Russell Investment NPORT-P Multifactor U.S. Equity Fund (Jul 2023 report)

2023

QUARTERLY

REPORT

Russell

Investment

Company

July

31,

2023

FUND

SHARE

CLASS

U.S.

Equity

Funds

Equity

Income

Fund

A,

C,

S,

Y

Sustainable

Equity

Fund

A,

C,

S,

Y

U.S.

Strategic

Equity

Fund

A,

C,

M,

S

U.S.

Small

Cap

Equity

Fund

A,

C,

M,

R6,

S,

Y

International

and

Global

Equity

Funds

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

Unconstrained

Total

Return

Fund

A,

C,

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

Multifactor

Equity

Funds

Multifactor

U.S.

Equity

Fund

A,

C,

M,

R6,

S,

Y

Multifactor

International

Equity

Fund

M,

R6,

S,

Y

Multifactor

Fixed

Income

Funds

Multifactor

Bond

Fund

Y

Russell

Investment

Company

Russell

Investment

Company

is

a

series

investment

company

with

31

different

investment

portfolios

referred

to

as

Funds.

This

Quarterly

Report

reports

on

25

of

these

Funds.

Page

Equity

Income

Fund

3

Sustainable

Equity

Fund

7

U.S.

Strategic

Equity

Fund

13

U.S.

Small

Cap

Equity

Fund

20

International

Developed

Markets

Fund

33

Global

Equity

Fund

43

Emerging

Markets

Fund

53

Tax-Managed

U.S.

Large

Cap

Fund

64

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

69

Tax-Managed

International

Equity

Fund

78

Tax-Managed

Real

Assets

Fund

92

Opportunistic

Credit

Fund

100

Unconstrained

Total

Return

Fund

144

Strategic

Bond

Fund

147

Investment

Grade

Bond

Fund

182

Short

Duration

Bond

Fund

201

Tax-Exempt

High

Yield

Bond

Fund

223

Tax-Exempt

Bond

Fund

287

Global

Infrastructure

Fund

361

Global

Real

Estate

Securities

Fund

366

Multi-Strategy

Income

Fund

371

Multi-Asset

Growth

Strategy

Fund

400

Multifactor

U.S.

Equity

Fund

428

Multifactor

International

Equity

Fund

436

Multifactor

Bond

Fund

448

Notes

to

Schedules

of

Investments

457

Notes

to

Quarterly

Report

459

Russell

Investment

Company

Quarterly

Report

July

31,

2023

(Unaudited)

Table

of

Contents

Russell

Investment

Company

Copyright

©

Russell

Investments

2023.

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

Equity

Income

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Income

Fund

3

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

95.0%

Consumer

Discretionary

-

7.3%

Autoliv,

Inc.

7,027

709

Best

Buy

Co.,

Inc.

4,935

410

Comcast

Corp.

Class

A

47,485

2,149

Deckers

Outdoor

Corp.(Æ)

860

468

Dollar

Tree,

Inc.(Æ)

1,698

262

eBay,

Inc.

10,050

447

Ford

Motor

Co.

29,825

394

General

Motors

Co.

30,491

1,170

Home

Depot,

Inc.

(The)

1,897

633

Lennar

Corp.

Class

A

1,901

241

Lithia

Motors,

Inc.

Class

A

2,146

666

McDonald's

Corp.

1,401

411

New

York

Times

Co.

(The)

Class

A

7,844

320

Omnicom

Group,

Inc.

2,678

227

PulteGroup,

Inc.

5,215

440

Ralph

Lauren

Corp.

Class

A

1,225

161

Raytheon

Technologies

Corp.

20,722

1,822

Target

Corp.

5,785

789

VF

Corp.

7,160

142

Walmart,

Inc.

3,586

573

Walt

Disney

Co.

(The)(Æ)

23,091

2,053

Yum!

Brands,

Inc.

1,160

160

14,647

Consumer

Staples

-

10.8%

Altria

Group,

Inc.

3,655

166

Archer-Daniels-Midland

Co.

5,512

468

Brown-Forman

Corp.

Class

B

-

ADR

617

44

Church

&

Dwight

Co.,

Inc.

1,933

185

Coca-Cola

Co.

(The)

8,034

498

Coca-Cola

Europacific

Partners

PLC

29,131

1,847

Conagra

Brands,

Inc.

34,189

1,122

CVS

Health

Corp.

54,068

4,038

General

Mills,

Inc.

5,722

428

Hershey

Co.

(The)

893

207

Ingredion,

Inc.

5,850

651

JM

Smucker

Co.

(The)

1,397

210

Kraft

Heinz

Co.

(The)

4,821

174

Kroger

Co.

(The)

47,881

2,329

Molson

Coors

Beverage

Co.

Class

B

12,317

859

Mondelez

International,

Inc.

Class

A

4,730

351

Monster

Beverage

Corp.(Æ)

6,911

397

PepsiCo,

Inc.

2,755

516

Philip

Morris

International,

Inc.

29,103

2,902

Procter

&

Gamble

Co.

(The)

11,706

1,830

Sysco

Corp.

2,457

187

Tyson

Foods,

Inc.

Class

A

32,425

1,807

Walgreens

Boots

Alliance,

Inc.

10,809

324

21,540

Energy

-

7.5%

BP

PLC

-

ADR

40,056

1,494

Cabot

Oil

&

Gas

Corp.

17,523

483

Canadian

Natural

Resources,

Ltd.

11,265

685

Chevron

Corp.

11,723

1,919

Enbridge,

Inc.

41,320

1,520

EOG

Resources,

Inc.

3,963

525

Exxon

Mobil

Corp.

12,752

1,367

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hess

Corp.

12,868

1,952

Kinder

Morgan,

Inc.

11,450

203

Magna

International,

Inc.

Class

A

7,039

453

Marathon

Petroleum

Corp.

4,419

588

ONEOK,

Inc.

3,805

255

Phillips

66

16,911

1,886

Pioneer

Natural

Resources

Co.

2,307

521

Shell

PLC

-

ADR

17,035

1,050

14,901

Financial

Services

-

20.1%

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

17,502

1,117

Aflac,

Inc.

4,781

346

Allstate

Corp.

(The)

24,967

2,813

American

Financial

Group,

Inc.

2,478

301

American

International

Group,

Inc.

3,576

216

American

Tower

Corp.(ö)

1,363

259

Ameriprise

Financial,

Inc.

780

272

Apartment

Income

REIT

Corp.(ö)

5,396

186

Arch

Capital

Group,

Ltd.(Æ)

6,175

480

AvalonBay

Communities,

Inc.(ö)

1,538

290

Bank

of

America

Corp.

35,672

1,142

Berkshire

Hathaway,

Inc.

Class

B(Æ)

10,740

3,780

BlackRock,

Inc.

Class

A

59

44

CBRE

Group,

Inc.

Class

A(Æ)

2,898

241

Charles

Schwab

Corp.

(The)

12,633

835

Chubb,

Ltd.

9,436

1,929

Citigroup,

Inc.

50,313

2,398

CME

Group,

Inc.

Class

A

1,158

230

Corporate

Office

Properties

Trust(ö)

19,345

503

Crown

Castle,

Inc.(ö)

1,393

151

Cullen/Frost

Bankers,

Inc.

1,432

155

Digital

Realty

Trust,

Inc.(ö)

2,175

271

Equinix,

Inc.(ö)

601

487

Equity

Residential(ö)

2,769

183

Goldman

Sachs

Group,

Inc.

(The)

176

63

Hartford

Financial

Services

Group,

Inc.

2,883

207

Healthcare

Realty

Trust,

Inc.(ö)

19,360

378

Howard

Hughes

Corp.

(The)(Æ)

7,487

632

Intercontinental

Exchange,

Inc.

2,412

277

Invitation

Homes,

Inc.(ö)

9,224

327

JPMorgan

Chase

&

Co.

31,160

4,922

M&T

Bank

Corp.

7,226

1,011

Marsh

&

McLennan

Cos.,

Inc.

2,358

444

MetLife,

Inc.

4,478

282

Morgan

Stanley

838

77

New

York

Community

Bancorp,

Inc.

75,595

1,049

Northern

Trust

Corp.

17,754

1,422

Old

Republic

International

Corp.

8,904

245

PNC

Financial

Services

Group,

Inc.

(The)

1,960

268

Principal

Financial

Group,

Inc.

2,381

190

Progressive

Corp.

(The)

2,771

349

Prologis,

Inc.(ö)

3,513

438

Prudential

Financial,

Inc.

2,565

247

Public

Storage(ö)

970

273

Raymond

James

Financial,

Inc.

3,278

361

Regions

Financial

Corp.

9,281

189

Reinsurance

Group

of

America,

Inc.

Class

A

3,728

523

SEI

Investments

Co.

4,969

313

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

4

Equity

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Simon

Property

Group,

Inc.(ö)

1,481

185

T

Rowe

Price

Group,

Inc.

4,144

511

Tradeweb

Markets,

Inc.

Class

A

4,739

388

Travelers

Cos.,

Inc.

(The)

1,587

274

Truist

Financial

Corp.

5,736

191

US

Bancorp

26,831

1,065

Wells

Fargo

&

Co.

67,012

3,093

Weyerhaeuser

Co.(ö)

14,719

501

Willis

Towers

Watson

PLC

4,228

894

40,218

Health

Care

-

15.2%

Abbott

Laboratories

5,091

567

AbbVie,

Inc.

2,207

330

Amgen,

Inc.

1,634

382

AstraZeneca

PLC

-

ADR

8,913

639

Baxter

International,

Inc.

16,278

736

Becton

Dickinson

&

Co.

4,066

1,133

Biogen,

Inc.(Æ)

813

220

Bristol-Myers

Squibb

Co.

19,845

1,234

Cigna

Group

(The)

7,943

2,344

Danaher

Corp.

1,537

392

Dentsply

Sirona,

Inc.

19,716

818

Doximity,

Inc.

Class

A(Æ)

4,806

172

Elevance

Health,

Inc.

407

192

Eli

Lilly

&

Co.

1,578

717

Envista

Holdings

Corp.(Æ)

6,452

222

Exelixis,

Inc.(Æ)

43,266

853

Gilead

Sciences,

Inc.

5,280

402

GSK

PLC

-

ADR

28,730

1,022

Hologic,

Inc.(Æ)

2,911

231

Humana,

Inc.

1,302

595

Illumina,

Inc.(Æ)

1,431

275

Jazz

Pharmaceuticals

PLC(Æ)

6,390

833

Johnson

&

Johnson

24,883

4,169

Medtronic

PLC

32,689

2,869

Merck

&

Co.,

Inc.

25,690

2,740

Organon

&

Co.

13,257

291

Pfizer,

Inc.

43,560

1,571

Regeneron

Pharmaceuticals,

Inc.(Æ)

635

471

Stryker

Corp.

1,298

368

Thermo

Fisher

Scientific,

Inc.

995

546

UnitedHealth

Group,

Inc.

4,423

2,240

Vertex

Pharmaceuticals,

Inc.(Æ)

763

269

Viatris,

Inc.

51,373

541

30,384

Materials

and

Processing

-

5.1%

Air

Products

&

Chemicals,

Inc.

8,520

2,601

Amcor

PLC

17,190

176

AptarGroup,

Inc.

2,163

263

Crown

Holdings,

Inc.

8,178

759

Dow,

Inc.

6,552

370

DuPont

de

Nemours,

Inc.

19,249

1,494

General

Electric

Co.

4,642

530

International

Flavors

&

Fragrances,

Inc.

11,941

1,010

Linde

PLC

512

200

LyondellBasell

Industries

NV

Class

A

2,911

288

Newmont

Corp.

23,040

989

Nucor

Corp.

2,724

469

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Packaging

Corp.

of

America

1,617

248

Royal

Gold,

Inc.

2,982

358

Southern

Copper

Corp.

4,138

362

10,117

Producer

Durables

-

9.4%

3M

Co.

3,854

430

Alaska

Air

Group,

Inc.(Æ)

11,309

550

Ametek,

Inc.

1,043

165

Amphenol

Corp.

Class

A

3,592

317

AO

Smith

Corp.

579

42

Automatic

Data

Processing,

Inc.

1,531

379

CH

Robinson

Worldwide,

Inc.

401

40

Chart

Industries,

Inc.(Æ)

3,149

574

Cummins,

Inc.

661

172

Deere

&

Co.

2,014

865

Delta

Air

Lines,

Inc.

30,721

1,421

Emerson

Electric

Co.

2,928

268

FedEx

Corp.

6,343

1,712

FTI

Consulting,

Inc.(Æ)

1,833

321

General

Dynamics

Corp.

8,686

1,942

Global

Payments,

Inc.

12,773

1,408

HEICO

Corp.

Class

A

293

41

HEICO

Corp.

233

41

Honeywell

International,

Inc.

950

184

Illinois

Tool

Works,

Inc.

1,145

302

L3Harris

Technologies,

Inc.

1,423

270

Lockheed

Martin

Corp.

724

323

Morningstar,

Inc.

1,879

433

Northrop

Grumman

Corp.

232

103

PACCAR

Financial

Corp.

5,112

440

Paychex,

Inc.

1,838

231

QuantumScape

Corp.(Æ)

47,589

633

S&P

Global,

Inc.

1,485

586

Snap-on,

Inc.

987

269

Stanley

Black

&

Decker,

Inc.

20,667

2,052

Tetra

Tech,

Inc.

2,534

429

Union

Pacific

Corp.

1,694

393

United

Parcel

Service,

Inc.

Class

B

2,011

376

Vontier

Corp.

25,650

793

Waste

Management,

Inc.

1,921

315

18,820

Technology

-

11.6%

Activision

Blizzard,

Inc.

2,127

197

Advanced

Micro

Devices,

Inc.(Æ)

4,888

559

Alphabet,

Inc.

Class

A(Æ)

13,027

1,729

Alphabet,

Inc.

Class

C(Æ)

6,023

802

Amdocs,

Ltd.

1,688

158

Broadcom,

Inc.

547

492

Broadridge

Financial

Solutions,

Inc.

2,627

441

Cisco

Systems,

Inc.

19,506

1,015

Cognizant

Technology

Solutions

Corp.

Class

A

4,372

289

Corning,

Inc.

10,142

344

DoorDash,

Inc.

Class

A(Æ)

5,917

537

Fidelity

National

Information

Services,

Inc.

19,818

1,197

Fiserv,

Inc.(Æ)

1,351

171

Hewlett

Packard

Enterprise

Co.

22,139

385

HP,

Inc.

14,598

479

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Income

Fund

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Intel

Corp.

27,904

998

International

Business

Machines

Corp.

3,894

561

Meta

Platforms,

Inc.

Class

A(Æ)

11,336

3,612

Micron

Technology,

Inc.

24,832

1,773

Motorola

Solutions,

Inc.

999

286

nCino,

Inc.(Æ)

15,577

504

ON

Semiconductor

Corp.(Æ)

5,047

544

Oracle

Corp.

16,440

1,927

Qorvo,

Inc.(Æ)

1,778

196

QUALCOMM,

Inc.

2,288

302

Roper

Technologies,

Inc.

89

44

Salesforce,

Inc.(Æ)

3,820

860

Skyworks

Solutions,

Inc.

7,170

820

Teradyne,

Inc.

7,474

844

Texas

Instruments,

Inc.

2,647

476

VMware,

Inc.

Class

A(Æ)

3,350

528

23,070

Utilities

-

8.0%

AT&T,

Inc.

90,138

1,309

Brookfield

Renewable

Corp.

Class

A

11,711

365

ConocoPhillips

Co.

18,418

2,168

Consolidated

Edison,

Inc.

3,137

298

Dominion

Energy,

Inc.

3,545

190

Duke

Energy

Corp.

2,447

229

Edison

International

14,161

1,019

Entergy

Corp.

17,934

1,842

Exelon

Corp.

4,411

185

FirstEnergy

Corp.

26,038

1,026

NextEra

Energy,

Inc.

3,976

291

NRG

Energy,

Inc.

28,911

1,098

Pinnacle

West

Capital

Corp.

14,892

1,233

Plains

GP

Holdings,

LP

Class

A

60,346

947

Southern

Co.

(The)

5,322

385

T-Mobile

USA,

Inc.(Æ)

16,545

2,279

UGI

Corp.

16,147

436

Verizon

Communications,

Inc.

18,805

641

15,941

Total

Common

Stocks

(cost

$131,977)

189,638

Short-Term

Investments

-

4.8%

U.S.

Cash

Management

Fund(@)

9,536,852

(∞)

9,533

Total

Short-Term

Investments

(cost

$9,534)

9,533

Total

Investments

-

99.8%

(identified

cost

$141,511)

199,171

Other

Assets

and

Liabilities,

Net

-

0.2%

375

Net

Assets

-

100.0%

199,546

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

6

Equity

Income

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

42

USD

9,690

09/23

318

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

318

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

$

14,647

$

—

$

—

$

—

$

14,647

Consumer

Staples

21,540

—

—

—

21,540

Energy

14,901

—

—

—

14,901

Financial

Services

40,218

—

—

—

40,218

Health

Care

30,384

—

—

—

30,384

Materials

and

Processing

10,117

—

—

—

10,117

Producer

Durables

18,820

—

—

—

18,820

Technology

23,070

—

—

—

23,070

Utilities

15,941

—

—

—

15,941

Short-Term

Investments

—

—

—

9,533

9,533

Total

Investments

189,638

—

—

9,533

199,171

Other

Financial

Instruments

Assets

Futures

Contracts

318

—

—

—

318

Total

Other

Financial

Instruments

*

$

318

$

—

$

—

$

—

$

318

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

7

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

103.7%

Consumer

Discretionary

-

14.6%

Advance

Auto

Parts,

Inc.

341

25

Amazon.com,

Inc.(Æ)(Û)

32,418

4,334

AutoZone,

Inc.(Æ)

350

869

Best

Buy

Co.,

Inc.

956

79

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

32

63

Comcast

Corp.

Class

A

6,784

307

Costco

Wholesale

Corp.

604

339

Dollar

General

Corp.

11,946

2,017

Domino's

Pizza,

Inc.(Û)

1,083

430

DR

Horton,

Inc.

1,543

196

eBay,

Inc.(Ð)

10,334

460

Expedia

Group,

Inc.(Æ)(Û)

5,632

690

FactSet

Research

Systems,

Inc.(Ð)

1,059

461

Ford

Motor

Co.

14,109

186

Fox

Corp.

Class

A

7,877

263

Garmin,

Ltd.

653

69

General

Motors

Co.(Û)

12,139

466

GMS,

Inc.(Æ)

1,590

117

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Ð)

6,688

108

Grand

Canyon

Education,

Inc.(Æ)

1,981

215

Harley-Davidson,

Inc.

3,040

117

Hasbro,

Inc.

577

37

Home

Depot,

Inc.

(The)

307

102

KB

Home(Û)

2,213

119

Lear

Corp.

2,233

346

Lennar

Corp.

Class

A(Û)

3,482

442

Lowe's

Cos.,

Inc.

8,493

1,990

Madison

Square

Garden

Sports

Corp.

Class

A

1,955

416

Netflix,

Inc.(Æ)

1,392

611

Nike,

Inc.

Class

B

17,711

1,955

NVR,

Inc.(Æ)(Û)

68

429

O'Reilly

Automotive,

Inc.(Æ)

1,030

954

PulteGroup,

Inc.

2,162

182

Ross

Stores,

Inc.

19,733

2,262

Service

Corp.

International

6,637

442

Starbucks

Corp.

10,603

1,077

Target

Corp.(Û)

6,924

945

Taylor

Morrison

Home

Corp.

Class

A(Æ)

2,308

112

Tesla,

Inc.(Æ)

2,772

741

Tractor

Supply

Co.

169

38

Tri

Pointe

Homes,

Inc.(Æ)

2,998

96

Ulta

Beauty,

Inc.(Æ)

112

50

Walmart,

Inc.

1,963

314

Walt

Disney

Co.

(The)(Æ)

20,260

1,801

Yum!

Brands,

Inc.

5,694

784

Zillow

Group,

Inc.

Class

A(Æ)

6,036

321

28,377

Consumer

Staples

-

9.3%

Albertsons

Cos.

LLC

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

Class

A

2,527

55

Altria

Group,

Inc.(Ð)

21,362

970

Archer-Daniels-Midland

Co.

1,552

132

Brown-Forman

Corp.

Class

A

-

ADR

525

38

Brown-Forman

Corp.

Class

B

-

ADR

618

44

Bunge,

Ltd.

407

44

Cal-Maine

Foods,

Inc.

1,819

84

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Campbell

Soup

Co.

2,175

100

Casey's

General

Stores,

Inc.

451

114

Church

&

Dwight

Co.,

Inc.

1,386

133

Clorox

Co.

(The)

873

132

Coca-Cola

Co.

(The)

28,363

1,756

Colgate-Palmolive

Co.

17,204

1,312

Conagra

Brands,

Inc.

16,482

541

CVS

Health

Corp.

19,362

1,446

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

310

56

Flowers

Foods,

Inc.

2,501

62

General

Mills,

Inc.

998

75

Hershey

Co.

(The)(Û)

3,146

728

JM

Smucker

Co.

(The)

4,967

748

Kellogg

Co.

913

61

Kimberly-Clark

Corp.

356

46

Kraft

Heinz

Co.

(The)

1,433

52

Kroger

Co.

(The)

15,443

751

Mondelez

International,

Inc.

Class

A

25,001

1,853

Monster

Beverage

Corp.(Æ)(Û)

15,383

884

PepsiCo,

Inc.

6,279

1,177

Philip

Morris

International,

Inc.

401

40

Pilgrim's

Pride

Corp.(Æ)

5,151

127

Post

Holdings,

Inc.(Æ)

3,848

328

Procter

&

Gamble

Co.

(The)

8,011

1,252

Sysco

Corp.

24,598

1,877

Tyson

Foods,

Inc.

Class

A(Û)

7,725

430

Unilever

PLC

-

ADR

6,266

337

Vector

Group,

Ltd.

6,000

79

Walgreens

Boots

Alliance,

Inc.

4,605

138

18,002

Energy

-

1.4%

Chevron

Corp.

2,254

369

EOG

Resources,

Inc.

1,549

205

Exxon

Mobil

Corp.

4,221

453

Kinder

Morgan,

Inc.

8,897

157

Marathon

Petroleum

Corp.(Û)

7,847

1,044

ONEOK,

Inc.

1,059

71

Phillips

66

1,373

153

Pioneer

Natural

Resources

Co.

472

106

Texas

Pacific

Land

Corp.

25

38

Valero

Energy

Corp.

456

59

2,655

Financial

Services

-

15.3%

Aflac,

Inc.

1,946

141

Air

Lease

Corp.

Class

A

5,034

213

Allstate

Corp.

(The)

6,266

706

American

Express

Co.

3,132

529

American

Financial

Group,

Inc.

307

37

American

Tower

Corp.(ö)

5,676

1,080

Aon

PLC

Class

A

2,686

856

Arch

Capital

Group,

Ltd.(Æ)

1,168

91

Assured

Guaranty,

Ltd.

648

39

Bank

of

America

Corp.

1,228

39

Bank

of

New

York

Mellon

Corp.

(The)

14,806

672

Berkshire

Hathaway,

Inc.

Class

B(Æ)

3,592

1,264

BOK

Financial

Corp.(Û)

2,379

212

Brighthouse

Financial,

Inc.(Æ)

5,202

271

Brixmor

Property

Group,

Inc.(ö)

9,935

226

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

8

Sustainable

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Brown

&

Brown,

Inc.(Ð)

805

57

Camden

Property

Trust(ö)

3,322

362

CBRE

Group,

Inc.

Class

A(Æ)

1,855

155

Chubb,

Ltd.

757

155

Cincinnati

Financial

Corp.

320

34

CNA

Financial

Corp.

900

35

Comerica,

Inc.(Û)

3,934

212

Corebridge

Financial,

Inc.(Ð)

9,264

173

Cullen/Frost

Bankers,

Inc.(Ð)

2,779

302

Dun

&

Bradstreet

Holdings,

Inc.

10,363

123

Eastern

Bankshares,

Inc.

8,564

121

Equinix,

Inc.(ö)

1,030

834

Equity

Commonwealth(ö)

13,781

270

Essex

Property

Trust,

Inc.(Ð)(ö)(Û)

1,491

363

Evercore,

Inc.

Class

A(Ð)

1,775

240

Everest

Re

Group,

Ltd.

106

38

First

American

Financial

Corp.

663

42

Globe

Life,

Inc.

361

41

GXO

Logistics,

Inc.(Æ)

24,580

1,649

Hanover

Insurance

Group,

Inc.

(The)

2,081

236

Hartford

Financial

Services

Group,

Inc.

4,453

320

Healthpeak

Properties,

Inc.(Ð)(ö)(Û)

21,412

467

Howard

Hughes

Corp.

(The)(Æ)(Ð)

2,099

177

Interactive

Brokers

Group,

Inc.

Class

A(Ð)

3,608

315

Jackson

Financial,

Inc.

Class

A

4,373

144

Jones

Lang

LaSalle,

Inc.(Æ)

838

140

LPL

Financial

Holdings,

Inc.

2,209

507

Markel

Group,

Inc.(Æ)

1,106

1,603

Marsh

&

McLennan

Cos.,

Inc.

9,017

1,699

MasterCard,

Inc.

Class

A(Û)

3,874

1,527

Nasdaq,

Inc.

6,360

321

NMI

Holdings,

Inc.

Class

A(Æ)

3,868

103

Northern

Trust

Corp.(Ð)

2,380

191

Old

Republic

International

Corp.

1,531

42

Pinnacle

Financial

Partners,

Inc.(Ð)(Û)

2,700

205

Popular,

Inc.

3,574

259

Principal

Financial

Group,

Inc.

1,113

89

Progressive

Corp.

(The)(Û)

2,572

324

Public

Storage(ö)(Û)

1,318

371

Reinsurance

Group

of

America,

Inc.

Class

A

3,149

442

RenaissanceRe

Holdings,

Ltd.

2,507

468

SBA

Communications

Corp.(ö)

2,123

465

SLM

Corp.

12,293

199

State

Street

Corp.

17,517

1,269

Synchrony

Financial

19,386

670

Texas

Capital

Bancshares,

Inc.(Æ)(Û)

1,908

122

Travelers

Cos.,

Inc.

(The)(Û)

1,943

335

Unum

Group

955

46

US

Bancorp

36,888

1,464

Virtu

Financial,

Inc.

Class

A

7,624

142

Visa,

Inc.

Class

A

11,097

2,638

Willis

Towers

Watson

PLC

2,275

481

WR

Berkley

Corp.

7,413

457

29,820

Health

Care

-

15.3%

Abbott

Laboratories

13,548

1,508

AbbVie,

Inc.

834

125

Acadia

Pharmaceuticals,

Inc.(Æ)

3,841

112

Agilent

Technologies,

Inc.

267

33

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

AmerisourceBergen

Corp.

Class

A

7,978

1,491

Amgen,

Inc.

6,303

1,476

Baxter

International,

Inc.

13,055

591

BioMarin

Pharmaceutical,

Inc.(Æ)(Û)

3,776

332

Boston

Scientific

Corp.(Æ)

1,169

61

Bristol-Myers

Squibb

Co.

731

46

Centene

Corp.(Æ)

11,199

763

Cigna

Group

(The)(Û)

535

158

Danaher

Corp.

5,345

1,363

Dentsply

Sirona,

Inc.

6,970

289

Edwards

Lifesciences

Corp.(Æ)(Ð)

9,161

752

Elevance

Health,

Inc.(Û)

2,261

1,066

Eli

Lilly

&

Co.

690

314

Exelixis,

Inc.(Æ)

18,322

361

Gilead

Sciences,

Inc.

2,500

190

Hologic,

Inc.(Æ)

878

70

Humana,

Inc.

1,815

829

IDEXX

Laboratories,

Inc.(Æ)

84

47

Incyte

Corp.(Æ)(Û)

8,717

555

Intuitive

Surgical,

Inc.(Æ)

1,619

525

IQVIA

Holdings,

Inc.(Æ)

2,585

578

Jazz

Pharmaceuticals

PLC(Æ)(Ð)

2,583

337

Johnson

&

Johnson

17,800

2,982

McKesson

Corp.

2,411

970

Medtronic

PLC

13,063

1,146

Merck

&

Co.,

Inc.

3,173

338

Molina

Healthcare,

Inc.(Æ)(Ð)

2,024

616

Neurocrine

Biosciences,

Inc.(Æ)

3,792

386

Organon

&

Co.(Ð)

10,182

224

Perrigo

Co.

PLC

19,402

711

Pfizer,

Inc.

7,431

268

Premier,

Inc.

Class

A

5,902

164

Regeneron

Pharmaceuticals,

Inc.(Æ)

944

700

ResMed,

Inc.

188

42

Sarepta

Therapeutics,

Inc.(Æ)

2,642

286

Thermo

Fisher

Scientific,

Inc.

4,339

2,381

Ultragenyx

Pharmaceutical,

Inc.(Æ)

2,417

104

United

Therapeutics

Corp.(Æ)

2,792

678

UnitedHealth

Group,

Inc.

5,098

2,582

Vertex

Pharmaceuticals,

Inc.(Æ)(Û)

3,504

1,235

29,785

Materials

and

Processing

-

4.3%

Air

Products

&

Chemicals,

Inc.

1,492

456

Ashland,

Inc.

2,284

209

Ball

Corp.

9,903

581

Copart,

Inc.(Æ)

2,033

180

Dow,

Inc.

11,443

646

DuPont

de

Nemours,

Inc.(Ð)

7,098

551

Eastman

Chemical

Co.

4,296

368

Ecolab,

Inc.

4,640

850

Element

Solutions,

Inc.(Ð)

10,979

230

Fastenal

Co.

770

45

FMC

Corp.

4,176

402

Huntsman

Corp.

7,442

221

Lennox

International,

Inc.(Û)

263

97

Linde

PLC

2,505

979

LKQ

Corp.

2,652

145

LyondellBasell

Industries

NV

Class

A

1,315

130

Martin

Marietta

Materials,

Inc.

858

383

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

9

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Newmont

Corp.(Ð)

13,452

577

Nucor

Corp.

604

104

Owens

Corning

400

56

Packaging

Corp.

of

America

1,111

170

Reliance

Steel

&

Aluminum

Co.

855

250

Sherwin-Williams

Co.

(The)

2,282

631

Southern

Copper

Corp.

1,952

171

8,432

Producer

Durables

-

11.1%

3M

Co.

1,626

181

AECOM(Ð)

4,690

408

AGCO

Corp.

2,529

337

Allison

Transmission

Holdings,

Inc.

Class

A

5,482

322

Amphenol

Corp.

Class

A

10,322

911

Avery

Dennison

Corp.

353

65

Booz

Allen

Hamilton

Holding

Corp.

Class

A

1,914

232

Canadian

Pacific

Kansas

City,

Ltd.

5,785

476

CH

Robinson

Worldwide,

Inc.

385

38

Cintas

Corp.

207

104

CNH

Industrial

NV

17,535

252

Crane

Co.

598

56

Cummins,

Inc.

667

174

Eaton

Corp.

PLC

328

67

Expeditors

International

of

Washington,

Inc.

1,330

169

FedEx

Corp.(Û)

4,486

1,211

FleetCor

Technologies,

Inc.(Æ)

2,258

562

Fortive

Corp.

11,275

883

Gates

Industrial

Corp.

PLC(Æ)

7,852

107

General

Dynamics

Corp.

175

39

Global

Payments,

Inc.

9,342

1,030

HEICO

Corp.

3,233

569

Helios

Technologies,

Inc.

1,220

77

Honeywell

International,

Inc.

4,477

869

Huntington

Ingalls

Industries,

Inc.(Ð)

1,010

232

Insperity,

Inc.

1,096

129

JB

Hunt

Transport

Services,

Inc.

632

129

Keysight

Technologies,

Inc.(Æ)

53

8

Knight-Swift

Transportation

Holdings,

Inc.

2,480

151

L3Harris

Technologies,

Inc.

333

63

Lamb

Weston

Holdings,

Inc.(Û)

5,671

588

Landstar

System,

Inc.

1,557

317

ManpowerGroup,

Inc.

2,518

199

Mettler-Toledo

International,

Inc.(Æ)

711

894

Moody's

Corp.

3,657

1,290

Nordson

Corp.

177

44

Old

Dominion

Freight

Line,

Inc.

476

200

Oshkosh

Corp.

3,632

334

Otis

Worldwide

Corp.(Û)

7,848

714

PACCAR

Financial

Corp.

773

67

PayPal

Holdings,

Inc.(Æ)(Û)

10,006

759

Pentair

PLC

765

53

Robert

Half

International,

Inc.

3,183

236

Rollins,

Inc.

982

40

S&P

Global,

Inc.

2,289

903

Schneider

National,

Inc.

Class

B

11,188

345

Snap-on,

Inc.

485

132

TE

Connectivity,

Ltd.

530

76

Terex

Corp.

5,746

337

Textron,

Inc.

543

42

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

TransDigm

Group,

Inc.

2,187

1,968

Trimble

Navigation,

Ltd.(Æ)

759

41

TriNet

Group,

Inc.(Æ)

1,489

157

United

Parcel

Service,

Inc.

Class

B

1,309

245

United

Rentals,

Inc.

189

88

Waste

Management,

Inc.

271

44

WW

Grainger,

Inc.

1,829

1,351

Xerox

Holdings

Corp.

12,077

193

Zebra

Technologies

Corp.

Class

A(Æ)

161

50

21,558

Technology

-

29.5%

Accenture

PLC

Class

A

959

303

Activision

Blizzard,

Inc.

2,370

220

Adobe,

Inc.(Æ)

3,867

2,112

Akamai

Technologies,

Inc.(Æ)

555

52

Alphabet,

Inc.

Class

A(Æ)

8,257

1,096

Alphabet,

Inc.

Class

C(Æ)(Û)

25,886

3,446

Analog

Devices,

Inc.

1,112

222

Apple,

Inc.(Û)

62,118

12,203

Applied

Materials,

Inc.

1,216

184

Arista

Networks,

Inc.(Æ)

232

36

Atlassian

Corp.

Class

A(Æ)

1,539

280

Autodesk,

Inc.(Æ)

3,154

669

Booking

Holdings,

Inc.(Æ)(Û)

394

1,171

Box,

Inc.

Class

A(Æ)

6,138

192

Broadcom,

Inc.

476

428

CACI

International,

Inc.

Class

A(Æ)

262

92

Ciena

Corp.(Æ)

3,921

165

Cirrus

Logic,

Inc.(Æ)

6,413

518

Cisco

Systems,

Inc.

5,966

310

Cognizant

Technology

Solutions

Corp.

Class

A(Û)

9,901

654

CommVault

Systems,

Inc.(Æ)

1,435

112

Corteva,

Inc.(Ð)

14,512

819

Crane

NXT

Co.

3,772

223

Dell

Technologies,

Inc.

Class

C(Û)

9,031

478

Dropbox,

Inc.

Class

A(Æ)

18,419

496

Electronic

Arts,

Inc.

1,485

203

F5,

Inc.(Æ)

2,610

413

Fidelity

National

Information

Services,

Inc.

10,512

635

Fortinet,

Inc.(Æ)(Û)

12,228

950

Genpact,

Ltd.(Ð)

6,204

224

GoDaddy,

Inc.

Class

A(Æ)

5,501

424

Hewlett

Packard

Enterprise

Co.

2,592

45

HP,

Inc.

13,687

449

Intel

Corp.(Û)

38,358

1,372

Intuit,

Inc.

2,948

1,509

Juniper

Networks,

Inc.

19,446

541

Lyft,

Inc.

Class

A(Æ)(Ð)

21,385

272

Meta

Platforms,

Inc.

Class

A(Æ)

2,441

778

Microchip

Technology,

Inc.

35,195

3,306

Micron

Technology,

Inc.

1,587

113

Microsoft

Corp.(Û)

22,583

7,586

MSCI,

Inc.

Class

A

1,582

867

Nutanix,

Inc.

Class

A(Æ)

18,636

563

NVIDIA

Corp.(Û)

4,848

2,265

Oracle

Corp.

9,052

1,061

QUALCOMM,

Inc.

97

13

Roper

Technologies,

Inc.

1,574

776

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

10

Sustainable

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Salesforce,

Inc.(Æ)

6,643

1,495

SAP

SE

-

ADR

7,359

1,003

ServiceNow,

Inc.(Æ)

1,210

705

Skyworks

Solutions,

Inc.

989

113

Sonos,

Inc.(Æ)

3,050

52

Teradyne,

Inc.

4,421

499

Texas

Instruments,

Inc.

1,328

239

VeriSign,

Inc.(Æ)

3,369

711

Viavi

Solutions,

Inc.

Class

W(Æ)

10,422

113

Western

Digital

Corp.(Æ)

11,958

509

Workday,

Inc.

Class

A(Æ)

4,139

982

57,267

Utilities

-

2.9%

AT&T,

Inc.(Û)

75,674

1,099

Avangrid,

Inc.

11,861

440

Cheniere

Energy,

Inc.(Û)

1,089

176

Chesapeake

Utilities

Corp.

816

97

ConocoPhillips

Co.

2,202

259

Consolidated

Edison,

Inc.

550

52

Constellation

Energy

Corp.

1,922

186

DTE

Energy

Co.

4,692

536

Duke

Energy

Corp.

33

3

Eversource

Energy

7,006

507

Exelon

Corp.

17,359

727

Lumen

Technologies,

Inc.

33,775

61

National

Fuel

Gas

Co.

2,543

135

NRG

Energy,

Inc.

8,882

337

ONE

Gas,

Inc.

2,127

168

Pinnacle

West

Capital

Corp.

3,313

274

Sempra

Energy

1,076

160

Southwest

Gas

Holdings,

Inc.(Ð)

2,268

150

UGI

Corp.

3,805

103

Verizon

Communications,

Inc.

4,405

150

WEC

Energy

Group,

Inc.

5

—

5,620

Total

Common

Stocks

(cost

$144,929)

201,516

Short-Term

Investments

-

4.6%

U.S.

Cash

Management

Fund(@)

8,964,145

(∞)

8,960

Total

Short-Term

Investments

(cost

$8,961)

8,960

Total

Investments

-

108.3%

(identified

cost

$153,890)

210,476

Securities

Sold

Short

-

(8.6)%

Consumer

Discretionary

-

(0.9)%

Acushnet

Holdings

Corp.

(2,223)

(133)

Advanced

Energy

Industries,

Inc.

(847)

(106)

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

(21)

(1)

Boot

Barn

Holdings,

Inc.(Æ)

(372)

(35)

Churchill

Downs,

Inc.

(1,564)

(181)

DISH

Network

Corp.

Class

A(Æ)

(8,302)

(66)

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

(1,311)

(151)

Hilton

Grand

Vacations,

Inc.(Æ)

(2,515)

(117)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kontoor

Brands,

Inc.

(1,042)

(44)

Leggett

&

Platt,

Inc.

(5,651)

(165)

Lithia

Motors,

Inc.

Class

A

(419)

(130)

McDonald's

Corp.

(182)

(53)

Polaris,

Inc.

(1,090)

(148)

Topgolf

Callaway

Brands

Corp.(Æ)

(7,734)

(154)

Warner

Bros

Discovery,

Inc.(Æ)

(20,494)

(268)

YETI

Holdings,

Inc.(Æ)

(1,527)

(65)

(1,817)

Consumer

Staples

-

(0.1)%

J&J

Snack

Foods

Corp.

(1,204)

(193)

MGP

Ingredients,

Inc.

(655)

(75)

(268)

Energy

-

(0.2)%

Green

Plains,

Inc.(Æ)

(1,164)

(41)

Plug

Power,

Inc.(Æ)

(2,175)

(29)

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(929)

(24)

Sitio

Royalties

Corp.

Class

A

(4,094)

(112)

Sunrun,

Inc.(Æ)

(4,631)

(88)

(294)

Financial

Services

-

(2.3)%

Annaly

Capital

Management,

Inc.(ö)

(8,227)

(165)

Berkshire

Hathaway,

Inc.

Class

B(Æ)

(385)

(136)

Blackstone

Group,

Inc.

(The)

Class

A

(3,294)

(345)

Cadence

Bank

(2,987)

(75)

Carlyle

Group,

Inc.

(The)

(5,030)

(179)

Cohen

&

Steers,

Inc.

(2,193)

(141)

Columbia

Banking

System,

Inc.

(3,828)

(86)

First

Financial

Bankshares,

Inc.

(2,258)

(74)

Glacier

Bancorp,

Inc.

(2,002)

(66)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(2,037)

(53)

Healthcare

Realty

Trust,

Inc.(ö)

(13,620)

(266)

Iron

Mountain,

Inc.(ö)

(3,459)

(212)

Kite

Realty

Group

Trust(ö)

(9,399)

(215)

KKR

&

Co.,

Inc.

Class

A

(5,300)

(315)

New

York

Community

Bancorp,

Inc.

(14,648)

(203)

Old

National

Bancorp

(8,945)

(152)

Omega

Healthcare

Investors,

Inc.(ö)

(3,486)

(111)

Potlatch

Corp.(ö)

(3,182)

(171)

Progyny,

Inc.(Æ)

(705)

(29)

Ready

Capital

Corp.(ö)

(9,849)

(114)

Realty

Income

Corp.(ö)

(4,381)

(267)

ServisFirst

Bancshares,

Inc.

(995)

(59)

Simmons

First

National

Corp.

Class

A

(3,471)

(70)

T

Rowe

Price

Group,

Inc.

(2,436)

(300)

TFS

Financial

Corp.

(6,410)

(93)

VICI

Properties,

Inc.(ö)

(8,577)

(270)

Webster

Financial

Corp.

(3,743)

(177)

Welltower,

Inc.(ö)

(2,356)

(194)

(4,538)

Health

Care

-

(1.5)%

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

11

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Abbott

Laboratories

(2,415)

(269)

Acadia

Healthcare

Co.,

Inc.(Æ)

(2,216)

(175)

Agiliti,

Inc.(Æ)

(1,050)

(18)

Alnylam

Pharmaceuticals,

Inc.(Æ)

(825)

(161)

Axsome

Therapeutics,

Inc.(Æ)

(373)

(29)

Biogen,

Inc.(Æ)

(1,046)

(283)

Danaher

Corp.

(1,127)

(287)

Ensign

Group,

Inc.

(The)

(1,711)

(166)

Halozyme

Therapeutics,

Inc.(Æ)

(1,674)

(72)

Insulet

Corp.(Æ)

(402)

(111)

Karuna

Therapeutics,

Inc.(Æ)

(137)

(27)

Masimo

Corp.(Æ)

(656)

(80)

Neogen

Corp.(Æ)

(6,829)

(158)

Patterson

Cos.,

Inc.

(5,548)

(183)

Repligen

Corp.(Æ)

(570)

(98)

Revance

Therapeutics,

Inc.(Æ)

(662)

(16)

Sotera

Health

Co.(Æ)

(1,880)

(36)

Surgery

Partners,

Inc.(Æ)

(1,731)

(67)

Thermo

Fisher

Scientific,

Inc.

(366)

(201)

TransMedics

Group,

Inc.(Æ)

(388)

(36)

Vaxcyte,

Inc.(Æ)

(1,375)

(66)

West

Pharmaceutical

Services,

Inc.

(826)

(304)

(2,843)

Materials

and

Processing

-

(0.5)%

Belden,

Inc.

(786)

(76)

Cleveland-Cliffs,

Inc.(Æ)

(13,627)

(241)

Livent

Corp.(Æ)

(2,370)

(58)

Modine

Manufacturing

Co.(Æ)

(980)

(37)

Pool

Corp.

(761)

(293)

Quaker

Chemical

Corp.

(1,173)

(235)

(940)

Producer

Durables

-

(1.8)%

Amphenol

Corp.

Class

A

(3,520)

(311)

Applied

Industrial

Technologies,

Inc.

(745)

(108)

Badger

Meter,

Inc.

(862)

(142)

Bloom

Energy

Corp.

Class

A(Æ)

(1,720)

(31)

Brink's

Co.

(The)

(1,145)

(83)

Dorman

Products,

Inc.(Æ)

(1,542)

(131)

Emerson

Electric

Co.

(1,044)

(95)

GATX

Corp.

(1,564)

(196)

H&R

Block,

Inc.

(6,699)

(225)

LCI

Industries

(926)

(126)

Maximus,

Inc.

(3,120)

(261)

MSA

Safety,

Inc.

(751)

(125)

Mueller

Industries,

Inc.

(273)

(22)

RBC

Bearings,

Inc.(Æ)

(511)

(115)

S&P

Global,

Inc.

(801)

(316)

Snap-on,

Inc.

(847)

(231)

Teledyne

Technologies,

Inc.(Æ)

(649)

(250)

Trade

Desk,

Inc.

(The)

Class

A(Æ)

(3,376)

(308)

Union

Pacific

Corp.

(1,184)

(275)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Zurn

Water

Solutions

Corp.

(3,452)

(105)

(3,456)

Technology

-

(0.8)%

Analog

Devices,

Inc.

(1,439)

(287)

Coherent

Corp.(Æ)

(2,407)

(114)

Envestnet,

Inc.(Æ)

(1,647)

(102)

Fair

Isaac

Corp.(Æ)

(172)

(144)

Fiserv,

Inc.(Æ)

(2,294)

(289)

Frontier

Communications

Corp.(Æ)

(4,441)

(81)

Gen

Digital,

Inc.

(9,141)

(178)

Kulicke

&

Soffa

Industries,

Inc.

(530)

(32)

Motorola

Solutions,

Inc.

(719)

(206)

Paycor

HCM,

Inc.(Æ)

(2,335)

(63)

Super

Micro

Computer,

Inc.(Æ)

(219)

(72)

Vishay

Intertechnology,

Inc.

(2,345)

(66)

(1,634)

Utilities

-

(0.5)%

Alliant

Energy

Corp.

(4,998)

(269)

Chord

Energy

Corp.

(639)

(100)

Civitas

Resources,

Inc.

(2,568)

(192)

Equitrans

Midstream

Corp.

(4,245)

(44)

Northern

Oil

and

Gas,

Inc.

(1,548)

(61)

OGE

Energy

Corp.

(4,493)

(163)

Otter

Tail

Corp.

(1,679)

(136)

Permian

Resources

Corp.

(2,423)

(28)

(993)

Total

Securities

Sold

Short

(proceeds

$16,189)

(16,783)

Other

Assets

and

Liabilities,

Net

-

0.3%

558

Net

Assets

-

100.0%

194,251

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

12

Sustainable

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

40

USD

9,229

09/23

328

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

328

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

$

28,377

$

—

$

—

$

—

$

28,377

Consumer

Staples

18,002

—

—

—

18,002

Energy

2,655

—

—

—

2,655

Financial

Services

29,820

—

—

—

29,820

Health

Care

29,785

—

—

—

29,785

Materials

and

Processing

8,432

—

—

—

8,432

Producer

Durables

21,558

—

—

—

21,558

Technology

57,267

—

—

—

57,267

Utilities

5,620

—

—

—

5,620

Short-Term

Investments

—

—

—

8,960

8,960

Total

Investments

201,516

—

—

8,960

210,476

Securities

Sold

Short

**

(16,783)

—

—

—

(16,783)

Other

Financial

Instruments

Assets

Futures

Contracts

328

—

—

—

328

Total

Other

Financial

Instruments

*

$

328

$

—

$

—

$

—

$

328

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

**

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

(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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

13

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

102.0%

Consumer

Discretionary

-

14.0%

Advance

Auto

Parts,

Inc.(Ð)

30,540

2,272

Amazon.com,

Inc.(Æ)(Û)

746,093

99,738

Autoliv,

Inc.

44,716

4,513

AutoNation,

Inc.(Æ)

6,311

1,016

AutoZone,

Inc.(Æ)(Û)

4,295

10,659

Beacon

Roofing

Supply,

Inc.(Æ)

12,086

1,035

Capri

Holdings,

Ltd.(Æ)

36,200

1,336

Cavco

Industries,

Inc.(Æ)

4,978

1,472

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

7,040

13,814

Comcast

Corp.

Class

A

199,370

9,024

Costco

Wholesale

Corp.

43,477

24,376

Coupang,

Inc.(Æ)(Ð)

38,264

695

Coursera,

Inc.(Æ)

24,288

381

Dana

Holding

Corp.

73,026

1,386

Dick's

Sporting

Goods,

Inc.

16,999

2,397

Dillard's,

Inc.

Class

A

4,031

1,383

Dollar

General

Corp.

28,237

4,768

Domino's

Pizza,

Inc.

11,633

4,615

DR

Horton,

Inc.

38,581

4,901

eBay,

Inc.(Ð)

115,871

5,157

Expedia

Group,

Inc.(Æ)

43,280

5,303

FactSet

Research

Systems,

Inc.

7,433

3,234

Ford

Motor

Co.(Û)

1,009,895

13,341

Garmin,

Ltd.

35,745

3,785

General

Motors

Co.(Û)

553,112

21,223

Genuine

Parts

Co.

18,211

2,836

GMS,

Inc.(Æ)

14,130

1,041

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Ð)

192,816

3,101

Grand

Canyon

Education,

Inc.(Æ)

3,152

342

Home

Depot,

Inc.

(The)

21,975

7,336

KB

Home

21,600

1,166

Kohl's

Corp.(Ð)

43,120

1,227

Lear

Corp.(Û)

33,789

5,229

Lennar

Corp.

Class

A(Û)

70,275

8,913

Lithia

Motors,

Inc.

Class

A

14,125

4,386

Live

Nation

Entertainment,

Inc.(Æ)

147,843

12,973

Lowe's

Cos.,

Inc.

70,199

16,446

Lululemon

Athletica,

Inc.(Æ)

7,184

2,719

McDonald's

Corp.

53,308

15,630

MercadoLibre,

Inc.(Æ)(Ð)

421

521

MGM

Resorts

International(Ð)

80,866

4,106

Netflix,

Inc.(Æ)

8,202

3,600

News

Corp.

Class

A

137,158

2,718

Nike,

Inc.

Class

B

146,572

16,180

NVR,

Inc.(Æ)

830

5,234

Olaplex

Holdings,

Inc.(Æ)(Ð)

69,426

250

Omnicom

Group,

Inc.

19,252

1,629

O'Reilly

Automotive,

Inc.(Æ)

15,308

14,172

Penn

Entertainment,

Inc.(Æ)

101,428

2,667

Ross

Stores,

Inc.

54,783

6,280

SeaWorld

Entertainment,

Inc.(Æ)(Ð)

17,679

979

Starbucks

Corp.

94,148

9,563

Tapestry,

Inc.

44,861

1,936

Target

Corp.(Û)

81,187

11,080

Tesla,

Inc.(Æ)

74,769

19,995

Texas

Roadhouse,

Inc.

Class

A

34,189

3,814

TJX

Cos.,

Inc.

(The)

86,730

7,505

Tractor

Supply

Co.

9,596

2,149

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tri

Pointe

Homes,

Inc.(Æ)

44,680

1,424

Visteon

Corp.(Æ)

4,887

753

Walmart,

Inc.

39,290

6,281

Walt

Disney

Co.

(The)(Æ)

98,807

8,783

456,788

Consumer

Staples

-

4.4%

Archer-Daniels-Midland

Co.

54,515

4,632

Church

&

Dwight

Co.,

Inc.

44,868

4,292

Coca-Cola

Co.

(The)

269,780

16,707

Conagra

Brands,

Inc.

346,646

11,373

CVS

Health

Corp.

240,263

17,945

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

42,683

7,683

General

Mills,

Inc.

33,016

2,468

Hershey

Co.

(The)

14,633

3,385

Ingredion,

Inc.

37,377

4,159

Kroger

Co.

(The)

409,402

19,913

Molson

Coors

Beverage

Co.

Class

B

40,566

2,830

Monster

Beverage

Corp.(Æ)(Û)

252,926

14,541

National

Vision

Holdings,

Inc.(Æ)(Ð)

24,941

539

PepsiCo,

Inc.

38,326

7,185

Philip

Morris

International,

Inc.

32,801

3,271

Procter

&

Gamble

Co.

(The)

60,582

9,469

Tyson

Foods,

Inc.

Class

A

189,587

10,564

Vector

Group,

Ltd.(Û)

21,283

279

Walgreens

Boots

Alliance,

Inc.

105,405

3,159

144,394

Energy

-

4.1%

Baker

Hughes

Co.

378,593

13,550

BP

PLC

-

ADR

243,325

9,076

Canadian

Natural

Resources,

Ltd.

77,497

4,712

Chevron

Corp.

93,414

15,288

CVR

Energy,

Inc.

28,016

1,029

EOG

Resources,

Inc.

24,743

3,279

Exxon

Mobil

Corp.

93,859

10,065

Kinder

Morgan,

Inc.

265,547

4,703

Marathon

Oil

Corp.(Û)

23,574

619

Marathon

Petroleum

Corp.(Û)

80,157

10,663

Occidental

Petroleum

Corp.

47,538

3,001

Patterson-UTI

Energy,

Inc.(Ð)

59,455

942

Phillips

66

51,592

5,755

Pioneer

Natural

Resources

Co.

125,626

28,350

Shell

PLC

-

ADR

113,825

7,015

Valero

Energy

Corp.(Û)

95,468

12,307

Williams

Cos.,

Inc.

(The)

113,499

3,910

134,264

Financial

Services

-

14.6%

AerCap

Holdings

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

112,131

7,155

Aflac,

Inc.

65,323

4,725

Allstate

Corp.

(The)(Û)

100,968

11,377

American

Express

Co.

65,695

11,094

American

Tower

Corp.(ö)

15,043

2,863

Ameriprise

Financial,

Inc.

21,294

7,420

Apollo

Global

Management,

Inc.

144,168

11,780

Axis

Capital

Holdings,

Ltd.

34,702

1,913

Bank

of

America

Corp.

320,887

10,268

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

14

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bank

of

New

York

Mellon

Corp.

(The)

212,189

9,625

Berkshire

Hathaway,

Inc.

Class

B(Æ)

64,763

22,794

BlackRock,

Inc.

Class

A

5,338

3,944

BOK

Financial

Corp.

19,509

1,738

Brighthouse

Financial,

Inc.(Æ)

50,112

2,612

Brown

&

Brown,

Inc.(Ð)(Û)

6,761

476

Camden

Property

Trust(ö)(Û)

35,388

3,860

Carlyle

Group,

Inc.

(The)

213,228

7,602

CBRE

Group,

Inc.

Class

A(Æ)

53,471

4,455

Charles

Schwab

Corp.

(The)

108,879

7,197

Chubb,

Ltd.

18,027

3,685

Citigroup,

Inc.

386,085

18,401

CME

Group,

Inc.

Class

A

13,206

2,627

CNO

Financial

Group,

Inc.

62,902

1,618

Comerica,

Inc.

80,604

4,349

Cullen/Frost

Bankers,

Inc.(Ð)

23,509

2,553

Dun

&

Bradstreet

Holdings,

Inc.(Û)

141,060

1,667

Equinix,

Inc.(ö)

3,875

3,138

Equity

Commonwealth(ö)

21,431

420

Evercore,

Inc.

Class

A(Ð)

29,709

4,012

Gaming

and

Leisure

Properties,

Inc.(ö)

52,124

2,474

Globe

Life,

Inc.

24,403

2,737

Goldman

Sachs

Group,

Inc.

(The)

13,333

4,745

Hanover

Insurance

Group,

Inc.

(The)

21,218

2,408

Hartford

Financial

Services

Group,

Inc.

35,908

2,581

Highwoods

Properties,

Inc.(Ð)(ö)

32,244

815

Howard

Hughes

Corp.

(The)(Æ)

70,809

5,978

Interactive

Brokers

Group,

Inc.

Class

A(Ð)

37,651

3,288

Intercontinental

Exchange,

Inc.

22,614

2,596

Invitation

Homes,

Inc.(ö)

135,633

4,815

Jackson

Financial,

Inc.

Class

A

56,100

1,852

JPMorgan

Chase

&

Co.

143,190

22,618

KeyCorp.(Ð)

304,550

3,749

Lamar

Advertising

Co.

Class

A(ö)

21,811

2,153

Lincoln

National

Corp.

87,458

2,452

LPL

Financial

Holdings,

Inc.

25,000

5,734

M&T

Bank

Corp.

15,403

2,154

Marsh

&

McLennan

Cos.,

Inc.

12,163

2,292

MasterCard,

Inc.

Class

A(Û)

165,785

65,366

Morgan

Stanley

187,944

17,208

New

York

Community

Bancorp,

Inc.

491,194

6,813

Northern

Trust

Corp.

28,190

2,259

Park

Hotels

&

Resorts,

Inc.(ö)

88,966

1,213

Pinnacle

Financial

Partners,

Inc.(Ð)

20,687

1,570

PNC

Financial

Services

Group,

Inc.

(The)

13,224

1,810

Popular,

Inc.

45,454

3,298

Principal

Financial

Group,

Inc.

27,324

2,182

Progressive

Corp.

(The)

85,908

10,823

Prologis,

Inc.(ö)

85,349

10,647

Public

Storage(ö)

10,593

2,985

Raymond

James

Financial,

Inc.

31,516

3,469

Reinsurance

Group

of

America,

Inc.

Class

A

61,895

8,687

RenaissanceRe

Holdings,

Ltd.

26,663

4,980

Robinhood

Markets,

Inc.

Class

A(Æ)(Ð)

187,762

2,415

Ryan

Specialty

Holdings,

Inc.

Class

A(Æ)

65,998

2,860

Ryman

Hospitality

Properties,

Inc.(ö)

12,355

1,177

SBA

Communications

Corp.(ö)

25,988

5,690

SLM

Corp.

214,974

3,478

Synchrony

Financial

157,027

5,424

Texas

Capital

Bancshares,

Inc.(Æ)

21,779

1,391

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

TPG,

Inc.

41,218

1,213

Travelers

Cos.,

Inc.

(The)

18,271

3,154

Truist

Financial

Corp.

112,276

3,730

US

Bancorp

115,768

4,594

Virtu

Financial,

Inc.

Class

A

37,061

688

Visa,

Inc.

Class

A

41,891

9,959

Wells

Fargo

&

Co.

396,853

18,319

Weyerhaeuser

Co.(ö)

135,031

4,599

Willis

Towers

Watson

PLC

27,596

5,832

WR

Berkley

Corp.(Ð)(Û)

134,851

8,319

476,961

Health

Care

-

13.0%

Abbott

Laboratories

50,172

5,586

AbbVie,

Inc.

156,632

23,429

Acadia

Pharmaceuticals,

Inc.(Æ)

77,791

2,275

Agilent

Technologies,

Inc.

33,403

4,068

Amgen,

Inc.

17,031

3,988

Apellis

Pharmaceuticals,

Inc.(Æ)

26,733

688

AstraZeneca

PLC

-

ADR

59,023

4,232

Baxter

International,

Inc.

108,376

4,902

Biogen,

Inc.(Æ)

18,362

4,961

Blueprint

Medicines

Corp.(Æ)(Ð)

18,259

1,205

Boston

Scientific

Corp.(Æ)

42,610

2,209

Bristol-Myers

Squibb

Co.

295,750

18,393

Centene

Corp.(Æ)

49,883

3,397

Cigna

Group

(The)

24,209

7,144

Danaher

Corp.

19,161

4,887

DaVita

HealthCare

Partners,

Inc.(Æ)

52,241

5,328

Dentsply

Sirona,

Inc.

130,144

5,404

Edwards

Lifesciences

Corp.(Æ)(Ð)

93,801

7,698

Elevance

Health,

Inc.

36,487

17,208

Eli

Lilly

&

Co.

23,060

10,482

Encompass

Health

Corp.

67,382

4,449

Exelixis,

Inc.(Æ)

298,690

5,887

Gilead

Sciences,

Inc.

67,348

5,128

GSK

PLC

-

ADR

180,243

6,411

Harmony

Biosciences

Holdings,

Inc.(Æ)(Ð)

4,540

161

HCA

Healthcare,

Inc.

15,866

4,328

Henry

Schein,

Inc.(Æ)

40,017

3,153

Humana,

Inc.

19,760

9,027

Incyte

Corp.(Æ)

70,770

4,509

Intuitive

Surgical,

Inc.(Æ)

33,454

10,853

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

55,100

2,283

Jazz

Pharmaceuticals

PLC(Æ)

42,852

5,589

Johnson

&

Johnson

115,891

19,415

Laboratory

Corp.

of

America

Holdings

9,103

1,947

McKesson

Corp.

23,906

9,620

Medtronic

PLC

64,208

5,635

Merck

&

Co.,

Inc.

46,210

4,928

Mirati

Therapeutics,

Inc.(Æ)(Ð)

14,251

431

Moderna,

Inc.(Æ)

16,593

1,952

Molina

Healthcare,

Inc.(Æ)(Ð)

18,724

5,701

Neurocrine

Biosciences,

Inc.(Æ)

27,440

2,796

Novocure,

Ltd.(Æ)

37,822

1,235

Omnicell,

Inc.(Æ)(Ð)

12,896

814

Organon

&

Co.

179,188

3,939

Pfizer,

Inc.

312,659

11,275

PTC

Therapeutics,

Inc.(Æ)

35,121

1,417

Qiagen

NV(Æ)

83,819

3,924

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

15

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Regeneron

Pharmaceuticals,

Inc.(Æ)

18,927

14,042

Sarepta

Therapeutics,

Inc.(Æ)(Ð)

35,223

3,818

Stryker

Corp.

8,729

2,474

Tandem

Diabetes

Care,

Inc.(Æ)(Ð)

26,949

941

Tenet

Healthcare

Corp.(Æ)

38,583

2,883

Thermo

Fisher

Scientific,

Inc.

9,021

4,949

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)

37,059

1,598

United

Therapeutics

Corp.(Æ)

24,504

5,948

UnitedHealth

Group,

Inc.

114,048

57,751

Veeva

Systems,

Inc.

Class

A(Æ)

72,108

14,726

Vertex

Pharmaceuticals,

Inc.(Æ)(Û)

45,526

16,041

Viatris,

Inc.

343,060

3,612

West

Pharmaceutical

Services,

Inc.

6,263

2,305

Zoetis,

Inc.

Class

A

90,352

16,994

422,373

Materials

and

Processing

-

3.4%

Air

Products

&

Chemicals,

Inc.

7,837

2,393

Boise

Cascade

Co.

13,735

1,421

Builders

FirstSource,

Inc.(Æ)

35,925

5,189

Copart,

Inc.(Æ)

178,915

15,814

Crown

Holdings,

Inc.

53,754

4,986

Dow,

Inc.(Û)

14,165

800

Eagle

Materials,

Inc.(Ð)

21,874

4,033

Eastman

Chemical

Co.(Û)

79,925

6,840

Element

Solutions,

Inc.(Ð)

77,033

1,615

Fastenal

Co.

60,651

3,555

FMC

Corp.(Ð)(Û)

36,962

3,557

Freeport-McMoRan,

Inc.

101,007

4,510

Huntsman

Corp.

113,800

3,388

Linde

PLC

39,007

15,239

Martin

Marietta

Materials,

Inc.

9,690

4,326

MP

Materials

Corp.(Æ)(Ð)

30,350

724

Newmont

Corp.

98,299

4,219

Nucor

Corp.

26,861

4,622

Packaging

Corp.

of

America

23,275

3,569

PPG

Industries,

Inc.

59,289

8,532

Resideo

Technologies,

Inc.(Æ)

26,174

490

Southern

Copper

Corp.

33,278

2,910

Trane

Technologies

PLC

25,958

5,177

Vulcan

Materials

Co.

15,793

3,482

111,391

Producer

Durables

-

9.1%

3M

Co.

34,562

3,854

AECOM(Ð)

55,265

4,808

AGCO

Corp.

41,293

5,496

Alaska

Air

Group,

Inc.(Æ)

76,192

3,705

Allison

Transmission

Holdings,

Inc.

Class

A

109,710

6,439

Ametek,

Inc.

20,023

3,176

Amphenol

Corp.

Class

A

40,061

3,538

AO

Smith

Corp.

32,267

2,344

Chart

Industries,

Inc.(Æ)

21,733

3,959

Cintas

Corp.

5,828

2,926

CNH

Industrial

NV

235,728

3,385

Comfort

Systems

USA,

Inc.(Ð)

3,434

597

CoStar

Group,

Inc.(Æ)

161,399

13,553

Cummins,

Inc.

18,495

4,823

Deere

&

Co.

30,277

13,007

Delta

Air

Lines,

Inc.

202,426

9,364

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Donaldson

Co.,

Inc.

51,207

3,217

Dover

Corp.

21,225

3,098

Eaton

Corp.

PLC

88,112

18,091

Emerson

Electric

Co.

54,417

4,971

Encore

Wire

Corp.

707

121

Expeditors

International

of

Washington,

Inc.

32,760

4,170

FedEx

Corp.(Û)

84,962

22,935

Flywire

Corp.(Æ)

10,780

368

Fortive

Corp.

36,111

2,829

FTI

Consulting,

Inc.(Æ)

14,282

2,502

General

Dynamics

Corp.

19,266

4,307

Global

Payments,

Inc.

83,467

9,202

Helios

Technologies,

Inc.

9,661

611

Hubbell,

Inc.

Class

B

9,976

3,113

Illinois

Tool

Works,

Inc.

10,038

2,643

Insperity,

Inc.

11,636

1,369

JB

Hunt

Transport

Services,

Inc.

14,825

3,023

Keysight

Technologies,

Inc.(Æ)

16,283

2,623

Lamb

Weston

Holdings,

Inc.(Ð)(Û)

43,482

4,506

Landstar

System,

Inc.

47,397

9,650

Littelfuse,

Inc.

9,059

2,759

Lockheed

Martin

Corp.

5,745

2,564

Magna

International,

Inc.

Class

A

45,711

2,941

ManpowerGroup,

Inc.(Û)

23,934

1,888

MarketAxess

Holdings,

Inc.

8,598

2,315

Mettler-Toledo

International,

Inc.(Æ)

1,361

1,711

National

Instruments

Corp.

49,413

2,915

Nordson

Corp.

10,573

2,660

Norfolk

Southern

Corp.

36,824

8,602

Northrop

Grumman

Corp.

23,044

10,255

Old

Dominion

Freight

Line,

Inc.

7,614

3,194

Oshkosh

Corp.

48,293

4,446

Otis

Worldwide

Corp.(Û)

77,281

7,029

PACCAR

Financial

Corp.

36,332

3,129

Pentair

PLC

57,380

3,988

Regal

Rexnord

Corp.

20,024

3,127

Rollins,

Inc.

56,595

2,311

RXO,

Inc.(Æ)(Ð)

38,673

853

S&P

Global,

Inc.

25,541

10,076

Snap-on,

Inc.

18,074

4,924

Southwest

Airlines

Co.

55,625

1,900

Spirit

AeroSystems

Holdings,

Inc.

Class

A(Ð)

31,387

999

Textron,

Inc.

10,707

833

TriNet

Group,

Inc.(Æ)(Û)

23,764

2,501

United

Parcel

Service,

Inc.

Class

B

15,549

2,910

United

Rentals,

Inc.

4,953

2,302

Vontier

Corp.

176,027

5,445

Waste

Management,

Inc.

17,078

2,797

WW

Grainger,

Inc.

4,998

3,691

Xerox

Holdings

Corp.

66,345

1,060

XPO,

Inc.(Æ)

48,034

3,326

297,774

Technology

-

35.2%

Accenture

PLC

Class

A

106,195

33,595

Adobe,

Inc.(Æ)

12,023

6,567

Advanced

Micro

Devices,

Inc.(Æ)

159,938

18,297

Airbnb,

Inc.

Class

A(Æ)(Ð)

71,489

10,880

Alphabet,

Inc.

Class

A(Æ)

776,112

103,006

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

16

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Alphabet,

Inc.

Class

C(Æ)

140,322

18,678

Alteryx,

Inc.

Class

A(Æ)(Ð)

19,986

829

Analog

Devices,

Inc.

29,885

5,963

Apple,

Inc.(Û)

922,969

181,317

Applied

Materials,

Inc.

17,646

2,675

ASML

Holding

NV

Class

G

2,362

1,692

Atlassian

Corp.

Class

A(Æ)

41,224

7,500

Autodesk,

Inc.(Æ)(Ð)

36,838

7,809

Avnet,

Inc.

57,242

2,776

Axcelis

Technologies,

Inc.(Æ)

8,530

1,710

Booking

Holdings,

Inc.(Æ)

3,616

10,742

Box,

Inc.

Class

A(Æ)

113,892

3,559

Broadcom,

Inc.

7,492

6,733

CACI

International,

Inc.

Class

A(Æ)

7,138

2,501

Cadence

Design

Systems,

Inc.(Æ)

16,673

3,902

CDW

Corp.

13,804

2,582

Cirrus

Logic,

Inc.(Æ)

33,243

2,686

Cisco

Systems,

Inc.

163,405

8,504

Cognex

Corp.

47,211

2,579

Cognizant

Technology

Solutions

Corp.

Class

A

65,664

4,336

CommVault

Systems,

Inc.(Æ)

39,285

3,061

Crowdstrike

Holdings,

Inc.

Class

A(Æ)(Ð)

43,020

6,955

Dell

Technologies,

Inc.

Class

C

110,146

5,829

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

13,174

652

DocuSign,

Inc.(Æ)

64,565

3,475

Dropbox,

Inc.

Class

A(Æ)

181,298

4,886

Elisa

OYJ

57,066

4,452

Extreme

Networks,

Inc.(Æ)

34,053

905

F5,

Inc.(Æ)(Ð)

25,078

3,968

Fidelity

National

Information

Services,

Inc.

(Û)

119,908

7,240

Five9,

Inc.(Æ)

18,646

1,636

Fortinet,

Inc.(Æ)(Ð)

132,204

10,275

Genpact,

Ltd.(Ð)(Û)

26,189

945

GoDaddy,

Inc.

Class

A(Æ)

77,291

5,958

Guidewire

Software,

Inc.(Æ)(Ð)

53,960

4,577

Hewlett

Packard

Enterprise

Co.

279,696

4,861

HP,

Inc.(Û)

275,151

9,033

Impinj,

Inc.(Æ)(Ð)

3,710

247

Informatica,

Inc.

Class

A(Æ)

30,205

575

Intapp,

Inc.(Æ)

7,384

303

Integral

Ad

Science

Holding

LLC(Æ)

22,000

459

Intel

Corp.(Û)

449,749

16,088

International

Business

Machines

Corp.

26,763

3,859

Intuit,

Inc.

45,645

23,357

Juniper

Networks,

Inc.

169,607

4,715

Kyndryl

Holdings,

Inc.(Æ)

124,992

1,707

Lam

Research

Corp.(Û)

25,122

18,050

Lattice

Semiconductor

Corp.(Æ)

35,337

3,214

Lyft,

Inc.

Class

A(Æ)(Ð)

207,014

2,631

MaxLinear,

Inc.

Class

A(Æ)

25,935

640

Meta

Platforms,

Inc.

Class

A(Æ)(Û)

167,474

53,357

Micron

Technology,

Inc.

183,032

13,067

Microsoft

Corp.

660,582

221,903

New

Relic,

Inc.(Æ)

29,960

2,516

Nutanix,

Inc.

Class

A(Æ)

54,020

1,631

NVIDIA

Corp.(Û)

150,339

70,252

NXP

Semiconductors

NV

80,617

17,976

Okta,

Inc.(Æ)(Ð)

44,326

3,407

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Oracle

Corp.

131,098

15,369

PagerDuty,

Inc.(Æ)(Ð)

26,769

694

Palo

Alto

Networks,

Inc.(Æ)

58,696

14,672

Pegasystems,

Inc.

9,146

482

Qorvo,

Inc.(Æ)

77,563

8,533

Qualys,

Inc.(Æ)(Ð)

11,962

1,660

RingCentral,

Inc.

Class

A(Æ)(Ð)

44,010

1,820

Roku,

Inc.(Æ)(Ð)

26,683

2,569

Roper

Technologies,

Inc.

8,565

4,223

Salesforce,

Inc.(Æ)

94,010

21,153

Seagate

Technology

Holdings

PLC

19,090

1,212

ServiceNow,

Inc.(Æ)

21,940

12,791

Silicon

Laboratories,

Inc.(Æ)(Ð)

8,964

1,337

SiTime

Corp.(Æ)(Ð)

3,191

412

Skyworks

Solutions,

Inc.

29,543

3,379

Smartsheet,

Inc.

Class

A(Æ)(Ð)

49,622

2,203

Snap,

Inc.

Class

A(Æ)(Ð)

104,774

1,190

Sonos,

Inc.(Æ)

76,202

1,306

Spotify

Technology

SA(Æ)

35,915

5,366

Squarespace,

Inc.

Class

A(Æ)(Ð)

23,164

768

Synopsys,

Inc.(Æ)

9,130

4,125

Tenable

Holdings,

Inc.(Æ)

37,833

1,841

Teradyne,

Inc.

92,159

10,408

Texas

Instruments,

Inc.

67,076

12,074

Twilio,

Inc.

Class

A(Æ)(Ð)

45,270

2,989

Uber

Technologies,

Inc.(Æ)

164,460

8,134

Varonis

Systems,

Inc.(Æ)

61,319

1,760

VeriSign,

Inc.(Æ)

34,406

7,258

Viavi

Solutions,

Inc.

Class

W(Æ)

197,672

2,149

Yelp,

Inc.

Class

A(Æ)

46,665

2,102

Zscaler,

Inc.(Æ)(Ð)

18,897

3,031

1,147,090

Utilities

-

4.2%

APA

Corp.(Ð)(Û)

10,202

413

AT&T,

Inc.

736,505

10,694

California

Resources

Corp.(Û)

21,215

1,132

CMS

Energy

Corp.(Ð)

29,831

1,822

ConocoPhillips

Co.

183,491

21,601

Constellation

Energy

Corp.(Ð)(Û)

48,043

4,643

DTE

Energy

Co.(Û)

47,993

5,486

Edison

International

95,073

6,841

Exelon

Corp.

114,020

4,773

FirstEnergy

Corp.

172,588

6,798

Gulfport

Energy

Corp.(Æ)

6,910

708

Lumen

Technologies,

Inc.

401,037

718

NextEra

Energy,

Inc.

244,868

17,949

NRG

Energy,

Inc.

287,282

10,914

PG&E

Corp.(Æ)

472,366

8,318

Pinnacle

West

Capital

Corp.

42,825

3,547

T-Mobile

USA,

Inc.(Æ)

108,940

15,009

UGI

Corp.

105,165

2,838

Verizon

Communications,

Inc.

241,915

8,244

Vistra

Corp.

198,376

5,566

138,014

Total

Common

Stocks

(cost

$2,433,744)

3,329,049

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

17

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Short-Term

Investments

-

3.2%

U.S.

Cash

Management

Fund(@)

104,054,126

(∞)

104,013

Total

Short-Term

Investments

(cost

$104,014)

104,013

Total

Investments

-

105.2%

(identified

cost

$2,537,758)

3,433,062

Securities

Sold

Short

-

(5.3)%

Consumer

Discretionary

-

(0.7)%

Acushnet

Holdings

Corp.

(38,298)

(2,284)

Advanced

Energy

Industries,

Inc.

(12,488)

(1,563)

Churchill

Downs,

Inc.

(22,780)

(2,639)

DISH

Network

Corp.

Class

A(Æ)

(337,587)

(2,677)

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

(4,239)

(487)

Freshpet,

Inc.(Æ)

(38,745)

(2,849)

Hilton

Grand

Vacations,

Inc.(Æ)

(12,000)

(558)

Instructure

Holdings,

Inc.(Æ)

(3,200)

(87)

Kontoor

Brands,

Inc.

(9,403)

(398)

LGI

Homes,

Inc.(Æ)

(7,538)

(1,046)

Magnite,

Inc.(Æ)

(37,982)

(575)

Topgolf

Callaway

Brands

Corp.(Æ)

(109,977)

(2,196)

Warner

Bros

Discovery,

Inc.(Æ)

(231,601)

(3,027)

YETI

Holdings,

Inc.(Æ)

(33,184)

(1,414)

Ziff

Davis,

Inc.(Æ)

(29,808)

(2,162)

(23,962)

Consumer

Staples

-

(0.1)%

J&J

Snack

Foods

Corp.

(12,726)

(2,040)

MGP

Ingredients,

Inc.

(16,844)

(1,921)

(3,961)

Energy

-

(0.1)%

Green

Plains,

Inc.(Æ)

(22,827)

(810)

Plug

Power,

Inc.(Æ)

(20,717)

(272)

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(24,354)

(632)

Sitio

Royalties

Corp.

Class

A

(30,840)

(843)

Sunrun,

Inc.(Æ)

(61,887)

(1,175)

(3,732)

Financial

Services

-

(1.2)%

Annaly

Capital

Management,

Inc.(ö)

(134,724)

(2,707)

Blackstone

Group,

Inc.

(The)

Class

A

(33,393)

(3,499)

Cohen

&

Steers,

Inc.

(9,448)

(608)

Columbia

Banking

System,

Inc.

(104,663)

(2,339)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(50,530)

(1,319)

Healthcare

Realty

Trust,

Inc.(ö)

(149,774)

(2,925)

Iron

Mountain,

Inc.(ö)

(19,020)

(1,168)

Kite

Realty

Group

Trust(ö)

(113,981)

(2,608)

KKR

&

Co.,

Inc.

Class

A

(25,532)

(1,516)

New

York

Community

Bancorp,

Inc.

(283,405)

(3,931)

Old

National

Bancorp

(194,065)

(3,305)

Progyny,

Inc.(Æ)

(19,461)

(813)

Ready

Capital

Corp.

Class(ö)

(120,246)

(1,391)

SoFi

Technologies,

Inc.(Æ)

(24,233)

(277)

T

Rowe

Price

Group,

Inc.

(25,537)

(3,148)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

VICI

Properties,

Inc.(ö)

(91,471)

(2,879)

Webster

Financial

Corp.

(68,746)

(3,253)

(37,686)

Health

Care

-

(0.8)%

Agiliti,

Inc.(Æ)

(40,960)

(703)

Alnylam

Pharmaceuticals,

Inc.(Æ)

(13,989)

(2,733)

Axsome

Therapeutics,

Inc.(Æ)

(3,509)

(275)

Biogen,

Inc.(Æ)

(10,679)

(2,885)

Danaher

Corp.

(10,657)

(2,718)

Ensign

Group,

Inc.

(The)

(13,247)

(1,283)

Halozyme

Therapeutics,

Inc.(Æ)

(17,300)

(743)

ICU

Medical,

Inc.(Æ)

(10,303)

(1,836)

Karuna

Therapeutics,

Inc.(Æ)

(2,321)

(464)

Masimo

Corp.(Æ)

(19,556)

(2,392)

Neogen

Corp.(Æ)

(140,643)

(3,262)

Patterson

Cos.,

Inc.

(35,345)

(1,163)

Repligen

Corp.(Æ)

(17,557)

(3,012)

Revance

Therapeutics,

Inc.(Æ)

(19,518)

(461)

Sotera

Health

Co.(Æ)

(52,422)

(995)

TransMedics

Group,

Inc.(Æ)

(6,427)

(599)

Vaxcyte,

Inc.(Æ)

(26,817)

(1,289)

(26,813)

Materials

and

Processing

-

(0.2)%

Belden,

Inc.

(10,072)

(973)

Livent

Corp.(Æ)

(29,196)

(719)

Pool

Corp.

(6,592)

(2,536)

Quaker

Chemical

Corp.

(12,602)

(2,525)

(6,753)

Producer

Durables

-

(0.9)%

Affirm

Holdings,

Inc.(Æ)

(11,051)

(214)

Applied

Industrial

Technologies,

Inc.

(14,345)

(2,080)

Badger

Meter,

Inc.

(18,166)

(2,991)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(8,108)

(654)

Dorman

Products,

Inc.(Æ)

(15,255)

(1,292)

Fox

Factory

Holding

Corp.(Æ)

(17,000)

(1,902)

GATX

Corp.

(24,163)

(3,029)

H&R

Block,

Inc.

(82,490)

(2,773)

LCI

Industries

(14,656)

(1,997)

Maximus,

Inc.

(14,658)

(1,228)

MSA

Safety,

Inc.

(3,864)

(641)

S&P

Global,

Inc.

(7,396)

(2,918)

Teledyne

Technologies,

Inc.(Æ)

(2,918)

(1,122)

Trade

Desk,

Inc.

(The)

Class

A(Æ)

(13,440)

(1,227)

Zurn

Water

Solutions

Corp.

(106,966)

(3,256)

(27,324)

Technology

-

(1.1)%

Advanced

Micro

Devices,

Inc.(Æ)

(25,632)

(2,932)

Altair

Engineering,

Inc.

Class

A(Æ)

(7,319)

(549)

Aspen

Technology,

Inc.(Æ)

(8,992)

(1,605)

Bentley

Systems,

Inc.

Class

B

(38,275)

(2,062)

Bumble,

Inc.

Class

A(Æ)

(61,737)

(1,143)

Coherent

Corp.(Æ)

(67,133)

(3,180)

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

18

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Envestnet,

Inc.(Æ)

(44,618)

(2,766)

Fair

Isaac

Corp.(Æ)

(3,539)

(2,966)

Fiserv,

Inc.(Æ)

(22,299)

(2,814)

Frontier

Communications

Corp.(Æ)

(142,359)

(2,592)

Gen

Digital,

Inc.

(151,725)

(2,951)

Motorola

Solutions,

Inc.

(10,006)

(2,868)

Paycor

HCM,

Inc.(Æ)

(66,466)

(1,785)

Super

Micro

Computer,

Inc.(Æ)

(9,354)

(3,089)

ViaSat,

Inc.(Æ)

(53,186)

(1,646)

(34,948)

Utilities

-

(0.2)%

Chord

Energy

Corp.

(7,706)

(1,209)

Civitas

Resources,

Inc.

(29,557)

(2,213)

Equitrans

Midstream

Corp.

(91,627)

(950)

Otter

Tail

Corp.

(23,802)

(1,928)

(6,300)

Total

Securities

Sold

Short

(proceeds

$157,745)

(171,479)

Other

Assets

and

Liabilities,

Net

-

0.1%

2,920

Net

Assets

-

100.0%

3,264,503

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

19

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

456

USD

105,211

09/23

3,204

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

3,204

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

$

456,788

$

—

$

—

$

—

$

456,788

Consumer

Staples

144,394

—

—

—

144,394

Energy

134,264

—

—

—

134,264

Financial

Services

476,961

—

—

—

476,961

Health

Care

422,373

—

—

—

422,373

Materials

and

Processing

111,391

—

—

—

111,391

Producer

Durables

297,774

—

—

—

297,774

Technology

1,147,090

—

—

—

1,147,090

Utilities

138,014

—

—

—

138,014

Short-Term

Investments

—

—

—

104,013

104,013

Total

Investments

3,329,049

—

—

104,013

3,433,062

Securities

Sold

Short

**

(171,479)

—

—

—

(171,479)

Other

Financial

Instruments

Assets

Futures

Contracts

3,204

—

—

—

3,204

Total

Other

Financial

Instruments

*

$

3,204

$

—

$

—

$

—

$

3,204

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

**

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

(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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

20

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

99.4%

Consumer

Discretionary

-

11.8%

1-800-Flowers.com,

Inc.

Class

A(Æ)

25,431

221

2U,

Inc.(Æ)

42,183

202

Academy

Sports

&

Outdoors,

Inc.

9,974

596

Advance

Auto

Parts,

Inc.(Û)

18,651

1,387

AerSale

Corp.(Æ)

126,596

1,900

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)

39,000

369

American

Eagle

Outfitters,

Inc.

72,339

1,016

American

Outdoor

Brands,

Inc.(Æ)

1,386

13

America's

Car-Mart,

Inc.(Æ)

45,870

5,464

Asbury

Automotive

Group,

Inc.(Æ)

3,706

836

Atkore,

Inc.(Æ)

4,462

708

AutoNation,

Inc.(Æ)(Û)

2,448

394

Axon

Enterprise,

Inc.(Æ)

1,694

315

Beacon

Roofing

Supply,

Inc.(Æ)

20,650

1,769

Beazer

Homes

USA,

Inc.(Æ)

27,961

940

BJ's

Restaurants,

Inc.(Æ)

11,021

415

Bloomin'

Brands,

Inc.

23,936

643

Boot

Barn

Holdings,

Inc.(Æ)

53,044

4,981

Brunswick

Corp.

9,229

797

Cadre

Holdings,

Inc.(Ñ)

70,020

1,629

Capri

Holdings,

Ltd.(Æ)

29,480

1,088

CarParts.com,

Inc.(Æ)

13,044

65

Carriage

Services,

Inc.

Class

A

3,539

115

Carrols

Restaurant

Group,

Inc.(Æ)

83,543

492

Carter's,

Inc.

17,366

1,303

Celestica,

Inc.(Æ)

18,565

408

Century

Communities,

Inc.

8,443

652

Chegg,

Inc.(Æ)

55,668

564

Children's

Place,

Inc.

(The)(Æ)(Ð)

18,259

574

Chuy's

Holdings,

Inc.(Æ)

6,774

282

Clarus

Corp.

129,276

1,151

Columbia

Sportswear

Co.

4,338

341

Comtech

Telecommunications

Corp.

7,262

74

Cooper-Standard

Holdings,

Inc.(Æ)

5,900

109

Coty,

Inc.

Class

A(Æ)

100,720

1,213

Coursera,

Inc.(Æ)

29,507

463

Cracker

Barrel

Old

Country

Store,

Inc.

3,825

356

CTS

Corp.

7,558

337

Dana

Holding

Corp.(Û)

69,788

1,325

Designer

Brands,

Inc.

Class

A(Ñ)

49,048

488

Dillard's,

Inc.

Class

A(Û)

3,580

1,228

Domino's

Pizza,

Inc.(Û)

652

259

Driven

Brands

Holdings,

Inc.(Æ)

21,915

567

Duckhorn

Portfolio,

Inc.

(The)(Æ)

25,524

321

Enerpac

Tool

Group

Corp.

11,220

308

Enovix

Corp.(Æ)

6,831

147

First

Watch

Restaurant

Group,

Inc.(Æ)

2,430

45

Foot

Locker,

Inc.

15,472

416

Funko,

Inc.

Class

A(Æ)(Ð)

18,387

150

GEN

Restaurant

Group,

Inc.(Æ)

8,923

178

Genesco,

Inc.(Æ)(Ð)

6,161

174

Gentherm,

Inc.(Æ)

6,872

411

G-III

Apparel

Group,

Ltd.(Æ)

11,300

234

Gildan

Activewear,

Inc.

Class

A

19,090

594

GMS,

Inc.(Æ)

17,907

1,320

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Ð)

(Û)

95,423

1,534

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

GoPro,

Inc.

Class

A(Æ)

165,437

677

Grand

Canyon

Education,

Inc.(Æ)

13,775

1,495

Green

Brick

Partners,

Inc.(Æ)

15,869

897

Group

1

Automotive,

Inc.

3,990

1,032

Haverty

Furniture

Cos.,

Inc.

10,819

385

HealthStream,

Inc.

5,908

133

Hilton

Grand

Vacations,

Inc.(Æ)

10,380

483

Hims

&

Hers

Health,

Inc.(Æ)

72,246

648

International

Game

Technology

PLC

58,885

1,992

iRobot

Corp.(Æ)

10,355

414

Johnson

Outdoors,

Inc.

Class

A

17,367

1,027

KB

Home(Û)

33,746

1,821

Kohl's

Corp.(Ð)(Û)

23,810

677

Kontoor

Brands,

Inc.

9,147

387

Kura

Sushi

USA,

Inc.

Class

A(Æ)

53,151

5,289

Landsea

Homes

Corp.(Æ)

54,737

540

La-Z-Boy,

Inc.

17,014

534

Lear

Corp.(Û)

10,919

1,690

Leonardo

DRS,

Inc.(Æ)(Ñ)

58,826

982

Levi

Strauss

&

Co.

Class

A

86,277

1,300

Light

&

Wonder,

Inc.

Class

A(Æ)

10,931

768

M/I

Homes,

Inc.(Æ)

8,149

815

Malibu

Boats,

Inc.

Class

A(Æ)

4,721

283

Marine

Products

Corp.

33,855

543

MasterCraft

Boat

Holdings,

Inc.(Æ)

7,119

218

Matthews

International

Corp.

Class

A

18,902

868

MDC

Holdings,

Inc.

16,136

827

Meritage

Homes

Corp.

5,555

827

Monro

Muffler

Brake,

Inc.

34,674

1,271

Motorcar

Parts

of

America,

Inc.(Æ)

59,335

532

Movado

Group,

Inc.

11,457

329

Newell

Rubbermaid,

Inc.

233,571

2,607

Nu

Skin

Enterprises,

Inc.

Class

A

12,718

374

ODP

Corp.

(The)(Æ)

9,435

471

Olaplex

Holdings,

Inc.(Æ)

16,800

60

On

Holding

AG

Class

A(Æ)

48,122

1,732

OneSpaWorld

Holdings,

Ltd.(Æ)

254,942

3,275

Overstock.com,

Inc.(Æ)

22,160

808

Oxford

Industries,

Inc.

16,117

1,738

Perdoceo

Education

Corp.

22,927

306

PetMed

Express,

Inc.

14,656

215

QuinStreet,

Inc.(Æ)

800

7

Red

Rock

Resorts,

Inc.

Class

A

10,008

485

Reservoir

Media,

Inc.(Æ)(Ñ)

82,796

452

REV

Group,

Inc.

136,542

1,765

Rocky

Brands,

Inc.

61,522

1,238

Rover

Group,

Inc.(Æ)

101,525

556

Scholastic

Corp.

2,320

100

SeaWorld

Entertainment,

Inc.(Æ)(Ð)

13,987

774

Shoe

Carnival,

Inc.

17,668

470

Signet

Jewelers,

Ltd.

7,296

587

Smith

&

Wesson

Brands,

Inc.

157,935

2,011

Solo

Brands,

Inc.

Class

A(Æ)

47,447

278

Sonic

Automotive,

Inc.

Class

A(Û)

7,508

360

Sportradar

Holding

AG

Class

A(Æ)

21,025

310

Steven

Madden,

Ltd.

38,507

1,285

Stitch

Fix,

Inc.

Class

A(Æ)

120,387

615

Stride,

Inc.(Æ)

32,597

1,246

Taylor

Morrison

Home

Corp.

Class

A(Æ)

25,744

1,247

Texas

Roadhouse,

Inc.

Class

A

30,369

3,388

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

21

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tilly's,

Inc.

Class

A(Æ)

6,699

58

Toll

Brothers,

Inc.(Ð)(Û)

13,435

1,079

Travel

+

Leisure

Co.(Ð)

742

30

Tri

Pointe

Homes,

Inc.(Æ)

43,888

1,399

Turtle

Beach

Corp.(Æ)

5,300

60

Universal

Electronics,

Inc.(Æ)

1,971

22

Universal

Technical

Institute,

Inc.(Æ)

12,260

89

Urban

Outfitters,

Inc.(Æ)

18,029

656

Vera

Bradley,

Inc.(Æ)

1,781

12

Visteon

Corp.(Æ)(Û)

1,348

208

WideOpenWest,

Inc.(Æ)(Ð)

4,900

40

Wingstop,

Inc.

3,320

560

Winnebago

Industries,

Inc.

10,069

693

Wolverine

World

Wide,

Inc.

26,441

335

Zillow

Group,

Inc.

Class

A(Æ)(Û)

17,798

947

108,513

Consumer

Staples

-

3.4%

Alico,

Inc.

6,539

169

Andersons,

Inc.

(The)

4,765

233

Calavo

Growers,

Inc.

57,364

2,164

Cal-Maine

Foods,

Inc.

8,563

396

Celsius

Holdings,

Inc.(Æ)

19,954

2,887

Coca-Cola

Bottling

Co.

696

441

Dole

PLC

32,609

431

elf

Beauty,

Inc.(Æ)

44,306

5,171

Energizer

Holdings,

Inc.

-

GDR

18,690

737

Grocery

Outlet

Holding

Corp.(Æ)

85,354

2,855

Helen

of

Troy,

Ltd.(Æ)

5,302

749

Inter

Parfums,

Inc.

2,403

359

J&J

Snack

Foods

Corp.

14,104

2,261

John

B

Sanfilippo

&

Son,

Inc.

3,108

339

Nathan's

Famous,

Inc.

5,566

446

National

Vision

Holdings,

Inc.(Æ)(Ð)

17,278

374

Natural

Grocers

by

Vitamin

Cottage,

Inc.

31,252

389

Nomad

Foods,

Ltd.(Æ)

46,831

833

Post

Holdings,

Inc.(Æ)(Û)

2,837

242

Primo

Water

Corp.

33,079

469

Quanex

Building

Products

Corp.

61,573

1,733

Sovos

Brands,

Inc.(Æ)

241,062

4,291

SpartanNash

Co.

11,652

261

Spectrum

Brands

Holdings,

Inc.

4,573

359

Sprouts

Farmers

Market,

Inc.(Æ)

20,063

788

Turning

Point

Brands,

Inc.

5,709

136

United

Natural

Foods,

Inc.(Æ)(Ð)

10,185

212

Universal

Corp.

8,947

452

USANA

Health

Sciences,

Inc.(Æ)

900

58

Vector

Group,

Ltd.

19,896

261

Vita

Coco

Co.,

Inc.

(The)(Æ)(Ñ)

19,996

528

Weis

Markets,

Inc.

4,512

299

31,323

Energy

-

4.4%

Alpha

Metallurgical

Resources,

Inc.

888

154

Arch

Resources,

Inc.

7,642

981

Aris

Water

Solutions,

Inc.

Class

A

379,012

4,143

ChampionX

Corp.

59,707

2,126

CVR

Energy,

Inc.

12,470

458

Delek

US

Holdings,

Inc.

169,788

4,684

Dril-Quip,

Inc.(Æ)

46,991

1,217

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Green

Plains,

Inc.(Æ)

28,179

1,001

Helmerich

&

Payne,

Inc.

36,323

1,626

HF

Sinclair

Corp.(Ð)(Û)

3,216

167

Kodiak

Gas

Services,

Inc.(Æ)

105,427

1,971

Mammoth

Energy

Services,

Inc.(Æ)

62,961

308

Matador

Resources

Co.

19,766

1,100

Matrix

Service

Co.(Æ)

58,273

369

Murphy

Oil

Corp.

19,576

847

Natural

Gas

Services

Group,

Inc.(Æ)

55,821

574

Noble

Corp.

PLC

4,003

209

NOV,

Inc.

74,979

1,506

NOW,

Inc.(Æ)

51,318

584

Par

Pacific

Holdings,

Inc.(Æ)

24,538

772

Patterson-UTI

Energy,

Inc.

195,073

3,090

PBF

Energy,

Inc.

Class

A

32,753

1,554

Range

Resources

Corp.(Ð)(Û)

7,773

244

REX

American

Resources

Corp.(Æ)

13,835

512

Select

Energy

Services,

Inc.

Class

A

24,947

210

Sitio

Royalties

Corp.

Class

A(Ñ)

28,147

769

SM

Energy

Co.

51,228

1,859

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

245,268

2,681

Talon

Metals

Corp.(Æ)

1,304,000

272

TETRA

Technologies,

Inc.(Æ)

185,650

834

Valaris,

Ltd.(Æ)

2,665

205

Warrior

Met

Coal,

Inc.

56,352

2,494

Weatherford

International

PLC(Æ)

6,033

501

World

Fuel

Services

Corp.

12,635

285

40,307

Financial

Services

-

19.8%

1st

Source

Corp.

10,965

514

Agree

Realty

Corp.(ö)

35,689

2,312

Air

Lease

Corp.

Class

A

46,988

1,989

Alpine

Income

Property

Trust,

Inc.(ö)

126,198

2,144

American

Equity

Investment

Life

Holding

Co.

10,808

580

Ameris

Bancorp

10,748

469

Apple

Hospitality

REIT,

Inc.(ö)

28,215

437

Applied

Digital

Corp.(Æ)

21,462

206

AssetMark

Financial

Holdings,

Inc.(Æ)

7,579

227

Atlantic

Union

Bankshares

Corp.

13,666

437

Avantax,

Inc.(Æ)

32,841

850

Axis

Capital

Holdings,

Ltd.

32,727

1,804

Banco

Latinoamericano

de

Comercio

Exterior

SA

Class

E

1,300

30

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

13,152

423

Banner

Corp.

10,501

500

Blackstone

Mortgage

Trust,

Inc.

Class

A(Ñ)

(ö)

27,853

640

BOK

Financial

Corp.(Ð)

1,049

93

Brighthouse

Financial,

Inc.(Æ)

19,015

991

Brixmor

Property

Group,

Inc.(ö)

47,494

1,080

Broadstone

Net

Lease,

Inc.(ö)

53,333

869

Business

First

Bancshares,

Inc.

105,759

2,163

Byline

Bancorp,

Inc.

40,695

893

Cadence

Bank

67,841

1,699

Cambridge

Bancorp

9,789

602

Camden

Property

Trust(ö)(Û)

9,868

1,076

Capital

Bancorp,

Inc.

41,137

829

Capital

City

Bank

Group,

Inc.

34,259

1,111

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

22

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Capitol

Federal

Financial,

Inc.

82,579

547

Capstar

Financial

Holdings,

Inc.

35,983

535

Cathay

General

Bancorp

12,591

479

Chatham

Lodging

Trust(ö)

7,568

73

City

Holding

Co.

4,820

477

Civista

Bancshares,

Inc.

63,856

1,165

Clarivate

PLC(Æ)

65,349

621

CNO

Financial

Group,

Inc.

49,016

1,261

Coastal

Financial

Corp.(Æ)

960

43

Cohen

&

Steers,

Inc.

19,785

1,272

Columbia

Banking

System,

Inc.

40,421

903

Comerica,

Inc.(Û)

31,364

1,692

Community

Bank

System,

Inc.

9,667

520

Community

Healthcare

Trust,

Inc.(ö)

62,465

2,201

Compass,

Inc.

Class

A(Æ)

63,889

268

Corebridge

Financial,

Inc.(Ð)

4,904

92

Cousins

Properties,

Inc.(ö)

46,579

1,138

CTO

Realty

Growth,

Inc.(ö)

102,090

1,787

Cullen/Frost

Bankers,

Inc.(Ð)

13,538

1,470

Customers

Bancorp,

Inc.(Æ)

13,150

552

DiamondRock

Hospitality

Co.(Ð)(ö)

43,846

373

Donegal

Group,

Inc.

Class

A

30,670

447

Douglas

Elliman,

Inc.

3,352

7

Dun

&

Bradstreet

Holdings,

Inc.(Û)

30,150

356

Easterly

Government

Properties,

Inc.(ö)

189,799

2,801

Employers

Holdings,

Inc.

821

32

Encore

Capital

Group,

Inc.(Æ)

7,384

395

Enova

International,

Inc.(Æ)(Ð)

9,892

545

Enterprise

Financial

Services

Corp.

32,828

1,346

Equity

Commonwealth(ö)

81,004

1,587

Esquire

Financial

Holdings,

Inc.

23,125

1,155

Essent

Group,

Ltd.

42,965

2,131

Essential

Properties

Realty

Trust,

Inc.(ö)

14,757

362

Evercore,

Inc.

Class

A(Ð)

11,906

1,608

eXp

World

Holdings,

Inc.(Ð)

6,121

153

EZCORP,

Inc.

Class

A(Æ)(Ð)(Ñ)

120,329

1,090

Federal

Agricultural

Mortgage

Corp.

Class

C

3,620

582

Fidelis

Insurance

Holdings,

Ltd.(Æ)

53,319

740

First

American

Financial

Corp.

33,978

2,154

First

BanCorp

99,409

1,476

First

Commonwealth

Financial

Corp.

62,096

897

First

Financial

Bankshares,

Inc.

18,114

590

First

Financial

Corp.

13,352

510

First

Foundation,

Inc.

33,877

248

First

Internet

Bancorp

1,600

36

First

Interstate

BancSystem,

Inc.

Class

A

55,278

1,588

First

Merchants

Corp.

18,653

599

First

Mid

Bancshares,

Inc.

28,978

887

Forestar

Group,

Inc.(Æ)

4,360

129

Four

Corners

Property

Trust,

Inc.(ö)

32,847

864

FTAI

Aviation,

Ltd.

12,525

403

Fulton

Financial

Corp.

30,819

441

GCM

Grosvenor,

Inc.

Class

A

178,835

1,404

Genworth

Financial,

Inc.

Class

A(Æ)

159,327

934

German

American

Bancorp,

Inc.

30,213

890

Getty

Realty

Corp.(ö)

27,223

880

Glacier

Bancorp,

Inc.

61,429

2,009

Guaranty

Bancshares,

Inc.

30,326

964

GXO

Logistics,

Inc.(Æ)

10,656

715

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hamilton

Lane,

Inc.

Class

A

5,126

453

Hancock

Holding

Co.

12,764

562

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

62,863

1,641

Hanover

Insurance

Group,

Inc.

(The)(Û)

14,081

1,598

HarborOne

Bancorp,

Inc.

39,082

410

HCI

Group,

Inc.(Ð)

2,786

175

Heritage

Financial

Corp.

26,160

491

Hersha

Hospitality

Trust

Class

A(ö)

9,698

61

Highwoods

Properties,

Inc.(Ð)(ö)

13,523

342

Hilltop

Holdings,

Inc.

16,642

515

Home

BancShares,

Inc.

110,305

2,682

HomeStreet,

Inc.(Ð)

12,347

114

HomeTrust

Bancshares,

Inc.

1,262

31

Horace

Mann

Educators

Corp.

68,108

2,052

Howard

Hughes

Corp.

(The)(Æ)(Ð)(Û)

4,086

345

Independence

Realty

Trust,

Inc.(ö)

43,036

733

Independent

Bank

Corp.

15,749

605

Innovative

Industrial

Properties,

Inc.(ö)

5,480

434

Interactive

Brokers

Group,

Inc.

Class

A(Ð)

3,304

289

International

Bancshares

Corp.

12,219

607

International

Money

Express,

Inc.(Æ)

70,783

1,715

Investar

Holding

Corp.

35,655

529

Investors

Title

Co.

1,281

201

Jackson

Financial,

Inc.

Class

A

45,085

1,489

James

River

Group

Holdings,

Ltd.

38,967

720

John

Wiley

&

Sons,

Inc.

Class

A

12,548

430

Kemper

Corp.

33,013

1,683

Kinsale

Capital

Group,

Inc.

1,354

505

Kite

Realty

Group

Trust(ö)

53,768

1,230

Legalzoom.com,

Inc.(Æ)

21,637

331

LendingClub

Corp.(Æ)

4,643

39

LendingTree,

Inc.(Æ)

24,322

593

Lincoln

National

Corp.

49,590

1,390

Live

Oak

Bancshares,

Inc.

20,850

790

LiveRamp

Holdings,

Inc.(Æ)

33,797

965

McGrath

RentCorp

5,007

483

Medifast,

Inc.

6,059

617

Merchants

Bancorp

17,721

560

Mercury

General

Corp.

9,620

310

Metropolitan

Bank

Holding

Corp.(Æ)(Ñ)

44,055

1,995

Moelis

&

Co.

Class

A

12,753

623

Mr.

Cooper

Group,

Inc.(Æ)

12,835

744

MVB

Financial

Corp.

31,899

816

National

Bank

Holdings

Corp.

Class

A

92,579

3,181

Navient

Corp.

77,155

1,469

NETSTREIT

Corp.(ö)

238,098

4,260

Newmark

Group,

Inc.

Class

A

78,766

545

NMI

Holdings,

Inc.

Class

A(Æ)

53,654

1,433

Northeast

Bank

21,533

1,026

Northrim

BanCorp,

Inc.

275

13

OFG

Bancorp

13,186

442

Old

National

Bancorp

78,729

1,341

Old

Second

Bancorp,

Inc.

88,636

1,417

Outfront

Media,

Inc.(ö)

89,713

1,387

Pagseguro

Digital,

Ltd.

Class

A(Æ)

35,212

400

Palomar

Holdings,

Inc.(Æ)(Ð)

5,165

313

Park

Hotels

&

Resorts,

Inc.(Ð)(ö)

50,817

693

Pathward

Financial,

Inc.

8,044

418

Peapack-Gladstone

Financial

Corp.

4,581

134

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

23

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Perella

Weinberg

Partners

276,485

2,732

Pinnacle

Financial

Partners,

Inc.

12,771

969

Piper

Jaffray

Cos.

2,660

389

Plymouth

Industrial

REIT,

Inc.(ö)

66,553

1,515

Popular,

Inc.

15,092

1,095

PRA

Group,

Inc.(Æ)

19,272

460

Preferred

Bank

6,609

437

Premier

Financial

Corp.

30,377

658

ProAssurance

Corp.

10,639

179

Prosperity

Bancshares,

Inc.

14,293

905

Radian

Group,

Inc.

29,634

798

Red

River

Bancshares,

Inc.

9,763

478

Redfin

Corp.(Æ)

46,222

692

Regional

Management

Corp.

755

25

Reinsurance

Group

of

America,

Inc.

Class

A(Û)

12,989

1,823

RenaissanceRe

Holdings,

Ltd.

4,033

753

Renasant

Corp.

15,284

473

Riverview

Bancorp,

Inc.

92,938

524

RLJ

Lodging

Trust(ö)

53,680

553

RMR

Group,

Inc.

(The)

Class

A

15,884

375

Robinhood

Markets,

Inc.

Class

A(Æ)(Ð)

94,599

1,217

Ryan

Specialty

Holdings,

Inc.

Class

A(Æ)

(Ð)(Û)

26,221

1,136

Ryman

Hospitality

Properties,

Inc.(ö)

17,393

1,657

Safety

Insurance

Group,

Inc.

5,322

383

Sandy

Spring

Bancorp,

Inc.

35,593

871

Seacoast

Banking

Corp.

of

Florida

54,549

1,348

Selective

Insurance

Group,

Inc.

8,343

861

Silvercrest

Asset

Management

Group,

Inc.

Class

A

20,256

422

Simmons

First

National

Corp.

Class

A

26,180

529

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

35,411

839

SLM

Corp.(Ð)

77,522

1,254

SmartFinancial,

Inc.

16,877

424

SouthState

Corp.

9,733

756

SP

Plus

Corp.(Æ)

16,479

634

Spirit

Realty

Capital,

Inc.(ö)

20,048

809

Sprott,

Inc.(Ñ)

7,520

251

STAG

Industrial,

Inc.(ö)

48,706

1,768

StepStone

Group,

Inc.

Class

A

6,660

187

Stewart

Information

Services

Corp.

55,400

2,611

StoneX

Group,

Inc.(Æ)

3,606

332

Sunstone

Hotel

Investors,

Inc.(ö)

13,484

137

Synovus

Financial

Corp.

12,782

433

Target

Hospitality

Corp.

Class

A(Æ)(Ñ)

12,546

160

Terreno

Realty

Corp.(ö)

7,509

446

Territorial

Bancorp,

Inc.

33,668

398

Texas

Capital

Bancshares,

Inc.(Æ)

26,852

1,714

Tiptree,

Inc.

Class

A

83,166

1,228

Towne

Bank

22,041

557

TPG,

Inc.

6,320

186

Triumph

Financial,

Inc.

46,015

3,263

UMB

Financial

Corp.

8,212

583

UMH

Properties,

Inc.(ö)

51,145

852

United

Bankshares,

Inc.

17,730

593

United

Community

Banks,

Inc.

18,585

540

United

Fire

Group,

Inc.(Ð)

1,869

45

Universal

Insurance

Holdings,

Inc.

11,772

183

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Valley

National

Bancorp

144,494

1,482

Veritex

Holdings,

Inc.

4,040

87

Virtu

Financial,

Inc.

Class

A

20,900

388

Walker

&

Dunlop,

Inc.

9,859

897

Webster

Financial

Corp.

13,607

644

Westamerica

BanCorp

19,467

958

Westwood

Holdings

Group,

Inc.

101,222

1,184

William

Penn

Bancorp(Ñ)

121,460

1,332

Xenia

Hotels

&

Resorts,

Inc.(ö)

32,346

411

Zions

Bancorp

NA

26,253

1,004

181,589

Health

Care

-

17.2%

2seventy

bio,

Inc.(Æ)

16,456

125

Acadia

Pharmaceuticals,

Inc.(Æ)

44,326

1,296

Accuray,

Inc.(Æ)

20,541

87

ADMA

Biologics,

Inc.(Æ)

32,859

136

Akebia

Therapeutics,

Inc.(Æ)

79,675

133

Alector,

Inc.(Æ)

27,812

191

Alignment

Healthcare,

Inc.(Æ)(Ð)

33,373

207

Alkermes

PLC(Æ)

8,340

244

Alphatec

Holdings,

Inc.(Æ)

109,124

1,928

Amedisys,

Inc.(Æ)

12,003

1,090

American

Well

Corp.

Class

A(Æ)(Ð)

54,056

132

Amneal

Pharmaceuticals,

Inc.(Æ)

298,041

954

Amphastar

Pharmaceuticals,

Inc.(Æ)

12,750

774

AnaptysBio,

Inc.(Æ)(Ð)

6,705

132

AngioDynamics,

Inc.(Æ)

11,443

99

ANI

Pharmaceuticals,

Inc.(Æ)

62,693

3,295

Arcellx,

Inc.(Æ)

50,818

1,741

Arcus

Biosciences,

Inc.(Æ)

6,803

135

Argenx

SE

-

ADR(Æ)

5,937

2,995

Arrowhead

Pharmaceuticals,

Inc.(Æ)

72,556

2,505

Arvinas,

Inc.(Æ)

13,052

323

Ascendis

Pharma

A/S

-

ADR(Æ)

12,450

1,122

Assertio

Holdings,

Inc.(Æ)

41,450

236

Avanos

Medical,

Inc.(Æ)

25,688

629

Avid

Bioservices,

Inc.(Æ)

276,622

3,502

Avita

Medical,

Inc.(Æ)

65,130

1,319

Axogen,

Inc.(Æ)

6,355

55

Axsome

Therapeutics,

Inc.(Æ)

2,530

199

Beam

Therapeutics,

Inc.(Æ)

38,652

1,193

BioCryst

Pharmaceuticals,

Inc.(Æ)(Ð)

10,013

74

Biohaven,

Ltd.(Æ)

10,280

204

BioLife

Solutions,

Inc.(Æ)

106,139

2,110

Biote

Corp.

Class

A(Æ)

26,113

178

Bluebird

Bio,

Inc.(Æ)

42,662

168

Blueprint

Medicines

Corp.(Æ)

9,919

655

C4

Therapeutics,

Inc.(Æ)

18,639

72

Cara

Therapeutics,

Inc.(Æ)

13,430

45

CareDx,

Inc.(Æ)

21,574

235

Castle

Biosciences,

Inc.(Æ)(Ð)

11,168

188

Catalyst

Pharmaceuticals,

Inc.(Æ)

39,295

543

Certara,

Inc.(Æ)

38,064

741

Chemed

Corp.

2,991

1,559

CinCor

Pharma,

Inc.(Æ)(Š)

16,575

51

Computer

Programs

&

Systems,

Inc.(Æ)

17,699

464

CONMED

Corp.

25,316

3,064

CorVel

Corp.(Æ)

1,644

336

CSAIL

Commercial

Mortgage

Trust(Æ)

8,649

92

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

24

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cytokinetics,

Inc.(Æ)

74,006

2,468

CytomX

Therapeutics,

Inc.(Æ)(Ð)

17,219

30

DaVita

HealthCare

Partners,

Inc.(Æ)(Û)

17,580

1,793

Deciphera

Pharmaceuticals,

Inc.(Æ)

13,926

188

Denali

Therapeutics,

Inc.(Æ)

34,288

975

Dyne

Therapeutics,

Inc.(Æ)

43,904

535

Emergent

BioSolutions,

Inc.(Æ)

31,050

214

Enanta

Pharmaceuticals,

Inc.(Æ)

11,012

209

Enovis

Corp.

Class

W(Æ)

23,687

1,514

Ensign

Group,

Inc.

(The)

5,513

534

Envista

Holdings

Corp.(Æ)

8,572

295

EQRx,

Inc.(Æ)

47,736

82

Esperion

Therapeutics,

Inc.(Æ)(Ð)

3,300

5

Exelixis,

Inc.(Æ)(Û)

72,289

1,425

Fate

Therapeutics,

Inc.(Æ)

44,400

183

FibroGen,

Inc.(Æ)

29,067

60

Fulgent

Genetics,

Inc.(Æ)

18,392

714

Geron

Corp.(Æ)

75,664

245

Glaukos

Corp.(Æ)

8,546

659

GoodRx

Holdings,

Inc.

Class

A(Æ)

23,155

214

Guardant

Health,

Inc.(Æ)

47,460

1,852

Haemonetics

Corp.(Æ)

6,124

565

Halozyme

Therapeutics,

Inc.(Æ)

39,392

1,692

Harmony

Biosciences

Holdings,

Inc.(Æ)(Ð)

7,014

248

Harrow

Health,

Inc.(Æ)

30,661

677

Health

Catalyst,

Inc.(Æ)

17,656

248

HealthEquity,

Inc.(Æ)

11,646

791

Heron

Therapeutics,

Inc.(Æ)

50,824

84

Ideaya

Biosciences,

Inc.(Æ)(Ð)

1,700

38

Inari

Medical,

Inc.(Æ)

11,970

683

InfuSystem

Holdings,

Inc.(Æ)(Ñ)

206,239

2,128

Inhibrx,

Inc.(Æ)

138,038

2,768

Innoviva,

Inc.(Æ)

164,211

2,225

Inogen,

Inc.(Æ)

30,042

245

Inspire

Medical

Systems,

Inc.(Æ)

6,087

1,752

Integer

Holdings

Corp.(Æ)

7,134

660

Intellia

Therapeutics,

Inc.(Æ)

33,340

1,411

Intercept

Pharmaceuticals,

Inc.(Æ)

15,653

169

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

13,170

546

iRadimed

Corp.

84,607

3,717

iTeos

Therapeutics,

Inc.(Æ)

8,015

113

Joint

Corp.

(The)(Æ)

28,843

389

Karyopharm

Therapeutics,

Inc.(Æ)

40,857

74

Keros

Therapeutics,

Inc.(Æ)

22,131

927

Krystal

Biotech,

Inc.(Æ)

7,727

998

Kura

Oncology,

Inc.(Æ)

51,165

534

Kymera

Therapeutics,

Inc.(Æ)

8,433

185

Lantheus

Holdings,

Inc.(Æ)

12,341

1,067

Legend

Biotech

Corp.

-

ADR(Æ)

30,592

2,310

LeMaitre

Vascular,

Inc.

89,043

5,630

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)(Ð)

3,180

213

LivaNova

PLC(Æ)(Ð)

17,004

994

Medpace

Holdings,

Inc.(Æ)

11,085

2,806

MeiraGTx

Holdings

PLC(Æ)

50,878

321

Merit

Medical

Systems,

Inc.(Æ)

11,720

875

Mersana

Therapeutics,

Inc.(Æ)

55,350

68

Mirati

Therapeutics,

Inc.(Æ)(Ð)

9,366

284

NanoString

Technologies,

Inc.(Æ)(Ð)

17,242

82

Natera,

Inc.(Æ)

6,431

291

National

HealthCare

Corp.

12,321

727

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nektar

Therapeutics(Æ)

48,961

26

Neogen

Corp.(Æ)

30,724

712

Neurocrine

Biosciences,

Inc.(Æ)(Û)

29,745

3,031

NGM

Biopharmaceuticals,

Inc.(Æ)

21,235

50

Nurix

Therapeutics,

Inc.(Æ)(Ð)

15,819

154

NuVasive,

Inc.(Æ)

5,066

209

Omnicell,

Inc.(Æ)

7,849

496

Option

Care

Health,

Inc.(Æ)

25,505

862

OraSure

Technologies,

Inc.(Æ)(Ð)

32,502

153

Organon

&

Co.(Ð)(Û)

64,298

1,413

Orthofix

Medical,

Inc.(Æ)

36,520

719

Owens

&

Minor,

Inc.(Æ)

52,523

1,011

Pacific

Biosciences

of

California,

Inc.(Æ)

52,650

695

Pacira

BioSciences,

Inc.(Æ)

12,735

463

Pediatrix

Medical

Group,

Inc.(Æ)

80,069

1,099

Pennpant

Group,

Inc.

(The)(Æ)

55,087

632

Penumbra,

Inc.(Æ)

1,997

606

Perrigo

Co.

PLC

74,911

2,745

Personalis,

Inc.(Æ)

9,657

23

PetIQ,

Inc.(Æ)

46,617

780

Pliant

Therapeutics,

Inc.(Æ)

17,719

316

Prestige

Brands

Holdings,

Inc.(Æ)

12,070

787

PTC

Therapeutics,

Inc.(Æ)

44,888

1,811

Pulmonx

Corp.(Æ)(Ð)

16,754

235

Quanterix

Corp.(Æ)(Ð)

8,793

218

Quipt

Home

Medical

Corp.(Æ)

147,385

783

Radius

Health,

Inc.(Æ)(Š)

85,858

7

RadNet,

Inc.(Æ)

27,900

923

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

44,103

623

REGENXBIO,

Inc.(Æ)(Ð)

16,120

306

Repligen

Corp.(Æ)

10,793

1,852

Rigel

Pharmaceuticals,

Inc.(Æ)

79,511

110

Rocket

Pharmaceuticals,

Inc.(Æ)

195,326

3,526

RxSight,

Inc.(Æ)

57,726

1,926

Sangamo

BioSciences,

Inc.(Æ)

42,651

56

Sarepta

Therapeutics,

Inc.(Æ)(Ð)(Û)

11,320

1,227

Schrodinger,

Inc.(Æ)

65,687

3,436

Science

37

Holdings,

Inc.(Æ)

1,374,950

359

Select

Medical

Holdings

Corp.

18,012

541

Selecta

Biosciences,

Inc.(Æ)

22,625

25

Semler

Scientific,

Inc.(Æ)

2,267

56

Sharecare,

Inc.(Æ)

268,677

373

SpringWorks

Therapeutics,

Inc.(Æ)

30,485

957

STAAR

Surgical

Co.(Æ)

9,319

510

Supernus

Pharmaceuticals,

Inc.(Æ)

8,467

260

Surmodics,

Inc.(Æ)

24,106

773

Sutro

Biopharma,

Inc.(Æ)

8,746

39

Syneos

Health,

Inc.

Class

A(Æ)

16,014

679

Tabula

Rasa

HealthCare,

Inc.(Æ)

3,122

25

Tactile

Systems

Technology,

Inc.(Æ)

44,243

1,014

Talkspace,

Inc.(Æ)

575,425

995

Tandem

Diabetes

Care,

Inc.(Æ)(Ð)

14,733

514

Tela

Bio,

Inc.(Æ)

44,827

439

Tenet

Healthcare

Corp.(Æ)

24,240

1,811

Theravance

Biopharma,

Inc.(Æ)

15,573

154

TransMedics

Group,

Inc.(Æ)

19,110

1,781

Travere

Therapeutics,

Inc.(Æ)

29,776

512

Treace

Medical

Concepts,

Inc.(Æ)

37,949

865

UFP

Technologies,

Inc.(Æ)

27,909

5,433

Ultragenyx

Pharmaceutical,

Inc.(Æ)

29,829

1,286

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

25

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

United

Therapeutics

Corp.(Æ)(Û)

10,032

2,435

US

Physical

Therapy,

Inc.

3,808

443

Utah

Medical

Products,

Inc.

25,332

2,491

Vanda

Pharmaceuticals,

Inc.(Æ)

14,261

82

Ventyx

Biosciences,

Inc.(Æ)

13,609

504

Veradigm,

Inc.(Æ)

101,134

1,367

Viemed

Healthcare,

Inc.(Æ)

45,757

387

Viridian

Therapeutics,

Inc.(Æ)

73,484

1,379

Xencor,

Inc.(Æ)

38,997

947

Xenon

Pharmaceuticals,

Inc.(Æ)

43,092

1,591

Y-mAbs

Therapeutics,

Inc.(Æ)

10,850

66

Zai

Lab,

Ltd.

-

ADR(Æ)

30,720

923

Zentalis

Pharmaceuticals,

Inc.(Æ)

25,824

690

Zimvie,

Inc.(Æ)

9,554

131

Zymeworks,

Inc.(Æ)

2,300

17

158,160

Materials

and

Processing

-

7.9%

AAON,

Inc.

10,787

1,135

Allegheny

Technologies,

Inc.(Æ)

33,497

1,597

A-Mark

Precious

Metals,

Inc.

4,682

191

American

Vanguard

Corp.

22,314

403

Apogee

Enterprises,

Inc.

3,411

169

Arizona

Sonoran

Copper

Co.,

Inc.(Æ)

302,058

410

Avient

Corp.

37,084

1,503

Axalta

Coating

Systems,

Ltd.(Æ)

27,156

869

AZEK

Co.,

Inc.

(The)(Æ)

68,088

2,124

Balchem

Corp.

7,654

1,031

Boise

Cascade

Co.

13,286

1,375

BrightView

Holdings,

Inc.(Æ)

49,146

379

Broadwind

Energy,

Inc.(Æ)

105,694

402

Builders

FirstSource,

Inc.(Æ)(Û)

15,298

2,209

Cabot

Corp.

7,693

546

Capstone

Mining

Corp.(Æ)

123,599

646

Carpenter

Technology

Corp.

22,563

1,351

Chemours

Co.

(The)(Ð)

35,664

1,319

Clearwater

Paper

Corp.(Æ)

3,961

128

Codexis,

Inc.(Æ)

29,789

107

Commercial

Metals

Co.

29,103

1,665

Constellium

SE(Æ)

41,471

792

Critical

Elements

Lithium

Corp.(Æ)

193,472

257

E3

Lithium,

Ltd.(Æ)(Ñ)

130,926

265

Eagle

Materials,

Inc.(Ð)

3,918

722

Ecovyst,

Inc.(Æ)

198,670

2,442

ERO

Copper

Corp.(Æ)

27,499

661

Foran

Mining

Corp.(Æ)

95,636

289

Gibraltar

Industries,

Inc.(Æ)

2,049

132

Global

Industrial

Co.

1,259

36

Healthcare

Services

Group,

Inc.

63,035

795

Hecla

Mining

Co.

102,452

590

Horizonte

Minerals

PLC(Æ)(Ñ)

275,382

558

Huntsman

Corp.

48,343

1,439

Insteel

Industries,

Inc.

1,020

33

Interface,

Inc.

Class

A

15,710

153

JELD-WEN

Holding,

Inc.(Æ)(Ð)

56,849

1,012

Kaiser

Aluminum

Corp.

56,882

4,619

Louisiana-Pacific

Corp.(Ð)

22,869

1,741

Mativ

Holdings,

Inc.

136,165

2,143

Modine

Manufacturing

Co.(Æ)

18,082

679

MP

Materials

Corp.(Æ)(Ð)

13,039

311

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MRC

Global,

Inc.(Æ)

50,158

566

Northwest

Pipe

Co.(Æ)

30,619

998

NOVAGOLD

Resources,

Inc.(Æ)(Ð)

63,807

288

O-I

Glass,

Inc.

Class

I(Æ)

25,912

595

Olympic

Steel,

Inc.(Ð)

17,057

952

Orion

Engineered

Carbons

SA

19,052

418

Perimeter

Solutions

SA(Æ)

50,717

282

PGT

Innovations,

Inc.(Æ)

16,019

458

Piedmont

Lithium,

Inc.(Æ)

12,118

665

Quaker

Chemical

Corp.

3,981

798

Ranpak

Holdings

Corp.(Æ)

106,326

682

Rayonier

Advanced

Materials,

Inc.(Æ)

25,594

121

Resideo

Technologies,

Inc.(Æ)

32,576

610

Resolute

Forest

Products,

Inc.(Æ)(Š)

33,567

48

Rogers

Corp.(Æ)

3,724

628

Royal

Gold,

Inc.

7,485

899

Rush

Enterprises,

Inc.

Class

A

11,130

720

ScanSource,

Inc.(Æ)

4,177

126

Schnitzer

Steel

Industries,

Inc.

Class

A

51,480

1,864

SiteOne

Landscape

Supply,

Inc.(Æ)

13,847

2,354

SmartRent,

Inc.(Æ)(Ñ)

145,925

581

Sonoco

Products

Co.

19,110

1,121

Stelco

Holdings,

Inc.

15,060

549

Stepan

Co.

11,251

1,078

Summit

Materials,

Inc.

Class

A(Æ)

29,652

1,073

Sylvamo

Corp.(Ð)

8,722

428

Tecnoglass,

Inc.

51,523

2,426

TimkenSteel

Corp.(Æ)

50,573

1,178

Trinseo

PLC

146,755

2,586

Tronox

Holdings

PLC

Class

A

217,154

2,886

Unifi,

Inc.(Æ)

60,721

480

United

States

Lime

&

Minerals,

Inc.

1,519

312

Univar

Solutions,

Inc.

-

ADR(Æ)

37,120

1,341

Valvoline,

Inc.

21,856

830

Veritiv

Corp.

4,787

671

VSE

Corp.

19,613

1,054

Worthington

Industries,

Inc.

8,832

659

72,553

Producer

Durables

-

16.0%

Aaron's

Co.,

Inc.

(The)

41,932

663

ABM

Industries,

Inc.

14,636

677

Adient

PLC(Æ)(Û)

21,524

916

ADT,

Inc.

25,020

160

AECOM(Ð)

17,167

1,493

AGCO

Corp.

11,847

1,577

Alaska

Air

Group,

Inc.(Æ)

6,109

297

Alight,

Inc.

Class

A(Æ)

57,755

565

Allied

Motion

Technologies,

Inc.

64,067

2,492

Allison

Transmission

Holdings,

Inc.

Class

A

11,381

668

Alta

Equipment

Group,

Inc.

1,239

20

AMN

Healthcare

Services,

Inc.(Æ)

5,861

628

Applied

Industrial

Technologies,

Inc.

6,695

971

ArcBest

Corp.

20,736

2,412

Arcosa,

Inc.

18,173

1,403

Ardmore

Shipping

Corp.

75,574

1,064

Argan,

Inc.

21,741

827

ASGN,

Inc.(Æ)

6,540

499

Astec

Industries,

Inc.

2,706

134

Barnes

Group,

Inc.

39,505

1,553

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

26

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Barrett

Business

Services,

Inc.

1,780

161

Bloom

Energy

Corp.

Class

A(Æ)

12,985

232

Bowman

Consulting

Group,

Ltd.(Æ)(Ñ)

14,851

515

BWX

Technologies,

Inc.

11,777

813

Casella

Waste

Systems,

Inc.

Class

A(Æ)

33,362

2,692

CBIZ,

Inc.(Æ)

12,259

648

CECO

Environmental

Corp.(Æ)

30,675

369

Centrus

Energy

Corp.

Class

A(Æ)(Ð)

1,620

61

Chart

Industries,

Inc.(Æ)

4,089

745

Clean

Harbors,

Inc.(Æ)

2,480

412

Comfort

Systems

USA,

Inc.

3,162

550

CompoSecure,

Inc.(Æ)(Ñ)

68,455

508

Construction

Partners,

Inc.

Class

A(Æ)

4,642

136

Covenant

Logistics

Group,

Inc.

Class

A

3,988

218

Cross

Country

Healthcare,

Inc.(Æ)

31,759

819

Daseke,

Inc.(Æ)

55,409

431

Deluxe

Corp.

129,841

2,466

DHT

Holdings,

Inc.

96,355

949

Dorian

LPG,

Ltd.

6,640

197

Dycom

Industries,

Inc.(Æ)

11,780

1,173

Eagle

Bulk

Shipping,

Inc.(Ñ)

25,549

1,180

Element

Solutions,

Inc.

87,285

1,829

Encore

Wire

Corp.

7,680

1,311

Energy

Recovery,

Inc.(Æ)

25,375

773

EnerSys

23,911

2,590

Ennis,

Inc.

17,020

367

EVERTEC,

Inc.

12,633

497

ExlService

Holdings,

Inc.(Æ)

3,187

449

Exponent,

Inc.

5,910

529

FARO

Technologies,

Inc.(Æ)(Ð)

7,730

128

Federal

Signal

Corp.

19,039

1,163

Ferroglobe

Representation

and

Warranty

Insurance

Trust(Æ)(Š)

98,500

—

Flowserve

Corp.

77,506

2,927

Fluor

Corp.(Æ)

45,120

1,398

Flywire

Corp.(Æ)

25,956

886

Fox

Factory

Holding

Corp.(Æ)

2,670

299

Franklin

Electric

Co.,

Inc.

5,897

583

Frontdoor,

Inc.(Æ)

19,105

667

Frontier

Group

Holdings,

Inc.(Æ)

62,446

581

Genco

Shipping

&

Trading,

Ltd.

36,866

535

Generac

Holdings,

Inc.(Æ)

2,041

314

Gentex

Corp.

27,453

922

GEO

Group,

Inc.

(The)(Æ)(Ñ)

47,623

356

Granite

Construction,

Inc.

20,229

828

Green

Dot

Corp.

Class

A(Æ)

14,622

286

Hackett

Group,

Inc.

(The)

3,732

87

Harsco

Corp.(Æ)

72,126

680

Heartland

Express,

Inc.

22,664

371

Heidrick

&

Struggles

International,

Inc.

4,553

124

Helios

Technologies,

Inc.

3,890

246

Herc

Holdings,

Inc.

Class

W

8,073

1,080

Heritage-Crystal

Clean,

Inc.(Æ)

5,390

248

Hexcel

Corp.

5,543

392

Hillman

Solutions

Corp.(Æ)

73,608

724

HNI

Corp.

18,252

531

Hub

Group,

Inc.

Class

A(Æ)

5,433

490

Hyster-Yale

Materials

Handling,

Inc.

2,046

98

I3

Verticals,

Inc.

Class

A(Æ)

166,681

4,169

ICF

International,

Inc.

5,499

647

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

indie

Semiconductor,

Inc.

Class

A(Æ)(Ñ)

55,149

523

Innodata,

Inc.(Æ)

39,779

510

Insperity,

Inc.

8,019

943

Integrated

Electrical

Services,

Inc.(Æ)

4,594

263

Janus

International

Group,

Inc.(Æ)

39,375

450

Kadant,

Inc.

1,971

439

Kaman

Corp.

Class

A

86,988

1,991

Kennametal,

Inc.

16,897

515

Kforce,

Inc.

4,228

268

Kirby

Corp.(Æ)

6,593

537

Knight-Swift

Transportation

Holdings,

Inc.

7,148

434

Korn

&

Ferry

International

8,994

474

Landstar

System,

Inc.(Û)

8,858

1,803

Manitowoc

Co.,

Inc.

(The)(Æ)

53,550

970

ManpowerGroup,

Inc.

13,208

1,042

Marten

Transport,

Ltd.

16,324

370

Matson,

Inc.

15,369

1,436

Mercury

Systems,

Inc.(Æ)

40,848

1,551

Mesa

Laboratories,

Inc.

21,710

2,793

Methode

Electronics,

Inc.

8,031

270

MillerKnoll,

Inc.

118,019

2,310

Mirion

Technologies,

Inc.(Æ)

86,764

655

Mitek

Systems,

Inc.(Æ)

200,985

2,052

Moog,

Inc.

Class

A

3,685

389

Mueller

Industries,

Inc.

6,684

542

MYR

Group,

Inc.(Æ)

8,712

1,242

National

Research

Corp.

Class

A

5,980

257

NEXTracker,

Inc.

Class

A(Æ)

2,477

105

NV5

Global,

Inc.(Æ)

1,872

205

Orion

Group

Holdings,

Inc.(Æ)

181,241

680

Oshkosh

Corp.(Ð)

16,678

1,536

PAM

Transportation

Services,

Inc.(Æ)

1,028

27

Payoneer

Global,

Inc.(Æ)

66,499

354

Paysafe,

Ltd.(Æ)

13,041

157

Powell

Industries,

Inc.

3,183

193

Primoris

Services

Corp.

87,098

2,766

PROG

Holdings,

Inc.(Æ)

48,892

1,984

Proto

Labs,

Inc.(Æ)

19,171

635

Radiant

Logistics,

Inc.(Æ)

149,974

1,155

Remitly

Global,

Inc.(Æ)

43,570

840

Repay

Holdings

Corp.(Æ)

313,730

2,620

Resources

Connection,

Inc.

25,949

415

RXO,

Inc.(Æ)(Û)

39,721

876

Ryerson

Holding

Corp.

32,206

1,368

Saia,

Inc.(Æ)

6,437

2,724

Schneider

National,

Inc.

Class

B(Û)

15,248

470

Scorpio

Tankers,

Inc.

41,736

1,963

Sight

Sciences,

Inc.(Æ)

80,017

704

Skyline

Champion

Corp.(Æ)

43,011

2,996

Sleep

Number

Corp.(Æ)

6,324

175

Stagwell,

Inc.(Æ)

13,764

92

Star

Bulk

Carriers

Corp.(Ñ)

35,008

633

Steelcase,

Inc.

Class

A

31,582

271

Stericycle,

Inc.(Æ)

9,245

393

Sterling

Infrastructure,

Inc.(Æ)

40,530

2,431

Stoneridge,

Inc.(Æ)

127,032

2,597

Sun

Country

Airlines

Holdings,

Inc.(Æ)

31,155

672

Teekay

Tankers,

Ltd.

Class

A

30,183

1,316

Tennant

Co.

23,756

1,906

Terex

Corp.

21,293

1,248

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

27

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Textron,

Inc.

9,255

720

Thermon

Group

Holdings,

Inc.(Æ)

26,766

739

Titan

International,

Inc.(Æ)

16,960

212

Titan

Machinery,

Inc.(Æ)

11,641

372

TopBuild

Corp.(Æ)

8,224

2,253

TreeHouse

Foods,

Inc.(Æ)

34,601

1,786

TriNet

Group,

Inc.(Æ)(Û)

14,955

1,574

Triton

International,

Ltd.

5,709

481

TrueBlue,

Inc.(Æ)

7,705

115

Tutor

Perini

Corp.(Æ)

85,464

722

UFP

Industries,

Inc.

7,560

777

UniFirst

Corp.

2,379

386

Universal

Truckload

Services,

Inc.

13,825

430

V2X,

Inc.(Æ)

15,499

798

Vertiv

Holdings

Co.

52,201

1,358

Vicor

Corp.(Æ)

7,997

738

Watts

Water

Technologies,

Inc.

Class

A

3,550

662

Werner

Enterprises,

Inc.

35,262

1,658

WNS

Holdings,

Ltd.

-

ADR(Æ)

41,384

2,860

Xerox

Holdings

Corp.

113,735

1,817

XPO,

Inc.(Æ)

6,094

422

ZipRecruiter,

Inc.

Class

A(Æ)(Ð)

6,200

115

146,930

Technology

-

13.9%

8x8,

Inc.(Æ)

163,890

777

A10

Networks,

Inc.

110,964

1,722

ACV

Auctions,

Inc.

Class

A(Æ)

24,588

430

Adeia,

Inc.

13,594

163

ADTRAN

Holdings,

Inc.

186,605

1,816

Agilysys,

Inc.(Æ)

5,351

394

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

5,727

188

Altair

Engineering,

Inc.

Class

A(Æ)

6,013

451

Ambarella,

Inc.(Æ)

22,228

1,854

American

Software,

Inc.

Class

A

339,402

3,913

Amkor

Technology,

Inc.

23,406

681

Appfolio,

Inc.

Class

A(Æ)

8,690

1,569

Arlo

Technologies,

Inc.(Æ)

41,176

468

Arteris,

Inc.(Æ)

73,353

557

Augmedix,

Inc.(Æ)

164,596

667

Avid

Technology,

Inc.(Æ)

13,370

319

Axcelis

Technologies,

Inc.(Æ)

15,289

3,065

Bandwidth,

Inc.

Class

A(Æ)

9,711

147

Bel

Fuse,

Inc.

Class

B

35,225

1,890

BigCommerce

Holdings,

Inc.(Æ)(Ð)

23,514

254

Blackbaud,

Inc.(Æ)

10,876

821

Blend

Labs,

Inc.

Class

A(Æ)(Ð)

2,900

4

Box,

Inc.

Class

A(Æ)

42,849

1,339

Brightcove,

Inc.(Æ)

3,380

15

Calix,

Inc.(Æ)

10,028

452

Cambium

Networks

Corp.(Æ)

3,334

54

Cardlytics,

Inc.(Æ)

8,100

95

Cars.com,

Inc.(Æ)

37,264

850

Cerence,

Inc.(Æ)(Ð)

11,900

331

CEVA,

Inc.(Æ)(Ð)

2,140

58

CI&T,

Inc.

Class

A(Æ)

186,950

1,114

Cirrus

Logic,

Inc.(Æ)(Û)

17,014

1,375

Climb

Global

Solutions,

Inc.

2,422

117

Cohu,

Inc.(Æ)

16,776

732

CommScope

Holding

Co.,

Inc.(Æ)

112,515

506

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CommVault

Systems,

Inc.(Æ)

8,094

631

Conduent,

Inc.(Æ)

37,300

129

Couchbase,

Inc.(Æ)

7,350

123

Credo

Technology

Group

Holding,

Ltd.(Æ)

(Ð)

54,795

930

CS

Disco,

Inc.(Æ)(Ð)

7,758

76

CSG

Systems

International,

Inc.

14,077

726

DigitalBridge

Group,

Inc.

24,576

394

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

17,470

865

Diodes,

Inc.(Æ)

5,820

550

DocuSign,

Inc.(Æ)

2,002

108

Domo,

Inc.

Class

B(Æ)

12,923

231

DoubleVerify

Holdings,

Inc.(Æ)

40,579

1,708

Dropbox,

Inc.

Class

A(Æ)

64,181

1,730

DZS,

Inc.(Æ)

2,409

9

Endava

PLC

-

ADR(Æ)

15,898

834

ePlus,

Inc.(Æ)

9,403

530

Everbridge,

Inc.(Æ)

7,750

239

Evolv

Technologies

Holdings,

Inc.(Æ)

118,051

777

Extreme

Networks,

Inc.(Æ)(Û)

91,474

2,432

Five9,

Inc.(Æ)(Ð)

19,800

1,737

FormFactor,

Inc.(Æ)

22,251

827

Genasys,

Inc.(Æ)

253,154

706

GoDaddy,

Inc.

Class

A(Æ)

5,978

461

Guidewire

Software,

Inc.(Æ)

10,069

854

Harmonic,

Inc.(Æ)

75,136

1,121

HireRight

Holdings

Corp.(Æ)(Ð)

12,250

131

IDT

Corp.

Class

B(Æ)

17,095

405

Immersion

Corp.

76,141

538

Impinj,

Inc.(Æ)(Ð)

5,371

358

Infinera

Corp.(Æ)(Ð)

91,368

411

Informatica,

Inc.

Class

A(Æ)

14,821

282

Insight

Enterprises,

Inc.(Æ)

3,469

509

Intapp,

Inc.(Æ)

25,953

1,066

Integral

Ad

Science

Holding

LLC(Æ)(Û)

18,202

379

Ituran

Location

and

Control,

Ltd.

17,027

474

JFrog,

Ltd.(Æ)

11,783

363

Kaltura,

Inc.(Æ)

243,512

492

KBR,

Inc.

17,202

1,058

Kulicke

&

Soffa

Industries,

Inc.

59,555

3,566

Kyndryl

Holdings,

Inc.(Æ)

59,800

817

LivePerson,

Inc.(Æ)(Ð)

27,700

132

Lyft,

Inc.

Class

A(Æ)(Ð)

73,009

928

MaxLinear,

Inc.

Class

A(Æ)

13,883

342

MicroStrategy,

Inc.

Class

A(Æ)(Ñ)

2,470

1,082

Model

N,

Inc.(Æ)

117,870

3,927

NAPCO

Security

Technologies,

Inc.

122,600

4,595

Navitas

Semiconductor

Corp.(Æ)

31,323

331

NETGEAR,

Inc.(Æ)

12,401

169

NetScout

Systems,

Inc.(Æ)

12,604

352

New

Relic,

Inc.(Æ)

16,525

1,388

nLight,

Inc.(Æ)

23,769

342

Novanta,

Inc.(Æ)

7,615

1,347

Nutanix,

Inc.

Class

A(Æ)

42,285

1,277

NVE

Corp.

15,649

1,240

Okta,

Inc.(Æ)

1,515

116

ON24,

Inc.

91,476

810

One

Stop

Systems,

Inc.(Æ)

22,879

65

OneSpan,

Inc.(Æ)

48,509

666

Onto

Innovation,

Inc.(Æ)

11,755

1,461

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

28

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ooma,

Inc.(Æ)

71,990

1,080

Ouster,

Inc.(Æ)

2,603

16

Outbrain,

Inc.(Æ)

2,229

12

PDF

Solutions,

Inc.(Æ)

101,128

4,651

Pegasystems,

Inc.

51,321

2,707

Perficient,

Inc.(Æ)

6,876

439

Perion

Network,

Ltd.(Æ)

6,350

232

PlayAGS,

Inc.(Æ)

10,562

70

Playtika

Holding

Corp.(Æ)(Û)

8,634

103

Power

Integrations,

Inc.

7,171

697

Preformed

Line

Products

Co.

1,849

321

Progress

Software

Corp.

6,561

394

Q2

Holdings,

Inc.(Æ)

7,020

249

Qualys,

Inc.(Æ)(Ð)

32,099

4,455

Quantum

Corp.(Æ)

9,780

11

Radcom,

Ltd.(Æ)

49,264

479

Rambus,

Inc.(Æ)

19,386

1,214

Ribbon

Communications,

Inc.(Æ)(Ð)

31,679

101

Roku,

Inc.(Æ)(Ð)(Û)

8,766

844

Sanmina

Corp.(Æ)

8,418

517

Sapiens

International

Corp.

NV

8,943

241

SecureWorks

Corp.

Class

A(Æ)

3,896

30

Shutterstock,

Inc.

7,069

364

Silicon

Laboratories,

Inc.(Æ)

10,448

1,558

Simulations

Plus,

Inc.

95,303

4,746

SiTime

Corp.(Æ)

4,967

641

SMART

Global

Holdings,

Inc.(Æ)

64,479

1,715

Smartsheet,

Inc.

Class

A(Æ)

31,316

1,390

SolarWinds

Corp.(Æ)

11,200

118

Sonos,

Inc.(Æ)

48,258

827

Sprout

Social,

Inc.

Class

A(Æ)

7,640

437

SPS

Commerce,

Inc.(Æ)

2,883

520

Squarespace,

Inc.

Class

A(Æ)(Ð)

18,602

616

Super

Micro

Computer,

Inc.(Æ)

6,557

2,166

Symbotic,

Inc.(Æ)(Ñ)

13,063

830

Synaptics,

Inc.(Æ)

6,140

554

Telos

Corp.(Æ)

15,469

39

Tenable

Holdings,

Inc.(Æ)

32,511

1,582

TrueCar,

Inc.(Æ)

157,337

385

TTM

Technologies,

Inc.(Æ)

33,763

485

Twilio,

Inc.

Class

A(Æ)

2,019

133

Unisys

Corp.(Æ)

27,878

152

Upland

Software,

Inc.(Æ)

1,000

4

Varonis

Systems,

Inc.(Æ)

67,154

1,927

Viavi

Solutions,

Inc.

Class

W(Æ)

120,249

1,307

Vimeo,

Inc.(Æ)

320,117

1,319

Vishay

Intertechnology,

Inc.

25,146

708

VTEX

Class

A(Æ)

136,169

742

Workiva,

Inc.(Æ)

28,776

3,030

Xperi,

Inc.(Æ)

5,700

75

Yelp,

Inc.

Class

A(Æ)

23,999

1,081

Zeta

Global

Holdings

Corp.

Class

A(Æ)

22,093

204

127,853

Utilities

-

5.0%

ALLETE,

Inc.

41,333

2,374

Allot,

Ltd.(Æ)

102,411

268

APA

Corp.(Ð)

9,197

372

Avista

Corp.

24,140

933

Black

Hills

Corp.

6,491

392

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Brookfield

Infrastructure

Corp.

Class

A

8,825

412

California

Resources

Corp.(Û)

45,847

2,446

Callon

Petroleum

Co.(Æ)

28,740

1,079

Chord

Energy

Corp.

2,377

373

CNX

Resources

Corp.(Æ)

37,454

764

Cogent

Communications

Holdings,

Inc.

5,932

363

Denbury,

Inc.(Æ)

7,758

682

Earthstone

Energy,

Inc.

Class

A(Æ)(Ñ)

228,295

3,648

Evolution

Petroleum

Corp.

304,267

2,842

Excelerate

Energy,

Inc.

Class

A

96,690

2,052

Golar

LNG,

Ltd.

25,355

612

Gulfport

Energy

Corp.(Æ)

2,684

275

Kosmos

Energy,

Ltd.(Æ)

106,698

758

Magnolia

Oil

&

Gas

Corp.

Class

A

29,146

646

New

Jersey

Resources

Corp.

8,942

400

Northern

Oil

and

Gas,

Inc.

27,435

1,080

Northwest

Natural

Holding

Co.

46,525

1,999

NorthWestern

Corp.

15,412

870

NRG

Energy,

Inc.(Ð)

42,959

1,632

ONE

Gas,

Inc.

15,341

1,214

Permian

Resources

Corp.

286,768

3,352

Pinnacle

West

Capital

Corp.

1,100

91

Portland

General

Electric

Co.

20,499

977

RGC

Resources,

Inc.

53,657

1,080

SandRidge

Energy,

Inc.

57,748

986

Saturn

Oil

&

Gas,

Inc.(Æ)

300,930

602

SilverBow

Resources,

Inc.(Æ)

44,797

1,604

Southwest

Gas

Holdings,

Inc.

12,243

807

Spire,

Inc.

7,152

455

Talos

Energy,

Inc.(Æ)

65,155

1,043

UGI

Corp.

31,981

863

Unitil

Corp.

30,581

1,591

US

Cellular

Corp.(Æ)(Û)

12,517

222

Vistra

Corp.(Û)

68,414

1,920

York

Water

Co.

(The)

41,669

1,722

45,801

Total

Common

Stocks

(cost

$794,185)

913,029

Short-Term

Investments

-

4.7%

U.S.

Cash

Management

Fund(@)

43,418,703

(∞)

43,401

Total

Short-Term

Investments

(cost

$43,405)

43,401

Other

Securities

-

1.8%

U.S.

Cash

Collateral

Fund(@)(×)

16,345,265

(∞)

16,345

Total

Other

Securities

(cost

$16,345)

16,345

Total

Investments

-

105.9%

(identified

cost

$853,935)

972,775

Securities

Sold

Short

-

(4.5)%

Consumer

Discretionary

-

(0.7)%

Acushnet

Holdings

Corp.

(4,941)

(295)

Advanced

Energy

Industries,

Inc.

(1,324)

(166)

Akoustis

Technologies,

Inc.(Æ)

(26,050)

(62)

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

29

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Altice

USA,

Inc.

Class

A(Æ)

(82,073)

(278)

America's

Car-Mart,

Inc.(Æ)

(1,340)

(160)

AMMO,

Inc.(Æ)

(15,003)

(31)

Blade

Air

Mobility,

Inc.(Æ)

(16,007)

(67)

Byrna

Technologies,

Inc.(Æ)

(2,257)

(8)

Churchill

Downs,

Inc.

(5,728)

(664)

Clear

Channel

Outdoor

Holdings,

Inc.(Æ)

(103,846)

(187)

Conn's,

Inc.(Æ)

(9,840)

(48)

Crocs,

Inc.(Æ)

(3,393)

(368)

DISH

Network

Corp.

Class

A(Æ)

(47,598)

(378)

Dream

Finders

Homes,

Inc.

Class

A(Æ)

(3,609)

(92)

GrowGeneration

Corp.(Æ)

(10,850)

(43)

iHeartMedia,

Inc.

Class

A(Æ)

(20,587)

(97)

Instructure

Holdings,

Inc.(Æ)

(5,271)

(143)

Joby

Aviation,

Inc.(Æ)

(36,071)

(323)

Kura

Sushi

USA,

Inc.

Class

A(Æ)

(573)

(57)

Leslie's,

Inc.(Æ)

(14,978)

(95)

LGI

Homes,

Inc.(Æ)

(2,562)

(356)

Magnite,

Inc.(Æ)

(15,552)

(235)

OneWater

Marine,

Inc.

Class

A(Æ)

(3,800)

(143)

PLBY

Group,

Inc.(Æ)

(356)

(1)

Skillsoft

Corp.(Æ)

(5,567)

(7)

Topgolf

Callaway

Brands

Corp.(Æ)

(37,928)

(757)

XPEL,

Inc.(Æ)(Þ)

(7,987)

(649)

YETI

Holdings,

Inc.(Æ)

(8,080)

(344)

Ziff

Davis,

Inc.(Æ)

(5,304)

(385)

(6,439)

Consumer

Staples

-

(0.1)%

Alico,

Inc.

(179)

(5)

B&G

Foods,

Inc.

Class

A

(7,758)

(103)

Benson

Hill,

Inc.(Æ)

(13,400)

(19)

J&J

Snack

Foods

Corp.

(2,715)

(435)

MGP

Ingredients,

Inc.

(5,404)

(616)

(1,178)

Energy

-

(0.2)%

Ameresco,

Inc.

Class

A(Æ)

(5,728)

(333)

Cleanspark,

Inc.(Æ)

(18,090)

(109)

FuelCell

Energy,

Inc.(Æ)

(13,129)

(29)

Gevo,

Inc.(Æ)

(31,276)

(54)

GrafTech

International,

Ltd.

(35,282)

(186)

Green

Plains,

Inc.(Æ)

(1,650)

(59)

Ring

Energy,

Inc.(Æ)

(20,106)

(49)

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(18,872)

(490)

Sitio

Royalties

Corp.

Class

A

(9,819)

(268)

Sunrun,

Inc.(Æ)

(13,328)

(253)

Uranium

Energy

Corp.(Æ)

(106,797)

(384)

(2,214)

Financial

Services

-

(0.7)%

Annaly

Capital

Management,

Inc.(ö)

(32,978)

(663)

ARMOUR

Residential

REIT,

Inc.(ö)

(21,533)

(110)

Ashford

Hospitality

Trust,

Inc.(Æ)(ö)

(5,770)

(23)

BGC

Partners,

Inc.

Class

A

(43,896)

(209)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BRP

Group,

Inc.

Class

A(Æ)

(7,261)

(181)

Chimera

Investment

Corp.(ö)

(35,149)

(221)

Cohen

&

Steers,

Inc.

(4,809)

(309)

Columbia

Banking

System,

Inc.

(1,168)

(26)

Distribution

Solutions

Group,

Inc.(Æ)

(1,621)

(90)

Dynex

Capital,

Inc.(ö)

(21,173)

(276)

European

Wax

Center,

Inc.

Class

A(Æ)

(5,372)

(104)

Franklin

BSP

Realty

Trust,

Inc.(ö)

(6,320)

(90)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(13,506)

(353)

Healthcare

Realty

Trust,

Inc.(ö)

(35,282)

(689)

New

York

Community

Bancorp,

Inc.

(68,323)

(948)

Old

National

Bancorp

(3,000)

(51)

Potlatch

Corp.(ö)

(11,991)

(643)

Progyny,

Inc.(Æ)

(8,500)

(355)

Ready

Capital

Corp.(ö)

(16,978)

(196)

Webster

Financial

Corp.

(13,545)

(641)

(6,178)

Health

Care

-

(1.0)%

AdaptHealth

Corp.(Æ)

(25,040)

(344)

Agenus,

Inc.(Æ)

(83,048)

(126)

Akero

Therapeutics,

Inc.(Æ)

(757)

(33)

Amylyx

Pharmaceuticals,

Inc.(Æ)

(1,086)

(25)

Anavex

Life

Sciences

Corp.(Æ)

(9,380)

(77)

Apollo

Medical

Holdings,

Inc.(Æ)

(3,549)

(130)

Atossa

Therapeutics,

Inc.(Æ)

(29,241)

(32)

Azenta,

Inc.(Æ)

(3,699)

(174)

BioLife

Solutions,

Inc.(Æ)

(9,456)

(188)

CareMax,

Inc.(Æ)

(12,995)

(31)

ClearPoint

Neuro,

Inc.(Æ)

(2,151)

(15)

Clover

Health

Investments

Corp.(Æ)

(59,391)

(74)

Collegium

Pharmaceutical,

Inc.(Æ)

(5,692)

(130)

Day

One

Biopharmaceuticals,

Inc.(Æ)

(3,774)

(50)

DocGo,

Inc.(Æ)

(11,168)

(94)

Exact

Sciences

Corp.(Æ)

(6,710)

(655)

Geron

Corp.(Æ)

(51,534)

(167)

Halozyme

Therapeutics,

Inc.(Æ)

(10,029)

(431)

ICU

Medical,

Inc.(Æ)

(3,178)

(566)

ImmunoGen,

Inc.(Æ)

(1,915)

(34)

Inhibrx,

Inc.(Æ)

(4,274)

(86)

Inotiv,

Inc.(Æ)

(10,470)

(76)

Joint

Corp.

(The)(Æ)

(2,800)

(38)

MannKind

Corp.(Æ)

(36,623)

(167)

Masimo

Corp.(Æ)

(3,797)

(464)

MiMedx

Group,

Inc.(Æ)

(6,180)

(50)

Neogen

Corp.(Æ)

(35,686)

(828)

NeoGenomics,

Inc.(Æ)

(10,376)

(180)

Ocular

Therapeutix,

Inc.(Æ)

(13,907)

(63)

OrthoPediatrics

Corp.(Æ)

(2,136)

(89)

Pliant

Therapeutics,

Inc.(Æ)

(842)

(15)

Poseida

Therapeutics,

Inc.(Æ)

(8,405)

(15)

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

(1,512)

(21)

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

30

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Repligen

Corp.(Æ)

(4,091)

(702)

Replimune

Group,

Inc.(Æ)

(5,162)

(109)

Revance

Therapeutics,

Inc.(Æ)

(11,867)

(280)

Seelos

Therapeutics,

Inc.(Æ)

(10,804)

(17)

SIGA

Technologies,

Inc.

(10,667)

(61)

Silverback

Therapeutics,

Inc.(Æ)

(4,600)

(34)

Sotera

Health

Co.(Æ)

(9,260)

(176)

SpringWorks

Therapeutics,

Inc.(Æ)

(6,829)

(214)

Syndax

Pharmaceuticals,

Inc.(Æ)

(13,390)

(286)

TransMedics

Group,

Inc.(Æ)

(3,224)

(300)

Vaxcyte,

Inc.(Æ)

(10,028)

(482)

Ventyx

Biosciences,

Inc.(Æ)

(1,709)

(63)

Veracyte,

Inc.(Æ)

(20,260)

(556)

Vicarious

Surgical,

Inc.(Æ)

(1,369)

(2)

Viking

Therapeutics,

Inc.(Æ)

(1,186)

(17)

Zentalis

Pharmaceuticals,

Inc.(Æ)

(5,961)

(159)

(8,926)

Materials

and

Processing

-

(0.1)%

5E

Advanced

Materials,

Inc.(Æ)

(7,782)

(27)

Aspen

Aerogels,

Inc.(Æ)

(14,462)

(121)

Ivanhoe

Electric,

Inc.(Æ)

(1,700)

(28)

Livent

Corp.(Æ)

(18,675)

(460)

Mativ

Holdings,

Inc.

(8,866)

(139)

Origin

Materials,

Inc.(Æ)

(7,329)

(33)

Pool

Corp.

(212)

(81)

Quaker

Chemical

Corp.

(1,980)

(397)

ThredUp,

Inc.

Class

A(Æ)

(23,566)

(83)

(1,369)

Producer

Durables

-

(0.5)%

908

Devices,

Inc.(Æ)

(3,600)

(25)

Aeva

Technologies,

Inc.(Æ)

(11,847)

(15)

Affirm

Holdings,

Inc.(Æ)

(525)

(10)

Badger

Meter,

Inc.

(3,426)

(564)

CryoPort,

Inc.(Æ)

(4,714)

(76)

GATX

Corp.

(4,532)

(568)

H&R

Block,

Inc.

(19,560)

(657)

Hillman

Solutions

Corp.(Æ)

(1,100)

(11)

LCI

Industries

(3,024)

(412)

Microvast

Holdings,

Inc.(Æ)

(37,154)

(107)

MultiPlan

Corp.(Æ)

(79,600)

(171)

PureCycle

Technologies,

Inc.(Æ)

(25,371)

(300)

Purple

Innovation,

Inc.

(11,043)

(34)

RBC

Bearings,

Inc.(Æ)

(2,814)

(636)

Repay

Holdings

Corp.(Æ)

(15,533)

(130)

Solid

Power,

Inc.(Æ)

(26,214)

(75)

V2X,

Inc.(Æ)

(77)

(4)

Whole

Earth

Brands,

Inc.(Æ)

(591)

(2)

Workhorse

Group,

Inc.(Æ)

(33,518)

(45)

Zurn

Water

Solutions

Corp.

(20,646)

(629)

(4,471)

Technology

-

(1.0)%

ADTRAN

Holdings,

Inc.

(16,826)

(164)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Aehr

Test

Systems(Æ)

(2,546)

(133)

Angi,

Inc.(Æ)

(23,335)

(90)

AppLovin

Corp.

Class

A(Æ)

(26,140)

(821)

Bumble,

Inc.

Class

A(Æ)

(23,227)

(430)

Clearfield,

Inc.(Æ)

(5,206)

(243)

Coherent

Corp.(Æ)

(14,654)

(694)

Digi

International,

Inc.(Æ)

(8,740)

(367)

Digimarc

Corp.(Æ)

(4,498)

(133)

Digital

Turbine,

Inc.(Æ)

(2,424)

(26)

E2open

Parent

Holdings,

Inc.(Æ)

(41,017)

(211)

Entegris,

Inc.

(5,622)

(617)

Envestnet,

Inc.(Æ)

(6,566)

(407)

Frontier

Communications

Corp.(Æ)

(30,324)

(552)

Gen

Digital,

Inc.

(35,224)

(685)

Identiv,

Inc.(Æ)

(3,128)

(24)

Matterport,

Inc.(Æ)

(32,880)

(112)

MKS

Instruments,

Inc.

(5,379)

(587)

Model

N,

Inc.(Æ)

(4,319)

(144)

NAPCO

Security

Technologies,

Inc.

(4,359)

(163)

NextNav,

Inc.(Æ)

(7,372)

(24)

Ouster,

Inc.(Æ)

(2,603)

(16)

Outset

Medical,

Inc.(Æ)

(7,532)

(155)

PAR

Technology

Corp.(Æ)

(10,128)

(350)

Paycor

HCM,

Inc.(Æ)

(7,721)

(207)

Porch

Group,

Inc.(Æ)

(49,474)

(67)

Super

Micro

Computer,

Inc.(Æ)

(1,595)

(527)

ViaSat,

Inc.(Æ)

(7,590)

(235)

Wolfspeed,

Inc.(Æ)

(14,589)

(962)

(9,146)

Utilities

-

(0.2)%

Chord

Energy

Corp.

(4,747)

(744)

Civitas

Resources,

Inc.

(10,816)

(810)

Crescent

Energy

Co.

Class

A

(3,256)

(39)

Equitrans

Midstream

Corp.

(14,783)

(153)

Tellurian,

Inc.(Æ)

(32,094)

(55)

(1,801)

Total

Securities

Sold

Short

(proceeds

$39,931)

(41,722)

Other

Assets

and

Liabilities,

Net

-

(1.4)%

(12,938)

Net

Assets

-

100.0%

918,115

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

31

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

$

$

$

(0.1)%

XPEL,

Inc.

02/09/22

(7,987)

(57

.90)

(462

)

(649)

(649)

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

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

100

Index

Futures

445

USD

44,803

09/23

2,668

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

2,668

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

$

108,513

$

—

$

—

$

—

$

108,513

Consumer

Staples

31,323

—

—

—

31,323

Energy

40,307

—

—

—

40,307

Financial

Services

181,589

—

—

—

181,589

Health

Care

158,102

—

58

—

158,160

Materials

and

Processing

72,505

—

48

—

72,553

Producer

Durables

146,930

—

—

—

146,930

Technology

127,853

—

—

—

127,853

Utilities

45,801

—

—

—

45,801

Short-Term

Investments

—

—

—

43,401

43,401

Other

Securities

—

—

—

16,345

16,345

Total

Investments

912,923

—

106

59,746

972,775

Securities

Sold

Short

**

(41,722)

—

—

—

(41,722)

Other

Financial

Instruments

Assets

Futures

Contracts

2,668

—

—

—

2,668

Total

Other

Financial

Instruments

*

$

2,668

$

—

$

—

$

—

$

2,668

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

32

U.S.

Small

Cap

Equity

Fund

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

**

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

(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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

33

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

93.8%

Australia

-

1.6%

Ampol,

Ltd.

12,300

272

ASX,

Ltd.

-

ADR

2,999

126

BHP

Group,

Ltd.

-

ADR

203,808

6,354

BlueScope

Steel,

Ltd.

8,114

119

Commonwealth

Bank

of

Australia

-

ADR

18,114

1,288

Dexus(ö)

12,183

67

Glencore

PLC

503,680

3,058

Medibank

Pvt,

Ltd.

527,105

1,244

National

Australia

Bank,

Ltd.

-

ADR

16,782

321

Rio

Tinto

PLC

72,318

4,777

Rio

Tinto,

Ltd.

-

ADR

9,420

742

South32,

Ltd.

Class

B

887,151

2,326

Wesfarmers,

Ltd.

9,437

316

Westpac

Banking

Corp.

30,665

461

Woodside

Energy

Group,

Ltd.

24,262

624

22,095

Austria

-

0.7%

ams

AG(Æ)(Ñ)

90,811

805

Erste

Group

Bank

AG

148,166

5,598

Mondi

PLC

179,804

3,154

9,557

Belgium

-

0.4%

Ageas

SA

37,869

1,604

KBC

Groep

NV

2,077

156

Proximus

SA

100,686

771

UCB

SA

28,416

2,516

5,047

Brazil

-

1.1%

Ambev

SA(Æ)

1,583,487

4,976

Atacadao

SA

444,054

1,288

Banco

Bradesco

SA

-

ADR

783,952

2,767

Banco

do

Brasil

SA

146,047

1,488

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

111,268

1,367

Telefonica

Brasil

SA

193,000

1,719

Ultrapar

Participacoes

SA

299,000

1,195

Yara

International

ASA

6,887

282

15,082

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

32,938

796

Canada

-

4.4%

Agnico

Eagle

Mines,

Ltd.

67,677

3,548

Alimentation

Couche-Tard,

Inc.

8,101

410

ARC

Resources,

Ltd.

74,432

1,124

Bank

of

Montreal

5,863

545

Bank

of

Nova

Scotia

(The)

12,929

651

Barrick

Gold

Corp.

113,779

1,966

CAE,

Inc.(Æ)

332,621

7,600

Cameco

Corp.

Class

A

25,814

908

Canadian

Imperial

Bank

of

Commerce

10,368

457

Canadian

National

Railway

Co.

62,813

7,614

Canadian

Pacific

Kansas

City,

Ltd.

4,351

358

CGI

Group,

Inc.(Æ)

4,703

478

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Dollarama,

Inc.

37,750

2,487

Enbridge,

Inc.

16,824

618

George

Weston,

Ltd.

3,032

349

Great-West

Lifeco,

Inc.

9,636

291

iA

Financial

Corp.,

Inc.

24,528

1,699

Loblaw

Cos.,

Ltd.

4,003

355

Magna

International,

Inc.

Class

A

58,392

3,755

Metro,

Inc.

Class

A

12,016

647

National

Bank

of

Canada

3,392

266

Open

Text

Corp.

3,057

131

Royal

Bank

of

Canada

-

GDR

65,677

6,511

Saputo,

Inc.

-

ADR

10,575

223

Shopify,

Inc.

Class

A(Æ)

32,462

2,194

Stantec,

Inc.

49,423

3,347

Sun

Life

Financial,

Inc.

93,963

4,945

TC

Energy

Corp.

20,396

731

TELUS

Corp.

15,716

280

Thomson

Reuters

Corp.

1,509

204

Toronto-Dominion

Bank

(The)

90,202

5,948

60,640

Chile

-

0.0%

Lundin

Mining

Corp.

78,995

706

China

-

2.4%

Alibaba

Group

Holding,

Ltd.(Æ)

461,300

5,876

Anta

Sports

Products,

Ltd.

208,200

2,453

Baidu,

Inc.

Class

A(Æ)

6,600

129

BOC

Hong

Kong

Holdings,

Ltd.

104,500

319

BYD

Co.,

Ltd.

Class

H

95,500

3,387

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

1,398,000

653

H

World

Group,

Ltd.

-

ADR(Æ)

50,832

2,442

Li

Ning

Co.,

Ltd.

784,500

4,815

Tencent

Holdings,

Ltd.

247,688

11,368

Trip.com

Group,

Ltd.

-

ADR(Æ)

30,727

1,261

32,703

Denmark

-

1.2%

Carlsberg

A/S

Class

B

1,514

227

Chr

Hansen

Holding

A/S

3,896

294

Coloplast

A/S

Class

B

2,637

328

Danske

Bank

A/S

130,470

3,096

Novo

Nordisk

A/S

Class

B

60,955

9,832

Novozymes

A/S

Class

B

4,653

233

Tryg

A/S

11,848

234

Vestas

Wind

Systems

A/S(Æ)

84,329

2,256

16,500

Finland

-

1.2%

Elisa

OYJ

34,742

1,812

Kone

OYJ

Class

B

20,786

1,065

Neste

OYJ

42,339

1,557

Nokia

OYJ

1,622,675

6,409

Nordea

Bank

Abp

66,156

748

Orion

OYJ

Class

B

10,943

420

Sampo

OYJ

Class

A

67,941

2,995

UPM-Kymmene

OYJ

7,929

262

Wartsila

OYJ

Abp

Class

B

125,370

1,576

16,844

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

34

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

France

-

8.1%

Accor

SA

227,239

8,558

Air

Liquide

SA

Class

A

5,150

924

Airbus

Group

SE

32,748

4,825

Amundi

SA(Þ)

64,262

3,937

AXA

SA

127,686

3,925

BNP

Paribas

SA

45,997

3,034

Bouygues

SA

-

ADR

54,187

1,941

Bureau

Veritas

SA

101,088

2,775

Capgemini

SE

15,616

2,835

Carrefour

SA

102,209

2,043

Cie

de

Saint-Gobain

SA

41,376

2,792

Danone

SA

9,741

595

Dassault

Aviation

SA

17,774

3,454

Dassault

Systemes

SE

7,043

301

Edenred

7,045

457

Eiffage

SA

3,301

343

Engie

SA

230,630

3,782

EssilorLuxottica

SA

2,227

448

Hermes

International

340

752

Kering

4,586

2,636

La

Francaise

des

Jeux

SAEM(Þ)

16,300

623

Legrand

SA

-

ADR

3,814

382

L'Oreal

SA

14,993

6,968

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

12,952

12,092

Michelin

(CGDE)

243,124

7,948

Orange

SA

-

ADR

217,051

2,454

Pernod

Ricard

SA

1,926

424

Publicis

Groupe

SA

-

ADR

19,497

1,575

Remy

Cointreau

SA

2,118

363

Renault

SA

40,424

1,775

Rexel

SA

Class

H

345,703

8,334

Sartorius

Stedim

Biotech

24,845

7,764

SEB

SA

2,324

261

Societe

Generale

SA

82,143

2,231

Total

SE

98,832

6,003

Vinci

SA

8,581

1,008

110,562

Germany

-

5.0%

Allianz

SE

5,005

1,196

BASF

SE

113,308

6,079

Bayer

AG

40,793

2,383

Beiersdorf

AG

4,001

518

Brenntag

SE

8,398

651

Ceconomy

AG(Æ)

123,169

369

Continental

AG

18,429

1,471

Covestro

AG(Æ)(Þ)

128,562

6,901

Daimler

Truck

Holding

AG

247,491

9,291

Deutsche

Boerse

AG

32,017

6,139

Deutsche

Post

AG

8,928

459

Deutsche

Telekom

AG

56,390

1,230

E.ON

SE

47,956

607

Evonik

Industries

AG

77,214

1,597

Fresenius

Medical

Care

AG

&

Co.

KGaA

106,619

5,525

Fresenius

SE

&

Co.

KGaA

82,824

2,598

Hannover

Rueck

SE

12,997

2,774

Heidelberg

Materials

AG

39,395

3,192

Henkel

AG

&

Co.

KGaA

6,170

431

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Infineon

Technologies

AG

-

ADR

81,455

3,582

LEG

Immobilien

SE(Æ)

1,661

117

Mercedes-Benz

Group

AG

19,204

1,534

Merck

KGaA

1,953

343

Muenchener

Rueckversicherungs-

Gesellschaft

AG

14,717

5,544

SAP

SE

-

ADR

8,771

1,200

Siemens

AG

11,019

1,878

Symrise

AG

3,707

405

Vonovia

SE

14,774

345

68,359

Hong

Kong

-

2.4%

AIA

Group,

Ltd.

806,975

8,064

CK

Asset

Holdings,

Ltd.

350,657

2,026

CLP

Holdings,

Ltd.

229,500

1,869

Hang

Seng

Bank,

Ltd.

173,500

2,647

HKT

Trust

&

HKT,

Ltd.

323,000

381

Hong

Kong

&

China

Gas

Co.,

Ltd.

3,155,000

2,701

Hong

Kong

Exchanges

&

Clearing,

Ltd.

56,800

2,393

Power

Assets

Holdings,

Ltd.

291,000

1,524

Sino

Land

Co.,

Ltd.

228,000

279

Sun

Hung

Kai

Properties,

Ltd.

30,500

382

Swire

Properties,

Ltd.

383,200

958

Techtronic

Industries

Co.,

Ltd.

739,239

8,353

WH

Group,

Ltd.(Þ)

2,434,500

1,319

32,896

Hungary

-

0.1%

OTP

Bank

PLC

32,332

1,176

India

-

1.2%

Canara

Bank

330,208

1,384

HDFC

Bank,

Ltd.

531,938

10,685

Oil

&

Natural

Gas

Corp.,

Ltd.

389,253

840

Reliance

Industries,

Ltd.

-

GDR(Þ)

47,494

2,967

15,876

Indonesia

-

0.1%

Bank

Mandiri

Persero

Tbk

PT

3,117,192

1,184

Ireland

-

2.6%

AIB

Group

PLC

346,188

1,628

Bank

of

Ireland

Group

PLC

362,358

3,822

CRH

PLC

6,557

393

Flutter

Entertainment

PLC(Æ)

23,521

4,686

Kerry

Group

PLC

Class

A

80,051

7,957

Linde

PLC

34,978

13,665

Ryanair

Holdings

PLC

-

ADR(Æ)

30,629

3,140

35,291

Israel

-

0.1%

Bank

Hapoalim

BM

45,084

401

Bank

Leumi

Le-Israel

BM

48,276

386

Check

Point

Software

Technologies,

Ltd.(Æ)

4,374

578

Israel

Discount

Bank,

Ltd.

Class

A

62,313

330

Mizrahi

Tefahot

Bank,

Ltd.

8,474

306

2,001

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

35

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Italy

-

2.4%

Assicurazioni

Generali

SpA

31,241

666

BPER

Banca

SpA

501,475

1,736

Davide

Campari-Milano

SpA

231,318

3,114

Enel

SpA

922,216

6,365

Eni

SpA

-

ADR

258,466

3,944

FinecoBank

Banca

Fineco

SpA

482,883

7,497

Moncler

SpA

34,972

2,528

Recordati

SpA

21,435

1,108

Snam

Rete

Gas

SpA

80,027

421

Terna

Rete

Elettrica

Nazionale

SpA

26,361

223

UniCredit

SpA

196,759

4,979

32,581

Japan

-

16.8%

Ajinomoto

Co.,

Inc.

10,694

417

Alfresa

Holdings

Corp.

57,600

919

Alps

Alpine

Co.,

Ltd.

81,700

722

Amada

Co.,

Ltd.

107,600

1,059

Asahi

Kasei

Corp.

42,200

287

Astellas

Pharma,

Inc.

279,800

4,084

Bandai

Namco

Holdings,

Inc.

88,600

2,005

Bridgestone

Corp.

26,000

1,078

Brother

Industries,

Ltd.

40,200

626

Canon,

Inc.

164,000

4,236

Dai-ichi

Life

Holdings,

Inc.

106,125

2,169

Daiichi

Sankyo

Co.,

Ltd.

111,500

3,449

Daito

Trust

Construction

Co.,

Ltd.

1,900

204

Daiwa

House

Industry

Co.,

Ltd.

27,200

738

Daiwa

House

REIT

Investment

Corp.(ö)

89

175

Daiwa

Securities

Group,

Inc.

104,400

566

DeNA

Co.,

Ltd.

61,800

758

Denso

Corp.

30,400

2,115

Disco

Corp.

10,500

1,972

Eisai

Co.,

Ltd.

47,110

2,945

FANUC

Corp.

98,400

3,022

Fuji

Media

Holdings,

Inc.

26,900

298

Fukuoka

Financial

Group,

Inc.

86,500

2,080

Hakuhodo

DY

Holdings,

Inc.

70,200

807

Hino

Motors,

Ltd.(Æ)

146,500

587

Honda

Motor

Co.,

Ltd.

170,558

5,444

Iida

Group

Holdings

Co.,

Ltd.

89,100

1,564

Inpex

Corp.

143,300

1,861

Isuzu

Motors,

Ltd.

230,500

2,990

ITOCHU

Corp.

18,800

761

Japan

Airlines

Co.,

Ltd.

59,000

1,279

Japan

Exchange

Group,

Inc.

102,500

1,786

Japan

Post

Holdings

Co.,

Ltd.

97,800

714

Japan

Real

Estate

Investment

Corp.(ö)

72

290

Japan

Tobacco,

Inc.

195,000

4,322

JGC

Holdings

Corp.

78,100

1,112

Kajima

Corp.

24,700

390

Kansai

Electric

Power

Co.,

Inc.

(The)

49,400

649

Kao

Corp.

63,600

2,421

KDDI

Corp.

137,500

4,050

Keyence

Corp.

20,200

9,068

Kirin

Holdings

Co.,

Ltd.

130,100

1,924

Komatsu,

Ltd.

224,900

6,290

Kyocera

Corp.

71,700

3,859

Makita

Corp.

69,053

2,140

McDonald's

Holdings

Co.

Japan,

Ltd.

15,900

626

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MEIJI

Holdings

Co.,

Ltd.

44,900

1,038

Minebea

Co.,

Ltd.

184,200

3,411

Mitsubishi

Electric

Corp.

349,400

4,898

Mitsubishi

Estate

Co.,

Ltd.

144,000

1,764

Mitsubishi

Gas

Chemical

Co.,

Inc.

51,100

765

Mitsubishi

UFJ

Financial

Group,

Inc.

496,422

4,005

Mitsubishi

UFJ

Lease

&

Finance

Co.,

Ltd.

102,100

675

Mizuho

Financial

Group,

Inc.

33,100

559

MS&AD

Insurance

Group

Holdings,

Inc.

105,600

3,929

Nikon

Corp.

78,600

1,038

Nintendo

Co.,

Ltd.

78,100

3,539

Nippon

Building

Fund,

Inc.(ö)

88

369

Nippon

Prologis

REIT,

Inc.(Æ)(ö)

128

262

Nippon

Telegraph

&

Telephone

Corp.

591,600

678

Nippon

Television

Holdings,

Inc.

73,900

702

Nissan

Chemical

Corp.

16,700

750

Nissan

Motor

Co.,

Ltd.

519,600

2,281

Nitto

Denko

Corp.

25,300

1,804

Nomura

Holdings,

Inc.

178,400

740

Obayashi

Corp.

50,500

467

Oji

Holdings

Corp.

32,000

126

Ono

Pharmaceutical

Co.,

Ltd.

80,392

1,471

ORIX

Corp.

5,900

113

Otsuka

Holdings

Co.,

Ltd.

20,400

749

Resona

Holdings,

Inc.

1,027,100

5,601

SCSK

Corp.

20,500

341

Secom

Co.,

Ltd.

9,700

651

Sekisui

Chemical

Co.,

Ltd.

101,100

1,537

Sekisui

House,

Ltd.

44,300

904

Seven

&

i

Holdings

Co.,

Ltd.

8,400

349

SG

Holdings

Co.,

Ltd.

26,300

384

Shimizu

Corp.

80,000

551

Shin-Etsu

Chemical

Co.,

Ltd.

461,070

15,188

Shiseido

Co.,

Ltd.

213,600

9,369

SMC

Corp.

4,400

2,298

SoftBank

Corp.

31,300

347

Sony

Group

Corp.

32,850

3,074

Stanley

Electric

Co.,

Ltd.

61,623

1,139

Subaru

Corp.

454,388

8,597

Sumitomo

Electric

Industries,

Ltd.

160,200

2,053

Sumitomo

Heavy

Industries,

Ltd.

44,700

1,099

Sumitomo

Mitsui

Financial

Group,

Inc.

48,200

2,272

Sumitomo

Mitsui

Trust

Holdings,

Inc.

74,100

2,879

Sumitomo

Rubber

Industries,

Ltd.

77,000

787

Suntory

Beverage

&

Food,

Ltd.

7,700

275

T&D

Holdings,

Inc.

291,200

4,738

Taiheiyo

Cement

Corp.

49,800

1,040

Taisei

Corp.

14,900

565

Takeda

Pharmaceutical

Co.,

Ltd.

157,900

4,833

Terumo

Corp.

12,900

423

THK

Co.,

Ltd.

61,100

1,224

Tokio

Marine

Holdings,

Inc.

168,500

3,861

Tokyo

Electron,

Ltd.

79,968

11,951

Tokyo

Gas

Co.,

Ltd.

34,700

788

Toray

Industries,

Inc.

610,900

3,419

Tosoh

Corp.

52,600

687

Toyota

Industries

Corp.

8,100

585

Toyota

Motor

Corp.

99,600

1,671

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

36

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tsuruha

Holdings,

Inc.

17,500

1,344

USS

Co.,

Ltd.

42,900

744

Yakult

Honsha

Co.,

Ltd.

5,000

278

Yamaha

Motor

Co.,

Ltd.

68,500

2,006

Yamato

Holdings

Co.,

Ltd.

110,784

2,075

228,918

Luxembourg

-

0.9%

ArcelorMittal

SA

155,779

4,510

Eurofins

Scientific

SE

89,305

6,139

RTL

Group

SA

23,766

1,027

11,676

Macao

-

0.4%

Galaxy

Entertainment

Group,

Ltd.(Æ)

718,883

5,228

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

910,782

1,121

Mexico

-

0.5%

Fresnillo

PLC

96,985

770

Grupo

Televisa

SAB

-

ADR

1,196,628

6,354

7,124

Netherlands

-

6.2%

ABN

AMRO

Bank

NV(Þ)

164,873

2,801

Adyen

NV(Æ)(Þ)

1,694

3,147

Akzo

Nobel

NV

3,581

306

ASML

Holding

NV

7,375

5,280

Euronext

NV(Þ)

6,064

462

Ferrari

NV

13,229

4,240

Heineken

Holding

NV

3,238

265

Heineken

NV

128,445

12,593

ING

Groep

NV

516,398

7,537

Koninklijke

Ahold

Delhaize

NV

27,809

960

Koninklijke

Philips

NV(Æ)

383,988

7,991

NN

Group

NV

50,787

1,947

Randstad

NV

134,046

7,853

Shell

PLC

557,793

17,051

Universal

Music

Group

NV

425,061

10,988

VEON,

Ltd.

-

ADR(Æ)

24,721

443

Wolters

Kluwer

NV

5,284

663

84,527

New

Zealand

-

0.3%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

210,212

3,206

Spark

New

Zealand,

Ltd.

314,162

1,012

4,218

Norway

-

0.4%

DNB

Bank

ASA

21,326

440

Kongsberg

Gruppen

ASA

20,430

886

Mowi

ASA

89,750

1,578

Norsk

Hydro

ASA

46,795

306

Orkla

ASA

170,680

1,349

Telenor

ASA

42,584

456

5,015

Portugal

-

0.2%

Energias

de

Portugal

SA

42,623

199

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Jeronimo

Martins

SGPS

SA

89,342

2,429

2,628

Russia

-

0.0%

Gazprom

PJSC(Š)

607,370

—

Lukoil

PJSC(Š)

10,952

—

Mobile

TeleSystems

PJSC

-

ADR(Š)

145,363

—

Sberbank

of

Russia

PJSC(Š)

415,116

—

—

Singapore

-

0.7%

DBS

Group

Holdings,

Ltd.

21,646

557

Jardine

Cycle

&

Carriage,

Ltd.

17,800

460

Oversea-Chinese

Banking

Corp.,

Ltd.

343,160

3,431

Singapore

Exchange,

Ltd.

27,000

197

Singapore

Technologies

Engineering,

Ltd.

117,100

329

Singapore

Telecommunications,

Ltd.

1,988,800

3,980

United

Overseas

Bank,

Ltd.

19,700

447

Venture

Corp.,

Ltd.

27,200

306

9,707

South

Africa

-

0.4%

Anglo

American

PLC

154,940

4,756

MTN

Group,

Ltd.

42,322

333

Old

Mutual,

Ltd.

1,278,568

930

6,019

South

Korea

-

1.6%

Coway

Co.,

Ltd.

26,351

848

Hankook

Tire

&

Technology

Co.,

Ltd.

30,469

926

Hyundai

Mobis

Co.,

Ltd.

12,261

2,243

KB

Financial

Group,

Inc.

66,373

2,652

KT

Corp.

-

ADR(Ñ)

149,252

1,751

LG

Energy

Solution,

Ltd.(Æ)

5,899

2,594

Samsung

Electronics

Co.,

Ltd.

118,141

6,476

Shinhan

Financial

Group

Co.,

Ltd.

144,879

3,984

21,474

Spain

-

1.9%

Amadeus

IT

Group

SA

Class

A

86,041

6,176

CaixaBank

SA

1,104,886

4,455

Cellnex

Telecom

SA(Þ)

96,102

3,926

Enagas

SA

24,003

426

Endesa

SA

-

ADR

12,685

272

Iberdrola

SA

76,400

954

Industria

de

Diseno

Textil

SA

225,542

8,623

Redeia

Corp.

