975

4.000

04/01/41

1,999

Private

Colleges

&

Universities

Authority

Revenue

Bonds

350

5.000

10/01/29

375

Private

Colleges

&

Universities

Authority

Revenue

Bonds

750

4.000

04/01/39

754

State

of

Georgia

General

Obligation

Unlimited

9,585

5.000

07/01/25

9,764

Sunbridge

Stewardship

District

Special

Assessment

125

4.500

05/01/27

126

Sunbridge

Stewardship

District

Special

Assessment

350

5.000

05/01/32

361

Sunbridge

Stewardship

District

Special

Assessment

920

5.400

05/01/42

948

197,763

Guam

-

0.7%

Guam

Business

Privilege

Tax

Revenue

Bonds

75

5.000

01/01/28

78

Guam

Business

Privilege

Tax

Revenue

Bonds

100

5.000

01/01/29

105

Guam

Business

Privilege

Tax

Revenue

Bonds

300

5.000

01/01/31

322

Guam

Business

Privilege

Tax

Revenue

Bonds

5,980

4.000

01/01/36

6,011

Guam

Department

of

Education

Certificate

of

Participation

265

3.625

02/01/25

264

Guam

Department

of

Education

Certificate

of

Participation

265

4.250

02/01/30

258

Guam

Government

Waterworks

Authority

Revenue

Bonds

375

5.000

07/01/25

380

Guam

Government

Waterworks

Authority

Revenue

Bonds

605

5.000

07/01/29

629

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,625

5.000

07/01/38

1,792

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,360

5.000

07/01/40

1,401

Guam

Government

Waterworks

Authority

Revenue

Bonds

2,000

5.000

01/01/46

2,027

Guam

Power

Authority

Revenue

Bonds

375

5.000

10/01/29

402

Guam

Power

Authority

Revenue

Bonds

1,825

5.000

10/01/34

1,899

Guam

Power

Authority

Revenue

Bonds

(µ)

1,100

5.000

10/01/34

1,103

Guam

Power

Authority

Revenue

Bonds

2,690

5.000

10/01/35

2,797

Guam

Power

Authority

Revenue

Bonds

425

5.000

10/01/41

463

Territory

of

Guam

Revenue

Bonds

3,000

5.000

12/01/24

3,012

Territory

of

Guam

Revenue

Bonds

50

5.000

11/01/27

52

Territory

of

Guam

Revenue

Bonds

50

5.000

11/01/28

52

Territory

of

Guam

Revenue

Bonds

7,725

5.000

11/15/28

7,840

Territory

of

Guam

Revenue

Bonds

2,000

5.000

12/01/28

2,056

Territory

of

Guam

Revenue

Bonds

50

5.000

11/01/29

53

Territory

of

Guam

Revenue

Bonds

175

5.000

11/01/30

185

Territory

of

Guam

Revenue

Bonds

2,535

5.000

12/01/32

2,601

Territory

of

Guam

Revenue

Bonds

555

5.000

12/01/35

567

Territory

of

Guam

Revenue

Bonds

980

5.000

12/01/36

1,000

37,349

Hawaii

-

0.1%

City

&

County

Honolulu

Wastewater

System

Revenue

Bonds

1,575

5.000

07/01/36

1,627

City

&

County

of

Honolulu

Revenue

Bonds

(~)(ae)(Ê)

1,270

5.000

06/01/27

1,306

Hawaii

State

General

Obligation

Unlimited

1,500

5.000

01/01/37

1,623

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

353

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Kauai

County

Community

Facilities

District

Special

Tax

280

4.000

05/15/27

278

Kauai

County

Community

Facilities

District

Special

Tax

255

4.000

05/15/33

243

Kauai

County

Community

Facilities

District

Special

Tax

375

4.000

05/15/34

356

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

600

5.000

07/01/34

616

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

1,400

3.200

07/01/39

1,053

7,102

Idaho

-

0.3%

City

of

Boise

City

Airport

Revenue

Bonds

1,000

5.000

09/01/51

1,065

Idaho

Health

Facilities

Authority

Revenue

Bonds

1,390

5.000

09/01/24

1,390

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,090

5.000

09/01/27

2,108

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,045

5.000

09/01/28

2,064

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,400

5.000

09/01/31

2,422

Idaho

Housing

&

Finance

Association

Revenue

Bonds

1,390

3.100

01/01/25

1,390

Idaho

Housing

&

Finance

Association

Revenue

Bonds

1,670

5.000

07/15/31

1,673

Idaho

Housing

&

Finance

Association

Revenue

Bonds

1,115

3.000

05/01/32

1,030

Idaho

Housing

&

Finance

Association

Revenue

Bonds

4,560

6.000

07/01/54

5,026

18,168

Illinois

-

11.9%

Berwyn

Municipal

Securitization

Corp.

Revenue

Bonds

(µ)

1,000

5.000

01/01/35

1,074

Carol

Stream

Park

District

General

Obligation

Unlimited

(µ)(ae)

200

5.000

01/01/37

206

Carol

Stream

Park

District

General

Obligation

Unlimited

(µ)

630

5.000

01/01/37

642

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

50

Zero

coupon

01/01/26

47

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

25

Zero

coupon

01/01/27

23

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

35

Zero

coupon

01/01/28

31

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

565

5.000

01/01/32

599

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

260

5.000

01/01/33

275

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

675

5.000

12/01/25

684

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

15,875

5.000

12/01/27

16,503

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

10,880

2.956

12/01/28

9,079

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

2,750

5.000

12/01/28

2,890

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

3,630

3.163

12/01/30

2,767

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

8,000

5.000

12/01/31

8,396

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

6,500

5.000

12/01/32

6,820

Chicago

Board

of

Education

General

Obligation

Unlimited

7,875

5.000

12/01/33

8,163

Chicago

Board

of

Education

General

Obligation

Unlimited

1,465

5.250

12/01/35

1,468

Chicago

Board

of

Education

General

Obligation

Unlimited

3,860

5.000

12/01/37

4,016

Chicago

Board

of

Education

General

Obligation

Unlimited

1,250

5.000

12/01/38

1,295

Chicago

Board

of

Education

General

Obligation

Unlimited

3,375

5.000

12/01/39

3,490

Chicago

Board

of

Education

General

Obligation

Unlimited

1,750

5.000

12/01/41

1,796

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

5,000

7.000

12/01/42

5,399

Chicago

Board

of

Education

General

Obligation

Unlimited

3,420

5.000

12/01/46

3,415

Chicago

Board

of

Education

Revenue

Bonds

3,575

5.000

12/01/31

3,700

Chicago

Board

of

Education

Revenue

Bonds

10,000

5.750

04/01/33

10,531

Chicago

Board

of

Education

Revenue

Bonds

250

5.000

04/01/34

257

Chicago

Board

of

Education

Revenue

Bonds

265

5.750

04/01/34

279

Chicago

Board

of

Education

Revenue

Bonds

325

5.000

04/01/35

334

Chicago

Board

of

Education

Revenue

Bonds

415

5.000

04/01/36

426

Chicago

Board

of

Education

Revenue

Bonds

225

5.000

04/01/37

231

Chicago

Board

of

Education

Revenue

Bonds

785

5.000

04/01/46

794

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

354

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Chicago

Board

of

Education

Revenue

Bonds

6,875

5.000

12/01/47

6,958

Chicago

Midway

International

Airport

Revenue

Bonds

(µ)

5,000

5.000

01/01/35

5,692

Chicago

Midway

International

Airport

Revenue

Bonds

4,000

5.000

01/01/41

4,051

Chicago

Midway

International

Airport

Revenue

Bonds

8,420

5.000

01/01/46

8,498

Chicago

O'Hare

International

Airport

Revenue

Bonds

2,590

5.000

01/01/28

2,591

Chicago

O'Hare

International

Airport

Revenue

Bonds

2,745

5.000

01/01/32

2,758

Chicago

O'Hare

International

Airport

Revenue

Bonds

5,345

4.000

01/01/34

5,485

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,210

5.000

01/01/36

1,359

Chicago

O'Hare

International

Airport

Revenue

Bonds

10,500

4.000

01/01/37

10,705

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

3,515

4.000

01/01/37

3,601

Chicago

O'Hare

International

Airport

Revenue

Bonds

7,045

5.000

01/01/37

7,327

Chicago

O'Hare

International

Airport

Revenue

Bonds

6,950

5.000

01/01/39

7,375

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

1,700

5.250

01/01/40

1,895

Chicago

O'Hare

International

Airport

Revenue

Bonds

400

4.000

01/01/42

398

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

1,000

5.250

01/01/42

1,106

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

4,500

5.000

12/01/44

4,512

Chicago

O'Hare

International

Airport

Revenue

Bonds

8,970

5.250

12/01/49

8,990

Chicago

Park

District

General

Obligation

Limited

(µ)

5,000

4.000

01/01/32

5,106

Chicago

Park

District

General

Obligation

Limited

(µ)

6,810

4.000

01/01/33

6,934

Chicago

Park

District

General

Obligation

Limited

1,000

5.000

01/01/38

1,116

Chicago

Park

District

General

Obligation

Limited

(µ)

3,145

4.000

01/01/39

3,155

Chicago

Park

District

General

Obligation

Limited

(µ)

14,300

5.000

01/01/44

15,042

Chicago

Park

District

General

Obligation

Limited

2,680

5.250

01/01/46

2,913

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3,870

5.000

01/01/26

3,970

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

6,385

5.000

01/01/27

6,660

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

1,695

5.000

01/01/28

1,797

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

7,015

5.000

01/01/29

7,534

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

7,500

5.000

01/01/30

8,172

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

19,040

5.500

01/01/31

20,662

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

710

4.000

01/01/38

716

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

(µ)

250

5.000

01/01/38

262

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

Bonds

1,250

5.000

06/01/27

1,304

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

Bonds

200

5.000

06/01/29

214

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

200

5.000

01/01/36

225

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

1,050

5.000

01/01/37

1,177

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

30

3.250

07/01/29

29

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

325

3.750

07/01/41

311

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

715

5.500

03/01/29

770

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

795

5.500

03/01/31

867

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

400

5.500

03/01/36

434

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

545

5.500

03/01/37

591

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

1,725

4.500

03/01/43

1,736

City

of

Chicago

General

Obligation

Unlimited

(µ)

15

5.250

01/31/23

15

City

of

Chicago

General

Obligation

Unlimited

(µ)

2,650

Zero

coupon

01/01/27

2,440

City

of

Chicago

General

Obligation

Unlimited

670

5.000

01/01/28

697

City

of

Chicago

General

Obligation

Unlimited

4,675

5.000

01/01/29

4,902

City

of

Chicago

General

Obligation

Unlimited

870

5.000

01/01/31

911

City

of

Chicago

General

Obligation

Unlimited

5,000

4.000

01/01/32

5,023

City

of

Chicago

General

Obligation

Unlimited

4,000

5.000

01/01/32

4,279

City

of

Chicago

General

Obligation

Unlimited

865

5.250

01/01/32

866

City

of

Chicago

General

Obligation

Unlimited

1,950

5.000

01/01/33

2,083

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

355

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Chicago

General

Obligation

Unlimited

225

4.000

01/01/35

225

City

of

Chicago

General

Obligation

Unlimited

600

5.000

01/01/35

646

City

of

Chicago

General

Obligation

Unlimited

3,700

5.000

01/01/38

3,716

City

of

Chicago

General

Obligation

Unlimited

4,750

6.000

01/01/38

4,931

City

of

Chicago

General

Obligation

Unlimited

5,750

5.500

01/01/40

6,268

City

of

Chicago

General

Obligation

Unlimited

660

5.500

01/01/43

699

City

of

Chicago

General

Obligation

Unlimited

4,290

5.000

01/01/44

4,380

City

of

Chicago

General

Obligation

Unlimited

1,465

5.500

01/01/49

1,514

City

of

Chicago

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.000

11/01/25

3,041

City

of

Chicago

Special

Assessment

Revenue

Bonds

(Þ)

300

3.200

12/01/29

284

City

of

Chicago

Special

Assessment

Revenue

Bonds

(Þ)

325

3.290

12/01/30

306

City

of

Chicago

Special

Assessment

Revenue

Bonds

(Þ)

348

3.380

12/01/31

326

City

of

Chicago

Special

Assessment

Revenue

Bonds

(Þ)

275

3.450

12/01/32

254

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

2,015

5.000

01/01/34

2,024

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

1,630

5.000

01/01/35

1,637

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

4,920

5.000

01/01/36

5,070

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

4,070

5.000

01/01/39

4,082

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

1,000

5.000

01/01/40

1,121

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

1,350

5.000

01/01/41

1,501

City

of

Chicago

Waterworks

Revenue

Bonds

1,000

5.000

11/01/26

1,039

City

of

Chicago

Waterworks

Revenue

Bonds

(µ)

6,000

5.000

11/01/31

6,292

City

of

Chicago

Waterworks

Revenue

Bonds

1,000

5.000

11/01/34

1,002

City

of

Country

Club

Hills

General

Obligation

Unlimited

(µ)

1,000

4.000

12/01/29

1,023

City

of

Galesburg

Revenue

Bonds

560

4.000

10/01/36

529

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,000

5.000

12/15/37

1,108

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,000

5.000

12/15/38

1,099

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,080

5.250

12/15/40

1,196

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,195

5.500

12/15/42

1,333

City

of

Joliet

General

Obligation

Unlimited

(µ)

2,725

5.500

12/15/44

3,028

City

of

Peoria

General

Obligation

Unlimited

(µ)

120

5.000

01/01/29

129

City

of

Peoria

General

Obligation

Unlimited

(µ)

200

5.000

01/01/31

214

City

of

Waukegan

Water

&

Sewer

System

Revenue

Bonds

(µ)

325

4.000

12/30/33

336

City

of

Waukegan

Water

&

Sewer

System

Revenue

Bonds

(µ)

275

4.000

12/30/34

283

Cook

County

Community

College

District

No.

527

General

Obligation

Unlimited

(µ)

580

4.000

12/15/36

588

Cook

County

Community

College

District

No.

527

General

Obligation

Unlimited

(µ)

625

4.000

12/15/38

631

Cook

County

High

School

District

No.

209

Proviso

Township

General

Obligation

Limited

(µ)

2,475

5.500

12/01/36

2,686

Cook

County

School

District

No.

95

General

Obligation

Unlimited

465

4.000

12/01/24

466

Cook

County

Township

High

School

District

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/30

1,065

Cook

County

Township

High

School

District

General

Obligation

Unlimited

(µ)

1,100

5.000

12/01/31

1,173

Cook

County

Township

High

School

District

General

Obligation

Unlimited

(µ)

1,160

5.000

12/01/32

1,237

County

of

Cook

General

Obligation

Unlimited

1,250

5.000

11/15/29

1,366

County

of

Cook

Sales

Tax

Revenue

Bonds

300

5.000

11/15/32

328

County

of

Cook

Sales

Tax

Revenue

Bonds

1,250

5.250

11/15/36

1,318

County

of

Cook

Sales

Tax

Revenue

Bonds

2,000

4.000

11/15/37

2,032

County

of

Cook

Sales

Tax

Revenue

Bonds

1,630

5.000

11/15/37

1,762

County

of

Cook

Sales

Tax

Revenue

Bonds

270

5.000

11/15/38

291

County

of

Cook

Sales

Tax

Revenue

Bonds

500

4.000

11/15/39

499

County

of

Cook

Sales

Tax

Revenue

Bonds

460

4.000

11/15/41

455

County

of

DuPage

General

Obligation

Limited

600

5.000

01/01/28

616

County

of

Sangamon

General

Obligation

Limited

(µ)

550

3.000

12/15/35

495

County

of

Union

General

Obligation

Unlimited

(µ)

1,000

4.000

09/01/36

1,013

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

356

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Crawford

Hospital

District

General

Obligation

Unlimited

580

4.000

01/01/41

547

Governors

State

University

Certificate

of

Participation

(µ)

500

5.000

07/01/25

508

Illinois

Development

Finance

Authority

Revenue

Bonds

2,500

Zero

coupon

07/15/25

2,419

Illinois

Finance

Authority

Revenue

Bonds

2,540

4.000

06/15/25

2,549

Illinois

Finance

Authority

Revenue

Bonds

300

4.000

10/15/25

296

Illinois

Finance

Authority

Revenue

Bonds

465

4.000

10/15/26

456

Illinois

Finance

Authority

Revenue

Bonds

(Æ)(Ø)

650

5.000

02/15/27

150

Illinois

Finance

Authority

Revenue

Bonds

500

5.000

02/15/27

507

Illinois

Finance

Authority

Revenue

Bonds

485

4.000

10/15/27

471

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000

11/01/27

1,022

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

300

4.000

10/01/28

297

Illinois

Finance

Authority

Revenue

Bonds

250

5.000

12/01/28

258

Illinois

Finance

Authority

Revenue

Bonds

3,000

5.000

01/01/29

3,141

Illinois

Finance

Authority

Revenue

Bonds

400

5.000

02/15/29

407

Illinois

Finance

Authority

Revenue

Bonds

520

5.000

08/01/29

537

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

500

4.000

10/01/29

495

Illinois

Finance

Authority

Revenue

Bonds

315

5.000

12/01/29

325

Illinois

Finance

Authority

Revenue

Bonds

625

5.000

08/01/30

651

Illinois

Finance

Authority

Revenue

Bonds

630

5.000

08/15/30

693

Illinois

Finance

Authority

Revenue

Bonds

250

5.000

12/01/30

257

Illinois

Finance

Authority

Revenue

Bonds

225

5.000

08/01/31

240

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

180

4.000

10/01/31

178

Illinois

Finance

Authority

Revenue

Bonds

320

5.000

12/01/31

329

Illinois

Finance

Authority

Revenue

Bonds

245

5.000

08/01/32

262

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

340

4.000

10/01/32

334

Illinois

Finance

Authority

Revenue

Bonds

500

5.000

12/01/32

513

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

440

4.000

10/01/33

431

Illinois

Finance

Authority

Revenue

Bonds

1,725

5.000

08/15/34

1,910

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

890

4.000

10/01/34

866

Illinois

Finance

Authority

Revenue

Bonds

200

5.000

01/01/36

209

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000

03/01/36

1,019

Illinois

Finance

Authority

Revenue

Bonds

3,250

5.250

04/01/38

3,803

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000

07/01/38

1,033

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,300

5.250

08/01/38

1,410

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.250

04/01/39

1,162

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000

07/01/39

1,027

Illinois

Finance

Authority

Revenue

Bonds

725

4.250

10/01/39

733

Illinois

Finance

Authority

Revenue

Bonds

750

5.500

10/01/39

793

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

200

3.875

05/01/40

200

Illinois

Finance

Authority

Revenue

Bonds

100

4.000

09/01/41

92

Illinois

Finance

Authority

Revenue

Bonds

2,575

4.375

10/01/41

2,596

Illinois

Finance

Authority

Revenue

Bonds

100

4.000

11/01/41

93

Illinois

Finance

Authority

Revenue

Bonds

3,535

4.450

04/01/43

3,540

Illinois

Finance

Authority

Revenue

Bonds

11,485

5.000

08/15/44

11,539

Illinois

Finance

Authority

Revenue

Bonds

590

4.700

10/01/44

599

Illinois

Finance

Authority

Revenue

Bonds

200

5.000

09/01/46

201

Illinois

Finance

Authority

Revenue

Bonds

500

5.000

12/01/47

501

Illinois

Finance

Authority

Revenue

Bonds

1,620

4.000

10/01/49

1,621

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,500

5.000

05/15/50

3,502

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,000

5.000

08/15/52

4,184

Illinois

General

Obligation

Unlimited

1,925

5.000

05/01/33

1,926

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

357

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Illinois

General

Obligation

Unlimited

400

4.000

11/01/34

401

Illinois

General

Obligation

Unlimited

490

5.250

05/01/38

545

Illinois

General

Obligation

Unlimited

805

5.250

05/01/39

893

Illinois

General

Obligation

Unlimited

(µ)

1,675

4.000

06/01/41

1,626

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,415

4.000

06/01/26

1,420

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,240

5.000

11/01/26

4,389

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(Ê)

4,730

5.000

02/01/27

4,840

Illinois

Municipal

Electric

Agency

Revenue

Bonds

4,500

4.000

02/01/34

4,450

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

925

5.000

06/15/30

971

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

(µ)

1,000

5.250

06/15/31

1,004

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,000

5.000

12/01/32

5,107

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,000

5.000

01/01/37

5,062

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

7,425

5.000

01/01/38

7,466

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,650

5.000

01/01/39

5,678

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

9,195

5.000

01/01/40

9,303

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

1,175

5.000

01/01/42

1,226

Illinois

State

University

Revenue

Bonds

(µ)

500

5.000

04/01/25

505

Jersey

&

Greene

County

Community

Unit

School

District

No.

100

Jerseyville

General

Obligation

Unlimited

(µ)

1,100

5.000

12/01/27

1,126

Kane

County

School

District

No.

131

Aurora

East

Side

General

Obligation

(µ)

3,920

5.000

12/01/27

4,130

Kane

County

School

District

No.

131

Aurora

East

Side

General

Obligation

(µ)

2,000

5.000

12/01/28

2,111

Kane

County

School

District

No.

131

Aurora

East

Side

General

Obligation

(µ)

2,000

5.000

12/01/29

2,111

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

(µ)

635

4.000

12/01/35

645

McHenry

County

Community

Unit

School

District

No.

12

Johnsburg

General

Obligation

Unlimited

(µ)

850

5.000

01/01/33

856

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,615

4.000

12/15/26

1,647

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

335

4.000

12/15/27

344

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

355

5.000

12/15/27

372

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

800

5.000

06/15/29

841

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

305

Zero

coupon

12/15/29

251

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

5,705

Zero

coupon

06/15/30

4,595

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,300

5.000

12/15/30

1,359

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

555

5.000

12/15/31

580

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

600

5.000

12/15/33

626

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

2,540

Zero

coupon

06/15/34

1,739

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

500

5.000

12/15/34

522

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

540

2.169

12/15/37

410

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,500

1.730

12/15/42

1,112

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,250

4.000

12/15/42

1,229

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,650

1.452

12/15/47

1,195

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

3,475

Zero

coupon

12/15/56

786

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

General

Obligation

Unlimited

1,500

5.000

12/01/45

1,519

Northern

Illinois

University

Revenue

Bonds

(µ)

325

5.000

10/01/27

339

Northern

Illinois

University

Revenue

Bonds

(µ)

325

5.000

10/01/29

346

Northern

Illinois

University

Revenue

Bonds

(µ)

450

5.000

10/01/31

485

Peoria

County

Community

Unit

School

District

No.

323

General

Obligation

Unlimited

1,585

4.000

04/01/30

1,631

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

665

5.000

12/01/31

706

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

675

5.000

12/01/34

716

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

358

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Sales

Tax

Securitization

Corp.

Revenue

Bonds

2,200

5.000

01/01/28

2,332

Sales

Tax

Securitization

Corp.

Revenue

Bonds

2,000

5.000

01/01/29

2,148

Sales

Tax

Securitization

Corp.

Revenue

Bonds

5,955

5.000

01/01/32

6,229

Sales

Tax

Securitization

Corp.

Revenue

Bonds

1,000

5.000

01/01/36

1,120

Sangamon

&

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

720

5.500

02/01/38

799

Sangamon

&

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

470

5.500

02/01/43

515

Sangamon

&

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

470

5.500

02/01/47

507

Sangamon

Logan

&

Menard

Counties

Community

Unit

School

District

No.

15

Williamsville

General

Obligation

Unlimited

(µ)

1,000

4.000

12/01/40

982

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

175

4.000

01/01/33

178

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

55

4.000

01/01/34

56

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

50

4.000

01/01/35

51

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

60

4.000

01/01/37

61

Southern

Illinois

University

Revenue

Bonds

(µ)

1,470

5.000

04/01/27

1,485

Southern

Illinois

University

Revenue

Bonds

(µ)

850

5.000

04/01/28

858

Southwestern

Illinois

Development

Authority

Revenue

Bonds

2,075

4.000

04/15/33

2,127

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

1,005

5.000

10/15/33

1,027

Southwestern

Illinois

Development

Authority

Revenue

Bonds

925

4.000

04/15/34

949

Southwestern

Illinois

Development

Authority

Revenue

Bonds

1,225

4.000

10/15/35

1,254

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

2,700

5.500

12/01/36

3,089

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

2,545

5.500

12/01/39

2,864

St.

Clair

County

Community

Unit

School

District

No.

187

Cahokia

Revenue

Bonds

135

5.000

01/01/26

138

St.

Clair

County

Community

Unit

School

District

No.

187

Cahokia

Revenue

Bonds

250

5.000

01/01/29

267

St.

Clair

County

Community

Unit

School

District

No.

187

Cahokia

Revenue

Bonds

325

5.000

01/01/37

361

St.

Clair

County

Community

Unit

School

District

No.

187

Cahokia

Revenue

Bonds

300

5.000

01/01/38

332

St.

Clair

County

Community

Unit

School

District

No.

187

Cahokia

Revenue

Bonds

350

5.000

01/01/40

383

St.

Clair

County

Community

Unit

School

District

No.

187

Cahokia

Revenue

Bonds

220

5.000

01/01/41

240

St.

Clair

County

Community

Unit

School

District

No.

187

Cahokia

Revenue

Bonds

525

5.000

01/01/43

567

St.

Clair

County

Community

Unit

School

District

No.

187

Cahokia

Revenue

Bonds

600

5.000

01/01/44

646

St.

Clair

County

Community

Unit

School

District

No.

187

Cahokia

Revenue

Bonds

400

5.000

01/01/49

424

State

of

Illinois

General

Obligation

Unlimited

4,000

5.000

11/01/24

4,017

State

of

Illinois

General

Obligation

Unlimited

8,275

5.000

01/01/25

8,334

State

of

Illinois

General

Obligation

Unlimited

4,250

5.000

11/01/25

4,343

State

of

Illinois

General

Obligation

Unlimited

1,490

5.000

11/01/26

1,547

State

of

Illinois

General

Obligation

Unlimited

125

5.000

04/01/27

125

State

of

Illinois

General

Obligation

Unlimited

1,155

5.000

11/01/27

1,217

State

of

Illinois

General

Obligation

Unlimited

200

5.000

05/01/28

200

State

of

Illinois

General

Obligation

Unlimited

1,610

5.000

10/01/28

1,719

State

of

Illinois

General

Obligation

Unlimited

10,875

5.000

11/01/28

11,420

State

of

Illinois

General

Obligation

Unlimited

880

5.250

02/01/29

881

State

of

Illinois

General

Obligation

Unlimited

4,085

5.000

03/01/29

4,387

State

of

Illinois

General

Obligation

Unlimited

3,200

5.000

10/01/29

3,418

State

of

Illinois

General

Obligation

Unlimited

4,775

5.000

11/01/29

5,014

State

of

Illinois

General

Obligation

Unlimited

(µ)

4,500

4.000

02/01/30

4,574

State

of

Illinois

General

Obligation

Unlimited

1,875

5.000

03/01/30

2,040

State

of

Illinois

General

Obligation

Unlimited

2,175

5.000

05/01/30

2,177

State

of

Illinois

General

Obligation

Unlimited

705

5.000

04/01/31

706

State

of

Illinois

General

Obligation

Unlimited

1,295

5.000

05/01/31

1,296

State

of

Illinois

General

Obligation

Unlimited

1,300

5.000

05/01/32

1,369

State

of

Illinois

General

Obligation

Unlimited

120

4.250

01/01/36

120

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

359

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

State

of

Illinois

General

Obligation

Unlimited

1,500

5.000

02/01/39

1,500

State

of

Illinois

General

Obligation

Unlimited

1,000

4.000

10/01/39

990

State

of

Illinois

General

Obligation

Unlimited

1,405

5.000

05/01/40

1,553

State

of

Illinois

General

Obligation

Unlimited

825

4.000

10/01/40

808

State

of

Illinois

General

Obligation

Unlimited

1,250

5.000

05/01/41

1,372

State

of

Illinois

General

Obligation

Unlimited

720

5.000

05/01/42

743

State

of

Illinois

General

Obligation

Unlimited

720

5.000

05/01/43

741

State

of

Illinois

General

Obligation

Unlimited

1,125

5.500

03/01/47

1,228

State

of

Illinois

Sales

Tax

Revenue

Bonds

2,000

5.000

06/15/25

2,031

Town

of

Cicero

General

Obligation

Unlimited

(µ)

500

5.000

01/01/25

502

Town

of

Cicero

General

Obligation

Unlimited

(µ)

1,010

5.000

01/01/26

1,027

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

1,605

5.250

12/01/35

1,679

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,075

5.250

12/01/36

3,212

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,240

5.250

12/01/37

3,378

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

2,985

5.250

12/01/38

3,096

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

(Þ)

410

5.625

03/01/43

422

Village

of

Bellwood

General

Obligation

Unlimited

(µ)

2,075

5.000

12/01/32

2,088

Village

of

Bradley

General

Obligation

Unlimited

(µ)

1,000

5.000

12/15/40

1,088

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

570

4.000

12/15/29

588

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

400

4.000

12/15/30

412

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

500

4.000

12/15/31

514

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

655

4.000

12/15/33

668

Village

of

Romeoville

General

Obligation

Unlimited

600

5.000

12/30/27

640

Village

of

Romeoville

General

Obligation

Unlimited

600

5.000

12/30/28

652

Village

of

Rosemont

General

Obligation

Unlimited

(µ)

1,430

5.000

12/01/26

1,491

Village

of

Rosemont

General

Obligation

Unlimited

(µ)

1,500

5.000

12/01/27

1,588

Volo

Village

Special

Service

Area

No.

3

&

6

Special

Tax

(µ)

1,094

5.000

03/01/34

1,112

Western

Illinois

Economic

Development

Authority

Revenue

Bonds

(µ)

1,140

5.000

01/01/27

1,149

Western

Illinois

Economic

Development

Authority

Revenue

Bonds

(µ)

725

5.000

01/01/28

731

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

1,630

3.500

01/01/25

1,630

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

355

5.000

01/01/35

396

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

765

5.250

01/01/39

852

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

1,030

5.250

01/01/40

1,142

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

4,700

5.500

01/01/47

5,170

Will

County

School

District

No.

210

Lincoln-Way

General

Obligation

Unlimited

(µ)

650

4.000

01/01/34

651

Williamson

Jackson,

Perry,

Randolph

Counties

Community

College

District

No.

530

General

Obligation

Unlimited

(µ)

985

5.000

12/01/24

991

Williamson

Jackson,

Perry,

Randolph

Counties

Community

College

District

No.

530

General

Obligation

Unlimited

(µ)

1,450

5.000

12/01/25

1,483

662,759

Indiana

-

1.2%

Avon

Community

School

Building

Corp.

Revenue

Bonds

1,000

5.500

07/15/40

1,157

Brownsburg

1999

School

Building

Corp.

Revenue

Bonds

1,540

5.500

07/15/40

1,712

Brownsburg

1999

School

Building

Corp.

Revenue

Bonds

4,810

5.500

07/15/42

5,307

City

of

Rockport

Pollution

Control

Revenue

Bonds

1,500

3.050

06/01/25

1,491

City

of

Rockport

Revenue

Bonds

1,275

3.125

07/01/25

1,262

Evansville

Industry

Redevelopment

Authority

Revenue

Bonds

(µ)

1,255

4.000

02/01/33

1,263

Evansville

Waterworks

District

Revenue

Bonds

(µ)

500

5.000

01/01/37

556

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

0.120

05/01/28

1,001

Indiana

Finance

Authority

Revenue

Bonds

25

4.000

07/01/30

25

Indiana

Finance

Authority

Revenue

Bonds

1,000

3.000

11/01/30

939

Indiana

Finance

Authority

Revenue

Bonds

325

5.000

02/01/31

345

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

360

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Indiana

Finance

Authority

Revenue

Bonds

500

5.000

02/01/32

531

Indiana

Finance

Authority

Revenue

Bonds

800

5.000

06/01/38

853

Indiana

Finance

Authority

Revenue

Bonds

675

5.000

10/01/38

765

Indiana

Finance

Authority

Revenue

Bonds

40

5.000

07/01/40

40

Indiana

Finance

Authority

Revenue

Bonds

23,285

5.000

12/01/40

23,467

Indiana

Finance

Authority

Revenue

Bonds

1,500

5.000

10/01/42

1,679

Indiana

Finance

Authority

Revenue

Bonds

855

5.000

06/01/43

897

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

400

2.100

11/01/49

383

Indiana

Housing

&

Community

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,055

5.000

10/01/26

3,085

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

2,650

5.000

01/01/48

2,863

IPS

Multi-School

Building

Corp.

Revenue

Bonds

2,500

5.250

07/15/42

2,759

Metropolitan

School

District

of

Township

School

Building

Corp.

Revenue

Bonds

1,125

4.000

07/10/34

1,151

Northwestern

School

Building

Corp.

Revenue

Bonds

800

6.000

07/15/39

921

Northwestern

School

Building

Corp.

Revenue

Bonds

1,000

6.000

07/15/41

1,140

South

Bend

Redevelopment

Authority

Revenue

Bonds

2,735

4.000

08/01/38

2,736

South

Bend

Redevelopment

Authority

Revenue

Bonds

270

4.250

08/01/43

269

Tippecanoe

County

School

Building

Corp.

Revenue

Bonds

500

6.000

07/15/41

595

Tri-Creek

2002

High

School

Building

Corp.

Revenue

Bonds

3,720

5.500

07/15/41

4,229

Tri-Creek

2002

High

School

Building

Corp.

Revenue

Bonds

4,930

5.500

07/15/43

5,557

68,978

Iowa

-

0.6%

City

of

Altoona

Certificate

of

Participation

(µ)

1,205

5.000

06/01/37

1,292

City

of

Altoona

Certificate

of

Participation

(µ)

245

5.000

06/01/38

261

City

of

Altoona

Certificate

of

Participation

(µ)

800

5.000

06/01/39

851

City

of

Ames

Revenue

Bonds

2,000

5.000

06/15/31

2,047

City

of

Coralville

Certificate

of

Participation

840

4.000

06/01/31

792

City

of

Coralville

General

Obligation

Unlimited

735

5.000

05/01/36

762

City

of

Coralville

General

Obligation

Unlimited

1,400

5.000

05/01/38

1,445

City

of

Coralville

General

Obligation

Unlimited

2,265

5.000

05/01/40

2,318

City

of

Coralville

General

Obligation

Unlimited

1,650

5.000

05/01/41

1,684

City

of

Coralville

General

Obligation

Unlimited

860

5.000

05/01/42

831

City

of

Coralville

General

Obligation

Unlimited

(µ)

1,170

5.000

06/01/42

1,226

City

of

Coralville

General

Obligation

Unlimited

(µ)

1,010

5.000

06/01/43

1,056

City

of

Des

Moines

General

Obligation

Unlimited

1,480

1.500

06/01/34

1,106

City

of

Orange

Sewer

Revenue

Bonds

(µ)

440

4.000

06/01/34

442

City

of

Waterloo

General

Obligation

Unlimited

700

4.500

06/01/27

715

Iowa

City

Community

School

District

General

Obligation

Unlimited

2,000

2.500

06/01/38

1,607

Iowa

Finance

Authority

Revenue

Bonds

675

5.000

05/15/43

669

Iowa

Finance

Authority

Revenue

Bonds

2,500

4.500

07/01/44

2,501

Iowa

Finance

Authority

Revenue

Bonds

375

5.000

05/15/47

366

Iowa

Finance

Authority

Revenue

Bonds

400

5.000

05/15/48

389

Iowa

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

900

4.000

12/01/50

944

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

395

4.000

10/01/31

392

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

325

4.000

10/01/35

316

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

365

5.000

10/01/35

388

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

370

5.000

10/01/36

392

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

400

5.000

10/01/37

424

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

65

4.000

06/01/49

65

West

Des

Moines

Community

School

District

Infrastructure

Sales

Services

&

Use

Tax

Revenue

Bonds

(µ)

2,265

6.000

07/01/29

2,531

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

361

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Xenia

Rural

Water

District

Revenue

Bonds

3,000

5.000

12/01/28

3,119

30,931

Kansas

-

0.4%

Butler

County

Unified

School

District

No.

490

El

Dorado

General

Obligation

Unlimited

(µ)

1,375

3.000

09/01/39

1,176

City

of

Burlington

Revenue

Bonds

(~)(ae)(Ê)

1,225

4.300

06/01/26

1,230

City

of

Manhattan

Revenue

Bonds

125

4.000

06/01/36

120

City

of

Prairie

Village

Tax

Allocation

205

2.875

04/01/30

200

City

of

Prairie

Village

Tax

Allocation

500

3.125

04/01/36

466

Crawford

County

Unified

School

District

No.

250

Pittsburg

General

Obligation

Unlimited

(µ)(ae)

85

5.000

09/01/35

90

Kansas

Development

Finance

Authority

Revenue

Bonds

(~)(Ê)

6,795

5.000

06/01/43

7,030

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,110

5.000

04/01/31

1,144

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,000

5.000

04/01/32

1,030

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,000

5.000

04/01/38

1,029

University

of

Kansas

Hospital

Authority

Revenue

Bonds

2,775

4.000

03/01/36

2,829

University

of

Kansas

Hospital

Authority

Revenue

Bonds

2,500

4.000

03/01/37

2,538

Wyandotte

County

City

Unified

Government

Revenue

Bonds

1,330

4.500

06/01/40

1,323

20,205

Kentucky

-

1.2%

City

of

Ashland

Revenue

Bonds

2,565

5.000

02/01/40

2,579

County

of

Boone

Revenue

Bonds

2,750

3.700

08/01/27

2,735

County

of

Owen

Revenue

Bonds

(~)(ae)(Ê)

200

3.875

06/01/40

201

Fayette

County

School

District

Finance

Corp.

Revenue

Bonds

800

4.000

03/01/45

781

Fayette

County

School

District

Finance

Corp.

Revenue

Bonds

850

4.000

03/01/48

815

Kentucky

Asset

Liability

Commission

Revenue

Bonds

3,015

5.000

09/01/26

3,137

Kentucky

Bond

Development

Corp.

Revenue

Bonds

(µ)

2,300

5.000

09/01/49

2,414

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,500

0.150

04/01/31

1,501

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,785

4.000

07/01/31

1,763

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,000

5.000

07/01/33

1,007

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

325

5.000

08/01/44

338

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

2,105

5.000

01/01/45

2,108

Kentucky

Interlocal

School

Transportation

Association

Certificate

Participation

210

4.000

03/01/26

212

Kentucky

Interlocal

School

Transportation

Association

Certificate

Participation

200

4.000

03/01/27

203

Kentucky

Property

&

Building

Commission

Revenue

Bonds

1,900

5.000

11/01/25

1,947

Kentucky

Property

&

Building

Commission

Revenue

Bonds

(µ)

2,750

5.000

05/01/31

2,925

Kentucky

Property

&

Building

Commission

Revenue

Bonds

(µ)

2,000

5.000

05/01/32

2,122

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

8,075

5.250

02/01/32

8,791

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

7,000

5.000

08/01/32

7,533

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000

02/01/50

2,011

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

470

4.000

08/01/52

470

Kentucky

State

Property

&

Building

Commission

Revenue

Bonds

4,725

5.000

11/01/25

4,842

Kentucky

State

Property

&

Building

Commission

Revenue

Bonds

7,270

5.000

11/01/27

7,699

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

780

5.000

10/01/32

796

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

2,250

2.000

10/01/33

1,811

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

875

4.000

10/01/34

872

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

(µ)

2,350

4.000

10/01/40

2,333

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

830

5.000

10/01/41

898

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

560

5.000

10/01/42

603

65,447

Louisiana

-

2.0%

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

1,455

5.000

12/01/26

1,452

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

362

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

305

5.000

10/01/30

328

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

300

4.000

10/01/31

309

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

485

4.000

10/01/32

497

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

520

4.000

10/01/33

530

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

1,000

5.000

06/01/35

1,016

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

40

4.000

06/01/36

41

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

40

4.000

06/01/37

41

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

40

4.000

06/01/38

41

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

350

4.000

06/01/40

353

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

1,020

5.000

12/01/31

1,069

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

2,955

5.000

12/01/32

3,009

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

1,000

5.000

12/01/33

1,018

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

5,000

4.000

12/01/44

4,790

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

32,880

0.180

08/01/35

32,880

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

5,280

0.180

12/01/40

5,280

Greater

New

Orleans

Expressway

Commission

Revenue

Bonds

(µ)

805

5.000

11/01/37

820

Greater

New

Orleans

Expressway

Commission

Revenue

Bonds

(µ)

1,910

5.000

11/01/42

1,935

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

Revenue

Bonds

(µ)

1,000

4.000

02/01/38

1,017

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

Revenue

Bonds

(µ)

1,630

4.000

02/01/39

1,645

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

Revenue

Bonds

(µ)

370

4.000

02/01/42

367

Juban

Trails

Community

Development

District

Special

Assessment

75

3.375

06/01/27

72

Juban

Trails

Community

Development

District

Special

Assessment

290

3.750

06/01/32

267

Lafayette

Consolidated

Government

Revenue

Bonds

(µ)

700

5.000

11/01/29

713

Louisiana

Housing

Corp.

Revenue

Bonds

3,870

5.000

07/01/26

3,941

Louisiana

Housing

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.750

02/01/27

2,015

Louisiana

Housing

Corp.

Revenue

Bonds

830

4.500

12/01/47

836

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

2,500

5.000

10/01/28

2,669

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

5,050

3.500

11/01/32

4,888

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

470

5.000

10/01/33

500

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

6,000

2.500

04/01/36

5,011

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

1,045

4.000

10/01/37

1,064

Louisiana

Offshore

Terminal

Authority

Revenue

Bonds

2,500

4.150

09/01/27

2,515

Louisiana

Offshore

Terminal

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

4.200

09/01/28

2,527

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(µ)

1,615

5.000

09/01/29

1,617

Louisiana

Public

Facilities

Authority

Revenue

Bonds

620

5.000

10/01/32

668

Louisiana

Public

Facilities

Authority

Revenue

Bonds

780

5.000

10/01/34

836

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,000

5.000

10/01/35

1,069

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,000

4.000

10/01/42

988

Louisiana

Public

Facilities

Authority

Revenue

Bonds

100

4.000

07/01/44

96

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.000

06/01/45

2,617

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(Ê)

4,500

3.800

05/01/54

4,500

Louisiana

Stadium

&

Exposition

District

Revenue

Bonds

1,050

5.000

07/01/37

1,187

Louisiana

Stadium

&

Exposition

District

Revenue

Bonds

200

5.000

07/01/38

224

New

Orleans

Aviation

Board

Revenue

Bonds

(µ)

2,250

5.000

01/01/33

2,377

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

1,410

2.000

06/01/37

1,412

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

3,265

2.200

06/01/37

3,160

Port

New

Orleans

Board

of

Commissioners

Revenue

Bonds

(µ)

1,000

5.000

04/01/48

1,023

Red

River

Parish

School

Board

General

Obligation

Unlimited

630

5.000

03/01/28

664

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

363

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

State

of

Louisiana

Gasoline

&

Fuels

Tax

Revenue

Bonds

(SOFR

+

0.500%)(ae)(Ê)

540

4.245

05/01/43

538

State

of

Louisiana

General

Obligation

Unlimited

2,500

5.000

03/01/38

2,782

State

of

Louisiana

General

Obligation

Unlimited

1,000

5.000

03/01/40

1,083

112,297

Maine

-

0.1%

City

of

Portland

General

Airport

Revenue

Bonds

800

4.000

01/01/39

804

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

150

5.000

07/01/38

167

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

275

5.000

07/01/40

302

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

350

5.000

07/01/42

380

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,000

4.000

07/01/45

974

Maine

State

Housing

Authority

Revenue

Bonds

470

5.000

06/15/36

507

Maine

State

Housing

Authority

Revenue

Bonds

455

5.000

06/15/37

489

3,623

Maryland

-

1.0%

Baltimore

Research

Park

Project

Revenue

Bonds

85

4.000

01/01/32

86

Baltimore

Research

Park

Project

Revenue

Bonds

70

4.000

01/01/33

71

Baltimore

Research

Park

Project

Revenue

Bonds

235

4.000

01/01/34

238

Baltimore

Research

Park

Project

Revenue

Bonds

245

4.000

01/01/37

246

Baltimore

Research

Park

Project

Revenue

Bonds

415

4.000

01/01/38

414

Baltimore

Research

Park

Project

Revenue

Bonds

365

4.000

01/01/39

357

City

of

Annapolis

General

Obligation

Unlimited

1,725

4.000

08/01/27

1,780

City

of

Baltimore

Revenue

Bonds

150

4.500

06/01/33

150

City

of

Baltimore

Revenue

Bonds

(µ)

1,460

4.000

07/01/36

1,497

City

of

Baltimore

Revenue

Bonds

(µ)

2,030

4.000

07/01/37

2,076

City

of

Baltimore

Revenue

Bonds

(µ)

605

4.000

07/01/39

613

City

of

Baltimore

Revenue

Bonds

100

4.875

06/01/42

101

City

of

Gaithersburg

Revenue

Bonds

675

5.000

01/01/37

690

City

of

Gaithersburg

Revenue

Bonds

600

5.125

01/01/42

607

County

of

Baltimore

General

Obligation

Unlimited

500

5.000

03/01/33

542

County

of

Baltimore

Revenue

Bonds

2,805

4.000

01/01/25

2,809

County

of

Baltimore

Revenue

Bonds

1,000

5.000

07/01/49

1,049

County

of

Charles

General

Obligation

Unlimited

2,870

1.625

10/01/34

2,234

County

of

Charles

General

Obligation

Unlimited

1,955

1.750

10/01/35

1,515

County

of

Frederick

Special

Tax

750

4.000

07/01/35

758

County

of

Frederick

Special

Tax

855

4.000

07/01/36

862

County

of

Frederick

Special

Tax

500

4.000

07/01/38

503

County

of

Frederick

Special

Tax

500

4.000

07/01/39

501

County

of

Frederick

Special

Tax

500

4.000

07/01/40

499

County

of

Frederick

Tax

Allocation

890

3.250

07/01/29

841

County

of

Howard

Tax

Allocation

650

5.000

02/15/44

698

County

of

Prince

George's

General

Obligation

Limited

5,070

5.000

07/15/33

5,436

County

of

Prince

George's

Special

Obligation

Tax

Allocation

(Þ)

275

5.125

07/01/39

278

Maryland

Community

Development

Administration

Revenue

Bonds

3,000

5.000

09/01/42

3,154

Maryland

Community

Development

Administration

Revenue

Bonds

2,040

4.500

09/01/48

2,059

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,500

5.000

06/01/35

1,571

Maryland

Economic

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,625

4.100

10/01/36

1,663

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,000

5.375

07/01/38

1,096

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,250

5.625

07/01/43

1,379

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,000

5.000

07/01/45

1,007

Maryland

Stadium

Authority

Revenue

Bonds

2,500

5.000

05/01/47

2,578

State

of

Maryland

Department

of

Transportation

Revenue

Bonds

3,000

5.000

12/01/26

3,146

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

364

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

State

of

Maryland

General

Obligation

Unlimited

2,000

4.000

08/01/29

2,000

State

of

Maryland

General

Obligation

Unlimited

2,500

5.000

06/01/35

2,862

Washington

Suburban

Sanitary

Commission

Revenue

Bonds

3,130

5.000

06/01/27

3,317

53,283

Massachusetts

-

1.0%

City

of

Somerville

General

Obligation

Unlimited

1,500

2.000

10/15/38

1,151

Commonwealth

of

Massachusetts

General

Obligation

Limited

(µ)

1,000

5.500

08/01/30

1,131

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,010

2.000

03/01/38

784

Commonwealth

of

Massachusetts

General

Obligation

Limited

4,000

4.000

05/01/39

4,021

Commonwealth

of

Massachusetts

General

Obligation

Limited

4,000

4.000

02/01/42

4,010

Commonwealth

of

Massachusetts

General

Obligation

Limited

2,000

4.000

09/01/42

1,995

Commonwealth

of

Massachusetts

General

Obligation

Limited

5,425

5.250

09/01/43

5,781

Commonwealth

of

Massachusetts

General

Obligation

Unlimited

3,490

2.000

03/01/37

2,768

Commonwealth

of

Massachusetts

Transportation

Fund

Revenue

Bonds

3,000

Zero

coupon

07/01/31

2,386

Massachusetts

Clean

Water

Trust

(The)

Revenue

Bonds

(ae)

775

4.000

08/01/33

775

Massachusetts

Clean

Water

Trust

(The)

Revenue

Bonds

(ae)

800

4.000

08/01/34

800

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(~)(Ê)

4,500

5.000

11/01/26

4,561

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,000

5.000

11/15/28

1,045

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,675

5.000

07/01/31

1,711

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,200

5.000

10/01/31

1,226

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,240

5.000

10/01/32

1,266

Massachusetts

Development

Finance

Agency

Revenue

Bonds

750

5.000

10/01/33

765

Massachusetts

Development

Finance

Agency

Revenue

Bonds

835

5.000

10/01/34

851

Massachusetts

Development

Finance

Agency

Revenue

Bonds

405

5.250

10/01/36

431

Massachusetts

Development

Finance

Agency

Revenue

Bonds

500

5.250

10/01/37

531

Massachusetts

Development

Finance

Agency

Revenue

Bonds

575

5.000

07/01/38

580

Massachusetts

Development

Finance

Agency

Revenue

Bonds

515

5.250

10/01/38

543

Massachusetts

Development

Finance

Agency

Revenue

Bonds

475

4.000

07/01/42

441

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

5.000

03/01/44

1,003

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

4,200

5.000

08/15/37

4,267

Massachusetts

Housing

Finance

Agency

Revenue

Bonds

1,820

0.800

12/01/25

1,736

Massachusetts

School

Building

Authority

Revenue

Bonds

3,655

5.000

11/15/39

3,774

Massachusetts

State

General

Obligation

3,825

5.000

07/01/37

3,944

54,277

Michigan

-

2.2%

Calhoun

County

Hospital

Finance

Authority

Revenue

Bonds

750

5.000

02/15/28

758

Center

Line

Public

Schools

General

Obligation

Unlimited

1,000

5.250

05/01/43

1,095

City

of

Detroit

General

Obligation

Unlimited

35

5.000

04/01/25

35

City

of

Detroit

General

Obligation

Unlimited

40

5.000

04/01/26

41

City

of

Detroit

General

Obligation

Unlimited

80

5.000

04/01/27

83

City

of

Detroit

General

Obligation

Unlimited

85

5.000

04/01/28

90

City

of

Detroit

General

Obligation

Unlimited

350

5.250

05/01/28

374

City

of

Detroit

General

Obligation

Unlimited

60

5.000

04/01/29

64

City

of

Detroit

General

Obligation

Unlimited

800

5.250

05/01/29

867

City

of

Detroit

General

Obligation

Unlimited

260

5.000

04/01/30

281

City

of

Detroit

General

Obligation

Unlimited

750

5.250

05/01/30

822

City

of

Detroit

General

Obligation

Unlimited

600

5.250

05/01/31

664

City

of

Detroit

General

Obligation

Unlimited

730

5.250

05/01/32

817

City

of

Detroit

General

Obligation

Unlimited

470

5.500

04/01/33

514

City

of

Detroit

General

Obligation

Unlimited

895

5.250

05/01/33

1,012

City

of

Detroit

General

Obligation

Unlimited

750

5.000

04/01/34

808

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

365

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Detroit

General

Obligation

Unlimited

330

5.500

04/01/34

361

City

of

Detroit

General

Obligation

Unlimited

150

5.000

04/01/35

161

City

of

Detroit

General

Obligation

Unlimited

350

5.500

04/01/35

383

City

of

Detroit

General

Obligation

Unlimited

335

5.000

04/01/36

360

City

of

Detroit

General

Obligation

Unlimited

300

5.000

04/01/37

322

City

of

Detroit

General

Obligation

Unlimited

50

5.000

04/01/38

53

City

of

Detroit

General

Obligation

Unlimited

250

5.000

04/01/39

266

City

of

Detroit

Sewage

Disposal

System

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.600%)(µ)(Ê)

3,160

0.735

07/01/32

3,086

Detroit

Downtown

Development

Authority

Tax

Allocation

(µ)

700

5.000

07/01/29

702

Detroit

Downtown

Development

Authority

Tax

Allocation

1,785

5.000

07/01/33

1,790

Detroit

Downtown

Development

Authority

Tax

Allocation

1,375

5.000

07/01/48

1,446

Downriver

Utility

Wastewater

Authority

Revenue

Bonds

(µ)

895

5.000

04/01/28

951

Eastern

Michigan

University

Revenue

Bonds

(µ)

2,000

5.000

03/01/31

2,077

Eastern

Michigan

University

Revenue

Bonds

(µ)

1,000

5.000

03/01/33

1,037

Ferndale

Public

Schools

General

Obligation

Unlimited

1,010

5.000

05/01/41

1,101

Ferndale

Public

Schools

General

Obligation

Unlimited

1,400

5.000

05/01/46

1,501

Grand

Rapids

Charter

Township

Economic

Development

Corp.

2,230

4.000

05/15/27

2,173

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

2,430

5.000

05/01/34

2,492

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

1,000

5.000

11/01/34

1,078

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

1,000

5.000

05/01/35

1,025

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

150

5.000

07/01/25

152

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

365

5.000

07/01/26

376

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

130

5.000

07/01/27

136

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

100

5.000

07/01/28

106

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

1,000

5.000

07/01/26

1,037

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

3,000

5.000

07/01/35

3,072

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

2,075

5.000

07/01/37

2,385

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

3,000

5.000

07/01/38

3,431

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

2,650

5.000

07/01/46

2,701

Imlay

City

Community

Schools

General

Obligation

Unlimited

500

4.000

05/01/37

517

Kalamazoo

Hospital

Finance

Authority

Revenue

Bonds

(ae)

10

4.000

05/15/31

10

Kalamazoo

Hospital

Finance

Authority

Revenue

Bonds

1,490

4.000

05/15/31

1,497

Karegnondi

Water

Authority

Revenue

Bonds

855

5.000

11/01/34

890

Karegnondi

Water

Authority

Revenue

Bonds

1,000

5.000

11/01/35

1,040

Karegnondi

Water

Authority

Revenue

Bonds

1,400

5.000

11/01/37

1,453

Michigan

Finance

Authority

Revenue

Bonds

2,000

5.000

04/01/25

2,023

Michigan

Finance

Authority

Revenue

Bonds

1,575

5.250

02/01/27

1,588

Michigan

Finance

Authority

Revenue

Bonds

4,655

5.000

07/01/28

4,659

Michigan

Finance

Authority

Revenue

Bonds

4,000

5.000

04/15/29

4,318

Michigan

Finance

Authority

Revenue

Bonds

1,410

5.000

07/01/29

1,411

Michigan

Finance

Authority

Revenue

Bonds

2,245

5.000

11/15/29

2,276

Michigan

Finance

Authority

Revenue

Bonds

(ae)

655

5.000

11/15/29

664

Michigan

Finance

Authority

Revenue

Bonds

4,155

5.000

04/15/30

4,545

Michigan

Finance

Authority

Revenue

Bonds

285

4.000

02/01/32

271

Michigan

Finance

Authority

Revenue

Bonds

1,500

5.000

11/15/32

1,547

Michigan

Finance

Authority

Revenue

Bonds

1,000

4.000

06/01/34

1,027

Michigan

Finance

Authority

Revenue

Bonds

500

5.000

07/01/35

505

Michigan

Finance

Authority

Revenue

Bonds

1,500

4.000

11/15/36

1,490

Michigan

Finance

Authority

Revenue

Bonds

585

5.000

12/01/36

585

Michigan

Finance

Authority

Revenue

Bonds

2,230

5.000

12/01/39

2,360

Michigan

Finance

Authority

Revenue

Bonds

675

5.000

06/01/40

706

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

366

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Michigan

Finance

Authority

Revenue

Bonds

2,405

5.000

11/01/44

2,425

Michigan

Finance

Authority

Revenue

Bonds

350

5.500

02/28/49

390

Michigan

Finance

Authority

Revenue

Bonds

550

5.000

06/01/49

564

Michigan

Mathematics

&

Science

Initiative

Revenue

Bonds

350

4.000

01/01/31

341

Michigan

State

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

7,870

5.000

12/01/25

7,896

Michigan

State

Housing

Development

Authority

Revenue

Bonds

(~)(Ê)

5,790

3.625

04/01/42

5,815

Michigan

State

Housing

Development

Authority

Revenue

Bonds

2,980

4.250

12/01/49

2,992

Richmond

Community

Schools

General

Obligation

Unlimited

2,665

4.000

05/01/38

2,726

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

435

5.000

05/01/38

484

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

1,000

5.000

05/01/39

1,097

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

1,570

5.000

05/01/41

1,697

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

750

5.000

05/01/43

805

State

of

Michigan

Revenue

Bonds

1,000

3.250

05/01/32

980

State

of

Michigan

Trunk

Line

Revenue

Bonds

10,000

5.500

11/15/44

11,516

State

of

Michigan

Trunk

Line

Revenue

Bonds

1,105

5.000

11/15/45

1,195

Summit

Academy

North

Revenue

Bonds

780

4.000

11/01/31

744

Wayne

County

Airport

Authority

Revenue

Bonds

635

5.000

12/01/29

637

Wayne

County

Airport

Authority

Revenue

Bonds

300

5.000

12/01/37

333

Wayne

County

Airport

Authority

Revenue

Bonds

(µ)

3,915

5.000

12/01/39

3,926

Wyoming

Public

Schools

General

Obligation

Unlimited

(µ)

685

4.000

05/01/41

696

126,727

Minnesota

-

0.3%

City

of

Crookston

Revenue

Bonds

2,410

5.000

05/01/34

1,872

City

of

Independence

Revenue

Bonds

175

4.000

07/01/31

169

City

of

Minneapolis/St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

965

5.000

11/15/28

1,003

City

of

St.

Cloud

Revenue

Bonds

175

5.000

05/01/48

181

City

of

St.

Cloud

Revenue

Bonds

250

4.000

05/01/49

235

City

of

Woodbury

Revenue

Bonds

50

3.000

12/01/30

45

Duluth

Economic

Development

Authority

Revenue

Bonds

425

5.000

06/15/30

462

Duluth

Economic

Development

Authority

Revenue

Bonds

475

5.000

06/15/32

529

Duluth

Economic

Development

Authority

Revenue

Bonds

390

4.000

06/15/38

402

Duluth

Economic

Development

Authority

Revenue

Bonds

250

4.000

06/15/39

256

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

395

5.000

02/01/26

406

Elk

River

Independent

School

District

No.

728

General

Obligation

Unlimited

5,750

2.250

02/01/37

4,692

Housing

&

Redevelopment

Authority

of

The

City

of

St

Paul

Revenue

Bonds

1,190

4.250

12/01/32

1,218

Minneapolis

Special

School

District

No.