SA

27,733

464

Telefonica

SA

-

ADR

39,529

169

25,465

Sweden

-

1.4%

Assa

Abloy

AB

Class

B

116,428

2,796

Atlas

Copco

AB

Class

A

17,284

246

Boliden

AB(Æ)

57,590

1,690

Essity

Aktiebolag

Class

B

11,586

287

Hexagon

AB

Class

B

490,159

4,732

Investor

AB

Class

B

27,413

560

Kinnevik

AB

Class

B(Æ)

15,109

207

Sandvik

AB

117,001

2,367

Securitas

AB

Class

B

52,756

448

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

37

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Skandinaviska

Enskilda

Banken

AB

Class

A

37,989

460

Skanska

AB

Class

B

17,274

276

SKF

AB

Class

B

130,857

2,497

Svenska

Handelsbanken

AB

Class

A

50,184

440

Swedbank

AB

Class

A

27,731

508

Telefonaktiebolaget

LM

Ericsson

Class

B

352,913

1,782

19,296

Switzerland

-

6.8%

ABB,

Ltd.

138,998

5,562

Adecco

Group

AG

63,669

2,583

Alcon,

Inc.

36,906

3,136

Baloise

Holding

AG

2,364

365

Barry

Callebaut

AG

94

176

Chocoladefabriken

Lindt

&

Spruengli

AG

29

682

Cie

Financiere

Richemont

SA

Class

A

22,003

3,545

EMS-Chemie

Holding

AG

1,322

1,102

Geberit

AG

8,271

4,688

Givaudan

SA

122

411

Julius

Baer

Group,

Ltd.

114,952

8,133

Kuehne

&

Nagel

International

AG

12,925

4,034

Lonza

Group

AG

5,941

3,448

Novartis

AG

134,479

14,099

Partners

Group

Holding

AG

5,550

6,233

Schindler

Holding

AG

2,462

587

SGS

SA

31,825

3,080

Sika

AG

1,022

318

Swatch

Group

AG

(The)

Class

B

7,255

2,319

Swiss

Life

Holding

AG

813

515

Swiss

Prime

Site

AG

Class

A

3,697

358

Swisscom

AG

6,602

4,243

UBS

Group

AG

797,444

17,656

Zurich

Insurance

Group

AG

10,187

4,915

92,188

Taiwan

-

2.1%

Catcher

Technology

Co.,

Ltd.

197,000

1,088

Hon

Hai

Precision

Industry

Co.,

Ltd.

2,233,241

7,721

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

473,000

8,518

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

109,655

10,872

28,199

Thailand

-

0.1%

Kasikornbank

PCL

496,000

1,828

United

Kingdom

-

8.4%

Admiral

Group

PLC

41,043

1,121

AstraZeneca

PLC

50,186

7,200

Aviva

PLC

358,317

1,785

Babcock

International

Group

PLC(Æ)

225,291

1,082

BAE

Systems

PLC

43,384

519

Barclays

PLC

1,279,760

2,544

Barratt

Developments

PLC

302,753

1,773

Berkeley

Group

Holdings

PLC

4,667

260

BP

PLC

720,970

4,468

British

American

Tobacco

PLC

106,036

3,564

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

British

Land

Co.

PLC

(The)(ö)

191,747

831

BT

Group

PLC

990,302

1,550

CK

Hutchison

Holdings,

Ltd.

Class

B

285,631

1,764

Compass

Group

PLC

302,296

7,863

Croda

International

PLC

3,703

280

Diageo

PLC

95,248

4,156

easyJet

PLC(Æ)

299,805

1,738

Halma

PLC

4,210

121

HSBC

Holdings

PLC

970,057

8,041

Intermediate

Capital

Group

PLC

112,392

2,030

Intertek

Group

PLC

93,755

5,246

J

Sainsbury

PLC

2,031,277

7,235

Kingfisher

PLC

346,027

1,091

Land

Securities

Group

PLC(ö)

131,727

1,093

Legal

&

General

Group

PLC

67,386

202

Lloyds

Banking

Group

PLC

532,224

307

Marks

&

Spencer

Group

PLC(Æ)

165,615

438

NatWest

Group

PLC

645,114

2,021

Persimmon

PLC

Class

A

34,511

514

Reckitt

Benckiser

Group

PLC

50,769

3,802

RELX

PLC

37,156

1,251

Sage

Group

PLC

(The)

41,323

497

Schroders

PLC

145,882

859

Scottish

&

Southern

Energy

PLC

5,809

126

Smith

&

Nephew

PLC

30,484

464

Spirax-Sarco

Engineering

PLC

1,204

172

St.

James's

Place

PLC

131,743

1,588

Standard

Chartered

PLC

848,021

8,148

Taylor

Wimpey

PLC

972,823

1,429

Tesco

PLC

1,520,148

5,032

Travis

Perkins

PLC

261,754

2,923

Unilever

PLC

112,881

6,070

United

Utilities

Group

PLC

15,151

194

Vodafone

Group

PLC

810,241

774

Wausau

Paper

Corp.

239,593

2,623

Weir

Group

PLC

(The)

364,547

8,591

115,380

United

States

-

9.5%

Accenture

PLC

Class

A

34,374

10,874

Allegion

PLC

65,519

7,657

Amdocs,

Ltd.

48,488

4,540

Aon

PLC

Class

A

25,727

8,194

CSL,

Ltd.

5,093

918

Experian

PLC

24,466

944

GSK

Finance

No.

3

PLC

349,361

6,207

Haleon

PLC

3,009,123

13,042

Holcim

AG(Æ)

28,275

1,963

James

Hardie

Industries

PLC(Æ)

81,802

2,392

Las

Vegas

Sands

Corp.

61,066

3,652

Lululemon

Athletica,

Inc.(Æ)

8,239

3,119

Nestle

SA

161,458

19,832

Roche

Holding

AG

38,608

11,988

Sanofi

-

ADR

115,068

12,289

Schlumberger

NV

278,983

16,276

Schneider

Electric

SE

30,253

5,396

129,283

Total

Common

Stocks

(cost

$1,209,770)

1,279,190

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

38

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Preferred

Stocks

-

1.3%

Brazil

-

0.1%

Raizen

Energia

SA

6.761%

(Ÿ)

1,753,697

1,543

Germany

-

0.6%

Henkel

AG

&

Co.

KGaA

2.572%

(Ÿ)

29,124

2,246

Porsche

Automobil

Holding

SE

5.220%

(Ÿ)

22,524

1,332

Volkswagen

AG

24.357%

(Ÿ)

39,493

5,234

8,812

South

Korea

-

0.6%

Samsung

Electronics

Co.,

Ltd.

2.671%

(Ÿ)

181,639

8,185

Total

Preferred

Stocks

(cost

$19,112)

18,540

Short-Term

Investments

-

2.2%

United

States

-

2.2%

U.S.

Cash

Management

Fund(@)

29,789,956

(∞)

29,778

Total

Short-Term

Investments

(cost

$29,780)

29,778

Other

Securities

-

0.2%

U.S.

Cash

Collateral

Fund(@)(×)

2,590,540

(∞)

2,591

Total

Other

Securities

(cost

$2,591)

2,591

Total

Investments

-

97.5%

(identified

cost

$1,261,253)

1,330,099

Other

Assets

and

Liabilities,

Net

-

2.5%

33,954

Net

Assets

-

100.0%

1,364,053

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

39

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.9%

ABN

AMRO

Bank

NV

10/03/19

EUR

164,873

17

.35

2,861

2,801

Adyen

NV

07/25/19

EUR

1,694

1,021

.06

1,730

3,147

Amundi

SA

02/28/19

EUR

64,262

66

.75

4,289

3,937

Cellnex

Telecom

SA

08/19/20

EUR

96,102

54

.38

5,226

3,926

Covestro

AG

06/26/19

EUR

128,562

48

.15

6,190

6,901

Euronext

NV

04/29/22

EUR

6,064

81

.03

491

462

La

Francaise

des

Jeux

SAEM

12/02/22

EUR

16,300

40

.36

658

623

Reliance

Industries,

Ltd.

10/21/20

EUR

47,494

60

.32

2,865

2,967

WH

Group,

Ltd.

06/26/19

HKD

2,434,500

0

.70

1,699

1,319

26,083

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

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

149

EUR

11,195

08/23

266

DAX

Index

Futures

20

EUR

8,275

09/23

96

EURO

STOXX

50

Index

Futures

120

EUR

5,395

09/23

170

FTSE

100

Index

Futures

87

GBP

6,689

09/23

98

FTSE/MIB

Index

Futures

17

EUR

2,533

09/23

197

IBEX

35

Index

Futures

26

EUR

2,515

08/23

65

OMXS30

Index

Futures

101

SEK

22,781

08/23

(5)

S&P/TSX

60

Index

Futures

424

CAD

105,152

09/23

2,626

SPI

200

Index

Futures

571

AUD

105,035

09/23

2,455

TOPIX

Index

Futures

232

JPY

5,398,640

09/23

1,656

Short

Positions

Hang

Seng

Index

Futures

106

HKD

107,076

08/23

(502)

MSCI

Emerging

Markets

Index

Futures

2,250

USD

118,609

09/23

(4,841)

MSCI

Singapore

Index

Futures

330

SGD

10,080

08/23

(244)

S&P

500

E-Mini

Index

Futures

224

USD

51,682

09/23

(2,828)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(791)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

332

EUR

301

08/01/23

(1)

Bank

of

America

USD

506

EUR

459

08/02/23

(1)

Bank

of

America

USD

6,917

JPY

961,000

09/20/23

(110)

Bank

of

America

EUR

396

USD

437

08/01/23

2

Bank

of

America

EUR

3,438

USD

3,781

08/01/23

1

Bank

of

America

EUR

6,000

USD

6,697

09/20/23

84

Bank

of

America

HKD

10,795

USD

1,384

08/01/23

—

Bank

of

America

JPY

59,539

USD

424

08/01/23

6

Bank

of

New

York

USD

14,137

AUD

20,685

09/20/23

(219)

Bank

of

New

York

USD

16,091

CAD

21,340

09/20/23

103

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

40

International

Developed

Markets

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

3,420

DKK

23,360

09/20/23

37

Bank

of

New

York

USD

9,918

JPY

1,362,854

09/20/23

(264)

Bank

of

New

York

USD

3,352

SEK

35,529

09/20/23

31

Bank

of

New

York

CHF

5,626

USD

6,328

09/20/23

(157)

HSBC

USD

14,139

AUD

20,685

09/20/23

(222)

HSBC

USD

16,088

CAD

21,340

09/20/23

107

HSBC

USD

3,418

DKK

23,360

09/20/23

39

HSBC

USD

9,915

JPY

1,362,854

09/20/23

(262)

HSBC

USD

3,351

SEK

35,529

09/20/23

32

HSBC

CHF

5,626

USD

6,329

09/20/23

(156)

Royal

Bank

of

Canada

USD

14,126

AUD

20,685

09/20/23

(209)

Royal

Bank

of

Canada

USD

16,078

CAD

21,340

09/20/23

116

Royal

Bank

of

Canada

USD

3,418

DKK

23,360

09/20/23

39

Royal

Bank

of

Canada

USD

9,912

JPY

1,362,854

09/20/23

(259)

Royal

Bank

of

Canada

USD

3,347

SEK

35,529

09/20/23

36

Royal

Bank

of

Canada

CHF

5,626

USD

6,324

09/20/23

(160)

State

Street

USD

13,253

EUR

12,153

09/20/23

141

State

Street

USD

14,949

GBP

11,759

09/20/23

145

State

Street

USD

1,278

KRW

1,624,424

08/01/23

(4)

State

Street

USD

4,001

NOK

42,060

09/20/23

157

State

Street

USD

315

SGD

420

09/20/23

2

State

Street

HKD

2,290

USD

293

09/20/23

(1)

State

Street

NZD

7,900

USD

4,918

09/20/23

11

Toronto

Dominion

Bank

USD

14,164

AUD

20,685

09/20/23

(246)

Toronto

Dominion

Bank

USD

16,095

CAD

21,340

09/20/23

99

Toronto

Dominion

Bank

USD

3,421

DKK

23,360

09/20/23

36

Toronto

Dominion

Bank

USD

9,921

JPY

1,362,854

09/20/23

(268)

Toronto

Dominion

Bank

USD

3,347

SEK

35,529

09/20/23

36

Toronto

Dominion

Bank

CHF

5,626

USD

6,333

09/20/23

(152)

UBS

USD

14,175

AUD

20,685

09/20/23

(257)

UBS

USD

16,090

CAD

21,340

09/20/23

104

UBS

USD

3,423

DKK

23,360

09/20/23

34

UBS

USD

9,927

JPY

1,362,854

09/20/23

(275)

UBS

USD

3,349

SEK

35,529

09/20/23

34

UBS

CHF

5,626

USD

6,335

09/20/23

(150)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(1,941)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

22,095

$

—

$

—

$

22,095

Austria

—

9,557

—

—

9,557

Belgium

—

5,047

—

—

5,047

Brazil

14,800

282

—

—

15,082

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

41

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Burkina

Faso

796

—

—

—

796

Canada

60,640

—

—

—

60,640

Chile

706

—

—

—

706

China

3,703

29,000

—

—

32,703

Denmark

—

16,500

—

—

16,500

Finland

—

16,844

—

—

16,844

France

—

110,562

—

—

110,562

Germany

—

68,359

—

—

68,359

Hong

Kong

—

32,896

—

—

32,896

Hungary

—

1,176

—

—

1,176

India

—

15,876

—

—

15,876

Indonesia

—

1,184

—

—

1,184

Ireland

16,805

18,486

—

—

35,291

Israel

578

1,423

—

—

2,001

Italy

—

32,581

—

—

32,581

Japan

—

228,918

—

—

228,918

Luxembourg

—

11,676

—

—

11,676

Macao

—

5,228

—

—

5,228

Malaysia

—

1,121

—

—

1,121

Mexico

6,354

770

—

—

7,124

Netherlands

443

84,084

—

—

84,527

New

Zealand

—

4,218

—

—

4,218

Norway

—

5,015

—

—

5,015

Portugal

—

2,628

—

—

2,628

Russia

—

—

—

—

—

Singapore

—

9,707

—

—

9,707

South

Africa

—

6,019

—

—

6,019

South

Korea

1,751

19,723

—

—

21,474

Spain

—

25,465

—

—

25,465

Sweden

—

19,296

—

—

19,296

Switzerland

—

92,188

—

—

92,188

Taiwan

10,872

17,327

—

—

28,199

Thailand

—

1,828

—

—

1,828

United

Kingdom

—

115,380

—

—

115,380

United

States

54,312

74,971

—

—

129,283

Preferred

Stocks

1,543

16,997

—

—

18,540

Short-Term

Investments

—

—

—

29,778

29,778

Other

Securities

—

—

—

2,591

2,591

Total

Investments

173,303

1,124,427

—

32,369

1,330,099

Other

Financial

Instruments

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

42

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

Assets

Futures

Contracts

7,629

—

—

—

7,629

Foreign

Currency

Exchange

Contracts

8

1,424

—

—

1,432

Liabilities

Futures

Contracts

(8,420)

—

—

—

(8,420

)

Foreign

Currency

Exchange

Contracts

(5)

(3,368)

—

—

(3,373

)

Total

Other

Financial

Instruments

*

$

(788)

$

(1,944)

$

—

$

—

$

(2,732

)

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

207,136

Consumer

Staples

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

106,472

Energy

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

63,350

Financial

Services

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

287,371

Health

Care

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

130,464

Materials

and

Processing

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

127,899

Producer

Durables

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

183,843

Technology

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

131,091

Utilities

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

41,564

Preferred

Stocks

Consumer

Discretionary

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

6,566

Consumer

Staples

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

2,246

Technology

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

8,185

Utilities

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

1,543

Short-Term

Investments

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

29,778

Other

Securities

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

2,591

Total

Investments

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

1,330,099

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

43

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

94.0%

Australia

-

0.6%

ASX,

Ltd.

-

ADR

6,794

284

BHP

Group,

Ltd.

-

ADR

74,988

2,338

Brambles,

Ltd.

47,284

447

Commonwealth

Bank

of

Australia

-

ADR

5,478

390

Flutter

Entertainment

PLC(Æ)

19,705

3,926

Rio

Tinto

PLC

31,573

2,085

South32,

Ltd.

Class

B

197,709

518

9,988

Austria

-

0.5%

ams

AG(Æ)(Ñ)

136,571

1,212

Erste

Group

Bank

AG

90,448

3,417

Mondi

PLC

164,106

2,878

7,507

Belgium

-

0.2%

Ageas

SA

60,306

2,554

Proximus

SA

175,300

1,342

3,896

Brazil

-

0.7%

Atacadao

SA

694,272

2,014

Banco

Bradesco

SA

-

ADR

1,085,542

3,832

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

150,598

1,850

Telefonica

Brasil

SA

307,073

2,735

Ultrapar

Participacoes

SA

373,400

1,492

11,923

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

46,789

1,131

Canada

-

2.4%

Agnico

Eagle

Mines,

Ltd.

34,551

1,811

ARC

Resources,

Ltd.

94,279

1,424

Barrick

Gold

Corp.

171,289

2,959

CAE,

Inc.(Æ)

297,142

6,789

Cameco

Corp.

Class

A

36,690

1,290

Canadian

National

Railway

Co.

68,109

8,256

Intact

Financial

Corp.

6,111

903

Royal

Bank

of

Canada

-

GDR(Ñ)

26,163

2,594

Sun

Life

Financial,

Inc.

35,886

1,889

Suncor

Energy,

Inc.

265,325

8,302

Toronto-Dominion

Bank

(The)

32,717

2,158

38,375

China

-

0.5%

Alibaba

Group

Holding,

Ltd.(Æ)

147,300

1,876

Alibaba

Group

Holding,

Ltd.

-

ADR(Æ)

19,421

1,984

Baidu,

Inc.

Class

A(Æ)

24,500

479

Baidu,

Inc.

-

ADR(Æ)

2,056

321

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

2,020,000

942

NXP

Semiconductors

NV

1,064

237

Tencent

Holdings,

Ltd.

56,600

2,598

8,437

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Denmark

-

0.3%

Novo

Nordisk

A/S

Class

B

33,964

5,478

Finland

-

0.4%

Elisa

OYJ

8,689

453

Nokia

OYJ

629,386

2,486

Orion

OYJ

Class

B

7,117

273

Sampo

OYJ

Class

A

22,965

1,013

Wartsila

OYJ

Abp

Class

B

144,870

1,821

6,046

France

-

4.4%

Accor

SA

75,900

2,858

Airbus

Group

SE

50,899

7,499

AXA

SA

173,961

5,348

BNP

Paribas

SA

218,073

14,384

Carrefour

SA

135,567

2,710

Cie

de

Saint-Gobain

SA

58,633

3,956

Dassault

Aviation

SA

3,600

700

Dassault

Systemes

SE

8,341

357

Engie

SA

326,001

5,346

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

8,167

7,625

Orange

SA

-

ADR

281,064

3,178

Pernod

Ricard

SA

14,471

3,187

PPR

SA

842

484

Renault

SA

58,773

2,581

Societe

Generale

SA

120,375

3,269

TotalEnergies

SE

112,946

6,861

70,343

Germany

-

3.3%

BASF

SE

36,985

1,984

Bayerische

Motoren

Werke

Aktiengesellschaft

82,210

10,021

CECONOMY

AG(Æ)

178,123

534

Continental

AG

26,049

2,080

Daimler

Truck

Holding

AG

222,344

8,347

Deutsche

Boerse

AG

2,193

420

Evonik

Industries

AG

108,214

2,238

Fresenius

SE

&

Co.

KGaA

107,808

3,381

Hannover

Rueck

SE

3,647

778

Heidelberg

Materials

AG

54,366

4,405

Mercedes-Benz

Group

AG

155,709

12,439

Muenchener

Rueckversicherungs-

Gesellschaft

AG

7,539

2,840

Siemens

AG

21,848

3,723

53,190

Hong

Kong

-

1.4%

AIA

Group,

Ltd.

839,148

8,386

CK

Asset

Holdings,

Ltd.

424,000

2,450

Hang

Seng

Bank,

Ltd.

32,600

497

Hong

Kong

&

China

Gas

Co.,

Ltd.

634,000

543

Power

Assets

Holdings,

Ltd.

65,500

343

Techtronic

Industries

Co.,

Ltd.

710,467

8,028

WH

Group,

Ltd.(Þ)

3,040,791

1,648

21,895

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

44

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

India

-

0.7%

HDFC

Bank,

Ltd.

-

ADR

160,955

10,990

Indonesia

-

0.1%

Bank

Mandiri

Persero

Tbk

PT

4,545,322

1,727

Ireland

-

0.8%

AIB

Group

PLC

489,334

2,302

Bank

of

Ireland

Group

PLC

237,134

2,501

Kerry

Group

PLC

Class

A

58,710

5,836

Ryanair

Holdings

PLC

-

ADR(Æ)

25,322

2,596

13,235

Italy

-

1.0%

BPER

Banca

708,863

2,454

Eni

SpA

-

ADR

365,412

5,577

FinecoBank

Banca

Fineco

SpA

23,779

369

UniCredit

SpA

297,060

7,517

15,917

Japan

-

8.8%

Alfresa

Holdings

Corp.

82,100

1,310

Alps

Alpine

Co.,

Ltd.

117,300

1,037

Amada

Co.,

Ltd.

151,200

1,488

Astellas

Pharma,

Inc.

117,700

1,718

Canon,

Inc.

53,800

1,390

Dai-ichi

Life

Holdings,

Inc.

154,100

3,150

DeNA

Co.,

Ltd.

88,700

1,087

Disco

Corp.

4,600

864

Eisai

Co.,

Ltd.

16,100

1,006

FANUC

Corp.

50,800

1,560

Fuji

Media

Holdings,

Inc.

18,100

200

Hakuhodo

DY

Holdings,

Inc.

100,800

1,159

Hino

Motors,

Ltd.(Æ)

208,100

834

Honda

Motor

Co.,

Ltd.

145,177

4,634

Inpex

Corp.

193,700

2,516

Isuzu

Motors,

Ltd.

203,300

2,637

Japan

Airlines

Co.,

Ltd.

86,300

1,871

Japan

Exchange

Group,

Inc.

16,400

286

JGC

Holdings

Corp.

110,800

1,578

Kao

Corp.

21,200

807

KDDI

Corp.

62,400

1,838

Keyence

Corp.

14,600

6,554

Kirin

Holdings

Co.,

Ltd.

182,600

2,700

Komatsu,

Ltd.

3,900

109

Kyocera

Corp.

14,900

802

Makita

Corp.

101,032

3,131

Mitsubishi

Electric

Corp.

82,500

1,156

Mitsubishi

Estate

Co.,

Ltd.

190,000

2,328

Mitsubishi

Gas

Chemical

Co.,

Inc.

79,300

1,187

Mitsubishi

UFJ

Financial

Group,

Inc.

610,800

4,928

MS&AD

Insurance

Group

Holdings,

Inc.

97,700

3,635

Nikon

Corp.

103,700

1,370

Nintendo

Co.,

Ltd.

40,900

1,853

Nippon

Television

Holdings,

Inc.

55,500

527

Nissan

Motor

Co.,

Ltd.

710,700

3,120

Nitto

Denko

Corp.

8,300

592

Nomura

Holdings,

Inc.

256,400

1,063

Ono

Pharmaceutical

Co.,

Ltd.

111,488

2,039

Otsuka

Holdings

Co.,

Ltd.

11,700

429

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Resona

Holdings,

Inc.

519,100

2,831

Shin-Etsu

Chemical

Co.,

Ltd.

344,500

11,348

Shiseido

Co.,

Ltd.

153,100

6,715

SMC

Corp.

4,000

2,089

Sony

Group

Corp.

28,600

2,676

Stanley

Electric

Co.,

Ltd.

87,129

1,610

Subaru

Corp.

130,685

2,473

Sumitomo

Electric

Industries,

Ltd.

216,800

2,778

Sumitomo

Heavy

Industries,

Ltd.

63,500

1,561

Sumitomo

Mitsui

Financial

Group,

Inc.

76,200

3,591

Sumitomo

Mitsui

Trust

Holdings,

Inc.

95,000

3,691

Sumitomo

Rubber

Industries,

Ltd.

136,800

1,398

T&D

Holdings,

Inc.

317,000

5,158

Taiheiyo

Cement

Corp.

34,400

719

Takeda

Pharmaceutical

Co.,

Ltd.

87,500

2,678

THK

Co.,

Ltd.

86,400

1,731

Tokio

Marine

Holdings,

Inc.

92,400

2,117

Tokyo

Electron,

Ltd.

71,000

10,610

Tsuruha

Holdings,

Inc.

22,900

1,759

Yamato

Holdings

Co.,

Ltd.

161,700

3,028

141,054

Luxembourg

-

0.4%

Eurofins

Scientific

SE

77,331

5,316

RTL

Group

SA

30,244

1,307

6,623

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

1,235,299

1,520

Mexico

-

0.1%

Fresnillo

PLC

136,955

1,087

Netherlands

-

4.1%

ABN

AMRO

Bank

NV(Þ)

226,804

3,854

ASML

Holding

NV

3,348

2,397

Ferrari

NV

7,555

2,422

Heineken

NV

151,196

14,824

ING

Groep

NV

969,170

14,145

Koninklijke

Philips

NV(Æ)

195,296

4,064

NN

Group

NV

68,975

2,644

Shell

PLC

334,240

10,171

Universal

Music

Group

NV

391,673

10,125

VEON,

Ltd.

-

ADR(Æ)

8,759

157

64,803

Norway

-

0.0%

Mowi

ASA

18,258

321

Norsk

Hydro

ASA

68,091

446

767

Russia

-

0.0%

Gazprom

PJSC(Š)

280,696

—

Gazprom

PJSC

-

ADR(Æ)(Š)

38,324

—

Lukoil

PJSC(Š)

3,764

—

Lukoil

PJSC

-

ADR(Æ)(Š)

5,353

—

Mobile

TeleSystems

PJSC

-

ADR(Š)

105,880

—

Sberbank

of

Russia

PJSC(Š)

303,624

—

—

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

45

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Singapore

-

0.3%

DBS

Group

Holdings,

Ltd.

51,140

1,317

Singapore

Telecommunications,

Ltd.

234,800

470

United

Overseas

Bank,

Ltd.

122,401

2,777

4,564

South

Africa

-

0.4%

Anglo

American

PLC

166,340

5,106

MTN

Group,

Ltd.

61,178

481

Old

Mutual,

Ltd.

2,167,556

1,577

7,164

South

Korea

-

2.0%

Coway

Co.,

Ltd.

33,122

1,066

Hankook

Tire

&

Technology

Co.,

Ltd.

43,698

1,328

Hyundai

Mobis

Co.,

Ltd.

17,301

3,165

KB

Financial

Group,

Inc.

94,549

3,778

KT

Corp.

-

ADR(Ñ)

219,054

2,570

LG

Energy

Solution,

Ltd.(Æ)

4,906

2,157

Samsung

Electronics

Co.,

Ltd.

245,050

13,432

Shinhan

Financial

Group

Co.,

Ltd.

178,237

4,901

32,397

Spain

-

0.3%

CaixaBank

SA

197,511

796

Cellnex

Telecom

SA(Þ)

52,790

2,157

Industria

de

Diseno

Textil

SA

43,461

1,662

4,615

Sweden

-

0.5%

Assa

Abloy

AB

Class

B

81,211

1,950

Boliden

AB(Æ)

18,155

533

SKF

AB

Class

B

186,291

3,555

Telefonaktiebolaget

LM

Ericsson

Class

B

489,765

2,473

8,511

Switzerland

-

2.9%

ABB,

Ltd.

47,439

1,898

Adecco

Group

AG

85,102

3,452

Cie

Financiere

Richemont

SA

Class

A

19,055

3,070

EMS-Chemie

Holding

AG

488

407

Geberit

AG

957

542

Julius

Baer

Group,

Ltd.

36,096

2,554

Kuehne

&

Nagel

International

AG

1,864

582

Lonza

Group

AG

3,792

2,201

Novartis

AG

172,409

18,076

Partners

Group

Holding

AG

976

1,096

SGS

SA

7,175

694

Swatch

Group

AG

(The)

Class

B

9,520

3,043

Swisscom

AG

1,229

790

UBS

Group

AG

282,132

6,247

Zurich

Insurance

Group

AG

2,519

1,215

45,867

Taiwan

-

2.3%

Catcher

Technology

Co.,

Ltd.

278,364

1,537

Hon

Hai

Precision

Industry

Co.,

Ltd.

529,000

1,829

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

162,000

2,917

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

308,961

30,634

36,917

Thailand

-

0.4%

Kasikornbank

PCL

1,161,400

4,280

SCB

X

PCL

509,000

1,673

5,953

United

Kingdom

-

4.2%

AstraZeneca

PLC

23,651

3,393

AstraZeneca

PLC

-

ADR

6,955

499

Babcock

International

Group

PLC(Æ)

329,588

1,583

BAE

Systems

PLC

24,927

298

BP

PLC

1,045,430

6,479

British

American

Tobacco

PLC

142,249

4,781

British

Land

Co.

PLC

(The)(ö)

280,567

1,216

BT

Group

PLC

1,209,524

1,893

CK

Hutchison

Holdings,

Ltd.

Class

B

286,000

1,766

Compass

Group

PLC

190,459

4,954

easyJet

PLC(Æ)

424,012

2,459

HSBC

Holdings

PLC

436,594

3,619

J

Sainsbury

PLC

393,681

1,402

Kingfisher

PLC

531,225

1,674

Land

Securities

Group

PLC(ö)

169,975

1,411

Lloyds

Banking

Group

PLC

2,464,617

1,421

Marks

&

Spencer

Group

PLC(Æ)

248,590

658

NatWest

Group

PLC

555,206

1,740

Persimmon

PLC

Class

A

17,980

268

Reckitt

Benckiser

Group

PLC

4,507

337

Schroders

PLC

40,311

237

St.

James's

Place

PLC

20,458

247

Standard

Chartered

PLC

570,222

5,479

Unilever

PLC

176,376

9,484

Wausau

Paper

Corp.

359,346

3,934

Weir

Group

PLC

(The)

226,202

5,331

66,563

United

States

-

49.8%

3M

Co.

5,190

579

Abbott

Laboratories

26,242

2,922

AbbVie,

Inc.

3,515

526

Accenture

PLC

Class

A

31,906

10,093

Adobe,

Inc.(Æ)

22,954

12,537

Advanced

Micro

Devices,

Inc.(Æ)

50,044

5,725

Aflac,

Inc.

4,651

336

Agilent

Technologies,

Inc.

2,032

247

Air

Products

&

Chemicals,

Inc.

5,954

1,818

Airbnb,

Inc.

Class

A(Æ)

23,774

3,618

Akamai

Technologies,

Inc.(Æ)

2,723

257

Albemarle

Corp.

9,970

2,116

Align

Technology,

Inc.(Æ)

917

347

Allegion

PLC

52,920

6,184

Alphabet,

Inc.

Class

A(Æ)

30,147

4,001

Alphabet,

Inc.

Class

C(Æ)

311,001

41,397

Amazon.com,

Inc.(Æ)

195,731

26,165

American

Express

Co.

23,309

3,936

American

Financial

Group,

Inc.

4,834

588

Amgen,

Inc.

8,385

1,963

Amphenol

Corp.

Class

A

2,840

251

Analog

Devices,

Inc.

10,049

2,005

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

46

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ansys,

Inc.(Æ)

12,650

4,328

AO

Smith

Corp.

8,618

626

Apple,

Inc.

118,109

23,203

Applied

Materials,

Inc.

3,102

470

Arch

Capital

Group,

Ltd.(Æ)

3,295

256

Archer-Daniels-Midland

Co.

3,270

278

Arista

Networks,

Inc.(Æ)

2,275

353

Arthur

J

Gallagher

&

Co.

1,918

412

AT&T,

Inc.

21,132

307

Autodesk,

Inc.(Æ)

29,417

6,236

Automatic

Data

Processing,

Inc.

9,880

2,443

Bank

of

America

Corp.

17,250

552

Becton

Dickinson

&

Co.

35,194

9,806

Berkshire

Hathaway,

Inc.

Class

B(Æ)

2,719

957

Best

Buy

Co.,

Inc.

10,809

898

Bio

Techne

Corp.

2,523

210

Biogen,

Inc.(Æ)

856

231

BlackRock,

Inc.

Class

A

3,205

2,368

Blackstone

Group,

Inc.

(The)

Class

A

42,534

4,457

Block,

Inc.

Class

A(Æ)

41,936

3,377

Booking

Holdings,

Inc.(Æ)

1,347

4,002

Booz

Allen

Hamilton

Holding

Corp.

Class

A

1,928

233

Bristol-Myers

Squibb

Co.

11,857

737

Broadcom,

Inc.

1,155

1,038

Broadridge

Financial

Solutions,

Inc.

4,914

825

Brown

&

Brown,

Inc.

4,533

319

Brown-Forman

Corp.

Class

B

-

ADR

3,202

226

Builders

FirstSource,

Inc.(Æ)

1,850

267

Burlington

Stores,

Inc.(Æ)

1,381

245

Cabot

Oil

&

Gas

Corp.

14,187

391

Cadence

Design

Systems,

Inc.(Æ)

1,850

433

Campbell

Soup

Co.

9,873

452

Carlisle

Cos.,

Inc.

874

242

Caterpillar,

Inc.

874

232

Cboe

Global

Markets,

Inc.

2,994

418

CBRE

Group,

Inc.

Class

A(Æ)

4,130

344

Centene

Corp.(Æ)

2,775

189

CF

Industries

Holdings,

Inc.

4,547

373

CH

Robinson

Worldwide,

Inc.

8,609

862

Charles

Schwab

Corp.

(The)

161,496

10,675

Chesapeake

Energy

Corp.

2,384

201

Chevron

Corp.

23,669

3,874

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

1,108

2,174

Chubb,

Ltd.

1,830

374

Cigna

Group

(The)

33,687

9,941

Cincinnati

Financial

Corp.

9,551

1,028

Cintas

Corp.

882

443

Cisco

Systems,

Inc.

65,170

3,391

Citigroup,

Inc.

55,480

2,644

Clorox

Co.

(The)

9,458

1,433

CME

Group,

Inc.

Class

A

68,924

13,713

Coca-Cola

Co.

(The)

23,615

1,462

Cognizant

Technology

Solutions

Corp.

Class

A

28,747

1,898

Colgate-Palmolive

Co.

26,684

2,035

Comcast

Corp.

Class

A

12,070

546

ConocoPhillips

Co.

6,180

728

Cooper

Cos.,

Inc.

(The)

18,819

7,363

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Copart,

Inc.(Æ)

5,458

482

Costco

Wholesale

Corp.

1,396

783

Cummins,

Inc.

6,615

1,725

CVS

Health

Corp.

10,327

771

Danaher

Corp.

45,469

11,597

Deckers

Outdoor

Corp.(Æ)

408

222

Devon

Energy

Corp.

7,182

388

DexCom,

Inc.(Æ)

1,658

207

Diamondback

Energy,

Inc.

2,400

354

Dick's

Sporting

Goods,

Inc.

1,549

218

Discover

Financial

Services

1,823

192

Dow,

Inc.

3,384

191

DR

Horton,

Inc.

10,476

1,331

DuPont

de

Nemours,

Inc.

3,017

234

Eaton

Corp.

PLC

9,866

2,026

eBay,

Inc.

6,771

301

Edwards

Lifesciences

Corp.(Æ)

4,159

341

Electronic

Arts,

Inc.

2,978

406

Elevance

Health,

Inc.

18,825

8,878

Eli

Lilly

&

Co.

12,540

5,700

Elisa

OYJ

2,868

224

Emerson

Electric

Co.

3,060

280

EOG

Resources,

Inc.

17,445

2,312

Equifax,

Inc.

44,702

9,123

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

1,386

249

Etsy,

Inc.(Æ)

21,524

2,188

Everest

Re

Group,

Ltd.

2,637

951

Expeditors

International

of

Washington,

Inc.

3,002

382

Exxon

Mobil

Corp.

45,604

4,891

F5,

Inc.(Æ)

1,377

218

Fastenal

Co.

4,847

284

FedEx

Corp.

2,486

671

Ford

Motor

Co.

22,012

291

Fortrea

Holdings,

Inc.(Æ)

1,396

45

Fortune

Brands

Innovations,

Inc.

3,126

222

Fox

Corp.

Class

A

6,225

208

Garmin,

Ltd.

2,134

226

Gartner,

Inc.(Æ)

572

202

General

Dynamics

Corp.

36,901

8,250

General

Mills,

Inc.

22,259

1,664

General

Motors

Co.

7,538

289

Genuine

Parts

Co.

7,315

1,139

Gilead

Sciences,

Inc.

30,292

2,306

Goldman

Sachs

Group,

Inc.

(The)

545

194

Graco,

Inc.

2,431

193

GSK

Finance

No.

3

PLC

327,338

5,815

Haleon

PLC

2,645,915

11,468

Halliburton

Co.

90,952

3,554

Hasbro,

Inc.

3,407

220

HCA

Healthcare,

Inc.

47,465

12,949

Henry

Schein,

Inc.(Æ)

3,270

258

Hershey

Co.

(The)

8,134

1,881

Hess

Corp.

1,671

254

Hewlett

Packard

Enterprise

Co.

16,503

287

Holcim

AG(Æ)

31,992

2,221

Hologic,

Inc.(Æ)

4,423

351

Home

Depot,

Inc.

(The)

11,242

3,753

Honeywell

International,

Inc.

10,727

2,082

Horizon

Therapeutics

PLC(Æ)

2,535

254

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

47

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hormel

Foods

Corp.

18,433

754

Hubbell,

Inc.

Class

B

755

236

HubSpot,

Inc.(Æ)

5,041

2,927

Humana,

Inc.

640

292

IDEXX

Laboratories,

Inc.(Æ)

602

334

Illinois

Tool

Works,

Inc.

8,959

2,359

Illumina,

Inc.(Æ)

11,594

2,228

Insulet

Corp.(Æ)

9,145

2,531

Intel

Corp.

10,431

373

International

Paper

Co.

6,548

236

Intuit,

Inc.

1,145

586

Intuitive

Surgical,

Inc.(Æ)

10,046

3,259

Jack

Henry

&

Associates,

Inc.

1,280

215

James

Hardie

Industries

PLC(Æ)

11,418

334

JM

Smucker

Co.

(The)

5,048

761

Johnson

&

Johnson

43,768

7,332

JPMorgan

Chase

&

Co.

39,452

6,232

Juniper

Networks,

Inc.

6,451

179

Kellogg

Co.

11,745

786

Keurig

Dr

Pepper,

Inc.

31,799

1,082

Keysight

Technologies,

Inc.(Æ)

1,732

279

Kimberly-Clark

Corp.

11,884

1,534

Kroger

Co.

(The)

109,104

5,307

L3Harris

Technologies,

Inc.

9,482

1,797

Laboratory

Corp.

of

America

Holdings

1,396

299

Lam

Research

Corp.

1,292

928

Las

Vegas

Sands

Corp.

60,842

3,639

Lennar

Corp.

Class

A

9,460

1,200

Linde

PLC

34,582

13,510

LKQ

Corp.

4,071

223

LPL

Financial

Holdings,

Inc.

988

227

Lululemon

Athletica,

Inc.(Æ)

8,779

3,323

M&T

Bank

Corp.

1,700

238

Marathon

Oil

Corp.

11,427

300

Marathon

Petroleum

Corp.

2,188

291

Markel

Group,

Inc.(Æ)

150

217

Marsh

&

McLennan

Cos.,

Inc.

34,168

6,438

MasterCard,

Inc.

Class

A

45,305

17,863

McDonald's

Corp.

3,745

1,098

Medtronic

PLC

81,025

7,111

Merck

&

Co.,

Inc.

30,997

3,306

Meta

Platforms,

Inc.

Class

A(Æ)

85,676

27,296

Microchip

Technology,

Inc.

3,926

369

Micron

Technology,

Inc.

94,662

6,758

Microsoft

Corp.

150,240

50,469

Moderna,

Inc.(Æ)

2,752

324

Molina

Healthcare,

Inc.(Æ)

683

208

Mondelez

International,

Inc.

Class

A

29,128

2,159

MongoDB,

Inc.(Æ)

6,156

2,606

Monolithic

Power

Systems,

Inc.

383

214

Monster

Beverage

Corp.(Æ)

7,682

442

Nestle

SA

132,844

16,318

Netflix,

Inc.(Æ)

1,244

546

NextEra

Energy,

Inc.

7,680

563

Nike,

Inc.

Class

B

5,000

552

Nordson

Corp.

859

216

Northern

Trust

Corp.

2,803

225

Northrop

Grumman

Corp.

14,463

6,436

Nucor

Corp.

3,433

591

NVIDIA

Corp.

19,226

8,984

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NVR,

Inc.(Æ)

50

315

Occidental

Petroleum

Corp.

4,173

263

Okta,

Inc.(Æ)

22,090

1,698

Old

Dominion

Freight

Line,

Inc.

1,224

513

ON

Semiconductor

Corp.(Æ)

26,567

2,863

Oracle

Corp.

2,995

351

Ovintiv,

Inc.

5,525

255

Owens

Corning

1,910

267

PACCAR

Financial

Corp.

3,720

320

Packaging

Corp.

of

America

5,300

813

Palo

Alto

Networks,

Inc.(Æ)

1,008

252

Parker-Hannifin

Corp.

567

232

Paychex,

Inc.

16,249

2,039

Paycom

Software,

Inc.

654

241

PepsiCo,

Inc.

39,116

7,333

Pfizer,

Inc.

81,459

2,937

Phillips

66

4,203

469

Pioneer

Natural

Resources

Co.

2,462

556

PNC

Financial

Services

Group,

Inc.

(The)

1,936

265

Pool

Corp.

532

205

Principal

Financial

Group,

Inc.

3,780

302

Procter

&

Gamble

Co.

(The)

60,146

9,401

Progressive

Corp.

(The)

19,050

2,400

Prologis,

Inc.(ö)

22,409

2,796

PulteGroup,

Inc.

3,451

291

QUALCOMM,

Inc.

11,093

1,466

Quest

Diagnostics,

Inc.

2,268

307

Raytheon

Technologies

Corp.

32,335

2,843

Regeneron

Pharmaceuticals,

Inc.(Æ)

597

443

Regions

Financial

Corp.

11,553

235

Reliance

Steel

&

Aluminum

Co.

817

239

Republic

Services,

Inc.

Class

A

2,789

421

ResMed,

Inc.

1,572

350

Revvity,

Inc.

1,755

216

Robert

Half

International,

Inc.

7,140

529

Roche

Holding

AG

35,049

10,867

Ross

Stores,

Inc.

2,218

254

S&P

Global,

Inc.

33,103

13,059

Salesforce,

Inc.(Æ)

2,583

581

Sanofi

-

ADR

17,952

1,917

Schlumberger

NV

312,207

18,214

Schneider

Electric

SE

18,411

3,284

Seagate

Technology

Holdings

PLC

47,337

3,006

ServiceNow,

Inc.(Æ)

6,444

3,757

Skyworks

Solutions,

Inc.

3,004

344

Snap-on,

Inc.

2,704

737

Snowflake,

Inc.

Class

A(Æ)

12,967

2,304

SolarEdge

Technologies,

Inc.(Æ)

6,656

1,607

Starbucks

Corp.

22,425

2,278

Steel

Dynamics,

Inc.

3,159

337

Synopsys,

Inc.(Æ)

929

420

Sysco

Corp.

2,853

218

T

Rowe

Price

Group,

Inc.

13,961

1,721

Take-Two

Interactive

Software,

Inc.(Æ)

2,274

348

Target

Corp.

2,920

399

TE

Connectivity,

Ltd.

7,009

1,006

Teradyne,

Inc.

1,877

212

Tesla,

Inc.(Æ)

7,213

1,929

Texas

Instruments,

Inc.

17,031

3,066

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

48

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Texas

Pacific

Land

Corp.

154

232

TJX

Cos.,

Inc.

(The)

50,179

4,342

T-Mobile

USA,

Inc.(Æ)

18,805

2,591

Toro

Co.

(The)

2,149

218

Tractor

Supply

Co.

5,980

1,339

Trade

Desk,

Inc.

(The)

Class

A(Æ)

3,274

299

Travelers

Cos.,

Inc.

(The)

13,781

2,379

Uber

Technologies,

Inc.(Æ)

94,134

4,656

Ulta

Beauty,

Inc.(Æ)

684

304

United

Parcel

Service,

Inc.

Class

B

13,783

2,579

United

Rentals,

Inc.

1,247

579

United

Therapeutics

Corp.(Æ)

909

221

UnitedHealth

Group,

Inc.

24,516

12,414

US

Bancorp

4,136

164

Valero

Energy

Corp.

4,508

581

Veeva

Systems,

Inc.

Class

A(Æ)

1,661

339

Verizon

Communications,

Inc.

13,282

453

Vertex

Pharmaceuticals,

Inc.(Æ)

1,253

442

Visa,

Inc.

Class

A

4,447

1,057

Walgreens

Boots

Alliance,

Inc.

5,522

166

Walmart,

Inc.

7,884

1,260

Walt

Disney

Co.

(The)(Æ)

27,677

2,460

Warner

Bros

Discovery,

Inc.(Æ)

26,551

347

Waste

Management,

Inc.

3,910

640

Watsco,

Inc.

570

216

Wells

Fargo

&

Co.

103,066

4,758

Welltower,

Inc.(ö)

34,047

2,797

West

Pharmaceutical

Services,

Inc.

15,189

5,590

Weyerhaeuser

Co.(ö)

6,295

214

Workday,

Inc.

Class

A(Æ)

1,483

352

WR

Berkley

Corp.

13,421

828

WW

Grainger,

Inc.

1,006

743

Zoetis,

Inc.

Class

A

73,322

13,791

796,908

Total

Common

Stocks

(cost

$1,195,287)

1,505,391

Preferred

Stocks

-

0.7%

Brazil

-

0.1%

Raizen

Energia

SA

6.761%

(Ÿ)

1,792,417

1,577

Germany

-

0.2%

Henkel

AG

&

Co.

KGaA

2.572%

(Ÿ)

32,385

2,498

Porsche

Automobil

Holding

SE

5.220%

(Ÿ)

3,717

220

2,718

South

Korea

-

0.4%

Samsung

Electronics

Co.,

Ltd.

2.671%

(Ÿ)

146,670

6,609

Total

Preferred

Stocks

(cost

$10,140)

10,904

Short-Term

Investments

-

2.8%

United

States

-

2.8%

U.S.

Cash

Management

Fund(@)

44,816,994

(∞)

44,799

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Short-Term

Investments

(cost

$44,802)

44,799

Other

Securities

-

0.4%

U.S.

Cash

Collateral

Fund(@)(×)

5,999,094

(∞)

5,999

Total

Other

Securities

(cost

$5,999)

5,999

Total

Investments

-

97.9%

(identified

cost

$1,256,228)

1,567,093

Other

Assets

and

Liabilities,

Net

-

2.1%

33,721

Net

Assets

-

100.0%

1,600,814

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

49

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

0.5%

ABN

AMRO

Bank

NV

03/26/20

EUR

226,804

10

.28

2,331

3,854

Cellnex

Telecom

SA

06/10/22

EUR

52,790

37

.16

1,962

2,157

WH

Group,

Ltd.

04/08/22

HKD

3,040,791

0

.59

1,780

1,648

7,659

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

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

1,347

USD

310,787

09/23

16,672

S&P/TSX

60

Index

Futures

77

CAD

19,096

09/23

478

SPI

200

Index

Futures

240

AUD

44,148

09/23

1,031

Short

Positions

CAC40

Euro

Index

Futures

441

EUR

33,135

08/23

(793)

DAX

Index

Futures

56

EUR

23,169

09/23

(269)

EURO

STOXX

50

Index

Futures

353

EUR

15,871

09/23

(532)

FTSE

100

Index

Futures

405

GBP

31,140

09/23

(441)

FTSE/MIB

Index

Futures

50

EUR

7,450

09/23

(578)

Hang

Seng

Index

Futures

54

HKD

54,548

08/23

(256)

IBEX

35

Index

Futures

76

EUR

7,352

08/23

(192)

MSCI

Emerging

Markets

Index

Futures

1,736

USD

91,513

09/23

(3,735)

MSCI

Singapore

Index

Futures

162

SGD

4,948

08/23

(120)

OMXS30

Index

Futures

292

SEK

65,861

08/23

12

TOPIX

Index

Futures

254

JPY

5,910,580

09/23

(1,624)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

9,653

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

11,934

AUD

17,500

09/20/23

(159)

Bank

of

America

USD

318

HKD

2,477

08/01/23

—

Bank

of

America

USD

8,040

JPY

1,123,700

09/20/23

(81)

Bank

of

America

CAD

5,200

USD

3,951

09/20/23

5

Bank

of

America

CHF

3,400

USD

3,956

09/20/23

37

Bank

of

America

EUR

431

USD

476

08/01/23

2

Bank

of

America

EUR

536

USD

590

08/01/23

—

Bank

of

America

GBP

9,000

USD

11,735

09/20/23

182

Bank

of

New

York

USD

2,958

AUD

4,328

09/20/23

(46)

Bank

of

New

York

USD

3,540

CAD

4,695

09/20/23

23

Bank

of

New

York

CHF

10,331

USD

11,621

09/20/23

(288)

Bank

of

New

York

EUR

19,311

USD

21,041

09/20/23

(242)

Bank

of

New

York

GBP

4,209

USD

5,346

09/20/23

(57)

Bank

of

New

York

JPY

1,167,014

USD

8,493

09/20/23

227

HSBC

USD

2,959

AUD

4,328

09/20/23

(46)

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

50

Global

Equity

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

HSBC

USD

3,539

CAD

4,695

09/20/23

23

HSBC

CHF

10,331

USD

11,622

09/20/23

(286)

HSBC

EUR

19,311

USD

21,039

09/20/23

(244)

HSBC

GBP

4,209

USD

5,345

09/20/23

(58)

HSBC

JPY

1,167,014

USD

8,490

09/20/23

224

Royal

Bank

of

Canada

USD

2,956

AUD

4,328

09/20/23

(44)

Royal

Bank

of

Canada

USD

3,537

CAD

4,695

09/20/23

25

Royal

Bank

of

Canada

CHF

10,331

USD

11,614

09/20/23

(294)

Royal

Bank

of

Canada

EUR

19,311

USD

21,035

09/20/23

(248)

Royal

Bank

of

Canada

GBP

4,209

USD

5,346

09/20/23

(57)

Royal

Bank

of

Canada

JPY

1,167,014

USD

8,487

09/20/23

222

State

Street

USD

6,633

DKK

45,281

09/20/23

67

State

Street

USD

537

KRW

682,427

08/01/23

(2)

State

Street

USD

4,287

NOK

45,071

09/20/23

167

State

Street

USD

181

NZD

290

09/20/23

—

State

Street

USD

6,441

SEK

68,382

09/20/23

71

State

Street

HKD

2,830

USD

362

09/20/23

(1)

State

Street

SGD

120

USD

90

09/20/23

—

Toronto

Dominion

Bank

USD

2,964

AUD

4,328

09/20/23

(51)

Toronto

Dominion

Bank

USD

3,541

CAD

4,695

09/20/23

22

Toronto

Dominion

Bank

CHF

10,331

USD

11,630

09/20/23

(279)

Toronto

Dominion

Bank

EUR

19,311

USD

21,053

09/20/23

(230)

Toronto

Dominion

Bank

GBP

4,209

USD

5,350

09/20/23

(53)

Toronto

Dominion

Bank

JPY

1,167,014

USD

8,496

09/20/23

230

UBS

USD

2,966

AUD

4,328

09/20/23

(54)

UBS

USD

3,540

CAD

4,695

09/20/23

23

UBS

CHF

10,331

USD

11,633

09/20/23

(275)

UBS

EUR

19,311

USD

21,066

09/20/23

(217)

UBS

GBP

4,209

USD

5,350

09/20/23

(52)

UBS

JPY

1,167,014

USD

8,501

09/20/23

235

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(1,579)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

9,988

$

—

$

—

$

9,988

Austria

—

7,507

—

—

7,507

Belgium

—

3,896

—

—

3,896

Brazil

11,923

—

—

—

11,923

Burkina

Faso

1,131

—

—

—

1,131

Canada

38,375

—

—

—

38,375

China

2,542

5,895

—

—

8,437

Denmark

—

5,478

—

—

5,478

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

51

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Finland

—

6,046

—

—

6,046

France

—

70,343

—

—

70,343

Germany

—

53,190

—

—

53,190

Hong

Kong

—

21,895

—

—

21,895

India

10,990

—

—

—

10,990

Indonesia

—

1,727

—

—

1,727

Ireland

2,596

10,639

—

—

13,235

Italy

—

15,917

—

—

15,917

Japan

—

141,054

—

—

141,054

Luxembourg

—

6,623

—

—

6,623

Malaysia

—

1,520

—

—

1,520

Mexico

—

1,087

—

—

1,087

Netherlands

157

64,646

—

—

64,803

Norway

—

767

—

—

767

Russia

—

—

—

—

—

Singapore

—

4,564

—

—

4,564

South

Africa

—

7,164

—

—

7,164

South

Korea

2,570

29,827

—

—

32,397

Spain

—

4,615

—

—

4,615

Sweden

—

8,511

—

—

8,511

Switzerland

—

45,867

—

—

45,867

Taiwan

30,634

6,283

—

—

36,917

Thailand

—

5,953

—

—

5,953

United

Kingdom

499

66,064

—

—

66,563

United

States

744,684

52,224

—

—

796,908

Preferred

Stocks

1,577

9,327

—

—

10,904

Short-Term

Investments

—

—

—

44,799

44,799

Other

Securities

—

—

—

5,999

5,999

Total

Investments

847,678

668,617

—

50,798

1,567,093

Other

Financial

Instruments

Assets

Futures

Contracts

18,193

—

—

—

18,193

Foreign

Currency

Exchange

Contracts

2

1,783

—

—

1,785

Liabilities

Futures

Contracts

(8,540)

—

—

—

(8,540)

Foreign

Currency

Exchange

Contracts

(2)

(3,362)

—

—

(3,364)

Total

Other

Financial

Instruments

*

$

9,653

$

(1,579)

$

—

$

—

$

8,074

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

52

Global

Equity

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

181,450

Consumer

Staples

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

106,975

Energy

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

82,119

Financial

Services

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

284,997

Health

Care

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

211,893

Materials

and

Processing

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

80,047

Producer

Durables

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

176,983

Technology

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

353,921

Utilities

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

27,006

Preferred

Stocks

Consumer

Discretionary

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

220

Consumer

Staples

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

2,498

Technology

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

6,609

Utilities

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

1,577

Short-Term

Investments

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

44,799

Other

Securities

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

5,999

Total

Investments

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

1,567,093

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

53

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

93.7%

Argentina

-

0.2%

Globant

SA(Æ)

5,238

915

YPF

SA

-

ADR(Æ)

40,319

601

1,516

Australia

-

0.6%

AngloGold

Ashanti,

Ltd.

-

ADR

155,513

3,452

Rio

Tinto

PLC

21,266

1,405

4,857

Austria

-

0.1%

Erste

Group

Bank

AG

30,434

1,150

Brazil

-

6.2%

Ambev

SA(Æ)

538,451

1,692

Azul

SA

-

ADR(Æ)

19,448

217

B3

SA

-

Brasil

Bolsa

Balcao

983,252

3,098

Banco

Bradesco

SA

-

ADR

1,036,375

3,658

Banco

BTG

Pactual

SA(Æ)

274,627

1,975

Banco

do

Brasil

SA

198,976

2,028

BB

Seguridade

Participacoes

SA

56,138

369

Centrais

Eletricas

Brasileiras

SA

327,632

2,678

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

46,113

567

Cielo

SA(Æ)

114,737

115

Dexco

SA(Æ)

855,944

1,515

Equatorial

Energia

SA

113,688

806

Gerdau

SA

-

ADR

349,352

2,149

Hypera

SA(Æ)

113,473

1,038

Itau

Unibanco

Holding

SA

-

ADR(Æ)

249,609

1,500

Localiza

Rent

a

Car

SA(Æ)

237,815

3,381

Lojas

Renner

SA(Æ)

423,999

1,681

MercadoLibre,

Inc.(Æ)

1,731

2,143

NU

Holdings,

Ltd.

Class

A(Æ)

111,242

886

Pagseguro

Digital,

Ltd.

Class

A(Æ)

64,885

737

Petroleo

Brasileiro

SA

113,293

834

Petroleo

Brasileiro

SA

-

ADR

469,882

6,767

Raia

Drogasil

SA

157,098

962

Suzano

SA

41,043

417

Telefonica

Brasil

SA

71,549

637

TIM

SA

358,126

1,086

TOTVS

SA(Æ)

27,078

169

Vale

SA

Class

B

-

ADR

391,838

5,733

Vibra

Energia

SA(Æ)

404,383

1,465

WEG

SA

200,082

1,689

51,992

Canada

-

0.1%

Parex

Resources,

Inc.

38,996

864

Chile

-

0.3%

Cencosud

SA

82,807

178

Colbun

SA

1,623,736

256

Empresas

COPEC

SA

21,554

165

Enel

Americas

SA(Æ)

1,231,841

167

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

26,204

1,931

2,697

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

China

-

27.2%

3SBio,

Inc.

Class

A(Þ)

332,000

319

Agricultural

Bank

of

China,

Ltd.

Class

A

363,800

184

Agricultural

Bank

of

China,

Ltd.

Class

H

5,181,000

1,882

Air

China,

Ltd.

Class

H(Æ)

338,000

276

Airtac

International

Group

10,000

297

Alibaba

Group

Holding,

Ltd.(Æ)

1,313,400

16,729

Alibaba

Group

Holding,

Ltd.

-

ADR(Æ)

42,246

4,316

Aluminum

Corp.

of

China,

Ltd.

Class

A

1,717,000

1,530

Aluminum

Corp.

of

China,

Ltd.

Class

H

3,824,000

1,890

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

769,735

2,319

Anta

Sports

Products,

Ltd.

127,600

1,503

Autohome,

Inc.

-

ADR

36,937

1,181

Baidu,

Inc.

Class

A(Æ)

278,100

5,433

Baidu,

Inc.

-

ADR(Æ)

13,404

2,091

Bank

of

China,

Ltd.

Class

H

9,160,000

3,399

Bank

of

Communications

Co.,

Ltd.

Class

H

1,157,000

697

Bank

of

Ningbo

Co.,

Ltd.

Class

A

353,300

1,451

BeiGene,

Ltd.

-

ADR(Æ)

1,349

289

BOC

Hong

Kong

Holdings,

Ltd.

401,500

1,227

BYD

Co.,

Ltd.

Class

A

9,600

367

BYD

Co.,

Ltd.

Class

H

46,500

1,649

Centre

Testing

International

Group

Co.,

Ltd.

Class

A

205,200

577

CGN

Power

Co.,

Ltd.

Class

H(Þ)

1,797,000

441

China

CITIC

Bank

Corp.,

Ltd.

Class

H

2,164,679

1,045

China

Conch

Venture

Holdings,

Ltd.

76,000

95

China

Construction

Bank

Corp.

Class

H

11,521,712

6,702

China

Feihe,

Ltd.(Þ)

1,144,000

697

China

Forestry

Holdings

Co.,

Ltd.(Æ)

(Š)

871,100

—

China

Gas

Holdings,

Ltd.

134,800

150

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

889,200

1,960

China

International

Marine

Containers

Group

Co.,

Ltd.

Class

A

37,100

38

China

International

Marine

Containers

Group

Co.,

Ltd.

Class

H

168,000

100

China

Life

Insurance

Co.,

Ltd.

Class

H

821,000

1,435

China

Longyuan

Power

Group

Corp.,

Ltd.

Class

H

158,800

153

China

Mengniu

Dairy

Co.,

Ltd.(Æ)

677,000

2,570

China

Merchants

Bank

Co.,

Ltd.

Class

A

476,700

2,374

China

Merchants

Bank

Co.,

Ltd.

Class

H

276,352

1,366

China

Minsheng

Banking

Corp.,

Ltd.

Class

H

454,500

173

China

Oilfield

Services,

Ltd.

Class

H

86,000

102

China

Overseas

Land

&

Investment,

Ltd.

311,000

734

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

H

175,800

471

China

Petroleum

&

Chemical

Corp.

Class

H

4,208,000

2,350

China

Railway

Group,

Ltd.

Class

H

685,000

449

China

Resources

Beer

Holdings

Co.,

Ltd.

138,000

885

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

54

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

China

Resources

Double

Crane

Pharmaceutical

Co.,

Ltd.

Class

A

81,200

192

China

Resources

Land,

Ltd.

468,000

2,174

China

State

Construction

International

Holdings,

Ltd.

126,000

154

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

A

55,786

991

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

H(Þ)

89,000

1,423

China

Tower

Corp.,

Ltd.

Class

H(Þ)

9,946,000

1,123

China

Yangtze

Power

Co.,

Ltd.

Class

A

107,400

323

Chongquing

Zhifei

Biologiceal

Products

Co.,

Ltd.

Class

A

127,350

834

CITIC

Securities

Co.,

Ltd.

Class

A

432,371

1,468

CITIC

Securities

Co.,

Ltd.

Class

H

762,500

1,638

CITIC,

Ltd.

774,000

872

CMOC

Group,

Ltd.

Class

A

802,889

696

CMOC

Group,

Ltd.

Class

H

675,000

452

COSCO

SHIPPING

Holdings

Co.,

Ltd.

Class

H

759,000

802

Country

Garden

Holdings

Co.,

Ltd.(Æ)

310,000

63

Country

Garden

Services

Holdings

Co.,

Ltd.

81,000

92

CSPC

Pharmaceutical

Group,

Ltd.

1,885,000

1,581

Daqo

New

Energy

Corp.

-

ADR(Æ)

47,197

1,844

Eastroc

Beverage

Group

Co.,

Ltd.(Æ)

15,800

406

ENN

Energy

Holdings,

Ltd.

146,600

1,767

Focus

Media

Information

Technology

Co.,

Ltd.

Class

A

2,256,800

2,353

Fosun

International,

Ltd.

185,000

135

Foxconn

Industrial

Internet

Co.,

Ltd.

Class

A

450,100

1,406

Ganfeng

Lithium

Group

Co.,

Ltd.

Class

H(Þ)

278,800

1,784

Geely

Automobile

Holdings,

Ltd.

1,385,000

2,005

Great

Wall

Motor

Co.,

Ltd.

Class

H

1,090,000

1,480

Guanghui

Energy

Co.,

Ltd.

Class

A

528,500

527

H

World

Group,

Ltd.

-

ADR(Æ)

14,645

704

Haier

Smart

Home

Co.,

Ltd.

Class

H

582,000

1,917

Hello

Group,

Inc.

-

ADR

59,710

636

Hengan

International

Group

Co.,

Ltd.

78,500

323

Huazhu

Group,

Ltd.(Æ)

70,700

338

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

A

249,400

167

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

11,233,401

5,482

Industrial

Bank

Co.,

Ltd.

Class

A

174,689

407

JD.com,

Inc.

Class

A

79,776

1,641

JD.com,

Inc.

-

ADR

82,718

3,417

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co.,

Ltd.

Class

A

114,700

543

KE

Holdings,

Inc.

-

ADR(Æ)

59,805

1,042

Kingboard

Holdings,

Ltd.

63,500

176

Kingsoft

Corp.,

Ltd.

206,600

885

Kunlun

Energy

Co.,

Ltd.

2,034,000

1,659

Kweichow

Moutai

Co.,

Ltd.

Class

A

9,063

2,396

Lenovo

Group,

Ltd.

954,701

1,096

Li

Ning

Co.,

Ltd.

211,500

1,298

Longfor

Group

Holdings,

Ltd.(Þ)

402,000

1,075

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

LONGi

Green

Energy

Technology

Co.,

Ltd.

Class

A

173,116

727

Luzhou

Laojiao

Co.,

Ltd.

Class

A

30,123

1,024

Meituan

Class

B(Æ)(Þ)

145,828

2,774

Midea

Group

Co.,

Ltd.

Class

A

280,692

2,333

Muyuan

Foods

Co.,

Ltd.

Class

A

171,254

1,066

NARI

Technology

Co.,

Ltd.

Class

A

421,679

1,435

NetEase,

Inc.

40,300

876

NetEase,

Inc.

-

ADR

32,515

3,536

New

China

Life

Insurance

Co.,

Ltd.

Class

H

62,400

180

Nexteer

Automotive

Group,

Ltd.

1,406,000

1,037

Ningbo

Orient

Wires

&

Cables

Co.,

Ltd.

Class

A

91,100

592

Offshore

Oil

Engineering

Co.,

Ltd.

Class

A

197,800

174

PDD

Holdings,

Inc.

-

ADR(Æ)

19,399

1,742

People's

Insurance

Co.

Group

of

China,

Ltd.

(The)

Class

H

2,104,000

808

PetroChina

Co.,

Ltd.

Class

H

716,000

523

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

1,968,545

2,301

Ping

An

Bank

Co.,

Ltd.

Class

A

19,778

34

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

179,500

1,332

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

898,500

6,537

Postal

Savings

Bank

of

China

Co.,

Ltd.

Class

H(Þ)

375,000

230

Qianhe

Condiment

and

Food

Co.,

Ltd.

Class

A

73,400

201

Shandong

Weigao

Group

Medical

Polymer

Co.,

Ltd.

Class

H

490,000

631

Shanghai

International

Airport

Co.,

Ltd.

Class

A(Æ)

197,700

1,318

Shenzhen

Inovance

Technology

Co.,

Ltd.

Class

A

170,744

1,702

Shenzhen

Kstar

Science

And

Technology

Co.,

Ltd.

Class

A

37,300

176

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

53,400

2,216

Shenzhen

Topband

Co.,

Ltd.

Class

A

655,500

1,054

Shimao

Group

Holdings,

Ltd.(Æ)

128,000

25

Sichuan

Kelun

Pharmaceutical

Co.,

Ltd.

Class

A

27,622

107

Sinopharm

Group

Co.,

Ltd.

Class

H

186,800

586

Sungrow

Power

Supply

Co.,

Ltd.

Class

A

77,400

1,208

Suofeiya

Home

Collection

Co.,

Ltd.

Class

A

380,000

1,019

Tencent

Holdings,

Ltd.

564,080

25,890

Tencent

Music

Entertainment

Group

-

ADR(Æ)

156,101

1,091

Tian

Di

Science

&

Technology

Co.,

Ltd.

Class

A

379,800

304

Tingyi

Cayman

Islands

Holding

Corp.

716,000

1,105

Tongcheng

Travel

Holdings,

Ltd.(Æ)(Þ)

106,400

257

TravelSky

Technology,

Ltd.

Class

H

87,000

167

Trip.com

Group,

Ltd.

-

ADR(Æ)

161,968

6,647

Tsingtao

Brewery

Co.,

Ltd.

Class

H

126,000

1,131

Vipshop

Holdings,

Ltd.

-

ADR

80,097

1,508

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

55

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Weibo

Corp.

-

ADR

13,830

218

Weichai

Power

Co.,

Ltd.

Class

H

1,972,000

2,914

Western

Mining

Co.,

Ltd.

Class

A

376,400

648

Wuliangye

Yibin

Co.,

Ltd.

Class

A

55,900

1,426

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

169,583

1,599

WuXi

Biologics

(Cayman),

Inc.(Æ)(Þ)

39,000

224

Wuxi

Lead

Intelligent

Equipment

Co.,

Ltd.

Class

A

252,900

1,173

Xinyi

Glass

Holdings,

Ltd.

510,000

845

Xuji

Electric

Co.,

Ltd.

Class

A

75,500

240

Yadea

Group

Holdings,

Ltd.(Þ)

262,000

594

Yankuang

Energy

Group

Co.,

Ltd.

Class

H

99,997

150

Yifeng

Pharmacy

Chain

Co.,

Ltd.

Class

A

75,247

400

Yihai

International

Holding,

Ltd.(Æ)

90,000

206

Yum

China

Holdings,

Inc.

85,972

5,246

Yunnan

Copper

Co.,

Ltd.

Class

A

246,900

418

Zhejiang

Expressway

Co.,

Ltd.

Class

H

286,000

229

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co.,

Ltd.

Class

A

63,000

545

Zhejiang

Wanfeng

Auto

Wheel

Co.,

Ltd.

Class

A

394,200

360

Zhongsheng

Group

Holdings,

Ltd.

28,000

98

Zhuzhou

CRRC

Times

Electric

Co.,

Ltd.

Class

H

32,600

130

Zijin

Mining

Group

Co.,

Ltd.

Class

A

91,400

167

Zijin

Mining

Group

Co.,

Ltd.

Class

H

2,304,000

3,965

ZTO

Express,

Inc.

-

ADR

34,224

951

228,033

Denmark

-

0.1%

Novo

Nordisk

A/S

Class

B

3,280

529

France

-

0.3%

Hermes

International

164

363

L'Oreal

SA

1,275

592

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

1,702

1,589

2,544

Georgia

-

0.1%

TBC

Bank

Group

PLC

29,355

939

Greece

-

0.7%

Alpha

Services

and

Holdings

SA(Æ)

1,984,987

3,568

Mytilineos

Holdings

SA

6,748

281

OPAP

SA

101,885

1,794

5,643

Guernsey

-

0.1%

VinaCapital

Vietnam

Opportunity

Fund,

Ltd.

184,668

1,120

Hong

Kong

-

1.4%

AIA

Group,

Ltd.

108,600

1,085

ASM

Pacific

Technology,

Ltd.

115,500

1,125

China

Common

Rich

Renewable

Energy

Investments,

Ltd.(Æ)(Š)

1,630,000

—

China

Huishan

Dairy

Holdings

Co.,

Ltd.(Æ)(Š)

1,269,000

68

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

China

Lumena

New

Materials

Corp.

(Æ)(Š)

75,600

—

China

Metal

Recycling

Holdings,

Ltd.

(Æ)(Š)

335,400

—

Hang

Lung

Properties,

Ltd.

-

ADR

724,000

1,126

Hong

Kong

Exchanges

&

Clearing,

Ltd.

32,600

1,373

Hongkong

Land

Holdings,

Ltd.

183,400

653

Nine

Dragons

Paper

Holdings,

Ltd.

1,767,000

1,160

Orient

Overseas

International,

Ltd.

87,287

1,456

Pacific

Basin

Shipping,

Ltd.

6,998,208

2,276

Proya

Cosmetics

Co.,

Ltd.(Æ)

22,400

354

Real

Gold

Mining,

Ltd.(Æ)(Š)

463,232

—

Sino

Biopharmaceutical,

Ltd.

2,931,000

1,328

Tianhe

Chemicals

Group,

Ltd.(Æ)(Š)

25,778,000

—

12,004

Hungary

-

0.4%

MOL

Hungarian

Oil

&

Gas

PLC

48,167

380

OTP

Bank

PLC

66,810

2,431

Richter

Gedeon

Nyrt

17,124

432

3,243

Iceland

-

0.1%

Marel

HF

184,552

615

India

-

11.6%

ABB,

Ltd.

5,002

277

Apollo

Hospitals

Enterprise,

Ltd.

25,251

1,591

Aptus

Value

Housing

Finance

India,

Ltd.

138,760

477

Asian

Paints,

Ltd.

57,912

2,378

Aurobindo

Pharma,

Ltd.

105,033

1,052

Axis

Bank,

Ltd.

492,473

5,715

Bajaj

Auto,

Ltd.

5,754

345

Bajaj

Finance,

Ltd.

21,161

1,879

Bharat

Electronics,

Ltd.

1,398,051

2,221

Bharat

Petroleum

Corp.,

Ltd.

105,864

486

Bharti

Airtel,

Ltd.

94,106

1,018

Britannia

Industries,

Ltd.

8,883

518

Dixon

Technologies

India,

Ltd.(Þ)

23,006

1,153

Dr

Reddy's

Laboratories,

Ltd.

-

ADR

2,946

202

Eicher

Motors,

Ltd.

10,269

420

GAIL

India,

Ltd.

334,139

484

GMM

Pfaudler,

Ltd.

25,845

463

Godrej

Consumer

Products,

Ltd.(Æ)

30,722

387

Grasim

Industries,

Ltd.

34,903

785

HCL

Technologies,

Ltd.

217,271

2,951

HDFC

Bank,

Ltd.

349,151

7,014

Hero

MotoCorp,

Ltd.

5,222

203

Hindalco

Industries,

Ltd.

166,796

939

Hindustan

Aeronautics,

Ltd.(Þ)

24,792

1,195

ICICI

Bank,

Ltd.

514,563

6,247

ICICI

Bank,

Ltd.

-

ADR

125,316

3,079

Indian

Hotels

Co.,

Ltd.

292,720

1,406

Indian

Oil

Corp.,

Ltd.

399,615

455

IndusInd

Bank,

Ltd.

191,496

3,300

Infosys,

Ltd.

16,326

274

Infosys,

Ltd.

-

ADR

156,667

2,610

ITC,

Ltd.

278,186

1,575

Jio

Financial

Services,

Ltd.(Æ)(Š)

255,673

814

JSW

Steel,

Ltd.

56,276

559

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

56

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Larsen

&

Toubro,

Ltd.

165,046

5,381

Mahindra

&

Mahindra,

Ltd.

70,580

1,266

Maruti

Suzuki

India,

Ltd.

8,605

1,028

Nestle

India,

Ltd.

2,279

625

NTPC,

Ltd.

197,522

525

Page

Industries,

Ltd.

547

252

Polycab

India,

Ltd.

17,325

1,014

Power

Finance

Corp.,

Ltd.

491,565

1,563

Power

Grid

Corp.

of

India,

Ltd.

1,059,874

3,428

Reliance

Industries,

Ltd.

238,517

7,387

Shriram

Transport

Finance

Co.,

Ltd.

10,901

251

Siemens,

Ltd.

6,778

328

State

Bank

of

India

291,766

2,201

Sun

Pharmaceutical

Industries,

Ltd.

20,124

280

Tata

Consultancy

Services,

Ltd.

74,428

3,097

Tata

Motors,

Ltd.

406,665

3,187

Tata

Steel,

Ltd.

931,014

1,396

Tech

Mahindra,

Ltd.

27,559

374

Titan

Co.,

Ltd.

71,832

2,625

Trent,

Ltd.

19,647

420

TVS

Motor

Co.,

Ltd.

98,159

1,648

UltraTech

Cement,

Ltd.

23,071

2,335

United

Phosphorus,

Ltd.

76,348

580

Varun

Beverages,

Ltd

131,748

1,289

Vedanta,

Ltd.

34,140

114

97,066

Indonesia

-

2.3%

Aneka

Tambang

Tbk

PT

1,314,900

173

Astra

International

Tbk

PT

7,468,996

3,393

Bank

Central

Asia

Tbk

PT

919,500

556

Bank

Mandiri

Persero

Tbk

PT

5,582,200

2,121

Bank

Negara

Indonesia

Persero

Tbk

PT

3,881,913

2,285

Bank

Rakyat

Indonesia

Persero

Tbk

PT

20,714,054

7,760

Indofood

Sukses

Makmur

Tbk

PT

1,176,601

571

Kalbe

Farma

Tbk

PT

7,872,187

1,001

Matahari

Putra

Prima

Tbk

PT(Æ)

51,106,400

329

Mitra

Adiperkasa

Tbk

PT

2,840,400

373

Sumber

Alfaria

Trijaya

Tbk

PT

3,701,100

663

Vale

Indonesia

Tbk

PT

789,700

360

19,585

Kazakhstan

-

0.2%

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

56,692

812

Kaspi.KZ

JSC

-

GDR(Þ)

8,967

822

1,634

Kuwait

-

0.1%

Mobile

Telecommunications

Co.

KSCP

546,058

926

Macao

-

1.1%

Galaxy

Entertainment

Group,

Ltd.(Æ)

1,010,000

7,345

Sands

China,

Ltd.(Æ)

465,837

1,781

9,126

Malaysia

-

0.2%

Malayan

Banking

BHD

358,100

717

Petronas

Chemicals

Group

BHD

723,000

1,115

1,832

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mexico

-

3.4%

America

Movil

SAB

de

CV

817,948

857

Arca

Continental

SAB

de

CV

238,679

2,391

Cemex

SAB

de

CV(Æ)

1,474,491

1,120

Cemex

SAB

de

CV

-

ADR(Æ)

81,916

624

Coca-Cola

Femsa

SAB

de

CV

46,704

394

Corp.

Inmobiliaria

Vesta

SAB

de

CV

152,657

554

Fibra

Uno

Administracion

SA

de

CV(ö)

934,531

1,404

Fomento

Economico

Mexicano

SAB

de

CV

128,800

1,460

Fomento

Economico

Mexicano

SAB

de

CV

-

ADR

6,961

789

Fresnillo

PLC

146,580

1,164

Gruma

SAB

de

CV

Class

B

46,395

832

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

196,181

2,212

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

20,555

392

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

39,318

1,112

Grupo

Carso

SAB

de

CV

51,189

407

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

811,547

7,692

Grupo

Mexico

SAB

de

CV

108,054

562

Grupo

Televisa

SAB

149,498

158

Kimberly-Clark

de

Mexico

SAB

de

CV

Class

A

515,267

1,210

Ternium

SA

-

ADR

36,121

1,613

Wal-Mart

de

Mexico

SAB

de

CV

260,178

1,083

28,030

Morocco

-

0.2%

Attijariwafa

Bank

SA

6,609

305

Label

Vie

2,800

1,343

Maroc

Telecom

-

ADR

25,521

284

1,932

Netherlands

-

0.1%

ASML

Holding

NV

1,303

933

Ferrari

NV

621

199

1,132

Nigeria

-

0.0%

Guaranty

Trust

Holding

Co.

PLC

5,576,579

276

Peru

-

0.5%

Credicorp,

Ltd.

25,613

4,022

Philippines

-

0.7%

AC

Energy

Corp.

197,160

19

Ayala

Corp.

11,690

131

Ayala

Land,

Inc.

2,714,600

1,355

Bank

of

the

Philippine

Islands

90,949

190

BDO

Unibank,

Inc.

1,161,244

3,067

SM

Investments

Corp.

82,420

1,370

6,132

Poland

-

1.0%

Bank

Polska

Kasa

Opieki

SA

71,696

2,119

Dino

Polska

SA(Æ)(Þ)

21,216

2,365

KGHM

Polska

Miedz

SA

6,609

205

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

57

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Polski

Koncern

Naftowy

ORLEN

SA

26,532

474

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

171,749

1,744

Powszechny

Zaklad

Ubezpieczen

SA

119,298

1,207

8,114

Qatar

-

0.1%

Ooredoo

QPSC

40,339

127

Qatar

National

Bank

QPSC

55,354

258

385

Romania

-

0.3%

Banca

Transilvania

SA(Æ)

310,693

1,426

Fondul

Proprietatea

SA

3,090,563

1,321

2,747

Russia

-

0.0%

Gazprom

PJSC(Š)

1,156,822

—

HeadHunter

Group

PLC

-

ADR(Æ)(Š)

7,327

—

Lukoil

PJSC(Š)

143,733

—

Lukoil

PJSC

-

ADR(Æ)(Š)

34,534

—

Novatek

PJSC(Š)

145,224

—

Polyus

PJSC(Š)

5,679

—

Rosneft

Oil

Co.

PJSC(Š)

87,303

—

Sberbank

of

Russia

PJSC(Š)

3,336,065

—

Surgutneftegas

OJSC(Š)

2,093,900

—

Tatneft

PJSC(Š)

375,001

—

TCS

Group

Holding

PLC

-

GDR(Æ)

(Š)(Þ)

22,673

—

X5

Retail

Group

NV

-

GDR(Æ)(Š)(Þ)

98,302

—

Yandex

NV

Class

A(Æ)(Š)

2,474

—

—

Saudi

Arabia

-

2.4%

Al

Rajhi

Bank

70,891

1,410

Al-Dawaa

Medical

Services

Co.

24,511

664

Alinma

Bank

84,973

838

Arab

National

Bank

56,974

405

Arabian

Drilling

Co.(Æ)

17,241

811

Arabian

Internet

&

Communications

Services

Co.

5,198

506

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

27,960

2,154

Elm

Co.

11,503

2,088

Etihad

Etisalat

Co.

41,161

514

Leejam

Sports

Co.

10,678

419

Sahara

International

Petro

Chemical

Co.

166,192

1,675

Saudi

Arabian

Oil

Co.(Þ)

543,830

4,697

Saudi

British

Bank

(The)

119,712

1,215

Saudi

Electricity

Co.

72,163

432

Saudi

National

Bank

(The)

34,999

359

Saudi

Telecom

Co.

123,374

1,394

Saudia

Dairy

&

Foodstuff

Co.

2,917

276

19,857

Singapore

-

0.1%

Singapore

Telecommunications,

Ltd.

544,300

1,089

Slovenia

-

0.3%

Nova

Ljubljanska

Banka

-

GDR(Þ)

62,029

1,080

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nova

Ljubljanska

Banka

-

GDR(Š)(Þ)

61,002

1,095

2,175

South

Africa

-

2.1%

Absa

Group,

Ltd.

243,777

2,597

Anglo

American

Platinum,

Ltd.

3,016

150

Anglo

American

PLC

37,762

1,159

Aspen

Pharmacare

Holdings,

Ltd.

55,674

599

Bid

Corp.,

Ltd.

93,630

2,219

Bidvest

Group,

Ltd.

(The)

38,726

601

FirstRand,

Ltd.

587,580

2,391

Gold

Fields,

Ltd.

-

ADR

99,703

1,542

Growthpoint

Properties,

Ltd.(ö)

1,691,410

1,203

Harmony

Gold

Mining

Co.,

Ltd.

-

ADR

60,263

259

Impala

Platinum

Holdings,

Ltd.

208,177

1,506

Naspers,

Ltd.

Class

N

6,546

1,287

Nedbank

Group,

Ltd.

35,221

463

Pepkor

Holdings,

Ltd.(Þ)

157,253

153

Sibanye

Stillwater,

Ltd.

513,853

978

Standard

Bank

Group,

Ltd.

27,213

290

Woolworths

Holdings,

Ltd.

93,244

417

17,814

South

Korea

-

11.6%

Amorepacific

Corp.

11,122

985

Coupang,

Inc.(Æ)

12,800

232

Doosan

Bobcat,

Inc.

31,543

1,449

Hana

Financial

Group,

Inc.

100,377

3,097

Hyundai

Construction

Equipment

Co.,

Ltd.

6,130

393

Hyundai

Mobis

Co.,

Ltd.

8,776

1,606

Hyundai

Motor

Co.

18,746

2,885

KB

Financial

Group,

Inc.

92,809

3,709

Kia

Corp.

89,563

5,812

Korea

Aerospace

Industries,

Ltd.

22,062

853

Korea

Investment

Holdings

Co.,

Ltd.

30,877

1,185

Korean

Air

Lines

Co.,

Ltd.

85,900

1,659

KT&G

Corp.

10,445

677

LG

Chem,

Ltd.

5,671

2,888

LG

Corp.

Class

H

7,458

489

LG

Electronics,

Inc.

Class

H

16,591

1,413

Mando

Corp.

38,542

1,397

Meritz

Financial

Group,

Inc.(Æ)

5,572

215

NCSoft

Corp.

4,478

972

OCI

Co.,

Ltd.

4,372

375

Orion

Corp.

15,071

1,342

POSCO

Holdings,

Inc.

7,176

3,624

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

1,333

801

Samsung

C&T

Corp.

10,685

867

Samsung

Electro-Mechanics

Co.,

Ltd.

4,784

546

Samsung

Electronics

Co.,

Ltd.

608,975

33,379

Samsung

Engineering

Co.,

Ltd.(Æ)

69,231

2,012

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

5,448

1,044

Samsung

Life

Insurance

Co.,

Ltd.

6,759

370

Samsung

SDI

Co.,

Ltd.

5,097

2,663

Samsung

SDS

Co.,

Ltd.

1,664

168

Samsung

Securities

Co.,

Ltd.

11,274

318

Samsung

Techwin

Co.,

Ltd.

12,249

1,175

Shinhan

Financial

Group

Co.,

Ltd.

70,008

1,925

SK

Hynix,

Inc.

126,921

12,297

SK

Telecom

Co.,

Ltd.

26,938

974

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

58

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SK,

Inc.

3,993

479

Woori

Financial

Group,

Inc.

73,698

674

96,949

Switzerland

-

0.1%

Cie

Financiere

Richemont

SA

Class

A

1,730

279

Novartis

AG

2,864

300

579

Taiwan

-

12.4%

Accton

Technology

Corp.

218,000

2,659

Alchip

Technologies,

Ltd.

15,000

951

ASE

Technology

Holding

Co.,

Ltd.

396,000

1,446

Asia

Cement

Corp.

321,000

412

Asustek

Computer,

Inc.

159,000

1,842

Bizlink

Holding,

Inc.

196,887

1,899

Catcher

Technology

Co.,

Ltd.

279,000

1,540

Cathay

Financial

Holding

Co.,

Ltd.(Æ)

853,000

1,243

Chailease

Holding

Co.,

Ltd.

86,000

570

China

Development

Financial

Holding

Corp.(Æ)

1,145,000

457

Chroma

ATE,

Inc.

189,000

1,660

Chunghwa

Telecom

Co.,

Ltd.

296,000

1,093

Compal

Electronics,

Inc.

1,188,000

1,151

Delta

Electronics,

Inc.

68,000

793

E

Ink

Holdings,

Inc.

70,000

501

Eclat

Textile

Co.,

Ltd.

41,000

708

Eva

Airways

Corp.

1,350,000

1,580

Evergreen

Marine

Corp.

Taiwan,

Ltd.

304,200

1,009

Far

Eastern

New

Century

Corp.

147,000

139

First

Financial

Holding

Co.,

Ltd.

780,578

722

Formosa

Plastics

Corp.

54,000

143

Hiwin

Technologies

Corp.

308,000

2,071

Hon

Hai

Precision

Industry

Co.,

Ltd.

703,000

2,430

Largan

Precision

Co.,

Ltd.

26,000

1,799

Lite-On

Technology

Corp.

180,107

863

MediaTek,

Inc.

215,000

4,721

Mega

Financial

Holding

Co.,

Ltd.

410,000

525

Micro-Star

International

Co.,

Ltd.

158,000

979

Nan

Ya

Plastics

Corp.

63,000

140

Nanya

Technology

Corp.

58,000

134

Novatek

Microelectronics

Corp.

125,000

1,686

Pegatron

Corp.

267,000

650

Pou

Chen

Corp.

Class

B

141,000

140

Quanta

Computer,

Inc.

263,000

1,996

Realtek

Semiconductor

Corp.

15,000

206

Taishin

Financial

Holding

Co.,

Ltd.

842,978

490

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

2,191,000

39,458

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

106,893

10,598

Uni-President

Enterprises

Corp.

1,524,000

3,652

United

Microelectronics

Corp.

2,620,000

3,925

Voltronic

Power

Technology

Corp.

6,000

335

Walsin

Lihwa

Corp.

212,000

270

Wistron

Corp.

219,000

986

Wiwynn

Corp.

24,000

1,365

Wowprime

Corp.

36,000

339

WPG

Holdings,

Ltd.

155,000

249

Yageo

Corp.

71,694

1,050

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Zhen

Ding

Technology

Holding,

Ltd.

21,000

70

103,645

Thailand

-

1.8%

Bangkok

Bank

PCL

247,900

1,242

Bangkok

Dusit

Medical

Services

PCL

1,525,400

1,281

Bumrungrad

Hospital

PCL

213,700

1,348

Central

Pattana

PCL

301,400

600

Charoen

Pokphand

Foods

PCL

3,424,100

2,031

Minor

International

PCL

1,500,400

1,449

Polyplex

Thailand

PCL

1,276,700

1,306

PTT

Exploration

&

Production

PCL

830,800

3,876

Siam

Cement

PCL

(The)

65,400

621

Thai

Beverage

PCL

2,501,400

1,137

Thai

Union

Group

PCL

989,300

390

15,281

Togo

-

0.0%

Ecobank

Transnational,

Inc.

4,434,883

92

Turkey

-

0.2%

Dogus

Otomotiv

Servis

ve

Ticaret

AS

28,524

262

KOC

Holding

AS

66,987

336

Tofas

Turk

Otomobil

Fabrikasi

AS

65,355

732

1,330

United

Arab

Emirates

-

0.9%

Abu

Dhabi

Commercial

Bank

PJSC

188,820

451

Adnoc

Gas

PLC(Æ)

1,134,853

1,070

Air

Arabia

PJSC

660,091

483

Aldar

Properties

PJSC

424,383

597

Americana

Restaurants

International

PLC

993,981

1,027

Dubai

Islamic

Bank

PJSC

258,967

406

Emaar

Properties

PJSC

1,260,334

2,320

Emirates

NBD

Bank

PJSC

229,336

1,061

Salik

Co.

PJSC

224,974

192

7,607

United

Kingdom

-

0.1%

BAE

Systems

PLC

47,404

567

United

States

-

1.1%

Freeport-McMoRan,

Inc.

89,941

4,016

JBS

SA

35,651

142

Linde

PLC

1,740

680

Microsoft

Corp.

2,424

814

NVIDIA

Corp.

4,670

2,182

Samsonite

International

SA(Æ)(Þ)

464,100

1,379

9,213

Uruguay

-

0.0%

Arcos

Dorados

Holdings,

Inc.

Class

A

29,766

336

Vietnam

-

0.9%

FPT

Corp.

271,446

981

Ho

Chi

Minh

City

Development

Joint

Stock

Commercial

Bank

1,663,733

1,218

Masan

Group

Corp.(Æ)

294,320

1,085

Military

Commercial

Joint

Stock

Bank

697,232

555

Mobile

World

Investment

Corp.

661,238

1,499

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

59

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vietnam

Dairy

Products

JSC

229,400

756

Vincom

Retail

JSC(Æ)

985,400

1,233

7,327

Total

Common

Stocks

(cost

$654,232)

784,546

Preferred

Stocks

-

1.8%

Brazil

-

1.5%

Banco

Bradesco

SA

6.667%

(Ÿ)

420,057

1,480

Braskem

SA

0.000%

(Æ)

142,335

764

Cia

Energetica

de

Minas

Gerais

9.265%

(Ÿ)

567,323

1,520

Gerdau

SA

15.368%

(Ÿ)

80,942

501

Itau

Unibanco

Holding

SA

4.523%

(Ÿ)

467,770

2,833

Itausa

SA

6.331%

(Ÿ)

356,628

741

Metalurgica

Gerdau

SA

9.915%

(Ÿ)

84,944

247

Petroleo

Brasileiro

SA

11.989%

(Ÿ)

488,106

3,211

Raizen

Energia

SA

6.761%

(Ÿ)

1,179,095

1,037

12,334

Russia

-

0.0%

Sberbank

of

Russia

9.572%

(Ÿ)(Š)

348,120

—

Surgutneftegas

OJSC

1.631%

(Ÿ)(Š)

2,472,400

—

—

South

Korea

-

0.3%

Hyundai

Motor

Co.

7.308%

(Ÿ)

2,185

186

Samsung

Electronics

Co.,

Ltd.

2.671%

(Ÿ)

46,107

2,078

2,264

Total

Preferred

Stocks

(cost

$12,876)

14,598

Short-Term

Investments

-

3.7%

United

States

-

3.7%

U.S.

Cash

Management

Fund(@)

31,166,743

(∞)

31,154

Total

Short-Term

Investments

(cost

$31,156)

31,154

Total

Investments

-

99.2%

(identified

cost

$698,264)

830,298

Other

Assets

and

Liabilities,

Net

-

0.8%

7,113

Net

Assets

-

100.0%

837,411

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

60

Emerging

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

$

$

$

3.6%

3SBio,

Inc.

08/03/22

HKD

332,000

0

.64

211

319

CGN

Power

Co.,

Ltd.

05/11/22

HKD

1,797,000

0

.25

457

441

China

Feihe,

Ltd.

09/02/20

HKD

1,144,000

0

.94

1,076

697

China

International

Capital

Corp.,

Ltd.

10/28/20

HKD

889,200

2

.07

1,840

1,960

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

08/31/22

HKD

89,000

23

.98

2,135

1,423

China

Tower

Corp.,

Ltd.

06/30/21

HKD

9,946,000

0

.13

1,266

1,123

Dino

Polska

SA

06/24/19

PLN

21,216

34

.53

733

2,365

Dixon

Technologies

India,

Ltd.

05/31/23

INR

23,006

46

.44

1,068

1,153

Ganfeng

Lithium

Group

Co.,

Ltd.

04/27/22

HKD

278,800

7

.74

2,158

1,784

Halyk

Savings

Bank

of

Kazakhstan

JSC

03/26/20

USD

56,692

9

.00

511

812

Hindustan

Aeronautics,

Ltd.

04/13/22

INR

24,792

23

.17

574

1,195

Kaspi.KZ

JSC

12/09/20

USD

8,967

50

.89

456

822

Longfor

Group

Holdings,

Ltd.

11/19/18

HKD

402,000

2

.94

1,181

1,075

Meituan

07/08/20

HKD

145,828

24

.37

3,554

2,774

Nova

Ljubljanska

Banka

06/18/19

EUR

62,029

12

.44

772

1,080

Nova

Ljubljanska

Banka

08/15/22

EUR

61,002

13

.35

814

1,095

Pepkor

Holdings,

Ltd.

03/09/23

ZAR

157,253

0

.99

155

153

Postal

Savings

Bank

of

China

Co.,

Ltd.

03/09/23

HKD

375,000

0

.63

237

230

Samsonite

International

SA

08/25/21

HKD

464,100

2

.64

1,226

1,379

Samsung

Biologics

Co.,

Ltd.

03/03/20

KRW

1,333

585

.48

780

801

Saudi

Arabian

Oil

Co.

03/02/22

SAR

543,830

8

.44

4,589

4,697

TCS

Group

Holding

PLC

01/26/22

USD

22,673

64

.91

1,472

—

Tongcheng

Travel

Holdings,

Ltd.

06/28/23

HKD

106,400

2

.18

232

257

WuXi

AppTec

Co.,

Ltd.

02/20/19

HKD

169,583

5

.18

879

1,599

WuXi

Biologics

(Cayman),

Inc.

10/28/20

HKD

39,000

9

.64

376

224

X5

Retail

Group

NV

02/14/19

USD

98,302

27

.52

2,706

—

Yadea

Group

Holdings,

Ltd.

05/25/22

HKD

262,000

1

.66

434

594

30,052

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

MSCI

Emerging

Markets

Index

Futures

755

USD

39,800

09/23

1,479

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,479

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

HKD

1,012

USD

130

08/01/23

—

Bank

of

America

HKD

1,284

USD

165

08/02/23

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

—

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

61

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

1,516

$

—

$

—

$

—

$

1,516

Australia

3,452

1,405

—

—

4,857

Austria

—

1,150

—

—

1,150

Brazil

51,992

—

—

—

51,992

Canada

864

—

—

—

864

Chile

2,697

—

—

—

2,697

China

36,484

191,549

—

—

228,033

Denmark

—

529

—

—

529

France

—

2,544

—

—

2,544

Georgia

—

939

—

—

939

Greece

—

5,643

—

—

5,643

Guernsey

—

1,120

—

—

1,120

Hong

Kong

—

11,936

68

—

12,004

Hungary

—

3,243

—

—

3,243

Iceland

—

615

—

—

615

India

5,891

90,361

814

—

97,066

Indonesia

—

19,585

—

—

19,585

Kazakhstan

—

1,634

—

—

1,634

Kuwait

—

926

—

—

926

Macao

—

9,126

—

—

9,126

Malaysia

—

1,832

—

—

1,832

Mexico

26,866

1,164

—

—

28,030

Morocco

—

1,932

—

—

1,932

Netherlands

199

933

—

—

1,132

Nigeria

—

276

—

—

276

Peru

4,022

—

—

—

4,022

Philippines

—

6,132

—

—

6,132

Poland

—

8,114

—

—

8,114

Qatar

—

385

—

—

385

Romania

—

2,747

—

—

2,747

Russia

—

—

—

—

—

Saudi

Arabia

—

19,857

—

—

19,857

Singapore

—

1,089

—

—

1,089

Slovenia

—

1,080

1,095

—

2,175

South

Africa

896

16,918

—

—

17,814

South

Korea

232

96,717

—

—

96,949

Switzerland

—

579

—

—

579

Taiwan

10,598

93,047

—

—

103,645

Thailand

—

15,281

—

—

15,281

Togo

—

92

—

—

92

Turkey

—

1,330

—

—

1,330

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

62

Emerging

Markets

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

United

Arab

Emirates

—

7,607

—

—

7,607

United

Kingdom

—

567

—

—

567

United

States

7,834

1,379

—

—

9,213

Uruguay

336

—

—

—

336

Vietnam

—

7,327

—

—

7,327

Preferred

Stocks

12,334

2,264

—

—

14,598

Short-Term

Investments

—

—

—

31,154

31,154

Total

Investments

166,213

630,954

1,977

31,154

830,298

Other

Financial

Instruments

Assets

Futures

Contracts

1,479

—

—

—

1,479

Total

Other

Financial

Instruments

*

$

1,479

$

—

$

—

$

—

$

1,479

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

146,715

Consumer

Staples

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

43,583

Energy

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

34,880

Financial

Services

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

191,983

Health

Care

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

23,958

Materials

and

Processing

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

74,699

Producer

Durables

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

59,359

Technology

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

186,063

Utilities

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

23,306

Preferred

Stocks

Consumer

Discretionary

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

186

Energy

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

3,211

Financial

Services

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

5,054

Materials

and

Processing

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

1,512

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

63

Technology

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

2,078

Utilities

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

2,557

Short-Term

Investments

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

31,154

Total

Investments

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

830,298

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

64

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.5%

Consumer

Discretionary

-

13.5%

Amazon.com,

Inc.(Æ)

1,759,939

235,269

Autoliv,

Inc.

125,456

12,662

AutoZone,

Inc.(Æ)

3,781

9,383

Best

Buy

Co.,

Inc.

69,906

5,806

BorgWarner,

Inc.

44,695

2,078

Capri

Holdings,

Ltd.(Æ)

255,643

9,436

Charter

Communications,

Inc.

Class

A(Æ)

34,285

13,892

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

9,367

18,381

Comcast

Corp.

Class

A

482,865

21,854

Costco

Wholesale

Corp.

119,777

67,155

Dollar

General

Corp.

41,189

6,955

Dollar

Tree,

Inc.(Æ)

16,586

2,560

DR

Horton,

Inc.

169,618

21,545

eBay,

Inc.

26,648

1,186

Expedia

Group,

Inc.(Æ)

5,900

723

Ford

Motor

Co.

577,448

7,628

Fox

Corp.

Class

A

190,145

6,360

Garmin,

Ltd.

46,864

4,962

General

Motors

Co.

650,585

24,963

Grand

Canyon

Education,

Inc.(Æ)

17,657

1,917

Hilton

Worldwide

Holdings,

Inc.

9,352

1,454

Home

Depot,

Inc.

(The)

75,922

25,346

Lennar

Corp.

Class

A

101,949

12,930

Lennar

Corp.

Class

B

28,035

3,222

Liberty

Media

Corp.

Class

A(Æ)

84,638

2,683

Lithia

Motors,

Inc.

Class

A

51,626

16,031

Live

Nation

Entertainment,

Inc.(Æ)

103,988

9,125

Lowe's

Cos.,

Inc.

185,439

43,443

Marriott

International,

Inc.

Class

A

17,971

3,627

McDonald's

Corp.

5,663

1,660

Netflix,

Inc.(Æ)

73,342

32,195

New

York

Times

Co.

(The)

Class

A

69,057

2,815

News

Corp.

Class

A

251,088

4,977

Nike,

Inc.

Class

B

295,474

32,617

nVent

Electric

PLC

6,066

321

NVR,

Inc.(Æ)

779

4,913

O'Reilly

Automotive,

Inc.(Æ)

39,735

36,786

PulteGroup,

Inc.

240,752

20,317

Raytheon

Technologies

Corp.

228,015

20,049

Ross

Stores,

Inc.

30,823

3,534

Royal

Caribbean

Cruises,

Ltd.(Æ)

10,518

1,148

Starbucks

Corp.

248,484

25,239

Tapestry,

Inc.

32,525

1,403

Target

Corp.

134,491

18,354

Tesla,

Inc.(Æ)

259,887

69,502

TJX

Cos.,

Inc.

(The)

206,593

17,877

Travel

+

Leisure

Co.

52,623

2,143

Ulta

Beauty,

Inc.(Æ)

13,081

5,818

VF

Corp.

3,017

60

Walmart,

Inc.

175,381

28,036

Walt

Disney

Co.

(The)(Æ)

252,997

22,489

Warner

Bros

Discovery,

Inc.(Æ)

272,325

3,559

Whirlpool

Corp.

27,702

3,996

Wyndham

Hotels

&

Resorts,

Inc.

59,865

4,665

Yum

China

Holdings,

Inc.

29,534

1,802

Yum!

Brands,

Inc.

284,366

39,149

998,000

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Consumer

Staples

-

5.0%

Archer-Daniels-Midland

Co.

26,320

2,236

Bunge,

Ltd.

5,723

622

Church

&

Dwight

Co.,

Inc.

33,671

3,221

Coca-Cola

Co.

(The)

404,174

25,031

Coca-Cola

Europacific

Partners

PLC

72,498

4,596

Colgate-Palmolive

Co.

61,226

4,669

Conagra

Brands,

Inc.

296,824

9,739

Constellation

Brands,

Inc.

Class

A

39,943

10,896

CVS

Health

Corp.

753,535

56,282

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

65,927

11,867

General

Mills,

Inc.

30,682

2,293

Haleon

PLC

-

ADR(Ñ)

958,773

8,447

Hershey

Co.

(The)

43,376

10,033

Ingredion,

Inc.

186,001

20,694

Keurig

Dr

Pepper,

Inc.

14,941

508

Kimberly-Clark

Corp.

6,887

889

Kroger

Co.

(The)

967,991

47,083

Molson

Coors

Beverage

Co.

Class

B

200,585

13,995

Mondelez

International,

Inc.

Class

A

349,771

25,929

Monster

Beverage

Corp.(Æ)

173,298

9,963

PepsiCo,

Inc.

131,962

24,738

Philip

Morris

International,

Inc.

17,601

1,755

Procter

&

Gamble

Co.

(The)

280,712

43,875

Sysco

Corp.

70,924

5,412

Tyson

Foods,

Inc.

Class

A

305,278

17,010

Unilever

PLC

-

ADR

77,394

4,158

Walgreens

Boots

Alliance,

Inc.

137,471

4,120

370,061

Energy

-

4.1%

BP

PLC

-

ADR

651,555

24,303

Cabot

Oil

&

Gas

Corp.

109,749

3,022

Canadian

Natural

Resources,

Ltd.

209,062

12,711

Chevron

Corp.

275,783

45,135

Devon

Energy

Corp.

110,166

5,949

Diamondback

Energy,

Inc.

133,742

19,703

EOG

Resources,

Inc.

241,202

31,967

EQT

Corp.

175,900

7,419

Exxon

Mobil

Corp.

462,362

49,584

Hess

Corp.

80,704

12,245

Marathon

Oil

Corp.

149,047

3,915

Marathon

Petroleum

Corp.

64,204

8,540

Occidental

Petroleum

Corp.

18,101

1,143

Phillips

66

103,255

11,518

Pioneer

Natural

Resources

Co.

145,969

32,941

Shell

PLC

-

ADR

363,675

22,413

Valero

Energy

Corp.

63,709

8,213

300,721

Financial

Services

-

13.3%

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

310,867

19,836

Affiliated

Managers

Group,

Inc.

36,043

4,997

Aflac,

Inc.

25,549

1,848

American

Express

Co.

170,417

28,780

American

Financial

Group,

Inc.

15,873

1,930

American

International

Group,

Inc.

99,016

5,969

American

Tower

Corp.(ö)

86,616

16,484

Ameriprise

Financial,

Inc.

5,878

2,048

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Large

Cap

Fund

65

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Aon

PLC

Class

A

59,307

18,889

Apollo

Global

Management,

Inc.

159,449

13,029

Arthur

J

Gallagher

&

Co.

28,088

6,033

Assurant,

Inc.

5,910

795

Assured

Guaranty,

Ltd.

599

36

AvalonBay

Communities,

Inc.(ö)

5,000

943

Bank

of

America

Corp.

820,165

26,245

Bank

OZK

40,713

1,780

Berkshire

Hathaway,

Inc.

Class

B(Æ)

185,181

65,176

Brighthouse

Financial,

Inc.(Æ)

41,398

2,158

Capital

One

Financial

Corp.

147,276

17,234

Carlyle

Group,

Inc.

(The)

225,654

8,045

CBRE

Group,

Inc.

Class

A(Æ)

76,076

6,338

Charles

Schwab

Corp.

(The)

196,141

12,965

Chubb,

Ltd.

142,769

29,183

Cincinnati

Financial

Corp.

39,829

4,285

Citigroup,

Inc.

947,210

45,144

Citizens

Financial

Group,

Inc.

462,301

14,914

CME

Group,

Inc.

Class

A

48,989

9,747

East

West

Bancorp,

Inc.

28,223

1,756

Equinix,

Inc.(ö)

40,864

33,097

Evercore,

Inc.

Class

A

14,201

1,918

Everest

Re

Group,

Ltd.

900

324

Fifth

Third

Bancorp

223,451

6,502

First

Citizens

BancShares,

Inc.

Class

A

1,845

2,641

Goldman

Sachs

Group,

Inc.

(The)

12,071

4,296

Hartford

Financial

Services

Group,

Inc.

75,289

5,412

Howard

Hughes

Corp.

(The)(Æ)

112,633

9,510

Huntington

Bancshares,

Inc.

831,115

10,173

Intercontinental

Exchange,

Inc.

163,857

18,811

Janus

Henderson

Group

PLC

60,610

1,779

JPMorgan

Chase

&

Co.

369,355

58,343

Kimco

Realty

Corp.(ö)

434,379

8,801

M&T

Bank

Corp.

15,970

2,234

Markel

Group,

Inc.(Æ)

9,476

13,737

MasterCard,

Inc.

Class

A

264,083

104,123

MetLife,

Inc.

171,966

10,829

Morgan

Stanley

268,548

24,588

New

York

Community

Bancorp,

Inc.

1,382,732

19,179

Northern

Trust

Corp.

31,084

2,490

PNC

Financial

Services

Group,

Inc.

(The)

34,124

4,671

Principal

Financial

Group,

Inc.

63,681

5,086

Progressive

Corp.

(The)

255,960

32,246

Prologis,

Inc.(ö)

57,326

7,151

Prudential

Financial,

Inc.

67,246

6,489

Public

Storage(ö)

26,394

7,437

Raymond

James

Financial,

Inc.

10,375

1,142

Regions

Financial

Corp.

661,387

13,472

Reinsurance

Group

of

America,

Inc.

Class

A

68,169

9,568

SBA

Communications

Corp.(ö)

11,548

2,528

Simon

Property

Group,

Inc.(ö)

3

—

State

Street

Corp.

42,925

3,109

Sun

Communities,

Inc.(ö)

13,734

1,790

Synchrony

Financial

264,937

9,151

T

Rowe

Price

Group,

Inc.

24,248

2,989

Torchmark

Corp.

60,409

6,776

Truist

Financial

Corp.

257,002

8,538

US

Bancorp

135,069

5,360

UWM

Holdings

Corp.

35,433

232

VICI

Properties,

Inc.(ö)

18,304

576

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Visa,

Inc.

Class

A

289,631

68,854

Voya

Financial,

Inc.

21,215

1,575

Webster

Financial

Corp.

19,386

917

Wells

Fargo

&

Co.

1,048,463

48,397

Welltower,

Inc.(ö)

91,405

7,509

Weyerhaeuser

Co.(ö)

84,761

2,887

Willis

Towers

Watson

PLC

81,121

17,143

WR

Berkley

Corp.

65,578

4,046

985,013

Health

Care

-

13.2%

Abbott

Laboratories

361,894

40,290

AbbVie,

Inc.

317,902

47,552

ABIOMED,

Inc.(Š)

9,546

—

Amgen,

Inc.

53,187

12,454

AstraZeneca

PLC

-

ADR

103,809

7,443

Baxter

International,

Inc.

282,775

12,790

Becton

Dickinson

&

Co.

5,550

1,546

Biogen,

Inc.(Æ)

57,637

15,573

Boston

Scientific

Corp.(Æ)

370,092

19,189

Bristol

Myers

Squibb

Co.

851,009

52,924

Centene

Corp.(Æ)

3,569

243

Cigna

Group

(The)

92,006

27,151

Danaher

Corp.

208,019

53,057

Dentsply

Sirona,

Inc.

404,746

16,805

Elevance

Health,

Inc.

58,028

27,368

Eli

Lilly

&

Co.

55,923

25,420

Exelixis,

Inc.(Æ)

344,804

6,796

Fortrea

Holdings,

Inc.(Æ)

10,723

343

GE

HealthCare

Technologies,

Inc.

10,656

831

Gilead

Sciences,

Inc.

58,798

4,477

GSK

PLC

-

ADR

457,171

16,262

HCA

Healthcare,

Inc.

17,182

4,687

Henry

Schein,

Inc.(Æ)

92,338

7,275

Horizon

Therapeutics

PLC(Æ)

45,185

4,531

Humana,

Inc.

17,246

7,878

Intuitive

Surgical,

Inc.(Æ)

111,532

36,181

IQVIA

Holdings,

Inc.(Æ)

36,190

8,098

Jazz

Pharmaceuticals

PLC(Æ)

83,431

10,881

Johnson

&

Johnson

322,366

54,006

Laboratory

Corp.

of

America

Holdings

10,723

2,294

McKesson

Corp.

56,054

22,556

Medtronic

PLC

159,648

14,011

Merck

&

Co.,

Inc.

310,510

33,116

Molina

Healthcare,

Inc.(Æ)

4,812

1,465

Novo

Nordisk

A/S

-

ADR

96,386

15,528

Organon

&

Co.

163,253

3,588

Pfizer,

Inc.

894,402

32,252

Quest

Diagnostics,

Inc.

9,172

1,240

Regeneron

Pharmaceuticals,

Inc.(Æ)

69,828

51,806

Sanofi

-

ADR

5,861

313

Stryker

Corp.

23,503

6,661

Syneos

Health,

Inc.

Class

A(Æ)

51,903

2,201

Thermo

Fisher

Scientific,

Inc.

83,853

46,007

UnitedHealth

Group,

Inc.

270,529

136,988

Universal

Health

Services,

Inc.

Class

B

24,354

3,384

Veeva

Systems,

Inc.

Class

A(Æ)

61,918

12,645

Vertex

Pharmaceuticals,

Inc.(Æ)

77,978

27,475

Viatris,

Inc.

905,095

9,531

Waters

Corp.(Æ)

24,577

6,788

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

66

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Zimmer

Biomet

Holdings,

Inc.

29,583

4,087

Zoetis,

Inc.

Class

A

110,961

20,871

976,858

Materials

and

Processing

-

3.4%

Air

Products

&

Chemicals,

Inc.

18,593

5,677

Albemarle

Corp.

6,410

1,361

Ball

Corp.

112,302

6,591

Carrier

Global

Corp.

231,724

13,799

Celanese

Corp.

Class

A

40,329

5,057

CF

Industries

Holdings,

Inc.

63,444

5,208

Copart,

Inc.(Æ)

196,514

17,370

Crown

Holdings,

Inc.

134,236

12,452

Dow,

Inc.

33,546

1,894

DuPont

de

Nemours,

Inc.

273,418

21,225

Ecolab,

Inc.

98,808

18,096

Fortune

Brands

Innovations,

Inc.

52,850

3,756

Freeport-McMoRan,

Inc.

8,135

363

General

Electric

Co.

31,968

3,652

Ingevity

Corp.(Æ)

4,417

283

Johnson

Controls

International

PLC

20,895

1,453

Linde

PLC

127,662

49,874

LKQ

Corp.

62,260

3,411

Martin

Marietta

Materials,

Inc.

2,605

1,163

Masco

Corp.

34,631

2,101

Mohawk

Industries,

Inc.(Æ)

35,740

3,801

Mosaic

Co.

(The)

91,793

3,742

NewMarket

Corp.

3,892

1,758

Newmont

Corp.

341,782

14,669

Nucor

Corp.

56,798

9,774

Owens

Corning

7,432

1,040

Packaging

Corp.

of

America

39,823

6,107

PPG

Industries,

Inc.

4,923

708

Reliance

Steel

&

Aluminum

Co.

6,664

1,952

Rio

Tinto

PLC

-

ADR

37,916

2,523

Royal

Gold,

Inc.

26,280

3,157

Sherwin-Williams

Co.

(The)

39,282

10,862

Steel

Dynamics,

Inc.

35,205

3,752

Trane

Technologies

PLC

69,143

13,790

United

States

Steel

Corp.

128,633

3,280

255,701

Producer

Durables

-

9.1%

3M

Co.

144,411

16,102

Alaska

Air

Group,

Inc.(Æ)

306,878

14,924

American

Airlines

Group,

Inc.(Æ)

101,669

1,703

Amphenol

Corp.

Class

A

77,720

6,863

Aptiv

PLC(Æ)

841

92

Automatic

Data

Processing,

Inc.

76,295

18,865

Canadian

Pacific

Kansas

City,

Ltd.

164,809

13,562

Chart

Industries,

Inc.(Æ)

57,366

10,450

CoStar

Group,

Inc.(Æ)

168,531

14,152

CSX

Corp.

189,300

6,307

Cummins,

Inc.

10,895

2,841

Deere

&

Co.

58,675

25,207

Delta

Air

Lines,

Inc.

753,617

34,862

Eaton

Corp.

PLC

105,586

21,679

Equifax,

Inc.

800

163

Esab

Corp.

29,041

1,995

Expeditors

International

of

Washington,

Inc.

44,415

5,654

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

FedEx

Corp.

165,525

44,683

FleetCor

Technologies,

Inc.(Æ)

60,475

15,053

Fortive

Corp.

2,085

163

Gates

Industrial

Corp.

PLC(Æ)

239,475

3,262

Generac

Holdings,

Inc.(Æ)

33,601

5,164

General

Dynamics

Corp.

33,727

7,541

Global

Payments,

Inc.

202,850

22,364

Honeywell

International,

Inc.

123,717

24,017

Illinois

Tool

Works,

Inc.

1,831

482

Ingersoll

Rand,

Inc.

185,713

12,122

Keysight

Technologies,

Inc.(Æ)

38,247

6,161

Kirby

Corp.(Æ)

8,376

682

Knight-Swift

Transportation

Holdings,

Inc.

29,855

1,814

L3Harris

Technologies,

Inc.

11,295

2,140

Lockheed

Martin

Corp.

1,670

745

Magna

International,

Inc.

Class

A

172,466

11,095

Mettler-Toledo

International,

Inc.(Æ)

16,183

20,350

Moody's

Corp.

58,542

20,651

Norfolk

Southern

Corp.

43,883

10,251

Northrop

Grumman

Corp.

8,747

3,892

Old

Dominion

Freight

Line,

Inc.

49,645

20,826

Otis

Worldwide

Corp.

183,325

16,675

PACCAR

Financial

Corp.

60,253

5,190

Parker-Hannifin

Corp.

9,867

4,046

Pentair

PLC

147,694

10,265

Phinia,

Inc.(Æ)

8,939

254

Regal

Rexnord

Corp.

4,856

758

Robert

Half

International,

Inc.

26,882

1,993

RXO,

Inc.(Æ)

68,267

1,505

S&P

Global,

Inc.

147,100

58,032

Southwest

Airlines

Co.

287,659

9,826

TE

Connectivity,

Ltd.

27,015

3,876

Textron,

Inc.

261,296

20,321

TopBuild

Corp.(Æ)

3,805

1,042

TransDigm

Group,

Inc.

1,634

1,470

Union

Pacific

Corp.

57,200

13,272

United

Airlines

Holdings,

Inc.(Æ)

126,950

6,895

United

Parcel

Service,

Inc.

Class

B

169,534

31,725

United

Rentals,

Inc.

15,216

7,071

Vontier

Corp.

741,366

22,930

Waste

Management,

Inc.

4,229

693

Westinghouse

Air

Brake

Technologies

Corp.

204,186

24,184

Zebra

Technologies

Corp.

Class

A(Æ)

5,105

1,572

672,474

Technology

-

31.6%

Accenture

PLC

Class

A

182,721

57,804

Adobe,

Inc.(Æ)

68,297

37,302

Advanced

Micro

Devices,

Inc.(Æ)

373,158

42,689

Akamai

Technologies,

Inc.(Æ)

40,523

3,829

Allegion

PLC

17,438

2,038

Alphabet,

Inc.

Class

A(Æ)

1,182,707

156,969

Alphabet,

Inc.

Class

C(Æ)

1,209,020

160,933

Analog

Devices,

Inc.

113,985

22,743

Apple,

Inc.

2,222,155

436,542

Applied

Materials,

Inc.

109,156

16,547

Arrow

Electronics,

Inc.(Æ)

23,399

3,335

ASML

Holding

NV

7,507

5,378

Autodesk,

Inc.(Æ)

109,302

23,171

Booking

Holdings,

Inc.(Æ)

11,334

33,671

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Large

Cap

Fund

67

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Broadcom,

Inc.

42,023

37,764

CACI

International,

Inc.

Class

A(Æ)

4,386

1,537

Cirrus

Logic,

Inc.(Æ)

28,503

2,303

Cisco

Systems,

Inc.

275,826

14,354

Cognizant

Technology

Solutions

Corp.

Class

A

115,085

7,599

Corteva,

Inc.

230,444

13,004

Dell

Technologies,

Inc.

Class

C

66,959

3,543

Electronic

Arts,

Inc.

51,566

7,031

F5,

Inc.(Æ)

12,816

2,028

Fidelity

National

Information

Services,

Inc.

2,700

163

Fortinet,

Inc.(Æ)

90,530

7,036

Hewlett

Packard

Enterprise

Co.

43,704

760

HP,

Inc.

96,623

3,172

Intel

Corp.

146,846

5,253

International

Business

Machines

Corp.

8,601

1,240

Intuit,

Inc.

116,740

59,736

IPG

Photonics

Corp.(Æ)

31,763

4,175

Jabil

Circuit,

Inc.

69,502

7,692

KLA

Corp.

5,800

2,981

Lam

Research

Corp.

32,265

23,182

Meta

Platforms,

Inc.

Class

A(Æ)

474,557

151,194

Microchip

Technology,

Inc.

29,257

2,748

Micron

Technology,

Inc.

385,620

27,529

Microsoft

Corp.

1,395,035

468,620

Monolithic

Power

Systems,

Inc.

2,944

1,647

Motorola

Solutions,

Inc.

72,772

20,859

MSCI,

Inc.

Class

A

31,515

17,273

NVIDIA

Corp.

223,836

104,596

NXP

Semiconductors

NV

125,251

27,928

ON

Semiconductor

Corp.(Æ)

19,998

2,155

Oracle

Corp.

275,328

32,277

Palo

Alto

Networks,

Inc.(Æ)

68,009

17,000

Qorvo,

Inc.(Æ)

74,162

8,159

QUALCOMM,

Inc.

300,913

39,772

Salesforce,

Inc.(Æ)

184,434

41,499

SAP

SE

-

ADR

53,046

7,233

Seagate

Technology

Holdings

PLC

76,216

4,840

ServiceNow,

Inc.(Æ)

49,547

28,886

Skyworks

Solutions,

Inc.

77,595

8,875

Synopsys,

Inc.(Æ)

19,663

8,884

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

115,249

11,427

Teradyne,

Inc.

296,253

33,459

Texas

Instruments,

Inc.

87,143

15,686

VeriSign,

Inc.(Æ)

26,378

5,564

VMware,

Inc.

Class

A(Æ)

29,503

4,651

Workday,

Inc.

Class

A(Æ)

172,473

40,898

2,341,163

Utilities

-

4.3%

Ameren

Corp.

119,538

10,241

American

Electric

Power

Co.,

Inc.

26,048

2,207

AT&T,

Inc.

1,311,111

19,037

CenterPoint

Energy,

Inc.

401,392

12,078

Cheniere

Energy,

Inc.

73,004

11,816

CMS

Energy

Corp.

37,178

2,271

ConocoPhillips

Co.

549,557

64,694

Consolidated

Edison,

Inc.

89,657

8,505

Constellation

Energy

Corp.

24,576

2,375

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

DT

Midstream,

Inc.

31,773

1,701

DTE

Energy

Co.

6,566

751

Duke

Energy

Corp.

80,474

7,534

Edison

International

135,613

9,759

Entergy

Corp.

120,725

12,398

Exelon

Corp.

347,748

14,557

FirstEnergy

Corp.

386,802

15,236

NextEra

Energy,

Inc.

273,089

20,017

NiSource,

Inc.

38,538

1,073

NRG

Energy,

Inc.

628,721

23,885

Public

Service

Enterprise

Group,

Inc.

14,344

905

Sempra

Energy

14,900

2,220

Southern

Co.

(The)

159

12

T-Mobile

USA,

Inc.(Æ)

374,885

51,648

UGI

Corp.

168,010

4,535

Verizon

Communications,

Inc.

490,115

16,703

Xcel

Energy,

Inc.

97,847

6,138

322,296

Total

Common

Stocks

(cost

$3,946,225)

7,222,287

Short-Term

Investments

-

2.3%

U.S.

Cash

Management

Fund(@)

173,018,936

(∞)

172,949

Total

Short-Term

Investments

(cost

$172,963)

172,949

Other

Securities

-

0.0%

U.S.

Cash

Collateral

Fund(@)(×)

617,625

(∞)

618

Total

Other

Securities

(cost

$618)

618

Total

Investments

-

99.8%

(identified

cost

$4,119,806)

7,395,854

Other

Assets

and

Liabilities,

Net

-

0.2%

13,209

Net

Assets

-

100.0%

7,409,063

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

68

Tax-Managed

U.S.

Large

Cap

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

699

USD

161,277

09/23

8,098

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

8,098

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

$

998,000

$

—

$

—

$

—

$

998,000

Consumer

Staples

370,061

—

—

—

370,061

Energy

300,721

—

—

—

300,721

Financial

Services

985,013

—

—

—

985,013

Health

Care

976,858

—

—

—

976,858

Materials

and

Processing

255,701

—

—

—

255,701

Producer

Durables

672,474

—

—

—

672,474

Technology

2,341,163

—

—

—

2,341,163

Utilities

322,296

—

—

—

322,296

Short-Term

Investments

—

—

—

172,949

172,949

Other

Securities

—

—

—

618

618

Total

Investments

7,222,287

—

—

173,567

7,395,854

Other

Financial

Instruments

Assets

Futures

Contracts

8,098

—

—

—

8,098

Total

Other

Financial

Instruments

*

$

8,098

$

—

$

—

$

—

$

8,098

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

69

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.4%

Consumer

Discretionary

-

14.2%

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)

63,574

601

American

Eagle

Outfitters,

Inc.

42,341

595

API

Group

Corp.(Æ)

199,992

5,752

Atkore

,

Inc.(Æ)

11,750

1,864

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

35,342

1,439

Bath

&

Body

Works,

Inc.

27,381

1,015

Beacon

Roofing

Supply,

Inc.(Æ)

9,638

826

Beazer

Homes

USA,

Inc.(Æ)

51,466

1,731

BJ's

Restaurants,

Inc.(Æ)

11,885

448

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

10,141

672

Bloomin

'

Brands,

Inc.

149,667

4,022

Bluegreen

Vacations

Holding

Corp.

18,363

718

Boot

Barn

Holdings,

Inc.(Æ)

32,095

3,014

BorgWarner,

Inc.

56,681

2,636

Boyd

Gaming

Corp.

15,720

1,074

Brinker

International,

Inc.(Æ)

19,584

769

Brunswick

Corp.

39,387

3,400

Burlington

Stores,

Inc.(Æ)

441

78

Cable

One,

Inc.

768

556

Caleres

,

Inc.

34,500

933

Capri

Holdings,

Ltd.(Æ)

22,242

821

Carter's,

Inc.

36,947

2,771

Cavco

Industries,

Inc.(Æ)

5,602

1,656

Century

Communities,

Inc.

18,164

1,403

Cheesecake

Factory,

Inc.

(The)

22,697

835

Chegg

,

Inc.(Æ)

74,046

750

Churchill

Downs,

Inc.

30,698

3,556

Chuy's

Holdings,

Inc.(Æ)

43,568

1,812

Dana

Holding

Corp.

72,514

1,376

Dave

&

Buster's

Entertainment,

Inc.(Æ)

62,888

2,880

Deckers

Outdoor

Corp.(Æ)

9,224

5,015

Dick's

Sporting

Goods,

Inc.

29,191

4,116

Domino's

Pizza,

Inc.

7,114

2,822

Driven

Brands

Holdings,

Inc.(Æ)

31,793

822

Eastman

Kodak

Co.(Æ)

94,675

520

Ethan

Allen

Interiors,

Inc.

16,761

527

EW

Scripps

Co.

(The)

Class

A(Æ)

105,319

1,038

FactSet

Research

Systems,

Inc.

4,286

1,865

Farfetch

,

Ltd.

Class

A(Æ)(Ñ)

248,788

1,438

FirstCash

Holdings,

Inc.

9,286

885

Five

Below,

Inc.(Æ)

40,002

8,334

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

18,353

2,108

Gentherm

,

Inc.(Æ)

38,134

2,279

G-III

Apparel

Group,

Ltd.(Æ)

88,788

1,839

GMS,

Inc.(Æ)

8,715

642

Golden

Entertainment,

Inc.(Æ)

41,925

1,775

Grand

Canyon

Education,

Inc.(Æ)

15,870

1,723

Green

Brick

Partners,

Inc.(Æ)

28,092

1,588

Group

1

Automotive,

Inc.

2,622

678

Harley-Davidson,

Inc.

19,170

740

Hillenbrand,

Inc.

17,769

923

Hilton

Grand

Vacations,

Inc.(Æ)

14,163

659

Hooker

Furniture

Corp.

60,138

1,207

IAC/InterActiveCorp.(Æ)

82,415

5,736

iHeartMedia

,

Inc.

Class

A(Æ)

214,601

1,015

Instructure

Holdings,

Inc.(Æ)

54,980

1,494

International

Game

Technology

PLC

47,959

1,622

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Interpublic

Group

of

Cos.,

Inc.

(The)

15,677

537

Johnson

Outdoors,

Inc.

Class

A

38,361

2,268

Kontoor

Brands,

Inc.

40,545

1,718

Kura

Sushi

USA,

Inc.

Class

A(Æ)

15,144

1,507

Lear

Corp.

24,648

3,815

Leslie's,

Inc.(Æ)

112,154

714

Levi

Strauss

&

Co.

Class

A(Ñ)

138,834

2,092

Liberty

Latin

America,

Ltd.

Class

C(Æ)

140,380

1,168

Liberty

Media

Corp.-Liberty

Formula

One

Class

C(Æ)

8,077

586

Liberty

SiriusXM

Group

Class

C(Æ)

34,012

1,083

Light

&

Wonder,

Inc.

Class

A(Æ)

24,104

1,695

Lions

Gate

Entertainment

Corp.

Class

B(Æ)

136,255

997

Lithia

Motors,

Inc.

Class

A

19,481

6,049

Madison

Square

Garden

Entertainment

Corp.(Æ)

25,194

878

Malibu

Boats,

Inc.

Class

A(Æ)

9,851

591

Marriott

Vacations

Worldwide

Corp.

7,760

997

Meritage

Homes

Corp.

5,627

838

Mister

Car

Wash,

Inc.(Æ)(Ñ)

137,907

1,369

Monro

Muffler

Brake,

Inc.

34,992

1,282

Newell

Rubbermaid,

Inc.

665,900

7,431

Nexstar

Media

Group,

Inc.

Class

A

49,956

9,328

Nu

Skin

Enterprises,

Inc.

Class

A

20,503

603

nVent

Electric

PLC

34,460

1,822

ODP

Corp.

(The)(Æ)

8,873

443

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

38,795

2,827

OptimizeRx

Corp.(Æ)

73,934

1,031

Patrick

Industries,

Inc.

7,858

680

Penn

Entertainment,

Inc.(Æ)

28,694

754

PulteGroup,

Inc.

22,204

1,874

PVH

Corp.

26,694

2,393

RB

Global,

Inc.

35,829

2,310

RCI

Hospitality

Holdings,

Inc.

22,182

1,547

Restoration

Hardware(Æ)

7,239

2,810

Revolve

Group,

Inc.(Æ)(Ñ)

121,877

2,403

Rocky

Brands,

Inc.

87,996

1,770

Scholastic

Corp.

1,246

54

Service

Corp.

International

12,051

803

Shoe

Carnival,

Inc.

13,128

349

Signet

Jewelers,

Ltd.

22,099

1,779

Skechers

USA,

Inc.

Class

A(Æ)

27,104

1,506

Sphere

Entertainment

Co.(Æ)

24,931

1,058

Strategic

Eduation

,

Inc.

8,382

630

Taylor

Morrison

Home

Corp.

Class

A(Æ)

20,519

994

TEGNA,

Inc.

6,655

112

Texas

Roadhouse,

Inc.

Class

A

9,894

1,104

Toll

Brothers,

Inc.

10,396

835

Transcat

,

Inc.(Æ)

5,568

467

Travel

+

Leisure

Co.

75,707

3,084

Tri

Pointe

Homes,

Inc.(Æ)

33,493

1,068

Universal

Electronics,

Inc.(Æ)

97,517

1,089

Urban

Outfitters,

Inc.(Æ)

43,349

1,577

VF

Corp.

102,832

2,037

Victoria's

Secret

&

Co.(Æ)

9,127

187

Wabash

National

Corp.

27,235

645

Weyco

Group,

Inc.

21,994

600

Wingstop

,

Inc.

29,936

5,047

Wolverine

World

Wide,

Inc.

8,489

108

Wyndham

Hotels

&

Resorts,

Inc.

19,069

1,486

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

70

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

YETI

Holdings,

Inc.(Æ)

60,257

2,567

Ziff

Davis,

Inc.(Æ)

68,165

4,943

207,752

Consumer

Staples

-

3.1%

BellRing

Brands,

Inc.(Æ)

21,651

778

Casey's

General

Stores,

Inc.

17,980

4,543

Celsius

Holdings,

Inc.(Æ)

15,166

2,195

Energizer

Holdings,

Inc.

-

GDR

41,709

1,644

Grocery

Outlet

Holding

Corp.(Æ)

24,167

808

Helen

of

Troy,

Ltd.(Æ)

17,601

2,487

HF

Foods

Group,

Inc.(Æ)

68,825

360

Ingredion,

Inc.

16,720

1,860

Inter

Parfums

,

Inc.

9,577

1,432

J&J

Snack

Foods

Corp.

33,342

5,345

Lancaster

Colony

Corp.

5,277

1,017

Limoneira

Co.

21,114

328

MGP

Ingredients,

Inc.

5,280

602

Nomad

Foods,

Ltd.(Æ)

217,104

3,860

Performance

Food

Group

Co.(Æ)

5,696

340

Pilgrim's

Pride

Corp.(Æ)

57,405

1,422

Post

Holdings,

Inc.(Æ)

5,407

461

Primo

Water

Corp.

164,728

2,334

Spectrum

Brands

Holdings,

Inc.

62,668

4,914

Sprouts

Farmers

Market,

Inc.(Æ)

16,574

651

Tyson

Foods,

Inc.

Class

A

62,932

3,507

United

Natural

Foods,

Inc.(Æ)

10,455

217

US

Foods

Holding

Corp.(Æ)

27,044

1,156

Warby

Parker,

Inc.

Class

A(Æ)

174,373

2,605

Weis

Markets,

Inc.

6,526

433

45,299

Energy

-

4.0%

Amplify

Energy

Corp.(Æ)

105,347

773

Antero

Resources

Corp.(Æ)

104,489

2,795

Array

Technologies,

Inc.(Æ)

18,693

356

Cabot

Oil

&

Gas

Corp.

101,057

2,783

ChampionX

Corp.

144,930

5,160

Civitas

Resources,

Inc.

27,056

2,025

CONSOL

Energy,

Inc.

7,881

587

Delek

US

Holdings,

Inc.

47,695

1,316

Diamondback

Energy,

Inc.

18,179

2,678

EQT

Corp.

17,282

729

First

Solar,

Inc.(Æ)

13,099

2,717

Helmerich

&

Payne,

Inc.

19,355

867

HF

Sinclair

Corp.

20,474

1,066

Hostess

Brands,

Inc.

Class

A(Æ)

120,309

2,892

Liberty

Energy,

Inc.

Class

A

80,925

1,333

Marathon

Oil

Corp.

98,651

2,592

Matador

Resources

Co.

38,825

2,160

Nabors

Industries,

Inc.(Æ)

4,107

503

NOV,

Inc.

178,177

3,578

Oil

States

International,

Inc.(Æ)

131,628

1,058

Patterson-UTI

Energy,

Inc.

313,563

4,967

Pioneer

Natural

Resources

Co.

10,477

2,364

ProFrac

Holding

Corp.

Class

A(Æ)

33,122

426

ProPetro

Holding

Corp.(Æ)

175,971

1,837

Ring

Energy,

Inc.(Æ)(Ñ)

549,604

1,330

Sitio

Royalties

Corp.

Class

A(Ñ)

3,071

84

Smart

Sand,

Inc.(Æ)

135,660

248

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

468,518

5,121

Southwestern

Energy

Co.(Æ)

262,618

1,702

US

Silica

Holdings,

Inc.(Æ)

104,840

1,364

W&T

Offshore,

Inc.(Æ)

290,122

1,271

58,682

Financial

Services

-

18.4%

Affiliated

Managers

Group,

Inc.

11,012

1,527

Agree

Realty

Corp.

(ö)

25,810

1,672

Air

Lease

Corp.

Class

A

36,453

1,543

Alpine

Income

Property

Trust,

Inc.(ö)

177,502

3,016

AlTi

Global,

Inc.(Æ)

38,990

305

Ambac

Financial

Group,

Inc.(Æ)

104,566

1,479

American

Equity

Investment

Life

Holding

Co.

80,474

4,319

American

Realty

Investors,

Inc.(Æ)(Ñ)

9,174

173

Anywhere

Real

Estate,

Inc.(Æ)

326,944

2,740

Apple

Hospitality

REIT,

Inc.(ö)

26,356

409

Ashford

Hospitality

Trust,

Inc.(Æ)(ö)

103,587

414

Associated

Banc-Corp.

20,340

385

Assurant,

Inc.

5,539

745

Assured

Guaranty,

Ltd.

7,127

426

Axos

Financial,

Inc.(Æ)

11,131

523

Bancorp,

Inc.

(The)(Æ)

29,842

1,131

Bank

OZK(Ñ)

42,384

1,853

BankUnited

,

Inc.

59,885

1,787

Banner

Corp.

22,810

1,086

BGC

Partners,

Inc.

Class

A

464,370

2,210

Braemar

Hotels

&

Resorts,

Inc.(ö)

160,102

592

Bridgewater

Bancshares,

Inc.(Æ)

151,009

1,617

Brighthouse

Financial,

Inc.(Æ)

23,948

1,248

Cadence

Bank

57,103

1,430

Cannae

Holdings,

Inc.(Æ)

75,935

1,548

Capitol

Federal

Financial,

Inc.

224,250

1,487

Carter

Bankshares

,

Inc.(Æ)

53,078

780

Chatham

Lodging

Trust(ö)

264,856

2,543

CNO

Financial

Group,

Inc.

65,539

1,686

Cohen

&

Steers,

Inc.

55,560

3,573

Columbia

Banking

System,

Inc.

142,809

3,192

Columbia

Financial,

Inc.(Æ)

39,917

698

Community

Bank

System,

Inc.

28,319

1,524

Community

Healthcare

Trust,

Inc.(ö)

132,994

4,687

Consumer

Portfolio

Services,

Inc.(Æ)(Ñ)

111,542

1,429

CTO

Realty

Growth,

Inc.(Ñ)(ö)

201,772

3,531

Customers

Bancorp,

Inc.(Æ)

76,169

3,198

DiamondRock

Hospitality

Co.(ö)

224,060

1,905

Discover

Financial

Services

20,475

2,161

Distribution

Solutions

Group,

Inc.(Æ)

29,156

1,616

Diversified

Healthcare

Trust(ö)

520,170

1,087

Easterly

Government

Properties,

Inc.(ö)

340,111

5,020

Enova

International,

Inc.(Æ)

30,176

1,662

Equity

Bancshares,

Inc.

Class

A

68,820

1,869

Erie

Indemnity

Co.

Class

A

4,852

1,077

eXp

World

Holdings,

Inc.(Ñ)

136,774

3,411

Extra

Space

Storage,

Inc.(ö)

9,826

1,371

F&G

Annuities

&

Life,

Inc.

124,644

3,266

Federal

Agricultural

Mortgage

Corp.

Class

C

14,346

2,306

First

American

Financial

Corp.

20,548

1,302

First

BanCorp

106,817

1,586

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

71

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

First

Bank(Ñ)

132,595

1,657

First

Citizens

BancShares

,

Inc.

Class

A

553

792

First

Commonwealth

Financial

Corp.

59,331

857

First

Horizon

National

Corp.

98,309

1,340

First

Industrial

Realty

Trust,

Inc.(ö)

54,380

2,811

First

Internet

Bancorp

58,673

1,323

First

Merchants

Corp.

17,994

578

FirstService

Corp.

9,833

1,540

FNB

Corp.

90,478

1,157

Forge

Global

Holdings,

Inc.(Æ)

314,228

914

Gaming

and

Leisure

Properties,

Inc.(ö)

66,124

3,138

Genworth

Financial,

Inc.

Class

A(Æ)

108,399

635

Glacier

Bancorp,

Inc.

42,056

1,375

Globe

Life,

Inc.

826

93

Goosehead

Insurance,

Inc.

Class

A(Æ)

69,308

4,635

Grid

Dynamics

Holdings,

Inc.(Æ)

141,783

1,477

GXO

Logistics,

Inc.(Æ)

65,634

4,402

Hamilton

Lane,

Inc.

Class

A

45,334

4,009

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

80,804

2,110

Hanover

Insurance

Group,

Inc.

(The)

23,918

2,714

Home

BancShares

,

Inc.

40,342

981

Horace

Mann

Educators

Corp.

65,354

1,969

Houlihan

Lokey

,

Inc.

Class

A

57,877

5,779

Howard

Hughes

Corp.

(The)(Æ)

40,210

3,395

Independence

Realty

Trust,

Inc.(ö)

82,327

1,403

Independent

Bank

Group,

Inc.

46,611

2,091

Jackson

Financial,

Inc.

Class

A

95,605

3,157

Jones

Lang

LaSalle,

Inc.(Æ)

15,978

2,661

Kennedy-Wilson,

Inc.

41,801

690

Kinsale

Capital

Group,

Inc.

872

325

Lamar

Advertising

Co.

Class

A(ö)

5,068

500

LendingClub

Corp.(Æ)

214,271

1,798

LendingTree

,

Inc.(Æ)

34,758

848

Live

Oak

Bancshares,

Inc.

72,303

2,738

Maiden

Holdings,

Ltd.(Æ)

325,987

636

MBIA,

Inc.(Æ)

91,425

799

Medical

Properties

Trust,

Inc.(Ñ)(ö)

115,590

1,166

Metropolitan

Bank

Holding

Corp.(Æ)(Ñ)

43,564

1,973

MGIC

Investment

Corp.

87,321

1,462

Mid-America

Apartment

Communities,

Inc.

(ö)

4,859

727

Mr.

Cooper

Group,

Inc.(Æ)

20,365

1,181

NETSTREIT

Corp.(ö)

209,884

3,755

Newmark

Group,

Inc.

Class

A

322,719

2,233

NexPoint

Residential

Trust,

Inc.(ö)

66,501

2,764

NMI

Holdings,

Inc.

Class

A(Æ)

57,349

1,532

Northrim

BanCorp

,

Inc.

38,806

1,855

Ocwen

Financial

Corp.(Æ)

41,017

1,385

OFG

Bancorp

134,940

4,519

Old

Second

Bancorp,

Inc.

86,765

1,387

Origin

Bancorp,

Inc.

12,864

419

Outfront

Media,

Inc.

(ö)

273,983

4,236

Pacific

Premier

Bancorp,

Inc.

85,755

2,190

PacWest

Bancorp(Ñ)

151,905

1,413

Pathward

Financial,

Inc.

18,152

943

Peapack

-Gladstone

Financial

Corp.

47,186

1,379

Perella

Weinberg

Partners

95,814

947

Popular,

Inc.

38,925

2,824

Postal

Realty

Trust,

Inc.

Class

A(Ñ)(ö)

116,465

1,755

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Potlatch

Corp.(ö)

58,858

3,157

Primerica,

Inc.

8,016

1,705

Progyny

,

Inc.(Æ)

86,706

3,621

Radian

Group,

Inc.

51,019

1,374

Raymond

James

Financial,

Inc.

29,861

3,287

Reinsurance

Group

of

America,

Inc.

Class

A

9,671

1,357

Ryman

Hospitality

Properties,

Inc.(ö)

23,837

2,271

Safehold

,

Inc.(ö)

2,476

61

Sandy

Spring

Bancorp,

Inc.

114,833

2,810

Selective

Insurance

Group,

Inc.

41,173

4,249

Simmons

First

National

Corp.

Class

A

94,966

1,917

SLM

Corp.

75,562

1,223

Southern

First

Bancshares,

Inc.(Æ)

69,730

2,104

Southern

Missouri

Bancorp,

Inc.

31,039

1,492

SouthState

Corp.

14,455

1,123

St.

Joe

Co.

(The)

35,120

2,229

STAG

Industrial,

Inc.(ö)

130,831

4,749

Starwood

Property

Trust,

Inc.(Ñ)(ö)

73,038

1,515

Stewart

Information

Services

Corp.

53,319

2,513

Summit

Financial

Group,

Inc.

61,472

1,387

Sun

Communities,

Inc.(ö)

13,480

1,756

Synovus

Financial

Corp.

33,737

1,144

Terreno

Realty

Corp.(ö)

1,917

114

Texas

Capital

Bancshares,

Inc.(Æ)

28,980

1,850

Tradeweb

Markets,

Inc.

Class

A

18,095

1,480

Triumph

Financial,

Inc.

13,123

931

Trupanion

,

Inc.(Æ)(Ñ)

20,192

623

UMB

Financial

Corp.

15,523

1,102

United

Community

Banks,

Inc.

44,508

1,294

Unum

Group

41,015

1,994

Valley

National

Bancorp

165,153

1,694

Veritex

Holdings,

Inc.

83,122

1,788

Virtus

Investment

Partners,

Inc.

1,899

391

Voya

Financial,

Inc.

70,855

5,262

Walker

&

Dunlop,

Inc.

6,326

576

Webster

Financial

Corp.

50,085

2,370

270,030

Health

Care

-

12.5%

Acadia

Healthcare

Co.,

Inc.(Æ)

5,395

426

Aclaris

Therapeutics,

Inc.(Æ)

77,122

761

AdaptHealth

Corp.(Æ)

56,389

775

Addus

HomeCare

Corp.(Æ)

18,839

1,725

Aduro

Biotech

Holdings,

Inc.(Æ)(Š)

15,391

—

Align

Technology,

Inc.(Æ)

9,265

3,501

Amneal

Pharmaceuticals,

Inc.(Æ)

237,260

759

Apellis

Pharmaceuticals,

Inc.(Æ)

26,854

692

Arcellx

,

Inc.(Æ)

65,328

2,238

Argenx

SE

-

ADR(Æ)

5,689

2,870

Arrowhead

Pharmaceuticals,

Inc.(Æ)

83,267

2,874

Arvinas

,

Inc.(Æ)

46,107

1,140

Ascendis

Pharma

A/S

-

ADR(Æ)

11,243

1,014

Assertio

Holdings,

Inc.(Æ)

156,573

891

Azenta

,

Inc.(Æ)

3,360

158

Beam

Therapeutics,

Inc.(Æ)

12,730

393

Biohaven

,

Ltd.(Æ)

7,390

147

Blueprint

Medicines

Corp.(Æ)

23,366

1,542

Cara

Therapeutics,

Inc.(Æ)

356,658

1,188

Catalent

,

Inc.(Æ)

21,400

1,038

Catalyst

Pharmaceuticals,

Inc.(Æ)

75,842

1,049

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

72

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Centene

Corp.(Æ)

21,783

1,483

Certara

,

Inc.(Æ)

28,750

560

Charles

River

Laboratories

International,

Inc.(Æ)

9,555

2,002

Chemed

Corp.

4,610

2,402

Community

Health

Systems,

Inc.(Æ)

200,953

882

Cooper

Cos.,

Inc.

(The)

2,058

805

CorVel

Corp.(Æ)

11,987

2,452

Cytokinetics,

Inc.(Æ)

104,681

3,491

Denali

Therapeutics,

Inc.(Æ)

44,828

1,274

Dentsply

Sirona,

Inc.

55,214

2,293

DexCom

,

Inc.(Æ)

9,320

1,161

DocGo

,

Inc.(Æ)

173,803

1,458

Doximity

,

Inc.

Class

A(Æ)

57,672

2,061

Dyne

Therapeutics,

Inc.(Æ)

61,738

752

Encompass

Health

Corp.

51,986

3,433

Enhabit

,

Inc.(Æ)

57,375

788

Enovis

Corp.(Æ)

45,405

2,901

Ensign

Group,

Inc.

(The)

29,828

2,889

Envista

Holdings

Corp.(Æ)

34,354

1,182

Evolus

,

Inc.(Æ)

139,452

1,397

Fulgent

Genetics,

Inc.(Æ)

32,823

1,275

Globus

Medical,

Inc.

Class

A(Æ)

6,568

396

Haemonetics

Corp.(Æ)

20,950

1,932

Halozyme

Therapeutics,

Inc.(Æ)

34,605

1,487

HealthEquity

,

Inc.(Æ)

12,984

882

Henry

Schein,

Inc.(Æ)

17,378

1,369

Horizon

Therapeutics

PLC(Æ)

19,978

2,003

Icon

PLC(Æ)

18,708

4,703

InfuSystem

Holdings,

Inc.(Æ)

72,324

746

Inhibrx

,

Inc.(Æ)

188,384

3,777

Inogen

,

Inc.(Æ)

106,897

873

Inspire

Medical

Systems,

Inc.(Æ)

369

106

Integra

LifeSciences

Holdings

Corp.(Æ)

36,168

1,645

Intellia

Therapeutics,

Inc.(Æ)

34,475

1,459

Ionis

Pharmaceuticals,

Inc.(Æ)

7,245

300

Jazz

Pharmaceuticals

PLC(Æ)

2,086

272

Keros

Therapeutics,

Inc.(Æ)

41,289

1,729

Kura

Oncology,

Inc.(Æ)

109,750

1,146

Kymera

Therapeutics,

Inc.(Æ)

29,181

639

Lantheus

Holdings,

Inc.(Æ)

3,709

321

Legend

Biotech

Corp.

-

ADR(Æ)

34,959

2,640

LeMaitre

Vascular,

Inc.

63,624

4,023

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

9,793

655

Liquidia

Corp.(Æ)

178,929

1,381

LivaNova

PLC(Æ)

26,368

1,541

Medpace

Holdings,

Inc.(Æ)

7,207

1,825

MeiraGTx

Holdings

PLC(Æ)

28,968

183

Mersana

Therapeutics,

Inc.(Æ)

79,693

98

ModivCare

,

Inc.(Æ)

28,279

1,237

Molina

Healthcare,

Inc.(Æ)

4,848

1,476

Neurocrine

Biosciences,

Inc.(Æ)

21,344

2,175

OmniAb

,

Inc.(Æ)

6,830

—

Omnicell

,

Inc.(Æ)

41,185

2,601

Option

Care

Health,

Inc.(Æ)

17,405

588

Organon

&

Co.

43,438

955

Owens

&

Minor,

Inc.(Æ)

68,193

1,312

Pediatrix

Medical

Group,

Inc.(Æ)

46,506

639

Pennant

Group,

Inc.

(The)(Æ)

47,422

544

Penumbra,

Inc.(Æ)

1,309

397

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Perrigo

Co.

PLC

257,026

9,417

PetIQ

,

Inc.(Æ)

42,695

715

Pliant

Therapeutics,

Inc.(Æ)

46,326

826

Prestige

Brands

Holdings,

Inc.(Æ)

7,856

512

Protagonist

Therapeutics,

Inc.(Æ)

41,198

799

PTC

Therapeutics,

Inc.(Æ)

25,026

1,010

Quest

Diagnostics,

Inc.

7,338

992

QuidelOrtho

Corp.(Æ)

12,036

1,052

Quipt

Home

Medical

Corp.(Æ)(Ñ)

191,971

1,019

Rain

Oncology,

Inc.(Æ)(Ñ)

719,513

957

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

52,770

745

Repligen

Corp.(Æ)

12,123

2,080

ResMed

,

Inc.

5,478

1,218

Rocket

Pharmaceuticals,

Inc.(Æ)

246,089

4,442

Sarepta

Therapeutics,

Inc.(Æ)

13,002

1,409

Schrodinger,

Inc.(Æ)

79,588

4,163

Seagen

,

Inc.(Æ)

2,008

385

ShockWave

Medical,

Inc.(Æ)

3,899

1,016

Smith

&

Nephew

PLC

-

ADR

135,542

4,118

SpringWorks

Therapeutics,

Inc.(Æ)

47,730

1,498

STERIS

PLC

18,634

4,203

Supernus

Pharmaceuticals,

Inc.(Æ)

14,740

452

Syneos

Health,

Inc.

Class

A(Æ)

15,021

637

Tandem

Diabetes

Care,

Inc.(Æ)

23,303

814

United

Therapeutics

Corp.(Æ)

6,528

1,585

US

Physical

Therapy,

Inc.

22,949

2,668

Utah

Medical

Products,

Inc.

12,312

1,211

Veeva

Systems,

Inc.

Class

A(Æ)

6,119

1,250

Ventyx

Biosciences,

Inc.(Æ)

26,721

990

Vericel

Corp.(Æ)

56,908

2,044

Viridian

Therapeutics,

Inc.(Æ)

116,449

2,185

West

Pharmaceutical

Services,

Inc.

14,698

5,409

Xencor

,

Inc.(Æ)

70,645

1,716

Xenon

Pharmaceuticals,

Inc.(Æ)

46,572

1,719

Zai

Lab,

Ltd.

-

ADR(Æ)(Ñ)

80,992

2,435

Zentalis

Pharmaceuticals,

Inc.(Æ)

50,000

1,336

Zimvie

,

Inc.(Æ)

146,212

2,006

183,210

Materials

and

Processing

-

11.2%

AAON,

Inc.

11,226

1,182

Acuity

Brands,

Inc.

2,856

472

Advanced

Drainage

Systems,

Inc.

16,562

2,020

AdvanSix

,

Inc.

27,650

1,109

Albemarle

Corp.

127

27

Alcoa

Corp.

33,253

1,203

Arconic

Corp.(Æ)

32,709

978

Ashland,

Inc.

29,555

2,700

Avient

Corp.

35,345

1,433

Axalta

Coating

Systems,

Ltd.(Æ)

106,381

3,404

Balchem

Corp.

20,807

2,804

Ball

Corp.

122,247

7,175

Belden,

Inc.

5,651

546

Builders

FirstSource

,

Inc.(Æ)

34,934

5,045

Celanese

Corp.

Class

A

31,339

3,930

Century

Aluminum

Co.(Æ)

94,914

883

Chemours

Co.

(The)

73,358

2,713

Cleveland-Cliffs,

Inc.(Æ)

46,373

818

Codexis

,

Inc.(Æ)

386,186

1,390

Commercial

Metals

Co.

77,975

4,462

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

73

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Crown

Holdings,

Inc.

12,014

1,114

Darling

Ingredients,

Inc.(Æ)

12,608

873

Eagle

Materials,

Inc.

17,343

3,198

Element

Solutions,

Inc.

274,023

5,744

Fabrinet

(Æ)

5,341

660

FMC

Corp.

824

79

Fortitude

Gold

Corp.

63,468

414

Fortune

Brands

Innovations,

Inc.

38,931

2,767

Healthcare

Services

Group,

Inc.

33,938

428

Huntsman

Corp.

21,662

645

Ingevity

Corp.(Æ)

3,255

208

Innospec

,

Inc.

4,161

446

Intrepid

Potash,

Inc.(Æ)

64,132

1,764

ITT,

Inc.

39,309

3,915

Kaiser

Aluminum

Corp.

54,225

4,403

KAR

Auction

Services,

Inc.(Æ)

196,303

3,082

Knife

River

Corp.(Æ)

25,914

1,126

Koppers

Holdings,

Inc.

14,523

556

Lennox

International,

Inc.

19,466

7,153

LKQ

Corp.

42,380

2,322

LSB

Industries,

Inc.(Æ)

127,844

1,428

Masco

Corp.

24,332

1,476

Masterbrand,

Inc.(Æ)

418,141

5,164

Mativ

Holdings,

Inc.

213,929

3,367

MDU

Resources

Group,

Inc.

103,659

2,293

Minerals

Technologies,

Inc.

16,922

1,038

Modine

Manufacturing

Co.(Æ)

174,764

6,564

Mohawk

Industries,

Inc.(Æ)

11,575

1,231

Olin

Corp.

23,277

1,343

Olympic

Steel,

Inc.

22,978

1,282

Osisko

Gold

Royalties,

Ltd.

114,225

1,693

Owens

Corning

10,132

1,418

Packaging

Corp.

of

America

4,726

725

PGT

Innovations,

Inc.(Æ)

32,596

933

Pool

Corp.

12,749

4,905

Quaker

Chemical

Corp.

6,825

1,368

Reliance

Steel

&

Aluminum

Co.

4,945

1,448

Resideo

Technologies,

Inc.(Æ)

50,050

937

Rogers

Corp.(Æ)

8,723

1,471

Royal

Gold,

Inc.

15,751

1,892

RPM

International,

Inc.

6,601

682

Rush

Enterprises,

Inc.

Class

A

47,322

3,061

ScanSource

,

Inc.(Æ)

32,232

970

Sealed

Air

Corp.

18,480

843

Silgan

Holdings,

Inc.

130,449

5,720

SiteOne

Landscape

Supply,

Inc.(Æ)

13,147

2,235

SPX

Technologies,

Inc.(Æ)

51,202

4,332

Steel

Dynamics,

Inc.

20,453

2,180

Sylvamo

Corp.

51,888

2,546

Timken

Co.

(The)

7,696

715

TimkenSteel

Corp.(Æ)

35,975

838

Trex

Co.,

Inc.(Æ)

34,500

2,385

UFP

Industries,

Inc.

15,078

1,549

United

States

Steel

Corp.

41,621

1,061

Valmont

Industries,

Inc.

2,427

643

Valvoline,

Inc.

46,246

1,756

Watsco

,

Inc.

4,901

1,853

Westrock

Co.

68,851

2,292

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Worthington

Industries,

Inc.

9,630

719

163,547

Producer

Durables

-

17.7%

AAR

Corp.(Æ)

11,205

670

ABM

Industries,

Inc.

8,925

413

Advantage

Solutions,

Inc.(Æ)

354,916

919

AECOM

40,397

3,515

Alamo

Group,

Inc.

5,697

1,104

Alarm.com

Holdings,

Inc.(Æ)

56,742

3,133

Alaska

Air

Group,

Inc.(Æ)

7,333

357

Alight,

Inc.

Class

A(Æ)

564,753

5,523

Allison

Transmission

Holdings,

Inc.

Class

A

13,732

806

Alta

Equipment

Group,

Inc.

66,347

1,072

AMN

Healthcare

Services,

Inc.(Æ)

53,801

5,765

Applied

Industrial

Technologies,

Inc.

4,001

580

ArcBest

Corp.

26,943

3,134

Arcosa

,

Inc.

45,271

3,494

Arhaus

,

Inc.(Æ)(Ñ)

94,961

1,088

Avery

Dennison

Corp.

4,784

880

Badger

Meter,

Inc.

12,047

1,983

Barnes

Group,

Inc.

43,590

1,713

Booz

Allen

Hamilton

Holding

Corp.

Class

A

9,028

1,093

Brady

Corp.

Class

A

44,653

2,303

BWX

Technologies,

Inc.

97,787

6,747

Carlisle

Cos.,

Inc.

4,808

1,333

Centrus

Energy

Corp.

Class

A(Æ)

21,431

806

Chart

Industries,

Inc.(Æ)

6,668

1,215

CIRCOR

International,

Inc.(Æ)

14,895

830

CNH

Industrial

NV

106,754

1,533

Comfort

Systems

USA,

Inc.

8,542

1,486

Construction

Partners,

Inc.

Class

A(Æ)

59,402

1,746

CoStar

Group,

Inc.(Æ)

30,654

2,574

Crane

Co.

15,099

1,415

Cross

Country

Healthcare,

Inc.(Æ)

10,832

280

CryoPort

,

Inc.(Æ)

33,756

542

Deluxe

Corp.

169,750

3,224

DMC

Global,

Inc.(Æ)

58,983

1,112

Donaldson

Co.,

Inc.

16,407

1,031

Dorian

LPG,

Ltd.

46,650

1,387

Dorman

Products,

Inc.(Æ)

14,326

1,213

Dycom

Industries,

Inc.(Æ)

11,879

1,183

Eagle

Bulk

Shipping,

Inc.(Ñ)

714

33

Encore

Wire

Corp.

5,691

971

EnerSys

62,739

6,796

EnPro

Industries,

Inc.

10,599

1,471

Esab

Corp.

53,970

3,708

ESCO

Technologies,

Inc.

24,586

2,472

Euronet

Worldwide,

Inc.(Æ)

55,440

4,872

ExlService

Holdings,

Inc.(Æ)

6,892

971

Exponent,

Inc.

10,275

920

FARO

Technologies,

Inc.(Æ)

56,093

931

Flowserve

Corp.

198,821

7,508

Fluor

Corp.(Æ)

37,800

1,171

Forward

Air

Corp.

3,832

455

Fox

Factory

Holding

Corp.(Æ)

45,423

5,083

Franklin

Electric

Co.,

Inc.

24,410

2,412

FTI

Consulting,

Inc.(Æ)

7,468

1,308

Gartner,

Inc.(Æ)

3,010

1,064

Gentex

Corp.

58,622

1,969

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

74

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

GFL

Environmental,

Inc.

42,753

1,460

Gorman-Rupp

Co.

(The)

39,371

1,248

Granite

Construction,

Inc.

19,483

797

H&E

Equipment

Services,

Inc.

20,683

1,005

Hawaiian

Holdings,

Inc.(Æ)

168,184

1,949

HEICO

Corp.

14,416

2,537

Herc

Holdings,

Inc.

7,337

982

Hertz

Global

Holdings,

Inc.(Æ)

51,998

876

Hexcel

Corp.

8,499

601

Hillman

Solutions

Corp.(Æ)

114,599

1,128

HNI

Corp.

15,359

447

Howmet

Aerospace,

Inc.

66,445

3,398

Huntington

Ingalls

Industries,

Inc.

2,524

580

Information

Services

Group,

Inc.

136,081

701

Insperity

,

Inc.

10,094

1,188

John

Bean

Technologies

Corp.

1,227

152

Kaman

Corp.

Class

A

143,452

3,284

Keysight

Technologies,

Inc.(Æ)

14,446

2,327

Knight-Swift

Transportation

Holdings,

Inc.

9,433

573

Lamb

Weston

Holdings,

Inc.

38,820

4,023

Landstar

System,

Inc.

9,875

2,010

Limbach

Holdings,

Inc.(Æ)

15,212

402

Littelfuse

,

Inc.

16,536

5,037

Lovesac

Co.

(The)(Æ)

18,687

547

MarketAxess

Holdings,

Inc.

4,289

1,155

MasTec

,

Inc.(Æ)

17,488

2,059

Matson,

Inc.

32,889

3,074

Maximus,

Inc.

23,374

1,958

Mayville

Engineering

Co.,

Inc.(Æ)

26,392

319

Middleby

Corp.(Æ)

8,536

1,296

MillerKnoll

,

Inc.

152,755

2,989

Montrose

Environmental

Group,

Inc.(Æ)

30,973

1,254

Murphy

USA,

Inc.

1,877

576

MYR

Group,

Inc.(Æ)

11,935

1,701

Nordson

Corp.

6,859

1,726

NV5

Global,

Inc.(Æ)

34,308

3,758

Paylocity

Holding

Corp.(Æ)

19,836

4,500

Pentair

PLC

13,065

908

Phinia

,

Inc.(Æ)

79,412

2,253

PROG

Holdings,

Inc.(Æ)

67,376

2,734

Quanta

Services,

Inc.

39,003

7,864

RBC

Bearings,

Inc.(Æ)

1,938

438

Regal

Rexnord

Corp.

9,258

1,446

Repay

Holdings

Corp.(Æ)

148,787

1,242

RXO,

Inc.(Æ)

9,872

218

Ryder

System,

Inc.

13,972

1,427

Ryerson

Holding

Corp.

31,214

1,326

Saia,

Inc.(Æ)

16,739

7,083

SHYFT

Group,

Inc.

(The)

18,176

262

Snap-on,

Inc.

3,029

825

SoundThinking

,

Inc.(Æ)

31,708

720

Spirit

Airlines,

Inc.

48,491

887

Standex

International

Corp.

22,197

3,298

Stanley

Black

&

Decker,

Inc.

28,337

2,813

Sterling

Infrastructure,

Inc.(Æ)

21,014

1,261

Teekay

Tankers,

Ltd.

Class

A

12,352

539

Teledyne

Technologies,

Inc.(Æ)

2,321

893

Tennant

Co.

920

74

Terex

Corp.

16,159

947

Tetra

Tech,

Inc.

14,434

2,442

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Textainer

Group

Holdings,

Ltd.

16,226

667

Textron,

Inc.

11,075

861

Thermon

Group

Holdings,

Inc.(Æ)

79,805

2,203

Tidewater,

Inc.(Æ)

10,522

664

Toast,

Inc.

Class

A(Æ)

32,193

711

TopBuild

Corp.(Æ)

6,629

1,816

Toro

Co.

(The)

9,787

995

TransUnion

4,673

372

Trimble

Navigation,

Ltd.(Æ)

49,203

2,647

UniFirst

Corp.

3,829

621

United

Rentals,

Inc.

7,327

3,405

V2X,

Inc.(Æ)

94,911

4,884

Vertex

Energy,

Inc.(Æ)

89,953

474

Vontier

Corp.

97,266

3,008

Watts

Water

Technologies,

Inc.

Class

A

4,528

845

WESCO

International,

Inc.

32,566

5,718

Westinghouse

Air

Brake

Technologies

Corp.

15,241

1,805

Whole

Earth

Brands,

Inc.(Æ)

451,623

1,829

WNS

Holdings,

Ltd.

-

ADR(Æ)

45,493

3,144

XPO,

Inc.(Æ)

48,776

3,377

Zebra

Technologies

Corp.

Class

A(Æ)

1,182

364

259,244

Technology

-

13.3%

ACI

Worldwide,

Inc.(Æ)

66,841

1,550

ACM

Research,

Inc.

Class

A(Æ)

35,513

465

ADTRAN

Holdings,

Inc.

98,862

962

Advanced

Micro

Devices,

Inc.(Æ)

6,838

782

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

49,791

1,637

Altair

Engineering,

Inc.

Class

A(Æ)

21,924

1,643

American

Software,

Inc.

Class

A

263,831

3,042

Appfolio

,

Inc.

Class

A(Æ)

32,725

5,910

Arista

Networks,

Inc.(Æ)

9,572

1,485

Aviat

Networks,

Inc.(Æ)

5

—

Avid

Technology,

Inc.(Æ)

26,121

623

Avnet,

Inc.

13,838

671

Bandwidth,

Inc.

Class

A(Æ)

68,627

1,040

Bio

Techne

Corp.

73,832

6,158

Black

Knight,

Inc.(Æ)

33,767

2,374

Blackline,

Inc.(Æ)

28,626

1,663

Box,

Inc.

Class

A(Æ)

18,284

571

Broadridge

Financial

Solutions,

Inc.

6,755

1,134

Bumble,

Inc.

Class

A(Æ)

127,653

2,364

CACI

International,

Inc.

Class

A(Æ)

11,126

3,899

Calix,

Inc.(Æ)

8,224

371

CCC

Intelligent

Solutions

Holdings,

Inc.(Æ)

493,340

5,437

Clearfield,

Inc.(Æ)

13,225

618

Cognex

Corp.

20,655

1,128

Coherent

Corp.(Æ)

5,442

258

Cohu

,

Inc.(Æ)

5,969

261

Concentrix

Corp.

7,146

595

Consensus

Cloud

Solutions,

Inc.(Æ)

29,201

946

Crane

NXT

Co.

65,299

3,862

Daily

Journal

Corp.(Æ)

3,316

960

Descartes

Systems

Group,

Inc.

(The)(Æ)

50,844

3,959

Digital

Turbine,

Inc.(Æ)

92,112

998

Diodes,

Inc.(Æ)

27,037

2,555

Dolby

Laboratories,

Inc.

Class

A

32,605

2,889

Donnelley

Financial

Solutions,

Inc.(Æ)

22,618

1,070

DoubleVerify

Holdings,

Inc.(Æ)

59,249

2,494

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

75

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

DXC

Technology

Co.(Æ)

44,034

1,218

Dynatrace

,

Inc.(Æ)

40,960

2,240

DZS,

Inc.(Æ)

256,932

969

Endava

PLC

-

ADR(Æ)

21,259

1,115

Entegris

,

Inc.

41,587

4,563

Envestnet

,

Inc.(Æ)

42,297

2,622

EPAM

Systems,

Inc.(Æ)

2,481

588

Evolent

Health,

Inc.

Class

A(Æ)

27,982

850

Fair

Isaac

Corp.(Æ)

10,245

8,585

Five9,

Inc.(Æ)

30,981

2,719

Fortinet,

Inc.(Æ)

34,313

2,667

GCI

Liberty,

Inc.(Æ)(Š)

39,677

—

Genpact

,

Ltd.

57,462

2,074

Globant

SA(Æ)

18,142

3,170

GoDaddy

,

Inc.

Class

A(Æ)

24,884

1,918

Guidewire

Software,

Inc.(Æ)

16,199

1,374

Inspired

Entertainment,

Inc.(Æ)

29,374

370

IPG

Photonics

Corp.(Æ)

1,991

262

Jabil

Circuit,

Inc.

6,244

691

Jack

Henry

&

Associates,

Inc.

4,880

818

Kimball

Electronics,

Inc.(Æ)

21,038

614

Kulicke

&

Soffa

Industries,

Inc.

157,843

9,452

Kyndryl

Holdings,

Inc.(Æ)

92,269

1,260

Lattice

Semiconductor

Corp.(Æ)

11,676

1,062

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

5,670

396

Model

N,

Inc.(Æ)

33,153

1,105

Monolithic

Power

Systems,

Inc.

12,574

7,035

NCR

Corp.(Æ)

173,030

4,651

Nice,

Ltd.

-

ADR(Æ)

13,795

3,005

Olo

,

Inc.

Class

A(Æ)

40,313

317

ON

Semiconductor

Corp.(Æ)

12,467

1,343

PDF

Solutions,

Inc.(Æ)

17,238

793

Photronics

,

Inc.(Æ)

34,924

924

PlayAGS

,

Inc.(Æ)

240,912

1,595

Plexus

Corp.(Æ)

29,571

2,912

Power

Integrations,

Inc.

15,546

1,510

Progress

Software

Corp.

36,263

2,178

PTC,

Inc.(Æ)

24,074

3,510

Pure

Storage,

Inc.

Class

A(Æ)

10,531

390

Qualys

,

Inc.(Æ)

35,481

4,925

Rambus,

Inc.(Æ)

18,176

1,138

Ribbon

Communications,

Inc.(Æ)

265,110

843

Shutterstock

,

Inc.

19,127

984

Simulations

Plus,

Inc.

16,355

814

SiTime

Corp.(Æ)

11,684

1,507

Skyworks

Solutions,

Inc.

57,702

6,599

Smartsheet

,

Inc.

Class

A(Æ)

397

18

SPS

Commerce,

Inc.(Æ)

36,339

6,555

Super

Micro

Computer,

Inc.(Æ)

21,757

7,186

Synaptics

,

Inc.(Æ)

8,829

797

SYNNEX

Corp.

7,146

705

Take-Two

Interactive

Software,

Inc.(Æ)

3,269

500

Thoughtworks

Holding,

Inc.(Æ)

146,132

1,036

Thryv

Holdings,

Inc.(Æ)

92,699

2,197

Tingo

Group,

Inc.(Æ)(Ñ)

356,654

503

Tyler

Technologies,

Inc.(Æ)

8,952

3,551

Universal

Display

Corp.

5,896

860

Verint

Systems,

Inc.(Æ)

49,513

1,850

Verra

Mobility

Corp.(Æ)

156,050

3,275

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wolfspeed

,

Inc.(Æ)

4,678

308

195,390

Utilities

-

3.0%

ALLETE,

Inc.

78,213

4,492

American

States

Water

Co.

15,862

1,402

APA

Corp.

19,626

795

Baytex

Energy

Corp.

240,587

972

Brookfield

Infrastructure

Corp.

Class

A

11,226

525

Callon

Petroleum

Co.(Æ)

36,687

1,378

Chesapeake

Energy

Corp.

837

71

Chesapeake

Utilities

Corp.

2,677

317

Chord

Energy

Corp.

9,808

1,538

Cogent

Communications

Holdings,

Inc.

20,250

1,240

Constellation

Energy

Corp.

13,579

1,312

DT

Midstream,

Inc.

103,821

5,557

Earthstone

Energy,

Inc.

Class

A(Æ)(Ñ)

52,676

842

Essential

Utilities,

Inc.

10,235

433

Iridium

Communications,

Inc.

47,158

2,478

Magnolia

Oil

&

Gas

Corp.

Class

A

55,264

1,224

NextDecade

Corp.(Æ)

5,788

32

Northern

Oil

and

Gas,

Inc.

30,626

1,206

Northwest

Natural

Holding

Co.

64,120

2,755

Ovintiv

,

Inc.

7,842

361

RGC

Resources,

Inc.

79,324

1,596

SandRidge

Energy,

Inc.

18,274

312

SilverBow

Resources,

Inc.(Æ)

46,439

1,663

Talos

Energy,

Inc.(Æ)

80,185

1,283

UGI

Corp.

88,635

2,392

Viper

Energy

Partners,

LP

78,356

2,125

Vistra

Corp.

105,077

2,948

Vital

Energy,

Inc.(Æ)

34,137

1,802

43,051

Total

Common

Stocks

(cost

$847,039)

1,426,205

Preferred

Stocks

-

0.0%

Consumer

Staples

-

0.0%

Qurate

Retail,

Inc.

8.000%

due

03/15/31

4,783

171

Producer

Durables

-

0.0%

WESCO

International,

Inc.

10.625%

due

06/22/25

(¢)

3,454

94

Total

Preferred

Stocks

(cost

$459)

265

Warrants

and

Rights

-

0.0%

Chord

Energy

Corp.(

Æ)(Ñ)

2024 Warrants

12,581

264

Nabors

Industries,

Inc.(

Æ)(Ñ)

2026 Warrants

3,926

72

Total

Warrants

and

Rights

(cost

$58)

336

Short-Term

Investments

-

2.5%

U.S.

Cash

Management

Fund(@)

35,992,043

(∞)

35,978

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

76

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Short-Term

Investments

(cost

$35,980)

35,978

Other

Securities

-

1.5%

U.S.

Cash

Collateral

Fund(@)(×)

22,191,528

(∞)

22,192

Total

Other

Securities

(cost

$22,192)

22,192

Total

Investments

-

101.4%

(identified

cost

$905,728)

1,484,976

Other

Assets

and

Liabilities,

Net

-

(1.4)%

(19,965)

Net

Assets

-

100.0%

1,465,011

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

77

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

100

Index

Futures

370

USD

37,252

09/23

2,372

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

2,372

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

$

207,752

$

—

$

—

$

—

$

207,752

Consumer

Staples

45,299

—

—

—

45,299

Energy

58,682

—

—

—

58,682

Financial

Services

270,030

—

—

—

270,030

Health

Care

183,210

—

—

—

183,210

Materials

and

Processing

163,547

—

—

—

163,547

Producer

Durables

259,244

—

—

—

259,244

Technology

195,390

—

—

—

195,390

Utilities

43,051

—

—

—

43,051

Preferred

Stocks

265

—

—

—

265

Warrants

and

Rights

336

—

—

—

336

Short-Term

Investments

—

—

—

35,978

35,978

Other

Securities

—

—

—

22,192

22,192

Total

Investments

1,426,806

—

—

58,170

1,484,976

Other

Financial

Instruments

Assets

Futures

Contracts

2,372

—

—

—

2,372

Total

Other

Financial

Instruments

*

$

2,372

$

—

$

—

$

—

$

2,372

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

78

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

93.5%

Argentina

-

0.1%

YPF

SA

-

ADR(Æ)

181,187

2,698

Australia

-

1.5%

Ampol,

Ltd.

24,942

552

AngloGold

Ashanti,

Ltd.

-

ADR

244,859

5,436

Aristocrat

Leisure,

Ltd.

27,901

738

ASX,

Ltd.

-

ADR

25,468

1,065

BHP

Group,

Ltd.

20,664

644

BHP

Group,

Ltd.

-

ADR

105,169

3,279

BlueScope

Steel,

Ltd.

40,511

595

Brambles,

Ltd.

164,769

1,558

Commonwealth

Bank

of

Australia

-

ADR

76,958

5,474

Glencore

PLC

864,714

5,251

Goodman

Group(ö)

176,076

2,437

Independence

Group

NL

150,541

1,398

LendLease

Group

359,637

2,092

Lottery

Corp.,

Ltd.

(The)

246,339

857

Macquarie

Group,

Ltd.

2,380

280

Medibank

Pvt,

Ltd.

239,267

564

National

Australia

Bank,

Ltd.

-

ADR

41,547

794

Newcrest

Mining,

Ltd.

110,903

1,993

QBE

Insurance

Group,

Ltd.

163,228

1,730

Reece,

Ltd.

154,087

2,031

Rio

Tinto

PLC

4,261

281

Rio

Tinto,

Ltd.

-

ADR

7,211

568

Santos,

Ltd.

219,561

1,178

South32,

Ltd.

Class

B

288,598

757

Tabcorp

Holdings,

Ltd.

246,339

175

Telstra

Corp.,

Ltd.

-

ADR

127,485

1,813

Telstra

Group,

Ltd.

1,222,748

3,502

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

38,433

853

Woodside

Energy

Group,

Ltd.

61,202

1,575

Woolworths

Group,

Ltd.

28,891

750

50,220

Austria

-

0.5%

ams

AG(Æ)

296,233

2,628

Erste

Group

Bank

AG

249,037

9,409

Mondi

PLC

324,408

5,681

OMV

AB

12,197

550

18,268

Belgium

-

0.3%

Ageas

SA

68,341

2,894

Anheuser-Busch

InBev

SA

21,723

1,245

Proximus

SA

172,190

1,318

UCB

SA

66,505

5,889

11,346

Brazil

-

2.7%

Ambev

SA(Æ)

2,923,957

9,188

Ambev

SA

-

ADR(Æ)

495,475

1,546

Atacadao

SA

2,013,576

5,842

Azul

SA

-

ADR(Æ)

69,937

779

B3

SA

-

Brasil

Bolsa

Balcao

148,446

468

Banco

Bradesco

SA

-

ADR

2,728,649

9,632

Banco

do

Brasil

SA

175,114

1,785

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Centrais

Eletricas

Brasileiras

SA

268,811

2,197

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

306,008

3,760

Cosan

SA

3,459

15

Hypera

SA(Æ)

31,472

288

Itau

Unibanco

Holding

SA

-

ADR(Æ)

910,178

5,470

Localiza

Rent

a

Car

SA(Æ)

213,098

3,029

Lojas

Renner

SA(Æ)

970,061

3,846

MercadoLibre,

Inc.(Æ)

5,850

7,243

Petro

Rio

SA(Æ)

118,570

1,144

Petroleo

Brasileiro

SA

-

ADR

369,645

5,421

Rumo

SA

1,038,034

5,101

Telefonica

Brasil

SA

464,384

4,135

Telefonica

Brasil

SA

-

ADR

356,661

3,203

TIM

SA

-

ADR

127,126

1,920

Ultrapar

Participacoes

SA

544,610

2,175

Vale

SA

21,274

311

Vale

SA

Class

B

-

ADR

792,270

11,591

Wheaton

Precious

Metals

Corp.

55,002

2,466

92,555

Burkina

Faso

-

0.2%

Endeavour

Mining

PLC

250,633

6,048

Canada

-

4.2%

Agnico

Eagle

Mines,

Ltd.

43,719

2,291

Alimentation

Couche-Tard,

Inc.

40,402

2,045

ARC

Resources,

Ltd.

134,430

2,031

Bank

of

Montreal

34,854

3,239

Bank

of

Nova

Scotia

(The)

49,338

2,485

Barrick

Gold

Corp.

230,152

3,977

BCE,

Inc.

33,358

1,442

Brookfield

Asset

Management,

Inc.

30,420

1,062

Brookfield

Asset

Management,

Inc.

Class

A

7,605

257

Brookfield

Corp.

8,533

298

CAE,

Inc.(Æ)

649,612

14,843

Cameco

Corp.

Class

A

74,549

2,621

Canadian

Imperial

Bank

of

Commerce

15,366

677

Canadian

National

Railway

Co.

100,375

12,167

Canadian

Natural

Resources,

Ltd.

29,841

1,814

Canadian

Pacific

Kansas

City,

Ltd.

75,179

6,186

Canadian

Tire

Corp.,

Ltd.

Class

A

1,150

158

CCL

Industries,

Inc.

Class

B

51,727

2,480

Celestica,

Inc.(Æ)

5,142

113

Cenovus

Energy,

Inc.

45,215

860

CGI

Group,

Inc.(Æ)

33,689

3,423

Constellation

Software,

Inc.

1,013

2,140

Dollarama,

Inc.

87,191

5,743

Enbridge,

Inc.

11,372

418

Fairfax

Financial

Holdings,

Ltd.

480

383

Fortis,

Inc.

33,293

1,419

Franco-Nevada

Corp.

11,855

1,729

Franco-Nevada

Corp.

Class

T

14,897

2,174

George

Weston,

Ltd.

337

39

Hydro

One,

Ltd.(Þ)

3,276

92

Imperial

Oil,

Ltd.

49,896

2,690

Intact

Financial

Corp.

11,714

1,731

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

706,734

7,493

Loblaw

Cos.,

Ltd.

22,866

2,029

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

79

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lumine

Group,

Inc.(Æ)(Þ)

3,039

48

Magna

International,

Inc.

Class

A

66,166

4,256

Manulife

Financial

Corp.

167,246

3,345

Metro,

Inc.

Class

A

8,999

484

National

Bank

of

Canada

9,586

751

Nutrien,

Ltd.

19,394

1,336

Open

Text

Corp.

32,914

1,414

Pembina

Pipeline

Corp.

53,664

1,700

Rogers

Communications,

Inc.

Class

B

46,281

2,026

Royal

Bank

of

Canada

11,848

1,175

Royal

Bank

of

Canada

-

GDR

45,502

4,511

Stantec,

Inc.

73,864

5,002

Sun

Life

Financial,

Inc.

65,876

3,466

Suncor

Energy,

Inc.

45,121

1,412

TC

Energy

Corp.

111,514

3,999

Teck

Resources,

Ltd.

Class

B

62,967

2,797

TELUS

Corp.

77,842

1,385

Thomson

Reuters

Corp.

8,660

1,169

Toromont

Industries,

Ltd.

2,158

184

Toronto-Dominion

Bank

(The)

119,211

7,861

Tourmaline

Oil

Corp.

2,046

106

Trisura

Group,

Ltd.(Æ)

436

11

140,987

Chile

-

0.2%

Antofagasta

PLC

40,980

882

Banco

de

Chile

-

ADR

3

—

Enel

Americas

SA(Æ)

15,556,492

2,103

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

49,143

3,621

6,606

China

-

9.3%

3SBio,

Inc.

Class

A(Þ)

62,282

60

Agricultural

Bank

of

China,

Ltd.

Class

H

2,624,209

953

Air

China,

Ltd.

Class

H(Æ)

1,612,000

1,318

Akeso,

Inc.

Class

B(Æ)(Þ)

310,910

1,640

Alibaba

Group

Holding,

Ltd.(Æ)

2,584,077

32,914

Aluminum

Corp.

of

China,

Ltd.

Class

A

1,895,933

1,690

Aluminum

Corp.

of

China,

Ltd.

Class

H

7,286,689

3,602

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

1,104,891

3,329

Anta

Sports

Products,

Ltd.

682,600

8,041

Baidu,

Inc.

Class

A(Æ)

451,409

8,819

Baidu,

Inc.

-

ADR(Æ)

51,433

8,023

Bank

of

China,

Ltd.

Class

H

179,365

67

Bank

of

Communications

Co.,

Ltd.

Class

A

2,375,400

1,935

Baoshan

Iron

&

Steel

Co.,

Ltd.

Class

A

657,921

593

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.,

Ltd.

Class

A

314,808

1,359

Budweiser

Brewing

Co.

APAC,

Ltd.(Þ)

248,361

602

BYD

Co.,

Ltd.

Class

H

204,000

7,235

Chacha

Food

Co.,

Ltd.

Class

A

258,542

1,485

China

Construction

Bank

Corp.

Class

A

2,915,501

2,514

China

Construction

Bank

Corp.

Class

H

7,238,000

4,210

China

Energy

Engineering

Group

Co.,

Ltd.(Æ)

1,854,220

636

China

Longyuan

Power

Group

Corp.,

Ltd.

Class

H

619,795

598

China

Mengniu

Dairy

Co.,

Ltd.(Æ)

247,223

939

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

China

Merchants

Bank

Co.,

Ltd.

Class

A

41,016

204

China

Merchants

Bank

Co.,

Ltd.

Class

H

262,598

1,298

China

Minsheng

Banking

Corp.,

Ltd.

Class

A

4,214,000

2,370

China

National

Building

Material

Co.,

Ltd.

Class

H

167,074

105

China

Oilfield

Services,

Ltd.

Class

H

1,940,593

2,293

China

Resources

Land,

Ltd.

464,617

2,158

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

A

207,976

3,692

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

H(Þ)

172,800

2,762

China

Zheshang

Bank

Co.,

Ltd.

Class

A

3,337,100

1,299

COSCO

SHIPPING

Holdings

Co.,

Ltd.

Class

H

514,022

543

Country

Garden

Services

Holdings

Co.,

Ltd.

5,982,750

6,771

CSPC

Pharmaceutical

Group,

Ltd.

167,447

140

Dali

Foods

Group

Co.,

Ltd.(Þ)

3,791,000

1,765

Daqo

New

Energy

Corp.

-

ADR(Æ)

51,262

2,003

Ganfeng

Lithium

Group

Co.,

Ltd.

Class

H(Þ)

585,200

3,744

Geely

Automobile

Holdings,

Ltd.

3,822,421

5,534

Greentown

China

Holdings,

Ltd.

99,765

114

Guangdong

Haid

Group

Co.,

Ltd.

Class

A

23,741

168

Guotai

Junan

Securities

Co.,

Ltd.

Class

H(Þ)

2,626,800

3,277

H

World

Group,

Ltd.

-

ADR(Æ)

78,248

3,759

Haier

Smart

Home

Co.,

Ltd.

Class

H

366,716

1,208

Huatai

Securities

Co.,

Ltd.

Class

A

1,119,500

2,671

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

1,211,463

591

Inner

Mongolia

BaoTou

Steel

Union

Co.,

Ltd.

Class

A(Æ)

1,152,407

305

Inner

Mongolia

Dian

Tou

Energy

Corp.,

Ltd.

Class

A

772,469

1,487

JD.com,

Inc.

Class

A

56,070

1,153

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

1,871

12

Jiangsu

Yangnong

Chemical

Co.,

Ltd.

Class

A

197,697

1,969

Kuaishou

Technology(Æ)(Þ)

1,711,017

14,789

Kunlun

Energy

Co.,

Ltd.

370,001

302

Kweichow

Moutai

Co.,

Ltd.

Class

A

1,400

370

Lenovo

Group,

Ltd.

287,632

330

Li

Auto,

Inc.

Class

A(Æ)

405,100

8,651

Li

Auto,

Inc.

-

ADR(Æ)

127,946

5,476

Li

Ning

Co.,

Ltd.

160,453

985

Lizhong

Sitong

Light

Alloys

Group

Co.,

Ltd.(Æ)

599,958

2,227

Longfor

Group

Holdings,

Ltd.(Þ)

1,000,500

2,674

Meituan

Class

B(Æ)(Þ)

665,036

12,652

Midea

Group

Co.,

Ltd.

Class

A

250,800

2,085

Muyuan

Foods

Co.,

Ltd.

Class

A

313,273

1,950

NetEase,

Inc.

42,870

932

NetEase,

Inc.

-

ADR

17,388

1,891

New

China

Life

Insurance

Co.,

Ltd.

Class

A

259,451

1,651

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

80

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ningbo

Orient

Wires

&

Cables

Co.,

Ltd.

Class

A

200,562

1,303

Nongfu

Spring

Co.,

Ltd.

Class

H(Þ)

244,027

1,419

PDD

Holdings,

Inc.

-

ADR(Æ)

93,195

8,371

PetroChina

Co.,

Ltd.

Class

H

342,291

250

PICC

Property

&

Casualty

Co.,

Ltd.

Class

A

719,354

639

Ping

An

Bank

Co.,

Ltd.

Class

A

593,913

1,024

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

323,000

2,350

Postal

Savings

Bank

of

China

Co.,

Ltd.

Class

H(Þ)

1,251,043

768

QuakeSafe

Technologies

Co.,

Ltd.

Class

A

1

—

SAIC

Motor

Corp.,

Ltd.

Class

A

1,497,132

3,245

Sany

Heavy

Industry

Co.,

Ltd.

Class

A

189,007

470

Shandong

Gold

Mining

Co.,

Ltd.

Class

H(Þ)

459,385

921

Shandong

Head

Group

Co.,

Ltd.

Class

A

206,218

553

Shanghai

International

Airport

Co.,

Ltd.

Class

A(Æ)

415,800

2,772

Shenzhen

Kangtai

Biological

Products

Co.,

Ltd.

Class

A(Æ)

99,461

409

Silergy

Corp.

104,000

1,096

Skshu

Paint

Co.,

Ltd.

Class

A(Æ)

270,187

3,118

Tencent

Holdings,

Ltd.

1,115,128

51,182

Tencent

Music

Entertainment

Group

-

ADR(Æ)

161,216

1,127

Tongcheng

Travel

Holdings,

Ltd.(Æ)(Þ)

514,000

1,240

Trip.com

Group,

Ltd.

-

ADR(Æ)

164,733

6,761

Vipshop

Holdings,

Ltd.

-

ADR

113,514

2,137

Weichai

Power

Co.,

Ltd.

Class

H

1,675,041

2,475

Wharf

Holdings,

Ltd.

(The)

783,000

1,829

Wilmar

International,

Ltd.

501,800

1,460

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

350,700

3,307

Xiaomi

Corp.

Class

B(Æ)(Þ)

967,800

1,532

Yum

China

Holdings,

Inc.

15,491

945

Zhejiang

Huayou

Cobalt

Co.,

Ltd.

Class

A

13,132

93

Zhuzhou

CRRC

Times

Electric

Co.,

Ltd.

Class

H

318,400

1,267

Zijin

Mining

Group

Co.,

Ltd.

Class

H

3,894,000

6,701

313,686

Denmark

-

1.4%

AP

Moller

-

Maersk

A/S

Class

B

193

396

Carlsberg

A/S

Class

B

6,062

910

Chr

Hansen

Holding

A/S

26,821

2,023

Coloplast

A/S

Class

B

10,575

1,314

Danske

Bank

A/S

174,482

4,140

Demant

A/S(Æ)

37,386

1,492

DSV

A/S

20,216

4,031

Genmab

A/S(Æ)

3,953

1,630

Novo

Nordisk

A/S

Class

B

140,253

22,622

Novo

Nordisk

A/S

-

ADR

11,463

1,847

Novozymes

A/S

Class

B

28,228

1,414

Orsted

A/S

Class

A(Þ)

17,669

1,538

Tryg

A/S

33,335

659

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vestas

Wind

Systems

A/S(Æ)

92,817

2,483

46,499

Finland

-

0.6%

Kesko

OYJ

Class

A

102,940

2,060

Kone

OYJ

Class

B

27,580

1,412

Nokia

OYJ

2,901,790

11,461

Nordea

Bank

Abp

22,328

253

Orion

OYJ

Class

B

3,058

118

Stora

Enso

OYJ

Class

R

133,878

1,637

UPM-Kymmene

OYJ

397

13

Wartsila

OYJ

Class

B

252,656

3,176

20,130

France

-

7.0%

Accor

SA

402,197

15,147

Air

Liquide

SA

Class

A

28,122

5,045

Airbus

Group

SE

53,676

7,908

Amundi

SA(Þ)

158,989

9,740

AXA

SA

210,107

6,459

BioMerieux

6,339

681

BNP

Paribas

SA

72,584

4,788

Bouygues

SA

-

ADR

86,421

3,095

Bureau

Veritas

SA

184,052

5,052

Capgemini

SE

28,796

5,228

Carrefour

SA

248,983

4,977

Christian

Dior

SE

1,811

1,594

Cie

de

Saint-Gobain

SA

104,612

7,059

Danone

SA

-

ADR

241,922

2,964

Dassault

Aviation

SA

38,843

7,549

Dassault

Systemes

SE

51,321

2,197

Dassault

Systemes

SE

-

ADR

39,478

1,694

Edenred

11,652

756

Eiffage

SA

4,109

427

Engie

SA

407,351

6,680

EssilorLuxottica

SA

15,835

3,184

Hermes

International

983

2,175

Ipsen

SA

13,906

1,751

Legrand

SA

-

ADR

16,313

1,632

L'Oreal

SA

30,899

14,360

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

33,647

31,412

Michelin

(CGDE)

453,379

14,821

Orange

SA

-

ADR

359,098

4,060

Pernod

Ricard

SA

7,260

1,599

Pernod

Ricard

SA

-

ADR

36,578

1,609

Publicis

Groupe

SA

-

ADR

126,093

7,529

Renault

SA

71,422

3,137

Rexel

SA

Class

H

683,948

16,488

Safran

SA

4,962

824

Sartorius

Stedim

Biotech

37,415

11,692

SCOR

SE

-

ADR

9,570

286

SEB

SA

3,579

402

Societe

Generale

SA

152,091

4,131

Teleperformance

-

GDR

1,763

255

Thales

SA

1,040

155

TotalEnergies

SE

218,297

13,260

Vinci

SA

18,756

2,204

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

81

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Worldline

SA(Æ)(Þ)

1,763

70

236,076

Germany

-

4.0%

1&1

Drillisch

AG

149,771

1,706

adidas

AG

1,719

348

adidas

AG

-

ADR

24,629

2,493

Allianz

SE

10,299

2,461

Allianz

SE

-

ADR

122,897

2,934

BASF

SE

147,502

7,914

Bayer

AG

71,661

4,186

Bechtle

AG

36,130

1,590

Beiersdorf

AG

19,685

2,550

Brenntag

SE

13,565

1,051

CECONOMY

AG(Æ)

281,393

843

Commerzbank

AG

5,073

61

Continental

AG

42,970

3,430

Covestro

AG(Æ)(Þ)

272,087

14,606

Daimler

Truck

Holding

AG

474,759

17,823

Deutsche

Boerse

AG

47,036

9,018

Deutsche

Telekom

AG

111,909

2,441

Evonik

Industries

AG

120,723

2,496

Fresenius

Medical

Care

AG

&

Co.

KGaA

174,357

9,035

Fresenius

Medical

Care

AG

&

Co.

KGaA

-

ADR

97,829

2,554

Fresenius

SE

&

Co.

KGaA

141,365

4,434

Hannover

Rueck

SE

5,098

1,088

Heidelberg

Materials

AG

72,692

5,889

Henkel

AG

&

Co.

KGaA

12,769

892

Infineon

Technologies

AG

-

ADR

136,000

5,981

Mercedes-Benz

Group

AG

32,971

2,634

Merck

KGaA

11,723

2,060

Muenchener

Rueckversicherungs-

Gesellschaft

AG

245

92

Salzgitter

AG

16,311

565

SAP

SE

-

ADR

62,632

8,561

Siemens

AG

41,485

7,069

Siemens

AG

-

ADR

19,838

1,693

Siemens

Healthineers

AG(Þ)

10,301

598

Symrise

AG

13,437

1,468

United

Internet

AG

59,159

886

Volkswagen

AG

200

32

Zalando

SE(Æ)(Þ)

22,674

783

134,265

Ghana

-

0.2%

Kosmos

Energy,

Ltd.(Æ)

474,019

3,365

Tullow

Oil

PLC(Æ)

6,406,615

2,843

6,208

Greece

-

0.4%

Alpha

Services

and

Holdings

SA(Æ)

2,912,553

5,235

Eurobank

Ergasias

SA(Æ)

4,362,128

7,621

Hellenic

Telecommunications

Organization

SA

106,346

1,678

14,534

Hong

Kong

-

1.7%

AIA

Group,

Ltd.

1,928,686

19,273

AIA

Group,

Ltd.

-

ADR

53,152

2,126

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hang

Seng

Bank,

Ltd.

144,594

2,206

Hong

Kong

Exchanges

&

Clearing,

Ltd.

115,617

4,871

Nine

Dragons

Paper

Holdings,

Ltd.

2,961,000

1,943

Orient

Overseas

International,

Ltd.

117,000

1,951

Prudential

PLC

110,621

1,537

Swire

Pacific,

Ltd.

Class

A

6,813

57

Swire

Pacific,

Ltd.

Class

B

1,027,500

1,374

Techtronic

Industries

Co.,

Ltd.

1,536,000

17,357

WH

Group,

Ltd.(Þ)

6,155,826

3,337

56,032

Hungary

-

0.1%

OTP

Bank

PLC

58,986

2,146

India

-

3.7%

Ambuja

Cements,

Ltd.

639,319

3,599

Asian

Paints,

Ltd.

19,235

790

Avenue

Supermarts,

Ltd.(Æ)(Þ)

8,021

366

Axis

Bank,

Ltd.

62,111

721

Bajaj

Holdings

and

Investment,

Ltd.

20,037

1,838

Berger

Paints

India,

Ltd.

215,715

1,790

Canara

Bank

706,199

2,959

Cipla,

Ltd.

188,918

2,699

Dabur

India,

Ltd.

Class

A

41,708

292

Dr

Reddy's

Laboratories,

Ltd.

2,598

178

GAIL

India,

Ltd.

66,136

96

Godrej

Consumer

Products,

Ltd.(Æ)

74,468

939

HDFC

Bank,

Ltd.

898,801

18,055

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

79,222

623

Hindustan

Unilever,

Ltd.

18,744

584

ICICI

Bank,

Ltd.

954,104

11,584

ICICI

Bank,

Ltd.

-

ADR

175,198

4,305

ICICI

Lombard

General

Insurance

Co.,

Ltd.(Þ)

122,000

2,053

ICICI

Prudential

Life

Insurance

Co.,

Ltd.(Þ)

285,097

2,009

Infosys,

Ltd.

183,086

3,068

InterGlobe

Aviation,

Ltd.(Æ)(Þ)

161,716

5,096

ITC,

Ltd.

438,304

2,482

Jio

Financial

Services,

Ltd.(Æ)(Š)

468,098

1,490

Kotak

Mahindra

Bank,

Ltd.

98,204

2,216

Larsen

&

Toubro,

Ltd.

60,608

1,976

Life

Insurance

Corp.

of

India

228,744

1,780

Marico,

Ltd.

236,442

1,615

Maruti

Suzuki

India,

Ltd.

72,111

8,613

Nestle

India,

Ltd.

6,088

1,670

Oil

&

Natural

Gas

Corp.,

Ltd.

285,553

616

One

97

Communications,

Ltd.(Æ)

175,004

1,704

Page

Industries,

Ltd.

3,073

1,413

Pidilite

Industries,

Ltd.

14,060

447

Power

Grid

Corp.

of

India,

Ltd.

794,837

2,571

Reliance

Industries,

Ltd.

468,098

14,497

Reliance

Industries,

Ltd.

-

GDR(Þ)

78,033

4,875

SBI

Life

Insurance

Co.,

Ltd.(Þ)

38,293

597

Siemens,

Ltd.

39,251

1,901

State

Bank

of

India

788,281

5,946

Tata

Motors,

Ltd.

50,879

399

Titan

Co.,

Ltd.

6,004

219

UltraTech

Cement,

Ltd.

36,526

3,696

United

Spirits,

Ltd.(Æ)

161,203

1,991

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

82

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wipro,

Ltd.

130,668

643

127,001

Indonesia

-

0.8%

Astra

International

Tbk

PT

2,107,683

957

Bank

Central

Asia

Tbk

PT

3,325,890

2,013

Bank

Mandiri

Persero

Tbk

PT

17,444,306

6,628

Bank

Negara

Indonesia

Persero

Tbk

PT

3,131,015

1,843

Bank

Rakyat

Indonesia

Persero

Tbk

PT

24,476,679

9,170

Semen

Indonesia

Persero

Tbk

PT

3,349,000

1,549

Telekomunikasi

Indonesia

Persero

Tbk

PT

-

ADR

142,775

3,502

Telkom

Indonesia

Persero

Tbk

PT

473,610

117

25,779

Ireland

-

1.8%

AerCap

Holdings

NV(Æ)

6,729

429

AIB

Group

PLC

554,378

2,608

Bank

of

Ireland

Group

PLC

788,011

8,311

CRH

PLC

43,867

2,621

Flutter

Entertainment

PLC(Æ)

39,319

7,833

Kerry

Group

PLC

Class

A

118,822

11,811

Kingspan

Group

PLC

20,703

1,662

Linde

PLC

49,024

19,152

Ryanair

Holdings

PLC

-

ADR(Æ)

47,701

4,891

Smurfit

Kappa

Group

PLC

37,018

1,475

Willis

Towers

Watson

PLC

2,541

537

61,330

Israel

-

0.4%

Bank

Hapoalim

BM

121,768

1,082

Bank

Leumi

Le-Israel

BM

196,206

1,568

Bezeq

The

Israeli

Telecommunication

Corp.,

Ltd.

541,234

717

Check

Point

Software

Technologies,

Ltd.(Æ)

26,282

3,475

Elbit

Systems,

Ltd.

8,865

1,881

Mizrahi

Tefahot

Bank,

Ltd.

46,326

1,673

NICE,

Ltd.(Æ)

2,366

515

Tower

Semiconductor,

Ltd.(Æ)

38,714

1,435

12,346

Italy

-

1.6%

Assicurazioni

Generali

SpA

228,914

4,879

BPER

Banca

SpA

689,768

2,388

Coca-Cola

HBC

AG(Æ)

75,793

2,257

Davide

Campari-Milano

NV

SpA

487,814

6,566

Enel

SpA

1,706,641

11,780

Enel

SpA

-

ADR

129,936

888

Eni

SpA

-

ADR

455,364

7,369

FinecoBank

Banca

Fineco

SpA

348,653

5,413

Moncler

SpA

58,410

4,222

UniCredit

SpA

367,910

9,310

55,072

Japan

-

12.0%

Aeon

Co.,

Ltd.

13,900

301

Ajinomoto

Co.,

Inc.

23,700

923

Alfresa

Holdings

Corp.

83,800

1,337

Alps

Alpine

Co.,

Ltd.

117,600

1,039

Amada

Co.,

Ltd.

367,300

3,614

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

As

One

Corp.

1,748

70

Asahi

Group

Holdings,

Ltd.

22,700

894

Asahi

Kasei

Corp.

186,400

1,269

Astellas

Pharma,

Inc.

78,900

1,152

Bandai

Namco

Holdings,

Inc.

27,000

611

Bridgestone

Corp.

59,900

2,485

Canon,

Inc.

60,200

1,555

Canon,

Inc.

-

ADR

144,893

3,747

Central

Japan

Railway

Co.

13,800

1,760

Cosmos

Pharmaceutical

Corp.

16,300

1,884

Dai-ichi

Life

Holdings,

Inc.

193,185

3,949

Daiichi

Sankyo

Co.,

Ltd.

221,000

6,836

Daikin

Industries,

Ltd.

11,400

2,304

Daiseki

Co.,

Ltd.

1,440

49

Daiwa

House

Industry

Co.,

Ltd.

36,800

999

Denso

Corp.

3,300

230

Ebara

Corp.

600

28

Eisai

Co.,

Ltd.

77,600

4,851

Fast

Retailing

Co.,

Ltd.

6,600

1,654

FUJIFILM

Holdings

Corp.

17,621

1,028

Fujitsu,

Ltd.

5,014

649

Fukuoka

Financial

Group,

Inc.

140,900

3,388

Hakuhodo

DY

Holdings,

Inc.

135,500

1,558

Hamamatsu

Photonics

KK

35,500

1,711

Hankyu

Hanshin

Holdings,

Inc.

47,100

1,564

Hino

Motors,

Ltd.(Æ)

538,200

2,158

Hitachi,

Ltd.

10,400

681

Honda

Motor

Co.,

Ltd.

312,565

9,977

Hoya

Corp.

21,300

2,470

Iida

Group

Holdings

Co.,

Ltd.

190,100

3,338

Isuzu

Motors,

Ltd.

700,900

9,092

Ito

En,

Ltd.

60,100

1,719

ITOCHU

Corp.

101,818

4,123

Japan

Airlines

Co.,

Ltd.

117,300

2,543

JFE

Holdings,

Inc.

28,300

458

Kajima

Corp.

47,900

757

Kansai

Electric

Power

Co.,

Inc.

(The)

88,800

1,167

Kao

Corp.

30,800

1,172

KDDI

Corp.

93,400

2,751

Keyence

Corp.

33,700

15,129

Kikkoman

Corp.

44,500

2,562

Kintetsu

Group

Holdings

Co.,

Ltd.

21,100

708

Kirin

Holdings

Co.,

Ltd.

235,500

3,482

Kobayashi

Pharmaceutical

Co.,

Ltd.

24,200

1,331

Komatsu,

Ltd.

466,000

13,033

Komatsu,

Ltd.

-

ADR

49,071

1,377

Kubota

Corp.

143,000

2,164

Kyowa

Kirin

Co.,

Ltd.

29,900

571

Makita

Corp.

132,200

4,097

McDonald's

Holdings

Co.

Japan,

Ltd.

68,400

2,694

Medipal

Holdings

Corp.

114,600

1,964

MEIJI

Holdings

Co.,

Ltd.

32,200

745

Minebea

Co.,

Ltd.

210,100

3,890

Mitsubishi

Electric

Corp.

252,900

3,545

Mitsubishi

Estate

Co.,

Ltd.

329,600

4,038

Mitsubishi

UFJ

Financial

Group,

Inc.

1,302,400

10,507

Mitsui

Fudosan

Co.,

Ltd.

84,400

1,734

Mizuho

Financial

Group,

Inc.

95,500

1,614

MS&AD

Insurance

Group

Holdings,

Inc.

195,200

7,262

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

83

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NEC

Corp.

28,700

1,452

Nidec

Corp.

5,600

332

Nintendo

Co.,

Ltd.

18,750

850

Nintendo

Co.,

Ltd.

-

ADR

217,403

2,452

Nippon

Steel

Corp.

2,100

48

Nippon

Telegraph

&

Telephone

Corp.

2,577,500

2,954

Nissan

Motor

Co.,

Ltd.

1,010,300

4,435

Nissin

Foods

Holdings

Co.,

Ltd.

17,100

1,441

Nitori

Holdings

Co.,

Ltd.

14,800

1,821

Nitto

Denko

Corp.

700

50

Nomura

Holdings,

Inc.

346,700

1,437

Nomura

Research

Institute,

Ltd.

11,200

318

Obayashi

Corp.

104,800

969

Obic

Co.,

Ltd.

17,500

2,866

Odakyu

Electric

Railway

Co.,

Ltd.

77,100

1,127

Oji

Holdings

Corp.

270,800

1,070

Ono

Pharmaceutical

Co.,

Ltd.

219,000

4,006

Oriental

Land

Co.,

Ltd.

36,500

1,400

Osaka

Gas

Co.,

Ltd.

97,000

1,535

Otsuka

Holdings

Co.,

Ltd.

27,300

1,002

Recruit

Holdings

Co.,

Ltd.

21,900

761

Renesas

Electronics

Corp.(Æ)

133,100

2,589

Resona

Holdings,

Inc.

1,764,800

9,623

Secom

Co.,

Ltd.

51,063

3,425

Sekisui

Chemical

Co.,

Ltd.

96,600

1,468

Sekisui

House,

Ltd.

55,200

1,126

Seven

&

i

Holdings

Co.,

Ltd.

61,600

2,562

SG

Holdings

Co.,

Ltd.

108,300

1,581

Shimano,

Inc.

2,387

362

Shimizu

Corp.

253,900

1,750

Shin-Etsu

Chemical

Co.,

Ltd.

621,400

20,469

Shionogi

&

Co.,

Ltd.

34,400

1,435

Shiseido

Co.,

Ltd.

276,100

12,110

Shizuoka

Financial

Group,

Inc.

74,400

621

SMC

Corp.

6,800

3,552

Sohgo

Security

Services

Co.,

Ltd.

296,500

1,812

Sompo

Japan

Nipponkoa

Holdings,

Inc.

1,201

53

Sony

Corp.

-

ADR

15,417

1,443

Sony

Group

Corp.

81,400

7,618

Stanley

Electric

Co.,

Ltd.

145,000

2,679

Subaru

Corp.

685,900

12,977

Sumitomo

Electric

Industries,

Ltd.

317,800

4,072

Sumitomo

Heavy

Industries,

Ltd.

70,700

1,738

Sumitomo

Mitsui

Financial

Group,

Inc.

148,902

7,017

Sumitomo

Mitsui

Trust

Holdings,

Inc.

131,200

5,098

Sumitomo

Realty

&

Development

Co.,

Ltd.

100,300

2,688

Sumitomo

Rubber

Industries,

Ltd.

237,700

2,429

Suntory

Beverage

&

Food,

Ltd.

11,800

422

T&D

Holdings,

Inc.

543,800

8,848

Taiheiyo

Cement

Corp.

84,800

1,771

Takeda

Pharmaceutical

Co.,

Ltd.

288,500

8,831

Terumo

Corp.

102,100

3,344

THK

Co.,

Ltd.

111,100

2,226

Tobu

Railway

Co.,

Ltd.

72,200

1,910

Toho

Co.,

Ltd.

43,600

1,700

Tokio

Marine

Holdings,

Inc.

177,000

4,055

Tokyo

Electric

Power

Co.

Holdings,

Inc.(Æ)

133,100

529

Tokyo

Electron,

Ltd.

95,500

14,272

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tokyo

Gas

Co.,

Ltd.

133,500

3,031

Toray

Industries,

Inc.

871,900

4,880

Toyota

Motor

Corp.

381,800

6,407

Toyota

Motor

Corp.

-

ADR

35,479

5,969

Tsuruha

Holdings,

Inc.

26,300

2,020

Unicharm

Corp.

67,488

2,499

USS

Co.,

Ltd.

15,100

262

Yakult

Honsha

Co.,

Ltd.

40,600

2,255

Yamaha

Motor

Co.,

Ltd.

122,100

3,576

Yamatake

Corp.

21,000

663

Yamato

Holdings

Co.,

Ltd.

195,900

3,669

406,054

Jordan

-

0.0%

Hikma

Pharmaceuticals

PLC

20,406

547

Kazakhstan

-

0.1%

Kaspi.KZ

JSC

-

GDR(Þ)

10,901

1,000

NAC

Kazatomprom

JSC

-

GDR(Þ)

46,107

1,247

2,247

Luxembourg

-

0.6%

ArcelorMittal

SA

308,991

8,946

Eurofins

Scientific

SE

141,971

9,759

RTL

Group

SA

32,404

1,400

20,105

Macao

-

0.5%

Galaxy

Entertainment

Group,

Ltd.(Æ)

2,032,791

14,782

Sands

China,

Ltd.(Æ)

692,000

2,646

17,428

Malaysia

-

0.2%

AMMB

Holdings

BHD

1,628,984

1,394

CIMB

Group

Holdings

BHD

1,447,315

1,781

Hong

Leong

Bank

BHD

197,291

857

Hong

Leong

Financial

Group

BHD

261,314

1,060

IHH

Healthcare

BHD

912,210

1,207

Nestle

Malaysia

BHD

32,318

960

Public

Bank

BHD

680,000

629

7,888

Mexico

-

1.2%

America

Movil

SAB

de

CV

641,903

673

America

Movil

SAB

de

CV

-

ADR

7,212

151

Arca

Continental

SAB

de

CV

33,398

335

Cemex

SAB

de

CV(Æ)

1,138,599

865

Cemex

SAB

de

CV

-

ADR(Æ)

451,165

3,438

Coca-Cola

Femsa

SAB

de

CV

-

ADR

21,452

1,809

Fomento

Economico

Mexicano

SAB

de

CV

-

ADR

21,529

2,438

Fresnillo

PLC

389,597

3,093

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

27,931

315

Grupo

Bimbo

SAB

de

CV

211,310

1,095

Grupo

Carso

SAB

de

CV

176,166

1,401

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

807,294

7,652

Grupo

Financiero

Inbursa

SAB

de

CV

Class

O(Æ)

1,287,868

3,126

Grupo

Televisa

SAB

de

CV

-

ADR

1,796,621

9,540

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

84

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Industrias

Bachoco

SAB

de

CV

67,337

339

Ternium

SA

-

ADR

41,955

1,873

Wal-Mart

de

Mexico

SAB

de

CV

381,882

1,590

39,733

Netherlands

-

4.5%

ABN

AMRO

Bank

NV(Þ)

272,609

4,632

Adyen

NV(Æ)(Þ)

2,408

4,473

Aegon

NV

160,887

873

ASML

Holding

NV

21,567

15,440

Euronext

NV(Þ)

8,055

613

EXOR

NV

27,332

2,551

Ferrari

NV

30,866

9,892

HAL

Trust

18,755

2,338

Heineken

Holding

NV

18,563

1,522

Heineken

NV

191,414

18,767

Heineken

NV

-

ADR

30,802

1,511

ING

Groep

NV

1,168,379

17,053

Koninklijke

Ahold

Delhaize

NV

67,114

2,317

Koninklijke

Ahold

Delhaize

NV

-

ADR

88,408

3,046

Koninklijke

Philips

NV(Æ)

743,583

15,469

Randstad

NV

196,370

11,505

Shell

PLC

1,082,447

33,073

Universal

Music

Group

NV

181,710

4,697

Wolters

Kluwer

NV

28,739

3,607

153,379

New

Zealand

-

0.2%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

311,272

4,748

Spark

New

Zealand,

Ltd.

468,220

1,508

6,256

Norway

-

0.1%

Equinor

ASA

-

ADR

71,600

2,197

Gjensidige

Forsikring

ASA

92,320

1,457

Norsk

Hydro

ASA

138,410

907

4,561

Peru

-

0.1%

Credicorp,

Ltd.

27,813

4,368

Philippines

-

0.3%

AC

Energy

Corp.

377,190

36

Ayala

Land,

Inc.

3,260,400

1,628

Bank

of

the

Philippine

Islands

1,163,077

2,429

BDO

Unibank,

Inc.

678,168

1,791

Metro

Pacific

Investments

Corp.

10,007,000

887

Metropolitan

Bank

&

Trust

Co.

-

ADR

512,100

559

Monde

Nissin

Corp.(Þ)

1,350,300

202

SM

Investments

Corp.

24,290

404

SM

Prime

Holdings,

Inc.

1,162,300

707

8,643

Poland

-

0.1%

Bank

Polska

Kasa

Opieki

SA

22,067

652

KGHM

Polska

Miedz

SA

59,814

1,854

PGE

Polska

Grupa

Energetyczna

SA(Æ)

1,029,812

2,190

4,696

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Romania

-

0.0%

NEPI

Rockcastle

NV

71,694

430

Russia

-

0.0%

Fix

Price

Group,

Ltd.

-

GDR(Æ)(Š)(Þ)

183,060

—

Gazprom

PJSC(Š)

1,328,325

—

Lukoil

PJSC(Š)

45,621

—

Lukoil

PJSC

-

ADR(Æ)(Š)

10,868

—

Novatek

PJSC(Š)

56,290

—

Novolipetsk

Steel

PJSC(Š)

194,760

—

Polyus

PJSC(Š)

11,471

—

Rosneft

Oil

Co.

PJSC(Š)

478,377

—

Sberbank

of

Russia

PJSC(Š)

3,518,608

—

Tatneft

PJSC

-

ADR(Æ)(Š)

12,360

—

X5

Retail

Group

NV

-

GDR(Æ)(Š)(Þ)

56,160

—

Yandex

NV

Class

A(Æ)(Š)

47,709

—

—

Saudi

Arabia

-

0.7%

Saudi

Arabian

Mining

Co.(Æ)

554,766

6,566

Saudi

Arabian

Oil

Co.(Þ)

988,807

8,540

Saudi

Basic

Industries

Corp.

252,080

5,758

Saudi

Telecom

Co.

386,330

4,366

25,230

Singapore

-

0.4%

City

Developments,

Ltd.

205,400

1,142

DBS

Group

Holdings,

Ltd.

190,923

4,916

Oversea-Chinese

Banking

Corp.,

Ltd.

114,995

1,150

SEA,

Ltd.

-

ADR(Æ)

1,957

130

Singapore

Airlines,

Ltd.

500,400

2,803

Singapore

Exchange,

Ltd.

153,800

1,123

STMicroelectronics

NV

28,239

1,510

United

Overseas

Bank,

Ltd.

4,600

105

UOL

Group,

Ltd.

196,000

1,037

13,916

South

Africa

-

1.1%

Anglo

American

PLC

262,102

8,045

Aspen

Pharmacare

Holdings,

Ltd.

57,260

616

Bidvest

Group,

Ltd.

(The)

163,201

2,533

Capitec

Bank

Holdings,

Ltd.

24,475

2,454

Clicks

Group,

Ltd.

117,328

1,842

Discovery

Holdings,

Ltd.

359,899

3,185

FirstRand,

Ltd.

31,737

129

Gold

Fields,

Ltd.

-

ADR

696,435

10,774

Impala

Platinum

Holdings,

Ltd.

296,205

2,142

MTN

Group,

Ltd.

395,732

3,113

Northam

Platinum

Holdings,

Ltd.(Æ)

57,676

490

Remgro,

Ltd.

138,745

1,248

SPAR

Group,

Ltd.

(The)

-

ADR

177,406

1,071

Thungela

Resources,

Ltd.

13,250

100

37,742

South

Korea

-

3.4%

CJ

CheilJedang

Corp.

2,265

498

Coway

Co.,

Ltd.

68,234

2,197

Doosan

Fuel

Cell

Co.,

Ltd.(Æ)

102,123

2,182

Hana

Financial

Group,

Inc.

154,874

4,778

Hankook

Tire

&

Technology

Co.,

Ltd.

56,439

1,716

Hanwha

Galleria

Co.,

Ltd.(Æ)

26,423

27

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

85

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hanwha

Solutions

Corp.(Æ)

2,044

61

HYBE

Co.,

Ltd.(Æ)

3,633

749

Hyundai

Glovis

Co.,

Ltd.

4,672

639

Hyundai

Marine

&

Fire

Insurance

Co.,

Ltd.

30,141

678

Hyundai

Motor

Co.

10,232

1,575

Kangwon

Land,

Inc.

31,557

387

KB

Financial

Group,

Inc.

246,185

9,838

Krafton,

Inc.(Æ)

12,115

1,634

KT

Corp.

-

ADR

276,910

3,248

Kumho

Petrochemical

Co.,

Ltd.

3,298

311

LG

Chem,

Ltd.

2,898

1,476

LG

Electronics,

Inc.

Class

H

16,667

1,419

LG

Energy

Solution,

Ltd.(Æ)

8,877

3,903

NAVER

Corp.

950

169

Orion

Corp.

20,824

1,855

POSCO

Holdings,

Inc.

3,903

1,971

Samsung

Electro-Mechanics

Co.,

Ltd.

9,068

1,035

Samsung

Electronics

Co.,

Ltd.

639,211

35,036

Samsung

Engineering

Co.,

Ltd.(Æ)

43,793

1,273

Samsung

SDS

Co.,

Ltd.

12,316

1,240

Shinhan

Financial

Group

Co.,

Ltd.

243,459

6,694

SK

Hynix,

Inc.

272,431

26,395

SK

Innovation

Co.,

Ltd.(Æ)

5,531

939

Yuhan

Corp.

31,616

1,811

115,734

Spain

-

1.3%

Aena

SME

SA(Þ)

10,876

1,741

Amadeus

IT

Group

SA

Class

A

122,575

8,798

CaixaBank

SA

2,185,668

8,813

Cellnex

Telecom

SA(Þ)

173,493

7,088

EDP

Renovaveis

SA

96,607

1,845

Iberdrola

SA

175,829

2,196

Iberdrola

SA

-

ADR

45,316

2,265

Industria

de

Diseno

Textil

SA

199,343

7,622

Repsol

YPF

SA

-

ADR

96,249

1,468

Telefonica

SA

-

ADR

218,561

922

42,758

Sweden

-

1.1%

Alleima

AB

46,084

201

Assa

Abloy

AB

Class

B

274,598

6,594

Atlas

Copco

AB

Class

A

16,927

241

Boliden

AB(Æ)

3,376

99

Epiroc

AB

Class

A

78,430

1,559

Essity

AB

Class

A

54,947

1,362

Fastighets

AB

Balder

Class

B(Æ)

101,185

473

Hexagon

AB

Class

B

854,903

8,254

Kinnevik

AB

Class

A(Æ)

102,089

1,496

L

E

Lundbergforetagen

AB

Class

B

47,696

2,103

Sandvik

AB

230,424

4,661

Skandinaviska

Enskilda

Banken

AB

Class

A

48,485

587

Skandinaviska

Enskilda

Banken

AB

Class

C

52,213

665

SKF

AB

Class

B

272,311

5,197

Svenska

Handelsbanken

AB

Class

B

15,508

169

Telefonaktiebolaget

LM

Ericsson

Class

A

232,620

1,259

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Telefonaktiebolaget

LM

Ericsson

Class

B

352,492

1,780

36,700

Switzerland

-

4.1%

ABB,

Ltd.

117,198

4,691

ABB,

Ltd.

-

ADR

45,954

1,838

Accelleron

Industries

AG

34,477

905

Adecco

Group

AG

121,399

4,925

Alcon,

Inc.

61,035

5,187

Baloise

Holding

AG

1,828

282

Banque

Cantonale

Vaudoise

16,385

1,837

Barry

Callebaut

AG

329

617

BKW

AG

16,376

2,932

Chocoladefabriken

Lindt

&

Spruengli

AG

133

3,155

Cie

Financiere

Richemont

SA

Class

A

34,143

5,501

EMS-Chemie

Holding

AG

1,465

1,222

Geberit

AG

2,872

1,628

Georg

Fischer

AG

3,480

237

Givaudan

SA

273

919

Julius

Baer

Group,

Ltd.

167,905

11,879

Lonza

Group

AG

14,081

8,173

Novartis

AG

182,015

19,083

Novartis

AG

-

ADR

28,657

3,006

Partners

Group

Holding

AG

5,755

6,463

Schindler

Holding

AG

10,684

2,572

SGS

SA

17,850

1,728

Sika

AG

2,809

874

Swatch

Group

AG

(The)

3,300

198

Swatch

Group

AG

(The)

Class

B

18,144

5,799

Swiss

Life

Holding

AG

818

518

Swisscom

AG

2,359

1,516

UBS

Group

AG

1,637,099

36,250

Zurich

Insurance

Group

AG

8,129

3,922

137,857

Taiwan

-

4.7%

Advantech

Co.,

Ltd.

111,087

1,384

Alchip

Technologies,

Ltd.

52,000

3,297

Chang

Hwa

Commercial

Bank,

Ltd.

4,158,001

2,494

China

Airlines,

Ltd.

226,062

180

China

Development

Financial

Holding

Corp.(Æ)

1,229,691

491

China

Steel

Corp.

Class

H

293,520

261

Chunghwa

Telecom

Co.,

Ltd.

-

ADR

91,528

3,359

CTBC

Financial

Holding

Co.,

Ltd.

561,236

469

Delta

Electronics,

Inc.

228,000

2,658

E.Sun

Financial

Holding

Co.,

Ltd.

2,558,969

2,105

Eclat

Textile

Co.,

Ltd.

101,000

1,744

Eva

Airways

Corp.

38,824

45

Evergreen

Marine

Corp.

Taiwan,

Ltd.

431,417

1,430

Feng

TAY

Enterprise

Co.,

Ltd.

246,000

1,663

First

Financial

Holding

Co.,

Ltd.

1,400,566

1,296

Formosa

Plastics

Corp.

43,403

115

Fubon

Financial

Holding

Co.,

Ltd.

492,829

1,029

Globalwafers

Co.,

Ltd.

171,246

2,806

Hon

Hai

Precision

Industry

Co.,

Ltd.

4,558,114

15,758

Hon

Hai

Precision

Industry

Co.,

Ltd.

-

GDR(Þ)

19,317

135

Hua

Nan

Financial

Holdings

Co.,

Ltd.

4,344,753

3,076

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

86

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MediaTek,

Inc.

501,241

11,005

Mega

Financial

Holding

Co.,

Ltd.

107,386

138

Novatek

Microelectronics

Corp.

57,144

771

President

Chain

Store

Corp.

167,000

1,483

Realtek

Semiconductor

Corp.

14,378

197

Shin

Kong

Financial

Holding

Co.,

Ltd.

(Æ)

960,009

295

SinoPac

Financial

Holdings

Co.,

Ltd.

79,011

47

Taishin

Financial

Holding

Co.,

Ltd.

2,803,792

1,630

Taiwan

Business

Bank

5,683,975

2,604

Taiwan

Cooperative

Financial

Holding

Co.,

Ltd.

665,459

623

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

3,320,679

59,802

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

232,370

23,039

Unimicron

Technology

Corp.

1,005,000

5,925

Uni-President

Enterprises

Corp.

686,000

1,644

United

Microelectronics

Corp.

2,362,059

3,538

Yuanta

Financial

Holding

Co.,

Ltd.

52,847

41

Zhen

Ding

Technology

Holding,

Ltd.

452,000

1,512

160,089

Thailand

-

0.7%

Advanced

Info

Service

PCL

278,300

1,837

Bangkok

Bank

PCL

800,100

4,008

Charoen

Pokphand

Foods

PCL

5,936,000

3,520

CP

ALL

PCL

783,600

1,454

Digital

Telecommunications

Infrastructure

Fund

Class

F

4,410,700

1,290

Eastern

Polymer

Group

PCL

515,800

99

Home

Product

Center

PCL

3,584,900

1,488

Kasikornbank

PCL

1,525,100

5,623

Minor

International

PCL

104,709

101

PTT

Exploration

&

Production

PCL

163,100

761

SCB

X

PCL

511,100

1,680

Star

Petroleum

Refining

PCL

100

—

Super

Energy

Corp.

PCL(Æ)

94,154,300

1,376

Unique

Engineering

&

Construction

PCL(Æ)

38,400

3

23,240

Turkey

-

0.0%

Ford

Otomotiv

Sanayi

AS

3,109

109

United

Arab

Emirates

-

0.3%

Aldar

Properties

PJSC

2,779,646

3,912

Emaar

Properties

PJSC

1,957,941

3,604

Emirates

NBD

Bank

PJSC

231,816

1,073

Emirates

Telecommunications

Group

Co.

PJSC

231,251

1,410

9,999

United

Kingdom

-

6.3%

3i

Group

PLC

69,391

1,759

Ashtead

Group

PLC

12,181

900

AstraZeneca

PLC

140,804

20,197

AstraZeneca

PLC

-

ADR

24,010

1,722

Aviva

PLC

506,384

2,523

Babcock

International

Group

PLC(Æ)

572,032

2,747

BAE

Systems

PLC

246,479

2,946

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Barclays

PLC

2,584,004

5,137

BP

PLC

1,804,221

11,182

British

American

Tobacco

PLC

121,352

4,076

British

American

Tobacco

PLC

-

ADR

50,798

1,711

British

Land

Co.

PLC

(The)(ö)

308,734

1,338

BT

Group

PLC

2,074,145

3,247

Bunzl

PLC

21,696

804

Centrica

PLC

1,038,270

1,840

CK

Hutchison

Holdings,

Ltd.

Class

B

159,461

985

Coca-Cola

Europacific

Partners

PLC

28,016

1,765

Compass

Group

PLC

468,028

12,173

Croda

International

PLC

14,704

1,112

Diageo

PLC

171,493

7,483

Diageo

PLC

-

ADR

9,073

1,596

easyJet

PLC(Æ)

570,852

3,310

Halma

PLC

19,331

555

HSBC

Holdings

PLC

1,721,446

14,270

HSBC

Holdings

PLC

-

ADR

64,332

2,688

Imperial

Brands

PLC

-

ADR

16,887

405

InterContinental

Hotels

Group

PLC

5,906

437

Intertek

Group

PLC

126,845

7,098

J

Sainsbury

PLC

3,906,622

13,915

John

Wood

Group

PLC(Æ)

19,118

36

Kingfisher

PLC

847,894

2,673

Land

Securities

Group

PLC(ö)

213,373

1,771

London

Stock

Exchange

Group

PLC

20,139

2,185

Marks

&

Spencer

Group

PLC(Æ)

517,558

1,370

National

Grid

PLC

-

ADR

33,424

2,252

NatWest

Group

PLC

1,384,238

4,337

Pearson

PLC

62,098

688

Pearson

PLC

-

ADR(Ñ)

152,080

1,677

Reckitt

Benckiser

Group

PLC

58,288

4,366

RELX

PLC

80,443

2,706

RELX

PLC

-

ADR

61,493

2,070

Sage

Group

PLC

(The)

81,346

978

Segro

PLC(ö)

18,917

185

Smith

&

Nephew

PLC

-

ADR

53,139

1,614

Spirax-Sarco

Engineering

PLC

12,289

1,756

Standard

Chartered

PLC

1,552,306

14,914

Tesco

PLC

2,926,223

9,686

Travis

Perkins

PLC

532,237

5,943

Unilever

PLC

86,808

4,670

Vodafone

Group

PLC

1,259,173

1,203

Vodafone

Group

PLC

-

ADR

77,847

749

Weir

Group

PLC

(The)

529,267

12,473

WPP

PLC

435,171

4,764

214,987

United

States

-

6.2%

Accenture

PLC

Class

A

51,111

16,169

Allegion

PLC

97,151

11,353

Amdocs,

Ltd.

72,497

6,789

Aon

PLC

Class

A

37,393

11,910

CSL,

Ltd.

22,595

4,073

Experian

PLC

41,025

1,584

Ferguson

PLC

4,011

644

Freeport-McMoRan,

Inc.

148,288

6,621

Globant

SA(Æ)

283

49

Grupo

Cementos

de

Chihuahua

SAB

de

CV

107,066

1,040

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

87

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

GSK

Finance

No.

3

PLC

615,879

10,942

Haleon

PLC

4,424,479

19,176

Holcim

AG(Æ)

77,164

5,358

Las

Vegas

Sands

Corp.

101,792

6,088

Lululemon

Athletica,

Inc.(Æ)

12,795

4,843

Nestle

SA

217,802

26,753

Nestle

SA

-

ADR

21,237

2,610

Noble

Corp.

PLC

4,439

231

Ovintiv,

Inc.

3,635

168

Qiagen

NV(Æ)

34,575

1,621

Roche

Holding

AG

56,380

17,610

Roche

Holding

AG

-

ADR

85,555

3,311

Sanofi

-

ADR

150,749

16,100

Schlumberger

NV

426,604

24,888

Schneider

Electric

SE

61,777

11,018

Stellantis

NV

831

17

Tenaris

SA

32,274

537

211,503

Zambia

-

0.6%

First

Quantum

Minerals,

Ltd.

709,158

21,033

Total

Common

Stocks

(cost

$2,506,986)

3,167,064

Preferred

Stocks

-

1.1%

Brazil

-

0.2%

Banco

Bradesco

SA

6.667%

(Ÿ)

299,907

1,057

Braskem

SA

0.000%

(Æ)

352,505

1,893

Itau

Unibanco

Holding

SA

4.523%

(Ÿ)

91,615

555

Raizen

Energia

SA

6.761%

(Ÿ)

3,515,623

3,093

6,598

Germany

-

0.5%

Dr

Ing

hc

F

Porsche

AG

1.000%

(Ÿ)(Þ)

14,989

1,832

Henkel

AG

&

Co.

KGaA

2.572%

(Ÿ)

56,503

4,359

Volkswagen

AG

24.357%

(Ÿ)

83,721

11,096

17,287

South

Korea

-

0.4%

Samsung

Electronics

Co.,

Ltd.

2.671%

(Ÿ)

307,508

13,856

Total

Preferred

Stocks

(cost

$35,050)

37,741

Warrants

and

Rights

-

0.0%

Thailand

-

0.0%

Minor

International

PCL

(Æ)

2024

Warrants

56,369

5

Total

Warrants

and

Rights

(cost

$—)

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Short-Term

Investments

-

3.4%

United

States

-

3.4%

U.S.

Cash

Management

Fund(@)

116,139,518

(∞)

116,093

Total

Short-Term

Investments

(cost

$116,103)

116,093

Other

Securities

-

0.0%

U.S.

Cash

Collateral

Fund(@)(×)

163,300

(∞)

163

Total

Other

Securities

(cost

$163)

163

Total

Investments

-

98.0%

(identified

cost

$2,658,302)

3,321,066

Other

Assets

and

Liabilities,

Net

-

2.0%

67,078

Net

Assets

-

100.0%

3,388,144

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

88

Tax-Managed

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

$

$

$

3.9%

3SBio,

Inc.

06/29/22

HKD

62,282

0

.82

51

60

ABN

AMRO

Bank

NV

10/31/22

EUR

272,609

9

.99

2,723

4,632

Adyen

NV

09/10/20

EUR

2,408

1,621

.48

3,904

4,473

Aena

SME

SA

01/13/23

EUR

10,876

146

.34

1,592

1,741

Akeso,

Inc.

10/31/22

HKD

310,910

4

.05

1,259

1,640

Amundi

SA

02/26/19

EUR

158,989

60

.94

9,689

9,740

Avenue

Supermarts,

Ltd.

01/16/23

INR

8,021

45

.21

363

366

Budweiser

Brewing

Co.

APAC,

Ltd.

08/05/22

HKD

248,361

2

.92

726

602

Cellnex

Telecom

SA

04/18/19

EUR

173,493

35

.11

6,091

7,088

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

03/09/23

HKD

172,800

25

.19

4,353

2,762

Covestro

AG

03/17/20

EUR

272,087

39

.50

10,749

14,606

Dali

Foods

Group

Co.,

Ltd.

05/15/23

HKD

3,791,000

0

.41

1,547

1,765

Dr

Ing

hc

F

Porsche

AG

01/13/23

EUR

14,989

112

.76

1,690

1,832

Euronext

NV

03/01/22

EUR

8,055

89

.09

718

613

Fix

Price

Group,

Ltd.

10/14/21

183,060

—

1,648

—

Ganfeng

Lithium

Group

Co.,

Ltd.

03/09/23

HKD

585,200

6

.94

4,063

3,744

Guotai

Junan

Securities

Co.,

Ltd.

01/13/23

HKD

2,626,800

1

.22

3,192

3,277

HDFC

Life

Insurance

Co.,

Ltd.

03/02/22

INR

79,222

7

.14

566

623

Hon

Hai

Precision

Industry

Co.,

Ltd.

08/05/19

19,317

4

.66

90

135

Hydro

One,

Ltd.

04/18/19

CAD

3,276

16

.10

53

92

ICICI

Lombard

General

Insurance

Co.,

Ltd.

12/12/18

INR

122,000

13

.58

1,657

2,053

ICICI

Prudential

Life

Insurance

Co.,

Ltd.

05/15/23

INR

285,097

5

.33

1,519

2,009

InterGlobe

Aviation,

Ltd.

03/25/21

INR

161,716

23

.65

3,824

5,096

Kaspi.KZ

JSC

09/26/22

10,901

57

.69

629

1,000

Kuaishou

Technology

06/28/22

HKD

1,711,017

7

.94

13,578

14,789

Longfor

Group

Holdings,

Ltd.

05/15/23

HKD

1,000,500

2

.56

2,558

2,674

Lumine

Group,

Inc.

02/15/23

CAD

3,039

10

.41

32

48

Meituan

01/13/20

HKD

665,036

20

.13

13,386

12,652

Monde

Nissin

Corp.

06/22/21

PHP

1,350,300

0

.30

402

202

NAC

Kazatomprom

JSC

07/20/20

46,107

14

.06

648

1,247

Nongfu

Spring

Co.,

Ltd.

01/13/23

HKD

244,027

5

.67

1,385

1,419

Orsted

A/S

03/09/23

DKK

17,669

84

.63

1,495

1,538

Postal

Savings

Bank

of

China

Co.,

Ltd.

01/18/19

HKD

1,251,043

0

.64

806

768

Reliance

Industries,

Ltd.

06/03/15

78,033

14

.13

1,102

4,875

Saudi

Arabian

Oil

Co.

05/15/23

SAR

988,807

9

.03

8,928

8,540

SBI

Life

Insurance

Co.,

Ltd.

03/23/22

INR

38,293

14

.37

550

597

Shandong

Gold

Mining

Co.,

Ltd.

08/05/22

HKD

459,385

1

.75

806

921

Siemens

Healthineers

AG

12/21/20

EUR

10,301

51

.16

527

598

Tongcheng

Travel

Holdings,

Ltd.

03/01/22

HKD

514,000

1

.81

932

1,240

WH

Group,

Ltd.

10/26/15

HKD

6,155,826

0

.65

4,003

3,337

Worldline

SA

06/28/22

EUR

1,763

40

.16

71

70

WuXi

AppTec

Co.,

Ltd.

03/09/23

HKD

350,700

10

.43

3,658

3,307

X5

Retail

Group

NV

09/21/15

56,160

—

1,635

—

Xiaomi

Corp.

03/09/23

HKD

967,800

1

.51

1,458

1,532

Zalando

SE

09/26/22

EUR

22,674

19

.26

437

783

131,086

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

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

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

89

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Australian

Dollar

Currency

Futures

1,731

USD

116,479

09/23

(1,312)

British

Pound

Currency

Futures

275

USD

22,070

09/23

416

CAC40

Euro

Index

Futures

140

EUR

10,519

08/23

250

Canadian

Dollar

Currency

Futures

1,294

USD

98,273

09/23

848

DAX

Index

Futures

17

EUR

7,033

09/23

80

EURO

STOXX

50

Index

Futures

112

EUR

5,036

09/23

168

FTSE/MIB

Index

Futures

16

EUR

2,384

09/23

186

IBEX

35

Index

Futures

24

EUR

2,322

08/23

61

Japanese

Yen

Currency

Futures

1,173

USD

103,840

09/23

(2,511)

New

Zealand

Dollar

Currency

Futures

45

USD

2,797

09/23

31

Norwegian

Krone

Currency

Futures

103

USD

20,365

09/23

971

OMXS30

Index

Futures

107

SEK

24,134

08/23

(6)

S&P/TSX

60

Index

Futures

450

CAD

111,600

09/23

2,793

SPI

200

Index

Futures

874

AUD

160,772

09/23

3,761

TOPIX

Index

Futures

374

JPY

8,702,980

09/23

2,518

Short

Positions

Euro

Currency

Futures

348

USD

47,957

09/23

(817)

FTSE

100

Index

Futures

55

GBP

4,229

09/23

(66)

Hang

Seng

Index

Futures

171

HKD

172,736

08/23

(810)

MSCI

Emerging

Markets

Index

Futures

1,428

USD

75,277

09/23

(2,987)

MSCI

Singapore

Index

Futures

536

SGD

16,372

08/23

(397)

S&P

500

E-Mini

Index

Futures

402

USD

92,751

09/23

(5,088)

Swiss

Franc

Currency

Futures

188

USD

27,099

09/23

(860)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(2,771)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

2,698

$

—

$

—

$

—

$

2,698

Australia

7,249

42,971

—

—

50,220

Austria

—

18,268

—

—

18,268

Belgium

—

11,346

—

—

11,346

Brazil

92,555

—

—

—

92,555

Burkina

Faso

2,175

3,873

—

—

6,048

Canada

140,987

—

—

—

140,987

Chile

5,724

882

—

—

6,606

China

40,494

273,192

—

—

313,686

Denmark

1,847

44,652

—

—

46,499

Finland

—

20,130

—

—

20,130

France

7,386

228,690

—

—

236,076

Germany

11,478

122,787

—

—

134,265

Ghana

3,365

2,843

—

—

6,208

Greece

—

14,534

—

—

14,534

Hong

Kong

2,126

53,906

—

—

56,032

Hungary

—

2,146

—

—

2,146

India

4,305

121,206

1,490

—

127,001

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

90

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

Indonesia

3,502

22,277

—

—

25,779

Ireland

25,009

36,321

—

—

61,330

Israel

5,356

6,990

—

—

12,346

Italy

1,723

53,349

—

—

55,072

Japan

14,988

391,066

—

—

406,054

Jordan

—

547

—

—

547

Kazakhstan

—

2,247

—

—

2,247

Luxembourg

—

20,105

—

—

20,105

Macao

—

17,428

—

—

17,428

Malaysia

—

7,888

—

—

7,888

Mexico

36,640

3,093

—

—

39,733

Netherlands

5,874

147,505

—

—

153,379

New

Zealand

—

6,256

—

—

6,256

Norway

2,197

2,364

—

—

4,561

Peru

4,368

—

—

—

4,368

Philippines

—

8,643

—

—

8,643

Poland

—

4,696

—

—

4,696

Romania

—

430

—

—

430

Russia

—

—

—

—

—

Saudi

Arabia

—

25,230

—

—

25,230

Singapore

130

13,786

—

—

13,916

South

Africa

10,774

26,968

—

—

37,742

South

Korea

3,248

112,486

—

—

115,734

Spain

4,655

38,103

—

—

42,758

Sweden

—

36,700

—

—

36,700

Switzerland

7,744

130,113

—

—

137,857

Taiwan

26,399

133,690

—

—

160,089

Thailand

—

23,240

—

—

23,240

Turkey

—

109

—

—

109

United

Arab

Emirates

—

9,999

—

—

9,999

United

Kingdom

16,484

198,503

—

—

214,987

United

States

95,839

115,664

—

—

211,503

Zambia

21,033

—

—

—

21,033

Preferred

Stocks

6,597

31,144

—

—

37,741

Warrants

and

Rights

5

—

—

—

5

Short-Term

Investments

—

—

—

116,093

116,093

Other

Securities

—

—

—

163

163

Total

Investments

614,954

2,588,366

1,490

116,256

3,321,066

Other

Financial

Instruments

Assets

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

91

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Futures

Contracts

12,083

—

—

—

12,083

Liabilities

Futures

Contracts

(14,854)

—

—

—

(14,854

)

Total

Other

Financial

Instruments

*

$

(2,771)

$

—

$

—

$

—

$

(2,771

)

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

535,278

Consumer

Staples

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

233,796

Energy

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

179,960

Financial

Services

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

683,614

Health

Care

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

267,905

Materials

and

Processing

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

369,228

Producer

Durables

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

359,377

Technology

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

436,175

Utilities

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

101,731

Preferred

Stocks

Consumer

Discretionary

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

12,928

Consumer

Staples

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

4,359

Financial

Services

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

1,611

Materials

and

Processing

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

1,893

Technology

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

13,857

Utilities

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

3,093

Warrants

and

Rights

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

5

Short-Term

Investments

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

116,093

Other

Securities

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

163

Total

Investments

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

3,321,066

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

92

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

94.5%

Argentina

-

0.1%

Corp.

America

Airports

SA(Æ)

68,693

971

Australia

-

5.0%

Atlas

Arteria,

Ltd.

1,815,235

7,669

Aurizon

Holdings,

Ltd.

5,712

15

Beach

Energy,

Ltd.

763,533

830

BHP

Group,

Ltd.

44,197

1,378

BHP

Group,

Ltd.

-

ADR

95,955

2,992

Fortescue

Metals

Group,

Ltd.

129,847

1,895

Glencore

PLC

1,608,261

9,765

Mineral

Resources,

Ltd.

18,902

909

Perenti,

Ltd.(Æ)

522,205

420

Qube

Holdings,

Ltd.

580,855

1,148

Rio

Tinto,

Ltd.

-

ADR

6,527

514

Sandfire

Resources,

Ltd.(Æ)

131,100

595

South32,

Ltd.

Class

B

440,322

1,155

Sunrise

Energy

Metals,

Ltd.(Æ)

282,061

239

Transurban

Group

-

ADR(Æ)

1,474,378

14,217

Woodside

Energy

Group,

Ltd.

7,297

188

43,929

Austria

-

0.3%

Mondi

PLC

38,112

668

OMV

AB

42,982

1,940

2,608

Bermuda

-

0.1%

China

Water

Affairs

Group,

Ltd.

677,320

574

Brazil

-

1.7%

Adecoagro

SA

183,624

2,038

CCR

SA

563,545

1,584

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

-

ADR(Æ)

36,851

450

Cia

Energetica

de

Minas

Gerais

-

ADR

173,774

457

Petroleo

Brasileiro

SA

11,405

84

Petroleo

Brasileiro

SA

-

ADR

110,753

1,626

Sao

Martinho

SA

201,205

1,424

SLC

Agricola

SA

25,617

236

Suzano

SA

111,782

1,136

Suzano

SA

-

ADR

136,188

1,384

Vale

SA

118,419

1,732

Vale

SA

Class

B

-

ADR

115,361

1,688

Wheaton

Precious

Metals

Corp.

12,541

562

Yara

International

ASA

6,065

248

14,649

Canada

-

4.4%

Agnico

Eagle

Mines,

Ltd.

10,833

568

AltaGas,

Ltd.

-

ADR

104,020

2,053

ARC

Resources,

Ltd.

111,946

1,691

Barrick

Gold

Corp.

40,404

698

Canadian

Natural

Resources,

Ltd.

9,373

570

Canadian

Solar,

Inc.(Æ)

27,155

982

Emera,

Inc.

48,869

1,982

Enbridge,

Inc.

155,316

5,710

Enerflex,

Ltd.

88,543

718

Franco-Nevada

Corp.

Class

T

9,445

1,378

Gibson

Energy,

Inc.

103

2

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Imperial

Oil,

Ltd.

18,672

1,006

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

700,954

7,431

Largo,

Inc.(Æ)

99,488

472

Li-Cycle

Holdings

Corp.(Æ)

161,299

973

Logan

Energy

Corp.(Æ)

25,659

22

Nutrien,

Ltd.

57,007

3,928

Pembina

Pipeline

Corp.

61,349

1,942

TC

Energy

Corp.

74,792

2,681

Teck

Resources,

Ltd.

Class

B

58,621

2,604

Vermilion

Energy,

Inc.

25,043

349

Westshore

Terminals

Investment

Corp.

24,184

560

38,320

Chile

-

0.4%

Antofagasta

PLC

29,173

627

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

43,546

3,209

3,836

China

-

1.7%

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

2,870,797

1,878

CGN

Power

Co.,

Ltd.

Class

H(Þ)

1,301,000

319

China

Gas

Holdings,

Ltd.

67,959

76

China

Merchants

Port

Holdings

Co.,

Ltd.

584,264

802

COSCO

SHIPPING

Ports,

Ltd.

1,129,093

712

ENN

Energy

Holdings,

Ltd.

310,840

3,746

Guangdong

Investment,

Ltd.

1,544,002

1,335

Hainan

Meilan

International

Airport

Co.,

Ltd.

Class

H(Æ)

131,000

197

Henan

Shenhuo

Coal

&

Power

Co.,

Ltd.

Class

A

223,700

492

Jiangsu

Expressway

Co.,

Ltd.

Class

H

2,027,153

1,857

Shenzhen

Expressway

Corp.,

Ltd.

Class

H

458,172

396

Shenzhen

International

Holdings,

Ltd.

958,500

898

Western

Mining

Co.,

Ltd.

Class

A

497,201

856

Wilmar

International,

Ltd.

265,000

771

Yuexiu

Transport

Infrastructure,

Ltd.

1,216,000

659

Zhejiang

Expressway

Co.,

Ltd.

Class

H

54,133

43

15,037

Denmark

-

0.3%

Orsted

A/S

Class

A(Þ)

3,908

340

Vestas

Wind

Systems

A/S(Æ)

68,595

1,836

2,176

Finland

-

0.5%

Kemira

OYJ

20,297

318

Neste

OYJ

11,151

410

Stora

Enso

OYJ

Class

R

64,112

787

UPM-Kymmene

OYJ

78,687

2,600

4,115

France

-

3.2%

Aeroports

de

Paris

28,361

3,920

Eiffage

SA

7,174

746

Engie

SA

48,151

790

Eramet

SA

2,145

181

Gaztransport

Et

Technigaz

SA

130

16

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

93

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Getlink

SE

640,813

11,271

Rubis

SCA

40,180

991

Technip

Energies

NV

20,026

457

TotalEnergies

SE

47,337

2,875

Veolia

Environnement

SA

83,801

2,729

Vilmorin

&

Cie

SA(Š)

6,522

457

Vinci

SA

30,416

3,574

28,007

Germany

-

0.4%

E.ON

SE

83,362

1,056

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

11,820

625

K+S

AG

41,174

784

RWE

AG

14,926

642

ThyssenKrupp

AG

-

ADR

8,043

64

3,171

Ghana

-

1.1%

Kosmos

Energy,

Ltd.(Æ)

1,389,850

9,868

Hong

Kong

-

0.0%

China

High

Speed

Transmission

Equipment

Group

Co.,

Ltd.(Æ)

546,000

185

Nine

Dragons

Paper

Holdings,

Ltd.

357,000

234

419

Hungary

-

0.2%

MOL

Hungarian

Oil

&

Gas

PLC

230,334

1,819

India

-

0.3%

Reliance

Industries,

Ltd.

-

GDR(Þ)

38,189

2,386

Ireland

-

0.2%

Smurfit

Kappa

Group

PLC

34,361

1,360

Isle

of

Man

-

0.0%

Lifezone

Metals,

Ltd.(Æ)

23,705

284

Israel

-

0.3%

Delek

Group,

Ltd.

2,095

296

Equital,

Ltd.(Æ)

10,135

305

ICL

Group,

Ltd.

161,019

1,072

Israel

Corp.,

Ltd.

(The)

2,643

825

Naphtha

Israel

Petroleum

Corp.,

Ltd.

56,274

278

2,776

Italy

-

0.9%

Enav

SpA(Þ)

68,023

292

Enel

SpA

220,044

1,519

Eni

SpA

-

ADR

202,205

3,086

Hera

SpA

371,435

1,154

Infrastrutture

Wireless

Italiane

SpA(Þ)

118,585

1,488

7,539

Japan

-

0.8%

Ebara

Corp.

28,800

1,361

Hitachi

Zosen

Corp.

2,500

16

Inpex

Corp.

53,700

697

Japan

Airport

Terminal

Co.,

Ltd.

26,300

1,226

Japan

Petroleum

Exploration

Co.,

Ltd.

13,700

471

JFE

Holdings,

Inc.

5,600

90

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kubota

Corp.

15,000

227

Mitsubishi

Materials

Corp.

21,000

376

Nippon

Steel

Corp.

30,000

685

Nittetsu

Mining

Co.,

Ltd.

11,400

408

Sumitomo

Metal

Mining

Co.,

Ltd.

21,500

746

West

Japan

Railway

Co.

22,600

929

7,232

Luxembourg

-

0.1%

ArcelorMittal

SA

37,979

1,100

Mexico

-

2.5%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR

12,506

1,133

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR

10,608

2,019

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

197,815

3,769

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

ADR

6,712

1,900

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

280,098

7,923

Grupo

Mexico

SAB

de

CV

639,269

3,323

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

161,158

1,669

Southern

Copper

Corp.

1,689

148

21,884

Netherlands

-

1.3%

OCI

NV

3,438

98

Shell

PLC

363,094

11,049

11,147

New

Zealand

-

0.5%

Auckland

International

Airport,

Ltd.(Æ)

776,969

4,052

Norway

-

0.5%

Austevoll

Seafood

ASA

91,840

690

Borregaard

ASA

-

ADR

22,679

370

BW

Offshore,

Ltd.

50,269

137

DNO

ASA

659,139

716

Equinor

ASA

Class

N

89,342

2,722

4,635

Poland

-

0.1%

Polski

Koncern

Naftowy

ORLEN

SA

51,079

912

Portugal

-

0.9%

Galp

Energia

SGPS

SA

Class

B

564,274

7,510

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)

17,897

—

MMC

Norilsk

Nickel

PJSC

-

ADR(Æ)

(Š)

9

—

Novatek

PJSC(Æ)(Š)

93,200

—

PhosAgro

PJSC(Æ)(Š)

11,936

—

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

94

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

PhosAgro

PJSC

Depositary

Receipt(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

—

Rosneft

Oil

Co.

PJSC(Æ)(Š)

97,843

—

Tatneft

PJSC(Æ)(Š)

107,472

—

Tatneft

PJSC

-

ADR(Æ)(Š)

4,325

—

—

Singapore

-

0.1%

SATS,

Ltd.(Æ)

238,300

502

South

Africa

-

1.1%

African

Rainbow

Minerals,

Ltd.

106,970

1,211

Anglo

American

Platinum,

Ltd.

11,033

549

Anglo

American

PLC

193,855

5,951

Gold

Fields,

Ltd.

-

ADR

38,878

601

Impala

Platinum

Holdings,

Ltd.

162,065

1,172

Sibanye

Stillwater,

Ltd.

166,110

316

Thungela

Resources,

Ltd.

7,364

56

9,856

South

Korea

-

0.2%

POSCO

Holdings,

Inc.

3,850

1,944

Spain

-

2.4%

Aena

SME

SA(Þ)

69,326

11,095

Iberdrola

SA

576,488

7,202

Repsol

SA

-

ADR

182,633

2,790

21,087

Sweden

-

0.2%

Boliden

AB(Æ)

1,605

47

Svenska

Cellulosa

AB

SCA

Class

B

94,077

1,247

1,294

Switzerland

-

0.8%

Flughafen

Zurich

AG

29,633

6,267

SIG

Group

AG(Æ)

35,055

936

7,203

Thailand

-

0.1%

PTT

Exploration

&

Production

PCL

173,800

811

Turkey

-

0.1%

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS(Æ)

185,649

420

United

Kingdom

-

1.7%

BP

PLC

1,152,462

7,143

Central

Asia

Metals

PLC

45,010

106

DS

Smith

PLC

191,657

762

EnQuest

PLC(Æ)

1,644,647

376

National

Grid

PLC

142,740

1,891

Scottish

&

Southern

Energy

PLC

155,480

3,363

Severn

Trent

PLC

Class

H

35,857

1,175

14,816

United

States

-

59.6%

Aemetis,

Inc.(Æ)

75,439

557

AGCO

Corp.

19,910

2,650

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Agree

Realty

Corp.(ö)

129,381

8,381

Albemarle

Corp.

2,630

558

Alcoa

Corp.

15,877

575

Alexander

&

Baldwin,

Inc.(ö)

5,089

98

Alexandria

Real

Estate

Equities,

Inc.(ö)

10,748

1,351

Alliant

Energy

Corp.

62,782

3,374

Amcor

PLC

39,896

409

Ameresco,

Inc.

Class

A(Æ)

83,874

4,882

American

Electric

Power

Co.,

Inc.

17,436

1,478

American

Homes

4

Rent

Class

A(ö)

190,072

7,124

American

Tower

Corp.(ö)

7,792

1,483

American

Water

Works

Co.,

Inc.

8,317

1,226

Americold

Realty

Trust,

Inc.(ö)

159,023

5,156

Apartment

Income

REIT

Corp.(ö)

15,620

539

Apple

Hospitality

REIT,

Inc.(ö)

31,583

490

Archer-Daniels-Midland

Co.

16,245

1,380

Armada

Hoffler

Properties,

Inc.(ö)

21,307

265

Ashford

Hospitality

Trust,

Inc.(ö)

35,612

142

Atmos

Energy

Corp.

4,584

558

AvalonBay

Communities,

Inc.(ö)

90,880

17,144

Avery

Dennison

Corp.

2,165

398

Boston

Properties,

Inc.(ö)

15,174

1,011

Brixmor

Property

Group,

Inc.(ö)

34,730

790

Broadstone

Net

Lease,

Inc.(ö)

31,036

506

Bunge,

Ltd.

2,583

281

California

Resources

Corp.

6,734

359

Camden

Property

Trust(ö)

13,650

1,489

CenterPoint

Energy,

Inc.

74,571

2,244

Centerspace(ö)

4,775

297

CF

Industries

Holdings,

Inc.

4,214

346

Cheniere

Energy,

Inc.

63,750

10,319

Chevron

Corp.

13,269

2,172

Civitas

Resources,

Inc.

12,673

949

Clean

Energy

Fuels

Corp.(Æ)

248,415

1,225

CNX

Resources

Corp.(Æ)

22,415

457

Community

Healthcare

Trust,

Inc.(ö)

9,342

329

ConocoPhillips

Co.

13,303

1,566

Consolidated

Edison,

Inc.

4,473

424

Constellation

Energy

Corp.

9,845

951

Corteva,

Inc.

27,160

1,533

Cousins

Properties,

Inc.(ö)

10,216

250

Crown

Castle,

Inc.(ö)

29,749

3,221

CubeSmart(ö)

16,703

724

Darling

Ingredients,

Inc.(Æ)

116,222

8,048

Deere

&

Co.

1,163

500

DiamondRock

Hospitality

Co.(ö)

27,431

233

Digital

Realty

Trust,

Inc.(ö)

109,969

13,704

Diversified

Healthcare

Trust(ö)

57,035

119

Dominion

Energy,

Inc.

110,611

5,923

Douglas

Emmett,

Inc.(ö)

13,998

206

DT

Midstream,

Inc.

70,503

3,773

Duke

Energy

Corp.

123,933

11,603

Easterly

Government

Properties,

Inc.(ö)

18,526

273

EastGroup

Properties,

Inc.(ö)

41,845

7,414

Edison

International

2,654

191

Elme

Communities(ö)

16,367

266

Empire

State

Realty

Trust,

Inc.

Class

A(ö)

40,565

363

Entergy

Corp.

49,740

5,108

Enterprise

Products

Partners,

LP

28,820

764

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

95

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

EOG

Resources,

Inc.

8,795

1,166

EPR

Properties(ö)

13,074

584

Equinix,

Inc.(ö)

36,383

29,467

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

123,560

8,795

Equity

Residential(ö)

42,360

2,793

Essential

Properties

Realty

Trust,

Inc.

(ö)

190,932

4,687

Essex

Property

Trust,

Inc.(ö)

4,766

1,161

Evergy,

Inc.

21,055

1,263

Eversource

Energy

3,045

220

Exelon

Corp.

57,043

2,388

Extra

Space

Storage,

Inc.(ö)

101,178

14,121

Exxon

Mobil

Corp.

32,569

3,493

Farmland

Partners,

Inc.(ö)

34,149

392

Federal

Realty

Investment

Trust(ö)

11,758

1,194

First

Industrial

Realty

Trust,

Inc.(ö)

26,985

1,395

First

Solar,

Inc.(Æ)

699

145

FirstEnergy

Corp.

41,127

1,620

FMC

Corp.

7,889

759

Four

Corners

Property

Trust,

Inc.(ö)

9,839

259

Franklin

Street

Properties

Corp.(ö)

67,977

114

Freeport-McMoRan,

Inc.

113,340

5,061

Gaming

and

Leisure

Properties,

Inc.(ö)

44,116

2,094

Gladstone

Commercial

Corp.(ö)

20,673

275

Gladstone

Land

Corp.(ö)

16,649

279

Global

Medical

REIT,

Inc.(ö)

25,760

255

GrafTech

International,

Ltd.

286,925

1,515

Green

Plains,

Inc.(Æ)

126,315

4,485

Halliburton

Co.

31,579

1,234

Healthcare

Realty

Trust,

Inc.(ö)

67,716

1,322

Healthpeak

Properties,

Inc.(ö)

35,967

785

Hess

Corp.

43,067

6,535

Highwoods

Properties,

Inc.(ö)

6,640

168

Host

Hotels

&

Resorts,

Inc.(ö)

80,488

1,481

Hudson

Pacific

Properties,

Inc.(ö)

54,715

321

Hyatt

Hotels

Corp.

Class

A

8,899

1,124

Independence

Realty

Trust,

Inc.(ö)

39,218

668

International

Paper

Co.

1,568

57

Invitation

Homes,

Inc.(ö)

70,985

2,520

Iron

Mountain,

Inc.(ö)

201,118

12,349

JBG

Smith

Properties(ö)

10,373

174

Kilroy

Realty,

LP(ö)

8,552

305

Kimco

Realty

Corp.(ö)

283,443

5,743

Kinder

Morgan,

Inc.

175,255

3,104

Kite

Realty

Group

Trust(ö)

258,181

5,907

Lamar

Advertising

Co.

Class

A(ö)

7,260

717

Livent

Corp.(Æ)

63,147

1,555

LTC

Properties,

Inc.(ö)

5,098

171

Macerich

Co.

(The)(ö)

34,924

445

Magellan

Midstream

Partners,

LP

10,603

703

Magnolia

Oil

&

Gas

Corp.

Class

A

69,013

1,529

Medical

Properties

Trust,

Inc.(ö)

47,986

484

Mid-America

Apartment

Communities,

Inc.(ö)

65,726

9,837

Mosaic

Co.

(The)

67,090

2,735

National

Health

Investors,

Inc.(ö)

5,771

317

National

Retail

Properties,

Inc.(ö)

50,098

2,138

Newmont

Corp.

20,694

888

NexPoint

Residential

Trust,

Inc.(ö)

8,489

353

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NextEra

Energy,

Inc.

141,163

10,347

NexTier

Oilfield

Solutions,

Inc.(Æ)

66,298

790

NiSource,

Inc.

21,022

585

Noble

Corp.

PLC

23,253

1,211

Norfolk

Southern

Corp.

3,128

731

Nucor

Corp.

7,146

1,230

Office

Properties

Income

Trust(ö)

13,834

107

Omega

Healthcare

Investors,

Inc.(ö)

171,236

5,462

ONEOK,

Inc.

11,060

741

Ovintiv,

Inc.

9,708

447

Packaging

Corp.

of

America

1,803

276

Park

Hotels

&

Resorts,

Inc.(ö)

39,046

532

Permian

Resources

Corp.

20,008

234

Phillips

66

640

71

Phillips

Edison

&

Co.,

Inc.(ö)

16,044

566

Physicians

Realty

Trust(ö)

35,467

523

Piedmont

Office

Realty

Trust,

Inc.

Class

A(ö)

36,958

275

Pinnacle

West

Capital

Corp.

14,312

1,185

Pioneer

Natural

Resources

Co.

3,888

877

Plymouth

Industrial

REIT,

Inc.(ö)

12,299

280

PNM

Resources,

Inc.

12,177

546

Portland

General

Electric

Co.

8,886

424

PPL

Corp.

117,033

3,222

Prologis,

Inc.(ö)

299,038

37,305

ProPetro

Holding

Corp.(Æ)

73,657

769

Public

Service

Enterprise

Group,

Inc.

15,335

968

Public

Storage(ö)

41,025

11,559

Rayonier,

Inc.(ö)

12,312

408

Realty

Income

Corp.(ö)

77,163

4,705

Regal

Rexnord

Corp.

3,044

475

Regency

Centers

Corp.(ö)

9,846

645

Reliance

Steel

&

Aluminum

Co.

1,306

382

Republic

Services,

Inc.

Class

A

15,292

2,311

Retail

Opportunity

Investments

Corp.

(ö)

32,617

480

REX

American

Resources

Corp.(Æ)

10,539

390

Rexford

Industrial

Realty,

Inc.(ö)

37,221

2,050

RPT

Realty(ö)

27,684

301

Ryman

Hospitality

Properties,

Inc.(ö)

66,156

6,304

Sabra

Health

Care

REIT,

Inc.(ö)

59,946

779

Saul

Centers,

Inc.(ö)

7,331

283

SBA

Communications

Corp.(ö)

7,068

1,548

Select

Energy

Services,

Inc.

Class

A

53,353

449

Sempra

Energy

11,227

1,673

Service

Properties

Trust(ö)

37,197

316

Simon

Property

Group,

Inc.(ö)

127,880

15,934

SITE

Centers

Corp.(ö)

25,059

352

SL

Green

Realty

Corp.(ö)

8,081

305

SolarEdge

Technologies,

Inc.(Æ)

12,052

2,910

Southern

Co.

(The)

127,095

9,194

Southwestern

Energy

Co.(Æ)

40,314

261

Spirit

Realty

Capital,

Inc.(ö)

96,221

3,881

STAG

Industrial,

Inc.(ö)

6,635

241

Steel

Dynamics,

Inc.

3,364

359

Sun

Communities,

Inc.(ö)

14,505

1,890

Sunrun,

Inc.(Æ)

192,405

3,652

Talos

Energy,

Inc.(Æ)

21,989

352

Tanger

Factory

Outlet

Centers,

Inc.(ö)

13,216

309

Targa

Resources

Corp.

76,030

6,234

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

96

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Terreno

Realty

Corp.(ö)

14,094

836

UDR,

Inc.(ö)

206,414

8,438

UMH

Properties,

Inc.(ö)

17,045

284

Union

Pacific

Corp.

9,273

2,151

Urban

Edge

Properties(ö)

10,367

176

Ventas,

Inc.(ö)

32,061

1,556

Veris

Residential,

Inc.(ö)

26,987

504

VICI

Properties,

Inc.(ö)

436,158

13,730

Vital

Energy,

Inc.(Æ)

7,169

378

Vornado

Realty

Trust(ö)

13,571

305

W&T

Offshore,

Inc.(Æ)

36,405

159

WEC

Energy

Group,

Inc.

4,530

407

Welltower,

Inc.(ö)

253,008

20,785

Westrock

Co.

23,756

791

Weyerhaeuser

Co.(ö)

35,973

1,225

Whitestone

REIT

Class

B(ö)

29,192

301

Williams

Cos.,

Inc.

(The)

46,843

1,614

WP

Carey,

Inc.(ö)

39,084

2,639

Xcel

Energy,

Inc.

89,345

5,605

Zurn

Water

Solutions

Corp.

13,656

416

518,734

Zambia

-

0.4%

First

Quantum

Minerals,

Ltd.

130,722

3,877

Total

Common

Stocks

(cost

$654,555)

822,860

Preferred

Stocks

-

1.4%

Brazil

-

1.4%

Bradespar

SA

13.640%

(Ÿ)

1,275,098

6,334

Petroleo

Brasileiro

SA

11.989%

(Ÿ)

882,214

5,804

12,138

Russia

-

0.0%

Surgutneftegas

OJSC

1.631%

(Š)(Ÿ)

1,385,000

—

Tatneft

PJSC

14.360%

(Š)(Ÿ)

281,695

—

—

Total

Preferred

Stocks

(cost

$12,799)

12,138

Short-Term

Investments

-

3.4%

United

States

-

3.4%

U.S.

Cash

Management

Fund(@)

29,275,146

(∞)

29,264

Total

Short-Term

Investments

(cost

$29,266)

29,264

Total

Investments

-

99.3%

(identified

cost

$696,620)

864,262

Other

Assets

and

Liabilities,

Net

-

0.7%

5,981

Net

Assets

-

100.0%

870,243

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

97

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.8%

Aena

SME

SA

04/22/20

EUR

69,326

133

.52

9,256

11,095

CGN

Power

Co.,

Ltd.

03/07/23

HKD

1,301,000

0

.24

314

319

Enav

SpA

09/28/22

EUR

68,023

3

.56

242

292

Infrastrutture

Wireless

Italiane

SpA

05/17/21

EUR

118,585

10

.56

1,252

1,488

Orsted

A/S

06/06/23

DKK

3,908

88

.58

346

340

Polyus

PJSC

10/20/22

USD

1

—

—

—

Reliance

Industries,

Ltd.

02/24/21

USD

38,189

57

.24

2,186

2,386

Ros

Agro

PLC

03/17/20

USD

66,112

—

525

—

15,920

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

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

100

USD

23,073

09/23

906

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

906

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

971

$

—

$

—

$

—

$

971

Australia

—

43,929

—

—

43,929

Austria

—

2,608

—

—

2,608

Bermuda

—

574

—

—

574

Brazil

14,401

248

—

—

14,649

Canada

38,320

—

—

—

38,320

Chile

3,209

627

—

—

3,836

China

—

15,037

—

—

15,037

Denmark

—

2,176

—

—

2,176

Finland

—

4,115

—

—

4,115

France

—

27,550

457

—

28,007

Germany

—

3,171

—

—

3,171

Ghana

9,868

—

—

—

9,868

Hong

Kong

—

419

—

—

419

Hungary

—

1,819

—

—

1,819

India

—

2,386

—

—

2,386

Ireland

—

1,360

—

—

1,360

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

98

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

Isle

of

Man

284

—

—

—

284

Israel

—

2,776

—

—

2,776

Italy

—

7,539

—

—

7,539

Japan

—

7,232

—

—

7,232

Luxembourg

—

1,100

—

—

1,100

Mexico

21,884

—

—

—

21,884

Netherlands

—

11,147

—

—

11,147

New

Zealand

—

4,052

—

—

4,052

Norway

—

4,635

—

—

4,635

Poland

—

912

—

—

912

Portugal

—

7,510

—

—

7,510

Russia

—

—

—

—

—

Singapore

—

502

—

—

502

South

Africa

601

9,255

—

—

9,856

South

Korea

—

1,944

—

—

1,944

Spain

—

21,087

—

—

21,087

Sweden

—

1,294

—

—

1,294

Switzerland

—

7,203

—

—

7,203

Thailand

—

811

—

—

811

Turkey

—

420

—

—

420

United

Kingdom

—

14,816

—

—

14,816

United

States

517,523

1,211

—

—

518,734

Zambia

3,877

—

—

—

3,877

Preferred

Stocks

12,138

—

—

—

12,138

Short-Term

Investments

—

—

—

29,264

29,264

Total

Investments

623,076

211,465

457

29,264

864,262

Other

Financial

Instruments

Assets

Futures

Contracts

906

—

—

—

906

Total

Other

Financial

Instruments

*

$

906

$

—

$

—

$

—

$

906

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

99

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

July

31,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

2,046

Consumer

Staples

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

5,160

Energy

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

112,720

Financial

Services

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

335,558

Materials

and

Processing

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

117,517

Producer

Durables

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

98,405

Technology

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

1,989

Utilities

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

149,465

Preferred

Stocks

Energy

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

5,804

Financial

Services

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

6,334

Short-Term

Investments

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

29,264

Total

Investments

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

864,262

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

100

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Fixed

Income

Investments

-

90.3%

Asset-Backed

Securities

-

3.0%

ACE

Securities

Corp.

Mortgage

Loan

Trust

Series

2007-D1

Class

A3

7.250%

due

02/25/38

(~)(Ê)(Þ)

659

517

CLI

Funding

VI

LLC

Series

2020-1A

Class

A

2.080%

due

09/18/45

(Þ)

709

616

Commonbond

Student

Loan

Trust

Series

2017-AGS

Class

C

5.280%

due

05/25/41

(Þ)

55

50

Series

2020-AGS

Class

B

3.160%

due

08/25/50

(Þ)

86

73

Series

2021-AGS

Class

B

1.400%

due

03/25/52

(Þ)

254

195

DB

Master

Finance

LLC

Series

2019-1A

Class

A23

4.352%

due

05/20/49

(Þ)

385

351

Series

2019-1A

Class

A2II

4.021%

due

05/20/49

(Þ)

193

180

Domino's

Pizza

Master

Issuer

LLC

Series

2019-1A

Class

A2

3.668%

due

10/25/49

(Þ)

917

799

Series

2021-1A

Class

A2II

3.151%

due

04/25/51

(Þ)

587

479

ELFI

Graduate

Loan

Program

Series

2020-A

Class

A

1.730%

due

08/25/45

(Þ)

104

90

GoodLeap

Sustainable

Home

Solutions

Trust

Series

2021-3CS

Class

A

2.100%

due

05/20/48

(Þ)

1,202

917

Helios

Issuer

LLC

Series

2018-1A

Class

A

4.870%

due

07/20/48

(Þ)

825

754

Series

2018-1A

Class

B

7.710%

due

07/20/48

(Þ)

616

520

Series

2020-AA

Class

A

2.980%

due

06/20/47

(Þ)

360

319

J.G.

Wentworth

XLII

LLC

Series

2018-2A

Class

B

4.700%

due

10/15/77

(Þ)

472

404

Marlette

Funding

Trust

Series

2021-1A

Class

C

1.410%

due

06/16/31

(Þ)

848

835

Mosaic

Solar

Loan

Trust

Series

2018-2GS

Class

A

4.200%

due

02/22/44

(Þ)

180

162

Series

2018-2GS

Class

B

4.740%

due

02/22/44

(Þ)

69

61

Series

2020-1A

Class

B

3.100%

due

04/20/46

(Þ)

234

194

Series

2020-2A

Class

B

2.210%

due

08/20/46

(Þ)

266

211

Series

2021-1A

Class

B

2.050%

due

12/20/46

(Þ)

664

517

Series

2021-2A

Class

B

2.090%

due

04/22/47

(Þ)

396

290

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)

187

170

Series

2021-A

Class

B

2.240%

due

05/15/69

(Þ)

450

324

Primose

Funding

LLC

Series

2019-1A

Class

A2

4.475%

due

07/30/49

(Þ)

968

893

SoFi

Professional

Loan

Program

LLC

Series

2017-D

Class

BFX

3.610%

due

09/25/40

(Þ)

400

359

Series

2017-E

Class

B

3.490%

due

11/26/40

(Þ)

473

450

Series

2019-B

Class

BFX

3.730%

due

08/17/48

(Þ)

600

518

Series

2019-C

Class

BFX

3.050%

due

11/16/48

(Þ)

1,000

812

SoFi

Professional

Loan

Program

Trust

Series

2017-B

Class

CFX

4.440%

due

05/25/40

(~)(Ê)(Þ)

425

388

Series

2017-C

Class

C

4.210%

due

07/25/40

(~)(Ê)(Þ)

424

373

Series

2018-B

Class

BFX

3.830%

due

08/25/47

(Þ)

850

767

Series

2018-D

Class

R1

0.000%

due

02/25/48

(Š)(Þ)

43

300

Series

2020-C

Class

BFX

3.360%

due

02/15/46

(Þ)

600

484

Sonic

Capital

LLC

Series

2020-1A

Class

A2I

3.845%

due

01/20/50

(Þ)

534

485

Series

2021-1A

Class

A2II

2.636%

due

08/20/51

(Þ)

589

438

Sunnova

Helios

Issuer

LLC

Series

2020-2A

Class

A

2.730%

due

11/01/55

(Þ)

324

250

Sunnova

Sol

III

Issuer

LLC

Series

2021-1

Class

A

2.580%

due

04/28/56

(Þ)

786

615

Sunrun

Xanadu

Issuer

Series

2019-1A

Class

A

3.980%

due

06/30/54

(Þ)

416

368

Wendy's

Funding

LLC

Series

2018-1A

Class

A2II

3.884%

due

03/15/48

(Þ)

473

428

16,956

Corporate

Bonds

and

Notes

-

33.1%

Acrisure

LLC

/

Acrisure

Finance,

Inc.

7.000%

due

11/15/25

(Þ)

311

300

Acuris

Finance

US,

Inc.

/

Acuris

Finance

SARL

5.000%

due

05/01/28

(Þ)

556

441

AdaptHealth

LLC

4.625%

due

08/01/29

(Þ)

368

302

5.125%

due

03/01/30

(Þ)

851

704

Adient

Global

Holdings,

Ltd.

4.875%

due

08/15/26

(Þ)

474

455

8.250%

due

04/15/31

(Þ)

338

347

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

101

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

African

Export-Import

Bank

(The)

Series

REGS

3.798%

due

05/17/31

(Þ)

643

528

AHP

Health

Partners,

Inc.

5.750%

due

07/15/29

(Þ)

186

162

Aircastle,

Ltd.

5.250%

due

08/11/25

(Þ)

113

110

4.250%

due

06/15/26

233

221

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

4.625%

due

01/15/27

(Þ)

291

276

3.500%

due

03/15/29

(Þ)

359

313

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

6.750%

due

10/15/27

(Þ)

489

463

6.750%

due

04/15/28

(Þ)

117

116

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

6.625%

due

07/15/26

(Þ)

277

265

Allied

World

Assurance

Co.

Holdings,

Ltd.

4.350%

due

10/29/25

221

213

Alta

Equipment

Group,

Inc.

5.625%

due

04/15/26

(Þ)

490

458

Altria

Group,

Inc.

5.800%

due

02/14/39

117

115

American

Airlines

Group,

Inc.

5.500%

due

04/20/26

(Þ)

818

805

5.750%

due

04/20/29

(Þ)

343

332

American

Builders

&

Contractors

Supply

Co.,

Inc.

3.875%

due

11/15/29

(Þ)

1,000

868

American

Finance

Trust,

Inc.

/

American

Finance

Operating

Partner,

LP

4.500%

due

09/30/28

(Þ)

326

253

Apache

Corp.

6.000%

due

01/15/37

208

196

5.100%

due

09/01/40

1,102

936

5.250%

due

02/01/42

72

61

4.750%

due

04/15/43

118

92

7.375%

due

08/15/47

213

207

5.350%

due

07/01/49

583

483

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.625%

due

06/15/29

(Þ)

316

253

Aramark

Services,

Inc.

5.000%

due

02/01/28

(Þ)

354

333

Arches

Buyer,

Inc.

4.250%

due

06/01/28

(Þ)

469

408

Arconic

Corp.

6.125%

due

02/15/28

(Þ)

1,000

1,026

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

Series

144a

5.250%

due

08/15/27

(Ñ)(Þ)

361

310

Ares

Capital

Corp.

4.250%

due

03/01/25

163

156

3.250%

due

07/15/25

156

146

AT&T,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

06/01/41

423

315

AthenaHealth

Group,

Inc.

6.500%

due

02/15/30

(Þ)

584

495

Avangrid,

Inc.

3.200%

due

04/15/25

213

203

Avantor,

Inc.

4.625%

due

07/15/28

(Þ)

358

332

Aviation

Capital

Group

LLC

5.500%

due

12/15/24

(Þ)

213

209

Avnet,

Inc.

4.625%

due

04/15/26

500

484

3.000%

due

05/15/31

500

401

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV

4.750%

due

06/15/27

(Þ)

288

275

Bank

of

America

Corp.

2.015%

due

02/13/26

(CME

Term

SOFR

3

Month

+

0.902%)(Ê)

321

303

Bath

&

Body

Works,

Inc.

6.950%

due

03/01/33

140

127

6.750%

due

07/01/36

152

138

Series

WI

6.875%

due

11/01/35

984

913

Bausch

Health

Cos.,

Inc.

11.000%

due

09/30/28

(Þ)

453

334

14.000%

due

10/15/30

(Þ)

88

56

Berkshire

Hathaway

Finance

Corp.

4.300%

due

05/15/43

200

182

Berry

Global,

Inc.

5.625%

due

07/15/27

(Þ)

224

219

Series

WI

1.570%

due

01/15/26

213

193

1.650%

due

01/15/27

163

141

Black

Hills

Corp.

3.950%

due

01/15/26

318

305

BlackRock

TCP

Capital

Corp.

2.850%

due

02/09/26

334

301

Blackstone

Mortgage

Trust,

Inc.

3.750%

due

01/15/27

(Þ)

311

267

Booz

Allen

Hamilton

Holding

Corp.

3.875%

due

09/01/28

(Þ)

1,195

1,085

Boston

Properties,

LP

2.750%

due

10/01/26

116

105

Boxer

Parent

Co.,

Inc.

9.125%

due

03/01/26

(Þ)

157

157

Boyd

Gaming

Corp.

4.750%

due

06/15/31

(Þ)

1,000

895

Series

WI

4.750%

due

12/01/27

344

324

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

143

116

Brightsphere

Investment

Group,

Inc.

4.800%

due

07/27/26

298

286

Brinker

International,

Inc.

8.250%

due

07/15/30

(Þ)

621

624

Broadcom,

Inc.

3.187%

due

11/15/36

(Þ)

243

184

Buckeye

Partners,

LP

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

102

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.950%

due

12/01/26

388

356

4.125%

due

12/01/27

179

162

5.850%

due

11/15/43

131

101

5.600%

due

10/15/44

105

78

Builders

FirstSource,

Inc.

5.000%

due

03/01/30

(Þ)

385

360

Bunge,

Ltd.

1.630%

due

08/17/25

104

96

Caesars

Entertainment,

Inc.

8.125%

due

07/01/27

(Þ)

830

851

4.625%

due

10/15/29

(Þ)

158

139

7.000%

due

02/15/30

(Þ)

209

211

Capital

One

Financial

Corp.

1.878%

due

11/02/27

(SOFR

+

0.855%)(Ê)

314

274

Carlyle

Holdings

II

Finance

LLC

5.625%

due

03/30/43

(Þ)

202

178

Carnival

Corp.

5.750%

due

03/01/27

(Þ)

854

790

6.000%

due

05/01/29

(Þ)

1,614

1,451

Carriage

Purchaser,

Inc.

7.875%

due

10/15/29

(Þ)

744

586

Carriage

Services,

Inc.

4.250%

due

05/15/29

(Þ)

1,000

866

CBL

&

Associates

HoldCo

II

LLC

5.950%

due

12/15/26

(Ø)(Š)(Æ)

475

—

CBRE

Services,

Inc.

4.875%

due

03/01/26

114

112

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.125%

due

05/01/27

(Þ)

356

334

6.375%

due

09/01/29

(Þ)

68

65

4.750%

due

03/01/30

(Þ)

758

657

4.250%

due

01/15/34

(Þ)

1,872

1,439

Series

DMTN

5.000%

due

02/01/28

(Þ)

62

57

CDW

LLC

/

CDW

Finance

Corp.

2.670%

due

12/01/26

240

217

Celanese

US

Holdings

LLC

6.379%

due

07/15/32

1,150

1,163

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Series

WI

4.908%

due

07/23/25

170

167

Cheniere

Energy

Partners,

LP

Series

WI

4.500%

due

10/01/29

224

208

Cheniere

Energy,

Inc.

Series

WI

4.625%

due

10/15/28

357

335

CHS/Community

Health

Systems,

Inc.

6.000%

due

01/15/29

(Þ)

580

496

6.875%

due

04/15/29

(Þ)

635

421

6.125%

due

04/01/30

(Þ)

340

214

5.250%

due

05/15/30

(Þ)

200

160

4.750%

due

02/15/31

(Þ)

419

317

Citigroup,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.887%

due

01/10/28

(CME

Term

SOFR

3

Month

+

1.825%)(Ê)

353

334

Citizens

Financial

Group,

Inc.

2.500%

due

02/06/30

231

185

Clarios

Global,

LP

/

Clarios

US

Finance

Co.

8.500%

due

05/15/27

(Þ)

360

365

Cloud

Software

Group

Holdings,

Inc.

6.500%

due

03/31/29

(Þ)

456

410

Clydesdale

Acquisition

Holdings,

Inc.

6.625%

due

04/15/29

(Þ)

179

171

8.750%

due

04/15/30

(Þ)

633

574

CMS

Energy

Corp.

3.000%

due

05/15/26

332

311

Coinbase

Global,

Inc.

3.375%

due

10/01/28

(Þ)

336

235

3.625%

due

10/01/31

(Þ)

220

139

Colt

Merger

Sub,

Inc.

6.250%

due

07/01/25

(Þ)

502

499

CommScope

Technologies

LLC

5.000%

due

03/15/27

(Þ)

273

182

Compass

Group

Diversified

Holdings

LLC

5.250%

due

04/15/29

(Þ)

333

303

Comstock

Resources,

Inc.

5.875%

due

01/15/30

(Þ)

508

450

ConAgra

Foods,

Inc.

8.250%

due

09/15/30

188

214

Consensus

Cloud

Solutions,

Inc.

6.000%

due

10/15/26

(Þ)

887

820

6.500%

due

10/15/28

(Þ)

262

227

Constellation

Merger

Sub,

Inc.

8.500%

due

09/15/25

(Þ)

292

245

CoreLogic,

Inc.

4.500%

due

05/01/28

(Ñ)(Þ)

311

256

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

4.750%

due

01/15/29

(Þ)

979

908

Covanta

Holding

Corp.

5.000%

due

09/01/30

331

286

CPI

CG,

Inc.

8.625%

due

03/15/26

(Þ)

289

278

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

5.500%

due

06/15/31

(Þ)

1,138

1,035

Credit

Acceptance

Corp.

5.125%

due

12/31/24

(Þ)

242

237

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

V

Series

WI

4.250%

due

09/30/26

224

212

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

452

472

CSC

Holdings

LLC

Series

144a

4.625%

due

12/01/30

(Þ)

743

373

Cushman

&

Wakefield

U.S.

Borrower

LLC

6.750%

due

05/15/28

(Þ)

265

243

CVR

Energy,

Inc.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

103

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.250%

due

02/15/25

(Þ)

983

955

5.750%

due

02/15/28

(Þ)

402

363

CVS

Health

Corp.

5.125%

due

07/20/45

199

183

DaVita,

Inc.

4.625%

due

06/01/30

(Þ)

472

403

Delta

Air

Lines,

Inc.

3.750%

due

10/28/29

649

587

Deutsche

Bank

AG

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

2.553%)(Ê)

383

336

DIRECTV

Holdings

LLC

/

DIRECTV

Financing

Co.,

Inc.

5.875%

due

08/15/27

(Þ)

1,948

1,759

DISH

DBS

Corp.

5.750%

due

12/01/28

(Þ)

57

44

Series

WI

5.875%

due

11/15/24

214

195

7.750%

due

07/01/26

892

577

7.375%

due

07/01/28

225

127

5.125%

due

06/01/29

218

110

DISH

Network

Corp.

11.750%

due

11/15/27

(Þ)

453

456

Series

NCd

3.375%

due

08/15/26

389

216

DPL,

Inc.

Series

WI

4.350%

due

04/15/29

148

130

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

139

148

DTE

Energy

Co.

2.850%

due

10/01/26

326

302

EchoStar

Corp.

Series

WI

6.625%

due

08/01/26

243

219

Edison

International

5.750%

due

06/15/27

255

257

El

Paso

Natural

Gas

Co.

LLC

8.375%

due

06/15/32

91

104

Elevance

Health,

Inc.

4.850%

due

08/15/54

152

132

Emerald

Debt

Merger

Sub

LLC

6.625%

due

12/15/30

(Þ)

319

317

Emergent

BioSolutions,

Inc.

3.875%

due

08/15/28

(Þ)

752

417

Enact

Holdings,

Inc.

6.500%

due

08/15/25

(Þ)

225

223

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

109

126

EnLink

Midstream

LLC

5.375%

due

06/01/29

9

9

EnLink

Midstream

Partners,

LP

4.850%

due

07/15/26

59

57

5.600%

due

04/01/44

782

644

5.050%

due

04/01/45

89

71

5.450%

due

06/01/47

240

199

Enstar

Finance

LLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.750%

due

09/01/40

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.468%)(Ê)

282

246

Enstar

Group,

Ltd.

4.950%

due

06/01/29

128

120

Entegris

Escrow

Corp.

4.750%

due

04/15/29

(Þ)

711

663

Entegris,

Inc.

5.950%

due

06/15/30

(Þ)

627

601

Entergy

Corp.

2.950%

due

09/01/26

325

301

EPR

Properties

Co.

4.500%

due

04/01/25

117

111

4.750%

due

12/15/26

207

190

EQM

Midstream

Partners,

LP

6.000%

due

07/01/25

(Þ)

60

60

6.500%

due

07/01/27

(Þ)

558

555

4.500%

due

01/15/29

(Þ)

217

198

7.500%

due

06/01/30

(Þ)

313

323

4.750%

due

01/15/31

(Þ)

195

174

Series

30Y

6.500%

due

07/15/48

201

184

Equinix,

Inc.

1.250%

due

07/15/25

333

305

Exxon

Mobil

Corp.

2.992%

due

03/19/25

218

210

Fifth

Third

Bancorp

1.707%

due

11/01/27

(SOFR

+

0.685%)(Ê)

295

255

FirstEnergy

Corp.

2.050%

due

03/01/25

61

57

Series

B

3.900%

due

07/15/27

1,361

1,289

2.250%

due

09/01/30

58

47

Series

C

7.375%

due

11/15/31

65

73

4.850%

due

07/15/47

45

41

3.400%

due

03/01/50

374

256

Ford

Holdings

LLC

9.300%

due

03/01/30

50

56

Ford

Motor

Co.

7.450%

due

07/16/31

178

191

4.750%

due

01/15/43

551

431

7.400%

due

11/01/46

87

91

5.291%

due

12/08/46

578

478

Ford

Motor

Credit

Co.

LLC

3.664%

due

09/08/24

557

540

4.687%

due

06/09/25

863

837

4.134%

due

08/04/25

200

191

4.542%

due

08/01/26

152

144

4.271%

due

01/09/27

100

93

5.113%

due

05/03/29

778

726

Forestar

Group,

Inc.

3.850%

due

05/15/26

(Þ)

303

281

Franklin

BSP

Lending

Corp.

Series

WI

3.250%

due

03/30/26

337

301

Frontier

Communications

Corp.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

104

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.000%

due

05/01/28

(Þ)

942

798

6.000%

due

01/15/30

(Þ)

153

111

8.625%

due

03/15/31

(Þ)

298

285

Series

E

6.860%

due

02/01/28

350

322

FS

KKR

Capital

Corp.

4.125%

due

02/01/25

198

190

2.625%

due

01/15/27

130

112

Garden

Spinco

Corp.

8.625%

due

07/20/30

(Þ)

1,240

1,338

Gartner,

Inc.

4.500%

due

07/01/28

(Þ)

358

335

Gates

Global

LLC

/

Gates

Corp.

6.250%

due

01/15/26

(Þ)

771

761

Genesis

Energy,

LP

/

Genesis

Energy

Finance

Corp.

6.500%

due

10/01/25

711

704

8.000%

due

01/15/27

367

361

Genting

New

York

LLC

3.300%

due

02/15/26

(Þ)

441

395

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

416

365

Getty

Images,

Inc.

9.750%

due

03/01/27

(Þ)

1,000

996

Global

Marine,

Inc.

7.000%

due

06/01/28

450

393

Global

Net

Lease,

Inc.

3.750%

due

12/15/27

(Þ)

1,223

976

Global

Partners,

LP

/

GLP

Finance

Corp.

Series

WI

6.875%

due

01/15/29

282

264

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

242

224

Goldman

Sachs

Group,

Inc.

(The)

0.855%

due

02/12/26

(SOFR

+

0.609%)(Ê)

328

304

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

226

198

GoTo

Group,

Inc.

5.500%

due

09/01/27

(Þ)

487

280

Graham

Packaging

Co.,

Inc.

7.125%

due

08/15/28

(Þ)

1,000

876

Grand

Canyon

University

4.125%

due

10/01/24

355

335

Graphic

Packaging

International

LLC

3.500%

due

03/15/28

(Þ)

366

328

Gray

Television,

Inc.

5.375%

due

11/15/31

(Þ)

508

354

GrubHub,

Inc.

5.500%

due

07/01/27

(Þ)

320

228

Gulfport

Energy

Corp.

8.000%

due

05/17/26

357

361

H.B.

Fuller

Co.

4.000%

due

02/15/27

106

100

Hadrian

Merger

Sub,

Inc.

8.500%

due

05/01/26

(Þ)

270

243

Hanover

Insurance

Group,

Inc.

(The)

2.500%

due

09/01/30

247

195

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Harman

International

Industries,

Inc.

4.150%

due

05/15/25

94

91

Harvest

Midstream

I,

LP

7.500%

due

09/01/28

(Þ)

968

951

Hat

Holdings

I

LLC

3.375%

due

06/15/26

(Þ)

348

314

Hawaiian

Brand

Intellectual

Property,

Ltd.

/

HawaiianMiles

Loyalty,

Ltd.

5.750%

due

01/20/26

(Þ)

559

528

HC2

Holdings,

Inc.

8.500%

due

02/01/26

(Þ)

454

347

HCA,

Inc.

4.500%

due

02/15/27

175

170

5.625%

due

09/01/28

1,019

1,023

3.500%

due

09/01/30

1,500

1,319

5.250%

due

06/15/49

178

160

Hecla

Mining

Co.

7.250%

due

02/15/28

750

743

Herbalife

Nutrition,

Ltd.

7.875%

due

09/01/25

(Þ)

200

190

Hercules

Capital,

Inc.

3.375%

due

01/20/27

251

221

High

Ridge

Brands

Co.

8.875%

due

03/15/25

(Ø)(Š)(Æ)

970

—

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

6.250%

due

11/01/28

(Þ)

568

544

5.750%

due

02/01/29

(Þ)

194

179

6.000%

due

02/01/31

(Þ)

507

459

Hilton

Domestic

Operating

Co.,

Inc.

5.750%

due

05/01/28

(Þ)

344

339

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

4.875%

due

06/01/29

(Þ)

482

366

Holdco

LLC

6.625%

due

10/15/29

(Þ)

657

549

Hologic,

Inc.

4.625%

due

02/01/28

(Þ)

325

309

Home

Depot,

Inc.

(The)

5.875%

due

12/16/36

168

182

Howard

Hughes

Corp.

(The)

5.375%

due

08/01/28

(Þ)

356

327

Howmet

Aerospace,

Inc.

5.125%

due

10/01/24

578

572

5.900%

due

02/01/27

367

370

5.950%

due

02/01/37

93

95

Humana,

Inc.

8.150%

due

06/15/38

106

125

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.844%

due

05/01/25

220

213

Huntsman

International

LLC

4.500%

due

05/01/29

198

184

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

Series

WI

4.750%

due

09/15/24

840

813

6.250%

due

05/15/26

888

832

5.250%

due

05/15/27

792

698

iHeartCommunications,

Inc.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

105

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.375%

due

05/01/27

384

263

International

Flavors

&

Fragrances,

Inc.

1.230%

due

10/01/25

(Þ)

250

225

1.832%

due

10/15/27

(Þ)

128

109

Intrado

Corp.

Series

0005

8.500%

due

10/15/25

(Þ)

264

238

IQVIA,

Inc.

5.000%

due

05/15/27

(Þ)

260

251

Iron

Mountain,

Inc.

4.875%

due

09/15/29

(Þ)

448

404

ITT

Holdings

LLC

6.500%

due

08/01/29

(Þ)

950

812

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

5.500%

due

01/15/30

(Þ)

668

646

Series

144a

3.625%

due

01/15/32

(Þ)

653

541

JC

Penney

Corp.,

Inc.

7.400%

due

04/01/37

(Ø)(Š)(Æ)

281

—

Jefferson

Capital

Holdings

LLC

6.000%

due

08/15/26

(Þ)

763

645

Jersey

Central

Power

&

Light

Co.

4.300%

due

01/15/26

(Þ)

202

195

JPMorgan

Chase

&

Co.

1.561%

due

12/10/25

(SOFR

+

0.605%)(Ê)

324

306

Kennedy-Wilson,

Inc.

4.750%

due

03/01/29

345

281

Keurig

Dr

Pepper,

Inc.

3.200%

due

05/01/30

198

177

KeyCorp.

4.700%

due

01/26/26

200

191

KeySpan

Gas

East

Corp

2.742%

due

08/15/26

(Þ)

227

207

Kinder

Morgan,

Inc.

5.200%

due

06/01/33

219

214

Kite

Realty

Group

Trust

4.000%

due

03/15/25

176

167

Kohl's

Corp.

4.625%

due

05/01/31

684

505

Ladder

Capital

Finance

Holdings

LLLP

5.250%

due

10/01/25

(Þ)

251

241

Lamar

Media

Corp.

Series

WI

3.750%

due

02/15/28

361

329

Lamb

Weston

Holdings,

Inc.

4.375%

due

01/31/32

(Þ)

359

315

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

472

458

2.900%

due

06/25/25

773

727

3.500%

due

08/18/26

91

85

LCPR

Senior

Secured

Financing

Designated

Activity

Co.

6.750%

due

10/15/27

(Þ)

502

470

Legacy

LifePoint

Health

LLC

6.750%

due

04/15/25

(Þ)

800

812

Level

3

Financing,

Inc.

10.500%

due

05/15/30

(Þ)

297

308

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Liberty

Mutual

Group,

Inc.

7.800%

due

03/15/37

(Þ)

51

53

Life

Time,

Inc.

5.750%

due

01/15/26

(Þ)

200

196

8.000%

due

04/15/26

(Þ)

598

598

LifePoint

Health,

Inc.

9.875%

due

08/15/30

773

773

Live

Nation

Entertainment,

Inc.

4.750%

due

10/15/27

(Þ)

785

729

LPL

Holdings,

Inc.

4.625%

due

11/15/27

(Þ)

231

218

Lumen

Technologies,

Inc.

4.000%

due

02/15/27

(Þ)

633

416

Macy's

Retail

Holdings,

Inc.

5.875%

due

03/15/30

(Þ)

159

144

6.125%

due

03/15/32

(Þ)

177

158

4.500%

due

12/15/34

253

185

6.375%

due

03/15/37

257

198

4.300%

due

02/15/43

218

135

Main

Street

Capital

Corp.

3.000%

due

07/14/26

344

307

MasTec,

Inc.

4.500%

due

08/15/28

(Þ)

1,750

1,625

Mattel,

Inc.

3.375%

due

04/01/26

(Þ)

356

331

Mauser

Packaging

Solutions

Holding

Co.

7.875%

due

08/15/26

(Þ)

1,017

1,014

9.250%

due

04/15/27

(Þ)

807

750

McCormick

&

Co.,

Inc.

0.900%

due

02/15/26

216

193

McDonald's

Corp.

5.700%

due

02/01/39

94

97

Medline

Borrower,

LP

3.875%

due

04/01/29

(Þ)

314

275

5.250%

due

10/01/29

(Þ)

319

283

MGIC

Investment

Corp.

5.250%

due

08/15/28

288

274

MGM

Resorts

International

5.500%

due

04/15/27

480

462

Midcap

Financial

Issuer

Trust

6.500%

due

05/01/28

(Þ)

333

294

Midcontinent

Communications

/

Midcontinent

Finance

Corp.

5.375%

due

08/15/27

(Þ)

166

157

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

4.875%

due

05/01/29

(Þ)

590

524

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

6.500%

due

06/20/27

(Þ)

405

405

Minerals

Technologies,

Inc.

5.000%

due

07/01/28

(Þ)

296

274

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

13.250%

due

12/15/27

(Þ)

203

216

Molina

Healthcare,

Inc.

4.375%

due

06/15/28

(Þ)

183

168

3.875%

due

11/15/30

(Þ)

360

308

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

106

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Morgan

Stanley

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

239

225

MPH

Acquisition

Holdings

LLC

5.500%

due

09/01/28

(Þ)

549

479

MPT

Operating

Partnership,

LP

/

MPT

Finance

Corp.

4.625%

due

08/01/29

347

276

MSCI,

Inc.

4.000%

due

11/15/29

(Þ)

231

210

Murphy

Oil

Corp.

7.050%

due

05/01/29

107

108

4.750%

due

09/15/29

317

291

5.875%

due

12/01/42

545

466

Nabors

Industries,

Inc.

7.375%

due

05/15/27

(Þ)

766

749

Series

WI

5.750%

due

02/01/25

122

120

National

Fuel

Gas

Co.

5.200%

due

07/15/25

340

334

Nationstar

Mortgage

Holdings,

Inc.

6.000%

due

01/15/27

(Þ)

354

338

Navient

Corp.

Series

MTN

5.625%

due

08/01/33

482

369

NCL

Corp.,

Ltd.

5.875%

due

03/15/26

(Þ)

571

540

Neiman

Marcus

Group,

Inc.

7.125%

due

04/01/26

(Þ)

582

544

New

Enterprise

Stone

&

Lime

Co.,

Inc.

5.250%

due

07/15/28

(Þ)

459

427

9.750%

due

07/15/28

(Þ)

575

566

New

Residential

Investment

Corp.

6.250%

due

10/15/25

(Þ)

296

281

Newell

Brands,

Inc.

4.200%

due

04/01/26

1,287

1,222

5.375%

due

04/01/36

104

90

5.500%

due

04/01/46

197

160

News

Corp.

3.875%

due

05/15/29

(Þ)

330

291

NextEra

Energy

Capital

Holdings,

Inc.

3.550%

due

05/01/27

227

215

NFP

Corp.

7.500%

due

10/01/30

(Þ)

317

308

NGL

Energy

Operating

LLC

7.500%

due

02/01/26

(Þ)

770

763

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

174

184

NMI

Holdings,

Inc.

7.375%

due

06/01/25

(Þ)

272

275

Nordstrom,

Inc.

5.000%

due

01/15/44

1,037

707

Novelis

Corp.

3.250%

due

11/15/26

(Þ)

182

165

3.875%

due

08/15/31

(Þ)

784

653

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

349

307

Occidental

Petroleum

Corp.

5.875%

due

09/01/25

509

510

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.375%

due

09/01/28

415

426

6.125%

due

01/01/31

1,038

1,060

6.450%

due

09/15/36

901

946

6.200%

due

03/15/40

185

187

6.600%

due

03/15/46

386

409

Office

Properties

Income

Trust

4.500%

due

02/01/25

728

641

2.650%

due

06/15/26

85

63

Old

Republic

International

Corp.

3.875%

due

08/26/26

130

123

Olympus

Water

US

Holding

Corp.

6.250%

due

10/01/29

(Þ)

250

184

Series

144a

4.250%

due

10/01/28

(Þ)

466

373

Omega

Healthcare

Investors,

Inc.

Series

WI

4.500%

due

01/15/25

315

305

OneMain

Finance

Corp.

7.125%

due

03/15/26

585

580

Oracle

Corp.

3.650%

due

03/25/41

237

183

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

5.000%

due

08/15/27

(Þ)

358

331

4.625%

due

03/15/30

(Þ)

146

122

Owl

Rock

Capital

Corp.

3.750%

due

07/22/25

227

212

Pacific

Gas

and

Electric

Co.

4.950%

due

06/08/25

120

117

Series

WI

3.300%

due

12/01/27

243

216

Patterson-UTI

Energy,

Inc.

5.150%

due

11/15/29

183

170

PECF

USS

Intermediate

Holding

III

Corp.

8.000%

due

11/15/29

(Þ)

446

246

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

195

192

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

3.950%

due

03/10/25

(Þ)

117

113

4.000%

due

07/15/25

(Þ)

198

190

Pentair

PLC

5.900%

due

07/15/32

500

515

Performance

Food

Group

Co.

5.500%

due

10/15/27

(Þ)

364

352

Perrigo

Finance

Unlimited

Co.

4.375%

due

03/15/26

262

248

3.150%

due

06/15/30

740

663

4.900%

due

12/15/44

140

109

PetSmart

LLC

7.750%

due

02/25/29

(Þ)

817

797

PG&E

Corp.

5.250%

due

07/01/30

199

179

Pike

Corp.

5.500%

due

09/01/28

(Þ)

991

892

Pilgrim's

Pride

Corp.

5.875%

due

09/30/27

(Þ)

361

357

Pinnacle

West

Capital

Corp.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

107

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.300%

due

06/15/25

333

306

Polar

US

Borrower

LLC

/

Schenectady

International

Group,

Inc.

6.750%

due

05/15/26

(Þ)

50

29

PRA

Group,

Inc.

8.375%

due

02/01/28

(Þ)

200

183

5.000%

due

10/01/29

(Þ)

991

753

Presidio

Holdings,

Inc.

8.250%

due

02/01/28

(Þ)

629

610

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

6.250%

due

01/15/28

(Þ)

350

330

PROG

Holdings,

Inc.

6.000%

due

11/15/29

(Þ)

770

697

Progress

Energy,

Inc.

7.750%

due

03/01/31

51

58

Prospect

Capital

Corp.

3.364%

due

11/15/26

251

217

Provident

Funding

Associates,

LP

/

PFG

Finance

Corp.

6.375%

due

06/15/25

(Þ)

476

422

PTC,

Inc.

4.000%

due

02/15/28

(Þ)

321

295

Radian

Group,

Inc.

4.500%

due

10/01/24

237

231

4.875%

due

03/15/27

315

301

Radiology

Partners,

Inc.

9.250%

due

02/01/28

(Þ)

1,169

450

Railworks

Holdings,

LP

/

Railworks

Rally,

Inc.

8.250%

due

11/15/28

(Þ)

639

603

Regal

Rexnord

Corp.

6.400%

due

04/15/33

(Þ)

895

893

RegionalCare

Hospital

Partners

Holdings,

Inc.

/

LifePoint

Health,

Inc.

9.750%

due

12/01/26

(Þ)

43

40

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

282

234

4.625%

due

04/06/31

(Þ)

101

79

Series

REGS

4.625%

due

04/16/29

(Þ)

318

264

RHP

Hotel

Properties,

LP

Series

WI

4.750%

due

10/15/27

330

310

RLJ

Lodging

Trust

3.750%

due

07/01/26

(Þ)

174

160

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

3.875%

due

03/01/31

(Þ)

326

268

Rockies

Express

Pipeline

LLC

4.800%

due

05/15/30

(Þ)

650

577

6.875%

due

04/15/40

(Þ)

150

136

Roller

Bearing

Co.

of

America,

Inc.

4.375%

due

10/15/29

(Þ)

311

277

Royal

Caribbean

Cruises,

Ltd.

5.500%

due

08/31/26

(Þ)

486

466

5.375%

due

07/15/27

(Þ)

508

483

11.625%

due

08/15/27

(Þ)

482

526

3.700%

due

03/15/28

382

333

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

RP

Escrow

Issuer

LLC

5.250%

due

12/15/25

(Þ)

826

563

Safeway,

Inc.

7.250%

due

02/01/31

243

253

Santander

Holdings

USA,

Inc.

4.500%

due

07/17/25

202

196

2.490%

due

01/06/28

(SOFR

+

1.249%)(Ê)

126

110

Saudi

Electricity

Global

Sukuk

Co.

Series

REGS

5.500%

due

04/08/44

51

51

SBA

Communications

Corp.

Series

WI

3.875%

due

02/15/27

363

334

Scotts

Miracle-Gro

Co.

(The)

Series

WI

4.500%

due

10/15/29

357

313

Seagate

HDD

Cayman

4.750%

due

01/01/25

451

443

4.875%

due

06/01/27

685

660

Sealed

Air

Corp.

5.125%

due

12/01/24

(Þ)

339

334

6.875%

due

07/15/33

(Þ)

200

209

Sempra

Energy

5.400%

due

08/01/26

185

185

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)

150

123

Service

Properties

Trust

4.350%

due

10/01/24

478

459

4.500%

due

03/15/25

145

137

7.500%

due

09/15/25

375

371

4.750%

due

10/01/26

147

129

4.950%

due

02/15/27

147

126

5.500%

due

12/15/27

186

163

3.950%

due

01/15/28

170

133

4.950%

due

10/01/29

109

84

4.375%

due

02/15/30

225

167

Silgan

Holdings,

Inc.

Series

WI

4.125%

due

02/01/28

307

279

Sirius

XM

Radio,

Inc.

3.125%

due

09/01/26

(Þ)

562

507

5.500%

due

07/01/29

(Þ)

163

149

3.875%

due

09/01/31

(Þ)

321

251

Sixth

Street

Specialty

Lending,

Inc.

2.500%

due

08/01/26

255

225

Sonic

Automotive,

Inc.

4.625%

due

11/15/29

(Þ)

620

531

4.875%

due

11/15/31

(Þ)

826

686

Sonoco

Products

Co.

2.250%

due

02/01/27

336

300

Southern

California

Edison

Co.

Series

20C

1.200%

due

02/01/26

256

232

Southwestern

Electric

Power

Co.

Series

N

1.650%

due

03/15/26

240

218

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

108

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Spectra

Energy

Partners,

LP

3.375%

due

10/15/26

99

93

Spirit

AeroSystems,

Inc.

4.600%

due

06/15/28

(Ñ)

422

359

Sprint

Capital

Corp.

6.875%

due

11/15/28

561

595

8.750%

due

03/15/32

184

222

Sprint

LLC

7.625%

due

03/01/26

414

431

Standard

Industries,

Inc.

4.375%

due

07/15/30

(Þ)

314

273

Staples,

Inc.

7.500%

due

04/15/26

(Þ)

725

599

10.750%

due

04/15/27

(Þ)

972

556

Starwood

Property

Trust,

Inc.

3.625%

due

07/15/26

(Þ)

231

204

Series

WI

4.750%

due

03/15/25

121

117

State

Street

Corp.

2.354%

due

11/01/25

(SOFR

+

0.940%)(Ê)

272

260

Steel

Dynamics,

Inc.

2.400%

due

06/15/25

325

304

Stericycle,

Inc.

3.875%

due

01/15/29

(Þ)

337

296

Suburban

Propane

Partners,

LP

/

Suburban

Energy

Finance

Corp.

5.000%

due

06/01/31

(Þ)

155

132

Sugarhouse

HSP

Gaming

Prop

Mezz,

LP

/

Sugarhouse

HSP

Gaming

Finance

Corp.

5.875%

due

05/15/25

(Þ)

833

800

Sunoco

Logistics

Partners

Operations,

LP

6.850%

due

02/15/40

194

195

Talen

Energy

Supply

LLC

8.625%

due

06/01/30

(Þ)

793

823

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

4.875%

due

02/01/31

831

772

Team

Health

Holdings,

Inc.

6.375%

due

02/01/25

(Þ)

284

145

Teleflex,

Inc.

4.250%

due

06/01/28

(Þ)

321

295

Tenet

Healthcare

Corp.

5.125%

due

11/01/27

311

295

6.125%

due

10/01/28

919

875

6.875%

due

11/15/31

139

139

Terrier

Media

Buyer,

Inc.

8.875%

due

12/15/27

(Þ)

678

529

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)

288

230

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

101

93

Thermo

Fisher

Scientific,

Inc.

2.000%

due

10/15/31

238

194

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

168

188

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Time

Warner

Cable

LLC

6.750%

due

06/15/39

202

195

T-Mobile

USA,

Inc.

3.375%

due

04/15/29

662

596

Series

WI

1.500%

due

02/15/26

238

216

3.000%

due

02/15/41

158

114

Toledo

Hospital

(The)

Series

B

5.325%

due

11/15/28

185

150

TransDigm,

Inc.

6.250%

due

03/15/26

(Þ)

869

864

Series

WI

6.375%

due

06/15/26

682

675

Transocean

Poseidon,

Ltd.

6.875%

due

02/01/27

(Þ)

38

38

Transocean

Titan

Financing,

Ltd.

8.375%

due

02/01/28

(Þ)

193

199

Transocean,

Inc.

7.250%

due

11/01/25

(Þ)

503

496

7.500%

due

01/15/26

(Þ)

202

198

8.000%

due

02/01/27

(Þ)

112

108

8.750%

due

02/15/30

(Þ)

735

763

7.500%

due

04/15/31

308

269

Triumph

Group,

Inc.

9.000%

due

03/15/28

(Þ)

377

387

Series

WI

7.750%

due

08/15/25

866

836

Truist

Financial

Corp.

4.260%

due

07/28/26

(SOFR

+

1.456%)(Ê)

249

241

Twilio,

Inc.

3.875%

due

03/15/31

350

296

Union

Pacific

Corp.

2.750%

due

03/01/26

236

223

United

Parcel

Service,

Inc.

3.900%

due

04/01/25

214

209

United

Rentals

NA,

Inc.

3.875%

due

11/15/27

304

282

3.875%

due

02/15/31

445

384

United

States

Steel

Corp.

6.650%

due

06/01/37

109

107

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

6.500%

due

02/15/29

(Þ)

362

252

Univision

Communications,

Inc.

6.625%

due

06/01/27

(Þ)

269

262

Unum

Group

5.750%

due

08/15/42

237

217

US

Foods,

Inc.

4.750%

due

02/15/29

(Þ)

382

351

Venture

Global

Calcasieu

Pass

LLC

3.875%

due

08/15/29

(Þ)

236

204

4.125%

due

08/15/31

(Þ)

567

481

3.875%

due

11/01/33

(Þ)

470

381

Veritas

US,

Inc.

/

Veritas

Bermuda,

Ltd.

7.500%

due

09/01/25

(Þ)

1,161

952

Verizon

Communications,

Inc.

2.100%

due

03/22/28

248

217

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

109

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

VICI

Properties,

Inc.

4.500%

due

01/15/28

(Þ)

207

191

Vistra

Operations

Co.

LLC

5.125%

due

05/13/25

(Þ)

339

331

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

221

179

Walmart,

Inc.

2.650%

due

12/15/24

198

191

Weatherford

International,

Ltd.

6.500%

due

09/15/28

(Ø)(Þ)(Æ)

23

23

8.625%

due

04/30/30

(Ø)(Þ)(Æ)

1,655

1,696

Webster

Financial

Corp.

4.100%

due

03/25/29

203

178

Wells

Fargo

&

Co.

2.164%

due

02/11/26

(CME

Term

SOFR

3

Month

+

1.012%)(Ê)

320

302

Western

Alliance

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

3

Month

+

2.250%)(Ê)

70

58

Western

Digital

Corp.

2.850%

due

02/01/29

366

294

Western

Midstream

Operating,

LP

5.450%

due

04/01/44

215

188

Westinghouse

Air

Brake

Technologies

Corp.

3.200%

due

06/15/25

319

304

Williams

Scotsman

International,

Inc.

4.625%

due

08/15/28

(Þ)

303

279

Wipro

IT

Services

LLC

1.500%

due

06/23/26

(Þ)

341

305

World

Acceptance

Corp.

7.000%

due

11/01/26

(Þ)

298

262

Wyndham

Destinations,

Inc.

5.750%

due

04/01/27

548

537

Xerox

Corp.

6.750%

due

12/15/39

118

91

XPO

CNW,

Inc.

6.700%

due

05/01/34

251

248

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

155

153

Yum!

Brands,

Inc.

3.625%

due

03/15/31

458

393

6.875%

due

11/15/37

207

222

Zayo

Group

Holdings,

Inc.

6.125%

due

03/01/28

(Þ)

379

234

184,522

International

Debt

-

28.0%

1011778

B.C.

Unltd.

Liability

Co.

/

New

Red

Finance,

Inc.

4.000%

due

10/15/30

(Þ)

480

412

1375209

BC,

Ltd.

9.000%

due

01/30/28

(Þ)

755

757

180

Medical,

Inc.

3.875%

due

10/15/29

(Þ)

300

263

ABN

AMRO

Bank

NV

4.800%

due

04/18/26

(Þ)

94

90

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Abu

Dhabi

Government

International

Bond

Series

REGS

1.700%

due

03/02/31

(Þ)

559

464

3.125%

due

09/30/49

(Þ)

477

347

Abu

Dhabi

National

Energy

Co.

PJSC

4.375%

due

04/23/25

(Þ)

506

498

ADIB

Capital

Invest

2,

Ltd.

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.270%)(Ê)(ƒ)(Þ)

602

601

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

144

125

Agua

y

Saneamientos

Argentinos

SA

7.900%

due

05/01/26

(Þ)

1,057

798

Albion

Financing

2SARL

8.750%

due

04/15/27

(Þ)

800

741

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

135

126

Altice

France

Holding

SA

6.000%

due

02/15/28

(Þ)

227

84

5.125%

due

07/15/29

(Þ)

324

227

Angolan

Government

International

Bond

Series

REGS

8.750%

due

04/14/32

(Þ)

805

705

Apidos

CLO

XXXI

Series

2021-31A

Class

CR

7.470%

due

04/15/31

(USD

3

Month

LIBOR

+

1.900%)(Ê)(Þ)

1,140

1,105

Apidos

CLO

XXXIII

Series

2019-31A

Class

CR

3.259%

due

10/24/34

(USD

3

Month

LIBOR

+

3.000%)(Ê)(Þ)

1,600

1,549

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

Series

REGS

2.125%

due

08/15/26

(Þ)

EUR

650

646

4.750%

due

07/15/27

(Þ)

GBP

100

103

Argentine

Republic

Government

International

Bond

4.875%

due

07/09/29

(~)(Ê)

2,226

720

Armenia

Republic

Government

International

Bond

Series

REGS

3.600%

due

02/02/31

(Þ)

200

159

Ashtead

Capital,

Inc.

4.000%

due

05/01/28

(Þ)

417

388

5.500%

due

08/11/32

(Þ)

438

424

ATS

Automation

Tooling

Systems,

Inc.

4.125%

due

12/15/28

(Þ)

287

257

Avation

Capital

SA

6.500%

due

10/31/26

(Þ)

316

276

Axian

Telecom

Series

REGS

7.375%

due

02/16/27

(Þ)

735

675

Bahrain

Government

International

Bond

7.750%

due

04/18/35

(Þ)

233

241

Banco

de

Bogota

SA

Series

EMTQ

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

110

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.375%

due

08/03/27

(Þ)

103

94

Banco

do

Brasil

SA

Series

REGS

9.000%

due

06/29/49

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

6.362%)(Ê)(ƒ)(Þ)

291

294

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)

713

648

Bank

of

Ireland

Group

PLC

6.253%

due

09/16/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.650%)(Ê)(Þ)

194

193

2.029%

due

09/30/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.100%)(Ê)(Þ)

122

107

Barclays

Bank

PLC

6.278%

due

12/29/49

(USD

3

Month

LIBOR

+

1.550%)(Ê)(ƒ)

225

217

Barclays

PLC

5.200%

due

05/12/26

311

303

Benefit

Street

Partners

CLO

IV,

Ltd.

Series

2021-IVA

Class

BRRR

7.738%

due

01/20/32

(USD

3

Month

LIBOR

+

2.150%)(Ê)(Þ)

500

494

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

975

Bharti

Airtel,

Ltd.

4.375%

due

06/10/25

(Þ)

216

211

BNP

Paribas

SA

1.323%

due

01/13/27

(SOFR

+

1.004%)(Ê)(Þ)

163

146

4.625%

due

03/13/27

(Þ)

194

187

Bolivia

Government

International

Bond

Series

REGS

4.500%

due

03/20/28

(Þ)

200

137

Bombardier,

Inc.

7.125%

due

06/15/26

(Þ)

555

551

Boxer

Parent

Co.,

Inc.

Series

REGS

6.500%

due

10/02/25

(Þ)

EUR

910

993

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)

312

300

Braskem

Netherlands

Finance

BV

7.250%

due

02/13/33

(Þ)

214

211

Brazilian

Government

International

Bond

2.875%

due

06/06/25

413

393

4.750%

due

01/14/50

723

553

Brookfield

Finance,

Inc.

4.700%

due

09/20/47

123

104

Brookfield

Residential

Properties,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.250%

due

09/15/27

(Þ)

322

298

C&W

Senior

Financing

Designated

Activity

Company

6.875%

due

09/15/27

(Þ)

707

642

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

197

193

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

122

125

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2018-4A

Class

BR

3.235%

due

10/20/27

(USD

3

Month

LIBOR

+

2.100%)(Ê)(Þ)

500

496

Series

2018-3RA

Class

B

3.200%

due

10/15/34

(USD

3

Month

LIBOR

+

1.900%)(Ê)(Þ)

1,000

974

Carnival

Corp.

1.000%

due

10/28/29

EUR

300

218

Cascades,

Inc.

5.125%

due

01/15/26

(Ñ)(Þ)

282

271

CBB

International

Sukuk

Programme

Company

Series

REGS

3.875%

due

05/18/29

(Þ)

1,374

1,242

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

243

Cenovus

Energy,

Inc.

Series

WI

4.250%

due

04/15/27

345

331

Central

Plaza

Holding

Co.,

Ltd.

3.850%

due

07/14/25

(Þ)

800

664

CEZ

AS

Series

REGS

5.625%

due

04/03/42

(Þ)

383

350

CGI,

Inc.

Series

WI

1.450%

due

09/14/26

342

302

Chile

Government

International

Bond

2.550%

due

07/27/33

1,255

1,020

4.950%

due

01/05/36

949

933

China

Government

International

Bond

Series

REGS

0.550%

due

10/21/25

(Þ)

987

894

CI

Financial

Corp.

3.200%

due

12/17/30

158

121

CIFC

Funding,

Ltd.

Series

2021-4RA

Class

BR

7.870%

due

01/17/35

(USD

3

Month

LIBOR

+

2.300%)(Ê)(Þ)

500

498

CIFC

LLC

Series

2021-2A

Class

CR

7.670%

due

04/17/34

(USD

3

Month

LIBOR

+

2.100%)(Ê)(Þ)

1,000

991

Colombia

Government

International

Bond

8.000%

due

04/20/33

1,077

1,130

7.500%

due

02/02/34

617

623

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

111

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Connect

Finco

SARL

/

Connect

US

Finco

LLC

6.750%

due

10/01/26

(Þ)

850

815

Consolidated

Energy

Finance

SA

6.500%

due

05/15/26

(Þ)

364

345

Series

144a

5.625%

due

10/15/28

(Þ)

995

859

Coronado

Finance

Pty,

Ltd.

10.750%

due

05/15/26

(Þ)

369

383

Corp.

Nacional

del

Cobre

de

Chile

Series

REGS

3.150%

due

01/15/51

(Þ)

837

574

Costa

Rica

Government

International

Bond

Series

REGS

6.550%

due

04/03/34

(Þ)

689

698

Credit

Agricole

SA

4.375%

due

03/17/25

(Þ)

222

215

1.907%

due

06/16/26

(SOFR

+

1.676%)(Ê)(Þ)

221

205

Credit

Suisse

AG

2.950%

due

04/09/25

351

332

Crown

European

Holdings

SA

Series

REGS

5.000%

due

05/15/28

(Þ)

EUR

745

830

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)

253

222

Deutsche

Bank

AG

4.500%

due

04/01/25

235

226

Dominican

Republic

Government

International

Bond

7.050%

due

02/03/31

(Þ)

700

707

Series

REGS

7.050%

due

02/03/31

(Þ)

600

606

6.000%

due

02/22/33

(Þ)

396

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

467

Ecopetrol

SA

8.625%

due

01/19/29

185

190

7.375%

due

09/18/43

887

776

5.875%

due

05/28/45

1

1

5.875%

due

11/02/51

120

83

Ecuador

Government

International

Bond

Series

REGS

5.500%

due

07/31/30

(~)(Ê)(Þ)

1,329

457

6.900%

due

07/31/35

(~)(Ê)(Þ)

346

164

Egypt

Government

International

Bond

Series

REGS

7.625%

due

05/29/32

(Þ)

1,682

1,086

El

Salvaor

Government

International

Bond

Series

REGS

9.500%

due

07/15/52

(Þ)

450

310

Electricite

de

France

SA

Series

REGS

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

9.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.411%)(Ê)(ƒ)(Þ)

200

210

Element

Fleet

Management

Corp.

6.271%

due

06/26/26

(Þ)

302

303

Emerald

Debt

Merger

Sub

LLC

Series

REGS

6.375%

due

12/15/30

(Þ)

EUR

800

880

Emirates

NBD

Bank

PJSC

6.125%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

5.702%)(Ê)

(ƒ)(Þ)

656

649

Empresa

de

Transporte

de

Pasajeros

Metro

SA

Series

REGS

5.000%

due

01/25/47

(Þ)

568

508

Empresa

Nacional

del

Petroleo

Series

REGS

4.500%

due

09/14/47

(Þ)

538

410

Enbridge,

Inc.

4.250%

due

12/01/26

300

290

Enel

Finance

International

NV

1.375%

due

07/12/26

(Þ)

370

329

7.100%

due

10/14/27

(Þ)

149

156

Energizer

Holdings,

Inc.

Series

REGS

3.500%

due

06/30/29

(Þ)

EUR

250

224

Eskom

Holdings

SOC,

Ltd.

4.314%

due

07/23/27

(Þ)

305

274

Series

REGS

7.125%

due

02/11/25

(Þ)

355

352

8.450%

due

08/10/28

(Þ)

616

608

Export-Import

Bank

of

China

4.000%

due

11/28/47

(Þ)

267

236

Export-Import

Bank

of

India

2.250%

due

01/13/31

(Þ)

500

402

F-Brasile

SpA

/

F-Brasile

US

LLC

Series

XR

7.375%

due

08/15/26

(Þ)

316

290

FEL

Energy

VI

SARL

Series

REGS

5.750%

due

12/01/40

(Þ)

234

207

Finance

Department

Government

of

Sharjah

6.500%

due

11/23/32

(Þ)

200

207

First

Quantum

Minerals,

Ltd.

7.500%

due

04/01/25

(Þ)

175

174

6.875%

due

03/01/26

(Þ)

366

361

8.625%

due

06/01/31

(Þ)

1,372

1,405

Ford

Motor

Credit

Co.

LLC

4.535%

due

03/06/25

GBP

200

245

2.330%

due

11/25/25

EUR

1,950

2,034

2.386%

due

02/17/26

EUR

825

859

Fortescue

Metals

Group,

Ltd.

4.375%

due

04/01/31

(Þ)

460

396

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

326

302

Franshion

Brilliant,

Ltd.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

112

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.750%)(Ê)(ƒ)(Þ)

488

471

Fresenius

Medical

Care

US

Finance

III,

Inc.

3.000%

due

12/01/31

(Þ)

255

200

Gabon

Government

International

Bond

Series

REGS

7.000%

due

11/24/31

(Þ)

228

193

Gaci

First

Investment

Co.

5.125%

due

02/14/53

(Þ)

200

179

Galaxy

Pipeline

Assets

Bidco,

Ltd.

Series

REGS

2.940%

due

09/30/40

(Þ)

959

774

Gazprom

OAO

Via

Gaz

Capital

SA

Series

REGS

7.288%

due

08/16/37

(Þ)

1,000

845

Georgian

Railway

JSC

Series

REGS

4.000%

due

06/17/28

(Þ)

585

504

GFL

Environmental,

Inc.

4.750%

due

06/15/29

(Þ)

458

418

Ghana

Government

International

Bond

10.750%

due

10/14/30

(Þ)

250

177

Series

REGS

8.625%

due

04/07/34

(~)(Æ)(Ê)(Ø)

(Þ)

649

294

7.875%

due

02/11/35

(~)(Ê)(Þ)

200

91

Global

Aircraft

Leasing

Co.,

Ltd.

6.500%

due

09/15/24

(Þ)

2,060

1,941

goeasy,

Ltd.

4.375%

due

05/01/26

(Þ)

306

279

Greenland

Global

Investment,

Ltd.

6.125%

due

04/22/25

(Þ)

762

115

5.875%

due

07/03/26

(Þ)

457

55

Guatemala

Government

International

Bond

6.600%

due

06/13/36

(Þ)

628

643

Series

REGS

5.250%

due

08/10/29

(Þ)

498

475

Highlands

Holdings

Bond

Issuer,

Ltd.

7.625%

due

10/15/25

(Þ)

1,003

938

HSBC

Holdings

PLC

2.099%

due

06/04/26

(SOFR

+

1.929%)(Ê)

327

304

HTA

Group,

Ltd.

7.000%

due

12/18/25

(Þ)

414

395

Huarong

Finance

2017

Co.,

Ltd.

4.750%

due

04/27/27

(Þ)

200

175

Hungary

Government

International

Bond

6.125%

due

05/22/28

(Þ)

234

238

6.750%

due

09/25/52

(Þ)

200

209

Series

REGS

6.125%

due

05/22/28

(Þ)

675

687

3.125%

due

09/21/51

(Þ)

347

222

Indonesia

Government

International

Bond

4.550%

due

01/11/28

318

314

3.550%

due

03/31/32

1,377

1,245

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.850%

due

01/11/33

200

200

5.650%

due

01/11/53

837

877

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

103

95

ING

Groep

NV

3.869%

due

03/28/26

(SOFR

+

1.640%)(Ê)

312

301

Instituto

Costarricense

de

Electricidad

Series

REGS

6.375%

due

05/15/43

(Þ)

961

812

International

Airport

Finance

SA

Series

REGS

12.000%

due

03/15/33

(Þ)

17

16

International

Bank

of

Azerbaijan

OJSC

Series

REGS

3.500%

due

09/01/24

(Þ)

200

190

Intesa

Sanpaolo

SpA

4.950%

due

06/01/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.750%)(Ê)(Þ)

290

194

ION

Trading

Technologies

SARL

5.750%

due

05/15/28

(Þ)

247

215

Israel

Government

International

Bond

4.500%

due

01/17/33

326

316

Ithaca

Energy

North

Sea

PLC

9.000%

due

07/15/26

(Þ)

268

255

Ivory

Coast

Government

International

Bond

Series

REGS

6.125%

due

06/15/33

(Þ)

200

179

Jordan

Government

International

Bond

7.500%

due

01/13/29

(Þ)

372

376

Series

REGS

7.375%

due

10/10/47

(Þ)

293

260

Kazakhstan

Government

International

Bond

Series

REGS

4.875%

due

10/14/44

(Þ)

481

437

KazMunayGas

National

Co.

JSC

Series

REGS

3.500%

due

04/14/33

(Þ)

378

299

5.750%

due

04/19/47

(Þ)

216

181

KCA

Deutag

Pikco

PLC

Series

IAI

15.000%

due

12/01/27

100

101

KCA

Deutag

UK

Finance

PLC

Series

IAI

14.295%

due

12/01/25

(SOFR

+

9.000%)(Ê)

147

147

Series

REGS

9.875%

due

12/01/25

(Þ)

293

292

Khazanah

Capital,

Ltd.

4.876%

due

06/01/33

(Þ)

590

585

Khazanah

Global

Sukuk

Bhd

4.687%

due

06/01/28

(Þ)

326

323

Kinross

Gold

Corp.

6.250%

due

07/15/33

(Þ)

800

788

Kondor

Finance

PLC

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

113

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

7.625%

due

11/08/26

(~)(Ê)(Þ)

1,322

489

KSA

Sukuk,

Ltd.

4.274%

due

05/22/29

(Þ)

1,844

1,793

Lamar

Funding,

Ltd.

Series

REGS

3.958%

due

05/07/25

(Þ)

490

469

LCM

28,

Ltd.

Series

2018-28A

Class

C

3.285%

due

10/20/30

(USD

3

Month

LIBOR

+

2.150%)(Ê)(Þ)

500

474

Lebanon

Government

International

Bond

Series

GMTN

6.200%

due

02/26/25

(Ø)(Þ)(Æ)

500

36

Series

REGS

6.650%

due

11/03/28

(Þ)

1,158

83

Lloyds

Banking

Group

PLC

4.650%

due

03/24/26

181

174

1.627%

due

05/11/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.850%)(Ê)

144

128

Macquarie

Bank,

Ltd.

1.201%

due

10/14/25

(SOFR

+

0.694%)(Ê)(Þ)

323

304

Madison

Park

Funding

XXXI,

Ltd.

Series

2018-31A

Class

C

3.193%

due

01/23/31

(USD

3

Month

LIBOR

+

2.150%)(Ê)(Þ)

250

248

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

111

104

Mattamy

Group

Corp.

5.250%

due

12/15/27

(Þ)

185

175

4.625%

due

03/01/30

(Þ)

627

550

MDGH

GMTN

RSC,

Ltd.

5.500%

due

04/28/33

(Þ)

350

368

Series

REGS

5.500%

due

04/28/33

(Þ)

243

255

Methanex

Corp.

5.250%

due

12/15/29

374

342

Mexico

City

Airport

Trust

Series

REGS

5.500%

due

10/31/46

(Þ)

380

330

5.500%

due

07/31/47

(Þ)

225

196

Mexico

Government

International

Bond

2.659%

due

05/24/31

620

515

6.338%

due

05/04/53

200

204

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

471

Mongolia

Government

International

Bond

Series

REGS

3.500%

due

07/07/27

(Þ)

200

171

Morocco

Government

International

Bond

5.950%

due

03/08/28

(Þ)

532

535

MTR

Corp.,

Ltd.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.625%

due

08/19/30

(Þ)

410

334

Nabors

Industries,

Inc.

7.250%

due

01/15/26

(Þ)

606

583

7.500%

due

01/15/28

(Þ)

213

195

Nakilat,

Inc.

Series

REGS

6.067%

due

12/31/33

(Þ)

319

332

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

195

NatWest

Group

PLC

3.754%

due

11/01/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.100%)(Ê)

237

225

NBK

Tier

1

Financing

2,

Ltd.

4.500%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

2.832%)(Ê)

(ƒ)(Þ)

238

219

Neuberger

Berman

CLO,

Ltd.

Series

2021-31A

Class

CR

7.538%

due

04/20/31

(USD

3

Month

LIBOR

+

1.950%)(Ê)(Þ)

500

491

Nigeria

Government

International

Bond

Series

REGS

8.375%

due

03/24/29

(Þ)

591

554

7.375%

due

09/28/33

(Þ)

687

568

Nissan

Motor

Co.,

Ltd.

4.345%

due

09/17/27

(Þ)

631

587

nogaholding

Sukuk,

Ltd.

Series

REGS

5.250%

due

04/08/29

(Þ)

247

235

Nokia

OYJ

4.375%

due

06/12/27

475

448

Nomura

Holdings,

Inc.

1.653%

due

07/14/26

246

218

Novelis

Sheet

Ingot

GmbH

Series

REGS

3.375%

due

04/15/29

(Þ)

EUR

100

96

Oaktree

CLO,

Ltd.

8.820%

due

07/15/34

(CME

Term

SOFR

3

Month

+

3.512%)(Ê)(Þ)

1,000

964

Series

2021-1A

Class

ER

12.080%

due

07/15/34

(USD

3

Month

LIBOR

+

6.510%)(Ê)(Þ)

250

228

OCP

CLO,

Ltd.

Series

2022-24A

Class

C

7.876%

due

07/20/35

(CME

Term

SOFR

3

Month

+

2.550%)(Ê)(Þ)

500

487

OCP

SA

Series

REGS

4.500%

due

10/22/25

(Þ)

343

332

6.875%

due

04/25/44

(Þ)

326

306

Octagon

Investment

Partners

11,

Ltd.

Series

2021-1A

Class

BRR

7.670%

due

07/15/29

(USD

3

Month

LIBOR

+

2.100%)(Ê)(Þ)

1,000

986

Octagon

Loan

Funding,

Ltd.

Series

2018-1A

Class

CRR

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

114

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.586%

due

11/18/31

(USD

3

Month

LIBOR

+

2.200%)(Ê)(Þ)

250

245

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

493

OI

European

Group

BV

Series

REGS

6.250%

due

05/15/28

(Þ)

EUR

255

289

Oil

and

Gas

Holding

Co.

BSCC

(The)

Series

REGS

7.500%

due

10/25/27

(Þ)

832

846

Olympus

Water

US

Holding

Corp.

Series

REGS

5.375%

due

10/01/29

(Þ)

EUR

170

129

Oman

Government

International

Bond

Series

REGS

6.750%

due

10/28/27

(Þ)

950

986

6.250%

due

01/25/31

(Þ)

366

376

7.000%

due

01/25/51

(Þ)

289

294

OmGrid

Funding,

Ltd.

Series

REGS

5.196%

due

05/16/27

(Þ)

516

499

Ontario

Gaming

GTA

LP

8.000%

due

08/01/30

(Þ)

593

599

Ooredoo

QPSC

Series

REGS

4.500%

due

01/31/43

(Þ)

384

364

Open

Text

Corp.

3.875%

due

02/15/28

(Þ)

364

324

Open

Text

Holdings,

Inc.

4.125%

due

02/15/30

(Þ)

262

225

OQ

SAOC

Series

REGS

5.125%

due

05/06/28

(Þ)

645

618

Oschadbank

Via

SSB

#1

PLC

9.625%

due

03/20/25

(~)(Ê)(Þ)

190

162

Pakistan

Government

International

Bond

Series

REGS

8.250%

due

09/30/25

(Þ)

200

121

6.875%

due

12/05/27

(Þ)

500

265

Pakistan

Water

and

Power

Development

Authority

7.500%

due

06/04/31

(Þ)

1,537

683

Palmer

Square

CLO,

Ltd.

Series

2018-2A

Class

B

2.139%

due

07/16/31

(USD

3

Month

LIBOR

+

1.900%)(Ê)(Þ)

1,250

1,230

Panama

Government

International

Bond

6.400%

due

02/14/35

1,030

1,075

6.853%

due

03/28/54

641

671

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

520

521

Series

REGS

2.739%

due

01/29/33

(Þ)

589

473

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

Series

REGS

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.250%

due

01/25/49

(Þ)

245

241

Peruvian

Government

International

Bond

2.783%

due

01/23/31

1,005

853

3.300%

due

03/11/41

115

87

3.230%

due

07/28/21

500

300

Petrobras

Global

Finance

BV

6.500%

due

07/03/33

283

278

6.850%

due

06/05/15

918

817

Petroleos

de

Venezuela

SA

5.375%

due

04/12/27

(Ø)(Þ)(Æ)

1,000

35

Series

REGS

6.000%

due

11/15/26

(Ø)(Þ)(Æ)

3,986

140

5.500%

due

04/12/37

(Ø)(Þ)(Æ)

2,150

75

Petroleos

del

Peru

SA

Series

REGS

5.625%

due

06/19/47

(Þ)

1,788

1,198

Petroleos

Mexicanos

6.625%

due

06/15/38

2,164

1,465

Series

REGS

10.000%

due

02/07/33

(Þ)

1,824

1,699

6.625%

due

09/29/49

(Þ)

1,328

818

Series

WI

6.700%

due

02/16/32

151

116

6.750%

due

09/21/47

1,684

1,084

Petronas

Capital,

Ltd.

Series

REGS

2.480%

due

01/28/32

(Þ)

2,220

1,846

Philippine

Government

International

Bond

5.170%

due

10/13/27

210

212

1.950%

due

01/06/32

1,284

1,029

5.000%

due

07/17/33

600

606

Popular,

Inc.

7.250%

due

03/13/28

376

380

Power

Sector

Assets

&

Liabilities

Management

Corp.

Series

REGS

7.390%

due

12/02/24

(Þ)

607

619

Prosus

NV

3.680%

due

01/21/30

(Þ)

254

217

PTTEP

Canada

International

Finance,

Ltd.

Series

REGS

6.350%

due

06/12/42

(Þ)

370

389

Qatar

Government

International

Bond

Series

REGS

4.500%

due

04/23/28

(Þ)

324

324

3.750%

due

04/16/30

(Þ)

393

377

4.817%

due

03/14/49

(Þ)

674

647

4.400%

due

04/16/50

(Þ)

383

346

Qatar

Petroleum

Series

REGS

2.250%

due

07/12/31

(Þ)

1,683

1,401

Radnor

RE,

Ltd.

Series

2021-1

Class

M1C

2.710%

due

12/27/33

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

500

506

Rakuten

Group,

Inc.

10.250%

due

11/30/24

(Þ)

408

407

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

115

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Reliance

Industries,

Ltd.

4.125%

due

01/28/25

(Þ)

118

115

Republic

of

Azerbaijan

Government

International

Bond

Series

REGS

3.500%

due

09/01/32

(Þ)

534

457

Republic

of

Kenya

Government

International

Bond

Series

REGS

7.000%

due

05/22/27

(Þ)

550

497

Republic

of

Poland

Government

International

Bond

5.500%

due

11/16/27

513

523

4.875%

due

10/04/33

116

115

5.500%

due

04/04/53

393

399

Republic

of

South

Africa

Government

International

Bond

5.875%

due

04/20/32

933

855

5.750%

due

09/30/49

200

149

Republic

of

Uzbekistan

Government

International

Bond

Series

REGS

3.900%

due

10/19/31

(Þ)

200

164

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)

250

231

Series

WI

2.950%

due

03/15/25

347

331

Rolls-Royce

PLC

3.625%

due

10/14/25

(Þ)

631

594

Romania

Government

International

Bond

7.125%

due

01/17/33

(Þ)

456

490

7.625%

due

01/17/53

(Þ)

244

275

Series

REGS

5.250%

due

11/25/27

(Þ)

238

233

7.625%

due

01/17/53

(Þ)

152

171

Royal

Caribbean

Cruises,

Ltd.

7.500%

due

10/15/27

222

226

5.500%

due

04/01/28

(Þ)

327

308

SA

Global

Sukuk,

Ltd.

Series

REGS

2.694%

due

06/17/31

(Þ)

627

541

Sands

China,

Ltd.

Series

WI

5.125%

due

08/08/25

298

294

Santander

UK

Group

Holdings

PLC

1.673%

due

06/14/27

(SOFR

+

0.989%)(Ê)

350

307

Saudi

Arabian

Oil

Co.

3.500%

due

04/16/29

(Þ)

132

122

Series

REGS

4.250%

due

04/16/39

(Þ)

619

543

Saudi

Electricity

Global

Sukuk

Co.

Series

REGS

5.500%

due

04/08/44

(Þ)

450

446

Saudi

Government

International

Bond

5.000%

due

01/18/53

(Þ)

668

614

Seagate

HDD

Cayman

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.750%

due

12/01/34

135

120

Seaspan

Corp.

5.500%

due

08/01/29

(Þ)

987

804

Senegal

Government

International

Bond

Series

REGS

6.750%

due

03/13/48

(Þ)

250

187

Serbia

Government

International

Bond

6.500%

due

09/26/33

(Þ)

209

209

Silver

Creek

CLO,

Ltd.

Series

2017-1A

Class

CR

3.435%

due

07/20/30

(USD

3

Month

LIBOR

+

2.300%)(Ê)(Þ)

250

245

Singapore

Telecommunications,

Ltd.

Series

REGS

7.375%

due

12/01/31

(Þ)

366

425

SK

Hynix,

Inc.

1.500%

due

01/19/26

(Þ)

342

306

Societe

Generale

SA

4.250%

due

04/14/25

(Þ)

229

221

1.792%

due

06/09/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

127

112

Solvay

Finance

America

LLC

4.450%

due

12/03/25

(Þ)

313

303

Sound

Point

CLO,

Ltd.

Series

2017-1A

Class

CR

2.309%

due

01/23/29

(USD

3

Month

LIBOR

+

2.050%)(Ê)(Þ)

500

500

Southern

Copper

Corp.

3.875%

due

04/23/25

118

114

Sri

Lanka

Government

International

Bond

Series

REGS

6.750%

due

04/18/28

(~)(Ê)(Þ)

1,064

472

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)

342

306

7.014%

due

12/30/49

(USD

3

Month

LIBOR

+

1.460%)(Ê)(ƒ)(Þ)

415

398

Standard

Industries,

Inc.

Series

REGS

2.250%

due

11/21/26

(Þ)

EUR

353

346

State

Oil

Co.

of

Azerbaijan

Republic

6.950%

due

03/18/30

(Þ)

531

550

Superior

Plus

Corp.

4.500%

due

03/15/29

(Þ)

1,273

1,119

Swedbank

AB

5.472%

due

06/15/26

(Þ)

305

303

Symphony

CLO

XIX,

Ltd.

Series

2018-19A

Class

C

2.926%

due

04/16/31

(USD

3

Month

LIBOR

+

1.750%)(Ê)(Þ)

500

484

Tacora

Resources,

Inc.

8.250%

due

05/15/26

(~)(Ê)(Þ)

399

299

TC

Ziraat

Bankasi

AS

Series

REGS

5.375%

due

03/02/26

(Þ)

929

854

TCW

CLO,

Ltd.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

116

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-1A

Class

CRR

2.599%

due

10/29/34

(USD

3

Month

LIBOR

+

2.300%)(Ê)(Þ)

300

289

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

1,244

1,053

6.000%

due

09/30/34

258

209

7.200%

due

07/18/36

241

207

7.721%

due

06/04/38

451

401

Textainer

Marine

Containers

VII,

Ltd.

Series

2021-2A

Class

A

2.230%

due

04/20/46

(Þ)

779

668

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)

324

302

TotalEnergies

Capital

International

SA

2.434%

due

01/10/25

199

191

TransAlta

Corp.

6.500%

due

03/15/40

243

232

TransCanada

PipeLines,

Ltd.

4.625%

due

03/01/34

192

176

Transnet

SOC,

Ltd.

8.250%

due

02/06/28

(Þ)

365

363

Trinidad

Generation

UnLtd

Series

REGS

5.250%

due

11/04/27

(Þ)

468

451

Triton

Container

International,

Ltd.

3.250%

due

03/15/32

243

188

Series

2021-1A

Class

A

1.860%

due

03/20/46

(Þ)

401

338

TSMC

Arizona

Corp.

1.750%

due

10/25/26

251

226

Turkey

Government

International

Bond

9.125%

due

07/13/30

858

892

5.950%

due

01/15/31

721

636

Turkiye

Ihracat

Kredi

Bankasi

AS

9.375%

due

01/31/26

(Þ)

481

489

Series

REGS

5.750%

due

07/06/26

(Þ)

449

416

UBS

Group

AG

0.700%

due

08/09/24

(Þ)

228

217

1.305%

due

02/02/27

(SOFR

+

0.980%)(Ê)(Þ)

365

323

Ukraine

Government

International

Bond

Series

GDp

0.750%

due

08/01/41

(~)(Ê)(Þ)

195

95

Series

REGS

7.253%

due

03/15/35

(~)(Ê)(Þ)

1,932

575

Ukraine

Railways

Via

Rail

Capital

Markets

PLC

8.250%

due

07/09/26

(~)(Ê)(Þ)

652

257

UniCredit

SpA

2.569%

due

09/22/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.300%)(Ê)(Þ)

243

222

7.296%

due

04/02/34

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.914%)(Ê)(Þ)

205

199

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Uruguay

Government

International

Bond

5.750%

due

10/28/34

958

1,030

4.975%

due

04/20/55

341

330

Uzbek

Industrial

and

Construction

Bank

5.750%

due

12/02/24

(Þ)

700

666

Vale

Overseas,

Ltd.

6.250%

due

08/10/26

203

208

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

322

333

Venture

33

CLO,

Ltd.

7.850%

due

07/15/31

(CME

Term

SOFR

3

Month

+

2.542%)(Ê)(Þ)

1,000

954

Viking

Cruises,

Ltd.

Series

144a

7.000%

due

02/15/29

(Þ)

934

880

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.873%)(Ê)

571

587

VTB

Bank

Series

REGS

9.500%

due

12/31/49

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

8.067%)(Ê)(ƒ)(Š)

(Þ)(Ø)(Æ)

714

—

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

3.750%

due

09/17/24

(Þ)

222

210

West

Fraser

Timber

Co.,

Ltd.

4.350%

due

10/15/24

(Þ)

216

212

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

226

216

YPF

SA

9.000%

due

02/12/26

(~)(Ê)(Þ)

26

26

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

212

Zambia

Government

International

Bond

Series

REGS

5.375%

due

09/20/99

(~)(Æ)(Ê)(ƒ)

(Ø)(Þ)

269

141

ZF

NA

Capital,

Inc.

4.750%

due

04/29/25

(Þ)

290

282

156,082

Mortgage-Backed

Securities

-

12.6%

Arroyo

Mortgage

Trust

Series

2019-2

Class

A3

3.800%

due

04/25/49

(~)(Ê)(Þ)

95

88

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2017-BNK4

Class

D

3.357%

due

05/15/50

(Þ)

1,100

776

Series

2017-BNK6

Class

D

3.100%

due

07/15/60

(Þ)

140

94

Series

2021-BN31

Class

XA

Interest

Only

STRIPS

1.000%

due

02/15/54

(~)(Ê)

1,563

111

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

117

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Benchmark

Mortgage

Trust

Series

2019-B14

Class

D

2.500%

due

12/15/62

(Þ)

890

503

Series

2021-B23

Class

XA

Interest

Only

STRIPS

1.280%

due

02/15/54

(~)(Ê)

1,942

124

BMD2

Re-Remic

Trust

Series

2019-FRR1

Class

6B10

2.526%

due

05/25/52

(~)(Ê)(Þ)

892

630

BX

Trust

Series

2021-21M

Class

E

6.759%

due

10/15/36

(USD

1

Month

LIBOR

+

2.171%)(Ê)(Þ)

186

176

Series

2021-ARIA

Class

D

1.975%

due

10/15/36

(USD

1

Month

LIBOR

+

1.895%)(Ê)(Þ)

1,000

946

Series

2023-DELC

Class

A

7.690%

due

06/15/38

(CME

Term

SOFR

1

Month

+

2.690%)(Ê)(Þ)

250

250

Cantor

Commercial

Real

Estate

Lending

Series

2019-CF2

Class

D

2.500%

due

11/15/52

(Þ)

775

448

Cascade

Funding

Mortgage

Trust

Series

2021-FRR1

Class

CK98

7.319%

due

08/29/29

(Þ)

4,500

2,497

CD

Mortgage

Trust

Series

2019-CD8

Class

XA

Interest

Only

STRIPS

1.553%

due

08/15/57

(~)(Ê)

7,722

475

Chase

Home

Lending

Mortgage

Trust

Series

2019-1

Class

A15

3.500%

due

03/25/50

(~)(Ê)(Þ)

77

68

Series

2019-1

Class

A5

4.000%

due

03/25/50

(~)(Ê)(Þ)

493

432

Series

2019-ATR2

Class

A3

3.500%

due

07/25/49

(~)(Ê)(Þ)

130

115

CHNGE

Mortgage

Trust

Series

2022-1

Class

A1

3.007%

due

01/25/67

(~)(Ê)(Þ)

368

328

CIM

Commercial

Trust

Corp.

Series

2018-INV1

Class

A10

4.000%

due

08/25/48

(~)(Ê)(Þ)

211

195

Series

2019-INV1

Class

A1

4.000%

due

02/25/49

(~)(Ê)(Þ)

47

44

Series

2021-J1

Class

A19

2.500%

due

03/25/51

(~)(Ê)(Þ)

774

600

Series

2021-J2

Class

A19

2.500%

due

04/25/51

(~)(Ê)(Þ)

385

298

CIM

Trust

Series

2019-J2

Class

A13

3.500%

due

10/25/49

(~)(Ê)(Þ)

397

351

Citigroup

Commercial

Mortgage

Trust

Series

2016-C2

Class

E

4.594%

due

08/10/49

(Þ)

120

75

Series

2016-P4

Class

F

4.880%

due

07/10/49

(~)(Ê)(Þ)

313

181

Series

2018-C6

Class

D

5.235%

due

11/10/51

(~)(Ê)(Þ)

410

268

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2019-GC41

Class

XA

Interest

Only

STRIPS

1.188%

due

08/10/56

(~)(Ê)

2,231

91

Series

2023-SMRT

Class

C

6.048%

due

06/10/28

(~)(Ê)(Þ)

500

480

Citigroup

Mortgage

Loan

Trust,

Inc.

Series

2021-J1

Class

A4A

2.500%

due

04/25/51

(~)(Ê)(Þ)

577

447

Series

2021-J2

Class

A4A

2.500%

due

07/25/51

(~)(Ê)(Þ)

498

386

Commercial

Mortgage

Trust

Series

2013-CR10

Class

F

4.949%

due

08/10/46

(~)(Ê)(Þ)

160

122

Series

2016-CR28

Class

E

4.138%

due

02/10/49

(~)(Ê)(Þ)

850

625

Series

2020-CBM

Class

F

3.754%

due

02/10/37

(~)(Ê)(Þ)

1,500

1,325

Connecticut

Avenue

Securities

Trust

Series

2022-R01

Class

1B1

3.200%

due

12/25/41

(SOFR

30

Day

Average

+

3.150%)(Ê)(Þ)

700

704

Csail

Commercial

Mortgage

Trust

Series

2015-C2

Class

C

4.330%

due

06/15/57

(~)(Ê)

100

82

DBWF

Mortgage

Trust

Series

2015-LCM

Class

D

3.535%

due

06/10/34

(~)(Ê)(Þ)

1,000

788

Deephaven

Residential

Mortgage

Trust

Series

2021-1

Class

M1

2.093%

due

05/25/65

(~)(Ê)(Þ)

1,000

806

Series

2022-2

Class

A1

4.300%

due

03/25/67

(~)(Ê)(Þ)

679

631

Ellington

Financial

Mortgage

Trust

Series

2019-2

Class

A3

3.046%

due

11/25/59

(~)(Ê)(Þ)

187

171

Series

2022-2

Class

A1

4.299%

due

04/25/67

(~)(Ê)(Þ)

448

425

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2018-R07

Class

1M2

2.568%

due

04/25/31

(USD

1

Month

LIBOR

+

2.400%)(Ê)(Þ)

55

55

Series

2020-R02

Class

2B1

3.168%

due

01/25/40

(USD

1

Month

LIBOR

+

3.000%)(Ê)(Þ)

1,200

1,196

Series

2020-R02

Class

2M2

2.168%

due

01/25/40

(USD

1

Month

LIBOR

+

2.000%)(Ê)(Þ)

145

145

Series

2022-R05

Class

2M2

3.289%

due

04/25/42

(SOFR

30

Day

Average

+

3.000%)(Ê)(Þ)

300

302

Series

2023-R02

Class

1M2

7.660%

due

01/25/43

(SOFR

30

Day

Average

+

3.350%)(Ê)(Þ)

1,100

1,135

Flagstar

Mortgage

Trust

Series

2018-1

Class

B1

4.008%

due

03/25/48

(~)(Ê)(Þ)

134

117

Series

2018-6RR

Class

B1

5.010%

due

10/25/48

(~)(Ê)(Þ)

448

418

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

118

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2018-3INV

Class

A3

4.000%

due

05/25/48

(~)(Ê)(Þ)

90

82

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA1

Class

B1

2.450%

due

01/25/50

(USD

1

Month

LIBOR

+

2.300%)(Ê)(Þ)

250

250

Series

2020-DNA5

Class

M2

2.887%

due

10/25/50

(SOFR

30

Day

Average

+

2.800%)(Ê)(Þ)

220

223

Series

2021-DNA5

Class

M2

1.700%

due

01/25/34

(SOFR

30

Day

Average

+

1.650%)(Ê)(Þ)

886

887

Series

2021-HQA1

Class

M2

2.300%

due

08/25/33

(SOFR

30

Day

Average

+

2.250%)(Ê)(Þ)

946

942

Series

2022-DNA2

Class

M1B

2.449%

due

02/25/42

(SOFR

30

Day

Average

+

2.400%)(Ê)(Þ)

1,200

1,203

Series

2022-HQA1

Class

M1B

7.810%

due

03/25/42

(SOFR

30

Day

Average

+

3.500%)(Ê)(Þ)

1,000

1,030

FREMF

Mortgage

Trust

Series

2016-K57

Class

D

Principal

Only

STRIPS

0.000%

due

08/25/49

(Þ)

1,450

1,055

Series

2016-K57

Class

X2A

Interest

Only

STRIPS

0.100%

due

08/25/49

(Þ)

14,953

32

Series

2016-K57

Class

X2B

Interest

Only

STRIPS

0.100%

due

08/25/49

(Þ)

3,675

9

Series

2019-KG01

Class

C

Principal

Only

STRIPS

0.000%

due

05/25/29

(Þ)

400

226

Series

2019-KG01

Class

X2A

Interest

Only

STRIPS

0.100%

due

04/25/29

(Þ)

5,086

15

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

(~)(Ê)(Þ)

200

170

GAM

Re-REMIC

Trust

Series

2021-FRR1

Class

1B

0.000%

due

11/29/50

(Þ)

1,000

701

2.420%

due

09/27/51

(~)(Ê)(Þ)

415

299

Series

2021-FRR1

Class

1C

0.000%

due

07/28/27

(Þ)

837

565

Series

2021-FRR1

Class

1D

0.000%

due

07/28/27

(Þ)

1,258

833

Series

2021-FRR1

Class

2B

0.000%

due

11/29/50

(Þ)

1,500

1,015

Series

2021-FRR1

Class

2C

0.000%

due

12/29/27

(Þ)

905

581

Series

2021-FRR2

Class

2C

2.935%

due

10/27/28

(Þ)

316

272

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-FRR2

Class

A

4.292%

due

10/27/28

(Þ)

312

249

Series

2021-FRR2

Class

BK

8.097%

due

10/27/28

(Þ)

266

155

Series

2021-FRR2

Class

C

3.713%

due

10/27/28

(Þ)

316

267

Series

2021-FRR2

Class

CK44

Principal

Only

STRIPS

0.000%

due

10/27/28

(Þ)

384

326

Series

2021-FRR2

Class

CK49

1.040%

due

09/27/51

(~)(Ê)(Þ)

796

669

Series

2022-FRR3

Class

A

2.038%

due

01/29/52

(~)(Ê)(Þ)

635

473

Series

2022-FRR3

Class

BK61

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)

433

311

Series

2022-FRR3

Class

C728

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)

246

219

Series

2022-FRR3

Class

CK47

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)

251

210

Series

2022-FRR3

Class

CK61

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)

304

210

Series

2022-FRR3

Class

D728

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)

246

215

Series

2022-FRR3

Class

DK41

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)

199

174

Series

2022-FRR3

Class

DK47

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)

251

206

Series

2022-FRR3

Class

DK89

Principal

Only

STRIPS

0.000%

due

01/27/52

(Þ)

3,000

1,329

GS

Mortgage

Securities

Trust

Series

2012-GCJ7

Class

E

5.000%

due

05/10/45

(~)(Ê)(Þ)

529

278

Series

2019-GC40

Class

XA

Interest

Only

STRIPS

1.231%

due

07/10/52

(~)(Ê)

3,665

152

Series

2019-PJ2

Class

B2

4.496%

due

11/25/49

(~)(Ê)(Þ)

907

795

Series

2020-PJ1

Class

B2

3.710%

due

05/25/50

(~)(Ê)(Þ)

909

747

Series

2021-PJ1

Class

A4

2.500%

due

05/28/52

(~)(Ê)(Þ)

914

699

Series

2021-PJ3

Class

A4

2.500%

due

08/25/51

(~)(Ê)(Þ)

806

624

Series

2021-PJ5

Class

B3

2.600%

due

10/25/51

(~)(Ê)(Þ)

378

264

Series

2021-PJ6

Class

A12

2.500%

due

11/25/51

(~)(Ê)(Þ)

800

558

Series

2021-PJ6

Class

A4

2.500%

due

11/25/51

(~)(Ê)(Þ)

846

662

Series

2021-PJ9

Class

A4

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

119

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.500%

due

02/26/52

(~)(Ê)(Þ)

1,037

804

Series

2021-PJ11

Class

B3

2.875%

due

04/25/52

(~)(Ê)(Þ)

478

338

Series

2023-FUN

Class

C

8.048%

due

03/15/28

(CME

Term

SOFR

1

Month

+

3.389%)(Ê)(Þ)

500

492

Imperial

Fund

Mortgage

Trust

Series

2022-NQM3

Class

A1

4.380%

due

05/25/67

(~)(Ê)(Þ)

450

429

JPMorgan

Commercial

Mortgage

Securities

Trust

Series

2013-C17

Class

E

3.867%

due

01/15/47

(~)(Ê)(Þ)

500

351

Series

2014-C19

Class

D

4.834%

due

04/15/47

(~)(Ê)(Þ)

550

501

Series

2015-C27

Class

XA

Interest

Only

STRIPS

1.306%

due

02/15/48

(~)(Ê)

2,575

32

Series

2018-WPT

Class

FFX

5.542%

due

07/05/33

(Þ)

330

254

JPMorgan

Mortgage

Trust

Series

2016-2

Class

B4

2.519%

due

06/25/46

(~)(Ê)(Þ)

1,000

918

Series

2016-5

Class

B3

2.636%

due

12/25/46

(~)(Ê)(Þ)

594

566

Series

2017-6

Class

A7

3.500%

due

12/25/48

(~)(Ê)(Þ)

78

70

Series

2018-3

Class

B3

3.757%

due

09/25/48

(~)(Ê)(Þ)

786

660

Series

2018-6

Class

B1

3.933%

due

12/25/48

(~)(Ê)(Þ)

259

232

Series

2019-1

Class

A3

4.000%

due

05/25/49

(~)(Ê)(Þ)

30

27

Series

2019-2

Class

A3

4.000%

due

08/25/49

(~)(Ê)(Þ)

24

23

Series

2019-7

Class

B2A

3.194%

due

02/25/50

(~)(Ê)(Þ)

364

294

Series

2019-8

Class

A15

3.500%

due

03/25/50

(~)(Ê)(Þ)

62

54

Series

2019-HYB1

Class

B1

3.937%

due

10/25/49

(~)(Ê)(Þ)

661

617

Series

2019-LTV3

Class

A5

3.500%

due

03/25/50

(~)(Ê)(Þ)

61

59

Series

2020-1

Class

A15

3.500%

due

06/25/50

(~)(Ê)(Þ)

157

137

Series

2020-1

Class

A7

3.500%

due

06/25/50

(~)(Ê)(Þ)

352

308

Series

2020-5

Class

B1

3.736%

due

12/25/50

(~)(Ê)(Þ)

420

357

Series

2020-8

Class

A3

3.000%

due

03/25/51

(~)(Ê)(Þ)

180

152

Series

2021-1

Class

A15

2.500%

due

06/25/51

(~)(Ê)(Þ)

316

242

Series

2021-4

Class

A15

2.500%

due

08/25/51

(~)(Ê)(Þ)

232

180

Series

2022-4

Class

A17A

3.000%

due

10/25/52

(~)(Ê)(Þ)

460

368

KIND

Trust

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-KIND

Class

D

6.759%

due

08/15/38

(USD

1

Month

LIBOR

+

2.300%)(Ê)(Þ)

258

241

Mello

Mortgage

Capital

Acceptance

Series

2018-MTG2

Class

B2

4.485%

due

10/25/48

(~)(Ê)(Þ)

890

796

MHP

Series

2021-STOR

Class

F

4.199%

due

07/15/38

(USD

1

Month

LIBOR

+

2.200%)(Ê)(Þ)

500

477

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2014-C18

Class

D

3.389%

due

10/15/47

(Þ)

250

204

Series

2015-C22

Class

C

4.243%

due

04/15/48

(~)(Ê)

450

385

Series

2016-C29

Class

XB

Interest

Only

STRIPS

1.110%

due

05/15/49

(~)(Ê)

7,710

171

Morgan

Stanley

Capital

I

Trust

Series

2017-HR2

Class

XA

Interest

Only

STRIPS

0.932%

due

12/15/50

(~)(Ê)

2,435

75

Series

2019-H6

Class

D

3.000%

due

06/15/52

(Þ)

377

230

Series

2019-H7

Class

XA

Interest

Only

STRIPS

1.464%

due

07/15/52

(~)(Ê)

6,223

339

Series

2019-L3

Class

XA

Interest

Only

STRIPS

0.645%

due

11/15/52

(~)(Ê)

5,517

166

Series

2021-L5

Class

XA

Interest

Only

STRIPS

1.425%

due

04/15/31

1,503

97

MRCD

Mortgage

Trust

Series

2019-PARK

Class

E

2.718%

due

12/15/36

(Þ)

120

103

Onslow

Bay

Financial

LLC

Series

2020-INV1

Class

A21

3.500%

due

12/25/49

(~)(Ê)(Þ)

112

98

Series

2022-NQM4

Class

A1B

3.900%

due

04/25/62

(~)(Ê)(Þ)

1,100

950

Series

2023-J1

Class

A3

4.500%

due

01/25/53

(~)(Ê)(Þ)

467

440

RCKT

Mortgage

Trust

Series

2020-1

Class

A13

3.000%

due

02/25/50

(~)(Ê)(Þ)

210

178

ReadyCap

Commercial

Mortgage

Trust

Series

2018-4

Class

D

5.235%

due

02/27/51

(~)(Ê)(Þ)

270

238

RFM

Re-REMIC

Trust

Series

2022-FRR1

Class

AB55

0.887%

due

03/28/49

(Þ)

1,430

1,112

Series

2022-FRR1

Class

AB60

2.470%

due

11/08/49

(Þ)

1,210

975

Series

2022-FRR1

Class

AB64

2.314%

due

03/01/50

(Þ)

1,830

1,456

Series

2022-FRR1

Class

CK55

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

120

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Principal

Only

STRIPS

0.000%

due

03/28/49

(Þ)

450

341

Series

2022-FRR1

Class

CK60

Principal

Only

STRIPS

0.000%

due

11/08/49

(Þ)

560

396

Series

2022-FRR1

Class

CK64

Principal

Only

STRIPS

0.000%

due

03/01/50

(Þ)

530

366

Sequoia

Mortgage

Trust

Series

2019-4

Class

A19

3.500%

due

11/25/49

(~)(Ê)(Þ)

59

51

Series

2019-5

Class

A7

3.500%

due

12/25/49

(~)(Ê)(Þ)

913

813

Series

2019-CH3

Class

A1

4.000%

due

09/25/49

(~)(Ê)(Þ)

58

54

Series

2020-4

Class

A20

2.500%

due

11/25/50

(~)(Ê)(Þ)

503

386

SMRT

Series

2022-MINI

Class

F

3.872%

due

01/15/39

(CME

Term

SOFR

1

Month

+

3.350%)(Ê)(Þ)

1,400

1,295

UBS

Bank

of

America

Merrill

Lynch

Mortgage

Trust

Series

2012-WRM

Class

D

4.379%

due

06/10/30

(~)(Ê)(Þ)

2,600

2,104

UWM

Mortgage

Trust

Series

2021-1

Class

A15

2.500%

due

06/25/51

(~)(Ê)(Þ)

796

617

Verus

Securitization

Trust

Series

2021-1

Class

M1

1.968%

due

01/25/66

(~)(Ê)(Þ)

1,000

647

Series

2021-3

Class

A1

1.046%

due

06/25/66

(~)(Ê)(Þ)

525

439

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2004-AR7

Class

A6

4.508%

due

07/25/34

(~)(Ê)

267

251

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)

197

170

Wells

Fargo

Commercial

Mortgage

Trust

Series

2014-LC18

Class

XA

Interest

Only

STRIPS

1.188%

due

12/15/47

(~)(Ê)

3,650

39

Series

2016-LC25

Class

A4

3.640%

due

12/15/59

1,000

937

Series

2017-C41

Class

XA

Interest

Only

STRIPS

1.366%

due

11/15/50

(~)(Ê)

4,891

186

Series

2018-C45

Class

D

3.000%

due

06/15/51

(Þ)

390

238

Series

2019-C52

Class

XA

Interest

Only

STRIPS

1.767%

due

08/15/52

(~)(Ê)

2,050

134

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-1

Class

A17

3.000%

due

12/25/49

(~)(Ê)(Þ)

20

17

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2020-4

Class

A17

3.000%

due

07/25/50

(~)(Ê)(Þ)

172

142

Series

2020-RR1

Class

A1

3.000%

due

05/25/50

(~)(Ê)(Þ)

228

193

Series

2021-1

Class

A17

2.500%

due

12/25/50

(~)(Ê)(Þ)

756

585

WFRBS

Commercial

Mortgage

Trust

Series

2014-C21

Class

D

3.497%

due

08/15/47

(Þ)

2,077

1,535

Woodward

Capital

Management

LLC

Series

2021-1

Class

A13

2.500%

due

03/25/51

(~)(Ê)(Þ)

156

121

69,961

Non-US

Bonds

-

13.6%

Accor

SA

1.750%

due

02/04/26

(Þ)

EUR

800

849

2.625%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.252%)(Ê)(ƒ)(Þ)

EUR

800

832

4.375%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.561%)(Ê)(ƒ)(Þ)

EUR

200

217

ACS

Actividades

de

Construccion

y

Servicios

SA

1.375%

due

06/17/25

(Þ)

EUR

600

621

ADO

Properties

SA

Series

1-15

1.500%

due

07/31/25

(~)(Ê)(Þ)

EUR

300

232

Albion

Finance,

Ltd.

Series

REGS

5.250%

due

10/15/26

(Þ)

EUR

335

354

ams

AG

1.000%

due

03/05/25

EUR

1,000

844

Anarafe

SL

Series

REGS

15.348%

due

03/31/26

(~)(Ê)(Þ)

EUR

496

273

APCOA

Parking

Holdings

GmbH

Series

REGS

4.625%

due

01/15/27

(Þ)

EUR

160

155

8.663%

due

01/15/27

(3

Month

EURIBOR

+

5.000%)(Ê)(Þ)

EUR

200

216

Atos

SE

1.750%

due

05/07/25

(Þ)

EUR

200

172

2.500%

due

11/07/28

(Þ)

EUR

900

670

1.000%

due

11/12/29

(Þ)

EUR

400

253

Atrium

European

Real

Estate,

Ltd.