1

General

Obligation

Unlimited

800

4.000

02/01/37

827

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

25

4.000

12/01/26

25

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

30

4.000

12/01/27

30

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

35

4.000

12/01/28

35

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

1,015

5.000

10/01/29

1,061

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

20

4.000

12/01/29

20

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

40

4.000

12/01/30

39

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

585

5.000

10/01/31

609

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

30

4.000

12/01/31

29

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

250

3.000

10/01/34

226

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

500

4.000

10/01/41

472

14,843

Mississippi

-

1.2%

County

of

Lowndes

Revenue

Bonds

(~)(ae)(Ê)

1,500

2.650

04/01/37

1,459

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

4,975

0.140

12/01/30

4,975

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

16,983

0.180

12/01/30

16,983

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

367

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

3,440

0.250

12/01/30

3,440

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

25,985

0.180

11/01/35

25,985

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

100

5.000

10/01/26

101

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

200

5.000

10/01/27

203

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

300

5.000

10/01/29

307

Mississippi

Development

Bank

Revenue

Bonds

(µ)

1,000

5.000

03/01/34

1,018

Mississippi

Development

Bank

Revenue

Bonds

(µ)

700

4.000

04/01/38

707

Mississippi

Development

Bank

Revenue

Bonds

4,175

5.000

03/01/43

4,317

Mississippi

Home

Corp.

Revenue

Bonds

2,000

5.000

12/01/39

2,188

Mississippi

Hospital

Equipment

&

Facilities

Authority

Revenue

Bonds

2,000

5.000

09/01/36

2,031

Warren

County

Revenue

Bonds

(~)(ae)(Ê)

500

1.375

05/01/34

489

64,203

Missouri

-

1.5%

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

03/01/30

1,039

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

150

4.000

03/01/41

146

City

of

Poplar

Bluff

Certificate

of

Participation

125

2.500

10/01/41

84

City

of

Poplar

Bluff

Certificate

of

Participation

150

2.625

10/01/46

94

City

of

St.

Louis

Airport

Revenue

Bonds

(µ)

1,000

5.000

07/01/47

1,026

City

of

St.

Louis

Airport

Revenue

Bonds

(µ)

17,000

5.250

07/01/49

18,825

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

75

4.875

06/15/34

77

County

of

Boone

Revenue

Bonds

2,230

5.000

08/01/30

2,010

County

of

Boone

Revenue

Bonds

1,700

4.000

08/01/33

1,357

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

50

4.000

08/01/36

47

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

990

4.000

02/15/39

896

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

50

4.000

08/01/41

44

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

(~)

(ae)(Ê)

5,000

5.000

05/01/52

5,316

Jefferson

City

School

District

General

Obligation

Unlimited

2,115

5.250

03/01/39

2,340

Jefferson

City

School

District

General

Obligation

Unlimited

1,500

5.250

03/01/41

1,640

Jefferson

City

School

District

General

Obligation

Unlimited

8,050

5.500

03/01/43

9,010

Lees

Summit

Industrial

Development

Authority

Revenue

Bonds

225

4.325

08/15/47

226

Lees

Summit

Industrial

Development

Authority

Revenue

Bonds

225

4.825

08/15/47

226

Maryland

Heights

Industrial

Development

Authority

Revenue

Bonds

715

4.375

03/15/30

656

Metropolitan

Sewer

District

Revenue

Bonds

6,150

5.000

05/01/47

6,309

Missouri

Joint

Municipal

Electric

Utility

Commission

Revenue

Bonds

1,655

5.000

12/01/26

1,675

Missouri

Southern

State

University

Revenue

Bonds

70

3.000

10/01/26

69

Missouri

Southern

State

University

Revenue

Bonds

125

4.000

10/01/31

123

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

485

4.000

05/01/26

490

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000

06/01/28

1,057

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,165

5.000

02/01/31

1,252

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

340

4.000

02/15/38

341

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

700

5.250

02/01/44

746

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

350

4.000

02/15/44

344

North

Kansas

City

School

District

No.

74

General

Obligation

Unlimited

4,000

5.250

03/01/39

4,521

North

Kansas

City

School

District

No.

75

General

Obligation

Unlimited

2,500

5.250

03/01/40

2,806

Pattonville

R-3

School

District

General

Obligation

Unlimited

750

5.500

03/01/39

850

Pattonville

R-3

School

District

General

Obligation

Unlimited

640

5.250

03/01/41

705

Pattonville

R-3

School

District

General

Obligation

Unlimited

655

5.250

03/01/43

717

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

25

3.000

05/01/26

24

Spring

Independent

School

District

General

Obligation

Unlimited

2,895

5.000

03/01/40

3,207

St.

Charles

County

School

District

No.

R-IV

Wentzville

General

Obligation

Unlimited

10,000

1.875

03/01/39

7,177

St.

Louis

Municipal

Finance

Corp.

Revenue

Bonds

(µ)

2,000

5.000

10/01/45

2,093

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

368

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

St.

Louis

Municipal

Library

District

Certificate

of

Participation

(µ)

255

4.000

03/15/35

263

Washington

Industrial

Development

Authority

Revenue

Bonds

45

2.500

11/01/29

42

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

500

6.000

03/01/36

600

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

1,000

6.000

03/01/38

1,187

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

1,000

6.000

03/01/39

1,182

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

900

6.000

03/01/41

1,060

83,899

Montana

-

0.3%

City

of

Bozeman

Tax

Allocation

(µ)

500

4.000

07/01/35

517

City

of

Bozeman

Tax

Allocation

(µ)

425

4.000

07/01/40

430

City

of

Forsyth

Revenue

Bonds

5,300

3.875

07/01/28

5,356

County

of

Gallatin

Revenue

Bonds

(Þ)

2,420

4.000

10/15/32

2,202

County

of

Gallatin

Revenue

Bonds

(Þ)

450

4.000

10/15/36

392

Montana

Finance

Authority

Health

Facilities

Revenue

Bonds

640

5.000

07/01/28

661

Montana

Finance

Authority

Health

Facilities

Revenue

Bonds

410

5.000

06/01/33

431

Montana

Finance

Authority

Health

Facilities

Revenue

Bonds

1,000

5.000

06/01/34

1,051

Yellowstone

County

Lockwood

School

District

No.

26

General

Obligation

Unlimited

1,335

5.000

07/01/26

1,382

Yellowstone

County

Lockwood

School

District

No.

26

General

Obligation

Unlimited

1,460

5.000

07/01/27

1,539

13,961

Nebraska

-

0.7%

Ashland-Greenwood

Public

Schools

General

Obligation

Unlimited

(µ)

1,000

4.000

12/15/38

1,017

Central

Plains

Energy

Project

Revenue

Bonds

(~)(ae)(Ê)

15,000

4.000

12/01/49

15,028

City

of

Kearney

General

Obligation

Unlimited

740

4.000

05/15/33

743

City

of

Lincoln

Electric

System

Revenue

Bonds

1,710

5.000

09/01/27

1,800

Hershey

Public

Schools

General

Obligation

Unlimited

(µ)

740

4.000

12/15/29

753

Omaha

Public

Power

District

Nebraska

City

Station

Unit

2

Revenue

Bonds

4,250

5.250

02/01/42

4,286

Omaha

Public

Power

District

Revenue

Bonds

7,645

5.000

02/01/42

7,952

Omaha

Public

Power

District

Revenue

Bonds

7,130

5.000

02/01/46

7,279

Omaha

School

District

General

Obligation

Unlimited

1,850

1.750

12/15/35

1,427

40,285

Nevada

-

0.8%

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

100

2.750

06/01/33

84

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

515

2.750

06/01/36

404

City

of

North

Las

Vegas

General

Obligation

Limited

(µ)

1,235

4.000

06/01/36

1,251

Clark

County

General

Obligation

Unlimited

2,555

5.000

06/01/33

2,724

Clark

County

School

District

General

Obligation

Limited

1,255

5.000

06/15/30

1,341

Clark

County

School

District

General

Obligation

Limited

(µ)

210

5.000

06/15/33

230

Clark

County

School

District

General

Obligation

Limited

(µ)

100

5.000

06/15/34

110

Clark

County

School

District

General

Obligation

Limited

(µ)

1,000

5.000

06/15/37

1,119

Clark

County

School

District

General

Obligation

Limited

3,500

4.000

06/15/42

3,486

County

of

Clark

Department

of

Aviation

Revenue

Bonds

5,270

5.000

07/01/26

5,466

County

of

Clark

Department

of

Aviation

Revenue

Bonds

1,025

5.000

07/01/36

1,141

County

of

Clark

General

Obligation

Limited

6,620

3.000

11/01/33

6,135

County

of

Clark

General

Obligation

Limited

4,500

4.000

07/01/39

4,472

County

of

Humboldt

Revenue

Bonds

1,155

3.550

10/01/29

1,156

County

of

Washoe

Revenue

Bonds

(~)(ae)(Ê)

1,155

3.625

10/01/29

1,155

Henderson

Local

Improvement

Districts

Special

Assessment

175

3.000

09/01/36

149

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

420

5.000

07/01/26

437

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

1,750

5.000

07/01/37

1,855

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

5,365

5.000

07/01/43

5,594

Las

Vegas

Valley

Water

District

General

Obligation

Limited

1,040

4.000

03/01/33

1,085

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

369

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Las

Vegas

Valley

Water

District

General

Obligation

Unlimited

2,000

5.000

06/01/25

2,034

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

220

5.000

07/15/27

222

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(Þ)

465

4.500

12/15/29

467

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

845

5.000

07/01/33

885

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

200

5.000

07/01/40

206

Truckee

Meadows

Water

Authority

Revenue

Bonds

1,600

5.000

07/01/37

1,647

44,855

New

Hampshire

-

0.7%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

650

4.875

12/01/33

650

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

5,714

3.625

08/20/39

5,347

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

775

4.000

01/01/41

703

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

3,986

4.250

07/20/41

3,919

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,805

5.250

07/01/44

1,929

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

3,765

5.250

07/01/49

3,939

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

(~)(Ê)

1,600

3.300

08/03/27

1,600

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,945

5.000

08/01/32

2,031

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,730

5.000

08/01/33

1,805

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,740

5.000

08/01/35

1,815

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,920

5.000

08/01/37

1,999

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,035

5.000

08/01/38

1,074

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,000

5.000

08/01/40

1,030

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

8,500

4.164

10/01/51

8,220

New

Hampshire

Housing

Finance

Authority

Revenue

Bonds

1,660

6.250

01/01/55

1,826

37,887

New

Jersey

-

3.7%

Atlantic

City

General

Obligation

Unlimited

(µ)

500

5.000

03/01/25

505

Atlantic

City

General

Obligation

Unlimited

(µ)

450

5.000

03/01/26

462

Atlantic

City

General

Obligation

Unlimited

(µ)

750

5.000

03/01/32

779

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

320

4.000

08/01/33

327

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

340

4.000

08/01/34

348

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

360

4.000

08/01/35

368

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

385

4.000

08/01/36

393

Camden

County

Improvement

Authority

(The)

Revenue

Bonds

(~)(Ê)

950

5.000

03/01/27

973

Camden

County

Improvement

Authority

(The)

Revenue

Bonds

265

6.000

06/15/42

291

City

of

Bayonne

General

Obligation

Unlimited

(µ)

1,500

5.000

07/01/33

1,557

City

of

Bayonne

General

Obligation

Unlimited

(µ)

1,865

5.000

07/01/34

1,936

Essex

County

Improvement

Authority

Revenue

Bonds

75

4.000

06/15/38

74

Garden

State

Preservation

Trust

Revenue

Bonds

(µ)

460

5.750

11/01/28

485

Jersey

City

General

Obligation

Unlimited

450

5.000

11/01/31

476

Jersey

City

Municipal

Utilities

Authority

Revenue

Bonds

2,000

5.000

05/01/25

2,020

New

Jersey

Building

Authority

Revenue

Bonds

(µ)

580

5.000

06/15/28

601

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

700

5.500

09/01/24

701

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

515

5.250

07/01/26

530

New

Jersey

Economic

Development

Authority

Revenue

Bonds

795

5.000

07/01/27

805

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

2,005

5.000

07/01/28

2,094

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(ae)

1,000

5.500

06/15/30

1,062

New

Jersey

Economic

Development

Authority

Revenue

Bonds

350

3.000

06/01/32

332

New

Jersey

Economic

Development

Authority

Revenue

Bonds

665

5.000

06/01/32

693

New

Jersey

Economic

Development

Authority

Revenue

Bonds

4,975

5.000

06/15/36

5,164

New

Jersey

Economic

Development

Authority

Revenue

Bonds

315

5.250

06/15/36

364

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,000

5.000

06/15/37

1,037

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

370

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

Jersey

Economic

Development

Authority

Revenue

Bonds

285

5.250

06/15/37

329

New

Jersey

Economic

Development

Authority

Revenue

Bonds

325

5.250

06/15/38

374

New

Jersey

Economic

Development

Authority

Revenue

Bonds

325

5.250

06/15/39

372

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,000

4.000

11/01/39

1,008

New

Jersey

Economic

Development

Authority

Revenue

Bonds

900

5.000

06/15/41

946

New

Jersey

Economic

Development

Authority

Revenue

Bonds

450

4.000

06/15/46

441

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

3,800

5.000

07/01/33

4,014

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,960

5.000

07/01/33

2,061

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

600

4.000

07/01/39

601

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

715

4.000

07/01/42

712

New

Jersey

General

Obligation

Unlimited

5,425

4.000

06/01/31

5,756

New

Jersey

General

Obligation

Unlimited

7,293

5.000

06/01/39

7,903

New

Jersey

General

Obligation

Unlimited

1,090

5.000

06/01/40

1,174

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000

07/01/28

1,035

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

2,180

5.000

07/01/29

2,284

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

300

5.000

07/01/30

310

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000

07/01/31

1,031

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

13,195

5.000

07/01/34

15,428

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

4.000

07/01/35

1,021

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,125

5.000

07/01/42

1,142

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

18,000

5.000

07/01/43

18,367

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

360

0.750

11/01/24

356

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

270

0.900

11/01/25

258

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

1,910

2.950

10/01/26

1,867

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

1,940

4.750

10/01/50

1,966

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

75

Zero

coupon

12/15/25

72

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

1,130

Zero

coupon

12/15/26

1,046

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,950

2.493

12/15/26

1,798

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,650

5.000

01/01/27

2,751

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,335

5.000

06/15/29

2,406

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,465

2.871

12/15/29

1,210

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,600

5.000

06/15/30

5,757

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

735

5.000

06/15/31

755

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

320

2.851

12/15/31

245

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

865

4.000

12/15/31

881

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,945

Zero

coupon

12/15/32

1,435

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,165

5.000

12/15/33

1,243

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

4,035

5.000

12/15/34

4,297

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,950

4.000

01/01/35

4,255

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

5,000

3.060

12/15/35

3,276

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

790

5.000

12/15/35

839

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

14,860

3.291

12/15/36

9,274

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,000

5.000

12/15/36

1,060

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

26,955

4.649

12/15/37

16,009

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

685

4.250

12/15/38

696

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,000

4.680

12/15/38

2,843

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,000

5.250

06/15/39

2,259

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

5.000

06/15/41

3,325

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,000

5.250

06/15/41

1,126

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

5.000

01/01/42

3,324

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

371

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,025

4.000

06/15/42

1,017

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,500

5.000

01/01/44

6,074

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

7,750

5.000

01/01/45

8,531

New

Jersey

Turnpike

Authority

Revenue

Bonds

1,700

5.000

01/01/32

1,799

New

Jersey

Turnpike

Authority

Revenue

Bonds

2,000

5.000

01/01/33

2,085

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

670

5.250

07/01/43

698

Perth

Amboy

General

Obligation

Unlimited

(µ)

1,000

4.000

07/01/35

1,035

South

Jersey

Transportation

Authority

Revenue

Bonds

4,000

4.000

11/01/40

3,971

State

of

New

Jersey

General

Obligation

Unlimited

7,500

5.000

06/01/41

8,071

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,895

5.000

06/01/46

3,916

204,512

New

Mexico

-

0.5%

City

of

Farmington

Revenue

Bonds

1,200

1.800

04/01/29

1,077

City

of

Farmington

Revenue

Bonds

(~)(ae)(Ê)

8,305

3.875

06/01/29

8,416

City

of

Farmington

Revenue

Bonds

(~)(ae)(Ê)

1,375

3.900

06/01/40

1,393

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,045

5.000

02/01/42

1,048

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

500

4.700

09/01/49

503

New

Mexico

Municipal

Energy

Acquisition

Authority

Revenue

Bonds

(~)(ae)(Ê)

7,500

5.000

05/01/25

7,572

Santa

Fe

Public

School

District

General

Obligation

Unlimited

1,000

5.000

08/01/27

1,056

State

of

New

Mexico

Severance

Tax

Permanent

Fund

Revenue

Bonds

5,000

5.000

07/01/25

5,093

26,158

New

York

-

8.9%

Albany

Capital

Resource

Corp.

Revenue

Bonds

835

4.000

06/01/29

788

Allegany

County

Capital

Resource

Corp.

Revenue

Bonds

400

5.250

04/01/49

419

Allegany

County

Capital

Resource

Corp.

Revenue

Bonds

350

5.250

04/01/54

364

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

3,000

5.000

07/15/25

3,044

Build

NYC

Resource

Corp.

Revenue

Bonds

110

4.000

06/15/29

107

Build

NYC

Resource

Corp.

Revenue

Bonds

500

5.000

08/01/29

516

Build

NYC

Resource

Corp.

Revenue

Bonds

700

5.000

08/01/30

722

Build

NYC

Resource

Corp.

Revenue

Bonds

100

4.000

06/15/31

97

Build

NYC

Resource

Corp.

Revenue

Bonds

425

4.000

06/15/32

428

Build

NYC

Resource

Corp.

Revenue

Bonds

325

5.000

07/01/32

344

Build

NYC

Resource

Corp.

Revenue

Bonds

600

5.000

08/01/32

618

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

250

5.000

06/15/33

269

Build

NYC

Resource

Corp.

Revenue

Bonds

500

5.000

08/01/33

514

Build

NYC

Resource

Corp.

Revenue

Bonds

550

5.000

07/01/35

589

Build

NYC

Resource

Corp.

Revenue

Bonds

430

5.000

07/01/36

459

Build

NYC

Resource

Corp.

Revenue

Bonds

575

5.000

07/01/37

613

Build

NYC

Resource

Corp.

Revenue

Bonds

700

4.500

06/15/43

693

Chautauqua

County

Capital

Resource

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,545

4.250

04/01/42

1,564

City

of

New

York

General

Obligation

Unlimited

1,850

5.000

09/01/26

1,924

City

of

New

York

General

Obligation

Unlimited

2,380

5.000

06/01/34

2,410

City

of

New

York

General

Obligation

Unlimited

(µ)

2,500

3.000

08/01/36

2,315

City

of

New

York

General

Obligation

Unlimited

2,500

5.250

05/01/38

2,856

City

of

New

York

General

Obligation

Unlimited

2,000

5.250

05/01/39

2,272

City

of

New

York

General

Obligation

Unlimited

18,570

5.250

09/01/40

21,047

City

of

New

York

General

Obligation

Unlimited

470

4.000

03/01/42

468

City

of

New

York

General

Obligation

Unlimited

275

5.000

03/01/44

285

City

of

New

York

General

Obligation

Unlimited

(~)(Ê)

1,855

4.100

08/01/44

1,855

City

of

New

York

General

Obligation

Unlimited

2,750

5.250

10/01/47

3,030

City

of

New

York

Revenue

Bonds

2,000

5.000

04/01/44

2,222

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

372

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

New

York

Revenue

Bonds

4,890

5.500

04/01/46

5,603

City

of

New

York

Revenue

Bonds

2,995

5.250

04/01/47

3,347

City

of

Yonkers

General

Obligation

Limited

(µ)

2,030

4.000

05/01/37

2,071

County

of

Nassau

General

Obligation

Limited

(µ)

2,525

5.000

04/01/38

2,788

Genesee

County

Funding

Corp.

(The)

Revenue

Bonds

450

5.000

12/01/29

472

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

7,495

5.000

02/15/35

7,812

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

4,740

5.000

02/15/37

4,932

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

5,260

5.000

02/15/38

5,464

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

10,055

4.000

02/15/44

9,901

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

(µ)

4,245

4.000

02/15/47

4,128

Long

Island

Power

Authority

Revenue

Bonds

1,000

5.000

09/01/32

1,054

Long

Island

Power

Authority

Revenue

Bonds

750

5.000

09/01/33

790

Long

Island

Power

Authority

Revenue

Bonds

1,000

5.000

09/01/34

1,053

Long

Island

Power

Authority

Revenue

Bonds

1,250

5.000

09/01/35

1,315

Long

Island

Power

Authority

Revenue

Bonds

1,825

5.000

09/01/37

1,917

Long

Island

Power

Authority

Revenue

Bonds

750

5.000

09/01/39

855

Long

Island

Power

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,550

5.000

09/01/52

3,705

Mahopac

Central

School

District

General

Obligation

Unlimited

1,755

1.800

06/01/36

1,291

Metropolitan

Transportation

Authority

Revenue

Bonds

75

5.000

11/15/25

76

Metropolitan

Transportation

Authority

Revenue

Bonds

(SOFR

+

0.600%)(Ê)

2,000

0.634

11/01/26

2,000

Metropolitan

Transportation

Authority

Revenue

Bonds

285

5.000

11/15/27

295

Metropolitan

Transportation

Authority

Revenue

Bonds

(ae)

4,015

5.000

11/15/28

4,037

Metropolitan

Transportation

Authority

Revenue

Bonds

1,315

5.000

11/15/28

1,402

Metropolitan

Transportation

Authority

Revenue

Bonds

200

5.250

11/15/28

204

Metropolitan

Transportation

Authority

Revenue

Bonds

1,645

5.000

11/15/29

1,733

Metropolitan

Transportation

Authority

Revenue

Bonds

550

5.000

11/15/30

605

Metropolitan

Transportation

Authority

Revenue

Bonds

100

5.250

11/15/31

104

Metropolitan

Transportation

Authority

Revenue

Bonds

340

4.000

11/15/32

345

Metropolitan

Transportation

Authority

Revenue

Bonds

450

5.000

11/15/34

463

Metropolitan

Transportation

Authority

Revenue

Bonds

1,510

5.000

11/15/37

1,698

Metropolitan

Transportation

Authority

Revenue

Bonds

1,665

5.000

11/15/39

1,851

Metropolitan

Transportation

Authority

Revenue

Bonds

1,055

5.000

11/15/40

1,168

Metropolitan

Transportation

Authority

Revenue

Bonds

810

4.000

11/15/43

799

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

10,000

4.000

11/15/44

9,907

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

1,450

5.000

11/15/44

1,521

Metropolitan

Transportation

Authority

Revenue

Bonds

6,075

4.000

11/15/45

5,932

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.000

11/15/45

2,698

Metropolitan

Transportation

Authority

Revenue

Bonds

2,540

4.000

11/15/46

2,468

Metropolitan

Transportation

Authority

Revenue

Bonds

5,230

5.500

11/15/47

5,888

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(Ê)

4,150

0.190

11/15/50

4,150

Nassau

County

Local

Economic

Assistance

Corp.

Revenue

Bonds

750

4.000

07/01/33

750

New

York

City

Housing

Development

Corp.

Revenue

Bonds

2,070

2.400

08/01/40

1,573

New

York

City

Housing

Development

Corp.

Revenue

Bonds

1,560

3.500

02/15/48

1,554

New

York

City

Housing

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,895

3.400

11/01/62

5,872

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

300

3.000

03/01/36

274

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

3,435

2.500

03/01/37

2,740

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

460

3.000

01/01/39

403

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

335

3.000

03/01/40

286

New

York

City

Industrial

Development

Agency

Revenue

Bonds

325

4.000

03/01/45

315

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

325

4.000

03/01/45

318

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5,000

5.000

06/15/39

5,062

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

373

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

1,800

5.000

06/15/40

1,883

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

(~)(Ê)

11,560

4.050

06/15/45

11,560

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

4,615

5.000

06/15/49

4,833

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

5,000

5.000

07/15/32

5,117

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

2,750

5.000

07/15/40

2,776

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

2,760

5.000

07/15/43

2,803

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

4,250

5.250

07/15/45

4,487

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

4,930

5.000

05/01/34

5,239

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

5,000

5.000

11/01/34

5,857

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

10,000

5.000

11/01/35

11,632

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

6,000

5.000

11/01/37

6,028

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

4.000

02/01/38

2,301

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,545

5.000

02/01/40

2,628

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

5.000

08/01/42

2,359

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

500

4.000

05/01/43

495

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

170

4.000

05/01/45

168

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

(~)

(Ê)

9,130

1.450

08/01/45

9,130

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

5,000

5.000

08/01/45

5,171

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

9,600

5.500

11/01/45

10,890

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

1,000

5.500

05/01/40

1,172

New

York

City

Water

&

Sewer

System

Revenue

Bonds

5,050

4.000

06/15/40

5,052

New

York

City

Water

&

Sewer

System

Revenue

Bonds

5,730

5.000

06/15/48

6,136

New

York

Convention

Center

Development

Corp.

Revenue

Bonds

(µ)

2,925

Zero

coupon

11/15/34

1,944

New

York

Convention

Center

Development

Corp.

Revenue

Bonds

1,000

4.000

03/15/39

1,011

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

1,490

5.150

11/15/34

1,494

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

750

5.375

11/15/40

752

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

14,190

2.750

11/15/41

11,302

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

6,475

4.000

02/15/43

6,423

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

4,865

5.000

11/15/44

4,870

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

675

7.250

11/15/44

678

New

York

Liberty

Development

Corp.

Revenue

Bonds

3,000

2.450

09/15/69

2,752

New

York

Power

Authority

Revenue

Bonds

2,900

4.000

04/01/34

2,913

New

York

Power

Authority

Revenue

Bonds

(µ)

1,000

5.000

11/15/38

1,158

New

York

Power

Authority

Revenue

Bonds

(µ)

400

5.250

11/15/39

472

New

York

Power

Authority

Revenue

Bonds

(µ)

450

5.250

11/15/40

527

New

York

State

Dormitory

Authority

Revenue

Bonds

1,315

5.000

03/15/26

1,363

New

York

State

Dormitory

Authority

Revenue

Bonds

450

5.000

02/15/27

470

New

York

State

Dormitory

Authority

Revenue

Bonds

10

5.000

08/15/27

11

New

York

State

Dormitory

Authority

Revenue

Bonds

2,365

5.000

03/15/30

2,448

New

York

State

Dormitory

Authority

Revenue

Bonds

(ae)

15

5.000

02/15/31

16

New

York

State

Dormitory

Authority

Revenue

Bonds

2,635

5.000

03/15/31

2,680

New

York

State

Dormitory

Authority

Revenue

Bonds

105

5.000

07/01/32

102

New

York

State

Dormitory

Authority

Revenue

Bonds

3,300

5.000

10/01/32

3,420

New

York

State

Dormitory

Authority

Revenue

Bonds

1,465

5.000

07/01/33

1,572

New

York

State

Dormitory

Authority

Revenue

Bonds

85

5.000

07/01/34

82

New

York

State

Dormitory

Authority

Revenue

Bonds

2,825

3.250

03/15/35

2,745

New

York

State

Dormitory

Authority

Revenue

Bonds

525

4.000

07/01/35

517

New

York

State

Dormitory

Authority

Revenue

Bonds

95

5.000

07/01/35

91

New

York

State

Dormitory

Authority

Revenue

Bonds

260

4.000

07/01/36

266

New

York

State

Dormitory

Authority

Revenue

Bonds

85

5.000

07/01/36

82

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

374

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

York

State

Dormitory

Authority

Revenue

Bonds

70

4.000

09/01/36

69

New

York

State

Dormitory

Authority

Revenue

Bonds

4,750

4.000

03/15/37

4,876

New

York

State

Dormitory

Authority

Revenue

Bonds

325

4.000

07/01/37

330

New

York

State

Dormitory

Authority

Revenue

Bonds

100

4.000

09/01/37

99

New

York

State

Dormitory

Authority

Revenue

Bonds

550

3.000

03/15/38

498

New

York

State

Dormitory

Authority

Revenue

Bonds

2,250

4.000

03/15/38

2,305

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000

07/01/38

1,038

New

York

State

Dormitory

Authority

Revenue

Bonds

75

4.000

09/01/38

74

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000

10/01/38

1,068

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

4.000

03/15/39

1,017

New

York

State

Dormitory

Authority

Revenue

Bonds

4,750

5.000

03/15/39

5,073

New

York

State

Dormitory

Authority

Revenue

Bonds

500

5.250

05/01/39

556

New

York

State

Dormitory

Authority

Revenue

Bonds

85

4.000

09/01/39

83

New

York

State

Dormitory

Authority

Revenue

Bonds

2,150

5.000

10/01/39

2,382

New

York

State

Dormitory

Authority

Revenue

Bonds

7,285

5.000

02/15/40

7,580

New

York

State

Dormitory

Authority

Revenue

Bonds

1,075

4.000

03/15/40

1,083

New

York

State

Dormitory

Authority

Revenue

Bonds

105

4.000

07/01/40

88

New

York

State

Dormitory

Authority

Revenue

Bonds

100

4.000

09/01/40

97

New

York

State

Dormitory

Authority

Revenue

Bonds

3,860

3.000

03/15/41

3,307

New

York

State

Dormitory

Authority

Revenue

Bonds

1,685

4.000

03/15/41

1,693

New

York

State

Dormitory

Authority

Revenue

Bonds

1,300

5.000

03/15/41

1,368

New

York

State

Dormitory

Authority

Revenue

Bonds

725

5.250

05/01/41

797

New

York

State

Dormitory

Authority

Revenue

Bonds

110

5.000

07/01/41

105

New

York

State

Dormitory

Authority

Revenue

Bonds

5,750

5.000

03/15/42

6,190

New

York

State

Dormitory

Authority

Revenue

Bonds

525

5.250

05/01/42

574

New

York

State

Dormitory

Authority

Revenue

Bonds

835

5.000

10/01/42

909

New

York

State

Dormitory

Authority

Revenue

Bonds

2,100

4.000

03/15/43

2,094

New

York

State

Dormitory

Authority

Revenue

Bonds

3,945

5.000

03/15/44

4,382

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

4.000

03/15/45

990

New

York

State

Dormitory

Authority

Revenue

Bonds

435

4.000

07/01/45

351

New

York

State

Dormitory

Authority

Revenue

Bonds

5,250

4.000

03/15/47

5,147

New

York

State

Dormitory

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,655

5.000

05/01/48

2,702

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

4,100

5.000

06/15/33

4,234

New

York

State

Housing

Finance

Agency

Revenue

Bonds

960

0.750

11/01/25

920

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

425

1.100

11/01/61

391

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

3,000

3.100

05/01/62

2,979

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

4,500

3.850

05/01/62

4,503

New

York

State

Thruway

Authority

Revenue

Bonds

1,000

5.000

01/01/42

1,127

New

York

State

Thruway

Authority

Revenue

Bonds

4,700

4.000

03/15/43

4,655

New

York

State

Urban

Development

Corp.

Revenue

Bonds

2,500

5.000

03/15/38

2,758

New

York

State

Urban

Development

Corp.

Revenue

Bonds

5,000

5.000

03/15/41

5,634

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,130

5.000

12/01/28

1,207

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

4,700

5.000

12/01/31

5,158

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,235

5.000

12/01/32

1,351

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,205

5.000

12/01/34

1,314

New

York

Transportation

Development

Corp.

Revenue

Bonds

725

5.000

12/01/35

788

New

York

Transportation

Development

Corp.

Revenue

Bonds

500

5.000

12/01/36

542

New

York

Transportation

Development

Corp.

Revenue

Bonds

5,850

5.000

12/01/37

6,330

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

60

4.000

12/01/32

60

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

70

4.000

12/01/33

70

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

405

4.000

12/01/35

404

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

375

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

115

4.000

12/01/36

115

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

180

3.000

12/01/39

150

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

120

3.000

12/01/40

98

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

240

4.000

12/01/49

229

Orange

County

Funding

Corp.

Revenue

Bonds

750

4.000

07/01/35

668

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,000

5.000

08/01/39

1,125

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,000

5.000

08/01/40

1,117

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

2,755

5.000

10/15/41

2,801

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

2,875

5.250

05/15/42

3,035

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,470

5.000

11/15/42

1,536

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

Bonds

1,335

4.250

10/01/47

1,339

State

of

New

York

Mortgage

Agency

Revenue

Bonds

1,550

2.000

10/01/31

1,322

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

215

4.000

06/01/50

213

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

8,400

5.000

03/15/27

8,814

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

5,000

5.000

11/15/33

5,238

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

2,000

4.000

11/15/38

2,059

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

1,000

5.000

11/15/38

1,018

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

2,300

4.000

11/15/39

2,358

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

5,000

5.000

11/15/41

5,631

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

(~)(µ)(Ê)

6,375

2.000

05/15/45

5,939

TSASC,

Inc.

Revenue

Bonds

2,500

5.000

06/01/29

2,599

Utility

Debt

Securitization

Authority

Revenue

Bonds

1,000

5.000

12/15/33

1,022

Utility

Debt

Securitization

Authority

Revenue

Bonds

2,935

5.000

12/15/41

3,381

Westchester

County

Local

Development

Corp.

Revenue

Bonds

480

5.000

01/01/32

513

Westchester

County

Local

Development

Corp.

Revenue

Bonds

1,350

5.000

05/01/34

1,351

Westchester

County

Local

Development

Corp.

Revenue

Bonds

500

5.000

07/01/35

553

Westchester

County

Local

Development

Corp.

Revenue

Bonds

525

5.000

01/01/37

557

Westchester

County

Local

Development

Corp.

Revenue

Bonds

300

5.000

07/01/38

329

498,159

North

Carolina

-

0.5%

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

1,000

0.800

01/15/48

969

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000

01/15/50

1,069

City

of

Charlotte

Airport

Revenue

Bonds

1,310

5.000

07/01/48

1,435

City

of

Charlotte

Water

&

Sewer

System

Revenue

Bonds

2,000

5.000

07/01/33

2,234

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

325

1.375

05/01/34

318

County

of

Alamance

General

Obligation

Unlimited

2,555

2.000

05/01/35

2,085

North

Carolina

Capital

Facilities

Finance

Agency

Revenue

Bonds

2,790

5.000

10/01/44

2,880

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

795

5.000

04/01/28

837

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

1,000

4.550

07/01/44

1,004

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

1,670

5.500

01/01/54

1,783

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

2,500

6.250

01/01/55

2,798

North

Carolina

Medical

Care

Commission

Revenue

Bonds

250

4.000

01/01/25

249

North

Carolina

Medical

Care

Commission

Revenue

Bonds

25

4.000

03/01/25

25

North

Carolina

Medical

Care

Commission

Revenue

Bonds

240

4.000

01/01/26

237

North

Carolina

Medical

Care

Commission

Revenue

Bonds

25

5.000

03/01/26

25

North

Carolina

Medical

Care

Commission

Revenue

Bonds

565

5.000

01/01/27

566

North

Carolina

Medical

Care

Commission

Revenue

Bonds

25

5.000

03/01/27

25

North

Carolina

Medical

Care

Commission

Revenue

Bonds

790

5.000

01/01/28

791

North

Carolina

Medical

Care

Commission

Revenue

Bonds

200

5.000

03/01/28

204

North

Carolina

Medical

Care

Commission

Revenue

Bonds

560

5.000

01/01/29

560

North

Carolina

Medical

Care

Commission

Revenue

Bonds

160

4.000

03/01/29

157

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

376

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

North

Carolina

Medical

Care

Commission

Revenue

Bonds

655

5.000

01/01/30

655

North

Carolina

Medical

Care

Commission

Revenue

Bonds

165

4.000

03/01/30

162

North

Carolina

Medical

Care

Commission

Revenue

Bonds

700

5.000

10/01/30

722

North

Carolina

Medical

Care

Commission

Revenue

Bonds

625

5.000

01/01/31

624

North

Carolina

Medical

Care

Commission

Revenue

Bonds

170

4.000

03/01/31

166

North

Carolina

Medical

Care

Commission

Revenue

Bonds

725

5.000

10/01/35

725

North

Carolina

Medical

Care

Commission

Revenue

Bonds

100

4.000

03/01/36

96

North

Carolina

Medical

Care

Commission

Revenue

Bonds

500

5.000

01/01/38

517

North

Carolina

Medical

Care

Commission

Revenue

Bonds

225

4.000

09/01/41

199

North

Carolina

Turnpike

Authority

Revenue

Bonds

1,000

5.000

01/01/28

1,051

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

1,310

5.000

01/01/28

1,366

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

20

5.000

01/01/35

21

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

3,495

5.000

01/01/49

3,655

30,210

North

Dakota

-

0.1%

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

675

4.000

12/01/37

652

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

550

5.000

12/01/37

600

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

475

5.000

12/01/39

514

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

1,795

4.000

12/01/41

1,672

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

500

5.000

12/01/41

535

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

550

5.000

12/01/43

583

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

1,000

5.000

12/01/48

1,048

City

of

Grand

Forks

Revenue

Bonds

800

4.000

12/01/35

761

City

of

Horace

General

Obligation

Unlimited

1,125

4.000

01/01/25

1,125

City

of

Horace

General

Obligation

Unlimited

150

3.000

05/01/41

112

North

Dakota

Housing

Finance

Agency

Revenue

Bonds

1,500

5.000

07/01/42

1,632

9,234

Ohio

-

1.7%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

700

4.000

11/15/37

676

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

450

4.000

11/15/38

433

American

Municipal

Power,

Inc.

Revenue

Bonds

175

5.000

02/15/27

184

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

85

5.000

06/01/34

91

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,000

5.000

06/01/35

1,073

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,000

4.000

06/01/39

1,002

City

of

Columbus

General

Obligation

Unlimited

4,685

4.000

04/01/33

4,781

City

of

Hamilton

Electric

Revenue

Bonds

(µ)

700

4.000

10/01/34

719

City

of

Hamilton

Electric

Revenue

Bonds

(µ)

730

4.000

10/01/35

749

City

of

Upper

Arlington

General

Obligation

Limited

610

5.250

12/01/36

624

City

of

Upper

Arlington

General

Obligation

Limited

500

5.750

12/01/40

514

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

(Þ)

325

7.000

07/01/53

335

County

of

Allen

Hospital

Facilities

Revenue

Bonds

(~)(ae)(Ê)

1,300

5.000

10/01/49

1,355

County

of

Cuyahoga

Certificate

of

Participation

14,065

5.000

12/01/27

14,079

County

of

Cuyahoga

Certificate

of

Participation

1,990

5.000

12/01/28

1,992

County

of

Franklin  Revenue

Bonds

575

4.000

07/01/40

507

County

of

Franklin

Revenue

Bonds

700

5.000

07/01/35

713

County

of

Franklin

Revenue

Bonds

800

5.000

07/01/36

812

County

of

Franklin

Revenue

Bonds

330

5.250

11/15/40

329

County

of

Franklin

Sales

Tax

Revenue

Bonds

1,720

5.000

06/01/48

1,790

County

of

Hamilton

Revenue

Bonds

1,350

5.000

01/01/31

1,363

County

of

Miami

Revenue

Bonds

1,940

5.000

08/01/49

1,970

Cuyahoga

County

Hospital

Revenue

Bonds

7,450

5.000

02/15/37

7,599

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

377

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Cuyahoga

Metropolitan

Housing

Authority

Revenue

Bonds

450

2.000

12/01/31

377

Euclid

City

School

District

Certificate

of

Participation

(µ)

130

4.000

12/01/32

131

Euclid

City

School

District

Certificate

of

Participation

(µ)

135

4.000

12/01/33

136

Euclid

City

School

District

Certificate

of

Participation

(µ)

110

4.000

12/01/34

111

Euclid

City

School

District

Certificate

of

Participation

(µ)

215

4.000

12/01/35

216

Euclid

City

School

District

Certificate

of

Participation

(µ)

445

4.000

12/01/36

447

Euclid

City

School

District

Certificate

of

Participation

(µ)

380

4.000

12/01/38

381

Euclid

City

School

District

Certificate

of

Participation

3,925

5.250

01/15/44

4,000

Forest

Hills

School

District

Tax

Revenue

Bonds

4,125

5.000

12/01/44

4,138

Green

Local

School

District/Summit

County

General

Obligation

Unlimited

1,000

5.500

11/01/47

1,086

Lancaster

Port

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,300

5.000

08/01/49

4,328

North

Olmsted

City

School

District

Revenue

Bonds

(µ)

1,240

5.000

10/15/48

1,303

Northeast

Ohio

Medical

University

Revenue

Bonds

50

4.000

12/01/35

49

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

1,000

2.875

02/01/26

974

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,360

4.000

09/01/30

2,369

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,000

4.000

01/01/34

5,052

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

520

5.000

07/01/31

542

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

6,000

5.000

01/01/32

6,804

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

600

4.000

07/01/33

608

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

750

5.000

07/01/33

783

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

420

5.000

07/01/34

438

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

695

4.000

07/01/36

700

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

225

5.000

01/15/37

242

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

600

4.000

07/01/37

604

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

250

5.750

09/01/37

261

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

250

6.000

09/01/42

260

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

(~)(ae)(Ê)

1,435

2.750

01/01/52

1,397

Ohio

Water

Development

Authority

Revenue

Bonds

1,440

5.000

12/01/38

1,565

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

100

3.750

12/01/31

95

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

150

4.375

06/15/56

148

State

of

Ohio

General

Obligation

Unlimited

2,430

5.000

05/01/36

2,462

State

of

Ohio

General

Obligation

Unlimited

4,025

5.000

05/01/37

4,198

State

of

Ohio

Revenue

Bonds

(~)(ae)(Ê)

1,250

2.900

03/01/23

1,251

State

of

Ohio

Revenue

Bonds

2,200

4.000

01/15/38

2,209

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

1,965

5.000

07/01/29

1,965

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

250

4.000

01/01/38

249

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

100

4.000

01/01/41

97

95,666

Oklahoma

-

0.4%

Carter

County

Public

Facilities

Authority

Revenue

Bonds

3,625

5.000

09/01/31

3,820

City

of

Tulsa

General

Obligation

Unlimited

2,800

2.000

11/01/28

2,584

Oklahoma

Capitol

Improvement

Authority

Revenue

Bonds

775

5.000

07/01/26

804

Oklahoma

Capitol

Improvement

Authority

Revenue

Bonds

750

5.000

07/01/27

792

Oklahoma

County

Independent

School

District

No.

6

Deer

Creek

General

Obligation

Unlimited

2,840

5.000

09/01/25

2,889

Oklahoma

Development

Finance

Authority

Revenue

Bonds

2,000

5.000

08/15/28

2,025

Oklahoma

Development

Finance

Authority

Revenue

Bonds

3,000

5.250

08/15/43

3,084

Oklahoma

Housing

Finance

Agency

Collateralized

Revenue

Bonds

(~)(ae)(Ê)

150

4.000

06/01/28

150

Oklahoma

Turnpike

Authority

Revenue

Bonds

2,000

5.500

01/01/53

2,209

Oklahoma

Water

Resources

Board

Revenue

Bonds

1,500

5.000

04/01/33

1,576

Payne

County

Economic

Development

Authority

Revenue

Bonds

(µ)

500

5.000

09/01/26

517

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

378

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Payne

County

Economic

Development

Authority

Revenue

Bonds

(µ)

500

5.000

09/01/27

525

20,975

Oregon

-

0.5%

Astoria

Hospital

Facilities

Authority

Revenue

Bonds

900

5.250

08/01/49

960

Hillsboro

School

District

No.

1J

General

Obligation

Unlimited

500

4.000

06/15/35

518

Hillsboro

School

District

No.

1J

General

Obligation

Unlimited

2,120

4.000

06/15/37

2,185

Medford

Hospital

Facilities

Authority

Revenue

Bonds

500

5.000

08/15/25

508

Oregon

State

Facilities

Authority

Revenue

Bonds

50

5.000

10/01/28

52

Oregon

State

Facilities

Authority

Revenue

Bonds

75

5.000

10/01/29

79

Oregon

State

Facilities

Authority

Revenue

Bonds

50

5.000

10/01/35

53

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

750

5.000

10/01/36

732

Salem

Hospital

Facility

Authority

Revenue

Bonds

130

5.000

05/15/25

130

Salem

Hospital

Facility

Authority

Revenue

Bonds

135

5.000

05/15/26

136

State

of

Oregon

Department

of

Transportation

Revenue

Bonds

5,000

5.000

11/15/33

5,831

State

of

Oregon

Department

of

Transportation

Revenue

Bonds

1,000

5.250

11/15/47

1,115

State

of

Oregon

General

Obligation

Unlimited

1,220

5.000

05/01/26

1,264

State

of

Oregon

General

Obligation

Unlimited

3,200

5.000

05/01/27

3,380

State

of

Oregon

General

Obligation

Unlimited

150

1.250

08/01/27

139

State

of

Oregon

General

Obligation

Unlimited

120

1.375

08/01/28

109

State

of

Oregon

General

Obligation

Unlimited

125

1.500

08/01/29

111

State

of

Oregon

General

Obligation

Unlimited

500

5.000

12/01/31

522

State

of

Oregon

General

Obligation

Unlimited

2,930

5.000

05/01/43

3,268

State

of

Oregon

General

Obligation

Unlimited

410

4.250

06/01/49

411

State

of

Oregon

Revenue

Bonds

940

5.000

08/01/43

1,051

Tualatin

Valley

Water

District

Revenue

Bonds

2,345

5.000

06/01/41

2,677

25,231

Pennsylvania

-

3.5%

Allegheny

County

Airport

Authority

Revenue

Bonds

1,000

5.000

01/01/35

1,100

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

790

5.000

10/15/26

790

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

835

5.000

10/15/27

837

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

870

5.000

10/15/28

871

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

(SOFR

+

0.290%)(ae)(Ê)

750

4.035

02/01/33

737

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

665

5.250

09/01/33

654

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

275

5.125

05/01/30

291

Allegheny

County

Sanitary

Authority

Revenue

Bonds

1,000

4.000

06/01/35

1,022

Allentown

City

School

District

General

Obligation

Limited

(µ)

2,600

5.000

02/01/32

2,749

Allentown

City

School

District

General

Obligation

Limited

(µ)

1,785

5.000

02/01/33

1,885

Allentown

City

School

District

General

Obligation

Limited

(µ)

1,000

4.000

02/01/36

1,007

Allentown

City

School

District

General

Obligation

Limited

(µ)

2,250

5.000

02/01/37

2,364

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

75

5.000

05/01/27

77

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

770

5.000

05/01/27

787

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

725

5.000

05/01/32

736

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

4,105

5.000

05/01/42

4,185

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/25

50

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/26

50

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/27

50

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/28

50

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/29

50

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

75

5.000

07/01/30

74

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

379

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

230

5.000

10/01/30

237

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

100

5.000

10/01/31

103

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

390

5.000

10/01/32

402

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

610

5.000

07/01/33

599

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

535

5.000

07/01/34

524

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

415

5.000

07/01/35

405

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

635

5.000

07/01/36

616

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,340

5.000

07/01/37

1,295

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,390

5.000

07/01/38

1,335

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,440

5.000

07/01/39

1,378

Butler

County

General

Authority

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.700%)(µ)(Ê)

14,730

1.660

10/01/34

14,200

Cheltenham

Township

Industrial

Development

Authority

Revenue

Bonds

2,625

5.000

04/01/34

2,721

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4,065

5.000

10/15/32

4,168

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,320

4.000

12/01/37

1,361

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,500

4.000

12/01/38

1,536

Chester

County

Industrial

Development

Authority

Special

Assessment

(Þ)

180

4.375

03/01/28

178

City

of

Erie

General

Obligation

Unlimited

(µ)

3,750

3.208

11/15/37

2,120

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

100

4.000

05/01/36

93

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

100

4.000

05/01/41

87

City

of

Philadelphia

General

Obligation

Unlimited

(~)(Ê)

200

0.250

08/01/31

200

City

of

Philadelphia

General

Obligation

Unlimited

5,000

5.000

08/01/33

5,222

City

of

Philadelphia

General

Obligation

Unlimited

5,000

5.000

08/01/34

5,229

City

of

Wilkes-Barre

General

Obligation

Unlimited

(µ)

1,000

4.000

11/15/38

1,000

City

of

York

General

Obligation

Unlimited

55

5.000

11/15/24

55

City

of

York

General

Obligation

Unlimited

955

5.000

11/15/26

966

City

of

York

General

Obligation

Unlimited

1,755

5.000

11/15/27

1,787

Coatesville

Area

School

District

Building

Authority

Revenue

Bonds

(µ)

425

5.000

12/01/24

426

Coatesville

Area

School

District

Building

Authority

Revenue

Bonds

(µ)

335

5.000

12/01/26

335

Coatesville

Area

School

District

Building

Authority

Revenue

Bonds

(µ)

360

5.000

12/01/27

360

Coatesville

Area

School

District

Building

Authority

Revenue

Bonds

(µ)

12,940

5.250

11/15/37

14,063

Commonwealth

Financing

Authority

Revenue

Bonds

(µ)

8,000

4.000

06/01/39

8,134

Commonwealth

of

Pennsylvania

General

Obligation

Unlimited

5,705

3.500

03/01/31

5,692

Conrad

Weiser

Area

School

District

General

Obligation

Limited

(µ)

1,680

4.000

09/01/34

1,699

County

of

Luzerne

General

Obligation

Unlimited

(µ)

500

5.000

12/15/27

528

Cumberland

County

Municipal

Authority

Revenue

Bonds

1,385

5.000

01/01/38

1,387

Cumberland

Valley

School

District

General

Obligation

Unlimited

(µ)

1,000

5.000

11/15/47

1,077

Delaware

River

Port

Authority

Revenue

Bonds

4,700

5.000

01/01/37

4,713

Delaware

Valley

Regional

Finance

Authority

Revenue

Bonds

(CME

Term

SOFR

1

Month

+

0.880%)(ae)(Ê)

10,000

0.996

09/01/48

10,003

Doylestown

Hospital

Authority

Revenue

Bonds

(Þ)

500

5.000

07/01/31

520

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

150

4.000

06/01/44

145

Indiana

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

650

5.000

05/01/27

672

Lancaster

Higher

Education

Authority

Revenue

Bonds

2,250

5.000

10/01/37

2,285

Latrobe

Industrial

Development

Authority

Revenue

Bonds

150

5.000

03/01/30

153

Lehigh

County

Industrial

Development

Authority

Revenue

Bonds

8,240

3.000

09/01/29

7,992

Lincoln

University

of

the

Commonwealth

System

of

Higher

Education

General

Obligation

Limited

650

5.250

07/01/44

644

Mifflin

County

School

District

General

Obligation

Limited

(µ)

1,000

5.000

09/01/30

1,010

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

450

4.000

09/01/38

442

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

1,000

4.000

09/01/39

977

Montgomery

County

Industrial

Development

Authority

General

Obligation

Unlimited

50

4.000

10/01/36

48

Montgomery

County

Industrial

Development

Authority

General

Obligation

Unlimited

50

4.000

10/01/41

46

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

380

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,645

4.100

06/01/29

1,695

Northampton

County

General

Purpose

Authority

Revenue

Bonds

150

5.000

10/01/31

155

Northampton

County

General

Purpose

Authority

Revenue

Bonds

4,200

5.000

08/15/34

4,752

Northern

Tioga

School

District

General

Obligation

Limited

(µ)

650

5.000

04/01/30

688

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,820

0.950

12/01/33

1,675

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

455

4.000

04/15/36

462

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

155

4.000

10/15/37

156

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

800

5.000

07/01/38

857

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,500

3.000

04/01/39

1,298

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

245

4.000

07/01/41

237

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,640

5.000

12/01/38

1,646

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

6,021

5.750

10/01/53

6,394

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

1,000

6.000

10/01/54

1,092

Pennsylvania

State

University

(The)  Revenue

Bonds

920

5.000

09/01/41

946

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000

12/01/36

803

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000

12/01/38

804

Pennsylvania

Turnpike

Commission

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.850%)(ae)(Ê)

425

3.610

07/15/41

425

Pennsylvania

Turnpike

Commission

Revenue

Bonds

12,365

5.250

12/01/44

13,126

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

305

5.000

06/15/25

307

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

660

5.000

06/15/27

676

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

415

5.000

06/15/28

429

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

1,000

4.500

06/15/29

1,004

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

440

5.000

06/15/29

455

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(µ)

510

5.000

12/01/29

541

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

140

5.000

06/15/30

145

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

100

5.000

08/01/30

103

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

285

5.000

06/15/32

296

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

270

5.000

06/15/33

286

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

500

5.250

11/01/52

529

Pittsburgh

School

District

General

Obligation

Limited

(µ)

3,000

3.000

09/01/40

2,653

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

500

4.000

09/01/35

511

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

300

5.000

09/01/35

328

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

1,715

5.000

09/01/36

1,865

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

1,000

5.000

09/01/37

1,084

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

1,040

5.000

09/01/38

1,126

Reading

School

District

General

Obligation

Limited

(µ)

785

5.000

03/01/35

814

Reading

School

District

General

Obligation

Limited

(µ)

720

5.000

03/01/36

745

School

District

of

Philadelphia

(The)

General

Obligation

Limited

(µ)(ae)

10

5.000

09/01/27

10

Scranton

School

District

General

Obligation

Unlimited

(µ)

490

5.000

06/01/32

525

Scranton

School

District

General

Obligation

Unlimited

(µ)

330

5.000

12/01/33

345

Scranton

School

District

General

Obligation

Unlimited

(µ)

575

5.000

06/01/34

620

Scranton

School

District

General

Obligation

Unlimited

(µ)

560

5.000

06/01/36

602

Tulpehocken

Area

School

District

General

Obligation

Limited

(µ)

3,490

5.250

10/01/45

3,755

West

Mifflin

School

District

General

Obligation

Limited

(µ)

1,000

5.000

04/01/28

1,036

West

Mifflin

School

District

General

Obligation

Limited

(µ)

3,045

4.000

04/01/30

3,094

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

80

5.000

07/01/28

82

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

60

5.000

07/01/30

62

Wilkes-Barre

Finance

Authority

Revenue

Bonds

325

4.000

03/01/42

274

193,097

Puerto

Rico

-

3.4%

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

236

5.375

07/01/25

238

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

381

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

19,296

5.625

07/01/27

20,129

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,379

5.625

07/01/29

1,480

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,025

5.750

07/01/31

2,241

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,055

Zero

coupon

07/01/33

2,730

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,680

4.000

07/01/33

4,694

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,150

4.000

07/01/35

1,130

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,100

4.000

07/01/41

1,032

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,730

4.000

07/01/46

1,583

HTA

CL

6

Trust

Special

Assessment

34

5.250

07/01/38

34

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

315

5.000

07/01/25

317

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

1,840

5.000

07/01/28

1,905

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

5,460

5.000

07/01/33

5,762

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

8,700

5.000

07/01/35

9,066

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

4,655

5.000

07/01/37

4,884

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

9,400

5.000

07/01/47

9,529

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.520%)(µ)(Ê)

8,820

1.480

07/01/29

8,555

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

230

4.375

07/01/30

224

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Central

Facilities

Financial

Authority

Revenue

Bonds

250

5.000

07/01/32

266

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Central

Facilities

Financial

Authority

Revenue

Bonds

235

4.000

07/01/37

225

Puerto

Rico

Municipal

Finance

Agency

General

Obligation

Unlimited

(µ)

2,075

5.000

08/01/27

2,089

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

4,265

2.953

07/01/27

3,819

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

3,623

3.071

07/01/29

3,011

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

9,868

3.171

07/01/31

7,557

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

1,700

3.450

07/01/33

1,196

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

17,834

4.500

07/01/34

17,859

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

64,386

4.329

07/01/40

63,821

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

13,793

4.550

07/01/40

13,797

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Æ)(Ø)

1,450

5.709

07/01/46

481

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Æ)(Ø)

1,200

5.772

07/01/51

290

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

619

4.784

07/01/58

612

190,556

Rhode

Island

-

0.6%

Providence

Public

Building

Authority

Revenue

Bonds

(µ)

220

5.875

06/15/26

220

Providence

Public

Building

Authority

Revenue

Bonds

(µ)

1,845

4.000

09/15/34

1,864

Providence

Public

Building

Authority

Revenue

Bonds

(µ)

1,900

5.000

09/15/38

2,004

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

200

5.000

08/15/27

211

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

2,495

5.000

05/15/28

2,534

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,250

5.000

05/15/29

1,270

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(µ)

375

5.000

05/15/32

403

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(µ)

300

5.000

05/15/33

323

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(µ)

300

5.000

05/15/36

322

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,175

5.500

05/15/40

1,338

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,435

5.500

05/15/41

1,622

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

3,965

5.500

05/15/47

4,397

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

3,135

5.000

05/15/48

3,408

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Bonds

3,330

5.000

10/01/41

3,526

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Bonds

775

4.450

10/01/44

774

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

520

5.000

10/01/27

550

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

485

5.000

04/01/28

516

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

382

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

1,000

5.000

10/01/42

1,059

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

5,300

5.250

10/01/49

5,621

State

of

Rhode

Island

General

Obligation

Unlimited

1,110

5.000

08/01/40

1,241

33,203

South

Carolina

-

0.8%

City

of

Anderson

Water

&

Sewer

Revenue

Bonds

950

5.000

07/01/29

1,040

Lee

County

School

Facilities,

Inc.

Revenue

Bonds

(µ)

1,050

4.000

12/01/27

1,079

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,140

5.000

12/01/27

1,199

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,410

5.000

12/01/28

1,475

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,560

5.000

12/01/30

1,619

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,695

4.000

12/01/32

1,697

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,165

4.000

12/01/33

1,158

Patriots

Energy

Group

Financing

Agency

Revenue

Bonds

(SOFR

+

1.900%)(Ê)

5,150

5.485

02/01/54

5,352

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

1,650

5.000

04/01/34

1,858

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

2,700

4.000

11/01/42

2,694

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

625

5.250

11/01/43

704

South

Carolina

Public

Service

Authority

Revenue

Bonds

3,399

4.000

12/01/30

3,504

South

Carolina

Public

Service

Authority

Revenue

Bonds

2,080

5.000

12/01/31

2,136

South

Carolina

Public

Service

Authority

Revenue

Bonds

194

4.000

12/01/34

198

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,690

5.500

12/01/41

1,921

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

5,700

5.000

12/01/42

6,286

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,500

5.750

12/01/47

1,694

South

Carolina

Public

Service

Authority

Revenue

Bonds

1,750

5.500

12/01/54

1,759

South

Carolina

State

Housing

Finance

&

Development

Authority

Revenue

Bonds

(~)

(Ê)

3,300

5.000

10/01/26

3,342

Sumter

Two

School

Facilities,

Inc.

Revenue

Bonds

(µ)

1,360

5.000

12/01/26

1,390

42,105

South

Dakota

-

0.0%

Brookings

School

District

5

General

Obligation

Unlimited

575

5.250

06/15/34

670

Brookings

School

District

5

General

Obligation

Unlimited

1,600

5.500

06/15/43

1,834

County

of

Lincoln

Revenue

Bonds

100

4.000

08/01/41

92

2,596

Tennessee

-

1.2%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

1,000

5.000

08/01/25

1,018

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

600

5.000

10/01/26

607

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

130

5.000

10/01/35

131

City

of

Knoxville

General

Obligation

Unlimited

2,860

3.000

05/01/34

2,734

Greenville

Health

&

Educational

Facilities

Board

Revenue

Bonds

700

4.000

07/01/40

671

Health

Educational

and

Housing

Facility

Board

of

the

City

of

Memphis

(The)

Revenue

Bonds

(~)(ae)(Ê)

11,489

5.000

07/01/27

11,832

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(~)(ae)

(Ê)

4,665

4.050

12/01/27

4,676

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(~)(ae)

(Ê)

1,310

5.000

12/01/27

1,358

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

1,750

5.000

04/01/29

1,790

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(µ)

250

5.250

07/01/49

268

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000

04/01/26

2,004

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

2,210

5.000

07/01/35

2,255

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

4,500

5.000

10/01/35

5,308

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

(~)(ae)(Ê)

315

3.850

02/01/48

317

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

383

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Metropolitan

Government

of

Nashville

&

Davidson

County

General

Obligation

Unlimited

5,750

1.750

01/01/36

4,288

Shelby

County

Health

Educational

&

Housing

Facilities

Board

Revenue

Bonds

(~)

(ae)(Ê)

7,400

5.000

09/01/29

7,858

Shelby

County

Health

Educational

&

Housing

Facilities

Board

Revenue

Bonds

10,130

5.250

09/01/39

11,267

Tennergy

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,750

5.000

12/01/29

2,913

Tennessee

Housing

Development

Agency

Revenue

Bonds

2,640

3.000

01/01/29

2,546

Tennessee

Housing

Development

Agency

Revenue

Bonds

2,250

4.950

07/01/38

2,404

66,245

Texas

-

10.6%

Alamito

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

6,295

3.500

09/01/25

6,293

Alamito

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,400

5.000

08/01/44

5,532

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

5.000

08/15/26

1,001

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

500

5.000

12/01/28

527

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

785

5.000

12/01/33

819

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

770

4.125

06/15/34

769

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,275

4.250

08/15/34

1,276

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

650

5.000

12/01/34

678

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,250

5.000

02/15/37

1,380

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

5.000

02/15/38

1,101

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,125

5.000

02/15/39

1,230

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

200

4.500

08/15/39

201

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

2,815

4.000

08/15/42

2,822

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

2,500

4.000

02/15/44

2,462

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

225

4.750

08/15/44

225

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

150

5.000

08/15/49

150

Arlington

Independent

School

District

General

Obligation

Unlimited

2,175

5.000

02/15/39

2,217

Austin

Community

College

District

General

Obligation

Limited

750

5.250

08/01/53

827

Austin

Community

College

District

Public

Facility

Corp.

Revenue

Bonds

1,115

5.000

08/01/24

1,115

Barbers

Hill

Independent

School

District

General

Obligation

Unlimited

1,625

4.000

02/15/41

1,663

Baytown

Municipal

Development

District

Revenue

Bonds

1,440

5.000

10/01/38

1,478

Baytown

Municipal

Development

District

Revenue

Bonds

1,515

5.000

10/01/39

1,551

Baytown

Municipal

Development

District

Revenue

Bonds

1,590

5.000

10/01/40

1,616

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,765

4.000

07/15/31

1,665

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,430

5.000

07/15/33

1,423

Boerne

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,000

4.000

02/01/28

1,026

Cedar

Port

Navigation

&

Improvement

District

General

Obligation

Unlimited

2,450

4.250

09/01/41

2,470

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

2,100

5.000

01/01/25

2,105

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,200

5.000

01/01/35

1,222

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

900

4.000

01/01/36

920

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,405

5.000

01/01/36

1,474

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

150

4.000

01/01/40

151

Central

Texas

Turnpike

System

Revenue

Bonds

(~)(Ê)

4,000

5.000

08/15/30

4,353

Central

Texas

Turnpike

System

Revenue

Bonds

2,775

5.000

08/15/34

3,168

Central

Texas

Turnpike

System

Revenue

Bonds

2,385

5.000

08/15/42

2,396

City

of

Amarillo

Waterworks

&

Sewer

System

Revenue

Bonds

1,000

4.000

04/01/39

1,017

City

of

Amarillo

Waterworks

&

Sewer

System

Revenue

Bonds

1,130

4.000

04/01/40

1,140

City

of

Anna

Special

Assessment

(Þ)

435

4.875

09/15/30

438

City

of

Arlington

Special

Tax

(µ)

1,785

5.000

02/15/34

1,877

City

of

Arlington

Special

Tax

(µ)

3,620

5.000

02/15/37

3,808

City

of

Arlington

Special

Tax

(µ)

6,250

5.000

02/15/43

6,461

City

of

Arlington

Tax

Allocation

305

5.000

08/15/34

318

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

384

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Arlington

Tax

Allocation

335

5.000

08/15/36

347

City

of

Aubrey

Revenue

Bonds

(µ)

1,135

5.000

09/01/40

1,237

City

of

Austin

Water

&

Wastewater

System

Revenue

Bonds

700

5.000

11/15/38

786

City

of

Austin

Water

&

Wastewater

System

Revenue

Bonds

500

5.000

11/15/39

559

City

of

Austin

Water

&

Wastewater

System

Revenue

Bonds

1,000

5.000

11/15/40

1,109

City

of

Beaumont

Waterworks

&

Sewer

System

Revenue

Bonds

(µ)

550

5.000

09/01/42

599

City

of

Boyd

Special

Assessment

(Þ)

1,005

5.125

09/15/43

1,012

City

of

Bryan

General

Obligation

Limited

2,520

2.375

08/15/36

2,028

City

of

Bryan

General

Obligation

Limited

2,580

2.375

08/15/37

2,049

City

of

Bryan

General

Obligation

Limited

2,640

2.375

08/15/38

2,052

City

of

Bryan

General

Obligation

Limited

2,705

2.500

08/15/39

2,099

City

of

Carrollton

General

Obligation

Limited

450

5.000

08/15/38

503

City

of

Celina

Special

Assessment

(Þ)

245

4.375

09/01/27

242

City

of

Celina

Special

Assessment

(Þ)

169

4.500

09/01/27

169

City

of

Celina

Special

Assessment

(Þ)

100

3.625

09/01/30

92

City

of

Celina

Special

Assessment

(Þ)

510

4.375

09/01/30

507

City

of

Celina

Special

Assessment

(Þ)

186

5.000

09/01/30

186

City

of

Celina

Special

Assessment

(Þ)

165

4.625

09/01/31

166

City

of

Celina

Special

Assessment

575

4.800

09/01/37

575

City

of

Celina

Special

Assessment

(Þ)

230

4.250

09/01/40

212

City

of

College

Station

General

Obligation

Limited

2,975

2.000

02/15/35

2,385

City

of

College

Station

General

Obligation

Limited

2,035

2.000

02/15/36

1,592

City

of

College

Station

General

Obligation

Limited

3,160

2.125

02/15/38

2,406

City

of

College

Station

General

Obligation

Limited

1,295

2.125

02/15/40

927

City

of

College

Station

General

Obligation

Limited

2,370

2.250

02/15/41

1,685

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

1,400

5.000

07/15/28

1,506

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

3,000

5.000

07/15/29

3,277

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

3,000

5.000

07/15/31

3,367

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

2,000

5.000

07/15/32

2,273

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

2,500

5.000

07/15/41

2,799

City

of

Crandall

Special

Assessment

(Þ)

50

3.375

09/15/26

49

City

of

Crandall

Special

Assessment

(Þ)

300

4.000

09/15/31

289

City

of

Dallas

General

Obligation

Limited

10,160

5.000

02/15/26

10,477

City

of

Dallas

General

Obligation

Limited

3,985

5.000

02/15/27

4,187

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,105

4.000

08/15/29

1,112

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,045

4.000

08/15/30

1,050

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,400

4.000

08/15/31

1,405

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,020

5.000

07/01/26

1,041

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(Ê)

205

5.000

08/01/26

211

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,890

5.000

09/01/26

1,923

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(Ê)

935

5.000

10/01/28

981

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(Ê)

350

5.000

07/01/42

363

City

of

Denton

General

Obligation

Limited

5,000

4.125

02/15/50

4,855

City

of

Dripping

Springs

Special

Assessment

(Þ)

395

4.500

09/01/30

394

City

of

El

Paso

Water

&

Sewer

Revenue

Bonds

6,500

5.250

03/01/49

7,094

City

of

Fate

Special

Assessment

(Þ)

243

3.750

08/15/27

238

City

of

Fort

Worth

General

Obligation

Limited

1,475

2.000

03/01/40

1,029

City

of

Fort

Worth

Revenue

Bonds

2,050

5.250

03/01/36

2,053

City

of

Fort

Worth

Special

Assessment

(µ)

1,000

5.000

09/01/44

1,055

City

of

Fort

Worth

Water

&

Sewer

System

Revenue

Bonds

6,045

3.000

02/15/35

5,541

City

of

Galveston

Wharves

&

Terminal

Revenue

Bonds

1,700

5.000

08/01/39

1,870

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

385

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Galveston

Wharves

&

Terminal

Revenue

Bonds

550

5.250

08/01/40

613

City

of

Galveston

Wharves

&

Terminal

Revenue

Bonds

1,900

5.250

08/01/41

2,105

City

of

Galveston

Wharves

&

Terminal

Revenue

Bonds

750

5.250

08/01/42

827

City

of

Galveston

Wharves

&

Terminal

Revenue

Bonds

600

5.250

08/01/43

659

City

of

Galveston

Wharves

&

Terminal

Revenue

Bonds

675

5.250

08/01/44

739

City

of

Georgetown

Utility

System

Revenue

Bonds

(µ)

750

5.000

08/15/29

820

City

of

Greenville

Waterworks

&

Sewer

System

Revenue

Bonds

(µ)

3,955

5.000

02/15/44

4,254

City

of

Hackberry

Revenue

Bonds

1,710

4.625

09/01/37

1,687

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

1,350

4.500

09/01/38

1,288

City

of

Haslet

Special

Assessment

(Þ)

259

2.625

09/01/26

246

City

of

Houston

Airport

System

Revenue

Bonds

2,000

5.000

07/01/29

2,139

City

of

Houston

Airport

System

Revenue

Bonds

2,175

5.000

07/01/30

2,325

City

of

Houston

Airport

System

Revenue

Bonds

360

5.000

07/01/31

383

City

of

Houston

Airport

System

Revenue

Bonds

325

5.000

07/01/32

345

City

of

Houston

Combined

Utility

System

Revenue

Bonds

4,535

5.000

11/15/26

4,742

City

of

Houston

Combined

Utility

System

Revenue

Bonds

(µ)

3,275

Zero

coupon

12/01/26

3,034

City

of

Houston

Combined

Utility

System

Revenue

Bonds

1,690

5.000

11/15/27

1,799

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

Bonds

1,470

5.000

09/01/27

1,493

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

Bonds

1,240

5.000

09/01/34

1,320

City

of

Hutto

Special

Assessment

(Þ)

189

2.500

09/01/26

180

City

of

Justin

Special

Assessment

(Þ)

910

4.625

09/01/28

918

City

of

Kyle

Special

Assessment

(Þ)

246

2.750

09/01/26

239

City

of

Kyle

Special

Assessment

(Þ)

504

3.625

09/01/27

493

City

of

Kyle

Special

Assessment

(Þ)

230

5.750

09/01/30

235

City

of

Kyle

Special

Assessment

(Þ)

501

3.875

09/01/32

473

City

of

Kyle

Special

Assessment

(Þ)

1,178

5.125

09/01/46

1,190

City

of

Lavon

Special

Assessment

(Þ)

200

5.250

09/15/28

201

City

of

Lavon

Special

Assessment

(µ)

365

3.000

09/15/30

350

City

of

Lavon

Special

Assessment

(µ)

380

3.000

09/15/31

357

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

985

4.250

09/15/39

911

City

of

Lubbock

General

Obligation

Limited

1,800

5.000

02/15/40

2,014

City

of

Manor

Special

Assessment

(Þ)

250

4.500

09/15/30

249

City

of

Mesa

Utility

System

Revenue

Bonds

1,085

5.000

03/01/27

1,136

City

of

Mesquite

Revenue

Bonds

(Þ)

816

5.000

09/01/43

821

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

290

4.750

09/01/28

292

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

595

5.250

09/01/38

604

City

of

Midlothian

Special

Assessment

(Þ)

215

2.875

09/15/26

205

City

of

Mustang

Ridge

Special

Assessment

(Þ)

366

5.250

09/01/30

369

City

of

Pilot

Point

Special

Assessment

(Þ)

558

4.875

09/15/27

558

City

of

Pilot

Point

Special

Assessment

(Þ)

500

5.125

09/15/32

505

City

of

Princeton

Special

Assessment

(Þ)

125

2.750

09/01/25

122

City

of

Princeton

Special

Assessment

(Þ)

201

3.750

09/01/27

196

City

of

Princeton

Special

Assessment

(Þ)

360

4.375

09/01/28

360

City

of

Princeton

Special

Assessment

(Þ)

732

4.250

09/01/30

718

City

of

Princeton

Special

Assessment

(Þ)

447

5.500

09/01/30

454

City

of

Princeton

Special

Assessment

(Þ)

210

2.875

09/01/31

184

City

of

Princeton

Special

Assessment

(Þ)

128

3.000

09/01/31

116

City

of

Princeton

Special

Assessment

(Þ)

280

4.000

09/01/32

269

City

of

Royse

City

Special

Assessment

(Þ)

235

5.500

09/15/30

240

City

of

Sachse

Special

Assessment

(Þ)

659

5.625

09/15/42

676

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

4,715

5.000

02/01/26

4,861

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

386

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

(~)(ae)(Ê)

3,835

1.750

02/01/33

3,805

City

of

Temple

Tax

Allocation

(µ)

210

4.000

08/01/35

216

City

of

Temple

Tax

Allocation

(µ)

200

4.000

08/01/37

205

City

of

Temple

Tax

Allocation

(µ)

220

4.000

08/01/39

222

City

of

Venus

Special

Assessment

(Þ)

250

3.125

09/15/31

224

City

of

Waxahachie

General

Obligation

Limited

1,560

3.000

08/01/41

1,289

City

of

Waxahachie

Special

Assessment

(Þ)

392

4.875

08/15/27

392

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

375

4.000

08/15/30

386

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

340

3.000

08/15/32

323

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

255

3.000

08/15/33

239

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

490

3.000

08/15/34

456

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

675

3.000

08/15/35

619

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

325

3.000

08/15/36

293

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,850

4.000

08/15/36

1,867

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

2,000

4.000

08/15/37

2,022

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

380

3.000

08/15/38

333

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,195

5.000

08/15/38

1,322

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

930

3.000

08/15/40

789

Club

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

125

2.500

09/01/26

119

Comal

County

Water

Control

&

Improvement

District

No.

6

General

Obligation

Unlimited

(µ)

2,025

5.250

09/01/30

2,162

Comal

County

Water

Control

&

Improvement

District

No.

6

General

Obligation

Unlimited

(µ)

1,700

4.000

09/01/44

1,668

Comal

Independent

School

District

General

Obligation

Unlimited

5,000

3.000

02/01/39

4,368

Conroe

Local

Government

Corp.

Revenue

Bonds

200

5.000

10/01/35

218

Conroe

Local

Government

Corp.

Revenue

Bonds

100

4.000

10/01/41

98

County

of

Bastrop

Special

Assessment

(Þ)

421

4.375

09/01/30

422

County

of

Harris

Revenue

Bonds

1,000

4.000

09/15/42

1,002

County

of

Harris

Revenue

Bonds

1,315

4.000

09/15/43

1,308

County

of

Travis

General

Obligation

Limited

160

4.000

03/01/43

160

County

of

Travis

General

Obligation

Unlimited

185

4.000

03/01/44

184

County

of

Wise

General

Obligation

Limited

210

5.000

02/15/26

216

County

of

Wise

General

Obligation

Limited

220

5.000

02/15/27

230

County

of

Wise

General

Obligation

Limited

210

5.000

02/15/28

223

Crandall

Independent

School

District

General

Obligation

Unlimited

1,350

5.000

08/15/53

1,453

Cypress-Fairbanks

Independent

School

District

General

Obligation

Unlimited

3,000

2.250

02/15/41

2,183

Dallas

Area

Rapid

Transit

Tax

Allocation

515

5.000

12/01/48

529

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

510

5.000

11/01/24

512

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,000

5.000

11/01/25

1,025

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

4,000

5.000

11/01/36

4,509

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,000

4.000

11/01/39

1,017

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

3,500

4.000

11/01/41

3,513

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,255

4.000

11/01/45

1,228

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

5,000

4.000

11/01/46

4,854

Dallas

Independent

School

District

General

Obligation

Unlimited

3,280

2.000

02/15/42

2,247

Decatur

Hospital

Authority

Revenue

Bonds

1,250

5.250

09/01/29

1,252

Denton

Independent

School

District

General

Obligation

Unlimited

1,320

5.000

08/15/26

1,372

Eagle

Mountain

&

Saginaw

Independent

School

District

General

Obligation

Unlimited

(~)(Ê)

600

4.000

08/01/27

611

Edinburg

Economic

Development

Corp.

Revenue

Bonds

150

3.125

08/15/36

119

Edinburg

Economic

Development

Corp.

Revenue

Bonds

125

3.250

08/15/41

93

El

Paso

County

Hospital

District

General

Obligation

Limited

790

5.000

08/15/28

807

El

Paso

County

Hospital

District

General

Obligation

Limited

1,010

5.000

08/15/30

1,030

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

387

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

El

Paso

County

Hospital

District

General

Obligation

Limited

1,115

5.000

08/15/31

1,137

El

Paso

Independent

School

District

General

Obligation

Limited

(~)(ae)(Ê)

500

5.000

02/01/40

511

Fort

Bend

County

Municipal

Utility

District

No.

134B

General

Obligation

Unlimited

(µ)

2,475

6.000

03/01/29

2,687

Fort

Bend

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

6,745

4.000

08/01/27

6,852

Fort

Worth

Independent

School

District

General

Obligation

Unlimited

2,500

5.000

02/15/47

2,594

Frisco

Independent

School

District

General

Obligation

Unlimited

325

5.000

02/15/35

373

Frisco

Independent

School

District

General

Obligation

Unlimited

570

5.000

02/15/36

653

Frisco

Independent

School

District

General

Obligation

Unlimited

1,000

5.000

02/15/37

1,142

Galveston

Independent

School

District

General

Obligation

Unlimited

500

5.000

02/01/34

549

Georgetown

Independent

School

District

General

Obligation

Unlimited

3,065

5.000

08/15/35

3,120

Greater

Texoma

Utility

Authority

Revenue

Bonds

(µ)

1,310

5.000

10/01/37

1,441

Gulf

Coast

Waste

Disposal

Authority

Revenue

Bonds

(~)(Ê)

315

0.220

09/01/25

315

Harlandale

Independent

School

District

Revenue

Bonds

1,125

4.000

08/15/32

1,135

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(ae)

1,000

5.000

07/01/29

1,077

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

2,800

5.000

07/01/31

3,124

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,925

5.000

06/01/32

2,954

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

120

6.375

01/01/33

120

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

3,650

5.000

07/01/33

4,172

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

9,160

5.000

07/01/34

10,591

Harris

County

Municipal

Utility

District

No.

489

General

Obligation

Unlimited

(µ)

3,700

6.500

09/01/29

4,081

Harris

County

Toll

Road

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

2,075

4.050

11/01/50

2,112

Harris

County-Houston

Sports

Authority

Revenue

Bonds

1,000

5.000

11/15/26

1,003

Harris

County-Houston

Sports

Authority

Revenue

Bonds

750

5.000

11/15/27

752

Harris

County-Houston

Sports

Authority

Revenue

Bonds

2,265

5.000

11/15/29

2,270

Harris

County-Houston

Sports

Authority

Revenue

Bonds

1,495

5.000

11/15/32

1,498

Highland

Park

Independent

School

District

General

Obligation

Unlimited

650

5.250

02/15/39

744

Highland

Park

Independent

School

District

General

Obligation

Unlimited

2,195

5.250

02/15/40

2,496

Housing

Synergy

PFC

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.000

02/01/27

3,070

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

1,600

5.000

08/15/28

1,623

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

60

3.375

10/01/37

51

Houston

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,050

3.650

02/01/28

1,056

Hutto

Independent

School

District

General

Obligation

Unlimited

1,245

5.000

08/01/32

1,421

Hutto

Independent

School

District

General

Obligation

Unlimited

1,660

5.000

08/01/43

1,843

Hutto

Independent

School

District

General

Obligation

Unlimited

1,600

5.000

08/01/44

1,770

Jacksboro

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

680

4.000

02/15/48

699

Joshua

Farms

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

500

4.375

09/01/30

499

Karnes

County

Hospital

District

Revenue

Bonds

2,020

5.000

02/01/29

2,023

Kennedale

Independent

School

District

General

Obligation

Unlimited

450

5.000

02/15/38

511

Kermit

Independent

School

District

General

Obligation

Unlimited

2,500

5.000

02/15/48

2,727

Kermit

Independent

School

District

General

Obligation

Unlimited

1,000

5.000

02/15/53

1,078

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

330

3.000

09/01/38

274

Laredo

Independent

School

District

General

Obligation

Unlimited

1,250

5.000

08/01/26

1,299

Leander

Independent

School

District

General

Obligation

Unlimited

(ae)

3,000

4.746

08/15/45

971

Little

Elm

Independent

School

District

General

Obligation

Unlimited

1,560

5.000

08/15/38

1,783

Little

Elm

Independent

School

District

General

Obligation

Unlimited

1,825

5.000

08/15/41

2,045

Lower

Colorado

River

Authority

Revenue

Bonds

3,060

5.000

05/15/31

3,097

Lubbock

Independent

School

District

General

Obligation

Unlimited

1,000

4.000

02/15/40

1,009

Mansfield

Independent

School

District

Revenue

Bonds

1,570

5.000

02/15/36

1,587

Mansfield

Independent

School

District

Revenue

Bonds

1,925

5.000

02/15/39

1,945

Matagorda

County

Navigation

District

No.

1

Revenue

Bonds

2,850

2.600

11/01/29

2,650

Mesquite

Housing

Finance

Corp.

(The)

Revenue

Bonds

(~)(Ê)

2,000

3.350

08/01/29

1,999

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

388

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Mitchell

County

Hospital

District

General

Obligation

Limited

80

5.250

02/15/30

79

Mitchell

County

Hospital

District

General

Obligation

Limited

55

5.375

02/15/35

55

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

1,370

5.000

09/15/32

1,387

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

1,340

5.000

09/15/37

1,354

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

700

4.000

08/15/24

700

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

400

5.000

07/01/26

411

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

665

4.000

08/15/26

662

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

2,000

4.250

10/01/26

1,998

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

515

4.000

08/15/27

513

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

535

4.000

08/15/28

533

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

930

4.000

08/15/30

919

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

150

4.000

07/01/31

151

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

500

5.000

07/01/31

518

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,215

4.000

08/15/31

1,196

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

130

4.000

07/01/32

131

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

250

5.000

07/01/32

259

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

300

5.000

07/01/33

311

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,160

5.000

04/01/35

1,188

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

455

4.000

08/15/36

436

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

500

5.000

07/01/38

516

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

370

4.000

08/15/41

335

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

770

5.000

12/01/49

726

North

East

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

4,190

3.600

08/01/52

4,190

North

Texas

Municipal

Water

District

Water

System

Revenue

Bonds

5,125

5.000

09/01/29

5,627

North

Texas

Tollway

Authority

Revenue

Bonds

3,065

5.000

01/01/27

3,126

North

Texas

Tollway

Authority

Revenue

Bonds

910

5.000

01/01/29

916

North

Texas

Tollway

Authority

Revenue

Bonds

1,000

5.000

01/01/32

1,039

North

Texas

Tollway

Authority

Revenue

Bonds

900

Zero

coupon

01/01/37

569

North

Texas

Tollway

Authority

Revenue

Bonds

1,895

4.000

01/01/37

1,899

North

Texas

Tollway

Authority

Revenue

Bonds

1,000

5.000

01/01/38

1,004

North

Texas

Tollway

Authority

Revenue

Bonds

50

4.000

01/01/40

49

North

Texas

Tollway

Authority

Revenue

Bonds

9,005

5.000

01/01/45

9,029

Northside

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,980

3.450

08/01/27

1,992

Northside

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,000

3.000

08/01/53

991

Northwest

Independent

School

District

General

Obligation

Unlimited

1,375

5.000

02/15/40

1,523

Northwest

Independent

School

District

General

Obligation

Unlimited

2,140

5.000

02/15/41

2,357

Pearland

Independent

School

District

General

Obligation

Unlimited

(ae)

250

5.250

02/15/26

258

Pearland

Independent

School

District

General

Obligation

Unlimited

1,250

5.250

02/15/32

1,286

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,275

5.000

02/15/35

1,361

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,650

5.000

02/15/38

1,701

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

650

5.000

02/15/39

669

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

2,250

5.000

02/15/40

2,313

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

4,695

5.000

02/15/41

4,823

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

2,425

5.000

02/15/42

2,489

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,675

5.000

02/15/43

1,718

Pflugerville

Independent

School

District

General

Obligation

Unlimited

3,245

4.000

02/15/45

3,165

Plainview

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

425

4.000

02/15/50

428

Ponder

Independent

School

District

Gneral

Obligation

Unlimited

(~)(Ê)

700

4.000

08/15/27

714

Port

Arthur

Independent

School

District

General

Obligation

Unlimited

(ae)

1,860

5.000

02/15/45

1,879

Pottsboro

Independent

School

District

General

Obligation

Unlimited

(~)(Ê)

750

4.000

08/15/27

765

Princeton

Independent

School

District

General

Obligation

Unlimited

(ae)

2,000

5.000

02/15/44

2,020

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

389

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Prosper

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

525

4.000

02/15/50

530

Reagan

Hospital

District

of

Reagan

County

General

Obligation

Limited

500

5.000

02/01/29

498

Reagan

Hospital

District

of

Reagan

County

General

Obligation

Limited

2,500

5.000

02/01/34

2,478

Rockwall

Independent

School

District

General

Obligation

Unlimited

(ae)

605

5.000

02/15/32

612

Royse

City

Special

Assessment

(Þ)

50

3.125

09/15/25

49

Royse

City

Special

Assessment

(Þ)

175

4.125

09/15/39

163

Royse

City

Special

Assessment

(Þ)

100

4.125

09/15/40

90

Royse

City

Special

Assessment

(Þ)

400

5.375

09/15/44

398

Sabine-Neches

Navigation

District

General

Obligation

Limited

500

5.250

02/15/36

555

Sabine-Neches

Navigation

District

General

Obligation

Limited

650

5.250

02/15/38

717

Sabine-Neches

Navigation

District

General

Obligation

Limited

1,885

5.250

02/15/40

2,059

Sabine-Neches

Navigation

District

General

Obligation

Limited

1,500

5.250

02/15/42

1,630

San

Antonio

Housing

Trust

Public

Facility

Corp.

Revenue

Bonds

(~)(Ê)

420

3.450

07/01/27

420

San

Antonio

Municipal

Facilities

Corp.

Revenue

Bonds

(~)(Ê)

665

5.000

08/01/27

697

San

Antonio

Public

Facilities

Corp.

Revenue

Bonds

1,035

5.000

09/15/25

1,058

San

Antonio

Public

Facilities

Corp.

Revenue

Bonds

2,125

5.000

09/15/26

2,208

Sherman

Independent

School

District

General

Obligation

Unlimited

6,000

5.000

02/15/53

6,458

SMHA

Finance

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,035

3.700

07/01/27

1,043

South

Manvel

Development

Authority

Tax

Allocation

250

4.500

04/01/30

248

South

Manvel

Development

Authority

Tax

Allocation

325

5.000

04/01/38

327

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

475

4.000

09/01/33

486

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

1,300

5.000

09/01/33

1,368

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

55

4.000

09/01/34

56

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

250

4.000

09/01/35

255

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

85

4.000

09/01/36

87

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

800

4.000

09/01/37

814

Spring

Independent

School

District

General

Obligation

Unlimited

5,000

4.000

08/15/40

5,047

State

of

Texas

General

Obligation

Unlimited

1,825

5.000

10/01/26

1,831

State

of

Texas

General

Obligation

Unlimited

17,850

5.000

10/01/36

18,146

State

of

Texas

General

Obligation

Unlimited

1,350

5.000

08/01/40

1,365

Strategic

Housing

Finance

Corp

of

Travis

County

Revenue

Bonds

(~)(Ê)

905

3.350

03/01/46

901

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

200

5.000

07/01/26

206

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

300

5.000

07/01/27

314

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

350

5.000

07/01/28

372

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

175

5.000

10/01/31

192

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

200

5.000

10/01/44

213

Tarrant

County

Hospital

District

General

Obligation

Limited

2,510

4.000

08/15/43

2,515

Tarrant

County

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,125

5.000

03/01/27

1,153

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Bonds

(~)(ae)(Ê)

485

5.000

08/01/26

493

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Bonds

(~)(ae)(Ê)

665

5.000

03/01/41

671

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

I

Revenue

Bonds

2,060

6.250

12/15/26

2,125

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

II

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.550%)(Ê)

905

0.670

09/15/27

900

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

II

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.863%)(Ê)

34,135

0.768

09/15/27

34,065

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

380

5.000

12/15/25

385

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

420

5.000

12/15/26

431

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

4,305

5.000

12/15/28

4,506

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

4,520

5.000

12/15/32

4,881

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

(µ)

4,500

Zero

coupon

08/15/25

4,337

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,250

4.000

12/31/30

1,278

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,120

4.000

06/30/33

1,138

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

390

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3,500

5.000

12/31/33

3,746

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3,500

5.000

12/31/34

3,740

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

2,325

5.000

12/31/36

2,474

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

505

4.000

12/31/38

506

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

2,150

5.000

08/15/39

2,318

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

1,175

5.000

05/01/33

1,274

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

1,000

5.250

05/01/35

1,098

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250

05/01/37

549

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

600

5.250

05/01/39

650

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250

05/01/41

538

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250

05/01/42

536

Texas

Water

Development

Board

Revenue

Bonds

475

4.000

10/15/36

485

Texas

Water

Development

Board

Revenue

Bonds

1,215

4.000

10/15/40

1,196

Texas

Water

Development

Board

Revenue

Bonds

1,000

5.000

08/01/41

1,104

Texas

Water

Development

Board

Revenue

Bonds

1,710

5.000

10/15/43

1,781

Texas

Water

Development

Board

Revenue

Bonds

1,425

5.000

10/15/47

1,545

Tomball

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

4,750

0.450

02/15/36

4,758

Town

of

Flower

Mound

Special

Assessment

(Þ)

750

3.250

09/01/31

690

Town

of

Flower

Mound

Special

Assessment

(Þ)

800

3.500

09/01/36

709

Town

of

Little

Elm

Special

Assessment

(Þ)

708

3.125

09/01/41

540

Travis

County

Development

Authority

Special

Assessment

(Þ)

658

4.500

09/01/31

652

Travis

County

Development

Authority

Special

Assessment

(Þ)

302

4.750

09/01/32

303

Trinity

River

Authority

Revenue

Bonds

1,325

5.000

02/01/42

1,454

Uptown

Development

Authority

Tax

Allocation

150

3.000

09/01/34

132

Uptown

Development

Authority

Tax

Allocation

820

5.000

09/01/35

826

Viridian

Municipal

Management

District

General

Obligation

Unlimited

(µ)

995

6.000

12/01/33

1,004

Viridian

Municipal

Management

District

Special

Assessment

103

2.375

12/01/25

99

Viridian

Municipal

Management

District

Special

Assessment

609

3.750

12/01/27

593

Viridian

Municipal

Management

District

Special

Assessment

2,013

4.125

12/01/37

1,886

Westpointe

Special

Improvement

District

General

Obligation

Limited

(µ)

1,000

4.500

08/15/38

1,028

Westside

211

Special

Improvement

District

General

Obligation

Limited

875

5.250

08/15/38

899

Westside

211

Special

Improvement

District

Revenue

Bonds

295

2.125

08/15/30

258

Westside

211

Special

Improvement

District

Revenue

Bonds

310

3.000

08/15/32

282

White

Settlement

Independent

School

District

General

Obligation

Unlimited

1,000

5.000

08/15/28

1,017

Wylie

Independent

School

District

General

Obligation

Unlimited

270

Zero

coupon

08/15/36

167

591,793

Utah

-

1.1%

City

of

Lehi

Sales

Tax

Revenue

Bonds

500

4.000

06/01/33

515

City

of

Salt

Lake

City

Public

Utilities

Revenue

Bonds

9,210

5.000

02/01/52

9,922

County

of

Utah

Revenue

Bonds

9,530

5.000

05/15/46

9,693

Intermountain

Power

Agency

Revenue

Bonds

1,125

5.000

07/01/29

1,234

Intermountain

Power

Agency

Revenue

Bonds

1,250

5.000

07/01/30

1,394

Intermountain

Power

Agency

Revenue

Bonds

1,000

5.000

07/01/41

1,097

Intermountain

Power

Agency

Revenue

Bonds

640

5.000

07/01/42

698

Intermountain

Power

Agency

Revenue

Bonds

6,865

5.250

07/01/44

7,663

Jordan

School

District

General

Obligation

Unlimited

2,750

5.000

06/15/27

2,912

Nebo

School

District

General

Obligation

Unlimited

1,785

2.000

07/01/32

1,507

Ogden

City

School

District

Municipal

Building

Authority

Revenue

Bonds

225

5.000

01/15/28

237

Utah

Associated

Municipal

Power

Systems

Revenue

Bonds

205

5.000

09/01/31

215

Utah

Charter

School

Finance

Authority

Revenue

Bonds

1,435

4.000

04/15/40

1,412

Utah

Housing

Corp.

Revenue

Bonds

(~)(ae)(Ê)

565

3.700

08/01/27

568

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

391

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Utah

Infrastructure

Agency

Revenue

Bonds

100

4.000

10/15/24

100

Utah

Infrastructure

Agency

Revenue

Bonds

100

4.000

10/15/25

101

Utah

Infrastructure

Agency

Revenue

Bonds

135

5.000

10/15/26

140

Utah

Infrastructure

Agency

Revenue

Bonds

130

5.000

10/15/28

138

Utah

Infrastructure

Agency

Revenue

Bonds

4,260

5.000

10/15/29

4,381

Utah

Infrastructure

Agency

Revenue

Bonds

155

5.000

10/15/30

166

Utah

Infrastructure

Agency

Revenue

Bonds

250

4.000

10/15/31

249

Utah

Infrastructure

Agency

Revenue

Bonds

1,650

5.000

10/15/32

1,694

Utah

Infrastructure

Agency

Revenue

Bonds

1,185

4.000

10/15/33

1,177

Utah

Infrastructure

Agency

Revenue

Bonds

1,785

5.250

10/15/33

1,848

Utah

Infrastructure

Agency

Revenue

Bonds

2,755

5.500

10/15/33

3,068

Utah

Infrastructure

Agency

Revenue

Bonds

380

4.000

10/15/34

377

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

5.000

10/15/34

1,025

Utah

Infrastructure

Agency

Revenue

Bonds

1,215

5.000

10/15/40

1,232

Utah

Infrastructure

Agency

Revenue

Bonds

500

4.000

10/15/42

469

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

525

4.000

04/15/33

529

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

460

5.000

04/15/34

487

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,110

4.000

04/15/35

1,094

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,000

5.000

10/15/46

1,010

Utah

Transit

Authority

Revenue

Bonds

1,860

5.000

12/15/35

1,981

60,333

Vermont

-

0.1%

City

of

Burlington

Airport

Revenue

Bonds

475

5.000

07/01/27

491

City

of

Burlington

Airport

Revenue

Bonds

400

5.000

07/01/28

418

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

895

5.000

07/01/30

989

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

460

5.000

07/01/31

515

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

500

5.000

07/01/32

567

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

350

5.000

07/01/33

396

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

775

5.000

07/01/35

870

University

of

Vermont

and

State

Agricultural

College

Revenue

Bonds

925

5.000

10/01/43

953

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

550

5.500

10/01/43

557

Vermont

Housing

Finance

Agency

Revenue

Bonds

728

4.750

11/01/48

733

6,489

Virgin

Islands

-

0.6%

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

6,000

5.000

10/01/26

6,160

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

14,870

5.000

10/01/27

15,394

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

4,150

5.000

10/01/28

4,316

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

4,035

5.000

10/01/30

4,236

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

550

5.000

10/01/39

572

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

(µ)

675

5.000

10/01/32

682

31,360

Virginia

-

1.4%

Arlington

County

Industrial

Development

Authority

Revenue

Bonds

3,290

5.000

01/01/26

3,361

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

255

5.000

03/01/26

250

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

916

7.125

03/01/30

608

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

382

5.500

03/01/46

338

Chesapeake

Hospital

Authority

Revenue

Bonds

775

4.000

07/01/36

777

Chesapeake

Hospital

Authority

Revenue

Bonds

1,205

4.000

07/01/37

1,206

Chesapeake

Redevelopment

&

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,520

5.000

06/01/26

4,562

Chesapeake

Redevelopment

&

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

850

5.000

05/01/43

873

City

of

Harrisonburg

General

Obligation

Unlimited

1,255

1.750

07/15/36

945

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

392

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Newport

News

General

Obligation

Unlimited

150

3.000

02/01/31

145

City

of

Newport

News

General

Obligation

Unlimited

250

4.000

02/01/33

267

County

of

Fairfax

General

Obligation

Unlimited

3,385

4.000

10/01/28

3,442

Fairfax

County

Industrial

Development

Authority

Revenue

Bonds

5,770

4.000

05/15/44

5,626

Hampton

Roads

Transportation

Accountability

Commission

Revenue

Bonds

5,015

5.000

07/01/26

5,206

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

750

5.000

07/01/36

828

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

700

5.000

07/01/37

770

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

950

5.000

07/01/38

1,040

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

2,000

5.250

07/01/48

2,188

James

City

County

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

2,100

5.000

02/01/26

2,110

James

City

County

Economic

Development

Authority

Revenue

Bonds

225

4.000

12/01/30

224

James

City

County

Economic

Development

Authority

Revenue

Bonds

500

4.000

12/01/35

486

Louisa

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,250

3.800

05/28/27

4,302

Rockingham

County

Economic

Development

Authority

Revenue

Bonds

1,045

4.000

12/01/29

1,063

Rockingham

County

Economic

Development

Authority

Revenue

Bonds

1,085

4.000

12/01/30

1,103

Rockingham

County

Economic

Development

Authority

Revenue

Bonds

1,135

4.000

12/01/31

1,154

Salem

Economic

Development

Authority

Revenue

Bonds

775

5.000

04/01/35

809

Salem

Economic

Development

Authority

Revenue

Bonds

55

4.000

04/01/39

52

Salem

Economic

Development

Authority

Revenue

Bonds

35

4.000

04/01/40

33

Virginia

Beach

Development

Authority

Revenue

Bonds

825

5.375

09/01/29

857

Virginia

College

Building

Authority

Revenue

Bonds

350

5.000

06/01/30

367

Virginia

College

Building

Authority

Revenue

Bonds

125

4.000

06/01/36

121

Virginia

Commonwealth

Transportation

Board

Revenue

Bonds

2,065

5.000

05/15/27

2,184

Virginia

Housing

Development

Authority

Revenue

Bonds

950

4.650

12/01/44

961

Virginia

Housing

Development

Authority

Revenue

Bonds

1,510

3.100

12/01/45

1,201

Virginia

Public

Building

Authority

Revenue

Bonds

3,740

5.000

08/01/29

3,812

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,000

5.000

01/01/33

1,061

Williamsburg

Economic

Development

Authority

Revenue

Bonds

(µ)

2,270

4.000

07/01/42

2,270

Williamsburg

Economic

Development

Authority

Revenue

Bonds

(µ)

1,000

4.000

07/01/43

992

Winchester

Economic

Development

Authority

Revenue

Bonds

1,700

5.000

01/01/39

1,902

Winchester

Economic

Development

Authority

Revenue

Bonds

2,250

5.000

01/01/41

2,482

Wise

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

11,500

3.800

05/28/27

11,642

Wise

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,205

0.750

10/01/40

4,001

York

County

Economic

Development

Authority

Pollution

Control

Revenue

Bonds

(~)

(ae)(Ê)

2,350

3.650

05/01/33

2,371

79,992

Washington

-

2.0%

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

1,625

4.000

07/01/35

1,650

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

1,825

4.000

09/01/36

1,908

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

500

4.000

09/01/37

521

City

of

Seattle

Municipal

Light

&

Power

Revenue

Bonds

220

4.000

07/01/37

228

City

of

Seattle

Municipal

Light

&

Power

Revenue

Bonds

2,355

4.000

07/01/41

2,380

County

of

King

Sewer

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.230%)(ae)

(Ê)

14,275

3.840

01/01/40

14,134

County

of

Pierce

General

Obligation

Limited

2,040

2.600

07/01/36

1,777

County

of

Snohomish

General

Obligation

Limited

3,500

2.000

12/01/33

2,896

Energy

Northwest

Revenue

Bonds

1,685

5.000

07/01/26

1,752

Energy

Northwest

Revenue

Bonds

1,600

5.000

07/01/27

1,694

Energy

Northwest

Revenue

Bonds

1,170

4.000

07/01/42

1,180

Franklin

County

School

District

No.

1

Pasco

General

Obligation

Unlimited

8,125

5.500

12/01/40

9,497

Grant

County

Public

Hospital

District

No.

2

General

Obligation

Unlimited

5,000

5.000

12/01/38

5,188

Grant

County

Public

Hospital

District

No.

2

General

Obligation

Unlimited

500

5.500

12/01/39

549

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

393

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Grant

County

Public

Utility

District

No.

2

Priest

Rapids

Hydroelectric

Project

Revenue

Bonds

4,600

4.000

01/01/26

4,659

King

County

School

District

No.

414

Lake

Washington

General

Obligation

Unlimited

650

5.000

12/01/34

696

Klickitat

County

Public

Utility

District

No.

1

Revenue

Bonds

(µ)

900

5.000

12/01/31

986

Pierce

County

School

District

No.

403

Bethel

General

Obligation

Unlimited

1,135

5.000

12/01/41

1,278

Pierce

County

School

District

No.

403

Bethel

General

Obligation

Unlimited

1,300

5.000

12/01/42

1,458

Pierce

County

School

District

No.

403

Bethel

General

Obligation

Unlimited

885

5.000

12/01/43

988

Port

of

Seattle

General

Obligation

Limited

3,530

5.000

06/01/36

4,084

Port

of

Seattle

General

Obligation

Limited

5,575

5.000

06/01/37

6,439

Port

of

Seattle

Revenue

Bonds

2,260

5.000

04/01/31

2,265

Port

of

Seattle

Revenue

Bonds

2,275

5.000

04/01/32

2,280

Seattle

Housing

Authority

Revenue

Bonds

895

1.000

06/01/26

842

Skagit

County

Public

Hospital

District

No.

1

Revenue

Bonds

900

5.500

12/01/42

973

Spokane

Public

Facilities

District

Revenue

Bonds

970

5.000

12/01/34

996

State

of

Washington

General

Obligation

Limited

4,715

5.000

06/01/38

5,160

State

of

Washington

General

Obligation

Unlimited

7,835

5.000

08/01/24

7,835

State

of

Washington

General

Obligation

Unlimited

2,550

5.000

02/01/26

2,630

State

of

Washington

General

Obligation

Unlimited

5,125

5.000

07/01/30

5,161

State

of

Washington

General

Obligation

Unlimited

1,645

5.000

08/01/35

1,727

State

of

Washington

General

Obligation

Unlimited

1,000

5.000

08/01/37

1,085

State

of

Washington

General

Obligation

Unlimited

1,820

5.000

02/01/39

1,919

State

of

Washington

General

Obligation

Unlimited

1,300

5.000

02/01/41

1,361

State

of

Washington

General

Obligation

Unlimited

3,000

5.000

07/01/41

3,356

State

of

Washington

General

Obligation

Unlimited

3,500

5.000

08/01/42

3,637

State

of

Washington

General

Obligation

Unlimited

2,350

5.000

02/01/47

2,535

State

of

Washington

General

Obligation

Unlimited

1,500

5.000

02/01/48

1,621

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

600

4.000

10/01/30

606

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

1,000

5.000

08/01/38

1,061

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

375

4.000

10/01/35

367

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

(µ)

1,905

4.000

07/01/36

1,917

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

370

2.125

07/01/27

346

Washington

State

Housing

Finance

Commission

Revenue

Bonds

265

5.000

07/01/38

284

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

215

5.625

07/01/38

237

116,143

West

Virginia

-

0.3%

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

350

7.000

06/01/43

375

State

of

West

Virginia

General

Obligation

Unlimited

1,850

5.000

06/01/35

1,967

State

of

West

Virginia

General

Obligation

Unlimited

1,180

5.000

06/01/41

1,253

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

4,175

3.375

03/01/40

4,137

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

2,380

5.000

01/01/28

2,471

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

375

5.000

09/01/29

392

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

725

5.000

09/01/30

757

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

480

5.000

09/01/32

500

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

230

5.000

01/01/34

237

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

270

5.000

01/01/35

278

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

1,750

5.000

09/01/40

1,904

West

Virginia

Housing

Development

Fund

Revenue

Bonds

1,000

4.350

11/01/39

1,025

West

Virginia

Housing

Development

Fund

Revenue

Bonds

1,000

4.700

11/01/44

1,010

West

Virginia

University

Revenue

Bonds

(~)(ae)(Ê)

2,525

5.000

10/01/41

2,713

19,019

Wisconsin

-

1.6%

City

of

Milwaukee

General

Obligation

Unlimited

(µ)

1,375

5.000

04/01/26

1,416

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

394

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Milwaukee

General

Obligation

Unlimited

3,000

5.000

04/01/30

3,278

City

of

Racine

Waterworks

System

Revenue

Bonds

(µ)

1,170

5.000

09/01/29

1,239

City

of

Racine

Waterworks

System

Revenue

Bonds

(µ)

1,590

4.000

09/01/37

1,606

City

of

Shawano

Electric

System

Revenue

Bonds

(µ)

1,415

5.000

05/01/35

1,543

Hudson

School

District

General

Obligation

Unlimited

1,050

2.250

03/01/27

1,012

Marinette

School

District

General

Obligation

Unlimited

(µ)

1,785

1.650

03/01/33

1,405

Monroe

School

District

General

Obligation

Unlimited

(µ)

1,265

4.000

03/01/41

1,283

Public

Finance

Authority

Revenue

Bonds

295

5.000

10/01/24

295

Public

Finance

Authority

Revenue

Bonds

(Þ)

535

4.000

03/01/25

531

Public

Finance

Authority

Revenue

Bonds

(µ)

30

4.000

07/01/26

30

Public

Finance

Authority

Revenue

Bonds

(µ)

30

4.000

07/01/27

30

Public

Finance

Authority

Revenue

Bonds

(µ)

30

4.000

07/01/28

31

Public

Finance

Authority

Revenue

Bonds

(µ)

30

4.000

07/01/29

30

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,250

5.125

11/15/29

1,255

Public

Finance

Authority

Revenue

Bonds

860

4.000

01/01/30

838

Public

Finance

Authority

Revenue

Bonds

1,000

5.000

01/01/30

1,059

Public

Finance

Authority

Revenue

Bonds

(Þ)

450

4.000

06/15/30

437

Public

Finance

Authority

Revenue

Bonds

(µ)

35

4.000

07/01/30

35

Public

Finance

Authority

Revenue

Bonds

(µ)

45

4.000

07/01/31

45

Public

Finance

Authority

Revenue

Bonds

(Þ)

450

4.000

12/01/31

431

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,425

4.000

04/01/32

1,428

Public

Finance

Authority

Revenue

Bonds

(Þ)

455

4.000

06/15/32

434

Public

Finance

Authority

Revenue

Bonds

(µ)

55

4.000

07/01/32

55

Public

Finance

Authority

Revenue

Bonds

(µ)

25

4.000

07/01/33

25

Public

Finance

Authority

Revenue

Bonds

800

4.250

06/15/34

804

Public

Finance

Authority

Revenue

Bonds

(µ)

20

4.000

07/01/34

20

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/34

1,037

Public

Finance

Authority

Revenue

Bonds

(µ)

20

4.000

07/01/35

20

Public

Finance

Authority

Revenue

Bonds

335

5.000

07/01/35

346

Public

Finance

Authority

Revenue

Bonds

(Þ)

230

5.000

12/01/35

233

Public

Finance

Authority

Revenue

Bonds

(µ)

30

4.000

07/01/36

30

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/36

41

Public

Finance

Authority

Revenue

Bonds

(µ)

280

4.000

07/01/37

281

Public

Finance

Authority

Revenue

Bonds

310

5.000

07/01/37

317

Public

Finance

Authority

Revenue

Bonds

600

4.000

11/15/37

598

Public

Finance

Authority

Revenue

Bonds

(µ)

335

4.000

07/01/38

336

Public

Finance

Authority

Revenue

Bonds

65

5.000

07/01/38

66

Public

Finance

Authority

Revenue

Bonds

100

5.000

01/01/39

104

Public

Finance

Authority

Revenue

Bonds

(µ)

335

4.000

07/01/39

335

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/39

41

Public

Finance

Authority

Revenue

Bonds

(Þ)

400

5.000

10/01/39

407

Public

Finance

Authority

Revenue

Bonds

125

5.000

01/01/40

130

Public

Finance

Authority

Revenue

Bonds

(µ)

35

4.000

07/01/40

35

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/40

40

Public

Finance

Authority

Revenue

Bonds

4,960

5.000

03/01/41

5,061

Public

Finance

Authority

Revenue

Bonds

125

4.000

07/01/41

114

Public

Finance

Authority

Revenue

Bonds

65

5.000

07/01/41

66

Public

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,600

4.000

10/01/41

1,616

Public

Finance

Authority

Revenue

Bonds

2,000

4.000

12/01/41

1,894

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

4.000

06/15/42

669

Public

Finance

Authority

Revenue

Bonds

6,120

5.000

03/01/46

6,230

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

395

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Racine

Unified

School

District

General

Obligation

Unlimited

(µ)

250

5.000

04/01/38

278

Racine

Unified

School

District

General

Obligation

Unlimited

(µ)

260

5.000

04/01/39

288

Racine

Unified

School

District

General

Obligation

Unlimited

(µ)

350

5.000

04/01/40

386

Racine

Unified

School

District

General

Obligation

Unlimited

(µ)

325

5.000

04/01/41

356

University

of

Wisconsin

Hospitals

&

Clinics

Revenue

Bonds

(~)(Ê)

3,600

5.000

10/01/31

3,988

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,485

5.000

08/01/27

1,517

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

800

4.200

08/15/28

798

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

270

4.400

08/15/29

270

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

50

4.000

03/15/30

50

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,000

5.000

02/15/33

1,072

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,500

4.000

02/15/34

1,510

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,500

4.000

02/15/35

1,508

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,590

4.000

02/15/36

1,595

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

130

4.000

09/15/36

125

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

250

5.250

08/15/39

266

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

135

4.000

09/15/41

123

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

485

5.000

10/01/41

516

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

125

4.000

09/15/45

109

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

14,555

0.200

02/15/50

14,555

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,075

4.500

02/15/54

1,075

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.180%)(ae)(Ê)

400

3.790

08/15/54

396

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,530

5.000

08/15/54

1,577

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,180

5.000

08/15/54

1,273

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,765

5.000

12/01/26

4,939

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

2,000

5.000

09/01/39

2,186

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.150%)(ae)(Ê)

1,000

3.760

03/01/42

998

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

2,100

4.250

09/01/44

2,083

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

550

0.500

11/01/50

544

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

3,000

6.000

09/01/54

3,259

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

2,000

5.000

08/01/58

2,063

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

1,000

5.000

11/01/58

1,038

91,383

Wyoming

-

0.1%

County

of

Campbell

Wastewater

Facilities

Revenue

Bonds

3,335

3.625

07/15/39

3,034

Total

Municipal

Bonds

(cost

$5,568,730)

5,548,884

Total

Investments

-

99.7%

(identified

cost

$5,568,730)

5,548,884

Other

Assets

and

Liabilities,

Net

-

0.3%

19,058

Net

Assets

-

100.0%

5,567,942

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

396

Tax-Exempt

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

3.0%

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

05/22/23

770,000

101.16

779

787

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

01/18/24

4,105,000

100.00

4,105

4,185

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

04/17/24

725,000

101.75

738

736

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

240,000

101.94

245

221

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/06/22

1,250,000

100.00

1,250

1,197

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

250,000

99.21

248

255

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

770,000

99.40

765

769

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

195,000

100.00

195

189

Astonia

Community

Development

District

Special

Assessment

07/09/21

250,000

100.00

250

232

Astonia

Community

Development

District

Special

Assessment

07/09/21

85,000

100.00

85

83

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/09/22

2,080,000

92.03

1,914

1,928

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

08/23/23

785,000

97.82

768

771

Ave

Maria

Stewardship

Community

District

Special

Assessment

07/24/23

500,000

99.64

498

506

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

250,000

102.51

256

269

California

School

Finance

Authority

Revenue

Bonds

04/29/21

295,000

101.33

299

282

California

School

Finance

Authority

Revenue

Bonds

04/29/21

215,000

105.69

227

199

California

School

Finance

Authority

Revenue

Bonds

07/16/21

500,000

113.36

567

500

California

School

Finance

Authority

Revenue

Bonds

04/27/22

1,000,000

102.95

1,029

1,018

California

School

Finance

Authority

Revenue

Bonds

06/28/22

830,000

88.56

735

806

California

School

Finance

Authority

Revenue

Bonds

11/17/22

125,000

98.90

124

125

California

School

Finance

Authority

Revenue

Bonds

02/09/23

100,000

88.15

88

89

California

School

Finance

Authority

Revenue

Bonds

05/17/23

100,000

100.00

100

103

California

School

Finance

Authority

Revenue

Bonds

06/09/23

545,000

100.37

547

558

California

School

Finance

Authority

Revenue

Bonds

01/19/24

430,000

99.68

429

450

California

School

Finance

Authority

Revenue

Bonds

07/26/24

250,000

100.64

252

251

California

School

Finance

Authority

Revenue

Bonds

07/26/24

250,000

101.61

254

254

California

Statewide

Communities

Development

Authority

Revenue

Bonds

02/12/14

3,125,000

105.20

3,288

3,132

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

2,125,000

99.57

2,116

2,081

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/08/18

350,000

104.42

365

363

Capital

Trust

Agency,

Inc.

Revenue

Bonds

07/17/20

120,000

100.00

120

120

Capital

Trust

Agency,

Inc.

Revenue

Bonds

08/10/20

500,000

98.55

493

500

Capital

Trust

Agency,

Inc.

Revenue

Bonds

12/03/20

1,000,000

105.75

1,057

1,006

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

109.16

109

89

Chester

County

Industrial

Development

Authority

Revenue

Bonds

09/14/22

4,065,000

99.01

4,009

4,168

Chester

County

Industrial

Development

Authority

Special

Assessment

08/16/18

180,000

99.59

179

178

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

5,000,000

94.58

4,729

5,399

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

1

Tax

Allocation

08/12/22

375,000

104.66

392

402

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

1

Tax

Allocation

08/12/22

375,000

107.56

403

406

City

of

Anna

Special

Assessment

09/13/23

435,000

100.00

435

438

City

of

Boyd

Special

Assessment

01/19/24

1,005,000

99.69

1,002

1,012

City

of

Celina

Special

Assessment

08/12/20

230,000

100.00

230

212

City

of

Celina

Special

Assessment

08/12/20

100,000

100.00

100

92

City

of

Celina

Special

Assessment

04/13/22

245,000

100.00

245

242

City

of

Celina

Special

Assessment

09/14/22

169,000

100.00

169

169

City

of

Celina

Special

Assessment

04/12/23

510,000

100.00

510

507

City

of

Celina

Special

Assessment

07/12/23

186,000

100.00

186

186

City

of

Celina

Special

Assessment

04/10/24

165,000

100.00

165

166

City

of

Chicago

Special

Assessment

Revenue

Bonds

02/16/22

325,000

100.00

325

306

City

of

Chicago

Special

Assessment

Revenue

Bonds

02/16/22

348,000

100.00

348

326

City

of

Chicago

Special

Assessment

Revenue

Bonds

02/16/22

300,000

100.00

300

284

City

of

Chicago

Special

Assessment

Revenue

Bonds

02/16/22

275,000

100.00

275

254

City

of

Crandall

Special

Assessment

06/08/21

50,000

100.00

50

49

City

of

Crandall

Special

Assessment

06/08/21

300,000

100.00

300

289

City

of

Danbury

General

Obligations

Unlimited

01/18/24

6,105,000

100.20

6,117

6,118

City

of

Dripping

Springs

Special

Assessment

06/07/23

395,000

100.00

395

394

City

of

Fate

Special

Assessment

04/05/22

243,000

100.00

243

238

City

of

Fort

Lauderdale

Revenue

Bonds

10/02/23

210,000

100.12

210

217

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,625,000

104.30

1,695

1,383

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,000,000

105.16

1,052

893

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,450,000

105.95

1,536

1,360

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

230,000

112.49

259

239

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

240,000

113.94

273

250

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

397

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

255,000

115.21

294

267

City

of

Haslet

Special

Assessment

10/19/21

259,000

100.00

259

246

City

of

Hutto

Special

Assessment

10/22/21

189,000

100.00

189

180

City

of

Justin

Special

Assessment

03/27/18

910,000

100.00

910

918

City

of

Kyle

Special

Assessment

10/20/21

246,000

100.00

246

239

City

of

Kyle

Special

Assessment

03/23/22

504,000

100.00

504

493

City

of

Kyle

Special

Assessment

03/23/22

501,000

100.00

501

473

City

of

Kyle

Special

Assessment

01/18/23

1,178,000

100.00

1,178

1,190

City

of

Kyle

Special

Assessment

10/18/23

230,000

99.49

229

235

City

of

Lavon

Special

Assessment

11/16/22

200,000

100.00

200

201

City

of

Lavon

Special

Assessment

Revenue

Bonds

05/02/23

985,000

90.72

894

911

City

of

Manor

Special

Assessment

06/22/23

250,000

99.73

249

249

City

of

Mesquite

Revenue

Bonds

04/04/23

816,000

100.00

816

821

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

595,000

100.00

595

604

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

290,000

100.00

290

292

City

of

Midlothian

Special

Assessment

03/24/21

215,000

100.00

215

205

City

of

Mustang

Ridge

Special

Assessment

11/21/23

366,000

100.00

366

369

City

of

Pilot

Point

Special

Assessment

05/13/22

558,000

100.00

558

558

City

of

Pilot

Point

Special

Assessment

05/13/22

500,000

100.00

500

505

City

of

Princeton

Special

Assessment

04/24/18

360,000

100.00

360

360

City

of

Princeton

Special

Assessment

10/02/20

125,000

100.43

126

122

City

of

Princeton

Special

Assessment

05/25/21

128,000

100.00

128

116

City

of

Princeton

Special

Assessment

09/28/21

210,000

100.00

210

184

City

of

Princeton

Special

Assessment

03/29/22

201,000

100.00

201

196

City

of

Princeton

Special

Assessment

03/29/22

280,000

100.00

280

269

City

of

Princeton

Special

Assessment

02/14/23

732,000

100.00

732

718

City

of

Princeton

Special

Assessment

10/11/23

447,000

100.00

447

454

City

of

Royse

City

Special

Assessment

10/11/23

235,000

100.00

235

240

City

of

Sachse

Special

Assessment

11/15/22

659,000

100.00

659

676

City

of

Venus

Special

Assessment

11/09/21

250,000

99.65

249

224

City

of

Waxahachie

Special

Assessment

05/17/22

392,000

100.00

392

392

Club

Municipal

Management

District

No.