3.000%

due

09/11/25

(Þ)

EUR

200

192

Atrium

Finance

PLC

2.625%

due

09/05/27

(Þ)

EUR

500

398

Azelis

Finance

NV

Series

REGS

5.750%

due

03/15/28

(Þ)

EUR

200

223

Azzurra

Aeroporti

SpA

2.625%

due

05/30/27

(Þ)

EUR

800

791

Banco

de

Sabadell

SA

1.125%

due

03/27/25

(Þ)

EUR

500

520

Banijay

Group

SAS

Series

REGS

6.500%

due

03/01/26

(Þ)

EUR

1,000

1,083

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

121

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bayer

US

Finance

II

LLC

2.375%

due

11/12/79

(EURIBOR

ICE

Swap

Rate

+

2.647%)(Ê)(Þ)

EUR

1,300

1,331

3.125%

due

11/12/79

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.108%)(Ê)(Þ)

EUR

1,400

1,349

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

400

404

Canary

Wharf

Group

Investment

Holdings

PLC

Series

REGS

2.625%

due

04/23/25

(Þ)

GBP

460

483

Castor

SpA

Series

REGS

8.776%

due

02/15/29

(3

Month

EURIBOR

+

5.250%)(Ê)(Þ)

EUR

238

248

Centrica

PLC

5.250%

due

04/10/75

(GBP

Swap

Semiannual

[versus

6

Month

LIBOR]

5

Year

Rate

+

3.611%)(Ê)(Þ)

GBP

200

245

Centurion

Bidco

SpA

11.125%

due

05/15/28

(Þ)

EUR

245

269

CGG

SA

Series

REGS

7.750%

due

04/01/27

(Þ)

EUR

300

277

Cidron

Aida

Finco

SARL

Series

REGS

5.000%

due

04/01/28

(Þ)

EUR

550

549

6.250%

due

04/01/28

(Þ)

GBP

400

448

Commerzbank

AG

4.000%

due

03/23/26

(Þ)

EUR

687

740

Series

EMTn

4.000%

due

03/30/27

(Þ)

EUR

514

554

Constellation

Automotive

Financing

PLC

Series

REGS

4.875%

due

07/15/27

(Þ)

GBP

460

472

Co-operative

Group

Holdings,

Ltd.

5.035%

due

07/08/26

(~)(Ê)(Þ)

GBP

210

254

CPUK

Finance,

Ltd.

6.500%

due

08/28/26

(Þ)

GBP

150

184

5.876%

due

08/28/27

(Þ)

GBP

140

173

6.136%

due

08/28/31

(Þ)

GBP

140

172

Series

REGS

4.875%

due

08/28/25

(Þ)

GBP

275

335

Credito

Emiliano

SpA

1.500%

due

10/25/25

(3

Month

EURIBOR

+

1.800%)(Ê)

EUR

725

766

Daily

Mail

&

General

Trust

PLC

6.375%

due

06/21/27

GBP

250

286

Deutsche

Lufthansa

AG

0.250%

due

09/06/24

EUR

350

370

Deutsche

Telekom

AG

Series

REGS

5.500%

due

01/15/30

(Þ)

EUR

475

443

Dufry

One

BV

0.750%

due

03/30/26

(Þ)

CHF

200

208

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.625%

due

04/15/26

(Þ)

CHF

600

667

3.375%

due

04/15/28

(Þ)

EUR

150

150

EDP

-

Energias

de

Portugal

SA

1.700%

due

07/20/80

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

1.844%)(Ê)(Þ)

EUR

300

304

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

300

318

2.625%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.860%)(Ê)(ƒ)(Þ)

EUR

400

366

3.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.198%)(Ê)(ƒ)(Þ)

EUR

400

378

3.375%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.970%)(Ê)(ƒ)(Þ)

EUR

800

692

4.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

6

Year

Rate

+

3.436%)(Ê)(ƒ)(Þ)

EUR

300

321

6.000%

due

12/31/99

(GBP

Swap

[versus

SONIA]

13

Year

Rate

+

4.235%)(Ê)(ƒ)(Þ)

GBP

200

238

Series

EMTn

5.875%

due

07/22/49

(ICE

SWAP

Rate

GBP

SONIA

15

Year

+

3.323%)

(Ê)(ƒ)(Þ)

GBP

700

752

Energia

Group

Roi

Financeco

DAC

Series

REGS

6.875%

due

07/31/28

(Þ)

EUR

650

715

EP

Infrastructure

AS

1.698%

due

07/30/26

(Þ)

EUR

700

652

2.045%

due

10/09/28

(Þ)

EUR

600

512

1.816%

due

03/02/31

(Þ)

EUR

500

377

Esselunga

SpA

1.875%

due

10/25/27

(Þ)

EUR

360

358

Explorer

II

AS

3.375%

due

02/24/25

EUR

450

457

Faurecia

SE

7.250%

due

06/15/26

(Þ)

EUR

300

346

Galaxy

Bidco,

Ltd.

Series

REGS

6.500%

due

07/31/26

(Þ)

GBP

300

348

GKN

Holdings,

Ltd.

4.625%

due

05/12/32

(Þ)

GBP

300

328

Grifols

Escrow

Issuer

SA

Series

REGS

3.875%

due

10/15/28

(Þ)

EUR

285

270

IHO

Verwaltungs

GmbH

Series

REGS

8.750%

due

05/15/28

(Þ)

EUR

400

461

Iliad

SA

5.625%

due

02/15/30

(Þ)

EUR

400

435

Immobiliare

Grande

Distribuzione

SIIQ

SpA

2.125%

due

11/28/24

(Þ)

EUR

439

429

INEOS

Finance

PLC

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

122

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

6.625%

due

05/15/28

(Þ)

EUR

100

107

INEOS

Quattro

Finance

2

PLC

Series

REGS

2.500%

due

01/15/26

(Þ)

EUR

250

244

International

Consolidated

Airlines

Group

SA

1.500%

due

07/04/27

(Þ)

EUR

700

670

Intesa

Sanpaolo

SpA

3.928%

due

09/15/26

(Þ)

EUR

850

918

Intesa

Sanpaolo

Vita

SpA

4.750%

due

12/31/49

(3

Month

EURIBOR

+

4.817%)(Ê)(ƒ)(Þ)

EUR

800

860

Kaixo

Bondco

Telecom

SA

Series

REGS

5.125%

due

09/30/29

(Þ)

EUR

975

946

Libra

Groupco

SpA

Series

REGS

5.000%

due

05/15/27

(Þ)

EUR

550

526

Maison

Finco

PLC

Series

REGS

6.000%

due

10/31/27

(Þ)

GBP

465

448

Mangrove

LuxCo

III

SARL

Series

REGS

7.775%

due

10/09/25

(Þ)

EUR

418

361

Marcolin

SpA

Series

REGS

6.125%

due

11/15/26

(Þ)

EUR

300

303

Marks

&

Spencer

PLC

4.750%

due

06/12/25

(Þ)

GBP

412

518

3.250%

due

07/10/27

(Þ)

GBP

400

463

mBank

SA

0.966%

due

09/21/27

(3

Month

EURIBOR

+

1.250%)(Ê)(Þ)

EUR

300

264

Monitchem

HoldCo

3

SA

Series

REGS

8.750%

due

05/01/28

(Þ)

EUR

345

372

Motion

Bondco

Designated

Activity

Co.

Series

REGS

4.500%

due

11/15/27

(Þ)

EUR

300

286

Mundys

SpA

1.625%

due

02/03/25

(Þ)

EUR

200

210

1.875%

due

07/13/27

(Þ)

EUR

400

394

NGG

Finance

PLC

5.625%

due

06/18/73

(GBP

Swap

Semiannual

[versus

6

Month

LIBOR]

12

Year

Rate

+

3.480%)(Ê)(Þ)

GBP

100

122

1.625%

due

12/05/79

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.141%)(Ê)(Þ)

EUR

900

940

2.125%

due

09/05/82

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.532%)(Ê)(Þ)

EUR

1,000

958

NH

Hotel

Group,

SA

Series

REGS

4.000%

due

07/02/26

(Þ)

EUR

500

530

Nobian

Finance

BV

Series

REGS

3.625%

due

07/15/26

(Þ)

EUR

350

330

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ocado

Group

PLC

0.875%

due

12/09/25

GBP

900

1,011

Series

REGS

3.875%

due

10/08/26

(Þ)

GBP

300

327

Orange

SA

5.375%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.659%)(Ê)(ƒ)(Þ)

EUR

700

767

Parts

Europe

SA

Series

REGS

7.705%

due

07/20/27

(3

Month

EURIBOR

+

4.000%)(Ê)(Þ)

EUR

250

275

Petrobras

Global

Finance

BV

6.250%

due

12/14/26

GBP

780

956

6.625%

due

01/16/34

GBP

300

335

Petroleos

Mexicanos

3.625%

due

11/24/25

(Þ)

EUR

100

100

4.875%

due

02/21/28

(Þ)

EUR

100

91

Series

10.7

4.750%

due

02/26/29

(Þ)

EUR

2,100

1,810

Pinewood

Finance

Co.,

Ltd.

Series

REGS

3.250%

due

09/30/25

(Þ)

GBP

950

1,122

RAC

Bond

Co.

PLC

Series

REGS

5.250%

due

11/04/27

(Þ)

GBP

535

541

Renault

SA

1.250%

due

06/24/25

(Þ)

EUR

800

827

1.000%

due

11/28/25

(Þ)

EUR

430

443

2.000%

due

09/28/26

(Þ)

EUR

200

203

1.125%

due

10/04/27

(Þ)

EUR

600

568

Rolls-Royce

PLC

3.375%

due

06/18/26

GBP

900

1,046

1.625%

due

05/09/28

(Þ)

EUR

340

323

RWE

AG

3.500%

due

04/21/75

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.245%)(Ê)(Þ)

EUR

130

139

RZD

Capital

PLC

7.900%

due

10/19/24

(~)(Ê)(Ø)(Š)

(Þ)(Æ)

RUB

115,000

—

SACE

SPA

3.875%

due

02/10/49

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

10

Year

Rate

+

3.186%)(Ê)(ƒ)(Þ)

EUR

721

722

Samhallsbyggnadsbolaget

i

Norden

AB

1.750%

due

01/14/25

(Þ)

EUR

300

253

1.125%

due

11/26/29

(Þ)

EUR

500

304

Schaeffler

AG

2.875%

due

03/26/27

(Þ)

EUR

720

756

Summer

(BC)

Holdco

A

SARL

Series

REGS

9.250%

due

10/31/27

(Þ)

EUR

1,126

997

Summit

Germany,

Ltd.

Series

REGS

2.000%

due

01/31/25

(Þ)

EUR

250

254

Techem

Verwaltungsgesellschaft

674

mbH

Series

REGS

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

123

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.000%

due

07/30/26

(Æ)(Ø)(Þ)

EUR

242

262

Tele

Columbus

AG

Series

REGS

3.875%

due

05/02/25

(Þ)

EUR

400

271

Telecom

Italia

Finance

SA

7.750%

due

01/24/33

EUR

1,089

1,233

Telecom

Italia

SpA

5.250%

due

03/17/55

EUR

300

252

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

300

289

6.135%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

7

Year

Rate

+

3.347%)(Ê)(ƒ)(Þ)

EUR

400

432

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

282

Teva

Pharmaceutical

Finance

Netherlands

II

BV

1.125%

due

10/15/24

(Þ)

EUR

650

683

1.875%

due

03/31/27

(Þ)

EUR

500

469

1.625%

due

10/15/28

(Þ)

EUR

900

767

Titan

Holdings

II

BV

Series

REGS

5.125%

due

07/15/29

(Þ)

EUR

667

612

Travelex

Issuerco,

Ltd.

Series

REGS

0.500%

due

08/05/25

(Þ)

GBP

2,139

3,321

TVL

Finance

PLC

Series

REGS

10.250%

due

04/28/28

(Þ)

GBP

100

129

UniCredit

SpA

2.000%

due

09/23/29

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.400%)(Ê)(Þ)

EUR

900

943

United

Group

BV

Series

REGS

4.000%

due

11/15/27

(Þ)

EUR

300

276

3.625%

due

02/15/28

(Þ)

EUR

300

265

4.625%

due

08/15/28

(Þ)

EUR

300

270

Valeo

SA

1.625%

due

03/18/26

(Þ)

EUR

200

207

Series

EMTn

1.500%

due

06/18/25

(Þ)

EUR

400

419

Veolia

Environnement

SA

1.625%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.151%)(Ê)(ƒ)(Þ)

EUR

400

388

Verisure

Holding

AB

Series

REGS

7.125%

due

02/01/28

(Þ)

EUR

275

308

Verisure

Midholding

AB

Series

REGS

5.250%

due

02/15/29

(Þ)

EUR

925

890

Virgin

Media

Finance

PLC

Series

REGS

4.875%

due

07/15/28

(Þ)

GBP

350

366

Vmed

O2

UK

Financing

I

PLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

4.000%

due

01/31/29

(Þ)

GBP

300

313

4.500%

due

07/15/31

(Þ)

GBP

250

253

Vodafone

Group

PLC

4.200%

due

10/03/78

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.427%)(Ê)(Þ)

EUR

600

614

4.875%

due

10/03/78

(GBP

Swap

Semiannual

[versus

6

Month

LIBOR]

5

Year

Rate

+

3.267%)(Ê)(Þ)

GBP

600

721

Series

NC10

3.000%

due

08/27/80

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.477%)(Ê)(Þ)

EUR

850

773

Volkswagen

Group

of

America

Finance

LLC

4.625%

due

03/29/49

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

12

Year

Rate

+

2.967%)(Ê)(ƒ)(Þ)

EUR

700

738

3.748%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.924%)(Ê)(ƒ)(Þ)

EUR

100

97

WEPA

Hygieneprodukte

GmbH

Series

REGS

2.875%

due

12/15/27

(Þ)

EUR

200

189

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

285

Series

NC8

3.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.319%)(Ê)(ƒ)(Þ)

EUR

500

437

Wizz

Air

Finance

Co.

BV

1.000%

due

01/19/26

(Þ)

EUR

850

821

ZF

Europe

Finance

BV

2.000%

due

02/23/26

(Þ)

EUR

800

814

2.500%

due

10/23/27

(Þ)

EUR

1,000

988

3.000%

due

10/23/29

(Þ)

EUR

700

668

ZF

NA

Capital,

Inc.

3.750%

due

09/21/28

(Þ)

EUR

300

305

75,619

Total

Long-Term

Fixed

Income

Investments

(cost

$549,618)

503,140

Common

Stocks

-

1.2%

Consumer

Discretionary

-

0.0%

Education

Management

Corp.(Æ)(Š)

4,460,190

—

Energy

-

0.1%

Tourmaline

Oil

Corp.(Æ)(Š)

255,236

194

Financial

Services

-

0.0%

Travelex

Topco,

Ltd.(Æ)(Š)

11,329

—

Materials

and

Processing

-

0.6%

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

124

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Specialty

Steel

Holdco,

Inc.(Æ)(Š)

22

3,469

Producer

Durables

-

0.5%

Affinion

Group,

Inc.(Æ)(Š)

8,007

—

Bahia

De

Las

Isletas

SL(Æ)(Š)

2,318

—

Kelly

Topco,

Ltd.(Æ)

2,574

143

Real

Alloy(Æ)(Š)

39

2,599

2,742

Total

Common

Stocks

(cost

$6,135)

6,405

Preferred

Stocks

-

0.0%

Consumer

Discretionary

-

0.0%

Education

Management

Corp.(Š)(Æ)

0.000%

2,128

—

Total

Preferred

Stocks

(cost

$297)

—

Warrants

and

Rights

-

0.0%

Travelex

Issuerco,

Ltd.

(Æ)

2025

Warrants

675

37

Total

Warrants

and

Rights

(cost

$—)

37

Short-Term

Investments

-

5.6%

China

Government

International

Bond

3.250%

due

10/19/23

(Þ)

394

392

Commerzbank

AG

8.125%

due

09/19/23

(Þ)(ç)

155

155

Development

Bank

of

the

Republic

of

Belarus

JSC

Series

REGS

6.750%

due

05/02/24

(~)(Ê)(Þ)

942

377

Export-Import

Bank

of

India

Series

GMTN

3.875%

due

03/12/24

(Þ)

200

197

Intesa

Sanpaolo

SpA

5.017%

due

06/26/24

(Þ)

581

568

Mumtalakt

Sukuk

Holding

Co.

5.625%

due

02/27/24

(Þ)

401

396

Occidental

Petroleum

Corp.

6.950%

due

07/01/24

94

95

OneMain

Finance

Corp.

6.125%

due

03/15/24

800

798

Oschadbank

Via

SSB

#1

PLC

12.700%

due

01/19/24

(USD

6

Month

LIBOR

+

6.875%)(Ê)(Þ)

175

58

Petroleos

de

Venezuela

SA

Series

REGS

6.000%

due

05/16/24

(Ø)(Þ)(Æ)

8,000

280

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Russian

Agricultural

Bank

OJSC

Via

RSHB

Capital

SA

Series

REGS

8.500%

due

10/16/23

(~)(Ê)(Ø)(Æ)

675

175

Service

Properties

Trust

4.650%

due

03/15/24

273

268

Sprint

Corp.

Series

WI

7.875%

due

09/15/23

(ç)

679

679

Tampa

Electric

Co.

0.000%

due

08/21/23

(Æ)

4,000

3,988

Turkiye

Ihracat

Kredi

Bankasi

AS

Series

REGS

6.125%

due

05/03/24

(Þ)

427

422

U.S.

Cash

Management

Fund(@)

20,052,374(∞)

20,044

Vistra

Operations

Co.

LLC

4.875%

due

05/13/24

(Þ)

2,250

2,216

Total

Short-Term

Investments

(cost

$39,362)

31,108

Other

Securities

-

0.2%

U.S.

Cash

Collateral

Fund(@)(×)

1,086,443

(∞)

1,086

Total

Other

Securities

(cost

$1,086)

1,086

Total

Investments

-

97.3%

(identified

cost

$596,498)

541,776

Other

Assets

and

Liabilities,

Net

-

2.7%

15,202

Net

Assets

-

100.0%

556,978

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

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

$

$

$

68.3%

1011778

B.C.

Unltd.

Liability

Co.

/

New

Red

Finance,

Inc.

07/06/21

480,000

97.95

470

412

1375209

BC,

Ltd.

11/18/20

755,000

100.26

757

757

180

Medical,

Inc.

09/30/21

300,000

100.00

300

263

ABN

AMRO

Bank

NV

07/08/20

94,000

106.64

100

90

Abu

Dhabi

Government

International

Bond

09/21/22

559,000

83.73

468

464

Abu

Dhabi

Government

International

Bond

11/02/22

477,000

71.55

341

347

Abu

Dhabi

National

Energy

Co.

PJSC

05/10/18

506,000

99.47

503

498

Accor

SA

06/29/22

EUR

200,000

92.89

186

217

Accor

SA

01/20/23

EUR

800,000

99.23

794

832

Accor

SA

01/30/23

EUR

800,000

105.95

848

849

ACE

Securities

Corp.

Mortgage

Loan

Trust

02/23/21

658,806

98.28

647

517

Acrisure

LLC

/

Acrisure

Finance,

Inc.

05/03/23

311,000

95.95

298

300

ACS

Actividades

de

Construccion

y

Servicios

SA

03/29/21

EUR

600,000

115.66

694

621

Acuris

Finance

US,

Inc.

/

Acuris

Finance

SARL

05/07/21

556,000

100.00

556

441

AdaptHealth

LLC

01/28/21

368,000

101.96

375

302

AdaptHealth

LLC

08/12/21

851,000

99.69

848

704

ADIB

Capital

Invest

2,

Ltd.

07/21/21

602,000

107.61

648

601

Adient

Global

Holdings,

Ltd.

11/10/21

474,000

101.16

479

455

Adient

Global

Holdings,

Ltd.

02/28/23

338,000

100.00

338

347

ADO

Properties

SA

06/01/23

EUR

300,000

86.95

261

232

AES

Panama

Generation

Holdings

SRL

07/06/22

143,702

87.72

126

125

African

Export-Import

Bank

(The)

07/26/22

643,000

82.43

530

528

Agua

y

Saneamientos

Argentinos

SA

10/16/19

1,056,612

87.01

919

798

AHP

Health

Partners,

Inc.

08/16/21

186,000

100.68

187

162

Aircastle,

Ltd.

07/24/23

113,000

97.25

110

110

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

04/20/22

291,000

96.87

282

276

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

04/18/23

359,000

88.75

319

313

Albion

Finance,

Ltd.

10/15/21

EUR

335,000

116.03

389

354

Albion

Financing

2SARL

10/15/21

800,000

100.00

800

741

Alimentation

Couche-Tard,

Inc.

09/24/18

135,000

97.03

131

126

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

11/09/22

489,000

91.57

448

463

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

02/06/23

117,000

100.00

117

116

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

04/21/22

277,000

99.75

276

265

Alta

Equipment

Group,

Inc.

03/24/21

490,000

101.32

496

458

Altice

France

Holding

SA

04/20/22

324,000

89.45

290

227

Altice

France

Holding

SA

04/25/22

227,000

86.22

196

84

American

Airlines

Group,

Inc.

03/10/21

817,667

100.00

818

805

American

Airlines

Group,

Inc.

03/10/21

343,000

100.00

343

332

American

Builders

&

Contractors

Supply

Co.,

Inc.

06/27/22

1,000,000

84.12

841

868

American

Finance

Trust,

Inc.

/

American

Finance

Operating

Partner,

LP

01/12/22

326,000

99.63

325

253

Anarafe

SL

01/12/22

EUR

496,252

132.75

659

273

Angolan

Government

International

Bond

04/03/23

805,000

85.92

692

705

APCOA

Parking

Holdings

GmbH

07/14/21

EUR

160,000

118.35

189

155

APCOA

Parking

Holdings

GmbH

11/09/21

EUR

200,000

115.86

232

216

Apidos

CLO

XXXI

04/28/21

1,140,000

100.00

1,140

1,105

Apidos

CLO

XXXIII

09/14/21

1,600,000

100.00

1,600

1,549

Apollo

Commercial

Real

Estate

Finance,

Inc.

09/02/21

316,000

98.16

310

253

Aramark

Services,

Inc.

01/28/21

354,000

102.99

365

333

Arches

Buyer,

Inc.

05/03/23

469,000

87.55

411

408

Arconic

Corp.

05/11/22

1,000,000

96.93

969

1,026

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

01/28/21

361,000

102.62

370

310

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

04/28/22

EUR

650,000

88.02

584

646

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

06/16/22

GBP

100,000

99.04

99

103

Armenia

Republic

Government

International

Bond

12/06/22

200,000

81.58

163

159

Arroyo

Mortgage

Trust

05/12/20

94,673

97.18

92

88

Ashtead

Capital,

Inc.

06/30/22

417,000

92.53

386

388

Ashtead

Capital,

Inc.

08/04/22

438,000

91.40

400

424

AthenaHealth

Group,

Inc.

01/05/23

584,000

80.28

469

495

Atos

SE

08/02/22

EUR

900,000

75.44

679

670

Atos

SE

08/02/22

EUR

200,000

89.36

179

172

Atos

SE

10/31/22

EUR

400,000

61.35

245

253

Atrium

European

Real

Estate,

Ltd.

05/17/22

EUR

200,000

103.09

206

192

Atrium

Finance

PLC

11/01/22

EUR

500,000

75.31

377

398

ATS

Automation

Tooling

Systems,

Inc.

01/28/21

287,000

101.27

291

257

Avantor,

Inc.

01/28/21

358,000

103.46

370

332

Avation

Capital

SA

07/06/21

316,337

88.80

281

276

Aviation

Capital

Group

LLC

06/02/22

213,000

100.84

215

209

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV

01/28/21

288,000

103.39

298

275

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

126

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

$

$

$

Axian

Telecom

03/08/23

735,000

92.98

683

675

Azelis

Finance

NV

03/08/23

EUR

200,000

105.47

211

223

Azzurra

Aeroporti

SpA

11/27/20

EUR

800,000

100.18

801

791

Bahrain

Government

International

Bond

04/06/23

233,000

100.00

233

241

Banco

de

Bogota

SA

02/03/22

103,000

99.70

103

94

Banco

de

Sabadell

SA

10/19/20

EUR

500,000

114.55

573

520

Banco

do

Brasil

SA

08/16/19

291,000

110.40

321

294

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

04/18/23

713,000

90.04

642

648

Banijay

Group

SAS

02/04/20

EUR

1,000,000

114.74

1,147

1,083

Bank

Commercial

Mortgage

Pass-Through

Certificates

08/01/19

140,000

91.28

128

94

Bank

Commercial

Mortgage

Pass-Through

Certificates

06/11/21

1,100,000

96.38

1,060

776

Bank

of

Ireland

Group

PLC

04/05/23

194,000

100.44

195

193

Bank

of

Ireland

Group

PLC

07/24/23

122,000

87.47

107

107

Bausch

Health

Cos.,

Inc.

12/17/19

453,000

239.65

1,086

334

Bausch

Health

Cos.,

Inc.

11/18/20

88,000

174.46

154

56

Bayer

US

Finance

II

LLC

06/29/21

EUR

1,300,000

103.78

1,378

1,331

Bayer

US

Finance

II

LLC

11/14/22

EUR

1,400,000

93.95

1,330

1,349

Benchmark

Mortgage

Trust

03/28/22

890,000

79.31

706

503

Benefit

Street

Partners

CLO

IV,

Ltd.

01/20/21

500,000

100.00

500

494

Berry

Global,

Inc.

07/22/19

224,000

102.97

231

219

Bertelsmann

SE

&

Co.

KGaA

10/19/20

EUR

400,000

110.44

442

404

Betony

CLO

2,

Ltd.

03/24/21

1,000,000

100.00

1,000

975

Bharti

Airtel,

Ltd.

09/13/21

216,000

104.37

225

211

Blackstone

Mortgage

Trust,

Inc.

11/02/21

311,000

99.78

310

267

BMD2

Re-Remic

Trust

02/03/21

892,000

89.35

797

630

BNP

Paribas

SA

05/14/20

194,000

104.06

202

187

BNP

Paribas

SA

07/24/23

163,000

89.42

146

146

Bolivia

Government

International

Bond

04/04/23

200,000

52.45

105

137

Bombardier,

Inc.

04/18/23

555,000

100.23

556

551

Booz

Allen

Hamilton

Holding

Corp.

03/03/21

1,195,000

96.53

1,126

1,085

Boxer

Parent

Co.,

Inc.

05/14/20

157,000

100.00

157

157

Boxer

Parent

Co.,

Inc.

05/14/20

EUR

910,000

101.47

923

993

Boyd

Gaming

Corp.

06/30/22

1,000,000

85.66

857

895

Braskem

Netherlands

Finance

BV

02/08/23

214,000

100.00

214

211

Brinker

International,

Inc.

06/22/23

621,000

100.00

621

624

Broadcom,

Inc.

07/24/23

243,000

75.58

184

184

Brookfield

Residential

Properties,

Inc.

03/15/21

322,000

102.77

331

298

Builders

FirstSource,

Inc.

03/03/21

385,000

105.26

405

360

BX

Trust

02/06/23

1,000,000

96.02

960

946

BX

Trust

02/23/23

186,253

95.67

178

176

BX

Trust

05/24/23

250,000

99.75

249

250

C&W

Senior

Financing

Designated

Activity

Company

04/24/23

707,000

88.49

626

642

Caesars

Entertainment,

Inc.

06/19/20

830,000

100.04

829

851

Caesars

Entertainment,

Inc.

09/10/21

158,000

100.00

158

139

Caesars

Entertainment,

Inc.

01/23/23

209,000

100.00

209

211

Canary

Wharf

Group

Investment

Holdings

PLC

01/10/23

GBP

460,000

106.35

489

483

Cantor

Commercial

Real

Estate

Lending

02/16/21

775,000

90.12

698

448

Carlyle

Global

Market

Strategies

CLO,

Ltd.

10/05/18

500,000

100.00

500

497

Carlyle

Global

Market

Strategies

CLO,

Ltd.

04/29/22

1,000,000

97.38

974

974

Carlyle

Holdings

II

Finance

LLC

05/04/21

202,000

125.72

254

178

Carnival

Corp.

02/16/21

854,000

92.15

787

790

Carnival

Corp.

08/24/22

1,614,000

80.08

1,292

1,451

Carriage

Purchaser,

Inc.

09/23/21

744,000

98.55

733

586

Carriage

Services,

Inc.

06/09/22

1,000,000

85.85

859

866

Cascade

Funding

Mortgage

Trust

02/25/22

4,500,000

64.36

2,896

2,497

Cascades,

Inc.

01/12/22

282,000

102.13

288

271

Castor

SpA

02/10/22

EUR

238,000

113.84

271

248

CBB

International

Sukuk

Programme

Company

01/26/23

1,374,000

91.54

1,258

1,242

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

09/17/19

758,000

97.76

741

657

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

08/02/21

1,872,000

96.26

1,800

1,439

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/21/22

62,000

98.11

61

57

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/18/23

356,000

95.07

338

334

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

07/11/23

68,000

94.04

64

65

Cedar

Funding

V

CLO,

Ltd.

03/22/19

250,000

98.53

246

243

Central

Plaza

Holding

Co.,

Ltd.

05/06/22

800,000

93.05

744

664

Centrica

PLC

12/14/21

GBP

200,000

139.89

280

245

Centurion

Bidco

SpA

05/09/23

EUR

245,000

109.62

269

269

CEZ

AS

06/15/17

383,000

109.57

420

350

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

127

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

$

$

$

CGG

SA

11/09/21

EUR

300,000

116.91

351

277

Chase

Home

Lending

Mortgage

Trust

07/29/19

129,594

100.97

131

115

Chase

Home

Lending

Mortgage

Trust

10/30/19

77,011

100.78

78

68

Chase

Home

Lending

Mortgage

Trust

10/30/19

492,869

101.59

501

432

China

Government

International

Bond

09/21/22

394,000

99.86

393

392

China

Government

International

Bond

11/17/22

987,000

91.96

908

894

CHNGE

Mortgage

Trust

01/21/22

367,930

99.99

368

328

CHS/Community

Health

Systems,

Inc.

01/26/21

419,000

94.75

397

317

CHS/Community

Health

Systems,

Inc.

05/04/21

340,000

100.00

340

214

CHS/Community

Health

Systems,

Inc.

01/20/22

200,000

100.00

200

160

CHS/Community

Health

Systems,

Inc.

04/29/22

580,000

95.56

554

496

CHS/Community

Health

Systems,

Inc.

05/03/23

635,000

69.48

441

421

Cidron

Aida

Finco

SARL

03/25/21

EUR

550,000

117.32

645

549

Cidron

Aida

Finco

SARL

03/25/21

GBP

400,000

137.38

549

448

CIFC

Funding,

Ltd.

12/20/21

500,000

100.00

500

498

CIFC

LLC

03/18/21

1,000,000

100.00

1,000

991

CIM

Commercial

Trust

Corp.

09/27/18

211,102

96.86

204

195

CIM

Commercial

Trust

Corp.

03/22/19

46,659

101.41

47

44

CIM

Commercial

Trust

Corp.

03/01/21

774,446

101.96

790

600

CIM

Commercial

Trust

Corp.

03/29/21

385,008

100.40

387

298

CIM

Trust

11/07/19

397,255

100.58

399

351

Citigroup

Commercial

Mortgage

Trust

04/04/19

410,000

101.47

416

268

Citigroup

Commercial

Mortgage

Trust

06/14/19

120,000

86.54

104

75

Citigroup

Commercial

Mortgage

Trust

08/12/19

313,000

78.53

246

181

Citigroup

Commercial

Mortgage

Trust

05/10/23

500,000

99.08

495

480

Citigroup

Mortgage

Loan

Trust,

Inc.

05/06/21

576,842

101.22

584

447

Citigroup

Mortgage

Loan

Trust,

Inc.

06/25/21

498,071

100.39

500

386

Clarios

Global,

LP

/

Clarios

US

Finance

Co.

05/03/23

360,000

100.62

362

365

CLI

Funding

VI

LLC

03/23/21

708,500

100.24

710

616

Cloud

Software

Group

Holdings,

Inc.

11/09/22

456,000

86.30

394

410

Clydesdale

Acquisition

Holdings,

Inc.

03/30/22

179,000

100.00

179

171

Clydesdale

Acquisition

Holdings,

Inc.

03/30/22

633,000

94.24

597

574

Coinbase

Global,

Inc.

09/14/21

220,000

100.00

220

139

Coinbase

Global,

Inc.

09/14/21

336,000

100.00

336

235

Colt

Merger

Sub,

Inc.

06/19/20

502,000

100.00

502

499

Commercial

Mortgage

Trust

01/21/20

160,000

97.12

155

122

Commercial

Mortgage

Trust

03/03/22

850,000

94.35

802

625

Commercial

Mortgage

Trust

04/28/22

1,500,000

90.24

1,354

1,325

Commerzbank

AG

06/17/19

155,000

100.52

156

155

Commerzbank

AG

10/19/20

EUR

687,000

105.23

723

740

Commerzbank

AG

10/19/20

EUR

514,000

120.54

620

554

Commonbond

Student

Loan

Trust

11/27/18

55,131

100.72

56

50

Commonbond

Student

Loan

Trust

06/02/20

85,940

99.98

86

73

Commonbond

Student

Loan

Trust

03/10/21

254,138

100.00

254

195

CommScope

Technologies

LLC

04/25/22

273,000

83.90

229

182

Compass

Group

Diversified

Holdings

LLC

04/07/21

333,000

103.57

345

303

Comstock

Resources,

Inc.

05/03/23

508,000

84.85

431

450

Connect

Finco

SARL

/

Connect

US

Finco

LLC

01/13/22

850,000

103.33

878

815

Connecticut

Avenue

Securities

Trust

01/11/22

700,000

100.00

700

704

Consensus

Cloud

Solutions,

Inc.

09/24/21

887,000

92.88

824

820

Consensus

Cloud

Solutions,

Inc.

09/24/21

262,000

96.59

253

227

Consolidated

Energy

Finance

SA

09/30/21

995,000

99.97

995

859

Consolidated

Energy

Finance

SA

11/09/22

364,000

94.12

343

345

Constellation

Automotive

Financing

PLC

07/16/21

GBP

460,000

137.61

633

472

Constellation

Merger

Sub,

Inc.

09/03/19

292,000

94.03

275

245

Co-operative

Group

Holdings,

Ltd.

03/08/21

GBP

210,000

156.80

329

254

CoreLogic,

Inc.

07/06/21

311,000

99.70

310

256

Coronado

Finance

Pty,

Ltd.

05/04/21

369,000

99.43

367

383

Corp.

Nacional

del

Cobre

de

Chile

12/14/22

837,000

74.26

622

574

Costa

Rica

Government

International

Bond

05/16/23

689,000

101.39

699

698

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

11/22/21

979,000

100.00

979

908

CPI

CG,

Inc.

04/07/21

289,000

103.16

298

278

CPUK

Finance,

Ltd.

04/01/19

GBP

275,000

131.82

362

335

CPUK

Finance,

Ltd.

09/08/20

GBP

150,000

129.88

195

184

CPUK

Finance,

Ltd.

04/05/23

GBP

140,000

124.60

174

172

CPUK

Finance,

Ltd.

04/05/23

GBP

140,000

124.60

174

173

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

05/27/21

1,138,000

100.00

1,138

1,035

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

128

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

$

$

$

Credit

Acceptance

Corp.

05/08/20

242,000

95.89

232

237

Credit

Agricole

SA

06/10/20

222,000

103.67

230

215

Credit

Agricole

SA

07/24/23

221,000

92.85

205

205

Crown

European

Holdings

SA

05/09/23

EUR

745,000

109.62

817

830

CSC

Holdings

LLC

07/06/21

743,000

99.25

737

373

Cushman

&

Wakefield

U.S.

Borrower

LLC

03/15/21

265,000

105.98

281

243

CVR

Energy,

Inc.

01/10/20

402,000

100.00

402

363

CVR

Energy,

Inc.

01/10/20

983,000

98.49

968

955

Danske

Bank

A/S

03/03/22

253,000

95.66

242

222

DaVita,

Inc.

11/09/22

472,000

77.49

366

403

DB

Master

Finance

LLC

03/20/19

192,500

100.00

192

180

DB

Master

Finance

LLC

03/20/19

385,000

100.00

385

351

DBWF

Mortgage

Trust

10/25/18

1,000,000

90.52

905

788

Deephaven

Residential

Mortgage

Trust

02/03/21

1,000,000

99.99

1,000

806

Deephaven

Residential

Mortgage

Trust

03/25/22

678,546

99.87

678

631

Deutsche

Telekom

AG

12/09/21

EUR

475,000

112.94

536

443

Development

Bank

of

the

Republic

of

Belarus

JSC

07/11/19

942,000

100.22

944

377

DIRECTV

Holdings

LLC

/

DIRECTV

Financing

Co.,

Inc.

07/22/21

1,948,000

101.27

1,970

1,759

DISH

DBS

Corp.

11/10/21

57,000

100.00

57

44

DISH

Network

Corp.

02/14/23

453,000

103.49

469

456

Dominican

Republic

Government

International

Bond

09/20/22

396,000

83.17

329

372

Dominican

Republic

Government

International

Bond

01/31/23

700,000

99.75

698

707

Dominican

Republic

Government

International

Bond

07/06/23

600,000

100.77

605

606

Domino's

Pizza

Master

Issuer

LLC

11/06/19

916,750

100.00

917

799

Domino's

Pizza

Master

Issuer

LLC

04/08/21

586,500

100.00

586

479

Dresdner

Funding

Trust

I

03/02/22

139,000

126.72

176

148

Dryden

30

Senior

Loan

Fund

10/05/18

500,000

99.28

496

467

Dufry

One

BV

04/15/21

CHF

600,000

108.51

651

667

Dufry

One

BV

04/15/21

EUR

150,000

119.73

180

150

Dufry

One

BV

09/10/21

CHF

200,000

105.35

211

208

Ecuador

Government

International

Bond

10/12/22

1,329,074

42.36

563

457

Ecuador

Government

International

Bond

12/01/22

346,183

64.69

224

164

EDP

-

Energias

de

Portugal

SA

04/29/22

EUR

300,000

97.52

293

304

Egypt

Government

International

Bond

10/12/22

1,682,000

61.49

1,034

1,086

El

Salvaor

Government

International

Bond

09/21/22

450,000

36.81

166

310

Electricite

de

France

SA

10/19/20

GBP

700,000

121.77

852

752

Electricite

de

France

SA

10/20/20

EUR

300,000

129.88

390

318

Electricite

de

France

SA

02/02/21

EUR

800,000

128.29

1,026

692

Electricite

de

France

SA

07/08/22

EUR

400,000

80.82

323

366

Electricite

de

France

SA

08/02/22

GBP

200,000

116.19

232

238

Electricite

de

France

SA

11/01/22

EUR

300,000

88.43

265

321

Electricite

de

France

SA

12/02/22

EUR

400,000

87.76

351

378

Electricite

de

France

SA

06/08/23

200,000

100.00

200

210

Element

Fleet

Management

Corp.

07/24/23

302,000

100.33

303

303

ELFI

Graduate

Loan

Program

06/18/20

104,456

99.97

104

90

Ellington

Financial

Mortgage

Trust

11/05/19

187,454

99.98

187

171

Ellington

Financial

Mortgage

Trust

04/14/22

447,866

99.59

446

425

Emerald

Debt

Merger

Sub

LLC

05/04/23

319,000

100.00

319

317

Emerald

Debt

Merger

Sub

LLC

05/04/23

EUR

800,000

110.14

881

880

Emergent

BioSolutions,

Inc.

04/26/21

752,000

95.96

722

417

Emirates

NBD

Bank

PJSC

09/17/19

656,000

107.37

706

649

Empresa

de

Transporte

de

Pasajeros

Metro

SA

06/16/17

568,000

107.35

610

508

Empresa

Nacional

del

Petroleo

11/02/17

538,000

92.89

500

410

Enact

Holdings,

Inc.

11/13/20

225,000

103.19

232

223

Enel

Finance

International

NV

07/24/23

149,000

105.19

157

156

Enel

Finance

International

NV

07/24/23

370,000

88.91

329

329

Energia

Group

Roi

Financeco

DAC

07/20/23

EUR

650,000

111.31

724

715

Energizer

Holdings,

Inc.

06/09/21

EUR

250,000

121.77

304

224

Entegris

Escrow

Corp.

04/04/23

711,000

94.54

672

663

Entegris,

Inc.

06/16/22

627,000

91.79

576

601

EP

Infrastructure

AS

09/20/22

EUR

500,000

73.20

366

377

EP

Infrastructure

AS

09/20/22

EUR

600,000

82.92

498

512

EP

Infrastructure

AS

04/19/23

EUR

700,000

96.16

673

652

EQM

Midstream

Partners,

LP

06/16/20

60,000

100.00

60

60

EQM

Midstream

Partners,

LP

01/04/21

195,000

100.00

195

174

EQM

Midstream

Partners,

LP

01/04/21

217,000

100.00

217

198

EQM

Midstream

Partners,

LP

04/21/22

558,000

97.43

544

555

EQM

Midstream

Partners,

LP

05/31/22

313,000

101.19

317

323

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

129

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

$

$

$

Eskom

Holdings

SOC,

Ltd.

01/26/16

355,000

96.46

342

352

Eskom

Holdings

SOC,

Ltd.

01/28/21

616,000

99.32

612

608

Eskom

Holdings

SOC,

Ltd.

01/30/23

305,000

91.32

279

274

Esselunga

SpA

10/27/21

EUR

360,000

120.62

434

358

Export-Import

Bank

of

China

08/16/22

267,000

97.19

259

236

Export-Import

Bank

of

India

02/20/20

200,000

100.84

202

197

Export-Import

Bank

of

India

06/27/22

500,000

81.28

406

402

Fannie

Mae

Connecticut

Avenue

Securities

Trust

10/31/18

55,370

99.89

55

55

Fannie

Mae

Connecticut

Avenue

Securities

Trust

02/03/20

144,547

97.09

140

145

Fannie

Mae

Connecticut

Avenue

Securities

Trust

03/02/22

1,200,000

90.89

1,091

1,196

Fannie

Mae

Connecticut

Avenue

Securities

Trust

05/03/22

300,000

100.00

300

302

Fannie

Mae

Connecticut

Avenue

Securities

Trust

02/06/23

1,100,000

100.00

1,100

1,135

Faurecia

SE

01/18/23

EUR

300,000

109.55

329

346

F-Brasile

SpA

/

F-Brasile

US

LLC

11/09/22

316,000

83.82

265

290

FEL

Energy

VI

SARL

04/07/22

233,975

90.23

211

207

Finance

Department

Government

of

Sharjah

02/15/23

200,000

99.20

198

207

First

Quantum

Minerals,

Ltd.

02/20/18

366,000

100.00

366

361

First

Quantum

Minerals,

Ltd.

11/07/19

175,000

99.74

175

174

First

Quantum

Minerals,

Ltd.

05/17/23

1,372,000

100.00

1,372

1,405

Flagstar

Mortgage

Trust

10/24/18

448,124

103.10

462

418

Flagstar

Mortgage

Trust

06/03/19

89,637

102.78

92

82

Flagstar

Mortgage

Trust

02/04/21

133,968

102.75

138

117

Forestar

Group,

Inc.

05/12/21

303,000

100.48

304

281

Fortescue

Metals

Group,

Ltd.

11/09/22

460,000

80.19

369

396

Franshion

Brilliant,

Ltd.

07/11/19

488,000

85.66

418

471

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

10/13/20

219,804

100.00

220

223

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/17/21

945,720

100.00

946

942

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

01/19/23

1,200,000

98.50

1,182

1,203

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/03/23

1,000,000

102.06

1,021

1,030

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

03/01/23

250,000

97.77

244

250

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

03/08/23

885,780

99.33

880

887

FREMF

Mortgage

Trust

03/24/21

14,953,459

0.38

57

32

FREMF

Mortgage

Trust

03/24/21

3,675,088

0.42

15

9

FREMF

Mortgage

Trust

03/24/21

1,450,103

79.54

1,153

1,055

FREMF

Mortgage

Trust

05/10/21

5,086,204

0.31

16

15

FREMF

Mortgage

Trust

05/10/21

570,000

0.41

2

2

FREMF

Mortgage

Trust

05/10/21

400,000

68.75

275

226

Fresenius

Medical

Care

US

Finance

III,

Inc.

08/03/22

255,000

84.70

216

200

Frontier

Communications

Corp.

11/19/20

942,000

97.56

928

798

Frontier

Communications

Corp.

10/05/21

153,000

100.00

153

111

Frontier

Communications

Corp.

04/18/23

298,000

97.98

292

285

FRR

Re-REMIC

Trust

09/29/21

200,000

89.00

178

170

Gabon

Government

International

Bond

02/06/23

228,000

85.60

195

193

Gaci

First

Investment

Co.

05/23/23

200,000

89.28

179

179

Galaxy

Bidco,

Ltd.

09/10/20

GBP

300,000

129.04

387

348

Galaxy

Pipeline

Assets

Bidco,

Ltd.

10/26/22

959,349

75.44

724

774

GAM

Re-REMIC

Trust

04/01/21

1,258,000

112.44

1,414

833

GAM

Re-REMIC

Trust

04/01/21

905,000

68.33

618

581

GAM

Re-REMIC

Trust

04/01/21

837,000

70.83

593

565

GAM

Re-REMIC

Trust

11/04/21

266,000

72.01

192

155

GAM

Re-REMIC

Trust

11/04/21

316,000

86.95

275

267

GAM

Re-REMIC

Trust

11/04/21

796,000

87.50

696

669

GAM

Re-REMIC

Trust

11/04/21

384,000

87.63

337

326

GAM

Re-REMIC

Trust

11/04/21

316,000

89.72

283

272

GAM

Re-REMIC

Trust

11/04/21

312,000

90.86

283

249

GAM

Re-REMIC

Trust

11/04/21

415,000

91.11

378

299

GAM

Re-REMIC

Trust

01/25/22

1,500,000

77.25

1,159

1,015

GAM

Re-REMIC

Trust

01/25/22

1,000,000

78.77

787

701

GAM

Re-REMIC

Trust

01/28/22

304,000

77.78

236

210

GAM

Re-REMIC

Trust

01/28/22

433,000

81.60

353

311

GAM

Re-REMIC

Trust

01/28/22

251,000

85.38

214

206

GAM

Re-REMIC

Trust

01/28/22

251,000

87.49

220

210

GAM

Re-REMIC

Trust

01/28/22

246,000

87.59

215

215

GAM

Re-REMIC

Trust

01/28/22

635,000

88.60

563

473

GAM

Re-REMIC

Trust

01/28/22

199,000

89.20

178

174

GAM

Re-REMIC

Trust

01/28/22

246,000

90.12

222

219

GAM

Re-REMIC

Trust

07/08/22

3,000,000

50.46

1,514

1,329

Garden

Spinco

Corp.

07/06/22

1,240,000

100.00

1,240

1,338

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

130

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

$

$

$

Gartner,

Inc.

02/18/21

358,000

104.47

374

335

Gates

Global

LLC

/

Gates

Corp.

11/20/19

771,000

99.38

766

761

Gazprom

OAO

Via

Gaz

Capital

SA

08/17/16

1,000,000

113.60

1,136

845

Genting

New

York

LLC

10/05/21

441,000

100.06

441

395

Georgian

Railway

JSC

04/07/22

585,000

88.92

520

504

Getty

Images,

Inc.

06/12/23

1,000,000

100.00

1,000

996

GFL

Environmental,

Inc.

10/12/21

458,000

101.21

464

418

Ghana

Government

International

Bond

10/07/15

250,000

100.00

250

177

Ghana

Government

International

Bond

10/11/22

649,000

38.39

249

294

Ghana

Government

International

Bond

02/28/23

200,000

38.41

77

91

GKN

Holdings,

Ltd.

10/27/21

GBP

300,000

145.70

437

328

Global

Aircraft

Leasing

Co.,

Ltd.

07/26/19

2,059,574

97.58

2,010

1,941

Global

Net

Lease,

Inc.

01/28/21

1,223,000

96.27

1,148

976

goeasy,

Ltd.

05/12/21

306,000

100.86

309

279

GoodLeap

Sustainable

Home

Solutions

Trust

06/09/21

1,201,601

99.96

1,201

917

GoTo

Group,

Inc.

08/12/22

487,000

79.60

388

280

Graham

Packaging

Co.,

Inc.

11/10/22

1,000,000

85.27

853

876

Graphic

Packaging

International

LLC

07/06/21

366,000

101.00

370

328

Gray

Television,

Inc.

10/26/21

508,000

100.00

508

354

Greenland

Global

Investment,

Ltd.

01/10/18

457,000

97.49

446

55

Greenland

Global

Investment,

Ltd.

09/07/21

761,900

87.01

663

115

Grifols

Escrow

Issuer

SA

09/28/21

EUR

285,000

116.87

333

270

GrubHub,

Inc.

10/12/21

320,000

102.37

328

228

GS

Mortgage

Securities

Trust

10/30/18

529,084

70.80

375

278

GS

Mortgage

Securities

Trust

08/01/19

906,748

105.80

959

795

GS

Mortgage

Securities

Trust

03/12/21

805,635

101.39

817

624

GS

Mortgage

Securities

Trust

05/14/21

378,092

96.74

366

264

GS

Mortgage

Securities

Trust

06/03/21

908,786

103.86

944

747

GS

Mortgage

Securities

Trust

06/15/21

845,937

100.52

851

662

GS

Mortgage

Securities

Trust

06/15/21

800,000

100.91

807

558

GS

Mortgage

Securities

Trust

09/22/21

1,037,080

100.88

1,046

804

GS

Mortgage

Securities

Trust

12/06/21

478,281

96.45

461

338

GS

Mortgage

Securities

Trust

01/10/22

913,647

97.39

890

699

GS

Mortgage

Securities

Trust

03/08/23

500,000

99.77

499

492

Guatemala

Government

International

Bond

10/19/22

498,000

90.25

449

475

Guatemala

Government

International

Bond

06/06/23

628,000

100.00

628

643

Hadrian

Merger

Sub,

Inc.

11/07/18

270,000

99.16

268

243

Harvest

Midstream

I,

LP

08/05/20

968,000

102.91

996

951

Hat

Holdings

I

LLC

07/06/21

348,000

100.81

351

314

Hawaiian

Brand

Intellectual

Property,

Ltd.

/

HawaiianMiles

Loyalty,

Ltd.

01/28/21

559,000

99.71

557

528

HC2

Holdings,

Inc.

03/03/21

454,000

100.02

454

347

Helios

Issuer

LLC

10/26/18

616,019

99.98

616

520

Helios

Issuer

LLC

10/26/18

824,784

99.98

825

754

Helios

Issuer

LLC

06/15/20

360,010

99.99

360

319

Herbalife

Nutrition,

Ltd.

07/06/23

200,000

90.74

181

190

Highlands

Holdings

Bond

Issuer,

Ltd.

10/23/20

1,003,325

101.83

1,022

938

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

12/11/19

568,000

100.81

573

544

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

01/03/23

194,000

91.22

177

179

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

05/03/23

507,000

91.55

464

459

Hilton

Domestic

Operating

Co.,

Inc.

02/18/21

344,000

106.24

365

339

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

05/03/23

482,000

76.45

368

366

Holdco

LLC

07/25/22

657,000

86.13

566

549

Hologic,

Inc.

01/28/21

325,000

104.60

340

309

Howard

Hughes

Corp.

(The)

02/18/21

356,000

104.68

373

327

HTA

Group,

Ltd.

05/03/23

414,000

94.62

392

395

Huarong

Finance

2017

Co.,

Ltd.

06/08/21

200,000

82.06

164

175

Hungary

Government

International

Bond

12/09/22

347,000

62.51

217

222

Hungary

Government

International

Bond

01/04/23

200,000

95.75

191

209

Hungary

Government

International

Bond

01/04/23

234,000

99.34

232

238

Hungary

Government

International

Bond

07/19/23

675,000

102.31

691

687

IHO

Verwaltungs

GmbH

03/24/23

EUR

400,000

107.43

430

461

Iliad

SA

03/01/23

EUR

400,000

103.49

414

435

Immobiliare

Grande

Distribuzione

SIIQ

SpA

10/19/20

EUR

439,000

113.54

498

429

Imperial

Fund

Mortgage

Trust

04/14/22

450,009

99.99

450

429

INEOS

Finance

PLC

03/21/23

EUR

100,000

106.43

106

107

INEOS

Quattro

Finance

2

PLC

02/20/23

EUR

250,000

97.69

244

244

Infraestructura

Energetica

Nova

SAPI

de

CV

06/03/22

103,000

94.12

97

95

Instituto

Costarricense

de

Electricidad

02/07/18

961,000

85.19

819

812

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

131

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

$

$

$

International

Airport

Finance

SA

01/11/22

16,535

108.24

18

16

International

Bank

of

Azerbaijan

OJSC

02/12/20

200,000

99.23

198

190

International

Consolidated

Airlines

Group

SA

10/19/20

EUR

700,000

97.27

681

670

International

Flavors

&

Fragrances,

Inc.

02/07/23

250,000

91.84

230

225

International

Flavors

&

Fragrances,

Inc.

07/24/23

128,000

84.72

108

109

Intesa

Sanpaolo

SpA

10/14/16

581,000

99.39

577

568

Intesa

Sanpaolo

SpA

09/02/21

290,000

104.38

303

194

Intesa

Sanpaolo

SpA

02/22/22

EUR

850,000

108.76

924

918

Intesa

Sanpaolo

Vita

SpA

09/28/21

EUR

800,000

101.07

809

860

Intrado

Corp.

12/13/17

264,000

99.26

262

238

ION

Trading

Technologies

SARL

05/03/21

247,000

100.00

247

215

IQVIA,

Inc.

12/09/19

260,000

103.24

268

251

Iron

Mountain,

Inc.

05/12/21

448,000

101.56

455

404

Ithaca

Energy

North

Sea

PLC

08/16/21

268,000

100.04

268

255

ITT

Holdings

LLC

06/23/21

950,000

99.97

950

812

Ivory

Coast

Government

International

Bond

04/05/23

200,000

86.38

173

179

J.G.

Wentworth

XLII

LLC

10/02/18

472,340

99.97

472

404

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

07/23/19

668,000

100.00

668

646

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

06/08/21

653,000

99.10

647

541

Jefferson

Capital

Holdings

LLC

07/28/21

763,000

99.04

756

645

Jersey

Central

Power

&

Light

Co.

07/24/23

202,000

96.92

196

195

Jordan

Government

International

Bond

06/06/18

293,000

91.48

268

260

Jordan

Government

International

Bond

04/04/23

372,000

99.08

369

376

JPMorgan

Commercial

Mortgage

Securities

Trust

03/26/19

330,000

101.06

334

254

JPMorgan

Commercial

Mortgage

Securities

Trust

09/12/19

500,000

95.18

476

351

JPMorgan

Commercial

Mortgage

Securities

Trust

03/04/22

550,000

98.80

543

501

JPMorgan

Mortgage

Trust

12/06/18

785,835

90.39

710

660

JPMorgan

Mortgage

Trust

01/18/19

29,844

99.94

30

27

JPMorgan

Mortgage

Trust

03/22/19

24,256

101.08

25

23

JPMorgan

Mortgage

Trust

07/25/19

593,764

98.34

584

566

JPMorgan

Mortgage

Trust

01/24/20

352,084

104.14

367

308

JPMorgan

Mortgage

Trust

01/28/20

61,864

101.67

63

54

JPMorgan

Mortgage

Trust

01/30/20

364,358

101.05

368

294

JPMorgan

Mortgage

Trust

06/02/20

156,801

101.95

160

137

JPMorgan

Mortgage

Trust

07/15/20

660,597

103.75

685

617

JPMorgan

Mortgage

Trust

07/21/20

420,115

106.77

449

357

JPMorgan

Mortgage

Trust

08/20/20

258,895

105.30

273

232

JPMorgan

Mortgage

Trust

10/28/20

180,232

103.07

186

152

JPMorgan

Mortgage

Trust

11/10/20

77,762

102.74

80

70

JPMorgan

Mortgage

Trust

12/07/20

60,975

103.99

63

59

JPMorgan

Mortgage

Trust

01/19/21

315,606

103.23

326

242

JPMorgan

Mortgage

Trust

01/28/21

1,000,000

99.76

998

918

JPMorgan

Mortgage

Trust

05/21/21

232,131

100.99

234

180

JPMorgan

Mortgage

Trust

04/27/22

459,817

90.60

417

368

Kaixo

Bondco

Telecom

SA

10/05/21

EUR

975,000

96.65

942

946

Kazakhstan

Government

International

Bond

09/20/22

481,000

81.16

390

437

KazMunayGas

National

Co.

JSC

10/19/18

216,000

83.72

181

181

KazMunayGas

National

Co.

JSC

05/19/23

378,000

76.58

289

299

KCA

Deutag

UK

Finance

PLC

10/26/20

292,645

100.00

293

292

KeySpan

Gas

East

Corp

07/24/23

227,000

91.06

207

207

Khazanah

Capital,

Ltd.

07/17/23

590,000

99.88

589

585

Khazanah

Global

Sukuk

Bhd

07/19/23

326,000

100.00

326

323

KIND

Trust

02/09/23

258,134

92.67

239

241

Kinross

Gold

Corp.

06/26/23

800,000

98.72

790

788

Kondor

Finance

PLC

01/10/20

1,322,000

100.16

1,324

489

KSA

Sukuk,

Ltd.

05/15/23

1,844,000

99.40

1,833

1,793

Ladder

Capital

Finance

Holdings

LLLP

01/06/21

251,000

100.08

251

241

Lamar

Funding,

Ltd.

06/14/17

490,000

98.68

484

469

Lamb

Weston

Holdings,

Inc.

11/02/21

359,000

100.24

360

315

LCM

28,

Ltd.

10/16/18

500,000

100.00

500

474

LCPR

Senior

Secured

Financing

Designated

Acitivity

Co.

10/22/19

502,000

101.41

509

470

Lebanon

Government

International

Bond

02/14/19

500,000

92.39

462

36

Lebanon

Government

International

Bond

10/31/22

1,158,000

6.57

76

83

Legacy

LifePoint

Health

LLC

06/13/23

800,000

93.11

745

812

Level

3

Financing,

Inc.

03/31/23

297,000

97.06

288

308

Liberty

Mutual

Group,

Inc.

05/03/22

51,000

127.97

65

53

Libra

Groupco

SpA

01/25/22

EUR

550,000

113.61

625

526

Life

Time,

Inc.

04/21/23

598,000

97.27

582

598

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

132

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

$

$

$

Life

Time,

Inc.

07/28/23

200,000

98.15

196

196

Live

Nation

Entertainment,

Inc.

04/08/20

785,000

96.59

758

729

LPL

Holdings,

Inc.

11/12/20

231,000

101.74

235

218

Lumen

Technologies,

Inc.

05/03/23

633,000

70.06

443

416

Macquarie

Bank,

Ltd.

07/24/23

323,000

94.16

304

304

Macy's

Retail

Holdings,

Inc.

03/02/22

159,000

100.00

159

144

Macy's

Retail

Holdings,

Inc.

03/02/22

177,000

100.00

177

158

Madison

Park

Funding

XXXI,

Ltd.

11/08/18

250,000

100.00

250

248

Maison

Finco

PLC

10/06/21

GBP

465,000

135.89

632

448

Mangrove

LuxCo

III

SARL

11/15/19

EUR

417,500

109.23

456

361

Marcolin

SpA

05/19/21

EUR

300,000

121.74

365

303

Marks

&

Spencer

PLC

09/27/18

111,000

107.93

120

104

Marks

&

Spencer

PLC

10/19/20

GBP

412,000

131.29

541

518

Marks

&

Spencer

PLC

04/05/23

GBP

400,000

113.73

455

463

Marlette

Funding

Trust

04/26/21

847,851

99.98

848

835

MasTec,

Inc.

06/27/22

1,750,000

92.15

1,613

1,625

Mattamy

Group

Corp.

04/29/20

627,000

91.94

576

550

Mattamy

Group

Corp.

07/26/22

185,000

88.61

164

175

Mattel,

Inc.

07/24/23

356,000

93.27

332

331

Mauser

Packaging

Solutions

Holding

Co.

11/01/22

807,000

92.17

744

750

Mauser

Packaging

Solutions

Holding

Co.

01/30/23

1,017,000

100.00

1,017

1,014

mBank

SA

07/03/23

EUR

300,000

86.11

258

264

MDGH

GMTN

RSC,

Ltd.

10/18/22

350,000

98.66

345

368

MDGH

GMTN

RSC,

Ltd.

07/27/23

243,000

105.48

256

255

Medline

Borrower,

LP

04/20/22

314,000

91.52

287

275

Medline

Borrower,

LP

05/03/23

319,000

86.14

275

283

Mello

Mortgage

Capital

Acceptance

01/24/20

890,133

104.94

934

796

Mexico

City

Airport

Trust

01/28/21

225,000

100.62

226

196

Mexico

City

Airport

Trust

12/14/22

380,000

78.20

297

330

MF1

Multifamily

Housing

Mortgage

Trust

02/13/23

500,000

93.67

468

471

MHP

07/26/22

500,000

93.37

467

477

Midcap

Financial

Issuer

Trust

04/21/21

333,000

101.17

337

294

Midcontinent

Communications

/

Midcontinent

Finance

Corp.

07/24/19

166,000

100.00

166

157

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

07/06/22

590,000

85.54

505

524

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

06/25/20

404,800

100.10

405

405

Minerals

Technologies,

Inc.

03/03/21

296,000

103.20

305

274

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

02/14/23

203,000

105.57

214

216

Molina

Healthcare,

Inc.

05/28/20

183,000

100.00

183

168

Molina

Healthcare,

Inc.

06/09/21

360,000

102.42

369

308

Mongolia

Government

International

Bond

10/03/22

200,000

71.42

143

171

Monitchem

HoldCo

3

SA

04/20/23

EUR

345,000

109.64

378

372

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

08/01/19

250,000

94.01

235

204

Morgan

Stanley

Capital

I

Trust

06/05/19

377,000

87.63

330

230

Morocco

Government

International

Bond

03/01/23

532,000

98.93

526

535

Mosaic

Solar

Loan

Trust

11/27/18

68,966

98.49

68

61

Mosaic

Solar

Loan

Trust

11/27/18

179,891

99.02

178

162

Mosaic

Solar

Loan

Trust

06/12/20

234,404

99.98

234

194

Mosaic

Solar

Loan

Trust

03/10/21

664,420

99.44

661

517

Mosaic

Solar

Loan

Trust

03/24/21

266,100

100.14

266

211

Mosaic

Solar

Loan

Trust

06/15/21

396,007

99.52

394

290

Motion

Bondco

Designated

Activity

Co.

09/13/21

EUR

300,000

112.74

338

286

MPH

Acquisition

Holdings

LLC

05/03/23

549,000

77.27

424

479

MRCD

Mortgage

Trust

12/05/19

120,000

95.88

115

103

MSCI,

Inc.

01/28/21

231,000

104.99

243

210

MTR

Corp.,

Ltd.

07/26/22

410,000

86.97

357

334

Mumtalakt

Sukuk

Holding

Co.

01/29/21

401,000

101.54

407

396

Mundys

SpA

12/17/21

EUR

400,000

104.14

417

394

Mundys

SpA

04/19/23

EUR

200,000

105.35

211

210

Nabors

Industries,

Inc.

01/07/20

606,000

95.30

578

583

Nabors

Industries,

Inc.

01/07/20

213,000

97.97

209

195

Nabors

Industries,

Inc.

11/18/21

766,000

99.45

762

749

Nakilat,

Inc.

06/15/17

319,196

111.05

354

332

National

Bank

of

Fujairah

PJSC

07/21/21

200,000

105.06

210

195

Nationstar

Mortgage

Holdings,

Inc.

01/28/21

354,000

103.55

367

338

Navient

Private

Education

Refi

Loan

Trust

11/03/20

187,350

99.99

187

170

Navient

Private

Education

Refi

Loan

Trust

01/19/21

450,000

99.96

450

324

NBK

Tier

1

Financing

2,

Ltd.

02/06/23

238,000

94.75

226

219

NCL

Corp.,

Ltd.

04/18/23

571,000

86.97

497

540

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

133

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

$

$

$

Neiman

Marcus

Group,

Inc.

03/19/21

582,000

100.56

585

544

Neuberger

Berman

CLO,

Ltd.

03/24/21

500,000

100.00

500

491

New

Enterprise

Stone

&

Lime

Co.,

Inc.

09/29/21

459,000

100.00

459

427

New

Enterprise

Stone

&

Lime

Co.,

Inc.

09/29/21

575,000

106.65

613

566

New

Residential

Investment

Corp.

02/18/21

296,000

99.77

295

281

News

Corp.

05/12/21

330,000

100.71

332

291

NFP

Corp.

08/08/22

317,000

100.00

317

308

NGG

Finance

PLC

03/29/21

EUR

900,000

104.57

941

940

NGG

Finance

PLC

11/09/21

EUR

1,000,000

105.47

1,055

958

NGG

Finance

PLC

12/01/21

GBP

100,000

144.51

144

122

NGL

Energy

Operating

LLC

01/25/21

770,000

100.78

776

763

NGPL

PipeCo

LLC

03/03/22

174,000

131.36

229

184

NH

Hotel

Group,

SA

07/13/21

EUR

500,000

117.55

588

530

Nigeria

Government

International

Bond

10/13/22

687,000

66.56

457

568

Nigeria

Government

International

Bond

02/16/23

591,000

83.38

493

554

Nissan

Motor

Co.,

Ltd.

04/18/23

631,000

93.42

589

587

NMI

Holdings,

Inc.

08/16/21

272,000

106.83

291

275

Nobian

Finance

BV

06/24/21

EUR

350,000

119.34

418

330

nogaholding

Sukuk,

Ltd.

07/21/21

247,000

103.83

256

235

Novelis

Corp.

07/26/21

784,000

81.32

638

653

Novelis

Corp.

07/26/21

182,000

94.69

172

165

Novelis

Sheet

Ingot

GmbH

03/24/21

EUR

100,000

118.14

118

96

Oaktree

CLO,

Ltd.

05/17/21

250,000

99.14

248

228

Oaktree

CLO,

Ltd.

05/27/21

1,000,000

100.00

1,000

964

Ocado

Group

PLC

03/30/23

GBP

300,000

94.61

284

327

OCP

CLO,

Ltd.

04/26/22

500,000

100.00

500

487

OCP

SA

06/15/17

343,000

100.32

344

332

OCP

SA

10/05/17

326,000

117.39

379

306

Octagon

Investment

Partners

11,

Ltd.

02/09/23

1,000,000

97.96

980

986

Octagon

Loan

Funding,

Ltd.

03/27/19

250,000

98.59

246

245

OHA

Credit

Partners

XIV,

Ltd.

03/22/19

500,000

97.81

489

493

OI

European

Group

BV

05/12/23

EUR

255,000

108.51

277

289

Oil

and

Gas

Holding

Co.

BSCC

(The)

06/18/20

832,000

107.94

898

846

Olympus

Water

US

Holding

Corp.

09/21/21

250,000

100.00

250

184

Olympus

Water

US

Holding

Corp.

09/21/21

466,000

100.00

466

373

Olympus

Water

US

Holding

Corp.

09/21/21

EUR

170,000

117.30

199

129

Oman

Government

International

Bond

10/26/22

950,000

100.00

950

986

Oman

Government

International

Bond

10/26/22

289,000

85.35

247

294

Oman

Government

International

Bond

12/12/22

366,000

101.73

372

376

OmGrid

Funding,

Ltd.

10/05/17

516,000

100.23

517

499

Onslow

Bay

Financial

LLC

01/15/20

111,767

101.63

114

98

Onslow

Bay

Financial

LLC

04/29/22

1,100,000

96.83

1,065

950

Onslow

Bay

Financial

LLC

02/16/23

467,160

96.10

449

440

Ontario

Gaming

GTA

LP

07/20/23

593,000

100.51

596

599

Ooredoo

QPSC

12/14/22

384,000

98.04

376

364

Open

Text

Corp.

01/28/21

364,000

101.69

370

324

Open

Text

Holdings,

Inc.

08/16/21

262,000

103.54

271

225

OQ

SAOC

07/21/21

645,000

100.26

647

618

Orange

SA

07/18/23

EUR

700,000

111.97

784

767

Oschadbank

Via

SSB

#1

PLC

09/02/15

190,000

79.81

152

162

Oschadbank

Via

SSB

#1

PLC

12/10/15

175,000

97.34

170

58

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

07/23/20

146,000

95.13

139

122

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

01/28/21

358,000

102.10

366

331

Pakistan

Government

International

Bond

03/22/23

500,000

40.27

201

265

Pakistan

Government

International

Bond

04/25/23

200,000

46.48

93

121

Pakistan

Water

and

Power

Development

Authority

08/25/21

1,537,000

88.32

1,357

683

Palmer

Square

CLO,

Ltd.

08/30/21

1,250,000

100.00

1,250

1,230

Paraguay

Government

International

Bond

11/16/22

589,000

78.96

465

473

Paraguay

Government

International

Bond

06/28/23

520,000

100.34

522

521

Parts

Europe

SA

04/28/22

EUR

250,000

104.79

262

275

PECF

USS

Intermediate

Holding

III

Corp.

11/04/21

446,000

71.80

320

246

Pennsylvania

Electric

Co.

07/24/23

195,000

98.73

193

192

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

04/05/23

198,000

98.00

194

190

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

07/24/23

117,000

96.57

113

113

Performance

Food

Group

Co.

03/03/21

364,000

103.83

378

352

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

03/19/19

245,000

108.58

266

241

Petroleos

de

Venezuela

SA

09/25/14

8,000,000

90.97

7,278

280

Petroleos

de

Venezuela

SA

03/03/15

1,000,000

44.77

448

35

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

134

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

$

$

$

Petroleos

de

Venezuela

SA

02/16/18

3,986,000

47.92

1,910

140

Petroleos

de

Venezuela

SA

09/26/22

2,150,000

34.40

739

75

Petroleos

del

Peru

SA

10/05/17

1,788,000

81.39

1,577

1,198

Petroleos

Mexicanos

07/11/19

1,328,000

80.69

1,072

818

Petroleos

Mexicanos

10/19/20

EUR

2,100,000

104.96

2,204

1,810

Petroleos

Mexicanos

10/21/20

EUR

100,000

110.25

110

91

Petroleos

Mexicanos

02/07/22

EUR

100,000

114.68

115

100

Petroleos

Mexicanos

04/04/23

1,824,000

91.20

1,663

1,699

Petronas

Capital,

Ltd.

09/20/22

2,220,000

85.82

1,907

1,846

PetSmart

LLC

01/29/21

817,000

99.37

812

797

Pike

Corp.

09/13/21

991,000

93.63

928

892

Pilgrim's

Pride

Corp.

03/03/21

361,000

105.23

380

357

Pinewood

Finance

Co.,

Ltd.

09/30/22

GBP

950,000

99.92

949

1,122

Polar

US

Borrower

LLC

/

Schenectady

International

Group,

Inc.

10/25/22

50,000

56.91

28

29

Power

Sector

Assets

&

Liabilities

Management

Corp.

06/14/17

607,000

105.81

642

619

PRA

Group,

Inc.

11/09/21

991,000

93.91

931

753

PRA

Group,

Inc.

02/14/23

200,000

100.60

201

183

Presidio

Holdings,

Inc.

03/28/22

629,000

99.23

624

610

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

11/17/21

350,000

101.76

356

330

Primose

Funding

LLC

03/30/21

967,500

101.87

986

893

PROG

Holdings,

Inc.

11/10/21

770,000

100.04

770

697

Prosus

NV

12/02/20

254,000

106.95

272

217

Provident

Funding

Associates,

LP

/

PFG

Finance

Corp.

02/14/23

476,000

92.38

440

422

PTC,

Inc.

03/03/21

321,000

102.48

329

295

PTTEP

Canada

International

Finance,

Ltd.

06/15/17

370,000

125.65

465

389

Qatar

Government

International

Bond

06/27/22

383,000

95.19

365

346

Qatar

Government

International

Bond

09/20/22

393,000

97.97

385

377

Qatar

Government

International

Bond

02/16/23

324,000

100.12

324

324

Qatar

Government

International

Bond

02/28/23

674,000

97.15

655

647

Qatar

Petroleum

07/26/22

1,683,000

86.81

1,478

1,401

RAC

Bond

Co.

PLC

10/21/21

GBP

535,000

137.88

738

541

Radiology

Partners,

Inc.

11/01/21

1,169,000

104.87

1,226

450

Radnor

RE,

Ltd.

06/18/21

500,000

100.00

500

506

Railworks

Holdings,

LP

/

Railworks

Rally,

Inc.

11/04/21

639,000

95.38

609

603

Rakuten

Group,

Inc.

02/14/23

408,000

100.51

410

407

RCKT

Mortgage

Trust

02/06/20

209,551

100.72

211

178

ReadyCap

Commercial

Mortgage

Trust

11/01/19

270,000

102.09

276

238

Regal

Rexnord

Corp.

01/12/23

895,000

101.07

905

893

RegionalCare

Hospital

Partners

Holdings,

Inc.

/

LifePoint

Health,

Inc.

07/25/23

43,000

92.28

40

40

Reliance

Industries,

Ltd.

10/07/21

118,000

103.69

122

115

Renault

SA

10/19/20

EUR

800,000

113.94

912

827

Renault

SA

10/19/20

EUR

430,000

114.56

493

443

Renault

SA

12/17/21

EUR

600,000

104.16

625

568

Renault

SA

03/21/22

EUR

200,000

104.40

209

203

Republic

of

Azerbaijan

Government

International

Bond

09/21/22

534,000

83.65

447

457

Republic

of

Kenya

Government

International

Bond

03/22/23

550,000

84.40

464

497

Republic

of

Uzbekistan

Government

International

Bond

01/17/23

200,000

83.00

166

164

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

09/03/21

282,000

89.53

252

234

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

03/02/22

101,000

92.58

93

79

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

11/09/22

318,000

69.74

222

264

RFM

Re-REMIC

Trust

08/03/22

530,000

73.74

391

366

RFM

Re-REMIC

Trust

08/03/22

560,000

75.60

423

396

RFM

Re-REMIC

Trust

08/03/22

450,000

79.44

357

341

RFM

Re-REMIC

Trust

08/03/22

1,430,000

79.82

1,141

1,112

RFM

Re-REMIC

Trust

08/03/22

1,830,000

84.69

1,550

1,456

RFM

Re-REMIC

Trust

08/03/22

1,210,000

86.21

1,043

975

RLJ

Lodging

Trust

06/10/21

174,000

100.00

174

160

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

04/21/22

326,000

86.63

282

268

Rockies

Express

Pipeline

LLC

05/06/20

650,000

93.16

606

577

Rockies

Express

Pipeline

LLC

02/02/22

150,000

106.23

159

136

Rogers

Communications,

Inc.

05/02/23

250,000

90.95

227

231

Roller

Bearing

Co.

of

America,

Inc.

01/11/22

311,000

101.85

317

277

Rolls-Royce

PLC

10/19/20

EUR

340,000

108.81

370

323

Rolls-Royce

PLC

03/01/23

631,000

94.12

594

594

Romania

Government

International

Bond

01/05/23

456,000

100.19

457

490

Romania

Government

International

Bond

01/05/23

244,000

99.47

243

275

Romania

Government

International

Bond

01/10/23

238,000

97.08

231

233

Romania

Government

International

Bond

05/17/23

152,000

106.61

162

171

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

135

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

$

$

$

Royal

Caribbean

Cruises,

Ltd.

08/11/21

486,000

100.00

486

466

Royal

Caribbean

Cruises,

Ltd.

01/04/22

508,000

95.69

486

483

Royal

Caribbean

Cruises,

Ltd.

02/14/23

482,000

106.64

514

526

Royal

Caribbean

Cruises,

Ltd.

03/30/23

327,000

87.89

287

308

RP

Escrow

Issuer

LLC

11/19/21

826,000

86.34

713

563

RWE

AG

10/19/20

EUR

130,000

127.22

165

139

RZD

Capital

PLC

08/04/21

RUB

115,000,000

1.78

2,049

—

SA

Global

Sukuk,

Ltd.

12/14/22

627,000

88.56

555

541

SACE

SPA

11/09/21

EUR

721,000

121.24

874

722

Samhallsbyggnadsbolaget

i

Norden

AB

06/01/23

EUR

500,000

67.27

336

304

Samhallsbyggnadsbolaget

i

Norden

AB

06/01/23

EUR

300,000

87.80

263

253

Saudi

Arabian

Oil

Co.

04/11/22

132,000

98.36

130

122

Saudi

Arabian

Oil

Co.

12/14/22

619,000

92.89

575

543

Saudi

Electricity

Global

Sukuk

Co.

06/14/17

450,000

107.19

482

446

Saudi

Government

International

Bond

01/10/23

668,000

92.07

615

614

Schaeffler

AG

10/19/20

EUR

720,000

107.44

774

756

Sealed

Air

Corp.

10/26/16

200,000

106.03

212

209

Sealed

Air

Corp.

10/24/19

339,000

102.54

348

334

Seaspan

Corp.

07/09/21

987,000

93.78

926

804

Senegal

Government

International

Bond

07/31/19

250,000

96.77

242

187

Sequoia

Mortgage

Trust

09/17/19

57,657

101.70

59

54

Sequoia

Mortgage

Trust

10/08/19

58,516

101.29

59

51

Sequoia

Mortgage

Trust

11/14/19

912,512

102.80

938

813

Sequoia

Mortgage

Trust

06/22/22

502,689

83.98

422

386

Serbia

Government

International

Bond

01/19/23

209,000

97.78

204

209

Silver

Creek

CLO,

Ltd.

08/06/19

250,000

99.59

249

245

Singapore

Telecommunications,

Ltd.

06/09/22

366,000

124.04

454

425

Sirius

XM

Radio,

Inc.

08/02/21

562,000

99.54

558

507

Sirius

XM

Radio,

Inc.

08/02/21

321,000

100.00

321

251

Sirius

XM

Radio,

Inc.

05/03/23

163,000

88.89

145

149

SK

Hynix,

Inc.

07/24/23

342,000

89.54

306

306

SMRT

05/02/22

1,400,000

97.14

1,360

1,295

Societe

Generale

SA

12/06/22

229,000

96.94

222

221

Societe

Generale

SA

07/24/23

127,000

88.17

112

112

SoFi

Professional

Loan

Program

LLC

10/30/18

400,000

95.68

383

359

SoFi

Professional

Loan

Program

LLC

10/30/18

473,431

96.05

455

450

SoFi

Professional

Loan

Program

LLC

03/26/19

600,000

99.98

600

518

SoFi

Professional

Loan

Program

LLC

08/06/19

1,000,000

99.96

1,000

812

SoFi

Professional

Loan

Program

Trust

11/27/18

424,000

97.47

413

373

SoFi

Professional

Loan

Program

Trust

11/27/18

425,000

99.03

421

388

SoFi

Professional

Loan

Program

Trust

03/15/19

850,000

100.35

853

767

SoFi

Professional

Loan

Program

Trust

05/14/20

600,000

99.94

600

484

SoFi

Professional

Loan

Program

Trust

08/30/21

43,000

1,688.11

726

300

Solvay

Finance

America

LLC

06/02/22

313,000

99.10

310

303

Sonic

Automotive,

Inc.

10/15/21

826,000

85.55

707

686

Sonic

Automotive,

Inc.

10/15/21

620,000

91.21

565

531

Sonic

Capital

LLC

01/15/20

533,958

100.00

534

485

Sonic

Capital

LLC

07/29/21

589,000

100.00

589

438

Sound

Point

CLO,

Ltd.

03/24/21

500,000

100.00

500

500

Sri

Lanka

Government

International

Bond

02/22/23

1,064,000

38.42

409

472

Standard

Chartered

PLC

10/14/16

415,000

122.61

507

398

Standard

Chartered

PLC

07/24/23

342,000

89.39

306

306

Standard

Industries,

Inc.

10/19/20

EUR

353,000

118.99

420

346

Standard

Industries,

Inc.

04/21/22

314,000

89.92

282

273

Staples,

Inc.

02/09/21

725,000

101.15

733

599

Staples,

Inc.

04/19/21

972,000

91.41

891

556

Starwood

Property

Trust,

Inc.

01/11/22

231,000

99.34

229

204

State

Oil

Co.

of

Azerbaijan

Republic

10/05/17

531,000

106.16

564

550

Stericycle,

Inc.

01/28/21

337,000

102.05

344

296

Suburban

Propane

Partners,

LP

/

Suburban

Energy

Finance

Corp.

12/07/21

155,000

100.43

156

132

Sugarhouse

HSP

Gaming

Prop

Mezz,

LP

/

Sugarhouse

HSP

Gaming

Finance

Corp.

11/29/21

833,000

97.30

811

800

Summer

(BC)

Holdco

A

SARL

11/09/20

EUR

1,126,316

120.56

1,358

997

Summit

Germany,

Ltd.

06/10/22

EUR

250,000

100.95

252

254

Sunnova

Helios

Issuer

LLC

11/20/20

323,767

99.97

324

250

Sunnova

Sol

III

Issuer

LLC

06/11/21

786,329

99.96

786

615

Sunrun

Xanadu

Issuer

05/31/19

416,179

99.99

416

368

Superior

Plus

Corp.

05/11/22

1,273,000

91.21

1,161

1,119

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

136

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

$

$

$

Swedbank

AB

07/24/23

305,000

99.40

303

303

Symphony

CLO

XIX,

Ltd.

03/21/19

500,000

97.29

486

484

Tacora

Resources,

Inc.

11/09/22

399,000

85.67

342

299

Talen

Energy

Supply

LLC

04/28/23

793,000

100.75

799

823

TC

Ziraat

Bankasi

AS

03/18/21

929,000

93.40

868

854

TCW

CLO,

Ltd.

09/24/21

300,000

100.00

300

289

Team

Health

Holdings,

Inc.

02/07/19

284,000

94.06

267

145

Techem

Verwaltungsgesellschaft

674

mbH

07/19/18

EUR

241,779

112.88

273

262

Tele

Columbus

AG

02/20/19

EUR

400,000

109.07

436

271

Teleflex,

Inc.

01/28/21

321,000

103.74

333

295

Telefonica

Europe

BV

04/29/22

EUR

300,000

95.25

286

289

Telefonica

Europe

BV

01/25/23

EUR

400,000

105.76

423

432

Telefonica

SA

11/24/22

EUR

300,000

87.36

262

282

Terrier

Media

Buyer,

Inc.

12/12/19

678,000

97.94

664

529

Teva

Pharmaceutical

Finance

Netherlands

II

BV

01/26/21

EUR

650,000

112.68

732

683

Teva

Pharmaceutical

Finance

Netherlands

II

BV

03/24/22

EUR

900,000

80.14

721

767

Teva

Pharmaceutical

Finance

Netherlands

II

BV

06/02/23

EUR

500,000

92.36

462

469

Texas

Eastern

Transmission,

LP

12/05/19

101,000

102.07

103

93

Textainer

Marine

Containers

VII,

Ltd.

03/24/21

779,000

99.98

779

668

Titan

Holdings

II

BV

07/01/21

EUR

667,000

101.23

675

612

TransDigm,

Inc.

03/26/20

869,000

100.12

870

864

Transnet

SOC,

Ltd.

01/30/23

365,000

100.00

365

363

Transocean

Poseidon,

Ltd.

04/26/21

38,188

96.37

37

38

Transocean

Titan

Financing,

Ltd.

01/09/23

193,000

100.00

193

199

Transocean,

Inc.

04/26/21

202,000

82.25

166

198

Transocean,

Inc.

04/26/21

503,000

85.32

429

496

Transocean,

Inc.

06/29/21

112,000

88.62

99

108

Transocean,

Inc.

01/17/23

735,000

100.00

735

763

Travelex

Issuerco,

Ltd.

08/06/20

GBP

2,138,921

125.79

2,690

3,321

Trinidad

Generation

UnLtd

08/16/19

468,000

101.63

476

451

Triton

Container

International,

Ltd.

02/19/21

400,833

99.83

400

338

Triumph

Group,

Inc.

02/28/23

377,000

99.92

377

387

Turkiye

Ihracat

Kredi

Bankasi

AS

01/28/21

427,000

100.73

430

422

Turkiye

Ihracat

Kredi

Bankasi

AS

07/21/21

449,000

96.98

435

416

Turkiye

Ihracat

Kredi

Bankasi

AS

01/24/23

481,000

99.51

479

489

TVL

Finance

PLC

04/21/23

GBP

100,000

122.74

123

129

UBS

Bank

of

America

Merrill

Lynch

Mortgage

Trust

11/06/18

2,600,000

82.58

2,147

2,104

UBS

Group

AG

06/03/22

228,000

97.43

222

217

UBS

Group

AG

07/24/23

365,000

88.42

323

323

Ukraine

Government

International

Bond

04/23/15

195,000

41.62

81

95

Ukraine

Government

International

Bond

01/27/21

1,932,000

90.87

1,756

575

Ukraine

Railways

Via

Rail

Capital

Markets

PLC

06/17/20

652,000

102.30

667

257

UniCredit

SpA

05/08/20

205,000

105.14

216

199

UniCredit

SpA

09/20/21

243,000

101.23

246

222

UniCredit

SpA

02/27/23

EUR

900,000

99.30

894

943

United

Group

BV

01/23/20

EUR

300,000

110.56

332

265

United

Group

BV

01/26/21

EUR

300,000

121.04

363

276

United

Group

BV

07/20/21

EUR

300,000

117.83

353

270

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

06/09/21

362,000

100.69

365

252

Univision

Communications,

Inc.

04/21/22

269,000

101.39

273

262

US

Foods,

Inc.

03/03/21

382,000

101.24

387

351

UWM

Mortgage

Trust

05/27/21

796,114

100.50

800

617

Uzbek

Industrial

and

Construction

Bank

06/07/21

700,000

102.64

718

666

Valeo

SA

08/27/21

EUR

400,000

120.53

482

419

Valeo

SA

09/28/21

EUR

200,000

120.09

240

207

Var

Energi

ASA

07/24/23

322,000

104.17

335

333

Venture

33

CLO,

Ltd.

02/11/21

1,000,000

100.00

1,000

954

Venture

Global

Calcasieu

Pass

LLC

07/29/21

567,000

96.99

549

481

Venture

Global

Calcasieu

Pass

LLC

07/29/21

236,000

100.00

236

204

Venture

Global

Calcasieu

Pass

LLC

11/17/21

470,000

100.00

470

381

Veolia

Environnement

SA

06/01/23

EUR

400,000

93.92

376

388

Verisure

Holding

AB

01/23/23

EUR

275,000

108.67

299

308

Verisure

Midholding

AB

01/15/21

EUR

925,000

120.92

1,118

890

Veritas

US,

Inc.

/

Veritas

Bermuda,

Ltd.

08/13/20

1,161,000

100.86

1,171

952

Verus

Securitization

Trust

02/08/21

1,000,000

99.99

1,000

647

Verus

Securitization

Trust

06/22/22

524,582

88.25

463

439

VICI

Properties,

Inc.

07/06/22

207,000

92.79

192

191

Viking

Cruises,

Ltd.

03/29/23

934,000

85.81

801

880

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

137

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

$

$

$

Virgin

Media

Finance

PLC

06/03/20

GBP

350,000

125.83

440

366

Vistra

Operations

Co.

LLC

05/10/22

2,250,000

100.00

2,250

2,216

Vistra

Operations

Co.

LLC

07/24/23

339,000

97.71

331

331

Vmed

O2

UK

Financing

I

PLC

09/10/20

GBP

300,000

127.90

384

313

Vmed

O2

UK

Financing

I

PLC

06/22/21

GBP

250,000

139.48

349

253

Vodafone

Group

PLC

10/19/20

GBP

600,000

141.47

849

721

Vodafone

Group

PLC

02/03/21

EUR

850,000

105.32

895

773

Vodafone

Group

PLC

01/30/23

EUR

600,000

101.20

607

614

Volkswagen

Group

of

America

Finance

LLC

02/20/23

EUR

700,000

102.79

720

738

Volkswagen

Group

of

America

Finance

LLC

03/01/23

EUR

100,000

93.28

93

97

VTB

Bank

10/18/18

714,000

105.07

750

—

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

06/02/22

222,000

99.13

220

210

Weatherford

International,

Ltd.

10/14/21

1,655,000

96.54

1,614

1,696

Weatherford

International,

Ltd.

07/25/22

23,000

91.76

21

23

Wells

Fargo

Commercial

Mortgage

Trust

03/21/19

390,000

85.64

334

238

Wells

Fargo

Mortgage

Backed

Securities

Trust

02/14/20

20,249

100.78

20

17

Wells

Fargo

Mortgage

Backed

Securities

Trust

08/10/20

172,090

103.00

177

142

Wells

Fargo

Mortgage

Backed

Securities

Trust

09/17/20

228,351

102.29

234

193

Wells

Fargo

Mortgage

Backed

Securities

Trust

03/12/21

755,618

101.37

766

585

Wendy's

Funding

LLC

03/26/19

472,500

99.01

468

428

WEPA

Hygieneprodukte

GmbH

05/09/23

EUR

200,000

94.90

190

189

West

Fraser

Timber

Co.,

Ltd.

06/02/22

216,000

100.53

217

212

WFRBS

Commercial

Mortgage

Trust

02/23/21

2,077,000

84.12

1,747

1,535

Williams

Scotsman

International,

Inc.

01/28/21

303,000

102.73

311

279

Wintershall

Dea

Finance

2

BV

02/24/23

EUR

500,000

83.88

419

437

Wintershall

Dea

Finance

2

BV

07/27/23

EUR

300,000

94.46

283

285

Wipro

IT

Services

LLC

07/24/23

341,000

89.47

305

305

Wizz

Air

Finance

Co.

BV

11/28/22

EUR

850,000

89.96

765

821

Woodward

Capital

Management

LLC

03/11/21

155,972

101.65

159

121

World

Acceptance

Corp.

01/11/22

298,000

100.28

299

262

XPO,

Inc.

07/25/23

155,000

99.05

154

153

Yara

International

ASA

07/06/22

226,000

96.64

218

216

YPF

SA

08/15/18

950

100.00

1

1

YPF

SA

08/15/18

26,144

100.00

26

26

YPF

SA

01/28/21

50

27.86

—

—

YPF

SA

03/08/23

250,000

78.66

197

212

Zambia

Government

International

Bond

10/12/21

269,000

100.00

269

141

Zayo

Group

Holdings,

Inc.

08/24/22

379,000

82.73

314

234

ZF

Europe

Finance

BV

10/19/20

EUR

800,000

99.31

794

814

ZF

Europe

Finance

BV

11/16/21

EUR

700,000

102.11

716

668

ZF

Europe

Finance

BV

04/06/22

EUR

1,000,000

97.74

984

988

ZF

NA

Capital,

Inc.

05/04/20

290,000

97.40

282

282

ZF

NA

Capital,

Inc.

04/28/22

EUR

300,000

95.92

288

305

380,635

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

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

37

CAD

4,444

09/23

(102)

Euro-Bobl

Futures

4

EUR

464

09/23

(2)

Euro-Bund

Futures

3

EUR

399

09/23

(3)

Euro-Schatz

Futures

4

EUR

420

09/23

(1)

Long

Gilt

Futures

61

GBP

5,864

09/23

(19)

United

States

2

Year

Treasury

Note

Futures

552

USD

112,073

09/23

(1,793)

United

States

5

Year

Treasury

Note

Futures

550

USD

58,751

09/23

(988)

United

States

10

Year

Treasury

Note

Futures

144

USD

16,043

09/23

(316)

United

States

10

Year

Treasury

Ultra

Notes

Futures

55

USD

6,434

09/23

(130)

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

138

Opportunistic

Credit

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

United

States

Treasury

Long

Bond

Futures

10

USD

1,244

09/23

(26)

United

States

Treasury

Ultra

Bond

Futures

64

USD

8,462

09/23

(157)

Short

Positions

Euro-Bobl

Futures

9

EUR

1,043

09/23

4

Euro-Bund

Futures

68

EUR

9,044

09/23

80

Japanese

10

Year

Government

Bond

Futures

106

JPY

1,556,822

09/23

82

United

States

2

Year

Treasury

Note

Futures

127

USD

25,785

09/23

389

United

States

5

Year

Treasury

Note

Futures

74

USD

7,905

09/23

98

United

States

10

Year

Treasury

Note

Futures

418

USD

46,568

09/23

1,202

United

States

10

Year

Treasury

Ultra

Notes

Futures

67

USD

7,838

09/23

191

United

States

Treasury

Long

Bond

Futures

79

USD

9,830

09/23

212

United

States

Treasury

Ultra

Bond

Futures

17

USD

2,248

09/23

48

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(1,231)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

25

HUF

8,696

08/10/23

—

Bank

of

America

USD

741

HUF

261,389

08/10/23

—

Bank

of

America

USD

5

MXN

76

08/10/23

—

Bank

of

America

USD

337

THB

11,738

08/10/23

6

Bank

of

America

USD

66

TRY

1,798

08/10/23

—

Bank

of

America

USD

1,833

TRY

49,115

08/10/23

(19)

Bank

of

America

USD

1,088

ZAR

20,501

08/10/23

56

Bank

of

America

CZK

245

USD

11

08/10/23

—

Bank

of

America

CZK

23,908

USD

1,091

08/10/23

(9)

Bank

of

America

EUR

259

USD

285

08/31/23

1

Bank

of

America

EUR

551

USD

611

08/31/23

4

Bank

of

America

MXN

5,685

USD

332

08/10/23

(7)

Bank

of

America

THB

300

USD

9

08/10/23

—

Bank

of

America

ZAR

862

USD

49

08/10/23

1

Bank

of

New

York

EUR

7,034

USD

7,664

09/20/23

(88)

Bank

of

New

York

GBP

1,200

USD

1,524

09/20/23

(16)

BNP

Paribas

CHF

771

USD

895

08/31/23

8

Citigroup

USD

170

CHF

147

08/10/23

(1)

Citigroup

USD

1,515

EUR

1,393

08/10/23

17

Citigroup

USD

4,701

GBP

3,699

08/10/23

46

Citigroup

USD

1,943

NZD

3,143

08/10/23

9

Citigroup

CHF

4,224

USD

4,717

08/10/23

(130)

Citigroup

EUR

430

USD

475

08/10/23

2

Citigroup

GBP

44

USD

57

08/10/23

—

Citigroup

NZD

12

USD

7

08/10/23

—

HSBC

EUR

7,034

USD

7,663

09/20/23

(89)

HSBC

GBP

1,200

USD

1,524

09/20/23

(16)

JPMorgan

Chase

CAD

258

USD

195

08/31/23

—

JPMorgan

Chase

EUR

27,095

USD

29,991

08/31/23

158

JPMorgan

Chase

GBP

8,649

USD

11,138

08/31/23

37

Royal

Bank

of

Canada

CAD

3,673

USD

2,776

08/10/23

(10)

Royal

Bank

of

Canada

EUR

7,034

USD

7,662

09/20/23

(91)

Royal

Bank

of

Canada

GBP

1,200

USD

1,524

09/20/23

(16)

State

Street

USD

2,764

AUD

4,144

08/10/23

20

State

Street

USD

763

BRL

3,727

08/10/23

24

State

Street

USD

1,876

COP

7,819,526

08/10/23

115

State

Street

USD

22

EUR

20

09/20/23

—

State

Street

USD

44

EUR

40

09/20/23

—

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

139

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

USD

110

EUR

100

09/20/23

1

State

Street

USD

159

EUR

145

09/20/23

1

State

Street

USD

2,585

EUR

2,360

09/20/23

16

State

Street

USD

45

GBP

35

09/20/23

—

State

Street

USD

579

GBP

455

09/20/23

5

State

Street

USD

3

HKD

21

08/10/23

—

State

Street

USD

1,207

JPY

169,084

08/10/23

(17)

State

Street

USD

35

KRW

44,119

08/10/23

—

State

Street

USD

335

MYR

1,553

08/10/23

10

State

Street

USD

2,734

SEK

29,760

08/10/23

94

State

Street

USD

11

SGD

15

08/10/23

—

State

Street

AUD

4,144

USD

2,764

08/10/23

(20)

State

Street

BRL

46

USD

10

08/10/23

—

State

Street

CLP

30,779

USD

37

08/10/23

1

State

Street

CLP

887,677

USD

1,109

08/10/23

52

State

Street

COP

375,687

USD

95

08/10/23

—

State

Street

EUR

44

USD

48

09/20/23

(1)

State

Street

EUR

55

USD

60

09/20/23

(1)

State

Street

EUR

100

USD

113

09/20/23

2

State

Street

EUR

150

USD

166

09/20/23

1

State

Street

GBP

10

USD

13

09/20/23

—

State

Street

GBP

25

USD

32

09/20/23

—

State

Street

HKD

8,689

USD

1,111

08/10/23

(3)

State

Street

JPY

279,592

USD

1,943

08/10/23

(25)

State

Street

KRW

2,452,229

USD

1,885

08/10/23

(35)

State

Street

MYR

36

USD

8

08/10/23

—

State

Street

SEK

714

USD

68

08/10/23

—

State

Street

SGD

1,047

USD

775

08/10/23

(13)

State

Street

TWD

230

USD

7

08/10/23

—

State

Street

TWD

24,084

USD

772

08/10/23

6

Toronto

Dominion

Bank

EUR

7,034

USD

7,669

09/20/23

(84)

Toronto

Dominion

Bank

GBP

1,200

USD

1,525

09/20/23

(15)

UBS

EUR

7,034

USD

7,673

09/20/23

(79)

UBS

GBP

1,200

USD

1,525

09/20/23

(15)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(107)

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

$

—

$

16,656

$

300

$

—

$

16,956

Corporate

Bonds

and

Notes

—

184,522

—

—

184,522

International

Debt

—

156,082

—

—

156,082

Mortgage-Backed

Securities

—

69,961

—

—

69,961

Non-US

Bonds

—

75,619

—

—

75,619

Common

Stocks

Consumer

Discretionary

—

—

—

—

—

Energy

—

—

194

—

194

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

140

Opportunistic

Credit

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Financial

Services

—

—

—

—

—

Materials

and

Processing

—

—

3,469

—

3,469

Producer

Durables

—

143

2,599

—

2,742

Preferred

Stocks

—

—

—

—

—

Warrants

and

Rights

—

37

—

—

37

Short-Term

Investments

—

11,064

—

20,044

31,108

Other

Securities

—

—

—

1,086

1,086

Total

Investments

—

514,084

6,562

21,130

541,776

Other

Financial

Instruments

Assets

Futures

Contracts

2,30

6

—

—

—

2,30

6

Foreign

Currency

Exchange

Contracts

—

69

3

—

—

69

3

Liabilities

Futures

Contracts

(3,53

7

)

—

—

—

(3,53

7

)

Foreign

Currency

Exchange

Contracts

—

(800)

—

—

(800)

Total

Other

Financial

Instruments

*

$

(1,231)

$

(107)

$

—

$

—

$

(1,338)

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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

($)

Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

Other*

300

Common

Stocks

Energy

Other*

194

Materials

and

Processing

Discounted

cash

flow***

Discount

rate**

16.7%

3,469

Market

approach***

EBITDA

multiple****

6.58x

Discount

to

guideline

comparables

25.2%

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

141

Producer

Durables

Discounted

cash

flow***

Discount

rate**

13.3%

2,599

Market

approach***

EBITDA

multiple****

3.83x

Discount

to

guideline

comparables

35.1%

Total

Investments

6,562

*    Level

3

investments

with

a

listed

Valuation

Technique

of

"Other"

for

the

period

ended

July

31,

2023

were

less

than

1%

of

net

assets.

**

The

discount

rates

were

determined

by

calculating

the

weighted

average

cost

of

capital

for

the

companies.

*** 

A

50%/50%

weighted

average

was

applied

to

the

Market

approach

and

Discounted

cash

flow. 

****

A

relative

value

analysis

of

comparable

publicly

traded

companies

was

used

to

derive

the

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,

2023

were

as

follows:

Category

and

Subcategory

Beginning

Balance

11/01/2022

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

7/31/2023

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

held

as

of

7/31/2023

Long-Term

Fixed

Income

Securities

Asset

Backed

Securities

$

472

$

—

$

—

$

—

$

—

$

—

$

—

$

(172)

$

300

$

(172)

Corporate

Bonds

and

Notes

11

—

—

—

—

—

—

(11)

—

(11)

International

Debt

250

—

250

—

—

—

—

—

—

—

Common

Stocks

Energy

187

—

—

—

—

—

—

7

194

7

Materials

and

Processing

3,304

—

—

—

—

—

—

165

3,469

165

Producer

Durables

2,803

—

—

—

—

—

—

(204)

2,599

(204)

Preferred

Stock

3,911

—

4,902

—

991

—

—

—

—

—

Short-Term

Investments

45

—

—

—

(807)

—

—

762

—

—

Total

Investments

$

10,983

$

—

$

5,152

$

—

$

184

$

—

$

—

$

547

$

6,562

$

(215)

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Angola

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

705

Argentina

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

1,757

Armenia

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

159

Australia

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

1,083

Austria

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

844

Azerbaijan

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

1,197

Bahrain

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

2,960

Belarus

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

377

Belgium

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

526

Bermuda

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

3,628

Bolivia,

Plurinational

State

of

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

137

Brazil

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

4,909

Canada

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

11,539

Cayman

Islands

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

16,503

Chile

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

3,445

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

142

Opportunistic

Credit

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

China

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

3,887

Colombia

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

2,897

Costa

Rica

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

1,510

Czech

Republic

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

1,891

Denmark

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

222

Dominican

Republic

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

1,685

Ecuador

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

637

Egypt

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

1,086

El

Salvador

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

310

Finland

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

448

France

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

14,220

Gabon

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

193

Georgia

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

504

Germany

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

13,503

Ghana

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

562

Guatemala

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

1,118

Hong

Kong

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

1,138

Hungary

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

1,356

India

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

925

Indonesia

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

2,877

Ireland

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

1,015

Israel

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

2,235

Italy

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

11,389

Ivory

Coast

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

179

Japan

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

1,212

Jersey

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

101

Jordan

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

636

Kazakhstan

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

917

Kenya

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

497

Kuwait

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

219

Lebanon

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

119

Liberia

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

534

Luxembourg

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

6,179

Macao

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

294

Malaysia

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

2,754

Mauritius

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

675

Mexico

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

8,844

Mongolia

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

171

Morocco

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

1,173

Netherlands

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

1,776

Nigeria

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

1,122

Norway

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

790

Oman

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

2,773

Pakistan

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

1,069

Panama

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

2,513

Paraguay

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

994

Peru

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

2,438

Philippines

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

2,466

Poland

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

1,891

Portugal

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

304

Puerto

Rico

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

380

Qatar

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

3,791

Romania

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

1,169

Russia

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

968

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

143

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Saudi

Arabia

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

4,238

Senegal

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

187

Serbia

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

209

Singapore

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

701

Slovenia

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

811

South

Africa

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

2,601

South

Korea

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

306

Spain

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

3,874

Sri

Lanka

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

472

Sweden

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

2,058

Switzerland

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

3,577

Taiwan

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

226

Tanzania,

United

Republic

of

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

395

Thailand

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

389

Trinidad

and

Tobago

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

451

Turkey

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

3,709

Ukraine

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

1,416

United

Arab

Emirates

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

4,358

United

Kingdom

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

25,684

United

States

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

316,988

Uruguay

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

1,360

Uzbekistan

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

830

Venezuela,

Bolivarian

Republic

of

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

530

Zambia

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

2,081

Total

Investments

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

541,776

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

144

Unconstrained

Total

Return

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Short-Term

Investments

-

99.9%

Sberbank

of

Russia

Via

SB

Capital

SA

Series

REGS

5.125%

due

10/29/22

(~)(Ê)(Š)(Þ)

(Æ)(Ø)

200

—

U.S.

Cash

Management

Fund(@)

99,004,785

(∞)

98,965

Total

Short-Term

Investments

(cost

$99,169)

98,965

Total

Investments

-

99.9%

(identified

cost

$99,169)

98,965

Other

Assets

and

Liabilities,

Net

-

0.1%

121

Net

Assets

-

100.0%

99,086

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Unconstrained

Total

Return

Fund

145

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%

Sberbank

of

Russia

Via

SB

Capital

SA

11/18/19

200,000

100

.00

200

—

—

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Australia

and

New

Zealand

Banking

Group

USD

544

AUD

803

08/03/23

(4)

Australia

and

New

Zealand

Banking

Group

USD

504

EUR

454

08/03/23

(4)

Australia

and

New

Zealand

Banking

Group

USD

278

GBP

216

08/03/23

—

Australia

and

New

Zealand

Banking

Group

USD

644

GBP

500

08/03/23

(2)

Australia

and

New

Zealand

Banking

Group

USD

62

NZD

100

08/03/23

—

Australia

and

New

Zealand

Banking

Group

AUD

1,300

USD

883

08/03/23

9

Australia

and

New

Zealand

Banking

Group

CAD

1,220

GBP

719

08/03/23

(2)

Australia

and

New

Zealand

Banking

Group

CAD

500

USD

380

08/03/23

—

Australia

and

New

Zealand

Banking

Group

EUR

301

AUD

497

08/03/23

3

Australia

and

New

Zealand

Banking

Group

EUR

153

JPY

24,155

08/03/23

1

Australia

and

New

Zealand

Banking

Group

GBP

360

CAD

610

08/03/23

1

Australia

and

New

Zealand

Banking

Group

JPY

20,000

USD

144

08/03/23

3

Australia

and

New

Zealand

Banking

Group

NZD

100

USD

63

08/03/23

1

JPMorgan

Chase

USD

143

CAD

188

08/03/23

—

JPMorgan

Chase

CAD

900

USD

684

08/03/23

1

JPMorgan

Chase

GBP

1,076

CAD

1,822

08/03/23

1

JPMorgan

Chase

JPY

4,155

USD

29

08/03/23

—

Royal

Bank

of

Canada

USD

509

JPY

70,050

09/20/23

(13)

State

Street

USD

510

JPY

70,050

09/20/23

(15)

State

Street

JPY

140,100

USD

981

09/20/23

(11)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(31)

Credit

Default

Swap

Contracts

Amounts

in

thousands

Corporate

Issues

-

Purchase

Protection

Reference

Entity

Counterparty

Implied

Credit

Spread

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Tenet

Healthcare

Corp.

Morgan

Stanley

2.442%

USD

250

(5.000%)

(2)

06/20/27

(22)

—

(22)

Total

Open

Corporate

Issues

-

Purchase

Protection

Contracts

(22)

—

(22)

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

$

Tenet

Healthcare

Corp.

Morgan

Stanley

2.442%

USD

250

5.000%

(2)

06/20/27

12

10

22

Total

Open

Corporate

Issues

-

Sell

Protection

Contracts

12

10

22

Total

Open

Credit

Default

Swap

Contracts

(å)

(10)

10

—

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

146

Unconstrained

Total

Return

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Short-Term

Investments

$

—

$

—

$

—

$

98,965

$

98,965

Total

Investments

—

—

—

98,965

98,965

Other

Financial

Instruments

Assets

Foreign

Currency

Exchange

Contracts

—

2

0

—

—

2

0

Credit

Default

Swap

Contracts

—

22

—

—

22

Liabilities

Foreign

Currency

Exchange

Contracts

—

(5

1

)

—

—

(5

1

)

Credit

Default

Swap

Contracts

—

(22)

—

—

(22)

Total

Other

Financial

Instruments

*

$

—

$

(31)

$

—

$

—

$

(31)

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Russia

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

—

United

States

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

98,965

Total

Investments

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

98,965

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

147

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

–

79.4%

Asset-Backed

Securities

-

3.1%

Amur

Equipment

Finance

Receivables

XI

LLC

Series

2022-2A

Class

A2

5.300%

due

06/21/28

(Þ)

5,000

4,955

Amur

Equipment

Finance

Receivables

XII

LLC

Series

2023-1A

Class

A2

6.090%

due

12/20/29

(Þ)

5,231

5,220

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)

19,772

19,454

BDS,

Ltd.

Series

2022-FL11

Class

ATS

2.100%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.800%)(Ê)(Þ)

11,123

11,068

Conseco

Finance

Corp.

Series

1996-4

Class

M1

7.750%

due

06/15/27

(~)(Ê)

353

352

Countrywide

Asset-Backed

Certificates

Trust

Series

2007-4

Class

A4W

4.640%

due

04/25/47

7,905

7,021

DLLAA

LLC

Series

2023-1A

Class

A4

5.730%

due

10/20/31

(Þ)

4,870

4,885

Goldentree

Loan

Management

US

CLO

7,

Ltd.

Series

2021-7A

Class

AR

6.658%

due

04/20/34

(USD

3

Month

LIBOR

+

1.070%)(Ê)(Þ)

4,156

4,124

GoodLeap

Sustainable

Home

Improvements

Series

2021-5CS

Class

A

2.310%

due

10/20/48

(Þ)

3,589

2,733

GoodLeap

Sustainable

Home

Solutions

Trust

Series

2022-1GS

Class

A

2.700%

due

01/20/49

(Þ)

3,098

2,463

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

2.190%

due

08/21/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

2,450

2,360

Greenwood

Park

CLO,

Ltd.

Series

2018-1A

Class

A2

2.229%

due

04/15/31

(USD

3

Month

LIBOR

+

1.010%)(Ê)(Þ)

3,133

3,117

GSAA

Home

Equity

Trust

Series

2006-S1

Class

2M2

5.850%

due

08/25/34

(~)(Ê)(Þ)

316

356

Irwin

Home

Equity

Loan

Trust

Series

2006-1

Class

2A3

6.270%

due

09/25/35

(~)(Ê)(Þ)

229

226

MF1

LLC

Series

2022-FL9

Class

A

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.960%

due

06/19/37

(CME

Term

SOFR

1

Month

+

2.150%)(Ê)(Þ)

1,565

1,565

Mid-State

Capital

Corp.

Trust

Series

2005-1

Class

A

5.745%

due

01/15/40

456

445

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

2,030

1,910

Renew

Financial

Group

LLC

Series

2023-1A

Class

A

5.900%

due

11/20/58

230

218

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

2,659

2,492

74,964

Corporate

Bonds

and

Notes

-

23.2%

AbbVie,

Inc.

Series

WI

2.600%

due

11/21/24

2,691

2,591

3.200%

due

11/21/29

630

571

4.050%

due

11/21/39

440

383

Africa

Finance

Corp.

3.125%

due

06/16/25

(Þ)

2,500

2,339

Series

REGS

4.375%

due

04/17/26

(Þ)

1,158

1,087

African

Export-Import

Bank

(The)

2.634%

due

05/17/26

(Þ)

4,240

3,833

Series

REGS

2.634%

due

05/17/26

(Þ)

3,149

2,846

Agilent

Technologies,

Inc.

3.050%

due

09/22/26

3,301

3,075

Air

Lease

Corp.

3.375%

due

07/01/25

620

592

1.875%

due

08/15/26

90

81

5.850%

due

12/15/27

590

595

5.300%

due

02/01/28

370

366

Aircastle,

Ltd.

2.850%

due

01/26/28

(Þ)

3,819

3,309

Alaska

Airlines

Pass-Through

Trust

4.800%

due

08/15/27

(Þ)

177

172

Alcoa

Nederland

Holding

BV

5.500%

due

12/15/27

(Þ)

700

679

Alexandria

Real

Estate

Equities,

Inc.

2.000%

due

05/18/32

310

237

3.000%

due

05/18/51

380

236

Ally

Financial,

Inc.

8.000%

due

11/01/31

2,351

2,459

Altria

Group,

Inc.

4.800%

due

02/14/29

2,942

2,870

2.450%

due

02/04/32

550

433

3.400%

due

02/04/41

230

160

3.875%

due

09/16/46

260

186

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

148

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.950%

due

02/14/49

170

162

Amazon.com,

Inc.

2.100%

due

05/12/31

280

234

3.600%

due

04/13/32

140

130

2.500%

due

06/03/50

340

221

3.950%

due

04/13/52

110

94

Series

WI

3.875%

due

08/22/37

110

100

4.250%

due

08/22/57

110

97

American

Airlines

Group,

Inc.

11.750%

due

07/15/25

(Þ)

540

595

5.500%

due

04/20/26

(Þ)

458

451

7.250%

due

02/15/28

(Þ)

580

576

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

2017-1B

Class

B

4.950%

due

02/15/25

362

351

Series

A

2.875%

due

07/11/34

632

526

Series

AA

3.575%

due

01/15/28

1,786

1,642

Series

AA

Class

AA

3.650%

due

02/15/29

8,201

7,525

American

Express

Co.

5.625%

due

07/28/34

(SOFR

+

1.930%)(Ê)

250

250

3.550%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.854%)(Ê)(ƒ)

170

143

American

Tower

Corp.

2.950%

due

01/15/25

2,877

2,766

American

Tower

Trust

#1

5.490%

due

03/15/28

(Þ)

4,095

4,099

American

Transmission

Systems,

Inc.

2.650%

due

01/15/32

(Þ)

120

100

Americo

Life,

Inc.

3.450%

due

04/15/31

(Þ)

430

324

Ameriprise

Financial,

Inc.

5.150%

due

05/15/33

390

387

AmFam

Holdings,

Inc.

2.805%

due

03/11/31

(Þ)

260

196

3.833%

due

03/11/51

(Þ)

220

132

Amgen,

Inc.

4.400%

due

05/01/45

180

154

5.650%

due

03/02/53

380

381

5.750%

due

03/02/63

230

231

Series

WI

4.663%

due

06/15/51

110

97

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

7.875%

due

05/15/26

(Þ)

290

296

Aon

Corp.

8.205%

due

01/01/27

1,109

1,198

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Apache

Corp.

7.750%

due

12/15/29

10

10

5.100%

due

09/01/40

874

743

4.750%

due

04/15/43

100

78

4.250%

due

01/15/44

120

83

5.350%

due

07/01/49

794

658

Apple,

Inc.

0.700%

due

02/08/26

2,982

2,694

2.650%

due

05/11/50

190

131

Archer-Daniels-Midland

Co.

2.500%

due

08/11/26

3,298

3,102

Ares

Capital

Corp.

3.250%

due

07/15/25

3,501

3,266

AT&T,

Inc.

1.700%

due

03/25/26

3,476

3,158

6.950%

due

01/15/28

950

963

4.500%

due

05/15/35

180

162

4.800%

due

06/15/44

251

216

4.350%

due

06/15/45

47

38

Series

WI

2.550%

due

12/01/33

120

93

6.375%

due

03/01/41

140

146

3.500%

due

09/15/53

430

292

3.550%

due

09/15/55

10

7

3.800%

due

12/01/57

730

508

Athene

Holding,

Ltd.

4.125%

due

01/12/28

3,015

2,794

Avery

Dennison

Corp.

2.650%

due

04/30/30

3,737

3,133

Aviation

Capital

Group

LLC

5.500%

due

12/15/24

(Þ)

380

373

Bank

of

America

Corp.

0.981%

due

09/25/25

(SOFR

+

0.910%)(Ê)

2,998

2,832

4.376%

due

04/27/28

(SOFR

+

1.580%)(Ê)

330

318

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

1,110

919

2.299%

due

07/21/32

(SOFR

+

1.220%)(Ê)

270

216

2.972%

due

02/04/33

(SOFR

+

1.330%)(Ê)

1,160

969

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

710

667

2.482%

due

09/21/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.200%)(Ê)

1,220

935

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

420

324

Series

MTN

4.271%

due

07/23/29

(CME

Term

SOFR

3

Month

+

1.572%)(Ê)

110

105

3.974%

due

02/07/30

(CME

Term

SOFR

3

Month

+

1.472%)(Ê)

70

65

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

149

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.884%

due

10/22/30

(CME

Term

SOFR

3

Month

+

1.452%)(Ê)

200

173

1.922%

due

10/24/31

(SOFR

+

1.370%)(Ê)

1,180

935

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

BAT

Capital

Corp.

Series

WI

3.557%

due

08/15/27

210

195

Becton

Dickinson

and

Co.

4.685%

due

12/15/44

70

64

Berkshire

Hathaway

Energy

Co.

Series

WI

3.500%

due

02/01/25

2,864

2,782

Berkshire

Hathaway

Finance

Corp.

2.875%

due

03/15/32

3,443

3,025

Berkshire

Hathaway,

Inc.

3.125%

due

03/15/26

3,195

3,069

Berry

Petroleum

Corp.

7.000%

due

02/15/26

(Þ)

420

400

BlackRock

TCP

Capital

Corp.

3.900%

due

08/23/24

(Ñ)

2,654

2,565

Blackstone

Holdings

Finance

Co.

LLC

6.200%

due

04/22/33

(Þ)

710

736

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

7.625%

due

12/15/25

(Þ)

420

421

6.625%

due

07/15/26

(Þ)

300

295

Boardwalk

Pipelines,

LP

4.800%

due

05/03/29

1,963

1,893

Boeing

Co.

(The)

4.875%

due

05/01/25

540

533

2.196%

due

02/04/26

370

341

2.700%

due

02/01/27

30

28

2.800%

due

03/01/27

150

137

3.200%

due

03/01/29

160

145

5.150%

due

05/01/30

500

496

3.250%

due

02/01/35

230

188

5.705%

due

05/01/40

340

340

3.750%

due

02/01/50

50

38

3.950%

due

08/01/59

690

509

5.930%

due

05/01/60

40

40

Bon

Secours

Mercy

Health,

Inc.

3.464%

due

06/01/30

120

109

BP

Capital

Markets

America,

Inc.

3.000%

due

02/24/50

320

221

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

3,227

2,628

Brightsphere

Investment

Group,

Inc.

4.800%

due

07/27/26

160

153

Bristol-Myers

Squibb

Co.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.350%

due

11/13/40

110

76

Series

WI

3.900%

due

02/20/28

1,305

1,262

Broadcom,

Inc.

3.187%

due

11/15/36

(Þ)

490

371

Buckeye

Partners,

LP

4.350%

due

10/15/24

229

223

3.950%

due

12/01/26

529

485

5.850%

due

11/15/43

236

183

Bunge,

Ltd.

Finance

Corp.

3.250%

due

08/15/26

2,914

2,748

Burlington

Northern

Santa

Fe

LLC

4.400%

due

03/15/42

170

153

Cameron

LNG

LLC

3.701%

due

01/15/39

(Þ)

130

107

Capital

One

Financial

Corp.

2.618%

due

11/02/32

(SOFR

+

1.265%)(Ê)

3,946

3,060

Carlyle

Holdings

II

Finance

LLC

5.625%

due

03/30/43

(Þ)

2,589

2,276

Carrier

Global

Corp.

Series

WI

2.700%

due

02/15/31

3,666

3,100

3.577%

due

04/05/50

110

82

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.500%

due

08/15/30

(Þ)

50

42

Series

WI

4.500%

due

05/01/32

510

416

CDW

LLC

/

CDW

Finance

Corp.

3.250%

due

02/15/29

3,687

3,216

Centene

Corp.

Series

WI

4.250%

due

12/15/27

170

160

4.625%

due

12/15/29

150

139

3.375%

due

02/15/30

90

77

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

210

209

4.500%

due

04/01/44

340

302

5.300%

due

04/01/53

20

20

Charles

Schwab

Corp.

(The)

4.200%

due

03/24/25

2,860

2,798

2.000%

due

03/20/28

100

87

5.643%

due

05/19/29

(SOFR

+

2.210%)(Ê)

330

333

5.853%

due

05/19/34

(SOFR

+

2.500%)(Ê)

150

155

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

566

Series

H

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

150

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.079%)(Ê)(ƒ)

370

290

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.250%

due

01/15/29

290

241

5.050%

due

03/30/29

240

230

3.500%

due

06/01/41

70

47

3.500%

due

03/01/42

260

173

5.750%

due

04/01/48

40

34

3.850%

due

04/01/61

230

140

3.950%

due

06/30/62

120

74

Series

WI

4.908%

due

07/23/25

2,590

2,544

3.750%

due

02/15/28

10

9

6.384%

due

10/23/35

70

69

6.484%

due

10/23/45

60

56

6.834%

due

10/23/55

80

76

Cheniere

Corpus

Christi

Holdings

LLC

Series

WI

5.125%

due

06/30/27

3,187

3,154

Cheniere

Energy

Partners,

LP

Series

WI

3.250%

due

01/31/32

160

133

Cheniere

Energy,

Inc.

Series

WI

4.625%

due

10/15/28

2,864

2,688

Chesapeake

Energy

Corp.

5.500%

due

02/01/26

(Þ)

940

925

Chevron

Corp.

1.554%

due

05/11/25

2,782

2,614

0.687%

due

08/12/25

2,889

2,647

Chord

Energy

Corp.

6.375%

due

06/01/26

(Þ)

200

198

Cigna

Corp.

2.400%

due

03/15/30

140

119

3.200%

due

03/15/40

150

115

Series

WI

4.375%

due

10/15/28

630

609

4.800%

due

08/15/38

90

84

Cimarex

Energy

Co.

4.375%

due

03/15/29

500

405

CIT

Bank

NA

Series

BKNT

2.969%

due

09/27/25

(CME

Term

SOFR

3

Month

+

1.715%)(Ê)

2,270

2,161

Citigroup,

Inc.

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

90

86

3.980%

due

03/20/30

(CME

Term

SOFR

3

Month

+

1.600%)(Ê)

300

278

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.976%

due

11/05/30

(SOFR

+

1.422%)(Ê)

140

121

2.572%

due

06/03/31

(SOFR

+

2.107%)(Ê)

340

284

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

660

539

3.785%

due

03/17/33

(SOFR

+

1.939%)(Ê)

160

141

6.174%

due

05/25/34

(SOFR

+

2.661%)(Ê)

250

254

8.125%

due

07/15/39

805

1,022

4.650%

due

07/23/48

65

59

Series

Y

4.150%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.000%)(Ê)(ƒ)

530

444

Citizens

Bank

NA

Series

BKNT

2.250%

due

04/28/25

3,079

2,850

Citizens

Financial

Group,

Inc.

2.500%

due

02/06/30

3,717

2,975

Clorox

Co.

(The)

1.800%

due

05/15/30

250

204

Coca-Cola

Co.

(The)

3.450%

due

03/25/30

2,880

2,701

1.375%

due

03/15/31

140

111

4.125%

due

03/25/40

130

118

Comcast

Corp.

3.150%

due

03/01/26

2,870

2,747

3.400%

due

04/01/30

130

119

4.250%

due

10/15/30

130

125

7.050%

due

03/15/33

410

471

3.250%

due

11/01/39

50

39

3.750%

due

04/01/40

70

59

3.400%

due

07/15/46

50

37

4.000%

due

03/01/48

90

75

Series

WI

2.887%

due

11/01/51

233

155

2.937%

due

11/01/56

109

70

2.987%

due

11/01/63

334

210

CommonSpirit

Health

2.782%

due

10/01/30

100

85

4.350%

due

11/01/42

50

42

3.910%

due

10/01/50

150

115

Commonwealth

Edison

Co.

6.450%

due

01/15/38

270

294

Conagra

Brands,

Inc.

4.600%

due

11/01/25

2,759

2,703

Consumers

Energy

Co.

2.500%

due

05/01/60

64

36

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

470

421

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

151

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.875%

due

04/01/32

(Þ)

170

132

Series

WI

4.375%

due

01/15/28

200

189

Corporate

Office

Properties

Trust

2.000%

due

01/15/29

4,032

3,119

Coterra

Energy,

Inc.

Series

WI

3.900%

due

05/15/27

320

305

4.375%

due

03/15/29

250

236

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

356

372

CVS

Health

Corp.

3.625%

due

04/01/27

150

143

4.300%

due

03/25/28

91

88

3.250%

due

08/15/29

175

157

3.750%

due

04/01/30

140

128

5.250%

due

01/30/31

440

440

2.125%

due

09/15/31

260

208

4.780%

due

03/25/38

490

452

4.125%

due

04/01/40

180

151

DCP

Midstream

Operating,

LP

3.250%

due

02/15/32

210

178

6.450%

due

11/03/36

(Þ)

200

205

Dell

International

LLC

/

EMC

Corp.

Series

WI

8.100%

due

07/15/36

140

163

Delta

Air

Lines,

Inc.

7.375%

due

01/15/26

120

125

3.750%

due

10/28/29

755

683

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.500%

due

10/20/25

(Þ)

420

412

4.750%

due

10/20/28

(Þ)

490

474

Devon

Energy

Corp.

5.850%

due

12/15/25

210

211

7.875%

due

09/30/31

20

23

5.600%

due

07/15/41

340

323

5.000%

due

06/15/45

190

167

Series

WI

5.250%

due

10/15/27

91

90

5.875%

due

06/15/28

519

520

4.500%

due

01/15/30

240

227

DH

Europe

Finance

II

SARL

2.600%

due

11/15/29

2,992

2,656

Diamondback

Energy,

Inc.

3.500%

due

12/01/29

580

529

4.400%

due

03/24/51

250

200

DISH

DBS

Corp.

5.750%

due

12/01/28

(Þ)

500

385

Dollar

General

Corp.

4.625%

due

11/01/27

3,138

3,070

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Dominion

Energy,

Inc.

Series

C

3.375%

due

04/01/30

190

169

DPL,

Inc.

Series

AI

4.350%

due

04/15/29

499

439

DR

Horton,

Inc.

2.500%

due

10/15/24

2,830

2,727

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

477

508

Duke

Energy

Carolinas

LLC

4.950%

due

01/15/33

330

328

6.100%

due

06/01/37

420

438

Duke

Energy

Indiana

LLC

5.400%

due

04/01/53

70

70

Series

YYY

3.250%

due

10/01/49

290

203

Duke

Energy

Ohio,

Inc.

3.650%

due

02/01/29

140

132

2.125%

due

06/01/30

100

83

5.250%

due

04/01/33

70

71

Edison

International

4.950%

due

04/15/25

140

138

Series

A

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.698%)(Ê)(ƒ)

220

195

Series

B

5.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.901%)(Ê)(ƒ)

310

268

El

Paso

Natural

Gas

Co.

LLC

7.500%

due

11/15/26

780

832

Elevance

Health,

Inc.

1.500%

due

03/15/26

2,821

2,558

4.100%

due

05/15/32

390

363

5.500%

due

10/15/32

220

226

4.375%

due

12/01/47

40

35

Eli

Lilly

&

Co.

4.950%

due

02/27/63

140

140

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

2,006

2,320

Endeavor

Energy

Resources,

LP

/

EER

Finance,

Inc.

5.750%

due

01/30/28

(Þ)

120

117

Energy

Transfer,

LP

2.900%

due

05/15/25

100

95

4.750%

due

01/15/26

2,576

2,528

5.500%

due

06/01/27

290

290

3.750%

due

05/15/30

400

362

5.300%

due

04/01/44

50

44

6.250%

due

04/15/49

80

79

Series

10Y

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

152

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.950%

due

06/15/28

160

156

Series

B

6.625%

due

12/31/99

(USD

3

Month

LIBOR

+

4.155%)(Ê)(ƒ)

440

349

Series

F

6.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.134%)(Ê)(ƒ)

970

881

Series

G

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.306%)(Ê)(ƒ)

750

659

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

172

EnLink

Midstream

LLC

5.625%

due

01/15/28

(Þ)

430

420

EnLink

Midstream

Partners,

LP

5.050%

due

04/01/45

347

276

5.450%

due

06/01/47

93

77

Entegris

Escrow

Corp.

4.750%

due

04/15/29

(Þ)

1,030

961

Enterprise

Products

Operating

LLC

3.700%

due

02/15/26

2,823

2,727

4.150%

due

10/16/28

50

48

2.800%

due

01/31/30

220

193

7.550%

due

04/15/38

40

46

5.700%

due

02/15/42

140

141

4.850%

due

03/15/44

90

82

3.700%

due

01/31/51

160

121

3.300%

due

02/15/53

70

49

5.375%

due

02/15/78

(CME

Term

SOFR

3

Month

+

2.832%)(Ê)

830

697

Series

D

6.875%

due

03/01/33

770

867

EOG

Resources,

Inc.

4.375%

due

04/15/30

230

225

4.950%

due

04/15/50

10

10

EPR

Properties

Co.

4.500%

due

06/01/27

3,000

2,720

EQM

Midstream

Partners,

LP

7.500%

due

06/01/27

(Þ)

50

51

Series

10Y

5.500%

due

07/15/28

197

190

Series

30Y

6.500%

due

07/15/48

399

365

EQT

Corp.

3.125%

due

05/15/26

(Þ)

250

231

3.900%

due

10/01/27

140

131

7.000%

due

02/01/30

170

179

3.625%

due

05/15/31

(Þ)

110

95

Equifax,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.350%

due

09/15/31

180

142

Equities

Corp.

6.125%

due

02/01/25

216

216

Extra

Space

Storage,

LP

3.900%

due

04/01/29

140

129

Exxon

Mobil

Corp.

2.992%

due

03/19/25

2,653

2,561

4.227%

due

03/19/40

40

37

4.114%

due

03/01/46

130

114

4.327%

due

03/19/50

60

54

3.452%

due

04/15/51

110

85

F&G

Annuities

&

Life,

Inc.

7.400%

due

01/13/28

(Þ)

2,719

2,730

Fifth

Third

Bancorp

6.339%

due

07/27/29

(SOFR

+

2.340%)(Ê)

600

611

Series

BKNT

3.850%

due

03/15/26

3,068

2,881

FirstEnergy

Corp.

2.050%

due

03/01/25

259

244

Series

A

1.600%

due

01/15/26

927

841

Series

B

3.900%

due

07/15/27

183

173

2.250%

due

09/01/30

371

299

Series

C

4.850%

due

07/15/47

295

268

3.400%

due

03/01/50

497

340

FirstEnergy

Transmission

LLC

4.350%

due

01/15/25

(Þ)

351

342

Florida

Gas

Transmission

Co.

LLC

2.300%

due

10/01/31

(Þ)

840

666

Florida

Power

&

Light

Co.

3.150%

due

10/01/49

150

108

Ford

Holdings

LLC

9.300%

due

03/01/30

266

296

Ford

Motor

Co.

6.950%

due

03/06/26

580

586

7.450%

due

07/16/31

326

350

4.750%

due

01/15/43

1,329

1,040

7.400%

due

11/01/46

84

88

5.291%

due

12/08/46

274

226

Ford

Motor

Credit

Co.

LLC

3.664%

due

09/08/24

1,060

1,027

2.300%

due

02/10/25

850

797

5.125%

due

06/16/25

540

526

4.125%

due

08/17/27

280

256

5.113%

due

05/03/29

1,014

947

Series

GMTN

4.389%

due

01/08/26

548

521

Fortive

Corp.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

153

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

3.150%

due

06/15/26

3,263

3,076

Fox

Corp.

Series

WI

5.476%

due

01/25/39

180

167

Freeport-McMoRan,

Inc.

5.400%

due

11/14/34

350

340

Frontier

Communications

Corp.

Series

E

6.860%

due

02/01/28

367

338

FS

KKR

Capital

Corp.

3.400%

due

01/15/26

3,098

2,851

General

Dynamics

Corp.

3.250%

due

04/01/25

2,683

2,599

4.250%

due

04/01/40

300

273

4.250%

due

04/01/50

80

72

General

Mills,

Inc.

4.200%

due

04/17/28

2,607

2,520

General

Motors

Co.

6.125%

due

10/01/25

380

384

5.600%

due

10/15/32

310

304

6.250%

due

10/02/43

100

98

6.750%

due

04/01/46

40

41

Genting

New

York

LLC

3.300%

due

02/15/26

(Þ)

1,060

950

Georgia

Power

Co.

Series

A

2.200%

due

09/15/24

3,322

3,193

Gilead

Sciences,

Inc.

3.650%

due

03/01/26

3,180

3,067

5.650%

due

12/01/41

120

125

Global

Marine,

Inc.

7.000%

due

06/01/28

522

455

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

1,167

1,145

5.300%

due

01/15/29

1,806

1,723

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

3,051

2,821

Goldman

Sachs

Group,

Inc.

(The)

3.615%

due

03/15/28

(SOFR

+

1.846%)(Ê)

400

376

3.814%

due

04/23/29

(CME

Term

SOFR

3

Month

+

1.420%)(Ê)

320

298

4.223%

due

05/01/29

(CME

Term

SOFR

3

Month

+

1.563%)(Ê)

120

114

3.800%

due

03/15/30

200

184

5.150%

due

05/22/45

40

38

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

1,370

1,095

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

3,162

2,777

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

H.B.

Fuller

Co.

4.000%

due

02/15/27

229

216

Halliburton

Co.

5.000%

due

11/15/45

90

82

Hawaiian

Brand

Intellectual

Property,

Ltd.

/

HawaiianMiles

Loyalty,

Ltd.

5.750%

due

01/20/26

(Þ)

470

444

HCA,

Inc.

4.500%

due

02/15/27

2,770

2,692

5.500%

due

06/01/33

430

428

5.125%

due

06/15/39

130

120

Heico

Corp.

5.250%

due

08/01/28

910

908

Hershey

Co.

(The)

1.700%

due

06/01/30

270

223

Home

Depot,

Inc.

(The)

3.000%

due

04/01/26

3,225

3,085

3.300%

due

04/15/40

150

121

Howmet

Aerospace,

Inc.

5.125%

due

10/01/24

341

338

5.900%

due

02/01/27

108

109

5.950%

due

02/01/37

437

444

HSBC

Holdings

PLC

7.200%

due

07/15/97

2,189

2,460

Humana,

Inc.

5.875%

due

03/01/33

250

260

8.150%

due

06/15/38

2,243

2,641

4.625%

due

12/01/42

80

69

4.950%

due

10/01/44

90

81

Huntington

Bancshares,

Inc.

5.699%

due

11/18/25

(SOFR

+

1.215%)(Ê)

2,824

2,765

ILFC

E-Capital

Trust

I

7.064%

due

12/21/65

(~)(Ê)(Þ)

750

526

ILFC

E-Capital

Trust

II

7.314%

due

12/21/65

(~)(Ê)(Þ)

750

536

Intel

Corp.

2.800%

due

08/12/41

110

78

4.900%

due

08/05/52

130

121

3.200%

due

08/12/61

200

129

Inter-American

Development

Bank

Series

GMTN

4.924%

due

02/04/25

(SOFR

+

0.250%)(Ê)

4,770

4,777

Intercontinental

Exchange,

Inc.

4.600%

due

03/15/33

70

67

4.950%

due

06/15/52

10

10

International

Business

Machines

Corp.

3.300%

due

05/15/26

2,844

2,714

Invitation

Homes,

Inc.

2.300%

due

11/15/28

3,786

3,223

4.150%

due

04/15/32

140

126

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

154

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Jabil

Circuit,

Inc.

5.450%

due

02/01/29

300

298

JC

Penney

Corp.,

Inc.

7.400%

due

04/01/37

(Š)

250

—

Jefferies

Financial

Group,

Inc.

6.625%

due

10/23/43

3,000

2,940

JetBlue

Airways

Corp.

Series

1A

4.000%

due

11/15/32

4,437

4,058

Series

2019

2.750%

due

05/15/32

5,463

4,640

Johnson

&

Johnson

2.100%

due

09/01/40

110

77

JPMorgan

Chase

&

Co.

4.203%

due

07/23/29

(CME

Term

SOFR

3

Month

+

1.522%)(Ê)

50

48

8.750%

due

09/01/30

320

386

2.522%

due

04/22/31

(SOFR

+

2.040%)(Ê)

170

144

2.956%

due

05/13/31

(CME

Term

SOFR

3

Month

+

2.515%)(Ê)

1,070

919

1.953%

due

02/04/32

(SOFR

+

1.065%)(Ê)

370

295

2.545%

due

11/08/32

(SOFR

+

1.180%)(Ê)

300

246

4.586%

due

04/26/33

(SOFR

+

1.800%)(Ê)

450

429

4.260%

due

02/22/48

(CME

Term

SOFR

3

Month

+

1.842%)(Ê)

80

69

3.328%

due

04/22/52

(SOFR

+

1.580%)(Ê)

300

220

Series

KK

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.850%)(Ê)(ƒ)

320

287

Kaiser

Foundation

Hospitals

4.150%

due

05/01/47

130

112

Series

2019

3.266%

due

11/01/49

90

65

Series

2021

2.810%

due

06/01/41

200

145

3.002%

due

06/01/51

70

49

Kellogg

Co.

3.400%

due

11/15/27

2,723

2,562

Kenvue,

Inc.

4.900%

due

03/22/33

(Þ)

250

252

5.050%

due

03/22/53

(Þ)

100

101

5.200%

due

03/22/63

(Þ)

140

141

Keurig

Dr

Pepper,

Inc.

2.550%

due

09/15/26

2,943

2,716

KeyCorp.

4.700%

due

01/26/26

2,876

2,744

Kimco

Realty

Corp.

2.250%

due

12/01/31

520

407

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

2,864

3,139

Kinder

Morgan,

Inc.

5.550%

due

06/01/45

250

233

5.050%

due

02/15/46

120

104

Kite

Realty

Group

Trust

4.000%

due

03/15/25

3,259

3,098

KKR

Group

Finance

Co.

II

LLC

5.500%

due

02/01/43

(Þ)

50

46

KLA

Corp.

4.650%

due

07/15/32

200

198

4.950%

due

07/15/52

80

78

Kraft

Heinz

Foods

Co.

Series

WI

3.000%

due

06/01/26

3,495

3,305

Kroger

Co.

(The)

3.500%

due

02/01/26

3,209

3,071

Kyndryl

Holdings,

Inc.

Series

WI

3.150%

due

10/15/31

540

404

4.100%

due

10/15/41

390

258

L

Brands,

Inc.

7.600%

due

07/15/37

65

58

L3Harris

Technologies,

Inc.

5.400%

due

01/15/27

580

581

2.900%

due

12/15/29

410

357

5.400%

due

07/31/33

360

362

Laboratory

Corp.

of

America

Holdings

3.250%

due

09/01/24

2,636

2,567

Lam

Research

Corp.

1.900%

due

06/15/30

230

191

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

1,005

976

2.900%

due

06/25/25

2,856

2,686

3.500%

due

08/18/26

415

388

Lehman

Brothers

Holdings,

Inc.

7.000%

due

09/27/27

(Æ)(Ø)

734

1

6.875%

due

05/02/49

(Æ)(Ø)

681

1

6.625%

due

12/31/49

(Æ)(Ø)

455

1

Lennar

Corp.

Series

WI

5.000%

due

06/15/27

20

20

Lennox

International,

Inc.

1.700%

due

08/01/27

240

210

Level

3

Financing,

Inc.

10.500%

due

05/15/30

(Þ)

172

178

Liberty

Mutual

Group,

Inc.

7.800%

due

03/15/37

(Þ)

218

226

Lithia

Motors,

Inc.

4.625%

due

12/15/27

(Þ)

70

65

3.875%

due

06/01/29

(Þ)

120

103

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

155

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lockheed

Martin

Corp.

1.850%

due

06/15/30

110

92

3.900%

due

06/15/32

130

122

4.500%

due

05/15/36

100

96

4.150%

due

06/15/53

140

121

4.300%

due

06/15/62

70

61

Lowe's

Cos.,

Inc.

4.000%

due

04/15/25

2,748

2,689

4.500%

due

04/15/30

160

155

2.800%

due

09/15/41

140

99

3.000%

due

10/15/50

250

164

Macy's

Retail

Holdings,

Inc.

4.500%

due

12/15/34

(Ñ)

508

371

6.375%

due

03/15/37

50

39

Manufacturers

&

Traders

Trust

Co.

4.650%

due

01/27/26

2,933

2,826

Marriott

International,

Inc.

Series

EE

5.750%

due

05/01/25

2,703

2,717

Mars,

Inc.

2.375%

due

07/16/40

(Þ)

410

281

Marsh

&

McLennan

Cos.,

Inc.

2.375%

due

12/15/31

190

155

Massachusetts

Mutual

Life

Insurance

Co.

3.375%

due

04/15/50

(Þ)

150

107

Mastercard,

Inc.

3.850%

due

03/26/50

120

102

McDonald's

Corp.

Series

MTN

3.500%

due

07/01/27

2,644

2,521

3.600%

due

07/01/30

110

102

4.450%

due

03/01/47

210

187

4.450%

due

09/01/48

160

143

3.625%

due

09/01/49

60

47

4.200%

due

04/01/50

50

43

McKesson

Corp.

4.900%

due

07/15/28

370

370

MDC

Holdings,

Inc.

2.500%

due

01/15/31

120

94

6.000%

due

01/15/43

200

179

Merck

&

Co.,

Inc.

0.750%

due

02/24/26

3,114

2,822

2.350%

due

06/24/40

160

114

Metropolitan

Edison

Co.

5.200%

due

04/01/28

(Þ)

250

248

Metropolitan

Life

Global

Funding

I

5.150%

due

03/28/33

(Þ)

350

347

Micron

Technology,

Inc.

2.703%

due

04/15/32

190

151

5.875%

due

02/09/33

270

270

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Microsoft

Corp.

3.450%

due

08/08/36

130

117

2.921%

due

03/17/52

160

117

MidAmerican

Energy

Co.

3.650%

due

04/15/29

120

112

3.150%

due

04/15/50

150

104

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

6.500%

due

06/20/27

(Þ)

144

144

Molson

Coors

Beverage

Co.

4.200%

due

07/15/46

160

131

Mondelez

International

Holdings

Netherlands

BV

2.250%

due

09/19/24

(Þ)

1,212

1,163

0.750%

due

09/24/24

(Þ)

1,244

1,174

Mondelez

International,

Inc.

1.250%

due

09/24/26

(Þ)

358

315

1.875%

due

10/15/32

3,796

2,954

2.625%

due

09/04/50

70

45

Morgan

Stanley

1.164%

due

10/21/25

(SOFR

+

0.560%)(Ê)

2,917

2,742

4.754%

due

04/21/26

740

731

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

130

122

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

220

197

6.342%

due

10/18/33

(SOFR

+

2.560%)(Ê)

220

234

2.484%

due

09/16/36

(SOFR

+

1.360%)(Ê)

740

567

5.297%

due

04/20/37

(SOFR

+

2.620%)(Ê)

510

484

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.430%)(Ê)

120

119

3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

270

204

Series

GMTN

4.431%

due

01/23/30

(CME

Term

SOFR

3

Month

+

1.890%)(Ê)

40

38

2.239%

due

07/21/32

(SOFR

+

1.178%)(Ê)

240

191

Series

MTN

3.622%

due

04/01/31

(SOFR

+

3.120%)(Ê)

30

27

1.794%

due

02/13/32

(SOFR

+

1.034%)(Ê)

30

23

2.511%

due

10/20/32

(SOFR

+

1.200%)(Ê)

190

153

Morgan

Stanley

Bank

NA

5.449%

due

07/20/29

(SOFR

+

1.630%)(Ê)

780

782

5.424%

due

07/21/34

(SOFR

+

1.880%)(Ê)

30

30

Motorola

Solutions,

Inc.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

156

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.600%

due

06/01/32

2,705

2,685

MPLX,

LP

4.800%

due

02/15/29

170

165

5.000%

due

03/01/33

490

471

4.500%

due

04/15/38

160

138

5.200%

due

03/01/47

150

133

4.700%

due

04/15/48

150

124

Murphy

Oil

Corp.

7.050%

due

05/01/29

30

30

5.875%

due

12/01/42

289

247

Navient

Corp.

Series

MTN

5.625%

due

08/01/33

460

352

NBCUniversal

Media

LLC

4.450%

due

01/15/43

19

17

Nestle

Holdings,

Inc.

0.625%

due

01/15/26

(Þ)

3,063

2,758

New

York

Life

Global

Funding

4.550%

due

01/28/33

(Þ)

220

211

New

York

Life

Insurance

Co.

3.750%

due

05/15/50

(Þ)

250

189

Newell

Brands,

Inc.

4.000%

due

12/01/24

290

280

4.200%

due

04/01/26

983

933

5.375%

due

04/01/36

535

465

5.500%

due

04/01/46

134

109

NextEra

Energy

Capital

Holdings,

Inc.

6.051%

due

03/01/25

110

111

4.625%

due

07/15/27

3,142

3,087

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

2,298

2,429

Nordstrom,

Inc.

5.000%

due

01/15/44

927

632

Northrop

Grumman

Corp.

5.150%

due

05/01/40

220

215

5.050%

due

11/15/40

60

57

4.030%

due

10/15/47

80

68

5.250%

due

05/01/50

120

121

Series

F0TZ

3.250%

due

01/15/28

3,268

3,055

Northwest

Pipeline

LLC

7.125%

due

12/01/25

620

634

Series

WI

4.000%

due

04/01/27

200

190

Northwestern

Mutual

Life

Insurance

Co.

(The)

3.450%

due

03/30/51

(Þ)

430

300

3.625%

due

09/30/59

(Þ)

280

195

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

850

721

Nuveen

LLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.000%

due

11/01/28

(Þ)

100

94

NVIDIA

Corp.

3.500%

due

04/01/40

100

85

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

3,615

3,181

Occidental

Petroleum

Corp.

5.550%

due

03/15/26

160

159

3.400%

due

04/15/26

110

103

7.950%

due

06/15/39

130

148

4.625%

due

06/15/45

90

70

4.100%

due

02/15/47

10

7

Office

Properties

Income

Trust

2.650%

due

06/15/26

173

129

Ohio

Edison

Co.

5.500%

due

01/15/33

(Þ)

280

280

Old

Republic

International

Corp.

4.875%

due

10/01/24

3,149

3,099

Omega

Healthcare

Investors,

Inc.

3.250%

due

04/15/33

4,263

3,232

Oncor

Electric

Delivery

Co.

LLC

3.100%

due

09/15/49

180

126

Series

WI

4.150%

due

06/01/32

170

161

Oracle

Corp.

6.250%

due

11/09/32

550

582

3.900%

due

05/15/35

3,643

3,141

4.000%

due

07/15/46

250

192

6.900%

due

11/09/52

120

134

5.550%

due

02/06/53

900

863

Otis

Worldwide

Corp.

Series

WI

2.565%

due

02/15/30

100

86

Owl

Rock

Capital

Corp.

2.875%

due

06/11/28

3,151

2,605

Pacific

Gas

and

Electric

Co.

3.150%

due

01/01/26

2,957

2,758

2.100%

due

08/01/27

190

164

2.500%

due

02/01/31

160

126

3.300%

due

08/01/40

60

41

4.750%

due

02/15/44

230

179

4.950%

due

07/01/50

210

168

3.500%

due

08/01/50

70

45

6.700%

due

04/01/53

250

250

Park-Ohio

Industries,

Inc.

Series

WI

6.625%

due

04/15/27

370

325

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

4.125%

due

02/15/28

(Þ)

50

47

PayPal

Holdings,

Inc.

2.300%

due

06/01/30

140

119

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

157

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.400%

due

06/01/32

110

106

3.250%

due

06/01/50

80

58

5.050%

due

06/01/52

90

89

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

130

128

PepsiCo,

Inc.

2.625%

due

03/19/27

3,301

3,092

1.625%

due

05/01/30

30

25

3.900%

due

07/18/32

240

231

Perrigo

Finance

Unlimited

Co.

4.375%

due

03/15/26

1,159

1,099

Pfizer,

Inc.

4.450%

due

05/19/28

120

118

4.650%

due

05/19/30

230

228

4.750%

due

05/19/33

160

159

2.550%

due

05/28/40

110

80

5.110%

due

05/19/43

730

725

5.300%

due

05/19/53

380

390

5.340%

due

05/19/63

110

110

PG&E

Wildfire

Recovery

Funding

LLC

Series

A-3

5.081%

due

06/01/41

310

301

Series

A-4

5.212%

due

12/01/47

90

90

Series

A-5

5.099%

due

06/01/52

20

20

Philip

Morris

International,

Inc.

3.250%

due

11/10/24

2,645

2,572

2.100%

due

05/01/30

300

248

1.750%

due

11/01/30

220

174

Pilgrim's

Pride

Corp.

5.875%

due

09/30/27

(Þ)

200

198

Pioneer

Natural

Resources

Co.

1.125%

due

01/15/26

3,046

2,760

5.100%

due

03/29/26

330

329

2.150%

due

01/15/31

450

368

Plains

All

American

Pipeline,

LP

Series

B

9.431%

due

12/31/99

(USD

3

Month

LIBOR

+

4.110%)(Ê)(ƒ)

620

560

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

Series

WI

6.700%

due

05/15/36

50

50

PNC

Financial

Services

Group,

Inc.

(The)

5.812%

due

06/12/26

(SOFR

+

1.322%)(Ê)

220

220

5.582%

due

06/12/29

(SOFR

+

1.841%)(Ê)

410

411

Series

W

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

2.808%)(Ê)(ƒ)

499

456

Procter

&

Gamble

Co.

(The)

2.800%

due

03/25/27

3,312

3,114

Progress

Energy,

Inc.

7.750%

due

03/01/31

2,142

2,418

Prologis,

LP

1.250%

due

10/15/30

410

318

Prospect

Capital

Corp.

3.706%

due

01/22/26

2,969

2,701

Prudential

Financial,

Inc.

6.750%

due

03/01/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.848%)(Ê)

30

30

Public

Storage

0.875%

due

02/15/26

3,070

2,766

5.100%

due

08/01/33

140

140

QUALCOMM,

Inc.

4.500%

due

05/20/52

140

126

Radian

Group,

Inc.

4.875%

due

03/15/27

2,854

2,724

Range

Resources

Corp.

Series

WI

4.875%

due

05/15/25

290

285

8.250%

due

01/15/29

30

31

Raytheon

Technologies

Corp.

3.125%

due

05/04/27

2,911

2,727

4.625%

due

11/16/48

330

298

5.375%

due

02/27/53

260

261

Regal

Rexnord

Corp.

6.050%

due

02/15/26

(Þ)

1,300

1,300

Regions

Financial

Corp.

2.250%

due

05/18/25

2,999

2,820

Reliance

Steel

&

Aluminum

Co.

1.300%

due

08/15/25

3,010

2,764

Republic

Services,

Inc.

0.875%

due

11/15/25

2,939

2,659

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

600

497

Roche

Holdings,

Inc.

2.132%

due

03/10/25

(Þ)

3,329

3,175

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

2.875%

due

10/15/26

(Þ)

210

187

Rockies

Express

Pipeline

LLC

3.600%

due

05/15/25

(Þ)

309

294

4.950%

due

07/15/29

(Þ)

289

265

4.800%

due

05/15/30

(Þ)

300

266

6.875%

due

04/15/40

(Þ)

117

106

Royal

Caribbean

Cruises,

Ltd.

3.700%

due

03/15/28

275

240

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

158

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

S&P

Global,

Inc.

1.250%

due

08/15/30

90

71

3.250%

due

12/01/49

30

22

Sabra

Health

Care,

LP

Series

WI

5.125%

due

08/15/26

3,498

3,370

Safeway,

Inc.

7.250%

due

02/01/31

356

371

San

Diego

Gas

&

Electric

Co.

Series

RRR

3.750%

due

06/01/47

170

132

Series

VVV

1.700%

due

10/01/30

180

144

Santander

Holdings

USA,

Inc.

5.807%

due

09/09/26

(SOFR

+

2.328%)(Ê)

2,719

2,701

SCE

Recovery

Funding

LLC

Series

A-1

4.697%

due

06/15/40

480

471

Seagate

HDD

Cayman

4.875%

due

06/01/27

1,163

1,121

5.750%

due

12/01/34

85

75

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

300

314

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

3,037

Service

Properties

Trust

4.350%

due

10/01/24

769

738

4.750%

due

10/01/26

330

289

3.950%

due

01/15/28

222

174

4.375%

due

02/15/30

565

420

Sherwin-Williams

Co.

(The)

2.300%

due

05/15/30

3,826

3,214

Southern

California

Edison

Co.

2.250%

due

06/01/30

270

226

3.650%

due

02/01/50

250

187

Series

C

4.125%

due

03/01/48

210

170

Series

G

2.500%

due

06/01/31

280

232

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)

3,978

3,431

Southwest

Airlines

Co.

5.250%

due

05/04/25

110

109

Southwestern

Energy

Co.

8.375%

due

09/15/28

100

104

4.750%

due

02/01/32

110

98

Spirit

AeroSystems,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.600%

due

06/15/28

(Ñ)

442

376

Spirit

Loyalty

Cayman,

Ltd.

/

Spirit

IP

Cayman,

Ltd.

Series

144a

8.000%

due

09/20/25

(Þ)

660

666

Starbucks

Corp.

4.750%

due

02/15/26

2,548

2,529

Sun

Communities,

Inc.

2.700%

due

07/15/31

3,939

3,137

Sunoco

Logistics

Partners

Operations,

LP

3.900%

due

07/15/26

240

230

SunTrust

Banks,

Inc.

Series

BKNT

4.050%

due

11/03/25

150

144

Targa

Resources

Corp.

5.200%

due

07/01/27

320

318

4.200%

due

02/01/33

340

304

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

6.875%

due

01/15/29

350

356

5.500%

due

03/01/30

230

222

4.875%

due

02/01/31

350

325

4.000%

due

01/15/32

470

412

TCI

Communications,

Inc.

7.875%

due

02/15/26

2,358

2,507

TD

SYNNEX

Corp.

Series

WI

1.250%

due

08/09/24

870

827

Teachers

Insurance

&

Annuity

Association

of

America

4.375%

due

09/15/54

(USD

3

Month

LIBOR

+

2.661%)(Ê)(Þ)

200

194

Tenet

Healthcare

Corp.

6.875%

due

11/15/31

255

255

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

350

302

Texas

Instruments,

Inc.

1.750%

due

05/04/30

120

101

3.650%

due

08/16/32

180

166

3.875%

due

03/15/39

200

177

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

340

381

Time

Warner

Cable

LLC

6.550%

due

05/01/37

100

96

7.300%

due

07/01/38

530

540

6.750%

due

06/15/39

70

67

5.500%

due

09/01/41

2,500

2,090

T-Mobile

USA,

Inc.

2.625%

due

02/15/29

170

148

2.875%

due

02/15/31

130

110

Series

WI

3.875%

due

04/15/30

110

101

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

159

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.550%

due

02/15/31

3,509

2,916

2.700%

due

03/15/32

200

164

3.000%

due

02/15/41

250

181

3.300%

due

02/15/51

240

167

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.450%

due

08/01/42

480

409

Series

WI

3.250%

due

05/15/30

100

89

Truist

Financial

Corp.

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

150

150

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)

380

383

TWDC

Enterprises

18

Corp.

Series

MTNB

7.000%

due

03/01/32

2,778

3,162

Union

Pacific

Corp.

3.750%

due

02/05/70

20

15

Series

.

4.750%

due

02/21/26

2,543

2,533

Series

WI

2.891%

due

04/06/36

270

215

3.839%

due

03/20/60

170

135

United

Airlines

Pass-Through

Trust

5.800%

due

01/15/36

850

864

Series

2020-1

Class

B

4.875%

due

01/15/26

407

393

Series

AA

2.700%

due

05/01/32

1,695

1,419

United

Airlines,

Inc.

4.625%

due

04/15/29

(Þ)

70

63

Series

144a

4.375%

due

04/15/26

(Þ)

530

502

United

Rentals

NA,

Inc.

3.875%

due

11/15/27

390

362

United

States

Cellular

Corp.

6.700%

due

12/15/33

643

558

United

States

Steel

Corp.

6.650%

due

06/01/37

278

272

UnitedHealth

Group,

Inc.

2.000%

due

05/15/30

160

134

5.350%

due

02/15/33

1,010

1,046

5.700%

due

10/15/40

250

263

4.750%

due

05/15/52

100

94

5.875%

due

02/15/53

150

165

Unum

Group

4.500%

due

12/15/49

3,195

2,466

US

Airways

Pass-Through

Trust

Class

A

3.950%

due

11/15/25

440

415

US

Bancorp

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.775%

due

06/12/29

(SOFR

+

2.020%)(Ê)

280

281

5.836%

due

06/12/34

(SOFR

+

2.260%)(Ê)

260

264

Verizon

Communications,

Inc.

4.125%

due

03/16/27

3,126

3,025

2.100%

due

03/22/28

100

87

3.150%

due

03/22/30

150

132

7.750%

due

12/01/30

230

264

4.500%

due

08/10/33

350

327

5.250%

due

03/16/37

420

414

2.650%

due

11/20/40

130

89

4.125%

due

08/15/46

40

32

5.500%

due

03/16/47

50

49

4.000%

due

03/22/50

180

143

2.875%

due

11/20/50

60

38

Series

WI

4.329%

due

09/21/28

106

102

2.987%

due

10/30/56

220

136

VICI

Properties,

Inc.

5.750%

due

02/01/27

(Þ)

3,234

3,191

Visa,

Inc.

2.050%

due

04/15/30

110

94

2.700%

due

04/15/40

90

68

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

490

438

2.400%

due

04/01/28

350

297

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

3,276

2,660

Walmart,

Inc.

1.050%

due

09/17/26

2,857

2,560

1.800%

due

09/22/31

140

116

2.650%

due

09/22/51

240

168

Walt

Disney

Co.

(The)

1.750%

due

01/13/26

2,948

2,726

Series

WI

6.650%

due

11/15/37

160

183

WarnerMedia

Holdings,

Inc.

Series

WI

4.279%

due

03/15/32

190

169

5.050%

due

03/15/42

590

491

5.141%

due

03/15/52

150

122

Wells

Fargo

&

Co.

2.406%

due

10/30/25

(CME

Term

SOFR

3

Month

+

1.087%)(Ê)

2,771

2,652

2.188%

due

04/30/26

(SOFR

+

2.000%)(Ê)

130

122

3.000%

due

10/23/26

220

205

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

160

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.196%

due

06/17/27

(CME

Term

SOFR

3

Month

+

1.432%)(Ê)

20

19

2.393%

due

06/02/28

(SOFR

+

2.100%)(Ê)

300

268

3.068%

due

04/30/41

(SOFR

+

2.530%)(Ê)

370

272

5.375%

due

11/02/43

280

266

4.750%

due

12/07/46

200

171

5.013%

due

04/04/51

(CME

Term

SOFR

3

Month

+

4.502%)(Ê)

640

597

4.611%

due

04/25/53

(SOFR

+

2.130%)(Ê)

130

114

Series

S

5.900%

due

12/29/49

(USD

3

Month

LIBOR

+

3.110%)(Ê)(ƒ)

350

346

Welltower,

Inc.

3.850%

due

06/15/32

200

177

Western

Digital

Corp.

2.850%

due

02/01/29

745

599

Western

Midstream

Operating,

LP

3.100%

due

02/01/25

690

660

4.650%

due

07/01/26

260

252

4.500%

due

03/01/28

130

124

4.050%

due

02/01/30

180

164

6.150%

due

04/01/33

320

325

5.450%

due

04/01/44

50

44

5.500%

due

08/15/48

160

137

5.250%

due

02/01/50

100

85

Westinghouse

Air

Brake

Technologies

Corp.

Series

WI

3.450%

due

11/15/26

2,817

2,654

Williams

Cos.,

Inc.

(The)

7.750%

due

06/15/31

300

331

Wyndham

Destinations,

Inc.

5.750%

due

04/01/27

679

665

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

5.500%

due

03/01/25

(Þ)

200

196

Xerox

Corp.

4.800%

due

03/01/35

455

310

XTO

Energy,

Inc.

6.750%

due

08/01/37

2,170

2,436

Yum!

Brands,

Inc.

6.875%

due

11/15/37

161

172

554,562

International

Debt

-

14.8%

ABN

AMRO

Bank

NV

4.750%

due

07/28/25

(Þ)

2,706

2,628

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.750%

due

01/30/26

150

136

3.300%

due

01/30/32

270

222

3.400%

due

10/29/33

150

120

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.850%

due

10/29/41

170

129

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

2,898

2,515

Agence

Francaise

de

Developpement

EPIC

Series

EMTN

5.727%

due

11/19/24

(SOFR

+

1.000%)(Ê)(Þ)

4,600

4,638

AIB

Group

PLC

7.583%

due

10/14/26

(SOFR

+

3.456%)(Ê)(Þ)

2,634

2,699

Alibaba

Group

Holding,

Ltd.

2.700%

due

02/09/41

250

168

3.150%

due

02/09/51

290

184

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

2,713

2,535

Anglo

American

Capital

PLC

4.500%

due

03/15/28

(Þ)

530

507

Anheuser-Busch

InBev

Worldwide,

Inc.

4.900%

due

02/01/46

130

123

5.550%

due

01/23/49

420

436

Arbor

Realty

CLO,

Ltd.

Series

2021-FL2

Class

A

1.200%

due

05/15/36

(USD

1

Month

LIBOR

+

1.100%)(Ê)(Þ)

4,043

3,983

Series

2021-FL4

Class

A

1.440%

due

11/15/36

(USD

1

Month

LIBOR

+

1.350%)(Ê)(Þ)

1,573

1,553

Series

2022-FL1

Class

A

1.500%

due

01/15/37

(SOFR

30

Day

Average

+

1.450%)(Ê)(Þ)

11,240

11,147

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)

7,993

7,965

ArcelorMittal

SA

6.550%

due

11/29/27

310

320

Argentine

Republic

Government

International

Bond

1.000%

due

07/09/29

129

43

1.750%

due

07/09/30

(~)(Ê)

585

202

4.875%

due

07/09/41

(~)(Ê)

540

175

Ashtead

Capital,

Inc.

1.500%

due

08/12/26

(Þ)

3,652

3,212

AstraZeneca

Finance

LLC

1.200%

due

05/28/26

3,533

3,193

AstraZeneca

PLC

0.700%

due

04/08/26

3,576

3,201

Avolon

Holdings

Funding,

Ltd.

2.875%

due

02/15/25

(Þ)

260

244

Avon

Products,

Inc.

8.950%

due

03/15/43

72

85

Ballyrock

CLO,

Ltd.

Series

2018-1A

Class

A2

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

161

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.850%

due

04/20/31

(USD

3

Month

LIBOR

+

1.600%)(Ê)(Þ)

250

246

Banco

Mercantil

del

Norte

SA

8.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

7.760%)(Ê)(ƒ)(Þ)

440

430

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santander

5.375%

due

04/17/25

(Þ)

3,149

3,119

Banco

Santander

SA

4.175%

due

03/24/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.000%)(Ê)

800

754

6.921%

due

08/08/33

400

400

Bancolombia

SA

3.000%

due

01/29/25

3,257

3,118

Bank

of

Montreal

3.700%

due

06/07/25

3,185

3,083

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)

70

61

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.389%)(Ê)

340

354

Barrick

NA

Finance

LLC

5.700%

due

05/30/41

260

263

BAT

Capital

Corp.

2.259%

due

03/25/28

130

112

3.734%

due

09/25/40

120

85

BAT

International

Finance

PLC

5.931%

due

02/02/29

720

720

Bayer

US

Finance

LLC

3.375%

due

10/08/24

(Þ)

3,288

3,187

Bellemeade

Re,

Ltd.

9.695%

due

10/25/30

(USD

1

Month

LIBOR

+

4.850%)(Ê)(Þ)

2,680

2,796

Series

2019-1A

Class

M2

2.809%

due

03/25/29

(USD

1

Month

LIBOR

+

2.700%)(Ê)(Þ)

1,365

1,375

Series

2019-3A

Class

M1C

2.099%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

2,535

2,540

Series

2020-4A

Class

M2B

3.750%

due

06/25/30

(USD

1

Month

LIBOR

+

3.600%)(Ê)(Þ)

961

968

Series

2021-2A

Class

M1A

1.210%

due

06/25/31

(SOFR

30

Day

Average

+

1.200%)(Ê)(Þ)

3,984

3,974

Series

2021-2A

Class

M1B

1.510%

due

06/25/31

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

4,493

4,473

Series

2021-2A

Class

M1C

1.860%

due

06/25/31

(SOFR

30

Day

Average

+

1.850%)(Ê)(Þ)

2,279

2,238

Series

2021-3A

Class

A2

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.050%

due

09/25/31

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

7,422

7,304

Series

2021-3A

Class

M1B

1.450%

due

09/25/31

(SOFR

30

Day

Average

+

1.400%)(Ê)(Þ)

3,851

3,808

Series

2021-3A

Class

M1C

1.600%

due

09/25/31

(SOFR

30

Day

Average

+

1.550%)(Ê)(Þ)

2,959

2,884

Series

2022-1

Class

M1C

3.700%

due

01/26/32

(SOFR

30

Day

Average

+

3.700%)(Ê)(Þ)

3,523

3,494

Bermuda

Government

International

Bond

2.375%

due

08/20/30

(Þ)

620

518

Bharti

Airtel,

Ltd.

4.375%

due

06/10/25

(Þ)

2,670

2,608

BNP

Paribas

SA

4.250%

due

10/15/24

2,751

2,694

2.219%

due

06/09/26

(SOFR

+

2.074%)(Ê)(Þ)

200

187

1.675%

due

06/30/27

(SOFR

+

0.912%)(Ê)(Þ)

200

178

4.400%

due

08/14/28

(Þ)

380

362

5.125%

due

01/13/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.450%)(Ê)(Þ)

310

305

2.159%

due

09/15/29

(SOFR

+

1.218%)(Ê)(Þ)

330

277

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.899%)(Ê)(ƒ)(Þ)

1,580

1,573

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.969%)(Ê)(ƒ)(Þ)

320

336

Bristol

Park

CLO

LTD

Series

2020-1A

Class

BR

6.710%

due

04/15/29

(USD

3

Month

LIBOR

+

1.450%)(Ê)(Þ)

260

255

British

Telecommunications

PLC

9.625%

due

12/15/30

100

123

Brookfield

Finance,

Inc.

4.700%

due

09/20/47

2,711

2,297

Canadian

Imperial

Bank

of

Commerce

2.250%

due

01/28/25

3,291

3,134

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

2,662

2,611

Canadian

Pacific

Railway

Co.

3.100%

due

12/02/51

120

84

6.125%

due

09/15/15

2,586

2,644

Cenovus

Energy,

Inc.

6.750%

due

11/15/39

35

37

Chile

Government

International

Bond

2.550%

due

07/27/33

200

163

CI

Financial

Corp.

3.200%

due

12/17/30

5,012

3,853

CIFC

Funding,

Ltd.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

162

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2020-1A

Class

AR

1.196%

due

04/23/29

(USD

3

Month

LIBOR

+

1.010%)(Ê)(Þ)

2,735

2,736

Series

2021-2A

Class

BR

7.088%

due

04/20/30

(CME

Term

SOFR

3

Month

+

1.762%)(Ê)(Þ)

290

286

Series

2021-4A

Class

A1R

5.275%

due

10/24/30

(USD

3

Month

LIBOR

+

0.950%)(Ê)(Þ)

7,906

7,869

Comision

Federal

de

Electricidad

3.348%

due

02/09/31

(Þ)

360

288

Cooperatieve

Rabobank

UA

4.375%

due

08/04/25

410

397

3.758%

due

04/06/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.420%)(Ê)(Þ)

540

473

CPPIB

Capital,

Inc.

4.125%

due

10/21/24

(Þ)

3,700

3,636

Credit

Agricole

SA

3.250%

due

10/04/24

(Þ)

2,707

2,628

5.589%

due

07/05/26

(Þ)

340

340

1.247%

due

01/26/27

(SOFR

+

0.892%)(Ê)(Þ)

3,624

3,237

5.301%

due

07/12/28

(Þ)

470

470

5.514%

due

07/05/33

(Þ)

250

252

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

1,304

Credit

Suisse

AG

7.950%

due

01/09/25

2,707

2,768

CSL

UK

Holdings,

Ltd.

3.850%

due

04/27/27

(Þ)

110

105

4.050%

due

04/27/29

(Þ)

80

77

4.250%

due

04/27/32

(Þ)

180

170

DAE

Funding

LLC

1.550%

due

08/01/24

(Þ)

280

267

Daimler

Trucks

Finance

NA

LLC

3.500%

due

04/07/25

(Þ)

3,258

3,147

Danske

Bank

A/S

3.773%

due

03/28/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.450%)(Ê)(Þ)

200

196

0.976%

due

09/10/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.550%)(Ê)(Þ)

1,310

1,238

6.466%

due

01/09/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.100%)(Ê)(Þ)

1,140

1,145

1.621%

due

09/11/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)(Þ)

2,880

2,605

1.549%

due

09/10/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.730%)(Ê)(Þ)

490

429

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.298%

due

04/01/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.750%)(Ê)(Þ)

1,130

1,066

Delhaize

America,

Inc.

9.000%

due

04/15/31

809

957

Deutsche

Bank

AG

7.079%

due

02/10/34

(SOFR

+

3.650%)(Ê)

240

231

Deutsche

Telekom

International

Finance

BV

8.750%

due

06/15/30

130

154

Dryden

Senior

Loan

Fund

Series

2018-41A

Class

BR

6.560%

due

04/15/31

(USD

3

Month

LIBOR

+

1.300%)(Ê)(Þ)

740

716

Dryden

XXVIII

Senior

Loan

Fund

Series

2017-28A

Class

A1LR

1.592%

due

08/15/30

(USD

3

Month

LIBOR

+

1.200%)(Ê)(Þ)

2,858

2,858

Eagle

Re,

Ltd.

Series

2018-1

Class

M2

3.947%

due

11/25/28

(USD

1

Month

LIBOR

+

3.000%)(Ê)(Þ)

2,609

2,629

Series

2021-2

Class

M1B

2.099%

due

04/25/34

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

5,953

5,978

Ecopetrol

SA

4.625%

due

11/02/31

170

135

5.875%

due

11/02/51

230

160

El

Puerto

de

Liverpool

SAB

de

CV

3.950%

due

10/02/24

(Þ)

2,766

2,690

Enbridge,

Inc.

3.700%

due

07/15/27

2,850

2,698

Enel

Finance

International

NV

6.800%

due

10/14/25

(Þ)

450

460

3.500%

due

04/06/28

(Þ)

2,929

2,687

Export-Import

Bank

of

Korea

(The)

4.875%

due

01/11/26

3,900

3,863

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

3,005

2,920

First

Quantum

Minerals,

Ltd.

7.500%

due

04/01/25

(Þ)

419

418

6.875%

due

10/15/27

(Þ)

340

334

8.625%

due

06/01/31

(Þ)

300

307

Fresenius

Medical

Care

US

Finance

II,

Inc.

2.375%

due

02/16/31

(Þ)

4,036

3,091

Fresnillo

PLC

4.250%

due

10/02/50

(Þ)

530

402

Garda

World

Security

Corp.

2021

Term

Loan

B

9.641%

due

10/30/26

(USD

1

Month

LIBOR

+

4.250%)(Ê)

275

274

GE

Capital

European

Funding

Unltd.

Co.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

163

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.025%

due

03/01/38

EUR

120

160

GFL

Environmental,

Inc.

Term

Loan

8.469%

due

05/31/27

(USD

3

Month

LIBOR  +

3.000%)(Ê)

42

42

Glencore

Funding

LLC

1.625%

due

09/01/25

(Þ)

350

324

4.000%

due

03/27/27

(Þ)

135

129

3.875%

due

10/27/27

(Þ)

110

103

5.400%

due

05/08/28

(Þ)

350

348

Goldentree

Loan

Opportunities,

Ltd.

Series

2018-9A

Class

BR2

6.899%

due

10/29/29

(USD

3

Month

LIBOR

+

1.600%)(Ê)(Þ)

570

568

Grifols

Worldwide

Operations

USA,

Inc.

Term

Loan

B

7.414%

due

11/15/27

(USD

3

Month

LIBOR  +

2.000%)

(Ê)

374

368

Hana

Bank

4.375%

due

09/30/24

(Þ)

2,656

2,597

HGI

CRE

CLO,

Ltd.

Series

2021-FL2

Class

A

5.459%

due

09/17/36

(USD

1

Month

LIBOR

+

1.000%)(Ê)(Þ)

7,508

7,336

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-

Issuer,

Inc.

7.625%

due

10/15/25

(Þ)

1,474

1,378

Home

RE,

Ltd.

Series

2021-1

Class

M1B

1.673%

due

07/25/33

(USD

1

Month

LIBOR

+

1.550%)(Ê)(Þ)

378

378

Series

2021-2

Class

M1C

2.843%

due

01/25/34

(SOFR

30

Day

Average

+

2.800%)(Ê)(Þ)

2,576

2,544

Series

2021-2

Class

M2

3.293%

due

01/25/34

(SOFR

30

Day

Average

+

3.250%)(Ê)(Þ)

1,227

1,200

HSBC

Holdings

PLC

4.250%

due

08/18/25

210

203

2.999%

due

03/10/26

(SOFR

+

1.430%)(Ê)

2,940

2,804

2.099%

due

06/04/26

(SOFR

+

1.929%)(Ê)

370

344

4.755%

due

06/09/28

(SOFR

+

2.110%)(Ê)

320

308

6.161%

due

03/09/29

(SOFR

+

1.970%)(Ê)

300

304

3.973%

due

05/22/30

(CME

Term

SOFR

3

Month

+

1.872%)(Ê)

210

190

6.254%

due

03/09/34

(SOFR

+

2.390%)(Ê)

950

979

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

3,459

3,174

ING

Groep

NV

3.869%

due

03/28/26

(SOFR

+

1.640%)(Ê)

2,878

2,778

Intercorp

Financial

Services,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.125%

due

10/19/27

(Þ)

3,588

3,225

Intesa

Sanpaolo

SpA

7.000%

due

11/21/25

(Þ)

540

549

4.198%

due

06/01/32

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.600%)(Ê)(Þ)

410

316

4.950%

due

06/01/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.750%)(Ê)(Þ)

290

194

Jordan

Government

International

Bond

4.950%

due

07/07/25

(Þ)

760

740

Lamar

Funding,

Ltd.

3.958%

due

05/07/25

(Þ)

250

239

Lloyds

Banking

Group

PLC

7.500%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.760%)(Ê)

(ƒ)

210

205

7.500%

due

12/31/99

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.496%)(Ê)(ƒ)

380

359

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.913%)(Ê)(ƒ)

400

374

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

58

54

MEG

Energy

Corp.

7.125%

due

02/01/27

(Þ)

150

152

Melco

Resorts

Finance,

Ltd.

5.375%

due

12/04/29

(Þ)

420

357

MercadoLibre,

Inc.

2.375%

due

01/14/26

230

209

Methanex

Corp.

5.250%

due

12/15/29

733

671

5.650%

due

12/01/44

193

161

Mexico

Generadora

de

Energia

S

de

RL

5.500%

due

12/06/32

(Þ)

2,726

2,637

Mexico

Government

International

Bond

3.500%

due

02/12/34

450

378

4.350%

due

01/15/47

580

463

Mitsubishi

UFJ

Financial

Group,

Inc.

3.837%

due

04/17/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.125%)(Ê)

210

203

4.315%

due

04/19/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)

250

230

National

Bank

of

Canada

Series

FXD

0.750%

due

08/06/24

295

280

NatWest

Group

PLC

5.847%

due

03/02/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)

680

676

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

164

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.073%

due

05/22/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.550%)(Ê)

2,999

2,703

3.754%

due

11/01/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.100%)(Ê)

310

294

Neuberger

Berman

CLO

XV,

Ltd.

Series

2021-15A

Class

A1R2

6.490%

due

10/15/29

(USD

3

Month

LIBOR

+

0.920%)(Ê)(Þ)

3,100

3,086

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

296

Nissan

Motor

Co.,

Ltd.

3.522%

due

09/17/25

(Þ)

280

264

Nomura

Holdings,

Inc.

2.329%

due

01/22/27

3,000

2,663

Novartis

Capital

Corp.

2.000%

due

02/14/27

2,777

2,547

NTT

Finance

Corp.

2.065%

due

04/03/31

(Þ)

290

238

Oaktown

Re

III,

Ltd.

Series

2019-1A

Class

M1B

2.080%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

2,406

2,407

Oaktown

Re

VI,

Ltd.

Series

2021-1A

Class

M1B

2.060%

due

10/25/33

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

9,856

9,872

Oaktown

Re

VII,

Ltd.

Series

2021-2

Class

M1A

1.650%

due

04/25/34

(SOFR

30

Day

Average

+

1.600%)(Ê)(Þ)

2,909

2,908

Oaktown

Re,

Ltd.

Series

2021-2

Class

M1C

3.400%

due

04/25/34

(SOFR

30

Day

Average

+

3.350%)(Ê)(Þ)

3,798

3,809

Series

2021-1A

Class

M1C

3.010%

due

10/25/33

(SOFR

30

Day

Average

+

3.000%)(Ê)(Þ)

1,024

1,042

OCP

CLO,

Ltd.

Series

2021-13A

Class

A1AR

3.472%

due

07/15/30

(USD

3

Month

LIBOR

+

0.960%)(Ê)(Þ)

1,921

1,912

OCP

SA

3.750%

due

06/23/31

(Þ)

390

327

Panama

Government

International

Bond

2.252%

due

09/29/32

250

192

Peruvian

Government

International

Bond

2.783%

due

01/23/31

180

153

Petrobras

Global

Finance

BV

6.900%

due

03/19/49

180

170

5.500%

due

06/10/51

290

230

Petroleos

del

Peru

SA

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.625%

due

06/19/47

(Þ)

220

147

Prodigy

Finance

Designated

Activity

Co.

Series

2021-1A

Class

A

1.437%

due

07/25/51

(USD

1

Month

LIBOR

+

1.250%)(Ê)(Þ)

1,662

1,642

Prosus

NV

3.680%

due

01/21/30

(Þ)

3,847

3,284

Provincia

de

Buenos

Aires

6.375%

due

09/01/37

(~)(Ê)(Þ)

1,169

453

Provincia

de

Cordoba

7.125%

due

12/10/25

(~)(Æ)(Ê)(Ø)

(Þ)

350

294

7.450%

due

06/01/27

(~)(Ê)(Þ)

500

385

Radnor

RE,

Ltd.

Series

2021-1

Class

M1B

1.710%

due

12/27/33

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

7,027

7,019

Series

2021-2

Class

M1A

1.898%

due

11/25/31

(SOFR

30

Day

Average

+

1.850%)(Ê)(Þ)

2,216

2,212

Reliance

Industries,

Ltd.

4.125%

due

01/28/25

(Þ)

2,934

2,864

2.875%

due

01/12/32

(Þ)

730

606

RenaissanceRe

Holdings,

Ltd.

5.750%

due

06/05/33

120

118

Reynolds

American,

Inc.

5.850%

due

08/15/45

310

278

RMAC

Securities

No.

1

PLC

Series

2007-NS1X

Class

A2B

3.386%

due

06/12/44

(USD

3

Month

LIBOR

+

0.150%)(Ê)(Þ)

4,155

3,987

Rolls-Royce

PLC

3.625%

due

10/14/25

(Þ)

784

738

Royal

Caribbean

Cruises,

Ltd.

7.500%

due

10/15/27

371

378

Sands

China,

Ltd.

Series

WI

5.125%

due

08/08/25

1,539

1,517

3.350%

due

03/08/29

330

284

Sasol

Financing

USA

LLC

8.750%

due

05/03/29

(Þ)

540

540

Saudi

Arabian

Oil

Co.

1.625%

due

11/24/25

(Þ)

2,867

2,629

Shell

International

Finance

BV

4.375%

due

05/11/45

220

198

4.000%

due

05/10/46

50

42

3.250%

due

04/06/50

20

15

Siemens

Financieringsmaatschappij

NV

3.250%

due

05/27/25

(Þ)

2,681

2,593

Skandinaviska

Enskilda

Banken

AB

0.650%

due

09/09/24

(Þ)

2,924

2,763

Sociedad

Quimica

y

Minera

de

Chile

SA

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

165

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

09/10/51

(Þ)

450

314

Societe

Generale

SA

2.797%

due

01/19/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.300%)(Ê)(Þ)

3,105

2,776

Southern

Copper

Corp.

3.875%

due

04/23/25

2,694

2,612

5.250%

due

11/08/42

240

229

Standard

Chartered

PLC

7.014%

due

12/30/49

(USD

3

Month

LIBOR

+

1.460%)(Ê)(ƒ)(Þ)

250

240

Suzano

Austria

GmbH

7.000%

due

03/16/47

(Þ)

200

204

Teck

Resources,

Ltd.

6.000%

due

08/15/40

20

19

6.250%

due

07/15/41

80

79

5.400%

due

02/01/43

160

145

Series

WI

3.900%

due

07/15/30

240

217

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

344

291

6.000%

due

09/30/34

425

344

7.200%

due

07/18/36

210

180

7.721%

due

06/04/38

379

337

Telefonica

Emisiones

SA

5.213%

due

03/08/47

300

260

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150%

due

10/01/26

70

63

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

205

Series

MTN

0.700%

due

09/10/24

2,750

2,603

TransAlta

Corp.

6.500%

due

03/15/40

310

297

Triton

International,

Ltd.

3.250%

due

03/15/32

3,529

2,735

TSMC

Arizona

Corp.

1.750%

due

10/25/26

3,012

2,709

2.500%

due

10/25/31

340

284

3.125%

due

10/25/41

360

284

TSMC

Global,

Ltd.

0.750%

due

09/28/25

(Þ)

3,024

2,732

UBS

Group

AG

0.700%

due

08/09/24

(Ñ)(Þ)

2,906

2,761

4.488%

due

05/12/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)(Þ)

2,827

2,746

3.091%

due

05/14/32

(SOFR

+

1.730%)(Ê)(Þ)

270

223

6.537%

due

08/12/33

(SOFR

+

3.920%)(Ê)(Þ)

720

752

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

9.016%

due

11/15/33

(SOFR

+

5.020%)(Ê)(Þ)

260

316

4.500%

due

06/26/48

(Þ)

350

318

7.000%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.344%)(Ê)

(ƒ)(Þ)

690

675

UniCredit

SpA

2.569%

due

09/22/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.300%)(Ê)(Þ)

3,000

2,746

7.296%

due

04/02/34

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.914%)(Ê)(Þ)

231

224

Vale

Overseas,

Ltd.