1

Special

Assessment

12/01/21

125,000

100.00

125

119

Cobblestone

Community

Development

District

Special

Assessment

03/11/22

235,000

99.60

234

223

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

12/21/23

325,000

100.00

325

335

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

100,000

105.19

105

100

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

155,000

100.00

155

156

County

of

Bastrop

Special

Assessment

05/22/23

421,000

99.60

419

422

County

of

Gallatin

Revenue

Bonds

12/09/21

450,000

104.64

471

392

County

of

Gallatin

Revenue

Bonds

06/11/24

2,420,000

98.48

2,383

2,202

County

of

Prince

George's

Special

Obligation

Tax

Allocation

02/02/24

275,000

99.76

274

278

Creek

Preserve

Community

Development

District

Revenue

Bonds

01/17/24

500,000

98.54

493

500

Creek

Preserve

Community

Development

District

Special

Assessment

04/13/23

1,215,000

95.28

1,158

1,196

Crossings

Community

Development

District

Special

Assessment

07/25/24

300,000

100.00

300

300

Cypress

Bluff

Community

Development

District

Special

Assessment

08/19/20

800,000

99.46

796

757

Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

1,175,000

99.27

1,170

1,186

Doylestown

Hospital

Authority

Revenue

Bonds

04/15/24

500,000

101.45

507

520

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

60,000

100.00

60

57

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

25,000

100.00

25

24

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

60,000

99.55

60

57

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

10,000

99.96

10

10

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

340,000

99.88

340

345

Enbrook

Community

Development

District

Special

Assessment

10/06/20

55,000

100.00

55

54

Entrada

Community

Development

District

Special

Assessment

09/23/21

370,000

99.60

368

344

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

05/13/22

1,250,000

100.57

1,257

1,288

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

100,000

104.93

105

98

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

125,000

110.72

138

127

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

225,000

102.70

231

225

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

110,000

101.49

112

109

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

135,000

110.36

149

138

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

100,000

110.95

111

102

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

100,000

105.12

105

98

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

925,000

103.82

960

954

Florida

Development

Finance

Corp.

Revenue

Bonds

11/21/23

150,000

106.65

160

154

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

800,000

100.37

803

804

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

150,000

100.62

151

150

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

420,000

100.00

420

429

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

620,000

100.00

620

642

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

398

Tax-Exempt

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

140,000

100.00

140

134

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

50,000

100.00

50

50

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

300,000

108.58

326

297

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

500,000

109.87

549

495

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

890,000

111.31

991

866

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

440,000

111.52

491

431

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

340,000

111.53

379

334

Illinois

Finance

Authority

Revenue

Bonds

12/16/21

180,000

111.10

200

178

Illinois

Finance

Authority

Revenue

Bonds

02/15/23

1,300,000

99.51

1,294

1,410

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

1,000,000

100.00

1,000

1,010

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

500,000

100.55

503

545

Joshua

Farms

Municipal

Management

District

No.

1

Special

Assessment

04/12/23

500,000

100.00

500

499

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

255,000

100.00

255

255

Knightsbridge

Community

Development

District

Revenue

Bonds

03/14/24

690,000

100.00

690

697

Lake

Emma

Community

Development

District

Special

Assessment

07/07/23

110,000

99.74

110

111

Lakewood

Ranch

Stewardship

District

Special

Assessment

09/18/20

310,000

99.92

310

293

Lakewood

Ranch

Stewardship

District

Special

Assessment

10/08/20

100,000

100.00

100

94

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/20/22

2,350,000

100.62

2,365

2,334

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/13/23

550,000

98.81

543

543

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/13/23

400,000

99.95

400

400

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

09/23/21

515,000

110.00

564

471

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

100,000

105.24

105

95

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/26/22

1,000,000

101.59

1,016

1,045

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

520,000

100.00

520

530

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

200,000

103.85

208

203

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

300,000

104.53

314

307

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

100,000

106.06

106

101

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

11/01/23

350,000

99.02

347

375

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

535,000

99.65

533

543

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

04/06/18

465,000

100.00

465

467

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

06/20/24

650,000

100.00

650

650

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

665,000

104.48

695

662

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,215,000

105.10

1,277

1,196

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

535,000

107.56

575

533

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

455,000

88.95

405

436

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

930,000

95.23

886

919

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

515,000

98.04

505

513

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

03/06/23

370,000

80.96

300

335

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

10/03/23

700,000

99.92

699

700

New

York

Liberty

Development

Corp.

Revenue

Bonds

09/28/22

4,865,000

96.59

4,575

4,870

New

York

Liberty

Development

Corp.

Revenue

Bonds

03/07/23

1,490,000

100.01

1,490

1,494

New

York

Liberty

Development

Corp.

Revenue

Bonds

09/20/23

750,000

98.87

741

752

New

York

Liberty

Development

Corp.

Revenue

Bonds

10/20/23

675,000

100.57

679

678

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

750,000

104.35

783

732

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

305,000

102.52

313

307

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

660,000

107.20

707

676

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

415,000

109.09

453

429

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

440,000

109.44

482

455

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

270,000

100.49

271

286

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

07/18/23

140,000

102.49

143

145

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/13/24

1,000,000

100.00

1,000

1,004

Pine

Isle

Community

Development

District

Special

Assessment

11/04/21

100,000

100.00

100

96

Pine

Isle

Community

Development

District

Special

Assessment

01/18/22

190,000

100.00

190

184

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

100,000

100.24

100

95

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

01/05/23

1,500,000

96.07

1,441

1,509

Public

Finance

Authority

Revenue

Bonds

06/25/14

1,250,000

98.97

1,237

1,255

Public

Finance

Authority

Revenue

Bonds

12/03/20

230,000

110.64

254

233

Public

Finance

Authority

Revenue

Bonds

07/16/21

450,000

115.19

518

431

Public

Finance

Authority

Revenue

Bonds

11/18/21

535,000

101.23

542

531

Public

Finance

Authority

Revenue

Bonds

01/21/22

1,425,000

103.70

1,441

1,428

Public

Finance

Authority

Revenue

Bonds

02/02/22

750,000

103.42

776

669

Public

Finance

Authority

Revenue

Bonds

02/02/22

450,000

104.02

468

437

Public

Finance

Authority

Revenue

Bonds

02/02/22

455,000

104.03

473

434

Public

Finance

Authority

Revenue

Bonds

11/08/23

1,000,000

98.70

987

1,037

Public

Finance

Authority

Revenue

Bonds

04/23/24

400,000

100.56

402

407

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

11/16/21

4,655,000

101.57

4,947

4,884

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

399

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

09/29/22

315,000

100.08

315

317

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

12/12/22

1,840,000

101.13

1,861

1,905

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

02/07/23

8,700,000

100.39

8,750

9,066

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

02/23/23

5,460,000

102.08

5,574

5,762

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

03/27/24

9,400,000

95.15

8,367

9,529

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

300,000

99.64

299

276

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

105,000

99.88

105

102

Royse

City

Special

Assessment

06/30/20

175,000

102.53

179

163

Royse

City

Special

Assessment

07/15/20

100,000

100.00

100

90

Royse

City

Special

Assessment

07/15/20

50,000

100.00

50

49

Royse

City

Special

Assessment

07/10/24

400,000

99.08

396

398

Rye

Crossing

Community

Development

District

Special

Assessment

09/13/23

200,000

100.00

200

203

Savanna

Lakes

Community

Development

District

Special

Assessment

05/11/23

175,000

99.84

175

176

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

06/13/23

220,000

100.00

220

223

Sherwood

Manor

Community

Development

District

Special

Assessment

09/13/18

550,000

99.42

547

558

Somerset

Bay

Community

Development

District

Special

Assessment

05/20/24

370,000

100.00

370

372

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

06/14/24

600,000

102.43

615

616

Stonewater

Community

Development

District

Special

Assessment

10/13/21

165,000

100.00

165

158

Stuart

Crossing

Community

Development

District

Revenue

Bonds

03/13/24

260,000

100.00

260

261

Summerstone

Community

Development

District

Special

Assessment

09/09/21

120,000

100.00

120

117

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

45,000

100.00

45

45

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

535,000

100.00

535

548

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

400,000

99.88

399

407

Town

of

Bridgeville

Special

Tax

04/24/24

875,000

100.00

875

917

Town

of

Flower

Mound

Special

Assessment

02/09/21

800,000

100.00

800

709

Town

of

Flower

Mound

Special

Assessment

02/09/21

750,000

100.00

750

690

Town

of

Little

Elm

Special

Assessment

12/08/21

708,000

100.00

708

540

Travis

County

Development

Authority

Special

Assessment

09/13/22

302,000

100.00

302

303

Travis

County

Development

Authority

Special

Assessment

03/19/24

658,000

100.00

658

652

Triple

Creek

Community

Development

District

Special

Assessment

11/23/21

450,000

100.00

450

407

Triple

Creek

Community

Development

District

Special

Assessment

06/17/24

190,000

100.00

190

195

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

12/15/23

250,000

91.92

230

253

Union

Park

East

Community

Development

District

Special

Assessment

01/12/22

42,500

100.10

43

41

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

03/16/23

410,000

97.47

400

422

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

50,000

100.00

50

46

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

15,000

100.00

15

15

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

550,000

98.25

540

557

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

665,000

100.00

665

678

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

175,000

100.00

175

177

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

200,000

100.00

200

206

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/10/21

370,000

100.00

370

346

Washington

State

Housing

Finance

Commission

Revenue

Bonds

10/20/23

215,000

98.43

212

237

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

02/22/24

1,485,000

102.19

1,517

1,517

164,797

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

400

Tax-Exempt

Bond

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Municipal

Bonds

Alabama

$

—

$

147,781

$

—

$

—

$

147,781

Alaska

—

7,270

—

—

7,270

Arizona

—

114,431

—

—

114,431

Arkansas

—

20,534

—

—

20,534

California

—

409,565

—

—

409,565

Colorado

—

129,395

—

—

129,395

Connecticut

—

120,541

—

—

120,541

Delaware

—

19,934

—

—

19,934

District

of

Columbia

—

62,232

—

—

62,232

Florida

—

320,866

—

—

320,866

Georgia

—

197,763

—

—

197,763

Guam

—

37,349

—

—

37,349

Hawaii

—

7,102

—

—

7,102

Idaho

—

18,168

—

—

18,168

Illinois

—

662,759

—

—

662,759

Indiana

—

68,978

—

—

68,978

Iowa

—

30,931

—

—

30,931

Kansas

—

20,205

—

—

20,205

Kentucky

—

65,447

—

—

65,447

Louisiana

—

112,297

—

—

112,297

Maine

—

3,623

—

—

3,623

Maryland

—

53,283

—

—

53,283

Massachusetts

—

54,277

—

—

54,277

Michigan

—

126,727

—

—

126,727

Minnesota

—

14,843

—

—

14,843

Mississippi

—

64,203

—

—

64,203

Missouri

—

83,899

—

—

83,899

Montana

—

13,961

—

—

13,961

Nebraska

—

40,285

—

—

40,285

Nevada

—

44,855

—

—

44,855

New

Hampshire

—

37,887

—

—

37,887

New

Jersey

—

204,512

—

—

204,512

New

Mexico

—

26,158

—

—

26,158

New

York

—

498,159

—

—

498,159

North

Carolina

—

30,210

—

—

30,210

North

Dakota

—

9,234

—

—

9,234

Ohio

—

95,666

—

—

95,666

Oklahoma

—

20,975

—

—

20,975

Oregon

—

25,231

—

—

25,231

Pennsylvania

—

193,097

—

—

193,097

Puerto

Rico

—

190,556

—

—

190,556

Rhode

Island

—

33,203

—

—

33,203

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

401

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

South

Carolina

—

42,105

—

—

42,105

South

Dakota

—

2,596

—

—

2,596

Tennessee

—

66,245

—

—

66,245

Texas

—

591,793

—

—

591,793

Utah

—

60,333

—

—

60,333

Vermont

—

6,489

—

—

6,489

Virgin

Islands

—

31,360

—

—

31,360

Virginia

—

79,992

—

—

79,992

Washington

—

116,143

—

—

116,143

West

Virginia

—

19,019

—

—

19,019

Wisconsin

—

91,383

—

—

91,383

Wyoming

—

3,034

—

—

3,034

Total

Investments

$

—

$

5,548,884

$

—

$

—

$

5,548,884

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

402

Global

Infrastructure

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

95.1%

Australia

-

7.4%

APA

Group

71,725

371

Atlas

Arteria,

Ltd.

2,058,131

7,054

Cleanaway

Waste

Management,

Ltd.

671,594

1,239

Qube

Holdings,

Ltd.

797,013

1,992

Transurban

Group

1,593,398

13,560

24,216

Belgium

-

0.1%

Elia

Group

SA

3,397

353

Brazil

-

0.6%

CCR

SA

666,402

1,459

Santos

Brasil

Participacoes

SA

266,164

617

2,076

Canada

-

5.7%

AltaGas

,

Ltd.

83,096

1,981

Canadian

National

Railway

Co.

6,440

746

Canadian

Pacific

Kansas

City,

Ltd.

4,809

403

Enbridge,

Inc.

161,864

6,057

Gibson

Energy,

Inc.

22,892

374

Hydro

One,

Ltd.(Þ)

3,836

120

Pembina

Pipeline

Corp.

99,224

3,846

TC

Energy

Corp.

124,465

5,285

18,812

China

-

2.0%

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

3,094,000

1,030

China

Merchants

Port

Holdings

Co.,

Ltd.

816,466

1,199

ENN

Energy

Holdings,

Ltd.

435,782

3,059

Guangdong

Investment,

Ltd.

865,342

455

Zhejiang

Expressway

Co.,

Ltd.

Class

H

1,132,000

744

6,487

France

-

6.2%

Aeroports

de

Paris

SA

30,506

4,001

Engie

SA

124,214

1,952

Getlink

SE

519,896

9,259

Veolia

Environnement

SA

46,344

1,453

Vinci

SA

33,604

3,830

20,495

Germany

-

1.6%

E.ON

SE

204,253

2,865

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

29,056

1,477

RWE

AG

27,536

1,029

5,371

Greece

-

0.1%

Athens

International

Airport

SA

15,813

136

Hong

Kong

-

0.4%

CK

Infrastructure

Holdings,

Ltd.

35,964

239

CLP

Holdings,

Ltd.

89,000

768

Power

Assets

Holdings,

Ltd.

52,000

332

1,339

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Italy

-

2.2%

Enel

SpA

255,861

1,825

Hera

SpA

320,368

1,173

Infrastrutture

Wireless

Italiane

SpA

(Þ)

141,668

1,576

Italgas

SpA

28,152

151

Snam

Rete

Gas

SpA

198,829

950

Terna

Rete

Elettrica

Nazionale

SpA

188,413

1,567

7,242

Japan

-

2.8%

Central

Japan

Railway

Co.

33,800

800

East

Japan

Railway

Co.

54,201

1,021

Japan

Airport

Terminal

Co.,

Ltd.

140,700

5,145

Kamigumi

Co.,

Ltd.

28,213

647

West

Japan

Railway

Co.

82,200

1,622

9,235

Luxembourg

-

0.1%

SES

SA

55,850

302

Mexico

-

6.1%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

132,428

1,137

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR

13,368

922

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

392,260

6,258

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR

11,053

1,768

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

228,028

6,876

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

ADR

6,519

1,959

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

120,541

1,132

20,052

Netherlands

-

0.2%

Koninklijke

Vopak

NV

15,005

669

New

Zealand

-

1.3%

Auckland

International

Airport,

Ltd.

780,426

3,477

Infratil

,

Ltd.

88,505

569

Port

of

Tauranga,

Ltd.

87,611

289

4,335

Philippines

-

0.3%

International

Container

Terminal

Services,

Inc.

157,865

960

Singapore

-

0.3%

Parkway

Life

Real

Estate

Investment

Trust(ö)

72,817

198

Sembcorp

Industries,

Ltd.

255,200

914

1,112

Spain

-

6.0%

Aena

SME

SA(Þ)

57,195

10,841

Cellnex

Telecom

SA(Þ)

31,299

1,089

Endesa

SA

31,378

608

Iberdrola

SA

510,034

6,729

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Infrastructure

Fund

403

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Redeia

Corp.

SA

31,294

555

19,822

Switzerland

-

2.0%

Flughafen

Zurich

AG

28,065

6,497

United

Kingdom

-

5.0%

National

Grid

PLC

662,019

8,416

National

Grid

PLC

-

ADR

20,009

1,289

Scottish

&

Southern

Energy

PLC

108,985

2,638

Severn

Trent

PLC

Class

H

127,582

4,223

16,566

United

States

-

44.7%

AES

Corp.

(The)

118,253

2,104

Alliant

Energy

Corp.

35,157

1,957

Ameren

Corp.

7,269

576

American

Electric

Power

Co.,

Inc.

33,183

3,256

American

Tower

Corp.(ö)

24,488

5,397

Brookfield

Renewable

Corp.

Class

A

10,332

290

Casella

Waste

Systems,

Inc.

Class

A(Æ)

5,442

564

CenterPoint

Energy,

Inc.

83,541

2,318

Cheniere

Energy,

Inc.

64,904

11,854

Clearway

Energy,

Inc.

Class

C

13,519

361

CMS

Energy

Corp.

44,158

2,861

Consolidated

Edison,

Inc.

11,162

1,089

Constellation

Energy

Generation

LLC

5,904

1,121

Crown

Castle,

Inc.(ö)

9,136

1,006

CSX

Corp.

11,042

388

Digital

Realty

Trust,

Inc.(ö)

10,745

1,606

Dominion

Energy,

Inc.

90,479

4,837

DT

Midstream,

Inc.

35,226

2,655

DTE

Energy

Co.

7,222

870

Duke

Energy

Corp.

80,788

8,828

Entergy

Corp.

10,937

1,268

Equinix

,

Inc.(ö)

396

313

Evergy

,

Inc.

57,413

3,330

Eversource

Energy

52,522

3,409

Exelon

Corp.

106,738

3,971

Ferrovial

SE

38,045

1,512

GFL

Environmental,

Inc.

36,807

1,429

Kinder

Morgan,

Inc.

168,927

3,569

Kinetik

Holdings

Inc

8,153

338

NextEra

Energy,

Inc.

231,512

17,685

NiSource,

Inc.

92,508

2,891

Norfolk

Southern

Corp.

5,063

1,263

ONEOK,

Inc.

53,246

4,437

PG&E

Corp.

123,447

2,253

PPL

Corp.

44,236

1,315

Public

Service

Enterprise

Group,

Inc.

38,001

3,031

Republic

Services,

Inc.

Class

A

10,758

2,090

SBA

Communications

Corp.(ö)

9,293

2,040

Sempra

Energy

44,735

3,581

Southern

Co.

(The)

114,111

9,531

Targa

Resources

Corp.

49,499

6,696

UGI

Corp.

81,823

2,028

Union

Pacific

Corp.

4,262

1,051

Waste

Connections,

Inc.

5,595

995

Waste

Management,

Inc.

7,143

1,448

WEC

Energy

Group,

Inc.

8,469

729

Williams

Cos.,

Inc.

(The)

123,158

5,288

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Xcel

Energy,

Inc.

96,301

5,612

147,041

Total

Common

Stocks

(cost

$262,696)

313,118

Short-Term

Investments

-

4.1%

United

States

-

4.1%

U.S.

Cash

Management

Fund(@)

13,666,124

(∞)

13,663

Total

Short-Term

Investments

(cost

$13,662)

13,663

Total

Investments

-

99.2%

(identified

cost

$276,358)

326,781

Other

Assets

and

Liabilities,

Net

-

0.8%

2,595

Net

Assets

-

100.0%

329,376

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

404

Global

Infrastructure

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

4.1%

Aena

SME

SA

11/10/15

EUR

57,195

104.82

5,995

10,841

Cellnex

Telecom

SA

11/21/22

EUR

31,299

31.90

998

1,089

Hydro

One,

Ltd.

10/20/23

CAD

3,836

25.14

96

120

Infrastrutture

Wireless

Italiane

SpA

11/21/22

EUR

141,668

9.63

1,364

1,576

13,626

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

EURO

STOXX

50

Index

Futures

62

EUR

3,037

09/24

(53)

MSCI

Emerging

Markets

Index

Futures

17

USD

932

09/24

3

S&P

E-Mini

Energy

Select

Sector

Futures

24

USD

2,358

09/24

106

S&P

E-Mini

Utilities

Select

Sector

Futures

96

USD

7,090

09/24

365

SPI

200

Index

Futures

19

AUD

3,829

09/24

96

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

517

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

1,162

AUD

1,721

09/18/24

(36)

Bank

of

America

USD

1,649

EUR

1,517

09/18/24

(3)

Bank

of

America

AUD

772

USD

521

09/18/24

15

Bank

of

America

EUR

999

USD

1,082

09/18/24

(1)

Citigroup

USD

1,048

AUD

1,561

09/18/24

(26)

Citigroup

USD

1,466

EUR

1,347

09/18/24

(5)

Royal

Bank

of

Canada

USD

1,047

AUD

1,561

09/18/24

(25)

Royal

Bank

of

Canada

USD

1,465

EUR

1,347

09/18/24

(4)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(85)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

24,216

$

—

$

—

$

24,216

Belgium

—

353

—

—

353

Brazil

2,076

—

—

—

2,076

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Infrastructure

Fund

405

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Canada

18,812

—

—

—

18,812

China

—

6,487

—

—

6,487

France

—

20,495

—

—

20,495

Germany

—

5,371

—

—

5,371

Greece

—

136

—

—

136

Hong

Kong

—

1,339

—

—

1,339

Italy

—

7,242

—

—

7,242

Japan

—

9,235

—

—

9,235

Luxembourg

—

302

—

—

302

Mexico

20,052

—

—

—

20,052

Netherlands

—

669

—

—

669

New

Zealand

—

4,335

—

—

4,335

Philippines

—

960

—

—

960

Singapore

—

1,112

—

—

1,112

Spain

—

19,822

—

—

19,822

Switzerland

—

6,497

—

—

6,497

United

Kingdom

1,289

15,277

—

—

16,566

United

States

145,529

1,512

—

—

147,041

Short-Term

Investments

—

—

—

13,663

13,663

Total

Investments

187,758

125,360

—

13,663

326,781

Other

Financial

Instruments

Assets

Futures

Contracts

570

—

—

—

570

Foreign

Currency

Exchange

Contracts

—

15

—

—

15

Liabilities

Futures

Contracts

(53)

—

—

—

(53)

Foreign

Currency

Exchange

Contracts

—

(10

0

)

—

—

(10

0

)

Total

Other

Financial

Instruments

*

$

517

$

(8

5

)

$

—

$

—

$

432

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

406

Global

Infrastructure

Fund

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Infrastructure

Subindustry

Exposure

Fair

Value

$

Airport

Services

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

51,525

Cable

&

Satellite

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

302

Construction

&

Engineering

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

5,341

Diversified

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

10,362

Electric

Utilities

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

79,838

Environmental

&

Facilities

Services

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

7,764

Gas

Utilities

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

8,540

Healthcare

REITs

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

198

Highways

&

Railtracks

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

33,207

Independent

Power

Producers

&

Energy

Traders

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

3,132

Integrated

Telecommunication

Services

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

2,665

Marine

Ports

&

Services

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

5,704

Multi-Utilities

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

40,848

Oil

&

Gas

Storage

&

Transportation

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

51,069

Railroads

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

7,294

Renewable

Electricity

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

651

Water

Utilities

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

4,678

Short-Term

Investments

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

13,663

Total

Investments

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

326,781

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

8,242

$

105,582

$

100,166

$

4

$

1

$

13,663

$

535

$

—

U.S.

Cash

Collateral

Fund

2,986

61,656

64,642

—

—

—

187

—

$

11,228

$

167,238

$

164,808

$

4

$

1

$

13,663

$

722

$

—

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

407

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.1%

Australia

-

5.4%

Charter

Hall

Group(ö)

142,048

1,184

Goodman

Group(ö)

459,831

10,640

GPT

Group

(The)(ö)

373,360

1,135

Ingenia

Communities

Group(ö)

430,643

1,491

Mirvac

Group(ö)

115,117

162

National

Storage

REIT(ö)

680,379

1,104

NEXTDC,

Ltd.(Æ)

37,396

413

Region

RE,

Ltd.(ö)

451,766

671

Scentre

Group(ö)

792,799

1,809

Stockland(ö)

1,114,534

3,368

21,977

Belgium

-

0.8%

Aedifica

SA(ö)

26,931

1,713

VGP

NV

6,967

753

Warehouses

De

Pauw

CVA(ö)

30,939

839

3,305

Canada

-

2.6%

Boardwalk

Real

Estate

Investment

Trust(ö)

128,671

7,269

Chartwell

Retirement

Residences

193,879

1,924

InterRent

Real

Estate

Investment

Trust(ö)

157,757

1,457

10,650

China

-

0.6%

ESR

Cayman,

Ltd.(Þ)

1,499,000

2,267

France

-

2.3%

Argan

SA(ö)

8,198

668

Covivio

(ö)

16,850

869

Icade

SA(ö)

12,194

271

Klepierre

SA(ö)

145,097

4,153

Unibail

-

Rodamco

-Westfield(ö)

47,011

3,521

9,482

Germany

-

2.5%

LEG

Immobilien

SE

17,306

1,514

Sirius

Real

Estate,

Ltd.(ö)

262,230

318

TAG

Immobilien

AG(Æ)

63,486

958

Vonovia

SE

231,394

7,111

9,901

Hong

Kong

-

1.6%

CK

Asset

Holdings,

Ltd.

122,522

466

Link

Real

Estate

Investment

Trust(ö)

734,283

3,086

Sun

Hung

Kai

Properties,

Ltd.

321,043

2,794

6,346

Japan

-

9.1%

Advance

Residence

Investment

Corp.

(ö)

302

634

Daiwa

House

REIT

Investment

Corp.(ö)

640

1,036

GLP

J-REIT(ö)

1,663

1,461

Industrial

&

Infrastructure

Fund

Investment

Corp.(ö)

2,319

1,910

Invincible

Investment

Corp.(ö)

2,800

1,274

Japan

Hotel

REIT

Investment

Corp.(ö)

2,255

1,150

Japan

Retail

Fund

Investment

Corp.(ö)

3,392

2,109

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Keihanshin

Building

Co.,

Ltd.

125,200

1,385

Kenedix

Office

Investment

Corp.

Class

A(ö)

3,013

3,098

Mitsubishi

Estate

Co.,

Ltd.

373,918

6,354

Mitsui

Fudosan

Co.,

Ltd.

697,081

7,217

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

436

1,229

Mori

Trust

Sogo

REIT,

Inc.(ö)

3,884

1,806

Nippon

Accommodations

Fund,

Inc.(ö)

14

60

Nippon

Prologis

REIT,

Inc.(ö)

843

1,393

Nomura

Real

Estate

Master

Fund,

Inc.

(ö)

1,293

1,273

Sumitomo

Realty

&

Development

Co.,

Ltd.

78,000

2,574

United

Urban

Investment

Corp.(ö)

1,147

1,097

37,060

Macao

-

0.1%

Galaxy

Entertainment

Group,

Ltd.

136,000

568

Netherlands

-

0.2%

CTP

NV(Þ)

45,042

788

Singapore

-

2.8%

CapitaLand

Ascendas

REIT(ö)

1,021,700

2,084

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

2,414,800

3,768

Digital

Core

REIT

Management

Pte

,

Ltd.(ö)

1,730,300

986

Frasers

Centrepoint

Trust(ö)

740,600

1,227

Keppel

DC

REIT(ö)

883,700

1,338

Mapletree

Logistics

Trust(ö)

865,700

838

Parkway

Life

Real

Estate

Investment

Trust(ö)

429,582

1,168

11,409

Spain

-

0.5%

Arima

Real

Estate

Socimi

SA(Æ)(ö)

1,076

10

Cellnex

Telecom

SA(Þ)

29,224

1,017

Merlin

Properties

Socimi

SA(ö)

91,754

1,048

2,075

Sweden

-

1.7%

Castellum

AB(Æ)

157,117

1,960

Catena

AB

21,845

1,110

Fastighets

AB

Balder

Class

B(Æ)

475,847

3,497

JM

AB

21,189

411

6,978

Switzerland

-

0.3%

PSP

Swiss

Property

AG

8,948

1,196

United

Kingdom

-

5.2%

Big

Yellow

Group

PLC(ö)

107,902

1,681

British

Land

Co.

PLC

(The)(ö)

366,728

1,939

Derwent

London

PLC(ö)

17,899

529

Grainger

PLC

651,412

2,019

Land

Securities

Group

PLC(ö)

143,436

1,174

Life

Science

REIT

PLC(ö)

442,419

192

LondonMetric

Property

PLC(ö)

831,249

2,155

PRS

REIT

PLC

(The)(ö)

342,433

361

Safestore

Holdings

PLC(ö)

140,875

1,462

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

408

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Segro

PLC(ö)

522,956

6,166

Shaftesbury

Capital

PLC(ö)

412,902

808

Tritax

EuroBox

PLC(Þ)

361,934

310

UNITE

Group

PLC

(The)(ö)

167,049

2,050

20,846

United

States

-

61.4%

Agree

Realty

Corp.(ö)

56,729

3,913

Alexandria

Real

Estate

Equities,

Inc.(ö)

4,318

506

American

Healthcare

REIT,

Inc.(ö)

87,035

1,387

American

Homes

4

Rent

Class

A(ö)

140,472

5,070

American

Tower

Corp.(ö)

4,613

1,017

Americold

Realty

Trust,

Inc.(ö)

85,307

2,550

AvalonBay

Communities,

Inc.(ö)

43,977

9,012

Boyd

Gaming

Corp.

20,869

1,270

Brixmor

Property

Group,

Inc.(ö)

142,388

3,627

Caesars

Entertainment,

Inc.(Æ)

22,611

903

Camden

Property

Trust(ö)

14,469

1,602

CareTrust

REIT,

Inc.(ö)

68,199

1,839

Crown

Castle,

Inc.(ö)

36,200

3,985

CubeSmart

(ö)

123,036

5,854

Digital

Realty

Trust,

Inc.(ö)

129,319

19,332

EastGroup

Properties,

Inc.(ö)

24,406

4,564

Equinix

,

Inc.(ö)

13,464

10,640

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

56,524

3,882

Essential

Properties

Realty

Trust,

Inc.

(ö)

137,895

4,080

Essex

Property

Trust,

Inc.(ö)

38,087

10,602

Extra

Space

Storage,

LP(ö)

27,976

4,466

Federal

Realty

Investment

Trust(ö)

34,005

3,797

First

Industrial

Realty

Trust,

Inc.(ö)

56,560

3,095

Healthcare

Realty

Trust,

Inc.(ö)

161,088

2,850

Healthpeak

Properties,

Inc.(ö)

110,745

2,416

Highwoods

Properties,

Inc.(ö)

41,630

1,289

Host

Hotels

&

Resorts,

Inc.(ö)

157,102

2,751

Independence

Realty

Trust,

Inc.(ö)

35,041

654

Invitation

Homes,

Inc.(ö)

222,042

7,831

Iron

Mountain,

Inc.(ö)

100,258

10,282

Kimco

Realty

Corp.(ö)

173,171

3,763

Macerich

Co.

(The)(ö)

83,654

1,339

NETSTREIT

Corp.(ö)

120,656

1,987

NexPoint

Residential

Trust,

Inc.(ö)

7,859

343

Omega

Healthcare

Investors,

Inc.(ö)

18,222

663

Prologis,

LP(ö)

200,726

25,301

Public

Storage(ö)

31,486

9,317

Realty

Income

Corp.(ö)

123,413

7,088

Ryman

Hospitality

Properties,

Inc.(ö)

24,412

2,454

Simon

Property

Group,

Inc.(ö)

91,880

14,098

SL

Green

Realty

Corp.(ö)

63,442

4,228

STAG

Industrial,

Inc.(ö)

61,637

2,515

Sun

Communities,

Inc.(ö)

36,448

4,619

UDR,

Inc.(ö)

101,248

4,057

Ventas,

Inc.(ö)

72,646

3,955

VICI

Properties,

Inc.(ö)

165,759

5,182

Vornado

Realty

Trust(ö)

12,377

371

Welltower

,

Inc.(ö)

207,138

23,044

249,390

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Common

Stocks

(cost

$299,937)

394,238

Short-Term

Investments

-

2.6%

United

States

-

2.6%

U.S.

Cash

Management

Fund(@)

10,669,653

(∞)

10,667

Total

Short-Term

Investments

(cost

$10,667)

10,667

Total

Investments

-

99.7%

(identified

cost

$310,604)

404,905

Other

Assets

and

Liabilities,

Net

-

0.3%

1,245

Net

Assets

-

100.0%

406,150

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

409

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.1%

Cellnex

Telecom

SA

07/17/23

EUR

29,224

35.60

1,040

1,017

CTP

NV

04/16/21

EUR

45,042

16.88

760

788

ESR

Cayman,

Ltd.

02/26/24

HKD

1,499,000

1.23

1,844

2,267

Tritax

EuroBox

PLC

03/29/21

EUR

361,934

1.41

512

310

4,382

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Dow

Jones

U.S.

Real

Estate

Index

Futures

321

USD

11,652

09/24

523

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

523

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

21,977

$

—

$

—

$

21,977

Belgium

—

3,305

—

—

3,305

Canada

10,650

—

—

—

10,650

China

—

2,267

—

—

2,267

France

—

9,482

—

—

9,482

Germany

—

9,901

—

—

9,901

Hong

Kong

—

6,346

—

—

6,346

Japan

—

37,060

—

—

37,060

Macao

—

568

—

—

568

Netherlands

—

788

—

—

788

Singapore

—

11,409

—

—

11,409

Spain

—

2,075

—

—

2,075

Sweden

—

6,978

—

—

6,978

Switzerland

—

1,196

—

—

1,196

United

Kingdom

—

20,846

—

—

20,846

United

States

249,390

—

—

—

249,390

Short-Term

Investments

—

—

—

10,667

10,667

Total

Investments

260,040

134,198

—

10,667

404,905

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

410

Global

Real

Estate

Securities

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Other

Financial

Instruments

Assets

Futures

Contracts

523

—

—

—

523

Total

Other

Financial

Instruments

*

$

523

$

—

$

—

$

—

$

523

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Property

Sector

Exposure

Fair

Value

$

Diversified

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

71,235

Healthcare

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

39,752

Industrial

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

67,833

Lodging/Resorts

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

14,984

Office

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

13,704

Residential

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

74,531

Retail

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

53,675

Self

Storage

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

24,194

Technology

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

34,330

Short-Term

Investments

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

10,667

Total

Investments

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

404,905

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

8,294

$

101,077

$

98,704

$

—

$

—

$

10,667

$

393

$

—

U.S.

Cash

Collateral

Fund

3,532

30,468

34,000

—

—

—

122

—

$

11,826

$

131,545

$

132,704

$

—

$

—

$

10,667

$

515

$

—

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

411

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

36.6%

Corporate

Bonds

and

Notes

-

14.5%

8x8,

Inc.

4.000%

due

02/01/28

1,020

869

AES

Corp.

(The)

7.600%

due

01/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.201%)(Ê)

83

84

Affirm

Holdings,

Inc.

11.521%

due

11/15/26

1,005

850

African

Export-Import

Bank

(The)

Series

REGS

3.994%

due

09/21/29

(Þ)

548

497

Air

Transport

Services

Group,

Inc.

3.875%

due

08/15/29

835

741

Alarm.com,

Inc.

5.284%

due

01/15/26

339

311

American

Electric

Power

Co.,

Inc.

6.950%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.675%)(Ê)

166

168

7.050%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.750%)(Ê)

166

168

3.875%

due

02/15/62

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.675%)(Ê)

140

130

American

Express

Co.

3.550%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.854%)(Ê)(ƒ)

134

125

Apollo

Management

Holdings,

LP

4.950%

due

01/14/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.266%)(Ê)(Þ)

122

121

Arbor

Realty

Trust,

Inc.

7.500%

due

08/01/25

473

454

Ares

Management

Corp.

4.125%

due

06/30/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.237%)(Ê)(Þ)

130

121

Assurant,

Inc.

7.000%

due

03/27/48

(USD

3

Month

LIBOR

+

4.135%)(Ê)

100

102

Bandwidth,

Inc.

0.500%

due

04/01/28

915

717

Bank

of

America

Corp.

Series

AA

6.100%

due

12/31/49

(CME

Term

SOFR

3

Month

+

4.160%)(Ê)(ƒ)

87

87

Series

FF

5.875%

due

12/31/99

(CME

Term

SOFR

3

Month

+

3.193%)(Ê)(ƒ)

111

109

Series

RR

4.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.760%)(Ê)(ƒ)

220

208

Series

TT

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.231%)(Ê)(ƒ)

128

128

Bank

of

New

York

Mellon

Corp.

(The)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

F

4.625%

due

12/29/49

(CME

Term

SOFR

3

Month

+

3.393%)(Ê)(ƒ)

53

51

Series

I

3.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.630%)(Ê)(ƒ)

59

54

Blackstone

Mortgage

Trust,

Inc.

5.500%

due

03/15/27

537

489

BP

Capital

Markets

PLC

4.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.036%)(Ê)(ƒ)

50

49

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.398%)(Ê)(ƒ)

320

302

6.450%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.153%)(Ê)(ƒ)

140

144

Bridgebio

Pharma,

Inc.

2.250%

due

02/01/29

155

126

Cable

One,

Inc.

8.568%

due

03/15/26

640

570

Cardlytics,

Inc.

1.000%

due

09/15/25

390

359

Charles

Schwab

Corp.

(The)

Series

G

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.971%)(Ê)(ƒ)

83

82

Series

H

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.079%)(Ê)(ƒ)

360

304

Series

I

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.168%)(Ê)(ƒ)

489

457

Series

K

5.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.256%)(Ê)(ƒ)

34

32

Cheesecake

Factory,

Inc.

(The)

0.375%

due

06/15/26

674

614

Chegg,

Inc.

4.794%

due

09/01/26

181

149

Citigroup,

Inc.

Series

AA

7.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.211%)(Ê)(ƒ)

185

192

Series

CC

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.693%)(Ê)(ƒ)

40

40

Series

DD

7.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

2.757%)(Ê)(ƒ)

170

172

Series

P

5.950%

due

12/29/49

(CME

Term

SOFR

3

Month

+

4.167%)(Ê)(ƒ)

83

82

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

412

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

T

6.250%

due

12/29/49

(CME

Term

SOFR

3

Month

+

4.779%)(Ê)(ƒ)

42

42

Series

W

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.597%)(Ê)(ƒ)

87

83

Series

X

3.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.417%)(Ê)(ƒ)

344

326

CMS

Energy

Corp.

4.750%

due

06/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.116%)(Ê)

84

78

3.750%

due

12/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.900%)(Ê)

62

52

CoBank

ACB

Series

I

6.250%

due

12/29/49

(USD

3

Month

LIBOR

+

4.660%)(Ê)(ƒ)

330

326

Corebridge

Financial,

Inc

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.846%)(Ê)

165

168

Cracker

Barrel

Old

Country

Store,

Inc.

0.625%

due

06/15/26

565

503

DigitalOcean

Holdings,

Inc.

7.705%

due

12/01/26

1,111

945

Discover

Financial

Services

Series

D

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.783%)(Ê)(ƒ)

25

25

Dominion

Energy,

Inc.

Series

A

6.875%

due

02/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.386%)(Ê)

96

100

Series

B

7.000%

due

06/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.511%)(Ê)

198

208

Series

C

4.350%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.195%)(Ê)(ƒ)

263

250

Edison

International

7.875%

due

06/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.658%)(Ê)

75

79

Series

A

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.698%)(Ê)(ƒ)

193

189

Energy

Transfer,

LP

Series

B

6.625%

due

12/31/99

(USD

3

Month

LIBOR

+

4.155%)(Ê)(ƒ)

9

9

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

G

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.306%)(Ê)(ƒ)

152

152

Series

H

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.694%)(Ê)(ƒ)

140

139

Enstar

Finance

LLC

5.750%

due

09/01/40

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.468%)(Ê)

57

55

5.500%

due

01/15/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.006%)(Ê)

225

201

Entergy

Corp.

7.125%

due

12/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.670%)(Ê)

165

165

Enterprise

Products

Operating

LLC

Series

D

8.574%

due

08/16/77

(CME

Term

SOFR

3

Month

+

3.248%)(Ê)

20

20

Equitable

Holdings,

Inc.

Series

B

4.950%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.736%)(Ê)(ƒ)

80

79

Esperion

Therapeutics,

Inc.

4.000%

due

11/15/25

169

161

Etsy,

Inc.

0.250%

due

06/15/28

431

344

EUSHI

Finance,

Inc.

7.625%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.136%)(Ê)(Þ)

100

102

Eventbrite,

Inc.

5.000%

due

12/01/25

158

154

0.750%

due

09/15/26

890

781

Farm

Credit

Bank

of

Texas

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.291%)(Ê)(ƒ)

50

51

Series

4

5.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.415%)(Ê)(ƒ)(Þ)

125

124

Fiverr

International,

Ltd.

6.783%

due

11/01/25

878

814

GA

Global

Funding

Trust

4.700%

due

10/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.796%)(Ê)(Þ)

140

131

Global

Atlantic

Finance

Co.

7.950%

due

10/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.608%)(Ê)(Þ)

125

127

Goldman

Sachs

Group,

Inc.

(The)

6.345%

due

02/15/34

47

50

Series

T

3.800%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.969%)(Ê)(ƒ)

52

49

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

413

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

U

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.915%)(Ê)(ƒ)

84

78

Series

X

7.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.809%)(Ê)(ƒ)

349

360

Groupon,

Inc.

1.125%

due

03/15/26

652

554

Guardant

Health,

Inc.

8.822%

due

11/15/27

1,086

868

Haemonetics

Corp.

6.123%

due

03/01/26

930

845

Hartford

Financial

Services

Group,

Inc.

Series

ICON

7.709%

due

02/12/47

(CME

Term

SOFR

3

Month

+

2.387%)(Ê)(Þ)

107

96

Huntington

Bancshares,

Inc.

Series

F

5.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.945%)(Ê)(ƒ)

19

18

Series

G

4.450%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.045%)(Ê)(ƒ)

145

133

ILFC

E-Capital

Trust

I

7.159%

due

12/21/65

(CME

Term

SOFR

3

Month

+

1.812%)(Ê)(Þ)

100

83

Innoviva,

Inc.

2.125%

due

03/15/28

782

742

Integra

LifeSciences

Holdings

Corp.

0.500%

due

08/15/25

194

183

iQIYI,

Inc.

6.500%

due

03/15/28

400

384

JetBlue

Airways

Corp.

0.500%

due

04/01/26

583

538

JPMorgan

Chase

&

Co.

Series

KK

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.850%)(Ê)(ƒ)

155

147

Series

NN

6.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.737%)(Ê)(ƒ)

401

414

Land

O'Lakes,

Inc.

Series

144a

7.250%

due

12/31/99

(Þ)

185

153

Lincoln

National

Corp.

Series

C

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.318%)(Ê)(ƒ)

80

86

Lucid

Group,

Inc.

1.250%

due

12/15/26

(Þ)

217

136

Lumentum

Holdings,

Inc.

0.500%

due

06/15/28

1,108

885

M&T

Bank

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.679%)(Ê)(ƒ)

23

20

Magnite,

Inc.

0.250%

due

03/15/26

387

353

Marathon

Digital

Holdings,

Inc.

1.000%

due

12/01/26

521

462

Marriott

Vacations

Worldwide

Corp.

13.554%

due

01/15/26(ž)

165

151

Match

Group

Financeco,

Inc.

0.875%

due

06/15/26

(Þ)

146

135

Mesa

Laboratories,

Inc.

1.375%

due

08/15/25

912

862

MetLife

Capital

Trust

IV

7.875%

due

12/15/37

(Þ)

300

324

MetLife,

Inc.

9.250%

due

04/08/38

(Þ)

125

146

Series

G

3.850%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.576%)(Ê)(ƒ)

80

78

MP

Materials

Corp.

0.250%

due

04/01/26

(Ñ)(Þ)

1,000

897

NeoGenomics,

Inc.

0.250%

due

01/15/28

369

299

New

Mountain

Finance

Corp.

7.500%

due

10/15/25

678

684

NextEra

Energy

Capital

Holdings,

Inc.

6.750%

due

06/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.457%)(Ê)

280

291

6.700%

due

09/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.364%)(Ê)

200

203

5.650%

due

05/01/79

(USD

3

Month

LIBOR

+

3.156%)(Ê)

40

39

NextEra

Energy,

Inc.

0.906%

due

11/15/25

(Ñ)(Þ)

1,065

973

NIO,

Inc.

3.875%

due

10/15/29

(Þ)

86

55

NiSource,

Inc.

6.950%

due

11/30/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.451%)(Ê)

84

85

Pacira

Pharmaceutical,

Inc.

0.750%

due

08/01/25

911

843

Pebblebrook

Hotel

Trust

1.750%

due

12/15/26

946

841

PennyMac

Corp.

5.500%

due

03/15/26

984

945

Perficient,

Inc.

0.125%

due

11/15/26

302

296

PNC

Financial

Services

Group,

Inc.

(The)

Series

T

3.400%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.595%)(Ê)(ƒ)

276

247

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

414

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

U

6.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.000%)(Ê)(ƒ)

103

102

Series

V

6.200%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.238%)(Ê)(ƒ)

179

179

Series

W

6.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

2.808%)(Ê)(ƒ)

235

229

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

3

Month

LIBOR

+

2.665%)(Ê)

65

64

5.125%

due

03/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.162%)(Ê)

243

229

6.000%

due

09/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.234%)(Ê)

172

172

6.500%

due

03/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.404%)(Ê)

70

71

Realogy

Group

LLC

/

Realogy

Co-

Issuer

Corp.

0.250%

due

06/15/26

130

108

Repay

Holdings

Corp.

8.677%

due

02/01/26

(Þ)

391

354

RWT

Holdings,

Inc.

5.750%

due

10/01/25

820

804

SBL

Holdings

LLC

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.620%)(Ê)(ƒ)(Þ)

75

63

7.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.580%)(Ê)(ƒ)(Þ)

120

106

Sempra

Energy

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)

300

277

6.875%

due

10/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.789%)(Ê)

225

225

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.550%)(Ê)(ƒ)

155

152

Snap,

Inc.

0.125%

due

03/01/28

884

703

SoFi

Technologies,

Inc.

8.124%

due

10/15/26

(Þ)

879

774

SolarEdge

Technologies,

Inc.

6.700%

due

09/15/25

159

145

Southern

Co.

(The)

Series

B

4.000%

due

01/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.733%)(Ê)

130

126

Square,

Inc.

2.118%

due

05/01/26

419

376

State

Street

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

I

6.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.613%)(Ê)(ƒ)

174

174

Series

J

6.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.628%)(Ê)(ƒ)

198

198

Summit

Hotel

Properties,

Inc.

1.500%

due

02/15/26

820

755

TechTarget,

Inc.

2.010%

due

12/15/26

874

845

Teladoc

Health,

Inc.

1.250%

due

06/01/27

1,043

860

The

RealReal,

Inc.

1.000%

due

03/01/28

640

309

Truist

Financial

Corp.

Series

P

4.950%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.605%)(Ê)(ƒ)

33

32

Series

Q

5.100%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.349%)(Ê)(ƒ)

149

139

Two

Harbors

Investment

Corp.

6.250%

due

01/15/26

796

772

Unity

Software,

Inc.

8.008%

due

11/15/26

457

396

Upwork,

Inc.

0.250%

due

08/15/26

695

622

US

Bancorp

3.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.541%)(Ê)(ƒ)

44

40

Series

J

5.300%

due

12/31/99

(CME

Term

SOFR

3

Month

+

3.176%)(Ê)(ƒ)

121

117

Vail

Resorts,

Inc.

8.702%

due

01/01/26(ž)

174

160

Wayfair,

Inc.

0.625%

due

10/01/25

174

162

Wells

Fargo

&

Co.

5.950%

due

12/15/36

110

114

6.850%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.767%)(Ê)(ƒ)

315

319

7.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.606%)(Ê)(ƒ)(Ñ)

287

305

Series

BB

3.900%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.453%)(Ê)(ƒ)

560

537

Xometry,

Inc.

1.000%

due

02/01/27

217

171

Ziff

Davis,

Inc.

1.750%

due

11/01/26

486

439

45,997

International

Debt

-

21.5%

Abu

Dhabi

Developmental

Holding

Co.

PJSC

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

415

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.375%

due

05/08/29

(Þ)

200

204

Abu

Dhabi

Government

International

Bond

5.500%

due

04/30/54

(Þ)

200

205

Series

REGS

1.700%

due

03/02/31

(Þ)

616

518

3.125%

due

09/30/49

(Þ)

200

140

3.000%

due

09/15/51

(Þ)

200

136

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.950%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.720%)(Ê)

150

152

Aeropuerto

Internacional

De

Tocumen

SA

Series

REGS

5.125%

due

08/11/61

(Þ)

862

649

Algonquin

Power

&

Utilities

Corp.

4.750%

due

01/18/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.249%)(Ê)

215

197

Allianz

SE

3.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.973%)(Ê)(ƒ)(Þ)

200

189

Angolan

Government

International

Bond

Series

REGS

8.750%

due

04/14/32

(Þ)

388

347

Argentine

Republic

Government

International

Bond

1.750%

due

07/09/27

(~)(Ê)

152

82

4.750%

due

07/09/27

(~)(Ê)

168

70

1.000%

due

07/09/29

56

32

4.875%

due

07/09/29

(~)(Ê)

736

291

AXA

SA

8.600%

due

12/15/30

40

48

6.379%

due

12/29/49

(SOFR

+

2.256%)(Ê)(ƒ)(Þ)

100

108

Axian

Telecom

Series

REGS

7.375%

due

02/16/27

(Þ)

581

575

Bahrain

Government

International

Bond

7.750%

due

04/18/35

(Þ)

457

481

Series

REGS

4.250%

due

01/25/28

200

189

Banco

do

Brasil

SA

Series

REGS

6.250%

due

10/29/49

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.398%)(Ê)(ƒ)

(Þ)

273

278

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

Series

REGS

5.375%

due

01/28/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.928%)(Ê)(Þ)

200

194

Banco

Nacional

de

Panama

Series

REGS

2.500%

due

08/11/30

(Þ)

203

160

Banco

Santander

SA

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.911%)(Ê)(ƒ)

200

202

Series

_

9.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.298%)(Ê)(ƒ)

200

228

Bank

Gospodarstwa

Krajowego

6.250%

due

07/09/54

(Þ)

215

225

Bank

Negara

Indonesia

Persero

Tbk

PT

4.300%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.466%)(Ê)(ƒ)(Þ)

762

715

Bank

of

Montreal

7.300%

due

11/26/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.010%)(Ê)

200

202

Bank

of

Nova

Scotia

(The)

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.389%)(Ê)

200

212

4.900%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.551%)(Ê)(ƒ)

100

98

Barclays

PLC

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.431%)(Ê)(ƒ)

200

205

9.625%

due

12/31/99

(USD

SOFR

ICE

Swap

5

Year

Rate

+

5.775%)

(Ê)(ƒ)

200

218

Bilibili,

Inc.

0.500%

due

12/01/26

475

458

BNP

Paribas

SA

4.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.340%)(Ê)(ƒ)(Þ)

200

168

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.899%)(Ê)(ƒ)(Þ)

200

206

8.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.354%)(Ê)(ƒ)

(Ñ)(Þ)

400

420

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.969%)(Ê)(ƒ)(Þ)

200

215

Brazil

Government

International

Bond

6.125%

due

01/22/32

527

524

7.125%

due

05/13/54

400

394

CBB

International

Sukuk

Programme

Co.

WLL

Series

REGS

3.950%

due

09/16/27

(Þ)

200

189

Centrais

Eletricas

Brasileiras

SA

Series

REGS

4.625%

due

02/04/30

(Þ)

350

322

Chile

Government

International

Bond

4.850%

due

01/22/29

400

400

China

Government

International

Bond

Series

REGS

1.250%

due

10/26/26

(Þ)

200

187

Codelco

Metals,

Inc.

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

416

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

5.950%

due

01/08/34

(Þ)

220

223

Colombia

Government

International

Bond

8.000%

due

11/14/35

510

532

8.750%

due

11/14/53

234

248

Comision

Federal

de

Electricidad

Series

REGS

4.688%

due

05/15/29

(Þ)

260

248

Corp.

Financiera

de

Desarrollo

SA

Series

REGS

2.400%

due

09/28/27

(Þ)

200

184

Corp.

Nacional

del

Cobre

de

Chile

Series

REGS

3.150%

due

01/15/51

(Þ)

871

552

Costa

Rica

Government

International

Bond

7.300%

due

11/13/54

(Þ)

365

389

Development

Bank

of

Kazakhstan

JSC

5.500%

due

04/15/27

(Þ)

281

279

Dominican

Republic

Government

International

Bond

7.050%

due

02/03/31

(Þ)

150

158

Series

REGS

7.050%

due

02/03/31

(Þ)

600

630

DP

World

PLC

Series

REGS

6.850%

due

07/02/37

(Þ)

620

684

Ecopetrol

SA

4.625%

due

11/02/31

325

269

8.375%

due

01/19/36

62

62

7.375%

due

09/18/43

306

271

5.875%

due

11/02/51

179

126

Ecuador

Government

International

Bond

Series

REGS

11.850%

due

07/31/30

(Þ)(ž)

140

71

5.500%

due

07/31/30

(~)(Ê)(Þ)

215

145

6.900%

due

07/31/35

(~)(Ê)(Þ)

210

111

Egypt

Government

International

Bond

Series

REGS

7.625%

due

05/29/32

(Þ)

254

213

7.300%

due

09/30/33

(Þ)

402

324

8.500%

due

01/31/47

(Þ)

200

151

El

Salvador

Government

International

Bond

Series

REGS

9.500%

due

07/15/52

(Þ)

250

201

Emera,

Inc.

Series

16-A

6.750%

due

06/15/76

(USD

3

Month

LIBOR

+

5.440%)(Ê)

243

242

Emirates

NBD

Bank

PJSC

6.125%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

3.656%)(Ê)(ƒ)(Þ)

539

535

Empresa

de

Transmision

Electrica

SA

Series

REGS

5.125%

due

05/02/49

(Þ)

732

543

Empresa

Nacional

del

Petroleo

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.950%

due

07/30/34

(Þ)

200

200

Series

REGS

4.500%

due

09/14/47

(Þ)

921

698

Enbridge,

Inc.

7.200%

due

06/27/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.970%)(Ê)

120

122

7.375%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.122%)(Ê)

60

61

5.500%

due

07/15/77

(CME

Term

SOFR

3

Month

+

3.680%)(Ê)

107

102

6.250%

due

03/01/78

(CME

Term

SOFR

3

Month

+

3.903%)(Ê)

244

234

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.708%)(Ê)

47

47

7.625%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.418%)(Ê)

130

135

8.500%

due

01/15/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.431%)(Ê)

150

164

Series

16-A

6.000%

due

01/15/77

(CME

Term

SOFR

3

Month

+

4.152%)(Ê)

232

226

Series

20-A

5.750%

due

07/15/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.314%)(Ê)

112

106

Series

NC5

8.250%

due

01/15/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.785%)(Ê)

162

170

Eskom

Holdings

SOC,

Ltd.

Series

REGS

6.350%

due

08/10/28

(Þ)

739

729

Export-Import

Bank

of

India

Series

REGS

2.250%

due

01/13/31

(Þ)

1,016

856

FEL

Energy

VI

SARL

Series

REGS

5.750%

due

12/01/40

(Þ)

219

201

First

Majestic

Silver

Corp.

0.375%

due

01/15/27

1,108

931

Franshion

Brilliant,

Ltd.

3.200%

due

04/09/26

(Þ)

300

274

4.250%

due

07/23/29

(Þ)

342

264

Freeport

Indonesia

PT

Series

REGS

6.200%

due

04/14/52

(Þ)

200

200

Georgian

Railway

JSC

Series

REGS

4.000%

due

06/17/28

(Þ)

563

496

Ghana

Government

International

Bond

Series

REGS

7.875%

due

02/11/35

(~)(Æ)(Ê)

(Ø)(Þ)

464

236

Greensaif

Pipelines

Bidco

SARL

5.853%

due

02/23/36

(Þ)

225

226

Grupo

Energia

Bogota

SA

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

417

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

4.875%

due

05/15/30

(Þ)

709

677

Guatemala

Government

International

Bond

6.600%

due

06/13/36

(Þ)

294

298

Hazine

Mustesarligi

Varlik

Kiralama

AS

8.509%

due

01/14/29

(Þ)

552

589

HSBC

Capital

Funding,

LP

10.176%

due

10/29/49

(USD

3

Month

LIBOR

+

4.980%)(Ê)(ƒ)(Þ)

102

126

HSBC

Holdings

PLC

6.500%

due

09/15/37

100

107

4.600%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.649%)(Ê)(ƒ)

200

173

6.500%

due

12/31/99

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

3.606%)(Ê)(ƒ)

200

198

Huarong

Finance

2017

Co.,

Ltd.

4.750%

due

04/27/27

(Þ)

595

568

Huarong

Finance

2019

Co.,

Ltd.

3.375%

due

02/24/30

(Þ)

708

608

Hungary

Government

International

Bond

5.500%

due

03/26/36

(Þ)

217

213

Series

REGS

6.125%

due

05/22/28

(Þ)

257

264

3.125%

due

09/21/51

(Þ)

328

209

Indonesia

Asahan

Aluminium

Persero

PT

Series

REGS

5.800%

due

05/15/50

(Þ)

200

188

Indonesia

Government

International

Bond

4.550%

due

01/11/28

400

396

2.850%

due

02/14/30

242

219

3.550%

due

03/31/32

361

329

5.650%

due

01/11/53

200

205

ING

Groep

NV

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.506%)(Ê)(ƒ)(Þ)

200

177

5.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.342%)(Ê)(ƒ)

200

194

Instituto

Costarricense

de

Electricidad

Series

REGS

6.375%

due

05/15/43

(Þ)

762

679

Intesa

Sanpaolo

SpA

7.700%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

5.462%)(Ê)

(ƒ)(Þ)

200

200

Ivory

Coast

Government

International

Bond

8.250%

due

01/30/37

(Þ)

200

193

Jordan

Government

International

Bond

Series

REGS

7.500%

due

01/13/29

(Þ)

273

271

KazMunayGas

National

Co.

JSC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

4.375%

due

09/26/27

(Þ)

200

189

6.375%

due

10/24/48

(Þ)

464

437

Kenya

Government

International

Bond

9.750%

due

02/16/31

(Þ)

203

193

Khazanah

Global

Sukuk

Bhd

4.687%

due

06/01/28

(Þ)

233

231

Krung

Thai

Bank

PCL

4.400%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.530%)(Ê)(ƒ)(Þ)

600

578

Lancashire

Holdings,

Ltd.

5.625%

due

09/18/41

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.080%)(Ê)(Þ)

200

183

Lebanon

Government

International

Bond

Series

GMTN

6.600%

due

11/27/26

(Æ)(Ø)(Þ)

66

5

Series

REGS

6.650%

due

11/03/28

(Æ)(Ø)(Þ)

1,159

81

Mazoon

Assets

Co.

Series

REGS

5.200%

due

11/08/27

(Þ)

545

540

Mexico

City

Airport

Trust

Series

REGS

5.500%

due

07/31/47

(Þ)

213

180

Mexico

Government

International

Bond

6.000%

due

05/07/36

400

398

4.600%

due

01/23/46

200

157

MVM

Energetika

Zrt.

7.500%

due

06/09/28

(Þ)

701

735

National

Bank

of

Fujairah

PJSC

5.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.301%)(Ê)(ƒ)(Þ)

437

434

NatWest

Group

PLC

8.000%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

5.720%)(Ê)

(ƒ)

200

202

6.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.625%)(Ê)(ƒ)

200

197

8.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.752%)(Ê)(ƒ)

200

207

Nigeria

Government

International

Bond

Series

REGS

7.375%

due

09/28/33

(Þ)

695

568

NIO,

Inc.

0.500%

due

02/01/27

279

266

Nippon

Life

Insurance

Co.

4.700%

due

01/20/46

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

3.750%)(Ê)(Þ)

200

196

Nordea

Bank

Abp

6.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.110%)(Ê)(ƒ)(Þ)

200

199

OCP

SA

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

418

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.500%

due

05/02/54

(Þ)

303

313

OCP,

Inc.

Series

REGS

3.750%

due

06/23/31

(Þ)

755

659

Oil

and

Gas

Holding

Co.

BSCC

(The)

Series

REGS

8.375%

due

11/07/28

(Þ)

572

614

Oman

Government

International

Bond

Series

REGS

6.750%

due

10/28/27

(Þ)

784

815

OQ

SAOC

Series

REGS

5.125%

due

05/06/28

(Þ)

418

408

Pakistan

Government

International

Bond

Series

REGS

8.875%

due

04/08/51

(Þ)

369

276

Pakistan

Water

and

Power

Development

Authority

7.500%

due

06/04/31

(Þ)

953

715

Panama

Government

International

Bond

2.252%

due

09/29/32

557

411

4.500%

due

04/16/50

448

309

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

200

203

Pertamina

Persero

PT

Series

REGS

4.150%

due

02/25/60

(Þ)

650

483

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

Series

REGS

4.875%

due

07/17/49

(Þ)

318

265

Peruvian

Government

International

Bond

2.783%

due

01/23/31

448

388

Petrobras

Global

Finance

BV

6.900%

due

03/19/49

100

97

6.750%

due

06/03/50

2

2

6.850%

due

06/05/15

637

589

Petroleos

de

Venezuela

SA

Series

REGS

6.000%

due

11/15/26

(Æ)(Ø)(Þ)

669

75

Petroleos

del

Peru

SA

Series

REGS

5.625%

due

06/19/47

(Þ)

1,431

914

Petroleos

Mexicanos

6.375%

due

01/23/45

55

37

Series

REGS

6.625%

due

12/31/99

(Þ)

894

559

Series

WI

6.700%

due

02/16/32

11

9

6.750%

due

09/21/47

1,028

696

7.690%

due

01/23/50

1,029

756

Petronas

Capital,

Ltd.

Series

REGS

2.480%

due

01/28/32

(Þ)

289

246

3.404%

due

04/28/61

(Þ)

1,323

910

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Philippines

Government

International

Bond

5.170%

due

10/13/27

400

403

1.950%

due

01/06/32

422

345

Qatar

Government

International

Bond

4.625%

due

05/29/29

(Þ)

200

202

Series

REGS

4.500%

due

04/23/28

(Þ)

563

562

QBE

Insurance

Group,

Ltd.

5.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.513%)(Ê)(ƒ)(Þ)

200

198

Republic

of

Azerbaijan

Government

International

Bond

Series

REGS

3.500%

due

09/01/32

(Þ)

108

94

Republic

of

Guatemala

Government

International

Bond

6.050%

due

08/06/31

(Þ)

200

200

Republic

of

Poland

Government

International

Bond

4.625%

due

03/18/29

76

76

5.125%

due

09/18/34

190

191

5.500%

due

03/18/54

302

298

Republic

of

Serbia

Government

International

Bond

6.000%

due

06/12/34

(Þ)

200

199

Republic

of

South

Africa

Government

International

Bond

5.875%

due

04/20/32

289

274

5.750%

due

09/30/49

512

394

Republic

of

Turkey

Government

International

Bond

7.125%

due

07/17/32

400

399

Republic

of

Zambia

Government

International

Bond

7.500%

due

06/30/31

(~)(Ê)(Þ)

56

49

0.500%

due

12/31/53

(Þ)

106

53

Romania

Government

International

Bond

5.875%

due

01/30/29

(Þ)

64

65

7.125%

due

01/17/33

(Þ)

36

39

6.375%

due

01/30/34

(Þ)

190

194

Series

REGS

7.125%

due

01/17/33

(Þ)

58

62

4.000%

due

02/14/51

(Þ)

386

271

SA

Global

Sukuk,

Ltd.

Series

REGS

2.694%

due

06/17/31

(Þ)

200

174

Samruk-Kazyna

JSC

Series

REGS

2.000%

due

10/28/26

(Þ)

200

184

Saudi

Arabian

Oil

Co.

5.875%

due

07/17/64

(Þ)

316

310

Series

REGS

2.250%

due

11/24/30

(Þ)

660

562

Saudi

Government

International

Bond

4.750%

due

01/16/30

(Þ)

440

438

Series

REGS

5.750%

due

01/16/54

(Þ)

384

376

Scentre

Group

Trust

2

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

419

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.750%

due

09/24/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.379%)(Ê)(Þ)

300

292

Sea,

Ltd.

0.250%

due

09/15/26

1,085

955

Senegal

Government

International

Bond

Series

REGS

6.750%

due

03/13/48

(Þ)

140

102

Societe

Generale

SA

8.000%

due

09/29/49

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

5.873%)(Ê)(ƒ)(Þ)

200

201

9.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.385%)(Ê)(ƒ)(Þ)

200

205

10.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.448%)

(Ê)(ƒ)(Þ)

200

211

Southern

Gas

Corridor

CJSC

Series

REGS

6.875%

due

03/24/26

(Þ)

724

730

SSR

Mining

Inc

2.500%

due

04/01/39

630

576

Sumitomo

Life

Insurance

Co.

5.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.841%)(Ê)(ƒ)(Þ)

400

394

Svenska

Handelsbanken

AB

4.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.048%)(Ê)(ƒ)(Þ)

200

175

Swedbank

AB

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.657%)(Ê)(ƒ)(Þ)

200

204

TC

Ziraat

Bankasi

AS

Series

REGS

5.375%

due

03/02/26

(Þ)

614

601

Toronto-Dominion

Bank

(The)

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.075%)(Ê)

200

209

TransCanada

Trust

5.500%

due

09/15/79

(SOFR

+

4.416%)(Ê)

320

297

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.986%)(Ê)

226

210

Series

16-A

5.875%

due

08/15/76

(USD

3

Month

LIBOR

+

4.640%)(Ê)

315

308

Transnet

SOC,

Ltd.

Series

REGS

8.250%

due

02/06/28

(Þ)

607

615

Trinidad

&

Tobago

Government

International

Bond

5.950%

due

01/14/31

(Þ)

200

200

Turkey

Government

International

Bond

9.125%

due

07/13/30

200

221

Turkiye

Ihracat

Kredi

Bankasi

AS

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

5.750%

due

07/06/26

(Þ)

700

683

UBS

Group

AG

4.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.313%)(Ê)(ƒ)(Þ)

200

167

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.404%)(Ê)(ƒ)(Þ)

200

188

5.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.855%)(Ê)(ƒ)(Þ)

200

192

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.758%)(Ê)(ƒ)(Þ)

200

226

Series

144a

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.745%)(Ê)(ƒ)(Þ)

200

218

Ukraine

Government

International

Bond

Series

REGS

8.994%

due

02/01/26

(~)(Æ)(Ê)

(Ø)(Þ)

200

73

7.750%

due

09/01/29

(~)(Æ)(Ê)(Ø)

100

32

9.750%

due

11/01/30

(~)(Ê)(Þ)

545

183

Ukraine

Railways

Via

Rail

Capital

Markets

PLC

8.250%

due

07/09/26

(~)(Æ)(Ê)

(Ø)(Þ)

989

806

Uruguay

Government

International

Bond

5.750%

due

10/28/34

517

547

Uzbekneftegaz

JSC

Series

REGS

4.750%

due

11/16/28

(Þ)

687

583

Venezuela

Government

International

Bond

Series

REGS

9.250%

due

05/07/28

(Æ)(Ø)(Þ)

284

48

Vodafone

Group

PLC

Series

NC10

4.125%

due

06/04/81

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.767%)(Ê)

125

110

Wix.com,

Ltd.

6.123%

due

08/15/25(ž)

489

460

YPF

SA

Series

REGS

6.950%

due

07/21/27

(Þ)

278

256

8.500%

due

06/27/29

(Þ)

504

479

Ziraat

Katilim

Varlik

Kiralama

AS

9.375%

due

11/12/26

(Þ)

563

595

68,272

Non-US

Bonds

-

0.6%

AIB

Group

PLC

7.125%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

4.387%)(Ê)(ƒ)(Þ)

EUR

200

221

Banco

de

Sabadell

SA

9.375%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

6.830%)(Ê)(ƒ)(Þ)

EUR

200

239

Banco

Santander

SA

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

420

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.432%)(Ê)(ƒ)(Þ)

EUR

200

221

CaixaBank

SA

7.500%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

5.295%)(Ê)(ƒ)(Þ)

EUR

200

228

Deutsche

Bank

AG

8.125%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

5.261%)(Ê)(ƒ)(Þ)

EUR

200

221

Enel

SpA

6.625%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.774%)(Ê)(ƒ)(Þ)

EUR

100

119

La

Mondiale

SAM

6.750%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.083%)(Ê)(ƒ)(Þ)

EUR

100

108

Natwest

Group

PLC

5.125%

due

12/31/99

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.985%)(Ê)(ƒ)

GBP

200

241

Stichting

AK

Rabobank

Certificaten

6.500%

due

12/29/21

(~)(Ê)

EUR

140

169

Telefonica

Europe

BV

6.135%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

7

Year

Rate

+

3.347%)(Ê)(ƒ)(Þ)

EUR

100

114

Unibail-Rodamco-Westfield

7.250%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

3.995%)(Ê)(ƒ)(Þ)

EUR

100

115

1,996

Total

Long-Term

Investments

(cost

$114,915)

116,265

Common

Stocks

-

51.8%

Consumer

Discretionary

-

5.7%

Aisin

Corp.

5,900

201

Alibaba

Group

Holding,

Ltd.

45,160

445

Alibaba

Group

Holding,

Ltd.

-

ADR

1,766

139

Amazon.com,

Inc.(Æ)

3,999

748

Autoliv,

Inc.

3,224

326

AutoNation,

Inc.(Æ)

173

33

AutoZone,

Inc.(Æ)

203

636

Best

Buy

Co.,

Inc.

478

41

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

341

30

Boyd

Gaming

Corp.

2,652

161

Bridgestone

Corp.

2,700

111

BYD

Co.,

Ltd.

Class

H

2,500

74

Caesars

Entertainment,

Inc.(Æ)

3,196

128

Cie

Financiere

Richemont

SA

Class

A

2,879

438

Comcast

Corp.

Class

A

2,354

97

Costco

Wholesale

Corp.

138

113

Curtiss-Wright

Corp.

111

33

Davide

Campari-Milano

NV

6,314

57

Diageo

PLC

16,010

499

DiDi

Global,

Inc.

-

ADR(Æ)

8,336

31

Dollar

General

Corp.

233

28

DR

Horton,

Inc.

353

63

Ferrari

NV

111

46

FirstCash

Holdings,

Inc.

2,773

309

Foschini

Group,

Ltd.

(The)

6,876

51

Galaxy

Entertainment

Group,

Ltd.

37,000

154

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Games

Workshop

Group

PLC

304

40

Garmin,

Ltd.

314

54

Geely

Automobile

Holdings,

Ltd.

69,486

71

General

Motors

Co.

770

34

Genuine

Parts

Co.

146

21

Gildan

Activewear,

Inc.

Class

A

9,713

395

Grand

Canyon

Education,

Inc.(Æ)

351

55

H

World

Group,

Ltd.

-

ADR

2,180

65

Home

Depot,

Inc.

(The)

637

235

Honda

Motor

Co.,

Ltd.

22,000

236

Howden

Joinery

Group

PLC

3,012

36

Hugo

Boss

AG

326

13

Hyundai

Department

Store

Co.,

Ltd.

2,912

99

Hyundai

Motor

Co.

607

110

Industria

de

Diseno

Textil

SA

5,530

268

InterContinental

Hotels

Group

PLC

3,392

342

ITOCHU

Corp.

4,700

241

JD.com,

Inc.

Class

A

16

,

050

211

JD.com,

Inc.

-

ADR

3

,

322

88

Kia

Corp.

1,628

132

Komeri

Co.,

Ltd.

3,500

86

K's

Holdings

Corp.

4,900

53

Kuaishou

Technology(Æ)(Þ)

39,500

220

Kyocera

Corp.

37,900

480

Lennar

Corp.

Class

A

428

76

Li

Auto,

Inc.

Class

A(Æ)

3,300

32

Li

Auto,

Inc.

-

ADR(Æ)(Ñ)

2,181

43

Lojas

Renner

SA

23,326

55

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,021

720

Makita

Corp.

8,300

271

McDonald's

Corp.

2,544

675

Meituan

Class

B(Æ)(Þ)

7,000

97

MercadoLibre,

Inc.(Æ)

79

132

Michelin

(CGDE)

10,004

396

Moncler

SpA

1,361

81

Mr

Price

Group,

Ltd.

4,736

56

Murata

Manufacturing

Co.,

Ltd.

13,300

294

Netflix,

Inc.

Class

B(Æ)

314

197

New

Oriental

Education

&

Technology

Group,

Inc.

-

ADR(Æ)

2,959

186

Next

PLC

3,063

358

Nidec

Corp.

10,700

475

Nike,

Inc.

Class

B

7,062

529

NVR,

Inc.(Æ)

6

52

Omnicom

Group,

Inc.

490

48

Omron

Corp.

4,700

173

Oriental

Holdings

BHD

21,374

32

PDD

Holdings,

Inc.

-

ADR(Æ)

1,083

140

PulteGroup,

Inc.

283

37

Ross

Stores,

Inc.

188

27

Santos

Brasil

Participacoes

SA

38,900

90

Scout24

SE(Þ)

435

34

Seria

Co.,

Ltd.

2,500

57

SJM

Holdings,

Ltd.(Æ)

160,000

52

Spectris

PLC

13,089

511

Subaru

Corp.

4,500

89

Tencent

Holdings,

Ltd.

27

,

6

3

2

1,276

Tencent

Holdings,

Ltd.

-

ADR

6

,

5

3

8

301

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

421

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

TJX

Cos.,

Inc.

(The)

4,245

480

Toyoda

Gosei

Co.,

Ltd.

3,000

55

Toyota

Industries

Corp.

2,400

200

Tractor

Supply

Co.

115

30

United

Arrows,

Ltd.

2,000

28

Universal

Music

Group

NV

6,508

155

Walmart,

Inc.

1,446

99

Wayfair,

Inc.

Class

A(Æ)

3,117

170

Williams-Sonoma,

Inc.

637

99

Wolters

Kluwer

NV

213

36

Wuliangye

Yibin

Co.,

Ltd.

Class

A

3,800

67

Xebio

Holdings

Co.,

Ltd.

2,800

23

Yamaha

Corp.

14,700

351

Zalando

SE(Æ)(Þ)

10,762

276

18,238

Consumer

Staples

-

2.7%

Adecoagro

SA

9,004

87

Albertsons

Cos.

LLC

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

Class

A

1,078

21

Altria

Group,

Inc.

675

33

Amorepacific

Corp.

254

34

Archer-Daniels-Midland

Co.

690

43

Astarta

Holding

PLC

9,426

74

Barry

Callebaut

AG

5

8

Beiersdorf

AG

177

26

BIM

Birlesik

Magazalar

AS

11,178

211

British

American

Tobacco

PLC

775

27

Campbell

Soup

Co.

813

38

Carrefour

SA

8,746

131

Casey's

General

Stores,

Inc.

148

57

Chocoladefabriken

Lindt

&

Spruengli

AG

3

38

Church

&

Dwight

Co.,

Inc.

279

27

CK

Hutchison

Holdings,

Ltd.

Class

B

51,500

271

Clorox

Co.

(The)

207

27

Coca-Cola

Co.

(The)

7,599

507

Coca-Cola

HBC

AG

921

34

Colgate-Palmolive

Co.

4,154

412

Conagra

Brands,

Inc.

1,136

35

CVS

Health

Corp.

901

54

Dino

Polska

SA(Æ)(Þ)

253

23

First

Pacific

Co.,

Ltd.

184,000

82

First

Resources,

Ltd.

92,100

102

Flowers

Foods,

Inc.

1,235

28

General

Mills,

Inc.

3,486

234

Genting

Plantations

Bhd

30,500

38

Golden

Agri-Resources,

Ltd.

1,201,420

247

Grocery

Outlet

Holding

Corp.(Æ)

4,876

95

GS

Holdings

Corp.

1,761

63

Haleon

PLC

72,221

324

Henkel

AG

&

Co.

KGaA

855

66

Hershey

Co.

(The)

147

29

Hormel

Foods

Corp.

1,801

58

Imperial

Tobacco

Group

PLC

625

17

Ingredion,

Inc.

222

28

Jeronimo

Martins

SGPS

SA

981

17

JM

Smucker

Co.

(The)

237

28

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kao

Corp.

7,100

312

Kato

Sangyo

Co.,

Ltd.

600

17

Kellanova

2,069

120

Keurig

Dr

Pepper,

Inc.

4,666

160

Kimberly-Clark

Corp.

2,091

282

Kirin

Holdings

Co.,

Ltd.

22,800

324

Koninklijke

Ahold

Delhaize

NV

590

19

Kraft

Heinz

Co.

(The)

801

28

Kroger

Co.

(The)

4,737

258

Lenta

International

Co.

PJSC

-

GDR(Æ)(Š)(Þ)

130,305

—

LG

Household

&

Health

Care,

Ltd.

200

51

L'Oreal

SA

139

60

McCormick

&

Co.,

Inc.

1,388

107

Mondelez

International,

Inc.

Class

A

6,203

424

Monster

Beverage

Corp.(Æ)

411

21

Morinaga

Milk

Industry

Co.,

Ltd.

6,148

148

Nomad

Foods,

Ltd.

24,981

477

PepsiCo,

Inc.

4,669

806

Philip

Morris

International,

Inc.

545

63

Procter

&

Gamble

Co.

(The)

3,552

571

Raia

Drogasil

SA

27,743

135

Reynolds

Consumer

Products,

Inc.

840

23

Sysco

Corp.

346

27

Tyson

Foods,

Inc.

Class

A

368

22

Unilever

PLC

5,769

354

Walgreens

Boots

Alliance,

Inc.

1,816

22

WH

Group,

Ltd.(Þ)

32,528

21

8,526

Energy

-

1.6%

Baker

Hughes

Co.

6,568

254

Cenovus

Energy,

Inc.

17,587

354

Chevron

Corp.

1,681

270

Coterra

Energy,

Inc.

4,604

119

Eaton

Corp.

PLC

133

41

EOG

Resources,

Inc.

2,879

365

Exxon

Mobil

Corp.

5,316

630

Fission

Uranium

Corp.(Æ)

44,821

38

Gazprom

PJSC

(Æ)(Š)

376,946

—

Imperial

Oil,

Ltd.

994

71

Japan

Petroleum

Exploration

Co.,

Ltd.

1,200

50

Kinder

Morgan,

Inc.

1,368

29

NAC

Kazatomprom

JSC

-

GDR(Þ)

6,199

235

ONEOK,

Inc.

905

75

Petroleo

Brasileiro

SA

-

ADR

21,599

308

Phillips

66

206

30

Range

Resources

Corp.

4,648

145

Reliance

Industries,

Ltd.

-

GDR(Þ)

4,834

349

Saudi

Arabian

Oil

Co.(Þ)

37,488

276

Schneider

Electric

SE

511

123

Shell

PLC

1,971

72

Sinopec

Engineering

Group

Co.,

Ltd.

Class

H

47,000

30

Southwestern

Energy

Co.(Æ)

37,135

240

Targa

Resources

Corp.

1,304

176

Teck

Resources,

Ltd.

Class

B

5,030

247

TotalEnergies

SE

1,053

71

Tourmaline

Oil

Corp.

1,489

66

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

422

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tullow

Oil

PLC(Æ)

92,600

36

Williams

Cos.,

Inc.

(The)

7,252

311

YPF

SA

-

ADR(Æ)

7,321

146

5,157

Financial

Services

-

15.8%

ABN

AMRO

Bank

NV(Þ)

9,888

172

Absa

Group,

Ltd.

15,850

139

Advance

Residence

Investment

Corp.

(ö)

31

65

Aedifica

SA(ö)

2,451

156

Aflac,

Inc.

3,827

365

AIA

Group,

Ltd.

82,600

551

Air

Lease

Corp.

Class

A

7,299

362

Akbank

TAS

51,990

97

Al

Rajhi

Bank

3,793

87

Allianz

SE

232

65

Allstate

Corp.

(The)

1,481

253

Alpha

FX

Group

PLC(Þ)

931

31

Alpha

Services

and

Holdings

SA

69,137

128

Amadeus

IT

Group

SA

Class

A

843

55

American

Express

Co.

212

54

American

Financial

Group,

Inc.

424

56

American

Homes

4

Rent

Class

A(ö)

2,680

97

American

Tower

Corp.(ö)

808

178

Americold

Realty

Trust,

Inc.(ö)

8,753

262

Ameriprise

Financial,

Inc.

520

224

Arch

Capital

Group,

Ltd.(Æ)

797

76

Argan

SA(ö)

903

74

Assicurazioni

Generali

SpA

1,306

34

Assurant,

Inc.

341

60

Axis

Bank,

Ltd.

-

GDR(Þ)

1,334

93

Baloise

Holding

AG

73

13

Bank

Central

Asia

Tbk

PT

459,682

292

Bank

Mandiri

Persero

Tbk

PT

805,092

319

Bank

of

America

Corp.

6,750

272

Bank

of

Ireland

Group

PLC

19,906

225

Bank

of

New

York

Mellon

Corp.

(The)

730

48

Bank

Rakyat

Indonesia

Persero

Tbk

PT

478,213

138

BDO

Unibank,

Inc.

113,896

266

Berkshire

Hathaway,

Inc.

Class

B(Æ)

415

182

BGC

Group,

Inc.

Class

A

63,307

583

Big

Yellow

Group

PLC(ö)

9,040

141

BlackRock,

Inc.

Class

A

513

450

Blackstone,

Inc.

Class

A

2,745

390

BNP

Paribas

SA

2,366

162

Boardwalk

Real

Estate

Investment

Trust(ö)

12,396

700

Brixmor

Property

Group,

Inc.(ö)

14,993

382

Brown

&

Brown,

Inc.

313

31

Camden

Property

Trust(ö)

1,619

179

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

126,600

198

Catena

AB

2,890

147

Charles

Schwab

Corp.

(The)

3,519

229

Charter

Hall

Group(ö)

19,233

160

China

Common

Rich

Renewable

Energy

Investments,

Ltd.(Æ)(Š)

205,123

—

China

Construction

Bank

Corp.

Class

H

190,500

133

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

45,200

50

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.,

Ltd.

Class

A

29,700

36

China

Resources

Land,

Ltd.

51,500

155

Chubb,

Ltd.

295

81

Cincinnati

Financial

Corp.

942

123

Citigroup,

Inc.

2,784

181

Clarivate

PLC(Æ)

49,647

335

CME

Group,

Inc.

Class

A

4,842

938

Commerce

Bancshares,

Inc.

530

34

Country

Garden

Services

Holdings

Co.,

Ltd.

114,000

69

Crown

Castle,

Inc.(ö)

5,542

610

Dai-ichi

Life

Holdings,

Inc.

2,900

89

Derwent

London

PLC(ö)

2,130

63

Digital

Core

REIT

Management

Pte,

Ltd.(ö)

111,800

64

Digital

Realty

Trust,

Inc.(ö)

8,922

1,334

Dime

Community

Bancshares,

Inc.

11,767

297

DNB

Bank

ASA

919

19

Equinix,

Inc.(ö)

1,164

920

Equities

AB

2,018

65

Equity

Commonwealth(Æ)(ö)

20,374

415

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

2,073

142

Erie

Indemnity

Co.

Class

A

152

67

Essex

Property

Trust,

Inc.(ö)

2,104

586

Etalon

Group

PLC

-

GDR(Æ)(Š)(Þ)

267,238

—

Eurobank

Ergasias

SA

41,280

95

Extra

Space

Storage,

LP(ö)

3,452

551

Fastighets

AB

Balder

Class

B(Æ)

22,376

164

Federal

Agricultural

Mortgage

Corp.

Class

C

268

55

Fidelis

Insurance

Holdings,

Ltd.

23,173

412

Fidelity

National

Financial,

Inc.

829

46

FinecoBank

Banca

Fineco

SpA

4,744

81

First

American

Financial

Corp.

611

37

FirstRand,

Ltd.

48,706

218

Frasers

Centrepoint

Trust(ö)

103,900

172

Globe

Life,

Inc.

289

27

GLP

J-REIT(ö)

187

164

Goodman

Group(ö)

30,817

713

GPT

Group

(The)(ö)

8,540

26

Grainger

PLC

40,205

125

Great-West

Lifeco,

Inc.

1,676

50

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

8,870

66

Grupo

Financiero

Galicia

SA

-

ADR(Ñ)

1,074

31

Hachijuni

Bank,

Ltd.

(The)

15,700

112

Haci

Omer

Sabanci

Holding

AS

19,171

58

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

5,304

93

Hana

Financial

Group,

Inc.

3,472

163

Hankook

Technology

Group

Co.,

Ltd.

5,709

65

Hannover

Rueck

SE

522

130

Hanover

Insurance

Group,

Inc.

(The)

309

42

Hartford

Financial

Services

Group,

Inc.

2,083

231

HDFC

Bank,

Ltd.

-

ADR

10,756

645

Healthcare

Realty

Trust,

Inc.(ö)

21,665

383

Healthpeak

Properties,

Inc.(ö)

13,184

288

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

423

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Helvetia

Holding

AG

167

25

Highwoods

Properties,

Inc.(ö)

5,439

168

Hirogin

Holdings,

Inc.

14,200

115

Hokuhoku

Financial

Group,

Inc.

6,700

94

Hong

Kong

Exchanges

&

Clearing,

Ltd.

2,000

59

Host

Hotels

&

Resorts,

Inc.(ö)

11,648

204

HSBC

Holdings

PLC

14,226

129

ICICI

Bank,

Ltd.

-

ADR

32,480

945

Independent

Bank

Corp.

1,986

69

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

204,000

113

Ingenia

Communities

Group(ö)

53,926

187

Insurance

Australia

Group,

Ltd.

14,681

71

Intact

Financial

Corp.

893

162

Intercontinental

Exchange,

Inc.

217

33

Invincible

Investment

Corp.(ö)

297

135

Invitation

Homes,

Inc.(ö)

28,965

1,022

Iron

Mountain,

Inc.(ö)

5,728

587

Itau

Unibanco

Holding

SA

-

ADR

14,022

84

Japan

Hotel

REIT

Investment

Corp.(ö)

205

105

JPMorgan

Chase

&

Co.

2,120

451

Kasikornbank

PCL

13,700

51

KB

Financial

Group,

Inc.

5,527

352

KE

Holdings,

Inc.

-

ADR

18,675

259

Kemper

Corp.

9,186

588

Kenedix

Office

Investment

Corp.

Class

A(ö)

117

120

Kimco

Realty

Corp.(ö)

20,138

437

Klepierre

SA(ö)

8,059

231

Korean

Reinsurance

Co.

9,439

57

Land

Securities

Group

PLC(ö)

14,080

115

LEG

Immobilien

SE

2,108

184

Link

Real

Estate

Investment

Trust(ö)

27,230

114

London

Stock

Exchange

Group

PLC

773

94

LondonMetric

Property

PLC(ö)

56,426

146

Longfor

Group

Holdings,

Ltd.(Þ)

228,500

294

LSR

Group

PJSC

(Š)

25,878

—

LX

Holdings

Corp.

1,079

6

M&T

Bank

Corp.

216

37

Mandatum

OYJ

3,469

16

Manulife

Financial

Corp.

10,168

271

Mapletree

Logistics

Trust(ö)

72,300

70

Marsh

&

McLennan

Cos.,

Inc.

2,708

603

MasterCard,

Inc.

Class

A

2,169

1,006

Mebuki

Financial

Group,

Inc.

17,000

71

MGIC

Investment

Corp.

1,279

32

Mitsubishi

Estate

Co.,

Ltd.

22,100

376

Mitsui

Fudosan

Co.,

Ltd.

54,075

560

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

48

135

Morgan

Stanley

499

52

Moscow

Exchange

MICEX-RTS

PJSC

(Š)

181,547

—

MS&AD

Insurance

Group

Holdings,

Inc.

7,800

184

Muenchener

Rueckversicherungs-

Gesellschaft

AG

814

401

National

Bank

Holdings

Corp.

Class

A

1,386

58

National

Bank

of

Greece

SA

6,807

60

National

Storage

REIT(ö)

93,415

152

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NatWest

Group

PLC

59,104

279

Nishi-Nippon

Financial

Holdings,

Inc.

10,500

144

Nomura

Real

Estate

Master

Fund,

Inc.

(ö)

149

147

North

Pacific

Bank,

Ltd.

26,000

89

Northern

Trust

Corp.

277

25

Old

Republic

International

Corp.

823

28

Omega

Healthcare

Investors,

Inc.(ö)

2,855

104

Oversea-Chinese

Banking

Corp.,

Ltd.

11,900

132

Parkway

Life

Real

Estate

Investment

Trust(ö)

65,500

178

Perella

Weinberg

Partners

6,568

124

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

136,561

591

Piraeus

Financial

Holdings

SA

8,773

37

PNC

Financial

Services

Group,

Inc.

(The)

183

33

Popular,

Inc.

3,204

329

Primerica,

Inc.

112

28

Principal

Financial

Group,

Inc.

1,367

111

Progressive

Corp.

(The)

368

79

Prologis,

LP(ö)

13,942

1,757

Prosperity

Bancshares,

Inc.

1,744

126

Public

Storage(ö)

1,663

492

Raymond

James

Financial,

Inc.

275

32

Realty

Income

Corp.(ö)

14,229

817

RELX

PLC

822

39

Resona

Holdings,

Inc.

38,000

276

Ringkjoebing

Landbobank

A/S

126

22

Royal

Bank

of

Canada

3,083

345

Safestore

Holdings

PLC(ö)

20,627

214

Sampo

OYJ

Class

A

3,469

152

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

289

78

SBA

Communications

Corp.(ö)

175

38

Sberbank

of

Russia

PJSC(Æ)(Š)

169,110

—

Segro

PLC(ö)

42,619

503

SEI

Investments

Co.

592

40

SGS

SA

1,158

127

Simon

Property

Group,

Inc.(ö)

7,105

1,090

Sprott,

Inc.

552

25

Stockland(ö)

81,567

247

Sumitomo

Mitsui

Financial

Group,

Inc.

2,600

188

Sumitomo

Mitsui

Trust

Holdings,

Inc.

14,600

368

Sumitomo

Realty

&

Development

Co.,

Ltd.

9,600

317

Sun

Communities,

Inc.(ö)

4,418

560

Sun

Hung

Kai

Properties,

Ltd.

21,500

187

Sun

Life

Financial,

Inc.

3,516

175

Swiss

Life

Holding

AG

41

31

Swiss

Re

AG

2,275

281

Swissquote

Group

Holding

SA

86

27

T

Rowe

Price

Group,

Inc.

253

29

TAG

Immobilien

AG(Æ)

7,885

119

Talanx

AG

374

28

Tokio

Marine

Holdings,

Inc.

10,000

398

Travelers

Cos.,

Inc.

(The)

1,475

319

Turkiye

Garanti

Bankasi

AS

27,068

101

UDR,

Inc.(ö)

12,785

512

Unibail-Rodamco-Westfield(ö)

3,019

226

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

424

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

UNITE

Group

PLC

(The)(ö)

4,138

51

United

Urban

Investment

Corp.(ö)

139

133

Unum

Group

523

30

VGP

NV

590

64

VICI

Properties,

Inc.(ö)

19,479

609

Visa,

Inc.

Class

A

529

141

Vonovia

SE

9,925

305

VTB

Bank

PJSC(Æ)(Š)

143,250

—

W.R.

Berkley

Corp.

2,631

145

Warehouses

De

Pauw

CVA(ö)

3,528

96

Welltower,

Inc.(ö)

15,469

1,721

Willis

Towers

Watson

PLC

139

39

Yellow

Cake

PLC(Æ)(Þ)

12,980

93

Yoma

Strategic

Holdings,

Ltd.(Æ)

417,882

38

Yuanta

Financial

Holding

Co.,

Ltd.

274,050

275

Zurich

Insurance

Group

AG

610

335

49,999

Health

Care

-

4.1%

Abbott

Laboratories

3,741

396

AbbVie,

Inc.

660

122

Alcon,

Inc.

376

36

Amgen,

Inc.

209

69

Aspen

Pharmacare

Holdings,

Ltd.

2,973

41

Astellas

Pharma,

Inc.

13,600

159

AstraZeneca

PLC

1,754

278

Bangkok

Dusit

Medical

Services

PCL

315,200

232

Becton,

Dickinson

and

Co.

2,397

578

Boston

Scientific

Corp.(Æ)

772

57

Bristol-Myers

Squibb

Co.

889

42

Cencora,

Inc.

Class

A

211

50

Centene

Corp.(Æ)

651

50

Chemed

Corp.

39

22

ChemoMetec

A/S(Æ)

202

11

Cigna

Group

(The)

304

106

Cooper

Cos,

Inc.

(The)(Æ)

1,872

175

Danaher

Corp.

1,250

346

Elevance

Health,

Inc.

179

95

Eli

Lilly

&

Co.

287

231

Encompass

Health

Corp.

588

55

Enovis

Corp.

Class

W(Æ)

10,679

509

EssilorLuxottica

SA

88

20

Euroapi

SA(Æ)(Ñ)

20,973

84

Eurofins

Scientific

SE

2,611

155

Gerresheimer

AG

319

33

Gilead

Sciences,

Inc.

677

52

GSK

Finance

No.

3

PLC

10,928

212

H.U.

Group

Holdings,

Inc.

1,100

20

Halozyme

Therapeutics,

Inc.(Æ)

4,395

243

HCA

Healthcare,

Inc.

142

52

Henry

Schein,

Inc.(Æ)

428

31

Humana,

Inc.

46

17

Innovent

Biologics,

Inc.(Æ)(Þ)

50,500

251

Innoviva,

Inc.(Æ)

7,375

139

Japan

Lifeline

Co.,

Ltd.

6,400

49

Johnson

&

Johnson

5,934

937

Kyorin

Pharmaceutical

Co.,

Ltd.

11,700

134

Lifco

AB

Class

B

1,000

30

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

McKesson

Corp.

97

60

Medipal

Holdings

Corp.

500

9

Medtronic

PLC

5,593

449

Merck

&

Co.,

Inc.

4,547

514

Merck

KGaA

197

35

Molina

Healthcare,

Inc.(Æ)

98

34

Nippon

Shinyaku

Co.,

Ltd.

2,600

60

Novartis

AG

4,747

532

Novo

Nordisk

A/S

Class

B

7,564

1,002

Ono

Pharmaceutical

Co.,

Ltd.

1,200

18

Pfizer,

Inc.

2,168

66

Qiagen

NV(Æ)

455

20

Quest

Diagnostics,

Inc.

194

28

Recordati

SpA

523

29

Regeneron

Pharmaceuticals,

Inc.(Æ)

49

53

Roche

Holding

AG

1,000

325

Sandoz

Group

AG

805

35

Sanofi

SA

7,938

816

Sartorius

Stedim

Biotech

128

25

Sawai

Group

Holdings

Co.,

Ltd.

2,800

123

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

5,900

209

Siemens

Healthineers

AG(Þ)

1,376

74

Sinopharm

Group

Co.,

Ltd.

Class

H

9,200

22

Smith

&

Nephew

PLC

14,090

203

Solventum

Corp.(Æ)

159

9

Straumann

Holding

AG

351

45

Stryker

Corp.

134

44

Suzuken

Co.,

Ltd.

2,600

95

Tenet

Healthcare

Corp.(Æ)

2,525

378

Thermo

Fisher

Scientific,

Inc.

119

73

Toho

Holdings

Co.,

Ltd.

3,100

90

UCB

SA

220

37

United

Therapeutics

Corp.(Æ)

98

31

UnitedHealth

Group,

Inc.

1,441

830

Universal

Health

Services,

Inc.

Class

B

226

48

Vertex

Pharmaceuticals,

Inc.(Æ)

115

57

West

Pharmaceutical

Services,

Inc.

311

95

Zoetis,

Inc.

Class

A

1,416

255

12,947

Materials

and

Processing

-

4.3%

AddTech

AB

Class

B

1,646

53

Agnico

Eagle

Mines,

Ltd.

2,949

228

Air

Liquide

SA

Class

A

337

61

Air

Products

&

Chemicals,

Inc.

84

22

Aluminum

Corp.

of

China,

Ltd.

Class

A

9

1

,

4

00

87

Aluminum

Corp.

of

China,

Ltd.

Class

H

190,0

00

107

Amcor

PLC

1,272

13

Anglo

American

Platinum,

Ltd.

9,537

370

Anglo

American

PLC

7,009

211

Anglogold

Ashanti

PLC

10,862

305

AptarGroup,

Inc.

218

32

Arcadium

Lithium

PLC(Æ)

15,046

48

ArcelorMittal

SA

11,904

269

Aris

Mining

Corp.(Æ)

19,970

89

Artemis

Gold,

Inc.(Æ)

13,720

117

Asahi

Kasei

Corp.

25,600

186

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

425

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ashland,

Inc.

3,330

322

Atlas

Arteria,

Ltd.

32,567

112

Babcock

International

Group

PLC

23,837

163

Barrick

Gold

Corp.

18,351

339

Bear

Creek

Mining

Corp.(Æ)

25,338

6

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.,

Ltd.

Class

A

37,900

68

BHP

Group,

Ltd.

5,392

150

Carrier

Global

Corp.

4,619

315

CCL

Industries,

Inc.

Class

B

878

48

Cemex

SAB

de

CV

-

ADR

20,151

129

Copart,

Inc.(Æ)

1,419

74

Daikin

Industries,

Ltd.

700

101

Dundee

Corp.

Class

A(Æ)

14,243

14

DuPont

de

Nemours,

Inc.

347

29

Ecolab,

Inc.

131

30

EMS-Chemie

Holding

AG

25

21

Equinox

Gold

Corp.(Æ)

43,088

242

ERO

Copper

Corp.(Æ)(Ñ)

13,057

255

Fastenal

Co.

379

27

Ferguson

PLC

145

32

First

Quantum

Minerals,

Ltd.

14,657

179

Freeport-McMoRan,

Inc.

4,869

221

Fresnillo

PLC

7,630

58

Gabriel

Resources,

Ltd.(Æ)

358,501

4

Geberit

AG

447

284

Gerdau

SA

-

ADR

7,452

24

Givaudan

SA

10

49

Gold

Fields,

Ltd.

-

ADR

10,722

184

Graphic

Packaging

Holding

Co.

1,170

35

Harmony

Gold

Mining

Co.,

Ltd.

-

ADR

5,451

53

Holcim

AG

1,692

158

Impala

Platinum

Holdings,

Ltd.

68,808

351

International

Paper

Co.

323

15

International

Tower

Hill

Mines,

Ltd.

(Æ)

41,509

19

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

19,795

259

K+S

AG

17,817

230

Kronos

Worldwide,

Inc.

11,209

134

Kuraray

Co.,

Ltd.

7,200

89

Linde

PLC

996

452

Lintec

Corp.

4,800

108

LKQ

Corp.

588

24

Lotte

Chemical

Corp.

1,138

84

LyondellBasell

Industries

NV

Class

A

313

31

Masco

Corp.

1,149

89

MHP

SE

-

GDR(Æ)(Þ)

29,675

108

Mondi

PLC

3,328

65

NewMarket

Corp.

47

26

Newmont

Corp.

8,482

414

Nippon

Shokubai

Co.,

Ltd.

12,100

132

Northern

Dynasty

Minerals,

Ltd.(Æ)

100,371

39

NOVAGOLD

Resources,

Inc.(Æ)

28,224

135

Novozymes

A/S

Class

B

4,704

300

Nucor

Corp.

153

25

Oji

Holdings

Corp.

14,100

60

Pack

Corp.

(The)

1,300

34

Packaging

Corp.

of

America

804

161

Pan

American

Silver

Corp.

868

20

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Perpetua

Resources

Corp.(Æ)

12,446

85

Polyus

PJSC(Æ)(Š)

5,776

—

Polyus

PJSC

-

GDR(Æ)(Š)(Þ)

1

—

PPG

Industries,

Inc.

190

24

Rayonier

Advanced

Materials,

Inc.(Æ)

56,740

377

Reliance

Steel

&

Aluminum

Co.

173

53

Rengo

Co.,

Ltd.

5,000

35

Rio

Tinto

PLC

2,915

189

Royal

Gold,

Inc.

1,953

270

RPM

International,

Inc.

986

120

Sandstorm

Gold,

Ltd.

3,518

20

Seabridge

Gold,

Inc.(Æ)

13,725

227

Sherwin-Williams

Co.

(The)

1,272

446

Shin-Etsu

Chemical

Co.,

Ltd.

6,100

273

Siemens

AG

205

38

Smurfit

WestRock

PLC

281

13

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

1,030

39

Ternium

SA

-

ADR

2,033

70

Toagosei

Co.,

Ltd.

5,700

61

Toray

Industries,

Inc.

55,600

291

Toyo

Ink

SC

Holdings

Co.,

Ltd.

2,900

61

Trane

Technologies

PLC

208

70

Tronox

Holdings

PLC

Class

A

16,348

264

Trusco

Nakayama

Corp.

3,200

52

UPM-Kymmene

OYJ

4,179

138

Vale

SA

Class

B

-

ADR

19,087

207

Western

Copper

&

Gold

Corp.(Æ)

9,487

11

Wheaton

Precious

Metals

Corp.

4,447

266

Zijin

Mining

Group

Co.,

Ltd.

Class

A

1

06

,

895

248

Zijin

Mining

Group

Co.,

Ltd.

Class

H

1

32

,

000

270

13,546

Producer

Durables

-

6.9%

3M

Co.

637

81

Adyen

NV(Æ)(Þ)

18

22

Aena

SME

SA(Þ)

2,171

412

Aeroports

de

Paris

SA

1,276

167

Airtac

International

Group

9,000

232

Allfunds

Group

PLC

8,010

48

Amphenol

Corp.

Class

A

862

55

AO

Smith

Corp.

726

62

Arcosa,

Inc.

6,972

648

Atlas

Copco

AB

Class

B

7,445

116

Auckland

International

Airport,

Ltd.

29,922

133

Automatic

Data

Processing,

Inc.

1,656

435

Avery

Dennison

Corp.

599

130

BAE

Systems

PLC

2,526

42

Booz

Allen

Hamilton

Holding

Corp.

Class

A

284

41

Bouygues

SA

682

24

Brother

Industries,

Ltd.

5,900

121

Bureau

Veritas

SA

983

31

Canadian

National

Railway

Co.

3,695

428

Canadian

Pacific

Kansas

City,

Ltd.

3,072

258

Canon,

Inc.

9,400

297

Cellnex

Telecom

SA(Þ)

3,709

129

CH

Robinson

Worldwide,

Inc.

349

31

Charoen

Pokphand

Foods

PCL

172,900

117

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

426

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

China

Communications

Services

Corp.,

Ltd.

Class

H

242,000

124

China

Merchants

Port

Holdings

Co.,

Ltd.

96,000

141

Cintas

Corp.

115

88

Cleanaway

Waste

Management,

Ltd.

43,212

80

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

3,296

85

CSX

Corp.

12,685

445

Cummins,

Inc.

988

288

Danone

SA

7,284

474

Denso

Corp.

8,000

133

DL

E&C

Co.,

Ltd.

3,837

98

Dover

Corp.

241

44

Eiffage

SA

339

34

EMCOR

Group,

Inc.

122

46

Emerson

Electric

Co.

310

36

Equifax,

Inc.

1,115

312

EXEO

Group,

Inc.

10,100

111

Expeditors

International

of

Washington,

Inc.

298

37

Experian

PLC

668

32

FedEx

Corp.

173

52

Fortive

Corp.

535

39

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

2,073

105

Fukuda

Corp.

1,000

41

GEA

Group

AG

8,233

364

General

Dynamics

Corp.

811

242

Gentex

Corp.

773

24

Getlink

SE

8,752

156

Graco,

Inc.

2,993

255

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

15,211

131

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

3,897

62

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

9,352

282

Guangshen

Railway

Co.,

Ltd.

Class

H

312,000

95

Hakuhodo

DY

Holdings,

Inc.

5,700

47

Hi

Sun

Technology

China,

Ltd.(Æ)

333,000

15

Honeywell

International,

Inc.

2,111

432

Huntington

Ingalls

Industries,

Inc.

334

94

Illinois

Tool

Works,

Inc.

651

161

International

Container

Terminal

Services,

Inc.

16,960

103

International

Seaways,

Inc.

2,091

117

Intertek

Group

PLC

6,550

426

Iriso

Electronics

Co.,

Ltd.

3,000

61

Japan

Airport

Terminal

Co.,

Ltd.

3,400

124

JB

Hunt

Transport

Services,

Inc.

236

41

JGC

Holdings

Corp.

18,900

161

JM

AB

2,554

50

JTEKT

Corp.

19,700

143

Kamigumi

Co.,

Ltd.

2,900

67

Knight-Swift

Transportation

Holdings,

Inc.

825

45

Kone

OYJ

Class

B

1,038

53

Koninklijke

Vopak

NV

1,817

81

L3Harris

Technologies,

Inc.

128

29

Landstar

System,

Inc.

270

51

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

7,083

323

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Localiza

Rent

a

Car

SA

7,347

57

Luks

Group

Vietnam

Holdings

Co.,

Ltd.

112,000

11

MasTec,

Inc.(Æ)

1,443

159

Mettler-Toledo

International,

Inc.(Æ)

168

256

Mitsubishi

Electric

Corp.

6,900

116

Moody's

Corp.

1,392

635

MSC

Industrial

Direct

Co.,

Inc.

Class

A

230

21

Murphy

USA,

Inc.

68

34

Nestle

SA

9,687

983

Norfolk

Southern

Corp.

284

71

Northrop

Grumman

Corp.

411

199

NSK,

Ltd.

45,900

243

OSG

Corp.

5,300

74

Otis

Worldwide

Corp.

3,443

325

PACCAR

Financial

Corp.

651

64

Paychex,

Inc.

1,721

220

Poste

Italiane

SpA(Þ)

2,133

29

Pyeong

Hwa

Automotive

Co.,

Ltd.

2,491

22

Qube

Holdings,

Ltd.

81,354

203

Real

Alloy(Š)

42

3,246

Robert

Half,

Inc.

436

28

Ryanair

Holdings

PLC

-

ADR

2,798

283

S&P

Global,

Inc.

725

351

Samsung

Heavy

Industries

Co.,

Ltd.

(Æ)

5,078

43

Sandvik

AB

3,931

80

Schindler

Holding

AG

94

25

Schneider

National,

Inc.

Class

B

1,637

44

Seiko

Epson

Corp.

6,100

107

Seino

Holdings

Co.,

Ltd.

4,600

72

Shanghai

Electric

Group

Co.,

Ltd.

Class

H(Æ)

258,000

50

Snap-on,

Inc.

412

118

Sohgo

Security

Services

Co.,

Ltd.

10,600

68

Spirax-Sarco

Engineering

PLC

1,176

137

Stabilus

SE

386

19

Stanley

Electric

Co.,

Ltd.

5,800

115

Sumitomo

Heavy

Industries,

Ltd.

2,700

73

Techtronic

Industries

Co.,

Ltd.

23,500

304

Teledyne

Technologies,

Inc.(Æ)

80

34

Tenaris

SA

2,831

45

Textron,

Inc.

298

28

Transurban

Group

23,664

201

Trelleborg

AB

Class

B

1,739

65

Union

Pacific

Corp.

1,858

458

United

Parcel

Service,

Inc.

Class

B

216

28

Vinci

SA

429

49

Waste

Management,

Inc.

193

39

Weir

Group

PLC

(The)

19,911

519

West

Japan

Railway

Co.

4,600

91

WW

Grainger,

Inc.

61

60

Yamato

Holdings

Co.,

Ltd.

15,100

185

Zhejiang

Expressway

Co.,

Ltd.

Class

H

110,000

72

21,899

Technology

-

7.7%

8x8,

Inc.(Æ)

122,471

377

AAC

Technologies

Holdings,

Inc.

65,000

239

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

427

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Accenture

PLC

Class

A

790

261

Adobe,

Inc.(Æ)

491

271

Airbnb,

Inc.

Class

A(Æ)

1,438

201

Akamai

Technologies,

Inc.(Æ)

225

22

Allegion

PLC

1,297

178

Alphabet,

Inc.

Class

A

6,955

1,193

Alphabet,

Inc.

Class

C

2,976

515

Alps

Alpine

Co.,

Ltd.

4,000

43

Amdocs,

Ltd.

511

45

Analog

Devices,

Inc.

243

56

Ansys,

Inc.(Æ)

438

137

Apple,

Inc.

4,435

985

Applied

Materials,

Inc.

970

206

Arrow

Electronics,

Inc.(Æ)

325

40

ASM

International

NV

49

34

ASML

Holding

NV

287

264

Assa

Abloy

AB

Class

B

10,044

305

Auto

Trader

Group

PLC(Þ)

2,808

29

Baidu,

Inc.

Class

A

(Æ)

5,650

63

BE

Semiconductor

Industries

NV

263

34

Bechtle

AG

563

25

Broadcom,

Inc.

1,995

321

CACI

International,

Inc.

Class

A(Æ)

152

70

Cars.com,

Inc.(Æ)

17,951

370

CDW

Corp.

187

41

Cisco

Systems,

Inc.

10,207

495

Cognizant

Technology

Solutions

Corp.

Class

A

636

48

Corning,

Inc.

6,934

277

Cosel

Co.,

Ltd.

2,200

18

Eizo

Corp.

1,500

49

en

Japan,

Inc.

5,900

111

F5,

Inc.(Æ)

170

35

Fanuc

Corp.

10,700

320

Fiserv,

Inc.(Æ)

358

59

Hewlett

Packard

Enterprise

Co.

2,775

55

Infosys,

Ltd.

-

ADR(Ñ)

41,015

908

International

Business

Machines

Corp.

297

57

Juniper

Networks,

Inc.

5,600

211

Kainos

Group

PLC

2,243

32

Kanzhun,

Ltd.

-

ADR

9,588

130

Keyence

Corp.

1,100

479

Legrand

SA

262

28

Leidos

Holdings,

Inc.

276

40

LG

Corp.

Class

H

2,627

166

LG

Electronics,

Inc.

Class

H

401

30

Mabuchi

Motor

Co.,

Ltd.

6,100

94

MediaTek,

Inc.

5,000

190

Meta

Platforms,

Inc.

Class

A

788

374

Microsoft

Corp.

5,421

2,268

MSCI,

Inc.

Class

A

568

307

NCAB

Group

AB

3,242

24

Nemetschek

SE

356

34

NET

One

Systems

Co.,

Ltd.

3,400

69

NetApp,

Inc.

2,053

261

NVIDIA

Corp.

1,638

192

Ooma,

Inc.(Æ)

11,941

124

Oracle

Corp.

3,179

443

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Otsuka

Corp.

6,700

148

Parade

Technologies,

Ltd.

11,000

252

PAX

Global

Technology,

Ltd.

68,000

38

PlayAGS,

Inc.(Æ)

20,671

237

QUALCOMM,

Inc.

2,244

406

Roper

Technologies,

Inc.

87

47

Salesforce,

Inc.

836

216

Samsung

Electronics

Co.,

Ltd.

29,541

1,816

SAP

SE

1,441

304

SES

SA

8,371

45

Signify

NV(Þ)

12,021

298

Silvaco

Group,

Inc.(Æ)

7,091

121

Singapore

Telecommunications,

Ltd.

30,000

69

SK

Hynix,

Inc.

2,912

423

Skyworks

Solutions,

Inc.

2,068

235

SMART

Global

Holdings,

Inc.(Æ)

11,044

258

Softcat

PLC

3,194

67

Spark

New

Zealand,

Ltd.

11,740

30

Swisscom

AG

257

157

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

69,000

1,983

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

7,348

1,218

Teradata

Corp.(Æ)

6,879

223

Texas

Instruments,

Inc.

262

53

Tower

Semiconductor,

Ltd.(Æ)

9,490

387

Trend

Micro,

Inc.

3,300

158

Trip.com

Group,

Ltd.

-

ADR(Æ)

1,158

49

Uber

Technologies,

Inc.(Æ)

3,402

219

Unimicron

Technology

Corp.

26,000

144

Verint

Systems,

Inc.(Æ)

9,057

327

Vodafone

Group

PLC

56,386

53

Xiaomi

Corp.

Class

B(Æ)(Þ)

157,600

337

24,571

Utilities

-

3.0%

Alliant

Energy

Corp.

1,436

80

Ameren

Corp.

905

72

AT&T,

Inc.

4,144

80

Atmos

Energy

Corp.

247

32

Centrais

Eletricas

Brasileiras

SA

25,405

178

CGN

Power

Co.,

Ltd.

Class

H(Þ)

111,000

45

Cheniere

Energy,

Inc.

1,277

233

China

Resources

Gas

Group,

Ltd.

32,300

110

China

Yangtze

Power

Co.,

Ltd.

Class

A

80,100

331

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

6,524

102

CLP

Holdings,

Ltd.

3,500

30

CMS

Energy

Corp.

484

31

ConocoPhillips

196

22

Consolidated

Edison,

Inc.

1,816

177

Constellation

Energy

Generation

LLC

743

141

Deutsche

Telekom

AG

1,432

37

Dominion

Energy,

Inc.

390

21

DTE

Energy

Co.

231

28

Duke

Energy

Corp.

3,137

343

E.ON

SE

16,334

229

Edison

International

520

42

Elisa

OYJ

1,306

61

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

428

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Enagas

SA

699

10

Endesa

SA

1,011

20

Enel

SpA

25,250

180

Engie

SA

5,903

93

ENN

Energy

Holdings,

Ltd.

8,496

60

Entergy

Corp.

258

30

Eversource

Energy

345

22

Exelon

Corp.

646

24

Federal

Grid

Co.

Unified

Energy

System

PJSC(Æ)(Š)

410,745,540

—

Fortum

OYJ

24,795

381

Iberdrola

SA

10,144

134

Inpex

Corp.

1,000

16

JOYY,

Inc.

-

ADR

1,873

62

KDDI

Corp.

8,000

240

Kinetik

Holdings

Inc

1,196

50

Koninklijke

KPN

NV

17,228

68

Korea

Electric

Power

Corp.

10

,

056

145

Korea

Electric

Power

Corp.

-

ADR(Ñ)

4

,

838

36

Kosmos

Energy,

Ltd.(Æ)

72,056

398

KT

Corp.

2,568

74

KT

Corp.

-

ADR

27,230

397

LG

Uplus

Corp.

63,507

463

MTN

Group,

Ltd.

11,057

48

National

Fuel

Gas

Co.

823

48

National

Grid

PLC

56,961

724

NextEra

Energy,

Inc.

6,252

478

Nippon

Telegraph

&

Telephone

Corp.

142,000

151

NiSource,

Inc.

3,863

121

Osaka

Gas

Co.,

Ltd.

5,900

134

Pembina

Pipeline

Corp.

9,076

352

Petro

Rio

SA

7,991

68

PG&E

Corp.

8,398

153

Power

Assets

Holdings,

Ltd.

13,500

86

PPL

Corp.

6,879

204

Public

Service

Enterprise

Group,

Inc.

2,473

197

Redeia

Corp.

SA

775

14

RusHydro

PJSC(Æ)(Š)

121,714,026

—

Sempra

Energy

2,773

222

Snam

Rete

Gas

SpA

5,071

24

Southern

Co.

(The)

420

35

TC

Energy

Corp.

8,376

356

Telenor

ASA

2,567

31

Telstra

Group,

Ltd.

24,234

62

Terna

Rete

Elettrica

Nazionale

SpA

3,742

31

T-Mobile

USA,

Inc.

235

43

Veolia

Environnement

SA

10,339

324

Verizon

Communications,

Inc.

2,698

109

WEC

Energy

Group,

Inc.

360

31

9,374

Total

Common

Stocks

(cost

$141,142)

164,257

Preferred

Stocks

-

2.2%

Consumer

Discretionary

-

0.0%

Ford

Motor

Co.

6.500%

due

08/15/62

1,772

44

Ford

Motor

Credit

Co.

LLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.000%

due

12/01/59

448

10

Hyundai

Motor

Co.

9.815%

(Ÿ)

43

5

9.846%

(Ÿ)

279

34

93

Consumer

Staples

-

0.1%

Dairy

Farmers

of

America,

Inc.(Þ)

7.875%

due

12/01/25(¢)

2,500

244

Henkel

AG

&

Co.

KGaA

2.290%

(Ÿ)

386

33

277

Energy

-

0.1%

Petroleo

Brasileiro

SA

13.244%

(Ÿ)

7,599

51

Sempra

Energy

5.750%

due

07/01/79

3,371

79

130

Financial

Services

-

1.6%

AEGON

Funding

Co.

LLC

5.100%

due

12/15/49

4,592

98

Affiliated

Managers

Group,

Inc.

5.875%

due

03/30/59

2,012

45

4.750%

due

09/30/60

3,600

69

4.200%

due

09/30/61

4,564

77

6.750%

due

03/30/64

2,705

68

Allstate

Corp.

(The)

5.100%

due

10/15/24(¢)

3,569

77

4.750%

due

01/15/25(¢)

2,404

50

7.375%

due

07/15/28(¢)

3

—

American

Financial

Group,

Inc.

5.125%

due

12/15/59

1,661

36

Apollo

Global

Management,

Inc.

7.625%

due

09/15/53

2,455

66

Arch

Capital

Group,

Ltd.

5.450%

due

09/25/24(¢)

4,155

94

4.550%

due

06/11/26(¢)

2,121

41

Assurant,

Inc.

5.250%

due

01/15/61

1,556

33

Athene

Holding,

Ltd.

7.250%

due

03/30/64

4,319

109

5.625%

due

09/30/24(¢)

401

9

6.375%

due

06/30/25(¢)

2,046

51

4.875%

due

12/30/25(¢)

4,797

88

7.750%

due

12/30/27(¢)

3,386

87

6.350%

due

06/30/29(¢)

4,067

99

Axis

Capital

Holdings,

Ltd.

5.500%

due

09/25/24(¢)

3,898

83

Bank

of

America

Corp.

5.000%

due

09/25/24(¢)

6,900

153

5.375%

due

09/25/24(¢)

7,184

168

5.875%

due

09/25/24(¢)

3,156

78

4.375%

due

11/03/25(¢)

1,672

32

4.125%

due

02/02/26(¢)

3,391

61

4.250%

due

11/17/26(¢)

4,508

84

4.750%

due

02/17/27(¢)

2,480

52

Brighthouse

Financial,

Inc.