6.250%

due

08/10/26

2,941

3,011

Vodafone

Group

PLC

6.150%

due

02/27/37

150

156

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

3.750%

due

09/17/24

(Þ)

1,195

1,132

4.750%

due

09/17/44

(Þ)

420

294

Westpac

Banking

Corp.

2.668%

due

11/15/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.750%)(Ê)

350

270

3.020%

due

11/18/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.530%)(Ê)

310

239

Wynn

Macau,

Ltd.

4.875%

due

10/01/24

(Þ)

980

956

5.500%

due

10/01/27

(Þ)

320

289

Yamana

Gold,

Inc.

2.630%

due

08/15/31

170

131

Series

WI

4.625%

due

12/15/27

900

848

Yara

International

ASA

3.800%

due

06/06/26

(Þ)

2,810

2,660

ZF

NA

Capital,

Inc.

4.750%

due

04/29/25

(Þ)

2,374

2,308

354,023

Loan

Agreements

-

0.0%

Alterra

Mountain

Co.

2021

Term

Loan

B2

8.933%

due

07/30/28

(USD

1

Month

LIBOR

+

3.500%)

(Ê)

329

328

Eyecare

Partners

LLC

2020

Term

Loan

9.253%

due

02/20/27

(USD

3

Month

LIBOR  +

3.750%)

(Ê)

310

248

United

Airlines,

Inc.

2021

Term

Loan

B

9.292%

due

04/21/28

(USD

3

Month

LIBOR  +

3.750%)

(Ê)

201

201

Verscend

Holding

Corp.

2021

Term

Loan

B

9.433%

due

08/27/25

(USD

1

Month

LIBOR

+

4.000%)

(Ê)

312

312

1,089

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

166

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mortgage-Backed

Securities

-

18.3%

Alternative

Loan

Trust

Series

2006-13T1

Class

A3

6.000%

due

05/25/36

1,506

779

Banc

of

America

Mortgage

Trust

Series

2005-D

Class

2A7

3.781%

due

05/25/35

(~)(Ê)

140

125

Bear

Stearns

ARM

Trust

Series

2004-5

Class

2A

4.112%

due

07/25/34

(~)(Ê)

124

111

BX

Commercial

Mortgage

Trust

Series

2021-CIP

Class

D

1.771%

due

12/15/28

(USD

1

Month

LIBOR

+

1.671%)(Ê)(Þ)

9,861

9,490

BX

Trust

Series

2019-XL

Class

E

3.800%

due

10/15/36

(CME

Term

SOFR

1

Month

+

1.914%)(Ê)(Þ)

2,399

2,370

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

3,379

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

13,042

10,421

CORE

Mortgage

Trust

Series

2019-CORE

Class

D

1.835%

due

12/15/31

(USD

1

Month

LIBOR

+

1.650%)(Ê)(Þ)

5,704

5,448

Credit

Suisse

Mortgage

Trust

Series

2019-ICE4

Class

E

2.335%

due

05/15/36

(USD

1

Month

LIBOR

+

2.150%)(Ê)(Þ)

5,752

5,690

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

4,612

3,291

Fannie

Mae

2.600%

due

2031

1,680

1,474

5.500%

due

2034

188

191

4.500%

due

2035

912

920

5.500%

due

2035

122

124

6.000%

due

2035

131

135

5.500%

due

2036

240

246

5.500%

due

2037

71

73

6.000%

due

2039

98

101

5.500%

due

2040

1,424

1,436

5.000%

due

2041

743

746

6.000%

due

2041

371

385

3.500%

due

2045

1,966

1,819

4.000%

due

2045

1,329

1,263

3.000%

due

2046

418

372

3.500%

due

2046

540

502

4.500%

due

2046

1,027

1,005

3.000%

due

2047

1,963

1,747

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

2047

947

876

4.000%

due

2047

1,083

1,027

4.500%

due

2048

2,352

2,296

5.000%

due

2048

1,559

1,547

3.000%

due

2049

16,314

14,466

3.500%

due

2049

69

63

4.000%

due

2049

2,068

1,976

5.000%

due

2049

105

105

2.000%

due

2050

5,654

4,597

2.500%

due

2050

3,063

2,591

3.000%

due

2050

14,265

12,600

2.000%

due

2051

3,903

3,162

2.500%

due

2051

1,769

1,503

5.000%

due

2052

18,676

18,243

30

Year

TBA(Ï)

5.000%

15,228

14,875

5.500%

36,000

35,750

Series

1997-281

Class

2

Interest

Only

STRIPS

9.000%

due

11/25/26

1

—

Series

2000-306

Class

IO

Interest

Only

STRIPS

8.000%

due

05/25/30

4

1

Series

2001-317

Class

2

Interest

Only

STRIPS

8.000%

due

12/25/31

6

1

Series

2002-320

Class

2

Interest

Only

STRIPS

7.000%

due

04/25/32

2

—

Fannie

Mae

REMICS

Series

1997-68

Class

SC

Interest

Only STRIPS

8.306%

due

05/18/27

(USD

1

Month

LIBOR

+

8.500%)(Ê)

3

—

Series

2003-25

Class

IK

Interest

Only STRIPS

7.000%

due

04/25/33

15

2

Series

2003-32

Class

UI

Interest

Only STRIPS

6.000%

due

05/25/33

17

3

Series

2003-33

Class

IA

Interest

Only STRIPS

6.500%

due

05/25/33

69

12

Series

2003-35

Class

IU

Interest

Only STRIPS

6.000%

due

05/25/33

13

2

Series

2003-35

Class

UI

Interest

Only STRIPS

6.500%

due

05/25/33

16

3

Series

2003-64

Class

JI

Interest

Only STRIPS

6.000%

due

07/25/33

8

1

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

167

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2006-118

Class

A1

0.228%

due

12/25/36

(USD

1

Month

LIBOR

+

0.060%)(Ê)

9

9

Series

2007-73

Class

A1

0.236%

due

07/25/37

(USD

1

Month

LIBOR

+

0.060%)(Ê)

85

82

Series

2009-70

Class

PS

Interest

Only STRIPS

6.582%

due

01/25/37

(USD

1

Month

LIBOR

+

6.750%)(Ê)

2,476

188

Series

2010-95

Class

S

Interest

Only STRIPS

6.432%

due

09/25/40

(-1

x

USD

1

Month

LIBOR

+

6.600%)(Ê)

2,517

252

Freddie

Mac

6.000%

due

2038

503

520

4.500%

due

2039

1,789

1,761

5.500%

due

2039

224

229

5.500%

due

2040

343

351

4.000%

due

2041

2,213

2,124

5.500%

due

2041

476

489

4.000%

due

2044

1,105

1,056

3.500%

due

2045

4,510

4,180

3.000%

due

2046

7,383

6,605

4.000%

due

2046

560

533

4.500%

due

2046

171

167

3.000%

due

2047

2,081

1,854

3.000%

due

2048

234

209

4.000%

due

2048

784

747

4.500%

due

2048

1,546

1,506

3.000%

due

2049

911

809

2.500%

due

2050

9,032

7,704

3.000%

due

2050

11,564

10,239

2.000%

due

2051

19,017

15,455

2.500%

due

2051

9,983

8,528

4.000%

due

2052

15,586

14,559

5.000%

due

2052

13,295

12,996

5.500%

due

2053

14,634

14,533

Freddie

Mac

REMICS

Series

1999-2129

Class

SG

Interest

Only STRIPS

6.806%

due

06/17/27

(USD

1

Month

LIBOR

+

7.000%)(Ê)

87

3

Series

2000-2247

Class

SC

Interest

Only STRIPS

7.315%

due

08/15/30

(-1

x

USD

1

Month

LIBOR

+

7.500%)(Ê)

3

—

Series

2002-2463

Class

SJ

Interest

Only STRIPS

7.815%

due

03/15/32

(USD

1

Month

LIBOR

+

8.000%)(Ê)

9

1

Series

2003-2610

Class

UI

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Interest

Only STRIPS

6.500%

due

05/15/33

3

1

Series

2003-2624

Class

QH

5.000%

due

06/15/33

119

117

Series

2003-2649

Class

IM

Interest

Only STRIPS

7.000%

due

07/15/33

18

3

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

451

466

Series

2012-4045

Class

HD

4.500%

due

07/15/41

27

27

Freddie

Mac

Strips

Series

1998-191

Class

IO

Interest

Only STRIPS

8.000%

due

01/01/28

2

—

Series

1998-194

Class

IO

Interest

Only STRIPS

6.500%

due

04/01/28

5

1

Series

2001-212

Class

IO

Interest

Only STRIPS

6.000%

due

05/15/31

6

1

Series

2001-215

Class

IO

Interest

Only STRIPS

8.000%

due

06/15/31

9

2

Ginnie

Mae

I

4.500%

due

2039

2,688

2,647

Ginnie

Mae

II

6.000%

due

2053

14,666

14,744

30

Year

TBA(Ï)

5.500%

39,139

38,894

Ginnie

Mae

REMICS

Series

1999-27

Class

SE

Interest

Only STRIPS

8.405%

due

08/16/29

(-1

x

USD

1

Month

LIBOR

+

8.600%)(Ê)

8

—

Series

2014-190

Class

PL

3.500%

due

12/20/44

1,046

957

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

7,770

3,877

JPMorgan

Mortgage

Trust

Series

2018-3

Class

A3

3.500%

due

09/25/48

(~)(Ê)(Þ)

98

89

Series

2018-8

Class

A3

4.000%

due

01/25/49

(~)(Ê)(Þ)

149

138

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

502

440

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

14,572

13,016

Series

2021-7

Class

A6

2.500%

due

11/25/51

(~)(Ê)(Þ)

14,988

13,395

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

6,538

5,606

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

168

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-14

Class

A4

2.500%

due

05/25/52

(~)(Ê)(Þ)

2,808

2,398

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

10,708

9,116

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

4,968

4,329

Series

2023-2

Class

A4B

5.500%

due

07/25/53

(~)(Ê)(Þ)

5,436

5,305

JPMorgan

Wealth

Management

Series

2020-ATR1

Class

A3

3.000%

due

02/25/50

(~)(Ê)(Þ)

1,506

1,243

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

0.951%

due

04/15/26

(USD

1

Month

LIBOR

+

0.801%)(Ê)(Þ)

14,955

14,740

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

5,268

3,820

Series

2017-237P

Class

XA

Interest

Only STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

58,208

729

Series

2017-237P

Class

XB

Interest

Only STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

35,996

122

Nomura

Resecuritization

Trust

Series

2015-11R

Class

3A2

3.593%

due

05/26/36

(~)(Ê)(Þ)

1,005

994

Preston

Ridge

Partners

Mortgage

LLC

Series

2020-6

Class

A1

2.363%

due

11/25/25

(~)(Ê)(Þ)

1,321

1,268

Series

2021-3

Class

A1

1.867%

due

04/25/26

(~)(Ê)(Þ)

3,264

3,050

Preston

Ridge

Partners

Mortgage

Trust

Series

2021-10

Class

A1

2.487%

due

10/25/26

(~)(Ê)(Þ)

1,466

1,367

Sequoia

Mortgage

Trust

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

428

385

Series

2021-4

Class

A10

2.500%

due

06/25/51

(~)(Ê)(Þ)

7,906

7,028

Structured

Asset

Mortgage

Investments

II

Trust

Series

2004-AR7

Class

A1B

0.594%

due

04/19/35

(USD

1

Month

LIBOR

+

0.400%)(Ê)

158

139

Towd

Point

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.750%

due

07/25/63

(~)(Ê)(Þ)

7,712

7,700

Wells

Fargo

Commercial

Mortgage

Trust

Series

2021-SAVE

Class

A

4.562%

due

02/15/40

(USD

1

Month

LIBOR

+

1.150%)(Ê)(Þ)

1,745

1,641

Woodward

Capital

Management

LLC

Series

2023-CES1

Class

A1A

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.515%

due

06/25/43

(~)(Ê)(Þ)

1,550

1,549

438,378

Municipal

Bonds

-

0.1%

American

Municipal

Power,

Inc.

Revenue

Bonds

8.084%

due

02/15/50

230

304

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

4.926%

due

10/01/51

390

386

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Bonds

4.132%

due

05/15/32

380

360

State

of

California

General

Obligation

Unlimited

7.300%

due

10/01/39

45

54

Texas

Natural

Gas

Securitization

Finance

Corp.

Revenue

Bonds

5.102%

due

04/01/35

650

652

1,756

Non-US

Bonds

-

6.2%

Alba

PLC

Series

2007-1

Class

A3

0.342%

due

03/17/39

(GBP

3

Month

LIBOR

+

0.170%)(Ê)(Þ)

GBP

2,599

3,193

Andorra

Government

International

Bond

Series

EMTN

1.250%

due

05/06/31

(Þ)

EUR

11,800

10,497

Banque

Ouest

Africaine

de

Developpement

Series

REGS

2.750%

due

01/22/33

(Þ)

EUR

3,781

3,057

Cheshire

PLC

Series

2020-1

Class

C

2.274%

due

08/20/45

(SONIA

+

2.100%)(Ê)(Þ)

GBP

2,171

2,733

Eurosail

PRIME-UK

PLC

Series

2007-PR1X

Class

A1

0.598%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.400%)(Ê)(Þ)

GBP

1,327

1,660

Eurosail-UK

PLC

Series

2007-6NCX

Class

A3A

0.795%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.700%)(Ê)(Þ)

GBP

1,874

2,373

Finsbury

Square

Series

2021-1GRX

Class

AGRN

2.772%

due

12/16/67

(SONIA

+

0.650%)(Ê)(Þ)

GBP

3,971

5,057

Finsbury

Square

PLC

5.760%

due

12/16/71

GBP

3,194

4,074

Hellenic

Republic

Government

Bond

4.375%

due

07/18/38

(Þ)

EUR

7,748

8,822

Indonesia

Government

International

Bond

Series

FR87

6.500%

due

02/15/31

IDR

17,689,000

1,180

Mexican

Bonos

Series

M

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

169

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.500%

due

05/31/29

MXN

42,620

2,504

Mexican

Bonos

de

Desarrollo

Series

M

30

8.500%

due

11/18/38

MXN

24,540

1,420

Mexico

Government

International

Bond

2.125%

due

10/25/51

EUR

7,907

4,854

4.000%

due

03/15/15

EUR

3,041

2,484

Paragon

Mortgages

(No.

12)

PLC

0.293%

due

11/15/38

(SONIA

+

0.359%)(Ê)

GBP

1,115

1,396

Series

2006-12X

Class

A2A

0.342%

due

11/15/38

(SONIA

+

0.359%)(Ê)(Þ)

GBP

2,659

3,307

Parkmore

Point

RMBS

PLC

Series

2022-1A

Class

A

5.362%

due

07/25/45

(SONIA

+

1.500%)(Ê)(Þ)

GBP

2,987

3,796

Petroleos

Mexicanos

Series

14-2

7.470%

due

11/12/26

MXN

122,980

6,206

Series

REGS

7.190%

due

09/12/24

(Þ)

MXN

192,568

10,695

Republic

of

Chile

Government

International

Bond

4.125%

due

07/05/34

EUR

2,800

3,032

Republic

of

South

Africa

Government

International

Bond

Series

2037

8.500%

due

01/31/37

ZAR

283,658

12,299

RMAC

Securities

No.

1

PLC

Series

2006-NS1X

Class

A2A

1.050%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

1,117

1,387

Series

2006-NS3X

Class

A2A

0.245%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

1,346

1,661

Series

2006-NS4X

Class

A3A

3.853%

due

06/12/44

(SONIA

+

0.289%)(Ê)(Þ)

GBP

3,006

3,723

Romania

Government

International

Bond

Series

REGS

2.750%

due

02/26/26

(Þ)

EUR

6,078

6,377

2.875%

due

05/26/28

(Þ)

EUR

547

548

2.500%

due

02/08/30

(Þ)

EUR

309

285

3.624%

due

05/26/30

(Þ)

EUR

200

197

1.750%

due

07/13/30

(Þ)

EUR

2,353

2,011

2.124%

due

07/16/31

(Þ)

EUR

3,866

3,283

3.875%

due

10/29/35

(Þ)

EUR

659

592

3.375%

due

02/08/38

(Þ)

EUR

543

443

2.625%

due

12/02/40

(Þ)

EUR

4,312

3,025

2.750%

due

04/14/41

(Þ)

EUR

3,460

2,436

2.875%

due

04/13/42

(Þ)

EUR

4,020

2,830

4.625%

due

04/03/49

(Þ)

EUR

1,251

1,124

3.375%

due

01/28/50

(Þ)

EUR

1,188

858

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Stratton

Mortgage

Funding

PLC

Series

2021-3

Class

A

1.452%

due

12/12/43

(SONIA

+

0.700%)(Ê)(Þ)

GBP

3,147

4,025

Taurus

CMBS

Series

2021-UK4A

Class

B

1.655%

due

08/17/31

(SONIA

+

1.500%)(Ê)(Þ)

GBP

1,614

1,966

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

6.278%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

1.300%)(Ê)

(Þ)

GBP

1,211

1,484

Towd

Point

Mortgage

Funding

PLC

Series

2019-A13X

Class

B

1.251%

due

07/20/45

(3

Month

SONIA

Deposit

Rate

+

1.200%)(Ê)

(Þ)

GBP

1,506

1,899

Towd

Point

Mortgage

Trust

Series

2021-GR4X

Class

A2R

2.244%

due

10/20/51

(SONIA

+

0.670%)(Ê)(Þ)

GBP

7,938

10,099

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

0.854%

due

12/21/49

(SONIA

+

0.950%)(Ê)(Þ)

GBP

2,285

2,910

147,802

United

States

Government

Treasuries

–

13.7%

United

States

Treasury

Notes

0.375%

due

08/15/24

6,217

5,905

1.250%

due

08/31/24

15,762

15,082

1.500%

due

10/31/24

6,904

6,589

2.000%

due

02/15/25

11,673

11,133

2.000%

due

08/15/25

8,553

8,080

2.250%

due

11/15/25

8,440

7,982

0.375%

due

01/31/26

18,788

16,909

1.625%

due

02/15/26

11,087

10,288

2.250%

due

03/31/26

6,400

6,028

1.625%

due

05/15/26

9,950

9,193

4.500%

due

07/15/26

50

50

1.500%

due

08/15/26

15,279

13,988

0.625%

due

03/31/27

13,837

12,103

2.375%

due

05/15/27

7,015

6,533

0.500%

due

05/31/27

13,581

11,761

2.250%

due

08/15/27

14,391

13,301

2.250%

due

11/15/27

2,495

2,298

2.750%

due

02/15/28

9,478

8,899

1.125%

due

02/29/28

15,640

13,633

1.250%

due

03/31/28

8,156

7,138

3.125%

due

11/15/28

8,570

8,147

2.375%

due

05/15/29

7,822

7,114

1.750%

due

11/15/29

3,297

2,881

0.625%

due

05/15/30

10,529

8,401

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

170

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.250%

due

05/15/30

5,572

6,276

3.750%

due

06/30/30

300

294

0.625%

due

08/15/30

8,660

6,866

0.875%

due

11/15/30

3,822

3,079

5.375%

due

02/15/31

6,127

6,661

1.625%

due

05/15/31

10,716

9,046

1.250%

due

08/15/31

10,574

8,613

3.375%

due

05/15/33

430

410

4.500%

due

02/15/36

6,289

6,691

3.500%

due

02/15/39

1,970

1,856

1.125%

due

05/15/40

6,433

4,082

1.125%

due

08/15/40

3,486

2,192

1.375%

due

11/15/40

6,758

4,423

3.250%

due

05/15/42

4,595

4,018

2.750%

due

11/15/42

4,974

4,008

2.875%

due

05/15/43

5,167

4,228

2.875%

due

08/15/45

4,381

3,530

3.000%

due

05/15/47

4,006

3,285

2.750%

due

11/15/47

4,393

3,438

3.000%

due

02/15/48

4,566

3,745

3.000%

due

02/15/49

4,989

4,103

2.875%

due

05/15/49

4,874

3,918

2.000%

due

02/15/50

1,826

1,216

1.250%

due

05/15/50

6,087

3,318

1.375%

due

08/15/50

5,865

3,305

1.625%

due

11/15/50

5,752

3,465

2.375%

due

05/15/51

3,355

2,422

2.000%

due

08/15/51

3,150

2,083

1.875%

due

11/15/51

2,840

1,817

3.625%

due

02/15/53

610

569

326,393

Total

Long-Term

Investments

(cost

$2,055,645)

1,898,967

Common

Stocks

-

0.0%

Technology

-

0.0%

Sungard

Availability

Services

Capital,

LP(Æ)(Š)

9,557

—

Total

Common

Stocks

(cost

$239)

—

Preferred

Stocks

-

0.1%

Financial

Services

-

0.1%

KeyCorp.

6.200%

due

12/15/27(¢)

22,325

480

Prudential

Financial,

Inc.

5.950%

due

09/01/62

5,711

146

626

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Preferred

Stocks

(cost

$701)

626

Short-Term

Investments

–

20.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.500%

due

09/15/23

257

256

3.150%

due

02/15/24

340

335

Africa

Finance

Corp.

Series

REGS

3.875%

due

04/13/24

(Þ)

2,800

2,741

Air

Canada

Class

A

Pass-Through

Trust

5.000%

due

12/15/23

(Þ)

520

518

Air

Lease

Corp.

Series

MTN

0.700%

due

02/15/24

330

321

Avolon

Holdings

Funding,

Ltd.

3.950%

due

07/01/24

(Þ)

130

127

BPCE

SA

5.700%

due

10/22/23

(Þ)

1,100

1,097

CBL

&

Associated

Properties,

Inc.

5.250%

due

12/01/23(Š)

400

—

Comerica,

Inc.

Series

BKNT

2.500%

due

07/23/24

250

239

Credit

Suisse

AG

6.500%

due

08/08/23

(Þ)

870

866

Series

FXD

0.520%

due

08/09/23

2,880

2,876

Danske

Bank

A/S

3.875%

due

09/12/23

(Þ)

230

229

DISH

Network

Corp.

2.375%

due

03/15/24

1,280

1,174

Energy

Transfer,

LP

4.500%

due

04/15/24

240

238

European

Union

Bills

Series

6M

0.000%

due

08/04/23(Æ)

EUR

23,800

26,163

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2014-C03

Class

1M2

3.168%

due

07/25/24

(USD

1

Month

LIBOR

+

3.000%)(Ê)

305

308

Ford

Motor

Credit

Co.

LLC

3.810%

due

01/09/24

310

306

Glencore

Funding

LLC

4.125%

due

03/12/24

(Þ)

890

878

Intesa

Sanpaolo

SpA

5.017%

due

06/26/24

(Þ)

1,945

1,900

Japan

5

Year

Government

International

Bond

Series

137

0.100%

due

09/20/23

JPY

6,134,200

43,131

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

171

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NextEra

Energy

Operating

Partners,

LP

4.250%

due

07/15/24

(Þ)

190

186

Nissan

Motor

Acceptance

Corp.

3.043%

due

09/15/23

(Þ)

3,030

3,019

1.050%

due

03/08/24

(Þ)

520

502

Office

Properties

Income

Trust

4.250%

due

05/15/24

772

727

Pacific

Gas

and

Electric

Co.

4.250%

due

08/01/23

(ç)

290

290

Senior

Housing

Properties

Trust

4.750%

due

05/01/24

440

422

Sprint

LLC

Series

WI

7.125%

due

06/15/24

920

929

U.S.

Cash

Management

Fund(@)

150,082,142(∞)

150,022

United

States

Treasury

Bills

0.000%

due

08/01/23

(ç)(ž)

1,498

1,498

5.296%

due

08/29/23

(ž)

380

378

United

States

Treasury

Notes

0.375%

due

10/31/23

101,100

99,868

2.647%

due

02/15/24

84,900

83,699

5.194%

due

03/15/24

14,882

14,419

3.265%

due

03/31/24

22,470

21,993

2.925%

due

04/30/24

19,300

18,887

0.375%

due

07/15/24

6,777

6,465

WarnerMedia

Holdings,

Inc.

Series

WI

3.428%

due

03/15/24

680

669

Yum!

Brands,

Inc.

3.875%

due

11/01/23

379

376

Total

Short-Term

Investments

(cost

$491,034)

488,052

Other

Securities

-

0.2%

U.S.

Cash

Collateral

Fund(@)(×)

5,212,725

(∞)

5,213

Total

Other

Securities

(cost

$5,213)

5,213

Total

Investments

-

100.1%

(identified

cost

$2,552,832)

2,392,858

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(1,985)

Net

Assets

-

100.0%

2,390,873

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

172

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

$

$

$

27.2%

ABN

AMRO

Bank

NV

06/21/21

2,706,000

106.07

2,870

2,628

AES

Panama

Generation

Holdings

SRL

04/26/21

2,897,823

102.89

2,982

2,515

Africa

Finance

Corp.

11/02/21

1,158,000

101.85

1,179

1,087

Africa

Finance

Corp.

09/13/22

2,500,000

96.52

2,413

2,339

Africa

Finance

Corp.

09/13/22

2,800,000

98.86

2,768

2,741

African

Export-Import

Bank

(The)

05/10/21

4,240,000

100.00

4,240

3,833

African

Export-Import

Bank

(The)

05/13/21

3,149,000

96.23

3,030

2,846

Agence

Francaise

de

Developpement

EPIC

09/13/22

4,600,000

100.99

4,646

4,638

AIB

Group

PLC

04/04/23

2,634,000

103.10

2,716

2,699

Air

Canada

Class

A

Pass-Through

Trust

08/31/22

519,999

98.62

513

518

Aircastle,

Ltd.

07/07/22

3,819,000

85.37

3,260

3,309

Alaska

Airlines

Pass-Through

Trust

04/05/23

176,886

96.66

171

172

Alba

PLC

09/27/21

GBP

2,599,466

133.97

3,482

3,193

Alcoa

Nederland

Holding

BV

01/24/23

700,000

98.84

692

679

Alimentation

Couche-Tard,

Inc.

09/19/17

2,713,000

101.36

2,750

2,535

American

Airlines

Group,

Inc.

04/12/21

458,333

101.08

463

451

American

Airlines

Group,

Inc.

06/03/22

540,000

106.51

575

595

American

Airlines

Group,

Inc.

02/08/23

580,000

100.21

581

576

American

Tower

Trust

#1

06/21/23

4,095,000

100.63

4,121

4,099

American

Transmission

Systems,

Inc.

11/29/21

120,000

99.76

120

100

Americo

Life,

Inc.

04/12/21

430,000

99.78

429

324

AmFam

Holdings,

Inc.

04/12/21

260,000

100.12

260

196

AmFam

Holdings,

Inc.

04/19/21

220,000

103.24

227

132

Amur

Equipment

Finance

Receivables

XI

LLC

09/14/22

5,000,316

99.94

4,997

4,955

Amur

Equipment

Finance

Receivables

XII

LLC

06/22/23

5,231,000

99.99

5,230

5,220

Andorra

Government

International

Bond

04/28/21

EUR

11,800,000

115.10

13,582

10,497

Anglo

American

Capital

PLC

04/12/21

530,000

109.28

579

507

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

01/26/23

290,000

102.58

298

296

Arbor

Realty

CLO,

Ltd.

05/26/21

4,043,000

100.00

4,043

3,983

Arbor

Realty

CLO,

Ltd.

01/26/22

11,240,000

100.00

11,240

11,147

Arbor

Realty

CLO,

Ltd.

06/14/23

1,573,000

98.02

1,542

1,553

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

09/20/21

19,772,000

100.00

19,772

19,454

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

05/05/22

7,993,000

100.00

7,993

7,965

Ashtead

Capital,

Inc.

07/06/22

3,652,000

90.81

3,316

3,212

Aviation

Capital

Group

LLC

04/13/21

380,000

104.85

398

373

Avolon

Holdings

Funding,

Ltd.

04/12/21

260,000

100.39

261

244

Avolon

Holdings

Funding,

Ltd.

04/12/21

130,000

101.49

132

127

Ballyrock

CLO,

Ltd.

07/11/23

250,000

98.66

247

246

Banco

Mercantil

del

Norte

SA

04/09/21

440,000

105.11

463

430

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santander

06/02/22

3,149,000

101.76

3,204

3,119

Banque

Ouest

Africaine

de

Developpement

03/23/22

EUR

3,781,000

85.70

3,240

3,057

Bayer

US

Finance

LLC

09/05/18

3,288,000

100.07

3,290

3,187

BDS,

Ltd.

04/04/22

11,123,000

100.00

11,123

11,068

Bellemeade

Re,

Ltd.

04/23/21

960,661

100.81

968

968

Bellemeade

Re,

Ltd.

06/11/21

4,493,000

100.00

4,493

4,473

Bellemeade

Re,

Ltd.

06/11/21

3,983,916

100.00

3,984

3,974

Bellemeade

Re,

Ltd.

06/11/21

2,279,000

100.00

2,279

2,238

Bellemeade

Re,

Ltd.

09/23/21

7,422,000

100.00

7,422

7,304

Bellemeade

Re,

Ltd.

09/27/21

2,959,000

100.26

2,967

2,884

Bellemeade

Re,

Ltd.

01/25/22

3,523,000

100.00

3,523

3,494

Bellemeade

Re,

Ltd.

05/18/22

2,535,245

98.37

2,494

2,540

Bellemeade

Re,

Ltd.

02/15/23

3,851,000

97.38

3,750

3,808

Bellemeade

Re,

Ltd.

04/18/23

1,365,456

100.57

1,373

1,375

Bellemeade

Re,

Ltd.

04/18/23

2,679,849

104.74

2,807

2,796

Bermuda

Government

International

Bond

04/12/21

620,000

98.76

612

518

Berry

Petroleum

Corp.

04/13/21

420,000

99.01

416

400

Bharti

Airtel,

Ltd.

09/10/21

2,670,000

104.33

2,786

2,608

Blackstone

Holdings

Finance

Co.

LLC

10/31/22

710,000

99.84

709

736

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

02/01/23

300,000

98.88

297

295

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

02/17/23

420,000

100.53

422

421

BNP

Paribas

SA

08/08/18

380,000

99.67

379

362

BNP

Paribas

SA

06/02/20

200,000

100.00

200

187

BNP

Paribas

SA

06/23/21

200,000

100.00

200

178

BNP

Paribas

SA

09/08/21

330,000

100.00

330

277

BNP

Paribas

SA

08/08/22

1,580,000

100.00

1,580

1,573

BNP

Paribas

SA

11/09/22

320,000

100.00

320

336

BNP

Paribas

SA

01/09/23

310,000

100.00

310

305

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

173

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

$

$

$

BPCE

SA

10/11/22

1,100,000

99.59

1,096

1,097

Bristol

Park

CLO

LTD

06/08/23

260,000

98.09

255

255

Broadcom,

Inc.

04/12/21

490,000

99.90

490

371

BX

Commercial

Mortgage

Trust

12/02/21

9,861,000

99.87

9,848

9,490

BX

Trust

12/17/21

2,398,700

99.99

2,398

2,370

CAMB

Commercial

Mortgage

Trust

01/25/19

3,491,000

100.00

3,491

3,379

CAMB

Commercial

Mortgage

Trust

10/22/21

13,042,000

102.80

13,408

10,421

Cameron

LNG

LLC

04/09/21

130,000

107.24

139

107

Carlyle

Holdings

II

Finance

LLC

07/07/20

2,589,000

125.12

3,239

2,276

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/14/20

50,000

101.45

51

42

Chesapeake

Energy

Corp.

01/26/23

940,000

97.90

920

925

Cheshire

PLC

08/17/21

GBP

2,171,000

140.40

3,048

2,733

Chord

Energy

Corp.

02/01/23

200,000

98.90

198

198

CIFC

Funding,

Ltd.

11/28/22

2,735,301

99.05

2,709

2,736

CIFC

Funding,

Ltd.

02/01/23

7,906,452

99.36

7,856

7,869

CIFC

Funding,

Ltd.

07/18/23

290,000

98.61

286

286

Comision

Federal

de

Electricidad

04/12/21

360,000

97.41

351

288

Continental

Resources,

Inc.

11/09/21

470,000

92.08

433

421

Continental

Resources,

Inc.

11/09/21

170,000

99.93

170

132

Cooperatieve

Rabobank

UA

03/30/22

540,000

95.51

516

473

CORE

Mortgage

Trust

03/01/19

5,704,000

100.00

5,704

5,448

CPPIB

Capital,

Inc.

09/14/22

3,700,000

99.95

3,698

3,636

Credit

Agricole

SA

04/26/21

2,707,000

102.58

2,777

2,628

Credit

Agricole

SA

06/17/21

3,624,000

99.08

3,591

3,237

Credit

Agricole

SA

06/13/22

1,300,000

99.07

1,288

1,304

Credit

Agricole

SA

01/05/23

470,000

100.00

470

470

Credit

Agricole

SA

06/27/23

250,000

100.00

250

252

Credit

Agricole

SA

06/27/23

340,000

100.09

340

340

Credit

Suisse

AG

03/23/23

870,000

99.76

868

866

Credit

Suisse

Mortgage

Trust

05/28/19

5,751,691

100.00

5,752

5,690

CSL

UK

Holdings,

Ltd.

04/20/22

180,000

99.68

179

170

CSL

UK

Holdings,

Ltd.

04/20/22

80,000

99.82

80

77

CSL

UK

Holdings,

Ltd.

04/20/22

110,000

99.92

110

105

DAE

Funding

LLC

06/15/21

280,000

99.81

279

267

Daimler

Trucks

Finance

NA

LLC

06/03/22

3,258,000

99.51

3,242

3,147

Danske

Bank

A/S

09/17/19

230,000

100.10

230

229

Danske

Bank

A/S

06/21/21

2,880,000

99.96

2,879

2,605

Danske

Bank

A/S

09/07/21

490,000

100.00

490

429

Danske

Bank

A/S

09/07/21

1,310,000

97.29

1,275

1,238

Danske

Bank

A/S

03/28/22

200,000

100.00

200

196

Danske

Bank

A/S

03/28/22

1,130,000

100.00

1,130

1,066

Danske

Bank

A/S

01/04/23

1,140,000

100.00

1,140

1,145

DBGS

Mortgage

Trust

04/03/19

4,612,000

101.12

4,664

3,291

DCP

Midstream

Operating,

LP

12/11/19

200,000

107.45

215

205

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

09/16/20

490,000

100.43

492

474

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

09/16/20

420,003

99.85

419

412

DISH

DBS

Corp.

11/10/21

500,000

100.00

500

385

DLLAA

LLC

07/25/23

4,870,000

100.00

4,870

4,885

Dresdner

Funding

Trust

I

03/02/22

477,000

121.09

578

508

Dryden

Senior

Loan

Fund

05/26/23

740,000

96.32

713

716

Dryden

XXVIII

Senior

Loan

Fund

08/03/17

2,857,856

100.00

2,858

2,858

Eagle

Re,

Ltd.

12/17/20

2,609,000

100.18

2,614

2,629

Eagle

Re,

Ltd.

10/29/21

5,953,000

100.00

5,953

5,978

El

Puerto

de

Liverpool

SAB

de

CV

01/06/23

2,766,000

98.56

2,726

2,690

Endeavor

Energy

Resources,

LP

/

EER

Finance,

Inc.

01/24/23

120,000

98.63

118

117

Enel

Finance

International

NV

01/05/18

2,929,000

100.40

2,941

2,687

Enel

Finance

International

NV

10/06/22

450,000

99.57

448

460

EnLink

Midstream

LLC

04/13/21

430,000

99.68

429

420

Entegris

Escrow

Corp.

06/01/23

1,030,000

93.85

967

961

EQM

Midstream

Partners,

LP

05/31/22

50,000

100.00

50

51

EQT

Corp.

05/10/21

110,000

100.00

110

95

EQT

Corp.

05/10/21

250,000

97.92

245

231

Eurosail

PRIME-UK

PLC

03/25/21

GBP

1,326,524

135.18

1,793

1,660

Eurosail-UK

PLC

01/21/21

GBP

1,874,134

135.63

2,542

2,373

F&G

Annuities

&

Life,

Inc.

02/06/23

2,719,000

102.38

2,784

2,730

Finsbury

Square

09/21/22

GBP

3,970,661

116.46

4,624

5,057

First

Quantum

Minerals,

Ltd.

04/13/21

340,000

106.33

362

334

First

Quantum

Minerals,

Ltd.

11/03/22

419,000

97.71

409

418

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

174

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

$

$

$

First

Quantum

Minerals,

Ltd.

05/17/23

300,000

100.00

300

307

FirstEnergy

Transmission

LLC

11/01/21

351,000

103.85

365

342

Florida

Gas

Transmission

Co.

LLC

09/15/21

840,000

99.93

839

666

Fresenius

Medical

Care

US

Finance

II,

Inc.

08/04/22

4,036,000

82.87

3,345

3,091

Fresnillo

PLC

04/09/21

530,000

98.47

522

402

Genting

New

York

LLC

04/13/21

1,060,000

97.97

1,038

950

Glencore

Funding

LLC

01/16/19

110,000

96.00

106

103

Glencore

Funding

LLC

02/11/19

135,000

98.87

133

129

Glencore

Funding

LLC

03/05/19

890,000

99.96

890

878

Glencore

Funding

LLC

04/13/21

350,000

100.23

351

324

Glencore

Funding

LLC

05/02/23

350,000

99.96

350

348

Goldentree

Loan

Management

US

CLO

7,

Ltd.

04/01/21

4,156,000

100.00

4,156

4,124

Goldentree

Loan

Opportunities,

Ltd.

05/26/23

570,000

98.44

561

568

GoodLeap

Sustainable

Home

Improvements

10/21/21

3,588,900

99.99

3,588

2,733

GoodLeap

Sustainable

Home

Solutions

Trust

01/24/22

3,097,572

99.98

3,097

2,463

Greenwood

Park

CLO,

Ltd.

02/28/18

3,133,000

100.09

3,136

3,117

GSAA

Home

Equity

Trust

10/21/15

316,275

89.80

284

356

Hana

Bank

01/04/22

2,656,000

103.15

2,740

2,597

Hawaiian

Brand

Intellectual

Property,

Ltd.

/

HawaiianMiles

Loyalty,

Ltd.

06/03/22

470,000

94.30

443

444

Hellenic

Republic

Government

Bond

07/11/23

EUR

7,748,000

108.85

8,434

8,822

HGI

CRE

CLO,

Ltd.

09/17/21

7,508,057

100.00

7,508

7,336

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-Issuer,

Inc.

04/12/21

1,473,968

102.08

1,505

1,378

HMH

Trust

06/09/17

7,770,000

99.97

7,768

3,877

Home

RE,

Ltd.

01/28/21

378,349

100.00

378

378

Home

RE,

Ltd.

07/23/21

2,576,000

100.00

2,576

2,544

Home

RE,

Ltd.

07/23/21

1,227,000

100.00

1,227

1,200

ILFC

E-Capital

Trust

I

01/30/23

750,000

65.00

487

526

ILFC

E-Capital

Trust

II

01/30/23

750,000

67.99

510

536

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

3,459,000

92.97

3,216

3,174

Intercorp

Financial

Services,

Inc.

07/06/22

3,588,000

91.52

3,284

3,225

Intesa

Sanpaolo

SpA

05/24/21

290,000

100.00

290

194

Intesa

Sanpaolo

SpA

05/24/21

410,000

100.00

410

316

Intesa

Sanpaolo

SpA

03/30/22

1,945,000

98.60

1,898

1,900

Intesa

Sanpaolo

SpA

11/14/22

540,000

99.92

540

549

Irwin

Home

Equity

Loan

Trust

06/30/15

228,695

101.51

232

226

Jordan

Government

International

Bond

06/14/22

760,000

95.09

723

740

JPMorgan

Mortgage

Trust

06/05/20

97,693

102.86

101

89

JPMorgan

Mortgage

Trust

06/05/20

149,364

103.44

155

138

JPMorgan

Mortgage

Trust

03/30/21

502,364

102.03

513

440

JPMorgan

Mortgage

Trust

04/26/21

14,572,127

101.82

14,837

13,016

JPMorgan

Mortgage

Trust

05/24/21

14,988,137

101.76

15,251

13,395

JPMorgan

Mortgage

Trust

01/26/22

10,708,443

99.12

10,615

9,116

JPMorgan

Mortgage

Trust

04/27/22

4,967,793

95.69

4,754

4,329

JPMorgan

Mortgage

Trust

02/22/23

5,435,601

98.82

5,371

5,305

JPMorgan

Mortgage

Trust

03/10/23

6,538,146

88.13

5,762

5,606

JPMorgan

Mortgage

Trust

04/20/23

2,808,431

88.04

2,473

2,398

JPMorgan

Wealth

Management

07/30/20

1,506,406

103.48

1,559

1,243

Kenvue,

Inc.

03/08/23

100,000

99.36

99

101

Kenvue,

Inc.

03/08/23

140,000

99.36

139

141

Kenvue,

Inc.

03/08/23

250,000

99.78

249

252

KKR

Group

Finance

Co.

II

LLC

06/14/16

50,000

104.05

52

46

Lamar

Funding,

Ltd.

07/26/22

250,000

96.98

242

239

Level

3

Financing,

Inc.

03/31/23

172,000

95.76

165

178

Liberty

Mutual

Group,

Inc.

05/03/22

218,000

127.97

279

226

Lithia

Motors,

Inc.

06/04/21

120,000

102.46

123

103

Lithia

Motors,

Inc.

06/07/21

70,000

103.92

73

65

Marks

&

Spencer

PLC

09/25/19

58,000

112.80

65

54

Mars,

Inc.

04/09/21

410,000

93.97

385

281

Massachusetts

Mutual

Life

Insurance

Co.

04/09/21

150,000

100.35

151

107

MEG

Energy

Corp.

04/12/21

150,000

103.61

155

152

Melco

Resorts

Finance,

Ltd.

04/12/21

420,000

104.42

439

357

Metropolitan

Edison

Co.

03/28/23

250,000

99.87

250

248

Metropolitan

Life

Global

Funding

I

03/21/23

350,000

99.86

350

347

Mexico

Generadora

de

Energia

S

de

RL

04/04/23

2,725,965

96.78

2,638

2,637

MF1

LLC

07/19/23

1,565,000

100.31

1,570

1,565

MHC

Commercial

Mortgage

Trust

04/06/21

14,955,000

99.26

14,844

14,740

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

06/25/20

144,000

99.23

143

144

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

175

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

$

$

$

Mondelez

International

Holdings

Netherlands

BV

01/04/21

1,212,000

101.81

1,234

1,163

Mondelez

International

Holdings

Netherlands

BV

11/05/21

1,244,000

99.72

1,241

1,174

Mondelez

International,

Inc.

11/05/21

358,000

99.08

355

315

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

35,996,000

0.34

122

122

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

58,208,000

1.26

731

729

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,268,000

98.81

5,205

3,820

Nestle

Holdings,

Inc.

03/06/23

3,063,000

90.05

2,758

2,758

Neuberger

Berman

CLO

XV,

Ltd.

11/14/22

3,100,290

98.50

3,054

3,086

New

York

Life

Global

Funding

01/24/23

220,000

99.82

220

211

New

York

Life

Insurance

Co.

04/09/21

250,000

107.58

269

189

NextEra

Energy

Operating

Partners,

LP

06/15/22

190,000

98.58

187

186

NGPL

PipeCo

LLC

09/26/19

2,298,000

125.83

2,892

2,429

Nippon

Life

Insurance

Co.

04/09/21

360,000

96.31

347

296

Nissan

Motor

Acceptance

Corp.

09/10/20

3,030,000

99.95

3,029

3,019

Nissan

Motor

Acceptance

Corp.

11/03/22

520,000

96.44

502

502

Nissan

Motor

Co.,

Ltd.

01/18/23

280,000

95.49

267

264

Nomura

Resecuritization

Trust

10/23/15

1,004,955

94.67

951

994

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

430,000

101.60

437

300

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

280,000

103.93

291

195

NRG

Energy,

Inc.

04/12/21

850,000

99.93

849

721

NTT

Finance

Corp.

04/12/21

290,000

99.69

289

238

Nuveen

LLC

03/11/19

100,000

102.64

103

94

Oaktown

Re

III,

Ltd.

01/26/21

2,405,831

100.36

2,415

2,407

Oaktown

Re

VI,

Ltd.

04/14/21

9,856,377

100.05

9,861

9,872

Oaktown

Re

VII,

Ltd.

10/15/21

2,909,274

100.00

2,909

2,908

Oaktown

Re,

Ltd.

09/28/21

1,024,000

101.68

1,041

1,042

Oaktown

Re,

Ltd.

10/15/21

3,798,000

100.00

3,798

3,809

OCP

CLO,

Ltd.

09/09/22

1,920,972

98.97

1,901

1,912

OCP

SA

06/10/21

390,000

99.48

388

327

Ohio

Edison

Co.

09/22/22

280,000

99.80

279

280

Paragon

Mortgages

(No.

12)

PLC

04/25/22

GBP

2,659,476

123.98

3,297

3,307

Parkmore

Point

RMBS

PLC

02/07/23

GBP

2,987,366

118.37

3,536

3,796

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

09/25/20

50,000

94.88

47

47

Pennsylvania

Electric

Co.

03/28/23

130,000

99.79

130

128

Petroleos

del

Peru

SA

04/26/21

220,000

101.68

224

147

Petroleos

Mexicanos

02/23/21

MXN

192,568,400

4.75

9,153

10,695

Pilgrim's

Pride

Corp.

01/25/23

200,000

99.39

199

198

Preston

Ridge

Partners

Mortgage

LLC

12/01/20

1,320,966

100.00

1,321

1,268

Preston

Ridge

Partners

Mortgage

LLC

04/28/21

3,264,176

100.00

3,264

3,050

Preston

Ridge

Partners

Mortgage

Trust

11/03/21

1,466,471

97.07

1,424

1,367

Prodigy

Finance

Designated

Activity

Co.

07/12/21

1,662,468

100.06

1,663

1,642

Prosus

NV

08/04/22

3,847,000

86.35

3,322

3,284

Provincia

de

Buenos

Aires

08/27/21

1,169,446

43.55

509

453

Provincia

de

Cordoba

04/12/21

350,003

69.50

243

294

Provincia

de

Cordoba

04/12/21

500,000

71.08

355

385

Radnor

RE,

Ltd.

06/18/21

7,026,924

100.05

7,030

7,019

Radnor

RE,

Ltd.

11/05/21

2,216,147

100.00

2,216

2,212

Regal

Rexnord

Corp.

01/09/23

1,300,000

100.70

1,309

1,300

Reliance

Industries,

Ltd.

10/01/19

2,934,000

101.95

2,991

2,864

Reliance

Industries,

Ltd.

01/05/22

730,000

99.79

728

606

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

02/02/22

600,000

97.71

586

497

RMAC

Securities

No.

1

PLC

04/15/21

GBP

3,006,022

133.44

4,011

3,723

RMAC

Securities

No.

1

PLC

04/15/21

GBP

1,345,620

133.48

1,796

1,661

RMAC

Securities

No.

1

PLC

04/15/21

GBP

1,116,641

134.43

1,501

1,387

RMAC

Securities

No.

1

PLC

11/08/22

4,154,748

93.66

3,891

3,987

Roche

Holdings,

Inc.

06/02/22

3,329,000

98.40

3,276

3,175

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

09/21/21

210,000

100.00

210

187

Rockies

Express

Pipeline

LLC

05/06/20

300,000

93.16

280

266

Rockies

Express

Pipeline

LLC

03/23/21

289,000

102.90

297

265

Rockies

Express

Pipeline

LLC

03/23/21

309,000

97.39

301

294

Rockies

Express

Pipeline

LLC

07/07/22

117,000

84.43

99

106

Rolls-Royce

PLC

06/05/23

784,000

95.44

748

738

Romania

Government

International

Bond

02/23/21

EUR

4,312,000

114.14

4,922

3,025

Romania

Government

International

Bond

07/08/21

EUR

4,020,000

110.79

4,454

2,830

Romania

Government

International

Bond

08/03/21

EUR

3,460,000

80.71

2,793

2,436

Romania

Government

International

Bond

02/24/22

EUR

3,866,000

83.85

3,241

3,283

Romania

Government

International

Bond

02/24/22

EUR

2,353,000

90.48

2,129

2,011

Romania

Government

International

Bond

02/24/22

EUR

543,000

95.45

518

443

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

176

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

$

$

$

Romania

Government

International

Bond

02/24/22

EUR

1,251,000

98.70

1,235

1,124

Romania

Government

International

Bond

02/25/22

EUR

547,000

92.83

508

548

Romania

Government

International

Bond

03/01/22

EUR

659,000

104.40

688

592

Romania

Government

International

Bond

06/28/22

EUR

1,188,000

68.15

810

858

Romania

Government

International

Bond

07/20/22

EUR

309,000

82.44

255

285

Romania

Government

International

Bond

07/21/22

EUR

200,000

86.46

173

197

Romania

Government

International

Bond

09/21/22

EUR

6,078,000

94.86

5,766

6,377

Sasol

Financing

USA

LLC

04/26/23

540,000

100.00

540

540

Saudi

Arabian

Oil

Co.

10/08/21

2,867,000

99.94

2,865

2,629

Sealed

Air

Corp.

04/22/20

300,000

109.60

329

314

Sequoia

Mortgage

Trust

10/21/16

427,826

102.62

439

385

Sequoia

Mortgage

Trust

05/06/21

7,906,400

102.60

8,112

7,028

Siemens

Financieringsmaatschappij

NV

02/04/22

2,681,000

102.13

2,738

2,593

Skandinaviska

Enskilda

Banken

AB

01/06/23

2,924,000

95.49

2,792

2,763

Sociedad

Quimica

y

Minera

de

Chile

SA

09/13/21

450,000

99.20

446

314

Societe

Generale

SA

02/03/23

3,105,000

91.58

2,844

2,776

Spirit

Loyalty

Cayman,

Ltd.

/

Spirit

IP

Cayman,

Ltd.

11/14/22

660,000

100.84

666

666

Standard

Chartered

PLC

04/02/20

250,000

104.51

261

240

Stratton

Mortgage

Funding

PLC

06/27/22

GBP

3,147,059

121.70

3,830

4,025

Suzano

Austria

GmbH

04/09/21

200,000

128.72

257

204

Taurus

CMBS

07/28/21

GBP

1,614,446

139.09

2,246

1,966

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

1,211,105

140.62

1,703

1,484

Teachers

Insurance

&

Annuity

Association

of

America

11/09/15

200,000

97.49

195

194

Tennessee

Gas

Pipeline

Co.

LLC

05/06/22

350,000

89.39

313

302

Towd

Point

Mortgage

Funding

PLC

01/20/21

GBP

1,506,000

136.45

2,055

1,899

Towd

Point

Mortgage

Trust

08/17/20

2,659,169

101.72

2,705

2,492

Towd

Point

Mortgage

Trust

02/24/23

GBP

7,938,000

118.11

9,376

10,099

Towd

Point

Mortgage

Trust

07/21/23

7,712,000

99.85

7,700

7,700

TSMC

Global,

Ltd.

11/21/22

3,024,000

90.67

2,742

2,732

UBS

Group

AG

01/28/19

690,000

100.00

690

675

UBS

Group

AG

04/09/21

350,000

123.76

433

318

UBS

Group

AG

05/10/21

270,000

100.00

270

223

UBS

Group

AG

08/08/22

720,000

100.00

720

752

UBS

Group

AG

11/09/22

260,000

100.00

260

316

UBS

Group

AG

01/06/23

2,906,000

95.75

2,782

2,761

UBS

Group

AG

04/05/23

2,827,000

97.74

2,763

2,746

UniCredit

SpA

04/22/20

231,000

104.73

242

224

UniCredit

SpA

03/03/22

3,000,000

96.81

2,904

2,746

United

Airlines,

Inc.

04/14/21

70,000

100.00

70

63

United

Airlines,

Inc.

03/30/22

530,000

98.97

525

502

VICI

Properties,

Inc.

07/06/22

3,234,000

97.62

3,157

3,191

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

02/10/21

GBP

2,285,442

138.64

3,168

2,910

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

04/09/21

420,000

103.35

434

294

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

05/06/21

1,195,000

98.69

1,179

1,132

Wells

Fargo

Commercial

Mortgage

Trust

11/15/22

1,744,726

93.71

1,635

1,641

Woodward

Capital

Management

LLC

07/13/23

1,550,000

100.22

1,553

1,549

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

02/09/23

200,000

98.32

197

196

Wynn

Macau,

Ltd.

09/16/21

320,000

95.98

307

289

Wynn

Macau,

Ltd.

01/04/23

980,000

97.54

956

956

Yara

International

ASA

04/11/22

2,810,000

99.10

2,785

2,660

ZF

NA

Capital,

Inc.

05/05/20

2,374,000

96.72

2,281

2,308

649,371

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

177

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

99

CAD

11,890

09/23

(272)

Long

Gilt

Futures

151

GBP

14,515

09/23

(34)

United

States

2

Year

Treasury

Note

Futures

3,392

USD

688,682

09/23

(10,724)

United

States

5

Year

Treasury

Note

Futures

4,568

USD

487,955

09/23

(9,452)

United

States

10

Year

Treasury

Note

Futures

1,537

USD

171,231

09/23

(3,558)

United

States

10

Year

Treasury

Ultra

Notes

Futures

2,084

USD

243,795

09/23

(4,129)

United

States

Treasury

Long

Bond

Futures

707

USD

87,977

09/23

(1,094)

United

States

Treasury

Ultra

Bond

Futures

1,357

USD

179,421

09/23

(3,437)

Short

Positions

Euro-Bobl

Futures

70

EUR

8,112

09/23

(82)

Euro-Bund

Futures

490

EUR

65,170

09/23

317

Euro-Buxl

Futures

7

EUR

942

09/23

15

Euro-Schatz

Futures

63

EUR

6,618

09/23

47

Japanese

10

Year

Mini

Government

Bond

Futures

349

JPY

14,109,447

09/23

801

Long

Gilt

Futures

1

GBP

96

09/23

1

United

States

2

Year

Treasury

Note

Futures

226

USD

45,885

09/23

659

United

States

5

Year

Treasury

Note

Futures

642

USD

68,579

09/23

217

United

States

10

Year

Treasury

Note

Futures

1,574

USD

175,353

09/23

4,032

United

States

Treasury

Long

Bond

Futures

1

USD

124

09/23

2

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(26,691)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

17,890

GBP

14,073

08/10/23

172

Bank

of

New

York

GBP

176

USD

226

08/10/23

1

Citigroup

USD

181

BRL

891

08/02/23

8

Citigroup

USD

333

BRL

1,581

08/02/23

1

Citigroup

USD

423

BRL

2,004

08/02/23

1

Citigroup

USD

550

BRL

2,694

08/02/23

20

Citigroup

USD

1,744

CLP

1,450,916

10/19/23

(29)

Citigroup

USD

2,090

CLP

1,707,844

10/19/23

(71)

Citigroup

USD

2,306

CLP

1,915,873

10/19/23

(40)

Citigroup

USD

324

EUR

288

10/19/23

(7)

Citigroup

USD

371

EUR

333

10/19/23

(3)

Citigroup

USD

199

GBP

155

10/19/23

—

Citigroup

USD

1,970

GBP

1,517

10/19/23

(23)

Citigroup

USD

4,030

ILS

14,556

10/19/23

(59)

Citigroup

USD

4,288

ILS

15,792

10/19/23

20

Citigroup

USD

4,169

INR

345,589

10/19/23

23

Citigroup

USD

102

JPY

14,241

10/19/23

(1)

Citigroup

USD

714

JPY

97,959

10/19/23

(17)

Citigroup

USD

8,699

JPY

1,203,993

10/19/23

(132)

Citigroup

USD

15,227

JPY

2,124,000

10/19/23

(113)

Citigroup

BRL

891

USD

188

08/02/23

(1)

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

178

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

BRL

1,581

USD

310

08/02/23

(24)

Citigroup

BRL

2,004

USD

402

08/02/23

(22)

Citigroup

BRL

2,694

USD

568

08/02/23

(2)

Citigroup

CLP

279,647

USD

344

10/19/23

14

Citigroup

CLP

10,091,753

USD

12,234

10/19/23

304

Citigroup

EUR

500

USD

564

10/19/23

12

Citigroup

EUR

518

USD

585

10/19/23

13

Citigroup

EUR

5,694

USD

6,330

10/19/23

45

Citigroup

EUR

5,753

USD

6,330

10/19/23

(20)

Citigroup

EUR

9,700

USD

10,948

10/19/23

243

Citigroup

EUR

76,386

USD

85,322

10/19/23

1,016

Citigroup

GBP

9,891

EUR

11,549

10/19/23

51

Citigroup

GBP

364

USD

469

08/21/23

1

Citigroup

GBP

227

USD

296

10/19/23

5

Citigroup

GBP

755

USD

990

10/19/23

20

Citigroup

GBP

817

USD

1,056

10/19/23

6

Citigroup

HUF

1,020,790

EUR

2,616

10/19/23

35

Citigroup

JPY

79,944

USD

577

10/19/23

8

Citigroup

JPY

130,376

USD

928

10/19/23

—

Citigroup

JPY

8,063,356

USD

59,131

10/19/23

1,758

Citigroup

MXN

7,319

USD

429

10/19/23

(2)

Citigroup

MXN

37,608

USD

2,185

10/19/23

(29)

Citigroup

MXN

138,527

USD

8,037

10/19/23

(118)

Citigroup

MXN

138,527

USD

8,050

10/19/23

(106)

Citigroup

ZAR

2,524

USD

139

10/19/23

(1)

Citigroup

ZAR

7,212

USD

397

10/19/23

(3)

Citigroup

ZAR

44,210

USD

2,345

10/19/23

(110)

Citigroup

ZAR

45,793

USD

2,517

10/19/23

(25)

Citigroup

ZAR

130,153

USD

7,112

10/19/23

(114)

Goldman

Sachs

USD

1,404

MXN

24,398

10/20/23

32

JPMorgan

Chase

IDR

8,678,743

USD

575

10/20/23

1

Morgan

Stanley

USD

629

BRL

3,114

10/20/23

20

Morgan

Stanley

USD

2,667

EUR

2,415

10/20/23

(1)

Morgan

Stanley

USD

1

GBP

1

10/20/23

—

Morgan

Stanley

USD

1,488

JPY

207,279

10/20/23

(12)

Royal

Bank

of

Canada

CAD

15,829

USD

11,962

08/10/23

(44)

State

Street

USD

11,920

AUD

17,867

08/10/23

85

State

Street

USD

8,910

EUR

8,190

08/10/23

98

State

Street

USD

5,147

JPY

721,098

08/10/23

(72)

State

Street

USD

5,986

NZD

9,682

08/10/23

27

State

Street

USD

11,791

SEK

128,331

08/10/23

405

State

Street

AUD

17,867

USD

11,918

08/10/23

(87)

State

Street

EUR

1,878

USD

2,073

08/10/23

8

State

Street

EUR

4,432

USD

5,003

08/18/23

126

State

Street

GBP

50,741

USD

65,945

08/21/23

821

State

Street

JPY

861,167

USD

5,985

08/10/23

(76)

State

Street

NZD

41

USD

26

08/10/23

—

State

Street

SEK

3,154

USD

300

08/10/23

1

UBS

USD

656

CHF

569

08/10/23

(3)

UBS

CHF

16,070

USD

17,951

08/10/23

(492)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

3,542

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

179

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

1,112

4.554%

(4)

SOFR

(4)

10/19/25

—

(1)

(1)

Citigroup

GBP

10,675

6.135%

(4)

SONIA

(4)

10/19/25

—

150

150

Citigroup

USD

11,955

4.555%

(4)

SOFR

(4)

10/19/25

—

(9)

(9)

Citigroup

GBP

13,268

6.131%

(4)

SONIA

(4)

10/19/25

—

185

185

Citigroup

GBP

13,320

6.140%

(4)

SONIA

(4)

10/19/25

—

189

189

Citigroup

GBP

14,945

6.132%

(4)

SONIA

(4)

10/19/25

—

209

209

Citigroup

GBP

18,300

6.147%

(4)

SONIA

(4)

10/19/25

—

263

263

Citigroup

NZD

18,700

5.212%

(3)

3

Month

NZD-BBR-Telerate

(2)

10/19/25

—

(33)

(33)

Citigroup

NZD

37,000

5.325%

(3)

3

Month

NZD-BBR-Telerate

(2)

10/19/25

—

(18)

(18)

Citigroup

NZD

37,400

5.221%

(3)

3

Month

NZD-BBR-Telerate

(2)

10/19/25

—

(64)

(64)

Citigroup

GBP

57,538

6.145%

(4)

SONIA

(4)

10/19/25

—

823

823

Citigroup

CAD

61,200

4.718%

(3)

CORRA

(3)

10/19/25

—

(35)

(35)

Citigroup

HKD

101,203

3

Month

HIBOR

(2)

4.520%

(2)

10/19/25

—

17

17

Citigroup

EUR

8,500

3.365%

(4)

6

Month

EURIBOR

(3)

10/19/28

—

91

91

Citigroup

SEK

100,000

3

Month

STIBOR

(2)

3.570%

(4)

10/19/28

—

(143)

(143)

Citigroup

KRW

12,500,000

3.569%

(2)

South

Korean

Won

3

Month

Certificate

of

Deposit

Rates

(2)

10/19/28

—

5

5

Citigroup

AUD

3,600

3.845%

(3)

6

Month

BBSW

(3)

07/20/33

—

(114)

(114)

Citigroup

AUD

3,200

4.440%

(3)

6

Month

BBSW

(3)

10/19/33

—

1

1

Citigroup

CAD

14,100

CORRA

(3)

3.557%

(3)

10/19/33

—

71

71

Citigroup

JPY

1,400,000

TONAR

(4)

0.760%

(4)

10/19/33

—

83

83

Citigroup

EUR

2,083

2.614%

(4)

12

Month

EUTA

(3)

06/15/43

—

(50)

(50)

Citigroup

EUR

2,167

2.663%

(4)

12

Month

EUTA

(3)

06/15/43

—

(31)

(31)

Citigroup

USD

2,725

12

Month

U.S.

CPI

Urban

Consumers

NSA

(2)

2.488%

(3)

06/15/43

—

39

39

Citigroup

EUR

4,250

2.668%

(4)

12

Month

EUTA

(3)

06/15/43

—

(56)

(56)

Citigroup

EUR

3,900

6

Month

EURIBOR

(3)

1.942%

(4)

02/13/73

—

478

478

Total

Open

Interest

Rate

Swap

Contracts

(å)

—

2,050

2,050

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

High

Yield

Index

Bank

of

America

USD

3,987

(5.000%)

(2)

06/20/28

11

(152)

(141)

CDX

NA

Investment

Grade

Index

Bank

of

America

USD

8,105

(1.000%)

(2)

06/20/28

(51)

(80)

(131)

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

(40)

(232)

(272)

Total

Open

Credit

Default

Swap

Contracts

(å)

(40)

(232)

(272)

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

180

Strategic

Bond

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

Asset-Backed

Securities

$

—

$

74,964

$

—

$

—

$

74,964

Corporate

Bonds

and

Notes

—

554,562

—

—

554,562

International

Debt

—

354

,

023

—

—

354,023

Loan

Agreements

—

1,089

—

—

1,089

Mortgage-Backed

Securities

—

438,378

—

—

438,378

Municipal

Bonds

—

1,756

—

—

1,756

Non-US

Bonds

—

147,802

—

—

147,802

United

States

Government

Treasuries

—

326,393

—

—

326,393

Common

Stocks

—

—

—

—

—

Preferred

Stocks

626

—

—

—

626

Short-Term

Investments

—

338

,

030

—

150,022

488

,

052

Other

Securities

—

—

—

5,213

5,213

Total

Investments

626

2,236,997

—

155,235

2,392,858

Other

Financial

Instruments

Assets

Futures

Contracts

6,091

—

—

—

6,

091

Foreign

Currency

Exchange

Contracts

—

5,401

—

—

5,

401

Interest

Rate

Swap

Contracts

—

2,604

—

—

2,604

Liabilities

Futures

Contracts

(32,

782

)

—

—

—

(32,

782

)

Foreign

Currency

Exchange

Contracts

—

(1,859)

—

—

(1,859)

Interest

Rate

Swap

Contracts

—

(554)

—

—

(554)

Credit

Default

Swap

Contracts

—

(272)

—

—

(272)

Total

Other

Financial

Instruments

*

$

(26,691)

$

5,320

$

—

$

—

$

(21,371)

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

181

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Andorra

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

10,498

Argentina

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

1,552

Australia

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

2,643

Belgium

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

559

Bermuda

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

82,600

Brazil

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

6,485

Canada

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

36,852

Cayman

Islands

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

52,516

Chile

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

3,509

China

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

3,636

Colombia

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

3,413

Denmark

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

6,909

Egypt

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

6,679

France

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

24,079

Germany

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

14,711

Greece

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

8,822

Hong

Kong

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

357

India

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

6,078

Indonesia

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

1,180

Ireland

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

9,358

Israel

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

63

Italy

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

10,228

Japan

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

50,043

Jordan

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

740

Liberia

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

378

Luxembourg

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

26,483

Macao

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

3,046

Mexico

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

44,586

Morocco

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

327

Netherlands

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

7,489

Nigeria

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

6,166

Oman

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

239

Panama

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

5,932

Peru

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

300

Romania

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

24,008

Saudi

Arabia

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

2,629

South

Africa

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

13,346

South

Korea

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

6,460

Spain

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

1,782

Sweden

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

2,763

Switzerland

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

16,850

Taiwan

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

6,008

Togo

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

3,057

United

Arab

Emirates

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

267

United

Kingdom

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

67,418

United

States

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

1,808,755

Zambia

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

1,059

Total

Investments

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

2,392,858

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

182

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

90.2%

Asset-Backed

Securities

-

2.6%

Amur

Equipment

Finance

Receivables

XI

LLC

Series

2022-2A

Class

A2

5.300%

due

06/21/28

(Þ)

2,115

2,096

Amur

Equipment

Finance

Receivables

XII

LLC

Series

2023-1A

Class

A2

6.090%

due

12/20/29

(Þ)

2,209

2,204

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)

5,438

5,351

Credit-Based

Asset

Servicing

&

Securitization

LLC

Series

2004-CB7

Class

AF5

4.090%

due

09/25/34

(~)(Ê)

26

24

Dewolf

Park

CLO,

Ltd.

Series

2021-1A

Class

AR

6.490%

due

10/15/30

(USD

3

Month

LIBOR

+

0.920%)(Ê)(Þ)

1,497

1,490

DLLAA

LLC

Series

2023-1A

Class

A4

5.730%

due

10/20/31

(Þ)

2,059

2,065

FIGRE

Trust

Series

2023-HE1

Class

A

5.850%

due

03/25/53

(Þ)

907

897

GoodLeap

Sustainable

Home

Improvements

Series

2021-5CS

Class

A

2.310%

due

10/20/48

(Þ)

773

589

GoodLeap

Sustainable

Home

Solutions

Trust

Series

2022-1GS

Class

A

2.700%

due

01/20/49

(Þ)

671

533

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

2.190%

due

08/21/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

475

457

JPMorgan

Chase

Mortgage

Trust

Series

2023-HE1

Class

A1

6.817%

due

11/25/53

(SOFR

30

Day

Average

+

1.750%)(Ê)(Þ)

2,973

2,980

MF1

LLC

Series

2022-FL9

Class

A

2.960%

due

06/19/37

(CME

Term

SOFR

1

Month

+

2.150%)(Ê)(Þ)

3,078

3,078

OneSky

Class

A

Loan

Trust

Series

A

Class

A

3.875%

due

07/15/29

2,018

1,836

Towd

Point

HE

Trust

Series

2023-1

Class

A1A

6.875%

due

02/25/63

(Þ)

3,651

3,661

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

562

527

27,788

Corporate

Bonds

and

Notes

-

23.1%

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

AES

Corp.

(The)

5.450%

due

06/01/28

1,100

1,090

Aetna,

Inc.

6.750%

due

12/15/37

1,240

1,366

3.875%

due

08/15/47

180

138

Air

Lease

Corp.

5.850%

due

12/15/27

1,270

1,280

Aircastle,

Ltd.

5.250%

due

08/11/25

(Þ)

161

157

4.250%

due

06/15/26

227

216

Alleghany

Corp.

3.250%

due

08/15/51

460

320

Allied

World

Assurance

Co.

Holdings,

Ltd.

4.350%

due

10/29/25

326

314

Ally

Financial,

Inc.

8.000%

due

11/01/31

106

111

Altria

Group,

Inc.

10.200%

due

02/06/39

579

786

3.400%

due

02/04/41

397

276

Amcor

Flexibles

NA,

Inc.

4.000%

due

05/17/25

326

316

Amcor

PLC

Series

WI

3.625%

due

04/28/26

393

372

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

AA

Class

AA

3.650%

due

02/15/29

1,803

1,655

American

Electric

Power

Co.,

Inc.

5.699%

due

08/15/25

1,090

1,091

5.625%

due

03/01/33

1,500

1,527

American

Tower

Trust

#1

5.490%

due

03/15/28

(Þ)

5,790

5,795

Amgen,

Inc.

5.250%

due

03/02/30

610

614

3.150%

due

02/21/40

1,200

910

5.650%

due

03/02/53

1,045

1,048

Apollo

Management

Holdings,

LP

4.400%

due

05/27/26

(Þ)

810

771

Apple,

Inc.

0.700%

due

02/08/26

780

705

4.650%

due

02/23/46

600

589

Ares

Capital

Corp.

3.250%

due

07/15/25

272

254

3.875%

due

01/15/26

303

283

Arizona

Public

Service

Co.

5.550%

due

08/01/33

915

917

AT&T,

Inc.

1.700%

due

03/25/26

355

322

4.300%

due

02/15/30

865

810

6.800%

due

05/15/36

525

547

3.500%

due

06/01/41

1,190

886

4.750%

due

05/15/46

249

212

Series

WI

8.750%

due

11/15/31

415

486

4.900%

due

08/15/37

780

716

3.500%

due

09/15/53

1,145

777

3.550%

due

09/15/55

1,670

1,124

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

183

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Athene

Global

Funding

2.950%

due

11/12/26

(Þ)

1,730

1,559

Athene

Holding,

Ltd.

4.125%

due

01/12/28

2,250

2,085

Avangrid,

Inc.

3.200%

due

04/15/25

354

338

Avery

Dennison

Corp.

2.650%

due

04/30/30

140

117

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

123

Bank

of

America

Corp.

3.366%

due

01/23/26

(CME

Term

SOFR

3

Month

+

1.072%)(Ê)

2,360

2,275

2.015%

due

02/13/26

(CME

Term

SOFR

3

Month

+

0.902%)(Ê)

366

346

2.572%

due

10/20/32

(SOFR

+

1.210%)(Ê)

1,210

982

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

1,175

1,105

5.288%

due

04/25/34

(SOFR

+

1.910%)(Ê)

1,595

1,583

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

1,555

1,199

Series

MtN

3.093%

due

10/01/25

(CME

Term

SOFR

3

Month

+

1.352%)(Ê)

1,070

1,035

Bank

of

America

NA

Series

BKNT

6.000%

due

10/15/36

310

330

BAT

Capital

Corp.

4.700%

due

04/02/27

531

517

6.421%

due

08/02/33

3,240

3,240

Series

WI

3.557%

due

08/15/27

485

450

4.390%

due

08/15/37

800

632

Berry

Global,

Inc.

4.875%

due

07/15/26

(Þ)

337

326

Series

WI

1.570%

due

01/15/26

232

210

Blackstone

Private

Credit

Fund

Series

WI

2.625%

due

12/15/26

395

339

Blue

Owl

Capital

Corp

3.400%

due

07/15/26

112

101

Boardwalk

Pipelines,

LP

4.450%

due

07/15/27

517

494

Boeing

Co.

(The)

2.196%

due

02/04/26

2,750

2,538

3.200%

due

03/01/29

910

824

5.705%

due

05/01/40

615

615

Broadcom,

Inc.

3.419%

due

04/15/33

(Þ)

705

590

4.926%

due

05/15/37

(Þ)

508

462

3.500%

due

02/15/41

396

295

Series

WI

3.875%

due

01/15/27

519

495

4.150%

due

11/15/30

616

566

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cantor

Fitzgerald,

LP

4.500%

due

04/14/27

(Þ)

1,190

1,121

Capital

One

Financial

Corp.

2.636%

due

03/03/26

(SOFR

+

1.290%)(Ê)

469

441

Carlisle

Cos.,

Inc.

2.750%

due

03/01/30

183

156

CDW

LLC

/

CDW

Finance

Corp.

3.250%

due

02/15/29

389

339

Celanese

US

Holdings

LLC

6.050%

due

03/15/25

1,815

1,813

6.330%

due

07/15/29

330

331

CenterPoint

Energy,

Inc.

2.500%

due

09/01/24

730

703

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.900%

due

06/01/52

2,025

1,325

Series

WI

4.908%

due

07/23/25

184

181

4.200%

due

03/15/28

375

351

Cheniere

Corpus

Christi

Holdings

LLC

Series

WI

5.125%

due

06/30/27

400

396

3.700%

due

11/15/29

732

668

2.742%

due

12/31/39

435

341

Cheniere

Energy,

Inc.

Series

WI

4.625%

due

10/15/28

518

486

Cigna

Corp.

Series

WI

4.125%

due

11/15/25

1,420

1,387

Citadel

Finance

LLC

3.375%

due

03/09/26

(Þ)

590

534

Citadel,

LP

4.875%

due

01/15/27

(Þ)

625

609

Citigroup,

Inc.

4.140%

due

05/24/25

(SOFR

+

1.372%)(Ê)

675

666

1.281%

due

11/03/25

(SOFR

+

0.528%)(Ê)

1,060

998

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

411

393

5.610%

due

09/29/26

(SOFR

+

1.546%)(Ê)

1,245

1,242

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

2,765

2,258

8.125%

due

07/15/39

450

571

Comcast

Corp.

6.450%

due

03/15/37

835

917

5.350%

due

05/15/53

1,040

1,044

Commonwealth

Edison

Co.

2.550%

due

06/15/26

1,475

1,383

Conagra

Brands,

Inc.

1.375%

due

11/01/27

334

284

Constellation

Brands,

Inc.

4.400%

due

11/15/25

1,270

1,245

4.900%

due

05/01/33

900

880

Consumers

Energy

Co.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

184

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.625%

due

05/15/33

1,270

1,240

2.650%

due

08/15/52

740

474

Corporate

Office

Properties

Trust

2.000%

due

01/15/29

355

275

CoStar

Group,

Inc.

2.800%

due

07/15/30

(Þ)

505

422

CVS

Health

Corp.

5.250%

due

02/21/33

210

209

4.780%

due

03/25/38

625

577

5.050%

due

03/25/48

324

296

5.875%

due

06/01/53

765

776

DDR

Corp.

3.625%

due

02/01/25

339

321

Deere

&

Co.

2.750%

due

04/15/25

1,450

1,393

Devon

Energy

Corp.

7.875%

due

09/30/31

425

481

4.750%

due

05/15/42

940

807

Diamondback

Energy,

Inc.

6.250%

due

03/15/33

1,200

1,254

4.250%

due

03/15/52

740

575

Discover

Bank

Series

BKNT

3.450%

due

07/27/26

376

348

Discover

Financial

Services

4.100%

due

02/09/27

354

330

Discovery

Communications

LLC

Class

A

5.000%

due

09/20/37

195

168

Dominion

Energy,

Inc.

3.071%

due

08/15/24

(~)(Ê)

580

563

DTE

Energy

Co.

2.850%

due

10/01/26

371

344

Duke

Energy

Corp.

5.000%

due

08/15/52

374

340

Edison

International

6.950%

due

11/15/29

314

334

Enbridge

Energy

Partners,

LP

5.500%

due

09/15/40

128

121

Energy

Transfer

Operating,

LP

5.000%

due

05/15/50

164

139

Energy

Transfer,

LP

4.000%

due

10/01/27

1,205

1,136

5.250%

due

04/15/29

1,560

1,546

3.750%

due

05/15/30

1,130

1,024

Enstar

Group,

Ltd.

3.100%

due

09/01/31

300

234

Enterprise

Products

Operating

LLC

5.350%

due

01/31/33

1,380

1,407

EPR

Properties

Co.

4.500%

due

04/01/25

54

51

4.750%

due

12/15/26

351

322

Equifax,

Inc.

2.600%

due

12/15/25

720

673

Equinix,

Inc.

1.250%

due

07/15/25

363

333

2.900%

due

11/18/26

174

160

Essential

Properties,

LP

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.950%

due

07/15/31

475

359

Eversource

Energy

5.125%

due

05/15/33

745

734

Exxon

Mobil

Corp.

2.992%

due

03/19/25

345

333

F&G

Global

Funding

1.750%

due

06/30/26

(Þ)

1,245

1,108

Farmers

Exchange

Capital

III

5.454%

due

10/15/54

(USD

3

Month

LIBOR

+

3.454%)(Ê)(Þ)

290

253

FirstEnergy

Transmission

LLC

4.350%

due

01/15/25

(Þ)

144

140

Florida

Power

&

Light

Co.

2.450%

due

02/03/32

1,635

1,371

FNB

Corp.

5.150%

due

08/25/25

314

306

Franklin

BSP

Lending

Corp.

Series

WI

3.250%

due

03/30/26

319

285

FS

KKR

Capital

Corp.

4.125%

due

02/01/25

358

343

2.625%

due

01/15/27

218

188

GA

Global

Funding

Trust

1.625%

due

01/15/26

(Þ)

1,090

974

General

Motors

Co.

6.600%

due

04/01/36

380

394

General

Motors

Financial

Co.,

Inc.

2.750%

due

06/20/25

735

697

Genworth

Mortgage

Holdings,

Inc.

6.500%

due

08/15/25

(Þ)

486

481

Georgia

Power

Co.

3.250%

due

03/30/27

331

308

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

338

313

Goldman

Sachs

Group,

Inc.

(The)

3.272%

due

09/29/25

(CME

Term

SOFR

3

Month

+

1.463%)(Ê)

2,170

2,105

0.855%

due

02/12/26

(SOFR

+

0.609%)(Ê)

276

256

6.345%

due

02/15/34

1,060

1,070

6.450%

due

05/01/36

310

325

4.411%

due

04/23/39

(CME

Term

SOFR

3

Month

+

1.692%)(Ê)

50

44

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

4,745

3,791

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

332

292

Harman

International

Industries,

Inc.

4.150%

due

05/15/25

505

491

HCA,

Inc.

5.375%

due

02/01/25

420

417

4.500%

due

02/15/27

670

651

3.125%

due

03/15/27

(Þ)

347

320

3.500%

due

09/01/30

1,120

984

5.500%

due

06/15/47

1,320

1,232

5.900%

due

06/01/53

545

536

Healthcare

Realty

Holdings,

LP

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

185

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

08/01/26

183

170

Hercules

Capital,

Inc.

2.625%

due

09/16/26

324

282

Hess

Corp.

6.000%

due

01/15/40

1,120

1,118

5.600%

due

02/15/41

458

437

5.800%

due

04/01/47

440

430

HF

Sinclair

Corp.

Series

WI

5.875%

due

04/01/26

1,095

1,099

Home

Depot,

Inc.

(The)

5.875%

due

12/16/36

132

143

HSBC

Holdings

PLC

Series

BKNT

7.000%

due

01/15/39

615

668

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.844%

due

05/01/25

327

316

Huntsman

International

LLC

4.500%

due

05/01/29

299

278

Hyundai

Capital

America

5.800%

due

06/26/25

(Þ)

470

470

International

Flavors

&

Fragrances,

Inc.

1.230%

due

10/01/25

(Þ)

291

262

1.832%

due

10/15/27

(Þ)

132

112

International

Paper

Co.

6.000%

due

11/15/41

136

139

IQVIA,

Inc.

5.700%

due

05/15/28

280

278

Jackson

Financial,

Inc.

Series

WI

3.125%

due

11/23/31

505

398

Jacobs

Engineering

Group,

Inc.

5.900%

due

03/01/33

162

160

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

6.500%

due

12/01/52

(Þ)

2,320

2,268

Jersey

Central

Power

&

Light

Co.

4.300%

due

01/15/26

(Þ)

170

165

JetBlue

Airways

Corp.

Series

1A

4.000%

due

11/15/32

1,880

1,719

Series

2019

2.750%

due

05/15/32

2,308

1,960

Johnson

Controls

International

PLC

3.900%

due

02/14/26

166

160

JPMorgan

Chase

&

Co.

7.750%

due

07/15/25

260

270

5.546%

due

12/15/25

(SOFR

+

1.070%)(Ê)

1,830

1,825

1.045%

due

11/19/26

(SOFR

+

0.800%)(Ê)

2,695

2,434

8.750%

due

09/01/30

405

488

2.963%

due

01/25/33

(SOFR

+

1.260%)(Ê)

1,320

1,114

4.586%

due

04/26/33

(SOFR

+

1.800%)(Ê)

740

706

3.157%

due

04/22/42

(SOFR

+

1.460%)(Ê)

1,885

1,427

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kellogg

Co.

Series

B

7.450%

due

04/01/31

238

271

Kentucky

Utilities

Co.

5.450%

due

04/15/33

690

704

KeyCorp.

2.250%

due

04/06/27

348

302

5.000%

due

01/26/33

160

145

Series

BKNT

4.150%

due

08/08/25

507

485

KeySpan

Gas

East

Corp

2.742%

due

08/15/26

(Þ)

200

182

Kilroy

Realty,

LP

4.750%

due

12/15/28

347

311

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

155

170

KKR

Group

Finance

Co.

III

LLC

5.125%

due

06/01/44

(Þ)

880

762

Kraft

Heinz

Foods

Co.

5.000%

due

06/04/42

1,285

1,202

Series

WI

4.375%

due

06/01/46

208

176

Kyndryl

Holdings,

Inc.

Series

WI

2.050%

due

10/15/26

950

828

L3Harris

Technologies,

Inc.

5.400%

due

07/31/33

1,575

1,586

Lehman

Brothers

Holdings

5.857%

due

11/30/56

(Š)(Ø)(Æ)

1,450

—

Leidos,

Inc.

Series

WI

3.625%

due

05/15/25

570

548

LKQ

Corp.

5.750%

due

06/15/28

298

296

Main

Street

Capital

Corp.

3.000%

due

07/14/26

358

320

Manufacturers

&

Traders

Trust

Co.

4.650%

due

01/27/26

512

493

Massachusetts

Mutual

Life

Insurance

Co.

3.200%

due

12/01/61

(Þ)

1,730

1,102

Mattel,

Inc.

3.375%

due

04/01/26

(Þ)

572

532

McDonald's

Corp.

Series

MTN

4.450%

due

09/01/48

155

139

Merck

&

Co.,

Inc.

5.000%

due

05/17/53

515

517

Mercury

General

Corp.

4.400%

due

03/15/27

1,915

1,802

Meta

Platforms,

Inc.

4.950%

due

05/15/33

455

458

5.600%

due

05/15/53

1,410

1,452

Mississippi

Power

Co.

3.950%

due

03/30/28

330

312

Mondelez

International,

Inc.

1.875%

due

10/15/32

192

149

Monongahela

Power

Co.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

186

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.550%

due

05/15/27

(Þ)

760

713

Morgan

Stanley

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

293

276

0.985%

due

12/10/26

(SOFR

+

0.720%)(Ê)

231

207

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

2,545

2,283

5.250%

due

04/21/34

(SOFR

+

1.870%)(Ê)

1,465

1,446

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.430%)(Ê)

800

796

Series

MTN

2.511%

due

10/20/32

(SOFR

+

1.200%)(Ê)

1,740

1,403

Morgan

Stanley

Bank

NA

4.754%

due

04/21/26

1,225

1,210

Motorola

Solutions,

Inc.

5.600%

due

06/01/32

316

314

MPLX,

LP

4.800%

due

02/15/29

815

791

4.500%

due

04/15/38

190

164

4.950%

due

03/14/52

965

820

MultiCare

Health

System

2.803%

due

08/15/50

715

433

Mutual

of

Omaha

Insurance

Co.

4.297%

due

07/15/54

(USD

3

Month

LIBOR

+

2.640%)(Ê)(Þ)

295

287

Nasdaq,

Inc.

5.550%

due

02/15/34

940

948

National

Securities

Clearing

Corp.

5.100%

due

11/21/27

(Þ)

275

276

5.000%

due

05/30/28

(Þ)

735

733

New

York

Life

Global

Funding

4.900%

due

06/13/28

(Þ)

1,135

1,121

New

York

Life

Insurance

Co.

3.750%

due

05/15/50

(Þ)

195

147

New

York

Society

For

The

Relief

Of

The

Ruptured

And

Crippled

Series

2020

2.667%

due

10/01/50

340

209

NextEra

Energy

Capital

Holdings,

Inc.

1.875%

due

01/15/27

363

326

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

297

314

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

565

497

Occidental

Petroleum

Corp.

8.500%

due

07/15/27

185

201

7.875%

due

09/15/31

291

327

Ohio

National

Financial

Services,

Inc.

5.550%

due

01/24/30

(Þ)

615

572

Old

Republic

International

Corp.

3.875%

due

08/26/26

346

327

Omega

Healthcare

Investors,

Inc.

Series

WI

4.500%

due

01/15/25

60

58

5.250%

due

01/15/26

281

274

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Oracle

Corp.

2.950%

due

04/01/30

270

236

3.900%

due

05/15/35

200

172

3.800%

due

11/15/37

160

130

3.600%

due

04/01/40

3,121

2,404

6.900%

due

11/09/52

1,735

1,944

4.375%

due

05/15/55

380

301

Owl

Rock

Capital

Corp.

4.250%

due

01/15/26

294

276

Pacific

Gas

and

Electric

Co.

2.950%

due

03/01/26

311

286

2.100%

due

08/01/27

1,325

1,142

6.100%

due

01/15/29

246

245

2.500%

due

02/01/31

635

502

6.400%

due

06/15/33

520

523

4.200%

due

06/01/41

360

267

Pacific

Life

Insurance

Co.

4.300%

due

10/24/67

(USD

3

Month

LIBOR

+

2.796%)(Ê)(Þ)

255

194

PacifiCorp

2.900%

due

06/15/52

1,145

699

5.500%

due

05/15/54

1,265

1,151

Paramount

Global

4.750%

due

05/15/25

779

764

5.900%

due

10/15/40

380

326

6.375%

due

03/30/62

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.999%)(Ê)

440

363

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

164

162

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

4.000%

due

07/15/25

(Þ)

331

318

1.700%

due

06/15/26

(Þ)

198

176

Pfizer,

Inc.

5.300%

due

05/19/53

1,235

1,269

Philip

Morris

International,

Inc.

5.375%

due

02/15/33

159

159

4.375%

due

11/15/41

635

540

Pinnacle

West

Capital

Corp.

1.300%

due

06/15/25

363

333

PNC

Financial

Services

Group,

Inc.

(The)

5.582%

due

06/12/29

(SOFR

+

1.841%)(Ê)

1,420

1,423

Principal

Life

Global

Funding

II

2.250%

due

11/21/24

(Þ)

820

780

Progress

Energy,

Inc.

7.750%

due

03/01/31

156

176

Prospect

Capital

Corp.

3.706%

due

01/22/26

611

556

3.364%

due

11/15/26

377

325

Public

Service

Co.

of

Oklahoma

Series

G

6.625%

due

11/15/37

115

123

PVH

Corp.

Series

WI

4.625%

due

07/10/25

570

553

Radian

Group,

Inc.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

187

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.875%

due

03/15/27

510

487

Raytheon

Technologies

Corp.

3.125%

due

05/04/27

336

315

5.150%

due

02/27/33

1,375

1,376

4.450%

due

11/16/38

175

159

Regal

Rexnord

Corp.

6.050%

due

02/15/26

(Þ)

316

316

Republic

Services,

Inc.

2.500%

due

08/15/24

346

335

5.000%

due

04/01/34

875

869

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/06/31

(Þ)

395

308

Royalty

Pharma

PLC

Series

WI

1.200%

due

09/02/25

750

682

RPM

International,

Inc.

3.750%

due

03/15/27

336

316

Sabine

Pass

Liquefaction

LLC

Series

WI

5.000%

due

03/15/27

2,095

2,075

Sabra

Health

Care,

LP

3.900%

due

10/15/29

1,670

1,382

3.200%

due

12/01/31

450

343

Series

WI

5.125%

due

08/15/26

287

276

Santander

Holdings

USA,

Inc.

5.807%

due

09/09/26

(SOFR

+

2.328%)(Ê)

271

269

2.490%

due

01/06/28

(SOFR

+

1.249%)(Ê)

253

220

Schlumberger

Investment

SA

4.850%

due

05/15/33

1,035

1,026

Sempra

Energy

5.400%

due

08/01/26

497

497

Sherwin-Williams

Co.

(The)

2.300%

due

05/15/30

420

353

Simon

Property

Group,

LP

2.450%

due

09/13/29

2,140

1,816

Sixth

Street

Specialty

Lending,

Inc.

3.875%

due

11/01/24

334

324

Southern

Co.

(The)

5.113%

due

08/01/27

405

401

Spirit

Realty

Capital,

Inc.

2.100%

due

03/15/28

383

326

Sprint

Capital

Corp.

8.750%

due

03/15/32

570

687

Sprint

LLC

7.625%

due

03/01/26

461

480

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

5.152%

due

03/20/28

(Þ)

2,774

2,745

Starbucks

Corp.

2.000%

due

03/12/27

348

314

Sun

Communities,

Inc.

2.700%

due

07/15/31

398

317

Synchrony

Financial

2.875%

due

10/28/31

447

331

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

BKNT

5.400%

due

08/22/25

1,690

1,628

Sysco

Corp.

3.750%

due

10/01/25

331

320

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

155

152

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

1,320

1,140

8.375%

due

06/15/32

515

590

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

351

325

Thermo

Fisher

Scientific,

Inc.

1.215%

due

10/18/24

292

277

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

866

971

Time

Warner

Cable

LLC

6.550%

due

05/01/37

758

726

7.300%

due

07/01/38

380

387

6.750%

due

06/15/39

520

501

T-Mobile

USA,

Inc.

3.500%

due

04/15/31

166

146

Series

WI

3.500%

due

04/15/25

281

271

1.500%

due

02/15/26

587

533

4.500%

due

04/15/50

1,920

1,641

Trimble,

Inc.

6.100%

due

03/15/33

320

325

Truist

Financial

Corp.

4.260%

due

07/28/26

(SOFR

+

1.456%)(Ê)

283

274

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

160

160

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)

965

974

United

Airlines

Pass-Through

Trust

Series

AA

2.700%

due

05/01/32

716

600

UnitedHealth

Group,

Inc.

3.050%

due

05/15/41

600

457

5.875%

due

02/15/53

1,405

1,546

Unum

Group

5.750%

due

08/15/42

296

271

US

Bancorp

5.836%

due

06/12/34

(SOFR

+

2.260%)(Ê)

810

821

Validus

Holdings,

Ltd.

8.875%

due

01/26/40

477

596

Verizon

Communications,

Inc.

7.750%

due

12/01/30

1,165

1,338

4.500%

due

08/10/33

335

313

Series

WI

4.272%

due

01/15/36

2,710

2,420

ViacomCBS,

Inc.

4.600%

due

01/15/45

235

165

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

4.625%

due

06/15/25

208

202

4.500%

due

09/01/26

(Þ)

301

285

Virginia

Electric

&

Power

Co.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

188

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.000%

due

04/01/33

1,041

1,031

Vistra

Operations

Co.

LLC

5.125%

due

05/13/25

(Þ)

544

531

4.300%

due

07/15/29

(Þ)

620

553

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

370

331

Vornado

Realty

Trust

3.500%

due

01/15/25

338

318

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

310

252

Walgreens

Boots

Alliance,

Inc.

4.800%

due

11/18/44

275

224

Walmart,

Inc.

1.050%

due

09/17/26

361

323

WarnerMedia

Holdings,

Inc.

Series

WI

5.050%

due

03/15/42

1,526

1,269

5.141%

due

03/15/52

1,290

1,049

Wells

Fargo

&

Co.

2.406%

due

10/30/25

(CME

Term

SOFR

3

Month

+

1.087%)(Ê)

289

277

2.164%

due

02/11/26

(CME

Term

SOFR

3

Month

+

1.012%)(Ê)

225

213

6.070%

due

01/15/27

(USD

3

Month

LIBOR

+

0.500%)(Ê)

1,520

1,450

3.196%

due

06/17/27

(CME

Term

SOFR

3

Month

+

1.432%)(Ê)

2,065

1,931

3.350%

due

03/02/33

(SOFR

+

1.500%)(Ê)

605

518

5.950%

due

12/15/36

100

99

Welltower,

Inc.

4.000%

due

06/01/25

330

320

Westinghouse

Air

Brake

Technologies

Corp.

3.200%

due

06/15/25

517

492

Wipro

IT

Services

LLC

1.500%

due

06/23/26

(Þ)

379

339

Zimmer

Biomet

Holdings,

Inc.

3.550%

due

04/01/25

334

323

Zions

Bancorp

NA

3.250%

due

10/29/29

381

299

242,062

International

Debt

-

12.6%

ABN

AMRO

Bank

NV

4.800%

due

04/18/26

(Þ)

178

171

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.000%

due

10/29/28

805

702

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

150

130

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

176

165

Anheuser-Busch

InBev

Worldwide,

Inc.

8.200%

due

01/15/39

200

259

5.450%

due

01/23/39

785

808

5.550%

due

01/23/49

1,945

2,018

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Antares

Holdings,

LP

3.950%

due

07/15/26

(Þ)

505

445

Arbor

Realty

CLO,

Ltd.

Series

2021-FL2

Class

A

1.200%

due

05/15/36

(USD

1

Month

LIBOR

+

1.100%)(Ê)(Þ)

5,101

5,026

Series

2021-FL4

Class

A

1.440%

due

11/15/36

(USD

1

Month

LIBOR

+

1.350%)(Ê)(Þ)

3,240

3,198

Series

2022-FL1

Class

A

1.500%

due

01/15/37

(SOFR

30

Day

Average

+

1.450%)(Ê)(Þ)

4,775

4,736

AstraZeneca

PLC

6.450%

due

09/15/37

1,200

1,366

Bacardi,

Ltd.

5.400%

due

06/15/33

(Þ)

1,475

1,462

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

1,150

Bank

of

Ireland

Group

PLC

2.029%

due

09/30/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.100%)(Ê)(Þ)

378

331

Barclays

PLC

4.375%

due

01/12/26

1,435

1,387

5.200%

due

05/12/26

353

344

7.119%

due

06/27/34

(SOFR

+

3.570%)(Ê)

665

674

Barrick

NA

Finance

LLC

5.750%

due

05/01/43

950

975

Bayer

US

Finance

II

LLC

4.700%

due

07/15/64

(Þ)

1,500

1,193

Bayer

US

Finance

LLC

3.375%

due

10/08/24

(Þ)

360

349

BDS,

Ltd.

Series

2021-FL7

Class

A

5.409%

due

06/16/36

(USD

1

Month

LIBOR

+

1.070%)(Ê)(Þ)

1,306

1,287

Bellemeade

Re,

Ltd.

Series

2019-1A

Class

M2

2.809%

due

03/25/29

(USD

1

Month

LIBOR

+

2.700%)(Ê)(Þ)

577

581

Series

2019-3A

Class

M1C

2.099%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

489

490

Series

2020-2A

Class

M2

6.108%

due

08/26/30

(USD

1

Month

LIBOR

+

6.000%)(Ê)(Þ)

1,167

1,187

Series

2020-3A

Class

M1C

3.848%

due

10/25/30

(USD

1

Month

LIBOR

+

3.700%)(Ê)(Þ)

1,411

1,427

Series

2021-2A

Class

M1A

1.210%

due

06/25/31

(SOFR

30

Day

Average

+

1.200%)(Ê)(Þ)

1,909

1,904

Series

2021-2A

Class

M1B

1.510%

due

06/25/31

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

701

698

Series

2021-3A

Class

M1B

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

189

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.450%

due

09/25/31

(SOFR

30

Day

Average

+

1.400%)(Ê)(Þ)

988

977

Series

2021-3A

Class

M1C

1.600%

due

09/25/31

(SOFR

30

Day

Average

+

1.550%)(Ê)(Þ)

1,461

1,424

Series

2022-2

Class

M1A

6.285%

due

09/27/32

(SOFR

30

Day

Average

+

4.000%)(Ê)(Þ)

2,358

2,410

Bharti

Airtel,

Ltd.

4.375%

due

06/10/25

(Þ)

120

117

BMW

US

Capital

LLC

3.250%

due

04/01/25

(Þ)

1,445

1,402

BNP

Paribas

SA

2.219%

due

06/09/26

(SOFR

+

2.074%)(Ê)(Þ)

424

396

2.159%

due

09/15/29

(SOFR

+

1.218%)(Ê)(Þ)

1,025

860

BPCE

SA

5.975%

due

01/18/27

(SOFR

+

2.100%)(Ê)(Þ)

1,695

1,688

British

Airways

Pass-Through

Trust

4.250%

due

11/15/32

(Þ)

223

204

Brookfield

Finance

LLC

3.450%

due

04/15/50

359

240

Canadian

Imperial

Bank

of

Commerce

0.950%

due

10/23/25

2,230

2,018

Canadian

Natural

Resources,

Ltd.

3.850%

due

06/01/27

262

248

7.200%

due

01/15/32

132

144

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

242

248

CBAM

CLO

Management

Trust

Series

2017-1A

Class

A1

2.385%

due

07/20/30

(USD

3

Month

LIBOR

+

1.250%)(Ê)(Þ)

501

499

Cencosud

SA

5.150%

due

02/12/25

(Þ)

491

482

Cenovus

Energy,

Inc.

6.750%

due

11/15/39

917

964

Series

WI

4.250%

due

04/15/27

408

391

CI

Financial

Corp.

3.200%

due

12/17/30

1,858

1,428

4.100%

due

06/15/51

1,015

621

CIFC

Funding,

Ltd.

Series

2018-5A

Class

A1

5.269%

due

01/15/32

(USD

3

Month

LIBOR

+

1.190%)(Ê)(Þ)

3,200

3,191

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

1,196

Credit

Agricole

SA

1.907%

due

06/16/26

(SOFR

+

1.676%)(Ê)(Þ)

195

181

1.247%

due

01/26/27

(SOFR

+

0.892%)(Ê)(Þ)

429

383

Credit

Suisse

AG

Series

FXD

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.700%

due

02/21/25

550

529

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)

1,392

1,398

1.621%

due

09/11/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)(Þ)

543

491

Deutsche

Bank

AG

4.500%

due

04/01/25

304

293

6.119%

due

07/14/26

(SOFR

+

3.190%)(Ê)

363

361

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

319

Eagle

Re,

Ltd.

Series

2021-2

Class

M1B

1.899%

due

04/25/34

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

2,326

2,335

Series

2021-2

Class

M1C

4.035%

due

04/25/34

(SOFR

30

Day

Average

+

3.450%)(Ê)(Þ)

2,001

2,044

Element

Fleet

Management

Corp.

6.271%

due

06/26/26

(Þ)

489

491

Enbridge,

Inc.

5.700%

due

03/08/33

156

158

Enel

Finance

International

NV

1.375%

due

07/12/26

(Þ)

212

188

7.100%

due

10/14/27

(Þ)

289

303

3.500%

due

04/06/28

(Þ)

214

196

Fairfax

Financial

Holdings,

Ltd.

Series

WI

3.375%

due

03/03/31

105

89

Federation

des

Caisses

Desjardins

du

Quebec

4.400%

due

08/23/25

(Þ)

1,455

1,414

4.550%

due

08/23/27

(Þ)

1,485

1,441

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

370

343

Galaxy

Pipeline

Assets

Bidco,

Ltd.

1.750%

due

09/30/27

(Þ)

2,013

1,857

2.625%

due

03/31/36

(Þ)

225

182

HGI

CRE

CLO,

Ltd.

Series

2021-FL2

Class

A

5.459%

due

09/17/36

(USD

1

Month

LIBOR

+

1.000%)(Ê)(Þ)

3,207

3,134

Home

RE,

Ltd.

Series

2019-1

Class

M1

1.742%

due

05/25/29

(USD

1

Month

LIBOR

+

1.650%)(Ê)(Þ)

5,517

5,517

HSBC

Holdings

PLC

2.999%

due

03/10/26

(SOFR

+

1.430%)(Ê)

745

711

2.099%

due

06/04/26

(SOFR

+

1.929%)(Ê)

372

346

8.113%

due

11/03/33

(SOFR

+

4.250%)(Ê)

2,210

2,450

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

190

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

355

333

Inco,

Ltd.

7.200%

due

09/15/32

322

340

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

308

283

ING

Groep

NV

3.869%

due

03/28/26

(SOFR

+

1.640%)(Ê)

323

312

1.400%

due

07/01/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.100%)(Ê)(Þ)

194

178

Lloyds

Banking

Group

PLC

3.870%

due

07/09/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.500%)(Ê)

1,525

1,492

2.438%

due

02/05/26

169

160

1.627%

due

05/11/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.850%)(Ê)

374

332

5.985%

due

08/07/27

1,650

1,650

Macquarie

Bank,

Ltd.

1.201%

due

10/14/25

(SOFR

+

0.694%)(Ê)(Þ)

523

493

Madison

Park

Funding

XVIII,

Ltd.

Series

2021-18A

Class

ARR

1.195%

due

10/21/30

(USD

3

Month

LIBOR

+

0.940%)(Ê)(Þ)

1,615

1,606

Mitsubishi

Corp.

1.125%

due

07/15/26

(Þ)

174

154

Mitsubishi

UFJ

Financial

Group,

Inc.

4.788%

due

07/18/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.700%)(Ê)

1,070

1,058

5.063%

due

09/12/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)

2,370

2,345

5.719%

due

02/20/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.080%)(Ê)

1,120

1,116

NatWest

Group

PLC

7.472%

due

11/10/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.850%)(Ê)

545

562

1.642%

due

06/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.900%)(Ê)

961

851

6.016%

due

03/02/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.100%)(Ê)

645

651

NBK

Tier

1

Financing

2,

Ltd.

4.500%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

2.832%)(Ê)

(ƒ)(Þ)

344

316

Neuberger

Berman

CLO

XV,

Ltd.

Series

2021-15A

Class

A1R2

6.490%

due

10/15/29

(USD

3

Month

LIBOR

+

0.920%)(Ê)(Þ)

1,462

1,455

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Neuberger

Berman

Loan

Advisers

CLO

26,

Ltd.

Series

2021-26A

Class

AR

1.000%

due

10/18/30

(USD

3

Month

LIBOR

+

0.920%)(Ê)(Þ)

969

965

Nokia

OYJ

4.375%

due

06/12/27

567

535

Nomura

Holdings,

Inc.

1.851%

due

07/16/25

178

164

2.329%

due

01/22/27

372

330

Oaktown

Re

III,

Ltd.

Series

2019-1A

Class

M1B

2.080%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

338

338

Oaktown

Re

VI,

Ltd.

Series

2021-1A

Class

M1B

2.060%

due

10/25/33

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

2,032

2,035

OCI

NV

4.625%

due

10/15/25

(Þ)

844

813

Octagon

Investment

Partners,

Ltd.

Series

2018-1A

Class

A1

5.049%

due

04/15/31

(USD

3

Month

LIBOR

+

0.970%)(Ê)(Þ)

2,826

2,814

Prodigy

Finance

Designated

Activity

Co.

Series

2021-1A

Class

A

1.437%

due

07/25/51

(USD

1

Month

LIBOR

+

1.250%)(Ê)(Þ)

843

833

Prosus

NV

4.027%

due

08/03/50

(Þ)

439

282

Radnor

RE,

Ltd.

Series

2021-1

Class

M1B

1.710%

due

12/27/33

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

476

475

Series

2021-2

Class

M1A

1.898%

due

11/25/31

(SOFR

30

Day

Average

+

1.850%)(Ê)(Þ)

477

477

Reliance

Industries,

Ltd.

4.125%

due

01/28/25

(Þ)

119

116

Reynolds

American,

Inc.

7.250%

due

06/15/37

390

403

8.125%

due

05/01/40

715

783

RMAC

Securities

No.

1

PLC

Series

2007-NS1X

Class

A2B

3.386%

due

06/12/44

(USD

3

Month

LIBOR

+

0.150%)(Ê)(Þ)

2,403

2,306

Royal

Bank

of

Canada

Series

GMTN

0.750%

due

10/07/24

344

325

Santander

UK

Group

Holdings

PLC

1.673%

due

06/14/27

(SOFR

+

0.989%)(Ê)

382

335

Scentre

Group

Trust

1

/

Scentre

Group

Trust

2

3.625%

due

01/28/26

(Þ)

1,550

1,476

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

850

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

191

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SK

Hynix,

Inc.

1.500%

due

01/19/26

(Þ)

363

325

Societe

Generale

SA

2.625%

due

01/22/25

(Þ)

605

575

4.250%

due

04/14/25

(Þ)

384

370

3.625%

due

03/01/41

(Þ)

515

339

7.367%

due

01/10/53

(Þ)

1,075

1,075

Solvay

Finance

America

LLC

4.450%

due

12/03/25

(Þ)

508

491

Southern

Copper

Corp.

3.875%

due

04/23/25

324

314

Standard

Chartered

PLC

6.170%

due

01/09/27

160

161

1.456%

due

01/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

553

494

Swedbank

AB

5.472%

due

06/15/26

(Þ)

494

491

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)

526

490

4.456%

due

06/08/32

1,275

1,200

TransCanada

PipeLines,

Ltd.

4.625%

due

03/01/34

247

226

Triton

Container

International,

Ltd.

2.050%

due

04/15/26

(Þ)

1,606

1,417

TSMC

Arizona

Corp.

1.750%

due

10/25/26

945

850

3.875%

due

04/22/27

284

273

TSMC

Global,

Ltd.

0.750%

due

09/28/25

(Þ)

310

280

UBS

Group

AG

2.095%

due

02/11/32

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

410

317

6.537%

due

08/12/33

(SOFR

+

3.920%)(Ê)(Þ)

455

475

Series

WI

3.750%

due

03/26/25

1,175

1,137

4.550%

due

04/17/26

289

280

UniCredit

SpA

2.569%

due

09/22/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.300%)(Ê)(Þ)

357

327

Vale

Overseas,

Ltd.

6.250%

due

08/10/26

267

273

Vodafone

Group

PLC

5.625%

due

02/10/53

835

811

Volkswagen

Group

of

America

Finance

LLC

1.250%

due

11/24/25

(Þ)

1,715

1,558

Voya

CLO,

Ltd.

Series

2020-2A

Class

A1RR

2.155%

due

04/17/30

(USD

3

Month

LIBOR

+

1.020%)(Ê)(Þ)

1,265

1,261

Westpac

Banking

Corp.

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)

1,005

775

Yara

International

ASA

3.800%

due

06/06/26

(Þ)

346

328

132,020

Mortgage-Backed

Securities

-

17.0%

Banc

of

America

Mortgage

Trust

Series

2004-D

Class

2A2

3.846%

due

05/25/34

(~)(Ê)

42

40

Series

2006-B

Class

1A1

4.122%

due

10/20/46

(~)(Ê)

7

6

BX

Trust

Series

2019-XL

Class

F

2.185%

due

10/15/36

(USD

1

Month

LIBOR

+

2.000%)(Ê)(Þ)

587

579

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

3,148

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

2,617

2,091

Chase

Home

Lending

Mortgage

Trust

Series

2020-CL1

Class

M1

2.429%

due

06/26/34

(USD

1

Month

LIBOR

+

2.250%)(Ê)(Þ)

1,146

1,136

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P

Class

D

3.635%

due

05/10/35

(~)(Ê)(Þ)

2,427

2,115

Credit

Suisse

Mortgage

Trust

Series

2019-ICE4

Class

E

2.335%

due

05/15/36

(USD

1

Month

LIBOR

+

2.150%)(Ê)(Þ)

2,378

2,352

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

1,961

1,399

Fannie

Mae

2.600%

due

2031

330

290

5.500%

due

2033

10

10

5.500%

due

2034

135

138

4.500%

due

2035

188

190

6.000%

due

2035

46

47

5.500%

due

2036

96

99

5.500%

due

2037

73

74

5.500%

due

2038

309

316

6.000%

due

2039

20

20

4.500%

due

2040

65

64

5.500%

due

2040

280

283

4.000%

due

2041

79

75

3.500%

due

2043

783

731

4.000%

due

2043

81

77

4.000%

due

2044

405

386

3.500%

due

2045

551

510

4.000%

due

2045

360

343

4.000%

due

2046

842

799

4.500%

due

2046

205

201

4.000%

due

2047

255

241

4.500%

due

2047

56

55

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

192

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.000%

due

2048

347

331

5.000%

due

2048

921

915

3.000%

due

2049

2,669

2,361

4.000%

due

2049

346

331

2.000%

due

2051

4,522

3,682

4.000%

due

2052

8,224

7,680

5.000%

due

2052

3,268

3,193

5.500%

due

2052

5,945

5,915

5.000%

due

2053

7,054

6,905

5.500%

due

2053

11,810

11,752

30

Year

TBA(Ï)

5.500%

15,000

14,896

Fannie

Mae

REMIC

Trust

Series

2004-W12

Class

1A3

7.000%

due

07/25/44

320

332

Fannie

Mae

REMICS

Series

1999-56

Class

Z

7.000%

due

12/18/29

11

11

Freddie

Mac

5.500%

due

2032

5

5

7.500%

due

2032

5

5

5.500%

due

2034

12

12

4.000%

due

2040

360

347

5.500%

due

2041

101

103

3.500%

due

2044

78

73

4.000%

due

2044

262

250

4.000%

due

2045

523

501

3.500%

due

2046

65

60

4.000%

due

2047

454

432

4.500%

due

2048

175

171

3.000%

due

2050

6,356

5,622

2.500%

due

2051

1,428

1,219

3.500%

due

2051

2,070

1,881

3.500%

due

2052

4,289

3,886

4.000%

due

2052

6,017

5,620

5.000%

due

2052

3,254

3,181

5.500%

due

2053

6,178

6,135

Freddie

Mac

Reference

REMICS

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

131

135

Freddie

Mac

REMICS

Series

2002-2533

Class

Z

5.500%

due

12/15/32

262

262

Series

2006-3123

Class

HT

5.000%

due

03/15/26

35

35

Series

2010-3632

Class

PK

5.000%

due

02/15/40

56

55

Series

2012-4019

Class

JD

3.000%

due

05/15/41

43

41

Ginnie

Mae

II

4.500%

due

2042

85

84

2.500%

due

2052

4,548

3,921

5.500%

due

2053

1,593

1,583

6.000%

due

2053

6,236

6,269

30

Year

TBA(Ï)

5.000%

7,000

6,859

5.500%

16,729

16,624

JPMorgan

Mortgage

Trust

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

172

151

Series

2021-6

Class

A4

2.500%

due

10/25/51

(~)(Ê)(Þ)

2,209

1,901

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

3,380

3,019

Series

2021-7

Class

A6

2.500%

due

11/25/51

(~)(Ê)(Þ)

3,486

3,115

Series

2021-8

Class

A4

2.500%

due

12/25/51

(~)(Ê)(Þ)

528

453

Series

2021-8

Class

A6

2.500%

due

12/25/51

(~)(Ê)(Þ)

2,616

2,334

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

3,215

2,756

Series

2021-14

Class

A4

2.500%

due

05/25/52

(~)(Ê)(Þ)

1,505

1,285

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

1,520

1,294

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

657

563

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

938

818

Series

2023-2

Class

A4B

5.500%

due

07/25/53

(~)(Ê)(Þ)

2,296

2,240

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

0.951%

due

04/15/26

(USD

1

Month

LIBOR

+

0.801%)(Ê)(Þ)

5,862

5,778

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

1,883

1,365

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

10,103

127

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

6,248

21

Preston

Ridge

Partners

Mortgage

LLC

Series

2023-RCF1

Class

A1

4.000%

due

06/25/53

(~)(Ê)(Þ)

4,271

3,981

Sequoia

Mortgage

Trust

Series

2021-4

Class

A10

2.500%

due

06/25/51

(~)(Ê)(Þ)

1,805

1,604

Wells

Fargo

Commercial

Mortgage

Trust

Series

2021-SAVE

Class

A

4.562%

due

02/15/40

(USD

1

Month

LIBOR

+

1.150%)(Ê)(Þ)

4,237

3,986

178,281

Municipal

Bonds

-

0.1%

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

6.637%

due

04/01/57

262

292

7.055%

due

04/01/57

472

486

778

Non-US

Bonds

-

2.3%

Eurosail-UK

PLC

Series

2007-2X

Class

A3C

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

193

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.930%

due

03/13/45

(SONIA

+

0.269%)(Ê)(Þ)

GBP

740

939

Series

2007-3X

Class

A3C

1.045%

due

06/13/45

(GBP

3

Month

LIBOR

+

0.950%)(Ê)(Þ)

GBP

862

1,091

Series

2014-4X

Class

A3

1.252%

due

06/13/45

(SONIA

+

1.069%)(Ê)(Þ)

GBP

1,253

1,588

Finsbury

Square

Series

2021-1GRX

Class

AGRN

2.772%

due

12/16/67

(SONIA

+

0.650%)(Ê)(Þ)

GBP

2,262

2,881

Finsbury

Square

PLC

5.760%

due

12/16/71

GBP

1,246

1,590

Formentera

Issuer

PLC

4.771%

due

07/28/47

(SONIA

+

0.800%)(Ê)

GBP

509

649

Great

Hall

Mortgages

PLC

Series

2007-1

Class

A2B

1.000%

due

03/18/39

(3

Month

EURIBOR

+

0.130%)(Ê)(Þ)

EUR

195

212

Newgate

Funding

PLC

Series

2006-3X

Class

A3A

1.452%

due

12/01/50

(GBP

3

Month

LIBOR

+

0.170%)(Ê)(Þ)

GBP

502

611

Paragon

Mortgages

(No.

12)

PLC

0.293%

due

11/15/38

(SONIA

+

0.359%)(Ê)

GBP

1,498

1,876

Series

2006-12X

Class

A2A

0.342%

due

11/15/38

(SONIA

+

0.359%)(Ê)(Þ)

GBP

502

625

Parkmore

Point

RMBS

PLC

Series

2022-1A

Class

A

5.362%

due

07/25/45

(SONIA

+

1.500%)(Ê)(Þ)

GBP

1,263

1,605

Resloc

UK

PLC

Series

2007-1X

Class

A3B

0.241%

due

12/15/43

(GBP

3

Month

LIBOR

+

0.160%)(Ê)(Þ)

GBP

1,354

1,668

RMAC

Securities

No.

1

PLC

Series

2006-NS1X

Class

A2A

1.050%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

300

373

Series

2006-NS3X

Class

A2A

0.245%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

1,629

2,011

Series

2006-NS4X

Class

A3A

3.853%

due

06/12/44

(SONIA

+

0.289%)(Ê)(Þ)

GBP

806

999

Series

2007-NS1X

Class

A2A

0.442%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

395

488

Taurus

CMBS

Series

2021-UK4A

Class

B

1.655%

due

08/17/31

(SONIA

+

1.500%)(Ê)(Þ)

GBP

470

572

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.278%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

1.300%)(Ê)

(Þ)

GBP

496

608

Towd

Point

Mortgage

Funding

Series

2019-A13X

Class

B

1.251%

due

07/20/45

(3

Month

SONIA

Deposit

Rate

+

1.200%)(Ê)

(Þ)

GBP

2,034

2,565

Towd

Point

Mortgage

Trust

Series

2021-GR4X

Class

A2R

2.244%

due

10/20/51

(SONIA

+

0.670%)(Ê)(Þ)

GBP

795

1,011

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

0.854%

due

12/21/49

(SONIA

+

0.950%)(Ê)(Þ)

GBP

474

604

24,566

United

States

Government

Treasuries

-

32.5%

United

States

Treasury

Notes

0.375%

due

09/15/24

25,399

24,033

2.000%

due

02/15/25

19,033

18,152

0.250%

due

05/31/25

12,660

11,621

0.250%

due

06/30/25

10,554

9,663

0.250%

due

07/31/25

9,244

8,436

2.000%

due

08/15/25

9,316

8,801

0.250%

due

09/30/25

7,171

6,510

0.250%

due

10/31/25

6,219

5,626

2.250%

due

11/15/25

6,552

6,197

0.500%

due

02/28/26

5,170

4,655

1.625%

due

05/15/26

8,419

7,778

1.500%

due

08/15/26

9,281

8,497

0.625%

due

03/31/27

9,063

7,927

2.375%

due

05/15/27

10,173

9,474

0.500%

due

05/31/27

9,615

8,327

0.625%

due

12/31/27

9,755

8,343

2.750%

due

02/15/28

9,308

8,739

1.125%

due

02/29/28

9,663

8,423

1.250%

due

03/31/28

9,159

8,016

2.875%

due

05/15/28

8,793

8,286

4.125%

due

07/31/28

680

679

2.875%

due

08/15/28

7,858

7,393

3.125%

due

11/15/28

6,937

6,594

2.375%

due

05/15/29

4,850

4,411

1.625%

due

08/15/29

3,558

3,094

0.625%

due

05/15/30

5,288

4,219

3.875%

due

07/31/30

1,395

1,390

0.625%

due

08/15/30

7,510

5,955

0.875%

due

11/15/30

6,979

5,622

1.125%

due

02/15/31

7,160

5,856

1.625%

due

05/15/31

7,513

6,342

1.250%

due

08/15/31

8,359

6,809

1.875%

due

02/15/32

8,508

7,225

1.125%

due

05/15/40

10,466

6,641

1.125%

due

08/15/40

9,310

5,854

1.375%

due

11/15/40

5,563

3,641

1.875%

due

02/15/41

5,777

4,110

1.750%

due

08/15/41

6,064

4,180

2.750%

due

11/15/42

3,977

3,205

3.875%

due

05/15/43

9,350

8,938

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

194

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.125%

due

08/15/44

3,714

3,142

2.875%

due

08/15/45

3,369

2,715

3.000%

due

02/15/48

3,342

2,741

3.125%

due

05/15/48

3,452

2,897

3.000%

due

08/15/48

3,486

2,860

3.375%

due

11/15/48

3,447

3,029

3.000%

due

02/15/49

3,437

2,826

2.875%

due

05/15/49

3,431

2,758

1.250%

due

05/15/50

4,287

2,337

1.375%

due

08/15/50

4,463

2,515

1.625%

due

11/15/50

4,172

2,513

1.875%

due

02/15/51

4,234

2,719

2.000%

due

08/15/51

4,074

2,694

1.875%

due

11/15/51

3,879

2,482

3.625%

due

02/15/53

9,125

8,510

3.625%

due

05/15/53

4,970

4,643

341,043

Total

Long-Term

Investments

(cost

$987,629)

946,538

Short-Term

Investments

-

11.8%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.150%

due

10/29/23

2,050

2,025

3.150%

due

02/15/24

220

216

Ally

Financial,

Inc.

1.450%

due

10/02/23

1,450

1,438

Apollo

Management

Holdings,

LP

4.000%

due

05/30/24

(Þ)

195

192

Credit

Suisse

AG

Series

FXD

0.520%

due

08/09/23

965

964

Humana,

Inc.

0.650%

due

08/03/23

(ç)

805

805

International

Business

Machines

Corp.

3.000%

due

05/15/24

1,005

986

Pacific

Gas

and

Electric

Co.

1.700%

due

11/15/23

565

558

Public

Service

Electric

&

Gas

Co.

3.250%

due

09/01/23

565

564

Royalty

Pharma

PLC

Series

WI

0.750%

due

09/02/23

1,745

1,737

Sabine

Pass

Liquefaction

LLC

Series

WI

5.750%

due

05/15/24

168

168

Saudi

Arabian

Oil

Co.

1.250%

due

11/24/23

(Þ)

200

197

Security

Benefit

Global

Funding

1.250%

due

05/17/24

(Þ)

750

717

Takeda

Pharmaceutical

Co.,

Ltd.

Series

WI

4.400%

due

11/26/23

553

550

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

U.S.

Cash

Management

Fund(@)

73,481,008(∞)

73,452

United

States

Treasury

Bills

2.000%

due

08/01/23

(ç)

1,288

1,288

United

States

Treasury

Notes

3.149%

due

04/30/24

11,089

10,834

3.386%

due

04/30/24

11,315

11,036

5.248%

due

05/15/24

14,158

13,596

Vistra

Operations

Co.

LLC

4.875%

due

05/13/24

(Þ)

1,120

1,103

3.550%

due

07/15/24

(Þ)

235

228

Volkswagen

Group

of

America

Finance

LLC

0.875%

due

11/22/23

(Þ)

730

718

Total

Short-Term

Investments

(cost

$124,088)

123,372

Total

Investments

-

102.0%

(identified

cost

$1,111,717)

1,069,910

Other

Assets

and

Liabilities,

Net

-

(2.0)%

(21,219)

Net

Assets

-

100.0%

1,048,691

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

195

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

21.2%

ABN

AMRO

Bank

NV

12/07/21

178,000

106.74

190

171

AES

Panama

Generation

Holdings

SRL

08/04/22

149,648

87.15

130

130

Aircastle,

Ltd.

01/06/23

161,000

97.54

157

157

Alimentation

Couche-Tard,

Inc.

01/23/18

176,000

97.63

172

165

American

Tower

Trust

#1

06/09/23

5,790,000

101.17

5,858

5,795

Amur

Equipment

Finance

Receivables

XI

LLC

09/14/22

2,115,076

99.62

2,107

2,096

Amur

Equipment

Finance

Receivables

XII

LLC

06/22/23

2,209,000

99.99

2,209

2,204

Antares

Holdings,

LP

01/21/21

505,000

99.32

502

445

Apollo

Management

Holdings,

LP

05/24/16

810,000

96.95

785

771

Apollo

Management

Holdings,

LP

05/24/18

195,000

99.91

195

192

Arbor

Realty

CLO,

Ltd.

05/26/21

5,101,000

97.83

4,990

5,026

Arbor

Realty

CLO,

Ltd.

01/26/22

4,775,000

98.59

4,708

4,736

Arbor

Realty

CLO,

Ltd.

11/23/22

3,240,000

96.70

3,133

3,198

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

09/20/21

5,438,000

99.46

5,409

5,351

Athene

Global

Funding

11/06/19

1,730,000

95.83

1,658

1,559

Bacardi,

Ltd.

06/06/23

1,475,000

99.63

1,470

1,462

Bank

of

Ireland

Group

PLC

07/28/23

378,000

87.90

332

331

Bayer

US

Finance

II

LLC

08/14/18

1,500,000

82.42

1,236

1,193

Bayer

US

Finance

LLC

06/18/18

360,000

98.38

354

349

BDS,

Ltd.

05/14/21

1,305,706

98.91

1,292

1,287

Bellemeade

Re,

Ltd.

10/28/20

1,411,175

100.00

1,411

1,427

Bellemeade

Re,

Ltd.

06/11/21

701,000

100.00

701

698

Bellemeade

Re,

Ltd.

06/11/21

1,908,919

99.22

1,894

1,904

Bellemeade

Re,

Ltd.

09/27/21

1,461,000

99.04

1,447

1,424

Bellemeade

Re,

Ltd.

05/18/22

488,890

98.37

481

490

Bellemeade

Re,

Ltd.

09/23/22

2,358,000

100.00

2,358

2,410

Bellemeade

Re,

Ltd.

12/09/22

1,167,067

101.22

1,181

1,187

Bellemeade

Re,

Ltd.

02/15/23

988,000

97.38

962

977

Bellemeade

Re,

Ltd.

04/18/23

576,878

100.57

580

581

Berry

Global,

Inc.

02/06/23

337,000

97.98

330

326

Bharti

Airtel,

Ltd.

09/13/21

120,000

104.37

125

117

BMW

US

Capital

LLC

04/20/22

1,445,000

98.06

1,417

1,402

BNP

Paribas

SA

09/08/21

1,025,000

88.50

907

860

BNP

Paribas

SA

07/27/23

424,000

93.36

396

396

BPCE

SA

01/10/23

1,695,000

100.00

1,695

1,688

British

Airways

Pass-Through

Trust

11/17/20

223,045

100.00

223

204

Broadcom,

Inc.

05/05/20

705,000

88.11

621

590

Broadcom,

Inc.

05/05/20

508,000

93.03

473

462

BX

Trust

07/21/23

587,350

98.78

580

579

CAMB

Commercial

Mortgage

Trust

01/25/19

3,188,000

100.00

3,188

3,148

CAMB

Commercial

Mortgage

Trust

10/22/21

2,617,000

102.80

2,690

2,091

Cantor

Fitzgerald,

LP

04/07/22

1,190,000

95.87

1,141

1,121

CBAM

CLO

Management

Trust

06/29/18

500,786

100.03

501

499

Cencosud

SA

07/28/23

491,000

98.40

483

482

Chase

Home

Lending

Mortgage

Trust

07/22/20

1,145,518

100.00

1,146

1,136

CIFC

Funding,

Ltd.

11/22/22

3,200,000

98.46

3,151

3,191

Citadel

Finance

LLC

03/03/21

590,000

99.75

588

534

Citadel,

LP

09/11/19

625,000

99.86

624

609

Citigroup

Commercial

Mortgage

Trust

03/06/19

2,427,000

0.99

2,397

2,115

Cooperatieve

Rabobank

UA

03/30/22

1,365,000

89.01

1,215

1,196

CoStar

Group,

Inc.

06/24/20

505,000

99.94

505

422

Credit

Agricole

SA

06/17/21

429,000

99.08

425

383

Credit

Agricole

SA

07/27/23

195,000

92.77

181

181

Credit

Suisse

Mortgage

Trust

05/28/19

2,378,084

100.00

2,378

2,352

Danske

Bank

A/S

01/04/23

1,392,000

100.00

1,392

1,398

Danske

Bank

A/S

02/03/23

543,000

91.60

497

491

DBGS

Mortgage

Trust

04/03/19

1,961,000

101.12

1,983

1,399

Dewolf

Park

CLO,

Ltd.

10/08/21

1,496,922

100.00

1,497

1,490

DLLAA

LLC

07/25/23

2,059,000

100.00

2,059

2,065

DNB

Bank

ASA

12/02/22

361,000

89.43

323

319

Eagle

Re,

Ltd.

10/29/21

2,325,616

99.14

2,306

2,335

Eagle

Re,

Ltd.

04/19/23

2,001,000

102.12

2,043

2,044

Element

Fleet

Management

Corp.

07/28/23

489,000

100.53

492

491

Enel

Finance

International

NV

01/05/18

214,000

93.11

199

196

Enel

Finance

International

NV

07/27/23

212,000

88.89

188

188

Enel

Finance

International

NV

07/31/23

289,000

105.36

304

303

Eurosail-UK

PLC

11/14/22

GBP

739,799

115.80

857

939

Eurosail-UK

PLC

11/15/22

GBP

861,750

117.38

1,011

1,091

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

196

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

$

$

$

Eurosail-UK

PLC

11/23/22

GBP

1,253,049

118.60

1,486

1,588

F&G

Global

Funding

06/23/21

1,245,000

93.02

1,158

1,108

Farmers

Exchange

Capital

III

10/12/16

290,000

99.16

288

253

Federation

des

Caisses

Desjardins

du

Quebec

08/16/22

1,485,000

97.92

1,454

1,441

Federation

des

Caisses

Desjardins

du

Quebec

08/16/22

1,455,000

98.85

1,438

1,414

FIGRE

Trust

04/28/23

906,745

99.41

901

897

Finsbury

Square

11/16/22

GBP

2,261,730

120.35

2,722

2,881

FirstEnergy

Transmission

LLC

07/28/23

144,000

97.82

141

140

GA

Global

Funding

Trust

01/08/21

1,090,000

94.68

1,032

974

Galaxy

Pipeline

Assets

Bidco,

Ltd.

10/27/20

225,000

100.00

225

182

Galaxy

Pipeline

Assets

Bidco,

Ltd.

10/27/20

2,013,061

94.13

1,895

1,857

Genworth

Mortgage

Holdings,

Inc.

07/31/23

486,000

99.18

482

481

GoodLeap

Sustainable

Home

Improvements

10/21/21

773,357

99.99

773

589

GoodLeap

Sustainable

Home

Solutions

Trust

01/24/22

670,785

99.98

671

533

Great

Hall

Mortgages

PLC

07/22/22

EUR

195,414

100.60

197

212

HCA,

Inc.

02/03/23

347,000

93.81

325

320

HGI

CRE

CLO,

Ltd.

09/17/21

3,207,038

97.66

3,132

3,134

Home

RE,

Ltd.

12/01/22

5,517,412

98.67

5,444

5,517

Hyundai

Capital

America

06/21/23

470,000

99.89

469

470

Imperial

Brands

Finance

PLC

07/28/23

355,000

94.00

334

333

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

308,000

92.97

286

283

ING

Groep

NV

12/09/22

194,000

91.75

178

178

International

Flavors

&

Fragrances,

Inc.

08/03/22

132,000

89.75

118

112

International

Flavors

&

Fragrances,

Inc.

07/28/23

291,000

89.99

262

262

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

06/06/22

2,320,000

94.72

2,198

2,268

Jersey

Central

Power

&

Light

Co.

07/27/23

170,000

96.85

165

165

JPMorgan

Chase

Mortgage

Trust

06/22/23

2,972,791

100.00

2,973

2,980

JPMorgan

Mortgage

Trust

03/30/21

172,181

102.03

176

151

JPMorgan

Mortgage

Trust

04/26/21

3,379,924

101.68

3,437

3,019

JPMorgan

Mortgage

Trust

05/24/21

3,485,872

101.59

3,541

3,115

JPMorgan

Mortgage

Trust

06/24/21

2,616,279

102.46

2,681

2,334

JPMorgan

Mortgage

Trust

02/24/22

657,192

97.56

641

563

JPMorgan

Mortgage

Trust

04/27/22

938,381

95.69

898

818

JPMorgan

Mortgage

Trust

01/19/23

1,520,077

89.64

1,363

1,294

JPMorgan

Mortgage

Trust

01/30/23

2,209,191

88.84

1,963

1,901

JPMorgan

Mortgage

Trust

01/31/23

527,790

88.99

470

453

JPMorgan

Mortgage

Trust

02/22/23

2,295,709

98.82

2,269

2,240

JPMorgan

Mortgage

Trust

03/10/23

3,214,665

88.05

2,831

2,756

JPMorgan

Mortgage

Trust

04/20/23

1,505,019

88.04

1,325

1,285

KeySpan

Gas

East

Corp

07/28/23

200,000

90.99

182

182

KKR

Group

Finance

Co.

III

LLC

03/11/15

880,000

92.44

813

762

Macquarie

Bank,

Ltd.

07/31/23

523,000

94.33

493

493

Madison

Park

Funding

XVIII,

Ltd.

12/01/21

1,614,925

100.00

1,615

1,606

Massachusetts

Mutual

Life

Insurance

Co.

11/18/21

1,730,000

76.91

1,330

1,102

Mattel,

Inc.

07/31/23

572,000

93.18

533

532

MF1

LLC

05/13/22

3,078,000

99.07

3,049

3,078

MHC

Commercial

Mortgage

Trust

04/06/21

5,862,000

99.32

5,822

5,778

Mitsubishi

Corp.

12/02/22

174,000

90.64

158

154

Monongahela

Power

Co.

07/26/23

760,000

93.76

713

713

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

6,248,000

0.34

21

21

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

10,103,000

1.26

127

127

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

1,883,000

97.54

1,837

1,365

Mutual

of

Omaha

Insurance

Co.

07/14/14

295,000

100.00

295

287

National

Securities

Clearing

Corp.

05/22/23

275,000

100.32

276

276

National

Securities

Clearing

Corp.

05/22/23

735,000

99.74

733

733

NBK

Tier

1

Financing

2,

Ltd.

02/06/23

344,000

94.75

326

316

Neuberger

Berman

CLO

XV,

Ltd.

11/14/22

1,461,704

98.50

1,440

1,455

Neuberger

Berman

Loan

Advisers

CLO

26,

Ltd.

04/29/22

969,237

99.40

963

965

New

York

Life

Global

Funding

06/06/23

1,135,000

99.91

1,134

1,121

New

York

Life

Insurance

Co.

04/08/20

195,000

99.43

194

147

Newgate

Funding

PLC

06/27/22

GBP

502,003

116.59

585

611

NGPL

PipeCo

LLC

10/02/19

297,000

125.12

372

314

Oaktown

Re

III,

Ltd.

01/26/21

337,993

100.36

339

338

Oaktown

Re

VI,

Ltd.

04/14/21

2,032,141

100.00

2,032

2,035

OCI

NV

07/28/23

844,000

96.91

818

813

Octagon

Investment

Partners,

Ltd.

11/22/22

2,825,999

98.47

2,783

2,814

Ohio

National

Financial

Services,

Inc.

01/16/20

615,000

104.41

642

572

Pacific

Life

Insurance

Co.

06/15/18

255,000

92.36

236

194

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

197

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

$

$

$

Paragon

Mortgages

(No.

12)

PLC

04/25/22

GBP

502,498

123.98

623

625

Parkmore

Point

RMBS

PLC

02/07/23

GBP

1,262,791

118.37

1,495

1,605

Pennsylvania

Electric

Co.

07/27/23

164,000

98.67

162

162

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

04/05/23

331,000

98.00

324

318

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

07/28/23

198,000

88.89

176

176

Preston

Ridge

Partners

Mortgage

LLC

06/09/23

4,270,612

93.79

4,005

3,981

Principal

Life

Global

Funding

II

04/20/22

820,000

97.17

797

780

Prodigy

Finance

Designated

Activity

Co.

07/12/21

843,232

99.08

835

833

Prosus

NV

02/03/21

439,000

100.67

442

282

Radnor

RE,

Ltd.

11/05/21

477,469

100.00

477

477

Radnor

RE,

Ltd.

01/13/22

475,713

100.14

476

475

Regal

Rexnord

Corp.

03/06/23

316,000

99.47

314

316

Reliance

Industries,

Ltd.

10/07/21

119,000

103.75

123

116

Resloc

UK

PLC

11/15/22

GBP

1,353,877

112.89

1,528

1,668

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

03/30/21

395,000

98.14

388

308

RMAC

Securities

No.

1

PLC

04/15/21

GBP

1,629,003

118.30

1,927

2,011

RMAC

Securities

No.

1

PLC

04/15/21

GBP

806,410

133.44

1,076

999

RMAC

Securities

No.

1

PLC

04/15/21

GBP

299,975

134.43

403

373

RMAC

Securities

No.

1

PLC

11/16/22

GBP

394,716

113.42

448

488

RMAC

Securities

No.

1

PLC

11/16/22

2,403,380

95.18

2,288

2,306

Saudi

Arabian

Oil

Co.

11/17/20

200,000

99.98

200

197

Scentre

Group

Trust

1

/

Scentre

Group

Trust

2

05/19/20

1,550,000

96.44

1,495

1,476

Scentre

Group

Trust

2

09/16/20

945,000

100.00

945

850

Security

Benefit

Global

Funding

12/02/22

750,000

96.52

724

717

Sequoia

Mortgage

Trust

05/06/21

1,804,856

102.60

1,852

1,604

SK

Hynix,

Inc.

04/04/23

363,000

90.06

327

325

Societe

Generale

SA

01/16/20

384,000

102.07

392

370

Societe

Generale

SA

01/16/20

605,000

99.94

605

575

Societe

Generale

SA

02/22/21

515,000

99.62

513

339

Societe

Generale

SA

01/03/23

1,075,000

99.70

1,072

1,075

Solvay

Finance

America

LLC

11/21/22

508,000

97.04

493

491

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

04/16/20

2,774,000

99.68

2,765

2,745

Standard

Chartered

PLC

07/28/23

553,000

89.62

496

494

Swedbank

AB

07/28/23

494,000

99.42

491

491

Taurus

CMBS

07/28/21

GBP

469,862

139.09

654

572

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

496,354

140.62

698

608

Tennessee

Gas

Pipeline

Co.

LLC

11/14/22

1,320,000

85.50

1,129

1,140

Texas

Eastern

Transmission,

LP

11/13/19

351,000

102.08

358

325

Towd

Point

HE

Trust

02/24/23

3,650,640

100.08

3,654

3,661

Towd

Point

Mortgage

Funding

01/20/21

GBP

2,034,000

136.45

2,775

2,565

Towd

Point

Mortgage

Trust

02/24/23

GBP

795,000

118.11

939

1,011

Towd

Point

Mortgage

Trust

08/17/20

561,828

101.72

571

527

Triton

Container

International,

Ltd.

04/06/21

1,606,000

91.49

1,495

1,417

TSMC

Global,

Ltd.

11/21/22

310,000

90.67

281

280

UBS

Group

AG

11/14/22

455,000

90.15

410

475

UBS

Group

AG

12/02/22

410,000

78.22

321

317

UniCredit

SpA

04/05/23

357,000

92.14

329

327

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

07/06/22

301,000

94.41

284

285

Vistra

Operations

Co.

LLC

06/04/19

620,000

94.55

586

553

Vistra

Operations

Co.

LLC

05/10/22

1,120,000

99.36

1,113

1,103

Vistra

Operations

Co.

LLC

06/28/23

235,000

96.89

228

228

Vistra

Operations

Co.

LLC

07/28/23

544,000

97.80

532

531

Volkswagen

Group

of

America

Finance

LLC

11/17/20

1,715,000

93.64

1,606

1,558

Volkswagen

Group

of

America

Finance

LLC

12/02/22

730,000

98.65

720

718

Voya

CLO,

Ltd.

02/18/20

1,264,555

100.00

1,265

1,261

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

02/10/21

GBP

474,100

138.64

657

604

Wells

Fargo

Commercial

Mortgage

Trust

11/15/22

4,237,427

93.71

3,971

3,986

Wipro

IT

Services

LLC

07/31/23

379,000

89.51

339

339

Yara

International

ASA

12/06/22

346,000

94.64

327

328

222,721

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

198

Investment

Grade

Bond

Fund

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

41

CAD

4,924

09/23

(111)

Long

Gilt

Futures

63

GBP

6,056

09/23

(16)

United

States

2

Year

Treasury

Note

Futures

860

USD

174,607

09/23

(2,764)

United

States

5

Year

Treasury

Note

Futures

1,156

USD

123,484

09/23

(1,959)

United

States

10

Year

Treasury

Note

Futures

442

USD

49,242

09/23

(770)

United

States

10

Year

Treasury

Ultra

Notes

Futures

831

USD

97,214

09/23

(1,542)

United

States

Treasury

Long

Bond

Futures

157

USD

19,537

09/23

(124)

United

States

Treasury

Ultra

Bond

Futures

132

USD

17,453

09/23

(361)

Short

Positions

Euro-Bund

Futures

73

EUR

9,709

09/23

84

Japanese

10

Year

Mini

Government

Bond

Futures

117

JPY

1,718,379

09/23

90

United

States

2

Year

Treasury

Note

Futures

41

USD

8,324

09/23

72

United

States

5

Year

Treasury

Note

Futures

175

USD

18,693

09/23

(17)

United

States

10

Year

Treasury

Note

Futures

457

USD

50,913

09/23

1,296

United

States

10

Year

Treasury

Ultra

Notes

Futures

27

USD

3,159

09/23

49

United

States

Treasury

Long

Bond

Futures

50

USD

6,222

09/23

123

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(5,950)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

5,264

GBP

4,141

08/10/23

51

Bank

of

New

York

GBP

71

USD

91

08/10/23

—

Citigroup

USD

1,761

NZD

2,849

08/10/23

9

Citigroup

GBP

63

USD

80

08/21/23

—

Citigroup

NZD

25

USD

16

08/10/23

—

Royal

Bank

of

Canada

CAD

4,636

USD

3,503

08/10/23

(13)

State

Street

USD

3,507

AUD

5,257

08/10/23

25

State

Street

USD

2,622

EUR

2,410

08/10/23

29

State

Street

USD

1,516

JPY

212,362

08/10/23

(21)

State

Street

USD

3,469

SEK

37,759

08/10/23

119

State

Street

AUD

5,257

USD

3,507

08/10/23

(26)

State

Street

EUR

561

USD

619

08/10/23

2

State

Street

EUR

287

USD

323

08/18/23

8

State

Street

GBP

23,843

USD

30,988

08/21/23

386

State

Street

JPY

253,383

USD

1,761

08/10/23

(22)

State

Street

SEK

1,099

USD

105

08/10/23

—

UBS

USD

217

CHF

188

08/10/23

(1)

UBS

CHF

4,728

USD

5,282

08/10/23

(145)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

401

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

199

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

$

—

$

27,788

$

—

$

—

$

27,788

Corporate

Bonds

and

Notes

—

242,062

—

—

242,062

International

Debt

—

132,020

—

—

132,020

Mortgage-Backed

Securities

—

178,281

—

—

178,281

Municipal

Bonds

—

778

—

—

778

Non-US

Bonds

—

24,566

—

—

24,566

United

States

Government

Treasuries

—

341,043

—

—

341,043

Short-Term

Investments

—

49,920

—

73,452

123,372

Total

Investments

—

996,458

—

73,452

1,069,910

Other

Financial

Instruments

Assets

Futures

Contracts

1,7

14

—

—

—

1,7

14

Foreign

Currency

Exchange

Contracts

—

629

—

—

629

Liabilities

Futures

Contracts

(7,

664

)

—

—

—

(7,

664

)

Foreign

Currency

Exchange

Contracts

—

(228)

—

—

(228)

Total

Other

Financial

Instruments

*

$

(5,950)

$

401

$

—

$

—

$

(5,549)

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

3,594

Belgium

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

3,576

Bermuda

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

27,198

Brazil

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

941

Canada

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

14,064

Cayman

Islands

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

29,172

Chile

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

482

China

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

282

Denmark

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

1,889

Finland

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

535

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

200

Investment

Grade

Bond

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

France

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

5,867

Germany

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

5,874

India

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

233

Ireland

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

5,287

Italy

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

1,014

Japan

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

5,717

Kuwait

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

316

Mexico

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

597

Netherlands

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

2,670

Norway

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

319

Panama

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

130

Saudi

Arabia

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

197

South

Korea

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

325

Spain

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

1,150

Sweden

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

491

Switzerland

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

3,702

Taiwan

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

1,403

United

Arab

Emirates

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

2,039

United

Kingdom

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

42,192

United

States

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

908,654

Total

Investments

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

1,069,910

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

201

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

81.4%

Asset-Backed

Securities

-

10.8%

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)

184

179

AEP

Texas

Restoration

Funding

LLC

Series

2019-1

Class

A1

2.056%

due

02/01/27

348

340

American

Express

Credit

Account

Master

Trust

Series

2018-9

Class

A

2.771%

due

04/15/26

(USD

1

Month

LIBOR

+

0.380%)(Ê)

620

620

American

Homes

4

Rent

Trust

Series

2014-SFR2

Class

A

3.786%

due

10/17/36

(Þ)

504

490

Series

2015-SFR1

Class

A

3.467%

due

04/17/45

(Þ)

464

445

AmeriCredit

Automobile

Receivables

Trust

Series

2022-1

Class

A2

2.050%

due

01/20/26

79

78

Series

2022-2

Class

A3

4.380%

due

04/18/28

680

667

AMSR

Trust

Series

2020-SFR1

Class

A

1.819%

due

04/17/37

(Þ)

440

409

Series

2020-SFR3

Class

A

1.355%

due

09/17/37

(Þ)

195

177

Series

2020-SFR4

Class

A

1.355%

due

11/17/37

(Þ)

220

199

Series

2020-SFR5

Class

A

1.379%

due

11/17/37

(Þ)

660

597

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

Series

2018-1A

Class

A

3.700%

due

09/20/24

(Þ)

100

100

Series

2020-1A

Class

A

2.330%

due

08/20/26

(Þ)

930

869

Series

2022-3A

Class

A

4.620%

due

02/20/27

(Þ)

1,405

1,361

Series

2023-5A

Class

A

5.780%

due

04/20/28

(Þ)

740

737

Bank

of

America

Credit

Card

Trust

Series

2021-A1

Class

A1

0.440%

due

09/15/26

1,000

964

Series

2022-A2

Class

A2

5.000%

due

04/17/28

200

199

Bank

of

The

West

Auto

Trust

Series

2019-1

Class

B

2.760%

due

01/15/25

(Þ)

567

565

BMW

Vehicle

Owner

Trust

Series

2022-A

Class

A3

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.210%

due

08/25/26

1,035

1,009

BXMT,

Ltd.

Series

2021-FL4

Class

A

1.170%

due

05/15/38

(USD

1

Month

LIBOR

+

1.050%)(Ê)(Þ)

330

302

Capital

One

Multi-Asset

Execution

Trust

Series

2021-A1

Class

A1

0.550%

due

07/15/26

1,210

1,153

Capital

One

Prime

Auto

Receivables

Trust

Series

2022-1

Class

A3

3.170%

due

04/15/27

1,345

1,298

Series

2023-1

Class

A2

5.200%

due

05/15/26

310

309

CarMax

Auto

Owner

Trust

Series

2022-2

Class

A3

3.490%

due

02/16/27

610

595

CCG

Receivables

Trust

Series

2021-2

Class

A2

0.540%

due

03/14/29

(Þ)

218

210

Enterprise

Fleet

Financing

LLC

Series

2022-1

Class

A2

3.030%

due

01/20/28

(Þ)

278

271

Ford

Credit

Auto

Owner

Trust

Series

2020-B

Class

A3

0.560%

due

10/15/24

13

13

Series

2022-C

Class

A2A

4.520%

due

04/15/25

497

495

Series

2023-1

Class

A

4.850%

due

08/15/35

(Þ)

250

246

Series

2023-B

Class

A3

5.230%

due

05/15/28

770

771

GM

Financial Consumer

Automobile

Receivables

Trust

Series

2020-3

Class

A4

0.580%

due

01/16/26

550

528

Series

2022-2

Class

A3

3.100%

due

02/16/27

400

388

Goldentree

Loan

Management,

LP

Series

2021-10A

Class

A

1.354%

due

07/20/34

(USD

3

Month

LIBOR

+

1.100%)(Ê)(Þ)

380

377

GoodGreen

Trust

Series

2021-1A

Class

A

2.660%

due

10/15/56

(Þ)

179

148

Great

Lakes

Kcap

F3c

Senior

LLC

Series

2017-1A

Class

A

2.035%

due

12/20/29

(USD

3

Month

LIBOR

+

1.900%)(Ê)(Þ)

225

224

Hertz

Vehicle

Financing

III

LLC

Series

2022-3A

Class

A

3.370%

due

03/25/25

(Þ)

725

717

Hertz

Vehicle

Financing

III,

LP

Series

2021-2A

Class

A

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

202

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.680%

due

12/27/27

(Þ)

1,290

1,129

Series

2021-2A

Class

B

2.120%

due

12/27/27

(Þ)

250

219

Hertz

Vehicle

Financing

LLC

Series

2021-1A

Class

A

1.210%

due

12/26/25

(Þ)

440

414

Series

2021-1A

Class

B

1.560%

due

12/26/25

(Þ)

310

291

Hilton

Grand

Vacations

Trust

Series

2020-AA

Class

A

2.740%

due

02/25/39

(Þ)

156

146

Honda

Auto

Receivables

Owner

Trust

Series

2022-1

Class

A2

1.440%

due

10/15/24

114

113

Series

2023-1

Class

A2

5.220%

due

10/21/25

750

747

Hyundai

Auto

Receivables

Trust

Series

2022-B

Class

A3

3.720%

due

11/16/26

795

776

Series

2022-C

Class

A2A

5.350%

due

11/17/25

950

948

Series

2023-A

Class

A3

4.580%

due

04/15/27

400

394

Invitation

Homes

Trust

Series

2018-SFR4

Class

A

6.208%

due

01/17/38

(USD

1

Month

LIBOR

+

1.100%)(Ê)(Þ)

780

776

JPMorgan

Chase

Bank

NA

Series

2020-1

Class

B

0.991%

due

01/25/28

(Þ)

15

15

JPMorgan

Chase

Mortgage

Trust

Series

2023-HE1

Class

A1

6.817%

due

11/25/53

(SOFR

30

Day

Average

+

1.750%)(Ê)(Þ)

545

547

JPMorgan

Mortgage

Acquisition

Trust

Series

2007-CH2

Class

MV2

0.389%

due

01/25/37

(USD

1

Month

LIBOR

+

0.300%)(Ê)

250

237

Series

2007-CH4

Class

M1

0.415%

due

05/25/37

(USD

1

Month

LIBOR

+

0.230%)(Ê)

250

237

LAD

Auto

Receivables

Trust

Series

2023-2A

Class

A2

5.930%

due

06/15/27

(Þ)

330

329

Long

Beach

Mortgage

Loan

Trust

Series

2004-5

Class

A6

0.669%

due

09/25/34

(USD

1

Month

LIBOR

+

0.580%)(Ê)

255

246

Lunar

Structured

Aircraft

Portfolio

Notes

Series

2021-1

Class

A

2.636%

due

10/15/46

(Þ)

209

181

Mercedes-Benz

Auto

Lease

Trust

Series

2023-A

Class

A4

4.710%

due

02/15/29

1,020

1,007

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mercedes-Benz

Auto

Receivables

Trust

Series

2022-1

Class

A3

5.210%

due

08/16/27

795

791

Series

2023-1

Class

A3

4.510%

due

11/15/27

890

876

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)

140

137

Navient

Private

Education

Refi

Loan

Trust

Series

2018-CA

Class

A2

3.520%

due

06/16/42

(Þ)

56

55

Series

2022-BA

Class

A

4.160%

due

10/15/70

(Þ)

214

202

Nelnet

Student

Loan

Trust

Series

2021-A

Class

A2

1.134%

due

04/20/62

(USD

1

Month

LIBOR

+

1.030%)(Ê)(Þ)

250

246

Nissan

Auto

Receivables

Owner

Trust

Series

2022-A

Class

A2

1.320%

due

11/15/24

190

188

Series

2022-B

Class

A3

4.460%

due

05/17/27

1,100

1,082

Series

2023-A

Class

A2A

5.340%

due

02/17/26

400

399

Progress

Residential

Trust

Series

2019-SFR3

Class

A

2.271%

due

09/17/36

(Þ)

247

237

Series

2020-SFR1

Class

A

1.732%

due

04/17/37

(Þ)

711

661

Series

2020-SFR2

Class

A

2.078%

due

06/17/37

(Þ)

494

461

SLM

Student

Loan

Trust

Series

2006-B

Class

A5

0.782%

due

12/15/39

(USD

3

Month

LIBOR

+

0.270%)(Ê)

224

214

SMB

Private

Education

Loan

Trust

Series

2023-B

Class

A1B

6.868%

due

10/16/56

(SOFR

30

Day

Average

+

2.150%)(Ê)(Þ)

284

285

Towd

Point

Mortgage

Trust

Series

2018-2

Class

A1

3.250%

due

03/25/58

(~)(Ê)(Þ)

478

455

Series

2018-6

Class

A1A

3.750%

due

03/25/58

(~)(Ê)(Þ)

359

347

Toyota

Auto

Receivables

Owner

Trust

Series

2022-C

Class

A3

3.760%

due

04/15/27

625

608

Series

2022-D

Class

A3

5.300%

due

09/15/27

1,240

1,239

Series

2023-B

Class

A2A

5.280%

due

05/15/26

1,500

1,494

Tricon

American

Homes

Trust

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

203

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-SFR2

Class

A

2.928%

due

01/17/36

(Þ)

485

477

UNIFY

Auto

Receivables

Trust

Series

2021-1A

Class

A3

0.510%

due

06/16/25

(Þ)

45

45

USAA

Auto

Owner

Trust

Series

2022-A

Class

A3

4.860%

due

11/16/26

(Þ)

925

917

Wendy's

Funding

LLC

Series

2021-1A

Class

A2I

2.370%

due

06/15/51

(Þ)

196

161

Woodmont

Trust

Series

2023-12A

Class

A1A

7.620%

due

07/25/31

(CME

Term

SOFR

3

Month

+

2.500%)(Ê)(Þ)

110

110

38,489

Corporate

Bonds

and

Notes

-

36.5%

3M

Co.

2.650%

due

04/15/25

550

525

AbbVie,

Inc.

3.600%

due

05/14/25

220

213

3.200%

due

05/14/26

539

513

Series

WI

2.600%

due

11/21/24

550

529

Air

Lease

Corp.

5.300%

due

02/01/28

60

59

Aircastle,

Ltd.

5.250%

due

08/11/25

(Þ)

541

526

Allied

World

Assurance

Co.

Holdings,

Ltd.

4.350%

due

10/29/25

602

580

Alphabet,

Inc.

0.800%

due

08/15/27

1,000

872

Altria

Group,

Inc.

4.400%

due

02/14/26

949

932

Amazon.com,

Inc.

1.000%

due

05/12/26

90

81

3.300%

due

04/13/27

50

48

Ameren

Corp.

1.950%

due

03/15/27

360

323

American

Express

Co.

5.389%

due

07/28/27

(SOFR

+

0.970%)(Ê)

850

850

American

Honda

Finance

Corp.

1.200%

due

07/08/25

470

435

American

International

Group,

Inc.

2.500%

due

06/30/25

90

85

Ameriprise

Financial,

Inc.

3.000%

due

04/02/25

1,025

985

Amgen,

Inc.

1.900%

due

02/21/25

220

208

5.507%

due

03/02/26

900

900

Apple,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.700%

due

02/08/26

655

592

Series

0002

3.350%

due

02/09/27

1,300

1,247

Aptiv

PLC

2.396%

due

02/18/25

350

333

Ares

Capital

Corp.

4.250%

due

03/01/25

569

546

Ares

Finance

Co.

LLC

4.000%

due

10/08/24

(Þ)

545

524

Asian

Development

Bank

Series

GMTN

1.500%

due

01/20/27

160

145

AT&T,

Inc.

1.700%

due

03/25/26

1,890

1,717

AutoZone,

Inc.

5.050%

due

07/15/26

70

70

Bank

of

America

Corp.

3.841%

due

04/25/25

(SOFR

+

1.110%)(Ê)

140

138

1.530%

due

12/06/25

(SOFR

+

0.650%)(Ê)

335

315

2.015%

due

02/13/26

(CME

Term

SOFR

3

Month

+

0.902%)(Ê)

940

887

3.384%

due

04/02/26

(SOFR

+

1.330%)(Ê)

1,100

1,058

1.734%

due

07/22/27

(SOFR

+

0.960%)(Ê)

370

331

Series

N

1.658%

due

03/11/27

(SOFR

+

0.910%)(Ê)

525

473

Bank

of

New

York

Mellon

Corp.

(The)

1.600%

due

04/24/25

110

103

4.414%

due

07/24/26

(SOFR

+

1.345%)(Ê)

1,200

1,177

3.992%

due

06/13/28

(SOFR

+

1.151%)(Ê)

140

134

BankUnited,

Inc.

4.875%

due

11/17/25

578

546

Barings

BDC,

Inc.

Series

WI

3.300%

due

11/23/26

694

608

BB&T

Corp.

3.700%

due

06/05/25

548

528

Becton

Dickinson

and

Co.

Series

WI

6.700%

due

12/01/26

175

182

Berkshire

Hathaway

Energy

Co.

Series

WI

4.050%

due

04/15/25

1,521

1,488

BGC

Partners,

Inc.

Series

WI

3.750%

due

10/01/24

603

574

Blackstone

Holdings

Finance

Co.

LLC

5.900%

due

11/03/27

(Þ)

589

599

Boeing

Co.

(The)

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

204

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.875%

due

05/01/25

80

79

2.196%

due

02/04/26

375

346

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

681

555

Bristol-Myers

Squibb

Co.

0.750%

due

11/13/25

300

274

Broadcom,

Inc.

Series

WI

3.625%

due

10/15/24

587

572

3.150%

due

11/15/25

932

888

3.875%

due

01/15/27

613

584

Capital

One

Financial

Corp.

4.927%

due

05/10/28

(SOFR

+

2.057%)(Ê)

589

566

Cargill,

Inc.

4.875%

due

10/10/25

(Þ)

1,300

1,293

0.750%

due

02/02/26

(Þ)

100

90

Carrier

Global

Corp.

Series

WI

2.242%

due

02/15/25

620

589

Caterpillar

Financial

Services

Corp.

0.800%

due

11/13/25

80

73

CBRE

Services,

Inc.

4.875%

due

03/01/26

601

589

CDW

LLC

/

CDW

Finance

Corp.

5.500%

due

12/01/24

550

546

Centene

Corp.

Series

WI

4.250%

due

12/15/27

60

57

CenterPoint

Energy,

Inc.

2.500%

due

09/01/24

490

472

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Series

WI

4.908%

due

07/23/25

1,390

1,365

Chevron

Corp.

1.554%

due

05/11/25

554

521

0.687%

due

08/12/25

802

735

Cigna

Corp.

3.250%

due

04/15/25

530

510

Citigroup,

Inc.

0.981%

due

05/01/25

(SOFR

+

0.669%)(Ê)

700

674

5.500%

due

09/13/25

640

637

3.290%

due

03/17/26

(SOFR

+

1.528%)(Ê)

150

144

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

630

603

Cleveland

Electric

Illuminating

Co.

(The)

5.500%

due

08/15/24

180

179

CNH

Industrial

Capital

LLC

1.450%

due

07/15/26

350

313

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Comcast

Corp.

3.375%

due

08/15/25

538

520

Conopco,

Inc.

Series

E

7.250%

due

12/15/26

471

503

Constellation

Brands,

Inc.

5.000%

due

02/02/26

475

470

Constellation

Energy

Generation

LLC

3.250%

due

06/01/25

475

455

Consumers

Energy

Co.

4.900%

due

02/15/29

825

821

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

110

98

Costco

Wholesale

Corp.

1.375%

due

06/20/27

581

515

CVS

Health

Corp.

3.875%

due

07/20/25

910

884

Devon

Energy

Corp.

5.850%

due

12/15/25

140

141

Series

WI

5.250%

due

09/15/24

180

179

5.250%

due

10/15/27

160

158

DH

Europe

Finance

II

SARL

Series

5YR

2.200%

due

11/15/24

590

567

DISH

DBS

Corp.

5.250%

due

12/01/26

(Þ)

20

16

DR

Horton,

Inc.

2.500%

due

10/15/24

140

135

DTE

Energy

Co.

4.220%

due

11/01/24

(~)(Ê)

725

711

Edison

International

4.950%

due

04/15/25

140

138

Elevance

Health,

Inc.

3.500%

due

08/15/24

345

337

2.375%

due

01/15/25

614

587

Enbridge

Energy

Partners,

LP

5.875%

due

10/15/25

527

530

Energy

Transfer,

LP

2.900%

due

05/15/25

180

172

Entergy

Louisiana

LLC

0.950%

due

10/01/24

340

323

Enterprise

Products

Operating

LLC

3.750%

due

02/15/25

870

848

3.700%

due

02/15/26

140

135

EOG

Resources,

Inc.

3.150%

due

04/01/25

190

184

EPR

Properties

Co.

4.750%

due

12/15/26

631

579

EQT

Corp.

3.125%

due

05/15/26

(Þ)

140

130

3.900%

due

10/01/27

320

300

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

205

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.000%

due

01/15/29

10

9

ERAC

USA

Finance

LLC

4.600%

due

05/01/28

(Þ)

375

366

Exxon

Mobil

Corp.

2.992%

due

03/19/25

1,069

1,032

3.043%

due

03/01/26

1,100

1,051

F&G

Annuities

&

Life,

Inc.

7.400%

due

01/13/28

(Þ)

568

570

FirstEnergy

Transmission

LLC

4.350%

due

01/15/25

(Þ)

576

562

Florida

Power

&

Light

Co.

5.050%

due

04/01/28

300

303

Ford

Motor

Co.

6.950%

due

03/06/26

475

480

Ford

Motor

Credit

Co.

LLC

6.950%

due

06/10/26

615

620

4.950%

due

05/28/27

200

190

Fortinet,

Inc.

1.000%

due

03/15/26

280

250

Franklin

BSP

Lending

Corp.

Series

WI

3.250%

due

03/30/26

642

574

FS

KKR

Capital

Corp.

4.125%

due

02/01/25

569

545

GA

Global

Funding

Trust

0.800%

due

09/13/24

(Þ)

715

670

1.625%

due

01/15/26

(Þ)

285

255

General

Mills,

Inc.

4.000%

due

04/17/25

1,300

1,267

General

Motors

Financial

Co.,

Inc.

2.750%

due

06/20/25

300

284

6.050%

due

10/10/25

440

444

1.250%

due

01/08/26

650

586

Georgia-Pacific

LLC

0.950%

due

05/15/26

(Þ)

150

133

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

90

88

Goldman

Sachs

BDC,

Inc.

3.750%

due

02/10/25

573

551

Goldman

Sachs

Group,

Inc.

(The)

3.500%

due

04/01/25

1,200

1,157

3.272%

due

09/29/25

(CME

Term

SOFR

3

Month

+

1.463%)(Ê)

930

902

4.387%

due

06/15/27

(SOFR

+

1.510%)(Ê)

120

117

Series

VAR

1.093%

due

12/09/26

(SOFR

+

0.789%)(Ê)

1,170

1,052

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

610

536

GSK

Consumer

Healthcare

Capital

UK

PLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

3.125%

due

03/24/25

730

701

Harman

International

Industries,

Inc.

4.150%

due

05/15/25

590

573

HCA,

Inc.

5.250%

due

04/15/25

395

392

5.875%

due

02/15/26

582

584

Highmark,

Inc.

1.450%

due

05/10/26

(Þ)

520

464

Home

Depot,

Inc.

(The)

2.700%

due

04/15/25

70

67

2.875%

due

04/15/27

30

28

Honeywell

International,

Inc.

2.300%

due

08/15/24

1,400

1,356

Humana,

Inc.

3.850%

due

10/01/24

585

572

4.500%

due

04/01/25

80

79

International

Flavors

&

Fragrances,

Inc.

1.230%

due

10/01/25

(Þ)

664

598

Jackson

National

Life

Global

Funding

1.750%

due

01/12/25

(Þ)

245

229

3.050%

due

04/29/26

(Þ)

650

596

JPMorgan

Chase

&

Co.

4.023%

due

12/05/24

(CME

Term

SOFR

3

Month

+

1.262%)(Ê)

460

457

0.563%

due

02/16/25

(SOFR

+

0.420%)(Ê)

290

282

3.845%

due

06/14/25

(SOFR

+

0.980%)(Ê)

160

157

1.561%

due

12/10/25

(SOFR

+

0.605%)(Ê)

360

340

2.083%

due

04/22/26

(SOFR

+

1.850%)(Ê)

1,345

1,265

1.045%

due

11/19/26

(SOFR

+

0.800%)(Ê)

250

226

1.040%

due

02/04/27

(CME

Term

SOFR

3

Month

+

0.695%)(Ê)

500

446

1.578%

due

04/22/27

(SOFR

+

0.885%)(Ê)

330

297

Kellogg

Co.

3.250%

due

04/01/26

547

522

Kenvue,

Inc.

5.350%

due

03/22/26

(Þ)

90

91

5.050%

due

03/22/28

(Þ)

564

569

KeyCorp.

4.700%

due

01/26/26

395

377

Kinder

Morgan,

Inc.

4.300%

due

06/01/25

490

479

Kraft

Heinz

Foods

Co.

Series

WI

3.000%

due

06/01/26

618

584

Kroger

Co.

(The)

3.500%

due

02/01/26

613

587

L3Harris

Technologies,

Inc.

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

206

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.832%

due

04/27/25

80

78

5.400%

due

01/15/27

990

992

Laboratory

Corp.

of

America

Holdings

2.300%

due

12/01/24

615

587

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

150

146

2.900%

due

06/25/25

250

235

Lehman

Brothers

Holdings

Capital

Trust

VII

5.857%

due

11/29/49

(Æ)(Ø)(Š)

270

—

Lowe's

Cos.,

Inc.

3.125%

due

09/15/24

662

645

4.400%

due

09/08/25

440

432

Main

Street

Capital

Corp.

3.000%

due

07/14/26

661

591

Marathon

Petroleum

Corp.

4.700%

due

05/01/25

320

316

Marsh

&

McLennan

Cos.,

Inc.

3.500%

due

03/10/25

604

587

McDonald's

Corp.

3.300%

due

07/01/25

310

300

Merck

&

Co.,

Inc.

2.750%

due

02/10/25

1,300

1,254

Met

Tower

Global

Funding

1.250%

due

09/14/26

(Þ)

685

600

Meta

Platforms,

Inc.

Series

WI

3.500%

due

08/15/27

612

585

Microsoft

Corp.

3.125%

due

11/03/25

1,135

1,095

Mondelez

International

Holdings

Netherlands

BV

2.250%

due

09/19/24

(Þ)

589

565

Morgan

Stanley

3.620%

due

04/17/25

(SOFR

+

1.160%)(Ê)

340

334

4.754%

due

04/21/26

260

257

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

760

715

4.679%

due

07/17/26

(SOFR

+

1.669%)(Ê)

870

853

0.985%

due

12/10/26

(SOFR

+

0.720%)(Ê)

590

528

5.123%

due

02/01/29

(SOFR

+

1.730%)(Ê)

230

228

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

645

607

MPLX,

LP

4.000%

due

02/15/25

210

204

1.750%

due

03/01/26

625

570

Mutual

of

Omaha

Insurance

Co.

5.800%

due

07/27/26

(Þ)

435

434

National

Securities

Clearing

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.750%

due

12/07/25

(Þ)

340

306

Nestle

Holdings,

Inc.

4.000%

due

09/12/25

(Þ)

528

519

Netflix,

Inc.

3.625%

due

06/15/25

(Þ)

607

587

NextEra

Energy

Capital

Holdings,

Inc.

4.450%

due

06/20/25

415

408

NGPL

PipeCo

LLC

4.875%

due

08/15/27

(Þ)

536

513

NiSource,

Inc.

0.950%

due

08/15/25

435

399

Northrop

Grumman

Corp.

2.930%

due

01/15/25

100

96

Northwestern

Mutual

Life

Insurance

Co.

(The)

0.800%

due

01/14/26

(Þ)

570

510

Occidental

Petroleum

Corp.

3.000%

due

02/15/27

30

27

Oncor

Electric

Delivery

Co.

LLC

Series

WI

0.550%

due

10/01/25

200

181

Oracle

Corp.

1.650%

due

03/25/26

260

237

2.650%

due

07/15/26

581

542

4.500%

due

05/06/28

40

39

Otis

Worldwide

Corp.

Series

WI

2.056%

due

04/05/25

626

592

Owl

Rock

Capital

Corp.

3.750%

due

07/22/25

577

539

PACCAR

Financial

Corp.

3.550%

due

08/11/25

2,270

2,202

Pacific

Gas

and

Electric

Co.

4.950%

due

06/08/25

220

215

Pacific

Life

Global

Funding

II

1.200%

due

06/24/25

(Þ)

500

460

PayPal

Holdings,

Inc.

2.400%

due

10/01/24

410

395

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

650

641

PepsiCo,

Inc.

2.850%

due

02/24/26

569

544

Philip

Morris

International,

Inc.

1.500%

due

05/01/25

559

524

0.875%

due

05/01/26

80

72

Pioneer

Natural

Resources

Co.

1.125%

due

01/15/26

350

317

PNC

Financial

Services

Group,

Inc.

(The)

5.812%

due

06/12/26

(SOFR

+

1.322%)(Ê)

120

120

PPG

Industries,

Inc.

1.200%

due

03/15/26

80

72

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

207

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Pricoa

Global

Funding

I

4.200%

due

08/28/25

(Þ)

260

253

Principal

Life

Global

Funding

II

1.250%

due

06/23/25

(Þ)

280

256

Private

Export

Funding

Corp.

Series

OO

1.750%

due

11/15/24

1,200

1,145

Procter

&

Gamble

Co.

(The)

2.800%

due

03/25/27

1,100

1,034

2.850%

due

08/11/27

550

515

Prospect

Capital

Corp.

3.706%

due

01/22/26

602

548

Protective

Life

Global

Funding

Series

REGS

1.170%

due

07/15/25

(Þ)

930

848

Radian

Group,

Inc.

4.875%

due

03/15/27

609

581

Raytheon

Technologies

Corp.

3.950%

due

08/16/25

130

127

Regal

Rexnord

Corp.

6.050%

due

02/15/26

(Þ)

582

582

Republic

Services,

Inc.

0.875%

due

11/15/25

663

600

Roche

Holdings,

Inc.

2.132%

due

03/10/25

(Þ)

611

583

RPM

International,

Inc.

3.750%

due

03/15/27

626

589

Sabra

Health

Care,

LP

Series

WI

5.125%

due

08/15/26

614

591

Sealed

Air

Corp.

1.573%

due

10/15/26

(Þ)

345

305

Service

Properties

Trust

7.500%

due

09/15/25

490

484

Sherwin-Williams

Co.

(The)

3.450%

due

08/01/25

592

570

Sixth

Street

Specialty

Lending,

Inc.

3.875%

due

11/01/24

579

562

Southern

Power

Co.

0.900%

due

01/15/26

550

495

Southwest

Airlines

Co.

5.250%

due

05/04/25

220

219

Spectra

Energy

Partners,

LP

3.500%

due

03/15/25

598

577

State

Street

Corp.

3.776%

due

12/03/24

(CME

Term

SOFR

3

Month

+

1.032%)(Ê)

1,155

1,146

Steel

Dynamics,

Inc.

2.400%

due

06/15/25

624

584

Targa

Resources

Corp.

5.200%

due

07/01/27

170

169

TCI

Communications,

Inc.

7.875%

due

02/15/26

475

505

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Thermo

Fisher

Scientific,

Inc.

4.800%

due

11/21/27

571

575

T-Mobile

USA,

Inc.

2.250%

due

02/15/26

470

434

3.375%

due

04/15/29

10

9

Series

WI

3.500%

due

04/15/25

1,695

1,638

Toyota

Motor

Credit

Corp.

3.650%

due

08/18/25

600

583

Transcontinental

Gas

Pipe

Line

Co.

LLC

Series

WI

7.850%

due

02/01/26

20

21

Truist

Financial

Corp.

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

50

50

United

Airlines

Pass-Through

Trust

Series

A

4.300%

due

08/15/25

130

125

4.000%

due

04/11/26

517

489

United

Airlines,

Inc.

Series

144a

4.375%

due

04/15/26

(Þ)

420

398

United

Parcel

Service,

Inc.

3.900%

due

04/01/25

586

574

UPMC

Series

D-1

3.600%

due

04/03/25

1,130

1,089

US

Bancorp

5.775%

due

06/12/29

(SOFR

+

2.020%)(Ê)

60

60

Series

MTN

2.215%

due

01/27/28

(SOFR

+

0.730%)(Ê)

30

27

US

Bank

NA

Series

BKNT

2.050%

due

01/21/25

340

322

Verizon

Communications,

Inc.

3.500%

due

11/01/24

564

550

4.125%

due

03/16/27

150

145

2.100%

due

03/22/28

50

44

Series

WI

2.355%

due

03/15/32

224

179

Vertiv

Group

Corp.

4.125%

due

11/15/28

(Þ)

10

9

Viatris,

Inc.

Series

WI

1.650%

due

06/22/25

225

208

Visa,

Inc.

3.150%

due

12/14/25

240

230

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

165

148

Walmart,

Inc.

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

208

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.950%

due

09/09/27

1,300

1,277

Walt

Disney

Co.

(The)

1.750%

due

08/30/24

1,994

1,918

WarnerMedia

Holdings,

Inc.

6.412%

due

03/15/26

40

40

Series

WI

3.638%

due

03/15/25

950

918

3.755%

due

03/15/27

200

187

Wells

Fargo

&

Co.

3.300%

due

09/09/24

1,300

1,270

0.805%

due

05/19/25

(SOFR

+

0.510%)(Ê)

590

565

2.406%

due

10/30/25

(CME

Term

SOFR

3

Month

+

1.087%)(Ê)

1,200

1,148

2.188%

due

04/30/26

(SOFR

+

2.000%)(Ê)

855

804

Western

Midstream

Operating,

LP

4.650%

due

07/01/26

430

417

Westinghouse

Air

Brake

Technologies

Corp.

3.200%

due

06/15/25

225

214

129,509

International

Debt

-

14.0%

ABN

AMRO

Bank

NV

4.750%

due

07/28/25

(Þ)

538

523

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.650%

due

10/29/24

290

274

3.500%

due

01/15/25

360

347

Series

3NC1

1.750%

due

10/29/24

360

340

AGL

CLO

6,

Ltd.

Series

2021-6A

Class

AR

6.788%

due

07/20/34

(USD

3

Month

LIBOR

+

1.200%)(Ê)(Þ)

510

507

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

625

584

Allegro

CLO

XI,

Ltd.

Series

2020-2A

Class

A1A

1.580%

due

01/19/33

(USD

3

Month

LIBOR

+

1.390%)(Ê)(Þ)

250

249

AMMC

CLO

23,

Ltd.

Series

2021-23A

Class

A1R

6.610%

due

10/17/31

(USD

3

Month

LIBOR

+

1.040%)(Ê)(Þ)

230

229

Anglo

American

Capital

PLC

3.625%

due

09/11/24

(Þ)

540

527

Anheuser-Busch

Cos.

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

3.650%

due

02/01/26

510

494

Ashtead

Capital,

Inc.

1.500%

due

08/12/26

(Þ)

713

627

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

188

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bancolombia

SA

3.000%

due

01/29/25

559

535

Bank

of

Montreal

3.700%

due

06/07/25

430

416

Bank

of

Nova

Scotia

(The)

3.450%

due

04/11/25

240

232

1.050%

due

03/02/26

340

305

Barclays

PLC

4.375%

due

09/11/24

560

548

5.304%

due

08/09/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.300%)(Ê)

870

858

Barings

Private

Credit

Corp

CLO

Series

2023-1A

Class

A1

1.000%

due

07/15/31

(CME

Term

SOFR

3

Month

+

2.400%)(Ê)(Þ)

130

130

BAT

Capital

Corp.

3.215%

due

09/06/26

250

234

Bayer

US

Finance

II

LLC

5.500%

due

08/15/25

(Þ)

542

533

BCRED

MML

CLO

LLC

Series

2021-1A

Class

A

7.050%

due

01/15/35

(USD

3

Month

LIBOR

+

1.480%)(Ê)(Þ)

200

194

BDS,

Ltd.

Series

2021-FL8

Class

A

1.020%

due

01/18/36

(USD

1

Month

LIBOR

+

0.920%)(Ê)(Þ)

134

133

Black

Diamond

CLO,

Ltd.

Series

2021-1A

Class

A1AR

1.309%

due

04/24/29

(USD

3

Month

LIBOR

+

1.050%)(Ê)(Þ)

121

120

BNP

Paribas

SA

4.705%

due

01/10/25

(CME

Term

SOFR

3

Month

+

2.497%)(Ê)(Þ)

540

537

4.375%

due

09/28/25

(Þ)

556

537

Canadian

Imperial

Bank

of

Commerce

0.950%

due

10/23/25

160

145

Canadian

Natural

Resources,

Ltd.

3.850%

due

06/01/27

541

513

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2018-1A

Class

A1

3.075%

due

04/20/31

(CME

Term

SOFR

3

Month

+

1.282%)(Ê)(Þ)

566

563

Series

2018-1A

Class

A1R2

3.311%

due

04/17/31

(CME

Term

SOFR

3

Month

+

1.232%)(Ê)(Þ)

278

277

CarVal

CLO

VII-C,

Ltd.

Series

2023-1A

Class

A1

7.526%

due

01/20/35

(CME

Term

SOFR

3

Month

+

2.200%)(Ê)(Þ)

180

181

Cedar

Funding

V

CLO,

Ltd.

Series

2020-5A

Class

AFRR

1.937%

due

07/17/31

(Þ)

320

301

Cooperatieve

Rabobank

UA

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

209

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.649%

due

04/06/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.220%)(Ê)(Þ)

450

418

Credit

Agricole

SA

4.375%

due

03/17/25

(Þ)

590

572

1.907%

due

06/16/26

(SOFR

+

1.676%)(Ê)(Þ)

598

555

1.247%

due

01/26/27

(SOFR

+

0.892%)(Ê)(Þ)

340

304

Credit

Suisse

AG

7.950%

due

01/09/25

250

256

Daimler

Finance

NA

LLC

1.450%

due

03/02/26

(Þ)

210

192

Danske

Bank

A/S

3.773%

due

03/28/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.450%)(Ê)(Þ)

210

206

1.621%

due

09/11/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)(Þ)

612

553

Dryden

55

CLO,

Ltd.

Series

2018-55A

Class

A1

1.146%

due

04/15/31

(USD

3

Month

LIBOR

+

1.020%)(Ê)(Þ)

248

247

Dryden

64

CLO,

Ltd.

Series

2018-64A

Class

A

1.092%

due

04/18/31

(USD

3

Month

LIBOR

+

0.970%)(Ê)(Þ)

535

532

Dryden

Senior

Loan

Fund

Series

2022-80A

Class

BR

2.596%

due

01/17/33

(CME

Term

SOFR

3

Month

+

1.750%)(Ê)(Þ)

270

264

EMD

Finance

LLC

3.250%

due

03/19/25

(Þ)

611

587

Enbridge,

Inc.

1.600%

due

10/04/26

658

589

Equinor

ASA

2.875%

due

04/06/25

1,045

1,007

Great-West

Lifeco

U.S.

Finance

2020,

LP

0.904%

due

08/12/25

(Þ)

230

206

Halsey

Point

CLO

I,

Ltd.

Series

2019-1A

Class

A1A1

1.538%

due

01/20/33

(USD

3

Month

LIBOR

+

1.350%)(Ê)(Þ)

570

566

Hildene

Community

Funding

CDO,

Ltd.

Series

2021-1A

Class

ARR

2.600%

due

11/01/35

(Þ)

264

219

HPS

Loan

Management,

Ltd.

Series

2022-19

Class

X

6.046%

due

01/22/35

(CME

Term

SOFR

3

Month

+

0.700%)(Ê)(Þ)

128

127

HSBC

Holdings

PLC

3.803%

due

03/11/25

(CME

Term

SOFR

3

Month

+

1.473%)(Ê)

270

266

2.633%

due

11/07/25

(CME

Term

SOFR

3

Month

+

1.402%)(Ê)

631

603

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.645%

due

04/18/26

(SOFR

+

1.538%)(Ê)

270

250

ICICI

Bank,

Ltd.

4.000%

due

03/18/26

(Þ)

565

543

ING

Groep

NV

4.017%

due

03/28/28

(SOFR

+

1.830%)(Ê)

270

255

Lloyds

Banking

Group

PLC

Series

WI

4.582%

due

12/10/25

599

577

Madison

Park

Funding

XVIII,

Ltd.

Series

2021-18A

Class

ARR

1.195%

due

10/21/30

(USD

3

Month

LIBOR

+

0.940%)(Ê)(Þ)

561

558

Madison

Park

Funding

XXIII,

Ltd.

Series

2021-23A

Class

AR

6.589%

due

07/27/31

(USD

3

Month

LIBOR

+

0.970%)(Ê)(Þ)

283

282

Madison

Park

Funding

XXVI,

Ltd.

Series

2017-26A

Class

AR

1.470%

due

07/29/30

(USD

3

Month

LIBOR

+

1.200%)(Ê)(Þ)

427

426

Magnetite

XIV-R,

Ltd.

Series

2018-14RA

Class

A2

1.254%

due

10/18/31

(USD

3

Month

LIBOR

+

1.120%)(Ê)(Þ)

330

329

MF1,

Ltd.

Series

2021-FL7

Class

A

1.175%

due

10/18/36

(USD

1

Month

LIBOR

+

1.080%)(Ê)(Þ)

260

256

Mitsubishi

UFJ

Financial

Group,

Inc.

1.412%

due

07/17/25

450

415

0.953%

due

07/19/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.550%)(Ê)

700

666

Mizuho

Financial

Group,

Inc.

0.849%

due

09/08/24

(CME

Term

SOFR

3

Month

+

0.872%)(Ê)

370

368

National

Australia

Bank,

Ltd.

4.966%

due

01/12/26

405

404

NatWest

Group

PLC

4.269%

due

03/22/25

(USD

3

Month

LIBOR

+

1.762%)(Ê)

540

533

Neuberger

Berman

CLO

XV,

Ltd.

Series

2021-15A

Class

A1R2

6.490%

due

10/15/29

(USD

3

Month

LIBOR

+

0.920%)(Ê)(Þ)

190

189

Nissan

Motor

Co.,

Ltd.

3.522%

due

09/17/25

(Þ)

200

189

Nomura

Holdings,

Inc.

2.648%

due

01/16/25

625

594

Nordea

Bank

Abp

0.750%

due

08/28/25

(Þ)

270

244

Novartis

Capital

Corp.

1.750%

due

02/14/25

620

590

NTT

Finance

Corp.

1.162%

due

04/03/26

(Þ)

1,206

1,084

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

210

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Owl

Rock

CLO

I,

Ltd.

Series

2019-1A

Class

A

1.931%

due

05/20/31

(USD

3

Month

LIBOR

+

1.800%)(Ê)(Þ)

270

268

Parliament

Funding

II,

Ltd.

Series

2021-1A

Class

AR

6.838%

due

10/20/31

(USD

3

Month

LIBOR

+

1.250%)(Ê)(Þ)

354

349

Prosus

NV

3.257%

due

01/19/27

(Þ)

647

586

3.061%

due

07/13/31

(Þ)

240

188

Regatta

XIV

Funding,

Ltd.

Series

2018-3A

Class

A

6.445%

due

10/25/31

(USD

3

Month

LIBOR

+

1.190%)(Ê)(Þ)

705

701

Royal

Bank

of

Canada

3.375%

due

04/14/25

330

318

Sands

China,

Ltd.

Series

WI

2.800%

due

03/08/27

200

176

Saudi

Arabian

Oil

Co.

1.625%

due

11/24/25

(Þ)

566

519

Scottish

Power,

Ltd.

5.810%

due

03/15/25

562

564

Setanta

Aircraft

Leasing

DAC

Term

Loan

B

7.538%

due

11/02/28

(USD

3

Month

LIBOR  +

2.000%)(Ê)

130

130

Shinhan

Financial

Group

Co.,

Ltd.

2.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.064%)(Ê)(ƒ)(Þ)

255

224

Siemens

Financieringsmaatschappij

NV

3.250%

due

05/27/25

(Þ)

535

517

SK

Hynix,

Inc.