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

429

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.375%

due

12/25/25(¢)

17

—

Brookfield

BRP

Holdings

Canada,

Inc.

4.625%

due

04/30/26(¢)

3,720

58

4.875%

due

12/09/26(¢)

3,330

55

Brookfield

Finance,

Inc.

4.625%

due

10/16/80

2,505

41

Carlyle

Finance

LLC

4.625%

due

05/15/61

1,864

34

Equitable

Holdings,

Inc.

5.250%

due

12/15/24(¢)

3,488

77

4.300%

due

03/15/26(¢)

2,921

53

F&G

Annuities

&

Life,

Inc.

7.950%

due

12/15/53

4,552

119

First

Horizon

Bank(Þ)

6.416%

due

09/24/24(¢)

129

85

Hartford

Financial

Services

Group,

Inc.

(The)

6.000%

due

09/25/24(¢)

869

22

Itau

Unibanco

Holding

SA

6.435%

(Ÿ)

22,284

133

JPMorgan

Chase

&

Co.

5.750%

due

12/01/24(¢)

2,718

69

4.550%

due

06/01/26(¢)

5,478

116

4.625%

due

06/01/26(¢)

3,000

64

4.200%

due

09/01/26(¢)

1,712

34

KKR

Group

Finance

Co.

IX

LLC

4.625%

due

04/01/61

4,274

82

Lincoln

National

Corp.

9.000%

due

12/01/27(¢)

2,537

70

M&T

Bank

Corp.

7.500%

due

06/15/29(¢)

6,800

179

MetLife,

Inc.

5.625%

due

09/25/24(¢)

4,762

115

4.750%

due

03/15/25(¢)

2,493

51

Morgan

Stanley

6.375%

due

10/15/24(¢)

4,019

101

6.875%

due

10/15/24(¢)

2,293

58

7.125%

due

10/15/24(¢)

1,300

33

5.850%

due

04/15/27(¢)

3,089

75

Morgan

Stanley

Bank

NA

6.625%

due

10/15/29(¢)

16,008

414

Oaktree

Capital

Group

LLC

6.550%

due

09/25/24(¢)

3,130

69

Prudential

Financial,

Inc.

5.625%

due

08/15/58

903

22

Public

Storage

4.700%

due

11/15/24(¢)

802

17

4.750%

due

12/20/24(¢)

900

19

Regions

Financial

Corp.

5.700%

due

05/15/29(¢)

3,632

84

Reinsurance

Group

of

America,

Inc.

7.125%

due

10/15/52

1,419

37

RenaissanceRe

Holdings,

Ltd.

5.750%

due

09/25/24(¢)

3,522

82

4.200%

due

07/15/26(¢)

1,979

35

TPG,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.950%

due

03/15/64

4,021

103

Truist

Financial

Corp.

4.750%

due

09/01/25(¢)

1,554

31

US

Bancorp

5.500%

due

09/25/24(¢)

1,456

35

6.583%

due

09/25/24(¢)

64

55

4.000%

due

04/15/26(¢)

2,839

50

W.R.

Berkley

Corp.

5.100%

due

12/30/59

2,723

58

4.250%

due

09/30/60

1,772

34

4.125%

due

03/30/61

1,759

33

Wells

Fargo

&

Co.

4.750%

due

03/15/25(¢)

6,580

134

4.700%

due

12/15/25(¢)

2,356

48

4.375%

due

03/15/26(¢)

1,653

32

4.250%

due

09/15/26(¢)

1,731

32

5,056

Health

Care

-

0.0%

Draegerwerk

AG

&

Co.

KGaA

3.969%

(Ÿ)

1,447

76

Materials

and

Processing

-

0.0%

Braskem

SA

0.000%

(Æ)

7,800

24

Technology

-

0.1%

Samsung

Electronics

Co.,

Ltd.

2.346%

(Ÿ)

3,576

167

Utilities

-

0.3%

AT&T,

Inc.

5.350%

due

11/01/66

3,992

90

5.625%

due

08/01/67

1,335

32

4.750%

due

02/18/25(¢)

2,079

41

Brookfield

Infrastructure

Finance

ULC

5.000%

due

05/24/81

1,652

28

Brookfield

Infrastructure

Partners,

LP

5.125%

due

10/15/25(¢)

2,250

43

CMS

Energy

Corp.

5.875%

due

10/15/78

2,871

69

5.875%

due

03/01/79

4,276

103

Raizen

Energia

SA

5.489%

(Ÿ)

52,768

28

SCE

Trust

V

5.450%

due

03/15/26(¢)

3,657

89

SCE

Trust

VI

5.000%

due

09/25/24(¢)

3,431

67

SCE

Trust

VII

7.500%

due

11/22/28(¢)

7,843

205

SCE

Trust

VIII

6.950%

due

05/13/29(¢)

4,261

108

Telephone

and

Data

Systems,

Inc.

6.625%

due

03/31/26(¢)

626

12

United

States

Cellular

Corp.

6.250%

due

09/01/69

2,457

54

5.500%

due

03/01/70

1,802

37

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

430

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.500%

due

06/01/70

1,448

29

1,035

Total

Preferred

Stocks

(cost

$6,845)

6,858

Warrants

and

Rights

-

0.0%

Warrants

and

Rights

-

0.0%

Localiza

Rent

a

Car

SA(Æ)

2024  Rights

74

—

Total

Warrants

and

Rights

(cost

$—)

—

Short-Term

Investments

-

6.0%

Air

Transport

Services

Group,

Inc.

1.125%

due

10/15/24

465

459

Atlantica

Sustainable

Infrastructure

Jersey,

Ltd.

4.000%

due

07/15/25

341

335

BioMarin

Pharmaceutical,

Inc.

0.599%

due

08/01/24(ç)

178

178

Block,

Inc.

0.125%

due

03/01/25

165

160

Chegg,

Inc.

0.125%

due

03/15/25

691

653

China

Government

International

Bond

1.950%

due

12/03/24

(Þ)

472

467

EZCORP,

Inc.

2.375%

due

05/01/25

567

550

Five9,

Inc.

0.500%

due

06/01/25

411

392

Hat

Holdings

I

LLC

0.000%

due

05/01/25

(Þ)(Æ)

678

714

High

Ridge

Brands

Co.

8.875%

due

03/15/25

(Š)

1,640

—

I3

Verticals

LLC

1.000%

due

02/15/25

205

197

Israel

Electric

Corp.,

Ltd.

5.000%

due

11/12/24

(Þ)

530

528

Kazakhstan

Government

International

Bond

Series

REGS

3.875%

due

10/14/24

(Þ)

140

139

LendingTree,

Inc.

0.500%

due

07/15/25

300

278

Nevro

Corp.

2.750%

due

04/01/25

325

313

NuVasive,

Inc.

0.375%

due

03/15/25

1,086

1,043

Pegasystems,

Inc.

0.750%

due

03/01/25

340

329

PennyMac

Mortgage

Investment

Trust

5.500%

due

11/01/24

284

280

U.S.

Cash

Management

Fund(@)

12,114,615

(∞)

12,112

Wayfair,

Inc.

1.125%

due

11/01/24

61

60

Total

Short-Term

Investments

(cost

$19,145)

19,187

Other

Securities

-

0.8%

U.S.

Cash

Collateral

Fund(@)(×)

2,458,538

(∞)

2,459

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Other

Securities

(cost

$2,459)

2,459

Total

Investments

-

97.4%

(identified

cost

$284,506)

309,026

Other

Assets

and

Liabilities,

Net

-

2.6%

8,239

Net

Assets

-

100.0%

317,265

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

431

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

19.2%

ABN

AMRO

Bank

NV

03/23/23

EUR

9,888

15.92

157

172

Abu

Dhabi

Developmental

Holding

Co.

PJSC

04/30/24

200,000

99.49

199

204

Abu

Dhabi

Government

International

Bond

09/20/22

616,000

82.74

510

518

Abu

Dhabi

Government

International

Bond

11/02/22

200,000

67.99

136

140

Abu

Dhabi

Government

International

Bond

04/23/24

200,000

98.33

197

205

Abu

Dhabi

Government

International

Bond

07/11/24

200,000

67.73

135

136

Adyen

NV

04/02/24

EUR

18

1,691.56

30

22

Aena

SME

SA

11/10/15

EUR

2,171

116.08

252

412

Aeropuerto

Internacional

De

Tocumen

SA

03/22/22

862,000

81.93

706

649

African

Export-Import

Bank

(The)

04/18/23

548,000

89.11

488

497

AIB

Group

PLC

04/24/24

EUR

200,000

107.37

215

221

Allianz

SE

01/09/23

200,000

85.54

171

189

Alpha

FX

Group

PLC

07/25/24

GBP

931

31.79

30

31

Angolan

Government

International

Bond

09/20/22

388,000

82.11

319

347

Apollo

Management

Holdings,

LP

12/11/19

122,000

100.39

122

121

Ares

Management

Corp.

07/07/21

130,000

100.15

130

121

Auto

Trader

Group

PLC

06/28/24

GBP

2,808

10.31

29

29

AXA

SA

03/30/23

100,000

103.98

104

108

Axian

Telecom

03/08/23

581,000

94.76

551

575

Axis

Bank,

Ltd.

05/31/24

1,334

70.32

94

93

Bahrain

Government

International

Bond

05/02/23

457,000

100.51

459

481

Banco

de

Sabadell

SA

01/04/23

EUR

200,000

106.03

212

239

Banco

do

Brasil

SA

07/26/22

273,000

85.36

233

278

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

02/16/23

200,000

93.15

186

194

Banco

Nacional

de

Panama

01/23/24

203,000

78.12

159

160

Banco

Santander

SA

05/07/24

EUR

200,000

107.57

215

221

Bank

Gospodarstwa

Krajowego

07/01/24

215,000

99.28

213

225

Bank

Negara

Indonesia

Persero

Tbk

PT

02/15/24

762,000

91.24

695

715

BNP

Paribas

SA

08/08/22

200,000

100.00

200

206

BNP

Paribas

SA

11/21/22

200,000

103.25

207

215

BNP

Paribas

SA

05/12/23

200,000

69.77

140

168

BNP

Paribas

SA

01/17/24

400,000

101.13

405

420

CaixaBank

SA

01/03/24

EUR

200,000

109.22

218

228

CBB

International

Sukuk

Programme

Co.

WLL

07/18/24

200,000

94.93

190

189

Cellnex

Telecom

SA

10/07/22

EUR

3,709

32.19

119

129

Centrais

Eletricas

Brasileiras

SA

07/23/24

350,000

90.92

318

322

CGN

Power

Co.,

Ltd.

10/28/22

HKD

111,000

0.22

24

45

China

Government

International

Bond

09/29/23

200,000

92.30

185

187

China

Government

International

Bond

11/21/23

472,000

98.93

467

467

China

International

Capital

Corp.,

Ltd.

09/11/23

HKD

45,200

1.68

76

50

Codelco

Metals,

Inc.

09/05/23

220,000

99.89

220

223

Comision

Federal

de

Electricidad

06/15/22

260,000

93.85

244

248

Corp.

Financiera

de

Desarrollo

SA

02/16/23

200,000

90.32

181

184

Corp.

Nacional

del

Cobre

de

Chile

03/22/22

871,000

80.75

703

552

Costa

Rica

Government

International

Bond

11/06/23

365,000

94.82

346

389

Dairy

Farmers

of

America,

Inc.

08/05/16

2,500

106.50

266

244

Deutsche

Bank

AG

06/03/24

EUR

200,000

109.82

220

221

Development

Bank

of

Kazakhstan

JSC

04/04/24

281,000

99.75

280

279

Dino

Polska

SA

05/07/21

PLN

253

67.86

17

23

Dominican

Republic

Government

International

Bond

03/20/23

600,000

98.94

594

630

Dominican

Republic

Government

International

Bond

06/25/24

150,000

102.61

154

158

DP

World

PLC

03/22/22

620,000

116.30

721

684

Ecuador

Government

International

Bond

08/09/23

210,282

39.76

84

111

Ecuador

Government

International

Bond

11/10/23

214,738

55.73

120

145

Ecuador

Government

International

Bond

03/01/24

139,513

48.15

67

71

Egypt

Government

International

Bond

05/24/23

254,000

59.36

151

213

Egypt

Government

International

Bond

03/20/24

402,000

81.73

329

324

Egypt

Government

International

Bond

06/28/24

200,000

74.57

149

151

El

Salvador

Government

International

Bond

09/21/22

250,000

33.20

83

201

Emirates

NBD

Bank

PJSC

03/22/22

539,000

99.73

538

535

Empresa

de

Transmision

Electrica

SA

03/22/22

732,000

99.98

732

543

Empresa

Nacional

del

Petroleo

03/22/22

921,000

83.78

772

698

Empresa

Nacional

del

Petroleo

07/24/24

200,000

98.52

197

200

Enel

SpA

01/09/23

EUR

100,000

107.33

107

119

Eskom

Holdings

SOC,

Ltd.

03/22/22

739,000

101.67

751

729

Etalon

Group

PLC

09/04/18

267,238

—

455

—

EUSHI

Finance,

Inc.

06/10/24

100,000

100.07

100

102

Export-Import

Bank

of

India

03/22/22

1,016,000

86.22

894

856

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

432

Multi-Strategy

Income

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Farm

Credit

Bank

of

Texas

07/15/20

125,000

1.00

125

124

FEL

Energy

VI

SARL

10/19/22

219,170

69.50

152

201

First

Horizon

Bank

02/24/23

129

808.04

104

85

Franshion

Brilliant,

Ltd.

07/26/22

342,000

75.35

258

264

Franshion

Brilliant,

Ltd.

10/19/22

300,000

83.03

249

274

Freeport

Indonesia

PT

04/22/24

200,000

94.67

189

200

GA

Global

Funding

Trust

06/24/21

140,000

100.00

140

131

Georgian

Railway

JSC

03/22/22

563,000

89.14

502

496

Ghana

Government

International

Bond

09/20/22

464,000

40.71

189

236

Global

Atlantic

Finance

Co.

06/04/24

125,000

100.18

125

127

Greensaif

Pipelines

Bidco

SARL

07/17/24

225,000

100.00

225

226

Grupo

Energia

Bogota

SA

03/22/22

709,000

101.30

718

677

Guatemala

Government

International

Bond

06/06/23

294,000

100.00

294

298

Halyk

Savings

Bank

of

Kazakhstan

JSC

01/24/22

5,304

9.17

49

93

Hartford

Financial

Services

Group,

Inc.

02/05/21

107,000

94.25

101

96

Hat

Holdings

I

LLC

11/07/23

678,000

98.10

665

714

Hazine

Mustesarligi

Varlik

Kiralama

AS

12/05/23

552,000

101.30

559

589

HSBC

Capital

Funding,

LP

02/03/23

102,000

136.60

139

126

Huarong

Finance

2017

Co.,

Ltd.

02/16/23

595,000

92.58

551

568

Huarong

Finance

2019

Co.,

Ltd.

02/16/23

708,000

77.91

552

608

Hungary

Government

International

Bond

11/08/23

257,000

100.18

257

264

Hungary

Government

International

Bond

01/03/24

217,000

97.95

213

213

Hungary

Government

International

Bond

01/10/24

328,000

64.30

211

209

ILFC

E-Capital

Trust

I

04/29/21

100,000

82.88

83

83

Indonesia

Asahan

Aluminium

Persero

PT

03/09/23

200,000

87.97

176

188

ING

Groep

NV

10/13/22

200,000

68.97

138

177

Innovent

Biologics,

Inc.

02/23/24

HKD

50,500

5.45

275

251

Instituto

Costarricense

de

Electricidad

03/22/22

762,000

79.39

605

679

Intesa

Sanpaolo

SpA

09/23/20

200,000

106.83

214

200

Israel

Electric

Corp.,

Ltd.

10/18/23

530,000

99.14

525

528

Ivory

Coast

Government

International

Bond

01/23/24

200,000

98.14

196

193

Jordan

Government

International

Bond

01/17/24

273,000

98.98

270

271

Kazakhstan

Government

International

Bond

01/26/16

140,000

99.81

140

139

KazMunayGas

National

Co.

JSC

03/22/22

464,000

91.00

422

437

KazMunayGas

National

Co.

JSC

03/22/22

200,000

94.48

189

189

Kenya

Government

International

Bond

02/12/24

203,000

97.40

198

193

Khazanah

Global

Sukuk

Bhd

07/19/23

233,000

100.00

233

231

Krung

Thai

Bank

PCL

10/19/22

600,000

78.55

471

578

Kuaishou

Technology

12/02/22

HKD

39,500

9.05

358

220

La

Mondiale

SAM

07/10/24

EUR

100,000

108.29

108

108

Lancashire

Holdings,

Ltd.

03/11/21

200,000

100.00

200

183

Land

O'Lakes,

Inc.

03/28/17

185,000

100.00

185

153

Larsen

&

Toubro,

Ltd.

07/12/24

7,083

40.45

286

323

Lebanon

Government

International

Bond

06/22/23

USD

1,159,000

7.75

90

81

Lebanon

Government

International

Bond

01/16/24

66,000

8.41

6

5

Lenta

International

Co.

PJSC

08/27/21

130,305

—

355

—

Longfor

Group

Holdings,

Ltd.

04/21/23

HKD

228,500

1.80

410

294

Lucid

Group,

Inc.

07/12/24

217,000

63.53

138

136

Match

Group

Financeco,

Inc.

11/01/23

146,000

89.57

131

135

Mazoon

Assets

Co.

03/22/22

545,000

102.35

558

540

Meituan

07/12/24

HKD

7,000

15.26

107

97

MetLife

Capital

Trust

IV

12/09/22

300,000

110.82

332

324

MetLife,

Inc.

07/14/16

125,000

138.99

174

146

Mexico

City

Airport

Trust

03/22/22

213,000

88.19

188

180

MHP

SE

04/12/16

29,675

6.08

180

108

MP

Materials

Corp.

04/23/24

1,000,000

90.13

901

897

MVM

Energetika

Zrt.

01/23/24

701,000

103.31

724

735

NAC

Kazatomprom

JSC

12/18/19

6,199

13.00

81

235

National

Bank

of

Fujairah

PJSC

04/18/23

437,000

97.80

427

434

NextEra

Energy,

Inc.

04/23/24

1,065,000

91.03

969

973

Nigeria

Government

International

Bond

09/20/22

695,000

77.47

538

568

NIO,

Inc.

05/06/24

86,000

76.94

66

55

Nippon

Life

Insurance

Co.

11/08/22

200,000

92.92

186

196

Nordea

Bank

Abp

09/15/20

200,000

113.66

227

199

OCP

SA

04/24/24

303,000

97.27

295

313

OCP,

Inc.

03/22/22

755,000

91.11

688

659

Oil

and

Gas

Holding

Co.

BSCC

(The)

03/22/22

572,000

105.52

604

614

Oman

Government

International

Bond

09/20/22

784,000

102.87

806

815

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

433

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

OQ

SAOC

03/22/22

418,000

99.64

417

408

Pakistan

Government

International

Bond

03/08/24

369,000

75.80

280

276

Pakistan

Water

and

Power

Development

Authority

03/22/22

953,000

71.79

684

715

Paraguay

Government

International

Bond

06/28/23

200,000

99.99

200

203

Pertamina

Persero

PT

04/18/22

650,000

81.88

532

483

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

07/25/23

318,000

82.95

264

265

Petroleos

de

Venezuela

SA

02/29/24

669,083

13.61

91

75

Petroleos

del

Peru

SA

07/26/22

1,431,000

69.24

1,026

914

Petroleos

Mexicanos

05/18/22

894,000

64.84

580

559

Petronas

Capital,

Ltd.

04/01/22

1,323,000

75.11

1,138

910

Petronas

Capital,

Ltd.

06/26/23

289,000

83.28

241

246

Polyus

PJSC

-

GDR

10/20/22

1

—

—

—

Poste

Italiane

SpA

06/14/22

EUR

2,133

9.51

20

29

Qatar

Government

International

Bond

10/31/23

563,000

98.32

554

562

Qatar

Government

International

Bond

05/21/24

200,000

99.51

199

202

QBE

Insurance

Group,

Ltd.

05/05/20

200,000

100.00

200

198

Reliance

Industries,

Ltd.

06/02/23

4,834

62.13

300

349

Repay

Holdings

Corp.

05/26/23

391,000

89.96

352

354

Republic

of

Azerbaijan

Government

International

Bond

09/21/22

108,000

85.06

92

94

Republic

of

Guatemala

Government

International

Bond

07/29/24

200,000

100.00

200

200

Republic

of

Serbia

Government

International

Bond

06/05/24

200,000

97.89

196

199

Republic

of

Zambia

Government

International

Bond

06/28/24

106,000

49.60

53

53

Republic

of

Zambia

Government

International

Bond

06/28/24

55,828

87.53

49

49

Romania

Government

International

Bond

01/05/23

36,000

99.41

36

39

Romania

Government

International

Bond

01/23/24

190,000

99.19

188

194

Romania

Government

International

Bond

01/23/24

64,000

99.52

64

65

Romania

Government

International

Bond

02/26/24

386,000

69.92

270

271

Romania

Government

International

Bond

07/19/24

58,000

105.63

61

62

SA

Global

Sukuk,

Ltd.

03/22/22

200,000

95.22

190

174

Samruk-Kazyna

JSC

03/22/22

200,000

93.02

186

184

Saudi

Arabian

Oil

Co.

03/22/22

660,000

93.17

615

562

Saudi

Arabian

Oil

Co.

05/09/23

SAR

37,488

7.96

298

276

Saudi

Arabian

Oil

Co.

07/10/24

316,000

97.64

309

310

Saudi

Government

International

Bond

01/18/24

440,000

99.14

436

438

Saudi

Government

International

Bond

05/21/24

384,000

97.41

374

376

SBL

Holdings

LLC

02/04/20

120,000

89.69

108

106

SBL

Holdings

LLC

06/17/21

75,000

100.00

75

63

Scentre

Group

Trust

2

09/16/20

300,000

100.00

300

292

Scout24

SE

07/25/24

EUR

435

77.49

34

34

Senegal

Government

International

Bond

02/05/24

140,000

73.14

102

102

Siemens

Healthineers

AG

04/16/21

EUR

1,376

49.18

68

74

Signify

NV

06/10/22

EUR

12,021

31.59

380

298

Societe

Generale

SA

05/06/22

200,000

103.03

206

201

Societe

Generale

SA

11/14/22

200,000

100.00

200

205

Societe

Generale

SA

11/07/23

200,000

100.00

200

211

SoFi

Technologies,

Inc.

01/22/24

879,000

82.18

722

774

Southern

Gas

Corridor

CJSC

03/22/22

724,000

102.90

745

730

Sumitomo

Life

Insurance

Co.

01/10/24

400,000

100.19

401

394

Svenska

Handelsbanken

AB

07/26/24

200,000

87.55

175

175

Swedbank

AB

02/06/24

200,000

100.00

200

204

TC

Ziraat

Bankasi

AS

01/25/23

614,000

94.60

581

601

Telefonica

Europe

BV

01/25/23

EUR

100,000

109.15

109

114

Transnet

SOC,

Ltd.

07/25/23

607,000

99.61

605

615

Trinidad

&

Tobago

Government

International

Bond

09/11/23

200,000

99.34

199

200

Turkiye

Ihracat

Kredi

Bankasi

AS

03/22/22

700,000

96.02

672

683

UBS

Group

AG

10/13/22

200,000

85.30

171

192

UBS

Group

AG

09/20/23

200,000

85.76

172

188

UBS

Group

AG

11/09/23

200,000

102.08

204

226

UBS

Group

AG

01/17/24

200,000

105.70

211

218

UBS

Group

AG

07/10/24

200,000

82.67

165

167

Ukraine

Government

International

Bond

09/20/22

545,000

28.10

153

183

Ukraine

Government

International

Bond

05/31/24

200,000

36.08

72

73

Ukraine

Railways

Via

Rail

Capital

Markets

PLC

07/23/24

989,000

79.12

783

806

Unibail-Rodamco-Westfield

01/18/24

EUR

100,000

111.08

111

115

Uzbekneftegaz

JSC

03/22/22

687,000

82.86

569

583

Venezuela

Government

International

Bond

03/26/24

283,600

17.07

48

48

WH

Group,

Ltd.

06/02/23

HKD

32,528

0.53

17

21

Xiaomi

Corp.

03/08/24

HKD

157,600

1.61

253

337

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

434

Multi-Strategy

Income

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Yellow

Cake

PLC

09/23/19

GBP

12,980

2.52

33

93

YPF

SA

02/16/23

278,000

85.52

238

256

YPF

SA

07/25/23

504,000

88.89

448

479

Zalando

SE

01/12/24

EUR

10,762

23.72

255

276

Ziraat

Katilim

Varlik

Kiralama

AS

03/14/24

563,000

104.87

590

595

60,870

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Long

Gilt

Futures

68

GBP

6,747

09/24

212

MSCI

EAFE

Index

Futures

270

USD

32,261

09/24

930

MSCI

Emerging

Markets

Index

Futures

26

USD

1,425

09/24

23

Russell

2000

E-Mini

Index

Futures

4

USD

455

09/24

47

S&P

500

E-Mini

Index

Futures

44

USD

12,228

09/24

70

United

States

2

Year

Treasury

Note

Futures

493

USD

101,246

09/24

716

United

States

5

Year

Treasury

Note

Futures

7

USD

755

09/24

4

United

States

10

Year

Treasury

Note

Futures

617

USD

68,988

09/24

1,957

United

States

10

Year

Treasury

Ultra

Bond

Futures

104

USD

12,020

09/24

358

United

States

Treasury

Long

Bond

Futures

12

USD

1,450

09/24

51

Short

Positions

EURO

STOXX

50

Index

Futures

310

EUR

15,184

09/24

160

Euro-Bund

Futures

71

EUR

9,495

09/24

(255)

FTSE

100

Index

Futures

57

GBP

4,764

09/24

(82)

FTSE

250

Index

Futures

24

GBP

1,037

09/24

(70)

Hang

Seng

Index

Futures

54

HKD

46,842

08/24

(107)

Japanese

10

Year

Government

Bond

Futures

13

JPY

1,855,360

09/24

8

MSCI

Emerging

Markets

Index

Futures

180

USD

9,868

09/24

(158)

Russell

2000

E-Mini

Index

Futures

203

USD

23,071

09/24

(2,357)

S&P/TSX

60

Index

Futures

18

CAD

4,987

09/24

(229)

SPI

200

Index

Futures

9

AUD

1,814

09/24

(50)

TOPIX

Index

Futures

69

JPY

1,929,930

09/24

(89)

United

States

5

Year

Treasury

Note

Futures

10

USD

1,079

09/24

(20)

United

States

Treasury

Ultra

Bond

Futures

1

USD

128

09/24

(4)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,115

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

478

NOK

5,110

08/08/24

(9)

Bank

of

America

USD

491

NZD

832

08/08/24

4

Bank

of

America

DKK

3,746

USD

547

09/18/24

2

Bank

of

America

EUR

2,236

USD

2,434

09/18/24

8

Bank

of

America

GBP

1,118

USD

1,437

09/18/24

(2)

Bank

of

America

HKD

10,169

USD

1,305

09/19/24

2

Bank

of

America

JPY

208,924

USD

1,360

09/18/24

(44)

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

435

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

485

EUR

451

08/08/24

3

Barclays

DKK

3,746

USD

548

09/18/24

3

Barclays

EUR

2,236

USD

2,436

09/18/24

11

Barclays

GBP

1,118

USD

1,437

09/18/24

(1)

Barclays

HKD

10,169

USD

1,305

09/19/24

2

Barclays

JPY

208,924

USD

1,361

09/18/24

(43)

Brown

Brothers

Harriman

USD

248

EUR

228

08/02/24

(2)

Brown

Brothers

Harriman

USD

1,768

EUR

1,634

08/02/24

—

Brown

Brothers

Harriman

USD

242

GBP

189

08/02/24

—

Brown

Brothers

Harriman

EUR

66

USD

72

08/02/24

—

Brown

Brothers

Harriman

EUR

100

USD

109

08/02/24

1

Brown

Brothers

Harriman

EUR

1,695

USD

1,819

08/02/24

(15)

Brown

Brothers

Harriman

EUR

1,639

USD

1,777

09/04/24

—

Brown

Brothers

Harriman

GBP

189

USD

238

08/02/24

(4)

Brown

Brothers

Harriman

GBP

189

USD

242

09/04/24

—

Citigroup

DKK

3,746

USD

547

09/18/24

2

Citigroup

EUR

2,236

USD

2,434

09/18/24

9

Citigroup

GBP

1,118

USD

1,439

09/18/24

1

Citigroup

HKD

10,169

USD

1,305

09/19/24

2

Citigroup

JPY

208,924

USD

1,360

09/18/24

(44)

HSBC

USD

895

GBP

707

08/08/24

13

HSBC

AUD

730

USD

478

08/08/24

—

HSBC

DKK

3,746

USD

547

09/18/24

2

HSBC

EUR

2,236

USD

2,432

09/18/24

7

HSBC

GBP

1,118

USD

1,437

09/18/24

(2)

HSBC

HKD

10,169

USD

1,305

09/19/24

2

HSBC

JPY

208,924

USD

1,359

09/18/24

(45)

JPMorgan

Chase

CHF

616

USD

684

08/08/24

(18)

JPMorgan

Chase

JPY

65,993

USD

411

08/08/24

(30)

Royal

Bank

of

Canada

DKK

3,746

USD

547

09/18/24

2

Royal

Bank

of

Canada

EUR

2,236

USD

2,433

09/18/24

7

Royal

Bank

of

Canada

GBP

1,118

USD

1,437

09/18/24

(1)

Royal

Bank

of

Canada

HKD

10,169

USD

1,305

09/19/24

2

Royal

Bank

of

Canada

JPY

208,924

USD

1,359

09/18/24

(46)

Royal

Bank

of

Canada

SEK

9,414

USD

888

08/08/24

9

State

Street

USD

28

CHF

24

08/08/24

—

State

Street

USD

647

CHF

571

09/18/24

6

State

Street

USD

19

JPY

3,006

08/08/24

1

State

Street

USD

15

NOK

169

08/08/24

—

State

Street

AUD

566

USD

379

09/18/24

9

State

Street

CAD

1,845

USD

1,351

09/18/24

13

State

Street

EUR

10

USD

10

08/08/24

—

State

Street

GBP

15

USD

19

08/08/24

—

State

Street

NOK

8,070

USD

770

09/18/24

30

State

Street

SEK

193

USD

18

08/08/24

—

State

Street

SEK

11,488

USD

1,121

09/18/24

46

UBS

CHF

616

USD

684

08/08/24

(18)

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

436

Multi-Strategy

Income

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Westpac

USD

410

NZD

676

08/08/24

(8)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(133)

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

-

Purchase

Protection

Reference

Entity

Counterparty

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

NA

Emerging

Markets

Index

Bank

of

America

USD

13,000

(1.000%)

(2)

06/20/29

435

(69)

366

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

435

(69)

366

Total

Open

Credit

Default

Swap

Contracts

(å)

435

(69)

366

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Long-Term

Investments

Corporate

Bonds

and

Notes

$

—

$

45,997

$

—

$

—

$

45,997

International

Debt

—

68,272

—

—

68,272

Non-US

Bonds

—

1,996

—

—

1,996

Common

Stocks

Consumer

Discretionary

7,329

10,909

—

—

18,238

Consumer

Staples

5,389

3,137

—

—

8,526

Energy

3,915

1,242

—

—

5,157

Financial

Services

31,335

18,664

—

—

49,999

Health

Care

7,398

5,549

—

—

12,947

Materials

and

Processing

7,409

6,137

—

—

13,546

Producer

Durables

9,045

9,608

3,246

—

21,899

Technology

15,570

9,001

—

—

24,571

Utilities

5,017

4,357

—

—

9,374

Preferred

Stocks

6,213

645

—

—

6,858

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

7,075

—

12,112

19,187

Other

Securities

—

—

—

2,459

2,459

Total

Investments

98,620

192,589

3,246

14,571

309,026

Other

Financial

Instruments

Assets

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

437

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Futures

Contracts

4,536

—

—

—

4,536

Foreign

Currency

Exchange

Contracts

—

199

—

—

199

Credit

Default

Swap

Contracts

—

366

—

—

366

Liabilities

Futures

Contracts

(3,421

)

—

—

—

(3,421

)

Foreign

Currency

Exchange

Contracts

—

(332

)

—

—

(332

)

Total

Other

Financial

Instruments

*

$

1,115

$

233

$

—

$

—

$

1,348

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Quantitative

Information

about

Level

3

Fair

Value

Measurements

The

significant

inputs

used

in

determining

the

fair

value

levels

of

Level

3

securities

were

as

follows:

Category

and

Subcategory

Valuation

Technique(s)

Unobservable

Input(s)

Input/Range(s)

Fair

Value

($)

Common

Stocks

Producer

Durables

Discounted

cash

flow

**

Discount

rate

*

14.2%

3,246

Market

approach**

EBITDA

multiple***

4.83x

Discount

to

guideline

comparables

40.4%

Total

Investments

3,246

*    

The

discount

rates

were

determined

by

calculating

the

weighted

average

cost

of

capital

for

the

companies.

**  

A

50%/50%

weighted

average

was

applied

to

the

Market

approach

and

Discounted

cash

flow.

*** A

relative

value

analysis

of

comparable

publicly

traded

companies

was

used

to

derive

the

EBIDTA

multiple.

A

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

value

for

the

period

ended

July

31,

2024

were

as

follows:

Category

and

Subcategory

Beginning

Balance

11/01/2023

Gross

Purchases

Gross

Sales

Accrued

Discounts/

(Premiums)

Realized

Gain

(Loss)

Net

Transfers

into

Level

3

Net

Transfers

out

of

Level

3

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

Ending

Balance

7/31/2024

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

held

as

of

7/31/2024

Common

Stocks

Producer

Durables

$2,999

$—

$—

$—

$—

$—

$—

$247

$3,246

$247

Total

Investments

$2,999

$—

$—

$—

$—

$—

$—

$247

$3,246

$247

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

438

Multi-Strategy

Income

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Angola

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

347

Argentina

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

1,387

Australia

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

3,042

Austria

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

65

Azerbaijan

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

824

Bahrain

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

1,473

Belgium

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

352

Bermuda

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

117

Brazil

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

4,683

Canada

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

11,090

Chile

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

2,112

China

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

11,793

Colombia

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

2,273

Costa

Rica

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

1,068

Denmark

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

1,335

Dominican

Republic

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

788

Ecuador

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

327

Egypt

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

687

El

Salvador

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

201

Finland

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

1,000

France

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

5,645

Georgia

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

496

Germany

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

3,695

Ghana

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

671

Greece

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

319

Guatemala

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

498

Hong

Kong

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

1,417

Hungary

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

1,420

India

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

4,120

Indonesia

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

4,179

Ireland

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

859

Israel

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

1,375

Italy

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

1,180

Ivory

Coast

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

193

Japan

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

15,967

Jersey

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

382

Jordan

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

271

Kazakhstan

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

1,558

Kenya

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

193

Lebanon

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

86

Luxembourg

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

469

Macao

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

206

Malaysia

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

1,457

Mauritius

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

575

Mexico

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

4,040

Morocco

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

972

Myanmar

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

38

Netherlands

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

1,568

New

Zealand

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

164

Nigeria

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

568

Norway

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

50

Oman

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

1,763

Pakistan

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

991

Panama

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

2,072

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

439

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Paraguay

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

203

Peru

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

1,486

Philippines

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

1,118

Poland

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

812

Portugal

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

17

Puerto

Rico

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

329

Qatar

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

764

Romania

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

630

Russia

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

—

Saudi

Arabia

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

2,448

Senegal

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

102

Serbia

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

199

Singapore

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

1,838

South

Africa

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

4,039

South

Korea

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

5,212

Spain

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

2,274

Sweden

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

1,803

Switzerland

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

3,184

Taiwan

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

4,062

Thailand

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

977

Trinidad

and

Tobago

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

200

Turkey

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

3,556

Ukraine

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

1,276

United

Arab

Emirates

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

2,857

United

Kingdom

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

10,262

United

States

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

153,422

Uruguay

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

547

Uzbekistan

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

583

Venezuela,

Bolivarian

Republic

of

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

123

Zambia

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

282

Total

Investments

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

309,026

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

22,948

$

163,905

$

174,743

$

2

$

—

$

12,112

$

708

$

—

U.S.

Cash

Collateral

Fund

2,734

24,215

24,490

—

—

2,459

156

—

$

25,682

$

188,120

$

199,233

$

2

$

—

$

14,571

$

864

$

—

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

440

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

22.7%

Corporate

Bonds

and

Notes

-

12.8%

8x8,

Inc.

4.000%

due

02/01/28

2,058

1,753

Affirm

Holdings,

Inc.

11.521%

due

11/15/26

2,027

1,714

Air

Transport

Services

Group,

Inc.

3.875%

due

08/15/29

1,688

1,498

Alarm.com,

Inc.

5.284%

due

01/15/26

685

628

Alcoa

Nederland

Holding

BV

4.125%

due

03/31/29

(Þ)

400

374

Ally

Financial,

Inc.

Series

C

4.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

3.481%)(Ê)(ƒ)

100

83

Arbor

Realty

Trust,

Inc.

7.500%

due

08/01/25

955

917

Ashland,

Inc.

3.375%

due

09/01/31

(Þ)

401

346

Ball

Corp.

2.875%

due

08/15/30

389

334

Bandwidth,

Inc.

0.500%

due

04/01/28

1,844

1,444

Bath

&

Body

Works,

Inc.

Series

WI

6.875%

due

11/01/35

195

198

Berry

Global,

Inc.

5.650%

due

01/15/34

(Þ)

14

14

Series

WI

1.650%

due

01/15/27

300

277

Blackstone

Mortgage

Trust,

Inc.

5.500%

due

03/15/27

(Ñ)

1,082

985

Bridgebio

Pharma,

Inc.

2.250%

due

02/01/29

312

253

Cable

One,

Inc.

8.568%

due

03/15/26

1,292

1,150

Cardlytics,

Inc.

1.000%

due

09/15/25

789

725

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.250%

due

02/01/31

(Þ)

300

255

Centene

Corp.

2.500%

due

03/01/31

453

379

CF

Industries,

Inc.

5.150%

due

03/15/34

28

28

4.950%

due

06/01/43

28

25

Cheesecake

Factory,

Inc.

(The)

0.375%

due

06/15/26

1,360

1,238

Chegg

,

Inc.

4.794%

due

09/01/26

223

184

Clearway

Energy

Operating

LLC

3.750%

due

02/15/31

(Þ)

261

231

3.750%

due

01/15/32

(Þ)

120

105

Cleveland-Cliffs,

Inc.

4.625%

due

03/01/29

(Þ)

225

213

Series

WI

7.000%

due

03/15/27

72

72

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cracker

Barrel

Old

Country

Store,

Inc.

0.625%

due

06/15/26

1,139

1,014

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

V

Series

WI

4.250%

due

09/30/26

234

226

DCP

Midstream

Operating,

LP

3.250%

due

02/15/32

39

34

DigitalOcean

Holdings,

Inc.

7.705%

due

12/01/26

2,241

1,906

EnLink

Midstream

LLC

5.625%

due

01/15/28

(Þ)

80

80

EnLink

Midstream

Partners,

LP

5.600%

due

04/01/44

71

64

5.050%

due

04/01/45

103

86

5.450%

due

06/01/47

72

63

EQT

Corp.

3.625%

due

05/15/31

(Þ)

110

99

Esperion

Therapeutics,

Inc.

4.000%

due

11/15/25

342

326

Etsy,

Inc.

0.250%

due

06/15/28

873

698

Eventbrite,

Inc.

5.000%

due

12/01/25

191

186

0.750%

due

09/15/26

1,783

1,565

First

Citizens

BancShares

,

Inc.

Series

B

9.573%

due

12/31/99

(CME

Term

SOFR

3

Month

+

4.234%)(Ê)(ƒ)

150

152

Fiverr

International,

Ltd.

6.653%

due

11/01/25

1,772

1,643

Ford

Motor

Credit

Co.

LLC

4.000%

due

11/13/30

200

182

Graphic

Packaging

International

LLC

3.750%

due

02/01/30

(Þ)

100

91

Groupon,

Inc.

1.125%

due

03/15/26

1,315

1,116

Guardant

Health,

Inc.

8.822%

due

11/15/27

2,191

1,751

Haemonetics

Corp.

5.340%

due

03/01/26

1,876

1,705

Hanesbrands,

Inc.

4.875%

due

05/15/26

(Þ)

589

577

HCA,

Inc.

2.375%

due

07/15/31

306

257

7.500%

due

11/15/95

221

247

Huntsman

International

LLC

2.950%

due

06/15/31

279

234

Innoviva

,

Inc.

2.125%

due

03/15/28

1,577

1,495

Integra

LifeSciences

Holdings

Corp.

0.500%

due

08/15/25

392

369

iQIYI

,

Inc.

6.500%

due

03/15/28

600

576

Iron

Mountain,

Inc.

5.250%

due

07/15/30

(Þ)

109

105

4.500%

due

02/15/31

(Þ)

220

202

JetBlue

Airways

Corp.

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

441

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.500%

due

04/01/26

1,176

1,085

JPMorgan

Chase

&

Co.

Series

CC

8.089%

due

12/31/99

(CME

Term

SOFR

3

Month

+

2.842%)(Ê)(ƒ)(Ñ)

200

201

KB

Home

4.800%

due

11/15/29

44

42

4.000%

due

06/15/31

44

40

Kinder

Morgan

Energy

Partners,

LP

4.700%

due

11/01/42

290

249

Levi

Strauss

&

Co.

3.500%

due

03/01/31

(Þ)

561

489

Liberty

Mutual

Group,

Inc.

4.300%

due

02/01/61

(Þ)

103

65

LKQ

Corp.

Series

WI

6.250%

due

06/15/33

(Ñ)

93

96

Lucid

Group,

Inc.

1.250%

due

12/15/26

(Þ)

438

275

Lumentum

Holdings,

Inc.

0.500%

due

06/15/28

2,235

1,786

Magnite

,

Inc.

0.250%

due

03/15/26

782

713

Marathon

Digital

Holdings,

Inc.

1.000%

due

12/01/26

1,052

934

Marriott

Vacations

Worldwide

Corp.

0.027%

due

01/15/26

(ž)

332

304

Match

Group

Financeco

,

Inc.

0.875%

due

06/15/26

(Þ)

293

271

Medline

Borrower,

LP

3.875%

due

04/01/29

(Þ)

306

286

6.250%

due

04/01/29

(Þ)

28

29

Meritage

Homes

Corp.

3.875%

due

04/15/29

(Þ)

300

282

Mesa

Laboratories,

Inc.

1.375%

due

08/15/25

1,840

1,740

MP

Materials

Corp.

0.250%

due

04/01/26

(Ñ)(Þ)

2,016

1,808

NeoGenomics

,

Inc.

0.250%

due

01/15/28

746

604

New

Mountain

Finance

Corp.

7.500%

due

10/15/25

1,368

1,380

NextEra

Energy,

Inc.

0.906%

due

11/15/25

(Ñ)(Þ)

2,148

1,962

NIO,

Inc.

3.875%

due

10/15/29

(Þ)

173

112

Novelis

Corp.

4.750%

due

01/30/30

(Þ)

197

186

3.875%

due

08/15/31

(Þ)

81

71

OI

European

Group

BV

4.750%

due

02/15/30

(Þ)

326

300

OneMain

Finance

Corp.

3.875%

due

09/15/28

9

8

4.000%

due

09/15/30

285

249

Pacira

Pharmaceutical,

Inc.

0.750%

due

08/01/25

1,839

1,701

Pebblebrook

Hotel

Trust

1.750%

due

12/15/26

1,909

1,698

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

PennyMac

Corp.

5.500%

due

03/15/26

2,055

1,974

Perficient

,

Inc.

0.125%

due

11/15/26

811

794

Plains

All

American

Pipeline,

LP

Series

B

9.694%

due

12/31/99

(CME

Term

SOFR

3

Month

+

4.372%)(Ê)(ƒ)

386

385

Post

Holdings,

Inc.

4.625%

due

04/15/30

(Þ)

37

34

4.500%

due

09/15/31

(Þ)

246

224

6.250%

due

02/15/32

(Þ)

15

15

Range

Resources

Corp.

4.750%

due

02/15/30

(Þ)

232

220

Realogy

Group

LLC

/

Realogy

Co-

Issuer

Corp.

0.250%

due

06/15/26

263

219

Repay

Holdings

Corp.

5.840%

due

02/01/26

(Þ)

789

715

RWT

Holdings,

Inc.

5.750%

due

10/01/25

1,655

1,622

Sally

Holdings

LLC

/

Sally

Capital,

Inc.

6.750%

due

03/01/32

170

169

Seagate

HDD

Cayman

4.091%

due

06/01/29

156

147

4.125%

due

01/15/31

204

185

Sealed

Air

Corp.

4.000%

due

12/01/27

(Þ)

400

379

5.000%

due

04/15/29

(Þ)

100

97

Snap,

Inc.

0.125%

due

03/01/28

1,783

1,417

SoFi

Technologies,

Inc.

8.124%

due

10/15/26

(Þ)

1,771

1,560

SolarEdge

Technologies,

Inc.

7.214%

due

09/15/25

322

295

Square,

Inc.

2.118%

due

05/01/26

775

696

Summit

Hotel

Properties,

Inc.

1.500%

due

02/15/26

1,655

1,524

Taylor

Morrison

Communities,

Inc.

5.125%

due

08/01/30

(Þ)

255

249

TechTarget

,

Inc.

1.768%

due

12/15/26

1,703

1,646

Teladoc

Health,

Inc.

1.250%

due

06/01/27

2,104

1,736

Tenet

Healthcare

Corp.

4.375%

due

01/15/30

286

268

TerraForm

Power

Operating

LLC

4.750%

due

01/15/30

(Þ)

307

285

The

RealReal

,

Inc.

1.000%

due

03/01/28

1,291

624

Two

Harbors

Investment

Corp.

6.250%

due

01/15/26

1,608

1,560

Unity

Software,

Inc.

8.008%

due

11/15/26

920

798

Upwork

,

Inc.

0.250%

due

08/15/26

1,402

1,254

Vail

Resorts,

Inc.

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

442

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.000%

due

01/01/26

350

322

Walgreens

Boots

Alliance,

Inc.

4.800%

due

11/18/44

(Ñ)

75

56

4.100%

due

04/15/50

(Ñ)

225

148

Wayfair,

Inc.

0.625%

due

10/01/25

350

327

Western

Digital

Corp.

3.100%

due

02/01/32

427

351

Xerox

Corp.

8.875%

due

11/30/29

(Þ)

324

301

Xometry

,

Inc.

1.000%

due

02/01/27

438

345

Ziff

Davis,

Inc.

1.750%

due

11/01/26

980

885

75,264

International

Debt

-

7.8%

Abu

Dhabi

Government

International

Bond

5.500%

due

04/30/54

(Þ)

200

205

Series

REGS

1.700%

due

03/02/31

(Þ)

673

566

3.125%

due

09/30/49

(Þ)

200

140

3.000%

due

09/15/51

(Þ)

244

166

AerCap

Holdings

NV

5.875%

due

10/10/79

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.535%)(Ê)

150

150

Alpek

SAB

de

CV

Series

REGS

3.250%

due

02/25/31

(Þ)

251

217

Angola

Government

International

Bond

Series

REGS

8.750%

due

04/14/32

(Þ)

328

293

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

Series

REGS

3.000%

due

09/01/29

(Þ)

200

178

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

Series

REGS

4.750%

due

07/15/27

(Þ)

184

127

Argentine

Republic

Government

International

Bond

1.750%

due

07/09/27

(~)(Ê)

178

96

4.750%

due

07/09/27

(~)(Ê)

197

82

1.000%

due

07/09/29

65

38

4.875%

due

07/09/41

(~)(Ê)

862

341

AT&T,

Inc.

Series

B

2.875%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

3.140%)(Ê)(ƒ)

200

213

Azerbaijan

Government

International

Bond

Series

REGS

3.500%

due

09/01/32

(Þ)

197

171

Bahrain

Government

International

Bond

7.750%

due

04/18/35

(Þ)

617

649

Banco

BTG

Pactual

SA

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

2.750%

due

01/11/26

(Þ)

200

191

Banco

Mercantil

del

Norte

SA

Series

REGS

6.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.967%)(Ê)(ƒ)(Þ)

200

199

Bank

Gospodarstwa

Krajowego

6.250%

due

07/09/54

(Þ)

253

265

Berry

Global,

Inc.

Series

REGS

1.500%

due

01/15/27

(Þ)

370

380

Bilibili

,

Inc.

0.500%

due

12/01/26

(Ñ)

961

927

BNP

Paribas

SA

Series

REGS

4.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.340%)(Ê)(ƒ)

(Ñ)(Þ)

200

167

Bolivia

Government

International

Bond

Series

REGS

4.500%

due

03/20/28

(Þ)

119

67

Brazil

Government

International

Bond

6.125%

due

01/22/32

784

779

7.125%

due

05/13/54

400

394

British

Telecommunications

PLC

4.875%

due

11/23/81

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.493%)(Ê)(Þ)

200

180

CBB

International

Sukuk

Programme

Co.

WLL

Series

REGS

3.950%

due

09/16/27

(Þ)

213

202

Celanese

Holdings

LLC

0.625%

due

09/10/28

325

310

Cemex

SAB

de

CV

Series

REGS

3.875%

due

07/11/31

(Þ)

200

179

Chile

Government

International

Bond

4.850%

due

01/22/29

684

683

Codelco

Metals,

Inc.

Series

REGS

5.950%

due

01/08/34

(Þ)

272

276

Colombia

Government

International

Bond

8.000%

due

11/14/35

433

451

8.750%

due

11/14/53

293

311

Costa

Rica

Government

International

Bond

Series

REGS

6.550%

due

04/03/34

(Þ)

298

308

Country

Garden

Holdings

Co.,

Ltd.

5.625%

due

01/14/30

(Æ)(Ø)(Þ)

200

16

Credit

Agricole

SA

Series

REGS

4.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.237%)(Ê)(ƒ)(Þ)

200

178

Crown

European

Holdings

SA

4.500%

due

01/15/30

(Þ)

100

109

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

443

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

4.750%

due

03/15/29

(Þ)

100

111

Development

Bank

of

Kazakhstan

JSC

5.500%

due

04/15/27

(Þ)

329

327

DNB

Bank

ASA

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.140%)(Ê)(ƒ)(Þ)

205

203

Dominican

Republic

Government

International

Bond

7.050%

due

02/03/31

(Þ)

200

210

Series

REGS

7.050%

due

02/03/31

(Þ)

657

690

Ecuador

Government

International

Bond

Series

REGS

6.900%

due

07/31/30

(~)(Ê)(Þ)

301

203

10.236%

due

07/31/30

(Þ)

163

83

5.493%

due

07/31/35

(~)(Ê)(Þ)

246

130

Egypt

Government

International

Bond

Series

REGS

7.300%

due

09/30/33

(Þ)

578

465

8.500%

due

01/31/47

(Þ)

416

313

El

Salvador

Government

International

Bond

Series

REGS

8.250%

due

04/10/32

(Þ)

150

121

Empresa

Nacional

del

Petroleo

5.950%

due

07/30/34

(Þ)

200

200

Enbridge,

Inc.

5.500%

due

07/15/77

(CME

Term

SOFR

3

Month

+

3.680%)(Ê)

118

112

Export-Import

Bank

of

India

Series

REGS

2.250%

due

01/13/31

(Þ)

116

98

Falabella

SA

Series

REGS

3.375%

due

01/15/32

(Þ)

200

167

First

Majestic

Silver

Corp.

0.375%

due

01/15/27

2,235

1,879

FMG

Resources

(August

2006)

Pty.,

Ltd.

4.375%

due

04/01/31

(Þ)

306

277

Fresenius

Medical

Care

US

Finance

II,

Inc.

Series

REGS

2.375%

due

02/16/31

(Þ)

438

355

Ghana

Government

International

Bond

Series

REGS

7.875%

due

02/11/35

(~)(Æ)(Ê)

(Ø)

(Þ)

503

256

Goodyear

Europe

BV

Series

REGS

2.750%

due

08/15/28

(Þ)

122

120

Graphic

Packaging

International

LLC

2.625%

due

02/01/29

(Þ)

100

101

Series

REGS

2.625%

due

02/01/29

(Þ)

100

101

Greenko

Power

II,

Ltd.

Series

REGS

4.300%

due

12/13/28

(Þ)

174

162

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Greensaif

Pipelines

Bidco

SARL

5.853%

due

02/23/36

(Þ)

264

265

6.103%

due

08/23/42

(Þ)

200

200

Guatemala

Government

International

Bond

6.600%

due

06/13/36

(Þ)

401

406

GUSAP

III,

LP

Series

REGS

4.250%

due

01/21/30

(Þ)

200

189

Hazine

Mustesarligi

Varlik

Kiralama

AS

8.509%

due

01/14/29

(Þ)

770

821

Hungary

Government

International

Bond

5.500%

due

03/26/36

(Þ)

321

315

Series

REGS

6.125%

due

05/22/28

(Þ)

204

209

3.125%

due

09/21/51

(Þ)

312

199

Indonesia

Government

International

Bond

4.550%

due

01/11/28

210

208

3.550%

due

03/31/32

809

737

5.650%

due

01/11/53

400

409

ING

Groep

NV

Series

NC10

4.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.862%)(Ê)(ƒ)

200

159

IQVIA,

Inc.

2.250%

due

03/15/29

(Þ)

248

248

Series

REGS

2.250%

due

03/15/29

(Þ)

276

276

Itau

Unibanco

Holding

SA

Series

REGS

4.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.222%)(Ê)(ƒ)(Þ)

200

196

Ivory

Coast

Government

International

Bond

8.250%

due

01/30/37

(Þ)

299

289

Jordan

Government

International

Bond

7.500%

due

01/13/29

(Þ)

46

46

Series

REGS

7.500%

due

01/13/29

(Þ)

326

323

Kenya

Government

International

Bond

9.750%

due

02/16/31

(Þ)

202

192

Klabin

Austria

GmbH

Series

REGS

3.200%

due

01/12/31

(Þ)

200

172

Lebanon

Government

International

Bond

Series

GMTN

6.600%

due

11/27/26

(Æ)(Ø)(Þ)

89

6

Series

REGS

6.650%

due

11/03/28

(Æ)(Ø)(Þ)

1,578

110

Macquarie

Bank,

Ltd.

3.052%

due

03/03/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.700%)(Ê)(Þ)

226

193

Mexico

Government

International

Bond

6.000%

due

05/07/36

438

436

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

444

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.600%

due

01/23/46

200

157

Millicom

International

Cellular

SA

Series

REGS

4.500%

due

04/27/31

(Þ)

200

176

Nemak

SAB

de

CV

Series

REGS

3.625%

due

06/28/31

(Þ)

200

159

Netflix,

Inc.

Series

REGS

3.625%

due

06/15/30

(Þ)

150

165

Network

i2i,

Ltd.

Series

REGS

5.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.274%)(Ê)(ƒ)(Þ)

200

199

Nigeria

Government

International

Bond

Series

REGS

7.375%

due

09/28/33

(Þ)

721

589

NIO,

Inc.

0.500%

due

02/01/27

564

539

OCP

SA

7.500%

due

05/02/54

(Þ)

355

367

Olympus

Water

US

Holding

Corp.

Series

REGS

5.375%

due

10/01/29

(Þ)

110

109

Oman

Government

International

Bond

Series

REGS

6.750%

due

10/28/27

(Þ)

876

910

Orbia

Advance

Corp.

SAB

de

CV

Series

REGS

2.875%

due

05/11/31

(Þ)

200

169

Pakistan

Government

International

Bond

Series

REGS

6.000%

due

04/08/26

200

181

8.875%

due

04/08/51

(Þ)

200

150

Panama

Government

International

Bond

2.252%

due

09/29/32

408

301

4.500%

due

04/16/50

767

529

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

200

203

Peruvian

Government

International

Bond

2.783%

due

01/23/31

564

488

Petroleos

de

Venezuela

SA

Series

REGS

6.000%

due

11/15/26

(Æ)(Ø)(Þ)

784

88

Petroleos

del

Peru

SA

Series

REGS

5.625%

due

06/19/47

(Þ)

416

266

Petroleos

Mexicanos

6.375%

due

01/23/45

70

47

Series

WI

6.750%

due

09/21/47

1,192

807

Petronas

Capital,

Ltd.

Series

REGS

2.480%

due

01/28/32

(Þ)

648

551

3.404%

due

04/28/61

(Þ)

200

138

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Philippine

Government

International

Bond

5.170%

due

10/13/27

646

650

1.950%

due

01/06/32

300

246

Qatar

Government

International

Bond

4.625%

due

05/29/29

(Þ)

200

202

Series

REGS

4.500%

due

04/23/28

(Þ)

784

783

Republic

of

Guatemala

Government

International

Bond

6.050%

due

08/06/31

(Þ)

200

200

6.550%

due

02/06/37

(Þ)

200

201

Republic

of

Poland

Government

International

Bond

4.625%

due

03/18/29

89

89

5.125%

due

09/18/34

221

222

5.500%

due

03/18/54

353

348

Republic

of

Serbia

Government

International

Bond

6.000%

due

06/12/34

(Þ)

232

231

Republic

of

South

Africa

Government

International

Bond

5.875%

due

04/20/32

308

292

5.750%

due

09/30/49

641

494

Republic

of

Turkey

Government

International

Bond

7.125%

due

07/17/32

302

301

Republic

of

Uzbekistan

Government

International

Bond

6.900%

due

02/28/32

(Þ)

200

196

Republic

of

Zambia

Government

International

Bond

7.500%

due

06/30/31

(~)(Ê)(Þ)

66

58

0.500%

due

12/31/53

(Þ)

124

62

Romania

Government

International

Bond

5.875%

due

01/30/29

(Þ)

76

77

7.125%

due

01/17/33

(Þ)

154

165

6.375%

due

01/30/34

(Þ)

176

179

Series

REGS

4.000%

due

02/14/51

(Þ)

452

318

Sappi

Papier

Holding

GmbH

Series

REGS

3.625%

due

03/15/28

(Þ)

160

168

Saudi

Arabian

Oil

Co.

5.875%

due

07/17/64

(Þ)

370

363

Saudi

Government

International

Bond

4.750%

due

01/16/30

(Þ)

907

902

Series

REGS

5.750%

due

01/16/54

(Þ)

400

392

Sea,

Ltd.

0.250%

due

09/15/26

2,191

1,929

Senegal

Government

International

Bond

Series

REGS

6.750%

due

03/13/48

(Þ)

200

145

Shimao

Group

Holdings,

Ltd.

4.600%

due

07/13/30

(Æ)(Ø)(Þ)

200

11

Silgan

Holdings,

Inc.

Series

WI

2.250%

due

06/01/28

500

499

Societe

Generale

SA

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

445

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.153%)(Ê)(ƒ)(Þ)

200

195

Southern

Co.

(The)

1.875%

due

09/15/81

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.108%)(Ê)

200

197

SPCM

SA

3.375%

due

03/15/30

(Þ)

400

344

SSR

Mining

Inc

2.500%

due

04/01/39

1,270

1,161

Stora

Enso

OYJ

7.250%

due

04/15/36

(Þ)

200

216

Series

REGS

7.250%

due

04/15/36

(Þ)

150

162

Summit

Digitel

Infrastructure

Private,

Ltd.

Series

REGS

2.875%

due

08/12/31

(Þ)

200

170

Suzano

Austria

GmbH

Series

DM3N

3.125%

due

01/15/32

200

166

Telenet

Finance

Luxembourg

Notes

SARL

5.500%

due

03/01/28

(Þ)

200

191

Trinidad

&

Tobago

Government

International

Bond

5.950%

due

01/14/31

(Þ)

200

200

Turkey

Government

International

Bond

9.125%

due

07/13/30

200

221

UBS

Group

AG

Series

REGS

4.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.313%)(Ê)(ƒ)(Þ)

200

167

Ukraine

Government

International

Bond

Series

REGS

8.994%

due

02/01/26

(~)(Æ)(Ê)

(Ø)

(Þ)

200

73

7.750%

due

09/01/29

(~)(Æ)(Ê)

(Ø)

219

70

9.750%

due

11/01/30

(~)(Æ)(Ê)

(Þ)

(Ø)

565

189

United

Arab

Emirates

International

Government

Bond

4.857%

due

07/02/34

(Þ)

259

262

UPC

Broadband

Finco

BV

4.875%

due

07/15/31

(Þ)

200

182

Uruguay

Government

International

Bond

5.750%

due

10/28/34

605

641

Venezuela

Government

International

Bond

Series

REGS

9.250%

due

05/07/28

(Æ)(Ø)(Þ)

332

56

Vodafone

Group

PLC

Series

NC30

5.125%

due

06/04/81

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.073%)(Ê)

25

19

Wix.com,

Ltd.

0.000%

due

08/15/25

987

928

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

46,313

Non-US

Bonds

-

2.1%

Alpha

Services

and

Holdings

SA

5.500%

due

06/11/31

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

5.823%)(Ê)(Þ)

EUR

100

109

Arcelik

AS

3.000%

due

05/27/26

(Þ)

EUR

200

210

Aston

Martin

Capital

Holdings

Ltd

Series

REGS

10.375%

due

03/31/29

(Þ)

GBP

100

129

Australia

&

New

Zealand

Banking

Group,

Ltd.

5.101%

due

02/03/33

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.150%)(Ê)(Þ)

EUR

100

112

Aviva

PLC

6.875%

due

12/31/99

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.649%)(Ê)

(ƒ)(Þ)

GBP

200

249

AXA

SA

6.375%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

3.841%)(Ê)(ƒ)(Þ)

EUR

100

112

Banco

BPM

SpA

2.875%

due

06/29/31

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.170%)(Ê)(Þ)

EUR

150

157

Banco

Santander

SA

7.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.432%)(Ê)(ƒ)(Þ)

EUR

200

221

Bank

of

Cyprus

PCL

2.500%

due

06/24/27

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

1

Year

Rate

+

2.785%)(Ê)(Þ)

EUR

100

105

Bank

of

Ireland

Group

PLC

1.375%

due

08/11/31

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

1.650%)(Ê)(Þ)

EUR

100

103

Barclays

PLC

8.500%

due

12/31/99

(GBP

Swap

[versus

SONIA]

5

Year

Rate

+

4.881%)(Ê)(ƒ)

GBP

200

258

BAWAG

Group

AG

5.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.415%)(Ê)(ƒ)(Þ)

EUR

200

211

BCP

V

Modular

Services

Finance

II

PLC

Series

REGS

6.750%

due

11/30/29

(Þ)

EUR

100

92

British

Airways

Pass-Through

Trust

3.750%

due

03/25/29

(Þ)

EUR

200

214

CaixaBank

SA

Series

.

5.875%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

6.346%)(Ê)(ƒ)(Þ)

EUR

200

215

Canpack

SA

/

Eastern

PA

Land

Investment

Holding

LLC

Series

REGS

2.375%

due

11/01/27

(Þ)

EUR

200

204

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

446

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cellnex

Telecom

SA

Series

CLNX

0.750%

due

11/20/31

(Þ)

EUR

400

369

Commerzbank

AG

4.250%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.387%)(Ê)(ƒ)(Þ)

EUR

200

194

Deutsche

Bank

AG

4.500%

due

04/30/27

(EURIBOR

ICE

Swap

Rate

+

4.552%)(Ê)(Þ)

EUR

200

197

Electricite

de

France

SA

6.000%

due

12/31/99

(GBP

Swap

[versus

SONIA]

13

Year

Rate

+

4.235%)(Ê)(ƒ)(Þ)

GBP

200

254

Enel

SpA

Series

9.5Y

1.875%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.011%)(Ê)(ƒ)(Þ)

EUR

200

182

Energias

de

Portugal

SA

Series

NC8

1.875%

due

03/14/82

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.080%)(Ê)(Þ)

EUR

300

289

Eurofins

Scientific

SE

0.875%

due

05/19/31

(Þ)

EUR

200

176

3.250%

due

12/31/99

(3

Month

EURIBOR

+

2.667%)(Ê)(ƒ)(Þ)

EUR

100

106

Grifols

Escrow

Issuer

SA

Series

REGS

3.875%

due

10/15/28

(Þ)

EUR

184

175

Grupo

Antolin-Irausa

SA

10.375%

due

01/30/30

(Þ)

EUR

165

178

Ibercaja

Banco

SA

2.750%

due

07/23/30

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.882%)(Ê)(Þ)

EUR

100

106

Iliad

SA

1.875%

due

02/11/28

(Þ)

EUR

300

298

Infrastrutture

Wireless

Italiane

SpA

Series

GMTN

1.625%

due

10/21/28

(Þ)

EUR

100

101

Koninklijke

KPN

NV

Series

.

2.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.344%)(Ê)(ƒ)(Þ)

EUR

200

214

La

Banque

Postale

SA

3.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.121%)(Ê)(ƒ)(Þ)

EUR

200

175

Lloyds

Banking

Group

PLC

8.500%

due

12/31/99

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

5.143%)(Ê)(ƒ)

GBP

200

266

Lorca

Telecom

Bondco

SA

4.000%

due

09/18/27

(Þ)

EUR

300

322

Marks

&

Spencer

PLC

3.250%

due

07/10/27

(Þ)

GBP

367

462

Matterhorn

Telecom

SA

Series

REGS

4.000%

due

11/15/27

(Þ)

EUR

209

223

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

National

Bank

of

Greece

SA

Series

GMTN

5.875%

due

06/28/35

(EURIBOR

ICE

Swap

Rate

+

3.154%)(Ê)(Þ)

EUR

100

113

Nexans

SA

4.250%

due

03/11/30

(Þ)

EUR

100

109

Nexi

SpA

2.747%

due

02/24/28

EUR

100

92

NGG

Finance

PLC

2.125%

due

09/05/82

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.532%)(Ê)(Þ)

EUR

100

100

Nokia

OYJ

4.375%

due

08/21/31

(Þ)

EUR

100

112

Ocado

Group

PLC

0.750%

due

01/18/27

(Þ)

GBP

100

104

Orsted

A/S

Series

GBP

2.500%

due

12/09/99

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

2.136%)(Ê)

(ƒ)(Þ)

GBP

100

94

Pension

Insurance

Corp.

PLC

3.625%

due

10/21/32

(Þ)

GBP

100

106

Phoenix

Group

Holdings

PLC

5.750%

due

12/31/99

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.169%)(Ê)

(ƒ)(Þ)

GBP

200

234

ProGroup

AG

5.125%

due

04/15/29

(Þ)

EUR

143

155

QBE

Insurance

Group,

Ltd.

2.500%

due

09/13/38

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

2.061%)(Ê)(Þ)

GBP

100

113

Rexel

SA

2.125%

due

12/15/28

(Þ)

EUR

250

250

Rothesay

Life

PLC

5.000%

due

12/31/99

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

3.873%)(Ê)

(ƒ)(Þ)

GBP

200

200

Smurfit

Kappa

Treasury

ULC

1.000%

due

09/22/33

(Þ)

EUR

113

100

Solvay

SA

2.500%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.977%)(Ê)(ƒ)(Þ)

EUR

200

210

TDC

Net

A/S

Series

EMTN

6.500%

due

06/01/31

(Þ)

EUR

100

117

Telecom

Italia

SpA

2.375%

due

10/12/27

(Þ)

EUR

100

103

Telefonica

Europe

BV

2.376%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

8

Year

Rate

+

2.616%)(Ê)(ƒ)(Þ)

EUR

200

194

TenneT

Holding

BV

2.374%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.719%)(Ê)(ƒ)(Þ)

EUR

100

106

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

447

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Terna

Rete

Elettrica

Nazionale

SpA

2.375%

due

12/31/99

(~)(Ê)(ƒ)

EUR

100

101

TMNL

Holding

BV

Series

REGS

3.750%

due

01/15/29

(Þ)

EUR

200

208

UniCredit

SpA

3.875%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

4.081%)(Ê)(ƒ)(Þ)

EUR

200

203

UnipolSai

Assicurazioni

SpA

3.875%

due

03/01/28

(Þ)

EUR

200

215

United

Group

BV

Series

REGS

5.250%

due

02/01/30

(Þ)

EUR

200

214

Veolia

Environnement

SA

2.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.081%)(Ê)(ƒ)(Þ)

EUR

100

99

Series

.

2.500%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.840%)(Ê)(ƒ)(Þ)

EUR

100

98

Verallia

SA

1.875%

due

11/10/31

(Þ)

EUR

300

283

Vmed

O2

UK

Financing

I

PLC

Series

REGS

4.500%

due

07/15/31

(Þ)

GBP

408

442

Volvo

Car

AB

4.250%

due

05/31/28

(Þ)

EUR

100

109

VZ

Vendor

Financing

II

BV

Series

REGS

2.875%

due

01/15/29

(Þ)

EUR

300

291

Wizz

Air

Finance

Co.

BV

1.000%

due

01/19/26

(Þ)

EUR

100

103

Zegona

Finance

PLC

Series

144a

6.750%

due

07/15/29

(Þ)

EUR

100

110

ZF

Finance

GmbH

2.250%

due

05/03/28

(Þ)

EUR

200

199

Ziggo

Bond

Co.

BV

Series

REGS

3.375%

due

02/28/30

(Þ)

EUR

100

95

3.375%

due

02/28/30

EUR

50

47

12,417

Total

Long-Term

Investments

(cost

$132,953)

133,994

Common

Stocks

-

64.6%

Consumer

Discretionary

-

8.2%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

457

67

Aisin

Corp.

8,300

283

Alibaba

Group

Holding,

Ltd.

105,608

1,040

Alibaba

Group

Holding,

Ltd.

-

ADR

5,405

426

Amazon.com,

Inc.(Æ)

15,423

2,884

Autoliv

,

Inc.

7,695

778

AutoNation,

Inc.(Æ)

1,095

209

AutoZone,

Inc.(Æ)

481

1,507

Axon

Enterprise,

Inc.(Æ)

846

254

Best

Buy

Co.,

Inc.

1,796

155

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

2,130

187

Boot

Barn

Holdings,

Inc.(Æ)

1,238

165

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Boyd

Gaming

Corp.

3,957

241

BYD

Co.,

Ltd.

Class

H

6,500

192

Caesars

Entertainment,

Inc.(Æ)

4,341

173

Cava

Group,

Inc.(Æ)

1,152

97

Celestica,

Inc.(Æ)

3,535

185

Cie

Financiere

Richemont

SA

Class

A

10,694

1,629

Comcast

Corp.

Class

A

10,386

429

Costco

Wholesale

Corp.

606

498

Curtiss-Wright

Corp.

701

207

Davide

Campari-Milano

NV

54,500

492

Diageo

PLC

26,568

827

DiDi

Global,

Inc.

-

ADR(Æ)

15,542

57

Dollar

General

Corp.

569

69

DR

Horton,

Inc.

1,652

297

Ferrari

NV

627

258

FirstCash

Holdings,

Inc.

6,365

710

Foschini

Group,

Ltd.

(The)

15,549

115

Freshpet

,

Inc.(Æ)

1,476

180

Galaxy

Entertainment

Group,

Ltd.

63,000

263

Games

Workshop

Group

PLC

1,909

253

Garmin,

Ltd.

1,216

208

Geely

Automobile

Holdings,

Ltd.

188,496

191

General

Motors

Co.

3,615

160

Genuine

Parts

Co.

764

112

Gildan

Activewear

,

Inc.

Class

A

22,324

908

Grand

Canyon

Education,

Inc.(Æ)

1,352

211

H

World

Group,

Ltd.

-

ADR

5,059

152

Home

Depot,

Inc.

(The)

1,401

516

Honda

Motor

Co.,

Ltd.

30,600

328

Howden

Joinery

Group

PLC

18,600

225

Hugo

Boss

AG

3,667

146

Hyundai

Department

Store

Co.,

Ltd.

11,246

384

Hyundai

Motor

Co.

1,850

337

Industria

de

Diseno

Textil

SA

21,522

1,043

InterContinental

Hotels

Group

PLC

8,638

870

J

Jill,

Inc.

1,462

56

JD.com,

Inc.

-

ADR

8,263

218

JD.com,

Inc.

Class

A

40,550

534

Kia

Corp.

2,875

233

Komeri

Co.,

Ltd.

5,000

123

K's

Holdings

Corp.

6,400

69

Kuaishou

Technology(Æ)(Þ)

83,700

465

Kyocera

Corp.

41,000

519

Lennar

Corp.

Class

A

1,563

277

Li

Auto,

Inc.

Class

A(Æ)

5,500

54

Li

Auto,

Inc.

-

ADR(Æ)(Ñ)

6,078

120

Lincoln

Educational

Services

Corp.(Æ)

5,529

78

Lojas

Renner

SA

56,332

132

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,941

2,073

Magnite

,

Inc.(Æ)

7,554

110

Mahindra

&

Mahindra,

Ltd.

42,462

1,479

Makita

Corp.

11,500

376

McDonald's

Corp.

3,287

872

Meituan

Class

B(Æ)(Þ)

17,200

238

MercadoLibre

,

Inc.(Æ)

203

339

Michelin

(CGDE)

26,780

1,060

Moncler

SpA

9,529

568

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

448

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mr

Price

Group,

Ltd.

8,055

96

Murata

Manufacturing

Co.,

Ltd.

18,800

416

Netflix,

Inc.

Class

B(Æ)

1,074

675

New

Oriental

Education

&

Technology

Group,

Inc.

-

ADR(Æ)

8,621

542

Next

PLC

7,278

850

Nidec

Corp.

20,900

927

Nike,

Inc.

Class

B

11,138

834

NVR,

Inc.(Æ)

30

258

Omnicom

Group,

Inc.

1,814

178

Omron

Corp.

7,900

291

Oriental

Holdings

BHD

49,867

75

PDD

Holdings,

Inc.

-

ADR(Æ)

2,411

311

PulteGroup,

Inc.

1,764

233

Ross

Stores,

Inc.

1,178

169

Rush

Street

Interactive,

Inc.(Æ)

13,741

138

Scout24

SE(Þ)

2,462

195

Seria

Co.,

Ltd.

3,900

89

SJM

Holdings,

Ltd.(Æ)

380,000

123

Spectris

PLC

30,871

1,205

Strategic

Education,

Inc.

600

63

Stride,

Inc.(Æ)

2,686

204

Subaru

Corp.

3,100

61

Tencent

Holdings,

Ltd.

68,966

3,184

Tencent

Holdings,

Ltd.

-

ADR

16,288

750

TJX

Cos.,

Inc.

(The)

11,392

1,288

Toyoda

Gosei

Co.,

Ltd.

5,800

107

Toyota

Industries

Corp.

5,700

476

Tractor

Supply

Co.

732

193

Transcat

,

Inc.(Æ)

516

59

United

Arrows,

Ltd.

5,300

75

Universal

Music

Group

NV

21,241

505

Universal

Technical

Institute,

Inc.(Æ)

9,411

178

Walmart,

Inc.

5,553

381

Wayfair,

Inc.

Class

A(Æ)

7,159

390

Wingstop

,

Inc.

284

106

Wolters

Kluwer

NV

1,262

212

Wuliangye

Yibin

Co.,

Ltd.

Class

A

9,350

164

Xebio

Holdings

Co.,

Ltd.

5,200

42

Yamaha

Corp.

32,800

783

Zalando

SE(Æ)(Þ)

25,367

650

48,387

Consumer

Staples

-

2.8%

Adecoagro

SA

20,680

200

Albertsons

Cos.

LLC

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

Class

A

6,865

136

Altria

Group,

Inc.

2,753

135

Amorepacific

Corp.

639

84

Archer-Daniels-Midland

Co.

3,142

195

Astarta

Holding

PLC

17,362

136

Barry

Callebaut

AG

62

100

Beiersdorf

AG

1,101

160

BIM

Birlesik

Magazalar

AS

23,037

435

British

American

Tobacco

PLC

4,731

168

Campbell

Soup

Co.

3,019

142

Carrefour

SA

30,246

451

Casey's

General

Stores,

Inc.

567

220

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Chocoladefabriken

Lindt

&

Spruengli

AG

16

312

Church

&

Dwight

Co.,

Inc.

1,714

168

CK

Hutchison

Holdings,

Ltd.

Class

B

155,000

816

Clorox

Co.

(The)

928

122

Coca-Cola

Co.

(The)

4,819

322

Coca-Cola

HBC

AG

5,712

208

Colgate-Palmolive

Co.

1,771

176

Conagra

Brands,

Inc.

4,314

131

CVS

Health

Corp.

3,880

234

Dino

Polska

SA(Æ)(Þ)

1,902

169

First

Pacific

Co.,

Ltd.

426,000

189

First

Resources,

Ltd.

297,997

330

Flowers

Foods,

Inc.

4,941

111

General

Mills,

Inc.

2,005

135

Genting

Plantations

Bhd

48,600

60

Golden

Agri-Resources,

Ltd.

3,905,400

804

Grocery

Outlet

Holding

Corp.(Æ)

11,198

219

GS

Holdings

Corp.

6,234

222

Haleon

PLC

238,603

1,072

Henkel

AG

&

Co.

KGaA

2,776

215

Hershey

Co.

(The)

760

150

Imperial

Tobacco

Group

PLC

5,617

155

Indofood

Sukses

Makmur

Tbk

PT

151,100

57

Ingredion,

Inc.

1,420

177

Jeronimo

Martins

SGPS

SA

6,163

108

JM

Smucker

Co.

(The)

1,080

127

Kao

Corp.

10,200

448

Kato

Sangyo

Co.,

Ltd.

2,400

68

Kellanova

1,879

109

Kimberly-Clark

Corp.

1,603

216

Kirin

Holdings

Co.,

Ltd.

31,600

448

Koninklijke

Ahold

Delhaize

NV

4,689

151

Kraft

Heinz

Co.

(The)

3,366

119

Kroger

Co.

(The)

6,225

339

Lenta

International

Co.

PJSC

-

GDR(Æ)(Š)(Þ)

105,913

—

LG

Household

&

Health

Care,

Ltd.

413

106

L'Oreal

SA

733

317

Mondelez

International,

Inc.

Class

A

2,470

169

Monster

Beverage

Corp.(Æ)

2,631

135

Morinaga

Milk

Industry

Co.,

Ltd.

8,652

208

Nomad

Foods,

Ltd.

57,252

1,094

PepsiCo,

Inc.

6,504

1,123

Philip

Morris

International,

Inc.

2,238

258

Procter

&

Gamble

Co.

(The)

3,823

615

Raia

Drogasil

SA

57,306

280

Reynolds

Consumer

Products,

Inc.

5,358

149

Sysco

Corp.

2,158

165

Tyson

Foods,

Inc.

Class

A

1,788

109

Unilever

PLC

6,036

370

Walgreens

Boots

Alliance,

Inc.

7,017

83

WH

Group,

Ltd.(Þ)

165,000

107

16,537

Energy

-

1.9%

AltaGas

,

Ltd.

5,744

137

Baker

Hughes

Co.

21,119

818

Bharat

Petroleum

Corp.,

Ltd.

25,425

107

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

449

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cenovus

Energy,

Inc.

41,451

835

Chevron

Corp.

2,185

351

Eaton

Corp.

PLC

787

240

Exxon

Mobil

Corp.

4,600

545

Fission

Uranium

Corp.(Æ)

171,116

144

Gazprom

PJSC(Æ)(Š)

332,583

—

Japan

Petroleum

Exploration

Co.,

Ltd.

3,800

158

Kinder

Morgan,

Inc.

18,100

382

Lukoil

PJSC(Æ)(Š)

8,302

—

NAC

Kazatomprom

JSC

-

GDR(Þ)

21,097

801

Newpark

Resources,

Inc.(Æ)

10,769

89

Petroleo

Brasileiro

SA

-

ADR

47,934

684

Phillips

66

1,281

186

Range

Resources

Corp.

15,679

490

Reliance

Industries,

Ltd.

18,435

666

Saudi

Arabian

Oil

Co.(Þ)

83,351

613

Schneider

Electric

SE

3,485

838

Shell

PLC

6,719

245

Sinopec

Engineering

Group

Co.,

Ltd.

Class

H

125,000

80

Southwestern

Energy

Co.(Æ)

129,919

838

Targa

Resources

Corp.

2,976

403

Teck

Resources,

Ltd.

Class

B

11,864

582

TotalEnergies

SE

3,977

268

Tullow

Oil

PLC(Æ)

213,313

84

Valaris

,

Ltd.(Æ)

1,472

116

Weatherford

International

PLC

1,922

227

YPF

SA

-

ADR(Æ)

16,260

324

11,251

Financial

Services

-

15.7%

ABN

AMRO

Bank

NV(Þ)

22,226

387

Absa

Group,

Ltd.

35,702

313

Advance

Residence

Investment

Corp.

(ö)

38

80

Aedifica

SA(ö)

3,693

235

Aflac,

Inc.

3,357

320

AIA

Group,

Ltd.

235,000

1,566

Air

Lease

Corp.

Class

A

16,763

832

Akbank

TAS

145,079

271

Al

Rajhi

Bank

9,290

212

Allianz

SE

1,398

394

Alpha

FX

Group

PLC(Þ)

5,429

181

Alpha

Services

and

Holdings

SA

196,222

362

Amadeus

IT

Group

SA

Class

A

3,505

230

American

Express

Co.

884

224

American

Homes

4

Rent

Class

A(ö)

4,080

147

American

Tower

Corp.(ö)

1,694

373

Americold

Realty

Trust,

Inc.(ö)

13,303

398

Arch

Capital

Group,

Ltd.(Æ)

2,981

286

ARGAN

SA(ö)

1,319

108

Assicurazioni

Generali

SpA

6,918

179

Assurant,

Inc.

935

164

Axis

Bank,

Ltd.

16,349

228

Baloise

Holding

AG

879

158

Bank

Central

Asia

Tbk

PT

1,298,422

824

Bank

Mandiri

Persero

Tbk

PT

2,052,092

812

Bank

of

America

Corp.

17,109

690

Bank

of

Ireland

Group

PLC

49,394

558

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bank

of

New

York

Mellon

Corp.

(The)

3,102

202

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,209,564

349

BDO

Unibank

,

Inc.

274,912

643

Berkshire

Hathaway,

Inc.

Class

B(Æ)

1,942

852

BGC

Group,

Inc.

Class

A

145,134

1,337

Big

Yellow

Group

PLC(ö)

10,673

166

BlackRock,

Inc.

Class

A

207

181

BNP

Paribas

SA

6,005

411

Boardwalk

Real

Estate

Investment

Trust(ö)

18,011

1,018

Brixmor

Property

Group,

Inc.(ö)

34,400

876

Brown

&

Brown,

Inc.

1,996

198

Camden

Property

Trust(ö)

2,465

273

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

236,500

369

Catena

AB

5,089

259

Charles

Schwab

Corp.

(The)

13,345

870

Charter

Hall

Group(ö)

26,764

223

China

Construction

Bank

Corp.

Class

H

471,694

329

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

105,200

117

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.,

Ltd.

Class

A

73,300

89

China

Resources

Land,

Ltd.

94,000

282

Chubb,

Ltd.

1,269

350

Citigroup,

Inc.

8,335

541

Clarivate

PLC(Æ)

114,015

768

CME

Group,

Inc.

Class

A

8,805

1,706

Commerce

Bancshares,

Inc.

2,528

164

Core

Scientific

Inc.(Æ)

8,655

84

Country

Garden

Services

Holdings

Co.,

Ltd.

301,000

181

Cresud

SA

-

ADR

5,544

43

Crown

Castle,

Inc.(ö)

8,328

917

Dai-ichi

Life

Holdings,

Inc.

4,500

138

Derwent

London

PLC(ö)

2,444

72

Digital

Core

REIT

Management

Pte

,

Ltd.(ö)

201,600

115

Digital

Realty

Trust,

Inc.(ö)

13,738

2,054

Dime

Community

Bancshares,

Inc.

27,019

683

DNB

Bank

ASA

7,554

156

Equinix

,

Inc.(ö)

1,191

941

Equities

AB

18,395

595

Equity

Commonwealth(Æ)(ö)

46,946

956

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

2,764

190

Essex

Property

Trust,

Inc.(ö)

3,294

917

Etalon

Group

PLC

-

GDR(Æ)(Š)(Þ)

185,343

—

Eurobank

Ergasias

SA

91,049

209

Extra

Space

Storage,

LP(ö)

5,513

880

Fastighets

AB

Balder

Class

B(Æ)

41,661

306

Federal

Agricultural

Mortgage

Corp.

Class

C

648

134

Fidelis

Insurance

Holdings,

Ltd.

53,249

947

Fidelity

National

Financial,

Inc.

3,312

184

FinecoBank

Banca

Fineco

SpA

23,980

407

First

American

Financial

Corp.

2,298

139

FirstRand,

Ltd.

108,311

486

Frasers

Centrepoint

Trust(ö)

161,000

267

FTAI

Aviation,

Ltd.

5,113

570

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

450

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Globe

Life

Inc.

1,420

132

GLP

J-REIT(ö)

325

286

Goodman

Group(ö)

42,963

994

GPT

Group

(The)(ö)

35,682

109

Grainger

PLC

63,116

196

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

16,756

126

Grupo

Financiero

Galicia

SA

-

ADR(Ñ)

2,525

73

Hachijuni

Bank,

Ltd.

(The)

18,400

131

Haci

Omer

Sabanci

Holding

AS

18,435

55

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

18,386

323

Hana

Financial

Group,

Inc.

8,425

395

Hankook

Technology

Group

Co.,

Ltd.

18,367

210

Hannover

Rueck

SE

709

176

Hanover

Insurance

Group,

Inc.

(The)

1,181

162

Hartford

Financial

Services

Group,

Inc.

2,282

253

HDFC

Bank,

Ltd.

58,812

1,133

HDFC

Bank,

Ltd.

-

ADR

8,903

534

Healthcare

Realty

Trust,

Inc.(ö)

33,737

597

Healthpeak

Properties,

Inc.(ö)

18,391

401

Helvetia

Holding

AG

1,068

159

Highwoods

Properties,

Inc.(ö)

8,475

262

Hirogin

Holdings,

Inc.

20,100

163

Hokuhoku

Financial

Group,

Inc.

11,300

159

Hong

Kong

Exchanges

&

Clearing,

Ltd.

4,200

124

Host

Hotels

&

Resorts,

Inc.(ö)

20,439

358

HSBC

Holdings

PLC

62,809

568

ICICI

Bank,

Ltd.

23,663

345

ICICI

Bank,

Ltd.

-

ADR

51,857

1,510

Independent

Bank

Corp.

4,563

158

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

617,000

342

Ingenia

Communities

Group(ö)

98,067

339

Intercontinental

Exchange,

Inc.

1,321

200

Invincible

Investment

Corp.(ö)

488

222

Invitation

Homes,

Inc.(ö)

44,729

1,578

Iron

Mountain,

Inc.(ö)

9,088

932

Itau

Unibanco

Holding

SA

-

ADR

43,202

260

Japan

Hotel

REIT

Investment

Corp.(ö)

309

158

JPMorgan

Chase

&

Co.

4,224

899

Kasikornbank

PCL

46,100

170

KB

Financial

Group,

Inc.

12,160

774

KE

Holdings,

Inc.

-

ADR

47,190

654

Kemper

Corp.

21,031

1,347

Kenedix

Office

Investment

Corp.

Class

A(ö)

185

190

Kimco

Realty

Corp.(ö)

25,052

544

Klepierre

SA(ö)

11,407

326

Korean

Reinsurance

Co.

27,961

169

Land

Securities

Group

PLC(ö)

21,429

175

LEG

Immobilien

SE

3,572

312

Link

REIT(ö)

41,500

174

London

Stock

Exchange

Group

PLC

6,423

783

LondonMetric

Property

PLC(ö)

85,206

221

Longfor

Group

Holdings,

Ltd.(Þ)

455,000

585

LSR

Group

PJSC(Æ)(Š)

33,861

—

LX

Holdings

Corp.

1,012

5

M&T

Bank

Corp.

887

153

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Macrotech

Developers,

Ltd.(Þ)

7,903

124

Mandatum

OYJ

3,103

14

Mapletree

Logistics

Trust(ö)

111,900

108

Marsh

&

McLennan

Cos.,

Inc.

3,603

802

MasterCard,

Inc.

Class

A

6,274

2,909

Mebuki

Financial

Group,

Inc.

24,500

103

MGIC

Investment

Corp.

8,222

204

Mitsubishi

Estate

Co.,

Ltd.

32,699

556

Mitsui

Fudosan

Co.,

Ltd.

85,000

880

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

65

183

Morgan

Stanley

1,729

178

Moscow

Exchange

MICEX-RTS

PJSC(Æ)(Š)

182,429

—

Muenchener

Rueckversicherungs-

Gesellschaft

AG

538

265

National

Bank

Holdings

Corp.

Class

A

3,184

133

National

Bank

of

Greece

SA

15,323

135

National

Storage

REIT(ö)

132,414

215

NatWest

Group

PLC

139,302

657

Nishi-Nippon

Financial

Holdings,

Inc.

14,800

203

Nomura

Real

Estate

Master

Fund,

Inc.

(ö)

227

223

North

Pacific

Bank,

Ltd.

37,000

126

Northern

Trust

Corp.

1,397

124

Old

Republic

International

Corp.

5,205

180

Omega

Healthcare

Investors,

Inc.(ö)

2,747

100

Parkway

Life

Real

Estate

Investment

Trust(ö)

84,700

230

Perella

Weinberg

Partners

15,084

285

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

306,267

1,326

Piraeus

Financial

Holdings

SA

21,630

91

PNC

Financial

Services

Group,

Inc.

(The)

841

152

Popular,

Inc.

7,289

748

Primerica,

Inc.

707

178

Progressive

Corp.

(The)

1,600

343

Prologis,

LP(ö)

21,672

2,732

Prosperity

Bancshares,

Inc.

4,006

291

Public

Storage(ö)

2,784

824

Raymond

James

Financial,

Inc.

1,214

141

Realty

Income

Corp.(ö)

21,669

1,244

RELX

PLC

4,688

221

Resona

Holdings,

Inc.

80,400

583

Ringkjoebing

Landbobank

A/S

1,318

234

Safestore

Holdings

PLC(ö)

29,966

311

Sampo

OYJ

Class

A

3,103

136

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

963

261

Sberbank

of

Russia

PJSC(Æ)(Š)

334,627

—

Segro

PLC(ö)

62,979

743

SGS

SA

1,745

191

Shriram

Transport

Finance

Co.,

Ltd.

5,929

208

Simon

Property

Group,

Inc.(ö)

10,965

1,682

Skyward

Specialty

Insurance

Group,

Inc.(Æ)

2,133

84

Sprott

,

Inc.

3,603

161

Stockland(ö)

129,614

392

Sumitomo

Mitsui

Financial

Group,

Inc.

3,700

268

Sumitomo

Mitsui

Trust

Holdings,

Inc.

20,100

507

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

451

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sumitomo

Realty

&

Development

Co.,

Ltd.

14,300

472

Sun

Communities,

Inc.(ö)

7,039

892

Sun

Hung

Kai

Properties,

Ltd.

41,500

361

Swiss

Life

Holding

AG

240

184

Swiss

Re

AG

5,296

653

Swissquote

Group

Holding

SA

941

300

T

Rowe

Price

Group,

Inc.

1,150

131

TAG

Immobilien

AG(Æ)

11,753

177

Talanx

AG

2,289

174

Travelers

Cos.,

Inc.

(The)

955

207

Turkiye

Garanti

Bankasi

AS

56,831

213

UDR,

Inc.(ö)

20,055

804

Unibail

-

Rodamco

-Westfield(ö)

4,691

351

UNITE

Group

PLC

(The)(ö)

7,835

96

United

Urban

Investment

Corp.(ö)

252

241

Unum

Group

3,348

193

VGP

NV

471

51

VICI

Properties,

Inc.(ö)

30,424

951

Visa,

Inc.

Class

A

2,331

619

Vonovia

SE

16,860

518

VTB

Bank

PJSC(Æ)(Š)

58,930

—

Warehouses

De

Pauw

CVA(ö)

7,402

201

Welltower

,

Inc.(ö)

23,783

2,646

Willis

Towers

Watson

PLC

570

161

WR

Berkley

Corp.

3,174

175

Yellow

Cake

PLC(Æ)(Þ)

45,714

327

Yoma

Strategic

Holdings,

Ltd.(Æ)

978,808

89

Yuanta

Financial

Holding

Co.,

Ltd.

711,690

714

Zurich

Insurance

Group

AG

692

381

92,551

Health

Care

-

6.5%

Abbott

Laboratories

2,502

265

AbbVie,

Inc.

2,912

540

ADMA

Biologics,

Inc.(Æ)

34,518

424

Alcon,

Inc.

5,058

478

Amgen,

Inc.

1,329

442

Artivion

,

Inc.(Æ)

2,326

63

Aspen

Pharmacare

Holdings,

Ltd.

4,329

60

Astellas

Pharma,

Inc.

21,200

248

AstraZeneca

PLC

10,802

1,713

Aurobindo

Pharma,

Ltd.

34,451

590

Avid

Bioservices

,

Inc.(Æ)

8,457

88

Bangkok

Dusit

Medical

Services

PCL

812,400

599

Becton

Dickinson

&

Co.

2,547

614

BioLife

Solutions,

Inc.(Æ)

6,434

154

Blueprint

Medicines

Corp.(Æ)

560

61

Boston

Scientific

Corp.(Æ)

2,952

218

Bristol-Myers

Squibb

Co.

6,161

293

Cencora

,

Inc.

Class

A

832

198

Centene

Corp.(Æ)

2,655

204

Chemed

Corp.

250

142

ChemoMetec

A/S

3,364

186

Chong

Kun

Dang

Pharmaceutical

Corp.

714

58

Cigna

Group

(The)

1,311

457

Cooper

Cos,

Inc.

(The)(Æ)

5,924

553

Crinetics

Pharmaceuticals,

Inc.(Æ)

2,995

159

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Danaher

Corp.

4,054

1,123

Elevance

Health,

Inc.

918

488

Eli

Lilly

&

Co.

1,237

995

Encompass

Health

Corp.

2,456

228

Enovis

Corp.

Class

W(Æ)

24,496

1,167

EssilorLuxottica

SA

740

169

Euroapi

SA(Æ)(Ñ)

50,477

203

Eurofins

Scientific

SE

9,569

567

GeneDx

Holdings

Corp.(Æ)

5,951

195

Gerresheimer

AG

2,615

271

Gilead

Sciences,

Inc.

3,331

253

GSK

Finance

No.

3

PLC

9,762

189

H.U.

Group

Holdings,

Inc.

1,900

34

Halozyme

Therapeutics,

Inc.(Æ)

12,873

711

HCA

Healthcare,

Inc.

573

208

Henry

Schein,

Inc.(Æ)

1,648

118

Humana,

Inc.

295

107

Innovent

Biologics,

Inc.(Æ)(Þ)

134,000

666

Innoviva

,

Inc.(Æ)

16,934

319

Insmed

,

Inc.(Æ)

1,482

108

Intra-Cellular

Therapies,

Inc.

Class

A(Æ)

1,552

122

iRadimed

Corp.

1,299

61

Japan

Lifeline

Co.,

Ltd.

13,000

100

Johnson

&

Johnson

9,673

1,527

Kyorin

Pharmaceutical

Co.,

Ltd.

32,200

369

Lifco

AB

Class

B

11,582

343

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

1,207

131

Madrigal

Pharmaceuticals,

Inc.(Æ)

220

63

McKesson

Corp.

368

227

Medipal

Holdings

Corp.

5,000

91

Medtronic

PLC

9,827

789

Merck

&

Co.,

Inc.

4,223

478

Merck

KGaA

730

131

Molina

Healthcare,

Inc.(Æ)

568

194

Natera

,

Inc.(Æ)

1,736

178

Nippon

Shinyaku

Co.,

Ltd.

5,200

119

Novartis

AG

3,825

429

Novo

Nordisk

A/S

Class

B

30,510

4,043

Pfizer,

Inc.

9,564

292

Qiagen

NV(Æ)

5,891

263

Quest

Diagnostics,

Inc.

933

133

RadNet

,

Inc.(Æ)

6,448

385

Recordati

SpA

3,154

172

Regeneron

Pharmaceuticals,

Inc.(Æ)

188

203

Roche

Holding

AG

2,145

707

RxSight

,

Inc.(Æ)

4,452

204

Sandoz

Group

AG

765

33

Sanofi

SA

11,521

1,185

Sartorius

Stedim

Biotech

985

195

Sawai

Group

Holdings

Co.,

Ltd.

4,000

176

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

13,649

484

Siemens

Healthineers

AG(Þ)

10,764

578

Sinopharm

Group

Co.,

Ltd.

Class

H

20,400

48

Smith

&

Nephew

PLC

33,025

477

Solventum

Corp.(Æ)

593

35

Straumann

Holding

AG

1,649

213

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

452

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Stryker

Corp.

558

183

Suzuken

Co.,

Ltd.

6,900

251

Tarsus

Pharmaceuticals,

Inc.(Æ)

3,046

74

Tenet

Healthcare

Corp.(Æ)

5,799

868

Thermo

Fisher

Scientific,

Inc.

450

276

Toho

Holdings

Co.,

Ltd.

4,400

128

TransMedics

Group,

Inc.(Æ)

792

113

Twist

Bioscience

Corp.(Æ)

998

56

UCB

SA

1,830

306

UFP

Technologies,

Inc.(Æ)

688

221

United

Therapeutics

Corp.(Æ)

498

156

UnitedHealth

Group,

Inc.

3,479

2,004

Universal

Health

Services,

Inc.

Class

B

1,003

214

Vaxcyte

,

Inc.(Æ)

1,301

103

Vertex

Pharmaceuticals,

Inc.(Æ)

443

220

Viking

Therapeutics,

Inc.(Æ)

1,564

89

West

Pharmaceutical

Services,

Inc.

1,149

352

Zoetis,

Inc.

Class

A

4,908

884

38,602

Materials

and

Processing

-

6.3%

AddTech

AB

Class

B

17,298

557

Advanced

Drainage

Systems,

Inc.

322

57

Air

Liquide

SA

Class

A

1,452

265

Air

Products

&

Chemicals,

Inc.

435

115

Aluminum

Corp.

of

China,

Ltd.

Class

A

230,300

220

Aluminum

Corp.

of

China,

Ltd.

Class

H

480,000

269

Amcor

PLC

12,264

129

Anglo

American

Platinum,

Ltd.

31,123

1,207

Anglo

American

PLC

18,385

553

Anglogold

Ashanti

PLC

27,562

774

AptarGroup,

Inc.

1,287

189

Arcadium

Lithium

PLC(Æ)

43,567

139

ArcelorMittal

SA

27,958

631

Aris

Mining

Corp.(Æ)

68,109

304

Artemis

Gold,

Inc.(Æ)

44,907

383

Asahi

Kasei

Corp.

36,000

261

Ashland,

Inc.

7,664

741

Atlas

Arteria,

Ltd.

126,740

434

AZEK

Co.,

Inc.

(The)(Æ)

3,462

155

Babcock

International

Group

PLC

56,214

385

Barrick

Gold

Corp.

30,598

566

Bear

Creek

Mining

Corp.(Æ)

109,903

27

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.,

Ltd.

Class

A

42,900

77

Carrier

Global

Corp.

10,869

740

CCR

SA

45,583

100

Cemex

SAB

de

CV

-

ADR

39,419

253

Copart

,

Inc.(Æ)

5,344

280

Daikin

Industries,

Ltd.

1,100

159

Dundee

Corp.

Class

A(Æ)

33,422

33

DuPont

de

Nemours,

Inc.

2,069

173

Eagle

Materials,

Inc.

213

58

Ecolab,

Inc.

819

189

EMS-

Chemie

Holding

AG

200

167

Equinox

Gold

Corp.(Æ)

134,961

758

ERO

Copper

Corp.(Æ)(Ñ)

29,985

585

Fabrinet

(Æ)

260

57

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fastenal

Co.

2,423

171

Ferguson

PLC

909

202

First

Quantum

Minerals,

Ltd.

25,207

309

Freeport-McMoRan,

Inc.

12,298

558

Fresnillo

PLC

19,267

145

Gabriel

Resources,

Ltd.(Æ)

802,802

9

Geberit

AG

1,100

700

Gerdau

SA

-

ADR

25,038

81

Givaudan

SA

57

279

Gold

Fields,

Ltd.

-

ADR

28,139

483

Graphic

Packaging

Holding

Co.

6,845

206

Harmony

Gold

Mining

Co.,

Ltd.

-

ADR

25,619

249

Holcim

AG

3,224

302

Impala

Platinum

Holdings,

Ltd.

242,426

1,236

International

Paper

Co.

3,150

146

International

Tower

Hill

Mines,

Ltd.

(Æ)

104,920

47

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

40,450

529

K+S

AG

56,381

728

Knife

River

Corp.(Æ)

1,526

121

Kronos

Worldwide,

Inc.

25,741

308

Kuraray

Co.,

Ltd.

10,300

127

Linde

PLC

3,459

1,569

Lintec

Corp.

5,800

131

LKQ

Corp.

2,576

107

Lotte

Chemical

Corp.

3,452

254

Luks

Group

Vietnam

Holdings

Co.,

Ltd.

224,000

22

LyondellBasell

Industries

NV

Class

A

1,791

178

MHP

SE

-

GDR(Æ)(Þ)

69,777

255

Modine

Manufacturing

Co.(Æ)

1,503

177

Mondi

PLC

7,834

153

NewMarket

Corp.

291

163

Newmont

Corp.

28,101

1,372

Nippon

Shokubai

Co.,

Ltd.

17,000

185

Northern

Dynasty

Minerals,

Ltd.(Æ)

302,827

118

NovaGold

Resources,

Inc.(Æ)

92,375

442

Novozymes

A/S

Class

B

11,094

707

Nucor

Corp.

952

155

Oji

Holdings

Corp.

23,400

100

Pack

Corp.

(The)

3,000

79

Packaging

Corp.

of

America

1,081

216

Pan

American

Silver

Corp.

2,912

67

Perpetua

Resources

Corp.(Æ)

31,042

211

Polyus

PJSC(Æ)(Š)

4,869

—

PPG

Industries,

Inc.

1,131

144

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

14,183

133

Rayonier

Advanced

Materials,

Inc.(Æ)

130,049

865

Reliance

Steel

&

Aluminum

Co.

914

278

Rengo

Co.,

Ltd.

7,000

49

Rio

Tinto

PLC

8,145

527

Royal

Gold,

Inc.

6,618

914

RPM

International,

Inc.

1,488

181

Sandstorm

Gold,

Ltd.

15,008

86

Seabridge

Gold,

Inc.(Æ)

37,479

622

Sherwin-Williams

Co.

(The)

3,419

1,199

Shin-Etsu

Chemical

Co.,

Ltd.

19,400

867

Siemens

AG

1,182

217

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

453

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Smurfit

WestRock

PLC

3,473

156

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

3,430

131

Ternium

SA

-

ADR

4,404

153

Toagosei

Co.,

Ltd.

8,700

93

Toray

Industries,

Inc.

82,500

432

Toyo

Ink

SC

Holdings

Co.,

Ltd.

3,300

70

Trane

Technologies

PLC

794

265

Tronox

Holdings

PLC

Class

A

37,544

607

Trusco

Nakayama

Corp.

5,500

89

UltraTech

Cement,

Ltd.

1,850

263

UPM-

Kymmene

OYJ

4,217

139

Vale

SA

Class

B

-

ADR

51,139

555

VSE

Corp.

2,797

249

Western

Copper

&

Gold

Corp.(Æ)

31,468

35

Wheaton

Precious

Metals

Corp.

14,999

896

Zijin

Mining

Group

Co.,

Ltd.

Class

A

219,700

509

Zijin

Mining

Group

Co.,

Ltd.

Class

H

338,000

691

37,002

Producer

Durables

-

7.3%

3M

Co.

2,372

303

Adyen

NV(Æ)(Þ)

225

275

Aena

SME

SA(Þ)

1,738

329

Aeroports

de

Paris

SA

1,431

188

Airtac

International

Group

22,000

568

Allfunds

Group

PLC

72,699

437

Amphenol

Corp.

Class

A

3,470

223

Arcosa

,

Inc.

16,025

1,489

Argan

,

Inc.

3,056

241

Automatic

Data

Processing,

Inc.

526

138

Avery

Dennison

Corp.

818

177

BAE

Systems

PLC

13,908

232

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

136,000

45

Blue

Bird

Corp.(Æ)

3,380

176

Booz

Allen

Hamilton

Holding

Corp.

Class

A

1,324

190

Bouygues

SA

4,039

139

Bureau

Veritas

SA

6,174

193

Canadian

National

Railway

Co.

4,408

510

Canadian

Pacific

Kansas

City,

Ltd.

7,251

608

CBIZ,

Inc.(Æ)

1,780

124

CECO

Environmental

Corp.(Æ)

8,645

252

Cellnex

Telecom

SA(Þ)

5,315

185

CH

Robinson

Worldwide,

Inc.

1,739

155

Charoen

Pokphand

Foods

PCL

436,600

294

China

Communications

Services

Corp.,

Ltd.

Class

H

680,886

350

Cintas

Corp.

422

322

Construction

Partners,

Inc.

Class

A(Æ)

2,298

149

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

8,200

211

CSX

Corp.

32,188

1,130

Cummins,

Inc.

963

281

Danone

SA

17,159

1,116

DL

E&C

Co.,

Ltd.

13,660

350

Dover

Corp.

991

183

Eiffage

SA

1,422

141

Embraer

SA

-

ADR(Æ)

3,797

118

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

EMCOR

Group,

Inc.

752

282

Emerson

Electric

Co.

1,447

169

Equifax,

Inc.

3,823

1,068

EXEO

Group,

Inc.

14,400

158

Expeditors

International

of

Washington,

Inc.

1,227

153

Experian

PLC

4,117

194

FedEx

Corp.

735

222

Flughafen

Zurich

AG

1,786

413

Fortive

Corp.

2,075

149

Fukuda

Corp.

2,600

107

GEA

Group

AG

18,831

832

General

Dynamics

Corp.

774

231

Gentex

Corp.

4,895

152

Getlink

SE

32,914

586

GFL

Environmental,

Inc.

1,752

68

GMR

Infrastructure,

Ltd.(Æ)

169,755

207

Graco

,

Inc.

7,277

619

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

33,501

534

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

16,932

511

Guangshen

Railway

Co.,

Ltd.

Class

H

724,000

221

Hakuhodo

DY

Holdings,

Inc.

9,000

74

Hi

Sun

Technology

China,

Ltd.(Æ)

864,000

40

Honeywell

International,

Inc.

1,152

236

Huntington

Ingalls

Industries,

Inc.

591

165

Illinois

Tool

Works,

Inc.

620

153

indie

Semiconductor,

Inc.

Class

A(Æ)

7,114

43

Infrastrutture

Wireless

Italiane

SpA

(Þ)

6,342

71

InterGlobe

Aviation,

Ltd.(Æ)(Þ)

15,089

808

International

Seaways,

Inc.

4,803

269

Intertek

Group

PLC

15,509

1,008

Iriso

Electronics

Co.,

Ltd.

5,600

113

Japan

Airport

Terminal

Co.,

Ltd.

5,500

201

JB

Hunt

Transport

Services,

Inc.

828

143

JGC

Holdings

Corp.

27,800

237

JM

AB

3,807

74

JTEKT

Corp.

28,100

204

Kamigumi

Co.,

Ltd.

9,400

216

Knight-Swift

Transportation

Holdings,

Inc.

2,858

156

Kone

OYJ

Class

B

7,477

382

L3Harris

Technologies,

Inc.

593

135

Landstar

System,

Inc.

974

185

Larsen

&

Toubro,

Ltd.

6,978

319

Limbach

Holdings,

Inc.(Æ)

2,048

130

Localiza

Rent

a

Car

SA

18,271

142

Mama's

Creations,

Inc.(Æ)

31,107

237

MasTec

,

Inc.(Æ)

3,312

364

Mettler

-Toledo

International,

Inc.(Æ)

428

651

Mitsubishi

Electric

Corp.

17,400

292

Moneylion

,

Inc.(Æ)(Ñ)

2,137

147

Moody's

Corp.

3,324

1,517

Moog,

Inc.

Class

A

698

137

MSC

Industrial

Direct

Co.,

Inc.

Class

A

1,475

131

Murphy

USA,

Inc.

422

213

Nestle

SA

21,403

2,173

Norfolk

Southern

Corp.

1,064

266

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

454

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Northrop

Grumman

Corp.

322

156

NSK,

Ltd.

63,900

338

OSG

Corp.

7,000

97

Otis

Worldwide

Corp.

8,695

822

PACCAR

Financial

Corp.

2,370

234

Paychex,

Inc.

1,307

167

Poste

Italiane

SpA

(Þ)

13,002

176

Pyeong

Hwa

Automotive

Co.,

Ltd.

8,879

77

Robert

Half,

Inc.

2,074

133

Ryanair

Holdings

PLC

-

ADR

9,581

971

S&P

Global,

Inc.

2,574

1,248

Sandvik

AB

16,678

341

Schindler

Holding

AG

710

190

Schneider

National,

Inc.

Class

B

6,332

170

Seiko

Epson

Corp.

8,700

153

Seino

Holdings

Co.,

Ltd.

6,900

108

Shanghai

Electric

Group

Co.,

Ltd.

Class

H(Æ)

600,000

117

Snap-on,

Inc.

626

180

Sohgo

Security

Services

Co.,

Ltd.

15,400

99

Spirax-Sarco

Engineering

PLC

2,871

335

Stabilus

SE

4,015

197

Stanley

Electric

Co.,

Ltd.

8,300

164

Sterling

Infrastructure,

Inc.(Æ)

2,438

284

Sumitomo

Heavy

Industries,

Ltd.

3,900

105

Techtronic

Industries

Co.,

Ltd.

64,000

828

Teledyne

Technologies,

Inc.(Æ)

308

130

Textron,

Inc.

1,911

178

Tidewater,

Inc.(Æ)

2,302

228

TopBuild

Corp.(Æ)

163

78

Transurban

Group

79,323

675

Trelleborg

AB

Class

B

15,164

562

Union

Pacific

Corp.

1,235

305

United

Parcel

Service,

Inc.

Class

B

806

105

Vinci

SA

3,430

391

Waste

Management,

Inc.

933

189

Weir

Group

PLC

(The)

45,884

1,197

West

Japan

Railway

Co.

24,100

476

WW

Grainger,

Inc.

234

229

XPO,

Inc.(Æ)

884

102

Yamato

Holdings

Co.,

Ltd.

22,000

269

43,134

Technology

-

11.9%

8x8,

Inc.(Æ)

280,930

865

AAC

Technologies

Holdings,

Inc.

161,000

591

Accenture

PLC

Class

A

2,782

920

ACM

Research,

Inc.

Class

A(Æ)

6,769

121

Adobe,

Inc.(Æ)

1,560

861

Airbnb,

Inc.

Class

A(Æ)

4,525

632

Akamai

Technologies,

Inc.(Æ)

1,388

136

Allegion

PLC

4,723

646

Alphabet,

Inc.

Class

A

21,486

3,686

Alphabet,

Inc.

Class

C

10,921

1,891

Alps

Alpine

Co.,

Ltd.

5,500

58

Amdocs,

Ltd.

1,777

155

Analog

Devices,

Inc.

1,161

269

Ansys

,

Inc.(Æ)

1,299

407

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Appfolio

,

Inc.

Class

A(Æ)

289

64

Apple,

Inc.

20,785

4,616

Applied

Materials,

Inc.

3,167

672

Arrow

Electronics,

Inc.(Æ)

1,129

140

ASM

International

NV

502

346

ASML

Holding

NV

2,019

1,855

Assa

Abloy

AB

Class

B

26,728

812

Auto

Trader

Group

PLC(Þ)

35,928

376

AvePoint

,

Inc.(Æ)

20,972

229

Baidu,

Inc.

Class

A(Æ)

26,950

299

BE

Semiconductor

Industries

NV

1,356

176

Bechtle

AG

5,124

227

Broadcom,

Inc.

3,220

517

CACI

International,

Inc.

Class

A(Æ)

549

253

Cars.com,

Inc.(Æ)

41,518

856

CDW

Corp.

733

160

Cisco

Systems,

Inc.

7,017

340

Cognizant

Technology

Solutions

Corp.

Class

A

3,059

231

Cosel

Co.,

Ltd.

6,800

56

Credo

Technology

Group

Holding,

Ltd.

(Æ)

2,459

68

CyberArk

Software,

Ltd.(Æ)

322

83

Descartes

Systems

Group,

Inc.

(The)

(Æ)

1,340

136

Eizo

Corp.

1,800

58

en

Japan,

Inc.

8,400

158

EverQuote

,

Inc.

Class

A(Æ)

7,681

200

F5,

Inc.(Æ)

1,024

209

FANUC

Corp.

16,100

481

Fiserv,

Inc.(Æ)

1,357

222

FormFactor

,

Inc.(Æ)

2,754

147

Hewlett

Packard

Enterprise

Co.

9,799

195

Infosys,

Ltd.

-

ADR(Ñ)

49,848

1,103

International

Business

Machines

Corp.

2,034

391

Juniper

Networks,

Inc.

4,211

159

Kainos

Group

PLC

11,775

167

Kanzhun

,

Ltd.

-

ADR

24,431

332

Keyence

Corp.

2,900

1,262

Legrand

SA

1,628

176

Leidos

Holdings,

Inc.

1,291

186

LG

Corp.

Class

H

7,662

483

LG

Electronics,

Inc.

Class

H

906

69

Mabuchi

Motor

Co.,

Ltd.

8,800

135

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

601

61

MediaTek

,

Inc.

10,000

379

Meta

Platforms,

Inc.

Class

A

3,129

1,486

Microsoft

Corp.

19,113

7,996

MSCI,

Inc.

Class

A

1,369

740

NCAB

Group

AB

46,019

336

Nemetschek

SE

3,025

289

NET

One

Systems

Co.,

Ltd.

4,400

89

Nutanix

,

Inc.

Class

A(Æ)

1,665

84

NVIDIA

Corp.

5,350

626

Onto

Innovation,

Inc.(Æ)

658

126

Ooma

,

Inc.(Æ)

27,717

288

Oracle

Corp.

9,385

1,309

Parade

Technologies,

Ltd.

27,000

618

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

455

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

PAX

Global

Technology,

Ltd.

70,000

39

PlayAGS

,

Inc.(Æ)

47,469

544

Powerfleet

,

Inc.(Æ)

32,983

149

PubMatic,

Inc.

Class

A(Æ)

5,139

113

Pure

Storage,

Inc.

Class

A(Æ)

934

56

Roper

Technologies,

Inc.

302

164

Salesforce,

Inc.

2,730

707

Samsung

Electronics

Co.,

Ltd.

71,458

4,394

SAP

SE

10,211

2,154

Semtech

Corp.(Æ)

1,378

44

Signify

NV(Þ)

29,761

739

Silvaco

Group,

Inc.(Æ)

16,283

277

SimilarWeb

,

Ltd.(Æ)

7,510

46

SiTime

Corp.(Æ)

610

87

SK

Hynix,

Inc.

8,979

1,303

Skyworks

Solutions,

Inc.

1,550

176

SMART

Global

Holdings,

Inc.(Æ)

25,362

593

Softcat

PLC

21,374

447

Swisscom

AG

437

268

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

180,000

5,174

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

19,785

3,280

Teradata

Corp.(Æ)

15,798

512

Texas

Instruments,

Inc.

1,056

215

Tower

Semiconductor,

Ltd.(Æ)

21,822

890

Trip.com

Group,

Ltd.

-

ADR(Æ)

2,879

122

Uber

Technologies,

Inc.(Æ)

10,719

691

Unimicron

Technology

Corp.

52,000

288

Varonis

Systems,

Inc.(Æ)

3,028

167

Veeco

Instruments,

Inc.(Æ)

1,347

56

Verint

Systems,

Inc.(Æ)

20,797

752

Vodafone

Group

PLC

284,834

266

Wix.com,

Ltd.(Æ)

549

86

WNS

Holdings,

Ltd.(Æ)

2,637

157

Xiaomi

Corp.

Class

B(Æ)(Þ)

387,800

829

Zeta

Global

Holdings

Corp.

Class

A(Æ)

14,330

307

70,402

Utilities

-

4.0%

AES

Corp.

(The)

9,340

166

Alliant

Energy

Corp.

2,769

154

American

Electric

Power

Co.,

Inc.

2,797

274

AT&T,

Inc.

17,847

344

Atmos

Energy

Corp.

1,217

156

Bharti

Airtel,

Ltd.

54,968

983

Centrais

Eletricas

Brasileiras

SA

75,681

529

CGN

Power

Co.,

Ltd.

Class

H(Þ)

376,000

153

Cheniere

Energy,

Inc.

3,720

679

China

Resources

Gas

Group,

Ltd.

107,700

366

China

Yangtze

Power

Co.,

Ltd.

Class

A

184,400

762

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

14,104

220

CMS

Energy

Corp.

2,024

131

ConocoPhillips

1,258

140

Consolidated

Edison,

Inc.

1,497

146

Deutsche

Telekom

AG

8,018

210

Dominion

Energy,

Inc.

7,554

404

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

DT

Midstream,

Inc.

3,864

291

DTE

Energy

Co.

1,059

128

Duke

Energy

Corp.

7,622

833

E.ON

SE

13,569

190

Edison

International

2,028

162

Elisa

OYJ

3,226

150

Enagas

SA

6,559

98

Enbridge,

Inc.

2,051

77

Endesa

SA

6,283

122

Enel

SpA

33,611

240

ENN

Energy

Holdings,

Ltd.

22,600

159

Entergy

Corp.

1,671

194

Evergy

,

Inc.

1,705

99

Eversource

Energy

5,852

380

Exelon

Corp.

9,788

364

Federal

Grid

Co.

Unified

Energy

System

PJSC(Æ)(Š)

381,588,279

—

Fortum

OYJ

58,475

899

Guangdong

Investment,

Ltd.

70,000

37

Hera

SpA

16,895

62

Iberdrola

SA

65,444

863

Inpex

Corp.

7,900

123

JOYY,

Inc.