6.250%

due

01/17/26

(Þ)

519

520

Skandinaviska

Enskilda

Banken

AB

0.850%

due

09/02/25

(Þ)

270

244

Societe

Generale

SA

4.250%

due

04/14/25

(Þ)

566

546

Standard

Chartered

PLC

1.214%

due

03/23/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.880%)(Ê)(Þ)

280

270

1.456%

due

01/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

655

585

Sumitomo

Mitsui

Financial

Group,

Inc.

1.402%

due

09/17/26

340

300

Suncor

Energy,

Inc.

7.875%

due

06/15/26

489

518

Swedbank

AB

3.356%

due

04/04/25

(Þ)

540

519

Sycamore

Tree

CLO,

Ltd.

Series

2023-2A

Class

A

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.656%

due

04/20/35

(CME

Term

SOFR

3

Month

+

2.330%)(Ê)(Þ)

250

251

Symphony

CLO

XIX,

Ltd.

Series

2018-19A

Class

A

1.231%

due

04/16/31

(USD

3

Month

LIBOR

+

0.960%)(Ê)(Þ)

407

405

Series

2023-34A

Class

X

6.907%

due

07/24/36

(CME

Term

SOFR

3

Month

+

1.550%)(Ê)(Þ)

210

210

Symphony

CLO

XXVI,

Ltd.

Series

2021-26A

Class

X

6.138%

due

04/20/33

(USD

3

Month

LIBOR

+

0.550%)(Ê)(Þ)

75

75

TCI-Flatiron

CLO,

Ltd.

Series

2022-1A

Class

AR3

1.270%

due

01/17/32

(CME

Term

SOFR

3

Month

+

1.100%)(Ê)(Þ)

255

253

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150%

due

10/01/26

450

407

Toronto-Dominion

Bank

(The)

1.250%

due

12/13/24

1,400

1,320

3.766%

due

06/06/25

415

403

0.750%

due

09/11/25

430

391

TotalEnergies

Capital

International

SA

2.434%

due

01/10/25

1,200

1,153

Toyota

Motor

Credit

Corp.

1.339%

due

03/25/26

110

100

TransCanada

PipeLines,

Ltd.

1.000%

due

10/12/24

560

530

TSMC

Arizona

Corp.

1.750%

due

10/25/26

877

789

TSMC

Global,

Ltd.

0.750%

due

09/28/25

(Þ)

581

525

UBS

Group

AG

1.375%

due

01/13/25

(Þ)

500

470

4.125%

due

09/24/25

(Þ)

540

520

4.488%

due

05/12/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)(Þ)

320

311

5.711%

due

01/12/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)(Þ)

579

578

Unilever

Capital

Corp.

3.100%

due

07/30/25

1,500

1,447

Vale

Overseas,

Ltd.

6.250%

due

08/10/26

270

276

Var

Energi

ASA

5.000%

due

05/18/27

(Þ)

534

510

Voya

CLO,

Ltd.

Series

2018-2A

Class

A1

2.219%

due

07/15/31

(USD

3

Month

LIBOR

+

1.000%)(Ê)(Þ)

570

568

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

3.750%

due

09/17/24

(Þ)

609

577

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

211

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Whitebox

CLO

I,

Ltd.

Series

2021-1A

Class

ANAR

6.737%

due

07/24/32

(USD

3

Month

LIBOR

+

1.130%)(Ê)(Þ)

390

389

49,702

Loan

Agreements

-

0.4%

APi

Group

DE,

Inc.

Term

Loan

B

7.933%

due

10/01/26

(USD

1

Month

LIBOR

+

2.500%)((Ê)

117

117

Asurion

LLC

2021

Term

Loan

B9

8.788%

due

07/31/27

(USD

3

Month

LIBOR  +

3.250%)(Ê)

128

122

Charter

Communications

Operating

LLC

Term

Loan

B1

7.116%

due

04/30/25

(USD

3

Month

LIBOR  +

1.750%)(Ê)

128

128

Charter

Communications

Operating

LLC

Term

Loan

B2

7.067%

due

02/01/27

(USD

1

Month

LIBOR

+

1.750%)(Ê)

128

127

Genesee

&

Wyoming,

Inc.

New

Term

Loan

7.342%

due

12/30/26

(USD

3

Month

LIBOR  +

2.000%)(Ê)

128

128

Hudson

River

Trading

LLC

Term

Loan

8.631%

due

03/18/28

(USD

3

Month

LIBOR  +

3.000%)(Ê)

128

125

Nexstar

Broadcasting,

Inc.

Term

Loan

B4

7.933%

due

09/19/26

(USD

1

Month

LIBOR

+

2.500%)(Ê)

77

77

Prime

Security

Services

Borrower

LLC

2021

Term

Loan

7.977%

due

09/23/26

(USD

1

Month

LIBOR

+

2.750%)(Ê)

128

128

Rent-A-Center,

Inc.

1st

Lien

Term

Loan

B

8.881%

due

02/17/28

(USD

3

Month

LIBOR  +

3.250%)(Ê)

122

121

Sungard

AS

New

Holdings

III

LLC

Term

Loan

4.947%

due

08/01/24

(USD

3

Month

LIBOR  +

3.750%)(Ê)

75

51

VFH

Parent

LLC

2022

Term

Loan

B

8.405%

due

01/13/29

(USD

1

Month

LIBOR

+

3.000%)(Ê)

129

128

Virgin

Media

Secured

Finance

PLC

Term

Loan

7.836%

due

01/31/28

(USD

1

Month

LIBOR

+

2.500%)(Ê)

130

127

1,379

Mortgage-Backed

Securities

-

11.4%

Arbor

Multifamily

Mortgage

Securities

Trust

Series

2021-MF3

Class

A1

1.075%

due

10/15/54

(Þ)

242

219

Series

2021-MF3

Class

A2

2.213%

due

10/15/54

(Þ)

345

307

AREIT,

Inc.

Series

2021-CRE5

Class

A

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.180%

due

07/17/26

(USD

1

Month

LIBOR

+

1.080%)(Ê)(Þ)

126

123

Avenue

of

Americas

Series

2021-1177

Class

A

0.965%

due

10/15/36

(USD

1

Month

LIBOR

+

0.874%)(Ê)(Þ)

310

282

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2020-BN26

Class

A1

1.388%

due

03/15/63

60

57

Series

2020-BN28

Class

A1

0.628%

due

03/15/63

7

7

Series

2020-BN29

Class

A1

0.549%

due

11/15/53

699

650

BBCMS

Mortgage

Trust

Series

2021-C11

Class

A1

0.752%

due

09/15/54

399

368

Series

2023

C19

Class

A1

5.698%

due

04/15/56

254

249

Series

2023-C20

Class

A1

5.862%

due

07/15/56

255

254

Benchmark

Mortgage

Trust

Series

2020-B17

Class

A1

1.282%

due

03/15/53

90

86

Series

2020-B21

Class

A1

0.537%

due

12/17/53

174

164

Series

2020-B22

Class

A1

0.509%

due

01/15/54

825

759

Series

2021-B27

Class

XA

Interest

Only

STRIPS

1.274%

due

07/15/54

(~)(Ê)

4,159

284

Series

2021-B28

Class

A1

0.597%

due

08/15/54

(~)(Ê)

472

433

Series

2023-B39

Class

A1

6.035%

due

07/15/55

255

254

Series

2023-V3

Class

A1

5.957%

due

07/15/56

(Š)

178

178

BMO

Mortgage

Trust

Series

2023-C5

Class

A1

5.740%

due

06/15/56

296

293

BRAVO

Residential

Funding

Trust

Series

2023-NQM4

Class

A1

6.435%

due

05/25/63

(~)(Ê)(Þ)

267

266

BX

Trust

Series

2019-MMP

Class

A

1.185%

due

08/15/36

(USD

1

Month

LIBOR

+

1.000%)(Ê)(Þ)

547

537

Series

2020-VIVA

Class

E

3.667%

due

03/11/44

(~)(Ê)(Þ)

250

191

Series

2021-ARIA

Class

A

0.979%

due

10/15/36

(USD

1

Month

LIBOR

+

0.899%)(Ê)(Þ)

310

301

Series

2021-BXMF

Class

A

0.726%

due

10/15/26

(USD

1

Month

LIBOR

+

0.636%)(Ê)(Þ)

310

303

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

212

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-SDMF

Class

F

2.491%

due

09/15/34

(USD

1

Month

LIBOR

+

1.937%)(Ê)(Þ)

280

262

Series

2021-XL2

Class

D

1.497%

due

10/15/36

(USD

1

Month

LIBOR

+

1.397%)(Ê)(Þ)

242

233

Series

2022-LBA6

Class

A

1.058%

due

01/15/39

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

250

245

Series

2022-LP2

Class

A

1.063%

due

02/15/39

(CME

Term

SOFR

1

Month

+

1.013%)(Ê)(Þ)

194

189

Citigroup

Commercial

Mortgage

Trust

Series

2015-P1

Class

A4

3.462%

due

09/15/48

490

471

Series

2020-GC46

Class

A1

1.846%

due

02/15/53

78

75

COLT

Funding

LLC

Series

2023-1

Class

A1

6.048%

due

04/25/68

(~)(Ê)(Þ)

213

211

Series

2023-2

Class

A1

6.596%

due

07/25/68

(Þ)

805

810

COLT

Mortgage

Loan

Trust

Series

2022-2

Class

A1

2.994%

due

02/25/67

(~)(Ê)(Þ)

98

87

Commercial

Mortgage

Trust

Series

2014-CR20

Class

ASB

3.305%

due

11/10/47

69

67

Series

2015-CR22

Class

ASB

3.144%

due

03/10/48

68

66

Series

2015-LC23

Class

ASB

3.598%

due

10/10/48

23

22

Series

2015-PC1

Class

A4

3.620%

due

07/10/50

135

130

Series

2016-DC2

Class

A4

3.497%

due

02/10/49

388

371

Series

2020-CBM

Class

A2

2.896%

due

02/10/37

(Þ)

310

291

Series

2021-PF1

Class

A1

1.122%

due

11/15/54

628

576

Credit

Suisse

Mortgage

Trust

Series

2020-RPL4

Class

A1

2.000%

due

01/25/60

(~)(Ê)(Þ)

195

167

Series

2021-NQM6

Class

A3

1.585%

due

07/25/66

(~)(Ê)(Þ)

178

139

Cross

Mortgage

Trust

Series

2023-H1

6.615%

due

03/25/68

380

380

CSAIL

Commercial

Mortgage

Trust

Series

2015-C3

Class

A3

3.447%

due

08/15/48

95

91

Series

2015-C3

Class

ASB

3.448%

due

08/15/48

56

55

Series

2016-C7

Class

ASB

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.314%

due

11/15/49

133

128

Series

2020-C19

Class

A1

1.296%

due

03/15/53

126

119

Ellington

Financial

Mortgage

Trust

Series

2022-1

Class

A1

2.206%

due

02/25/26

(~)(Ê)(Þ)

146

121

ELP

Commercial

Mortgage

Trust

Series

2021-ELP

Class

D

1.619%

due

11/15/36

(USD

1

Month

LIBOR

+

1.518%)(Ê)(Þ)

250

241

Fannie

Mae

4.500%

due

2025

22

22

5.000%

due

2038

3,544

3,518

3.000%

due

2040

1,430

1,296

5.500%

due

2052

277

275

Fannie

Mae

REMICS

Series

2007-73

Class

A1

0.236%

due

07/25/37

(USD

1

Month

LIBOR

+

0.060%)(Ê)

8

8

Freddie

Mac

4.500%

due

2038

1,077

1,055

5.000%

due

2038

2,356

2,340

3.265%

due

2049

(USD

12

Month

LIBOR

+

1.629%)(Ê)

781

734

2.551%

due

2052

(SOFR

30

Day

Average

+

2.380%)(Ê)

1,446

1,315

Freddie

Mac

REMICS

Series

2012-4083

Class

DC

1.500%

due

07/15/27

132

124

Series

2013-4182

Class

UC

1.500%

due

09/15/27

109

105

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA2

Class

M2

2.018%

due

02/25/50

(USD

1

Month

LIBOR

+

1.850%)(Ê)(Þ)

77

77

Series

2021-DNA5

Class

M2

1.700%

due

01/25/34

(SOFR

30

Day

Average

+

1.650%)(Ê)(Þ)

177

177

Series

2022-DNA2

Class

M1A

1.349%

due

02/25/42

(SOFR

30

Day

Average

+

1.300%)(Ê)(Þ)

51

51

Series

2022-DNA2

Class

M1B

2.449%

due

02/25/42

(SOFR

30

Day

Average

+

2.400%)(Ê)(Þ)

60

60

GCAT

Trust

Series

2023-NQM2

Class

A1

5.837%

due

11/25/67

(~)(Ê)(Þ)

265

262

Ginnie

Mae

REMICS

Series

2014-21

Class

DA

2.000%

due

04/16/26

158

153

Series

2016-H11

Class

HA

2.500%

due

01/20/66

785

752

Series

2017-H03

Class

NA

3.125%

due

10/20/66

656

624

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

213

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-H23

Class

MA

3.000%

due

11/20/67

216

202

Series

2021-H15

Class

HB

1.250%

due

09/20/65

437

418

Series

2022-H17

Class

DF

5.359%

due

07/20/72

(SOFR

30

Day

Average

+

0.800%)(Ê)

633

624

Hawaii

Hotel

Trust

Series

2019-MAUI

Class

F

2.935%

due

05/15/38

(USD

1

Month

LIBOR

+

2.750%)(Ê)(Þ)

250

243

Imperial

Fund

Mortgage

Trust

Series

2022-NQM6

Class

A1

6.819%

due

10/25/67

(~)(Ê)(Þ)

929

929

Series

2023-NQM1

Class

A1

5.941%

due

02/25/68

(~)(Ê)(Þ)

322

318

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2014-C21

Class

AS

3.997%

due

08/15/47

300

288

Series

2014-C22

Class

A4

3.801%

due

09/15/47

525

509

Series

2014-C25

Class

B

4.347%

due

11/15/47

(~)(Ê)

115

107

Series

2017-JP5

Class

ASB

3.549%

due

03/15/50

287

272

Series

2017-JP7

Class

A3

3.379%

due

09/15/50

800

760

Series

2021-NYAH

Class

F

2.270%

due

06/15/38

(USD

1

Month

LIBOR

+

2.190%)(Ê)(Þ)

250

216

KKR

Industrial

Portfolio

Trust

Series

2021-KDIP

Class

A

0.700%

due

12/15/37

(USD

1

Month

LIBOR

+

0.550%)(Ê)(Þ)

62

62

Legacy

Mortgage

Asset

Trust

Series

2020-RPL1

Class

A1

3.000%

due

09/25/59

(~)(Ê)(Þ)

160

147

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C23

Class

A3

3.451%

due

07/15/50

459

437

Series

2015-C25

Class

A3

3.280%

due

10/15/48

259

255

Series

2016-C32

Class

ASB

3.514%

due

12/15/49

224

214

Morgan

Stanley

Capital

I

Trust

Series

2021-L5

Class

A1

0.785%

due

04/15/26

322

296

Series

2021-L7

Class

A1

0.881%

due

08/15/26

920

839

MSWF

Commercial

Mortgage

Trust

Series

2023-1

Class

A1

5.539%

due

01/15/28

173

170

New

Residential

Mortgage

Loan

Trust

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2022-NQM2

Class

A1

3.079%

due

03/27/62

(~)(Ê)(Þ)

211

187

NYO

Commercial

Mortgage

Trust

Series

2021-1290

Class

D

2.625%

due

11/15/38

(USD

1

Month

LIBOR

+

2.545%)(Ê)(Þ)

310

255

OBX

Trust

Series

2022-NQM1

Class

A1

2.305%

due

11/25/61

(~)(Ê)(Þ)

203

170

Onslow

Bay

Financial

LLC

Series

2020-EXP3

Class

2A1A

1.106%

due

01/25/60

(USD

1

Month

LIBOR

+

0.900%)(Ê)(Þ)

8

8

Series

2023-NQM5

Class

A1A

6.567%

due

06/25/63

(~)(Ê)(Þ)

868

871

Series

2023-NQM6

Class

A1

6.520%

due

07/25/63

(~)(Ê)(Þ)

570

568

Premier

Global

Infrastructure

Trust

PLC

Series

2021-PORT

Class

A

0.584%

due

10/15/36

(USD

1

Month

LIBOR

+

0.484%)(Ê)(Þ)

166

162

SG

Capital

Partners

LLC

Series

2022-1

Class

A1

3.166%

due

03/27/62

(~)(Ê)(Þ)

219

193

SREIT

Trust

Series

2021-MFP

Class

A

0.831%

due

11/15/38

(USD

1

Month

LIBOR

+

0.731%)(Ê)(Þ)

310

304

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

237

STWD

Trust

Series

2021-MFP2

Class

A

0.922%

due

11/15/36

(USD

1

Month

LIBOR

+

0.822%)(Ê)(Þ)

270

265

Towd

Point

Mortgage

Trust

Series

2015-2

Class

2M2

4.294%

due

11/25/57

(~)(Ê)(Þ)

189

186

Series

2021-SJ1

Class

A1

2.250%

due

07/25/68

(~)(Ê)(Þ)

486

450

Series

2021-SJ2

Class

A1A

2.250%

due

03/25/59

(~)(Ê)(Þ)

307

280

UBS

Commercial

Mortgage

Trust

Series

2017-C2

Class

ASB

3.264%

due

08/15/50

706

673

Verus

Securitization

Trust

Series

2023-2

Class

A1

6.193%

due

03/25/68

(~)(Ê)(Þ)

308

307

Series

2023-4

Class

A1

5.811%

due

05/25/27

(~)(Ê)(Þ)

386

382

Series

2023-5

Class

A1

6.476%

due

06/25/68

(~)(Ê)(Þ)

817

818

Series

2023-INV1

Class

A1

5.999%

due

02/25/68

(~)(Ê)(Þ)

927

919

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

214

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2023-INV2

Class

A1

6.443%

due

08/25/68

(~)(Ê)(Þ)

270

270

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28

Class

A3

3.290%

due

05/15/48

634

605

Series

2015-NXS2

Class

ASB

3.461%

due

07/15/58

79

77

Series

2020-C57

Class

A1

0.903%

due

08/15/53

111

105

40,658

Municipal

Bonds

-

0.1%

Taxable

Municipal

Funding

Trust

Revenue

Bonds

0.530%

due

09/01/30

(~)(Ê)(Þ)

345

345

United

States

Government

Agencies

-

0.6%

Federal

Farm

Credit

Banks

Funding

Corp.

3.375%

due

08/26/24

120

117

0.710%

due

04/21/25

1,900

1,757

Tennessee

Valley

Authority

0.750%

due

05/15/25

370

343

2,217

United

States

Government

Treasuries

-

7.6%

United

States

Treasury

Notes

4.250%

due

10/15/25

10,640

10,518

4.625%

due

03/15/26

40

40

0.750%

due

03/31/26

5,980

5,414

0.750%

due

05/31/26

3,260

2,934

1.250%

due

11/30/26

190

171

2.750%

due

07/31/27

1,390

1,311

4.125%

due

10/31/27

1,480

1,470

5.310%

due

01/31/28

4,135

4,011

4.000%

due

02/29/28

170

168

3.625%

due

05/31/28

1,020

996

27,033

Total

Long-Term

Investments

(cost

$300,485)

289,332

Options

Purchased

-

0.0%

(Number

of

Contracts)

One

Year

Mid-Curve

Option

Morgan

Stanley

Oct

2023

97.00

Put

(34)

USD

8,245

(ÿ)

99

Morgan

Stanley

Dec

2023

95.88

Put

(18)

USD

4,314

(ÿ)

18

Morgan

Stanley

Dec

2023

96.00

Put

(42)

USD

10,080

(ÿ)

50

Total

Options

Purchased

(cost

$91)

167

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Short-Term

Investments

-

17.5%

Air

Lease

Corp.

Series

MTN

0.700%

due

02/15/24

370

360

American

Express

Co.

2.500%

due

07/30/24

270

262

American

Honda

Finance

Corp.

2.900%

due

02/16/24

1,500

1,478

Antalis

SA

5.730%

due

10/13/23

(ž)

250

247

Athene

Global

Funding

5.861%

due

05/24/24

(SOFR

+

0.700%)(Ê)(Þ)

415

411

Atlantic

Asset

Securitization

LLC

2.656%

due

08/02/23

(ç)(ž)

500

500

Avolon

Holdings

Funding,

Ltd.

5.125%

due

10/01/23

(Þ)

170

170

Bank

of

America

NA

0.000%

due

10/23/23

(ž)

1,000

1,000

Bank

of

Montreal

2.500%

due

06/28/24

1,710

1,662

Bank

of

Nova

Scotia

(The)

0.650%

due

07/31/24

1,380

1,312

Barclays

PLC

5.290%

due

08/04/23

(ç)

500

500

Barton

Capital

SA

5.559%

due

09/25/23

(ž)

1,000

992

BMW

US

Capital

LLC

0.800%

due

04/01/24

(Þ)

110

106

Boeing

Co.

(The)

2.800%

due

03/01/24

270

265

BPR

Trust

Series

2021-TY

Class

C

1.800%

due

09/23/23

(USD

1

Month

LIBOR

+

1.700%)(Ê)(Þ)

250

233

Cancara

Asset

Securitisation

LLC

5.550%

due

09/14/23

(ž)

1,100

1,093

Caterpillar

Financial

Services

Corp.

0.450%

due

09/14/23

1,500

1,491

Colgate-Palmolive

Co.

3.250%

due

03/15/24

1,100

1,087

Credit

Suisse

AG

Series

FXD

0.520%

due

08/09/23

(ç)

250

250

Danske

Bank

A/S

5.375%

due

01/12/24

(Þ)

270

269

Duke

Energy

Progress

LLC

3.375%

due

09/01/23

(ç)

190

190

Energy

Transfer,

LP

Series

5Y

4.200%

due

09/15/23

260

259

Federal

Farm

Credit

Banks

Funding

Corp.

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

215

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.570%

due

07/05/24

2,050

2,049

Federal

Home

Loan

Bank

Discount

Notes

5.185%

due

09/15/23

(ž)

230

229

Federal

Home

Loan

Banks

0.430%

due

06/17/24

1,500

1,433

Fox

Corp.

Series

WI

4.030%

due

01/25/24

420

416

Glencore

Funding

LLC

4.125%

due

03/12/24

(Þ)

420

414

Hyundai

Capital

America

0.800%

due

01/08/24

(Þ)

210

205

International

Business

Machines

Corp.

3.000%

due

05/15/24

1,600

1,570

John

Deere

Capital

Corp.

0.450%

due

06/07/24

700

670

JPMorgan

Chase

&

Co.

3.625%

due

05/13/24

1,430

1,408

Liberty

Street

Funding

LLC

5.415%

due

09/18/23

1,100

1,092

Lloyds

Banking

Group

PLC

3.900%

due

03/12/24

540

533

LMA

SA/LMA

Americas

LLC

5.763%

due

10/13/23

(ž)

1,400

1,384

Manhattan

Asset

Funding

Corp.

5.252%

due

08/25/23

(ž)

800

797

Marriott

International,

Inc.

Series

FXD

3.600%

due

04/15/24

210

207

Matchpoint

Finance

PLC

4.901%

due

08/10/23

(ž)

1,200

1,198

Natixis

SA

5.259%

due

08/21/23

(ž)

1,000

997

Nestle

Holdings,

Inc.

3.350%

due

09/24/23

(Þ)

1,100

1,096

New

York

Life

Global

Funding

0.400%

due

10/21/23

(Þ)

220

217

Nissan

Motor

Acceptance

Corp.

3.043%

due

09/15/23

(Þ)

400

399

Petrobras

Global

Finance

BV

6.250%

due

03/17/24

260

259

Philip

Morris

International,

Inc.

2.875%

due

05/01/24

180

176

PMT

Credit

Risk

Transfer

Trust

Series

2021-1R

Class

A

7.417%

due

02/27/24

(USD

1

Month

LIBOR

+

2.900%)(Ê)(Þ)

120

119

Royal

Bank

of

Canada

0.500%

due

10/26/23

1,400

1,383

Sheffield

Receivables

Co.

LLC

5.485%

due

10/31/23

1,300

1,282

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sprint

LLC

Series

WI

7.125%

due

06/15/24

230

232

STAR

Trust

Series

2022-SFR3

Class

A

6.726%

due

05/17/24

(CME

Term

SOFR

1

Month

+

1.650%)(Ê)(Þ)

1,145

1,142

Sungard

Availability

Services

Capital,

Inc.

Term

Loan

0.000%

due

11/03/23

(USD

3

Month

LIBOR  +

2.750%)(Ê)(v)

237

31

Toyota

Motor

Credit

Corp.

0.500%

due

08/14/23

700

699

U.S.

Cash

Management

Fund(@)

15,533,320(∞)

15,527

UBS

Group

AG

0.450%

due

02/09/24

(Þ)

1,650

1,602

United

States

Treasury

Bills

0.000%

due

08/01/23

(ç)(ž)

100

100

5.427%

due

10/10/23

(ž)

670

663

5.430%

due

10/24/23

(ž)

730

721

United

States

Treasury

Notes

0.125%

due

09/15/23

1,575

1,565

2.750%

due

11/15/23

2,655

2,635

5.171%

due

06/15/24

2,670

2,555

Verizon

Communications,

Inc.

0.750%

due

03/22/24

220

213

Williams

Cos.,

Inc.

(The)

4.300%

due

03/04/24

660

654

Total

Short-Term

Investments

(cost

$62,904)

62,009

Total

Investments

-

98.9%

(identified

cost

$363,480)

351,508

Other

Assets

and

Liabilities,

Net

-

1.1%

3,830

Net

Assets

-

100.0%

355,338

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

216

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

$

$

$

23.5%

ABN

AMRO

Bank

NV

04/26/23

538,000

97.99

527

523

AGL

CLO

6,

Ltd.

07/12/21

510,000

100.00

510

507

Aircastle,

Ltd.

12/27/21

541,000

105.81

572

526

Alimentation

Couche-Tard,

Inc.

02/14/23

625,000

93.94

587

584

Allegro

CLO

XI,

Ltd.

04/13/22

250,000

99.94

250

249

American

Homes

4

Rent

Trust

02/21/23

464,065

95.64

444

445

American

Homes

4

Rent

Trust

03/21/23

504,366

97.50

492

490

AMMC

CLO

23,

Ltd.

10/13/21

230,000

100.00

230

229

AMSR

Trust

01/24/23

660,000

90.99

601

597

AMSR

Trust

04/10/23

220,000

90.87

200

199

AMSR

Trust

04/10/23

194,568

91.36

178

177

AMSR

Trust

05/02/23

439,578

93.85

413

409

Anglo

American

Capital

PLC

05/20/21

540,000

102.91

556

527

Arbor

Multifamily

Mortgage

Securities

Trust

09/27/21

242,097

100.00

242

219

Arbor

Multifamily

Mortgage

Securities

Trust

09/27/21

345,000

102.85

355

307

AREIT,

Inc.

09/28/21

126,237

100.00

126

123

Ares

Finance

Co.

LLC

02/14/23

545,000

96.56

526

524

Ashtead

Capital,

Inc.

07/22/22

713,000

90.53

645

627

Athene

Global

Funding

05/21/21

415,000

100.00

415

411

Avenue

of

Americas

10/20/21

310,000

99.89

310

282

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

12/01/21

100,000

101.76

102

100

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

07/12/22

1,405,000

99.98

1,405

1,361

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

05/24/23

740,000

99.98

740

737

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

07/19/23

930,000

93.45

869

869

Avolon

Holdings

Funding,

Ltd.

05/20/21

170,000

100.57

171

170

Bank

of

The

West

Auto

Trust

06/22/22

567,345

99.22

563

565

Barings

Private

Credit

Corp

CLO

07/28/23

130,000

100.00

130

130

Bayer

US

Finance

II

LLC

05/07/21

542,000

107.38

582

533

BCRED

MML

CLO

LLC

11/10/21

200,000

100.00

200

194

BDS,

Ltd.

07/22/21

134,399

100.00

134

133

Black

Diamond

CLO,

Ltd.

07/15/21

120,951

100.00

121

120

Blackstone

Holdings

Finance

Co.

LLC

12/15/22

589,000

102.34

603

599

BMW

US

Capital

LLC

05/20/21

110,000

100.16

110

106

BNP

Paribas

SA

05/20/21

540,000

103.96

561

537

BNP

Paribas

SA

05/26/21

556,000

105.85

589

537

BPR

Trust

09/10/21

250,000

100.00

250

233

BRAVO

Residential

Funding

Trust

06/09/23

266,543

100.00

267

266

BX

Trust

11/09/20

547,261

99.48

544

537

BX

Trust

06/16/21

250,000

100.42

251

191

BX

Trust

10/13/21

310,000

99.78

309

302

BX

Trust

10/14/21

242,398

99.55

241

233

BX

Trust

10/28/21

310,000

99.47

308

303

BX

Trust

01/21/22

250,000

100.00

250

245

BX

Trust

02/10/22

194,417

99.61

194

189

BX

Trust

04/28/22

280,000

95.09

266

262

BXMT,

Ltd.

04/09/21

330,000

100.00

330

302

Cargill,

Inc.

01/28/21

100,000

99.83

100

90

Cargill,

Inc.

10/05/22

1,300,000

100.23

1,303

1,293

Carlyle

Global

Market

Strategies

CLO,

Ltd.

07/26/21

278,162

100.00

278

277

Carlyle

Global

Market

Strategies

CLO,

Ltd.

07/12/23

566,163

99.25

562

563

CarVal

CLO

VII-C,

Ltd.

01/26/23

180,000

100.00

180

181

CCG

Receivables

Trust

10/13/21

218,201

99.99

218

210

Cedar

Funding

V

CLO,

Ltd.

07/23/21

320,000

100.00

320

301

COLT

Funding

LLC

04/18/23

212,532

100.00

213

211

COLT

Funding

LLC

07/11/23

805,000

100.03

805

810

COLT

Mortgage

Loan

Trust

02/18/22

97,782

99.99

98

87

Commercial

Mortgage

Trust

01/30/20

310,000

102.41

317

291

Continental

Resources,

Inc.

04/25/22

110,000

93.74

103

98

Cooperatieve

Rabobank

UA

04/05/22

450,000

99.26

447

418

Credit

Agricole

SA

08/20/20

590,000

104.41

616

571

Credit

Agricole

SA

05/20/21

340,000

99.15

337

304

Credit

Agricole

SA

08/10/21

598,000

101.20

605

555

Credit

Suisse

Mortgage

Trust

09/27/21

178,382

100.00

178

139

Credit

Suisse

Mortgage

Trust

03/04/22

194,548

97.33

189

167

Daimler

Finance

NA

LLC

05/20/21

210,000

100.45

211

192

Danske

Bank

A/S

10/14/20

612,000

99.94

612

553

Danske

Bank

A/S

05/20/21

270,000

101.95

275

269

Danske

Bank

A/S

05/26/22

210,000

99.64

209

206

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

217

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

DISH

DBS

Corp.

11/10/21

20,000

100.00

20

16

Dryden

55

CLO,

Ltd.

07/26/21

247,561

100.00

248

247

Dryden

64

CLO,

Ltd.

07/13/23

534,765

99.18

530

532

Dryden

Senior

Loan

Fund

04/08/22

270,000

99.25

268

264

Ellington

Financial

Mortgage

Trust

01/14/22

145,991

99.99

146

121

ELP

Commercial

Mortgage

Trust

11/01/21

250,000

99.65

249

241

EMD

Finance

LLC

05/17/22

611,000

99.44

608

587

Enterprise

Fleet

Financing

LLC

03/23/22

277,558

99.99

278

271

EQT

Corp.

09/07/21

140,000

101.83

143

130

ERAC

USA

Finance

LLC

04/26/23

375,000

99.64

374

366

F&G

Annuities

&

Life,

Inc.

02/14/23

568,000

102.00

579

570

FirstEnergy

Transmission

LLC

02/10/22

576,000

101.78

586

562

Ford

Credit

Auto

Owner

Trust

02/09/23

250,000

100.00

250

246

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

07/09/21

77,034

100.80

78

77

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

07/19/21

177,156

100.00

177

177

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/07/22

60,000

100.00

60

60

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/07/22

50,996

100.00

51

51

GA

Global

Funding

Trust

01/08/21

285,000

99.94

285

255

GA

Global

Funding

Trust

09/07/21

715,000

99.92

714

670

GCAT

Trust

07/10/23

265,054

98.49

261

262

Georgia-Pacific

LLC

05/20/21

150,000

99.03

149

133

Glencore

Funding

LLC

05/20/21

420,000

101.63

427

414

Goldentree

Loan

Management,

LP

06/25/21

380,000

100.00

380

377

GoodGreen

Trust

04/21/21

179,392

99.98

179

148

Great

Lakes

Kcap

F3c

Senior

LLC

07/26/21

225,404

100.00

225

224

Great-West

Lifeco

U.S.

Finance

2020,

LP

05/20/21

230,000

99.53

229

206

Halsey

Point

CLO

I,

Ltd.

07/28/21

570,000

99.91

569

566

Hawaii

Hotel

Trust

06/17/21

250,000

100.14

250

243

Hertz

Vehicle

Financing

III

LLC

03/25/22

725,000

100.00

725

717

Hertz

Vehicle

Financing

III,

LP

06/24/21

250,000

99.97

250

219

Hertz

Vehicle

Financing

III,

LP

05/27/22

1,290,000

90.90

1,163

1,129

Hertz

Vehicle

Financing

LLC

06/24/21

310,000

100.00

310

291

Hertz

Vehicle

Financing

LLC

11/12/21

440,000

99.52

438

414

Highmark,

Inc.

05/05/21

520,000

99.92

520

464

Hildene

Community

Funding

CDO,

Ltd.

11/15/21

263,887

100.00

264

219

Hilton

Grand

Vacations

Trust

06/02/20

156,291

99.99

156

146

HPS

Loan

Management,

Ltd.

07/24/23

127,500

99.50

127

127

Hyundai

Capital

America

05/21/21

210,000

99.96

210

205

ICICI

Bank,

Ltd.

07/07/21

565,000

105.08

594

543

Imperial

Fund

Mortgage

Trust

02/10/23

928,534

100.78

936

929

Imperial

Fund

Mortgage

Trust

05/31/23

321,510

99.38

320

318

International

Flavors

&

Fragrances,

Inc.

06/16/22

664,000

92.95

617

598

Invitation

Homes

Trust

05/31/23

780,249

99.81

779

776

Jackson

National

Life

Global

Funding

06/23/20

650,000

103.75

674

596

Jackson

National

Life

Global

Funding

01/05/22

245,000

99.99

245

229

JPMorgan

Chase

Bank

NA

08/27/20

15,108

100.00

15

15

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

10/21/21

250,000

99.77

249

216

JPMorgan

Chase

Mortgage

Trust

06/22/23

545,203

100.00

545

547

Kenvue,

Inc.

03/08/23

564,000

101.86

583

569

Kenvue,

Inc.

03/08/23

90,000

99.95

90

91

KKR

Industrial

Portfolio

Trust

01/12/21

62,488

100.00

62

62

LAD

Auto

Receivables

Trust

05/17/23

330,000

99.99

330

329

Legacy

Mortgage

Asset

Trust

10/06/21

160,037

103.90

166

147

Lunar

Structured

Aircraft

Portfolio

Notes

11/05/21

209,281

100.00

209

181

Madison

Park

Funding

XVIII,

Ltd.

07/12/23

561,285

99.29

557

558

Madison

Park

Funding

XXIII,

Ltd.

07/20/23

283,413

99.63

282

282

Madison

Park

Funding

XXVI,

Ltd.

07/18/23

426,768

99.80

426

426

Magnetite

XIV-R,

Ltd.

07/26/21

330,000

100.07

330

329

Met

Tower

Global

Funding

09/07/21

685,000

99.94

685

600

MF1,

Ltd.

09/10/21

260,000

100.00

260

256

Mondelez

International

Holdings

Netherlands

BV

11/09/20

589,000

101.49

598

565

Mutual

of

Omaha

Insurance

Co.

07/19/23

435,000

99.92

435

434

National

Securities

Clearing

Corp.

05/20/21

340,000

99.41

338

306

Navient

Private

Education

Refi

Loan

Trust

01/28/21

55,950

101.99

57

55

Navient

Private

Education

Refi

Loan

Trust

01/27/23

214,172

96.61

207

202

Nelnet

Student

Loan

Trust

01/07/22

250,000

100.39

251

246

Nestle

Holdings,

Inc.

01/14/20

1,100,000

100.20

1,102

1,096

Nestle

Holdings,

Inc.

04/26/23

528,000

99.73

527

519

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

218

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

$

$

$

Netflix,

Inc.

02/16/23

607,000

96.49

586

587

Neuberger

Berman

CLO

XV,

Ltd.

07/20/23

189,516

99.50

189

189

New

Residential

Mortgage

Loan

Trust

03/03/22

210,900

99.63

210

187

New

York

Life

Global

Funding

05/20/21

220,000

100.01

220

217

NGPL

PipeCo

LLC

04/26/23

536,000

97.81

524

513

Nissan

Motor

Acceptance

Corp.

05/20/21

400,000

100.25

401

398

Nissan

Motor

Co.,

Ltd.

04/25/22

200,000

98.25

196

189

Nordea

Bank

Abp

05/21/21

270,000

99.60

269

244

Northwestern

Mutual

Life

Insurance

Co.

(The)

01/07/21

570,000

99.91

569

510

NTT

Finance

Corp.

02/24/21

1,206,000

95.16

1,142

1,083

NYO

Commercial

Mortgage

Trust

11/08/21

310,000

99.55

309

255

OBX

Trust

01/18/22

202,578

100.00

203

170

Onslow

Bay

Financial

LLC

09/18/20

7,729

100.00

8

8

Onslow

Bay

Financial

LLC

06/21/23

868,025

100.00

868

871

Onslow

Bay

Financial

LLC

07/21/23

570,000

100.00

570

568

Owl

Rock

CLO

I,

Ltd.

08/24/21

270,000

100.10

270

268

Pacific

Life

Global

Funding

II

06/17/20

500,000

99.91

500

460

Parliament

Funding

II,

Ltd.

11/15/21

353,611

100.00

354

349

Pennsylvania

Electric

Co.

03/28/23

650,000

99.79

649

641

PMT

Credit

Risk

Transfer

Trust

06/14/21

119,867

100.18

120

119

Premier

Global

Infrastructure

Trust

PLC

09/30/21

166,461

99.27

165

162

Pricoa

Global

Funding

I

08/24/22

260,000

99.96

260

253

Principal

Life

Global

Funding

II

06/16/20

280,000

99.97

280

256

Progress

Residential

Trust

12/08/22

710,818

92.19

655

661

Progress

Residential

Trust

02/22/23

247,250

94.93

235

237

Progress

Residential

Trust

04/05/23

494,389

93.68

463

461

Prosus

NV

07/07/21

240,000

100.00

240

188

Prosus

NV

02/15/23

647,000

91.04

589

586

Protective

Life

Global

Funding

07/08/20

930,000

100.00

930

848

Regal

Rexnord

Corp.

02/14/23

582,000

100.15

583

582

Regatta

XIV

Funding,

Ltd.

07/11/23

705,000

99.30

700

701

Roche

Holdings,

Inc.

06/21/22

611,000

97.49

596

583

Saudi

Arabian

Oil

Co.

04/26/23

566,000

93.58

530

519

Sealed

Air

Corp.

09/15/21

345,000

100.00

345

305

SG

Capital

Partners

LLC

03/02/22

219,041

99.84

219

193

Shinhan

Financial

Group

Co.,

Ltd.

04/25/22

255,000

91.40

233

224

Siemens

Financieringsmaatschappij

NV

04/26/23

535,000

97.96

524

517

SK

Hynix,

Inc.

04/26/23

519,000

100.31

521

520

Skandinaviska

Enskilda

Banken

AB

05/21/21

270,000

99.71

269

244

SMB

Private

Education

Loan

Trust

05/12/23

284,415

100.00

284

285

Societe

Generale

SA

06/02/20

566,000

101.86

577

546

SREIT

Trust

11/16/21

310,000

99.47

308

304

Standard

Chartered

PLC

05/21/21

280,000

100.35

281

270

Standard

Chartered

PLC

02/15/23

655,000

90.37

592

585

STAR

Trust

07/06/23

1,145,166

99.70

1,142

1,142

Starwood

Real

Estate

Income

Trust

07/12/21

250,000

99.68

249

237

STWD

Trust

11/24/21

270,000

99.66

269

265

Swedbank

AB

03/29/22

540,000

99.91

540

519

Sycamore

Tree

CLO,

Ltd.

01/25/23

250,000

99.52

249

251

Symphony

CLO

XIX,

Ltd.

09/09/20

407,227

99.13

404

405

Symphony

CLO

XIX,

Ltd.

07/13/23

210,000

100.00

210

210

Symphony

CLO

XXVI,

Ltd.

02/05/21

75,000

100.00

75

75

Taxable

Municipal

Funding

Trust

Revenue

Bonds

08/17/20

345,000

100.00

345

345

TCI-Flatiron

CLO,

Ltd.

01/14/22

255,187

100.00

255

253

Towd

Point

Mortgage

Trust

07/01/19

477,748

101.14

482

455

Towd

Point

Mortgage

Trust

11/18/21

485,569

101.04

491

450

Towd

Point

Mortgage

Trust

11/19/21

358,833

101.57

364

347

Towd

Point

Mortgage

Trust

12/15/21

307,107

96.65

297

280

Towd

Point

Mortgage

Trust

03/03/23

189,119

98.66

187

186

Tricon

American

Homes

Trust

03/14/23

484,894

97.80

474

477

TSMC

Global,

Ltd.

04/26/23

581,000

92.14

535

525

UBS

Group

AG

02/05/21

1,650,000

100.00

1,650

1,602

UBS

Group

AG

05/21/21

540,000

106.07

573

520

UBS

Group

AG

01/04/22

500,000

99.89

499

470

UBS

Group

AG

05/03/22

320,000

100.00

320

311

UBS

Group

AG

02/15/23

579,000

100.30

581

578

UNIFY

Auto

Receivables

Trust

03/18/21

44,791

100.00

45

45

United

Airlines,

Inc.

05/21/21

420,000

100.68

423

398

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

219

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

$

$

$

USAA

Auto

Owner

Trust

10/04/22

925,000

100.00

925

917

Var

Energi

ASA

05/11/23

534,000

97.87

523

510

Vertiv

Group

Corp.

03/16/22

10,000

89.88

9

9

Verus

Securitization

Trust

02/13/23

927,443

100.17

929

919

Verus

Securitization

Trust

03/14/23

308,421

100.00

308

307

Verus

Securitization

Trust

05/15/23

386,167

100.00

386

382

Verus

Securitization

Trust

06/20/23

817,294

100.00

817

818

Verus

Securitization

Trust

07/21/23

270,000

100.00

270

270

Voya

CLO,

Ltd.

07/23/21

570,000

100.03

570

568

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

07/22/22

609,000

98.25

598

577

Wendy's

Funding

LLC

06/15/21

196,000

100.00

196

161

Whitebox

CLO

I,

Ltd.

08/17/21

390,000

100.00

390

389

Woodmont

Trust

05/26/23

110,000

100.00

110

110

83,601

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

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

21

CAD

2,522

09/23

(58)

Long

Gilt

Futures

32

GBP

3,076

09/23

(5)

Three

Month

SOFR

Futures

38

USD

9,108

03/25

(23)

Three

Month

SOFR

Futures

11

USD

2,653

03/26

3

United

States

2

Year

Treasury

Note

Futures

359

USD

72,888

09/23

(889)

United

States

5

Year

Treasury

Note

Futures

84

USD

8,973

09/23

(188)

United

States

10

Year

Treasury

Note

Futures

45

USD

5,013

09/23

(122)

Short

Positions

Euro-Bund

Futures

37

EUR

4,921

09/23

39

Japanese

10

Year

Mini

Government

Bond

Futures

60

JPY

881,220

09/23

46

Three

Month

SOFR

Futures

29

USD

6,860

03/24

52

United

States

2

Year

Treasury

Note

Futures

26

USD

5,279

09/23

66

United

States

5

Year

Treasury

Note

Futures

39

USD

4,166

09/23

17

United

States

10

Year

Treasury

Note

Futures

25

USD

2,785

09/23

32

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(1,030)

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

One

Year

Mid-Curve

Option

Morgan

Stanley

Put

34

96.25

USD

8,181

10/13/23

(46)

One

Year

Mid-Curve

Option

Morgan

Stanley

Put

34

96.50

USD

8,203

10/13/23

(62)

One

Year

Mid-Curve

Option

Morgan

Stanley

Put

36

95.25

USD

8,573

12/15/23

(14)

One

Year

Mid-Curve

Option

Morgan

Stanley

Put

84

95.38

USD

20,029

12/15/23

(41)

Total

Liability

for

Options

Written

(premiums

received

$80)

(163)

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

220

Short

Duration

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

3,863

GBP

3,039

08/10/23

38

Citigroup

USD

1,491

NZD

2,412

08/10/23

7

Citigroup

GBP

61

USD

78

08/10/23

—

Citigroup

NZD

29

USD

18

08/10/23

—

Royal

Bank

of

Canada

CAD

4,305

USD

3,253

08/10/23

(12)

State

Street

USD

3,267

AUD

4,897

08/10/23

23

State

Street

USD

2,368

EUR

2,177

08/10/23

26

State

Street

USD

1,008

JPY

141,238

08/10/23

(14)

State

Street

USD

3,232

SEK

35,172

08/10/23

111

State

Street

AUD

4,897

USD

3,266

08/10/23

(24)

State

Street

EUR

393

USD

434

08/10/23

2

State

Street

JPY

85,826

USD

596

08/10/23

(8)

State

Street

SEK

1,127

USD

107

08/10/23

—

UBS

USD

211

CHF

183

08/10/23

(1)

UBS

CHF

4,271

USD

4,771

08/10/23

(130)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

18

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

26,065

Federal

Fund

Effective

Rate

-

1

Year

(4)

5.340%

(4)

11/01/23

—

1

1

Citigroup

USD

3,794

3.500%

(3)

SOFR

(2)

09/30/24

2

(78)

(76)

Citigroup

USD

3,163

2.770%

(3)

SOFR

(2)

10/14/24

—

(92)

(92)

Citigroup

USD

1,316

SOFR

(2)

2.600%

(3)

10/14/27

—

75

75

Total

Open

Interest

Rate

Swap

Contracts

(å)

2

(94)

(92)

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

Investment

Grade

Index

Bank

of

America

USD

1,880

(1.000%)

(2)

06/20/28

(27)

(3)

(30)

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

(27)

(3)

(30)

Credit

Indices

-

Sell

Protection

Reference

Entity

Counterparty

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

iTraxx

Europe

Crossover

Index

Series

40

Goldman

Sachs

USD

2,405

5.000%

(2)

06/20/28

48

37

85

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

48

37

85

Total

Open

Credit

Default

Swap

Contracts

(å)

21

34

55

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

221

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

$

—

$

38,489

$

—

$

—

$

38,489

Corporate

Bonds

and

Notes

—

129,509

—

—

129,509

International

Debt

—

49,702

—

—

49,702

Loan

Agreements

—

1,379

—

—

1,379

Mortgage-Backed

Securities

—

40,480

178

—

40,658

Municipal

Bonds

—

345

—

—

345

United

States

Government

Agencies

—

2,217

—

—

2,217

United

States

Government

Treasuries

—

27,033

—

—

27,033

Options

Purchased

167

—

—

—

167

Short-Term

Investments

—

46,482

—

15,527

62,009

Total

Investments

167

335,636

178

15,527

351,508

Other

Financial

Instruments

Assets

Futures

Contracts

255

—

—

—

255

Foreign

Currency

Exchange

Contracts

—

207

—

—

207

Interest

Rate

Swap

Contracts

—

76

—

—

76

Credit

Default

Swap

Contracts

—

85

—

—

85

Liabilities

Futures

Contracts

(1,285)

—

—

—

(1,285)

Options

Written

(163)

—

—

—

(163)

Foreign

Currency

Exchange

Contracts

—

(189)

—

—

(189)

Interest

Rate

Swap

Contracts

—

(168)

—

—

(168)

Credit

Default

Swap

Contracts

—

(30)

—

—

(30)

Total

Other

Financial

Instruments

*

$

(1,193)

$

(19)

$

—

$

—

$

(1,212)

*

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

2

in

the

Notes

to

Quarterly

Report

.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

222

Short

Duration

Bond

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

818

Belgium

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

494

Bermuda

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

340

Brazil

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

536

Canada

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

10,827

Cayman

Islands

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

9,828

China

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

774

Colombia

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

535

Denmark

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

1,028

Finland

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

244

France

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

7,016

Germany

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

1,936

India

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

543

Ireland

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

2,460

Israel

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

407

Japan

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

4,114

Jersey

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

181

Macao

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

176

Netherlands

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

1,196

Norway

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

1,517

Saudi

Arabia

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

519

South

Africa

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

527

South

Korea

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

744

Spain

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

752

Sweden

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

763

Switzerland

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

4,575

Taiwan

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

1,314

United

Kingdom

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

7,831

United

States

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

289,513

Total

Investments

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

351,508

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

223

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Municipal

Bonds

-

97.4%

Alabama

-

1.7%

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

1,000

4.000

12/01/49

995

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

(Þ)

150

8.000

07/01/28

156

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

(Þ)

385

6.000

07/01/45

404

Cooper

Green

Mercy

Health

Services

Authority

Revenue

Bonds

2,000

5.250

09/01/42

2,123

County

of

Jefferson

Sewer

Revenue

Bonds

500

6.000

10/01/42

526

County

of

Jefferson

Sewer

Revenue

Bonds

1,220

7.000

10/01/51

1,286

County

of

Jefferson

Sewer

Revenue

Bonds

3,095

6.500

10/01/53

3,259

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.500

11/01/53

2,691

Homewood

Educational

Building

Authority

Revenue

Bonds

2,500

4.000

12/01/38

2,412

Hoover

Industrial

Development

Board

Revenue

Bonds

1,305

5.750

10/01/49

1,311

Hoover

Industrial

Development

Board

Revenue

Bonds

(~)(ae)(Ê)

785

6.375

11/01/50

865

Houston

County

Health

Care

Authority

Revenue

Bonds

1,085

5.000

10/01/30

1,105

MidCity

Improvement

District

Special

Assessment

1,000

4.500

11/01/42

823

MidCity

Improvement

District

Special

Assessment

250

4.750

11/01/49

202

Montgomery

Educational

Building

Authority

Revenue

Bonds

820

5.000

10/01/36

828

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

690

4.000

11/01/49

304

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

5,000

4.000

12/01/51

4,868

Sumter

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,100

6.000

07/15/52

744

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,554

4.500

05/01/32

1,449

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

3,000

5.250

05/01/44

2,708

29,059

Alaska

-

0.1%

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

2,000

4.000

10/01/44

1,855

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

1,835

Zero

coupon

06/01/66

233

2,088

Arizona

-

2.9%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.810%)

(Ê)

5,130

1.770

01/01/37

4,733

Arizona

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

22,600

4.250

02/01/48

22,600

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,250

4.500

07/15/29

1,210

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

470

5.000

06/01/31

470

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,435

6.000

07/01/37

1,468

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

920

5.000

12/15/40

878

Arizona

Industrial

Development

Authority

Revenue

Bonds

400

4.000

07/01/41

353

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

75

4.000

12/15/41

60

Arizona

Industrial

Development

Authority

Revenue

Bonds

110

5.000

01/01/43

68

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

200

5.000

05/01/43

120

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

3.000

07/01/46

760

Arizona

Industrial

Development

Authority

Revenue

Bonds

35

4.000

07/01/47

31

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

330

5.000

05/01/48

198

Arizona

Industrial

Development

Authority

Revenue

Bonds

250

4.500

01/01/49

143

Arizona

Industrial

Development

Authority

Revenue

Bonds

225

5.000

01/01/49

121

Arizona

Industrial

Development

Authority

Revenue

Bonds

(µ)

460

5.000

06/01/49

482

Arizona

Industrial

Development

Authority

Revenue

Bonds

100

4.000

11/01/49

88

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

100

5.000

05/01/51

60

Arizona

Industrial

Development

Authority

Revenue

Bonds

3,185

4.000

07/01/51

2,666

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

30

4.000

07/15/51

22

Arizona

Industrial

Development

Authority

Revenue

Bonds

3,275

4.000

11/01/51

2,862

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

210

4.000

12/15/51

153

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

224

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

5.375

07/01/53

95

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

700

5.000

07/15/53

613

Arizona

Industrial

Development

Authority

Revenue

Bonds

125

5.000

01/01/54

76

Arizona

Industrial

Development

Authority

Revenue

Bonds

50

5.125

01/01/54

26

Arizona

Industrial

Development

Authority

Revenue

Bonds

(µ)

260

5.000

06/01/54

271

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,500

4.500

07/01/54

1,350

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

30

4.000

07/15/56

22

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

5.500

07/01/58

96

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

1,160

5.000

07/01/44

1,202

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

1,007

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

25

3.500

07/01/29

23

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

92

Glendale

Industrial

Development

Authority

Revenue

Bonds

715

5.000

05/15/41

659

Glendale

Industrial

Development

Authority

Revenue

Bonds

475

5.000

05/15/56

404

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

500

6.875

11/15/52

503

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

250

7.000

11/15/57

251

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

113

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

225

5.000

07/01/44

165

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

775

4.000

10/15/47

665

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

50

5.000

07/01/50

46

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

4.000

07/01/51

75

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

115

5.500

10/01/51

113

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

200

6.250

07/01/53

200

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

50

5.000

07/01/54

45

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

4.000

07/01/56

72

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

200

6.375

07/01/58

200

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

300

2.400

06/01/35

240

Pima

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

25

5.500

05/01/40

24

Pima

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

50

5.750

05/01/50

48

Tempe

Industrial

Development

Authority

Revenue

Bonds

80

5.000

12/01/50

66

Tempe

Industrial

Development

Authority

Revenue

Bonds

100

5.000

12/01/54

81

49,578

Arkansas

-

0.5%

Arkansas

Development

Finance

Authority

Revenue

Bonds

300

3.500

07/01/38

230

Arkansas

Development

Finance

Authority

Revenue

Bonds

150

4.250

07/01/41

134

Arkansas

Development

Finance

Authority

Revenue

Bonds

660

4.000

02/01/42

598

Arkansas

Development

Finance

Authority

Revenue

Bonds

900

3.500

07/01/46

600

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

4,500

4.500

09/01/49

4,083

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

1,325

5.450

09/01/52

1,319

Arkansas

River

Power

Authority

Revenue

Bonds

1,680

5.000

10/01/33

1,736

8,700

California

-

8.7%

Alameda

Community

Facilities

District

Special

Tax

100

5.000

09/01/53

95

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

150

5.300

10/01/47

76

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

150

5.350

10/01/48

76

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

800

5.375

10/01/49

404

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

125

5.400

10/01/50

63

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

(µ)

275

5.200

10/01/51

141

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

225

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Alhambra

Unified

School

District

General

Obligation

Unlimited

(µ)

1,150

4.220

08/01/37

678

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.250

01/01/54

3,133

California

Community

College

Financing

Authority

Revenue

Bonds

(Þ)

475

5.750

07/01/60

471

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

2,000

5.000

04/01/49

1,660

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

200

4.000

08/01/50

145

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

2,000

5.000

08/01/50

1,839

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

2,640

4.000

02/01/56

2,167

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

175

3.000

02/01/57

110

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

550

4.000

06/01/49

509

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

800

4.072

06/01/55

175

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

8,420

4.904

06/01/55

1,434

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

4,500

7.296

06/01/55

529

California

Enterprise

Development

Authority

Revenue

Bonds

(Þ)

1,095

4.000

06/01/61

805

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

100

3.125

05/15/29

95

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000

02/01/42

1,034

California

Health

Facilities

Financing

Authority

Revenue

Bonds

2,000

4.000

04/01/45

1,886

California

Health

Facilities

Financing

Authority

Revenue

Bonds

3,000

5.000

08/15/47

3,008

California

Health

Facilities

Financing

Authority

Revenue

Bonds

550

4.000

04/01/49

508

California

Health

Facilities

Financing

Authority

Revenue

Bonds

225

4.000

05/15/51

219

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(Þ)

810

4.125

01/01/35

709

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(~)(ae)(Ê)

(Þ)

1,325

7.750

01/01/50

1,322

California

Municipal

Finance

Authority

Revenue

Bonds

645

5.000

12/31/27

677

California

Municipal

Finance

Authority

Revenue

Bonds

3,325

4.000

07/15/29

3,295

California

Municipal

Finance

Authority

Revenue

Bonds

340

5.000

10/01/33

357

California

Municipal

Finance

Authority

Revenue

Bonds

225

5.000

10/01/35

234

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.000

11/01/36

1,511

California

Municipal

Finance

Authority

Revenue

Bonds

1,130

5.000

10/01/39

1,072

California

Municipal

Finance

Authority

Revenue

Bonds

1,000

4.250

02/01/40

1,018

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.375

11/01/40

1,010

California

Municipal

Finance

Authority

Revenue

Bonds

25

5.000

02/01/42

26

California

Municipal

Finance

Authority

Revenue

Bonds

6,650

5.000

12/31/43

6,800

California

Municipal

Finance

Authority

Revenue

Bonds

100

5.000

02/01/47

102

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,815

5.000

07/01/49

1,658

California

Municipal

Finance

Authority

Revenue

Bonds

2,000

4.000

10/01/49

1,819

California

Municipal

Finance

Authority

Revenue

Bonds

60

5.000

10/01/49

54

California

Municipal

Finance

Authority

Revenue

Bonds

3,700

5.000

06/01/50

3,710

California

Municipal

Finance

Authority

Revenue

Bonds

(µ)

1,000

3.000

05/15/51

748

California

Municipal

Finance

Authority

Revenue

Bonds

100

4.000

07/01/51

81

California

Municipal

Finance

Authority

Revenue

Bonds

250

5.000

07/01/52

226

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

65

5.000

07/01/52

58

California

Municipal

Finance

Authority

Revenue

Bonds

95

5.000

10/01/54

84

California

Municipal

Finance

Authority

Revenue

Bonds

50

4.000

07/01/55

40

California

Municipal

Finance

Authority

Revenue

Bonds

275

5.000

07/01/62

241

California

Municipal

Finance

Authority

Special

Tax

250

5.000

09/01/52

248

California

Municipal

Finance

Authority

Special

Tax

575

5.000

09/01/57

569

California

Pollution

Control

Financing

Authority

Revenue

Bonds

1,000

3.375

07/01/25

987

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

420

6.750

12/01/28

252

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

250

5.000

07/01/36

262

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

250

5.000

07/01/37

261

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

250

5.000

07/01/38

260

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

550

5.000

07/01/39

561

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

226

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

2,520

7.500

12/01/40

1,512

California

Public

Finance

Authority

Revenue

Bonds

(Þ)

600

6.250

07/01/54

635

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

07/01/37

961

California

School

Finance

Authority

Revenue

Bonds

(Þ)

465

4.000

07/01/38

425

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

08/01/42

1,004

California

School

Finance

Authority

Revenue

Bonds

60

4.000

07/01/45

51

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

5.000

08/01/45

500

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,100

4.000

10/01/46

914

California

School

Finance

Authority

Revenue

Bonds

(Þ)

125

5.500

08/01/47

125

California

School

Finance

Authority

Revenue

Bonds

(Þ)

400

5.000

07/01/50

373

California

School

Finance

Authority

Revenue

Bonds

(Þ)

200

5.000

10/01/50

196

California

School

Finance

Authority

Revenue

Bonds

100

4.000

06/01/51

76

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,500

4.000

06/01/51

1,108

California

School

Finance

Authority

Revenue

Bonds

(Þ)

975

6.375

06/01/52

993

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.000

07/01/52

220

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.250

07/01/52

237

California

School

Finance

Authority

Revenue

Bonds

(Þ)

170

5.000

10/01/52

165

California

School

Finance

Authority

Revenue

Bonds

1,000

4.000

11/01/55

739

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.375

07/01/56

239

California

School

Finance

Authority

Revenue

Bonds

(Þ)

600

5.000

06/01/58

544

California

School

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

07/01/59

144

California

School

Finance

Authority

Revenue

Bonds

80

4.000

06/01/61

58

California

School

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/61

87

California

School

Finance

Authority

Revenue

Bonds

(Þ)

315

5.000

07/01/61

270

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.000

10/01/61

238

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.250

03/01/62

194

California

School

Finance

Authority

Revenue

Bonds

(Þ)

385

6.375

04/01/62

385

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

6.500

06/01/62

509

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.500

07/01/62

241

California

Statewide

Communities

Development

Authority

Revenue

Bonds

460

5.000

05/15/32

475

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

200

5.000

11/01/32

205

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

200

5.250

07/01/39

196

California

Statewide

Communities

Development

Authority

Revenue

Bonds

400

5.000

12/01/41

398

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

500

5.750

01/15/45

494

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

2,600

5.000

12/01/46

2,537

California

Statewide

Communities

Development

Authority

Revenue

Bonds

2,225

5.000

04/01/47

2,264

California

Statewide

Communities

Development

Authority

Revenue

Bonds

275

5.000

05/15/47

278

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

250

5.250

07/01/49

239

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/51

92

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,670

5.500

12/01/54

1,687

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

935

5.250

12/01/56

935

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.500

12/01/58

1,000

California

Statewide

Communities

Development

Authority

Special

Assessment

120

5.000

09/02/39

125

California

Statewide

Communities

Development

Authority

Special

Assessment

45

5.000

09/02/44

46

California

Statewide

Communities

Development

Authority

Special

Assessment

125

5.000

09/02/48

127

California

Statewide

Communities

Development

Authority

Special

Assessment

470

4.000

09/02/50

403

California

Statewide

Communities

Development

Authority

Special

Assessment

55

5.000

09/02/50

56

California

Statewide

Communities

Development

Authority

Special

Tax

600

4.000

09/01/40

545

California

Statewide

Communities

Development

Authority

Special

Tax

1,300

4.000

09/01/50

1,111

California

Statewide

Communities

Development

Authority

Special

Tax

175

4.000

09/01/51

149

California

Statewide

Communities

Development

Authority

Special

Tax

500

5.000

09/01/52

497

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

227

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

Statewide

Communities

Development

Authority

Special

Tax

1,775

5.250

09/01/52

1,777

California

Statewide

Financing

Authority

Revenue

Bonds

500

5.000

08/01/38

513

California

Statewide

Financing

Authority

Revenue

Bonds

1,450

5.250

12/01/44

1,446

California

Statewide

Financing

Authority

Revenue

Bonds

3,325

7.459

06/01/46

518

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

75

4.000

09/01/46

66

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

75

4.000

09/01/51

64

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

(Þ)

100

4.000

09/01/51

81

City

of

Atwater

Wastewater

Revenue

Bonds

(µ)

240

5.000

05/01/43

251

City

of

Irvine

Special

Tax

(µ)

100

5.000

09/01/51

105

City

of

Long

Beach

Marina

System

Revenue

Bonds

225

5.000

05/15/40

228

City

of

Long

Beach

Marina

System

Revenue

Bonds

1,185

5.000

05/15/45

1,197

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

50

4.125

05/15/43

49

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

260

5.250

05/15/48

280

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

1,700

4.000

05/15/50

1,598

City

of

Oroville

Revenue

Bonds

100

5.250

04/01/34

86

City

of

Oroville

Revenue

Bonds

185

5.250

04/01/39

151

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

85

City

of

Roseville

Special

Tax

100

5.000

09/01/33

105

City

of

Roseville

Special

Tax

25

4.000

09/01/35

25

City

of

Roseville

Special

Tax

25

4.000

09/01/40

23

City

of

Roseville

Special

Tax

50

4.000

09/01/45

44

City

of

Roseville

Special

Tax

1,550

4.000

09/01/50

1,357

City

of

Roseville

Special

Tax

150

5.250

09/01/53

150

City

of

Sacramento

Special

Tax

75

4.000

09/01/46

66

CMFA

Special

Finance

Agency

Revenue

Bonds

(Þ)

285

3.000

12/01/56

188

CMFA

Special

Finance

Agency

VIII

Revenue

Bonds

(Þ)

350

3.000

08/01/56

225

Coachella

Valley

Unified

School

District

General

Obligation

Unlimited

(µ)

2,500

16.733

08/01/43

1,036

County

of

El

Dorado

Special

Tax

75

5.000

09/01/44

76

County

of

El

Dorado

Special

Tax

80

5.000

09/01/49

81

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

225

5.000

09/01/52

224

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

415

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

1,250

4.000

10/01/56

910

CSCDA

Community

Improvement

Authority

Revenue

Bonds

775

3.000

12/01/56

512

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

1,000

3.000

02/01/57

657

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

100

3.250

04/01/57

69

Dublin

Community

Facilities

District

Improvement

Area

No.

1

Special

Tax

100

5.000

09/01/37

103

Dublin

Community

Facilities

District

Improvement

Area

No.

1

Special

Tax

340

5.000

09/01/47

345

Fairfield

Community

Facilities

District

Special

Tax

(Þ)

150

5.000

09/01/50

152

Foothill/Eastern

Transportation

Corridor

Agency

Revenue

Bonds

6,531

4.000

01/15/46

6,306

Foothill/Eastern

Transportation

Corridor

Agency

Revenue

Bonds

(µ)

4,074

4.000

01/15/46

3,986

Fremont

Community

Facilities

District

No.

1

Special

Tax

1,255

5.000

09/01/26

1,288

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

1,310

3.850

06/01/50

1,173

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

3,025

5.000

06/01/51

3,150

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

60,290

Zero

coupon

06/01/66

6,470

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

3,500

5.000

07/01/45

3,011

Independent

Cities

Finance

Authority

Revenue

Bonds

(µ)

900

4.000

06/01/46

897

Inland

Empire

Tobacco

Securitization

Authority

Revenue

Bonds

80

3.678

06/01/38

74

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

228

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Inland

Empire

Tobacco

Securitization

Corp.

Revenue

Bonds

2,550

Zero

coupon

06/01/57

195

Irvine

Unified

School

District

Special

Tax

Bonds

570

5.000

03/01/57

575

Jurupa

Public

Financing

Authority

Special

Tax

1,000

5.000

09/01/43

1,037

Moreno

Valley

Unified

School

District

General

Obligation

Unlimited

(µ)

1,000

3.000

08/01/50

773

M-S-R

Energy

Authority

Revenue

Bonds

2,700

6.500

11/01/39

3,290

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)

995

1.680

07/01/27

988

Oxnard

School

District

General

Obligation

Unlimited

(~)(µ)(Ê)

465

2.000

08/01/47

481

River

Islands

Public

Financing

Authority

Special

Tax

230

5.250

09/01/47

226

River

Islands

Public

Financing

Authority

Special

Tax

330

5.000

09/01/52

310

River

Islands

Public

Financing

Authority

Special

Tax

(µ)

1,750

5.250

09/01/52

1,924

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

150

4.000

10/01/40

150

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

(USD

3

Month

LIBOR

+

0.550%)(µ)(Ê)

170

0.785

06/01/34

161

San

Diego

County

Regional

Airport

Authority

Revenue

Bonds

2,000

4.000

07/01/56

1,810

San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

6,485

5.000

05/01/49

6,685

San

Francisco

City

&

County

Redevelopment

Agency

Tax

Allocation

1,190

5.000

08/01/35

1,256

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

75

4.000

08/01/32

68

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/33

89

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/34

88

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/35

86

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/36

85

San

Jacinto

Community

Facilities

District

Special

Tax

280

5.000

09/01/33

287

San

Jacinto

Community

Facilities

District

Special

Tax

335

5.000

09/01/34

344

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

Bonds

1,000

5.000

01/15/29

1,029

Silicon

Valley

Tobacco

Securitization

Authority

Revenue

Bonds

2,250

Zero

coupon

06/01/56

193

Silicon

Valley

Tobacco

Securitization

Authority

Revenue

Bonds

7,300

8.018

06/01/56

689

State

of

California

General

Obligation

Unlimited

2,000

5.000

08/01/46

2,093

State

of

California

General

Obligation

Unlimited

230

4.000

04/01/49

227

State

of

California

General

Obligation

Unlimited

270

5.000

04/01/49

290

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

420

5.000

06/01/48

435

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

515

5.810

06/01/54

96

Transbay

Joint

Powers

Authority

Tax

Allocation

10

2.400

10/01/49

10

University

of

California

Revenue

Bonds

450

3.000

05/15/51

349

William

S

Hart

Union

High

School

District

Special

Tax

100

5.000

09/01/47

101

147,521

Colorado

-

4.1%

3rd

and

Havana

Metropolitan

District

General

Obligation

Limited

750

5.250

12/01/49

635

Allison

Valley

Metropolitan

District

No.

1

General

Obligation

Limited

500

5.000

12/01/47

445

Aurora

Crossroads

Metropolitan

District

No.

2

General

Obligation

Limited

500

7.750

12/15/50

462

Banning

Lewis

Ranch

Metropolitan

District

No.

8

General

Obligation

Limited

500

4.875

12/01/51

380

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.750

12/01/51

439

Belford

North

Metropolitan

District

General

Obligation

Limited

500

8.500

12/15/50

468

Bent

Grass

Metropolitan

District

General

Obligation

Limited

(Þ)

500

5.250

12/01/49

467

BNC

Metropolitan

District

No.

1

General

Obligation

Limited

912

7.375

12/15/47

862

Brighton

Crossing

Metropolitan

District

No.

4

General

Obligation

Limited

1,220

5.000

12/01/47

1,144

Brighton

Crossing

Metropolitan

District

No.

6

General

Obligation

Limited

500

5.000

12/01/50

431

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

229

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Canyon

Pines

Metropolitan

District

Special

Improvement

District

No.

1

Special

Assessment

2,000

3.750

12/01/40

1,560

Canyons

Metropolitan

District

No.

5

General

Obligation

Limited

500

6.125

12/01/47

490

Cascade

Ridge

Metropolitan

District

General

Obligation

Limited

500

5.000

12/01/51

417

Castleview

Metropolitan

District

No.

1

General

Obligation

Limited

500

5.000

12/01/50

401

Cherry

Creek

South

Metropolitan

District

No.

5

General

Obligation

Limited

600

6.000

12/01/51

488

Citadel

on

Colfax

Business

Improvement

District

Revenue

Bonds

600

5.350

12/01/50

535

Citadel

on

Colfax

Business

Improvement

District

Revenue

Bonds

365

7.875

12/15/50

336

City

&

County

of

Denver

Special

Facilities

Airport

Revenue

Bonds

3,615

5.000

10/01/32

3,604

Clear

Creek

Station

Metropolitan

District

No.

2

General

Obligation

Unlimited

500

5.000

12/01/47

468

Cloverleaf

Metropolitan

District

General

Obligation

Limited

(Þ)

500

6.000

12/01/51

497

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

330

5.000

10/01/49

299

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

500

5.000

11/01/49

476

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

25

4.000

05/01/51

20

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

1,180

4.000

07/01/51

880

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

205

3.000

08/01/51

141

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(µ)

2,000

4.000

06/01/52

1,807

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

400

6.250

07/01/53

395

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

170

5.000

09/01/57

161

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

435

5.000

02/01/61

368

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

1,350

4.000

05/01/61

1,038

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

125

4.000

10/01/61

94

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

175

5.000

09/01/62

163

Colorado

Health

Facilities

Authority

Revenue

Bonds

515

6.000

07/01/31

501

Colorado

Health

Facilities

Authority

Revenue

Bonds

810

6.000

07/01/36

771

Colorado

Health

Facilities

Authority

Revenue

Bonds

400

4.000

08/01/39

386

Colorado

Health

Facilities

Authority

Revenue

Bonds

50

4.000

01/01/42

37

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,225

4.000

08/01/44

2,064

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,535

5.000

08/01/44

2,614

Colorado

Health

Facilities

Authority

Revenue

Bonds

(ae)

190

5.000

06/01/47

204

Colorado

Health

Facilities

Authority

Revenue

Bonds

135

3.250

08/01/49

98

Colorado

Health

Facilities

Authority

Revenue

Bonds

150

4.000

09/01/50

132

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,000

5.250

11/01/52

2,083

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,834

5.000

07/01/57

1,449

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

100

5.000

12/31/51

99

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

820

5.000

12/31/56

806

Colorado

Springs

Urban

Renewal

Authority

Tax

Allocation

500

5.750

12/01/47

416

Constitution

Heights

Metropolitan

District

General

Obligation

Limited

1,765

5.000

12/01/49

1,618

Copperleaf

Metropolitan

District

No.

2

General

Obligation

Limited

(~)(Ê)

500

6.000

12/15/41

481

Copperleaf

Metropolitan

District

No.

9

General

Obligation

Limited

(Þ)

500

4.875

12/01/51

392

Cornerstar

Metropolitan

District

General

Obligation

Limited

500

5.250

12/01/47

478

Creekside

Village

Metropolitan

District

General

Obligation

Limited

489

5.000

12/01/49

445

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

833

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

(Þ)

280

8.000

12/15/49

250

Denver

Convention

Center

Hotel

Authority

Revenue

Bonds

375

5.000

12/01/31

386

Denver

Health

&

Hospital

Authority

Certificate

of

Participation

25

5.000

12/01/32

26

Denver

Health

&

Hospital

Authority

Certificate

of

Participation

175

4.000

12/01/38

161

Denver

Health

&

Hospital

Authority

Certificate

of

Participation

110

5.000

12/01/48

108

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

230

5.000

12/01/28

241

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

300

5.000

12/01/34

313

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

200

4.000

12/01/35

189

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

230

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

200

4.000

12/01/36

185

Denver

Health

&

Hospital

Authority

Revenue

Bonds

100

4.000

12/01/39

91

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

1,503

Denver

International

Business

Center

Metropolitan

District

No.

1

General

Obligation

Unlimited

300

3.750

12/01/39

258

Denver

International

Business

Center

Metropolitan

District

No.

1

General

Obligation

Unlimited

350

4.000

12/01/48

301

Denver

Urban

Renewal

Authority

Tax

Allocation

(Þ)

565

5.250

12/01/39

570

Dinosaur

Ridge

Metropolitan

District

Revenue

Bonds

185

5.000

06/01/49

168

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

1,250

5.550

12/01/47

1,260

Four

Corners

Business

Improvement

District

General

Obligation

Limited

500

6.000

12/01/52

459

Glen

Metropolitan

District

No.

3

General

Obligation

Limited

(Þ)

500

4.250

12/01/51

367

Green

Gables

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.750

12/01/48

500

Greenspire

Metropolitan

District

No.

1

General

Obligation

Limited

(Þ)

500

5.125

12/01/51

443

High

Plains

Metropolitan

District

General

Obligation

Unlimited

(µ)

25

5.000

12/01/35

27

High

Plains

Metropolitan

District

General

Obligation

Unlimited

(µ)

250

4.000

12/01/47

241

Highlands

Metropolitan

District

No.

1

General

Obligation

Limited

500

5.000

12/01/51

411

Jefferson

Center

Metropolitan

District

No.

1

Revenue

Bonds

1,350

4.375

12/01/47

1,102

Jefferson

Center

Metropolitan

District

No.

1

Revenue

Bonds

800

5.750

12/15/50

774

Johnstown

Farms

East

Metropolitan

District

General

Obligation

Limited

500

5.000

12/01/51

420

Johnstown

Plaza

Metropolitan

District

General

Obligation

Limited

(Þ)

1,909

4.250

12/01/46

1,590

Jones

District

Community

Authority

Board

Revenue

Bonds

500

5.750

12/01/50

427

Loretto

Heights

Community

Authority

Revenue

Bonds

500

4.875

12/01/51

388

Meridian

Ranch

Metropolitan

District

Revenue

Bonds

500

6.750

12/01/52

494

Mirabelle

Metropolitan

District

No.

2

General

Obligation

Limited

700

5.000

12/01/39

665

Mirabelle

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.000

12/01/49

446

Murphy

Creek

Metropolitan

District

No.

4

General

Obligation

Limited

850

5.000

12/01/51

712

Murphy

Creek

Metropolitan

District

No.

5

General

Obligation

Limited

500

6.000

12/01/52

487

Nexus

North

at

DIA

Metropolitan

District

General

Obligation

Limited

500

5.000

12/01/51

433

North

Range

Metropolitan

District

No.

2

General

Obligation

Limited

1,000

5.750

12/01/47

1,007

North

Range

Metropolitan

District

No.

2

General

Obligation

Limited

(~)(Ê)

500

7.750

12/15/47

500

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

500

5.250

12/01/50

449

Parkdale

Community

Authority

Revenue

Bonds

500

7.750

12/15/50

459

Powhaton

Community

Authority

Revenue

Bonds

500

5.000

12/01/51

422

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

(Þ)

500

5.000

12/15/41

493

Prairie

Center

Metropolitan

District

No.

7

General

Obligation

Limited

(Þ)

1,425

4.875

12/15/44

1,229

Pronghorn

Valley

Metropolitan

District

General

Obligation

Limited

515

3.750

12/01/41

402

Pueblo

Urban

Renewal

Authority

Tax

Allocation

(Þ)

100

Zero

coupon

12/01/25

81

Pueblo

Urban

Renewal

Authority

Tax

Allocation

(Þ)

350

4.750

12/01/45

238

Raindance

Metropolitan

District

No.

1

Revenue

Bonds

1,000

5.000

12/01/40

932

RRC

Metropolitan

District

No.

2

Revenue

Bonds

500

5.250

12/01/51

421

Second

Creek

Farm

Metropolitan

District

No.

3

General

Obligation

Limited

500

5.000

12/01/49

455

Senac

South

Metropolitan

District

No.

1

General

Obligation

Limited

625

5.250

12/01/51

538

South

Timnath

Metropolitan

District

No.

1

General

Obligation

Limited

720

5.500

12/01/48

642

Southlands

Metropolitan

District

No.

1

General

Obligation

Unlimited

1,000

5.000

12/01/37

986

Southlands

Metropolitan

District

No.

1

General

Obligation

Unlimited

1,000

5.000

12/01/47

939

State

Vrain

Lakes

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.125

12/01/47

472

Sterling

Hills

West

Metropolitan

District

General

Obligation

Limited

100

5.000

12/01/39

104

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

231

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Takoda

Metropolitan

District

General

Obligation

Bonds

500

6.000

12/01/50

529

Timnath

Ranch

Metropolitan

District

No.

4

General

Obligation

Unlimited

500

5.250

12/01/37

495

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

(Þ)

1,375

5.625

12/01/48

1,339

Waterview

II

Metropolitan

District

General

Obligation

Limited

500

5.000

12/01/51

433

West

Meadow

Metropolitan

District

General

Obligation

Limited

(Þ)

500

6.500

12/01/50

515

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(Þ)

125

5.375

05/01/43

124

Westerly

Metropolitan

District

No.

4

General

Obligation

Limited

500

5.000

12/01/50

431

Windler

Public

Improvement

Authority

Revenue

Bonds

(Þ)

600

Zero

coupon

12/01/51

327

Windler

Public

Improvement

Authority

Revenue

Bonds

(Þ)

750

4.125

12/01/51

458

Winsome

Metropolitan

District

No.

3

General

Obligation

Limited

(Þ)

500

5.125

12/01/50

414

69,088

Connecticut

-

0.9%

City

of

New

Haven

General

Obligation

Unlimited

100

5.500

08/01/34

109

City

of

New

Haven

General

Obligation

Unlimited

100

5.500

08/01/37

107

City

of

New

Haven

General

Obligation

Unlimited

1,000

5.500

08/01/38

1,065

City

of

New

Haven

General

Obligation

Unlimited

470

4.000

08/01/40

442

City

of

West

Haven

General

Obligation

Unlimited

400

5.000

11/01/32

427

City

of

West

Haven

General

Obligation

Unlimited

700

5.000

11/01/37

730

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

3,535

4.000

07/01/39

2,984

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

07/01/39

969

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

720

4.000

07/01/41

593

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

5.000

01/01/45

86

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,250

4.000

07/01/51

943

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

205

5.375

07/01/52

194

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,025

5.000

01/01/55

839

Hartford

Stadium

Authority

Revenue

Bonds

250

5.000

02/01/36

251

Hartford

Stadium

Authority

Revenue

Bonds

155

4.000

02/01/42

133

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

(Þ)

595

7.000

02/01/45

595

Stamford

Housing

Authority

Revenue

Bonds

(Þ)

400

11.000

12/01/27

421

State

of

Connecticut

Bradley

International

Airport

CFC

Revenue

Bonds

250

4.000

07/01/49

209

State

of

Connecticut

General

Obligation

Unlimited

385

5.000

06/15/27

415

State

of

Connecticut

General

Obligation

Unlimited

145

5.000

06/15/28

159

State

of

Connecticut

General

Obligation

Unlimited

120

5.000

06/15/29

131

State

of

Connecticut

General

Obligation

Unlimited

1,500

5.000

06/15/31

1,648

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

2,200

4.000

04/01/51

1,798

Town

of

Hamden

Revenue

Bonds

750

7.000

01/01/53

765

16,013

Delaware

-

0.1%

Delaware

State

Economic

Development

Authority

Revenue

Bonds

215

5.000

11/15/48

202

Delaware

State

Economic

Development

Authority

Revenue

Bonds

45

5.000

08/01/49

42

Delaware

State

Economic

Development

Authority

Revenue

Bonds

100

5.000

09/01/50

101

Delaware

State

Economic

Development

Authority

Revenue

Bonds

75

4.000

06/01/52

54

Delaware

State

Economic

Development

Authority

Revenue

Bonds

75

4.000

06/01/57

53

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

335

4.000

07/01/43

327

Town

of

Bridgeville

Special

Tax

330

4.000

07/01/35

318

1,097

District

of

Columbia

-

1.0%

District

of

Columbia

Revenue

Bonds

2,510

5.000

10/01/35

2,468

District

of

Columbia

Revenue

Bonds

750

5.000

07/01/37

694

District

of

Columbia

Revenue

Bonds

1,000

5.000

07/01/47

1,000

District

of

Columbia

Revenue

Bonds

1,000

5.000

06/01/55

900

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

232

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

District

of

Columbia

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

4,000

7.666

06/15/46

932

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Bonds

1,000

5.000

10/01/44

1,038

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,510

4.000

10/01/44

1,462

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

7,620

4.000

10/01/49

7,186

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

1,280

3.000

10/01/50

962

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

100

4.000

10/01/53

93

16,735

Florida

-

10.8%

Abbott

Square

Community

Development

District

Special

Assessment

115

5.500

06/15/52

115

Alachua

County

Health

Facilities

Authority

Revenue

Bonds

1,500

4.000

10/01/46

1,103

Anthem

Park

Community

Development

District

Special

Assessment

125

4.750

05/01/36

123

Arbors

Community

Development

District

Special

Assessment

(Þ)

200

5.625

05/01/53

203

Armstrong

Community

Development

District

Special

Assessment

30

4.000

11/01/40

26

Armstrong

Community

Development

District

Special

Assessment

165

4.000

11/01/50

130

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

145

2.300

05/01/26

137

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

250

2.750

05/01/31

216

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

945

3.125

05/01/41

705

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

450

4.000

05/01/51

353

Astonia

Community

Development

District

Special

Assessment

(Þ)

1,380

3.200

05/01/41

1,063

Avalon

Groves

Community

Development

District

Special

Assessment

50

3.125

05/01/41

37

Avalon

Groves

Community

Development

District

Special

Assessment

25

3.375

05/01/41

20

Avalon

Groves

Community

Development

District

Special

Assessment

150

6.000

05/01/48

156

Avalon

Groves

Community

Development

District

Special

Assessment

25

4.000

05/01/51

20

Avalon

Park

West

Community

Development

District

Special

Assessment

(Þ)

100

5.625

05/01/52

101

Ave

Maria

Stewardship

Community

District

Special

Assessment

(Þ)

2,380

5.250

05/01/43

2,363

Avelar

Creek

Community

Development

District

Special

Assessment

95

4.000

05/01/36

94

Avenir

Community

Development

District

Special

Assessment

150

5.375

05/01/43

148

Avenir

Community

Development

District

Special

Assessment

500

5.625

05/01/54

492

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

(Þ)

100

4.500

06/01/39

93

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

(Þ)

100

4.625

06/01/49

88

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

1,063

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

(Þ)

1,250

3.200

05/01/41

950

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

500

5.000

05/01/42

493

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

(Þ)

1,245

4.000

05/01/52

974

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

500

5.000

05/01/53

466

Balm

Grove

Community

Development

District

Special

Assessment

175

4.000

11/01/42

147

Balm

Grove

Community

Development

District

Special

Assessment

175

4.125

11/01/51

140

Bannon

Lakes

Community

Development

District

Special

Assessment

100

5.000

11/01/48

95

Bartram

Park

Community

Development

District

Special

Assessment

465

4.250

05/01/29

473

Bartram

Park

Community

Development

District

Special

Assessment

485

4.500

05/01/35

488

Bay

Laurel

Center

Community

Development

District

Special

Assessment

90

4.000

05/01/37

86

Baywinds

Community

Development

District

Special

Assessment

175

4.250

05/01/37

171

Beaumont

Community

Development

District

Special

Assessment

(Þ)

90

6.375

11/01/49

92

Berry

Bay

Community

Development

District

Special

Assessment

155

2.625

05/01/26

148

Berry

Bay

Community

Development

District

Special

Assessment

150

5.750

05/01/53

152

Biscayne

Drive

Estates

Community

Development

District

Special

Assessment

(Þ)

100

6.000

06/15/52

102

Black

Creek

Community

Development

District

Special

Assessment

25

3.750

06/15/40

21

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

233

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Black

Creek

Community

Development

District

Special

Assessment

50

4.000

06/15/50

40

Blue

Lake

Community

Development

District

Special

Assessment

100

4.250

06/15/39

90

Bonterra

Community

Development

District

Special

Assessment

1,570

4.125

05/01/47

1,468

Bonterra

Community

Development

District

Special

Assessment

590

5.000

05/01/47

563

Botaniko

Community

Development

District

Special

Assessment

30

3.625

05/01/40

24

Bradbury

Community

Development

District

Special

Assessment

(Þ)

200

5.250

05/01/43

198

Bradbury

Community

Development

District

Special

Assessment

(Þ)

250

5.500

05/01/53

247

Bridgewalk

Community

Development

District

Special

Assessment

(Þ)

365

4.000

06/15/52

285

Bridgewater

North

Community

Development

District

Special

Assessment

(Þ)

125

4.000

05/01/52

98

Brightwater

Community

Development

District

Revenue

Bonds

250

3.150

05/01/41

188

Brookstone

Community

Development

District

Special

Assessment

(Þ)

25

3.875

11/01/23

25

Brookstone

Community

Development

District

Special

Assessment

(Þ)

250

5.625

05/01/52

250

Buckhead

Trails

Community

Development

District

Special

Assessment

(Þ)

100

5.625

05/01/42

100

Buckhead

Trails

Community

Development

District

Special

Assessment

(Þ)

100

5.750

05/01/52

99

Buena

Lago

Community

Development

District

Revenue

Bonds

100

5.500

05/01/52

101

Campo

Bello

Community

Development

District

Special

Assessment

100

4.000

12/15/39

87

Campo

Bello

Community

Development

District

Special

Assessment

150

4.000

12/15/49

119

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

2,000

4.500

01/01/35

1,813

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

325

5.000

06/01/41

292

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

300

5.250

12/01/43

284

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

425

6.250

05/01/48

423

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,255

5.000

12/15/49

1,130

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

100

4.000

07/01/51

73

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

400

6.375

05/01/53

398

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

100

4.000

07/01/56

71

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

150

5.000

12/01/56

113

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

4,105

5.250

12/01/58

3,711

Capital

Trust

Agency,

Inc.

Revenue

Bonds

4,000

1.798

01/01/60

223

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

98

Caribe

Palm

Community

Development

District

Special

Assessment

545

4.500

05/01/35

549

Celebration

Community

Development

District

Special

Assessment

750

3.125

05/01/41

559

Centre

Lake

Community

Development

District

Special

Assessment

(Þ)

1,025

4.000

05/01/52

864

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

535

4.125

11/01/38

500

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

1,560

4.250

11/01/48

1,431

CFM

Community

Development

District

Special

Assessment

590

4.000

05/01/51

463

Chapel

Creek

Community

Development

District

Special

Assessment

(Þ)

45

3.375

05/01/41

35

Chapel

Creek

Community

Development

District

Special

Assessment

(Þ)

65

4.000

05/01/52

51

Charles

Cove

Community

Development

District

Special

Assessment

100

4.000

05/01/52

78

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

230

5.500

10/01/36

234

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

350

5.000

10/01/49

346

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,750

4.000

10/01/51

2,261

City

of

Atlantic

Beach

Revenue

Bonds

1,000

5.000

11/15/37

935

City

of

Cape

Coral

Water

&

Sewer

Revenue

Bonds

1,000

4.000

10/01/36

1,004

City

of

Palmetto

Revenue

Bonds

75

5.250

06/01/52

75

City

of

Palmetto

Revenue

Bonds

150

5.375

06/01/57

150

City

of

Palmetto

Revenue

Bonds

125

5.625

06/01/62

127

City

of

Pompano

Beach

Revenue

Bonds

135

1.450

01/01/27

121

City

of

Tampa

Revenue

Bonds

960

5.000

04/01/45

970

Cityplace

Community

Development

District

Special

Assessment

Revenue

Bonds

(µ)

1,550

4.562

05/01/46

1,405

Coddington

Community

Development

District

Special

Assessment

(Þ)

100

5.750

05/01/52

102

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

234

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Collier

County

Educational

Facilities

Authority

Revenue

Bonds

2,400

5.000

06/01/43

2,323

Collier

County

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000

05/01/52

851

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

91

Connerton

East

Community

Development

District

Special

Assessment

(Þ)

200

5.375

06/15/53

201

Coral

Bay

Lee

County

Community

Development

District

Special

Assessment

(Þ)

50

5.625

05/01/52

50

Coral

Keys

Homes

Community

Development

District

Special

Assessment

35

4.000

05/01/40

31

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

1,015

5.400

05/01/42

1,020

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

1,940

4.000

05/01/52

1,523

Corkscrew

Crossing

Community

Development

District

Special

Assessment

150

5.300

05/01/53

148

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

50

5.000

11/01/38

49

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

100

5.125

11/01/50

95

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

41

Country

Greens

Community

Development

District

Special

Assessment

50

3.200

05/01/25

49

Country

Greens

Community

Development

District

Special

Assessment

345

3.875

05/01/31

338

Country

Greens

Community

Development

District

Special

Assessment

130

4.000

05/01/34

130

County

of

Broward

Port

Facilities

Revenue

Bonds

200

4.000

09/01/44

191

County

of

Broward

Port

Facilities

Revenue

Bonds

2,000

5.250

09/01/47

2,133

County

of

Lake

Revenue

Bonds

500

5.750

08/15/50

439

County

of

Monroe

Airport

Revenue

Bonds

2,250

5.000

10/01/52

2,247

County

of

Osceola

Transportation

Revenue

Bonds

(ae)

3,700

6.000

10/01/36

4,216

County

of

Osceola

Transportation

Revenue

Bonds

1,340

5.000

10/01/44

1,367

Creekview

Community

Development

District

Special

Assessment

300

4.750

05/01/53

266

Cross

Creek

North

Community

Development

District

Special

Assessment

200

4.500

05/01/52

178

Cross

Creek

North

Community

Development

District

Special

Assessment

120

5.375

05/01/53

117

Crossings

Community

Development

District

Special

Assessment

(Þ)

175

5.125

05/01/52

166

Cypress

Bay

West

Community

Development

District

Special

Assessment

(Þ)

100

5.250

05/01/43

99

Cypress

Bay

West

Community

Development

District

Special

Assessment

(Þ)

100

5.500

05/01/53

99

Cypress

Park

Estates

Community

Development

District

Special

Assessment

(Þ)

100

5.000

05/01/42

96

Cypress

Park

Estates

Community

Development

District

Special

Assessment

(Þ)

100

5.125

05/01/52

95

Davenport

Road

South

Community

Development

District

Special

Assessment

(Þ)

100

5.000

11/01/38

100

Davenport

Road

South

Community

Development

District

Special

Assessment

(Þ)

150

5.125

11/01/48

145

Deer

Run

Community

Development

District

Special

Assessment

190

5.400

05/01/39

193

Deer

Run

Community

Development

District

Special

Assessment

200

5.500

05/01/44

202

Deerbrook

Community

Development

District

Revenue

Bonds

(Þ)

100

5.500

05/01/53

100

Del

Webb

Oak

Creek

Community

Development

District

Special

Assessment

350

5.250

05/01/53

346

Durbin

Crossing

Community

Development

District

Special

Assessment

(µ)

75

3.750

05/01/34

76

Durbin

Crossing

Community

Development

District

Special

Assessment

(µ)

120

4.000

05/01/37

121

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

75

3.375

05/01/41

59

Eagle

Hammock

Community

Development

District

Special

Assessment

250

5.375

05/01/52

247

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

50

4.125

05/01/40

44

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

225

4.125

05/01/51

181

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

625

5.000

11/01/38

626

East

Nassau

Stewardship

District

Special

Assessment

1,280

3.500

05/01/41

1,008

Eden

Hills

Community

Development

District

Special

Assessment

50

4.000

05/01/42

44

Eden

Hills

Community

Development

District

Special

Assessment

200

4.125

05/01/52

162

Edgewater

East

Community

Development

District

Special

Assessment

75

3.600

05/01/41

59

Edgewater

East

Community

Development

District

Special

Assessment

150

4.000

05/01/42

127

Edgewater

East

Community

Development

District

Special

Assessment

150

4.000

05/01/51

117

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

235

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Edgewater

East

Community

Development

District

Special

Assessment

470

4.000

05/01/52

366

Elevation

Pointe

Community

Development

District

Special

Assessment

(Þ)

700

4.400

05/01/42

626

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

130

3.000

05/01/24

129

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

135

3.250

05/01/25

131

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

140

3.500

05/01/26

135

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

790

3.750

05/01/31

763

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

1,170

4.000

05/01/37

1,106

Entrada

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/52

78

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

580

4.000

08/15/45

517

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

(µ)

255

3.000

08/15/50

186

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

5,525

4.000

08/15/50

4,774

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

135

4.125

11/01/50

110

Fallschase

Community

Development

District

Special

Assessment

100

3.375

05/01/41

78

Fallschase

Community

Development

District

Special

Assessment

570

4.000

05/01/52

445

Fishhawk

Ranch

Community

Development

District

Special

Assessment

(µ)

70

3.000

11/01/41

55

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

2.375

06/01/27

96

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

200

5.250

06/15/29

197

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

06/01/40

89

Florida

Development

Finance

Corp.

Revenue

Bonds

(µ)

940

4.000

02/01/46

860

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

06/30/46

75

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

215

6.250

01/01/49

214

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

870

6.375

01/01/49

842

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

3,465

6.500

01/01/49

3,339

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

3,245

7.375

01/01/49

3,216

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

06/01/50

86

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

125

5.250

06/01/50

103

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

115

5.000

09/15/50

94

Florida

Development

Finance

Corp.

Revenue

Bonds

125

5.000

06/01/51

102

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

500

4.000

07/01/51

408

Florida

Development

Finance

Corp.

Revenue

Bonds

2,500

5.000

02/01/52

2,292

Florida

Development

Finance

Corp.

Revenue

Bonds

1,150

5.000

06/15/52

1,103

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

405

5.500

07/01/52

352

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

250

5.875

08/15/52

236

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

350

5.125

10/01/52

326

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

06/01/55

62

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

160

5.000

06/01/55

132

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

220

5.250

06/01/55

177

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

200

4.000

06/30/56

140

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

315

5.625

07/01/56

274

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

175

5.250

10/01/56

164

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

2,500

7.250

07/01/57

2,551

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

225

6.000

08/15/57

213

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

100

5.000

03/01/39

92

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

350

5.000

03/01/44

310

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

1,350

5.000

06/01/48

1,212

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

515

5.000

03/01/49

442

Fontainbleau

Lakes

Community

Development

District

Special

Assessment

45

4.000

05/01/31

44

Forest

Lake

Community

Development

District

Special

Assessment

(Þ)

455

5.375

05/01/42

464

Forest

Lake

Community

Development

District

Special

Assessment

(Þ)

400

5.500

05/01/52

406

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

236

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Gracewater

Sarasota

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/52

78

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

65

4.750

05/01/36

64

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

65

5.000

05/01/46

62

Grand

Oaks

Community

Development

District

Special

Assessment

(Þ)

100

4.000

11/01/51

78

Greater

Orlando

Aviation

Authority

Revenue

Bonds

750

5.000

11/15/36

747

Greater

Orlando

Aviation

Authority

Revenue

Bonds

170

5.000

10/01/47

173

Grove

Resort

Community

Development

District

Special

Assessment

(Þ)

50

4.000

05/01/52

39

Hacienda

Lakes

Community

Development

District

Special

Assessment

100

4.625

05/01/46

90

Hammock

Reserve

Community

Development

District

Special

Assessment

(Þ)

50

4.700

05/01/42

47

Hammock

Reserve

Community

Development

District

Special

Assessment

(Þ)

165

5.000

05/01/52

157

Harbor

Bay

Community

Development

District

Special

Assessment

100

3.750

05/01/34

90

Harbor

Bay

Community

Development

District

Special

Assessment

105

3.875

05/01/39

90

Harbor

Bay

Community

Development

District

Special

Assessment

100

4.100

05/01/48

82

Harmony

on

Lake

Eloise

Community

Development

District

Special

Assessment

(Þ)

100

5.375

05/01/53

100

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

1,185

5.250

05/01/49

1,175

Hawks

Point

Community

Development

District

Special

Assessment

(Þ)

185

4.250

05/01/35

186

Hawkstone

Community

Development

District

Special

Assessment

100

3.875

11/01/39

86

Hawkstone

Community

Development

District

Special

Assessment

150

5.375

05/01/43

151

Hawkstone

Community

Development

District

Special

Assessment

100

4.000

11/01/51

79

Hawkstone

Community

Development

District

Special

Assessment

130

5.500

05/01/53

130

Heights

Community

Development

District

County

of

Hillsborough

Special

Assessment

150

5.000

01/01/38

150

Heights

Community

Development

District

County

of

Hillsborough

Special

Assessment

300

5.000

01/01/50

281

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

194

Highlands

Meadows

II

Community

Development

District

Special

Assessment

415

5.375

11/01/37

420

Highlands

Meadows

II

Community

Development

District

Special

Assessment

100

5.500

11/01/47

100

Highlands

Meadows

West

Community

Development

District

Special

Assessment

25

3.625

05/01/40

20

Highlands

Meadows

West

Community

Development

District

Special

Assessment

35

4.000

05/01/50

28

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

60

4.000

05/01/40

52

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

230

4.000

05/01/50

182

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

2,945

4.000

08/01/50

2,642

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

2,055

4.000

08/01/55

1,809

Isles

of

Bartram

Park

Community

Development

District

Special

Assessment

155

4.625

11/01/37

148

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

185

4.500

05/01/38

174

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

100

3.125

05/01/41

75

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

275

4.625

05/01/48

244

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

165

4.000

05/01/51

130

Kindred

Community

Development

District

II

Special

Assessment

100

3.750

05/01/50

77

Kingman

Gate

Community

Development

District

Special

Assessment

85

4.000

06/15/40

78

Kingman

Gate

Community

Development

District

Special

Assessment

60

4.000

06/15/50

51

Lake

Deer

Community

Development

District

Special

Assessment

275

5.625

05/01/53

267

Lake

Emma

Community

Development

District

Special

Assessment

50

5.250

05/01/43

50

Lake

Emma

Community

Development

District

Special

Assessment

100

5.500

05/01/53

100

Lake

Frances

Community

Development

District

Special

Assessment

87

3.000

05/01/26

83

Lake

Frances

Community

Development

District

Special

Assessment

492

4.000

05/01/31

481

Lake

Frances

Community

Development

District

Special

Assessment

689

4.000

05/01/37

653

Lakeshore

Ranch

Community

Development

District

Special

Assessment

30

3.125

05/01/24

30

Lakewood

Park

Community

Development

District

Special

Assessment

100

5.750

05/01/53

101

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

916

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

237

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

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

81

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

100

5.000

05/01/37

100

Lakewood

Ranch

Stewardship

District

Special

Assessment

150

5.250

05/01/37

152

Lakewood

Ranch

Stewardship

District

Special

Assessment

315

5.125

05/01/46

307

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

100

5.125

05/01/47

99

Lakewood

Ranch

Stewardship

District

Special

Assessment

225

5.375

05/01/47

228

Lakewood

Ranch

Stewardship

District

Special

Assessment

240

5.450

05/01/48

241

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

100

3.900

05/01/50

78

Lakewood

Ranch

Stewardship

District

Special

Assessment

145

3.875

05/01/51

111

Lakewood

Ranch

Stewardship

District

Special

Assessment

800

4.000

05/01/52

625

Landings

at

Miami

Community

Development

District

Special

Assessment

(Þ)

100

4.625

11/01/38

95

Landings

at

Miami

Community

Development

District

Special

Assessment

(Þ)

100

4.750

11/01/48

90

Landmark

at

Doral

Community

Development

District

Special

Assessment

35

3.375

05/01/30

32

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

90

Landmark

at

Doral

Community

Development

District

Special

Assessment

50

4.000

05/01/38

44

Lee

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,640

5.625

12/01/37

1,361

Lee

County

Industrial

Development

Authority

Revenue

Bonds

100

5.250

10/01/52

85

Lee

County

Industrial

Development

Authority

Revenue

Bonds

325

5.250

10/01/57

268

LT

Ranch

Community

Development

District

Special

Assessment

200

4.000

05/01/50

158

LT

Ranch

Community

Development

District

Special

Assessment

100

5.900

05/01/53

101

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

175

3.250

05/01/31

157

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

50

3.450

05/01/41

39

Lucerne

Park

Community

Development

District

Special

Assessment

95

4.625

05/01/39

90

Lucerne

Park

Community

Development

District

Special

Assessment

95

4.750

05/01/50

85

Mandarin

Grove

Community

Development

District

Special

Assessment

(Þ)

175

6.625

05/01/53

183

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

200

5.125

11/01/38

202

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

250

5.250

11/01/49

245

Meadow

Pointe

III

Community

Development

District

Special

Assessment

115

3.500

05/01/24

115

Meadow

Pointe

III

Community

Development

District

Special

Assessment

520

4.400

05/01/31

521

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

110

3.400

05/01/24

109

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

115

3.400

05/01/25

112

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

650

4.100

05/01/30

637

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

100

3.750

05/01/52

74

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

100

4.000

05/01/52

78

Mediterranea

Community

Development

District

Special

Assessment

100

5.000

05/01/48

95

Merrick

Square

Community

Development

District

Special

Assessment

(Þ)

100

5.625

05/01/53

101

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,750

5.125

07/01/38

1,513

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,750

5.000

11/15/39

1,759

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000

11/15/46

919

Miami

World

Center

Community

Development

District

Special

Assessment

400

5.125

11/01/39

401

Miami

World

Center

Community

Development

District

Special

Assessment

1,150

5.250

11/01/49

1,143

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

130

5.250

07/01/52

119

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

185

5.500

07/01/61

173

Mid-Bay

Bridge

Authority

Revenue

Bonds

1,000

5.000

10/01/40

1,001

Midtown

Miami

Community

Development

District

Special

Assessment

100

5.000

05/01/29

100

Mirada

Community

Development

District

Special

Assessment

175

3.250

05/01/32

156

Mirada

II

Community

Development

District

Special

Assessment

125

3.500

05/01/41

98

Mirada

II

Community

Development

District

Special

Assessment

125

4.000

05/01/51

98

Mirada

II

Community

Development

District

Special

Assessment

275

5.750

05/01/53

278

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

238

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Moody

River

Estates

Community

Development

District

Special

Assessment

500

4.000

05/01/31

499

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

185

North

Park

Isle

Community

Development

District

Special

Assessment

100

3.375

11/01/41

77

North

Park

Isle

Community

Development

District

Special

Assessment

150

4.000

11/01/51

118

North

Powerline

Road

Community

Development

District

Special

Assessment

(Þ)

200

5.625

05/01/52

197

Oak

Creek

Community

Development

District

Special

Assessment

190

3.850

05/01/25

188

Oak

Creek

Community

Development

District

Special

Assessment

200

4.000

05/01/26

201

Ocala

Preserve

Community

Development

District

Special

Assessment

1,175

3.100

11/01/41

862

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

140

4.850

05/01/39

135

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

100

5.250

06/15/43

101

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

215

5.000

05/01/49

204

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

100

5.375

06/15/53

101

Orchid

Grove

Community

Development

District

Special

Assessment

1,245

5.000

05/01/36

1,250

Osceola

Chain

Lakes

Community

Development

District

Special

Assessment

100

4.000

05/01/40

87

Palermo

Community

Development

District

Special

Assessment

100

5.000

06/15/43

98

Palermo

Community

Development

District

Special

Assessment

125

5.250

06/15/53

124

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

(Þ)

600

11.500

07/01/27

580

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

175

4.000

06/01/36

150

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

200

5.000

11/01/47

201

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

300

4.250

06/01/56

217

Palm

Coast

Park

Community

Development

District

Special

Assessment

730

3.125

05/01/41

541

Palm

Coast

Park

Community

Development

District

Special

Assessment

100

5.400

05/01/43

100

Palm

Coast

Park

Community

Development

District

Special

Assessment

2,400

4.000

05/01/52

1,876

Palm

Coast

Park

Community

Development

District

Special

Assessment

100

5.600

05/01/53

100

Palm

Glades

Community

Development

District

Special

Assessment

350

3.750

05/01/31

345

Palm

Glades

Community

Development

District

Special

Assessment

185

4.000

11/01/38

177

Palm

Glades

Community

Development

District

Special

Assessment

120

5.000

05/01/39

120

Palm

Glades

Community

Development

District

Special

Assessment

250

4.200

11/01/48

235

Parkland

Preserve

Community

Development

District

Special

Assessment

490

5.250

05/01/39

494

Parkland

Preserve

Community

Development

District

Special

Assessment

340

5.375

05/01/50

336

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

122

Parrish

Lakes

Community

Development

District

Special

Assessment

(Þ)

50

5.375

05/01/43

49

Parrish

Lakes

Community

Development

District

Special

Assessment

150

5.400

05/01/53

145

Parrish

Lakes

Community

Development

District

Special

Assessment

(Þ)

150

5.625

05/01/53

149

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

195

4.375

05/01/36

193

Peace

Creek

Community

Development

Special

Assessment

(Þ)

100

5.125

06/15/43

100

Peace

Creek

Community

Development

Special

Assessment

(Þ)

180

5.375

06/15/53

181

Portico

Community

Development

District

Special

Assessment

25

3.625

05/01/40

20

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Bonds

535

5.250

11/01/38

545

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Bonds

100

4.000

11/01/39

90

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

540

5.050

05/01/39

540

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

895

5.200

05/01/49

866

Reunion

East

Community

Development

District

Special

Assessment

755

5.000

05/01/33

763

Reunion

East

Community

Development

District

Special

Assessment

2,000

3.150

05/01/41

1,554

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

239

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Reunion

West

Community

Development

District

Special

Assessment

30

4.500

05/01/39

28

Reunion

West

Community

Development

District

Special

Assessment

85

4.625

05/01/50

76

Ridge

at

Heath

Brook

Community

Development

District

Special

Assessment

25

5.250

05/01/43

25

Ridge

at

Heath

Brook

Community

Development

District

Special

Assessment

50

5.500

05/01/53

50

River

Glen

Community

Development

District

Special

Assessment

600

4.000

05/01/51

472

Rivington

Community

Development

District

Special

Assessment

300

4.000

05/01/52

235

Rolling

Hills

Community

Development

District

Special

Assessment

950

4.000

05/01/52

742

Rolling

Oaks

Community

Development

District

Special

Assessment

(Þ)

100

5.375

11/01/38

102

Rolling

Oaks

Community

Development

District

Special

Assessment

(Þ)

200

5.500

11/01/49

201

Rolling

Oaks

Community

Development

District

Special

Assessment

(Þ)

150

6.500

05/01/53

155

Rustic

Oaks

Community

Development

District

Special

Assessment

(Þ)

1,000

3.450

05/01/42

781

Rye

Crossing

Community

Development

District

Special

Assessment

100

5.250

05/01/53

98

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

Special

Assessment

(Þ)

1,000

3.350

12/15/41

769

Saltmeadows

Community

Development

District

General

Obligation

Unlimited

125

5.500

05/01/53

125

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

25

3.125

05/01/30

23

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

60

3.625

05/01/40

52

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

50

3.750

05/01/50

40

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

100

6.000

11/01/52

103

Sarasota

County

Public

Hospital

District

Revenue

Bonds

400

4.000

07/01/48

374

Sarasota

National

Community

Development

District

Special

Assessment

(Þ)

100

4.125

05/01/31

97

Sarasota

National

Community

Development

District

Special

Assessment

285

3.900

05/01/41

243

Sarasota

National

Community

Development

District

Special

Assessment

(Þ)

200

4.125

05/01/41

176

Sawgrass

Village

Community

Development

District

Special

Assessment

(Þ)

200

5.750

05/01/53

198

Scenic

Terrace

South

Community

Development

District

Special

Assessment

(Þ)

125

4.500

05/01/42

113

Scenic

Terrace

South

Community

Development

District

Special

Assessment

(Þ)

230

4.625

05/01/53

200

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

(Þ)

100

5.500

06/15/53

100

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

235

4.000

06/15/51

174

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

4.000

06/15/56

71

Seminole

Improvement

District

Revenue

Bonds

100

5.300

10/01/37

101

Seminole

Palms

Community

Development

District

Special

Assessment

100

5.700

05/01/53

100

Shell

Point

Community

Development

District

Special

Assessment

(Þ)

100

5.250

11/01/39

101

Shell

Point

Community

Development

District

Special

Assessment

(Þ)

175

5.375

11/01/49

173

Sherwood

Manor

Community

Development

District

Special

Assessment

75

5.500

05/01/43

76

Sherwood

Manor

Community

Development

District

Special

Assessment

(Þ)

200

5.250

11/01/49

195

Sherwood

Manor

Community

Development

District

Special

Assessment

135

5.625

05/01/53

136

Shingle

Creek

at

Bronson

Community

Development

District

Special

Assessment

475

3.100

06/15/31

423

Silverlake

Community

Development

District

Special

Assessment

100

5.500

05/01/53

101

Six

Mile

Creek

Community

Development

District

Special

Assessment

310

3.100

05/01/31

275

Six

Mile

Creek

Community

Development

District

Special

Assessment

20

4.125

11/01/40

18

Six

Mile

Creek

Community

Development

District

Special

Assessment

750

3.400

05/01/41

579

Six

Mile

Creek

Community

Development

District

Special

Assessment

75

3.500

05/01/41

59

Six

Mile

Creek

Community

Development

District

Special

Assessment

50

4.250

11/01/50

41

Six

Mile

Creek

Community

Development

District

Special

Assessment

75

4.000

05/01/51

59

Six

Mile

Creek

Community

Development

District

Special

Assessment

125

5.700

05/01/54

125

Somerset

Community

Development

District

Special

Assessment

(Þ)

1,000

4.200

05/01/37

918

South

Broward

Hospital

District

Revenue

Bonds

1,750

3.000

05/01/51

1,249

South

Fork

III

Community

Development

District

Special

Assessment

200

5.000

05/01/38

200

South

Kendall

Community

Development

District

Special

Assessment

100

4.125

11/01/40

92

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

115

3.125

05/01/41

85

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

600

4.000

05/01/43

504

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

685

4.000

05/01/48

550

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

240

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Southshore

Bay

Community

Development

District

Special

Assessment

(Þ)

500

3.000

05/01/33

424

St.

Augustine

Lakes

Community

Development

District

Special

Assessment

1,000

5.500

06/15/53

993

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

550

4.000

12/15/41

435

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

25

4.000

12/15/46

19

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

200

4.000

12/15/50

144

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

375

4.000

08/01/55

306

State

of

Florida

Department

of

Transportation

Turnpike

System

Revenue

Bonds

1,000

3.000

07/01/51

756

Stellar

North

Community

Development

District

Special

Assessment

(Þ)

890

3.200

05/01/41

663

Stoneybrook

North

Community

Development

District

Special

Assessment

100

6.375

11/01/52

105

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

200

4.500

06/15/39

188

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

150

4.625

06/15/49

135

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

(Þ)

1,125

3.750

12/15/50

906

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

(Þ)

100

5.500

06/15/53

101

Storey

Creek

Community

Development

District

Special

Assessment

(Þ)

50

5.200

06/15/42

50

Storey

Creek

Community

Development

District

Special

Assessment

(Þ)

75

5.375

06/15/52

74

Storey

Park

Community

Development

District

Special

Assessment

(Þ)

650

3.300

06/15/41

504

Summer

Woods

Community

Development

District

Special

Assessment

15

3.400

05/01/41

12

Summer

Woods

Community

Development

District

Special

Assessment

20

4.000

05/01/51

16

Summer

Woods

Community

Development

District

Special

Assessment

(Þ)

75

4.000

05/01/52

59

Sunbridge

Stewardship

District

Special

Assessment

200

5.350

05/01/52

193

Talis

Park

Community

Development

District

Special

Assessment

100

4.000

05/01/33

95

Tamarindo

Community

Development

District

Special

Assessment

50

3.375

05/01/41

39

Tapestry

Community

Development

District

Special

Assessment

100

5.000

05/01/46

96

Tern

Bay

Community

Development

District

Special

Assessment

450

4.000

06/15/42

381

Tern

Bay

Community

Development

District

Special

Assessment

500

4.000

06/15/52

391

Terreno

Community

Development

District

Special

Assessment

100

5.250

05/01/53

97

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

1,000

5.000

11/01/48

948

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

(Þ)

250

3.300

12/15/41

191

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

(Þ)

1,250

4.000

12/15/51

981

Tohoqua

Community

Development

District

Special

Assessment

(Þ)

100

3.600

05/01/41

81

Tolomato

Community

Development

District

Special

Assessment

(µ)

200

3.750

05/01/40

191

Tolomato

Community

Development

District

Special

Assessment

(Þ)

100

5.625

05/01/40

102

Toscana

Isles

Community

Development

District

Special

Assessment

Revenue

Bonds

215

5.375

11/01/39

219

Toscana

Isles

Community

Development

District

Special

Assessment

Revenue

Bonds

245

5.500

11/01/49

246

Touchstone

Community

Development

District

Special

Assessment

(Þ)

100

4.625

06/15/38

95

Touchstone

Community

Development

District

Special

Assessment

(Þ)

100

4.750

06/15/48

91

Town

of

Davie

Educational

Facilities

Revenue

Bonds

730

5.000

04/01/48

750

Towne

Park

Community

Development

District

Special

Assessment

60

4.625

05/01/50

54

Tradition

Community

Development

District

No.

9

Special

Assessment

100

3.000

05/01/41

73

Tradition

Community

Development

District

No.

9

Special

Assessment

100

4.000

05/01/52

78

Triple

Creek

Community

Development

District

Special

Assessment

30

5.250

11/01/27

30

Triple

Creek

Community

Development

District

Special

Assessment

80

6.125

11/01/46

82

Triple

Creek

Community

Development

District

Special

Assessment

(Þ)

265

5.375

11/01/48

263

TSR

Community

Development

District

Special

Assessment

200

5.000

11/01/39

199

TSR

Community

Development

District

Special

Assessment

200

4.750

11/01/47

181

TSR

Community

Development

District

Special

Assessment

485

5.125

11/01/49

465

Tuckers

Pointe

Community

Development

District

Special

Assessment

300

3.625

05/01/32

271

Tuckers

Pointe

Community

Development

District

Special

Assessment

100

4.000

05/01/52

78

Two

Creeks

Community

Development

District

Special

Assessment

100

3.500

05/01/32

97

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

241

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Two

Creeks

Community

Development

District

Special

Assessment

100

3.625

05/01/37

94

Two

Lakes

Community

Development

District

Special

Assessment

150

3.750

12/15/39

127

Two

Lakes

Community

Development

District

Special

Assessment

(Þ)

200

5.000

12/15/47

191

Two

Lakes

Community

Development

District

Special

Assessment

200

4.000

12/15/49

159

Two

Rivers

East

Community

Development

District

Special

Assessment

(Þ)

275

5.875

05/01/53

275

Two

Rivers

North

Community

Development

District

Special

Assessment

(Þ)

150

5.250

05/01/52

145

Two

Rivers

West

Community

Development

District

Special

Assessment

(Þ)

150

6.000

05/01/43

153

Two

Rivers

West

Community

Development

District

Special

Assessment

(Þ)

300

6.250

05/01/53

306

Union

Park

East

Community

Development

District

Special

Assessment

(Þ)

500

5.500

11/01/47

503

Varrea

South

Community

Development

District

Special

Assessment

(Þ)

125

5.400

05/01/53

125

V-Dana

Community

Development

District

Special

Assessment

(Þ)

500

3.125

05/01/31

448

V-Dana

Community

Development

District

Special

Assessment

(Þ)

100

5.250

05/01/43

100

V-Dana

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/51

79

V-Dana

Community

Development

District

Special

Assessment

(Þ)

200

5.500

05/01/54

201

Ventana

Community

Development

District

Special

Assessment

(Þ)

500

5.000

05/01/38

499

Ventana

Community

Development

District

Special

Assessment

(Þ)

500

5.125

05/01/49

481

Veranda

Community

Development

District

II

Special

Assessment

80

5.875

11/01/32

81

Veranda

Community

Development

District

II

Special

Assessment

235

5.000

11/01/39

234

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

65

3.600

05/01/41

52

Veranda

Community

Development

District

II

Special

Assessment

315

5.125

11/01/49

302

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

55

4.000

05/01/51

43

Verandah

East

Community

Development

District

Special

Assessment

200

4.000

05/01/31

192

Verano

No.

1

Community

Development

District

Special

Assessment

95

4.750

11/01/25

95

Verano

No.

1

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/31

98

Verano

No.

1

Community

Development

District

Special

Assessment

250

5.125

11/01/35

253

Verano

No.

1

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/37

95

Verano

No.

1

Community

Development

District

Special

Assessment

245

5.250

11/01/46

241

Verano

No.

2

Community

Development

District

Special

Assessment

60

4.000

05/01/50

48

Verano

No.

3

Community

Development

District

Special

Assessment

470

6.625

11/01/52

493

Verano

No.

4

Community

Development

District

Special

Assessment

(Þ)

75

5.375

05/01/43

76

Verano

No.

4

Community

Development

District

Special

Assessment

(Þ)

75

5.625

05/01/53

76

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

38

Viera

Stewardship

District

Special

Assessment

125

3.125

05/01/41

94

Viera

Stewardship

District

Special

Assessment

100

5.300

05/01/43

99

Viera

Stewardship

District

Special

Assessment

250

5.500

05/01/54

247

Village

Community

Development

District

No.

13

Special

Assessment

(Þ)

260

3.250

05/01/40

209

Village

Community

Development

District

No.

13

Special

Assessment

(Þ)

575

3.500

05/01/51

430

Village

Community

Development

District

No.

13

Special

Assessment

320

3.250

05/01/52

226

Village

Community

Development

District

No.

14

Special

Assessment

(Þ)

1,000

5.500

05/01/53

1,029

Village

Community

Development

District

No.

15

Special

Assessment

(Þ)

200

5.000

05/01/43

203

Village

Community

Development

District

No.

15

Special

Assessment

(Þ)

400

5.250

05/01/54

405

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

(Þ)

75

4.000

05/01/52

59

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

(Þ)

100

5.250

05/01/53

96

Villamar

Community

Development

District

Special

Assessment

905

4.625

05/01/39

854

Villamar

Community

Development

District

Special

Assessment

(Þ)

615

4.000

11/01/51

483

Villamar

Community

Development

District

Special

Assessment

(Þ)

500

4.125

05/01/52

400

Villamar

Community

Development

District

Special

Assessment

1,310

5.750

05/01/53

1,311

Vizcaya

in

Kendall

Community

Development

District

Special

Assessment

100

4.125

11/01/46

89

Volusia

County

Educational

Facility

Authority

Revenue

Bonds

240

5.000

06/01/45

243

Waterford

Community

Development

District

Special

Assessment

50

5.375

05/01/43

50

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

242

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Waterford

Community

Development

District

Special

Assessment

75

5.600

05/01/53

75

Waterford

Landing

Community

Development

District

Special

Assessment

145

5.500

05/01/34

146

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

254

Waterset

Central

Community

Development

District

Special

Assessment

(Þ)

150

5.125

11/01/38

151

Waterset

Central

Community

Development

District

Special

Assessment

(Þ)

150

5.250

11/01/49

146

Wellness

Ridge

Community

Development

District

Special

Assessment

(Þ)

125

5.125

06/15/43

125

Wellness

Ridge

Community

Development

District

Special

Assessment

(Þ)

125

5.375

06/15/53

126

Wesbridge

Community

Development

District

Special

Assessment

75

4.250

11/01/49

62

West

Hillcrest

Community

Development

District

Special

Assessment

100

5.500

06/15/53

99

West

Port

Community

Development

District

Special

Assessment

(Þ)

90

3.400

05/01/41

70

West

Port

Community

Development

District

Special

Assessment

(Þ)

1,700

4.000

05/01/51

1,341

West

Port

Community

Development

District

Special

Assessment

(Þ)

50

5.250

05/01/52

48

West

Villages

Improvement

District

Revenue

Bonds

(Þ)

100

5.375

05/01/43

101

West

Villages

Improvement

District

Revenue

Bonds

(Þ)

200

5.625

05/01/53

202

West

Villages

Improvement

District

Special

Assessment

135

4.750

05/01/39

129

West

Villages

Improvement

District

Special

Assessment

(Þ)

1,935

3.500

05/01/41

1,530

West

Villages

Improvement

District

Special

Assessment

50

5.375

05/01/42

50

West

Villages

Improvement

District

Special

Assessment

210

5.000

05/01/50

198

West

Villages

Improvement

District

Special

Assessment

150

5.500

05/01/53

150

West

Virginia

Economic

Development

Authority

Revenue

Bonds

100

5.375

05/01/43

99

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(Þ)

335

5.600

05/01/53

331

West

Virginia

Economic

Development

Authority

Revenue

Bonds

150

5.625

05/01/53

150

Westside

Community

Development

District

Special

Assessment

(Þ)

100

4.100

05/01/37

91

Westside

Community

Development

District

Special

Assessment

(Þ)

100

4.125

05/01/38

90

Westside

Community

Development

District

Special

Assessment

815

4.000

05/01/50

645

Westside

Haines

City

Community

Development

District

Special

Assessment

100

4.000

05/01/52

78

Westview

North

Community

Development

District

Special

Assessment

(Þ)

100

6.000

06/15/52

102

Whispering

Pines

Community

Development

District

Special

Assessment

100

5.500

05/01/53

101

Wildblue

Community

Development

District

Special

Assessment

(Þ)

125

4.250

06/15/39

112

Wildblue

Community

Development

District

Special

Assessment

(Þ)

250

4.375

06/15/49

212

Willows

Community

Development

District

Special

Assessment

(Þ)

100

5.750

05/01/52

102

Wind

Meadows

South

Community

Development

District

Special

Assessment

935

4.000

05/01/52

733

Wind

Meadows

South

Community

Development

District

Special

Assessment

(Þ)

125

5.625

05/01/53

126

Winding

Cypress

Community

Development

District

Special

Assessment

100

5.000

11/01/45

96

Winding

Cypress

Community

Development

District

Special

Assessment

100

5.000

11/01/49

94

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

100

4.250

05/01/52

82

Windward

Community

Development

District

Special

Assessment

80

4.400

11/01/35

75

Zephyr

Lakes

Community

Development

District

Special

Assessment

(Þ)

50

3.375

05/01/41

39

Zephyr

Lakes

Community

Development

District

Special

Assessment

(Þ)

50

4.000

05/01/51

39

182,756

Georgia

-

1.6%

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

3,330

3.875

07/01/51

2,844

Bartow

County

Development

Authority

Revenue

Bonds

(~)(Ê)

3,000

1.500

11/01/62

3,000

Coweta

County

Residential

Care

Facilities

for

the

Elderly

Authority

Revenue

Bonds

970

4.000

03/01/36

834

Development

Authority

of

Burke

County

Revenue

Bonds

125

2.200

10/01/32

100

Development

Authority

of

Cobb

County

(The)

Revenue

Bonds

1,450

5.000

07/15/38

1,445

Development

Authority

of

Cobb

County

(The)

Revenue

Bonds

(ae)

50

5.000

07/15/38

52

Gainesville

&

Hall

County

Development

Authority

Educational

Facilities

Revenue

Bonds

100

5.125

03/01/52

72

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

60

3.625

01/01/31

53

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

60

5.000

01/01/36

57

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

243

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

3,795

4.000

01/01/54

3,210

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

2,320

5.000

01/01/54

1,946

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

Bonds

1,000

4.000

08/01/38

923

Lawson

Dunes

Community

Development

District

Special

Assessment

(Þ)

50

5.000

05/01/42

49

Lawson

Dunes

Community

Development

District

Special

Assessment

(Þ)

100

5.125

05/01/52

95

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

500

5.000

09/01/53

526

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

350

5.000

05/15/43

350

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

2,365

5.000

07/01/48

2,500

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

3,220

4.000

01/01/49

3,073

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

1,500

4.000

01/01/49

1,431

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,000

5.000

01/01/49

1,013

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

2,000

5.000

01/01/56

2,047

Private

Colleges

&

Universities

Authority

Revenue

Bonds

1,000

5.000

10/01/40

1,012

Rockdale

County

Development

Authority

Revenue

Bonds

(Þ)

225

4.000

01/01/38

214

Sunbridge

Stewardship

District

Special

Assessment

175

5.500

05/01/52

175

27,021

Guam

-

0.8%

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

100

3.720

09/01/27

90

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

125

5.000

09/01/38

123

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

100

5.125

10/01/34

101

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

100

3.839

10/01/36

79

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

100

5.250

10/01/36

100

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

100

5.375

10/01/40

99

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

125

4.460

10/01/43

93

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

100

5.375

10/01/43

99

Guam

Business

Privilege

Tax

Revenue

Bonds

2,825

4.000

01/01/36

2,703

Guam

Business

Privilege

Tax

Revenue

Bonds

1,420

4.000

01/01/42

1,255

Guam

Department

of

Education

Certificate

of

Participation

750

4.250

02/01/30

741

Guam

Department

of

Education

Certificate

of

Participation

545

5.000

02/01/40

542

Guam

Government

Waterworks

Authority

Revenue

Bonds

4,090

5.000

07/01/35

4,122

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,605

5.000

01/01/46

1,620

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,000

5.000

01/01/50

1,014

Port

Authority

of

Guam

Revenue

Bonds

200

5.000

07/01/37

208

Territory

of

Guam

Revenue

Bonds

500

5.000

12/01/31

514

Territory

of

Guam

Revenue

Bonds

500

5.000

11/01/35

521

14,024

Hawaii

-

0.3%

Kauai

County

Community

Facilities

District

Special

Tax

1,250

5.000

05/15/51

1,226

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

(Þ)

1,970

5.000

01/01/30

1,899

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

625

3.200

07/01/39

541

4,711

Idaho

-

0.1%

County

of

Nez

Perce

Pollution

Control

Revenue

Bonds

825

2.750

10/01/24

816

Idaho

Health

Facilities

Authority

Revenue

Bonds

400

5.000

09/01/37

401

1,217

Illinois

-

9.5%

Bridgeview

Finance

Corp.

Sales

Tax

Revenue

Bonds

2,100

5.000

12/01/37

2,108

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

2,150

5.750

04/01/48

2,359

Chicago

Board

of

Education

General

Obligation

Unlimited

225

5.000

12/01/25

230

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

250

3.634

12/01/27

210

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

500

5.000

12/01/28

529

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

244

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

105

Zero

coupon

12/01/29

81

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/29

1,055

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

345

5.078

12/01/29

265

Chicago

Board

of

Education

General

Obligation

Unlimited

225

6.038

12/01/29

222

Chicago

Board

of

Education

General

Obligation

Unlimited

1,600

5.000

12/01/31

1,671

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

325

5.000

12/01/31

343

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

350

5.000

12/01/32

369

Chicago

Board

of

Education

General

Obligation

Unlimited

320

5.125

12/01/32

321

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/33

1,054

Chicago

Board

of

Education

General

Obligation

Unlimited

490

5.000

12/01/34

499

Chicago

Board

of

Education

General

Obligation

Unlimited

735

5.250

12/01/35

737

Chicago

Board

of

Education

General

Obligation

Unlimited

500

5.000

12/01/36

504

Chicago

Board

of

Education

General

Obligation

Unlimited

2,000

4.000

12/01/37

1,857

Chicago

Board

of

Education

General

Obligation

Unlimited

1,000

5.000

12/01/37

1,022

Chicago

Board

of

Education

General

Obligation

Unlimited

75

5.250

12/01/39

75

Chicago

Board

of

Education

General

Obligation

Unlimited

3,040

4.000

12/01/42

2,698

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

2,000

7.000

12/01/42

2,163

Chicago

Board

of

Education

General

Obligation

Unlimited

585

4.000

12/01/43

516

Chicago

Board

of

Education

General

Obligation

Unlimited

710

5.000

12/01/44

700

Chicago

Board

of

Education

General

Obligation

Unlimited

2,325

7.000

12/01/44

2,436

Chicago

Board

of

Education

General

Obligation

Unlimited

1,775

5.000

12/01/46

1,731

Chicago

Board

of

Education

General

Obligation

Unlimited

1,460

6.500

12/01/46

1,527

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

1,500

7.000

12/01/46

1,616

Chicago

Board

of

Education

Revenue

Bonds

500

5.750

04/01/35

534

Chicago

Board

of

Education

Revenue

Bonds

540

5.000

04/01/42

549

Chicago

Board

of

Education

Revenue

Bonds

100

5.000

04/01/46

101

Chicago

Board

of

Education

Revenue

Bonds

3,445

6.000

04/01/46

3,630

Chicago

Board

of

Education

Revenue

Bonds

1,800

4.000

12/01/47

1,537

Chicago

Board

of

Education

Revenue

Bonds

4,905

5.000

12/01/47

4,850

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

5.000

01/01/46

1,001

Chicago

O'Hare

International

Airport

Revenue

Bonds

200

4.500

01/01/48

198

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

5.000

07/01/48

1,000

Chicago

O'Hare

International

Airport

Revenue

Bonds

500

5.000

01/01/52

506

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,165

5.250

01/01/53

1,223

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

600

5.500

01/01/53

637

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

3,579

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

75

5.250

01/01/42

78

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

210

4.000

01/01/52

201

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

50

3.750

07/01/41

47

City

of

Calumet

City

General

Obligation

Unlimited

1,620

4.500

03/01/37

1,498

City

of

Chicago

General

Obligation

Unlimited

250

5.000

01/01/25

254

City

of

Chicago

General

Obligation

Unlimited

1,200

5.000

01/01/28

1,269

City

of

Chicago

General

Obligation

Unlimited

(ae)

210

5.250

01/01/28

216

City

of

Chicago

General

Obligation

Unlimited

290

5.250

01/01/28

295

City

of

Chicago

General

Obligation

Unlimited

360

5.000

01/01/29

384

City

of

Chicago

General

Obligation

Unlimited

250

5.500

01/01/31

255

City

of

Chicago

General

Obligation

Unlimited

940

5.000

01/01/32

1,008

City

of

Chicago

General

Obligation

Unlimited

(ae)

900

5.000

01/01/34

921

City

of

Chicago

General

Obligation

Unlimited

1,000

5.000

01/01/35

1,007

City

of

Chicago

General

Obligation

Unlimited

2,000

5.000

01/01/38

2,019

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

245

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Chicago

General

Obligation

Unlimited

6,875

6.000

01/01/38

7,298

City

of

Chicago

General

Obligation

Unlimited

2,465

5.500

01/01/42

2,497

City

of

Chicago

General

Obligation

Unlimited

200

5.500

01/01/43

213

City

of

Chicago

General

Obligation

Unlimited

6,025

5.500

01/01/49

6,294

Cook

County

Community

College

District

No.

508

General

Obligation

Unlimited

1,000

5.500

12/01/38

1,002

Eastern

Illinois

Economic

Development

Authority

Revenue

Bonds

425

6.000

05/01/46

414

Illinois

Finance

Authority

Revenue

Bonds

1,050

5.000

05/15/33

963

Illinois

Finance

Authority

Revenue

Bonds

500

2.250

07/01/33

416

Illinois

Finance

Authority

Revenue

Bonds

1,390

5.000

05/15/36

1,173

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000

09/01/36

1,025

Illinois

Finance

Authority

Revenue

Bonds

1,865

5.000

05/15/37

1,843

Illinois

Finance

Authority

Revenue

Bonds

630

5.000

12/01/37

638

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000

05/15/41

673

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

3,250

4.000

10/01/42

2,466

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000

08/01/46

981

Illinois

Finance

Authority

Revenue

Bonds

100

5.000

03/01/47

95

Illinois

Finance

Authority

Revenue

Bonds

100

5.000

05/15/47

91

Illinois

Finance

Authority

Revenue

Bonds

250

5.500

10/01/47

255

Illinois

Finance

Authority

Revenue

Bonds

1,500

5.000

12/01/47

1,466

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

2,705

6.125

04/01/49

2,531

Illinois

Finance

Authority

Revenue

Bonds

2,300

4.000

10/01/50

2,011

Illinois

Finance

Authority

Revenue

Bonds

50

5.000

05/15/51

40

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

250

5.000

07/01/51

178

Illinois

Finance

Authority

Revenue

Bonds

100

5.000

03/01/52

93

Illinois

Finance

Authority

Revenue

Bonds

250

6.625

05/15/52

253

Illinois

Finance

Authority

Revenue

Bonds

200

5.250

10/01/52

198

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

500

5.625

08/01/53

506

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000

10/01/55

858

Illinois

Finance

Authority

Revenue

Bonds

50

5.000

05/15/56

39

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

250

5.000

07/01/56

174

Illinois

Finance

Authority

Revenue

Bonds

500

5.500

06/01/57

447

Illinois

Finance

Authority

Revenue

Bonds

(~)(Ê)

7,400

4.250

08/15/57

7,400

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

600

6.125

04/01/58

551

Illinois

Finance

Authority

Revenue

Bonds

500

6.750

05/15/58

509

Illinois

Finance

Authority

Student

Housing

&

Academic

Facilities

Revenue

Bonds

1,000

5.000

02/15/50

924

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

575

5.000

06/15/31

593

Illinois

State

University

Revenue

Bonds

(µ)

250

5.000

04/01/36

268

Illinois

State

University

Revenue

Bonds

(µ)

225

5.000

04/01/37

240

Illinois

State

University

Revenue

Bonds

(µ)

200

5.000

04/01/38

212

Illinois

State

University

Revenue

Bonds

(µ)

275

5.000

04/01/39

291

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

10

2.968

06/15/30

8

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

305

4.341

06/15/30

234

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

2,100

Zero

coupon

06/15/38

1,102

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,500

Zero

coupon

06/15/41

664

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

500

4.000

12/15/42

488

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

5,000

Zero

coupon

06/15/43

2,060

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

250

4.000

06/15/50

230

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,000

5.000

06/15/50

1,014

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

10,000

6.070

12/15/51

2,559

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

6,000

4.000

06/15/52

5,466

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

246

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

400

5.047

12/15/54

88

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

1,600

4.752

12/15/56

335

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

6,800

5.068

12/15/56

1,347

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

720

5.000

06/15/57

727

Sangamon

County

Water

Reclamation

District

General

Obligation

Unlimited

(µ)

1,750

4.000

01/01/49

1,697

Sangamon

County

Water

Reclamation

District

General

Obligation

Unlimited

1,000

5.750

01/01/53

1,016

State

of

Illinois

General

Obligation

Unlimited

1,625

5.000

11/01/25

1,677

State

of

Illinois

General

Obligation

Unlimited

1,270

5.000

02/01/27

1,336

State

of

Illinois

General

Obligation

Unlimited

400

5.000

05/01/28

404

State

of

Illinois

General

Obligation

Unlimited

700

5.000

10/01/28

756

State

of

Illinois

General

Obligation

Unlimited

5,775

5.000

11/01/28

6,146

State

of

Illinois

General

Obligation

Unlimited

1,000

5.000

05/01/29

1,011

State

of

Illinois

General

Obligation

Unlimited

3,830

5.000

11/01/29

4,074

State

of

Illinois

General

Obligation

Unlimited

(µ)

265

4.000

02/01/31

270

State

of

Illinois

General

Obligation

Unlimited

2,750

5.000

05/01/32

2,939

State

of

Illinois

General

Obligation

Unlimited

1,280

5.100

06/01/33

1,252

State

of

Illinois

General

Obligation

Unlimited

1,000

5.000

10/01/33

1,069

State

of

Illinois

General

Obligation

Unlimited

500

5.000

12/01/35

524

State

of

Illinois

General

Obligation

Unlimited

1,000

5.000

05/01/39

1,004

State

of

Illinois

General

Obligation

Unlimited

100

5.500

05/01/39

109

State

of

Illinois

General

Obligation

Unlimited

2,600

5.000

12/01/39

2,684

State

of

Illinois

General

Obligation

Unlimited

1,000

4.000

10/01/40

972

State

of

Illinois

General

Obligation

Unlimited

2,500

4.000

11/01/41

2,413

State

of

Illinois

General

Obligation

Unlimited

1,000

3.000

12/01/41

795

State

of

Illinois

General

Obligation

Unlimited

1,910

4.500

12/01/41

1,891

State

of

Illinois

General

Obligation

Unlimited

240

5.000

05/01/42

247

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

1,366

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

300

5.750

03/01/53

286

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

(Þ)

200

5.000

01/01/55

177

Village

of

Morton

Grove

Tax

Increment

Revenue

Tax

Allocation

1,000

5.000

01/01/39

917

159,782

Indiana

-

0.6%

City

of

Goshen

Revenue

Bonds

(Þ)

1,000

5.000

08/01/41

798

Indiana

Finance

Authority

Revenue

Bonds

975

4.125

12/01/26

967

Indiana

Finance

Authority

Revenue

Bonds

290

3.000

11/01/30

265

Indiana

Finance

Authority

Revenue

Bonds

2,195

4.250

11/01/30

2,208

Indiana

Finance

Authority

Revenue

Bonds

100

4.000

09/15/44

86

Indiana

Finance

Authority

Revenue

Bonds

2,000

5.000

10/01/44

2,005

Indiana

Finance

Authority

Revenue

Bonds

100

4.000

09/15/49

83

Indiana

Finance

Authority

Revenue

Bonds

200

5.000

06/01/53

202

Indiana

Finance

Authority

Revenue

Bonds

50

5.000

07/01/55

45

Indiana

Finance

Authority

Revenue

Bonds

510

5.375

06/01/64

519

Indiana

Municipal

Power

Agency

Revenue

Bonds

435

5.000

01/01/42

445

Town

of

Upland

Revenue

Bonds

1,695

4.000

09/01/41

1,583

Town

of

Upland

Revenue

Bonds

200

2.500

09/01/50

121

9,327

Iowa

-

0.9%

City

of

Coralville

General

Obligation

Unlimited

1,720

5.000

05/01/42

1,657

Iowa

Finance

Authority

Revenue

Bonds

1,700

5.000

12/01/50

1,716

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

247

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Iowa

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

200

5.000

12/01/50

204

Iowa

Finance

Authority

Revenue

Bonds

100

5.000

05/15/55

71

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

1,500

5.000

10/01/47

1,518

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

3,290

4.000

10/01/50

2,811

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

100

5.375

10/01/52

103

Iowa

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

4,860

4.000

06/01/49

4,439

Iowa

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

2,285

Zero

coupon

06/01/65

264

State

of

Iowa

Board

of

Regents

Revenue

Bonds

750

3.000

09/01/61

527

Xenia

Rural

Water

District

Revenue

Bonds

1,250

5.000

12/01/36

1,335

14,645

Kansas

-

0.2%

City

of

Manhattan

Revenue

Bonds

75

4.000

06/01/46

54

City

of

Manhattan

Revenue

Bonds

150

4.000

06/01/52

103

City

of

Prairie

Village

Tax

Allocation

35

2.875

04/01/30

31

City

of

Prairie

Village

Tax

Allocation

60

3.125

04/01/36

49

City

of

Topeka

Revenue

Bonds

180

6.500

12/01/52

178

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

75

5.000

05/15/28

70

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

75

5.000

05/15/29

69

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

150

5.000

05/15/34

128

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

60

5.000

05/15/50

41

Wyandotte

County

City

Unified

Government

Revenue

Bonds

(Þ)

5,000

Zero

coupon

09/01/34

1,941

Wyandotte

County

City

Unified

Government

Revenue

Bonds

370

4.500

06/01/40

341

3,005

Kentucky

-

1.1%

City

of

Henderson

Revenue

Bonds

3,000

3.700

01/01/32

2,924

City

of

Henderson

Revenue

Bonds

350

4.450

01/01/42

337

City

of

Henderson

Revenue

Bonds

1,050

4.700

01/01/52

997

County

of

Carroll

Environmental

Facilities

Authority

Revenue

Bonds

425

2.000

02/01/32

343

County

of

Carroll

Environmental

Facilities

Authority

Revenue

Bonds

325

2.125

10/01/34

254

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

146

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,500

5.000

06/01/41

1,489

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

100

4.000

12/01/41

98

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

100

4.000

06/01/45

93

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

2,700

5.000

08/01/49

2,764

Kentucky

State

University

Certificate

of

Participation

(µ)

500

4.000

11/01/51

482

18,327

Louisiana

-

0.7%

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

150

5.000

12/01/34

144

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

360

5.000

12/01/39

320

City

of

New

Orleans

General

Obligation

Unlimited

1,000

5.000

12/01/50

1,048

Juban

Crossing

Economic

Development

District

Revenue

Bonds

(Þ)

600

7.000

09/15/44

602

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

(Þ)

100

4.125

06/01/39

90

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

100

3.200

06/01/41

79

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

735

5.375

06/01/42

739

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

(Þ)

200

4.375

06/01/48

174

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(Þ)

250

5.625

06/15/51

205

Louisiana

Public

Facilities

Authority

Revenue

Bonds

635

4.000

05/15/42

610

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

305

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

248

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(µ)

385

3.000

06/01/50

283

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

265

4.000

06/01/51

189

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.125

06/01/52

99

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.250

06/01/52

94

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.375

06/01/52

96

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

230

4.000

06/01/56

159

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.250

06/01/62

99

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

150

6.375

06/01/62

140

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

150

6.500

06/01/62

146

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

500

6.625

06/15/62

493

New

Orleans

Aviation

Board

Revenue

Bonds

2,000

5.000

01/01/45

2,002

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)(Þ)

100

6.100

06/01/38

108

Parish

of

St.

James

Revenue

Bonds

(Þ)

125

6.350

07/01/40

135

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,000

5.850

08/01/41

1,023

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

1,050

2.200

06/01/37

991

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

1,050

2.375

06/01/37

995

11,828

Maine

-

0.1%

Finance

Authority

of

Maine

Revenue

Bonds

(Þ)

925

8.000

12/01/51

607

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

500

5.000

07/01/48

516

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

265

4.000

07/01/50

248

1,371

Maryland

-

1.7%

Baltimore

Convention

Center

Hotel

Revenue

Bonds

150

5.000

09/01/35

150

Baltimore

Convention

Center

Hotel

Revenue

Bonds

460

5.000

09/01/42

430

Baltimore

Research

Park

Project

Revenue

Bonds

150

4.000

01/01/45

134

Baltimore

Research

Park

Project

Revenue

Bonds

865

4.000

01/01/50

742

Baltimore

Research

Park

Project

Tax

Allocation

(Þ)

100

3.500

06/01/39

83

Baltimore

Research

Park

Project

Tax

Allocation

(Þ)

100

3.625

06/01/46

81

City

of

Baltimore

Revenue

Bonds

100

5.000

09/01/28

100

City

of

Baltimore

Revenue

Bonds

150

5.000

09/01/38

150

City

of

Baltimore

Revenue

Bonds

180

5.000

09/01/39

172

City

of

Baltimore

Revenue

Bonds

365

5.000

09/01/46

333

City

of

Baltimore

Revenue

Bonds

(Þ)

130

5.000

06/01/51

124

City

of

Brunswick

Special

Tax

100

5.000

07/01/36

101

City

of

Gaithersburg

Revenue

Bonds

175

5.000

01/01/37

168

City

of

Gaithersburg

Revenue

Bonds

300

5.125

01/01/42

281

County

of

Frederick

Educational

Facilities

Revenue

Bonds

(Þ)

1,705

5.000

09/01/45

1,546

County

of

Frederick

Special

Tax

235

4.000

07/01/50

206

County

of

Frederick

Tax

Allocation

(Þ)

2,110

4.625

07/01/43

2,039

County

of

Prince

George's

Special

Obligation

Tax

Allocation

(Þ)

115

5.250

07/01/48

113

Maryland

Economic

Development

Corp.

Revenue

Bonds

(Þ)

400

3.997

04/01/34

312

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,100

4.000

07/01/39

1,014

Maryland

Economic

Development

Corp.

Revenue

Bonds

75

4.000

07/01/40

71

Maryland

Economic

Development

Corp.

Revenue

Bonds

2,500

5.250

06/30/47

2,580

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,000

5.250

12/31/47

1,047

Maryland

Economic

Development

Corp.

Revenue

Bonds

100

4.250

07/01/50

93

Maryland

Economic

Development

Corp.

Revenue

Bonds

75

5.000

07/01/50

77

Maryland

Economic

Development

Corp.

Revenue

Bonds

5,000

5.250

06/30/52

5,122

Maryland

Economic

Development

Corp.

Revenue

Bonds

4,250

5.750

07/01/53

4,620

Maryland

Economic

Development

Corp.

Revenue

Bonds

150

5.000

07/01/56

153

Maryland

Economic

Development

Corp.

Revenue

Bonds

125

5.000

06/01/58

121

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

249

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Maryland

Economic

Development

Corp.

Revenue

Bonds

500

6.000

07/01/58

553

Maryland

Economic

Development

Corp.

Tax

Allocation

350

4.000

09/01/40

313

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

603

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

1,254

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000

07/01/45

1,011

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,500

4.000

01/01/51

1,281

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

5.500

05/01/52

92

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.125

07/01/53

100

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.250

07/01/63

100

Maryland

Stadium

Authority

Revenue

Bonds

1,200

Zero

coupon

05/01/53

297

Maryland

Stadium

Authority

Revenue

Bonds

1,000

Zero

coupon

05/01/54

235

Maryland

Stadium

Authority

Revenue

Bonds

750

Zero

coupon

05/01/55

168

28,239

Massachusetts

-

0.8%

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,500

4.000

05/01/39

1,513

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,415

5.000

09/01/35

1,423

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,580

5.000

10/01/35

1,596

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,000

5.000

10/01/37

957

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

5.000

10/01/38

958

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

100

5.000

11/15/38

101

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

4.000

09/01/39

884

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,300

5.000

07/01/41

1,098

Massachusetts

Development

Finance

Agency

Revenue

Bonds

150

5.000

10/01/43

149

Massachusetts

Development

Finance

Agency

Revenue

Bonds

2,005

5.000

07/01/44

2,020

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

150

5.125

11/15/46

151

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

5.000

10/01/48

917

Massachusetts

Development

Finance

Agency

Revenue

Bonds

225

5.000

07/01/52

224

Massachusetts

Development

Finance

Agency

Revenue

Bonds

260

5.250

07/01/52

272

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

400

2.000

07/01/37

338

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

2,000

3.000

07/01/51

1,373

13,974

Michigan

-

2.0%

City

of

Detroit

General

Obligation

Limited

(~)(Ê)

6,900

4.000

04/01/44

5,122

City

of

Detroit

General

Obligation

Unlimited

75

2.960

04/01/27

65

City

of

Detroit

General

Obligation

Unlimited

50

3.110

04/01/28

42

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000

04/01/29

1,034

City

of

Detroit

General

Obligation

Unlimited

200

5.500

04/01/31

216

City

of

Detroit

General

Obligation

Unlimited

100

5.500

04/01/32

108

City

of

Detroit

General

Obligation

Unlimited

100

5.500

04/01/33

108

City

of

Detroit

General

Obligation

Unlimited

50

3.644

04/01/34

38

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000

04/01/34

1,027

City

of

Detroit

General

Obligation

Unlimited

50

5.500

04/01/34

54

City

of

Detroit

General

Obligation

Unlimited

50

5.500

04/01/35

53

City

of

Detroit

General

Obligation

Unlimited

535

5.500

04/01/36

571

City

of

Detroit

General

Obligation

Unlimited

565

5.500

04/01/37

601

City

of

Detroit

General

Obligation

Unlimited

100

5.500

04/01/38

106

City

of

Detroit

General

Obligation

Unlimited

100

5.500

04/01/39

105

City

of

Detroit

General

Obligation

Unlimited

325

6.000

05/01/39

368

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

250

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Detroit

General

Obligation

Unlimited

100

5.500

04/01/40

105

City

of

Detroit

General

Obligation

Unlimited

75

4.000

04/01/41

68

City

of

Detroit

General

Obligation

Unlimited

75

4.000

04/01/42

67

City

of

Detroit

General

Obligation

Unlimited

100

6.000

05/01/43

112

City

of

Detroit

General

Obligation

Unlimited

570

5.500

04/01/45

593

City

of

Detroit

General

Obligation

Unlimited

775

5.000

04/01/46

779

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000

04/01/50

999

City

of

Detroit

General

Obligation

Unlimited

175

5.500

04/01/50

181

Detroit

Downtown

Development

Authority

Tax

Allocation

Revenue

Bonds

(µ)

1,000

5.000

07/01/48

1,003

Detroit

Service

Learning

Academy

Revenue

Bonds

1,000

4.000

07/01/41

800

Grand

Rapids

Charter

Township

Revenue

Bonds

200

5.000

05/15/37

190

Grand

Rapids

Charter

Township

Revenue

Bonds

100

5.000

05/15/44

89

Kalamazoo

Economic

Development

Corp.

Revenue

Bonds

250

5.000

05/15/55

200

Karegnondi

Water

Authority

Revenue

Bonds

75

5.000

11/01/45

77

Kentwood

Economic

Development

Corp.

Revenue

Bonds

100

4.000

11/15/43

77

Kentwood

Economic

Development

Corp.

Revenue

Bonds

25

4.000

11/15/45

19

Michigan

Finance

Authority

Revenue

Bonds

1,000

3.875

10/01/23

999

Michigan

Finance

Authority

Revenue

Bonds

700

4.000

02/01/29

663

Michigan

Finance

Authority

Revenue

Bonds

300

5.000

07/01/33

307

Michigan

Finance

Authority

Revenue

Bonds

(µ)

1,000

5.000

07/01/36

1,008

Michigan

Finance

Authority

Revenue

Bonds

1,635

5.000

02/01/37

1,626

Michigan

Finance

Authority

Revenue

Bonds

450

3.267

06/01/39

396

Michigan

Finance

Authority

Revenue

Bonds

100

4.250

12/01/39

78

Michigan

Finance

Authority

Revenue

Bonds

100

4.000

12/01/41

79

Michigan

Finance

Authority

Revenue

Bonds

745

4.000

02/01/42

616

Michigan

Finance

Authority

Revenue

Bonds

25

4.000

09/01/45

23

Michigan

Finance

Authority

Revenue

Bonds

1,815

5.500

11/15/45

1,587

Michigan

Finance

Authority

Revenue

Bonds

100

5.000

12/01/46

80

Michigan

Finance

Authority

Revenue

Bonds

80

5.000

06/01/49

82

Michigan

Finance

Authority

Revenue

Bonds

25

4.000

09/01/50

22

Michigan

Finance

Authority

Revenue

Bonds

325

4.000

11/15/50

305

Michigan

Finance

Authority

Revenue

Bonds

100

4.000

12/01/51

72

Michigan

Finance

Authority

Revenue

Bonds

16,305

4.785

06/01/65

1,592

Michigan

Mathematics

&

Science

Initiative

Revenue

Bonds

1,110

4.000

01/01/41

931

Michigan

Strategic

Fund

Revenue

Bonds

125

5.000

05/15/37

119

Michigan

Strategic

Fund

Revenue

Bonds

1,000

5.000

11/15/43

894

Michigan

Strategic

Fund

Revenue

Bonds

100

5.000

05/15/44

89

Michigan

Strategic

Fund

Revenue

Bonds

(µ)

435

4.500

06/30/48

416

Michigan

Strategic

Fund

Revenue

Bonds

3,000

5.000

06/30/48

3,019

Michigan

Strategic

Fund

Revenue

Bonds

(~)(ae)(Ê)

300

4.000

10/01/61

298

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

10,000

8.675

06/01/46

1,039

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

4,255

9.111

06/01/52

494

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

33,655

Zero

coupon

06/01/58

1,405

Tipton

Academy

Revenue

Bonds

320

4.000

06/01/51

219

Universal

Academy

Revenue

Bonds

500

4.000

12/01/31

473

Universal

Academy

Revenue

Bonds

65

4.000

12/01/40

56

33,964

Minnesota

-

0.6%

City

of

Forest

Lake

Charter

School

Lease

Revenue

Bonds

500

5.250

08/01/43

486

City

of

Ham

Lake

Revenue

Bonds

2,000

5.000

11/01/36

1,918

City

of

Minneapolis

Charter

Lease

Revenue

Bonds

(Þ)

1,400

5.000

12/01/32

1,406

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

251

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

St

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

20

Duluth

Economic

Development

Authority

Revenue

Bonds

400

4.000

06/15/36

378

Duluth

Economic

Development

Authority

Revenue

Bonds

100

4.000

07/01/36

84

Duluth

Economic

Development

Authority

Revenue

Bonds

200

4.250

02/15/48

189

Duluth

Economic

Development

Authority

Revenue

Bonds

2,500

5.000

02/15/48

2,524

Duluth

Economic

Development

Authority

Revenue

Bonds

(Æ)(Ø)

500

5.625

12/01/55

235

Duluth

Economic

Development

Authority

Revenue

Bonds

1,425

5.250

02/15/58

1,468

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

44

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

75

4.000

03/01/32

72

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

705

4.200

03/01/34

679

Housing

&

Redevelopment

Authority

of

The

City

of

St

Paul

Revenue

Bonds

200

5.500

12/01/57

200

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

100

4.000

12/01/40

90

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

100

5.000

05/01/47

90

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

(Þ)

140

5.250

07/01/33

141

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

(Þ)

230

5.500

07/01/38

231

10,451

Mississippi

-

0.3%

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(Þ)

1,310

4.000

10/15/30

1,103

Mississippi

Business

Finance

Corp.

Revenue

Bonds

1,400

2.375

06/01/44

893

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

250

7.750

07/15/47

187

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

100

5.000

10/01/31

105

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

100

5.000

10/01/32

105

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

100

5.000

10/01/33

104

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

1,025

4.000

10/01/34

949

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

900

4.000

10/01/35

825

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

950

4.000

10/01/36

856

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

200

4.000

10/01/41

167

5,294

Missouri

-

0.8%

Branson

Industrial

Development

Authority

Tax

Allocation

200

4.000

11/01/27

192

Branson

Industrial

Development

Authority

Tax

Allocation

105

5.500

06/01/29

99

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

75

5.000

03/01/36

76

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

1,600

4.000

03/01/41

1,369

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

175

3.000

03/01/46

121

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

200

5.000

05/15/41

199

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,350

5.500

06/15/42

2,137

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

100

4.750

11/15/47

74

I-470

Western

Gateway

Transportation

Development

District

Revenue

Bonds

(Þ)

250

5.250

12/01/48

250

Joplin

Industrial

Development

Authority

Revenue

Bonds

100

3.500

11/01/40

91

Joplin

Industrial

Development

Authority

Revenue

Bonds

200

4.250

11/01/50

168

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

(µ)

2,775

5.000

03/01/49

2,857

Kansas

City

Land

Clearance

Redevelopment

Authority

Tax

Allocation

(Þ)

1,500

5.000

02/01/40

1,190

Missouri

Southern

State

University

Revenue

Bonds

250

4.000

10/01/34

233

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,560

5.000

05/01/40

1,566

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,000

4.000

02/01/42

827

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

155

5.000

09/01/43

160

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

130

5.000

09/01/48

133

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

450

3.000

05/01/25

437

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

25

3.125

05/01/35

21

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

252

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

St.

Louis

County

Industrial

Development

Authority

Revenue

Bonds

650

5.000

08/15/30

619

St.

Louis

Land

Clearance

for

Redevelopment

Authority

Revenue

Bonds

500

4.000

06/01/41

454

Taney

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

400

6.000

10/01/49

394

University

City

Industrial

Development

Authority

Revenue

Bonds

225

4.875

06/15/36

225

University

City

Industrial

Development

Authority

Revenue

Bonds

500

5.500

06/15/42

500

14,392

Montana

-

0.1%

County

of

Gallatin

Revenue

Bonds

(Þ)

1,000

4.000

10/15/46

772

Montana

Facility

Finance

Authority

Health

Care

Facilities

Revenue

Bonds

1,500

5.000

07/01/43

1,513

2,285

Nevada

-

0.3%

Carson

City

Hospital

Revenue

Bonds

1,025

5.000

09/01/47

1,030

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

50

3.000

06/01/41

36

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

100

3.125

06/01/51

64

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

37

Henderson

Local

Improvement

Districts

Special

Assessment

30

4.000

09/01/51

23

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

70

5.000

07/01/29

78

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

50

5.000

07/01/30

53

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

35

5.000

07/01/35

38

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

253

Las

Vegas

Special

Improvement

District

No.

607

Special

Assessment

30

5.000

06/01/24

30

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

24

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

47

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(Þ)

1,100

5.000

07/15/37

1,092

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

1,000

5.000

07/01/34

1,033

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

165

5.000

07/01/45

162

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

175

5.000

07/01/51

170

4,483

New

Hampshire

-

0.3%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)(Þ)

100

2.950

04/01/29

90

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

180

3.625

07/01/43

138

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

310

3.750

07/01/45

242

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,000

4.000

01/01/51

757

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

390

5.000

08/01/34

412

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

415

5.000

08/01/35

436

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

430

5.000

08/01/36

450

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

500

5.000

10/01/36

499

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

455

5.000

08/01/37

473

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

480

5.000

08/01/38

498

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

500

5.000

08/01/39

517

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

480

5.000

08/01/40

495

5,007

New

Jersey

-

4.2%

Atlantic

City

General

Obligation

Unlimited

500

5.000

12/01/24

499

Atlantic

City

General

Obligation

Unlimited

450

5.000

12/01/25

448

Atlantic

City

General

Obligation

Unlimited

270

5.000

12/01/28

267

Atlantic

City

General

Obligation

Unlimited

(µ)

45

5.000

03/01/42

47

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

253

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Essex

County

Improvement

Authority

Revenue

Bonds

545

4.000

06/15/38

498

Essex

County

Improvement

Authority

Revenue

Bonds

815

4.000

06/15/46

706

New

Jersey

Economic

Development

Authority

Revenue

Bonds

480

5.125

09/15/23

480

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

1,360

7.425

02/15/29

1,462

New

Jersey

Economic

Development

Authority

Revenue

Bonds

2,750

5.250

09/15/29

2,755

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

4.000

07/01/32

505

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

5.000

07/01/32

500

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

5.000

06/15/41

533

New

Jersey

Economic

Development

Authority

Revenue

Bonds

675

3.000

08/01/41

538

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

655

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5,000

5.000

11/01/44

5,248

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,275

4.000

06/15/46

1,241

New

Jersey

Economic

Development

Authority

Revenue

Bonds

100

5.000

07/01/47

92

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,000

5.000

07/15/47

1,003

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,250

5.000

01/01/48

1,113

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

200

4.000

07/01/42

149

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000

07/01/46

891

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

500

3.000

07/01/50

349

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(µ)

300

4.125

07/01/38

298

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,400

3.912

12/15/26

1,240

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

600

4.302

12/15/29

477

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

530

5.000

06/15/30

556

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

2,400

4.168

12/15/30

1,842

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

290

5.000

06/15/31

304

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

385

4.000

12/15/31

398

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

790

4.403

12/15/32

557

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

500

3.965

12/15/33

341

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

450

5.000

12/15/33

488

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

100

4.526

12/15/34

65

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

370

5.000

12/15/35

396

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

2,950

5.130

12/15/35

1,816

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

550

5.591

12/15/35

337

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

3,450

4.342

12/15/36

2,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,755

4.668

12/15/36

2,169

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

460

5.000

12/15/36

489

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

6,735

4.649

12/15/37

3,676

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,335

4.000

06/15/38

2,331

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

675

5.000

06/15/38

681

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

320

4.250

12/15/38

323

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,750

4.680

12/15/38

1,422

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

7,975

4.000

06/15/45

7,746

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

185

3.500

06/15/46

159

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

80

3.000

06/15/50

60

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,425

4.000

06/15/50

1,348

New

Jersey

Turnpike

Authority

Revenue

Bonds

1,785

4.000

01/01/48

1,759

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

100

5.500

07/01/58

101

South

Jersey

Port

Corp.

Revenue

Bonds

2,395

5.000

01/01/36

2,463

South

Jersey

Port

Corp.

Revenue

Bonds

6,285

5.000

01/01/42

6,364

South

Jersey

Port

Corp.

Revenue

Bonds

1,600

5.000

01/01/48

1,610

South

Jersey

Transportation

Authority

Revenue

Bonds

315

5.000

11/01/26

319

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

254

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

South

Jersey

Transportation

Authority

Revenue

Bonds

945

5.000

11/01/39

948

South

Jersey

Transportation

Authority

Revenue

Bonds

1,000

4.500

11/01/42

1,010

South

Jersey

Transportation

Authority

Revenue

Bonds

1,000

4.625

11/01/47

1,014

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,465

5.000

06/01/46

3,465

Union

County

Improvement

Authority

Revenue

Bonds

(Þ)

1,100

6.750

12/01/41

718

71,474

New

York

-

7.2%

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

1,380

5.000

07/15/42

1,380

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

320

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

510

Zero

coupon

07/15/46

154

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

2.500

06/15/31

82

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

170

9.750

07/01/32

164

Build

NYC

Resource

Corp.

Revenue

Bonds

400

4.000

06/15/36

374

Build

NYC

Resource

Corp.

Revenue

Bonds

500

6.500

07/01/42

497

Build

NYC

Resource

Corp.

Revenue

Bonds

100

4.000

06/15/51

73

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

350

5.000

06/15/51

299

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

1,000

4.000

11/01/51

740

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

150

5.000

12/01/51

125

Build

NYC

Resource

Corp.

Revenue

Bonds

100

5.000

06/15/52

92

Build

NYC

Resource

Corp.

Revenue

Bonds

55

5.000

07/01/52

55

Build

NYC

Resource

Corp.

Revenue

Bonds

250

5.250

07/01/52

254

Build

NYC

Resource

Corp.

Revenue

Bonds

150

6.500

07/01/52

147

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

5.500

06/15/53

98

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

200

5.000

12/01/55

163

Build

NYC

Resource

Corp.

Revenue

Bonds

45

5.000

07/01/56

44

Build

NYC

Resource

Corp.

Revenue

Bonds

100

5.000

06/15/57

91

Build

NYC

Resource

Corp.

Revenue

Bonds

375

5.250

07/01/57

379

Build

NYC

Resource

Corp.

Revenue

Bonds

150

6.500

07/01/57

144

Build

NYC

Resource

Corp.

Revenue

Bonds

100

4.750

06/15/58

93

Build

NYC

Resource

Corp.

Revenue

Bonds

500

5.250

07/01/62

504

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

5.500

06/15/63

96

City

of

New

York

General

Obligation

Unlimited

2,000

4.500

05/01/49

2,064

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

(Þ)

275

5.000

07/01/45

278

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

1,625

5.000

07/01/46

1,627

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

(Þ)

2,000

5.000

07/01/51

2,005

Erie

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

(Þ)

4,000

Zero

coupon

06/01/60

240

Genesee

County

Funding

Corp./The

Revenue

Bonds

1,875

5.250

12/01/52

1,947

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

30

5.000

07/01/36

31

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

500

5.500

06/15/57

486

Huntington

Local

Development

Corp.

Revenue

Bonds

705

4.750

07/01/31

642

Huntington

Local

Development

Corp.

Revenue

Bonds

700

5.250

07/01/56

548

Jefferson

County

Civic

Facility

Development

Corp.

Revenue

Bonds

1,000

4.000

11/01/32

939

Metropolitan

Transportation

Authority

Revenue

Bonds

150

5.000

11/15/25

155

Metropolitan

Transportation

Authority

Revenue

Bonds

95

5.000

11/15/27

98

Metropolitan

Transportation

Authority

Revenue

Bonds

60

5.000

11/15/29

62

Metropolitan

Transportation

Authority

Revenue

Bonds

140

4.000

11/15/32

141

Metropolitan

Transportation

Authority

Revenue

Bonds

295

5.000

11/15/33

324

Metropolitan

Transportation

Authority

Revenue

Bonds

50

4.000

11/15/35

50

Metropolitan

Transportation

Authority

Revenue

Bonds

690

5.000

11/15/38

690

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

255

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Metropolitan

Transportation

Authority

Revenue

Bonds

40

2.813

11/15/40

18

Metropolitan

Transportation

Authority

Revenue

Bonds

375

4.000

11/15/40

365

Metropolitan

Transportation

Authority

Revenue

Bonds

2,500

5.000

11/15/40

2,523

Metropolitan

Transportation

Authority

Revenue

Bonds

2,585

4.000

11/15/45

2,444

Metropolitan

Transportation

Authority

Revenue

Bonds

500

4.750

11/15/45

509

Metropolitan

Transportation

Authority

Revenue

Bonds

1,500

5.000

11/15/45

1,566

Metropolitan

Transportation

Authority

Revenue

Bonds

200

4.000

11/15/48

186

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

100

4.000

11/15/48

97

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

900

4.000

11/15/50

871

Metropolitan

Transportation

Authority

Revenue

Bonds

4,300

4.000

11/15/50

3,970

Metropolitan

Transportation

Authority

Revenue

Bonds

290

5.000

11/15/50

300

Metropolitan

Transportation

Authority

Revenue

Bonds

1,125

5.250

11/15/55

1,180

Nassau

County

Tobacco

Settlement

Corp.

Revenue

Bonds

12,290

Zero

coupon

06/01/60

699

New

York

City

Housing

Development

Corp.

Revenue

Bonds

600

3.500

02/15/48

589

New

York

City

Industrial

Development

Revenue

Bonds

(µ)

1,325

3.000

01/01/46

1,010

New

York

City

Industrial

Development

Revenue

Bonds

125

3.000

03/01/49

90

New

York

City

Industrial

Development

Revenue

Bonds

(µ)

1,375

3.000

03/01/49

1,027

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

(~)(Ê)

1,445

4.500

06/15/44

1,445

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

(~)

(Ê)

4,230

0.980

08/01/42

4,230

New

York

Counties

Tobacco

Trust

IV

Revenue

Bonds

9,455

8.130

06/01/60

606

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

325

5.150

11/15/34

326

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

1,300

5.375

11/15/40

1,302

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

1,000

2.750

02/15/44

748

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

11,865

5.000

11/15/44

11,621

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

1,675

7.250

11/15/44

1,693

New

York

Power

Authority

Revenue

Bonds

2,000

4.000

11/15/50

1,963

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

900

5.000

12/01/29

906

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

400

5.000

12/01/35

400

New

York

State

Dormitory

Authority

Revenue

Bonds

1,090

4.000

03/15/38

1,105

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

520

3.000

09/01/50

386

New

York

State

Dormitory

Authority

Revenue

Bonds

455

4.000

09/01/50

385

New

York

State

Dormitory

Authority

Revenue

Bonds

525

4.250

05/01/52

513

New

York

State

Dormitory

Authority

Revenue

Bonds

840

5.000

05/01/52

881

New

York

State

Dormitory

Authority

Revenue

Bonds

2,000

4.000

07/01/53

1,849

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000

07/01/57

970

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

(~)(ae)(Ê)

500

2.750

09/01/50

481

New

York

State

Housing

Finance

Agency

Revenue

Bonds

2,045

2.800

11/01/51

1,423

New

York

State

Thruway

Authority

Revenue

Bonds

3,000

5.000

12/01/34

3,261

New

York

State

Thruway

Authority

Revenue

Bonds

10,000

4.000

03/15/39

10,008

New

York

State

Thruway

Authority

Revenue

Bonds

500

3.000

03/15/48

396

New

York

State

Thruway

Authority

Revenue

Bonds

4,855

3.000

03/15/51

3,753

New

York

Transportation

Development

Corp.

Revenue

Bonds

140

2.250

08/01/26

135

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,370

5.000

08/01/26

1,373

New

York

Transportation

Development

Corp.

Revenue

Bonds

70

5.000

01/01/29

72

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,000

5.000

01/01/30

1,035

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,925

4.000

10/01/30

1,915

New

York

Transportation

Development

Corp.

Revenue

Bonds

530

3.000

08/01/31

470

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,530

5.250

08/01/31

1,586

New

York

Transportation

Development

Corp.

Revenue

Bonds

100

5.000

01/01/33

103

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,315

4.000

07/01/33

1,297

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

256

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,055

5.000

10/01/35

2,150

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,075

4.000

01/01/36

2,023

New

York

Transportation

Development

Corp.

Revenue

Bonds

775

5.375

08/01/36

784

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,510

5.000

12/01/38

1,590

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,700

4.000

12/01/39

1,671

New

York

Transportation

Development

Corp.

Revenue

Bonds

875

5.000

10/01/40

898

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

75

4.000

12/01/40

74

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

2,490

5.000

12/01/40

2,641

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,875

5.000

07/01/41

2,871

New

York

Transportation

Development

Corp.

Revenue

Bonds

4,650

4.375

10/01/45

4,499

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

1,000

4.000

07/01/46

932

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,275

5.250

01/01/50

2,276

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

90

4.000

12/01/38

88

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

215

3.000

12/01/39

177

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

60

3.000

12/01/40

49

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

200

5.500

08/01/52

218

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

2,000

4.000

06/01/50

1,785

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

1,850

4.250

05/15/58

1,840

Western

Regional

Off-Track

Betting

Corp.

Revenue

Bonds

(Þ)

115

4.125

12/01/41

86

Yonkers

Economic

Development

Corp.

Revenue

Bonds

25

5.000

10/15/39

24

Yonkers

Economic

Development

Corp.

Revenue

Bonds

50

5.000

10/15/40

47

Yonkers

Economic

Development

Corp.

Revenue

Bonds

30

5.000

10/15/49

27

Yonkers

Economic

Development

Corp.

Revenue

Bonds

75

5.000

10/15/50

67

Yonkers

Economic

Development

Corp.