-

ADR

4,647

155

Koninklijke

KPN

NV

56,811

224

Korea

Electric

Power

Corp.

33,856

487

Korea

Electric

Power

Corp.

-

ADR(Ñ)

11,267

83

Kosmos

Energy,

Ltd.(Æ)

166,948

923

KT

Corp.

8,372

242

KT

Corp.

-

ADR

84,995

1,238

LG

Uplus

Corp.

219,888

1,605

MTN

Group,

Ltd.

29,257

127

National

Fuel

Gas

Co.

2,892

169

National

Grid

PLC

151,226

1,922

NextEra

Energy,

Inc.

12,044

920

Nippon

Telegraph

&

Telephone

Corp.

209,200

223

Osaka

Gas

Co.,

Ltd.

8,300

188

Petro

Rio

SA

19,775

168

Redeia

Corp.

SA

7,131

126

RusHydro

PJSC(Æ)(Š)

104,654,642

—

Scottish

&

Southern

Energy

PLC

6,483

157

Sempra

Energy

1,768

142

Severn

Trent

PLC

Class

H

6,384

211

Snam

Rete

Gas

SpA

30,484

146

Southern

Co.

(The)

8,055

673

TC

Energy

Corp.

3,298

140

Telenor

ASA

15,238

182

Terna

Rete

Elettrica

Nazionale

SpA

17,132

143

T-Mobile

USA,

Inc.

923

168

UGI

Corp.

7,431

184

Veolia

Environnement

SA

23,795

746

Verizon

Communications,

Inc.

11,622

471

WEC

Energy

Group,

Inc.

1,388

120

Xcel

Energy,

Inc.

6,040

352

23,923

Total

Common

Stocks

(cost

$322,527)

381,789

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

456

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Preferred

Stocks

-

0.3%

Consumer

Discretionary

-

0.1%

Hyundai

Motor

Co.

9.815%

(Ÿ)

975

118

9.846%

(Ÿ)

1,074

130

248

Consumer

Staples

-

0.0%

Henkel

AG

&

Co.

KGaA

2.290%

(Ÿ)

1,936

166

Energy

-

0.0%

Petroleo

Brasileiro

SA

13.244%

(Ÿ)

28,988

192

Financial

Services

-

0.1%

Itau

Unibanco

Holding

SA

6.435%

(Ÿ)

46,143

276

Health

Care

-

0.0%

Draegerwerk

AG

&

Co.

KGaA

3.969%

(Ÿ)

4,432

233

Materials

and

Processing

-

0.0%

Braskem

SA

0.000%

(Æ)

12,020

37

Technology

-

0.1%

Samsung

Electronics

Co.,

Ltd.

2.346%

(Ÿ)

11,676

546

Utilities

-

0.0%

Raizen

Energia

SA

5.489%

(Ÿ)

154,495

82

Total

Preferred

Stocks

(cost

$1,630)

1,780

Warrants

and

Rights

-

0.0%

Warrants

and

Rights

-

0.0%

Localiza

Rent

a

Car

SA(Æ)

2024  Rights

184

—

Total

Warrants

and

Rights

(cost

$—)

—

Short-Term

Investments

-

9.2%

Air

Transport

Services

Group,

Inc.

1.125%

due

10/15/24

936

925

Atlantica

Sustainable

Infrastructure

Jersey,

Ltd.

4.000%

due

07/15/25

685

672

BioMarin

Pharmaceutical,

Inc.

0.599%

due

08/01/24

360

360

Block,

Inc.

0.125%

due

03/01/25

399

386

Chegg

,

Inc.

0.125%

due

03/15/25

1,519

1,435

China

Government

International

Bond

1.950%

due

12/03/24

(Þ)

514

509

Series

REGS

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.750%

due

10/26/24

(Þ)

200

198

EZCORP,

Inc.

2.375%

due

05/01/25

1,143

1,109

Five9,

Inc.

0.500%

due

06/01/25

829

790

Hat

Holdings

I

LLC

0.000%

due

05/01/25

(Þ)(Æ)

1,367

1,439

I3

Verticals

LLC

1.000%

due

02/15/25

399

384

LendingTree

,

Inc.

0.500%

due

07/15/25

607

564

Nevro

Corp.

2.750%

due

04/01/25

657

632

NuVasive

,

Inc.

0.375%

due

03/15/25

2,191

2,103

Pegasystems

,

Inc.

0.750%

due

03/01/25

686

664

PennyMac

Mortgage

Investment

Trust

5.500%

due

11/01/24

572

565

U.S.

Cash

Management

Fund(@)

32,483,450

(∞)

32,477

United

Kingdom

Gilt

2.750%

due

09/07/24

(Þ)

GBP

966

1,239

United

States

Treasury

Bills

0.001%

due

09/17/24

(ž)

6,645

6,599

United

States

Treasury

Notes

5.024%

due

09/15/24

1,600

1,590

Wayfair,

Inc.

1.125%

due

11/01/24

128

126

Total

Short-Term

Investments

(cost

$54,660)

54,766

Other

Securities

-

1.0%

U.S.

Cash

Collateral

Fund(@)(×)

5,657,795

(∞)

5,658

Total

Other

Securities

(cost

$5,658)

5,658

Total

Investments

-

97.8%

(identified

cost

$517,428)

577,987

Other

Assets

and

Liabilities,

Net

-

2.2%

12,801

Net

Assets

-

100.0%

590,788

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

457

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

11.0%

ABN

AMRO

Bank

NV

03/22/23

EUR

22,226

16.33

363

387

Abu

Dhabi

Government

International

Bond

11/02/22

200,000

67.99

136

140

Abu

Dhabi

Government

International

Bond

11/07/23

673,000

83.52

562

566

Abu

Dhabi

Government

International

Bond

04/23/24

200,000

98.33

197

205

Abu

Dhabi

Government

International

Bond

07/11/24

244,000

67.73

165

166

Adyen

NV

02/16/24

EUR

225

1,547.70

348

275

Aena

SME

SA

04/27/20

EUR

1,738

124.67

217

329

Alcoa

Nederland

Holding

BV

12/12/23

400,000

96.61

386

374

Alpek

SAB

de

CV

01/25/24

251,000

84.94

213

217

Alpha

FX

Group

PLC

06/03/24

GBP

5,429

29.87

162

181

Alpha

Services

and

Holdings

SA

05/18/21

EUR

100,000

121.48

121

109

Angola

Government

International

Bond

09/20/22

328,000

82.11

269

293

Arcelik

AS

01/10/24

EUR

200,000

105.81

212

210

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

05/01/24

EUR

200,000

102.80

206

178

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

07/18/18

GBP

184,000

129.90

239

127

Ashland,

Inc.

06/07/22

401,000

85.89

344

346

Aston

Martin

Capital

Holdings

Ltd

07/25/24

GBP

100,000

128.85

129

129

Australia

&

New

Zealand

Banking

Group,

Ltd.

03/08/23

EUR

100,000

103.79

104

112

Auto

Trader

Group

PLC

02/02/24

GBP

35,928

9.85

354

376

Aviva

PLC

02/12/24

GBP

200,000

117.83

236

249

AXA

SA

02/01/24

EUR

100,000

110.79

111

112

Azerbaijan

Government

International

Bond

09/21/22

197,000

85.06

168

171

Bahrain

Government

International

Bond

05/02/23

617,000

100.35

619

649

Banco

BPM

SpA

01/30/24

EUR

150,000

104.06

156

157

Banco

BTG

Pactual

SA

05/05/21

200,000

98.39

197

191

Banco

Mercantil

del

Norte

SA

01/17/24

200,000

99.12

198

199

Banco

Santander

SA

05/07/24

EUR

200,000

107.57

215

221

Bank

Gospodarstwa

Krajowego

07/01/24

253,000

99.28

251

265

Bank

of

Cyprus

PCL

09/23/21

EUR

100,000

116.51

117

105

Bank

of

Ireland

Group

PLC

04/12/22

EUR

100,000

101.66

102

103

BAWAG

Group

AG

04/18/18

EUR

200,000

123.75

247

211

BCP

V

Modular

Services

Finance

II

PLC

07/09/24

EUR

100,000

92.05

92

92

Berry

Global,

Inc.

03/11/20

EUR

370,000

109.76

406

380

Berry

Global,

Inc.

01/10/24

14,000

99.73

14

14

BNP

Paribas

SA

01/16/23

200,000

81.27

163

167

Bolivia

Government

International

Bond

12/07/23

119,000

50.79

60

67

British

Airways

Pass-Through

Trust

06/14/23

EUR

200,000

96.91

194

214

British

Telecommunications

PLC

09/13/23

200,000

82.78

166

180

CaixaBank

SA

07/18/24

EUR

200,000

107.89

216

215

Canpack

SA

/

Eastern

PA

Land

Investment

Holding

LLC

01/08/21

EUR

200,000

110.16

220

204

CBB

International

Sukuk

Programme

Co.

WLL

07/18/24

213,000

94.92

202

202

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

12/01/20

300,000

102.39

307

255

Cellnex

Telecom

SA

01/13/21

EUR

400,000

108.08

432

369

Cellnex

Telecom

SA

08/11/23

EUR

5,315

35.92

191

185

Cemex

SAB

de

CV

05/24/21

200,000

100.17

200

179

CGN

Power

Co.,

Ltd.

10/03/22

HKD

376,000

0.22

81

153

China

Government

International

Bond

10/04/23

200,000

98.90

198

198

China

Government

International

Bond

11/21/23

514,000

98.93

509

509

China

International

Capital

Corp.,

Ltd.

09/11/23

HKD

105,200

1.66

174

117

Clearway

Energy

Operating

LLC

02/01/22

261,000

88.25

230

231

Clearway

Energy

Operating

LLC

04/03/23

120,000

84.68

102

105

Cleveland-Cliffs,

Inc.

01/09/24

225,000

93.81

211

213

Codelco

Metals,

Inc.

06/17/24

272,000

100.47

273

276

Commerzbank

AG

02/01/24

EUR

200,000

91.14

182

194

Costa

Rica

Government

International

Bond

05/01/24

298,000

101.13

301

308

Country

Garden

Holdings

Co.,

Ltd.

01/29/20

200,000

101.59

203

16

Credit

Agricole

SA

01/31/24

200,000

85.92

172

178

Crown

European

Holdings

SA

04/11/24

EUR

100,000

109.30

109

111

Crown

European

Holdings

SA

07/30/24

EUR

100,000

108.10

108

109

Deutsche

Bank

AG

02/01/24

EUR

200,000

91.69

183

197

Development

Bank

of

Kazakhstan

JSC

04/04/24

329,000

99.75

328

327

Dino

Polska

SA

01/15/21

PLN

1,902

69.23

132

169

DNB

Bank

ASA

11/05/19

205,000

100.00

205

203

Dominican

Republic

Government

International

Bond

03/20/23

657,000

98.47

647

690

Dominican

Republic

Government

International

Bond

06/25/24

200,000

102.61

205

210

Ecuador

Government

International

Bond

10/03/22

246,204

39.40

97

130

Ecuador

Government

International

Bond

06/28/24

163,470

48.14

79

83

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

458

Multi-Asset

Growth

Strategy

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Ecuador

Government

International

Bond

07/01/24

300,945

54.72

165

203

Egypt

Government

International

Bond

03/12/24

578,000

81.73

472

465

Egypt

Government

International

Bond

06/28/24

416,000

76.31

317

313

El

Salvador

Government

International

Bond

08/03/23

150,000

71.41

107

121

Electricite

de

France

SA

01/02/19

GBP

200,000

129.71

259

254

Empresa

Nacional

del

Petroleo

07/24/24

200,000

98.52

197

200

Enel

SpA

07/21/22

EUR

200,000

95.92

192

182

Energias

de

Portugal

SA

05/03/22

EUR

300,000

88.04

264

289

EnLink

Midstream

LLC

12/08/23

80,000

98.30

79

80

EQT

Corp.

03/15/24

110,000

88.16

97

99

Etalon

Group

PLC

12/18/18

185,343

—

331

—

Eurofins

Scientific

SE

02/05/20

EUR

100,000

109.70

110

106

Eurofins

Scientific

SE

01/18/24

EUR

200,000

89.01

178

176

Export-Import

Bank

of

India

09/20/22

116,000

82.99

96

98

Falabella

SA

02/24/22

200,000

94.86

190

167

FMG

Resources

(August

2006)

Pty.,

Ltd.

08/22/23

306,000

89.45

274

277

Fresenius

Medical

Care

US

Finance

II,

Inc.

10/31/23

438,000

71.63

314

355

Ghana

Government

International

Bond

09/20/22

503,000

40.71

205

256

Goodyear

Europe

BV

03/08/22

EUR

122,000

100.86

123

120

Graphic

Packaging

International

LLC

11/09/21

EUR

100,000

115.96

116

101

Graphic

Packaging

International

LLC

02/13/23

EUR

100,000

97.84

98

101

Graphic

Packaging

International

LLC

05/08/24

100,000

88.89

89

91

Greenko

Power

II,

Ltd.

01/25/22

173,500

98.96

172

162

Greensaif

Pipelines

Bidco

SARL

07/17/24

264,000

100.00

264

265

Greensaif

Pipelines

Bidco

SARL

07/17/24

200,000

100.00

200

200

Grifols

Escrow

Issuer

SA

02/09/22

EUR

184,000

108.97

201

175

Grupo

Antolin-Irausa

SA

07/25/24

EUR

165,000

107.91

178

178

Guatemala

Government

International

Bond

06/06/23

401,000

100.00

401

406

GUSAP

III,

LP

05/03/23

200,000

94.10

188

189

Halyk

Savings

Bank

of

Kazakhstan

JSC

01/24/22

18,386

11.93

219

323

Hanesbrands,

Inc.

08/08/19

589,000

101.50

598

577

Hat

Holdings

I

LLC

09/14/23

1,367,000

98.11

1,341

1,439

Hazine

Mustesarligi

Varlik

Kiralama

AS

12/05/23

770,000

101.79

784

821

Hungary

Government

International

Bond

07/19/23

204,000

101.59

207

209

Hungary

Government

International

Bond

01/03/24

321,000

97.95

314

315

Hungary

Government

International

Bond

03/20/24

312,000

62.74

196

199

Ibercaja

Banco

SA

01/16/20

EUR

100,000

111.37

111

106

Iliad

SA

09/16/21

EUR

300,000

110.25

331

298

Infrastrutture

Wireless

Italiane

SpA

10/09/20

EUR

6,342

10.92

69

71

Infrastrutture

Wireless

Italiane

SpA

01/25/21

EUR

100,000

123.69

124

101

Innovent

Biologics,

Inc.

04/05/24

HKD

134,000

5.36

718

666

InterGlobe

Aviation,

Ltd.

06/10/22

INR

15,089

29.68

448

808

IQVIA,

Inc.

02/17/21

EUR

248,000

120.42

299

248

IQVIA,

Inc.

08/31/22

EUR

276,000

94.15

260

276

Iron

Mountain,

Inc.

04/28/23

220,000

88.31

194

202

Iron

Mountain,

Inc.

06/13/23

109,000

91.91

100

105

Itau

Unibanco

Holding

SA

02/01/24

200,000

92.25

185

196

Ivory

Coast

Government

International

Bond

01/23/24

299,000

98.14

293

289

Jordan

Government

International

Bond

04/04/23

46,000

99.03

46

46

Jordan

Government

International

Bond

01/17/24

326,000

99.76

325

323

Kenya

Government

International

Bond

02/12/24

202,000

97.40

197

192

Klabin

Austria

GmbH

03/24/21

200,000

97.17

194

172

Koninklijke

KPN

NV

02/04/22

EUR

200,000

107.51

215

214

Kuaishou

Technology

06/17/22

HKD

83,700

9.34

781

465

La

Banque

Postale

SA

12/29/21

EUR

200,000

106.32

213

175

Lebanon

Government

International

Bond

10/31/22

1,578,000

7.75

122

110

Lebanon

Government

International

Bond

01/16/24

89,000

8.41

7

6

Lenta

International

Co.

PJSC

12/17/18

105,913

—

328

—

Levi

Strauss

&

Co.

01/19/22

561,000

99.08

556

489

Liberty

Mutual

Group,

Inc.

02/06/24

103,000

64.43

66

65

Longfor

Group

Holdings,

Ltd.

04/21/23

HKD

455,000

1.82

829

585

Lorca

Telecom

Bondco

SA

04/09/21

EUR

300,000

114.35

341

322

Lucid

Group,

Inc.

07/12/24

438,000

63.53

278

275

Macquarie

Bank,

Ltd.

02/27/24

226,000

81.92

185

193

Macrotech

Developers,

Ltd.

06/28/24

INR

7,903

15.62

123

124

Marks

&

Spencer

PLC

04/26/23

GBP

367,000

116.35

427

462

Match

Group

Financeco

,

Inc.

11/02/23

293,000

89.57

262

271

Matterhorn

Telecom

SA

09/15/23

EUR

209,000

103.36

216

223

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

459

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Medline

Borrower,

LP

08/02/23

306,000

92.76

284

286

Medline

Borrower,

LP

03/20/24

28,000

100.00

28

29

Meituan

06/21/24

HKD

17,200

15.27

263

238

Meritage

Homes

Corp.

07/28/23

300,000

91.61

275

282

MHP

SE

08/30/19

69,777

9.68

676

255

Millicom

International

Cellular

SA

03/08/22

200,000

92.53

185

176

MP

Materials

Corp.

03/19/24

2,016,000

90.14

1,817

1,808

NAC

Kazatomprom

JSC

06/17/20

21,097

18.73

395

801

National

Bank

of

Greece

SA

05/09/24

EUR

100,000

108.75

109

113

Nemak

SAB

de

CV

03/11/24

200,000

81.91

164

159

Netflix,

Inc.

07/26/22

EUR

150,000

107.28

161

165

Network

i2i,

Ltd.

10/08/19

200,000

100.00

200

199

Nexans

SA

04/22/24

EUR

100,000

107.29

107

109

NextEra

Energy,

Inc.

10/16/23

2,148,000

91.14

1,958

1,962

NGG

Finance

PLC

02/16/24

EUR

100,000

99.20

99

100

Nigeria

Government

International

Bond

09/20/22

721,000

74.43

537

589

NIO,

Inc.

05/06/24

173,000

76.94

133

112

Nokia

OYJ

03/07/24

EUR

100,000

110.67

111

112

Novelis

Corp.

03/06/20

197,000

99.31

196

186

Novelis

Corp.

11/22/21

81,000

92.18

75

71

Ocado

Group

PLC

03/12/24

GBP

100,000

103.74

104

104

OCP

SA

04/24/24

355,000

97.27

345

367

OI

European

Group

BV

07/19/23

326,000

89.77

293

300

Olympus

Water

US

Holding

Corp.

11/12/21

EUR

110,000

112.34

124

109

Oman

Government

International

Bond

11/09/23

876,000

102.39

897

910

Orbia

Advance

Corp.

SAB

de

CV

05/04/22

200,000

85.69

171

169

Orsted

A/S

06/09/22

GBP

100,000

98.43

98

94

Pakistan

Government

International

Bond

02/06/24

200,000

64.81

130

150

Paraguay

Government

International

Bond

08/17/23

200,000

97.60

195

203

Pension

Insurance

Corp.

PLC

01/30/23

GBP

100,000

100.74

101

106

Petroleos

de

Venezuela

SA

06/20/24

783,573

13.60

107

88

Petroleos

del

Peru

SA

05/03/23

416,000

64.62

269

266

Petronas

Capital,

Ltd.

10/31/23

200,000

59.46

119

138

Petronas

Capital,

Ltd.

03/21/24

648,000

86.14

558

551

Phoenix

Group

Holdings

PLC

01/30/19

GBP

200,000

107.05

214

234

Post

Holdings,

Inc.

02/11/20

37,000

100.03

37

34

Post

Holdings,

Inc.

01/04/22

246,000

96.23

237

224

Post

Holdings,

Inc.

02/05/24

15,000

100.00

15

15

Poste

Italiane

SpA

06/17/22

EUR

13,002

9.52

124

176

ProGroup

AG

03/21/24

EUR

143,000

108.67

155

155

Qatar

Government

International

Bond

10/30/23

784,000

98.05

769

783

Qatar

Government

International

Bond

05/21/24

200,000

99.51

199

202

QBE

Insurance

Group,

Ltd.

02/28/24

GBP

100,000

108.49

108

113

Range

Resources

Corp.

09/07/23

232,000

91.35

212

220

Repay

Holdings

Corp.

05/22/23

789,000

89.96

710

715

Republic

of

Guatemala

Government

International

Bond

07/29/24

200,000

100.00

200

201

Republic

of

Guatemala

Government

International

Bond

07/29/24

200,000

100.00

200

200

Republic

of

Serbia

Government

International

Bond

06/05/24

232,000

97.89

227

231

Republic

of

Uzbekistan

Government

International

Bond

05/22/24

200,000

98.65

197

196

Republic

of

Zambia

Government

International

Bond

06/28/24

65,979

87.53

58

58

Republic

of

Zambia

Government

International

Bond

07/09/24

124,000

49.75

62

62

Rexel

SA

06/12/24

EUR

250,000

99.25

248

250

Romania

Government

International

Bond

01/05/23

154,000

99.41

153

165

Romania

Government

International

Bond

01/23/24

176,000

99.19

175

179

Romania

Government

International

Bond

01/23/24

76,000

99.52

76

77

Romania

Government

International

Bond

07/17/24

452,000

69.97

316

318

Rothesay

Life

PLC

11/03/23

GBP

200,000

81.20

162

200

Sappi

Papier

Holding

GmbH

06/21/23

160,000

101.49

162

168

Saudi

Arabian

Oil

Co.

06/24/24

SAR

83,351

7.46

622

613

Saudi

Arabian

Oil

Co.

07/10/24

370,000

97.64

361

363

Saudi

Government

International

Bond

01/08/24

907,000

99.21

900

902

Saudi

Government

International

Bond

06/04/24

400,000

97.04

388

392

Scout24

SE

05/17/24

EUR

2,462

76.92

189

195

Sealed

Air

Corp.

02/01/21

400,000

102.87

412

379

Sealed

Air

Corp.

10/25/23

100,000

89.83

90

97

Senegal

Government

International

Bond

09/20/22

200,000

71.15

142

145

Shimao

Group

Holdings,

Ltd.

12/03/21

200,000

75.33

151

11

Siemens

Healthineers

AG

10/14/22

EUR

10,764

56.86

612

578

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

460

Multi-Asset

Growth

Strategy

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Signify

NV

06/10/22

EUR

29,761

29.65

882

739

Smurfit

Kappa

Treasury

ULC

05/09/22

EUR

113,000

87.97

99

100

Societe

Generale

SA

03/18/24

200,000

100.00

200

195

SoFi

Technologies,

Inc.

04/12/23

1,771,000

82.03

1,453

1,560

Solvay

SA

10/26/21

EUR

200,000

118.86

238

210

SPCM

SA

09/09/21

400,000

92.12

368

344

Stora

Enso

OYJ

07/26/18

200,000

112.37

225

216

Stora

Enso

OYJ

06/19/19

150,000

114.01

171

162

Summit

Digitel

Infrastructure

Private,

Ltd.

10/11/21

200,000

96.54

193

170

Taylor

Morrison

Communities,

Inc.

05/16/22

255,000

92.79

237

249

TDC

Net

A/S

11/22/23

EUR

100,000

109.39

109

117

Telecom

Italia

SpA

11/07/23

EUR

100,000

95.87

96

103

Telefonica

Europe

BV

12/08/21

EUR

200,000

111.00

222

194

Telenet

Finance

Luxembourg

Notes

SARL

06/12/23

200,000

94.08

188

191

TenneT

Holding

BV

06/09/22

EUR

100,000

102.66

103

106

TerraForm

Power

Operating

LLC

04/08/20

307,000

102.22

314

285

TMNL

Holding

BV

09/13/23

EUR

200,000

96.29

193

208

Trinidad

&

Tobago

Government

International

Bond

09/11/23

200,000

99.34

199

200

UBS

Group

AG

12/18/23

200,000

79.14

158

167

Ukraine

Government

International

Bond

09/20/22

565,000

28.10

159

189

Ukraine

Government

International

Bond

05/31/24

200,000

36.08

72

73

UniCredit

SpA

03/06/20

EUR

200,000

96.90

194

203

UnipolSai

Assicurazioni

SpA

03/21/24

EUR

200,000

108.94

218

215

United

Arab

Emirates

International

Government

Bond

06/25/24

259,000

100.00

259

262

United

Group

BV

03/12/24

EUR

200,000

107.66

215

214

United

Kingdom

Gilt

04/11/24

GBP

966,000

125.37

1,211

1,239

UPC

Broadband

Finco

BV

01/21/22

200,000

100.63

201

182

Venezuela

Government

International

Bond

03/22/24

332,000

17.07

57

56

Veolia

Environnement

SA

12/09/20

EUR

100,000

122.92

123

98

Veolia

Environnement

SA

01/06/22

EUR

100,000

112.34

112

99

Verallia

SA

01/05/22

EUR

300,000

104.21

313

283

Vmed

O2

UK

Financing

I

PLC

10/15/21

GBP

408,000

131.24

535

442

Volvo

Car

AB

05/17/23

EUR

100,000

103.50

104

109

VZ

Vendor

Financing

II

BV

09/21/21

EUR

300,000

116.77

350

291

WH

Group,

Ltd.

12/02/22

HKD

165,000

0.60

99

107

Wizz

Air

Finance

Co.

BV

01/18/24

EUR

100,000

102.61

103

103

Xerox

Corp.

03/12/24

324,000

100.54

326

301

Xiaomi

Corp.

02/02/24

HKD

387,800

1.61

623

829

Yellow

Cake

PLC

07/08/19

GBP

45,714

2.64

121

327

Zalando

SE

01/03/24

EUR

25,367

24.58

624

650

Zegona

Finance

PLC

07/10/24

EUR

100,000

108.29

108

110

ZF

Finance

GmbH

03/01/24

EUR

200,000

99.17

198

199

Ziggo

Bond

Co.

BV

02/05/20

EUR

100,000

109.97

110

95

64,743

For

a

description

of

restricted

securities

see

note

9

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

CAC40

Euro

Index

Futures

8

EUR

604

08/24

(4)

DAX

Index

Futures

3

EUR

1,395

09/24

25

EURO

STOXX

50

Index

Futures

15

EUR

735

09/24

(8)

FTSE

100

Index

Futures

7

GBP

585

09/24

10

FTSE/MIB

Index

Futures

3

EUR

509

09/24

7

Hang

Seng

Index

Futures

3

HKD

2,602

08/24

6

IBEX

35

Index

Futures

3

EUR

333

08/24

—

Long

Gilt

Futures

131

GBP

12,998

09/24

407

MSCI

Emerging

Markets

Index

Futures

29

USD

1,590

09/24

26

OMXS30

Index

Futures

9

SEK

2,354

08/24

—

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

461

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

S&P

500

E-Mini

Index

Futures

475

USD

132,003

09/24

1,021

S&P/TSX

60

Index

Futures

2

CAD

554

09/24

25

SPI

200

Index

Futures

30

AUD

6,046

09/24

165

TOPIX

Index

Futures

6

JPY

167,820

09/24

7

United

States

2

Year

Treasury

Note

Futures

835

USD

171,482

09/24

1,233

United

States

5

Year

Treasury

Note

Futures

232

USD

25,031

09/24

430

United

States

10

Year

Treasury

Note

Futures

687

USD

76,815

09/24

2,179

United

States

10

Year

Treasury

Ultra

Bond

Futures

165

USD

19,070

09/24

568

United

States

Treasury

Ultra

Bond

Futures

1

USD

128

09/24

3

Short

Positions

EURO

STOXX

50

Index

Futures

432

EUR

21,160

09/24

222

Euro-

Bobl

Futures

5

EUR

587

09/24

(11)

Euro-Bund

Futures

134

EUR

17,920

09/24

(481)

FTSE

100

Index

Futures

132

GBP

11,032

09/24

(230)

Japanese

10

Year

Government

Bond

Futures

23

JPY

3,282,560

09/24

14

Japanese

10

Year

Mini

Government

Bond

Futures

5

JPY

71,385

09/24

—

MSCI

Emerging

Markets

Index

Futures

677

USD

37,117

09/24

(592)

Russell

2000

E-Mini

Index

Futures

820

USD

93,193

09/24

(9,521)

S&P/TSX

60

Index

Futures

2

CAD

554

09/24

(25)

TOPIX

Index

Futures

20

JPY

559,400

09/24

(26)

United

States

10

Year

Treasury

Note

Futures

14

USD

1,565

09/24

(35)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(4,585)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

691

AUD

1,030

09/18/24

(17)

Bank

of

America

USD

749

CAD

1,023

09/18/24

(7)

Bank

of

America

USD

2,952

NOK

31,567

08/08/24

(58)

Bank

of

America

USD

3,000

NZD

5,086

08/08/24

27

Bank

of

America

DKK

6,388

USD

933

09/18/24

4

Bank

of

America

EUR

2,150

USD

2,340

09/18/24

8

Bank

of

America

GBP

1,347

USD

1,730

09/18/24

(2)

Bank

of

America

GBP

2,370

USD

2,998

09/18/24

(50)

Bank

of

America

HKD

6,579

USD

845

09/19/24

1

Bank

of

America

JPY

132,141

USD

860

09/18/24

(28)

Bank

of

America

SEK

5,844

USD

571

09/18/24

24

Bank

of

Montreal

USD

691

AUD

1,030

09/18/24

(17)

Bank

of

Montreal

USD

749

CAD

1,023

09/18/24

(7)

Bank

of

Montreal

DKK

6,388

USD

934

09/18/24

5

Bank

of

Montreal

EUR

2,150

USD

2,343

09/18/24

11

Bank

of

Montreal

GBP

1,347

USD

1,730

09/18/24

(1)

Bank

of

Montreal

HKD

6,579

USD

845

09/19/24

1

Bank

of

Montreal

JPY

132,141

USD

861

09/18/24

(28)

Bank

of

Montreal

SEK

5,844

USD

570

09/18/24

23

Bank

of

New

York

USD

2,994

EUR

2,783

08/08/24

18

Citigroup

USD

692

AUD

1,030

09/18/24

(17)

Citigroup

USD

749

CAD

1,023

09/18/24

(7)

Citigroup

DKK

6,388

USD

933

09/18/24

4

Citigroup

EUR

2,150

USD

2,340

09/18/24

8

Citigroup

GBP

1,347

USD

1,733

09/18/24

1

Citigroup

HKD

6,579

USD

845

09/19/24

1

Citigroup

JPY

132,141

USD

860

09/18/24

(28)

Citigroup

SEK

5,844

USD

571

09/18/24

24

HSBC

USD

691

AUD

1,030

09/18/24

(17)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

462

Multi-Asset

Growth

Strategy

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

HSBC

USD

749

CAD

1,023

09/18/24

(7)

HSBC

USD

5,531

GBP

4,364

08/08/24

80

HSBC

AUD

4,484

USD

2,933

08/08/24

—

HSBC

DKK

6,388

USD

933

09/18/24

4

HSBC

EUR

2,150

USD

2,339

09/18/24

7

HSBC

GBP

1,347

USD

1,730

09/18/24

(2)

HSBC

HKD

6,579

USD

845

09/19/24

1

HSBC

JPY

132,141

USD

860

09/18/24

(28)

HSBC

SEK

5,844

USD

570

09/18/24

23

JPMorgan

Chase

CHF

3,805

USD

4,224

08/08/24

(113)

JPMorgan

Chase

JPY

407,650

USD

2,537

08/08/24

(186)

Northern

Trust

USD

109

EUR

100

09/18/24

—

Northern

Trust

EUR

125

USD

137

09/18/24

1

Northern

Trust

EUR

250

USD

271

09/18/24

—

Royal

Bank

of

Canada

USD

691

AUD

1,030

09/18/24

(16)

Royal

Bank

of

Canada

USD

748

CAD

1,023

09/18/24

(7)

Royal

Bank

of

Canada

USD

11,921

JPY

1,816,530

09/18/24

291

Royal

Bank

of

Canada

DKK

6,388

USD

933

09/18/24

4

Royal

Bank

of

Canada

EUR

2,150

USD

2,339

09/18/24

7

Royal

Bank

of

Canada

GBP

1,347

USD

1,731

09/18/24

(1)

Royal

Bank

of

Canada

HKD

6,579

USD

845

09/19/24

1

Royal

Bank

of

Canada

JPY

132,141

USD

859

09/18/24

(29)

Royal

Bank

of

Canada

SEK

58,152

USD

5,485

08/08/24

53

Royal

Bank

of

Canada

SEK

5,844

USD

570

09/18/24

23

State

Street

USD

221

CHF

196

08/08/24

2

State

Street

USD

162

EUR

150

09/18/24

—

State

Street

USD

135

JPY

20,912

08/08/24

4

State

Street

USD

77

NOK

846

08/08/24

—

State

Street

CHF

1,382

USD

1,567

09/18/24

(15)

State

Street

EUR

76

USD

82

08/08/24

—

State

Street

EUR

12,100

USD

13,022

09/18/24

(101)

State

Street

GBP

118

USD

152

08/08/24

—

State

Street

GBP

3,400

USD

4,311

09/18/24

(62)

State

Street

SEK

833

USD

77

08/08/24

(1)

UBS

CHF

3,805

USD

4,224

08/08/24

(113)

Westpac

USD

2,533

NZD

4,177

08/08/24

(47)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(351)

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

-

Purchase

Protection

Reference

Entity

Counterparty

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

NA

Emerging

Markets

Index

Bank

of

America

USD

28,000

(1.000%)

(2)

06/20/29

930

(141)

789

CDX

NA

High

Yield

Index

Bank

of

America

USD

34,000

(5.000%)

(2)

06/20/29

(2,341)

(170)

(2,511)

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

(1,411)

(311)

(1,722)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

463

Credit

Default

Swap

Contracts

Amounts

in

thousands

Corporate

Issues

-

Sell

Protection

Reference

Entity

Counterparty

Implied

Credit

Spread

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Arcelor

Mittal

Morgan

Stanley

1.695%

EUR

120

5.000%

(2)

12/20/29

22

—

22

Avis

Budget

Group,

Inc.

Morgan

Stanley

5.144%

USD

270

5.000%

(2)

12/20/29

2

(2)

—

Calpine

Corp.

Morgan

Stanley

1.811%

USD

181

5.000%

(2)

12/20/29

27

1

28

Calpine

Corp.

Morgan

Stanley

2.923%

USD

42

5.000%

(2)

06/20/29

6

—

6

Ford

Motor

Co.

Morgan

Stanley

1.815%

USD

300

5.000%

(2)

12/20/29

49

(3)

46

Forvia

Morgan

Stanley

2.692%

EUR

150

5.000%

(2)

12/20/29

20

(1)

19

General

Motors

Co.

Morgan

Stanley

1.368%

USD

180

5.000%

(2)

12/20/29

33

(1)

32

Goodyear

Tire

&

Rubber

Co.

Morgan

Stanley

2.837%

USD

278

5.000%

(2)

12/20/29

28

1

29

Lanxess

AG

Morgan

Stanley

1.448%

EUR

210

1.000%

(2)

12/20/29

(8)

3

(5)

Macys,

Inc.

Morgan

Stanley

3.076%

USD

220

1.000%

(2)

12/20/29

(20)

—

(20)

Navient

Corp.

Morgan

Stanley

3.296%

USD

300

5.000%

(2)

12/20/29

23

1

24

Nordstrom,

Inc.

Morgan

Stanley

3.656%

USD

175

1.000%

(2)

12/20/29

(17)

(4)

(21)

NRG

Energy,

Inc.

Morgan

Stanley

1.420%

USD

345

5.000%

(2)

12/20/29

58

2

60

NRG

Energy,

Inc.

Morgan

Stanley

2.036%

USD

42

5.000%

(2)

06/20/29

11

(4)

7

Renault

Morgan

Stanley

1.581%

EUR

100

1.000%

(2)

12/20/29

(2)

(1)

(3)

Schaeffler

AG

Morgan

Stanley

1.843%

EUR

175

5.000%

(2)

12/20/29

31

(1)

30

Telecom

Italia

SpA

Morgan

Stanley

2.129%

EUR

375

1.000%

(2)

12/20/29

(20)

(1)

(21)

Thyssenkrupp

AG

Morgan

Stanley

1.668%

EUR

150

1.000%

(2)

12/20/27

(1)

(3)

(4)

Valeo

SA

Morgan

Stanley

2.211%

EUR

150

1.000%

(2)

12/20/29

(8)

(1)

(9)

Virgin

Media

Finance

PLC

Morgan

Stanley

4.349%

EUR

140

5.000%

(2)

12/20/29

4

1

5

Volvo

JPMorgan

Chase

2.019%

EUR

100

5.000%

(2)

12/20/29

16

—

16

Total

Open

Corporate

Issues

-

Sell

Protection

Contracts

254

(13)

241

Credit

Indices

-

Sell

Protection

Reference

Entity

Counterparty

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

NA

High

Yield

Index

Morgan

Stanley

USD

6,462

5.000%

(2)

06/20/27

455

(2)

453

CDX

NA

High

Yield

Index

Morgan

Stanley

USD

60

5.000%

(2)

06/20/29

5

(1)

4

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

460

(3)

457

Total

Open

Credit

Default

Swap

Contracts

(å)

(697)

(327)

(1,024)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

464

Multi-Asset

Growth

Strategy

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

Long-Term

Investments

Corporate

Bonds

and

Notes

$

—

$

75,264

$

—

$

—

$

75,

264

International

Debt

—

46,313

—

—

46,313

Non-US

Bonds

—

12,417

—

—

12,417

Common

Stocks

Consumer

Discretionary

21,192

27,195

—

—

48,387

Consumer

Staples

8,062

8,475

—

—

16,537

Energy

7,390

3,861

—

—

11,251

Financial

Services

53,813

38,738

—

—

92,551

Health

Care

21,731

16,871

—

—

38,602

Materials

and

Processing

21,119

15,883

—

—

37,002

Producer

Durables

22,255

20,879

—

—

43,134

Technology

45,005

25,397

—

—

70,402

Utilities

11,777

12,146

—

—

23,923

Preferred

Stocks

588

1,193

—

—

1,780

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

22,

289

—

32,477

54,

766

Other

Securities

—

—

—

5,658

5,658

Total

Investments

212,932

326,920

—

38,135

577,987

Other

Financial

Instruments

Assets

Futures

Contracts

6,348

—

—

—

6,348

Foreign

Currency

Exchange

Contracts

—

661

—

—

66

1

Credit

Default

Swap

Contracts

—

1,570

—

—

1,570

A

Liabilities

Futures

Contracts

(10,933)

—

—

—

(10,933)

Foreign

Currency

Exchange

Contracts

—

(1,012)

—

—

(1,01

2

)

Credit

Default

Swap

Contracts

—

(2,594)

—

—

(2,594)

Total

Other

Financial

Instruments

*

$

(4,585)

$

(1,375)

$

—

$

—

$

(5,960)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

1

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2024,

if

any,

see

note

1

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Angola

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

293

Argentina

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

996

Australia

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

4,603

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

465

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Austria

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

364

Azerbaijan

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

171

Bahrain

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

851

Belgium

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

1,194

Bolivia,

Plurinational

State

of

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

67

Brazil

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

7,963

Canada

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

12,305

Chile

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

1,457

China

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

23,145

Colombia

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

1,066

Costa

Rica

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

309

Cyprus

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

105

Denmark

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

5,379

Dominican

Republic

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

900

Ecuador

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

417

Egypt

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

778

El

Salvador

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

121

Finland

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

2,210

France

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

12,439

Germany

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

10,905

Ghana

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

1,264

Greece

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

1,019

Guatemala

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

982

Hong

Kong

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

3,262

Hungary

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

723

India

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

11,394

Indonesia

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

4,719

Ireland

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

1,830

Israel

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

1,950

Italy

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

4,986

Ivory

Coast

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

289

Japan

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

22,570

Jersey

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

940

Jordan

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

369

Kazakhstan

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

1,452

Kenya

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

192

Lebanon

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

6

Luxembourg

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

1,703

Macao

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

386

Malaysia

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

824

Mexico

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

4,226

Montenegro

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

110

Morocco

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

367

Myanmar

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

89

Netherlands

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

5,689

Nigeria

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

589

Norway

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

541

Oman

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

911

Pakistan

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

331

Panama

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

830

Paraguay

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

203

Peru

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

754

Philippines

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

1,539

Poland

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

1,296

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

466

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Portugal

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

396

Puerto

Rico

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

748

Qatar

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

985

Romania

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

739

Russia

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

—

Saudi

Arabia

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

2,947

Senegal

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

145

Serbia

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

231

Singapore

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

3,018

Slovenia

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

214

South

Africa

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

6,651

South

Korea

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

14,615

Spain

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

4,779

Sweden

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

5,071

Switzerland

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

6,376

Taiwan

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

10,454

Thailand

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

1,121

Trinidad

and

Tobago

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

200

Turkey

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

2,528

Ukraine

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

723

United

Arab

Emirates

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

1,339

United

Kingdom

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

26,113

United

States

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

320,811

Uruguay

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

641

Uzbekistan

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

196

Venezuela,

Bolivarian

Republic

of

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

144

Zambia

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

429

Total

Investments

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

577,987

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

31,283

$

327,946

$

326,757

$

3

$

2

$

32,477

$

1,222

$

—

U.S.

Cash

Collateral

Fund

5,630

46,862

46,834

—

—

5,658

295

—

$

36,913

$

374,808

$

373,591

$

3

$

2

$

38,135

$

1,517

$

—

Russell

Investment

Company

Notes

to

Schedules

of

Investments

—

July

31,

2024

(Unaudited)

Notes

to

Schedules

of

Investments

467

Footnotes:

Abbreviations:

(Æ)

Non-income

producing

security.

(Ï)

Forward

commitment.

(Ê)

Variable,

adjustable

or

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ƒ)

Perpetual

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ö)

Real

Estate

Investment

Trust

(REIT).

(µ)

Bond

is

insured

by

a

guarantor.

(Ø)

In

default.

(ç)

At

amortized

cost,

which

approximates

fair

value.

(ž

)

Rate

noted

is

yield-to-maturity

from

date

of

acquisition.

(æ)

Pre-refunded:

These

bonds

are

collateralized

by

U.S.

Treasury

securities,

which

are

held

in

escrow

by

a

trustee

and

used

to

pay

principal

and

interest

in

the

tax-exempt

issue

and

to

retire

the

bonds

in

full

at

the

earliest

refunding

date.

(§)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

futures

contracts

purchased

(sold)

or

swap

contracts

entered

into

by

the

Fund.

(x)

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

is

not

registered

under

the

Securities

Act

of

1933,

as

amended

(“the

Act”).

The

most

common

types

of

restricted

securities

are

those

sold

under

Rule

144A

of

the

Act

and

commercial

paper

sold

under

Section

4(2)

of

the

Act.

(Û)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

securities

sold

short.

(ÿ)

Notional

amount

in

thousands.

(∞)

Unrounded

units.

(å)

Currency

balances

were

pledged

in

connection

with

futures

contracts

purchased

(sold),

options

written,

foreign

currency

exchange

contracts,

or

swaps

entered

into

by

the

Fund.

(ì)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

options

written

contracts.

(v)

Loan

agreement

still

pending.

Rate

not

available

at

period

end.

(

Š)

Value

was

determined

using

significant

unobservable

inputs

.

(

~)

Rate

fluctuates

based

on

various

factors

such

as

changes

in

current

rates

and

prepayments

of

the

underlying

assets,

changes

in

the

Consumer

Price

Index

(

CPI

)

or

other

contractual

arrangements

.

(

@)

Affiliate

.

(

Ÿ)

Rate

noted

is

dividend

yield

at

period

end

.

(

¢)

Date

shown

reflects

next

contractual

call

date.

(

Œ

)

Unfunded

loan

agreement.

(

Ð

)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan

through

the

reciprocal

lending

program

with

State

Street.

(0)

Weekly

payment

frequency

.

(1)

Monthly

payment

frequency

.

(2)

Quarterly

payment

frequency

.

(3)

Semi-annual

payment

frequency

.

(4)

Annual

payment

frequency

.

(5)

Payment

at

termination

.

ADR

-

American

Depositary

Receipt

ADS

-

American

Depositary

Share

AONIA

-

Australian

Overnight

Index

Average

BBR

-

Bank

Bill

Rate

BBSW

-

Bank

Bill

Swap

Reference

Rate

BUBOR

–Budapest

Interbank

Offered

Rate

CIBOR

-

Copenhagen

Interbank

Offered

Rate

CME

-

Chicago

Mercantile

Exchange

CMO

-

Collateralized

Mortgage

Obligation

CORRA-

Canadian

Overnight

Repo

Rate

Average

CPI

-

Consumer

Price

Index

CVO

-

Contingent

Value

Obligation

EBITDA

–

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

EMU

-

European

Economic

and

Monetary

Union

EURIBOR

-

Euro

Interbank

Offered

Bank

EUTA

–

Eurozone

Tobacco

Index

Russell

Investment

Company

Notes

to

Schedules

of

Investments,

continued

—

July

31,

2024

(Unaudited)

468

Notes

to

Schedules

of

Investments

Foreign

Currency

Abbreviations:

FDIC

-

Federal

Deposit

Insurance

Company

GDR

-

Global

Depositary

Receipt

GDS

-

Global

Depositary

Share

GSCI

–

Goldman

Sachs

Commodity

Index

HIBOR

–

Hong

Kong

Interbank

Offered

Rate

HICP

–

Harmonized

Index

of

Consumer

Prices

JIBAR

-

Johannesburg

Interbank

Agreed

Rate

KSDA

–

Korean

Securities

Dealers

Association

LIBOR

-

London

Interbank

Offered

Rate

MIBOR

-

Mumbai

Interbank

Offered

Rate

NIBOR

-

Norwegian

Interbank

Offered

Rate

NSA

–

Not

Seasonally

Adjusted

NSERO

–

India

National

Stock

Exchange

Offered

Rate

PIK

-

Payment

in

Kind

PRIBOR

–

Prague

Interbank

Offered

Rate

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SOFR

–

Secured

Overnight

Financing

Rate

SONIA

–

Sterling

Overnight

Index

Average

STIBOR

–

Stockholm

Interbank

Offered

Rate

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

SFE

-

Sydney

Futures

Exchange

TBA

-

To

Be

Announced

Security

TONAR

–

Tokyo

Overnight

Average

Rate

UK

-

United

Kingdom

WTI

–

West

Texas

Intermediate

ARS

-

Argentine

peso

HKD

-

Hong

Kong

dollar

PKR

-

Pakistani

rupee

AUD

-

Australian

dollar

HUF

-

Hungarian

forint

PLN

-

Polish

zloty

BRL

-

Brazilian

real

IDR

-

Indonesian

rupiah

RON

-

Romanian

New

Leu

CAD

-

Canadian

dollar

ILS

-

Israeli

shekel

RUB

-

Russian

ruble

CHF

-

Swiss

franc

INR

-

Indian

rupee

SEK

-

Swedish

krona

CLP

-

Chilean

peso

ISK

-

Icelandic

krona

SGD

-

Singapore

dollar

CNH

-

Chinese

offshore

spot

ITL

-

Italian

lira

SKK

-

Slovakian

koruna

CNY

-

Chinese

renminbi

yuan

JPY

-

Japanese

yen

THB

-

Thai

baht

COP

-

Colombian

peso

KES

-

Kenyan

schilling

TRY

-

Turkish

lira

CRC

-

Costa

Rican

colon

KRW

-

South

Korean

won

TWD

-

Taiwanese

dollar

CZK

-

Czech

koruna

MXN

-

Mexican

peso

USD

-

United

States

dollar

DKK

-

Danish

krone

MYR

-

Malaysian

ringgit

UYU

–

Uruguayan

peso

DOP

-

Dominican

peso

NOK

-

Norwegian

krone

VEB

-

Venezuelan

bolivar

EGP

-

Egyptian

pound

NGN

–

Nigerian

naira

VND

-

Vietnamese

dong

EUR

-

Euro

NZD

-

New

Zealand

dollar

ZAR

-

South

African

rand

GBP

-

British

pound

sterling

PEN

-

Peruvian

nuevo

sol

GHS

-

Ghana

cedi

PHP

-

Philippine

peso

Russell

Investment

Company

Notes

to

Quarterly

Report

—

July

31,

2024

(Unaudited)

Notes

to

Quarterly

Report

469

1.

Significant

Accounting

Policies

Russell

Investment

Company

(the

“Investment

Company”

or

“RIC”)

is

a

series

investment

company

with

30

different

investment

portfolios

referred

to

as

funds.

This

Quarterly

Report

reports

on

24

of

these

funds

(each

a

“Fund”

and

collectively

the

“Funds”).

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

this

Quarterly

Report.

These

policies

are

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

Quarterly

Report.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Security

Valuation

The

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Funds.

With

respect

to

a

Fund’s

investments

that

do

not

have

readily

available

market

quotations,

the

Funds’

Board

of

Trustees

has

designated

Russell

Investment

Management,

LLC

(“RIM”),

the

Funds’

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940,

as

amended.

However,

the

Board

retains

oversight

over

the

valuation

process.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

2

and

3

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

1

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

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

RIM

that

are

used

in

determining

the

fair

value

of

investments.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

1

and

Level

2

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Preferred

stock

and

other

equities

traded

on

inactive

markets

or

valued

by

reference

to

similar

instruments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Certain

foreign

equity

securities

may

be

fair

valued

using

a

pricing

service

that

considers

the

correlation

of

the

trading

patterns

of

the

foreign

security

to

the

intraday

trading

in

the

U.S.

markets

for

investments

such

as

American

Depositary

Receipts,

financial

futures,

exchange-traded

funds,

and

the

movement

of

certain

indexes

of

securities,

based

on

the

statistical

analysis

of

historical

relationships.

Foreign

equity

securities

prices

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2024

(Unaudited)

470

Notes

to

Quarterly

Report

Fixed

income

securities

including

corporate,

convertible,

U.S.

government

agency,

municipal

bonds

and

notes,

U.S.

treasury

obligations,

sovereign

issues,

bank

loans,

bank

notes

and

non-U.S.

bonds

are

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

service

providers’

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads

and

default

rates.

Such

fixed

income

securities

that

use

pricing

service

internal

models

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Such

fixed

income

securities

that

use

broker-dealer

quotations

are

categorized

as

Level

3

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

internal

pricing

models.

The

pricing

models

for

these

securities

usually

consider

tranche-level

attributes,

including

estimated

cash

flows

of

each

tranche,

market-based

yield

spreads

for

each

tranche,

and

current

market

data,

as

well

as

incorporate

deal

collateral

performance,

as

available.

Mortgage

and

asset-backed

securities

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

net

asset

value

(“NAV”)

of

such

investments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

Short-term

investments

having

a

maturity

of

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.

Derivative

instruments

are

instruments

such

as

foreign

currency

exchange

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

(“OTC”)

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker-dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker-dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

(“OIS”)

rate

and

Secured

Overnight

Financing

Rate

(“SOFR”)

forward

rate

to

produce

the

daily

settlement

price.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Events

or

circumstances

affecting

the

values

of

portfolio

instruments

that

occur

between

the

closing

of

the

principal

markets

on

which

they

trade

and

the

time

the

NAV

of

Fund

shares

is

determined

may

be

reflected

in

the

calculation

of

NAV

for

each

applicable

Fund

when

the

Fund

deems

that

the

particular

event

or

circumstance

would

materially

affect

such

Fund’s

NAV.

Funds

that

invest

primarily

in

frequently

traded

exchange

listed

securities

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

Funds

that

invest

in

foreign

securities

use

fair

value

pricing

more

often

(typically

daily)

since

significant

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing

of

the

foreign

securities.

Although

there

are

observable

inputs

assigned

on

a

security

level,

prices

are

derived

from

factors

using

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2024

(Unaudited)

Notes

to

Quarterly

Report

471

proprietary

models

or

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

1

and

2.

Examples

of

significant

events

that

generally

trigger

fair

value

pricing

of

one

or

more

securities

are:

any

market

movement

of

the

U.S.

securities

market

(defined

in

the

fair

value

procedures

as

the

movement

of

a

single

major

U.S.

index);

a

company

development

such

as

a

material

business

development;

a

natural

disaster,

a

public

health

emergency

affecting

one

or

more

countries

in

the

global

economy

(including

an

emergency

which

results

in

the

closure

of

financial

markets)

or

other

emergency

situation;

or

an

armed

conflict.

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.

The

NAV

of

a

Fund’s

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

The

Multifactor

U.S.

Equity,

Equity

Income,

Sustainable

Equity,

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

Multifactor

International

Equity,

International

Developed

Markets,

Global

Equity,

Emerging

Markets,

Tax-Managed

U.S.

Large

Cap,

Tax-

Managed

U.S.

Mid

&

Small

Cap,

Tax-Managed

International

Equity,

Tax-Managed

Real

Assets,

Long

Duration

Bond,

Strategic

Bond,

Investment

Grade

Bond,

Short

Duration

Bond,

Tax-Exempt

Bond,

Global

Infrastructure,

Global

Real

Estate

Securities,

Multi-Strategy

Income,

and

Multi-Asset

Growth

Strategy

Funds

had

no

transfers

into

or

out

of

Level

3

for

the

period

ended

July

31,

2024.

The

Opportunistic

Credit

Fund

and

Tax-Exempt

High

Yield

Bond

Fund

had

transfers

out

of

Level

2

into

Level

3

representing

financial

instruments

for

which

approved

vendor

sources

became

unavailable

or

inputs

became

unobservable.

The

amounts

transferred

were

$407,415

and

$178,800

respectively.

Level

3

Fair

Value

Investments

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,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

RIM

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

RIM

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

to

determine

a

Fund’s

NAV,

securities

will

not

be

priced

on

the

basis

of

quotes

from

the

primary

market

in

which

they

are

traded,

but

instead

may

be

priced

by

another

method

that

RIM

believes

accurately

reflects

fair

value

and

will

be

categorized

as

Level

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

RIM

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

RIM

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIM

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds’

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

The

significant

unobservable

inputs

used

in

fair

value

measurement

of

certain

of

the

Funds’

private

equity

securities

include

market

data

of

comparable

public

companies,

discount

rates,

EBITDA

multiples,

and

future

projected

cash

flows

for

the

portfolio

company.

These

inputs

are

utilized

in

valuation

models

that

are

based

on

market

analysis

and

discounted

cash

flow

methodologies.

Increases

(decreases)

in

the

discount

rates

would

result

in

a

lower

(higher)

fair

value

measurement,

while

increases

(decreases)

in

EBITDA

multiples

and

projected

cash

flows

would

result

in

a

higher

(lower)

fair

value

measurement.

The

significant

unobservable

input

used

in

the

fair

value

measurement

of

certain

Funds’

debt

securities

is

the

yield

to

worst

ratio.

Significant

increases

(decreases)

in

the

yield

to

worst

ratio

would

result

in

a

lower

(higher)

fair

value

measurement.

These

significant

unobservable

inputs

are

further

disclosed

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund

as

applicable.

If

third-party

evaluated

vendor

pricing

is

neither

available

nor

deemed

to

be

indicative

of

fair

value,

RIM

may

elect

to

obtain

indicative

market

quotations

(“broker

quotes”)

directly

from

the

broker

or

passed

through

from

a

third-party

vendor.

In

the

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2024

(Unaudited)

472

Notes

to

Quarterly

Report

event

that

the

source

of

fair

value

is

from

a

single

source

broker

quote,

these

securities

are

classified

as

Level

3

per

the

fair

value

hierarchy.

Broker

quotes

are

typically

received

from

established

market

participants.

Although

independently

received

on

a

daily

basis,

RIM

does

not

have

the

transparency

to

view

the

underlying

inputs

which

support

the

broker

quotes.

Significant

changes

in

the

broker

quote

would

have

direct

and

proportional

changes

in

the

fair

value

of

the

security.

There

is

a

third-party

pricing

exception

to

the

quantitative

disclosure

requirement

when

prices

are

not

determined

by

the

reporting

entity.

RIM

is

exercising

this

exception

and

has

made

a

reasonable

attempt

to

obtain

quantitative

information

from

the

third-party

pricing

vendors

regarding

the

unobservable

inputs

used.

For

fair

valuations

using

significant

unobservable

inputs,

U.S.

GAAP

requires

a

reconciliation

of

the

beginning

to

ending

balances

for

reported

fair

values

that

present

changes

attributable

to

total

realized

and

unrealized

gains

or

losses,

purchases

and

sales,

and

transfers

in/out

of

the

Level

3

category

during

the

period.

Additionally,

U.S.

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

in

the

determination

of

fair

value

of

assets

categorized

as

Level

3

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements

of

U.S.

GAAP,

a

fair

value

hierarchy,

a

Level

3

reconciliation

and

an

additional

disclosure

about

fair

value

measurements,

if

any,

has

been

included

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund.

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

(a)

Fair

value

of

investment

securities,

other

assets

and

liabilities

at

the

closing

rate

of

exchange

on

the

valuation

date.

(b)

Purchases

and

sales

of

investment

securities

and

income

at

the

closing

rate

of

exchange

prevailing

on

the

respective

trade

dates

of

such

transactions.

Net

realized

gains

or

losses

from

foreign

currency-related

transactions

arise

from:

sales

and

maturities

of

short-term

securities;

sales

of

foreign

currencies;

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions;

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

gains

or

losses

from

foreign

currency-related

transactions

arise

from

changes

in

the

value

of

assets

and

liabilities,

other

than

investments

in

securities,

as

a

result

of

changes

in

the

exchange

rates.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

of

the

Funds

that

arises

as

a

result

of

changes

in

exchange

rates

from

that

portion

that

arises

from

changes

in

market

prices

of

investments

during

the

period.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

do

isolate

the

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

2.

Related

Party

Transactions

The

Funds

are

permitted

to

invest

their

cash

(i.e.,

cash

awaiting

investment

or

cash

held

to

meet

redemption

requests

or

to

pay

expenses)

in

the

U.S.

Cash

Management

Fund,

an

unregistered

fund

advised

by

RIM.

RIM

has

waived

its

0.05%

advisory

fee

for

the

unregistered

fund.

Russell

Investments

Fund

Services,

LLC

(“RIFUS”),

the

Funds’

administrator

and

transfer

agent,

charges

a

0.05%

administrative

fee

to

the

unregistered

fund.

Each

Fund’s

investment

in

the

U.S.

Cash

Management

Fund

is

disclosed

within

the

Fund’s

Schedule

of

Investments.

In

addition,

all

or

a

portion

of

the

collateral

received

from

the

Investment

Company’s

securities

lending

program

is

invested

in

the

U.S.

Cash

Collateral

Fund,

an

unregistered

fund

advised

by

RIM.

RIM

charges

a

management

fee

of

0.12%

to

this

unregistered

fund.

Out

of

the

management

fee,

RIM

pays

certain

expenses

of

the

unregistered

fund,

including

an

administrative

fee

of

0.025%

to

RIFUS.

RIM

retains

the

balance

of

the

management

fee.

Each

Fund’s

investment

in

the

U.S.

Cash

Collateral

Fund

is

disclosed

within

the

Fund’s

Schedule

of

Investments.

For

additional

information

on

the

Funds’

significant

accounting

policies

and

risks,

please

refer

to

the

Funds’

most

recent

semi-annual

or

annual

shareholder

report

and

prospectus.

Russell

Investment

Company

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495

https://russellinvestments.com