Revenue

Bonds

30

5.000

10/15/54

26

121,642

North

Carolina

-

0.8%

North

Carolina

Department

of

Transportation

Revenue

Bonds

325

5.000

12/31/37

327

North

Carolina

Medical

Care

Commission

Revenue

Bonds

500

5.000

07/01/39

458

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,100

4.000

03/01/41

851

North

Carolina

Medical

Care

Commission

Revenue

Bonds

2,180

4.000

09/01/41

1,813

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,620

5.000

10/01/42

1,672

North

Carolina

Medical

Care

Commission

Revenue

Bonds

100

5.000

10/01/45

88

North

Carolina

Medical

Care

Commission

Revenue

Bonds

25

4.000

09/01/46

20

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,000

5.000

01/01/49

933

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,500

5.000

07/01/49

1,273

North

Carolina

Medical

Care

Commission

Revenue

Bonds

285

5.000

10/01/50

244

North

Carolina

Medical

Care

Commission

Revenue

Bonds

400

4.000

03/01/51

276

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,960

4.000

09/01/51

1,510

North

Carolina

Medical

Care

Commission

Revenue

Bonds

900

4.000

01/01/52

643

North

Carolina

Turnpike

Authority

Revenue

Bonds

2,000

5.000

01/01/43

2,091

North

Carolina

Turnpike

Authority

Revenue

Bonds

1,000

5.000

07/01/51

1,013

13,212

North

Dakota

-

0.2%

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

500

4.000

12/01/46

415

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

200

3.000

12/01/51

144

County

of

Burleigh

Revenue

Bonds

395

5.200

04/15/46

357

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

1,000

5.000

06/01/38

890

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

2,500

5.000

06/01/48

2,026

3,832

Ohio

-

4.5%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

3,000

5.250

11/15/46

3,026

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

460

4.000

06/01/37

459

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

257

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

175

4.000

06/01/38

173

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

1,592

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

27,800

5.000

06/01/55

25,838

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

21,025

6.259

06/01/57

2,682

Centerville

Health

Care

Revenue

Bonds

100

5.250

11/01/37

94

Centerville

Health

Care

Revenue

Bonds

150

5.250

11/01/50

128

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

1,000

4.000

08/01/44

934

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

1,500

5.500

08/01/52

1,587

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

(Þ)

100

4.000

12/01/55

85

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

(Þ)

100

4.500

12/01/55

88

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

1,440

4.000

11/15/38

1,440

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

69

County

of

Franklin

Revenue

Bonds

400

5.250

07/01/41

386

County

of

Franklin

Revenue

Bonds

1,055

5.500

07/01/41

1,054

County

of

Franklin

Revenue

Bonds

520

5.250

11/15/55

446

County

of

Lucas

Hospital

Revenue

Bonds

3,800

5.250

11/15/48

3,312

County

of

Lucas

Revenue

Bonds

85

4.000

11/15/45

60

Cuyahoga

County

Hospital

Revenue

Bonds

185

5.000

05/15/32

177

Cuyahoga

County

Hospital

Revenue

Bonds

1,000

5.000

02/15/37

1,014

Cuyahoga

County

Hospital

Revenue

Bonds

(Æ)(Ø)

225

5.375

05/15/37

213

Cuyahoga

County

Hospital

Revenue

Bonds

2,140

5.000

02/15/42

2,144

Cuyahoga

County

Hospital

Revenue

Bonds

400

5.500

05/15/42

374

Cuyahoga

County

Hospital

Revenue

Bonds

3,300

5.000

02/15/57

3,195

Cuyahoga

County

Hospital

Revenue

Bonds

2,000

5.500

02/15/57

2,029

Franklin

County

Convention

Facilities

Authority

Revenue

Bonds

350

5.000

12/01/35

350

Franklin

County

Convention

Facilities

Authority

Revenue

Bonds

1,050

5.000

12/01/51

985

Green

Local

School

District/Summit

County

General

Obligation

Unlimited

1,000

5.500

11/01/59

1,096

Northeast

Ohio

Medical

University

Revenue

Bonds

25

3.000

12/01/40

19

Northeast

Ohio

Medical

University

Revenue

Bonds

25

4.000

12/01/45

22

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

217

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

270

4.250

01/15/38

267

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

3,465

4.500

01/15/48

3,339

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,385

5.250

12/01/43

1,299

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

2,000

5.000

11/01/44

1,822

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,100

4.000

07/01/46

981

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

200

6.000

09/01/47

208

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,500

5.000

01/15/50

1,485

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

300

5.000

12/01/50

264

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

275

6.000

09/01/52

285

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

3,175

5.000

11/15/45

3,374

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

375

5.000

12/01/46

351

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

125

4.250

12/01/50

100

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

180

4.375

06/15/56

173

Southern

Ohio

Port

Authority

Revenue

Bonds

(Þ)

275

6.500

12/01/30

235

Southern

Ohio

Port

Authority

Revenue

Bonds

(Þ)

1,575

7.000

12/01/42

1,175

State

of

Ohio

Revenue

Bonds

(Þ)

110

5.000

12/01/38

103

State

of

Ohio

Revenue

Bonds

350

3.000

01/15/45

266

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

State

of

Ohio

Revenue

Bonds

1,915

4.000

01/15/46

1,799

State

of

Ohio

Revenue

Bonds

(Þ)

275

5.000

12/01/48

246

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

897

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

100

4.000

01/01/43

82

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

1,050

4.000

01/01/46

840

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

50

4.000

01/01/51

38

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

150

4.000

01/01/57

112

75,465

Oklahoma

-

0.4%

Oklahoma

Development

Finance

Authority

Revenue

Bonds

2,040

5.000

08/01/47

2

Oklahoma

Development

Finance

Authority

Revenue

Bonds

200

5.250

08/15/48

194

Oklahoma

Development

Finance

Authority

Revenue

Bonds

(µ)

500

4.000

08/15/52

470

Oklahoma

Development

Finance

Authority

Revenue

Bonds

2,175

5.500

08/15/52

2,163

Oklahoma

Development

Finance

Authority

Revenue

Bonds

660

5.250

08/01/57

1

Oklahoma

Development

Finance

Authority

Revenue

Bonds

525

5.500

08/15/57

516

Tulsa

Airports

Improvement

Trust

Revenue

Bonds

(~)(ae)(Ê)

1,555

5.000

06/01/35

1,563

Tulsa

Airports

Improvement

Trust

Revenue

Bonds

500

5.500

12/01/35

501

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

(Þ)

160

4.375

12/01/41

145

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

(Þ)

740

4.000

12/01/43

632

Tulsa

County

Industrial

Authority

Revenue

Bonds

1,000

5.250

11/15/37

1,003

7,190

Oregon

-

0.6%

Astoria

Hospital

Facilities

Authority

Revenue

Bonds

640

5.000

08/01/41

648

Clackamas

County

Hospital

Facility

Authority

Revenue

Bonds

25

5.375

11/15/55

23

County

of

Yamhill

Revenue

Bonds

350

4.000

12/01/41

337

County

of

Yamhill

Revenue

Bonds

1,655

4.000

12/01/51

1,474

Medford

Hospital

Facilities

Authority

Revenue

Bonds

215

4.000

08/15/50

198

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/36

936

Oregon

State

Facilities

Authority

Revenue

Bonds

2,500

5.000

04/01/45

2,536

Oregon

State

Facilities

Authority

Revenue

Bonds

(ae)

30

5.000

10/01/46

32

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/48

897

Oregon

State

Facilities

Authority

Revenue

Bonds

300

4.000

10/01/51

253

Salem

Hospital

Facility

Authority

Revenue

Bonds

1,000

4.000

05/15/47

768

Union

County

Hospital

Facility

Authority

Revenue

Bonds

1,505

5.000

07/01/37

1,562

Yamhill

County

Hospital

Authority

Revenue

Bonds

125

5.000

11/15/51

96

9,760

Pennsylvania

-

5.0%

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

1,700

4.000

01/01/46

1,625

Allegheny

County

Airport

Authority

Revenue

Bonds

1,000

4.000

01/01/56

898

Allegheny

County

Hospital

Development

Authority

Revenue

Bonds

1,865

4.000

04/01/44

1,680

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

250

4.875

11/01/24

252

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

225

5.125

05/01/30

231

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,010

3.000

06/15/31

858

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

100

4.000

06/15/41

80

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

100

4.000

06/15/51

73

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

100

4.000

06/15/56

71

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

1,860

5.000

05/01/28

1,897

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

750

5.000

05/01/32

799

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

500

5.000

05/01/32

509

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

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

504

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

3,700

5.000

05/01/42

3,700

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

620

5.250

05/01/42

620

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

465

6.000

05/01/42

477

Berks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

11/01/29

33

Berks

County

Industrial

Development

Authority

Revenue

Bonds

110

5.000

11/01/30

72

Berks

County

Industrial

Development

Authority

Revenue

Bonds

75

5.000

11/01/34

49

Berks

County

Industrial

Development

Authority

Revenue

Bonds

325

3.750

11/01/42

194

Berks

County

Industrial

Development

Authority

Revenue

Bonds

725

4.000

11/01/47

433

Berks

County

Industrial

Development

Authority

Revenue

Bonds

750

5.000

11/01/50

485

Berks

County

Municipal

Authority

Revenue

Bonds

1,090

5.000

11/01/40

706

Berks

County

Municipal

Authority

Revenue

Bonds

325

5.000

11/01/44

210

Berks

County

Municipal

Authority

Revenue

Bonds

1,225

5.000

10/01/49

1,092

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

725

4.000

07/01/51

509

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

2,245

5.000

07/01/54

1,914

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

795

5.000

11/01/24

784

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

625

5.000

11/01/25

611

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

1,985

5.000

11/01/37

1,728

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,000

5.625

10/15/42

1,994

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,255

5.000

12/15/51

1,203

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

250

6.000

10/15/52

252

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

(Þ)

1,770

5.000

09/15/33

1,699

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

(ae)(Þ)

295

5.000

09/15/33

310

City

of

Scranton

General

Obligation

Unlimited

(Þ)

1,275

5.000

09/01/28

1,270

Clairton

Municipal

Authority

Revenue

Bonds

240

5.000

12/01/42

240

Commonwealth

Financing

Authority

Revenue

Bonds

(µ)

1,525

4.000

06/01/39

1,503

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

850

5.875

10/15/40

842

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

1,000

5.125

10/15/41

905

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

2,700

6.250

10/15/53

2,704

Doylestown

Hospital

Authority

Revenue

Bonds

295

3.950

07/01/24

285

Doylestown

Hospital

Authority

Revenue

Bonds

400

5.000

07/01/25

394

Doylestown

Hospital

Authority

Revenue

Bonds

425

5.000

07/01/26

417

Doylestown

Hospital

Authority

Revenue

Bonds

100

5.000

07/01/27

98

Doylestown

Hospital

Authority

Revenue

Bonds

100

5.000

07/01/28

98

Doylestown

Hospital

Authority

Revenue

Bonds

50

5.000

07/01/41

45

Doylestown

Hospital

Authority

Revenue

Bonds

50

4.000

07/01/45

37

Doylestown

Hospital

Authority

Revenue

Bonds

200

5.000

07/01/46

174

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

100

5.000

12/01/43

82

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

100

5.000

12/01/48

79

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

510

5.000

12/01/49

399

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

150

5.000

12/01/53

115

Geisinger

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.770%)(Ê)

100

1.230

05/01/37

89

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

1,819

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

Revenue

Bonds

500

5.000

07/01/28

517

Huntingdon

County

General

Authority

Revenue

Bonds

1,000

5.000

05/01/46

975

Lancaster

County

Hospital

Authority

Revenue

Bonds

1,000

5.250

07/01/41

912

Lancaster

County

Hospital

Authority

Revenue

Bonds

750

5.000

03/01/50

593

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Lancaster

Higher

Education

Authority

Revenue

Bonds

1,195

5.000

10/01/37

1,207

Lancaster

Higher

Education

Authority

Revenue

Bonds

2,000

5.000

10/01/42

1,978

Lancaster

Industrial

Development

Authority

Revenue

Bonds

675

4.000

07/01/46

514

Latrobe

Industrial

Development

Authority

Revenue

Bonds

125

4.000

03/01/46

100

Latrobe

Industrial

Development

Authority

Revenue

Bonds

125

4.000

03/01/51

96

Lehigh

County

General

Purpose

Authority

Revenue

Bonds

1,000

4.000

06/01/57

802

Mercer

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

200

6.125

10/01/50

141

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

1,500

5.000

12/01/37

1,448

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,530

5.000

11/15/36

1,528

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

135

5.000

11/15/45

128

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,700

5.250

01/15/46

1,748

Northampton

County

General

Purpose

Authority

Revenue

Bonds

1,625

5.000

10/01/36

1,647

Northeastern

Pennsylvania

Hospital

&

Education

Authority

Revenue

Bonds

55

5.000

05/01/44

52

Northeastern

Pennsylvania

Hospital

&

Education

Authority

Revenue

Bonds

75

5.000

05/01/49

70

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,050

4.000

07/01/41

892

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,250

5.000

06/30/42

1,256

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

2,500

5.500

06/30/43

2,754

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

150

4.000

07/01/46

121

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

8,445

5.750

06/30/48

9,357

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

125

5.250

06/30/53

130

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

500

5.000

12/31/57

517

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

675

6.000

06/30/61

753

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

365

6.250

09/01/33

366

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

350

5.000

05/01/42

287

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

2,500

5.250

09/01/50

2,515

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue

Bonds

1,000

5.250

12/01/48

1,053

Pennsylvania

Turnpike

Commission

Revenue

Bonds

1,250

5.000

12/01/40

1,280

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

100

5.375

06/15/38

99

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

900

5.000

06/15/40

900

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

300

4.000

05/01/42

212

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

750

5.125

06/15/42

700

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

150

5.500

06/15/43

148

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

150

5.000

06/15/50

134

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

145

5.250

06/15/52

133

Philadelphia

Hospitals

&

Higher

Education

Facilities

Authority

Revenue

Bonds

500

5.000

07/01/32

515

Scranton

Redevelopment

Authority

Revenue

Bonds

85

5.000

11/15/28

84

Scranton

School

District

General

Obligation

Limited

(µ)

2,025

4.250

06/01/37

2,036

Susquehanna

Area

Regional

Airport

Authority

Revenue

Bonds

200

5.000

01/01/38

200

Upper

Dauphin

Industrial

Development

Authority

Revenue

Bonds

(Þ)

380

6.250

07/01/57

351

Washington

County

Redevelopment

Authority

Tax

Allocation

265

5.000

07/01/28

265

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

365

4.000

11/15/36

314

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

370

4.000

11/15/41

298

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

525

4.000

11/15/46

400

83,764

Puerto

Rico

-

6.6%

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

60

Zero

coupon

07/01/24

58

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,290

5.625

07/01/27

1,356

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,653

5.625

07/01/29

1,766

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,601

5.750

07/01/31

2,835

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

6,448

Zero

coupon

07/01/33

3,929

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,559

4.000

07/01/33

2,428

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

3,932

4.000

07/01/35

3,632

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

843

4.000

07/01/37

755

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,457

4.000

07/01/41

1,251

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(~)(Ê)

2,238

1.000

11/01/43

1,147

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

3,162

4.000

07/01/46

2,631

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(~)(Ê)

1,808

1.000

11/01/51

860

GDB

Debt

Recovery

Authority

of

Puerto

Rico

Revenue

Bonds

4,911

7.500

08/20/40

4,027

HTA

CL

6

Trust

Special

Assessment

615

5.250

07/01/38

616

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

600

3.500

07/01/26

573

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

600

3.750

07/01/27

570

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

850

5.000

07/01/33

868

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

2,025

5.000

07/01/35

2,050

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

1,100

5.000

07/01/37

1,106

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

3,830

4.000

07/01/42

3,365

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

13,025

5.000

07/01/47

12,845

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

775

4.750

07/01/26

289

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

675

5.250

07/01/26

251

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

135

5.250

07/01/26

50

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,685

5.250

07/01/27

628

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

3,125

5.000

07/01/28

1,164

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.520%)(µ)(Ê)

2,930

1.480

07/01/29

2,731

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,150

5.250

07/01/31

428

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

3,830

5.000

07/01/32

1,427

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

100

5.250

07/01/32

98

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

355

4.750

07/01/33

344

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

135

7.000

07/01/33

50

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

655

5.250

07/01/35

244

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

970

6.750

07/01/36

361

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

325

5.000

07/01/37

121

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,000

5.500

07/01/38

373

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

3,340

5.250

07/01/40

1,244

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,375

5.000

07/01/42

512

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,000

7.000

07/01/43

373

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(Æ)(Ø)(Š)

60

5.000

07/01/28

60

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

5,900

Zero

coupon

07/01/32

3,753

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

1,234

5.000

07/01/53

775

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

5,914

5.000

07/01/62

5,811

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

41

3.941

07/01/24

39

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

336

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

273

Zero

coupon

07/01/29

213

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

249

4.491

07/01/31

178

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

585

3.450

07/01/33

380

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

220

4.500

07/01/34

218

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

9,437

4.329

07/01/40

8,883

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

221

4.550

07/01/40

214

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

5,000

Zero

coupon

07/01/46

1,389

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

30,710

5.709

07/01/46

8,760

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

7,810

5.772

07/01/51

1,658

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

32

4.536

07/01/53

29

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

2,898

4.750

07/01/53

2,744

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

2,024

4.784

07/01/58

1,906

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

14,579

5.000

07/01/58

14,189

111,366

Rhode

Island

-

0.2%

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,000

4.125

05/15/53

967

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

500

5.000

10/01/42

514

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,450

6.959

06/01/52

572

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

12,000

8.861

06/01/52

1,833

3,886

South

Carolina

-

0.8%

Berkeley

County

Special

Assessment

500

4.000

11/01/30

473

County

of

Berkeley

Special

Assessment

2,250

4.250

11/01/40

1,950

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

100

8.750

07/01/25

101

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

135

5.000

11/15/47

127

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

500

5.250

06/15/52

449

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

1,465

5.250

11/15/52

1,318

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

425

5.250

06/15/57

375

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

2,851

4.000

12/01/39

2,852

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,364

4.000

12/01/46

1,330

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,000

5.000

12/01/52

1,051

South

Carolina

Public

Service

Authority

Revenue

Bonds

250

5.250

12/01/55

252

South

Carolina

Transportation

Infrastructure

Bank

Revenue

Bonds

1,800

2.250

10/01/32

1,568

South

Carolina

Transportation

Infrastructure

Bank

Revenue

Bonds

(ae)

125

5.250

07/01/55

129

Spartanburg

Regional

Health

Services

District

Revenue

Bonds

(µ)

1,000

3.000

04/15/49

726

12,701

South

Dakota

-

0.1%

County

of

Lincoln

Revenue

Bonds

1,940

4.000

08/01/41

1,696

County

of

Lincoln

Revenue

Bonds

75

4.000

08/01/56

59

County

of

Lincoln

Revenue

Bonds

650

4.000

08/01/61

500

2,255

Tennessee

-

0.3%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

500

4.000

08/01/36

499

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

265

Memphis-Shelby

County

Industrial

Development

Board

Tax

Allocation

(Æ)(Ø)

400

5.625

01/01/46

239

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

100

5.000

07/01/46

102

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

1,500

4.000

05/01/51

1,375

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

(Þ)

175

Zero

coupon

06/01/43

61

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

(Þ)

100

4.000

06/01/51

82

4,623

Texas

-

5.1%

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

25

4.000

08/15/36

22

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

50

4.000

08/15/41

40

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

50

4.000

08/15/46

38

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

520

3.000

08/15/49

381

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

100

5.625

08/15/52

90

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

175

4.500

06/15/56

173

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

215

4.875

06/15/56

215

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

150

5.750

08/15/57

135

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

500

6.750

02/15/62

486

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

100

5.000

01/01/29

102

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

750

5.000

07/15/37

686

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

755

5.000

07/15/42

658

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

325

5.250

12/01/35

326

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

620

Caddo

Mills

Independent

School

District

General

Obligation

Unlimited

500

4.250

02/15/53

496

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,000

3.625

07/01/26

916

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,000

6.500

07/01/26

1,869

Cedar

Bayou

Navigation

District

Special

Assessment

(Þ)

585

6.000

09/15/51

474

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,000

4.000

01/01/41

949

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

100

5.000

01/01/45

104

Central

Texas

Turnpike

System

Revenue

Bonds

3,000

5.000

08/15/42

3,020

City

of

Anna

Special

Assessment

(Þ)

136

4.250

09/15/51

112

City

of

Anna

Special

Assessment

(Þ)

504

5.000

09/15/51

454

City

of

Anna

Special

Assessment

(Þ)

175

6.000

09/01/52

176

City

of

Arlington

Tax

Allocation

920

4.000

08/15/41

835

City

of

Aubrey

Revenue

Bonds

630

7.250

09/01/45

650

City

of

Aubrey

Special

Assessment

(Þ)

183

6.000

09/01/45

187

City

of

Austin

Special

Assessment

(Þ)

100

5.500

11/01/51

100

City

of

Austin

Water

Utility

Improvement

District

Special

Assessment

Revenue

Bonds

(Þ)

230

5.125

11/01/33

228

City

of

Bee

Cave

Special

Assessment

(Þ)

281

4.125

09/01/26

269

City

of

Bee

Cave

Special

Assessment

(Þ)

100

5.000

09/01/41

92

City

of

Bee

Cave

Special

Assessment

(Þ)

122

5.250

09/01/51

113

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

22

City

of

Celina

Special

Assessment

(Þ)

28

4.000

09/01/31

26

City

of

Celina

Special

Assessment

(µ)

1,020

3.000

09/01/35

912

City

of

Celina

Special

Assessment

(Þ)

155

4.125

09/01/39

140

City

of

Celina

Special

Assessment

(µ)

1,974

2.625

09/01/40

1,449

City

of

Celina

Special

Assessment

(Þ)

72

3.500

09/01/41

59

City

of

Celina

Special

Assessment

(Þ)

61

4.250

09/01/41

54

City

of

Celina

Special

Assessment

(Þ)

55

3.375

09/01/42

41

City

of

Celina

Special

Assessment

(Þ)

100

6.250

09/01/42

101

City

of

Celina

Special

Assessment

(Þ)

100

4.000

09/01/43

85

City

of

Celina

Special

Assessment

50

6.250

09/01/45

51

City

of

Celina

Special

Assessment

100

7.500

09/01/45

101

City

of

Celina

Special

Assessment

1,845

4.375

09/01/49

1,589

City

of

Celina

Special

Assessment

(Þ)

131

4.000

09/01/51

108

City

of

Celina

Special

Assessment

(Þ)

100

4.125

09/01/51

82

City

of

Celina

Special

Assessment

(Þ)

90

4.500

09/01/51

78

City

of

Celina

Special

Assessment

(Þ)

100

5.000

09/01/51

92

City

of

Celina

Special

Assessment

(Þ)

255

4.000

09/01/52

205

City

of

Celina

Special

Assessment

(Þ)

100

5.625

09/01/52

100

City

of

Celina

Special

Assessment

(Þ)

130

5.750

09/01/52

131

City

of

Celina

Special

Assessment

(Þ)

125

6.500

09/01/52

126

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

City

of

Celina

Special

Assessment

(Þ)

650

6.750

09/01/52

649

City

of

Celina

Special

Assessment

(Þ)

375

5.500

09/01/53

371

City

of

Celina

Special

Assessment

(Þ)

140

6.000

09/01/53

140

City

of

Celina

Special

Assessment

(Þ)

125

6.125

09/01/53

126

City

of

Crandall

Special

Assessment

(Þ)

306

6.125

09/15/32

312

City

of

Crandall

Special

Assessment

(Þ)

100

4.250

09/15/41

88

City

of

Crandall

Special

Assessment

(Þ)

100

5.000

09/15/41

94

City

of

Crandall

Special

Assessment

(Þ)

100

4.500

09/15/51

86

City

of

Crandall

Special

Assessment

(Þ)

100

5.250

09/15/51

94

City

of

Crandall

Special

Assessment

(Þ)

500

6.125

09/15/52

514

City

of

Crandall

Special

Assessment

(Þ)

175

6.750

09/15/52

182

City

of

Dayton

Special

Assessment

(Þ)

105

5.250

09/01/52

101

City

of

Dayton

Special

Assessment

(Þ)

100

5.750

09/01/52

99

City

of

Elmendorf

Special

Assessment

(Þ)

100

4.000

09/01/51

79

City

of

Fate

Special

Assessment

(Þ)

100

3.750

08/15/41

83

City

of

Fate

Special

Assessment

(Þ)

110

4.000

08/15/51

89

City

of

Fate

Special

Assessment

(Þ)

105

4.375

08/15/52

91

City

of

Fate

Special

Assessment

(Þ)

225

6.000

08/15/52

228

City

of

Fate

Special

Assessment

(Þ)

100

5.375

08/15/53

99

City

of

Forney

Special

Assessment

(Þ)

630

6.500

09/15/53

608

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

(Þ)

150

5.000

09/01/32

147

City

of

Georgetown

Special

Assessment

(Þ)

100

4.125

09/15/42

88

City

of

Georgetown

Special

Assessment

(Þ)

100

4.250

09/15/47

87

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

85

4.500

09/01/32

85

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

620

4.500

09/01/38

584

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

100

5.000

09/01/44

98

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

145

5.000

09/01/47

141

City

of

Haslet

Special

Assessment

(Þ)

200

4.375

09/01/49

175

City

of

Haslet

Special

Assessment

(Þ)

200

4.000

09/01/51

157

City

of

Houston

Airport

System

Revenue

Bonds

295

5.000

07/01/27

298

City

of

Houston

Airport

System

Revenue

Bonds

740

5.000

07/15/27

747

City

of

Houston

Airport

System

Revenue

Bonds

3,095

5.000

07/15/28

3,142

City

of

Houston

Airport

System

Revenue

Bonds

500

5.000

07/01/29

501

City

of

Houston

Airport

System

Revenue

Bonds

1,100

5.000

07/15/30

1,107

City

of

Houston

Airport

System

Revenue

Bonds

2,800

5.000

07/15/35

2,805

City

of

Houston

Airport

System

Revenue

Bonds

575

4.000

07/15/41

512

City

of

Houston

Airport

System

Revenue

Bonds

540

4.000

07/01/47

505

City

of

Hutto

Special

Assessment

(Þ)

200

4.000

09/01/51

162

City

of

Hutto

Special

Assessment

(Þ)

296

4.000

09/01/56

235

City

of

Hutto

Special

Assessment

(Þ)

170

5.625

09/01/58

170

City

of

Justin

Special

Assessment

(Þ)

255

5.500

09/01/47

257

City

of

Kaufman

Special

Assessment

100

6.000

09/15/52

103

City

of

Kyle

Special

Assessment

(Þ)

216

4.375

09/01/32

206

City

of

Kyle

Special

Assessment

(Þ)

100

4.625

09/01/39

95

City

of

Kyle

Special

Assessment

(Þ)

100

3.750

09/01/41

80

City

of

Kyle

Special

Assessment

160

5.000

09/01/42

154

City

of

Kyle

Special

Assessment

(Þ)

200

5.250

09/01/43

197

City

of

Kyle

Special

Assessment

(Þ)

100

4.750

09/01/44

94

City

of

Kyle

Special

Assessment

(Þ)

100

4.000

09/01/46

82

City

of

Kyle

Special

Assessment

(Þ)

100

5.500

09/01/47

99

City

of

Kyle

Special

Assessment

(Þ)

150

5.750

09/01/53

150

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

City

of

Lago

Vista

Special

Assessment

55

3.750

09/01/42

46

City

of

Lavon

Special

Assessment

(Þ)

100

4.250

09/15/39

90

City

of

Lavon

Special

Assessment

(Þ)

136

4.000

09/15/42

116

City

of

Lavon

Special

Assessment

(Þ)

100

4.375

09/15/42

87

City

of

Lavon

Special

Assessment

(Þ)

135

4.500

09/15/49

118

City

of

Lavon

Special

Assessment

(Þ)

318

4.125

09/15/52

258

City

of

Lavon

Special

Assessment

(Þ)

100

4.500

09/15/52

84

City

of

Lavon

Special

Assessment

(Þ)

400

6.125

09/15/52

408

City

of

Liberty

Hill

Special

Assessment

(Þ)

100

4.125

09/01/42

84

City

of

Liberty

Hill

Special

Assessment

(Þ)

100

4.375

09/01/52

82

City

of

Manor

Special

Assessment

(Þ)

100

4.500

09/15/40

93

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

Marble

Falls

Revenue

Bonds

(Þ)

100

4.125

09/01/41

87

City

of

Marble

Falls

Revenue

Bonds

(Þ)

100

4.375

09/01/51

84

City

of

Marble

Falls

Revenue

Bonds

(Þ)

100

5.125

09/01/51

92

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

472

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

100

4.375

09/15/49

89

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

50

4.000

09/15/51

40

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

270

5.750

09/15/52

266

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

100

5.750

09/15/39

101

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

150

5.500

09/01/43

149

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

1,000

5.375

09/01/48

1,003

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

150

6.000

09/15/49

152

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

200

5.625

09/01/53

199

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

400

5.750

09/01/53

398

City

of

Midlothian

Special

Assessment

(Þ)

100

4.125

09/15/31

92

City

of

Midlothian

Special

Assessment

(Þ)

100

4.125

09/15/51

83

City

of

Midlothian

Special

Assessment

(Þ)

100

4.750

09/15/51

87

City

of

Midlothian

Special

Assessment

(Þ)

200

5.375

09/15/52

191

City

of

Midlothian

Special

Assessment

(Þ)

115

6.125

09/15/52

115

City

of

New

Braunfels

Special

Assessment

(Þ)

100

4.500

09/01/41

87

City

of

New

Braunfels

Special

Assessment

(Þ)

100

4.750

09/01/51

86

City

of

Oak

Point

Special

Assessment

(Þ)

650

3.125

09/01/41

491

City

of

Oak

Point

Special

Assessment

(Þ)

100

4.125

09/01/48

86

City

of

Oak

Point

Special

Assessment

(Þ)

100

4.500

09/01/48

91

City

of

Pilot

Point

Special

Assessment

(Þ)

200

5.500

09/15/42

198

City

of

Pilot

Point

Special

Assessment

(Þ)

204

5.625

09/15/52

202

City

of

Pilot

Point

Special

Assessment

(Þ)

300

6.000

09/15/52

304

City

of

Pilot

Point

Special

Assessment

(Þ)

150

6.125

09/15/52

152

City

of

Pilot

Point

Special

Assessment

(Þ)

120

6.500

09/15/52

123

City

of

Princeton

Special

Assessment

(Þ)

300

4.500

09/01/39

280

City

of

Princeton

Special

Assessment

(Þ)

100

5.500

09/01/39

101

City

of

Princeton

Special

Assessment

(Þ)

225

3.750

09/01/40

187

City

of

Princeton

Special

Assessment

(Þ)

125

3.875

09/01/40

106

City

of

Princeton

Special

Assessment

100

5.125

09/01/42

98

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

99

City

of

Princeton

Special

Assessment

(Þ)

130

4.875

09/01/48

124

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

City

of

Princeton

Special

Assessment

(Þ)

100

4.750

09/01/49

91

City

of

Princeton

Special

Assessment

(Þ)

100

5.750

09/01/49

101

City

of

Princeton

Special

Assessment

(Þ)

325

4.000

09/01/50

264

City

of

Princeton

Special

Assessment

(Þ)

160

4.125

09/01/50

133

City

of

Princeton

Special

Assessment

(Þ)

185

4.000

09/01/51

149

City

of

Princeton

Special

Assessment

(Þ)

100

4.375

09/01/52

86

City

of

Princeton

Special

Assessment

170

5.250

09/01/52

165

City

of

Princeton

Special

Assessment

(Þ)

100

5.250

09/01/52

97

City

of

Princeton

Special

Assessment

(Þ)

125

5.500

09/01/53

124

City

of

Red

Oak

Special

Assessment

(Þ)

100

3.375

09/15/41

77

City

of

Red

Oak

Special

Assessment

(Þ)

100

4.000

09/15/51

81

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

114

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

4.125

09/15/40

88

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

4.375

09/15/49

88

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

200

4.375

09/15/50

172

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

6.000

09/15/52

101

City

of

Sachse

Special

Assessment

(Þ)

100

6.875

09/15/42

102

City

of

Sachse

Special

Assessment

(Þ)

150

7.000

09/15/52

154

City

of

San

Marcos

Special

Assessment

(Þ)

100

4.500

09/01/51

85

City

of

Santa

Fe

Special

Assessment

(Þ)

509

4.875

09/01/42

478

City

of

Santa

Fe

Special

Assessment

(Þ)

859

5.000

09/01/52

798

City

of

Shenandoah

Special

Assessment

Revenue

Bonds

100

4.500

09/01/23

100

City

of

Shenandoah

Special

Assessment

Revenue

Bonds

140

5.700

09/01/47

141

City

of

Sinton

Special

Assessment

(Þ)

100

5.125

09/01/42

96

City

of

Sinton

Special

Assessment

(Þ)

100

5.250

09/01/51

94

City

of

Uhland

Special

Assessment

(Þ)

750

6.625

09/01/52

785

City

of

Waxahachie

Special

Assessment

(Þ)

100

5.500

08/15/52

99

Conroe

Local

Government

Corp.

Revenue

Bonds

75

4.000

10/01/50

60

Conroe

Local

Government

Corp.

Revenue

Bonds

100

5.000

10/01/50

82

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

201

County

of

Hays

Revenue

Bonds

(Þ)

356

5.750

09/15/52

357

County

of

Medina

Special

Assessment

(Þ)

100

4.750

09/01/50

86

Decatur

Hospital

Authority

Revenue

Bonds

200

5.250

09/01/44

194

Edinburg

Economic

Development

Corp.

Revenue

Bonds

(Þ)

100

4.500

08/15/35

92

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

225

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

625

5.800

10/01/46

667

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

(µ)

5,200

4.000

10/01/49

5,117

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

425

Zero

coupon

12/01/49

86

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

445

Zero

coupon

12/01/50

84

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

475

Zero

coupon

12/01/51

84

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

475

Zero

coupon

12/01/52

79

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

500

Zero

coupon

12/01/53

78

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

525

Zero

coupon

12/01/54

76

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

115

4.000

10/01/51

97

Joshua

Farms

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

310

5.500

09/01/53

302

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

General

Obligation

Unlimited

230

3.000

09/01/46

156

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

350

3.000

09/01/40

265

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

30

2.500

09/01/41

21

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

785

3.000

09/01/44

561

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

50

3.000

09/01/47

35

Mission

Economic

Development

Corp.

Revenue

Bonds

(Þ)

1,570

4.625

10/01/31

1,529

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

39

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

400

4.250

10/01/26

393

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

125

4.000

01/01/36

102

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,000

4.000

08/15/36

865

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

912

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

150

4.000

01/01/41

114

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,500

4.750

04/01/46

1,513

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

185

4.000

08/15/46

141

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,515

4.000

08/15/51

1,108

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

175

5.750

07/15/52

162

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,100

4.000

11/01/55

827

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,100

4.000

08/15/56

779

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,150

5.500

01/01/57

821

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

250

7.000

01/01/57

160

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

250

6.000

07/15/57

238

North

East

Texas

Regional

Mobility

Authority

Revenue

Bonds

350

5.000

01/01/46

352

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

100

4.250

09/15/31

96

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

75

4.000

09/15/41

65

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

300

4.750

09/15/41

281

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

390

5.000

09/15/51

357

North

Texas

Tollway

Authority

Revenue

Bonds

1,345

3.000

01/01/46

1,031

North

Texas

Tollway

Authority

Revenue

Bonds

(µ)

2,000

3.000

01/01/46

1,600

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

210

6.000

01/01/25

198

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

100

2.750

01/01/36

71

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

325

2.875

01/01/41

212

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

1,450

3.000

01/01/50

847

Port

of

Beaumont

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,900

4.100

01/01/28

1,510

Red

River

Education

Finance

Corp.

Texas

Education

Revenue

Bonds

1,255

5.500

10/01/46

1,282

San

Antonio

Education

Facilities

Corp.

Revenue

Bonds

1,000

4.000

04/01/51

822

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

500

5.000

05/15/45

413

Tarrant

County

Hospital

District

General

Obligation

Limited

230

4.250

08/15/53

225

Texas

City

Industrial

Development

Corp.

Revenue

Bonds

770

4.125

12/01/45

671

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

1,000

5.000

12/15/32

1,038

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

260

5.000

12/31/50

260

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

100

5.000

12/31/55

100

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,000

5.000

06/30/58

1,010

Town

of

Argyle

Special

Assessment

(Þ)

145

5.250

09/01/47

144

Town

of

Hickory

Creek

Special

Assessment

200

3.875

09/01/37

185

Town

of

Lakewood

Village

Special

Assessment

(Þ)

175

5.375

09/15/52

168

Town

of

Little

Elm

Special

Assessment

(Þ)

727

5.750

09/01/38

750

Town

of

Little

Elm

Special

Assessment

(Þ)

100

3.750

09/01/42

79

Town

of

Little

Elm

Special

Assessment

(Þ)

100

5.000

09/01/47

97

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Town

of

Little

Elm

Special

Assessment

(Þ)

100

4.000

09/01/51

80

Town

of

Little

Elm

Special

Assessment

(Þ)

750

6.875

09/01/52

784

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

87

Uptown

Development

Authority

Tax

Allocation

50

3.000

09/01/37

40

Uptown

Development

Authority

Tax

Allocation

50

3.000

09/01/39

39

Uptown

Development

Authority

Tax

Allocation

50

3.000

09/01/40

38

Viridian

Municipal

Management

District

Special

Assessment

25

3.125

12/01/35

20

Viridian

Municipal

Management

District

Special

Assessment

30

3.375

12/01/40

23

Viridian

Municipal

Management

District

Special

Assessment

385

4.750

12/01/43

372

Viridian

Municipal

Management

District

Special

Assessment

50

3.500

12/01/47

37

Westside

211

Special

Improvement

District

Revenue

Bonds

600

3.000

08/15/53

427

86,443

Utah

-

1.2%

Benloch

Ranch

Improvement

Association

No.

1

Revenue

Bonds

(Š)

353

9.750

12/01/39

343

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

1,500

4.000

03/01/51

1,137

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

500

7.375

09/15/51

412

Coral

Junction

Public

Infrastructure

District

No.

1

Special

Assessment

(Þ)

150

5.500

06/01/41

144

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

1,064

Mida

Mountain

Village

Public

Infrastructure

District

Special

Assessment

1,000

4.500

08/01/40

847

Military

Installation

Development

Authority

Revenue

Bonds

550

4.000

06/01/41

440

Military

Installation

Development

Authority

Revenue

Bonds

525

4.000

06/01/52

393

Red

Bridge

Public

Infrastructure

District

No.

1

General

Obligation

Limited

(Þ)

500

4.375

02/01/51

377

Salt

Lake

City

Airport

Revenue

Bonds

2,500

5.250

07/01/48

2,600

Salt

Lake

City

Airport

Revenue

Bonds

5,000

5.500

07/01/53

5,509

UIPA

Crossroads

Public

Infrastructure

District

Revenue

Bonds

(Þ)

1,000

4.125

06/01/41

880

Utah

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

500

4.000

06/15/31

448

Utah

Charter

School

Finance

Authority

Revenue

Bonds

890

4.000

06/15/41

678

Utah

Charter

School

Finance

Authority

Revenue

Bonds

1,420

4.250

06/15/51

1,017

Utah

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

500

5.750

06/15/52

484

Utah

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

450

4.000

10/15/61

287

Utah

Infrastructure

Agency

Revenue

Bonds

2,000

5.000

10/15/40

1,983

Utah

Infrastructure

Agency

Revenue

Bonds

600

4.000

10/15/41

508

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

200

4.000

10/15/51

136

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

425

4.000

10/15/56

279

20,600

Vermont

-

0.2%

Vermont

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

175

5.000

06/01/52

175

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

650

5.000

10/01/42

597

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

275

5.500

10/01/43

269

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

400

5.250

10/01/52

367

Vermont

Student

Assistance

Corp.

Revenue

Bonds

1,600

4.500

06/15/45

1,383

2,791

Virgin

Islands

-

0.7%

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

7,845

5.000

10/01/30

7,934

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

2,640

5.000

10/01/32

2,653

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

1,900

5.000

10/01/32

1,700

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

450

5.000

10/01/39

367

12,654

Virginia

-

1.7%

Albemarle

County

Economic

Development

Authority

Revenue

Bonds

500

4.000

06/01/54

401

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Farmville

Industrial

Development

Authority

Revenue

Bonds

5,300

5.000

01/01/40

5,218

Farmville

Industrial

Development

Authority

Revenue

Bonds

200

5.000

01/01/50

187

James

City

County

Economic

Development

Authority

Revenue

Bonds

40

4.000

06/01/41

30

James

City

County

Economic

Development

Authority

Revenue

Bonds

60

4.000

06/01/47

42

Salem

Economic

Development

Authority

Revenue

Bonds

40

4.000

04/01/45

35

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

1,975

5.200

06/01/46

1,939

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,875

6.706

06/01/46

3,461

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

125

5.000

06/01/47

117

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

2,250

7.456

06/01/47

579

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

12,175

11.642

06/01/47

3,205

Virginia

College

Building

Authority

Revenue

Bonds

100

3.000

06/01/41

77

Virginia

College

Building

Authority

Revenue

Bonds

75

4.000

06/01/46

65

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,005

5.000

01/01/36

1,072

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

2,500

4.000

01/01/48

2,231

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

480

5.000

12/31/49

485

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,550

5.000

12/31/52

1,582

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

7,135

5.000

12/31/56

7,185

27,911

Washington

-

1.4%

Grant

County

Public

Hospital

District

No.

2

General

Obligation

Unlimited

1,500

5.000

12/01/44

1,526

Port

of

Seattle

Industrial

Development

Corp.

Revenue

Bonds

585

5.000

04/01/30

585

Port

of

Seattle

Revenue

Bonds

2,450

5.000

08/01/46

2,563

Port

of

Seattle

Revenue

Bonds

235

4.000

08/01/47

217

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.625

12/01/40

973

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

975

4.000

10/01/42

865

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

2,500

4.000

10/01/49

2,103

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

75

4.000

05/01/50

69

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

1,710

5.000

07/01/33

1,840

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,200

5.000

07/01/48

2,234

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

4,400

3.000

07/01/58

2,997

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

(µ)

1,420

4.000

07/01/58

1,273

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,695

4.000

07/01/58

2,349

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

3,000

4.000

01/01/41

2,349

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

150

5.000

01/01/49

116

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

200

5.000

01/01/55

149

Whidbey

Island

Public

Hospital

District

General

Obligation

Unlimited

1,500

5.500

12/01/33

1,409

23,617

West

Virginia

-

0.3%

City

of

South

Charleston

Revenue

Bonds

(Þ)

165

5.500

06/01/32

142

City

of

South

Charleston

Revenue

Bonds

(Þ)

185

6.000

06/01/37

151

City

of

South

Charleston

Revenue

Bonds

(Þ)

100

4.250

06/01/42

80

City

of

South

Charleston

Revenue

Bonds

(Þ)

1,150

4.500

06/01/50

887

County

of

Monongalia

Tax

Allocation

(Þ)

100

5.750

06/01/43

105

County

of

Monongalia

Tax

Allocation

(Þ)

150

6.000

06/01/53

160

County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

55

3.000

03/01/35

47

County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

150

3.000

03/01/37

120

County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

45

3.250

03/01/41

34

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

165

4.125

06/01/43

148

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

1,100

4.875

06/01/43

1,067

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

300

4.125

07/01/45

296

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

700

5.000

07/01/45

701

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

330

5.000

01/01/43

317

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

640

4.125

01/01/47

525

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

1,000

4.125

01/01/47

893

5,673

Wisconsin

-

2.2%

Public

Finance

Authority

Revenue

Bonds

1,685

4.000

03/01/28

1,563

Public

Finance

Authority

Revenue

Bonds

2,370

5.250

07/01/28

2,372

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/28

1,012

Public

Finance

Authority

Revenue

Bonds

(Þ)

15

4.000

06/15/29

14

Public

Finance

Authority

Revenue

Bonds

35

4.000

07/01/30

32

Public

Finance

Authority

Revenue

Bonds

100

4.300

11/01/30

99

Public

Finance

Authority

Revenue

Bonds

675

5.000

10/01/31

702

Public

Finance

Authority

Revenue

Bonds

710

5.000

10/01/32

737

Public

Finance

Authority

Revenue

Bonds

(Þ)

65

5.000

10/01/34

65

Public

Finance

Authority

Revenue

Bonds

1,000

5.750

04/01/35

1,021

Public

Finance

Authority

Revenue

Bonds

(Þ)

630

5.250

05/15/37

597

Public

Finance

Authority

Revenue

Bonds

1,595

5.000

06/01/39

1,593

Public

Finance

Authority

Revenue

Bonds

(Þ)

525

5.000

06/15/39

499

Public

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

10/01/39

145

Public

Finance

Authority

Revenue

Bonds

50

5.000

07/01/40

45

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

4.000

04/01/42

84

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

5.250

05/15/42

682

Public

Finance

Authority

Revenue

Bonds

500

5.000

07/01/42

500

Public

Finance

Authority

Revenue

Bonds

(µ)

100

5.000

07/01/44

103

Public

Finance

Authority

Revenue

Bonds

75

4.000

01/01/45

70

Public

Finance

Authority

Revenue

Bonds

(Þ)

200

5.250

03/01/45

175

Public

Finance

Authority

Revenue

Bonds

(Þ)

935

6.500

06/01/45

763

Public

Finance

Authority

Revenue

Bonds

725

5.350

12/01/45

725

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.625

02/01/46

100

Public

Finance

Authority

Revenue

Bonds

340

5.250

07/01/47

323

Public

Finance

Authority

Revenue

Bonds

(Þ)

25

5.000

06/15/49

22

Public

Finance

Authority

Revenue

Bonds

(µ)

150

4.125

07/01/49

143

Public

Finance

Authority

Revenue

Bonds

100

3.000

01/01/50

70

Public

Finance

Authority

Revenue

Bonds

(Þ)

875

5.625

06/01/50

688

Public

Finance

Authority

Revenue

Bonds

75

5.500

06/15/50

75

Public

Finance

Authority

Revenue

Bonds

(µ)

50

4.000

07/01/50

46

Public

Finance

Authority

Revenue

Bonds

720

4.000

02/01/51

589

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/51

85

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

06/15/51

873

Public

Finance

Authority

Revenue

Bonds

1,750

4.000

09/30/51

1,439

Public

Finance

Authority

Revenue

Bonds

2,000

4.000

12/01/51

1,679

Public

Finance

Authority

Revenue

Bonds

1,000

5.000

02/01/52

993

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,600

4.000

04/01/52

1,241

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/15/52

87

Public

Finance

Authority

Revenue

Bonds

160

5.250

06/15/52

154

Public

Finance

Authority

Revenue

Bonds

(Þ)

175

5.500

06/15/52

165

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/15/54

89

Public

Finance

Authority

Revenue

Bonds

(µ)

100

5.000

07/01/54

102

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.875

10/01/54

797

Public

Finance

Authority

Revenue

Bonds

(Þ)

450

5.250

03/01/55

374

Public

Finance

Authority

Revenue

Bonds

(µ)

65

4.000

07/01/55

58

Public

Finance

Authority

Revenue

Bonds

125

5.000

07/01/55

105

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,150

5.000

12/01/55

911

Public

Finance

Authority

Revenue

Bonds

4,750

4.000

03/31/56

3,814

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,500

4.500

06/01/56

1,122

Public

Finance

Authority

Revenue

Bonds

(Þ)

890

5.000

06/15/56

674

Public

Finance

Authority

Revenue

Bonds

(Þ)

275

5.000

01/01/57

230

Public

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

06/15/57

128

Public

Finance

Authority

Revenue

Bonds

150

5.375

06/15/57

146

Public

Finance

Authority

Revenue

Bonds

(µ)

100

5.000

07/01/58

102

Public

Finance

Authority

Revenue

Bonds

(µ)

80

4.000

07/01/59

71

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/61

82

Public

Finance

Authority

Revenue

Bonds

1,060

4.000

07/01/61

782

Public

Finance

Authority

Revenue

Bonds

125

5.250

07/01/61

99

Public

Finance

Authority

Revenue

Bonds

(Þ)

2,475

6.000

02/01/62

2,511

Public

Finance

Authority

Revenue

Bonds

(Þ)

165

6.000

06/01/62

160

Public

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

06/15/62

126

Public

Finance

Authority

Revenue

Bonds

(Þ)

300

5.750

06/15/62

288

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,020

4.000

12/01/41

782

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,175

5.000

03/15/50

1,154

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

50

4.000

12/01/51

35

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

50

4.000

12/01/56

33

37,145

Wyoming

-

0.1%

County

of

Campbell

Wastewater

Facilities

Revenue

Bonds

1,000

3.625

07/15/39

903

Total

Municipal

Bonds

(cost

$1,734,928)

1,644,889

Short-Term

Investments

-

2.1%

U.S.

Cash

Management

Fund

(@)

35,415,024

(∞)

35,401

Total

Short-Term

Investments

(cost

$35,404)

35,401

Total

Investments

-

99.5%

(identified

cost

$1,770,332)

1,680,290

Other

Assets

and

Liabilities,

Net

-

0.5%

8,343

Net

Assets

-

100.0%

1,688,633

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

272

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

$

$

$

19.5%

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

11/19/21

1,010,000

102

.47

1,035

858

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

06/29/17

3,700,000

102

.80

3,798

3,700

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

08/18/17

500,000

106

.39

532

509

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

04/19/18

1,000,000

105

.88

1,059

1,019

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

12/19/18

1,860,000

100

.99

1,881

1,897

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

01/21/21

465,000

100

.00

465

477

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

05/26/22

620,000

100

.00

620

620

American

Samoa

Economic

Development

Authority

Revenue

Bonds

06/16/21

100,000

100

.00

100

90

American

Samoa

Economic

Development

Authority

Revenue

Bonds

01/25/23

125,000

101

.02

126

123

Arbors

Community

Development

District

Special

Assessment

03/08/23

200,000

100

.00

200

203

Arizona

Industrial

Development

Authority

Revenue

Bonds

09/08/17

1,435,000

107

.50

1,543

1,468

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/28/20

470,000

98

.44

463

470

Arizona

Industrial

Development

Authority

Revenue

Bonds

10/08/20

700,000

105

.99

742

613

Arizona

Industrial

Development

Authority

Revenue

Bonds

10/09/20

920,000

106

.26

978

878

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

210,000

102

.32

215

153

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

75,000

103

.98

78

60

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/11/21

30,000

109

.35

33

22

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/11/21

30,000

109

.98

33

22

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/06/22

1,250,000

100

.00

1,250

1,210

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

100,000

98

.32

98

96

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

100,000

98

.32

98

95

Arkansas

Development

Finance

Authority

Revenue

Bonds

09/14/22

1,325,000

98

.03

1,299

1,319

Arkansas

Development

Finance

Authority

Revenue

Bonds

10/04/22

4,500,000

83

.21

3,745

4,083

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

08/26/22

500,000

103

.51

518

486

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

04/20/23

215,000

100

.00

215

215

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

145,000

100

.00

145

137

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

945,000

100

.00

945

705

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

450,000

105

.51

475

353

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

250,000

99

.72

249

216

Astonia

Community

Development

District

Special

Assessment

07/09/21

1,380,000

99

.80

1,378

1,063

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/09/22

3,330,000

86

.21

2,871

2,844

Avalon

Park

West

Community

Development

District

Special

Assessment

09/08/22

100,000

100

.00

100

101

Ave

Maria

Stewardship

Community

District

Special

Assessment

07/24/23

2,380,000

100

.00

2,380

2,363

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

04/30/19

100,000

100

.00

100

88

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

04/30/19

100,000

100

.00

100

93

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

12/14/18

1,060,000

99

.45

1,055

1,063

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

06/09/21

1,250,000

100

.00

1,250

950

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

06/09/21

1,245,000

102

.44

1,275

974

Baltimore

Research

Park

Project

Tax

Allocation

10/03/19

100,000

100

.00

100

81

Baltimore

Research

Park

Project

Tax

Allocation

10/03/19

100,000

100

.14

100

83

Beaumont

Community

Development

District

Special

Assessment

01/25/19

90,000

100

.00

90

92

Bent

Grass

Metropolitan

District

General

Obligation

Limited

06/24/20

500,000

100

.00

500

467

Biscayne

Drive

Estates

Community

Development

District

Special

Assessment

10/04/22

100,000

100

.00

100

102

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

09/23/21

500,000

100

.00

500

412

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

09/23/21

1,500,000

100

.98

1,515

1,137

Bradbury

Community

Development

District

Special

Assessment

04/12/23

200,000

99

.39

199

198

Bradbury

Community

Development

District

Special

Assessment

04/12/23

250,000

99

.50

249

247

Brazoria

County

Industrial

Development

Corp.

Revenue

Bonds

06/08/22

650,000

97

.83

636

620

Bridgewalk

Community

Development

District

Special

Assessment

01/25/22

365,000

103

.56

378

285

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

273

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

$

$

$

Bridgewater

North

Community

Development

District

Special

Assessment

02/24/22

125,000

100

.81

126

98

Brookstone

Community

Development

District

Special

Assessment

01/23/18

25,000

100

.00

25

25

Brookstone

Community

Development

District

Special

Assessment

09/14/22

250,000

100

.00

250

250

Buckhead

Trails

Community

Development

District

Special

Assessment

07/13/22

100,000

100

.00

100

99

Buckhead

Trails

Community

Development

District

Special

Assessment

07/13/22

100,000

100

.00

100

100

Build

NYC

Resource

Corp.

Revenue

Bonds

01/14/21

150,000

107

.81

162

125

Build

NYC

Resource

Corp.

Revenue

Bonds

04/08/21

200,000

104

.80

210

163

Build

NYC

Resource

Corp.

Revenue

Bonds

07/22/21

100,000

100

.00

100

82

Build

NYC

Resource

Corp.

Revenue

Bonds

07/22/21

350,000

117

.90

413

299

Build

NYC

Resource

Corp.

Revenue

Bonds

11/12/21

1,000,000

110

.62

1,106

740

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

170,000

100

.00

170

164

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

100,000

97

.32

97

96

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

100,000

98

.98

99

98

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

07/20/21

1,000,000

100

.00

1,000

916

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

07/20/21

2,000,000

101

.35

2,027

1,869

California

Community

College

Financing

Authority

Revenue

Bonds

07/27/22

475,000

97

.57

463

471

California

Community

Housing

Agency

Revenue

Bonds

07/24/20

2,000,000

108

.07

2,161

1,839

California

Community

Housing

Agency

Revenue

Bonds

03/25/21

2,640,000

92

.68

2,676

2,167

California

Community

Housing

Agency

Revenue

Bonds

08/30/22

200,000

75

.26

151

145

California

Community

Housing

Agency

Revenue

Bonds

01/12/23

2,000,000

89

.35

1,787

1,660

California

Community

Housing

Agency

Revenue

Bonds

03/01/23

175,000

64

.71

113

110

California

Enterprise

Development

Authority

Revenue

Bonds

06/18/21

1,095,000

76

.33

836

805

California

Health

Facilities

Financing

Authority

Revenue

Bonds

03/17/23

100,000

88

.87

89

95

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

08/13/20

810,000

100

.33

813

709

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

01/10/23

1,325,000

100

.00

1,325

1,322

California

Municipal

Finance

Authority

Revenue

Bonds

07/01/15

1,000,000

99

.49

995

1,010

California

Municipal

Finance

Authority

Revenue

Bonds

11/02/16

1,500,000

102

.41

1,536

1,511

California

Municipal

Finance

Authority

Revenue

Bonds

09/14/18

1,815,000

103

.59

1,880

1,658

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

65,000

100

.34

65

58

California

Pollution

Control

Financing

Authority

Revenue

Bonds

01/17/19

2,520,000

97

.37

2,454

1,512

California

Pollution

Control

Financing

Authority

Revenue

Bonds

01/17/19

420,000

98

.99

416

252

California

Pollution

Control

Financing

Authority

Revenue

Bonds

01/30/19

550,000

109

.43

602

561

California

Pollution

Control

Financing

Authority

Revenue

Bonds

02/17/23

250,000

103

.76

259

260

California

Pollution

Control

Financing

Authority

Revenue

Bonds

02/17/23

250,000

104

.25

261

261

California

Pollution

Control

Financing

Authority

Revenue

Bonds

02/17/23

250,000

105

.15

263

262

California

Public

Finance

Authority

Revenue

Bonds

01/26/21

600,000

113

.26

680

635

California

School

Finance

Authority

Revenue

Bonds

12/10/15

500,000

106

.75

534

500

California

School

Finance

Authority

Revenue

Bonds

06/21/17

1,000,000

105

.98

1,060

961

California

School

Finance

Authority

Revenue

Bonds

09/11/20

200,000

110

.45

221

196

California

School

Finance

Authority

Revenue

Bonds

10/22/20

600,000

104

.08

624

544

California

School

Finance

Authority

Revenue

Bonds

10/30/20

150,000

105

.22

158

144

California

School

Finance

Authority

Revenue

Bonds

04/19/21

100,000

109

.25

109

87

California

School

Finance

Authority

Revenue

Bonds

04/29/21

1,100,000

110

.60

1,217

914

California

School

Finance

Authority

Revenue

Bonds

07/21/21

400,000

102

.40

410

373

California

School

Finance

Authority

Revenue

Bonds

07/22/21

465,000

113

.77

529

425

California

School

Finance

Authority

Revenue

Bonds

12/17/21

1,500,000

106

.62

1,599

1,108

California

School

Finance

Authority

Revenue

Bonds

03/11/22

250,000

97

.97

245

194

California

School

Finance

Authority

Revenue

Bonds

03/23/22

315,000

101

.66

320

270

California

School

Finance

Authority

Revenue

Bonds

03/23/22

250,000

102

.66

257

220

California

School

Finance

Authority

Revenue

Bonds

04/27/22

1,000,000

103

.05

1,031

1,004

California

School

Finance

Authority

Revenue

Bonds

05/26/22

250,000

100

.23

251

238

California

School

Finance

Authority

Revenue

Bonds

05/26/22

170,000

101

.49

173

165

California

School

Finance

Authority

Revenue

Bonds

06/15/22

385,000

100

.00

385

385

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100

.16

250

237

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100

.24

251

239

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100

.27

251

241

California

School

Finance

Authority

Revenue

Bonds

10/27/22

500,000

98

.05

490

509

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

274

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

School

Finance

Authority

Revenue

Bonds

10/27/22

975,000

98

.50

960

993

California

School

Finance

Authority

Revenue

Bonds

05/25/23

125,000

98

.68

123

125

California

Statewide

Communities

Development

Authority

Revenue

Bonds

12/28/16

2,600,000

102

.84

2,674

2,537

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

200,000

106

.17

212

205

California

Statewide

Communities

Development

Authority

Revenue

Bonds

02/28/18

500,000

106

.35

532

494

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/08/18

1,000,000

107

.49

1,075

1,000

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/16/19

250,000

104

.16

260

239

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/16/19

200,000

104

.91

210

196

California

Statewide

Communities

Development

Authority

Revenue

Bonds

05/15/19

100,000

110

.57

111

92

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/24/22

935,000

100

.55

940

935

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/13/18

4,105,000

100

.75

4,136

3,711

Capital

Trust

Agency,

Inc.

Revenue

Bonds

01/24/20

1,255,000

106

.13

1,332

1,130

Capital

Trust

Agency,

Inc.

Revenue

Bonds

07/17/20

2,000,000

100

.00

2,000

1,813

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/18/21

325,000

110

.61

359

292

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

107

.40

107

71

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

108

.18

108

73

Capital

Trust

Agency,

Inc.

Revenue

Bonds

12/03/21

150,000

103

.49

155

113

Capital

Trust

Agency,

Inc.

Revenue

Bonds

01/04/22

300,000

116

.12

348

284

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/23/23

425,000

100

.00

425

423

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/23/23

400,000

100

.00

400

398

Cedar

Bayou

Navigation

District

Special

Assessment

11/05/20

585,000

100

.00

585

474

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

08/07/20

385,000

100

.00

385

404

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

08/07/20

150,000

100

.00

150

156

Centre

Lake

Community

Development

District

Special

Assessment

11/17/21

1,025,000

106

.67

1,093

864

Chapel

Creek

Community

Development

District

Special

Assessment

05/27/21

45,000

100

.00

45

35

Chapel

Creek

Community

Development

District

Special

Assessment

05/27/21

65,000

103

.58

67

51

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

12/09/15

230,000

99

.07

228

234

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

05/31/19

350,000

104

.01

364

346

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

12/02/21

2,750,000

93

.48

2,306

2,261

Chester

County

Industrial

Development

Authority

Revenue

Bonds

09/14/22

250,000

100

.00

250

252

Chester

County

Industrial

Development

Authority

Revenue

Bonds

09/14/22

2,000,000

99

.13

1,983

1,994

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

1,500,000

92

.97

1,394

1,616

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

2,000,000

94

.44

1,889

2,163

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

05/07/21

100,000

110

.72

111

81

City

of

Anna

Special

Assessment

07/28/21

504,000

100

.00

504

454

City

of

Anna

Special

Assessment

07/28/21

136,000

100

.00

136

112

City

of

Anna

Special

Assessment

12/14/22

175,000

100

.00

175

176

City

of

Aubrey

Special

Assessment

09/23/22

183,000

99

.39

182

187

City

of

Austin

Special

Assessment

12/01/22

100,000

99

.28

99

100

City

of

Austin

Water

Utility

Improvement

District

Special

Assessment

Revenue

Bonds

12/14/18

230,000

100

.00

230

228

City

of

Baltimore

Revenue

Bonds

08/24/22

130,000

100

.00

130

124

City

of

Bee

Cave

Special

Assessment

10/27/21

281,000

100

.00

281

269

City

of

Bee

Cave

Special

Assessment

10/27/21

122,000

100

.00

122

113

City

of

Bee

Cave

Special

Assessment

10/27/21

100,000

100

.00

100

92

City

of

Celina

Special

Assessment

09/11/19

155,000

100

.00

155

140

City

of

Celina

Special

Assessment

11/10/21

25,000

100

.00

25

24

City

of

Celina

Special

Assessment

11/10/21

25,000

100

.00

25

24

City

of

Celina

Special

Assessment

11/10/21

61,000

100

.00

61

54

City

of

Celina

Special

Assessment

11/10/21

25,000

100

.00

25

22

City

of

Celina

Special

Assessment

11/10/21

28,000

100

.00

28

26

City

of

Celina

Special

Assessment

11/10/21

90,000

100

.00

90

78

City

of

Celina

Special

Assessment

11/10/21

72,000

100

.00

72

59

City

of

Celina

Special

Assessment

11/10/21

131,000

98

.81

129

108

City

of

Celina

Special

Assessment

12/15/21

255,000

99

.30

253

205

City

of

Celina

Special

Assessment

12/15/21

55,000

99

.37

55

41

City

of

Celina

Special

Assessment

01/12/22

100,000

100

.00

100

82

City

of

Celina

Special

Assessment

01/12/22

100,000

100

.00

100

85

City

of

Celina

Special

Assessment

04/13/22

100,000

100

.00

100

92

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

275

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

100

City

of

Celina

Special

Assessment

02/15/23

650,000

100

.00

650

649

City

of

Celina

Special

Assessment

03/15/23

125,000

100

.00

125

126

City

of

Celina

Special

Assessment

03/15/23

130,000

100

.00

130

131

City

of

Celina

Special

Assessment

03/15/23

100,000

100

.00

100

101

City

of

Celina

Special

Assessment

04/12/23

375,000

99

.28

372

371

City

of

Celina

Special

Assessment

06/14/23

125,000

100

.00

125

126

City

of

Celina

Special

Assessment

07/12/23

140,000

100

.00

140

140

City

of

Crandall

Special

Assessment

06/08/21

100,000

100

.00

100

86

City

of

Crandall

Special

Assessment

06/08/21

100,000

100

.00

100

94

City

of

Crandall

Special

Assessment

06/08/21

100,000

99

.25

99

88

City

of

Crandall

Special

Assessment

06/08/21

100,000

99

.29

99

94

City

of

Crandall

Special

Assessment

10/18/22

500,000

100

.00

500

514

City

of

Crandall

Special

Assessment

10/18/22

306,000

100

.00

306

312

City

of

Crandall

Special

Assessment

10/18/22

175,000

100

.00

175

182

City

of

Dayton

Special

Assessment

04/19/22

100,000

100

.00

100

99

City

of

Dayton

Special

Assessment

04/19/22

105,000

100

.00

105

101

City

of

Elmendorf

Special

Assessment

08/20/21

100,000

100

.00

100

79

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

03/29/17

1,770,000

102

.40

1,813

1,699

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

03/29/17

295,000

102

.40

302

310

City

of

Fate

Special

Assessment

10/19/21

110,000

100

.54

111

89

City

of

Fate

Special

Assessment

10/19/21

100,000

99

.35

99

83

City

of

Fate

Special

Assessment

04/05/22

105,000

100

.00

105

91

City

of

Fate

Special

Assessment

09/07/22

225,000

100

.00

225

228

City

of

Fate

Special

Assessment

05/02/23

100,000

99

.03

99

99

City

of

Forney

Special

Assessment

06/27/23

630,000

96

.79

610

608

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

08/16/17

150,000

100

.00

150

147

City

of

Georgetown

Special

Assessment

03/23/22

100,000

100

.00

100

88

City

of

Georgetown

Special

Assessment

03/23/22

100,000

100

.00

100

87

City

of

Goshen

Revenue

Bonds

08/06/21

1,000,000

100

.00

1,000

798

City

of

Haslet

Special

Assessment

07/30/20

200,000

105

.42

211

175

City

of

Haslet

Special

Assessment

10/19/21

200,000

98

.82

198

157

City

of

Hutto

Special

Assessment

04/05/21

296,000

99

.89

296

235

City

of

Hutto

Special

Assessment

10/22/21

200,000

99

.00

198

162

City

of

Hutto

Special

Assessment

07/07/23

170,000

99

.61

169

170

City

of

Justin

Special

Assessment

03/27/18

255,000

100

.00

255

257

City

of

Kyle

Special

Assessment

05/08/19

100,000

100

.00

100

95

City

of

Kyle

Special

Assessment

05/08/19

100,000

100

.00

100

94

City

of

Kyle

Special

Assessment

10/20/21

100,000

100

.00

100

80

City

of

Kyle

Special

Assessment

10/20/21

100,000

101

.24

101

82

City

of

Kyle

Special

Assessment

03/23/22

216,000

100

.00

216

206

City

of

Kyle

Special

Assessment

01/18/23

100,000

100

.00

100

99

City

of

Kyle

Special

Assessment

01/18/23

200,000

99

.38

199

197

City

of

Kyle

Special

Assessment

06/21/23

150,000

100

.00

150

150

City

of

Lavon

Special

Assessment

08/21/19

135,000

104

.39

141

118

City

of

Lavon

Special

Assessment

08/21/19

100,000

99

.42

99

90

City

of

Lavon

Special

Assessment

02/02/22

100,000

100

.00

100

87

City

of

Lavon

Special

Assessment

02/02/22

100,000

100

.00

100

84

City

of

Lavon

Special

Assessment

02/02/22

318,000

98

.74

314

258

City

of

Lavon

Special

Assessment

02/02/22

136,000

99

.07

135

116

City

of

Lavon

Special

Assessment

11/16/22

400,000

100

.00

400

408

City

of

Liberty

Hill

Special

Assessment

12/14/21

100,000

100

.00

100

82

City

of

Liberty

Hill

Special

Assessment

12/14/21

100,000

100

.00

100

84

City

of

Manor

Special

Assessment

12/19/19

100,000

100

.00

100

93

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

.44

102

81

City

of

Marble

Falls

Revenue

Bonds

07/21/21

100,000

100

.00

100

92

City

of

Marble

Falls

Revenue

Bonds

07/21/21

100,000

100

.00

100

84

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

276

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

Marble

Falls

Revenue

Bonds

07/21/21

100,000

100

.00

100

87

City

of

McLendon-Chisholm

Special

Assessment

06/26/20

100,000

105

.14

105

89

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

.65

51

40

City

of

McLendon-Chisholm

Special

Assessment

05/25/22

270,000

99

.43

268

266

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

1,000,000

100

.00

1,000

1,003

City

of

Mesquite

Special

Assessment

Revenue

Bonds

06/04/19

100,000

100

.00

100

101

City

of

Mesquite

Special

Assessment

Revenue

Bonds

06/04/19

150,000

100

.00

150

152

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

200,000

99

.68

199

199

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

400,000

100

.00

400

398

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

150,000

99

.39

149

149

City

of

Midlothian

Special

Assessment

03/24/21

100,000

100

.00

100

83

City

of

Midlothian

Special

Assessment

03/24/21

100,000

100

.00

100

87

City

of

Midlothian

Special

Assessment

03/24/21

100,000

100

.00

100

92

City

of

Midlothian

Special

Assessment

08/10/22

115,000

100

.00

115

115

City

of

Midlothian

Special

Assessment

08/10/22

200,000

100

.00

200

191

City

of

Minneapolis

Charter

Lease

Revenue

Bonds

12/08/17

1,400,000

102

.08

1,429

1,406

City

of

New

Braunfels

Special

Assessment

11/09/21

100,000

100

.00

100

86

City

of

New

Braunfels

Special

Assessment

11/09/21

100,000

100

.00

100

87

City

of

Oak

Point

Special

Assessment

07/25/18

100,000

100

.00

100

86

City

of

Oak

Point

Special

Assessment

07/25/18

100,000

99

.54

100

91

City

of

Oak

Point

Special

Assessment

07/22/21

650,000

100

.00

650

491

City

of

Pilot

Point

Special

Assessment

05/13/22

300,000

100

.00

300

304

City

of

Pilot

Point

Special

Assessment

05/13/22

120,000

100

.00

120

123

City

of

Pilot

Point

Special

Assessment

06/10/22

200,000

100

.00

200

198

City

of

Pilot

Point

Special

Assessment

06/10/22

204,000

100

.00

204

202

City

of

Pilot

Point

Special

Assessment

06/10/22

150,000

100

.00

150

152

City

of

Princeton

Special

Assessment

04/24/18

130,000

100

.00

130

124

City

of

Princeton

Special

Assessment

08/27/19

100,000

100

.00

100

91

City

of

Princeton

Special

Assessment

08/27/19

100,000

100

.00

100

101

City

of

Princeton

Special

Assessment

08/27/19

100,000

100

.00

100

101

City

of

Princeton

Special

Assessment

08/27/19

300,000

103

.41

310

280

City

of

Princeton

Special

Assessment

06/23/20

325,000

100

.00

325

264

City

of

Princeton

Special

Assessment

06/23/20

225,000

100

.00

225

187

City

of

Princeton

Special

Assessment

06/23/20

125,000

100

.00

125

106

City

of

Princeton

Special

Assessment

06/23/20

160,000

100

.00

160

133

City

of

Princeton

Special

Assessment

05/25/21

185,000

101

.05

185

149

City

of

Princeton

Special

Assessment

03/29/22

100,000

100

.00

100

86

City

of

Princeton

Special

Assessment

07/26/22

75,000

100

.00

75

74

City

of

Princeton

Special

Assessment

07/26/22

100,000

100

.00

100

97

City

of

Princeton

Special

Assessment

07/25/23

100,000

100

.00

100

99

City

of

Princeton

Special

Assessment

07/25/23

125,000

100

.00

125

124

City

of

Red

Oak

Special

Assessment

06/15/21

100,000

102

.68

103

81

City

of

Red

Oak

Special

Assessment

06/15/21

100,000

98

.99

99

77

City

of

Royse

Special

Assessment

Revenue

Bonds

08/14/19

125,000

99

.47

124

114

City

of

Royse

Special

Assessment

Revenue

Bonds

06/30/20

100,000

102

.83

103

88

City

of

Royse

Special

Assessment

Revenue

Bonds

07/15/20

200,000

100

.71

201

172

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

100,000

100

.93

101

96

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

100,000

101

.35

101

88

City

of

Royse

Special

Assessment

Revenue

Bonds

09/14/22

100,000

100

.00

100

101

City

of

Sachse

Special

Assessment

11/15/22

150,000

100

.00

150

154

City

of

Sachse

Special

Assessment

11/15/22

100,000

100

.00

100

102

City

of

San

Marcos

Special

Assessment

12/16/21

100,000

100

.00

100

85

City

of

Santa

Fe

Special

Assessment

03/25/22

509,000

100

.00

509

478

City

of

Santa

Fe

Special

Assessment

03/25/22

859,000

100

.00

859

798

City

of

Scranton

General

Obligation

Unlimited

08/30/17

1,275,000

104

.23

1,329

1,270

City

of

Sinton

Special

Assessment

01/19/22

100,000

100

.00

100

96

City

of

Sinton

Special

Assessment

01/19/22

100,000

100

.00

100

94

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

277

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

City

of

South

Charleston

Revenue

Bonds

01/14/22

165,000

100

.00

165

142

City

of

South

Charleston

Revenue

Bonds

01/14/22

185,000

100

.00

185

151

City

of

South

Charleston

Revenue

Bonds

01/14/22

100,000

100

.36

100

80

City

of

South

Charleston

Revenue

Bonds

01/14/22

1,150,000

100

.36

1,154

887

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

07/29/22

2,350,000

98

.26

2,309

2,137

City

of

Uhland

Special

Assessment

11/03/22

750,000

100

.00

750

785

City

of

Waxahachie

Special

Assessment

05/17/22

100,000

100

.00

100

99

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

08/19/21

100,000

100

.00

100

88

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

09/02/21

100,000

101

.70

102

85

Cloverleaf

Metropolitan

District

General

Obligation

Limited

06/27/22

500,000

100

.00

500

497

CMFA

Special

Finance

Agency

Revenue

Bonds

11/10/21

285,000

91

.50

261

188

CMFA

Special

Finance

Agency

VIII

Revenue

Bonds

11/01/21

350,000

92

.10

322

225

Coddington

Community

Development

District

Special

Assessment

06/24/22

100,000

103

.73

104

102

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

12/21/20

330,000

108

.73

359

299

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

02/04/21

435,000

100

.10

435

368

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

02/01/22

1,180,000

100

.76

1,189

880

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

05/10/23

400,000

100

.00

400

395

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

12/18/19

1,000,000

113

.61

1,136

969

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

100,000

103

.79

104

86

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

1,025,000

98

.37

1,046

839

Connerton

East

Community

Development

District

Special

Assessment

02/16/23

200,000

98

.89

198

201

Copperleaf

Metropolitan

District

No.

9

General

Obligation

Limited

10/08/21

500,000

100

.00

500

392

Coral

Bay

Lee

County

Community

Development

District

Special

Assessment

09/09/22

50,000

100

.00

50

50

Coral

Junction

Public

Infrastructure

District

No.

1

Special

Assessment

05/26/22

150,000

100

.00

150

144

Cordova

Palms

Community

Development

District

Special

Assessment

12/13/21

1,940,000

105

.59

2,048

1,523

Cordova

Palms

Community

Development

District

Special

Assessment

06/24/22

1,015,000

99

.29

1,008

1,020

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

100,000

100

.00

100

95

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

50,000

100

.00

50

49

County

of

Bastrop

Special

Assessment

05/22/23

100,000

98

.89

99

101

County

of

Frederick

Educational

Facilities

Revenue

Bonds

01/18/18

1,705,000

105

.78

1,803

1,546

County

of

Frederick

Tax

Allocation

07/20/23

2,110,000

97

.64

2,060

2,039

County

of

Gallatin

Revenue

Bonds

12/09/21

1,000,000

103

.07

1,031

772

County

of

Hays

Revenue

Bonds

12/06/22

356,000

100

.00

356

357

County

of

Hays

Revenue

Bonds

12/06/22

200,000

100

.00

200

201

County

of

Medina

Special

Assessment

03/11/21

100,000

100

.00

100

86

County

of

Monongalia

Tax

Allocation

07/21/23

100,000

99

.17

99

105

County

of

Monongalia

Tax

Allocation

07/21/23

150,000

99

.17

149

160

County

of

Prince

George's

Special

Obligation

Tax

Allocation

11/16/18

115,000

98

.90

114

113

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

07/29/19

975,000

100

.00

975

833

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

07/29/19

280,000

100

.00

280

250

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

07/29/19

555,000

100

.57

560

487

Crossings

Community

Development

District

Special

Assessment

06/10/22

175,000

100

.00

175

166

CSCDA

Community

Improvement

Authority

Revenue

Bonds

03/09/22

525,000

88

.69

466

415

CSCDA

Community

Improvement

Authority

Revenue

Bonds

05/18/22

1,000,000

64

.96

650

657

CSCDA

Community

Improvement

Authority

Revenue

Bonds

06/02/22

1,250,000

87

.53

1,094

910

CSCDA

Community

Improvement

Authority

Revenue

Bonds

08/04/22

100,000

79

.18

79

69

Cypress

Bay

West

Community

Development

District

Special

Assessment

07/14/23

100,000

98

.90

99

99

Cypress

Bay

West

Community

Development

District

Special

Assessment

07/14/23

100,000

99

.12

99

99

Cypress

Park

Estates

Community

Development

District

Special

Assessment

06/01/22

100,000

100

.00

100

96

Cypress

Park

Estates

Community

Development

District

Special

Assessment

06/01/22

100,000

100

.00

100

95

Dauphin

County

General

Authority

Revenue

Bonds

01/05/18

1,000,000

98

.07

981

905

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

850,000

100

.00

850

842

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

2,700,000

104

.74

2,830

2,704

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

100,000

98

.94

99

100

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

150,000

98

.94

148

145

Deerbrook

Community

Development

District

Revenue

Bonds

04/06/23

100,000

100

.00

100

100

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

300,000

107

.93

324

313

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

278

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

$

$

$

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

230,000

108

.08

249

241

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

200,000

98

.47

197

185

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

200,000

99

.04

198

189

Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

565,000

99

.24

562

570

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

12/16/20

275,000

105

.46

290

278

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

12/16/20

2,000,000

104

.04

2,026

2,005

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

75,000

99

.67

75

59

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

50,000

100

.00

50

44

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

225,000

101

.30

228

181

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

625,000

100

.00

625

626

Edinburg

Economic

Development

Corp.

Revenue

Bonds

04/17/19

100,000

101

.00

101

94

Edinburg

Economic

Development

Corp.

Revenue

Bonds

04/17/19

100,000

99

.90

100

92

Elevation

Pointe

Community

Development

District

Special

Assessment

04/06/22

700,000

98

.99

693

626

Entrada

Community

Development

District

Special

Assessment

09/23/21

100,000

105

.19

105

78

Erie

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

02/02/21

4,000,000

5

.59

224

240

Fairfield

Community

Facilities

District

Special

Tax

06/26/20

150,000

107

.19

161

152

Finance

Authority

of

Maine

Revenue

Bonds

12/17/21

925,000

69

.54

643

607

Florida

Development

Finance

Corp.

Revenue

Bonds

04/02/19

870,000

100

.00

870

842

Florida

Development

Finance

Corp.

Revenue

Bonds

04/02/19

3,465,000

95

.39

3,305

3,339

Florida

Development

Finance

Corp.

Revenue

Bonds

04/02/19

215,000

99

.77

215

214

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/20

115,000

103

.60

119

94

Florida

Development

Finance

Corp.

Revenue

Bonds

08/20/20

100,000

101

.83

102

86

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

160,000

101

.70

163

132

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

100,000

102

.89

103

89

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

220,000

101

.16

223

177

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

125,000

101

.87

127

103

Florida

Development

Finance

Corp.

Revenue

Bonds

12/11/20

3,245,000

94

.51

3,067

3,216

Florida

Development

Finance

Corp.

Revenue

Bonds

06/04/21

100,000

106

.57

107

75

Florida

Development

Finance

Corp.

Revenue

Bonds

06/04/21

200,000

92

.76

186

140

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

100,000

100

.00

100

96

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

100,000

111

.43

111

62

Florida

Development

Finance

Corp.

Revenue

Bonds

09/24/21

500,000

101

.95

510

408

Florida

Development

Finance

Corp.

Revenue

Bonds

05/31/22

405,000

97

.87

396

352

Florida

Development

Finance

Corp.

Revenue

Bonds

05/31/22

315,000

98

.16

309

274

Florida

Development

Finance

Corp.

Revenue

Bonds

07/20/22

200,000

100

.00

200

197

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

175,000

100

.00

175

164

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

350,000

100

.00

350

326

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

2,500,000

98

.01

2,450

2,551

Florida

Development

Finance

Corp.

Revenue

Bonds

08/19/22

250,000

100

.00

250

236

Florida

Development

Finance

Corp.

Revenue

Bonds

08/19/22

225,000

100

.00

225

213

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

1,350,000

104

.04

1,405

1,212

Forest

Lake

Community

Development

District

Special

Assessment

05/06/22

400,000

100

.00

400

406

Forest

Lake

Community

Development

District

Special

Assessment

05/06/22

455,000

100

.00

455

464

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

08/17/18

1,765,000

107

.06

1,890

1,819

Glen

Metropolitan

District

No.

3

General

Obligation

Limited

12/10/21

500,000

100

.00

500

367

Gracewater

Sarasota

Community

Development

District

Special

Assessment

09/24/21

100,000

103

.49

103

78

Grand

Oaks

Community

Development

District

Special

Assessment

11/03/21

100,000

102

.40

102

78

Greenspire

Metropolitan

District

No.

1

General

Obligation

Limited

04/08/22

500,000

100

.00

500

443

Grove

Resort

Community

Development

District

Special

Assessment

02/09/22

50,000

102

.46

51

39

Hammock

Reserve

Community

Development

District

Special

Assessment

04/07/22

50,000

100

.00

50

47

Hammock

Reserve

Community

Development

District

Special

Assessment

04/07/22

165,000

100

.96

167

157

Harmony

on

Lake

Eloise

Community

Development

District

Special

Assessment

05/03/23

100,000

99

.04

99

100

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

1,185,000

100

.00

1,185

1,175

Hawks

Point

Community

Development

District

Special

Assessment

06/23/17

185,000

103

.00

191

186

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

60,000

100

.00

60

52

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

230,000

90

.14

207

182

I-470

Western

Gateway

Transportation

Development

District

Revenue

Bonds

02/21/19

250,000

100

.00

250

250

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

279

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

$

$

$

Illinois

Finance

Authority

Revenue

Bonds

02/25/20

2,705,000

106

.41

2,709

2,531

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

3,250,000

107

.83

3,543

2,466

Illinois

Finance

Authority

Revenue

Bonds

12/03/21

250,000

101

.86

255

174

Illinois

Finance

Authority

Revenue

Bonds

12/03/21

250,000

102

.60

257

178

Illinois

Finance

Authority

Revenue

Bonds

10/13/22

600,000

92

.92

558

551

Illinois

Finance

Authority

Revenue

Bonds

02/15/23

500,000

99

.21

496

506

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

500,000

100

.00

500

503

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

250,000

100

.00

250

251

Johnstown

Plaza

Metropolitan

District

General

Obligation

Limited

04/01/22

1,909,000

93

.56

1,780

1,590

Joshua

Farms

Municipal

Management

District

No.

1

Special

Assessment

04/12/23

310,000

99

.00

307

302

Juban

Crossing

Economic

Development

District

Revenue

Bonds

06/21/23

600,000

100

.50

603

602

Kansas

City

Land

Clearance

Redevelopment

Authority

Tax

Allocation

01/10/18

1,500,000

100

.34

1,505

1,190

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

275,000

100

.00

275

244

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

185,000

100

.00

185

174

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

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

10/03/19

200,000

100

.00

200

174

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

10/03/19

100,000

99

.36

99

90

Lakewood

Ranch

Stewardship

District

Special

Assessment

04/26/17

100,000

98

.98

99

99

Lakewood

Ranch

Stewardship

District

Special

Assessment

04/26/17

100,000

99

.41

99

100

Lakewood

Ranch

Stewardship

District

Special

Assessment

09/03/20

100,000

99

.01

99

78

Landings

at

Miami

Community

Development

District

Special

Assessment

01/10/18

100,000

100

.00

100

95

Landings

at

Miami

Community

Development

District

Special

Assessment

01/10/18

100,000

100

.00

100

90

Lawson

Dunes

Community

Development

District

Special

Assessment

06/02/22

100,000

100

.00

100

95

Lawson

Dunes

Community

Development

District

Special

Assessment

06/02/22

50,000

100

.00

50

49

Lee

County

Industrial

Development

Authority

Revenue

Bonds

12/11/17

1,640,000

100

.00

1,640

1,361

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

06/10/21

250,000

97

.57

244

205

Louisiana

Public

Facilities

Authority

Revenue

Bonds

11/19/21

230,000

102

.48

236

159

Louisiana

Public

Facilities

Authority

Revenue

Bonds

11/19/21

265,000

102

.71

272

189

Louisiana

Public

Facilities

Authority

Revenue

Bonds

06/24/22

150,000

98

.46

148

146

Louisiana

Public

Facilities

Authority

Revenue

Bonds

06/24/22

100,000

99

.14

99

96

Louisiana

Public

Facilities

Authority

Revenue

Bonds

07/01/22

150,000

98

.93

148

140

Louisiana

Public

Facilities

Authority

Revenue

Bonds

07/01/22

100,000

99

.73

100

94

Louisiana

Public

Facilities

Authority

Revenue

Bonds

09/16/22

100,000

98

.13

98

99

Louisiana

Public

Facilities

Authority

Revenue

Bonds

09/16/22

100,000

98

.59

99

99

Louisiana

Public

Facilities

Authority

Revenue

Bonds

02/17/23

500,000

99

.23

496

493

Mandarin

Grove

Community

Development

District

Special

Assessment

10/19/22

175,000

100

.00

175

183

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

01/24/20

50,000

109

.77

55

45

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

01/24/20

50,000

110

.59

55

46

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

115,000

101

.60

117

113

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

115,000

101

.82

117

113

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

225,000

100

.00

225

165

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

100,000

109

.57

110

72

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

02/11/22

775,000

99

.48

771

665

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/09/23

200,000

100

.28

201

200

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/09/23

200,000

100

.28

201

200

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/15/23

100,000

75

.48

75

75

Maryland

Economic

Development

Corp.

Revenue

Bonds

06/10/21

400,000

100

.00

400

312

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

04/28/22

100,000

100

.50

101

92

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

06/22/23

100,000

100

.28

100

100

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

06/22/23

100,000

100

.31

100

100

Massachusetts

Development

Finance

Agency

Revenue

Bonds

12/07/17

1,000,000

106

.39

1,064

957

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

100,000

100

.00

100

101

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

150,000

100

.00

150

151

Massachusetts

Development

Finance

Agency

Revenue

Bonds

07/08/21

1,300,000

110

.23

1,433

1,098

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

280

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

$

$

$

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

250,000

98

.59

246

245

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

200,000

99

.21

198

202

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

05/11/23

200,000

78

.37

157

141

Merrick

Square

Community

Development

District

Special

Assessment

03/10/23

100,000

100

.00

100

101

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

11/05/21

100,000

100

.00

100

82

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

11/05/21

175,000

37

.55

66

61

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

06/02/22

130,000

98

.17

128

119

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

06/02/22

185,000

98

.43

182

173

Mida

Golf

and

Equestrian

Center

Public

Infrastructure

District

General

Obligation

Limited

06/06/22

1,500,000

81

.11

1,217

1,064

Mission

Economic

Development

Corp.

Revenue

Bonds

10/30/18

1,570,000

99

.38

1,560

1,529

Mississippi

Business

Finance

Corp.

Revenue

Bonds

09/06/19

1,310,000

100

.94

1,322

1,103

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

200,000

104

.71

209

167

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

950,000

105

.66

1,004

856

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

900,000

105

.84

953

825

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

1,025,000

106

.24

1,089

949

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

100,000

115

.27

115

105

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

100,000

115

.33

115

105

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

100,000

115

.33

115

104

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

10/06/15

595,000

99

.81

594

595

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

05/27/21

165,000

100

.00

165

148

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

05/27/21

1,100,000

99

.22

1,084

1,067

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

40,000

99

.47

40

40

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

190,000

99

.65

189

185

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

08/31/17

1,100,000

102

.85

1,131

1,092

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

09/26/19

100,000

100

.00

100

90

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

08/13/20

180,000

100

.00

180

138

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

08/13/20

310,000

100

.00

310

242

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

06/10/20

1,000,000

101

.63

1,016

912

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

185,000

110

.50

204

141

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,000,000

112

.88

1,129

865

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,100,000

99

.09

1,090

779

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

03/02/22

1,515,000

81

.72

1,238

1,108

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

07/11/23

100,000

98

.91

99

100

New

York

Liberty

Development

Corp.

Revenue

Bonds

05/27/20

11,865,000

95

.10

11,126

11,621

New

York

Liberty

Development

Corp.

Revenue

Bonds

07/28/22

1,675,000

101

.86

1,706

1,693

New

York

Liberty

Development

Corp.

Revenue

Bonds

11/09/22

325,000

96

.03

312

326

New

York

Liberty

Development

Corp.

Revenue

Bonds

01/18/23

1,300,000

99

.50

1,293

1,302

New

York

State

Dormitory

Authority

Revenue

Bonds

06/16/15

400,000

102

.82

411

400

New

York

State

Dormitory

Authority

Revenue

Bonds

02/08/17

900,000

104

.49

940

906

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

10/07/21

300,000

100

.00

300

281

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

10/07/21

100,000

100

.00

100

96

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

10/07/21

390,000

100

.37

391

357

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

10/07/21

75,000

99

.36

75

65

North

Powerline

Road

Community

Development

District

Special

Assessment

05/26/22

200,000

100

.00

200

197

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

.67

3,370

3,339

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

11/16/17

270,000

96

.90

262

267

Oregon

State

Facilities

Authority

Revenue

Bonds

09/23/16

1,000,000

109

.73

1,097

936

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

1,000,000

103

.78

1,038

897

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

07/29/22

600,000

100

.00

600

580

Parish

of

St.

James

Revenue

Bonds

05/20/20

100,000

100

.00

100

108

Parish

of

St.

James

Revenue

Bonds

05/20/20

125,000

100

.00

125

135

Parish

of

St.

James

Revenue

Bonds

05/20/20

1,000,000

100

.00

1,000

1,023

Parrish

Lakes

Community

Development

District

Special

Assessment

07/19/23

150,000

100

.00

150

149

Parrish

Lakes

Community

Development

District

Special

Assessment

07/19/23

50,000

99

.45

50

49

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

281

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

$

$

$

Peace

Creek

Community

Development

Special

Assessment

03/29/23

100,000

99

.07

99

100

Peace

Creek

Community

Development

Special

Assessment

03/29/23

180,000

99

.62

179

181

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

900,000

111

.38

1,002

900

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

150,000

98

.80

148

148

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

100,000

99

.54

100

99

Pima

County

Industrial

Development

Authority

Revenue

Bonds

05/22/20

25,000

100

.00

25

24

Pima

County

Industrial

Development

Authority

Revenue

Bonds

05/22/20

50,000

100

.00

50

48

Port

Beaumont

Navigation

District

Revenue

Bonds

01/30/20

210,000

100

.00

210

198

Port

Beaumont

Navigation

District

Revenue

Bonds

08/04/21

100,000

100

.00

100

71

Port

Beaumont

Navigation

District

Revenue

Bonds

08/04/21

1,450,000

88

.17

1,278

847

Port

Beaumont

Navigation

District

Revenue

Bonds

08/04/21

325,000

89

.96

292

212

Port

of

Beaumont

Industrial

Development

Authority

Revenue

Bonds

08/04/21

1,900,000

100

.00

1,900

1,510

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

125,000

99

.20

124

100

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

10/13/17

500,000

99

.64

498

493

Prairie

Center

Metropolitan

District

No.

7

General

Obligation

Limited

07/30/20

1,425,000

100

.00

1,425

1,229

Public

Finance

Authority

Revenue

Bonds

04/07/17

750,000

103

.02

773

682

Public

Finance

Authority

Revenue

Bonds

04/07/17

630,000

103

.17

650

597

Public

Finance

Authority

Revenue

Bonds

02/21/19

525,000

100

.97

525

499

Public

Finance

Authority

Revenue

Bonds

05/01/19

15,000

100

.48

15

14

Public

Finance

Authority

Revenue

Bonds

05/01/19

100,000

101

.60

102

89

Public

Finance

Authority

Revenue

Bonds

05/01/19

25,000

101

.38

25

22

Public

Finance

Authority

Revenue

Bonds

11/27/19

1,000,000

100

.00

1,000

797

Public

Finance

Authority

Revenue

Bonds

08/10/20

150,000

106

.57

160

145

Public

Finance

Authority

Revenue

Bonds

08/28/20

450,000

105

.08

473

374

Public

Finance

Authority

Revenue

Bonds

08/28/20

200,000

105

.64

211

175

Public

Finance

Authority

Revenue

Bonds

09/16/20

65,000

105

.45

69

65

Public

Finance

Authority

Revenue

Bonds

12/03/20

1,150,000

89

.84

1,033

911

Public

Finance

Authority

Revenue

Bonds

03/26/21

935,000

94

.82

887

763

Public

Finance

Authority

Revenue

Bonds

03/26/21

875,000

98

.51

862

688

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

108

.23

108

82

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

108

.79

109

85

Public

Finance

Authority

Revenue

Bonds

08/02/21

1,500,000

85

.85

1,288

1,122

Public

Finance

Authority

Revenue

Bonds

11/10/21

890,000

101

.79

906

674

Public

Finance

Authority

Revenue

Bonds

11/18/21

1,000,000

108

.69

1,087

873

Public

Finance

Authority

Revenue

Bonds

01/21/22

1,600,000

103

.87

1,662

1,241

Public

Finance

Authority

Revenue

Bonds

01/21/22

100,000

105

.18

105

84

Public

Finance

Authority

Revenue

Bonds

03/11/22

275,000

102

.44

282

230

Public

Finance

Authority

Revenue

Bonds

03/31/22

2,475,000

100

.00

2,475

2,511

Public

Finance

Authority

Revenue

Bonds

04/14/22

150,000

100

.00

150

128

Public

Finance

Authority

Revenue

Bonds

04/14/22

100,000

100

.77

101

87

Public

Finance

Authority

Revenue

Bonds

04/14/22

150,000

98

.31

147

126

Public

Finance

Authority

Revenue

Bonds

05/25/22

175,000

97

.60

171

165

Public

Finance

Authority

Revenue

Bonds

05/25/22

300,000

98

.17

295

288

Public

Finance

Authority

Revenue

Bonds

09/01/22

165,000

98

.22

162

160

Public

Finance

Authority

Revenue

Bonds

09/29/22

1,000,000

98

.57

986

1,012

Public

Finance

Authority

Revenue

Bonds

06/14/23

100,000

98

.67

99

100

Pueblo

Urban

Renewal

Authority

Tax

Allocation

03/24/21

350,000

100

.00

350

238

Pueblo

Urban

Renewal

Authority

Tax

Allocation

03/24/21

100,000

89

.13

89

81

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

01/06/21

4,025,000

96

.64

4,176

3,969

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

10/12/22

9,000,000

96

.64

8,057

8,876

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

01/06/21

2,025,000

107

.29

2,173

2,050

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

08/12/21

3,830,000

99

.34

3,743

3,365

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

08/19/21

600,000

100

.00

600

573

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

08/19/21

600,000

100

.00

600

570

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

10/17/22

850,000

95

.39

811

868

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

12/05/22

1,100,000

99

.69

1,095

1,106

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

11/30/18

540,000

100

.00

540

540

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

282

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

$

$

$

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

11/30/18

895,000

100

.00

895

866

Red

Bridge

Public

Infrastructure

District

No.

1

General

Obligation

Limited

07/01/21

500,000

100

.00

500

377

Rockdale

County

Development

Authority

Revenue

Bonds

05/16/18

225,000

100

.45

226

214

Rolling

Oaks

Community

Development

District

Special

Assessment

10/24/18

200,000

100

.00

200

201

Rolling

Oaks

Community

Development

District

Special

Assessment

10/24/18

100,000

100

.00

100

102

Rolling

Oaks

Community

Development

District

Special

Assessment

11/09/22

150,000

99

.34

149

155

Rustic

Oaks

Community

Development

District

Special

Assessment

01/28/22

1,000,000

100

.00

1,000

781

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

Special

Assessment

01/28/22

1,000,000

100

.00

1,000

769

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

60,000

100

.00

60

52

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

25,000

100

.00

25

23

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

50,000

99

.16

50

40

Sandmine

Road

Community

Development

District

Special

Assessment

10/05/22

100,000

100

.00

100

103

Sarasota

National

Community

Development

District

Special

Assessment

03/26/21

200,000

99

.69

199

176

Sarasota

National

Community

Development

District

Special

Assessment

03/26/21

100,000

99

.77

100

97

Sawgrass

Village

Community

Development

District

Special

Assessment

06/22/23

200,000

99

.01

198

198

Scenic

Terrace

South

Community

Development

District

Special

Assessment

03/16/22

125,000

100

.00

125

113

Scenic

Terrace

South

Community

Development

District

Special

Assessment

03/16/22

230,000

100

.00

230

200

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

06/13/23

100,000

99

.27

99

100

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

07/01/21

235,000

96

.00

226

174

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

08/03/21

100,000

112

.36

112

71

Shell

Point

Community

Development

District

Special

Assessment

02/13/19

100,000

100

.00

100

101

Shell

Point

Community

Development

District

Special

Assessment

02/13/19

175,000

99

.64

174

173

Sherwood

Manor

Community

Development

District

Special

Assessment

09/13/18

200,000

98

.71

197

195

Somerset

Community

Development

District

Special

Assessment

04/06/22

1,000,000

100

.00

1,000

918

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

07/30/21

100,000

100

.00

100

101

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

03/30/22

425,000

97

.52

414

375

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

03/30/22

500,000

99

.11

496

449

Southern

Ohio

Port

Authority

Revenue

Bonds

09/24/20

1,575,000

88

.27

1,390

1,175

Southern

Ohio

Port

Authority

Revenue

Bonds

04/08/21

275,000

111

.36

306

235

Southshore

Bay

Community

Development

District

Special

Assessment

08/25/21

500,000

86

.98

435

424

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

07/27/17

140,000

100

.82

141

141

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

07/27/17

230,000

100

.93

232

231

Stamford

Housing

Authority

Revenue

Bonds

11/21/22

400,000

100

.00

400

421

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

12/04/15

1,970,000

101

.97

2,009

1,899

State

of

Ohio

Revenue

Bonds

11/14/19

275,000

106

.16

292

246

State

of

Ohio

Revenue

Bonds

12/05/19

110,000

108

.28

119

103

Stellar

North

Community

Development

District

Special

Assessment

11/10/21

890,000

100

.00

890

663

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

11/25/20

1,000,000

87

.41

1,000

806

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

03/01/23

100,000

98

.40

98

101

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

03/15/23

125,000

87

.41

94

101

Storey

Creek

Community

Development

District

Special

Assessment

06/29/22

75,000

100

.00

75

74

Storey

Creek

Community

Development

District

Special

Assessment

06/29/22

50,000

100

.00

50

50

Storey

Park

Community

Development

District

Special

Assessment

05/25/21

650,000

98

.87

643

504

Summer

Woods

Community

Development

District

Special

Assessment

10/05/21

75,000

102

.70

77

59

Taney

County

Industrial

Development

Authority

Revenue

Bonds

04/12/23

400,000

100

.00

400

394

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

1,000,000

98

.23

982

948

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

09/30/21

1,250,000

104

.10

1,301

981

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

09/30/21

250,000

99

.26

248

191

Tohoqua

Community

Development

District

Special

Assessment

03/05/21

100,000

100

.00

100

81

Tolomato

Community

Development

District

Special

Assessment

03/15/18

100,000

99

.30

99

102

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99

.27

99

91

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99

.41

99

95

Town

of

Argyle

Special

Assessment

01/24/18

145,000

100

.00

145

144

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

283

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Town

of

Lakewood

Village

Special

Assessment

08/12/22

175,000

100

.00

175

168

Town

of

Little

Elm

Special

Assessment

12/06/17

100,000

100

.34

100

97

Town

of

Little

Elm

Special

Assessment

11/07/18

727,000

100

.00

727

750

Town

of

Little

Elm

Special

Assessment

12/22/21

100,000

100

.00

100

80

Town

of

Little

Elm

Special

Assessment

12/22/21

100,000

99

.05

99

79

Town

of

Little

Elm

Special

Assessment

11/02/22

750,000

100

.00

750

784

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

.61

261

263

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

08/24/21

740,000

98

.58

730

632

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

09/16/21

160,000

99

.06

158

145

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

04/17/19

1,554,000

98

.31

1,528

1,449

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

02/03/23

3,000,000

90

.24

2,707

2,708

Two

Lakes

Community

Development

District

Special

Assessment

06/19/17

200,000

102

.43

205

191

Two

Rivers

East

Community

Development

District

Special

Assessment

05/19/23

275,000

98

.27

270

275

Two

Rivers

North

Community

Development

District

Special

Assessment

04/27/22

150,000

100

.00

150

145

Two

Rivers

West

Community

Development

District

Special

Assessment

11/30/22

150,000

100

.00

150

153

Two

Rivers

West

Community

Development

District

Special

Assessment

11/30/22

300,000

100

.00

300

306

UIPA

Crossroads

Public

Infrastructure

District

Revenue

Bonds

12/28/21

1,000,000

100

.00

1,000

880

Union

County

Improvement

Authority

Revenue

Bonds

10/23/19

1,100,000

84

.57

930

718

Union

Park

East

Community

Development

District

Special

Assessment

06/02/17

500,000

102

.70

514

503

Upper

Dauphin

Industrial

Development

Authority

Revenue

Bonds

07/27/22

380,000

100

.00

380

351

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

01/23/20

200,000

97

.13

194

177

Utah

Charter

School

Finance

Authority

Revenue

Bonds

11/17/21

450,000

100

.58

453

287

Utah

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

500,000

103

.83

519

448

Utah

Charter

School

Finance

Authority

Revenue

Bonds

06/16/22

500,000

100

.00

500

484

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

02/02/23

425,000

73

.38

312

279

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

03/01/23

200,000

68

.47

137

136

Varrea

South

Community

Development

District

Special

Assessment

04/21/23

125,000

99

.27

124

125

V-Dana

Community

Development

District

Special

Assessment

07/23/20

100,000

98

.35

98

79

V-Dana

Community

Development

District

Special

Assessment

04/01/21

500,000

99

.49

497

448

V-Dana

Community

Development

District

Special

Assessment

04/19/23

200,000

99

.27

199

201

V-Dana

Community

Development

District

Special

Assessment

04/19/23

100,000

99

.39

99

100

Ventana

Community

Development

District

Special

Assessment

03/01/18

500,000

97

.55

488

481

Ventana

Community

Development

District

Special

Assessment

03/01/18

500,000

98

.15

491

499

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

65,000

100

.00

65

52

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

55,000

101

.59

56

43

Verano

No.

1

Community

Development

District

Special

Assessment

05/04/17

100,000

98

.75

99

95

Verano

No.

1

Community

Development

District

Special

Assessment

05/30/17

100,000

100

.00

100

98

Verano

No.

4

Community

Development

District

Special

Assessment

03/22/23

75,000

100

.00

75

76

Verano

No.

4

Community

Development

District

Special

Assessment

03/22/23

75,000

99

.10

74

76

Vermont

Economic

Development

Authority

Revenue

Bonds

05/20/22

175,000

100

.00

175

175

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

400,000

91

.64

367

367

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

275,000

98

.20

270

269

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

05/04/18

1,375,000

100

.00

1,375

1,339

Village

Community

Development

District

No.

13

Special

Assessment

09/11/20

575,000

100

.00

575

430

Village

Community

Development

District

No.

13

Special

Assessment

09/11/20

260,000

100

.00

260

209

Village

Community

Development

District

No.

14

Special

Assessment

06/29/22

1,000,000

100

.00

1,000

1,029

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

400,000

100

.00

400

405

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

200,000

100

.31

201

203

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

01/12/22

75,000

103

.31

77

59

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

04/28/22

100,000

100

.00

100

96

Villamar

Community

Development

District

Special

Assessment

02/28/22

500,000

100

.00

500

400

Villamar

Community

Development

District

Special

Assessment

02/28/22

615,000

100

.00

615

483

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

12/15/20

1,000,000

104

.07

1,041

973

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

200,000

107

.61

215

149

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

150,000

108

.22

162

116

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/10/21

3,000,000

104

.85

3,146

2,349

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

284

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

$

$

$

Waterset

Central

Community

Development

District

Special

Assessment

05/01/18

150,000

100

.00

150

151

Waterset

Central

Community

Development

District

Special

Assessment

05/01/18

150,000

100

.00

150

146

Wellness

Ridge

Community

Development

District

Special

Assessment

03/31/23

125,000

99

.07

124

125

Wellness

Ridge

Community

Development

District

Special

Assessment

03/31/23

125,000

99

.62

125

126

West

Meadow

Metropolitan

District

General

Obligation

Limited

04/21/23

500,000

99

.23

496

515

West

Port

Community

Development

District

Special

Assessment

08/05/20

1,700,000

101

.83

1,731

1,341

West

Port

Community

Development

District

Special

Assessment

05/10/21

90,000

100

.00

90

70

West

Port

Community

Development

District

Special

Assessment

07/27/22

50,000

100

.00

50

48

West

Villages

Improvement

District

Revenue

Bonds

03/17/23

200,000

100

.00

200

202

West

Villages

Improvement

District

Revenue

Bonds

03/17/23

100,000

99

.10

99

101

West

Villages

Improvement

District

Special

Assessment

03/31/21

1,935,000

99

.34

1,922

1,530

West

Virginia

Economic

Development

Authority

Revenue

Bonds

07/12/23

335,000

98

.50

330

331

West

Virginia

Economic

Development

Authority

Revenue

Bonds

07/12/23

125,000

98

.50

123

124

Western

Regional

Off-Track

Betting

Corp.

Revenue

Bonds

08/27/21

115,000

98

.92

114

86

Westside

Community

Development

District

Special

Assessment

09/20/19

100,000

100

.00

100

91

Westside

Community

Development

District

Special

Assessment

09/20/19

100,000

99

.83

100

90

Westview

North

Community

Development

District

Special

Assessment

10/05/22

100,000

100

.00

100

102

Wildblue

Community

Development

District

Special

Assessment

05/23/19

125,000

100

.00

125

112

Wildblue

Community

Development

District

Special

Assessment

05/23/19

250,000

100

.28

251

212

Willows

Community

Development

District

Special

Assessment

09/21/22

100,000

99

.30

99

102

Wind

Meadows

South

Community

Development

District

Special

Assessment

04/26/23

125,000

100

.00

125

126

Windler

Public

Improvement

Authority

Revenue

Bonds

09/10/21

750,000

100

.00

750

458

Windler

Public

Improvement

Authority

Revenue

Bonds

09/10/21

600,000

82

.03

492

327

Winsome

Metropolitan

District

No.

3

General

Obligation

Limited

07/08/21

500,000

100

.00

500

414

Wyandotte

County

City

Unified

Government

Revenue

Bonds

04/03/23

5,000,000

39

.23

1,962

1,941

Zephyr

Lakes

Community

Development

District

Special

Assessment

06/17/21

50,000

100

.00

50

39

Zephyr

Lakes

Community

Development

District

Special

Assessment

06/17/21

50,000

104

.42

52

39

328,781

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

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

24,509

09/23

513

United

States

Treasury

Long

Bond

Futures

100

USD

12,444

09/23

182

United

States

Treasury

Ultra

Bond

Futures

75

USD

9,917

09/23

186

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

881

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Municipal

Bonds

Alabama

$

—

$

29,059

$

—

$

—

$

29,059

Alaska

—

2,088

—

—

2,088

Arizona

—

49,578

—

—

49,578

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

285

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Arkansas

—

8,700

—

—

8,700

California

—

147,521

—

—

147,521

Colorado

—

69,088

—

—

69,088

Connecticut

—

16,013

—

—

16,013

Delaware

—

1,097

—

—

1,097

District

of

Columbia

—

16,735

—

—

16,735

Florida

—

182,756

—

—

182,756

Georgia

—

27,021

—

—

27,021

Guam

—

14,024

—

—

14,024

Hawaii

—

4,711

—

—

4,711

Idaho

—

1,217

—

—

1,217

Illinois

—

159,782

—

—

159,782

Indiana

—

9,327

—

—

9,327

Iowa

—

14,645

—

—

14,645

Kansas

—

3,005

—

—

3,005

Kentucky

—

18,327

—

—

18,327

Louisiana

—

11,828

—

—

11,828

Maine

—

1,371

—

—

1,371

Maryland

—

28,239

—

—

28,239

Massachusetts

—

13,974

—

—

13,974

Michigan

—

33,964

—

—

33,964

Minnesota

—

10,451

—

—

10,451

Mississippi

—

5,294

—

—

5,294

Missouri

—

14,392

—

—

14,392

Montana

—

2,285

—

—

2,285

Nevada

—

4,483

—

—

4,483

New

Hampshire

—

5,007

—

—

5,007

New

Jersey

—

71,474

—

—

71,474

New

York

—

121,642

—

—

121,642

North

Carolina

—

13,212

—

—

13,212

North

Dakota

—

3,832

—

—

3,832

Ohio

—

75,465

—

—

75,465

Oklahoma

—

7,190

—

—

7,190

Oregon

—

9,760

—

—

9,760

Pennsylvania

—

83,764

—

—

83,764

Puerto

Rico

—

111,

306

60

—

111,

366

Rhode

Island

—

3,886

—

—

3,886

South

Carolina

—

12,701

—

—

12,701

South

Dakota

—

2,255

—

—

2,255

Tennessee

—

4,623

—

—

4,623

Texas

—

86,443

—

—

86,443

Utah

—

20,257

343

—

20,600

Vermont

—

2,791

—

—

2,791

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

286

Tax-Exempt

High

Yield

Bond

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Virgin

Islands

—

12,654

—

—

12,654

Virginia

—

27,911

—

—

27,911

Washington

—

23,617

—

—

23,617

West

Virginia

—

5,673

—

—

5,673

Wisconsin

—

37,145

—

—

37,145

Wyoming

—

903

—

—

903

Short-Term

Investments

—

—

—

35,401

35,401

Total

Investments

$

—

$

1,644,

486

$

403

$

35,401

$

1,680,

290

Other

Financial

Instruments

Assets

Futures

Contracts

881

—

—

—

881

Total

Other

Financial

Instruments

*

$

881

$

—

$

—

$

—

$

881

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

287

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Municipal

Bonds

-

96.3%

Alabama

-

2.7%

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

150

4.000

01/01/33

155

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

200

4.000

01/01/34

207

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

300

4.000

01/01/36

306

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

380

4.000

01/01/39

377

Alabama

Community

College

System

Enhancements

Fee

Revenue

Bonds

(µ)

750

4.000

09/01/37

757

Alabama

Federal

Aid

Highway

Finance

Authority

Revenue

Bonds

1,725

5.000

09/01/28

1,870

Alabama

Housing

Finance

Authority

Revenue

Bonds

(~)(Ê)

11,500

3.875

12/01/23

11,487

Alabama

Housing

Finance

Authority

Revenue

Bonds

(~)(Ê)

3,429

5.000

06/01/26

3,479

Bessemer

Governmental

Utility

Services

Corp.

Revenue

Bonds

(µ)

1,000

5.000

06/01/31

1,062

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

700

5.000

07/01/28

766

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

760

5.000

07/01/29

842

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

1,000

4.000

07/01/37

1,010

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

700

4.000

07/01/39

695

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

600

4.000

07/01/40

597

Black

Belt

Energy

Gas

District

Revenue

Bonds

2,315

5.000

06/01/25

2,357

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

4,725

4.000

12/01/49

4,703

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

1,865

4.000

06/01/51

1,835

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000

10/01/52

1,980

Black

Belt

Energy

Gas

District

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.350%)(ae)(Ê)

2,135

4.330

10/01/52

2,076

Black

Belt

Energy

Gas

District

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.650%)(Ê)

24,865

2.850

04/01/53

24,358

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

710

4.000

04/01/53

701

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.500

11/01/53

5,272

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.250

12/01/53

1,070

City

of

Birmingham

Special

Care

Facilities

Financing

Authority

Revenue

Bonds

2,000

5.000

06/01/32

2,052

City

of

Gadsden

General

Obligation

Unlimited

(µ)

1,690

5.000

08/01/27

1,805

City

of

Montgomery

General

Obligation

Unlimited

500

4.000

12/01/35

520

County

of

Jefferson

Sewer

Revenue

Bonds

8,290

6.000

10/01/42

8,726

County

of

Jefferson

Sewer

Revenue

Bonds

(µ)

725

5.500

10/01/53

739

County

of

Jefferson

Sewer

Revenue

Bonds

250

6.500

10/01/53

263

Health

Care

Authority

for

Baptist

Health

(The)

Revenue

Bonds

550

5.000

11/15/36

592

Houston

County

Health

Care

Authority

Revenue

Bonds

350

5.000

10/01/30

357

Limestone

County

Board

of

Education

Special

Tax

(µ)

1,000

5.000

11/01/30

1,004

Limestone

County

Board

of

Education

Special

Tax

(µ)

1,000

5.000

11/01/31

1,004

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

700

3.780

06/01/34

700

Montgomery

County

Public

Facilities

Authority

Revenue

Bonds

690

4.000

03/01/38

693

Montgomery

County

Public

Facilities

Authority

Revenue

Bonds

420

4.000

03/01/39

419

Montgomery

County

Public

Facilities

Authority

Revenue

Bonds

400

4.000

03/01/41

392

Phoenix

City

Board

of

Education

School

Warrants

Special

Tax

(µ)

2,140

4.000

08/01/39

2,128

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

210

2.250

11/01/27

125

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

550

2.375

11/01/28

313

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

1,590

4.000

11/01/37

739

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

1,670

4.000

11/01/38

774

Southeast

Alabama

Gas

Supply

District

Revenue

Bonds

1,760

4.000

06/01/24

1,758

Southeast

Alabama

Gas

Supply

District

Revenue

Bonds

(USD

1

Month

LIBOR

+

0.850%)(ae)(Ê)

2,000

1.155

06/01/49

2,002

Southeast

Energy

Authority

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

10,200

5.500

01/01/53

10,867

Southeast

Energy

Authority

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

835

5.000

05/01/53

861

State

of

Alabama

General

Obligation

Unlimited

5,000

3.000

08/01/26

4,964

Town

of

Pike

Road

General

Obligation

Limited

3,055

5.000

03/01/43

3,390

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

288

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Town

of

Pike

Road

General

Obligation

Limited

7,875

5.000

03/01/48

8,609

University

of

Alabama

(The)

Revenue

Bonds

(ae)

2,750

4.000

07/01/30

2,769

University

of

South

Alabama

Revenue

Bonds

(µ)

1,000

5.000

10/01/31

1,063

University

of

South

Alabama

Revenue

Bonds

(µ)

715

5.000

10/01/32

760

University

of

South

Alabama

Revenue

Bonds

(µ)

325

5.000

10/01/36

341

University

of

West

Alabama

Revenue

Bonds

(µ)

200

5.000

01/01/28

212

University

of

West

Alabama

Revenue

Bonds

(µ)

200

5.000

01/01/29

216

University

of

West

Alabama

Revenue

Bonds

(µ)

200

5.000

01/01/30

219

University

of

West

Alabama

Revenue

Bonds

(µ)

300

4.000

01/01/33

308

University

of

West

Alabama

Revenue

Bonds

(µ)

330

4.000

01/01/34

339

University

of

West

Alabama

Revenue

Bonds

(µ)

430

4.000

01/01/35

440

University

of

West

Alabama

Revenue

Bonds

(µ)

450

4.000

01/01/36

457

University

of

West

Alabama

Revenue

Bonds

(µ)

250

4.000

01/01/38

248

University

of

West

Alabama

Revenue

Bonds

(µ)

230

4.000

01/01/39

227

West

Jefferson

Industrial

Development

Board

Revenue

Bonds

(~)(Ê)

1,730

3.650

06/01/28

1,730

133,087

Alaska

-

0.3%

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

1,170

5.000

04/01/25

1,171

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

785

5.000

06/01/28

794

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

465

5.000

06/01/33

474

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

160

5.000

12/01/26

169

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

635

5.000

12/01/27

681

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

295

5.000

12/01/28

322

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

300

5.000

12/01/29

333

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

210

5.000

12/01/30

237

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

1,125

5.000

12/01/36

1,261

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

750

5.000

12/01/38

827

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

3,840

5.000

12/01/42

4,149

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

750

5.000

12/01/47

802

Municipality

of

Anchorage

General

Obligation

Unlimited

1,000

4.000

09/01/41

993

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

750

5.000

06/01/33

827

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

1,000

4.000

06/01/34

1,017

State

of

Alaska

International

Airports

System

Revenue

Bonds

1,375

4.000

10/01/32

1,446

15,503

Arizona

-

1.5%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.810%)

(Ê)

6,625

1.770

01/01/37

6,112

Arizona

Health

Facilities

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.250%)(Ê)

3,750

0.070

01/01/46

3,677

Arizona

Industrial

Development

Authority

Revenue

Bonds

250

2.650

07/01/26

238

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

490

5.000

05/01/27

343

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

270

5.000

05/01/28

189

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,180

5.000

11/01/28

1,261

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,250

4.500

07/15/29

1,210

Arizona

Industrial

Development

Authority

Revenue

Bonds

275

4.000

07/01/31

275

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

265

3.000

12/15/31

228

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

11/01/32

1,066

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,100

5.000

11/01/35

1,165

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,050

5.000

11/01/37

1,094

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

250

5.000

07/01/38

244

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,890

4.000

11/01/39

1,797

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

11/01/39

1,036

Arizona

Industrial

Development

Authority

Revenue

Bonds

800

4.000

11/01/40

754

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

289

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Arizona

Industrial

Development

Authority

Revenue

Bonds

225

4.000

07/01/41

203

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,500

4.000

07/01/42

1,335

Arizona

Industrial

Development

Authority

Revenue

Bonds

120

5.000

01/01/43

79

Arizona

Industrial

Development

Authority

Revenue

Bonds

225

5.000

11/01/44

231

Arizona

Industrial

Development

Authority

Revenue

Bonds

500

4.500

01/01/49

285

Arizona

Industrial

Development

Authority

Revenue

Bonds

275

5.000

01/01/54

167

Arizona

Transportation

Board

Revenue

Bonds

2,735

5.000

07/01/25

2,783

Arizona

Water

Infrastructure

Finance

Authority

Revenue

Bonds

1,500

5.000

10/01/26

1,529

City

of

Glendale

Excise

Tax

Revenue

Bonds

2,505

5.000

07/01/29

2,702

City

of

Glendale

Excise

Tax

Revenue

Bonds

2,025

5.000

07/01/32

2,168

City

of

Mesa

Utility

System

Revenue

Bonds

(µ)

1,000

5.000

07/01/34

1,144

City

of

Mesa

Utility

System

Revenue

Bonds

1,400

4.000

07/01/35

1,461

City

of

Mesa

Utility

System

Revenue

Bonds

(µ)

1,025

5.000

07/01/41

1,124

City

of

Mesa

Utility

System

Revenue

Bonds

2,500

5.000

07/01/43

2,687

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

275

5.000

07/01/45

288

Coconino

County

Pollution

Control

Corp.

(~)(ae)(Ê)

1,000

3.750

03/01/39

1,003

County

of

Pinal

Revenue

Bonds

1,775

5.000

08/01/25

1,808

Entertainment

Center

Community

Facilities

District

Revenue

Bonds

2,933

4.000

07/01/37

2,908

Festival

Ranch

Community

Facilities

District

General

Obligation

Unlimited

(µ)

850

4.000

07/15/36

852

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

1,000

5.125

11/15/29

988

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

795

5.000

04/01/34

868

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

675

4.000

04/01/40

644

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

500

6.750

11/15/42

505

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

50

4.000

02/15/41

43

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

850

5.000

09/01/30

919

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

3.000

07/01/31

87

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

09/01/31

1,081

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

925

5.000

09/01/32

999

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

800

5.000

09/01/33

863

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

5,000

5.000

01/01/35

5,253

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

426

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

560

5.000

01/01/53

584

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.000

01/01/38

1,979

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

325

5.000

07/01/29

349

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

250

5.000

07/01/30

267

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

675

4.000

07/01/36

693

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

440

4.000

07/01/37

448

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

500

4.000

07/01/38

506

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

530

4.000

07/01/39

533

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

560

4.000

07/01/40

561

Pinal

County

Elementary

School

District

No.

4

Casa

Grande

General

Obligation

Unlimited

(µ)

125

5.000

07/01/28

134

Pinal

County

Elementary

School

District

No.

4

Casa

Grande

General

Obligation

Unlimited

(µ)

215

5.000

07/01/29

229

Pinal

County

Elementary

School

District

No.

4

Casa

Grande

General

Obligation

Unlimited

(µ)

765

5.000

07/01/30

815

Salt

River

Project

Agricultural

Improvement

&

Power

District

Electrical

System

Revenue

Bonds

1,960

5.000

01/01/36

2,121

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

290

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Salt

Verde

Financial

Corp.

Revenue

Bonds

1,090

5.250

12/01/24

1,100

Salt

Verde

Financial

Corp.

Revenue

Bonds

1,200

5.000

12/01/37

1,254

Student

&

Academic

Services

LLC

Revenue

Bonds

(µ)

425

5.000

06/01/27

430

Student

&

Academic

Services

LLC

Revenue

Bonds

(µ)

390

5.000

06/01/28

395

Tempe

Industrial

Development

Authority

Revenue

Bonds

215

4.000

12/01/23

214

Yuma

&

La

Paz

Counties

Community

College

District

Revenue

Bonds

(µ)

350

4.000

07/01/35

363

71,699

Arkansas

-

0.2%

Arkansas

Development

Finance

Authority

Revenue

Bonds

190

4.000

07/01/26

187

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

182

Batesville

Public

Facilities

Board

Revenue

Bonds

140

5.000

06/01/24

141

Batesville

Public

Facilities

Board

Revenue

Bonds

165

5.000

06/01/25

167

Batesville

Public

Facilities

Board

Revenue

Bonds

230

5.000

06/01/26

236

Batesville

Public

Facilities

Board

Revenue

Bonds

225

5.000

06/01/27

234

City

of

Fort

Smith

Water

&

Sewer

Revenue

Bonds

3,500

5.000

10/01/31

3,788

City

of

Hot

Springs

Waterworks

Revenue

Bonds

(µ)

600

4.000

10/01/36

603

City

of

Hot

Springs

Waterworks

Revenue

Bonds

(µ)

600

4.000

10/01/37

602

County

of

Pulaski

Revenue

Bonds

1,000

5.000

03/01/29

1,052

County

of

Pulaski

Revenue

Bonds

1,000

5.000

03/01/41

1,079

Southern

Arkansas

University

Revenue

Bonds

(µ)

1,005

4.000

03/01/33

1,007

Southern

Arkansas

University

Revenue

Bonds

(µ)

860

4.000

03/01/36

862

University

of

Arkansas

Revenue

Bonds

1,000

5.000

11/01/47

1,044

University

of

Central

Arkansas

Revenue

Bonds

(µ)

400

3.250

11/01/33

391

University

of

Central

Arkansas

Revenue

Bonds

(µ)

325

5.000

11/01/36

340

12,183

California

-

8.0%

Alameda

Community

Facilities

District

Special

Tax

125

5.000

09/01/48

120

Banning

Unified

School

District

General

Obligation

Unlimited

(µ)

500

5.000

08/01/28

529

Bay

Area

Toll

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.300%)

(ae)(Ê)

1,750

4.280

04/01/56

1,700

Bay

Area

Toll

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.410%)

(ae)(Ê)

1,200

4.390

04/01/56

1,161

Beaumont

Financing

Authority

Special

Tax

995

5.000

09/01/45

1,003

Brea

Redevelopment

Agency

Tax

Allocation

600

5.000

08/01/32

650

Brentwood

Infrastructure

Financing

Authority

Special

Assessment

(µ)

995

5.000

09/02/29

1,013

Brentwood

Union

School

District

General

Obligation

Unlimited

200

5.000

08/01/32

214

Brentwood

Union

School

District

General

Obligation

Unlimited

250

5.000

08/01/33

267

Calexico

Unified

School

District

General

Obligation

Unlimited

(µ)

680

4.000

08/01/42

684

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

275

4.000

05/01/53

274

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,575

5.000

07/01/53

4,799

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

12,325

5.250

01/01/54

12,873

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

415

4.000

10/15/26

416

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

15

4.000

06/01/49

15

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

210

5.000

06/01/49

213

California

Educational

Facilities

Authority

Revenue

Bonds

200

5.000

10/01/27

217

California

Educational

Facilities

Authority

Revenue

Bonds

445

5.000

10/01/32

486

California

Educational

Facilities

Authority

Revenue

Bonds

800

5.000

10/01/35

859

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,265

5.000

02/01/27

1,343

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

875

2.125

11/15/27

851

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,350

5.000

02/01/28

1,436

California

Health

Facilities

Financing

Authority

Revenue

Bonds

365

5.000

08/15/32

381

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

291

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

Health

Facilities

Financing

Authority

Revenue

Bonds

600

5.000

08/15/33

623

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,600

5.000

08/15/35

1,655

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,100

5.000

08/15/42

1,114

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,620

5.000

10/01/44

1,632

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

135

5.000

11/01/27

143

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

295

5.000

11/01/32

316

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

400

5.000

11/01/33

427

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

675

4.000

05/01/39

672

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

245

4.000

05/01/40

242

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

225

5.000

05/15/40

228

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

295

4.000

05/01/41

291

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

495

5.000

11/01/44

510

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(~)(ae)(Ê)

2,750

1.200

12/01/50

2,376

California

Municipal

Finance

Authority

Certificate

of

Participation

(µ)

1,200

5.250

11/01/35

1,339

California

Municipal

Finance

Authority

Revenue

Bonds

100

5.000

10/01/26

103

California

Municipal

Finance

Authority

Revenue

Bonds

100

2.125

11/15/26

94

California

Municipal

Finance

Authority

Revenue

Bonds

690

5.000

08/15/27

744

California

Municipal

Finance

Authority

Revenue

Bonds

250

5.000

10/01/27

261

California

Municipal

Finance

Authority

Revenue

Bonds

100

2.750

11/15/27

95

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

10,735

California

Municipal

Finance

Authority

Revenue

Bonds

100

5.000

10/01/30

106

California

Municipal

Finance

Authority

Revenue

Bonds

350

5.000

01/01/31

385

California

Municipal

Finance

Authority

Revenue

Bonds

75

4.000

07/01/31

74

California

Municipal

Finance

Authority

Revenue

Bonds

800

5.000

08/15/32

868

California

Municipal

Finance

Authority

Revenue

Bonds

1,200

5.000

08/15/34

1,300

California

Municipal

Finance

Authority

Revenue

Bonds

(µ)

1,200

4.000

05/15/35

1,221

California

Municipal

Finance

Authority

Revenue

Bonds

250

4.000

07/01/41

221

California

Municipal

Finance

Authority

Revenue

Bonds

575

5.000

07/01/42

586

California

Public

Finance

Authority

Revenue

Bonds

360

4.000

10/15/28

363

California

Public

Finance

Authority

Revenue

Bonds

2,500

4.000

07/15/40

2,518

California

Public

Finance

Authority

Revenue

Bonds

(~)(Ê)

680

4.000

10/15/51

666

California

School

Finance

Authority

Revenue

Bonds

(Þ)

260

2.000

10/01/23

259

California

School

Finance

Authority

Revenue

Bonds

(Þ)

295

2.000

10/01/26

272

California

School

Finance

Authority

Revenue

Bonds

(Þ)

215

3.000

10/01/31

196

California

School

Finance

Authority

Revenue

Bonds

500

4.000

11/01/31

469

California

School

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/33

100

California

School

Finance

Authority

Revenue

Bonds

830

4.000

11/01/36

728

California

School

Finance

Authority

Revenue

Bonds

(Þ)

645

5.000

07/01/40

648

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

08/01/42

1,004

California

School

Finance

Authority

Revenue

Bonds

(Þ)

650

5.000

08/01/46

648

California

School

Finance

Authority

Revenue

Bonds

(Þ)

100

4.000

10/01/46

83

California

Statewide

Communities

Development

Authority

Revenue

Bonds

575

4.000

09/02/23

575

California

Statewide

Communities

Development

Authority

Revenue

Bonds

500

4.000

09/02/26

492

California

Statewide

Communities

Development

Authority

Revenue

Bonds

400

4.000

09/02/27

393

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

2,630

3.500

11/01/27

2,515

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

350

5.000

12/01/27

358

California

Statewide

Communities

Development

Authority

Revenue

Bonds

300

4.000

09/02/28

293

California

Statewide

Communities

Development

Authority

Revenue

Bonds

570

1.750

09/01/29

493

California

Statewide

Communities

Development

Authority

Revenue

Bonds

275

5.000

04/01/30

286

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

292

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

Statewide

Communities

Development

Authority

Revenue

Bonds

300

4.000

09/02/30

291

California

Statewide

Communities

Development

Authority

Revenue

Bonds

3,125

6.125

11/01/33

3,141

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(µ)

2,250

4.000

05/15/36

2,284

California

Statewide

Communities

Development

Authority

Revenue

Bonds

425

3.000

04/01/37

362

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(µ)

3,590

4.000

05/15/37

3,613

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(µ)

2,800

4.000

05/15/38

2,798

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(µ)

2,025

4.000

05/15/39

2,009

California

Statewide

Communities

Development

Authority

Revenue

Bonds

625

4.000

09/01/41

568

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.000

04/01/46

5,616

California

Statewide

Communities

Development

Authority

Revenue

Bonds

825

5.000

04/01/47

839

California

Statewide

Communities

Development

Authority

Special

Tax

1,965

5.000

09/01/42

1,992

California

Statewide

Financing

Authority

Revenue

Bonds

570

5.250

12/01/44

569

Chula

Vista

Community

Facilities

District

Special

Tax

880

4.000

09/01/36

858

Chula

Vista

Community

Facilities

District

Special

Tax

770

4.000

09/01/41

708

City

&

County

of

San

Francisco

Certificate

of

Participation

5,420

4.000

04/01/40

5,438

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

125

4.000

09/01/41

115

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

1

Tax

Allocation

(Þ)

375

5.000

09/01/32

397

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

1

Tax

Allocation

(Þ)

375

5.000

09/01/37

381

City

of

Beaumont

Special

Tax

600

5.000

09/01/43

613

City

of

Bell

General

Obligation

Unlimited

(µ)

500

3.375

08/01/33

500

City

of

Bell

General

Obligation

Unlimited

(µ)

500

3.375

08/01/34

498

City

of

Calimesa

Special

Tax

185

4.000

09/01/33

185

City

of

Clovis

Wastewater

Revenue

Bonds

(µ)

1,250

5.000

08/01/28

1,356

City

of

Fillmore

Special

Tax

920

5.000

09/01/38

951

City

of

Fillmore

Special

Tax

1,100

5.000

09/01/43

1,122

City

of

Lemoore

Water

Revenue

Bonds

(µ)

230

5.000

06/01/33

254

City

of

Lemoore

Water

Revenue

Bonds

(µ)

500

5.000

06/01/38

540

City

of

Lemoore

Water

Revenue

Bonds

(µ)

600

5.000

06/01/39

646

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

5,535

5.000

05/15/38

6,292

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

5,640

5.000

05/15/39

6,386

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

20,575

4.000

05/15/40

21,011

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

1,493

City

of

Roseville

Special

Tax

10

4.000

09/01/24

10

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

250

City

of

Roseville

Special

Tax

500

4.500

09/01/33

494

City

of

Roseville

Special

Tax

30

4.000

09/01/34

30

City

of

Roseville

Special

Tax

35

4.000

09/01/36

34

City

of

Roseville

Special

Tax

125

2.500

09/01/37

95

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

674

City

of

San

Mateo

Special

Tax

(µ)

2,930

5.250

09/01/35

3,289

City

of

Susanville

Natural

Gas

Revenue

Bonds

(µ)

735

4.000

06/01/32

758

City

of

Vernon

Electric

System

Revenue

Bonds

475

5.000

10/01/27

498

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

293

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Compton

Community

College

District

General

Obligation

Unlimited

(µ)(ae)

2,000

Zero

coupon

08/01/38

731

Compton

Unified

School

District

General

Obligation

Unlimited

(µ)

2,000

4.000

06/01/31

2,065

Compton

Unified

School

District

General

Obligation

Unlimited

(µ)

1,850

4.000

06/01/32

1,910

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

107

Corona

Community

Facilities

District

Special

Tax

180

5.250

09/01/33

196

Corona-Norco

Unified

School

District

General

Obligation

Unlimited

3,430

4.000

08/01/39

3,455

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

100

5.000

09/01/28

107

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

275

5.000

09/01/33

295

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

500

5.000

09/01/35

531

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

600

5.000

09/01/37

621

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

400

5.000

09/01/47

402

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,105

5.000

09/01/28

1,190

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

400

5.000

09/01/29

432

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

775

5.000

09/01/32

839

Dinuba

Redevelopment

Agency

Tax

Allocation

(µ)

590

5.000

09/01/33

605

Dixon

Unified

School

District

General

Obligation

Unlimited

(µ)

110

5.000

08/01/34

123

Fontana

Unified

School

District

General

Obligation

Unlimited

(µ)

1,500

2.375

08/01/44

1,071

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

3,690

5.000

06/01/28

3,999

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

1,175

5.000

06/01/31

1,303

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

750

5.000

06/01/33

832

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

4,550

5.000

06/01/34

5,046

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

(µ)(ae)

1,150

5.000

06/01/40

1,193

Grossmont-Cuyamaca

Community

College

District

General

Obligation

Unlimited

425

5.000

08/01/34

470

Grossmont-Cuyamaca

Community

College

District

General

Obligation

Unlimited

1,000

5.000

08/01/36

1,091

Grossmont-Cuyamaca

Community

College

District

General

Obligation

Unlimited

1,125

5.000

08/01/37

1,219

Hayward

Unified

School

District

General

Obligation

Unlimited

(µ)

2,000

4.000

08/01/42

1,990

Hercules

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

2,050

5.000

08/01/37

2,284

Hercules

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

635

5.000

08/01/42

692

Hollister

Joint

Powers

Financing

Authority

Wastewater

Revenue

Bonds

(µ)

1,000

5.000

06/01/36

1,065

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

760

5.000

08/15/29

836

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

410

5.000

08/15/30

451

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,845

5.000

08/15/31

2,032

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,625

5.000

08/15/32

1,788

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,100

5.000

08/15/33

1,210

Inglewood

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,000

5.000

05/01/33

1,070

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

400

5.000

08/01/30

434

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

790

5.000

08/01/31

851

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

345

5.000

08/01/32

368

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

500

5.000

08/01/33

532

Irvine

Facilities

Financing

Authority

Revenue

Bonds

1,850

5.250

05/01/48

1,929

Irvine

Unified

School

District

Special

Tax

60

5.000

09/01/30

64

Irvine

Unified

School

District

Special

Tax

50

5.000

09/01/32

53

Irvine

Unified

School

District

Special

Tax

60

5.000

09/01/34

64

Irvine

Unified

School

District

Special

Tax

75

5.000

09/01/36

79

Kern

Community

College

District

General

Obligation

Unlimited

1,000

5.250

08/01/35

1,200

Lake

Elsinore

School

Financing

Authority

Special

Tax

(µ)

750

5.000

10/01/34

839

Lake

Elsinore

School

Financing

Authority

Special

Tax

(µ)

1,490

5.000

10/01/35

1,655

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

294

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Lancaster

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,380

5.000

08/01/33

1,469

Long

Beach

Bond

Finance

Authority

Revenue

Bonds

1,000

5.000

11/15/24

1,009

Los

Angeles

Community

College

District

General

Obligation

Unlimited

1,890

4.000

08/01/37

1,918

Los

Angeles

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

630

3.750

12/01/46

631

Los

Angeles

County

Metropolitan

Transportation

Authority

Revenue

Bonds

1,200

5.000

07/01/38

1,287

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

565

2.769

08/01/31

425

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

500

2.943

08/01/32

361

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

685

3.113

08/01/33

473

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

630

3.256

08/01/34

415

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

785

3.381

08/01/35

494

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

990

3.478

08/01/36

590

Lynwood

Utility

Authority

Revenue

Bonds

(µ)

465

5.000

06/01/32

502

Madera

Development

Agency

Successor

Agency

Tax

Allocation

2,305

5.000

09/01/36

2,499

Madera

Unified

School

District

General

Obligation

Unlimited

1,250

4.000

08/01/44

1,250

Menifee

Union

School

District

Special

Tax

150

5.000

09/01/42

152

Metropolitan

Water

District

of

Southern

California

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.140%)(ae)(Ê)

6,650

0.210

07/01/37

6,653

Modesto

Irrigation

District

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.630%)(µ)(Ê)

2,500

0.744

09/01/37

2,366

Mountain

View-Whisman

School

District

General

Obligation

Unlimited

(ae)

2,000

4.000

09/01/42

2,072

Napa

Valley

Community

College

District

General

Obligation

Unlimited

4,000

Zero

coupon

08/01/31

4,107

Norman

Y.

Mineta

San

Jose

International

Airport

Revenue

Bonds

(µ)

2,505

4.000

03/01/34

2,661

Oakland

Unified

School

District

General

Obligation

Unlimited

(µ)

1,000

4.000

08/01/34

1,034

Oxnard

Financing

Authority

Revenue

Bonds

(µ)

775

5.000

06/01/34

784

Oxnard

School

District

General

Obligation

Unlimited

(µ)

810

5.250

08/01/28

849

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

350

5.000

10/01/29

382

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

185

5.000

10/01/30

201

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

390

5.000

10/01/31

424

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

405

5.000

10/01/32

440

Palomar

Health

General

Obligation

Unlimited

2,230

5.000

08/01/29

2,359

Paramount

Unified

School

District

General

Obligation

Unlimited

(µ)

1,355

2.845

08/01/34

903

Reef-Sunset

Unified

School

District

General

Obligation

Unlimited

(µ)

665

5.000

08/01/38

704

Rio

Vista

Public

Financing

Authority

Special

Tax

275

5.000

09/01/27

293

Rio

Vista

Public

Financing

Authority

Special

Tax

235

5.000

09/01/29

251

Ripon

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

415

4.000

11/01/35

428

River

Islands

Public

Financing

Authority

Special

Tax

(µ)

555

4.000

09/01/37

562

River

Islands

Public

Financing

Authority

Special

Tax

125

4.000

09/01/41

111

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

2,270

5.000

10/01/27

2,361

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

1,000

5.000

10/01/28

1,041

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

1,150

5.000

10/01/30

1,196

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

490

Zero

coupon

10/01/28

520

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

1,010

Zero

coupon

10/01/37

1,063

Riverside

County

Transportation

Commission

Revenue

Bonds

310

4.000

06/01/37

313

Riverside

County

Transportation

Commission

Revenue

Bonds

410

4.000

06/01/38

411

Riverside

County

Transportation

Commission

Revenue

Bonds

530

4.000

06/01/39

527

Riverside

County

Transportation

Commission

Revenue

Bonds

245

4.000

06/01/40

242

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

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

295

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Root

Creek

Water

District

Community

Facilities

District

No.

2016-1

Impt

Area

No.

2

Special

Tax

2,690

5.000

09/01/43

2,743

Sacramento

Airport

System

Revenue

Bonds

4,700

5.000

07/01/41

4,863

Sacramento

County

Water

Financing

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.550%)(µ)(Ê)

1,800

0.785

06/01/34

1,710

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

2,950

3.622

07/01/34

1,901

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

1,885

3.775

07/01/36

1,109

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

3,180

3.835

07/01/37

1,788

San

Diego

County

Regional

Airport

Authority

Revenue

Bonds

320

5.000

07/01/30

370

San

Diego

County

Regional

Airport

Authority

Revenue

Bonds

875

4.000

07/01/36

914

San

Diego

County

Regional

Airport

Authority

Revenue

Bonds

1,465

4.000

07/01/37

1,516

San

Diego

County

Regional

Airport

Authority

Revenue

Bonds

1,725

4.000

07/01/40

1,748

San

Diego

Unified

School

District

General

Obligation

Unlimited

1,000

6.625

07/01/41

921

San

Diego

Unified

School

District

General

Obligation

Unlimited

2,735

5.000

07/01/47

2,882

San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

10,000

5.000

05/01/43

11,245

San

Jacinto

Unified

School

District

Financing

Authority

Special

Tax

100

5.000

09/01/36

103

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

Bonds

4,140

5.250

01/15/49

4,211

San

Leandro

Unified

School

District

General

Obligation

Unlimited

(µ)

430

5.000

08/01/34

468

San

Leandro

Unified

School

District

General

Obligation

Unlimited

(µ)

800

4.000

08/01/39

806

San

Ysidro

School

District

Certificate

of

Participation

(µ)

1,175

5.000

09/01/28

1,226

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

525

5.000

08/01/31

568

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

780

5.000

08/01/33

842

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

1,275

5.000

08/01/34

1,376

Santa

Ana

College

Improvement

District

#1

Rancho

Santiago

Community

College

District

General

Obligation

Unlimited

500

4.000

08/01/31

520

Santa

Ana

College

Improvement

District

#1

Rancho

Santiago

Community

College

District

General

Obligation

Unlimited

500

4.000

08/01/32

519

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,000

5.000

04/01/29

1,093

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

830

5.000

04/01/31

907

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

650

5.000

04/01/32

710

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,360

5.000

04/01/33

1,485

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,425

5.000

04/01/34

1,560

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,500

5.000

04/01/35

1,636

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

2,120

5.000

04/01/36

2,300

Santa

Rosa

High

School

District

General

Obligation

Unlimited

(µ)

1,100

5.000

08/01/35

1,174

South

Orange

County

Public

Financing

Authority

Special

Assessment

1,500

5.000

08/15/28

1,610

South

Orange

County

Public

Financing

Authority

Special

Assessment

900

5.000

08/15/29

901

South

Orange

County

Public

Financing

Authority

Special

Assessment

(µ)

700

5.000

08/15/30

768

South

Orange

County

Public

Financing

Authority

Special

Assessment

(µ)

385

5.000

08/15/31

422

Southern

California

Public

Power

Authority

Revenue

Bonds

1,970

5.000

07/01/40

2,261

State

of

California

Department

of

Water

Resources

Revenue

Bonds

1,500

5.000

12/01/25

1,571

State

of

California

General

Obligation

Unlimited

1,250

5.000

04/01/24

1,265

State

of

California

General

Obligation

Unlimited

1,600

5.000

04/01/25

1,651

State

of

California

General

Obligation

Unlimited

7,095

5.000

11/01/25

7,121

State

of

California

General

Obligation

Unlimited

5,760

5.000

03/01/26

5,937

State

of

California

General

Obligation

Unlimited

2,350

5.000

04/01/26

2,475

State

of

California

General

Obligation

Unlimited

2,350

5.000

04/01/27

2,532

State

of

California

General

Obligation

Unlimited

2,575

5.000

10/01/27

2,723

State

of

California

General

Obligation

Unlimited

(µ)

5,000

5.000

09/01/35

5,315

State

of

California

General

Obligation

Unlimited

1,085

4.000

10/01/42

1,105

Stockton

Community

Facilities

District

Special

Tax

55

2.000

09/01/24

53

Stockton

Community

Facilities

District

Special

Tax

60

2.250

09/01/26

55

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

296

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Stockton

Community

Facilities

District

Special

Tax

60

2.375

09/01/28

54

Stockton

Community

Facilities

District

Special

Tax

70

2.750

09/01/31

62

Stockton

Community

Facilities

District

Special

Tax

70

3.000

09/01/33

63

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

44

Stockton

Community

Facilities

District

Special

Tax

155

3.125

09/01/37

130

Stockton

Community

Facilities

District

Special

Tax

130

3.125

09/01/39

106

Stockton

Community

Facilities

District

Special

Tax

155

3.250

09/01/41

124

Stockton

Public

Financing

Authority

Water

Revenue

Bonds

(µ)

1,565

5.000

10/01/30

1,733

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

130

5.000

06/01/26

136

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

175

5.000

06/01/27

186

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

130

5.000

06/01/28

141

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

255

5.000

06/01/29

280

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

255

5.000

06/01/32

281

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

130

5.000

06/01/34

142

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

65

5.000

06/01/35

71

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

130

5.000

06/01/36

140

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

130

5.000

06/01/39

138

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

175

4.000

06/01/49

174

Town

of

Tiburon

Special

Assessment

75

2.375

09/02/41

50

Town

of

Tiburon

Special

Assessment

150

2.500

09/02/46

96

Transbay

Joint

Powers

Authority

Tax

Allocation

170

5.000

10/01/28

182

Transbay

Joint

Powers

Authority

Tax

Allocation

80

5.000

10/01/29

87

Transbay

Joint

Powers

Authority

Tax

Allocation

65

5.000

10/01/30

71

Transbay

Joint

Powers

Authority

Tax

Allocation

140

5.000

10/01/31

152

Transbay

Joint

Powers

Authority

Tax

Allocation

120

5.000

10/01/33

130

Transbay

Joint

Powers

Authority

Tax

Allocation

85

5.000

10/01/35

91

Transbay

Joint

Powers

Authority

Tax

Allocation

685

5.000

10/01/36

728

Transbay

Joint

Powers

Authority

Tax

Allocation

120

5.000

10/01/37

127

Transbay

Joint

Powers

Authority

Tax

Allocation

120

5.000

10/01/38

126

Transbay

Joint

Powers

Authority

Tax

Allocation

120

5.000

10/01/39

126

Transbay

Joint

Powers

Authority

Tax

Allocation

130

5.000

10/01/40

136

University

of

California

Revenue

Bonds

13,295

5.500

05/15/40

16,127

University

of

California

Revenue

Bonds

9,000

5.000

05/15/41

9,413

Vista

Unified

School

District

General

Obligation

Unlimited

(µ)

3,455

5.250

08/01/41

3,946

Watereuse

Finance

Authority

Revenue

Bonds

1,230

5.500

05/01/36

1,247

West

Contra

Costa

Healthcare

District

Revenue

Bonds

1,070

4.000

07/01/33

1,112

West

Contra

Costa

Healthcare

District

Revenue

Bonds

1,170

4.000

07/01/35

1,208

West

Contra

Costa

Healthcare

District

Revenue

Bonds

1,265

4.000

07/01/37

1,282

West

Contra

Costa

Healthcare

District

Revenue

Bonds

1,370

4.000

07/01/39

1,375

West

Kern

Community

College

District

Certificate

of

Participation

(µ)

1,000

4.000

11/01/40

1,005

390,353

Colorado

-

2.3%

Adams

12

Five

Star

Schools

General

Obligation

Unlimited

3,500

5.000

12/15/30

3,707

Arapahoe

County

School

District

No.

5

Cherry

Creek

General

Obligation

Unlimited

2,250

2.300

12/15/28

2,085

Arapahoe

County

School

District

No.

6

Littleton

General

Obligation

Unlimited

1,500

5.500

12/01/43

1,646

Arkansas

River

Power

Authority

Revenue

Bonds

1,000

5.000

10/01/27

1,024

Arkansas

River

Power

Authority

Revenue

Bonds

1,200

5.000

10/01/28

1,241

Arkansas

River

Power

Authority

Revenue

Bonds

1,005

5.000

10/01/29

1,041

Arkansas

River

Power

Authority

Revenue

Bonds

1,000

5.000

10/01/30

1,036

Arkansas

River

Power

Authority

Revenue

Bonds

750

5.000

10/01/31

777

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

297

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Arkansas

River

Power

Authority

Revenue

Bonds

2,660

5.000

10/01/38

2,689

BNC

Metropolitan

District

No.

1

General

Obligation

Limited

(µ)

360

5.000

12/01/32

385

Boulder

Larimer

&

Weld

Counties

St

Vrain

Valley

School

District

General

Obligation

Unlimited

2,195

5.000

12/15/35

2,312

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

434

4.000

12/01/27

421

Buffalo

Ridge

Metropolitan

District

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/35

1,099

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,585

5.000

11/15/32

1,812

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,350

5.000

11/15/38

1,522

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,200

5.000

11/15/39

1,347

City

&

County

of

Denver

Airport

System

Revenue

Bonds

900

5.000

11/15/40

1,006

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,215

5.000

11/15/41

1,353

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,190

5.000

11/15/42

1,320

City

&

County

of

Denver

Dedicated

Excise

Tax

Revenue

Bonds

1,880

5.000

08/01/42

1,946

City

of

Grand

Junction

Revenue

Bonds

300

4.000

03/01/34

318

City

of

Grand

Junction

Revenue

Bonds

365

4.000

03/01/35

384

City

of

Grand

Junction

Revenue

Bonds

1,715

4.000

03/01/37

1,761

City

of

Grand

Junction

Revenue

Bonds

1,000

4.000

03/01/39

1,008

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

80

4.000

05/01/26

79

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

70

4.000

05/01/29

68

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

605

4.000

06/01/29

615

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

60

4.000

05/01/30

59

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

1,000

5.000

08/15/30

1,015

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

325

4.000

06/01/31

331

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

850

5.000

12/01/31

865

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

100

4.000

05/01/36

93

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

750

4.000

12/15/36

740

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

25

4.000

05/01/41

22

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

345

4.000

10/01/46

284

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

1,150

Zero

coupon

07/15/24

1,112

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,275

5.000

11/01/24

1,296

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

5.000

11/01/25

1,033

Colorado

Health

Facilities

Authority

Revenue

Bonds

750

2.125

05/15/28

680

Colorado

Health

Facilities

Authority

Revenue

Bonds

3,150

5.000

08/01/32

3,399

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,950

5.000

08/01/33

2,098

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,500

5.000

08/01/34

1,607

Colorado

Health

Facilities

Authority

Revenue

Bonds

6,740

5.000

08/01/35

7,174

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000

01/01/37

1,014

Colorado

Health

Facilities

Authority

Revenue

Bonds

855

5.000

08/01/37

897

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,100

5.250

11/01/38

1,195

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

5.250

11/01/39

1,079

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,100

5.500

11/01/47

1,176

Colorado

Health

Facilities

Authority

Revenue

Bonds

850

4.000

08/01/49

773

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,700

5.000

05/15/62

2,946

Colorado

Housing

&

Finance

Authority

Revenue

Bonds

1,200

4.250

11/01/49

1,197

Colorado

Mesa

University

Revenue

Bonds

2,260

5.000

05/15/31

2,513

Copperleaf

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

375

4.000

12/01/32

396

Copperleaf

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

275

4.000

12/01/33

289

Crystal

Valley

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

750

4.000

12/01/37

766

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

298

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Crystal

Valley

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

1,200

4.000

12/01/38

1,208

Denver

Health

&

Hospital

Authority

Certificate

of

Participation

730

5.000

12/01/23

732

Denver

Health

&

Hospital

Authority

Revenue

Bonds

120

5.000

12/01/30

126

Denver

Health

&

Hospital

Authority

Revenue

Bonds

1,450

5.000

12/01/31

1,527

Denver

Health

&

Hospital

Authority

Revenue

Bonds

475

5.000

12/01/32

501

Denver

Health

&

Hospital

Authority

Revenue

Bonds

500

5.000

12/01/33

525

Denver

Urban

Renewal

Authority

Tax

Allocation

(Þ)

1,210

5.250

12/01/39

1,220

E-470

Public

Highway

Authority

Revenue

Bonds

(µ)

4,040

Zero

coupon

09/01/28

3,376

E-470

Public

Highway

Authority

Revenue

Bonds

1,000

5.000

09/01/28

1,097

E-470

Public

Highway

Authority

Revenue

Bonds

(µ)

1,620

Zero

coupon

09/01/30

1,260

E-470

Public

Highway

Authority

Revenue

Bonds

155

5.000

09/01/34

175

E-470

Public

Highway

Authority

Revenue

Bonds

315

5.000

09/01/36

350

Eagle

County

School

District

No.

Re50J

Certificate

of

Participation

(µ)

975

4.000

12/01/36

1,000

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

1,250

5.000

12/01/32

1,265

Flying

Horse

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

250

4.000

12/01/37

254

Glen

Metropolitan

District

No.

2

General

Obligation

Unlimited

1,320

5.000

12/01/47

1,234

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

1,000

5.250

12/01/34

1,068

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

500

5.250

12/01/35

531

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

2,555

5.250

12/01/37

2,676

Jefferson

County

School

District

R-1

General

Obligation

Unlimited

1,150

4.000

12/15/37

1,180

Morgan

Hill

Metropolitan

District

No.

3

General

Obligation

Limited

485

3.000

12/01/31

397

Park

Creek

Metropolitan

District

Revenue

Bonds

1,000

5.000

12/01/26

1,034

Park

Creek

Metropolitan

District

Revenue

Bonds

(µ)

1,150

5.000

12/01/28

1,212

Park

Creek

Metropolitan

District

Revenue

Bonds

365

5.000

12/01/34

373

Park

Creek

Metropolitan

District

Revenue

Bonds

500

5.000

12/01/37

506

Poudre

Tech

Metropolitan

District

General

Obligation

Unlimited

(µ)

1,435

4.000

12/01/34

1,480

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

(Þ)

1,500

5.000

12/15/41

1,478

Public

Authority

for

Colorado

Energy

Revenue

Bonds

1,000

6.250

11/15/28

1,071

Regional

Transportation

District

Revenue

Bonds

500

5.000

01/15/28

530

Regional

Transportation

District

Revenue

Bonds

1,465

4.000

07/15/35

1,497

Regional

Transportation

District

Revenue

Bonds

750

4.000

07/15/36

759

Regional

Transportation

District

Revenue

Bonds

1,150

3.000

07/15/37

995

Sierra

Ridge

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

1,040

4.000

12/01/42

1,017

St.

Vrain

Lakes

Metropolitan

District

No.

2

General

Obligation

Unlimited

500

5.000

12/01/37

490

State

of

Colorado

Certificate

of

Participation

2,300

6.000

12/15/38

2,773

State

of

Colorado

Certificate

of

Participation

2,000

6.000

12/15/40

2,390

Vauxmont

Metropolitan

District

General

Obligation

Limited

(µ)

125

5.000

12/15/29

131

Vauxmont

Metropolitan

District

General

Obligation

Limited

(µ)

125

5.000

12/15/30

131

VDW

Metropolitan

District

No

2

General

Obligation

Limited

(µ)

885

4.000

12/01/45

846

Weld

County

School

District

No.

RE-4

General

Obligation

Unlimited

1,000

5.000

12/01/42

1,114

113,303

Connecticut

-

2.1%

City

of

Bridgeport

General

Obligation

Unlimited

1,345

5.000

08/15/27

1,452

City

of

Bridgeport

General

Obligation

Unlimited

(µ)

965

5.000

07/01/29

981

City

of

Bridgeport

General

Obligation

Unlimited

1,640

5.000

11/01/33

1,764

City

of

Bridgeport

General

Obligation

Unlimited

700

5.000

11/01/34

753

City

of

Bridgeport

General

Obligation

Unlimited

225

4.000

08/01/36

228

City

of

Bridgeport

General

Obligation

Unlimited

1,310

5.000

09/01/39

1,420

City

of

Bridgeport

General

Obligation

Unlimited

690

4.000

09/01/41

664

City

of

Hartford

General

Obligation

Unlimited

(µ)

250

5.000

07/01/25

259

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

299

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Hartford

General

Obligation

Unlimited

(µ)

2,205

5.000

07/01/31

2,293

City

of

Hartford

General

Obligation

Unlimited

(µ)

370

4.000

07/15/33

375

City

of

Hartford

General

Obligation

Unlimited

(µ)

180

4.000

07/01/34

183

City

of

New

Haven

General

Obligation

Unlimited

150

5.000

08/01/26

156

City

of

New

Haven

General

Obligation

Unlimited

300

5.000

08/01/27

316

City

of

New

Haven

General

Obligation

Unlimited

450

5.000

08/01/28

480

City

of

New

Haven

General

Obligation

Unlimited

275

5.500

08/01/29

302

City

of

New

Haven

General

Obligation

Unlimited

(µ)

450

5.000

02/01/30

499

City

of

New

Haven

General

Obligation

Unlimited

150

5.500

08/01/30

164

City

of

New

Haven

General

Obligation

Unlimited

(µ)

1,915

5.000

09/01/30

1,987

City

of

New

Haven

General

Obligation

Unlimited

200

5.500

08/01/31

218

City

of

New

Haven

General

Obligation

Unlimited

200

5.500

08/01/32

218

City

of

New

Haven

General

Obligation

Unlimited

100

5.500

08/01/33

109

City

of

New

Haven

General

Obligation

Unlimited

1,000

4.000

08/01/37

976

City

of

Waterbury

General

Obligation

Unlimited

700

5.000

02/01/28

765

City

of

Waterbury

General

Obligation

Unlimited

750

5.000

02/01/34

841

City

of

West

Haven

General

Obligation

Unlimited

1,070

5.000

11/01/23

1,074

City

of

West

Haven

General

Obligation

Unlimited

400

5.000

11/01/24

407

City

of

West

Haven

General

Obligation

Unlimited

400

5.000

11/01/25

414

City

of

West

Haven

General

Obligation

Unlimited

525

5.000

11/01/26

553

City

of

West

Haven

General

Obligation

Unlimited

435

5.000

11/01/27

466

Connecticut

Clean

Water

Fund

Revenue

Bonds

3,945

5.000

05/01/32

4,273

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

600

5.000

07/01/24

602

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000

07/01/26

1,001

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

5.000

01/01/30

98

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

2,650

1.100

07/01/33

2,544

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,025

5.000

07/01/40

1,122

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

500

4.000

07/01/41

412

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

5,115

2.050

07/01/42

5,115

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

5,000

2.800

07/01/48

4,895

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

400

1.800

07/01/49

393

County

of

Harris

Revenue

Bonds

(µ)

2,000

5.000

12/01/25

2,087

County

of

Harris

Revenue

Bonds

(µ)

1,765

5.000

12/01/26

1,880

Metropolitan

District

General

Obligation

Unlimited

(µ)

630

5.000

11/01/30

665

South

Central

Connecticut

Regional

Water

Authority

Revenue

Bonds

4,200

4.000

08/01/38

4,247

State

of

Connecticut

General

Obligation

Unlimited

675

5.000

06/15/27

727

State

of

Connecticut

General

Obligation

Unlimited

9,860

5.000

04/15/28

10,797

State

of

Connecticut

General

Obligation

Unlimited

245

5.000

06/15/28

269

State

of

Connecticut

General

Obligation

Unlimited

5,500

5.000

03/15/29

5,789

State

of

Connecticut

General

Obligation

Unlimited

275

5.000

06/15/29

302

State

of

Connecticut

General

Obligation

Unlimited

1,000

5.000

04/15/34

1,109

State

of

Connecticut

General

Obligation

Unlimited

4,975

4.000

04/15/37

5,041

State

of

Connecticut

Special

Tax

Revenue

Bonds

4,485

5.000

10/01/25

4,497

State

of

Connecticut

Special

Tax

Revenue

Bonds

1,275

4.000

05/01/36

1,325

State

of

Connecticut

Special

Tax

Revenue

Bonds

2,500

4.000

05/01/40

2,519

State

of

Connecticut

Special

Tax

Revenue

Bonds

3,000

5.250

07/01/40

3,430

State

of

Connecticut

Special

Tax

Revenue

Bonds

3,200

4.000

11/01/40

3,226

Town

of

Hamden

General

Obligation

Unlimited

(µ)

400

5.000

08/15/29

433

Town

of

North

Branford

General

Obligation

Unlimited

4,860

5.000

08/02/24

4,926

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

300

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Town

of

Stratford

General

Obligation

Unlimited

(µ)

1,970

4.000

01/01/38

1,970

University

of

Connecticut

Revenue

Bonds

(µ)

1,585

5.000

03/15/29

1,661

University

of

Connecticut

Revenue

Bonds

(µ)

665

5.000

04/15/29

729

University

of

Connecticut

Revenue

Bonds

(µ)

3,455

5.000

01/15/36

3,653

102,054

Delaware

-

0.3%

County

of

New

Castle

General

Obligation

Unlimited

5,000

5.000

10/01/26

5,205

Delaware

Municipal

Electric

Corp.

(The)

Revenue

Bonds

340

4.000

07/01/36

347

Delaware

Municipal

Electric

Corp.

(The)

Revenue

Bonds

(µ)

335

5.000

10/01/38

368

Delaware

State

Economic

Development

Authority

Revenue

Bonds

65

4.000

08/01/29

63

Delaware

State

Economic

Development

Authority

Revenue

Bonds

185

5.000

08/01/39

182

Delaware

State

Economic

Development

Authority

Revenue

Bonds

175

4.000

09/01/41

159

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

800

5.000

07/01/29

861

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

600

5.000

06/01/30

635

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

2,000

5.000

10/01/40

2,118

State

of

Delaware

General

Obligation

Unlimited

4,300

5.000

05/01/25

4,440

Town

of

Bridgeville

Special

Tax

75

4.000

07/01/24

75

Town

of

Bridgeville

Special

Tax

100

4.000

07/01/25

99

Town

of

Bridgeville

Special

Tax

100

4.000

07/01/26

99

Town

of

Bridgeville

Special

Tax

90

4.000

07/01/27

89

Town

of

Bridgeville

Special

Tax

385

4.000

07/01/30

377

15,117

District

of

Columbia

-

1.0%

District

of

Columbia

General

Obligation

Unlimited

3,635

5.000

06/01/38

3,675

District

of

Columbia

General

Obligation

Unlimited

2,000

5.000

06/01/42

2,097

District

of

Columbia

Housing

Finance

Agency

(~)(Ê)

1,850

5.000

12/01/26

1,892

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

4,500

5.000

12/01/26

4,602

District

of

Columbia

Revenue

Bonds

4,500

5.000

12/01/33

5,040

District

of

Columbia

Revenue

Bonds

5,750

5.000

12/01/34

6,430

District

of

Columbia

Revenue

Bonds

2,000

5.000

06/01/36

2,030

District

of

Columbia

Revenue

Bonds

125

5.000

07/01/37

127

District

of

Columbia

Revenue

Bonds

2,500

5.000

12/01/37

2,877

District

of

Columbia

Revenue

Bonds

1,905

5.000

06/01/40

1,839

District

of

Columbia

Revenue

Bonds

(Þ)

250

5.000

06/01/41

230

District

of

Columbia

Revenue

Bonds

2,185

4.000

03/01/45

2,147

District

of

Columbia

Water

&

Sewer

Authority

Revenue

Bonds

(~)(ae)(Ê)

425

3.000

10/01/57

416

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Bonds

2,555

5.000

10/01/26

2,709

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

150

5.000

10/01/31

162

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

150

5.000

10/01/33

161

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

455

5.000

10/01/35

485

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

1,500

Zero

coupon

10/01/37

790

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

150

5.000

10/01/37

158

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

150

5.000

10/01/38

158

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

790

5.000

10/01/39

829

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,805

4.000

10/01/49

1,702

Washington

Metropolitan

Area

Transit

Authority

Revenue

Bonds

1,030

4.000

07/15/34

1,094

Washington

Metropolitan

Area

Transit

Authority

Revenue

Bonds

5,000

5.000

07/15/35

5,642

Washington

Metropolitan

Area

Transit

Authority

Revenue

Bonds

600

5.000

07/15/37

675

47,967

Florida

-

6.3%

Abbott

Square

Community

Development

District

Special

Assessment

165

4.500

06/15/27

165

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

301

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Aberdeen

Community

Development

District

Special

Assessment

(µ)

1,000

3.250

05/01/36

919

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

100

2.350

05/01/26

94

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

185

3.000

05/01/31

163

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

500

3.250

05/01/41

380

Alachua

County

Health

Facilities

Authority

Revenue

Bonds

250

4.000

10/01/40

198

Arbors

Community

Development

District

Special

Assessment

(Þ)

120

4.500

05/01/30

120

Arbors

Community

Development

District

Special

Assessment

(Þ)

130

5.400

05/01/43

132

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,210

2.750

05/01/25

1,192

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,250

3.000

05/01/26

1,240

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,285

3.125

05/01/27

1,287

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,330

3.250

05/01/28

1,335

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,370

3.500

05/01/32

1,379

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

490

2.300

05/01/26

462

Astonia

Community

Development

District

Revenue

Bonds

(Þ)

250

4.350

06/15/30

250

Astonia

Community

Development

District

Special

Assessment

(Þ)

125

2.500

05/01/26

119

Astonia

Community

Development

District

Special

Assessment

(Þ)

250

3.000

05/01/31

223

Avalon

Park

West

Community

Development

District

Special

Assessment

(Þ)

200

4.700

05/01/32

201

Ave

Maria

Stewardship

Community

District

Special

Assessment

745

2.875

05/01/27

714

Ave

Maria

Stewardship

Community

District

Special

Assessment

(Þ)

225

3.000

05/01/27

215

Ave

Maria

Stewardship

Community

District

Special

Assessment

(µ)

2,225

2.750

05/01/33

2,123

Ave

Maria

Stewardship

Community

District

Special

Assessment

(Þ)

600

4.500

05/01/33

595

Ave

Maria

Stewardship

Community

District

Special

Assessment

(µ)

2,920

3.000

05/01/38

2,621

Avenir

Community

Development

District

Special

Assessment

150

4.500

05/01/30

149

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

170

3.100

11/01/31

151

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

(Þ)

95

2.375

05/01/26

90

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

(Þ)

250

2.875

05/01/31

219

Bannon

Lakes

Community

Development

District

Special

Assessment

50

3.300

05/01/32

45

Bauer

Drive

Community

Development

District

Special

Assessment

150

4.500

06/15/30

151

Bauer

Drive

Community

Development

District

Special

Assessment

405

5.375

06/15/43

409

Bauer

Drive

Community

Development

District

Special

Assessment

790

5.500

06/15/53

795

Berry

Bay

Community

Development

District

Special

Assessment

335

4.625

05/01/30

337

Black

Creek

Community

Development

District

Special

Assessment

250

5.125

06/15/32

253

Bonterra

Community

Development

District

Special

Assessment

195

2.750

05/01/24

194

Bonterra

Community

Development

District

Special

Assessment

215

3.250

05/01/27

209

Bonterra

Community

Development

District

Special

Assessment

220

3.400

05/01/28

214

Bonterra

Community

Development

District

Special

Assessment

720

3.625

05/01/31

703

Bonterra

Community

Development

District

Special

Assessment

655

4.000

05/01/37

633

Bridgewalk

Community

Development

District

Special

Assessment

(Þ)

135

2.500

06/15/27

125

Buena

Lago

Community

Development

District

Revenue

Bonds

255

4.500

05/01/32

251

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

120

4.500

01/01/35

109

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

100

4.000

07/01/41

81

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,000

5.250

12/01/43

947

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

500

5.250

12/01/58

452

Celebration

Community

Development

District

Special

Assessment

105

2.250

05/01/26

99

Celebration

Community

Development

District

Special

Assessment

115

2.750

05/01/31

99

Centre

Lake

Community

Development

District

Special

Assessment

(Þ)

260

2.750

05/01/31

227

Centre

Lake

Community

Development

District

Special

Assessment

(Þ)

1,000

3.000

05/01/42

750

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

120

3.500

11/01/27

117

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

408

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

302

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

130

4.000

05/01/31

128

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

650

4.000

11/01/33

637

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

1,036

4.000

05/01/37

929

CFM

Community

Development

District

Special

Assessment

185

2.400

05/01/26

175

CFM

Community

Development

District

Special

Assessment

125

2.875

05/01/31

109

Charles

Cove

Community

Development

District

Special

Assessment

200

2.400

05/01/26

189

Charles

Cove

Community

Development

District

Special

Assessment

280

3.000

05/01/31

246

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

220

5.000

07/01/29

226

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

230

5.000

07/01/30

235

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

240

5.000

07/01/31

245

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

255

5.000

07/01/32

260

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,450

4.000

07/01/37

1,299

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,000

4.000

07/01/42

847

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,625

4.000

07/01/48

1,302

City

of

Fort

Lauderdale

Water

&

Sewer

Revenue

Bonds

2,440

4.000

03/01/38

2,473

City

of

Miami

Beach

Parking

Revenue

Bonds

(µ)

1,755

5.000

09/01/33

1,789

City

of

Palmetto

Revenue

Bonds

210

4.250

06/01/27

209

City

of

Palmetto

Revenue

Bonds

400

5.000

06/01/32

414

City

of

Palmetto

Revenue

Bonds

300

5.125

06/01/42

301

City

of

St.

Petersburg

Public

Utility

Revenue

Bonds

1,000

5.000

10/01/49

1,069

City

of

Tallahassee

Revenue

Bonds

650

5.000

12/01/28

668

City

of

Tampa

Revenue

Bonds

720

5.000

07/01/32

778

City

of

Tampa

Revenue

Bonds

725

5.000

07/01/33

781

City

of

Tampa

Revenue

Bonds

1,325

4.000

07/01/38

1,299

City

of

West

Palm

Beach

Utility

System

Revenue

Bonds

1,800

5.000

10/01/42

1,890

Cityplace

Community

Development

District

Special

Assessment

(µ)

2,380

1.359

05/01/28

2,242

Cityplace

Community

Development

District

Special

Assessment

(µ)

3,000

0.630

05/01/33

2,955

Cobblestone

Community

Development

District

Special

Assessment

190

3.400

05/01/27

183

Cobblestone

Community

Development

District

Special

Assessment

(Þ)

235

3.800

05/01/32

217

Cobblestone

Community

Development

District

Special

Assessment

460

3.800

05/01/32

426

Coddington

Community

Development

District

Special

Assessment

(Þ)

230

4.200

05/01/27

228

Collier

County

Educational

Facilities

Authority

Revenue

Bonds

2,360

5.500

06/01/31

2,556

Connerton

East

Community

Development

District

Special

Assessment

(Þ)

695

4.250

06/15/30

697

Copper

Oaks

Community

Development

District

Special

Assessment

(Þ)

681

3.000

05/01/31

599

Copper

Oaks

Community

Development

District

Special

Assessment

(Þ)

770

3.000

05/01/35

626

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

170

2.400

05/01/26

161

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

100

4.500

05/01/27

100

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

245

2.800

05/01/31

213

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

170

5.100

05/01/32

172

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

105

5.300

05/01/32

106

Corkscrew

Crossing

Community

Development

District

Special

Assessment

250

4.125

05/01/28

248

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

15

3.750

11/01/23

15

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

155

4.500

11/01/28

155

Country

Greens

Community

Development

District

Special

Assessment

100

4.000

05/01/34

100

County

of

Broward

Tourist

Development

Tax

Revenue

Bonds

4,500

4.000

09/01/39

4,493

County

of

Miami-Dade

Aviation

Revenue

Bonds

1,600

4.000

10/01/35

1,644

County

of

Miami-Dade

Aviation

Revenue

Bonds

2,000

4.000

10/01/36

2,037

County

of

Miami-Dade

Aviation

Revenue

Bonds

2,250

4.000

10/01/37

2,272

County

of

Miami-Dade

Aviation

Revenue

Bonds

4,100

4.000

10/01/38

4,121

County

of

Miami-Dade

Aviation

Revenue

Bonds

1,900

4.000

10/01/40

1,869

County

of

Miami-Dade

General

Obligation

Unlimited

940

5.000

07/01/38

973

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

303

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

County

of

Miami-Dade

Revenue

Bonds

(µ)

4,310

3.233

10/01/35

2,496

County

of

Miami-Dade

Revenue

Bonds

1,865

5.000

04/01/48

2,003

County

of

Miami-Dade

Transit

System

Revenue

Bonds

2,535

5.000

07/01/43

2,775

County

of

Miami-Dade

Transit

System

Revenue

Bonds

12,015

5.000

07/01/44

13,115

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

Bonds

750

4.000

10/01/35

774

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

Bonds

1,250

4.000

10/01/38

1,263

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

Bonds

1,275

4.000

10/01/39

1,258

County

of

Osceola

Transportation

Revenue

Bonds

400

5.000

10/01/32

427

County

of

Osceola

Transportation

Revenue

Bonds

350

5.000

10/01/33

373

County

of

Osceola

Transportation

Revenue

Bonds

250

5.000

10/01/34

265

County

of

Osceola

Transportation

Revenue

Bonds

440

5.000

10/01/35

463

County

of

Osceola

Transportation

Revenue

Bonds

600

5.000

10/01/36

627

County

of

Osceola

Transportation

Revenue

Bonds

525

5.000

10/01/37

545

County

of

Osceola

Transportation

Revenue

Bonds

790

5.000

10/01/38

819

County

of

Pasco

Revenue

Bonds

(µ)

100

5.250

09/01/35

115

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

57

County

of

Pasco

Revenue

Bonds

(µ)

40

5.500

09/01/38

46

County

of

Pasco

Revenue

Bonds

(µ)

3,755

5.500

09/01/39

4,271

County

of

Pasco

Revenue

Bonds

(µ)

710

5.750

09/01/54

800

County

of

St.

Johns

Water

&

Sewer

Revenue

Bonds

5,500

5.000

06/01/47

6,067

Creek

Preserve

Community

Development

District

Special

Assessment

(Þ)

1,215

4.700

11/01/39

1,141

Cross

Creek

North

Community

Development

District

Special

Assessment

375

4.500

05/01/30

374

Crossings

Community

Development

District

Special

Assessment

(Þ)

1,745

5.000

05/01/42

1,689

Crystal

Cay

Community

Development

District

Special

Assessment

850

3.050

05/01/41

690

Cypress

Bay

West

Community

Development

District

Special

Assessment

(Þ)

140

4.625

05/01/30

140

Cypress

Bluff

Community

Development

District

Special

Assessment

800

3.625

05/01/40

648

Cypress

Mill

Community

Development

District

Special

Assessment

415

3.000

06/15/31

367

Cypress

Mill

Community

Development

District

Special

Assessment

635

5.000

05/01/43

643

Cypress

Shadows

Community

Development

District

Special

Assessment

(Þ)

108

5.000

11/01/32

111

Cypress

Shadows

Community

Development

District

Special

Assessment

(Þ)

292

5.000

11/01/37

293

Cypress

Shadows

Community

Development

District

Special

Assessment

(Þ)

347

5.000

11/01/42

336

Deer

Run

Community

Development

District

Special

Assessment

1,130

5.400

05/01/39

1,146

Deerbrook

Community

Development

District

Revenue

Bonds

(Þ)

345

4.375

05/01/30

343

DG

Farms

Community

Development

District

Special

Assessment

100

2.750

05/01/25

97

Downtown

Doral

South

Community

Development

District

Special

Assessment

(Þ)

105

3.875

12/15/23

105

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

30

2.375

05/01/26

28

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

60

3.000

05/01/32

52

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

15

3.000

05/01/25

15

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

60

3.625

05/01/31

55

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

20

3.875

11/01/23

20

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

340

4.375

11/01/29

340

East

Nassau

Stewardship

District

Special

Assessment

145

2.400

05/01/26

137

East

Nassau

Stewardship

District

Special

Assessment

240

3.000

05/01/31

211

Eden

Hills

Community

Development

District

Special

Assessment

50

3.250

05/01/27

48

Edgewater

East

Community

Development

District

Special

Assessment

30

2.500

05/01/26

28

Edgewater

East

Community

Development

District

Special

Assessment

120

3.000

05/01/27

112

Edgewater

East

Community

Development

District

Special

Assessment

100

3.100

05/01/31

88

Elevation

Pointe

Community

Development

District

Special

Assessment

(Þ)

205

3.900

05/01/27

201

Elevation

Pointe

Community

Development

District

Special

Assessment

(Þ)

250

4.125

05/01/32

239

Elevation

Pointe

Community

Development

District

Special

Assessment

(Þ)

1,105

4.400

05/01/32

1,069

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

304

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Enbrook

Community

Development

District

Special

Assessment

105

2.500

05/01/25

102

Entrada

Community

Development

District

Special

Assessment

(Þ)

370

2.625

05/01/31

316

Epperson

North

Community

Development

District

Special

Assessment

70

2.500

05/01/26

66

Epperson

North

Community

Development

District

Special

Assessment

(Þ)

305

2.450

11/01/26

286

Epperson

North

Community

Development

District

Special

Assessment

170

3.000

05/01/31

150

Epperson

North

Community

Development

District

Special

Assessment

(Þ)

295

3.100

11/01/31

260

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

360

5.000

08/15/31

381

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

420

5.000

08/15/32

443

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

355

5.000

08/15/33

374

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

275

5.000

08/15/34

289

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

375

5.000

08/15/35

392

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

1,540

5.000

08/15/36

1,597

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

160

5.000

08/15/38

164

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

475

5.000

08/15/40

484

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

100

3.250

11/01/25

98

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

170

4.000

11/01/40

148

Fishhawk

Ranch

Community

Development

District

Special

Assessment

(µ)

200

2.750

11/01/35

169

Florida

Development

Finance

Corp.

Revenue

Bonds

110

4.000

06/01/25

108

Florida

Development

Finance

Corp.

Revenue

Bonds

285

5.000

04/01/26

294

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

145

1.750

06/01/26

145

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

06/01/26

95

Florida

Development

Finance

Corp.

Revenue

Bonds

35

5.000

04/01/27

37

Florida

Development

Finance

Corp.

Revenue

Bonds

30

5.000

04/01/29

32

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

12/15/29

97

Florida

Development

Finance

Corp.

Revenue

Bonds

135

5.000

06/01/31

131

Florida

Development

Finance

Corp.

Revenue

Bonds

170

4.000

07/01/31

165

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

925

5.000

10/01/32

943

Florida

Development

Finance

Corp.

Revenue

Bonds

760

5.000

06/15/33

781

Florida

Development

Finance

Corp.

Revenue

Bonds

800

5.000

06/15/34

820

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

12/15/34

101

Florida

Development

Finance

Corp.

Revenue

Bonds

100

5.000

06/01/35

94

Florida

Development

Finance

Corp.

Revenue

Bonds

1,260

5.000

06/15/35

1,286

Florida

Development

Finance

Corp.

Revenue

Bonds

1,900

5.000

02/01/36

1,913

Florida

Development

Finance

Corp.

Revenue

Bonds

1,325

5.000

06/15/36

1,343

Florida

Development

Finance

Corp.

Revenue

Bonds

2,780

5.000

06/15/37

2,806

Florida

Development

Finance

Corp.

Revenue

Bonds

860

5.000

06/15/38

865

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

125

5.000

12/15/39

123

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

225

5.125

06/01/40

195

Florida

Governmental

Utility

Authority

Revenue

Bonds

(µ)

1,000

5.000

10/01/31

1,116

Florida

Governmental

Utility

Authority

Revenue

Bonds

(µ)

2,300

5.000

10/01/32

2,566

Florida

Governmental

Utility

Authority

Revenue

Bonds

(µ)

1,600

5.000

10/01/33

1,783

Florida

Governmental

Utility

Authority

Revenue

Bonds

(µ)

1,000

4.000

10/01/35

1,033

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

800

4.500

06/01/33

774

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

150

4.750

06/01/38

140

Florida

Insurance

Assistance

Revenue

Bonds

1,780

5.000

09/01/25

1,822

Florida

Insurance

Assistance

Revenue

Bonds

1,115

5.000

09/01/26

1,159

Florida

Insurance

Assistance

Revenue

Bonds

915

5.000

09/01/27

960

Florida

Municipal

Power

Agency

Revenue

Bonds

4,720

5.000

10/01/28

4,952

Florida

Municipal

Power

Agency

Revenue

Bonds

400

3.000

10/01/32

380

Flow

Way

Community

Development

District

Special

Assessment

210

4.000

11/01/28

207

Flow

Way

Community

Development

District

Special

Assessment

200

4.875

11/01/37

198

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

305

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Flow

Way

Community

Development

District

Special

Assessment

100

5.000

11/01/38

100

Forest

Brooke

Community

Development

District

Special

Assessment

50

3.000

11/01/23

50

Forest

Brooke

Community

Development

District

Special

Assessment

50

3.000

11/01/24

49

Forest

Brooke

Community

Development

District

Special

Assessment

105

3.000

11/01/25

101

Forest

Brooke

Community

Development

District

Special

Assessment

105

3.000

11/01/26

100

Forest

Brooke

Community

Development

District

Special

Assessment

110

3.000

11/01/27

105

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

808

Golden

Lakes

Community

Development

District

Special

Assessment

(µ)

80

3.500

05/01/24

79

Golden

Lakes

Community

Development

District

Special

Assessment

(µ)

510

4.250

05/01/32

527

Gracewater

Sarasota

Community

Development

District

Special

Assessment

(Þ)

355

2.400

05/01/26

336

Grand

Oaks

Community

Development

District

Special

Assessment

(Þ)

150

2.625

11/01/26

141

Grande

Pines

Community

Development

District

Special

Assessment

800

3.200

05/01/31

714

Grove

Resort

Community

Development

District

Special

Assessment

(Þ)

120

2.950

05/01/27

112

Hammock

Oaks

Community

Development

District

Special

Assessment

(Þ)

195

4.875

05/01/30

196

Harbor

Bay

Community

Development

District

Special

Assessment

880

3.300

05/01/29

827

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

65

4.125

05/01/24

65

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

420

4.750

05/01/29

427

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

200

4.125

05/01/30

200

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

620

5.100

05/01/38

628

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

635

5.000

05/01/43

628

Heritage

Harbor

North

Community

Development

District

Special

Assessment

100

5.000

05/01/34

102

Hillcrest

Community

Development

District

Special

Assessment

300

4.000

11/01/28

296

Hillcrest

Community

Development

District

Special

Assessment

300

4.500

11/01/38

282

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

95

3.000

05/01/25

93

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

140

3.500

05/01/31

128

Hillsborough

County

Aviation

Authority

Revenue

Bonds

1,000

4.000

10/01/37

1,026

Hillsborough

County

Aviation

Authority

Revenue

Bonds

1,000

4.000

10/01/42

1,003

Hillsborough

County

Aviation

Authority

Revenue

Bonds

7,500

5.000

10/01/47

8,129

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

11,900

4.000

08/01/45

10,978

Hilltop

Point

Community

Development

District

Special

Assessment

320

5.100

05/01/32

318

Hyde

Park

Community

Development

District

No.

1

Special

Assessment

500

3.600

05/01/32

454

Hyde

Park

Community

Development

District

No.

2

Special

Assessment

345

3.250

05/01/27

330

Julington

Creek

Plantation

Community

Development

District

Special

Assessment

(µ)

1,035

5.000

05/01/32

1,151

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

345

4.000

05/01/28

341

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

100

2.750

05/01/31

86

Kindred

Community

Development

District

II

Special

Assessment

165

2.200

05/01/26

155

Kindred

Community

Development

District

II

Special

Assessment

135

2.700

05/01/31

117

Kingman

Gate

Community

Development

District

Special

Assessment

(Þ)

125

2.500

06/15/26

119

Kingman

Gate

Community

Development

District

Special

Assessment

(Þ)

250

3.125

06/15/31

231

Lake

Emma

Community

Development

District

Special

Assessment

125

4.500

05/01/30

125

Lakeshore

Ranch

Community

Development

District

Special

Assessment

370

3.000

05/01/25

358

Lakeshore

Ranch

Community

Development

District

Special

Assessment

380

3.000

05/01/26

365

Lakeshore

Ranch

Community

Development

District

Special

Assessment

390

3.000

05/01/27

373

Lakeshore

Ranch

Community

Development

District

Special

Assessment

405

3.000

05/01/28

386

Lakeshore

Ranch

Community

Development

District

Special

Assessment

415

3.000

05/01/29

395

Lakeshore

Ranch

Community

Development

District

Special

Assessment

2,675

3.000

05/01/35

2,395

Lakewood

Park

Community

Development

District

Special

Assessment

190

4.750

05/01/30

191

Lakewood

Ranch

Stewardship

District

Special

Assessment

325

2.125

05/01/26

305

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

140

2.125

05/01/26

131

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

306

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

550

2.000

05/01/27

512

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

585

2.000

05/01/30

512

Lakewood

Ranch

Stewardship

District

Special

Assessment

310

3.125

05/01/30

280

Lakewood

Ranch

Stewardship

District

Special

Assessment

100

3.200

05/01/30

91

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

260

2.625

05/01/31

222

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

410

2.700

05/01/31

354

Laurel

Road

Community

Development

District

Special

Assessment

265

2.600

05/01/26

251

Laurel

Road

Community

Development

District

Special

Assessment

950

3.125

05/01/31

842

Lee

Memorial

Health

System

Revenue

Bonds

(~)(ae)(Ê)

2,300

5.000

04/01/33

2,363

LT

Ranch

Community

Development

District

Special

Assessment

135

5.200

05/01/27

136

Lucerne

Park

Community

Development

District

Special

Assessment

1,025

4.625

05/01/39

968

Mangrove

Point

&

Mangrove

Manor

Community

Development

District

Special

Assessment

(Þ)

240

3.800

05/01/27

235

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

520

4.750

11/01/29

527

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

465

2.400

05/01/26

440

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

205

3.000

05/01/31

180

Mediterranea

Community

Development

District

Special

Assessment

260

4.250

05/01/29

259

Mediterranea

Community

Development

District

Special

Assessment

1,130

4.750

05/01/37

1,098

Merrick

Square

Community

Development

District

Special

Assessment

(Þ)

200

4.500

05/01/30

200

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

500

4.000

11/15/41

466

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

1,806

Mitchell

Ranch

Community

Development

District

Special

Assessment

475

3.375

12/15/30

439

Naples

Reserve

Community

Development

District

Special

Assessment

(Þ)

535

4.625

11/01/29

539

North

Dade

Community

Development

District

Special

Assessment

88

3.500

05/01/24

88

North

Dade

Community

Development

District

Special

Assessment

92

3.500

05/01/25

90

North

Dade

Community

Development

District

Special

Assessment

96

3.500

05/01/26

93

North

Dade

Community

Development

District

Special

Assessment

100

3.500

05/01/27

96

North

Dade

Community

Development

District

Special

Assessment

99

3.500

05/01/28

95

North

Dade

Community

Development

District

Special

Assessment

327

3.750

05/01/31

316

North

Dade

Community

Development

District

Special

Assessment

824

4.000

05/01/38

773

North

Springs

Improvement

District

General

Obligation

Unlimited

(µ)

2,000

4.000

05/01/41

2,008

North

Sumter

County

Utility

Dependent

District

Revenue

Bonds

575

5.000

10/01/31

652

North

Sumter

County

Utility

Dependent

District

Revenue

Bonds

3,725

5.000

10/01/43

4,026

Orange

County

Convention

Center

Revenue

Bonds

3,605

5.000

10/01/31

3,804

Orlando

Utilities

Commission

Revenue

Bonds

(~)(Ê)

575

1.250

10/01/46

494

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

150

4.000

06/01/26

146

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

100

4.000

05/15/30

87

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

625

4.000

06/01/31

578

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

1,105

4.000

05/15/36

847

Palm

Coast

Park

Community

Development

District

Special

Assessment

120

2.400

05/01/26

114

Palm

Coast

Park

Community

Development

District

Special

Assessment

200

4.700

05/01/33

200

Palm

Glades

Community

Development

District

Special

Assessment

750

4.000

11/01/33

752

Park

East

Community

Development

District

Special

Assessment

(Þ)

370

2.400

11/01/26

341

Parker

Road

Community

Development

District

Special

Assessment

120

3.100

05/01/25

117

Parker

Road

Community

Development

District

Special

Assessment

255

3.375

05/01/30

234

Parkview

at

Long

Lake

Ranch

Community

Development

District

Special

Assessment

265

2.500

05/01/25

256

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

95

3.500

05/01/25

93

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

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

307

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

110

4.000

05/01/28

111

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

455

4.000

05/01/25

454

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

495

4.000

05/01/27

497

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

375

4.500

05/01/31

381

Pine

Isle

Community

Development

District

Special

Assessment

(Þ)

250

2.375

12/15/26

235

Pine

Isle

Community

Development

District

Special

Assessment

115

4.500

06/15/30

116

Pine

Isle

Community

Development

District

Special

Assessment

(Þ)

100

3.000

12/15/31

91

Pine

Isle

Community

Development

District

Special

Assessment

525

5.375

06/15/43

538

Pine

Isle

Community

Development

District

Special

Assessment

815

5.500

06/15/53

830

Portico

Community

Development

District

Special

Assessment

25

3.250

05/01/31

22

Preston

Cove

Community

Development

District

Special

Assessment

200

3.250

05/01/27

191

Preston

Cove

Community

Development

District

Special

Assessment

335

3.600

05/01/32

304

Preston

Cove

Community

Development

District

Special

Assessment

1,800

4.125

05/01/52

1,439

Ranches

at

Lake

McLeod

Community

Development

District

Revenue

Bonds

175

4.625

06/15/30

175

Reunion

East

Community

Development

District

Special

Assessment

415

2.400

05/01/26

394

Reunion

East

Community

Development

District

Special

Assessment

700

2.850

05/01/31

618

Reunion

West

Community

Development

District

Special

Assessment

100

2.600

05/01/27

95

Reunion

West

Community

Development

District

Special

Assessment

405

3.000

05/01/28

382

Reunion

West

Community

Development

District

Special

Assessment

400

3.000

05/01/29

372

Reunion

West

Community

Development

District

Special

Assessment

400

3.000

05/01/30

364

Reunion

West

Community

Development

District

Special

Assessment

435

3.000

05/01/31

390

Reunion

West

Community

Development

District

Special

Assessment

450

3.000

05/01/36

376

Ridge

at

Apopka

Community

Development

District

Special

Assessment

500

5.000

05/01/32

499

River

Glen

Community

Development

District

Special

Assessment

151

2.500

05/01/29

137

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

664

River

Glen

Community

Development

District

Special

Assessment

509

3.000

05/01/34

453

River

Glen

Community

Development

District

Special

Assessment

750

3.000

05/01/36

599

River

Glen

Community

Development

District

Special

Assessment

685

3.000

05/01/38

545

River

Landing

Community

Development

District

Special

Assessment

850

4.125

05/01/40

749

Rivers

Edge

III

Community

Development

District

Special

Assessment

(Þ)

160

2.400

05/01/26

151

Rivers

Edge

III

Community

Development

District

Special

Assessment

(Þ)

300

3.000

05/01/31

265

Rivington

Community

Development

District

Special

Assessment

285

3.250

05/01/27

273

Rivington

Community

Development

District

Special

Assessment

430

3.625

05/01/32

391

Rolling

Hills

Community

Development

District

Special

Assessment

360

3.400

05/01/32

322

Rolling

Hills

Community

Development

District

Special

Assessment

400

3.650

05/01/32

363

Rolling

Hills

Community

Development

District

Special

Assessment

485

3.750

05/01/42

388

Rye

Crossing

Community

Development

District

Special

Assessment

205

4.125

05/01/30

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

149

Sanctuary

Cove

Community

Development

District

Special

Assessment

70

2.125

05/01/26

66

Sanctuary

Cove

Community

Development

District

Special

Assessment

190

2.625

05/01/31

163

Sanctuary

Cove

Community

Development

District

Special

Assessment

400

3.125

05/01/41

296

Sanctuary

Cove

Community

Development

District

Special

Assessment

770

4.000

05/01/52

602

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

245

2.300

11/01/26

230

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

100

5.000

11/01/29

101

Sarasota

National

Community

Development

District

Special

Assessment

135

3.400

05/01/31

124

Sarasota

National

Community

Development

District

Special

Assessment

1,495

3.500

05/01/31

1,366

Sarasota

National

Community

Development

District

Special

Assessment

(Þ)

125

3.625

05/01/31

118

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

308

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Sarasota

National

Community

Development

District

Special

Assessment

2,200

4.000

05/01/39

1,921

Savanna

Lakes

Community

Development

District

Special

Assessment

(Þ)

200

4.250

06/15/30

199

Sawgrass

Village

Community

Development

District

Special

Assessment

(Þ)

115

4.875

05/01/30

115

Sawgrass

Village

Community

Development

District

Special

Assessment

(Þ)

240

5.500

05/01/43

238

Sawyers

Landing

Community

Development

District

Special

Assessment

(Þ)

295

3.250

05/01/26

280

Scenic

Terrace

South

Community

Development

District

Special

Assessment

(Þ)

75

3.750

05/01/27

73

School

Board

of

Miami-Dade

County

(The)

Certificate

of

Participation

5,000

5.000

05/01/31

5,120

School

District

of

Broward

County

General

Obligation

Limited

885

5.000

07/01/39

980

School

District

of

Broward

County

General

Obligation

Limited

590

5.000

07/01/40

651

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

(Þ)

250

4.625

06/15/30

251

Sedona

Point

Community

Development

District

Special

Assessment

300

4.125

06/15/30

298

Seminole

Improvement

District

Revenue

Bonds

350

4.400

10/01/27

348

Seminole

Improvement

District

Revenue

Bonds

350

5.000

10/01/32

351

Seminole

Improvement

District

Revenue

Bonds

500

5.300

10/01/37

503

Seminole

Palms

Community

Development

District

Special

Assessment

330

4.750

05/01/30

330

Sherwood

Manor

Community

Development

District

Special

Assessment

(Þ)

550

4.625

11/01/29

554

Shingle

Creek

at

Bronson

Community

Development

District

Special

Assessment

150

2.500

06/15/26

142

Siena

North

Community

Development

District

Special

Assessment

(Þ)

110

2.875

06/15/27

104

Silver

Palms

West

Community

Development

District

Special

Assessment

335

2.600

06/15/27

308

Silverlake

Community

Development

District

Special

Assessment

200

4.500

05/01/30

201

Six

Mile

Creek

Community

Development

District

Special

Assessment

495

4.750

05/01/30

495

Somerset

Community

Development

District

Special

Assessment

(Þ)

200

4.000

05/01/24

199

Somerset

Community

Development

District

Special

Assessment

(Þ)

215

4.000

05/01/25

214

Somerset

Community

Development

District

Special

Assessment

(Þ)

600

4.000

05/01/26

594

Somerset

Community

Development

District

Special

Assessment

(Þ)

625

4.000

05/01/27

616

Somerset

Community

Development

District

Special

Assessment

(Þ)

260

4.000

05/01/32

247

Sorrento

Pines

Community

Development

District

Revenue

Bonds

200

4.375

05/01/30

199

South

Fork

East

Community

Development

District

Special

Assessment

100

3.000

05/01/25

98

South

Fork

East

Community

Development

District

Special

Assessment

258

3.000

05/01/31

235

South

Fork

East

Community

Development

District

Special

Assessment

1,990

4.125

05/01/36

1,910

South

Fork

East

Community

Development

District

Special

Assessment

597

3.000

05/01/38

478

South

Kendall

Community

Development

District

Special

Assessment

230

4.000

11/01/31

225

South

Village

Community

Development

District

Special

Assessment

415

3.500

05/01/32

406

South

Village

Community

Development

District

Special

Assessment

230

3.750

05/01/38

214

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

60

2.875

05/01/24

59

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

115

2.400

05/01/26

109

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

745

2.800

05/01/31

646

Stonegate

Community

Development

District

Special

Assessment

195

3.000

05/01/24

193

Stonegate

Community

Development

District

Special

Assessment

205

3.000

05/01/25

198

Stonegate

Community

Development

District

Special

Assessment

210

3.000

05/01/26

200

Stonegate

Community

Development

District

Special

Assessment

215

3.000

05/01/27

204

Stonegate

Community

Development

District

Special

Assessment

225

3.000

05/01/28

212

Stonegate

Community

Development

District

Special

Assessment

230

3.000

05/01/29

215

Stonegate

Community

Development

District

Special

Assessment

1,270

3.000

05/01/34

1,129

Stonegate

Community

Development

District

Special

Assessment

1,465

3.000

05/01/39

1,155

Stonewater

Community

Development

District

Special

Assessment

(Þ)

220

2.250

11/01/26

205

Stoneybrook

Community

Development

District

Special

Assessment

470

3.500

05/01/32

475

Stoneybrook

Community

Development

District

Special

Assessment

1,230

4.125

05/01/42

1,240

Stoneybrook

North

Community

Development

District

Special

Assessment

265

5.500

11/01/29

269

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

(Þ)

235

4.500

06/15/30

236

Storey

Drive

Community

Development

District

Special

Assessment

(Þ)

160

2.550

06/15/27

149

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

309

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Summer

Woods

Community

Development

District

Special

Assessment

(Þ)

150

2.500

05/01/26

142

Summerstone

Community

Development

District

Special

Assessment

(Þ)

180

2.200

05/01/26

170

Sunbridge

Stewardship

District

Special

Assessment

500

5.200

05/01/42

488

Sweetwater

Creek

Community

Development

District

Special

Assessment

(µ)

375

2.250

05/01/27

349

Tampa

Bay

Water

Revenue

Bonds

1,545

5.000

10/01/41

1,722

Tampa-Hillsborough

County

Expressway

Authority

Revenue

Bonds

4,210

5.000

07/01/48

4,374

Tern

Bay

Community

Development

District

Special

Assessment

815

3.125

06/15/27

770

Terreno

Community

Development

District

Special

Assessment

375

4.250

05/01/30

372

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

90

4.125

11/01/24

90

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

400

4.625

11/01/29

403

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

535

5.000

11/01/38

534

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

265

2.500

06/15/25

256

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

650

3.000

06/15/30

582

Tohoqua

Community

Development

District

Special

Assessment

(Þ)

320

3.125

05/01/31

285

Tolomato

Community

Development

District

Special

Assessment

120

3.500

05/01/24

119

Tolomato

Community

Development

District

Special

Assessment

1,420

2.625

05/01/27

1,346

Tolomato

Community

Development

District

Special

Assessment

360

2.875

05/01/27

344

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,505

3.000

05/01/29

1,490

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,810

3.000

05/01/31

1,761

Tolomato

Community

Development

District

Special

Assessment

1,500

3.200

05/01/32

1,338

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,180

3.000

05/01/33

1,125

Tolomato

Community

Development

District

Special

Assessment

(µ)

930

3.000

05/01/37

821

Tolomato

Community

Development

District

Special

Assessment

(µ)

605

3.000

05/01/40

509

Touchstone

Community

Development

District

Special

Assessment

1,800

5.500

05/01/53

1,876

Town

of

Davie

Educational

Facilities

Revenue

Bonds

550

5.000

04/01/32

586

Tradition

Community

Development

District

No.

9

Special

Assessment

125

2.300

05/01/26

118

Tradition

Community

Development

District

No.

9

Special

Assessment

270

2.700

05/01/31

233

Triple

Creek

Community

Development

District

Special

Assessment

(Þ)

450

2.875

11/01/31

390

Tuckers

Pointe

Community

Development

District

Special

Assessment

40

3.000

05/01/27

38

Tuckers

Pointe

Community

Development

District

Special

Assessment

100

3.375

05/01/32

89

Two

Rivers

East

Community

Development

District

Special

Assessment

(Þ)

940

4.875

05/01/30

941

Two

Rivers

North

Community

Development

District

Special

Assessment

(Þ)

105

4.625

05/01/27

104

Two

Rivers

North

Community

Development

District

Special

Assessment

(Þ)

630

4.875

05/01/32

626

Union

Park

East

Community

Development

District

Special

Assessment

(Þ)

95

2.400

05/01/26

90

Varrea

South

Community

Development

District

Special

Assessment

(Þ)

340

4.250

05/01/30

340

V-Dana

Community

Development

District

Special

Assessment

(Þ)

285

2.600

05/01/26

272

V-Dana

Community

Development

District

Special

Assessment

(Þ)

125

3.125

05/01/31

112

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

25

2.500

05/01/26

23

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

55

3.100

05/01/31

49

Verano

No.

3

Community

Development

District

Special

Assessment

(Þ)

60

2.375

05/01/26

57

Verano

No.

3

Community

Development

District

Special

Assessment

(Þ)

120

3.000

05/01/31

107

Viera

Stewardship

District

Special

Assessment

250

2.300

05/01/26

236

Viera

Stewardship

District

Special

Assessment

460

2.800

05/01/31

400

Viera

Stewardship

District

Special

Assessment

300

4.600

05/01/33

299

Viera

Stewardship

District

Special

Assessment

1,000

5.300

05/01/43

994

Village

Community

Development

District

No.

12

Special

Assessment

(Þ)

1,410

3.800

05/01/28

1,408

Village

Community

Development

District

No.

13

Special

Assessment

765

1.800

05/01/26

720

Village

Community

Development

District

No.

15

Special

Assessment

(Þ)

175

4.250

05/01/28

176

Village

Community

Development

District

No.

15

Special

Assessment

(Þ)

665

4.375

05/01/33

672

Village

Community

Development

District

No.

15

Special

Assessment

(Þ)

200

4.850

05/01/38

202

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

(Þ)

135

2.700

05/01/27

126

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

310

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Villamar

Community

Development

District

Special

Assessment

260

4.875

05/01/30

260

Villamar

Community

Development

District

Special

Assessment

(Þ)

255

3.625

05/01/32

232

Villamar

Community

Development

District

Special

Assessment

(Þ)

360

3.500

11/01/32

322

Villamar

Community

Development

District

Special

Assessment

925

5.625

05/01/43

933

Volusia

County

School

Board

Certificate

of

Participation

(µ)

1,280

5.000

08/01/32

1,328

Watergrass

Community

Development

District

II

Special

Assessment

200

2.000

05/01/26

187

Watergrass

Community

Development

District

II

Special

Assessment

775

4.450

05/01/28

778

Watergrass

Community

Development

District

II

Special

Assessment

1,035

2.500

05/01/31

877

Watergrass

Community

Development

District

II

Special

Assessment

2,260

5.150

05/01/38

2,270

Watergrass

Community

Development

District

II

Special

Assessment

1,380

2.800

05/01/39

1,002

West

Hillcrest

Community

Development

District

Special

Assessment

420

4.500

06/15/30

419

West

Port

Community

Development

District

Special

Assessment

(Þ)

165

4.250

05/01/27

163

West

Villages

Improvement

District

Special

Assessment

(Þ)

825

3.125

05/01/31

734

West

Virginia

Economic

Development

Authority

Revenue

Bonds

225

4.750

05/01/28

225

Westside

Haines

City

Community

Development

District

Special

Assessment

95

2.500

05/01/26

90

Westside

Haines

City

Community

Development

District

Special

Assessment

215

3.000

05/01/31

191

Westview

North

Community

Development

District

Special

Assessment

(Þ)

350

5.000

06/15/29

353

Whispering

Pines

Community

Development

District

Special

Assessment

100

5.375

05/01/43

101

Willows

Community

Development

District

Special

Assessment

(Þ)

350

4.700

05/01/29

352

Wind

Meadows

South

Community

Development

District

Special

Assessment

(Þ)

920

5.375

05/01/43

922

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

255

3.250

05/01/27

244

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

345

3.625

05/01/32

314

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

125

4.000

05/01/42

106

Wiregrass

II

Community

Development

District

Special

Assessment

240

4.800

05/01/32

238

310,202

Georgia

-

1.9%

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

955

2.375

07/01/26

917

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

1,680

2.875

07/01/31

1,552

Bartow

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

760

3.950

12/01/32

755

Bartow

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

2.875

08/01/43

969

Burke

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

525

2.150

10/01/32

513

Burke

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

700

2.925

11/01/48

692

Burke

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

800

2.875

12/01/49

775

City

of

Atlanta

Airport

Passenger

Facility

Charge

Revenue

Bonds

4,000

5.000

07/01/40

4,306

City

of

Atlanta

Water

&

Wastewater

Revenue

Bonds

1,410

5.000

11/01/38

1,499

City

of

Atlanta

Water

&

Wastewater

Revenue

Bonds

8,370

5.000

11/01/40

8,566

County

of

Fulton

Water

&

Sewerage

Revenue

Bonds

1,415

4.000

01/01/35

1,415

Development

Authority

of

Monroe

County

Revenue

Bonds

(~)(ae)(Ê)

250

1.000

07/01/49

222

Downtown

Smyrna

Development

Authority

Revenue

Bonds

2,645

5.000

02/01/27

2,836

Fayette

County

Hospital

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,150

5.000

07/01/54

2,161

Fulton

County

Development

Authority

Revenue

Bonds

(Þ)

140

3.000

04/01/24

138

Gwinnett

County

School

District

General

Obligation

Unlimited

7,565

5.000

08/01/26

8,032

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

400

4.000

11/01/24

397

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

2,350

4.000

11/01/25

2,311

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

550

4.000

11/01/26

536

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

2,455

5.000

05/15/28

2,511

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

2,800

5.000

05/15/29

2,881

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

6,180

4.000

04/01/48

6,182

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(Ê)

4,250

4.000

08/01/48

4,255

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

4,460

4.000

08/01/49

4,468

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000

07/01/52

1,992

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

311

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

1,500

4.000

09/01/52

1,474

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

6,000

5.000

06/01/53

6,206

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

1,395

5.000

07/01/53

1,463

Monterey

Regional

Waste

Management

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,700

3.875

10/01/48

1,690

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

465

5.000

01/01/35

497

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

2,420

5.000

01/01/38

2,531

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,835

5.000

01/01/39

1,906

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,195

5.000

01/01/48

1,204

Paulding

County

Hospital

Authority

Revenue

Bonds

1,975

4.000

04/01/41

1,921

Private

Colleges

&

Universities

Authority

Revenue

Bonds

350

5.000

10/01/29

383

Private

Colleges

&

Universities

Authority

Revenue

Bonds

750

4.000

04/01/39

758

State

of

Georgia

General

Obligation

Unlimited

4,585

5.000

07/01/24

4,661

State

of

Georgia

General

Obligation

Unlimited

1,000

5.000

08/01/31

1,155

State

of

Georgia

General

Obligation

Unlimited

2,325

4.000

07/01/35

2,484

State

of

Georgia

General

Obligation

Unlimited

1,250

4.000

07/01/39

1,289

Sunbridge

Stewardship

District

Special

Assessment

235

4.500

05/01/27

236

Sunbridge

Stewardship

District

Special

Assessment

350

5.000

05/01/32

355

Sunbridge

Stewardship

District

Special

Assessment

925

5.400

05/01/42

932

92,026

Guam

-

1.0%

Guam

Business

Privilege

Tax

Revenue

Bonds

450

5.000

01/01/28

465

Guam

Business

Privilege

Tax

Revenue

Bonds

1,125

5.000

01/01/29

1,170

Guam

Business

Privilege

Tax

Revenue

Bonds

900

5.000

01/01/30

941

Guam

Business

Privilege

Tax

Revenue

Bonds

775

5.000

01/01/31

813

Guam

Business

Privilege

Tax

Revenue

Bonds

5,980

4.000

01/01/36

5,721

Guam

Department

of

Education

Certificate

of

Participation

515

3.625

02/01/25

500

Guam

Department

of

Education

Certificate

of

Participation

265

4.250

02/01/30

262

Guam

Government

Waterworks

Authority

Revenue

Bonds

150

5.000

07/01/25

152

Guam

Government

Waterworks

Authority

Revenue

Bonds

225

5.000

07/01/26

230

Guam

Government

Waterworks

Authority

Revenue

Bonds

150

5.000

07/01/27

155

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,395

5.000

07/01/28

1,402

Guam

Government

Waterworks

Authority

Revenue

Bonds

5,425

5.000

07/01/29

5,477

Guam

Government

Waterworks

Authority

Revenue

Bonds

300

5.000

07/01/30

311

Guam

Government

Waterworks

Authority

Revenue

Bonds

600

5.000

07/01/31

620

Guam

Government

Waterworks

Authority

Revenue

Bonds

300

5.000

07/01/32

311

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,360

5.000

07/01/40

1,381

Guam

Government

Waterworks

Authority

Revenue

Bonds

5,200

5.000

01/01/46

5,248

Guam

Power

Authority

Revenue

Bonds

375

5.000

10/01/29

402

Guam

Power

Authority

Revenue

Bonds

1,825

5.000

10/01/34

1,902

Guam

Power

Authority

Revenue

Bonds

(µ)

1,100

5.000

10/01/34

1,127

Guam

Power

Authority

Revenue

Bonds

2,690

5.000

10/01/35

2,790

Territory

of

Guam

Revenue

Bonds

2,450

5.000

12/01/23

2,457

Territory

of

Guam

Revenue

Bonds

3,000

5.000

12/01/24

3,033

Territory

of

Guam

Revenue

Bonds

7,860

5.000

11/15/26

7,971

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

2,000

5.000

12/01/28

2,064

Territory

of

Guam

Revenue

Bonds

50

5.000

11/01/29

53

Territory

of

Guam

Revenue

Bonds

50

5.000

11/01/30

53

Territory

of

Guam

Revenue

Bonds

2,535

5.000

12/01/32

2,604

Territory

of

Guam

Revenue

Bonds

555

5.000

12/01/35

564

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

312

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Territory

of

Guam

Revenue

Bonds

980

5.000

12/01/36

991

51,274

Hawaii

-

0.1%

City

&

County

of

Honolulu

Revenue

Bonds

(~)(ae)(Ê)

870

5.000

06/01/27

901

Hawaii

State

General

Obligation

1,500

5.000

01/01/37

1,638

Kauai

County

Community

Facilities

District

Special

Tax

280

4.000

05/15/27

277

Kauai

County

Community

Facilities

District

Special

Tax

255

4.000

05/15/33

238

Kauai

County

Community

Facilities

District

Special

Tax

375

4.000

05/15/34

346

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

1,400

3.200

07/01/39

1,211

4,611

Idaho

-

0.3%

Idaho

Health

Facilities

Authority

Revenue

Bonds

1,390

5.000

09/01/24

1,399

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,090

5.000

09/01/27

2,117

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,045

5.000

09/01/28

2,074

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,400

5.000

09/01/31

2,437

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

1,027

Idaho

Housing

&

Finance

Association

Revenue

Bonds

500

4.000

07/15/36

504

Idaho

Housing

&

Finance

Association

Revenue

Bonds

640

4.000

07/15/37

638

Idaho

Housing

&

Finance

Association

Revenue

Bonds

1,250

4.000

07/15/38

1,236

Idaho

State

Building

Authority

Revenue

Bonds

210

5.000

09/01/23

210

13,315

Illinois

-

13.9%

Berkeley

School

District

No.

87

General

Obligation

Unlimited

(µ)

500

3.000

12/01/34

463

Berwyn

Municipal

Securitization

Corp.

Revenue

Bonds

(µ)

1,000

5.000

01/01/35

1,107

Carol

Stream

Park

District

General

Obligation

Unlimited

(µ)

630

5.000

01/01/37

651

Carol

Stream

Park

District

General

Obligation

Unlimited

(µ)(ae)

200

5.000

01/01/37

209

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

50

Zero

coupon

01/01/26

46

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

25

Zero

coupon

01/01/27

22

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

35

Zero

coupon

01/01/28

30

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

330

5.000

01/01/29

360

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

110

5.000

01/01/31

120

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

260

5.000

01/01/32

283

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

125

5.000

01/01/33

136

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

155

5.000

01/01/34

168

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

4,025

2.519

12/01/23

3,969

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

675

5.000

12/01/25

690

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

15,875

5.000

12/01/27

16,629

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

10,880

2.956

12/01/28

8,749

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

2,750

5.000

12/01/28

2,908

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

3,630

3.163

12/01/30

2,672

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

8,000

5.000

12/01/31

8,445

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

6,500

5.000

12/01/32

6,857

Chicago

Board

of

Education

General

Obligation

Unlimited

7,875

5.000

12/01/33

8,162

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/35

1,048

Chicago

Board

of

Education

General

Obligation

Unlimited

3,860

5.000

12/01/37

3,946

Chicago

Board

of

Education

General

Obligation

Unlimited

1,250

5.000

12/01/38

1,271

Chicago

Board

of

Education

General

Obligation

Unlimited

3,375

5.000

12/01/39

3,418

Chicago

Board

of

Education

General

Obligation

Unlimited

1,750

5.000

12/01/41

1,756

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

5,000

7.000

12/01/42

5,408

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

313

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Chicago

Board

of

Education

Revenue

Bonds

1,500

5.000

12/01/31

1,580

Chicago

Board

of

Education

Revenue

Bonds

10,000

5.750

04/01/33

10,727

Chicago

Board

of

Education

Revenue

Bonds

265

5.750

04/01/34

284

Chicago

Board

of

Education

Revenue

Bonds

575

5.000

04/01/35

596

Chicago

Board

of

Education

Revenue

Bonds

640

5.000

04/01/36

661

Chicago

Board

of

Education

Revenue

Bonds

6,875

5.000

12/01/47

6,798

Chicago

Midway

International

Airport

Revenue

Bonds

940

5.000

01/01/30

945

Chicago

Midway

International

Airport

Revenue

Bonds

4,435

5.000

01/01/34

4,457

Chicago

Midway

International

Airport

Revenue

Bonds

2,000

5.000

01/01/41

2,040

Chicago

Midway

International

Airport

Revenue

Bonds

8,420

5.000

01/01/46

8,554

Chicago

O'Hare

International

Airport

Revenue

Bonds

2,590

5.000

01/01/28

2,593

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

4.000

01/01/33

1,017

Chicago

O'Hare

International

Airport

Revenue

Bonds

5,345

4.000

01/01/34

5,546

Chicago

O'Hare

International

Airport

Revenue

Bonds

6,525

4.000

01/01/35

6,723

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,210

5.000

01/01/36

1,360

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

3,515

4.000

01/01/37

3,564

Chicago

O'Hare

International

Airport

Revenue

Bonds

6,680

4.000

01/01/37

6,780

Chicago

O'Hare

International

Airport

Revenue

Bonds

5,750

5.000

01/01/37

6,048

Chicago

O'Hare

International

Airport

Revenue

Bonds

6,950

5.000

01/01/39

7,408

Chicago

O'Hare

International

Airport

Revenue

Bonds

2,000

5.000

01/01/41

2,041

Chicago

O'Hare

International

Airport

Revenue

Bonds

400

4.000

01/01/42

392

Chicago

O'Hare

International

Airport

Revenue

Bonds

5,250

5.250

12/01/49

5,316

Chicago

Park

District

General

Obligation

Limited

(µ)

5,000

4.000

01/01/32

5,126

Chicago

Park

District

General

Obligation

Limited

(µ)

6,810

4.000

01/01/33

6,953

Chicago

Park

District

General

Obligation

Limited

(µ)

3,145

4.000

01/01/39

3,082

Chicago

Park

District

General

Obligation

Limited

(µ)

14,300

5.000

01/01/44

15,003

Chicago

Park

District

General

Obligation

Limited

2,680

5.250

01/01/46

2,906

Chicago

Park

District

General

Obligation

Unlimited

550

5.000

01/01/27

575

Chicago

Park

District

General

Obligation

Unlimited

700

4.000

01/01/34

704

Chicago

Park

District

General

Obligation

Unlimited

600

4.000

01/01/35

603

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3,420

5.000

01/01/26

3,542

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

2,200

5.000

01/01/27

2,319

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

4,185

5.000

01/01/28

4,494

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

7,210

5.000

01/01/29

7,844

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

7,500

5.000

01/01/30

8,258

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

19,040

5.500

01/01/31

20,998

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

635

5.000

01/01/35

675

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

710

4.000

01/01/38

710

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

(µ)

250

5.000

01/01/38

263

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

Bonds

1,250

5.000

06/01/27

1,321

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

Bonds

200

5.000

06/01/29

217

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

550

5.000

01/01/35

624

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

250

5.000

01/01/36

281

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

200

5.000

01/01/37

223

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

300

5.000

01/01/38

330

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

65

3.250

07/01/29

64

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

325

3.750

07/01/41

302

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

715

5.500

03/01/29

783

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

795

5.500

03/01/31

885

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

400

5.500

03/01/36

439

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

545

5.500

03/01/37

593

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

314

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

1,725

4.500

03/01/43

1,696

City

of

Chicago

General

Obligation

Unlimited

670

5.000

01/01/27

702

City

of

Chicago

General

Obligation

Unlimited

2,075

5.000

01/01/28

2,194

City

of

Chicago

General

Obligation

Unlimited

2,210

5.000

01/01/29

2,336

City

of

Chicago

General

Obligation

Unlimited

737

4.000

01/01/30

740

City

of

Chicago

General

Obligation

Unlimited

1,260

5.000

01/01/30

1,356

City

of

Chicago

General

Obligation

Unlimited

(µ)

5,535

5.250

01/01/31

5,578

City

of

Chicago

General

Obligation

Unlimited

4,000

5.000

01/01/32

4,330

City

of

Chicago

General

Obligation

Unlimited

4,000

5.250

01/01/32

4,031

City

of

Chicago

General

Obligation

Unlimited

1,950

5.000

01/01/33

2,109

City

of

Chicago

General

Obligation

Unlimited

1,525

4.000

01/01/35

1,506

City

of

Chicago

General

Obligation

Unlimited

5,600

5.000

01/01/35

5,685

City

of

Chicago

General

Obligation

Unlimited

4,445

4.000

01/01/36

4,381

City

of

Chicago

General

Obligation

Unlimited

3,700

5.000

01/01/38

3,734

City

of

Chicago

General

Obligation

Unlimited

4,750

6.000

01/01/38

5,042

City

of

Chicago

General

Obligation

Unlimited

5,750

5.500

01/01/40

6,271

City

of

Chicago

General

Obligation

Unlimited

500

5.500

01/01/49

522

City

of

Chicago

Motor

Fuel

Tax

Revenue

Bonds

560

5.000

01/01/28

564

City

of

Chicago

Special

Assessment

Revenue

Bonds

300

3.200

12/01/29

277

City

of

Chicago

Special

Assessment

Revenue

Bonds

325

3.290

12/01/30

299

City

of

Chicago

Special

Assessment

Revenue

Bonds

348

3.380

12/01/31

319

City

of

Chicago

Special

Assessment

Revenue

Bonds

275

3.450

12/01/32

251

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

505

5.000

01/01/29

507

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

900

5.000

01/01/32

904

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

2,015

5.000

01/01/34

2,048

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

1,630

5.000

01/01/35

1,655

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

4,920

5.000

01/01/36

5,071

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

2,570

5.000

01/01/39

2,593

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

1,255

5.000

01/01/44

1,252

City

of

Chicago

Waterworks

Revenue

Bonds

1,000

5.000

11/01/26

1,049

City

of

Chicago

Waterworks

Revenue

Bonds

(µ)

6,000

5.000

11/01/31

6,378

City

of

Chicago

Waterworks

Revenue

Bonds

(µ)

300

5.000

11/01/33

319

City

of

Chicago

Waterworks

Revenue

Bonds

1,000

5.000

11/01/34

1,016

City

of

Country

Club

Hills

General

Obligation

Unlimited

(µ)

1,000

4.000

12/01/29

1,034

City

of

Galesburg

Revenue

Bonds

300

5.000

10/01/30

318

City

of

Galesburg

Revenue

Bonds

560

4.000

10/01/36

531

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,000

5.000

12/15/37

1,106

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,000

5.000

12/15/38

1,098

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,080

5.250

12/15/40

1,199

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,195

5.500

12/15/42

1,340

City

of

Joliet

General

Obligation

Unlimited

(µ)

2,725

5.500

12/15/44

3,071

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

2,530

4.000

12/15/30

2,670

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

3,155

4.000

12/15/31

3,313

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

3,275

4.000

12/15/32

3,427

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

615

4.000

12/15/33

644

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

680

4.000

12/15/36

689

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

795

4.000

12/15/40

791

City

of

Peoria

General

Obligation

Unlimited

(µ)

120

5.000

01/01/29

132

City

of

Peoria

General

Obligation

Unlimited

(µ)

200

5.000

01/01/31

218

City

of

Waukegan

Water

&

Sewer

System

Revenue

Bonds

(µ)

315

4.000

12/30/32

331

City

of

Waukegan

Water

&

Sewer

System

Revenue

Bonds

(µ)

325

4.000

12/30/33

341

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

315

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Waukegan

Water

&

Sewer

System

Revenue

Bonds

(µ)

275

4.000

12/30/34

285

Cook

County

Community

College

District

No.

508

General

Obligation

Unlimited

1,500

5.250

12/01/28

1,503

Cook

County

Community

College

District

No.

527

General

Obligation

Unlimited

(µ)

580

4.000

12/15/36

586

Cook

County

Community

College

District

No.

527

General

Obligation

Unlimited

(µ)

625

4.000

12/15/38

622

Cook

County

High

School

District

No.

209

Proviso

Township

General

Obligation

Limited

(µ)

2,475

5.500

12/01/36

2,781

Cook

County

School

District

No.

95

General

Obligation

Unlimited

465

4.000

12/01/24

469

Cook

County

Township

High

School

District

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/30

1,087

Cook

County

Township

High

School

District

General

Obligation

Unlimited

(µ)

1,100

5.000

12/01/31

1,196

Cook

County

Township

High

School

District

General

Obligation

Unlimited

(µ)

1,160

5.000

12/01/32

1,260

County

of

Cook

General

Obligation

Unlimited

1,250

5.000

11/15/29

1,384

County

of

Cook

Sales

Tax

Revenue

Bonds

300

5.000

11/15/32

333

County

of

Cook

Sales

Tax

Revenue

Bonds

1,250

5.250

11/15/36

1,328

County

of

Cook

Sales

Tax

Revenue

Bonds

1,000

4.000

11/15/37

1,000

County

of

Cook

Sales

Tax

Revenue

Bonds

1,630

5.000

11/15/37

1,752

County

of

Cook

Sales

Tax

Revenue

Bonds

270

5.000

11/15/38

289

County

of

Cook

Sales

Tax

Revenue

Bonds

845

4.000

11/15/39

841

County

of

Cook

Sales

Tax

Revenue

Bonds

460

4.000

11/15/41

454

County

of

DuPage

General

Obligation

Limited

600

5.000

01/01/28

626

County

of

Sangamon

General

Obligation

Limited

(µ)

500

3.000

12/15/32

482

County

of

Sangamon

General

Obligation

Limited

(µ)

550

3.000

12/15/35

502

County

of

Union

General

Obligation

Unlimited

(µ)

1,000

4.000

09/01/36

1,011

Crawford

Hospital

District

General

Obligation

Unlimited

580

4.000

01/01/41

544

Governors

State

University

Certificate

of

Participation

(µ)

500

5.000

07/01/24

506

Governors

State

University

Certificate

of

Participation

(µ)

500

5.000

07/01/25

515

Illinois

Development

Finance

Authority

Revenue

Bonds

2,500

Zero

coupon

07/15/25

2,333

Illinois

Finance

Authority

Revenue

Bonds

3,000

4.000

06/15/25

3,027

Illinois

Finance

Authority

Revenue

Bonds

300

4.000

10/15/25

293

Illinois

Finance

Authority

Revenue

Bonds

465

4.000

10/15/26

449

Illinois

Finance

Authority

Revenue

Bonds

500

5.000

02/15/27

506

Illinois

Finance

Authority

Revenue

Bonds

(Æ)(Ø)

650

5.000

02/15/27

260

Illinois

Finance

Authority

Revenue

Bonds

(µ)

1,000

4.000

06/15/27

1,007

Illinois

Finance

Authority

Revenue

Bonds

485

4.000

10/15/27

461

Illinois

Finance

Authority

Revenue

Bonds

150

4.000

11/01/27

149

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000

11/01/27

1,019

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

300

4.000

10/01/28

283

Illinois

Finance

Authority

Revenue

Bonds

250

5.000

12/01/28

259

Illinois

Finance

Authority

Revenue

Bonds

3,000

5.000

01/01/29

3,195

Illinois

Finance

Authority

Revenue

Bonds

400

5.000

02/15/29

406

Illinois

Finance

Authority

Revenue

Bonds

520

5.000

08/01/29

536

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

500

4.000

10/01/29

466

Illinois

Finance

Authority

Revenue

Bonds

250

4.000

11/01/29

249

Illinois

Finance

Authority

Revenue

Bonds

315

5.000

12/01/29

326

Illinois

Finance

Authority

Revenue

Bonds

400

5.000

08/01/30

412

Illinois

Finance

Authority

Revenue

Bonds

250

5.000

12/01/30

258

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

180

4.000

10/01/31

164

Illinois

Finance

Authority

Revenue

Bonds

265

4.000

11/01/31

263

Illinois

Finance

Authority

Revenue

Bonds

320

5.000

12/01/31

330

Illinois

Finance

Authority

Revenue

Bonds

730

5.000

08/15/32

824

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

340

4.000

10/01/32

306

Illinois

Finance

Authority

Revenue

Bonds

500

5.000

12/01/32

513

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

316

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Illinois

Finance

Authority

Revenue

Bonds

1,695

5.000

08/15/33

1,910

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

440

4.000

10/01/33

391

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

890

4.000

10/01/34

780

Illinois

Finance

Authority

Revenue

Bonds

700

4.000

12/01/35

726

Illinois

Finance

Authority

Revenue

Bonds

200

5.000

01/01/36

213

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000

03/01/36

1,010

Illinois

Finance

Authority

Revenue

Bonds

2,660

4.000

12/01/36

2,729

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000

07/01/38

1,011

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,300

5.250

08/01/38

1,322

Illinois

Finance

Authority

Revenue

Bonds

7,090

4.000

10/01/38

6,909

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000

07/01/39

1,007

Illinois

Finance

Authority

Revenue

Bonds

750

5.500

10/01/39

776

Illinois

Finance

Authority

Revenue

Bonds

2,000

4.000

12/01/39

2,007

Illinois

Finance

Authority

Revenue

Bonds

100

4.000

09/01/41

93

Illinois

Finance

Authority

Revenue

Bonds

925

5.000

10/01/41

966

Illinois

Finance

Authority

Revenue

Bonds

100

4.000

11/01/41

90

Illinois

Finance

Authority

Revenue

Bonds

325

5.000

09/01/46

328

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,500

5.000

05/15/50

3,528

Illinois

Finance

Authority

Revenue

Bonds

(~)(Ê)

32,655

4.250

08/15/57

32,655

Illinois

General

Obligation

Unlimited

1,115

5.000

03/01/31

1,238

Illinois

General

Obligation

Unlimited

1,925

5.000

05/01/33

1,942

Illinois

General

Obligation

Unlimited

400

4.000

11/01/34

405

Illinois

General

Obligation

Unlimited

365

5.250

05/01/38

399

Illinois

General

Obligation

Unlimited

490

5.250

05/01/39

533

Illinois

General

Obligation

Unlimited

440

5.250

05/01/40

477

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,415

4.000

06/01/26

1,415

Illinois

Municipal

Electric

Agency

Revenue

Bonds

4,500

4.000

02/01/34

4,519

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

700

5.000

06/15/30

717

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

(µ)

1,000

5.250

06/15/31

1,011

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

480

5.000

06/15/32

493

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,000

5.000

12/01/32

5,197

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

9,925

5.000

01/01/37

10,080

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

1,175

5.000

01/01/42

1,231

Illinois

State

University

Revenue

Bonds

(µ)

360

5.000

04/01/24

363

Illinois

State

University

Revenue

Bonds

(µ)

500

5.000

04/01/25

512

Jersey

&

Greene

County

Community

Unit

School

District

No.

100

Jerseyville

General

Obligation

Unlimited

(µ)

1,100

5.000

12/01/27

1,143

Kane

Cook

&

DuPage,

etc.

Counties

Community

College

District

No.

509

Elgin

General

Obligation

Unlimited

2,670

4.000

12/15/35

2,805

Kane

County

School

District

No.

131

Aurora

East

Side

General

Obligation

(µ)

3,920

5.000

12/01/27

4,203

Kane

County

School

District

No.

131

Aurora

East

Side

General

Obligation

(µ)

2,000

5.000

12/01/28

2,152

Kane

County

School

District

No.

131

Aurora

East

Side

General

Obligation

(µ)

2,000

5.000

12/01/29

2,156

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

(µ)

260

4.000

12/01/30

275

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

(µ)

320

4.000

12/01/31

337

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

(µ)

385

4.000

12/01/32

403

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

(µ)

635

4.000

12/01/35

650

Macon

&

De

Witt

Counties

Community

Unit

School

District

No.

2

Maroa-Forsyth

General

Obligation

Unlimited

(µ)

815

4.000

12/01/34

850

Macon

&

De

Witt

Counties

Community

Unit

School

District

No.

2

Maroa-Forsyth

General

Obligation

Unlimited

(µ)

865

4.000

12/01/35

891

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

317

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Macon

&

De

Witt

Counties

Community

Unit

School

District

No.

2

Maroa-Forsyth

General

Obligation

Unlimited

(µ)

500

4.000

12/01/36

507

Madison

County

Community

Unit

School

District

No.

8

Bethalto

General

Obligation

Unlimited

(µ)

1,000

4.000

12/01/33

1,028

Madison

County

Community

Unit

School

District

No.

8

Bethalto

General

Obligation

Unlimited

(µ)

1,675

4.000

12/01/36

1,684

Madison-Macoupin

Etc

Counties

Community

College

District

No.

536

General

Obligation

Unlimited

(µ)

225

4.000

05/01/28

233

Madison-Macoupin

Etc

Counties

Community

College

District

No.

536

General

Obligation

Unlimited

(µ)

1,000

4.000

05/01/29

1,034

McHenry

County

Community

Unit

School

District

No.

12

Johnsburg

General

Obligation

Unlimited

(µ)

850

5.000

01/01/33

867

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

355

5.000

12/15/27

372

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

1,220

Zero

coupon

06/15/28

1,013

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

4,370

4.341

06/15/30

3,358

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,300

5.000

12/15/30

1,362

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

555

5.000

12/15/31

581

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

600

5.000

12/15/33

627

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

2,540

Zero

coupon

06/15/34

1,665

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

500

5.000

12/15/34

521

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

540

2.169

12/15/37

378

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,500

1.730

12/15/42

1,018

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,650

1.452

12/15/47

1,097

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

General

Obligation

Unlimited

1,500

5.000

12/01/45

1,530

Northern

Illinois

University

Revenue

Bonds

(µ)

325

5.000

10/01/28

347

Northern

Illinois

University

Revenue

Bonds

(µ)

850

5.000

04/01/29

908

Northern

Illinois

University

Revenue

Bonds

(µ)

325

5.000

10/01/30

351

Northern

Illinois

University

Revenue

Bonds

(µ)

1,040

5.000

04/01/31

1,113

Northern

Illinois

University

Revenue

Bonds

(µ)

450

5.000

10/01/31

484

Northern

Illinois

University

Revenue

Bonds

(µ)

500

4.000

10/01/32

506

Northern

Illinois

University

Revenue

Bonds

(µ)

1,350

5.000

04/01/33

1,430

Northern

Illinois

University

Revenue

Bonds

(µ)

1,115

4.000

10/01/36

1,103

Peoria

County

Community

Unit

School

District

No.

323

General

Obligation

Unlimited

1,585

4.000

04/01/30

1,657

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

1,105

5.000

12/01/30

1,208

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

665

5.000

12/01/31

727

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

625

5.000

12/01/32

683

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

675

5.000

12/01/34

734

Sales

Tax

Securitization

Corp.

Revenue

Bonds

725

5.000

01/01/26

751

Sales

Tax

Securitization

Corp.

Revenue

Bonds

2,200

5.000

01/01/28

2,362

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3,500

5.000

01/01/29

3,808

Sales

Tax

Securitization

Corp.

Revenue

Bonds

5,955

5.000

01/01/32

6,351

Sales

Tax

Securitization

Corp.

Revenue

Bonds

1,000

5.000

01/01/35

1,114

Sangamon

&

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

720

5.500

02/01/38

800

Sangamon

&

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

470

5.500

02/01/43

517

Sangamon

&

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

470

5.500

02/01/47

513

Sangamon

County

School

Districts

General

Obligation

Limited

(µ)

1,105

5.000

06/01/30

1,221

Sangamon

County

School

Districts

General

Obligation

Limited

(µ)

1,160

5.000

06/01/31

1,285

Sangamon

County

School

Districts

General

Obligation

Limited

(µ)

1,220

5.000

06/01/32

1,350

Sangamon

County

School

Districts

General

Obligation

Limited

(µ)

1,395

5.000

02/01/33

1,544

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

318

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Sangamon

Logan

&

Menard

Counties

Community

Unit

School

District

No.

15

Williamsville

General

Obligation

Unlimited

(µ)

1,000

4.000

12/01/40

985

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

125

4.000

01/01/32

128

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

50

4.000

01/01/33

51

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

60

Southern

Illinois

University

Revenue

Bonds

(µ)

1,470

5.000

04/01/27

1,501

Southern

Illinois

University

Revenue

Bonds

(µ)

850

5.000

04/01/28

867

Southern

Illinois

University

Revenue

Bonds

(µ)

200

4.000

04/01/29

204

Southern

Illinois

University

Revenue

Bonds

(µ)

240

5.000

04/01/32

263

Southern

Illinois

University

Revenue

Bonds

(µ)

300

5.000

04/01/33

326

Southern

Illinois

University

Revenue

Bonds

(µ)

300

4.000

04/01/35

294

Southern

Illinois

University

Revenue

Bonds

(µ)

500

4.000

04/01/39

471

Southwestern

Illinois

Development

Authority

Revenue

Bonds

1,450

4.000

04/15/31

1,531

Southwestern

Illinois

Development

Authority

Revenue

Bonds

2,075

4.000

04/15/33

2,178

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

1,005

5.000

10/15/33

1,041

Southwestern

Illinois

Development

Authority

Revenue

Bonds

925

4.000

04/15/34

965

Southwestern

Illinois

Development

Authority

Revenue

Bonds

1,225

4.000

10/15/35

1,259

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

2,700

5.500

12/01/36

3,095

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

2,545

5.500

12/01/39

2,854

State

of

Illinois

General

Obligation

Unlimited

400

5.000

02/01/24

403

State

of

Illinois

General

Obligation

Unlimited

4,000

5.000

11/01/24

4,069

State

of

Illinois

General

Obligation

Unlimited

8,275

5.000

01/01/25

8,437

State

of

Illinois

General

Obligation

Unlimited

4,250

5.000

11/01/25

4,387

State

of

Illinois

General

Obligation

Unlimited

750

5.000

02/01/26

777

State

of

Illinois

General

Obligation

Unlimited

1,490

5.000

11/01/26

1,563

State

of

Illinois

General

Obligation

Unlimited

1,380

5.000

12/01/26

1,449

State

of

Illinois

General

Obligation

Unlimited

125

5.000

04/01/27

126

State

of

Illinois

General

Obligation

Unlimited

750

5.000

02/01/28

790

State

of

Illinois

General

Obligation

Unlimited

1,080

5.000

05/01/28

1,091

State

of

Illinois

General

Obligation

Unlimited

1,610

5.000

10/01/28

1,739

State

of

Illinois

General

Obligation

Unlimited

10,875

5.000

11/01/28

11,574

State

of

Illinois

General

Obligation

Unlimited

4,085

5.000

03/01/29

4,429

State

of

Illinois

General

Obligation

Unlimited

3,550

5.000

10/01/29

3,833

State

of

Illinois

General

Obligation

Unlimited

4,475

5.000

11/01/29

4,760

State

of

Illinois

General

Obligation

Unlimited

(µ)

4,500

4.000

02/01/30

4,587

State

of

Illinois

General

Obligation

Unlimited

1,875

5.000

03/01/30

2,061

State

of

Illinois

General

Obligation

Unlimited

2,175

5.000

05/01/30

2,199

State

of

Illinois

General

Obligation

Unlimited

2,000

5.000

04/01/31

2,018

State

of

Illinois

General

Obligation

Unlimited

120

4.250

01/01/36

119

State

of

Illinois

General

Obligation

Unlimited

1,500

5.000

02/01/39

1,504

State

of

Illinois

General

Obligation

Unlimited

1,000

4.000

10/01/39

980

State

of

Illinois

General

Obligation

Unlimited

2,500

4.000

10/01/40

2,430

State

of

Illinois

General

Obligation

Unlimited

720

5.000

05/01/42

741

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

1,225

State

of

Illinois

Sales

Tax

Revenue

Bonds

2,000

5.000

06/15/25

2,053

Town

of

Cicero

General

Obligation

Unlimited

(µ)

915

5.000

01/01/24

920

Town

of

Cicero

General

Obligation

Unlimited

(µ)

500

5.000

01/01/25

507

Town

of

Cicero

General

Obligation

Unlimited

(µ)

1,010

5.000

01/01/26

1,036

University

of

Illinois

Revenue

Bonds

(µ)

3,295

3.000

04/01/33

3,029

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

319

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

1,605

5.250

12/01/35

1,701

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,075

5.250

12/01/36

3,238

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,240

5.250

12/01/37

3,392

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

2,985

5.250

12/01/38

3,111

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

410

5.625

03/01/43

397

Village

of

Bellwood

General

Obligation

Unlimited

(µ)

2,075

5.000

12/01/32

2,119

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

570

4.000

12/15/29

597

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

400

4.000

12/15/30

419

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

500

4.000

12/15/31

522

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

655

4.000

12/15/33

676

Village

of

Romeoville

General

Obligation

Unlimited

600

5.000

12/30/27

654

Village

of

Romeoville

General

Obligation

Unlimited

600

5.000

12/30/28

667

Village

of

Rosemont

General

Obligation

Unlimited

(µ)

1,430

5.000

12/01/26

1,517

Village

of

Rosemont

General

Obligation

Unlimited

(µ)

1,500

5.000

12/01/27

1,618

Volo

Village

Special

Service

Area

No.

3

&

6

Special

Tax

(µ)

1,094

5.000

03/01/34

1,119

Western

Illinois

Economic

Development

Authority

Revenue

Bonds

(µ)

1,140

5.000

01/01/27

1,167

Western

Illinois

Economic

Development

Authority

Revenue

Bonds

(µ)

725

5.000

01/01/28

742

Western

Illinois

University

Revenue

Bonds

(µ)

560

5.000

04/01/24

565

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

1,630

3.500

01/01/25

1,631

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

355

5.000

01/01/35

403

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

765

5.250

01/01/39

851

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

1,030

5.250

01/01/40

1,141

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

4,700

5.500

01/01/47

5,231

Will

County

School

District

No.

210

Lincoln-Way

General

Obligation

Unlimited

(µ)

650

4.000

01/01/34

662

Williamson

Jackson,

Perry,

Randolph

Counties

Community

College

District

No.

530

General

Obligation

Unlimited

(µ)

985

5.000

12/01/24

1,005

Williamson

Jackson,

Perry,

Randolph

Counties

Community

College

District

No.

530

General

Obligation

Unlimited

(µ)

1,450

5.000

12/01/25

1,508

680,688

Indiana

-

0.6%

City

of

Rockport

Pollution

Control

Revenue

Bonds

1,500

3.050

06/01/25

1,475

City

of

Rockport

Revenue

Bonds

1,250

3.125

07/01/25

1,222

Elkhart

County

Building

Corp.

Revenue

Bonds

(µ)

1,265

4.000

12/01/32

1,323

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

560

Indiana

Finance

Authority

Revenue

Bonds

2,250

0.650

08/01/25

2,062

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,000

0.120

05/01/28

4,000

Indiana

Finance

Authority

Revenue

Bonds

2,500

1.400

08/01/29

2,178

Indiana

Finance

Authority

Revenue

Bonds

25

4.000

07/01/30

24

Indiana

Finance

Authority

Revenue

Bonds

1,000

3.000

11/01/30

917

Indiana

Finance

Authority

Revenue

Bonds

325

5.000

02/01/31

353

Indiana

Finance

Authority

Revenue

Bonds

500

5.000

02/01/32

543

Indiana

Finance

Authority

Revenue

Bonds

1,100

4.000

10/01/36

1,123

Indiana

Finance

Authority

Revenue

Bonds

675

5.000

10/01/37

764

Indiana

Finance

Authority

Revenue

Bonds

800

5.000

06/01/38

828

Indiana

Finance

Authority

Revenue

Bonds

40

5.000

07/01/40

38

Indiana

Finance

Authority

Revenue

Bonds

1,500

5.000

10/01/42

1,594

Indiana

Finance

Authority

Revenue

Bonds

855

5.000

06/01/43

874

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

400

2.100

11/01/49

375

Indiana

Housing

&

Community

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,055

5.000

10/01/26

3,103

Metropolitan

School

District

of

Township

School

Building

Corp.

Revenue

Bonds

1,020

4.000

07/10/33

1,061

Metropolitan

School

District

of

Township

School

Building

Corp.

Revenue

Bonds

1,125

4.000

07/10/34

1,168

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

320

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Metropolitan

School

District

of

Township

School

Building

Corp.

Revenue

Bonds

1,000

5.000

07/15/35

1,108

Metropolitan

School

District

of

Township

School

Building

Corp.

Revenue

Bonds

1,100

5.000

07/15/36

1,209

Northwestern

School

Building

Corp.

Revenue

Bonds

800

6.000

07/15/39

927

Northwestern

School

Building

Corp.

Revenue

Bonds

1,000

6.000

07/15/41

1,148

Tippecanoe

County

School

Building

Corp.

Revenue

Bonds

500

6.000

07/15/41

600

31,840

Iowa

-

0.5%

City

of

Altoona

Certificate

of

Participation

(µ)

1,205

5.000

06/01/37

1,306

City

of

Altoona

Certificate

of

Participation

(µ)

245

5.000

06/01/38

264

City

of

Altoona

Certificate

of

Participation

(µ)

800

5.000

06/01/39

861

City

of

Ames

Revenue

Bonds

2,000

5.000

06/15/31

2,082

City

of

Coralville

Certificate

of

Participation

385

4.000

06/01/27

371

City

of

Coralville

Certificate

of

Participation

840

4.000

06/01/31

793

City

of

Coralville

General

Obligation

Unlimited

735

5.000

05/01/36

771

City

of

Coralville

General

Obligation

Unlimited

1,400

5.000

05/01/38

1,448

City

of

Coralville

General

Obligation

Unlimited

2,265

5.000

05/01/40

2,324

City

of

Coralville

General

Obligation

Unlimited

1,650

5.000

05/01/41

1,689

City

of

Coralville

General

Obligation

Unlimited

860

5.000

05/01/42

829

City

of

Orange

Sewer

Revenue

Bonds

(µ)

440

4.000

06/01/34

447

Dubuque

Community

School

District

Revenue

Bonds

(µ)

600

3.000

07/01/36

543

Dubuque

Community

School

District

Revenue

Bonds

(µ)

675

3.000

07/01/37

595

Iowa

City

Community

School

District

General

Obligation

Unlimited

2,000

2.500

06/01/38

1,575

Iowa

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

900

4.000

12/01/50

882

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

375

4.000

10/01/30

376

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

395

4.000

10/01/31

395

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

140

4.000

10/01/32

139

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

325

4.000

10/01/35

315

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

365

5.000

10/01/35

385

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

370

5.000

10/01/36

387

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

400

5.000

10/01/37

415

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

485

4.000

06/01/49

480

Xenia

Rural

Water

District

Revenue

Bonds

3,000

5.000

12/01/28

3,157

22,829

Kansas

-

0.3%

City

of

Manhattan

Revenue

Bonds

330

4.000

06/01/27

314

City

of

Manhattan

Revenue

Bonds

625

4.000

06/01/36

521

City

of

Prairie

Village

Tax

Allocation

315

2.875

04/01/30

282

City

of

Prairie

Village

Tax

Allocation

500

3.125

04/01/36

405

Crawford

County

Unified

School

District

No.

250

Pittsburg

General

Obligation

Unlimited

(µ)(ae)

85

5.000

09/01/35

92

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,110

5.000

04/01/31

1,161

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,000

5.000

04/01/32

1,044

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,000

5.000

04/01/38

1,042

University

of

Kansas

Hospital

Authority

Revenue

Bonds

2,775

4.000

03/01/36

2,804

University

of

Kansas

Hospital

Authority

Revenue

Bonds

2,500

4.000

03/01/37

2,506

Wyandotte

County

City

Unified

Government

Revenue

Bonds

1,485

4.500

06/01/40

1,368

Wyandotte

County

Unified

School

District

No.

500

Kansas

City

General

Obligation

Unlimited

(ae)

750

4.125

09/01/37

775

12,314

Kentucky

-

0.6%

County

of

Boone

Revenue

Bonds

2,750

3.700

08/01/27

2,699

Fayette

County

School

District

Finance

Corp.

Revenue

Bonds

800

4.000

03/01/45

787

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

321

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Fayette

County

School

District

Finance

Corp.

Revenue

Bonds

850

4.000

03/01/48

832

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,785

4.000

07/01/31

1,747

Kentucky

Property

&

Building

Commission

Revenue

Bonds

1,900

5.000

11/01/25

1,976

Kentucky

Property

&

Building

Commission

Revenue

Bonds

(µ)

2,750

5.000

05/01/31

3,005

Kentucky

Property

&

Building

Commission

Revenue

Bonds

(µ)

2,000

5.000

05/01/32

2,175

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,625

4.000

12/01/49

3,616

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000

02/01/50

1,981

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

470

4.000

08/01/52

461

Kentucky

State

University

Certificate

of

Participation

(µ)

130

4.000

11/01/33

137

Kentucky

State

University

Certificate

of

Participation

(µ)

135

4.000

11/01/35

141

Kentucky

State

University

Certificate

of

Participation

(µ)

155

4.000

11/01/36

159

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

780

5.000

10/01/32

811

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

2,250

2.000

10/01/33

1,813

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

2,125

5.000

10/01/33

2,207

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

875

4.000

10/01/34

877

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

2,350

4.000

10/01/40

2,261

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

580

5.000

10/01/40

627

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

560

5.000

10/01/41

603

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

250

5.000

10/01/42

268

29,183

Louisiana

-

1.3%

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

1,455

5.000

12/01/26

1,443

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

265

5.000

10/01/27

281

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

275

5.000

10/01/28

295

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

305

5.000

10/01/30

336

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

300

4.000

10/01/31

308

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

485

4.000

10/01/32

496

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

520

4.000

10/01/33

528

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

1,000

5.000

06/01/35

1,034

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

40

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

85

4.000

06/01/40

85

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(ae)

1,000

5.000

06/01/40

1,034

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

175

5.000

06/01/45

184

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

1,020

5.000

12/01/31

1,088

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

2,955

5.000

12/01/32

3,026

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

1,000

5.000

12/01/33

1,022

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

5,000

4.000

12/01/44

4,802

Greater

New

Orleans

Expressway

Commission

Revenue

Bonds

(µ)

805

5.000

11/01/37

831

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

Revenue

Bonds

(µ)

1,000

4.000

02/01/38

1,003

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

Revenue

Bonds

(µ)

1,630

4.000

02/01/39

1,629

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

Revenue

Bonds

(µ)

370

4.000

02/01/42

370

Jefferson

Sales

Tax

District

Revenue

Bonds

(µ)

1,825

5.000

12/01/34

2,019

Juban

Trails

Community

Development

District

Special

Assessment

75

3.375

06/01/27

71

Juban

Trails

Community

Development

District

Special

Assessment

290

3.750

06/01/32

261

Lafayette

Consolidated

Government

Revenue

Bonds

(µ)

700

5.000

11/01/29

722

Louisiana

Housing

Corp.

Revenue

Bonds

950

4.500

12/01/47

952

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

2,500

5.000

10/01/28

2,716

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

4,250

3.500

11/01/32

4,100

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

322

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

470

5.000

10/01/33

506

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

6,000

2.500

04/01/36

4,890

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

1,045

4.000

10/01/37

1,037

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(µ)

1,615

5.000

09/01/29

1,643

Louisiana

Public

Facilities

Authority

Revenue

Bonds

620

5.000

10/01/32

680

Louisiana

Public

Facilities

Authority

Revenue

Bonds

780

5.000

10/01/34

848

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,000

5.000

10/01/35

1,078

Louisiana

Public

Facilities

Authority

Revenue

Bonds

940

4.000

10/01/36

929

Louisiana

Public

Facilities

Authority

Revenue

Bonds

115

4.000

10/01/37

112

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,000

4.000

10/01/42

959

Louisiana

Public

Facilities

Authority

Revenue

Bonds

100

4.000

07/01/44

92

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,830

5.000

06/01/45

1,946

Louisiana

Stadium

&

Exposition

District

Revenue

Bonds

375

5.000

07/01/35

430

Louisiana

Stadium

&

Exposition

District

Revenue

Bonds

225

5.000

07/01/36

255

Louisiana

Stadium

&

Exposition

District

Revenue

Bonds

200

5.000

07/01/37

224

Louisiana

Stadium

&

Exposition

District

Revenue

Bonds

275

5.000

07/01/38

306

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

1,410

2.000

06/01/37

1,401

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

2,440

2.100

06/01/37

2,395

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

3,265

2.200

06/01/37

3,080

Port

New

Orleans

Board

of

Commissioners

Revenue

Bonds

(µ)

1,000

5.000

04/01/48

1,031

Red

River

Parish

School

Board

General

Obligation

Unlimited

630

5.000

03/01/28

678

State

of

Louisiana

Gasoline

&

Fuels

Tax

Revenue

Bonds

(SOFR

+

0.500%)(ae)(Ê)

545

4.217

05/01/43

535

State

of

Louisiana

General

Obligation

Unlimited

3,370

5.000

03/01/38

3,762

State

of

Louisiana

General

Obligation

Unlimited

1,000

5.000

03/01/40

1,094

State

of

Louisiana

Revenue

Bonds

1,300

5.000

06/15/28

1,318

61,987

Maine

-

0.1%

City

of

Portland

General

Airport

Revenue

Bonds

1,065

5.000

01/01/37

1,097

City

of

Portland

General

Airport

Revenue

Bonds

1,295

5.000

01/01/38

1,331

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

250

4.000

07/01/35

254

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

150

5.000

07/01/38

164

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

275

5.000

07/01/40

298

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

350

5.000

07/01/42

376

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,000

4.000

07/01/45

947

Maine

State

Housing

Authority

Revenue

Bonds

470

5.000

06/15/36

525

Maine

State

Housing

Authority

Revenue

Bonds

455

5.000

06/15/37

504

Maine

Turnpike

Authority

Revenue

Bonds

1,400

5.000

07/01/30

1,598

7,094

Maryland

-

1.3%

Baltimore

Research

Park

Project

Revenue

Bonds

85

4.000

01/01/32

84

Baltimore

Research

Park

Project

Revenue

Bonds

70

4.000

01/01/33

69

Baltimore

Research

Park

Project

Revenue

Bonds

85

4.000

01/01/34

84

Baltimore

Research

Park

Project

Revenue

Bonds

150

4.000

01/01/35

147

Baltimore

Research

Park

Project

Revenue

Bonds

155

4.000

01/01/36

150

Baltimore

Research

Park

Project

Revenue

Bonds

190

4.000

01/01/37

180

Baltimore

Research

Park

Project

Revenue

Bonds

220

4.000

01/01/38

206

Baltimore

Research

Park

Project

Revenue

Bonds

210

4.000

01/01/39

193

Baltimore

Research

Park

Project

Revenue

Bonds

350

4.000

01/01/40

320

City

of

Baltimore

Revenue

Bonds

(Þ)

150

4.500

06/01/33

147

City

of

Baltimore

Revenue

Bonds

(µ)

1,460

4.000

07/01/36

1,505

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

323

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Baltimore

Revenue

Bonds

(µ)

2,030

4.000

07/01/37

2,078

City

of

Baltimore

Revenue

Bonds

(µ)

605

4.000

07/01/39

609

City

of

Baltimore

Revenue

Bonds

(Þ)

100

4.875

06/01/42

96

City

of

Gaithersburg

Revenue

Bonds

350

5.000

01/01/37

336

City

of

Gaithersburg

Revenue

Bonds

600

5.125

01/01/42

562

County

of

Baltimore

General

Obligation

Unlimited

500

5.000

03/01/33

559

County

of

Baltimore

Revenue

Bonds

1,050

4.000

01/01/24

1,048

County

of

Baltimore

Revenue

Bonds

2,805

4.000

01/01/25

2,796

County

of

Baltimore

Revenue

Bonds

1,000

5.000

07/01/49

1,064

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

765

County

of

Frederick

Special

Tax

860

4.000

07/01/36

870

County

of

Frederick

Special

Tax

500

4.000

07/01/38

498

County

of

Frederick

Special

Tax

500

4.000

07/01/39

491

County

of

Frederick

Special

Tax

500

4.000

07/01/40

487

County

of

Frederick

Tax

Allocation

890

3.250

07/01/29

835

County

of

Howard

General

Obligation

Unlimited

2,355

5.000

02/15/27

2,525

Maryland

Community

Development

Administration

Revenue

Bonds

3,000

5.000

09/01/42

3,088

Maryland

Community

Development

Administration

Revenue

Bonds

2,600

4.500

09/01/48

2,607

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

1,652

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,000

5.375

07/01/38

1,089

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,250

5.625

07/01/43

1,370

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,000

5.000

07/01/45

1,019

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

2,125

5.500

01/01/46

2,162

Maryland

Stadium

Authority

Revenue

Bonds

2,500

5.000

05/01/47

2,610

Maryland

State

Transportation

Authority

Revenue

Bonds

3,200

3.000

07/01/33

3,126

State

of

Maryland

Department

of

Transportation

Revenue

Bonds

3,025

4.000

09/01/27

3,164

State

of

Maryland

Department

of

Transportation

Revenue

Bonds

6,000

3.000

10/01/31

5,926

State

of

Maryland

Department

of

Transportation

Revenue

Bonds

2,500

3.000

10/01/33

2,446

State

of

Maryland

General

Obligation

Unlimited

2,500

5.000

06/01/35

2,930

State

of

Maryland

General

Obligation

Unlimited

5,500

5.000

06/01/37

6,320

61,299

Massachusetts

-

1.0%

City

of

Boston

General

Obligation

Unlimited

2,015

5.000

04/01/25

2,079

City

of

Waltham

General

Obligation

Limited

1,500

2.125

10/15/39

1,126

Commonwealth

of

Massachusetts

General

Obligation

Limited

(µ)

1,000

5.500

08/01/30

1,163

Commonwealth

of

Massachusetts

General

Obligation

Limited

4,000

4.000

05/01/39

4,035

Commonwealth

of

Massachusetts

General

Obligation

Limited

4,000

4.000

02/01/42

3,980

Commonwealth

of

Massachusetts

General

Obligation

Limited

2,000

4.000

09/01/42

1,990

Commonwealth

of

Massachusetts

General

Obligation

Unlimited

4,500

2.000

03/01/37

3,493

Commonwealth

of

Massachusetts

Transportation

Fund

Revenue

Bonds

3,000

Zero

coupon

07/01/31

2,208

Massachusetts

Clean

Water

Trust

(The)

Revenue

Bonds

(Consumer

Price

Index  +

0.990%)(Ê)

5,000

3.900

08/01/23

5,000

Massachusetts

Clean

Water

Trust

(The)

Revenue

Bonds

(ae)

775

4.000

08/01/33

781

Massachusetts

Clean

Water

Trust

(The)

Revenue

Bonds

(ae)

800

4.000

08/01/34

806

Massachusetts

Development

Finance

Agency

Revenue

Bonds

975

5.000

10/01/23

974

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

115

4.000

11/15/23

115

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,000

5.000

11/15/28

1,031

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,675

5.000

07/01/31

1,738

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,200

5.000

10/01/31

1,223

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

324

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,240

5.000

10/01/32

1,263

Massachusetts

Development

Finance

Agency

Revenue

Bonds

750

5.000

10/01/33

763

Massachusetts

Development

Finance

Agency

Revenue

Bonds

835

5.000

10/01/34

847

Massachusetts

Development

Finance

Agency

Revenue

Bonds

405

5.250

10/01/36

423

Massachusetts

Development

Finance

Agency

Revenue

Bonds

500

5.250

10/01/37

518

Massachusetts

Development

Finance

Agency

Revenue

Bonds

175

5.000

07/01/38

175

Massachusetts

Development

Finance

Agency

Revenue

Bonds

515

5.250

10/01/38

531

Massachusetts

Development

Finance

Agency

Revenue

Bonds

400

5.000

07/01/39

398

Massachusetts

Development

Finance

Agency

Revenue

Bonds

475

4.000

07/01/42

423

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

5.000

03/01/44

1,005

Massachusetts

Housing

Finance

Agency

Revenue

Bonds

1,820

0.800

12/01/25

1,681

Massachusetts

School

Building

Authority

Revenue

Bonds

3,655

5.000

11/15/39

3,818

Massachusetts

State

General

Obligation

5,425

5.250

01/01/44

5,870

49,457

Michigan

-

2.6%

Calhoun

County

Hospital

Finance

Authority

Revenue

Bonds

750

5.000

02/15/28

769

Center

Line

Public

Schools

General

Obligation

Unlimited

1,000

5.250

05/01/43

1,093

City

of

Detroit

General

Obligation

Unlimited

235

5.000

04/01/24

236

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

82

City

of

Detroit

General

Obligation

Unlimited

85

5.000

04/01/28

88

City

of

Detroit

General

Obligation

Unlimited

350

5.250

05/01/28

367

City

of

Detroit

General

Obligation

Unlimited

60

5.000

04/01/29

63

City

of

Detroit

General

Obligation

Unlimited

800

5.250

05/01/29

849

City

of

Detroit

General

Obligation

Unlimited

260

5.000

04/01/30

274

City

of

Detroit

General

Obligation

Unlimited

750

5.250

05/01/30

803

City

of

Detroit

General

Obligation

Unlimited

600

5.250

05/01/31

646

City

of

Detroit

General

Obligation

Unlimited

135

5.000

04/01/32

142

City

of

Detroit

General

Obligation

Unlimited

730

5.250

05/01/32

790

City

of

Detroit

General

Obligation

Unlimited

470

5.500

04/01/33

506

City

of

Detroit

General

Obligation

Unlimited

895

5.250

05/01/33

974

City

of

Detroit

General

Obligation

Unlimited

750

5.000

04/01/34

788

City

of

Detroit

General

Obligation

Unlimited

330

5.500

04/01/34

355

City

of

Detroit

General

Obligation

Unlimited

350

5.500

04/01/35

374

City

of

Detroit

General

Obligation

Unlimited

335

5.000

04/01/36

350

City

of

Detroit

General

Obligation

Unlimited

300

5.000

04/01/37

310

City

of

Detroit

General

Obligation

Unlimited

300

5.000

04/01/38

308

City

of

Detroit

Sewage

Disposal

System

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.600%)(µ)(Ê)

3,160

0.735

07/01/32

2,986

County

of

Jackson

Revenue

Bonds

(µ)

400

4.000

05/01/34

419

Detroit

Downtown

Development

Authority

Tax

Allocation

Revenue

Bonds

(µ)

700

5.000

07/01/30

708

Detroit

Downtown

Development

Authority

Tax

Allocation

Revenue

Bonds

(µ)

1,785

5.000

07/01/31

1,804

Downriver

Utility

Wastewater

Authority

Revenue

Bonds

(µ)

895

5.000

04/01/28

968

Eastern

Michigan

University

Revenue

Bonds

(µ)

2,000

5.000

03/01/31

2,115

Eastern

Michigan

University

Revenue

Bonds

(µ)

1,000

5.000

03/01/33

1,058

Ferndale

Public

Schools

General

Obligation

Unlimited

1,010

5.000

05/01/41

1,097

Ferndale

Public

Schools

General

Obligation

Unlimited

1,400

5.000

05/01/46

1,500

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

2,430

5.000

05/01/34

2,522

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

1,000

5.000

11/01/34

1,098

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

1,000

5.000

05/01/35

1,038

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

150

5.000

07/01/25

155

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

325

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

365

5.000

07/01/26

382

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

130

5.000

07/01/27

138

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

100

5.000

07/01/28

108

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

1,000

5.000

07/01/26

1,056

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

6,975

5.000

07/01/29

7,816

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

2,650

5.000

07/01/46

2,713

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

Bonds

110

5.000

07/01/27

116

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

Bonds

(µ)

1,000

4.000

07/01/33

1,023

Hudsonville

Public

Schools

General

Obligation

Unlimited

1,185

4.000

05/01/36

1,220

Hudsonville

Public

Schools

General

Obligation

Unlimited

1,565

4.000

05/01/38

1,581

Hudsonville

Public

Schools

General

Obligation

Unlimited

1,060

4.000

05/01/39

1,067

Imlay

City

Community

Schools

General

Obligation

Unlimited

500

4.000

05/01/37

516

Kalamazoo

Hospital

Finance

Authority

Revenue

Bonds

1,490

4.000

05/15/31

1,496

Kalamazoo

Hospital

Finance

Authority

Revenue

Bonds

(ae)

10

4.000

05/15/31

10

Karegnondi

Water

Authority

Revenue

Bonds

855

5.000

11/01/34

908

Karegnondi

Water

Authority

Revenue

Bonds

1,000

5.000

11/01/35

1,062

Karegnondi

Water

Authority

Revenue

Bonds

1,400

5.000

11/01/37

1,472

Michigan

Finance

Authority

Revenue

Bonds

655

5.000

12/01/23

655

Michigan

Finance

Authority

Revenue

Bonds

2,000

5.000

04/01/25

2,056

Michigan

Finance

Authority

Revenue

Bonds

2,050

5.250

02/01/27

2,065

Michigan

Finance

Authority

Revenue

Bonds

4,655

5.000

07/01/28

4,684

Michigan

Finance

Authority

Revenue

Bonds

4,000

5.000

04/15/29

4,406

Michigan

Finance

Authority

Revenue

Bonds

1,410

5.000

07/01/29

1,419

Michigan

Finance

Authority

Revenue

Bonds

2,245

5.000

11/15/29

2,286

Michigan

Finance

Authority

Revenue

Bonds

(ae)

655

5.000

11/15/29

676

Michigan

Finance

Authority

Revenue

Bonds

4,155

5.000

04/15/30

4,642

Michigan

Finance

Authority

Revenue

Bonds

1,000

5.000

07/01/30

1,010

Michigan

Finance

Authority

Revenue

Bonds

285

4.000

02/01/32

270

Michigan

Finance

Authority

Revenue

Bonds

1,000

4.000

06/01/34

1,021

Michigan

Finance

Authority

Revenue

Bonds

1,500

5.000

02/15/35

1,618

Michigan

Finance

Authority

Revenue

Bonds

500

5.000

07/01/35

510

Michigan

Finance

Authority

Revenue

Bonds

1,500

4.000

11/15/36

1,493

Michigan

Finance

Authority

Revenue

Bonds

585

5.000

12/01/36

586

Michigan

Finance

Authority

Revenue

Bonds

2,230

5.000

12/01/39

2,350

Michigan

Finance

Authority

Revenue

Bonds

675

5.000

06/01/40

706

Michigan

Finance

Authority

Revenue

Bonds

2,405

5.000

11/01/44

2,440

Michigan

Finance

Authority

Revenue

Bonds

850

5.000

06/01/49

871

Michigan

Mathematics

&

Science

Initiative

Revenue

Bonds

390

4.000

01/01/31

364

Michigan

State

Building

Authority

Revenue

Bonds

(~)(Ê)

5,000

2.330

04/15/58

5,000

Michigan

State

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

7,870

5.000

12/01/25

7,950

Michigan

State

Housing

Development

Authority

Revenue

Bonds

3,900

4.250

12/01/49

3,887

Novi

Community

School

District

General

Obligation

Unlimited

1,250

5.000

05/01/33

1,394

Novi

Community

School

District

General

Obligation

Unlimited

1,365

5.000

05/01/37

1,480

Novi

Community

School

District

General

Obligation

Unlimited

1,425

5.000

05/01/39

1,531

Richmond

Community

Schools

General

Obligation

Unlimited

2,665

4.000

05/01/38

2,720

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

435

5.000

05/01/38

487

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

1,000

5.000

05/01/39

1,106

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

1,570

5.000

05/01/41

1,709

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

750

5.000

05/01/43

812

State

of

Michigan

Revenue

Bonds

1,000

3.250

05/01/32

983

State

of

Michigan

Trunk

Line

Revenue

Bonds

1,105

5.000

11/15/45

1,195

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

326

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Summit

Academy

North

Revenue

Bonds

440

2.250

11/01/26

404

Summit

Academy

North

Revenue

Bonds

780

4.000

11/01/31

716

Wayne

County

Airport

Authority

Revenue

Bonds

635

5.000

12/01/29

647

Wayne

County

Airport

Authority

Revenue

Bonds

300

5.000

12/01/37

332

Wayne

County

Airport

Authority

Revenue

Bonds

(µ)

3,915

5.000

12/01/39

3,965

Wayne

County

Airport

Authority

Revenue

Bonds

325

5.000

12/01/41

354

Wayne

County

Airport

Authority

Revenue

Bonds

1,330

5.000

12/01/46

1,432

Wyoming

Public

Schools

General

Obligation

Unlimited

(µ)

685

4.000

05/01/41

686

125,313

Minnesota

-

0.4%

City

of

Crookston

Revenue

Bonds

2,410

5.000

05/01/34

2,032

City

of

Independence

Revenue

Bonds

175

4.000

07/01/31

159

City

of

Minneapolis

Revenue

Bonds

1,625

4.000

11/15/37

1,607

City

of

Minneapolis

Revenue

Bonds

(~)(Ê)

2,500

5.000

11/15/52

2,689

City

of

Minneapolis/St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

965

5.000

11/15/28

1,027

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

234

City

of

Woodbury

Revenue

Bonds

55

3.000

12/01/30

50

Duluth

Economic

Development

Authority

Revenue

Bonds

580

5.000

06/15/33

615

Duluth

Economic

Development

Authority

Revenue

Bonds

500

4.000

06/15/34

487

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

375

5.000

02/01/25

384

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

450

5.000

06/15/31

476

Elk

River

Independent

School

District

No.

728

General

Obligation

Unlimited

5,750

2.250

02/01/37

4,541

Housing

&

Redevelopment

Authority

of

The

City

of

St

Paul

Revenue

Bonds

1,300

4.250

12/01/32

1,282

Metropolitan

Council

General

Obligation

Unlimited

1,590

5.000

12/01/24

1,628

Minneapolis

Special

School

District

No.

1

General

Obligation

Unlimited

800

4.000

02/01/37

824

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

1,083

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

625

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

230

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

500

4.000

10/01/41

477

20,809

Mississippi

-

0.4%

County

of

Lowndes

Revenue

Bonds

(~)(ae)(Ê)

1,500

2.650

04/01/37

1,432

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

2,400

4.000

11/01/35

2,400

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

3,870

4.000

11/01/35

3,870

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

100

5.000

10/01/26

102

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

100

5.000

10/01/27

102

Mississippi

Development

Bank

Revenue

Bonds

(µ)

1,000

5.000

04/01/28

1,011

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

100

5.000

10/01/28

103

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

125

5.000

10/01/29

130

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

175

5.000

10/01/30

183

Mississippi

Development

Bank

Revenue

Bonds

200

5.000

04/01/32

219

Mississippi

Development

Bank

Revenue

Bonds

(µ)

1,000

5.000

03/01/34

1,041

Mississippi

Development

Bank

Revenue

Bonds

(µ)

700

4.000

04/01/38

701

Mississippi

Development

Bank

Revenue

Bonds

4,175

5.000

03/01/43

4,358

Mississippi

Home

Corp.

Revenue

Bonds

505

4.000

12/01/44

501

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

327

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Mississippi

Hospital

Equipment

&

Facilities

Authority

Revenue

Bonds

2,000

5.000

09/01/36

2,040

Warren

County

Revenue

Bonds

(~)(ae)(Ê)

500

1.375

05/01/34

477

18,670

Missouri

-

1.1%

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

03/01/30

1,025

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

150

4.000

03/01/41

128

City

of

Poplar

Bluff

Certificate

of

Participation

125

2.500

10/01/41

86

City

of

Poplar

Bluff

Certificate

of

Participation

150

2.625

10/01/46

97

City

of

St.

Louis

Airport

Revenue

Bonds

(µ)

1,000

5.000

07/01/47

1,035

County

of

Boone

Revenue

Bonds

2,230

5.000

08/01/30

2,053

County

of

Boone

Revenue

Bonds

1,700

4.000

08/01/33

1,386

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

525

5.000

02/15/33

562

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

50

4.000

08/01/36

43

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

990

4.000

02/15/39

903

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

50

4.000

08/01/41

40

Jefferson

City

School

District

General

Obligation

Unlimited

2,115

5.250

03/01/39

2,344

Jefferson

City

School

District

General

Obligation

Unlimited

1,500

5.250

03/01/41

1,649

Jefferson

City

School

District

General

Obligation

Unlimited

8,050

5.500

03/01/43

9,086

Maryland

Heights

Industrial

Development

Authority

Revenue

Bonds

800

4.375

03/15/30

738

Missouri

Southern

State

University

Revenue

Bonds

90

3.000

10/01/26

87

Missouri

Southern

State

University

Revenue

Bonds

125

4.000

10/01/31

120

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

100

4.000

02/15/37

100

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

125

4.000

02/15/38

124

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,305

4.000

11/15/38

1,300

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

115

4.000

02/15/39

113

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

3,495

4.000

11/15/39

3,455

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

350

4.000

02/15/44

333

North

Kansas

City

School

District

No.

74

General

Obligation

Unlimited

4,000

5.250

03/01/39

4,567

North

Kansas

City

School

District

No.

75

General

Obligation

Unlimited

2,500

5.250

03/01/40

2,839

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

50

3.000

05/01/24

49

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

3,198

St

Charles

County

School

District

No.

R-IV

Wentzville

General

Obligation

Unlimited

10,000

1.875

03/01/39

7,068

St.

Louis

Municipal

Finance

Corp.

Revenue

Bonds

(µ)

1,000

5.000

10/01/45

1,049

St.

Louis

Municipal

Finance

Corp.

Revenue

Bonds

(µ)

1,000

5.000

10/01/49

1,036

St.

Louis

Municipal

Library

District

Certificate

of

Participation

(µ)

300

4.000

03/15/33

314

St.

Louis

Municipal

Library

District

Certificate

of

Participation

(µ)

255

4.000

03/15/35

265

Washington

Industrial

Development

Authority

Revenue

Bonds

150

2.500

11/01/29

138

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

500

6.000

03/01/36

613

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

1,000

6.000

03/01/38

1,199

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

1,000

6.000

03/01/39

1,193

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

900

6.000

03/01/41

1,071

51,430

Montana

-

0.3%

City

of

Bozeman

Tax

Allocation

(µ)

500

4.000

07/01/35

522

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

5,310

County

of

Gallatin

Revenue

Bonds

(Þ)

1,350

4.000

10/15/32

1,241

County

of

Gallatin

Revenue

Bonds

(Þ)

1,850

4.000

10/15/36

1,611

Montana

Finance

Authority

Health

Facilities

Revenue

Bonds

640

5.000

07/01/28

666

Montana

Finance

Authority

Health

Facilities

Revenue

Bonds

410

5.000

06/01/33

432

Montana

Finance

Authority

Health

Facilities

Revenue

Bonds

1,000

5.000

06/01/34

1,053

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

328

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Yellowstone

County

Lockwood

School

District

No.

26

General

Obligation

Unlimited

1,335

5.000

07/01/26

1,404

Yellowstone

County

Lockwood

School

District

No.

26

General

Obligation

Unlimited

1,460

5.000

07/01/27

1,568

14,237

Nebraska

-

0.5%

Ashland-Greenwood

Public

Schools

General

Obligation

Unlimited

(µ)

1,000

4.000

12/15/33

1,059

Ashland-Greenwood

Public

Schools

General

Obligation

Unlimited

(µ)

1,000

4.000

12/15/38

1,000

Central

Plains

Energy

Project

Revenue

Bonds

2,500

5.000

09/01/26

2,556

Central

Plains

Energy

Project

Revenue

Bonds

2,000

5.000

09/01/30

2,118

Central

Plains

Energy

Project

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.000

03/01/50

5,016

City

of

Kearney

General

Obligation

Unlimited

740

4.000

05/15/33

750

City

of

Lincoln

Electric

System

Revenue

Bonds

1,710

5.000

09/01/27

1,833

Hershey

Public

Schools

General

Obligation

Unlimited

(µ)

230

4.000

12/15/27

237

Hershey

Public

Schools

General

Obligation

Unlimited

(µ)

740

4.000

12/15/29

761

Omaha

Public

Power

District

Nebraska

City

Station

Unit

2

Revenue

Bonds

4,250

5.250

02/01/42

4,312

Omaha

Public

Power

District

Revenue

Bonds

4,600

5.000

02/01/42

4,862

24,504

Nevada

-

0.6%

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

100

2.750

06/01/33

81

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

515

2.750

06/01/36

392

City

of

North

Las

Vegas

General

Obligation

Limited

(µ)

2,430

5.000

06/01/30

2,714

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

2,792

Clark

County

School

District

General

Obligation

Limited

(µ)

105

5.000

06/15/30

119

Clark

County

School

District

General

Obligation

Limited

1,255

5.000

06/15/30

1,367

Clark

County

School

District

General

Obligation

Limited

(µ)

105

5.000

06/15/32

119

Clark

County

School

District

General

Obligation

Limited

(µ)

100

5.000

06/15/33

113

Clark

County

School

District

General

Obligation

Limited

(µ)

115

5.000

06/15/34

130

Clark

County

School

District

General

Obligation

Limited

(µ)

1,000

5.000

06/15/37

1,126

Clark

County

School

District

General

Obligation

Limited

3,500

4.000

06/15/42

3,428

County

of

Clark

Department

of

Aviation

Revenue

Bonds

2,600

5.000

07/01/26

2,742

County

of

Clark

Department

of

Aviation

Revenue

Bonds

1,025

5.000

07/01/36

1,159

County

of

Clark

General

Obligation

Limited

4,500

4.000

07/01/39

4,504

Henderson

Local

Improvement

Districts

Special

Assessment

100

2.000

09/01/23

100

Henderson

Local

Improvement

Districts

Special

Assessment

175

3.000

09/01/36

135

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

275

5.000

07/01/26

289

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

145

5.000

07/01/27

156

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

1,300

5.000

07/01/31

1,384

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

95

5.000

07/01/35

102

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

1,750

5.000

07/01/37

1,863

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

365

5.000

07/01/43

381

Las

Vegas

Valley

Water

District

General

Obligation

Limited

1,000

5.000

06/01/28

1,101

Las

Vegas

Valley

Water

District

General

Obligation

Limited

1,040

4.000

03/01/33

1,100

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(Þ)

290

5.000

07/15/27

291

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(Þ)

525

4.500

12/15/29

509

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

200

5.000

07/01/40

199

Truckee

Meadows

Water

Authority

Revenue

Bonds

1,600

5.000

07/01/37

1,660

31,307

New

Hampshire

-

0.4%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

840

2.800

10/01/33

838

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

775

4.000

01/01/41

641

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

2,225

5.000

06/01/28

2,436

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

2,865

5.000

08/01/33

3,027

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,500

5.000

01/01/34

1,510

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

810

5.000

08/01/34

855

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

845

5.000

08/01/35

889

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,825

5.000

01/01/36

1,837

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

895

5.000

08/01/36

936

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,615

5.000

01/01/37

1,626

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

2,020

5.000

08/01/38

2,095

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,000

5.000

08/01/39

1,035

18,698

New

Jersey

-

3.2%

Atlantic

City

General

Obligation

Unlimited

(µ)

500

5.000

03/01/25

512

Atlantic

City

General

Obligation

Unlimited

(µ)

450

5.000

03/01/26

469

Atlantic

City

General

Obligation

Unlimited

(µ)

750

5.000

03/01/32

798

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

320

4.000

08/01/33

332

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

340

4.000

08/01/34

354

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

360

4.000

08/01/35

373

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

385

4.000

08/01/36

398

Camden

County

Improvement

Authority

(The)

Revenue

Bonds

265

6.000

06/15/42

284

City

of

Bayonne

General

Obligation

Unlimited

(µ)

1,500

5.000

07/01/33

1,587

City

of

Bayonne

General

Obligation

Unlimited

(µ)

1,865

5.000

07/01/34

1,974

Essex

County

Improvement

Authority

Revenue

Bonds

75

4.000

06/15/38

68

Garden

State

Preservation

Trust

Revenue

Bonds

(µ)

460

5.750

11/01/28

497

Jersey

City

General

Obligation

Unlimited

450

5.000

11/01/31

489

New

Jersey

Building

Authority

Revenue

Bonds

(µ)

580

5.000

06/15/28

610

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

700

5.500

09/01/24

715

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

515

5.250

07/01/26

538

New

Jersey

Economic

Development

Authority

Revenue

Bonds

795

5.000

07/01/27

793

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

2,715

5.250

04/01/28

2,937

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

2,005

5.000

07/01/28

2,141

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,720

5.000

06/15/29

1,746

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(ae)

900

5.500

06/15/30

973

New

Jersey

Economic

Development

Authority

Revenue

Bonds

350

3.000

06/01/32

334

New

Jersey

Economic

Development

Authority

Revenue

Bonds

665

5.000

06/01/32

702

New

Jersey

Economic

Development

Authority

Revenue

Bonds

4,975

5.000

06/15/36

5,223

New

Jersey

Economic

Development

Authority

Revenue

Bonds

315

5.250

06/15/36

347

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,000

5.000

06/15/37

1,045

New

Jersey

Economic

Development

Authority

Revenue

Bonds

285

5.250

06/15/37

311

New

Jersey

Economic

Development

Authority

Revenue

Bonds

325

5.250

06/15/38

352

New

Jersey

Economic

Development

Authority

Revenue

Bonds

325

5.250

06/15/39

350

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,000

4.000

11/01/39

983

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,600

5.000

06/15/40

1,620

New

Jersey

Economic

Development

Authority

Revenue

Bonds

2,315

5.000

06/15/41

2,466

New

Jersey

Economic

Development

Authority

Revenue

Bonds

450

4.000

06/15/46

438

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

3,130

5.000

03/01/27

3,373

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,960

5.000

07/01/33

2,103

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

1,125

5.000

07/01/33

1,219

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

600

4.000

07/01/39

594

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

715

4.000

07/01/42

708

New

Jersey

General

Obligation

Unlimited

5,425

4.000

06/01/31

5,784

New

Jersey

General

Obligation

Unlimited

7,293

5.000

06/01/39

7,945

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

New

Jersey

General

Obligation

Unlimited

1,090

5.000

06/01/40

1,181

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000

07/01/28

1,054

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

2,180

5.000

07/01/29

2,328

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

300

5.000

07/01/30

316

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000

07/01/31

1,054

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

4.000

07/01/35

1,004

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,125

5.000

07/01/42

1,156

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

150

0.500

11/01/23

149

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

185

0.650

05/01/24

181

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

360

0.750

11/01/24

347

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

2,045

3.500

07/01/25

2,034

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

270

0.900

11/01/25

255

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

1,910

2.950

10/01/26

1,874

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

2,515

4.750

10/01/50

2,537

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

1,130

Zero

coupon

12/15/26

1,005

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,025

2.493

12/15/26

1,794

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,675

5.000

01/01/27

1,699

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,335

5.000

06/15/29

2,450

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,125

2.871

12/15/29

895

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,735

5.000

06/15/30

6,019

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

585

5.000

06/15/31

613

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

2,160

2.851

12/15/31

1,592

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

790

4.000

12/15/31

816

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,165

5.000

12/15/33

1,262

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

4,035

5.000

12/15/34

4,351

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

5,000

3.060

12/15/35

3,078

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

790

5.000

12/15/35

846

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

5.591

12/15/35

1,840

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

14,860

3.291

12/15/36

8,582

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,000

5.000

12/15/36

1,064

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

23,510

4.649

12/15/37

12,831

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,000

Zero

coupon

12/15/38

2,586

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

685

4.250

12/15/38

692

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,000

5.250

06/15/39

2,214

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

500

5.250

06/15/41

555

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

5.000

01/01/42

3,323

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,025

4.000

06/15/42

1,005

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

500

5.250

06/15/42

551

New

Jersey

Turnpike

Authority

Revenue

Bonds

1,700

5.000

01/01/32

1,851

New

Jersey

Turnpike

Authority

Revenue

Bonds

2,000

5.000

01/01/33

2,121

Newark

Board

of

Education

General

Obligation

Unlimited

(µ)

1,000

4.000

07/15/35

1,024

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

670

5.250

07/01/43

678

Perth

Amboy

General

Obligation

Unlimited

(µ)

1,000

4.000

07/01/35

1,031

Salem

County

Improvement

Authority

Revenue

Bonds

(µ)

550

4.000

08/15/37

543

South

Jersey

Transportation

Authority

Revenue

Bonds

(µ)

200

5.000

11/01/28

217

South

Jersey

Transportation

Authority

Revenue

Bonds

(µ)

2,000

5.000

11/01/29

2,204

South

Jersey

Transportation

Authority

Revenue

Bonds

(µ)

1,000

5.000

11/01/30

1,103

South

Jersey

Transportation

Authority

Revenue

Bonds

4,000

4.000

11/01/40

3,792

South

Jersey

Transportation

Authority

Revenue

Bonds

(µ)

1,250

5.000

11/01/41

1,346

State

of

New

Jersey

General

Obligation

Unlimited

7,500

5.000

06/01/41

8,102

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

1,410

5.000

06/01/46

1,410

157,040

New

Mexico

-

0.2%

City

of

Farmington

Revenue

Bonds

1,200

1.800

04/01/29

1,050

City

of

Farmington

Revenue

Bonds

(~)(ae)(Ê)

2,500

3.000

06/01/40

2,473

City

of

Farmington

Revenue

Bonds

(~)(ae)(Ê)

1,365

3.900

06/01/40

1,368

State

of

New

Mexico

Severance

Tax

Permanent

Fund

Revenue

Bonds

4,880

5.000

07/01/26

5,154

10,045

New

York

-

9.7%

Albany

Capital

Resource

Corp.

Revenue

Bonds

980

4.000

06/01/29

926

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

3,000

5.000

07/15/25

3,059

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

40

1.625

11/01/25

40

Build

NYC

Resource

Corp.

Revenue

Bonds

110

4.000

06/15/29

108

Build

NYC

Resource

Corp.

Revenue

Bonds

500

5.000

08/01/29

525

Build

NYC

Resource

Corp.

Revenue

Bonds

700

5.000

08/01/30

735

Build

NYC

Resource

Corp.

Revenue

Bonds

100

4.000

06/15/31

98

Build

NYC

Resource

Corp.

Revenue

Bonds

425

4.000

06/15/32

405

Build

NYC

Resource

Corp.

Revenue

Bonds

325

5.000

07/01/32

343

Build

NYC

Resource

Corp.

Revenue

Bonds

600

5.000

08/01/32

629

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

250

5.000

06/15/33

256

Build

NYC

Resource

Corp.

Revenue

Bonds

500

5.000

08/01/33

523

Build

NYC

Resource

Corp.

Revenue

Bonds

550

5.000

07/01/35

582

Build

NYC

Resource

Corp.

Revenue

Bonds

430

5.000

07/01/36

450

Build

NYC

Resource

Corp.

Revenue

Bonds

575

5.000

07/01/37

596

Build

NYC

Resource

Corp.

Revenue

Bonds

700

4.500

06/15/43

670

Camden

Central

School

District

General

Obligation

Unlimited

(µ)

1,970

4.000

03/15/26

2,004

Chautauqua

County

Capital

Resource

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,545

4.250

04/01/42

1,534

City

of

New

York

General

Obligation

Unlimited

6,420

5.000

08/01/23

6,420

City

of

New

York

General

Obligation

Unlimited

2,380

5.000

06/01/34

2,448

City

of

New

York

General

Obligation

Unlimited

3,780

5.000

06/01/35

3,879

City

of

New

York

General

Obligation

Unlimited

(µ)

2,500

3.000

08/01/36

2,318

City

of

New

York

General

Obligation

Unlimited

2,500

5.250

05/01/38

2,873

City

of

New

York

General

Obligation

Unlimited

2,000

5.250

05/01/39

2,285

City

of

New

York

General

Obligation

Unlimited

18,570

5.250

09/01/40

21,181

City

of

New

York

General

Obligation

Unlimited

470

4.000

03/01/42

467

City

of

New

York

General

Obligation

Unlimited

275

5.000

04/01/45

291

City

of

New

York

General

Obligation

Unlimited

(~)(Ê)

7,000

4.050

10/01/46

7,000

City

of

New

York

General

Obligation

Unlimited

2,750

5.250

10/01/47

3,071

City

of

Yonkers

General

Obligation

Limited

(µ)

1,200

5.000

05/01/31

1,345

City

of

Yonkers

General

Obligation

Limited

(µ)

2,250

5.000

05/01/32

2,519

City

of

Yonkers

General

Obligation

Limited

(µ)

3,895

5.000

05/01/33

4,359

City

of

Yonkers

General

Obligation

Limited

(µ)

1,990

4.000

05/01/35

2,053

City

of

Yonkers

General

Obligation

Limited

(µ)

2,180

4.000

05/01/37

2,217

County

of

Nassau

General

Obligation

Limited

(µ)

2,525

5.000

04/01/38

2,792

Genesee

County

Funding

Corp./The

Revenue

Bonds

450

5.000

12/01/29

476

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

715

4.000

07/01/40

696

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

7,495

5.000

02/15/35

7,926

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

4,740

5.000

02/15/37

4,974

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

5,260

5.000

02/15/38

5,510

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

10,055

4.000

02/15/44

9,875

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

(µ)

4,245

4.000

02/15/47

4,141

Long

Island

Power

Authority

Revenue

Bonds

(~)(Ê)

9,875

1.000

12/01/29

9,788

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Long

Island

Power

Authority

Revenue

Bonds

1,000

5.000

09/01/32

1,088

Long

Island

Power

Authority

Revenue

Bonds

(USD

1

Month

LIBOR

+

0.750%)(Ê)

745

2.545

05/01/33

745

Long

Island

Power

Authority

Revenue

Bonds

750

5.000

09/01/33

815

Long

Island

Power

Authority

Revenue

Bonds

1,000

5.000

09/01/34

1,085

Long

Island

Power

Authority

Revenue

Bonds

1,250

5.000

09/01/35

1,350

Long

Island

Power

Authority

Revenue

Bonds

1,825

5.000

09/01/37

1,950

Long

Island

Power

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,550

5.000

09/01/52

3,753

Metropolitan

Transportation

Authority

Revenue

Bonds

75

5.000

11/15/25

77

Metropolitan

Transportation

Authority

Revenue

Bonds

(SOFR

+

0.600%)(Ê)

2,000

0.634

11/01/26

1,978

Metropolitan

Transportation

Authority

Revenue

Bonds

225

5.000

11/15/27

233

Metropolitan

Transportation

Authority

Revenue

Bonds

1,845

5.000

11/15/28

1,961

Metropolitan

Transportation

Authority

Revenue

Bonds

(ae)

4,015

5.000

11/15/28

4,109

Metropolitan

Transportation

Authority

Revenue

Bonds

750

5.250

11/15/28

776

Metropolitan

Transportation

Authority

Revenue

Bonds

550

5.000

11/15/29

593

Metropolitan

Transportation

Authority

Revenue

Bonds

225

5.000

11/15/30

247

Metropolitan

Transportation

Authority

Revenue

Bonds

100

5.250

11/15/31

104

Metropolitan

Transportation

Authority

Revenue

Bonds

340

4.000

11/15/32

342

Metropolitan

Transportation

Authority

Revenue

Bonds

450

5.000

11/15/34

466

Metropolitan

Transportation

Authority

Revenue

Bonds

4,500

5.000

11/15/38

4,500

Metropolitan

Transportation

Authority

Revenue

Bonds

1,570

5.250

11/15/39

1,578

Metropolitan

Transportation

Authority

Revenue

Bonds

5,130

5.000

11/15/42

5,130

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

10,000

4.000

11/15/44

9,824

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

1,450

5.000

11/15/44

1,508

Metropolitan

Transportation

Authority

Revenue

Bonds

7,075

4.000

11/15/45

6,691

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.000

11/15/45

2,690

Metropolitan

Transportation

Authority

Revenue

Bonds

2,540

4.000

11/15/46

2,389

Monroe

County

Industrial

Development

Corp.

Revenue

Bonds

960

4.000

07/01/39

959

Nassau

County

Interim

Finance

Authority

Revenue

Bonds

1,600

5.000

11/15/32

1,890

Nassau

County

Local

Economic

Assistance

Corp.

Revenue

Bonds

750

4.000

07/01/33

748

New

York

City

Housing

Development

Corp.

Revenue

Bonds

1,560

3.500

02/15/48

1,532

New

York

City

Housing

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

7,715

3.400

11/01/62

7,593

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

300

3.000

03/01/36

271

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

3,435

2.500

03/01/37

2,752

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

460

3.000

01/01/39

386

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

335

3.000

03/01/40

281

New

York

City

Industrial

Development

Agency

Revenue

Bonds

325

4.000

03/01/45

300

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

325

4.000

03/01/45

312

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5,000

5.000

06/15/39

5,120

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

8,000

5.000

06/15/47

8,069

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

4,615

5.000

06/15/49

4,883

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

5,000

5.000

07/15/32

5,222

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

2,760

5.000

07/15/43

2,834

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

3,000

5.000

05/01/36

3,295

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

4.000

02/01/38

2,277

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,545

5.000

02/01/40

2,668

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

5.000

08/01/40

2,408

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

5,000

5.000

05/01/42

5,247

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

(~)

(Ê)

850

0.980

08/01/42

850

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

500

4.000

05/01/43

494

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

170

4.000

05/01/45

167

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

9,600

5.500

11/01/45

11,014

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

New

York

City

Water

&

Sewer

System

Revenue

Bonds

6,050

4.000

06/15/40

6,064

New

York

City

Water

&

Sewer

System

Revenue

Bonds

6,150

5.000

06/15/46

6,447

New

York

City

Water

&

Sewer

System

Revenue

Bonds

5,730

5.000

06/15/48

6,211

New

York

Convention

Center

Development

Corp.

Revenue

Bonds

(µ)

2,925

Zero

coupon

11/15/34

1,899

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

1,135

5.150

11/15/34

1,137

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

14,190

2.750

11/15/41

11,178

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

6,475

4.000

02/15/43

6,361

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

4,865

5.000

11/15/44

4,765

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

250

7.250

11/15/44

253

New

York

Liberty

Development

Corp.

Revenue

Bonds

3,000

2.450

09/15/69

2,739

New

York

Power

Authority

Revenue

Bonds

620

4.000

04/01/34

627

New

York

State

Dormitory

Authority

Revenue

Bonds

450

5.000

03/15/27

484

New

York

State

Dormitory

Authority

Revenue

Bonds

2,365

5.000

03/15/30

2,503

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

2,735

New

York

State

Dormitory

Authority

Revenue

Bonds

105

5.000

07/01/32

92

New

York

State

Dormitory

Authority

Revenue

Bonds

3,300

5.000

10/01/32

3,463

New

York

State

Dormitory

Authority

Revenue

Bonds

1,465

5.000

07/01/33

1,597

New

York

State

Dormitory

Authority

Revenue

Bonds

85

5.000

07/01/34

73

New

York

State

Dormitory

Authority

Revenue

Bonds

2,825

3.250

03/15/35

2,760

New

York

State

Dormitory

Authority

Revenue

Bonds

1,335

5.000

03/15/35

1,368

New

York

State

Dormitory

Authority

Revenue

Bonds

525

4.000

07/01/35

528

New

York

State

Dormitory

Authority

Revenue

Bonds

95

5.000

07/01/35

81

New

York

State

Dormitory

Authority

Revenue

Bonds

260

4.000

07/01/36

265

New

York

State

Dormitory

Authority

Revenue

Bonds

85

5.000

07/01/36

72

New

York

State

Dormitory

Authority

Revenue

Bonds

70

4.000

09/01/36

65

New

York

State

Dormitory

Authority

Revenue

Bonds

4,750

4.000

03/15/37

4,857

New

York

State

Dormitory

Authority

Revenue

Bonds

325

4.000

07/01/37

328

New

York

State

Dormitory

Authority

Revenue

Bonds

100

4.000

09/01/37

91

New

York

State

Dormitory

Authority

Revenue

Bonds

550

3.000

03/15/38

485

New

York

State

Dormitory

Authority

Revenue

Bonds

2,250

4.000

03/15/38

2,280

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000

07/01/38

1,023

New

York

State

Dormitory

Authority

Revenue

Bonds

75

4.000

09/01/38

68

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000

10/01/38

1,096

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

4.000

03/15/39

1,005

New

York

State

Dormitory

Authority

Revenue

Bonds

4,750

5.000

03/15/39

5,137

New

York

State

Dormitory

Authority

Revenue

Bonds

85

4.000

09/01/39

76

New

York

State

Dormitory

Authority

Revenue

Bonds

2,150

5.000

10/01/39

2,384

New

York

State

Dormitory

Authority

Revenue

Bonds

1,075

4.000

03/15/40

1,072

New

York

State

Dormitory

Authority

Revenue

Bonds

105

4.000

07/01/40

76

New

York

State

Dormitory

Authority

Revenue

Bonds

100

4.000

09/01/40

89

New

York

State

Dormitory

Authority

Revenue

Bonds

7,790

5.000

02/15/41

8,229

New

York

State

Dormitory

Authority

Revenue

Bonds

3,860

3.000

03/15/41

3,247

New

York

State

Dormitory

Authority

Revenue

Bonds

1,685

4.000

03/15/41

1,672

New

York

State

Dormitory

Authority

Revenue

Bonds

4,050

5.000

03/15/41

4,158

New

York

State

Dormitory

Authority

Revenue

Bonds

110

5.000

07/01/41

89

New

York

State

Dormitory

Authority

Revenue

Bonds

6,890

5.000

02/15/42

7,156

New

York

State

Dormitory

Authority

Revenue

Bonds

5,750

5.000

03/15/42

6,162

New

York

State

Dormitory

Authority

Revenue

Bonds

835

5.000

10/01/42

914

New

York

State

Dormitory

Authority

Revenue

Bonds

6,800

4.000

03/15/43

6,681

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

4.000

03/15/45

983

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

New

York

State

Dormitory

Authority

Revenue

Bonds

435

4.000

07/01/45

310

New

York

State

Dormitory

Authority

Revenue

Bonds

5,250

4.000

03/15/47

5,128

New

York

State

Dormitory

Authority

Revenue

Bonds

(~)(ae)(Ê)

11,500

5.000

05/01/48

11,573

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

3,000

5.000

06/15/35

3,150

New

York

State

Housing

Finance

Agency

Revenue

Bonds

960

0.750

11/01/25

879

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

425

1.100

11/01/61

377

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

3,000

3.100

05/01/62

2,929

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

4,500

3.850

05/01/62

4,509

New

York

State

Urban

Development

Corp.

Revenue

Bonds

800

4.000

03/15/38

806

New

York

State

Urban

Development

Corp.

Revenue

Bonds

2,500

5.000

03/15/38

2,762

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,130

5.000

12/01/28

1,218

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,250

5.000

12/01/29

1,364

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

4,700

5.000

12/01/31

5,231

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,205

5.000

12/01/34

1,317

New

York

Transportation

Development

Corp.

Revenue

Bonds

725

5.000

12/01/35

786

New

York

Transportation

Development

Corp.

Revenue

Bonds

3,000

5.000

12/01/36

3,226

New

York

Transportation

Development

Corp.

Revenue

Bonds

3,320

5.000

12/01/37

3,545

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

1,500

5.000

12/01/30

1,665

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

1,500

5.000

12/01/31

1,649

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

60

4.000

12/01/32

61

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

70

4.000

12/01/33

71

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

105

4.000

12/01/34

107

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

1,105

5.000

12/01/34

1,231

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

300

4.000

12/01/35

303

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

148

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

120

3.000

12/01/40

97

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

240

4.000

12/01/49

216

Orange

County

Funding

Corp.

Revenue

Bonds

750

4.000

07/01/35

693

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

5,000

5.000

07/15/34

5,716

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

2,775

5.000

07/15/35

3,146

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,000

4.000

07/15/36

1,042

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,000

5.000

08/01/39

1,128

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,000

5.000

08/01/40

1,124

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

2,760

5.000

10/15/41

2,834

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

2,875

5.250

05/15/42

3,083

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,470

5.000

11/15/42

1,559

Schenectady

Metroplex

Development

Authority

Revenue

Bonds

(µ)

220

4.000

08/01/32

234

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

Bonds

1,815

4.250

10/01/47

1,809

State

of

New

York

Mortgage

Agency

Revenue

Bonds

1,550

2.000

10/01/31

1,321

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

235

4.000

06/01/50

229

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

5,000

5.000

11/15/33

5,359

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

2,000

4.000

11/15/38

2,007

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

1,000

5.000

11/15/38

1,031

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

2,300

4.000

11/15/39

2,287

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

(~)(µ)(Ê)

6,375

2.000

05/15/45

5,848

TSASC,

Inc.

Revenue

Bonds

2,500

5.000

06/01/29

2,615

Westchester

County

Local

Development

Corp.

Revenue

Bonds

(Þ)

1,500

2.875

07/01/26

1,431

Westchester

County

Local

Development

Corp.

Revenue

Bonds

480

5.000

01/01/32

488

Westchester

County

Local

Development

Corp.

Revenue

Bonds

1,350

5.000

05/01/34

1,354

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Westchester

County

Local

Development

Corp.

Revenue

Bonds

525

5.000

01/01/37

525

476,718

North

Carolina

-

0.5%

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

1,000

0.800

01/15/48

919

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000

01/15/49

1,137

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(~)(ae)(Ê)

6,300

5.000

01/15/50

6,880

City

of

Charlotte

Water

&

Sewer

System

Revenue

Bonds

2,000

5.000

07/01/33

2,299

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

325

1.375

05/01/34

310

North

Carolina

Capital

Facilities

Finance

Agency

Revenue

Bonds

2,790

5.000

10/01/44

2,926

North

Carolina

Medical

Care

Commission

Revenue

Bonds

25

4.000

03/01/24

25

North

Carolina

Medical

Care

Commission

Revenue

Bonds

250

4.000

01/01/25

246

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

234

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

562

North

Carolina

Medical

Care

Commission

Revenue

Bonds

170

5.000

03/01/27

169

North

Carolina

Medical

Care

Commission

Revenue

Bonds

790

5.000

01/01/28

784

North

Carolina

Medical

Care

Commission

Revenue

Bonds

200

5.000

03/01/28

197

North

Carolina

Medical

Care

Commission

Revenue

Bonds

560

5.000

01/01/29

555

North

Carolina

Medical

Care

Commission

Revenue

Bonds

160

4.000

03/01/29

150

North

Carolina

Medical

Care

Commission

Revenue

Bonds

655

5.000

01/01/30

648

North

Carolina

Medical

Care

Commission

Revenue

Bonds

165

4.000

03/01/30

152

North

Carolina

Medical

Care

Commission

Revenue

Bonds

700

5.000

10/01/30

705

North

Carolina

Medical

Care

Commission

Revenue

Bonds

625

5.000

01/01/31

615

North

Carolina

Medical

Care

Commission

Revenue

Bonds

170

4.000

03/01/31

155

North

Carolina

Medical

Care

Commission

Revenue

Bonds

185

4.000

09/01/34

175

North

Carolina

Medical

Care

Commission

Revenue

Bonds

725

5.000

10/01/35

705

North

Carolina

Medical

Care

Commission

Revenue

Bonds

100

4.000

03/01/36

84

North

Carolina

Medical

Care

Commission

Revenue

Bonds

500

5.000

01/01/38

494

North

Carolina

Medical

Care

Commission

Revenue

Bonds

225

4.000

09/01/41

189

North

Carolina

Turnpike

Authority

Revenue

Bonds

4,000

5.000

02/01/24

4,029

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

1,310

5.000

01/01/28

1,388

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

20

5.000

01/01/35

22

26,804

North

Dakota

-

0.2%

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

675

4.000

12/01/37

602

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

1,795

4.000

12/01/41

1,538

City

of

Grand

Forks

Revenue

Bonds

800

4.000

12/01/35

743

City

of

Horace

General

Obligation

Unlimited

925

3.250

08/01/24

910

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

115

City

of

Williston

Revenue

Bonds

4,155

4.500

11/01/26

4,166

9,199

Ohio

-

1.8%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

700

4.000

11/15/37

642

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

450

4.000

11/15/38

406

American

Municipal

Power,

Inc.

Revenue

Bonds

180

5.000

02/15/24

181

American

Municipal

Power,

Inc.

Revenue

Bonds

175

5.000

02/15/27

186

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

85

5.000

06/01/34

92

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,000

5.000

06/01/35

1,074

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,000

4.000

06/01/39

979

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

2,275

5.000

06/01/55

2,114

City

of

Columbus

General

Obligation

Unlimited

4,685

4.000

04/01/33

4,818

City

of

Hamilton

Electric

Revenue

Bonds

(µ)

700

4.000

10/01/34

728

City

of

Hamilton

Electric

Revenue

Bonds

(µ)

730

4.000

10/01/35

754

City

of

Hamilton

Electric

Revenue

Bonds

(µ)

590

4.000

10/01/36

605

City

of

Upper

Arlington

General

Obligation

Limited

610

5.250

12/01/36

633

City

of

Upper

Arlington

General

Obligation

Limited

500

5.750

12/01/40

523

County

of

Cuyahoga

Certificate

of

Participation

14,065

5.000

12/01/27

14,199

County

of

Cuyahoga

Certificate

of

Participation

1,990

5.000

12/01/28

2,008

County

of

Franklin

Revenue

Bonds

700

5.000

07/01/35

705

County

of

Franklin

Revenue

Bonds

800

5.000

07/01/36

795

County

of

Franklin

Revenue

Bonds

575

4.000

07/01/40

476

County

of

Franklin

Revenue

Bonds

330

5.250

11/15/40

305

County

of

Franklin

Sales

Tax

Revenue

Bonds

1,720

5.000

06/01/48

1,816

County

of

Hamilton

Revenue

Bonds

1,350

5.000

01/01/31

1,348

County

of

Miami

Revenue

Bonds

1,940

5.000

08/01/49

1,979

Cuyahoga

County

Hospital

Revenue

Bonds

7,700

5.000

02/15/37

7,809

Cuyahoga

Metropolitan

Housing

Authority

Revenue

Bonds

450

2.000

12/01/31

401

Euclid

City

School

District

Certificate

of

Participation

(µ)

175

4.000

12/01/30

181

Euclid

City

School

District

Certificate

of

Participation

(µ)

185

4.000

12/01/31

191

Euclid

City

School

District

Certificate

of

Participation

(µ)

130

4.000

12/01/32

134

Euclid

City

School

District

Certificate

of

Participation

(µ)

135

4.000

12/01/33

139

Euclid

City

School

District

Certificate

of

Participation

(µ)

110

4.000

12/01/34

113

Euclid

City

School

District

Certificate

of

Participation

(µ)

215

4.000

12/01/35

220

Euclid

City

School

District

Certificate

of

Participation

(µ)

445

4.000

12/01/36

452

Euclid

City

School

District

Certificate

of

Participation

(µ)

380

4.000

12/01/38

380

Euclid

City

School

District

Certificate

of

Participation

3,925

5.250

01/15/44

4,037

Forest

Hills

School

District

Tax

Revenue

Bonds

4,125

5.000

12/01/44

4,170

Green

Local

School

District/Summit

County

General

Obligation

Unlimited

1,000

5.500

11/01/47

1,103

Hillsdale

Local

School

District

Certificate

of

Participation

(µ)

3,050

4.000

12/01/32

3,176

North

Olmsted

City

School

District

Revenue

Bonds

(µ)

1,240

5.000

10/15/48

1,315

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

946

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,360

4.000

09/01/30

2,337

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,000

4.000

01/01/34

4,975

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

50

5.000

01/01/28

46

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

830

4.000

07/01/30

836

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

520

5.000

07/01/31

553

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

600

4.000

07/01/33

604

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

750

5.000

07/01/33

797

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

600

5.000

01/15/34

613

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

485

4.000

07/01/34

487

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

420

5.000

07/01/34

446

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

195

5.000

01/15/35

199

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,095

4.000

07/01/36

1,089

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

225

5.000

01/15/37

228

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

600

4.000

07/01/37

593

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

250

5.750

09/01/37

263

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

250

6.000

09/01/42

263

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

(~)(ae)(Ê)

1,435

2.750

01/01/52

1,401

Ohio

Housing

Finance

Agency

Revenue

Bonds

1,670

4.500

09/01/48

1,673

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

100

3.750

12/01/31

88

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

150

4.375

06/15/56

144

State

of

Ohio

Revenue

Bonds

950

5.000

01/15/35

1,022

State

of

Ohio

Revenue

Bonds

815

4.000

01/15/37

806

State

of

Ohio

Revenue

Bonds

2,200

4.000

01/15/38

2,154

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

1,965

5.000

07/01/29

1,967

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

250

4.000

01/01/38

217

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

100

4.000

01/01/41

84

United

Local

School

District

Certificate

of

Participation

(µ)

1,200

4.000

12/01/34

1,232

Willoughby-Eastlake

City

School

District

General

Obligation

Unlimited

(ae)

1,000

5.000

12/01/46

1,044

88,343

Oklahoma

-

0.3%

Carter

County

Public

Facilities

Authority

Revenue

Bonds

3,625

5.000

09/01/31

3,850

City

of

Tulsa

General

Obligation

Unlimited

2,800

2.000

11/01/28

2,576

Cleveland

County

Educational

Facilities

Authority

Revenue

Bonds

825

5.000

06/01/24

835

Oklahoma

Development

Finance

Authority

Revenue

Bonds

2,000

5.000

08/15/28

2,044

Oklahoma

Development

Finance

Authority

Revenue

Bonds

3,000

5.250

08/15/43

2,970

Oklahoma

Housing

Finance

Agency

Collateralized

Revenue

Bonds

(~)(ae)(Ê)

150

4.000

06/01/28

150

Oklahoma

Water

Resources

Board

Revenue

Bonds

1,500

5.000

04/01/33

1,618

14,043

Oregon

-

0.5%

City

of

Portland

Sewer

System

Revenue

Bonds

340

5.000

05/01/30

385

City

of

Portland

Sewer

System

Revenue

Bonds

5,500

5.000

12/01/35

6,463

Clackamas

County

School

District

No.

12

North

Clackamas

General

Obligation

Unlimited

(ae)

2,000

4.000

06/15/30

2,013

Hillsboro

School

District

No.

1J

General

Obligation

Unlimited

500

4.000

06/15/35

519

Hillsboro

School

District

No.

1J

General

Obligation

Unlimited

2,120

4.000

06/15/37

2,159

Oregon

State

Business

Development

Commission

Revenue

Bonds

(~)(ae)(Ê)

1,950

2.400

12/01/40

1,949

Oregon

State

Facilities

Authority

Revenue

Bonds

50

5.000

10/01/28

53

Oregon

State

Facilities

Authority

Revenue

Bonds

75

5.000

10/01/29

80

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

702

Salem

Hospital

Facility

Authority

Revenue

Bonds

130

5.000

05/15/25

131

Salem

Hospital

Facility

Authority

Revenue

Bonds

135

5.000

05/15/26

135

State

of

Oregon

Department

of

Transportation

Revenue

Bonds

1,000

5.250

11/15/47

1,129

State

of

Oregon

General

Obligation

Unlimited

150

1.250

08/01/27

136

State

of

Oregon

General

Obligation

Unlimited

120

1.375

08/01/28

107

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

532

State

of

Oregon

General

Obligation

Unlimited

1,880

5.000

05/01/35

1,924

State

of

Oregon

General

Obligation

Unlimited

2,930

5.000

05/01/43

3,302

State

of

Oregon

General

Obligation

Unlimited

410

4.250

06/01/49

409

State

of

Oregon

Revenue

Bonds

940

5.000

08/01/43

1,062

Yamhill

County

Hospital

Authority

Revenue

Bonds

85

1.750

11/15/26

80

23,434

Pennsylvania

-

3.7%

Allegheny

County

Airport

Authority

Revenue

Bonds

1,000

5.000

01/01/34

1,128

Allegheny

County

Airport

Authority

Revenue

Bonds

1,000

5.000

01/01/35

1,123

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

3,260

4.000

01/01/40

3,243

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

3,140

4.000

01/01/41

3,120

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

790

5.000

10/15/26

799

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

835

5.000

10/15/27

846

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

870

5.000

10/15/28

884

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

(SOFR

+

0.290%)(ae)(Ê)

750

4.007

02/01/33

729

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

665

5.250

09/01/33

682

Allegheny

County

Hospital

Development

Authority

Revenue

Bonds

1,145

5.000

04/01/30

1,214

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

275

5.125

05/01/30

283

Allegheny

County

Sanitary

Authority

Revenue

Bonds

1,000

4.000

06/01/35

1,029

Allentown

City

School

District

General

Obligation

Limited

(µ)

2,250

5.000

02/01/31

2,475

Allentown

City

School

District

General

Obligation

Limited

(µ)

4,385

5.000

02/01/33

4,820

Allentown

City

School

District

General

Obligation

Limited

(µ)

1,000

4.000

02/01/36

1,024

Allentown

City

School

District

General

Obligation

Limited

(µ)

2,250

5.000

02/01/37

2,428

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

75

5.000

05/01/27

77

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.000

05/01/27

1,019

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/25

49

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/26

49

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/27

49

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/28

49

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/29

49

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

75

5.000

07/01/30

73

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

330

5.000

10/01/30

334

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

390

5.000

10/01/32

392

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

610

5.000

07/01/33

588

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

535

5.000

07/01/34

515

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

415

5.000

07/01/35

398

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

635

5.000

07/01/36

605

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,340

5.000

07/01/37

1,267

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,390

5.000

07/01/38

1,303

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,440

5.000

07/01/39

1,342

Butler

County

General

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.700%)

(µ)(Ê)

14,755

1.660

10/01/34

13,819

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4,385

5.000

10/15/32

4,401

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,320

4.000

12/01/37

1,342

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,500

4.000

12/01/38

1,519

Chester

County

Industrial

Development

Authority

Special

Assessment

(Þ)

204

4.375

03/01/28

201

City

of

Erie

General

Obligation

Unlimited

(µ)

3,750

3.208

11/15/37

2,002

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

100

4.000

05/01/36

91

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

100

4.000

05/01/41

84

City

of

Philadelphia

General

Obligation

Unlimited

5,000

5.000

08/01/33

5,352

City

of

Philadelphia

General

Obligation

Unlimited

5,000

5.000

08/01/34

5,353

City

of

Wilkes-Barre

General

Obligation

Unlimited

(µ)

1,000

4.000

11/15/38

1,001

City

of

York

General

Obligation

Unlimited

105

5.000

11/15/24

105

City

of

York

General

Obligation

Unlimited

955

5.000

11/15/26

971

City

of

York

General

Obligation

Unlimited

1,755

5.000

11/15/27

1,801

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

Commonwealth

Financing

Authority

Revenue

Bonds

1,500

5.000

06/01/25

1,537

Commonwealth

Financing

Authority

Revenue

Bonds

(µ)

8,000

4.000

06/01/39

7,883

Commonwealth

of

Pennsylvania

General

Obligation

Unlimited

6,075

5.000

08/15/23

6,079

County

of

Beaver

General

Obligation

Unlimited

(µ)

1,000

5.000

04/15/25

1,031

County

of

Luzerne

General

Obligation

Unlimited

(µ)

500

5.000

12/15/27

538

Cumberland

Valley

School

District

General

Obligation

Unlimited

(µ)

1,000

5.000

11/15/47

1,076

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

700

4.250

10/15/26

677

Deer

Creek

Drainage

Basin

Authority

Revenue

Bonds

(µ)

500

4.000

12/01/31

528

Deer

Creek

Drainage

Basin

Authority

Revenue

Bonds

(µ)

280

4.000

12/01/34

291

Deer

Creek

Drainage

Basin

Authority

Revenue

Bonds

(µ)

250

4.000

12/01/37

254

Delaware

County

Vocational

&

Technical

School

Authority

Revenue

Bonds

(µ)

1,120

5.000

11/01/27

1,125

Delaware

County

Vocational

&

Technical

School

Authority

Revenue

Bonds

(µ)

1,140

5.000

11/01/28

1,145

Delaware

County

Vocational

&

Technical

School

Authority

Revenue

Bonds

(µ)

1,500

5.250

11/01/33

1,507

Delaware

River

Port

Authority

Revenue

Bonds

4,700

5.000

01/01/37

4,726

Delaware

Valley

Regional

Finance

Authority

Revenue

Bonds

(USD

1

Month

LIBOR

+

0.880%)(ae)(Ê)

10,000

0.996

09/01/48

9,981

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

150

4.000

06/01/44

144

Indiana

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

650

5.000

05/01/27

680

Lancaster

Higher

Education

Authority

Revenue

Bonds

2,250

5.000

10/01/37

2,272

Lancaster

Industrial

Development

Authority

Revenue

Bonds

150

4.000

07/01/31

136

Lancaster

Industrial

Development

Authority

Revenue

Bonds

125

4.000

07/01/37

105

Latrobe

Industrial

Development

Authority

Revenue

Bonds

175

5.000

03/01/31

180

Lehigh

County

Industrial

Development

Authority

Revenue

Bonds

8,240

3.000

09/01/29

7,996

Mifflin

County

School

District

General

Obligation

Limited

(µ)

1,000

5.000

09/01/30

1,024

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

150

4.000

09/01/37

146

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

150

4.000

09/01/38

146

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

150

4.000

09/01/39

145

Montgomery

County

Industrial

Development

Authority

General

Obligation

Unlimited

50

4.000

10/01/36

46

Montgomery

County

Industrial

Development

Authority

General

Obligation

Unlimited

50

4.000

10/01/41

43

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,645

4.100

06/01/29

1,679

North

Allegheny

School

District

General

Obligation

Limited

1,000

4.000

05/01/35

1,041

North

Pocono

School

District

General

Obligation

Limited

(µ)

885

4.000

09/15/31

923

Northampton

County

General

Purpose

Authority

Revenue

Bonds

150

5.000

10/01/31

154

Northern

Tioga

School

District

General

Obligation

Limited

(µ)

650

5.000

04/01/30

705

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

400

4.000

07/01/33

380

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,820

0.950

12/01/33

1,636

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

245

4.000

03/15/36

245

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

455

4.000

04/15/36

456

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

155

4.000

10/15/37

155

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,500

3.000

04/01/39

1,251

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

150

4.000

10/15/40

146

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

245

4.000

07/01/41

208

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

6,235

5.750

10/01/53

6,649

Pennsylvania

State

University

(The)  Revenue

Bonds

920

5.000

09/01/41

954

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000

12/01/36

807

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000

12/01/38

796

Pennsylvania

Turnpike

Commission

Revenue

Bonds

2,275

5.000

12/01/41

2,350

Pennsylvania

Turnpike

Commission

Revenue

Bonds

625

4.000

12/01/42

615

Pennsylvania

Turnpike

Commission

Revenue

Bonds

12,365

5.250

12/01/44

13,210

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

305

5.000

06/15/25

308

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

660

5.000

06/15/27

678

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

415

5.000

06/15/28

429

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

554

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

140

5.000

06/15/30

144

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

100

5.000

08/01/30

103

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

340

5.000

06/15/32

339

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

300

5.000

06/15/33

301

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

500

5.250

11/01/52

531

Philadelphia

Hospitals

&

Higher

Education

Facilities

Authority

Revenue

Bonds

500

5.000

07/01/28

517

Pittsburgh

School

District

General

Obligation

Limited

3,000

3.000

09/01/40

2,497

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

375

4.000

09/01/34

387

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

150

5.000

09/01/34

168

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

75

4.000

09/01/35

77

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

265

5.000

09/01/35

294

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

1,300

5.000

09/01/36

1,430

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

1,300

5.000

09/01/37

1,419

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

1,040

5.000

09/01/38

1,130

Reading

School

District

General

Obligation

Limited

(µ)

785

5.000

03/01/35

836

Reading

School

District

General

Obligation

Limited

(µ)

720

5.000

03/01/36

763

School

District

of

Philadelphia

(The)

General

Obligation

Limited

(µ)(ae)

10

5.000

09/01/27

11

Scranton

School

District

General

Obligation

Unlimited

(µ)

490

5.000

06/01/32

541

Scranton

School

District

General

Obligation

Unlimited

(µ)

330

5.000

12/01/33

358

Scranton

School

District

General

Obligation

Unlimited

(µ)

575

5.000

06/01/34

634

Scranton

School

District

General

Obligation

Unlimited

(µ)

560

5.000

06/01/36

611

Shenandoah

Valley

School

District

General

Obligation

Unlimited

(µ)

135

4.000

08/01/26

138

South

Wayne

County

Water

and

Sewer

Authority

Revenue

Bonds

(µ)

1,280

4.000

02/15/32

1,337

South

Wayne

County

Water

and

Sewer

Authority

Revenue

Bonds

(µ)

730

4.000

02/15/34

759

West

Mifflin

School

District

General

Obligation

Limited

(µ)

1,000

5.000

04/01/28

1,049

West

Mifflin

School

District

General

Obligation

Limited

(µ)

3,045

4.000

04/01/30

3,145

West

Shore

School

District

Special

Assessment

1,000

5.000

11/15/43

1,040

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

80

5.000

07/01/28

83

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

60

5.000

07/01/30

63

Wilkes-Barre

Finance

Authority

Revenue

Bonds

325

4.000

03/01/42

274

182,352

Puerto

Rico

-

3.3%

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

472

5.375

07/01/25

483

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

18,946

5.625

07/01/27

19,911

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,379

5.625

07/01/29

1,474

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,025

5.750

07/01/31

2,207

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,055

Zero

coupon

07/01/33

2,471

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,680

4.000

07/01/33

4,440

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,150

4.000

07/01/35

1,062

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,100

4.000

07/01/41

944

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

320

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

1,840

5.000

07/01/28

1,894

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

6,060

5.000

07/01/33

6,195

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

9,200

5.000

07/01/35

9,312

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

3,855

5.000

07/01/37

3,879

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

9,450

5.000

07/01/47

9,320

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.520%)(µ)(Ê)

8,820

1.480

07/01/29

8,222

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

230

4.375

07/01/30

223

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

3,981

Zero

coupon

07/01/32

2,532

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Central

Facilities

Financial

Authority

Revenue

Bonds

285

5.000

07/01/30

310

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Central

Facilities

Financial

Authority

Revenue

Bonds

235

4.000

07/01/37

215

Puerto

Rico

Municipal

Finance

Agency

General

Obligation

Unlimited

(µ)

2,795

5.000

08/01/27

2,814

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

4,265

2.953

07/01/27

3,640

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

327

3.071

07/01/29

255

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

9,830

3.171

07/01/31

7,008

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

5,739

3.450

07/01/33

3,724

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

16,834

4.500

07/01/34

16,691

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

51,216

4.329

07/01/40

48,211

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

4,610

4.550

07/01/40

4,456

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

650

5.709

07/01/46

185

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

1,200

Zero

coupon

07/01/51

255

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

596

5.000

07/01/58

580

163,267

Rhode

Island

-

0.5%

Providence

Public

Building

Authority

Revenue

Bonds

(µ)

315

5.875

06/15/26

316

Providence

Public

Building

Authority

Revenue

Bonds

(µ)

1,845

4.000

09/15/34

1,899

Providence

Public

Building

Authority

Revenue

Bonds

(µ)

1,900

5.000

09/15/38

2,014

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

200

5.000

08/15/27

214

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

2,495

5.000

05/15/28

2,549

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,250

5.000

05/15/29

1,278

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(µ)

375

5.000

05/15/32

418

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(µ)

300

5.000

05/15/33

334

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(µ)

1,750

4.000

05/15/34

1,840

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(µ)

300

5.000

05/15/36

330

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,175

5.500

05/15/40

1,323

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,435

5.500

05/15/41

1,610

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

3,400

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

520

5.000

10/01/27

554

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

485

5.000

04/01/28

519

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

1,000

5.000

10/01/42

1,028

State

of

Rhode

Island

General

Obligation

Unlimited

1,110

5.000

08/01/40

1,243

25,266

South

Carolina

-

0.8%

City

of

Anderson

Water

&

Sewer

Revenue

Bonds

950

5.000

07/01/29

1,064

City

of

Charleston

Waterworks

&

Sewer

System

Revenue

Bonds

2,310

4.000

01/01/29

2,465

City

of

Charleston

Waterworks

&

Sewer

System

Revenue

Bonds

7,145

5.000

01/01/52

7,835

Greenville

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,290

5.000

10/01/26

3,354

Lee

County

School

Facilities,

Inc.

Revenue

Bonds

(µ)

1,050

4.000

12/01/27

1,092

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,140

5.000

12/01/27

1,220

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,410

5.000

12/01/28

1,514

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,560

5.000

12/01/30

1,656

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,695

4.000

12/01/32

1,710

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,165

4.000

12/01/33

1,170

South

Carolina

Economic

Development

Authority

Revenue

Bonds

(ae)

3,800

5.250

08/01/30

3,800

South

Carolina

Public

Service

Authority

Revenue

Bonds

3,399

4.000

12/01/30

3,452

South

Carolina

Public

Service

Authority

Revenue

Bonds

2,080

5.000

12/01/31

2,160

South

Carolina

Public

Service

Authority

Revenue

Bonds

194

4.000

12/01/34

196

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,690

5.500

12/01/41

1,888

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,500

5.750

12/01/47

1,653

South

Carolina

Public

Service

Authority

Revenue

Bonds

1,750

5.500

12/01/54

1,758

Sumter

Two

School

Facilities,

Inc.

Revenue

Bonds

(µ)

1,360

5.000

12/01/26

1,414

Williamsburg

County

Public

Facilities

Corp.

Revenue

Bonds

(µ)

500

4.000

06/01/31

521

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Williamsburg

County

Public

Facilities

Corp.

Revenue

Bonds

(µ)

670

4.000

06/01/32

690

40,612

South

Dakota

-

0.0%

County

of

Lawrence

Certificate

of

Participation

(µ)

700

4.000

12/01/35

733

County

of

Lawrence

Certificate

of

Participation

(µ)

760

4.000

12/01/37

776

County

of

Lincoln

Revenue

Bonds

100

4.000

08/01/41

88

South

Dakota

Conservancy

District

Revenue

Bonds

730

5.000

08/01/32

807

2,404

Tennessee

-

0.9%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

1,000

5.000

08/01/25

1,021

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

600

5.000

10/01/26

612

Chattanooga-Hamilton

County

Hospital

Authority

Revenue

Bonds

630

5.000

10/01/23

631

Greenville

Health

&

Educational

Facilities

Board

Revenue

Bonds

700

4.000

07/01/40

675

Health

Educational

and

Housing

Facility

Board

of

the

City

of

Memphis

(The)

Revenue

Bonds

(~)(ae)(Ê)

11,489

5.000

07/01/27

11,789

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

1,750

5.000

04/01/29

1,821

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000

04/01/26

1,999

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

400

4.000

10/01/28

392

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

210

4.000

10/01/30

205

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

2,210

5.000

07/01/35

2,297

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.000

06/01/44

5,082

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

(~)(ae)(Ê)

315

3.850

02/01/48

315

Metropolitan

Government

of

Nashville

&

Davidson

County

Electric

Revenue

Bonds

2,000

5.000

05/15/42

2,090

Metropolitan

Government

of

Nashville

&

Davidson

County

General

Obligation

Unlimited

5,750

1.750

01/01/36

4,359

Tennergy

Corp.

Natural

Gas

Revenue

Bonds

(~)(ae)(Ê)

4,300

5.000

02/01/50

4,350

Tennessee

Housing

Development

Agency

Revenue

Bonds

2,655

3.000

01/01/29

2,598

Tennessee

Housing

Development

Agency

Revenue

Bonds

2,205

4.500

07/01/49

2,212

42,448

Texas

-

9.5%

Alamito

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

6,295

3.500

09/01/25

6,257

Alamito

Public

Facility

Corp.

Revenue

Bonds

(~)(Ê)

5,400

5.000

08/01/44

5,552

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

5.000

08/15/26

1,016

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

750

5.000

12/01/27

802

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

500

5.000

12/01/28

536

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

225

4.000

08/15/32

233

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

785

5.000

12/01/33

843

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

650

5.000

12/01/34

690

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

2,815

4.000

08/15/42

2,720

Arlington

Independent

School

District

General

Obligation

Unlimited

2,175

5.000

02/15/39

2,248

Austin

Community

College

District

Public

Facility

Corp.

Revenue

Bonds

1,045

5.000

08/01/23

1,045

Austin

Community

College

District

Public

Facility

Corp.

Revenue

Bonds

1,115

5.000

08/01/24

1,134

Barbers

Hill

Independent

School

District

General

Obligation

Unlimited

1,625

4.000

02/15/41

1,635

Baytown

Municipal

Development

District

Revenue

Bonds

1,375

5.000

10/01/37

1,402

Baytown

Municipal

Development

District

Revenue

Bonds

1,515

5.000

10/01/39

1,533

Baytown

Municipal

Development

District

Revenue

Bonds

1,590

5.000

10/01/40

1,602

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,765

4.000

07/15/31

1,597

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,430

5.000

07/15/33

1,361

Brazoria

County

Toll

Road

Authority

Revenue

Bonds

200

5.000

03/01/33

215

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

800

5.000

01/01/27

830

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,200

5.000

01/01/35

1,242

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

900

4.000

01/01/36

911

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,405

5.000

01/01/36

1,482

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,285

5.000

01/01/37

1,371

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

150

4.000

01/01/40

146

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,490

5.000

01/01/40

1,571

Central

Texas

Turnpike

System

Revenue

Bonds

(µ)

860

1.717

08/15/23

859

Central

Texas

Turnpike

System

Revenue

Bonds

500

5.000

08/15/23

500

Central

Texas

Turnpike

System

Revenue

Bonds

500

5.000

08/15/42

503

City

of

Amarillo

Waterworks

&

Sewer

System

Revenue

Bonds

1,000

4.000

04/01/39

1,000

City

of

Amarillo

Waterworks

&

Sewer

System

Revenue

Bonds

1,130

4.000

04/01/40

1,119

City

of

Arlington

Special

Tax

(µ)

1,785

5.000

02/15/34

1,924

City

of

Arlington

Special

Tax

(µ)

3,620

5.000

02/15/37

3,849

City

of

Arlington

Special

Tax

(µ)

6,250

5.000

02/15/43

6,519

City

of

Arlington

Tax

Allocation

275

5.000

08/15/32

292

City

of

Arlington

Tax

Allocation

305

5.000

08/15/34

322

City

of

Arlington

Tax

Allocation

335

5.000

08/15/36

349

City

of

Austin

Airport

System

Revenue

Bonds

4,025

5.000

11/15/46

4,119

City

of

Austin

Electric

Utility

Revenue

Bonds

2,155

5.000

11/15/39

2,330

City

of

Austin

General

Obligation

Limited

2,080

5.000

09/01/23

2,083

City

of

Austin

Water

&

Wastewater

System

Revenue

Bonds

300

5.000

11/15/38

340

City

of

Austin

Water

&

Wastewater

System

Revenue

Bonds

400

5.000

11/15/39

449

City

of

Austin

Water

&

Wastewater

System

Revenue

Bonds

500

5.000

11/15/40

557

City

of

Bryan

General

Obligation

Limited

2,520

2.375

08/15/36

2,066

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

2,046

City

of

Bryan

General

Obligation

Limited

2,705

2.500

08/15/39

2,086

City

of

Carrollton

General

Obligation

Limited

390

5.000

08/15/38

438

City

of

Celina

Special

Assessment

(Þ)

296

4.375

09/01/27

291

City

of

Celina

Special

Assessment

(Þ)

169

4.500

09/01/27

169

City

of

Celina

Special

Assessment

100

3.625

09/01/30

90

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

575

4.800

09/01/37

563

City

of

Celina

Special

Assessment

230

4.250

09/01/40

206

City

of

College

Station

General

Obligation

Limited

2,975

2.000

02/15/35

2,465

City

of

College

Station

General

Obligation

Limited

2,035

2.000

02/15/36

1,638

City

of

College

Station

General

Obligation

Limited

3,160

2.125

02/15/38

2,432

City

of

College

Station

General

Obligation

Limited

1,295

2.125

02/15/40

957

City

of

College

Station

General

Obligation

Limited

2,370

2.250

02/15/41

1,755

City

of

Crandall

Special

Assessment

(Þ)

50

3.375

09/15/26

47

City

of

Crandall

Special

Assessment

(Þ)

300

4.000

09/15/31

275

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,105

4.000

08/15/29

1,120

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,045

4.000

08/15/30

1,058

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,400

4.000

08/15/31

1,416

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(Ê)

470

5.000

07/01/26

482

City

of

Donna

Revenue

Bonds

(µ)

1,090

5.000

02/15/31

1,100

City

of

Dripping

Springs

Special

Assessment

(Þ)

395

4.500

09/01/30

396

City

of

El

Paso

Water

&

Sewer

Revenue

Bonds

3,030

5.000

03/01/25

3,061

City

of

El

Paso

Water

&

Sewer

Revenue

Bonds

6,500

5.250

03/01/49

7,219

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

City

of

Elgin

General

Obligation

Limited

(µ)

400

4.000

07/15/32

416

City

of

Elgin

General

Obligation

Limited

(µ)

175

4.000

07/15/34

181

City

of

Fate

Special

Assessment

(Þ)

265

3.750

08/15/27

257

City

of

Fort

Worth

General

Obligation

Limited

1,475

2.000

03/01/40

1,041

City

of

Fort

Worth

Revenue

Bonds

2,050

5.250

03/01/36

2,081

City

of

Fort

Worth

Water

&

Sewer

System

Revenue

Bonds

6,045

3.000

02/15/35

5,721

City

of

Georgetown

Utility

System

Revenue

Bonds

(µ)

750

5.000

08/15/29

829

City

of

Hackberry

Revenue

Bonds

1,710

4.625

09/01/37

1,655

City

of

Hackberry

Revenue

Bonds

1,350

4.500

09/01/38

1,272

City

of

Haslet

Special

Assessment

(Þ)

347

2.625

09/01/26

320

City

of

Houston

Airport

System

Revenue

Bonds

1,660

5.000

07/01/30

1,814

City

of

Houston

Airport

System

Revenue

Bonds

2,185

5.000

07/01/31

2,378

City

of

Houston

Combined

Utility

System

Revenue

Bonds

3,000

5.000

11/15/35

3,144

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

Bonds

1,470

5.000

09/01/27

1,511

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

Bonds

1,240

5.000

09/01/34

1,343

City

of

Hutto

Special

Assessment

(Þ)

241

2.500

09/01/26

222

City

of

Justin

Special

Assessment

(Þ)

160

4.125

09/01/23

160

City

of

Justin

Special

Assessment

(Þ)

910

4.625

09/01/28

916

City

of

Kyle

Special

Assessment

(Þ)

324

2.750

09/01/26

297

City

of

Kyle

Special

Assessment

(Þ)

619

3.625

09/01/27

598

City

of

Kyle

Special

Assessment

(Þ)

501

3.875

09/01/32

461

City

of

Kyle

Special

Assessment

(Þ)

1,178

5.125

09/01/46

1,169

City

of

Lavon

Special

Assessment

(Þ)

250

5.250

09/15/28

252

City

of

Lavon

Special

Assessment

(µ)

365

3.000

09/15/30

359

City

of

Lavon

Special

Assessment

(µ)

380

3.000

09/15/31

366

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

985

4.250

09/15/39

887

City

of

Manor

Special

Assessment

(Þ)

250

4.500

09/15/30

249

City

of

Mesquite

Revenue

Bonds

(Þ)

816

5.000

09/01/43

816

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

290

4.750

09/01/28

293

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

595

5.250

09/01/38

602

City

of

Midlothian

Special

Assessment

(Þ)

280

2.875

09/15/26

260

City

of

Pilot

Point

Special

Assessment

(Þ)

692

4.875

09/15/27

691

City

of

Pilot

Point

Special

Assessment

(Þ)

500

5.125

09/15/32

501

City

of

Princeton

Special

Assessment

(Þ)

175

2.750

09/01/25

168

City

of

Princeton

Special

Assessment

(Þ)

201

3.750

09/01/27

194

City

of

Princeton

Special

Assessment

(Þ)

425

4.375

09/01/28

425

City

of

Princeton

Special

Assessment

(Þ)

732

4.250

09/01/30

729

City

of

Princeton

Special

Assessment

(Þ)

210

2.875

09/01/31

181

City

of

Princeton

Special

Assessment

(Þ)

128

3.000

09/01/31

111

City

of

Princeton

Special

Assessment

(Þ)

280

4.000

09/01/32

266

City

of

Round

Rock

Utility

System

Revenue

Bonds

1,000

5.000

08/01/24

1,017

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

4,930

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

(~)(ae)(Ê)

3,835

1.750

02/01/33

3,722

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

1,200

4.000

02/01/34

1,213

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

1,900

5.000

02/01/34

2,136

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

1,190

5.000

02/01/35

1,332

City

of

Temple

Tax

Allocation

(µ)

225

4.000

08/01/32

235

City

of

Temple

Tax

Allocation

(µ)

235

4.000

08/01/34

245

City

of

Temple

Tax

Allocation

(µ)

210

4.000

08/01/35

217

City

of

Temple

Tax

Allocation

(µ)

200

4.000

08/01/37

203

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

City

of

Temple

Tax

Allocation

(µ)

220

4.000

08/01/39

220

City

of

Temple

Tax

Allocation

(µ)

170

4.000

08/01/41

168

City

of

Venus

Special

Assessment

(Þ)

250

3.125

09/15/31

217

City

of

Waxahachie

General

Obligation

Limited

1,560

3.000

08/01/41

1,268

City

of

Waxahachie

Special

Assessment

(Þ)

430

4.875

08/15/27

430

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

375

4.000

08/15/30

386

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

365

3.000

08/15/32

351

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

255

3.000

08/15/33

243

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

490

3.000

08/15/34

460

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

290

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,850

4.000

08/15/36

1,868

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

725

3.000

08/15/37

629

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

2,000

4.000

08/15/37

2,010

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

380

3.000

08/15/38

323

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

780

3.000

08/15/39

650

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

930

3.000

08/15/40

758

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

960

3.000

08/15/41

770

Club

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

173

2.500

09/01/26

160

Comal

Independent

School

District

General

Obligation

Unlimited

5,000

3.000

02/01/39

4,386

Conroe

Local

Government

Corp.

Revenue

Bonds

25

5.000

10/01/28

27

Conroe

Local

Government

Corp.

Revenue

Bonds

25

5.000

10/01/29

28

Conroe

Local

Government

Corp.

Revenue

Bonds

25

5.000

10/01/30

28

Conroe

Local

Government

Corp.

Revenue

Bonds

25

5.000

10/01/31

28

Conroe

Local

Government

Corp.

Revenue

Bonds

175

5.000

10/01/32

197

Conroe

Local

Government

Corp.

Revenue

Bonds

25

5.000

10/01/33

28

Conroe

Local

Government

Corp.

Revenue

Bonds

25

5.000

10/01/34

28

Conroe

Local

Government

Corp.

Revenue

Bonds

25

5.000

10/01/35

28

Conroe

Local

Government

Corp.

Revenue

Bonds

275

5.000

10/01/36

305

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

423

County

of

Kaufman

General

Obligation

Unlimited

500

4.000

02/15/36

512

County

of

Kaufman

General

Obligation

Unlimited

750

4.000

02/15/37

758

County

of

Kaufman

General

Obligation

Unlimited

895

4.000

02/15/39

893

Crowley

Independent

School

District

General

Obligation

Unlimited

500

5.000

08/01/39

517

Dallas

Area

Rapid

Transit

Tax

Allocation

515

5.000

12/01/48

537

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

2,135

5.000

11/01/24

2,178

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,000

5.000

11/01/25

1,039

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

5,270

5.000

11/01/26

5,591

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,000

5.250

11/01/28

1,004

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

2,000

5.250

11/01/29

2,009

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,500

5.250

11/01/30

1,507

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

4,000

5.000

11/01/36

4,517

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,000

4.000

11/01/39

1,000

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

3,500

4.000

11/01/41

3,472

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

4,415

4.000

11/01/45

4,293

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

5,000

4.000

11/01/46

4,838

Decatur

Hospital

Authority

Revenue

Bonds

1,250

5.250

09/01/29

1,243

Decatur

Hospital

Authority

Revenue

Bonds

550

5.000

09/01/30

539

Decatur

Hospital

Authority

Revenue

Bonds

1,110

5.000

09/01/32

1,079

Edinburg

Economic

Development

Corp.

Revenue

Bonds

150

3.125

08/15/36

121

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Edinburg

Economic

Development

Corp.

Revenue

Bonds

125

3.250

08/15/41

96

El

Paso

Independent

School

District

General

Obligation

Limited

(~)(Ê)

500

5.000

02/01/40

517

Fort

Worth

Independent

School

District

General

Obligation

Unlimited

2,500

5.000

02/15/47

2,632

Frisco

Independent

School

District

General

Obligation

Unlimited

310

5.000

02/15/35

361

Frisco

Independent

School

District

General

Obligation

Unlimited

325

5.000

02/15/36

375

Frisco

Independent

School

District

General

Obligation

Unlimited

260

5.000

02/15/37

296

Galveston

Independent

School

District

General

Obligation

Unlimited

500

5.000

02/01/34

564

Georgetown

Independent

School

District

General

Obligation

Unlimited

3,065

5.000

08/15/35

3,157

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

250

4.000

10/01/36

254

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

1,000

4.000

10/01/37

1,006

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

1,335

4.000

10/01/38

1,339

Greater

Texoma

Utility

Authority

Revenue

Bonds

(µ)

1,310

5.000

10/01/37

1,441

Harlandale

Independent

School

District

General

Obligation

Unlimited

1,170

4.000

08/15/33

1,188

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

(~)(Ê)

7,310

0.700

10/01/41

7,310

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(SOFR

+

0.730%)(ae)(Ê)

950

0.710

11/15/46

950

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.000

07/01/49

3,049

Harris

County

Toll

Road

Authority

(The)

Revenue

Bonds

1,000

4.000

08/15/35

1,041

Harris

County

Toll

Road

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

2,075

4.050

11/01/50

2,086

Harris

County-Houston

Sports

Authority

Revenue

Bonds

1,000

5.000

11/15/26

1,015

Harris

County-Houston

Sports

Authority

Revenue

Bonds

750

5.000

11/15/27

760

Harris

County-Houston

Sports

Authority

Revenue

Bonds

2,265

5.000

11/15/29

2,295

Harris

County-Houston

Sports

Authority

Revenue

Bonds

1,495

5.000

11/15/32

1,515

Housing

Synergy

PFC

Revenue

Bonds

(~)(Ê)

3,000

5.000

02/01/27

3,079

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

1,600

5.000

08/15/28

1,647

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

60

3.375

10/01/37

52

Houston

Housing

Finance

Corp.

Revenue

Bonds

(~)(Ê)

255

5.000

08/01/41

263

Hunt

Memorial

Hospital

District

Charitable

Health

General

Obligation

Limited

515

5.000

02/15/31

565

Hunt

Memorial

Hospital

District

Charitable

Health

General

Obligation

Limited

1,070

5.000

02/15/32

1,172

Hunt

Memorial

Hospital

District

Charitable

Health

General

Obligation

Limited

1,125

5.000

02/15/33

1,227

Jacksboro

Independent

School

District

General

Obligation

Unlimited

(~)(Ê)

680

4.000

02/15/48

691

Joshua

Farms

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

500

4.375

09/01/30

497

Karnes

County

Hospital

District

Revenue

Bonds

2,020

5.000

02/01/29

2,032

La

Joya

Independent

School

District

General

Obligation

Limited

(µ)

600

5.000

02/15/31

644

La

Joya

Independent

School

District

General

Obligation

Limited

(µ)

735

5.000

02/15/33

790

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

270

5.000

09/01/31

280

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

250

4.000

09/01/36

233

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

330

3.000

09/01/38

259

Leander

Independent

School

District

General

Obligation

Unlimited

(ae)

3,000

4.625

08/15/43

1,055

Lower

Colorado

River

Authority

Revenue

Bonds

2,540

5.000

05/15/30

2,565

Lubbock

Independent

School

District

General

Obligation

Unlimited

1,000

4.000

02/15/40

1,004

Mansfield

Independent

School

District

General

Obligation

Unlimited

1,360

5.000

02/15/34

1,394

Matagorda

County

Navigation

District

No.

1

Revenue

Bonds

1,150

2.600

11/01/29

1,038

Mitchell

County

Hospital

District

General

Obligation

Limited

95

5.250

02/15/30

95

Mitchell

County

Hospital

District

General

Obligation

Limited

55

5.375

02/15/35

56

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

1,370

5.000

09/15/32

1,398

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

(µ)

400

5.000

07/01/26

416

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

665

4.000

08/15/26

643

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

2,000

4.250

10/01/26

1,965

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

515

4.000

08/15/27

495

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

535

4.000

08/15/28

510

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

500

5.000

04/01/29

505

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

930

4.000

08/15/30

874

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

150

4.000

07/01/31

152

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

500

5.000

07/01/31

525

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,215

4.000

08/15/31

1,131

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

130

4.000

07/01/32

132

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

250

5.000

07/01/32

262

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

300

5.000

07/01/33

314

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,750

5.000

04/01/34

1,768

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,160

5.000

04/01/35

1,201

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

455

4.000

08/15/36

394

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

500

5.000

07/01/38

513

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

370

4.000

08/15/41

299

North

East

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

9,700

2.000

08/01/52

9,700

North

East

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

4,190

3.600

08/01/52

4,183

North

East

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,935

5.000

01/01/31

1,989

North

Texas

Tollway

Authority

Revenue

Bonds

3,975

5.000

01/01/29

4,060

North

Texas

Tollway

Authority

Revenue

Bonds

1,000

5.000

01/01/32

1,061

North

Texas

Tollway

Authority

Revenue

Bonds

1,000

4.000

01/01/35

1,039

North

Texas

Tollway

Authority

Revenue

Bonds

1,600

4.000

01/01/36

1,649

North

Texas

Tollway

Authority

Revenue

Bonds

3,545

4.000

01/01/37

3,587

North

Texas

Tollway

Authority

Revenue

Bonds

1,250

4.000

01/01/38

1,260

North

Texas

Tollway

Authority

Revenue

Bonds

1,525

4.000

01/01/40

1,497

North

Texas

Tollway

Authority

Revenue

Bonds

9,005

5.000

01/01/45

9,094

Northside

Independent

School

District

General

Obligation

Unlimited

650

5.000

08/15/37

733

Northside

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,000

3.000

08/01/53

983

Pflugerville

Independent

School

District

General

Obligation

Unlimited

3,245

4.000

02/15/45

3,144

Plainview

Independent

School

District

General

Obligation

Unlimited

(~)(Ê)

425

4.000

02/15/50

430

Port

Arthur

Independent

School

District

General

Obligation

Unlimited

(µ)

550

4.000

02/15/34

581

Port

Arthur

Independent

School

District

General

Obligation

Unlimited

(ae)

3,455

5.000

02/15/45

3,541

Prosper

Independent

School

District

General

Obligation

Unlimited

(~)(Ê)

525

4.000

02/15/50

533

Reagan

Hospital

District

of

Reagan

County

General

Obligation

Limited

500

5.000

02/01/29

504

Reagan

Hospital

District

of

Reagan

County

General

Obligation

Limited

2,500

5.000

02/01/34

2,520

Rockwall

Independent

School

District

General

Obligation

Unlimited

605

5.000

02/15/32

620

Royse

City

Special

Assessment

(Þ)

100

3.125

09/15/25

96

Royse

City

Special

Assessment

(Þ)

175

4.125

09/15/39

159

Royse

City

Special

Assessment

(Þ)

100

4.125

09/15/40

88

Sabine-Neches

Navigation

District

General

Obligation

Limited

500

5.250

02/15/36

568

Sabine-Neches

Navigation

District

General

Obligation

Limited

650

5.250

02/15/38

725

Sabine-Neches

Navigation

District

General

Obligation

Limited

1,885

5.250

02/15/40

2,084

Sabine-Neches

Navigation

District

General

Obligation

Limited

1,500

5.250

02/15/42

1,648

San

Antonio

Public

Facilities

Corp.

Revenue

Bonds

1,035

5.000

09/15/25

1,071

San

Antonio

Public

Facilities

Corp.

Revenue

Bonds

2,125

5.000

09/15/26

2,238

San

Antonio

Water

System

Revenue

Bonds

(~)(ae)(Ê)

2,000

2.625

05/01/49

1,978

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

40

5.000

09/01/27

42

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

45

5.000

09/01/29

49

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

55

4.000

09/01/32

58

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

475

4.000

09/01/33

492

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

1,300

5.000

09/01/33

1,396

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

55

4.000

09/01/34

57

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

250

4.000

09/01/35

256

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

811

Spring

Independent

School

District

General

Obligation

Unlimited

5,000

4.000

08/15/40

5,076

State

of

Texas

General

Obligation

Unlimited

1,825

5.000

10/01/26

1,861

State

of

Texas

General

Obligation

Unlimited

3,290

5.000

10/01/32

3,408

State

of

Texas

General

Obligation

Unlimited

3,400

5.000

04/01/33

3,581

State

of

Texas

General

Obligation

Unlimited

(ae)

1,300

4.000

10/01/33

1,306

Tarrant

County

Hospital

District

General

Obligation

Limited

2,510

4.000

08/15/43

2,448

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Bonds

(~)(Ê)

300

5.000

08/01/26

306

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Bonds

7,490

3.500

07/01/52

7,301

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

I

Revenue

Bonds

1,635

5.250

12/15/26

1,687

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

I

Revenue

Bonds

2,140

6.250

12/15/26

2,224

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

II

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.550%)(Ê)

1,070

0.670

09/15/27

1,057

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

II

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.690%)(Ê)

35,945

0.768

09/15/27

35,732

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

380

5.000

12/15/25

384

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

420

5.000

12/15/26

427

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

1,350

5.000

12/15/28

1,381

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

4,520

5.000

12/15/31

4,680

Texas

Municipal

Power

Agency

Revenue

Bonds

(µ)

790

3.000

09/01/34

734

Texas

Municipal

Power

Agency

Revenue

Bonds

(µ)

2,900

3.000

09/01/38

2,492

Texas

Municipal

Power

Agency

Revenue

Bonds

(µ)

1,795

3.000

09/01/40

1,508

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,250

4.000

12/31/30

1,250

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,880

4.000

06/30/32

1,876

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,120

4.000

06/30/33

1,115

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3,500

5.000

12/31/33

3,794

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3,500

5.000

12/31/34

3,779

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

2,325

5.000

12/31/36

2,472

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

505

4.000

12/31/38

498

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,330

5.000

08/15/39

1,421

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

1,175

5.000

05/01/33

1,306

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

1,000

5.250

05/01/35

1,117

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250

05/01/37

551

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

1,335

5.250

05/01/40

1,451

Texas

Water

Development

Board

Revenue

Bonds

475

4.000

10/15/36

488

Texas

Water

Development

Board

Revenue

Bonds

6,000

5.000

08/01/41

6,635

Texas

Water

Development

Board

Revenue

Bonds

1,710

5.000

10/15/43

1,806

Town

of

Flower

Mound

Special

Assessment

(Þ)

750

3.250

09/01/31

647

Town

of

Flower

Mound

Special

Assessment

(Þ)

800

3.500

09/01/36

664

Town

of

Little

Elm

Special

Assessment

(Þ)

708

3.125

09/01/41

523

Travis

County

Development

Authority

Special

Assessment

(Þ)

302

4.750

09/01/32

301

University

of

Texas

Revenue

Bonds

1,315

5.000

08/15/26

1,393

Uptown

Development

Authority

Tax

Allocation

500

5.000

09/01/31

529

Uptown

Development

Authority

Tax

Allocation

150

3.000

09/01/34

131

Uptown

Development

Authority

Tax

Allocation

820

5.000

09/01/35

839

Viridian

Municipal

Management

District

General

Obligation

Unlimited

(µ)

995

6.000

12/01/33

1,032

Viridian

Municipal

Management

District

Special

Assessment

153

2.375

12/01/25

144

Viridian

Municipal

Management

District

Special

Assessment

748

3.750

12/01/27

724

Viridian

Municipal

Management

District

Special

Assessment

2,013

4.125

12/01/37

1,860

Westside

211

Special

Improvement

District

General

Obligation

Limited

875

5.250

08/15/38

896

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Westside

211

Special

Improvement

District

Revenue

Bonds

295

2.125

08/15/30

256

Westside

211

Special

Improvement

District

Revenue

Bonds

310

3.000

08/15/32

283

White

Settlement

Independent

School

District

General

Obligation

Unlimited

1,000

5.000

08/15/28

1,031

Wylie

Independent

School

District

General

Obligation

Unlimited

270

Zero

coupon

08/15/36

162

463,373

Utah

-

1.3%

City

of

Lehi

Sales

Tax

Revenue

Bonds

500

4.000

06/01/33

524

County

of

Utah

Revenue

Bonds

9,530

5.000

05/15/41

9,811

County

of

Utah

Revenue

Bonds

18,645

5.000

05/15/45

18,765

Intermountain

Power

Agency

Revenue

Bonds

1,125

5.000

07/01/29

1,260

Intermountain

Power

Agency

Revenue

Bonds

1,250

5.000

07/01/30

1,421

Intermountain

Power

Agency

Revenue

Bonds

1,000

5.000

07/01/41

1,103

Intermountain

Power

Agency

Revenue

Bonds

640

5.000

07/01/42

703

Intermountain

Power

Agency

Revenue

Bonds

6,865

5.250

07/01/44

7,680

Ogden

City

School

District

Municipal

Building

Authority

Revenue

Bonds

225

5.000

01/15/28

242

Utah

Associated

Municipal

Power

Systems

Revenue

Bonds

205

5.000

09/01/31

222

Utah

Charter

School

Finance

Authority

Revenue

Bonds

1,435

4.000

04/15/40

1,344

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

142

Utah

Infrastructure

Agency

Revenue

Bonds

130

5.000

10/15/28

141

Utah

Infrastructure

Agency

Revenue

Bonds

4,260

5.000

10/15/29

4,359

Utah

Infrastructure

Agency

Revenue

Bonds

155

5.000

10/15/30

169

Utah

Infrastructure

Agency

Revenue

Bonds

250

4.000

10/15/31

243

Utah

Infrastructure

Agency

Revenue

Bonds

1,650

5.000

10/15/32

1,691

Utah

Infrastructure

Agency

Revenue

Bonds

1,185

4.000

10/15/33

1,134

Utah

Infrastructure

Agency

Revenue

Bonds

1,785

5.250

10/15/33

1,842

Utah

Infrastructure

Agency

Revenue

Bonds

380

4.000

10/15/34

360

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

5.000

10/15/34

1,020

Utah

Infrastructure

Agency

Revenue

Bonds

1,215

5.000

10/15/40

1,205

Utah

Infrastructure

Agency

Revenue

Bonds

795

4.000

10/15/41

780

Utah

Infrastructure

Agency

Revenue

Bonds

500

4.000

10/15/42

417

Utah

Infrastructure

Agency

Revenue

Bonds

960

4.000

10/15/44

926

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

275

4.000

10/15/26

275

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

285

4.000

10/15/27

286

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

300

4.000

10/15/28

302

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

310

4.000

10/15/29

312

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

525

4.000

04/15/33

529

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,215

5.000

10/15/33

1,219

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

460

5.000

04/15/34

491

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,110

4.000

04/15/35

1,105

Utah

Transit

Authority

Revenue

Bonds

1,860

5.000

12/15/35

2,019

64,243

Vermont

-

0.2%

City

of

Burlington

Airport

Revenue

Bonds

(µ)

120

5.000

07/01/24

122

City

of

Burlington

Airport

Revenue

Bonds

475

5.000

07/01/27

501

City

of

Burlington

Airport

Revenue

Bonds

400

5.000

07/01/28

428

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

895

5.000

07/01/30

1,007

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

460

5.000

07/01/31

524

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

500

5.000

07/01/32

574

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

350

5.000

07/01/33

403

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

775

5.000

07/01/35

887

University

of

Vermont

and

State

Agricultural

College

Revenue

Bonds

3,290

5.000

10/01/40

3,337

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

550

5.500

10/01/43

539

Vermont

Housing

Finance

Agency

Revenue

Bonds

1,129

4.750

11/01/48

1,134

Vermont

Municipal

Bond

Bank

Revenue

Bonds

1,150

4.000

10/01/31

1,216

10,672

Virgin

Islands

-

0.6%

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

6,000

5.000

10/01/26

6,072

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

14,870

5.000

10/01/27

15,026

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

4,150

5.000

10/01/28

4,190

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

4,035

5.000

10/01/30

4,081

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

(µ)

715

5.000

10/01/32

715

30,084

Virginia

-

1.1%

Arlington

County

Industrial

Development

Authority

Revenue

Bonds

3,290

5.000

01/01/26

3,387

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

355

5.000

03/01/26

332

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

960

5.125

03/01/31

808

Chesapeake

Hospital

Authority

Revenue

Bonds

800

4.000

07/01/35

813

Chesapeake

Hospital

Authority

Revenue

Bonds

775

4.000

07/01/36

779

Chesapeake

Hospital

Authority

Revenue

Bonds

1,205

4.000

07/01/37

1,197

Chesapeake

Redevelopment

&

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,520

5.000

06/01/26

4,601

Chesapeake

Redevelopment

&

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

410

5.000

05/01/43

421

City

of

Harrisonburg

General

Obligation

Unlimited

1,255

1.750

07/15/36

949

City

of

Newport

News

General

Obligation

Unlimited

250

3.000

02/01/30

252

City

of

Newport

News

General

Obligation

Unlimited

150

3.000

02/01/31

151

City

of

Newport

News

General

Obligation

Unlimited

250

4.000

02/01/33

273

County

of

Fairfax

Sewer

Revenue

Bonds

1,000

4.000

07/15/42

1,006

Fairfax

County

Industrial

Development

Authority

Revenue

Bonds

5,770

4.000

05/15/44

5,738

Farmville

Industrial

Development

Authority

Revenue

Bonds

1,255

5.000

01/01/32

1,290

Farmville

Industrial

Development

Authority

Revenue

Bonds

1,315

5.000

01/01/33

1,349

Halifax

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

625

1.650

12/01/41

609

James

City

County

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

2,100

5.000

02/01/26

2,125

James

City

County

Economic

Development

Authority

Revenue

Bonds

435

4.000

12/01/26

427

James

City

County

Economic

Development

Authority

Revenue

Bonds

460

4.000

12/01/28

445

James

City

County

Economic

Development

Authority

Revenue

Bonds

225

4.000

12/01/30

214

James

City

County

Economic

Development

Authority

Revenue

Bonds

500

4.000

12/01/35

454

Norfolk

Southern

Corp.

Revenue

Bonds

(~)(ae)(Ê)

425

5.000

05/01/43

436

Rockingham

County

Economic

Development

Authority

Revenue

Bonds

1,045

4.000

12/01/29

1,009

Rockingham

County

Economic

Development

Authority

Revenue

Bonds

1,085

4.000

12/01/30

1,040

Rockingham

County

Economic

Development

Authority

Revenue

Bonds

1,135

4.000

12/01/31

1,078

Salem

Economic

Development

Authority

Revenue

Bonds

50

5.000

04/01/28

52

Salem

Economic

Development

Authority

Revenue

Bonds

55

5.000

04/01/29

58

Salem

Economic

Development

Authority

Revenue

Bonds

90

5.000

04/01/31

95

Salem

Economic

Development

Authority

Revenue

Bonds

35

5.000

04/01/32

37

Salem

Economic

Development

Authority

Revenue

Bonds

80

5.000

04/01/33

84

Salem

Economic

Development

Authority

Revenue

Bonds

50

5.000

04/01/34

53

Salem

Economic

Development

Authority

Revenue

Bonds

110

5.000

04/01/35

116

Salem

Economic

Development

Authority

Revenue

Bonds

55

5.000

04/01/36

57

Salem

Economic

Development

Authority

Revenue

Bonds

125

5.000

04/01/37

129

Salem

Economic

Development

Authority

Revenue

Bonds

55

4.000

04/01/39

50

Salem

Economic

Development

Authority

Revenue

Bonds

35

4.000

04/01/40

32

Spotsylvania

County

Economic

Development

Authority

Revenue

Bonds

2,960

5.000

06/01/26

3,125

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Spotsylvania

County

Economic

Development

Authority

Revenue

Bonds

2,000

5.000

06/01/27

2,159

Virginia

College

Building

Authority

Revenue

Bonds

50

5.000

06/01/29

53

Virginia

College

Building

Authority

Revenue

Bonds

350

5.000

06/01/30

371

Virginia

College

Building

Authority

Revenue

Bonds

125

4.000

06/01/36

120

Virginia

Housing

Development

Authority

Revenue

Bonds

1,510

3.100

12/01/45

1,205

Virginia

Public

Building

Authority

Revenue

Bonds

3,740

5.000

08/01/29

3,868

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,000

5.000

01/01/33

1,067

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,400

4.000

01/01/45

1,246

Williamsburg

Economic

Development

Authority

Revenue

Bonds

(µ)

2,270

4.000

07/01/42

2,232

Williamsburg

Economic

Development

Authority

Revenue

Bonds

(µ)

1,000

4.000

07/01/43

983

Wise

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,205

0.750

10/01/40

3,861

York

County

Economic

Development

Authority

Pollution

Control

Revenue

Bonds

(~)

(ae)(Ê)

2,350

3.650

05/01/33

2,335

54,571

Washington

-

2.2%

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

1,625

4.000

07/01/35

1,665

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

500

4.000

09/01/36

526

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

425

4.000

09/01/37

437

City

of

Seattle

Municipal

Light

&

Power

Revenue

Bonds

220

4.000

07/01/37

225

City

of

Seattle

Municipal

Light

&

Power

Revenue

Bonds

2,355

4.000

07/01/41

2,379

County

of

King

Sewer

Revenue

Bonds

1,790

5.000

07/01/36

1,871

County

of

King

Sewer

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.230%)(ae)

(Ê)

14,275

4.210

01/01/40

13,927

County

of

Pierce

General

Obligation

Limited

2,040

2.600

07/01/36

1,732

Energy

Northwest

Revenue

Bonds

1,170

4.000

07/01/42

1,177

Franklin

County

School

District

No.

1

Pasco

General

Obligation

Unlimited

8,125

5.500

12/01/40

9,412

Grant

County

Public

Hospital

District

No.

2

General

Obligation

Unlimited

5,000

5.000

12/01/38

5,148

Grant

County

Public

Utility

District

No.

2

Priest

Rapids

Hydroelectric

Project

Revenue

Bonds

4,600

4.000

01/01/26

4,695

King

County

School

District

No.

401

Highline

General

Obligation

Unlimited

450

5.000

12/01/39

511

King

County

School

District

No.

414

Lake

Washington

General

Obligation

Unlimited

650

5.000

12/01/34

713

Klickitat

County

Public

Utility

District

No.

1

Revenue

Bonds

(µ)

830

5.000

12/01/30

938

Klickitat

County

Public

Utility

District

No.

1

Revenue

Bonds

(µ)

900

5.000

12/01/31

1,016

Port

of

Seattle

Revenue

Bonds

865

5.000

08/01/28

945

Seattle

Housing

Authority

Revenue

Bonds

895

1.000

06/01/26

820

Spokane

Public

Facilities

District

Revenue

Bonds

970

5.000

12/01/34

998

State

of

Washington

General

Obligation

Limited

4,715

5.000

06/01/38

5,206

State

of

Washington

General

Obligation

Unlimited

7,835

5.000

02/01/25

8,050

State

of

Washington

General

Obligation

Unlimited

625

5.000

02/01/26

630

State

of

Washington

General

Obligation

Unlimited

2,550

4.000

07/01/26

2,623

State

of

Washington

General

Obligation

Unlimited

5,125

5.000

07/01/30

5,249

State

of

Washington

General

Obligation

Unlimited

2,100

5.000

02/01/35

2,116

State

of

Washington

General

Obligation

Unlimited

1,645

5.000

08/01/35

1,756

State

of

Washington

General

Obligation

Unlimited

1,000

5.000

08/01/37

1,096

State

of

Washington

General

Obligation

Unlimited

1,820

5.000

02/01/39

1,941

State

of

Washington

General

Obligation

Unlimited

1,300

5.000

02/01/41

1,380

State

of

Washington

General

Obligation

Unlimited

3,500

5.000

08/01/42

3,673

State

of

Washington

General

Obligation

Unlimited

3,000

5.000

08/01/43

3,337

State

of

Washington

General

Obligation

Unlimited

2,350

5.000

02/01/47

2,561

State

of

Washington

General

Obligation

Unlimited

1,500

5.000

02/01/48

1,639

University

of

Washington

Revenue

Bonds

(~)(ae)(Ê)

2,500

4.000

05/01/48

2,564

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

2,300

5.000

08/15/29

2,405

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

145

5.000

08/01/37

152

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

1,000

5.000

08/01/39

1,042

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,750

5.000

08/01/49

1,759

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

3,035

5.000

08/01/49

3,088

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

510

5.000

10/01/27

530

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

625

5.000

10/01/31

667

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

375

4.000

10/01/35

362

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

1,905

4.000

07/01/36

1,864

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

1,625

2.125

07/01/27

1,465

106,290

West

Virginia

-

0.3%

State

of

West

Virginia

General

Obligation

Unlimited

855

5.000

06/01/35

946

State

of

West

Virginia

General

Obligation

Unlimited

1,600

5.000

12/01/36

1,763

State

of

West

Virginia

General

Obligation

Unlimited

1,180

5.000

06/01/41

1,274

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

2,380

5.000

01/01/28

2,506

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

425

5.000

09/01/29

455

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

480

5.000

09/01/30

508

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

400

5.000

09/01/31

422

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

300

5.000

09/01/32

316

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

230

5.000

01/01/33

237

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

270

5.000

01/01/34

278

West

Virginia

Parkways

Authority

Revenue

Bonds

2,000

5.000

06/01/38

2,228

West

Virginia

University

Revenue

Bonds

(~)(ae)(Ê)

2,525

5.000

10/01/41

2,767

13,700

Wisconsin

-

1.5%

City

of

Milwaukee

General

Obligation

Unlimited

(µ)

3,300

5.000

04/01/27

3,486

City

of

Milwaukee

General

Obligation

Unlimited

3,000

5.000

04/01/30

3,330

City

of

Racine

Waterworks

System

Revenue

Bonds

(µ)

1,170

5.000

09/01/29

1,266

City

of

Racine

Waterworks

System

Revenue

Bonds

(µ)

1,590

4.000

09/01/37

1,603

County

of

Waushara

Revenue

Notes

2,500

4.750

12/01/23

2,502

Hudson

School

District

General

Obligation

Unlimited

1,050

2.250

03/01/27

985

Monroe

School

District

General

Obligation

Unlimited

(µ)

1,265

4.000

03/01/41

1,252

Norwalk-Ontario-Wilton

School

District

Revenue

Bonds

(Þ)

9,400

4.500

12/07/23

9,410

PMA

Levy

&

Aid

Anticipation

Notes

Program

Revenue

Notes

2,750

4.000

09/27/23

2,750

Public

Finance

Authority

Revenue

Bonds

295

5.000

10/01/24

297

Public

Finance

Authority

Revenue

Bonds

535

4.000

03/01/25

521

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

31

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

31

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,250

5.125

11/15/29

1,271

Public

Finance

Authority

Revenue

Bonds

860

4.000

01/01/30

813

Public

Finance

Authority

Revenue

Bonds

(Þ)

450

4.000

06/15/30

414

Public

Finance

Authority

Revenue

Bonds

(µ)

35

4.000

07/01/30

36

Public

Finance

Authority

Revenue

Bonds

(µ)

45

4.000

07/01/31

46

Public

Finance

Authority

Revenue

Bonds

450

4.000

12/01/31

431

Public

Finance

Authority

Revenue

Bonds

(Þ)

815

4.000

04/01/32

778

Public

Finance

Authority

Revenue

Bonds

(Þ)

455

4.000

06/15/32

407

Public

Finance

Authority

Revenue

Bonds

(µ)

55

4.000

07/01/32

56

Public

Finance

Authority

Revenue

Bonds

(µ)

25

4.000

07/01/33

25

Public

Finance

Authority

Revenue

Bonds

(µ)

20

4.000

07/01/34

20

Public

Finance

Authority

Revenue

Bonds

(Þ)

170

4.500

01/01/35

154

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(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

$

Public

Finance

Authority

Revenue

Bonds

(µ)

20

4.000

07/01/35

20

Public

Finance

Authority

Revenue

Bonds

335

5.000

07/01/35

357

Public

Finance

Authority

Revenue

Bonds

(Þ)

240

5.000

12/01/35

222

Public

Finance

Authority

Revenue

Bonds

(µ)

30

4.000

07/01/36

30

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/36

42

Public

Finance

Authority

Revenue

Bonds

(µ)

280

4.000

07/01/37

279

Public

Finance

Authority

Revenue

Bonds

310

5.000

07/01/37

324

Public

Finance

Authority

Revenue

Bonds

600

4.000

11/15/37

529

Public

Finance

Authority

Revenue

Bonds

(µ)

335

4.000

07/01/38

332

Public

Finance

Authority

Revenue

Bonds

65

5.000

07/01/38

67

Public

Finance

Authority

Revenue

Bonds

(µ)

335

4.000

07/01/39

327

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/39

41

Public

Finance

Authority

Revenue

Bonds

(µ)

35

4.000

07/01/40

34

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/40

41

Public

Finance

Authority

Revenue

Bonds

4,960

5.000

03/01/41

5,054

Public

Finance

Authority

Revenue

Bonds

125

4.000

07/01/41

108

Public

Finance

Authority

Revenue

Bonds

65

5.000

07/01/41

67

Public

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,200

4.000

10/01/41

2,207

Public

Finance

Authority

Revenue

Bonds

2,000

4.000

12/01/41

1,788

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

4.000

06/15/42

602

Public

Finance

Authority

Revenue

Bonds

6,120

5.000

03/01/46

6,209

State

of

Wisconsin

Clean

Water

Fund

Leveraged

Loan

Portfolio

Revenue

Bonds

(ae)

5,000

5.000

06/01/26

5,063

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

50

4.000

03/15/30

49

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,000

5.000

02/15/33

1,090

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,500

4.000

02/15/34

1,523

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,500

4.000

02/15/35

1,514

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,590

4.000

02/15/36

1,590

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

130

4.000

09/15/36

114

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

640

5.000

07/01/38

660

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

2,280

4.000

11/15/39

2,241

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

135

4.000

09/15/41

110

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

125

4.000

09/15/45

97

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.650%)(ae)(Ê)

4,150

3.560

08/15/54

4,150

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.180%)(ae)(Ê)

400

4.160

08/15/54

388

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,155

5.000

08/15/54

1,205

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.150%)(ae)(Ê)

1,000

4.130

03/01/42

994

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

750

0.500

11/01/50

711

72,155

Wyoming

-

0.1%

County

of

Campbell

Wastewater

Facilities

Revenue

Bonds

3,335

3.625

07/15/39

3,013

Total

Municipal

Bonds

(cost

$4,864,283)

4,714,429

Total

Investments

-

96.3%

(identified

cost

$4,864,283)

4,714,429

Other

Assets

and

Liabilities,

Net

-

3.7%

180,440

Net

Assets

-

100.0%

4,894,869

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

354

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

$

$

$

3.4%

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

05/22/23

1,000,000

101.55

1,016

1,019

Arbors

Community

Development

District

Special

Assessment

03/08/23

130,000

99.39

129

132

Arbors

Community

Development

District

Special

Assessment

03/08/23

120,000

99.59

119

120

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

265,000

102.17

271

228

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/06/22

1,250,000

100.00

1,250

1,210

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

250,000

99.17

248

244

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

490,000

100.00

490

462

Astonia

Community

Development

District

Revenue

Bonds

05/04/23

250,000

100.00

250

250

Astonia

Community

Development

District

Special

Assessment

07/09/21

125,000

100.00

125

119

Astonia

Community

Development

District

Special

Assessment

07/09/21

250,000

100.00

250

223

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/09/22

1,680,000

91.27

1,533

1,552

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/09/22

955,000

97.13

928

917

Avalon

Park

West

Community

Development

District

Special

Assessment

09/08/22

200,000

100.00

200

201

Ave

Maria

Stewardship

Community

District

Special

Assessment

01/28/22

225,000

99.89

225

215

Ave

Maria

Stewardship

Community

District

Special

Assessment

07/24/23

600,000

99.60

598

595

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

06/09/21

95,000

100.00

95

90

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

06/09/21

250,000

100.00

250

219

Bridgewalk

Community

Development

District

Special

Assessment

01/25/22

135,000

100.00

135

125

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

250,000

102.74

257

256

California

Health

Facilities

Financing

Authority

Revenue

Bonds

05/27/21

875,000

100.00

875

851

California

School

Finance

Authority

Revenue

Bonds

04/29/21

260,000

100.17

260

259

California

School

Finance

Authority

Revenue

Bonds

04/29/21

295,000

101.93

301

272

California

School

Finance

Authority

Revenue

Bonds

04/29/21

215,000

106.42

229

196

California

School

Finance

Authority

Revenue

Bonds

07/21/21

645,000

108.11

663

648

California

School

Finance

Authority

Revenue

Bonds

07/29/21

650,000

110.67

719

648

California

School

Finance

Authority

Revenue

Bonds

04/27/22

1,000,000

103.05

1,031

1,004

California

School

Finance

Authority

Revenue

Bonds

02/09/23

100,000

87.86

88

83

California

School

Finance

Authority

Revenue

Bonds

05/17/23

100,000

100.00

100

100

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

2,630,000

99.45

2,616

2,515

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/08/18

350,000

105.65

370

358

Capital

Trust

Agency,

Inc.

Revenue

Bonds

07/17/20

120,000

100.00

120

109

Capital

Trust

Agency,

Inc.

Revenue

Bonds

08/10/20

500,000

98.54

493

452

Capital

Trust

Agency,

Inc.

Revenue

Bonds

12/03/20

1,000,000

105.93

1,059

947

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

109.56

110

81

Centre

Lake

Community

Development

District

Special

Assessment

11/17/21

1,000,000

100.00

1,000

750

Centre

Lake

Community

Development

District

Special

Assessment

11/17/21

260,000

101.05

263

227

Chester

County

Industrial

Development

Authority

Revenue

Bonds

09/14/22

4,385,000

98.92

4,319

4,401

Chester

County

Industrial

Development

Authority

Special

Assessment

08/16/18

204,000

99.49

203

201

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

5,000,000

94.44

4,722

5,408

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

1

Tax

Allocation

08/12/22

375,000

104.91

393

381

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

1

Tax

Allocation

08/12/22

375,000

108.34

406

397

City

of

Baltimore

Revenue

Bonds

08/24/22

100,000

100.00

100

96

City

of

Baltimore

Revenue

Bonds

08/24/22

150,000

100.00

150

147

City

of

Celina

Special

Assessment

04/13/22

296,000

100.00

296

291

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

Crandall

Special

Assessment

06/08/21

50,000

100.00

50

47

City

of

Crandall

Special

Assessment

06/08/21

300,000

100.00

300

275

City

of

Dripping

Springs

Special

Assessment

06/07/23

395,000

100.00

395

396

City

of

Fate

Special

Assessment

04/05/22

265,000

100.00

265

257

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,625,000

104.41

1,697

1,302

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,000,000

105.36

1,054

847

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,450,000

106.31

1,542

1,299

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

220,000

113.01

249

226

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

230,000

114.41

263

235

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

240,000

115.74

278

245

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

255,000

116.90

298

260

City

of

Haslet

Special

Assessment

10/19/21

347,000

100.00

347

320

City

of

Hutto

Special

Assessment

10/22/21

241,000

100.00

241

222

City

of

Justin

Special

Assessment

03/27/18

910,000

100.00

910

916

City

of

Justin

Special

Assessment

03/27/18

160,000

100.00

160

160

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

355

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

Kyle

Special

Assessment

10/20/21

324,000

100.00

324

297

City

of

Kyle

Special

Assessment

03/23/22

501,000

100.00

501

461

City

of

Kyle

Special

Assessment

03/23/22

619,000

100.00

619

598

City

of

Kyle

Special

Assessment

01/18/23

1,178,000

100.00

1,178

1,169

City

of

Lavon

Special

Assessment

11/16/22

250,000

100.00

250

252

City

of

Lavon

Special

Assessment

Revenue

Bonds

05/02/23

985,000

90.32

890

887

City

of

Manor

Special

Assessment

06/22/23

250,000

99.69

249

249

City

of

Mesquite

Revenue

Bonds

04/04/23

816,000

100.00

816

816

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

290,000

100.00

290

293

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

595,000

100.00

595

602

City

of

Midlothian

Special

Assessment

03/24/21

280,000

100.00

280

260

City

of

Pilot

Point

Special

Assessment

05/13/22

500,000

100.00

500

501

City

of

Pilot

Point

Special

Assessment

05/13/22

692,000

100.00

692

691

City

of

Princeton

Special

Assessment

04/24/18

425,000

100.00

425

425

City

of

Princeton

Special

Assessment

10/02/20

175,000

100.82

176

168

City

of

Princeton

Special

Assessment

05/25/21

128,000

100.00

128

111

City

of

Princeton

Special

Assessment

09/28/21

210,000

100.00

210

181

City

of

Princeton

Special

Assessment

03/29/22

280,000

100.00

280

266

City

of

Princeton

Special

Assessment

03/29/22

201,000

100.00

201

194

City

of

Princeton

Special

Assessment

02/14/23

732,000

100.00

732

729

City

of

Sachse

Special

Assessment

11/15/22

659,000

100.00

659

676

City

of

Venus

Special

Assessment

11/09/21

250,000

99.61

249

217

City

of

Waxahachie

Special

Assessment

05/17/22

430,000

100.00

430

430

Club

Municipal

Management

District

No.

1

Special

Assessment

12/01/21

173,000

100.00

173

160

Cobblestone

Community

Development

District

Special

Assessment

03/11/22

235,000

99.56

234

217

Coddington

Community

Development

District

Special

Assessment

06/24/22

230,000

99.89

230

228

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

100,000

106.03

106

98

Connerton

East

Community

Development

District

Special

Assessment

02/16/23

695,000

99.88

694

697

Copper

Oaks

Community

Development

District

Special

Assessment

06/03/21

770,000

100.37

773

626

Copper

Oaks

Community

Development

District

Special

Assessment

06/03/21

681,000

101.38

690

599

Cordova

Palms

Community

Development

District

Special

Assessment

12/13/21

170,000

100.00

170

161

Cordova

Palms

Community

Development

District

Special

Assessment

12/13/21

245,000

99.79

244

213

Cordova

Palms

Community

Development

District

Special

Assessment

06/24/22

105,000

99.44

104

106

Cordova

Palms

Community

Development

District

Special

Assessment

06/24/22

100,000

99.72

100

100

Cordova

Palms

Community

Development

District

Special

Assessment

06/24/22

170,000

99.78

170

172

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

155,000

100.00

155

155

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

15,000

100.00

15

15

County

of

Bastrop

Special

Assessment

05/22/23

421,000

99.54

419

423

County

of

Gallatin

Revenue

Bonds

12/09/21

1,850,000

104.94

1,941

1,611

County

of

Gallatin

Revenue

Bonds

12/09/21

1,350,000

105.69

1,427

1,241

Creek

Preserve

Community

Development

District

Special

Assessment

04/13/23

1,215,000

95.08

1,155

1,141

Crossings

Community

Development

District

Special

Assessment

06/10/22

1,745,000

100.00

1,745

1,689

Cypress

Bay

West

Community

Development

District

Special

Assessment

07/14/23

140,000

100.00

140

140

Cypress

Shadows

Community

Development

District

Special

Assessment

08/23/22

347,000

101.93

354

336

Cypress

Shadows

Community

Development

District

Special

Assessment

08/23/22

292,000

103.46

302

293

Cypress

Shadows

Community

Development

District

Special

Assessment

08/23/22

108,000

105.68

114

111

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

700,000

100.00

700

677

Deerbrook

Community

Development

District

Revenue

Bonds

04/06/23

345,000

100.00

345

343

Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

1,210,000

99.24

1,204

1,220

District

of

Columbia

Revenue

Bonds

01/29/21

250,000

113.09

283

230

Downtown

Doral

South

Community

Development

District

Special

Assessment

09/10/18

105,000

100.00

105

105

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

30,000

100.00

30

28

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

60,000

100.00

60

52

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

60,000

99.50

60

55

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

15,000

99.91

15

15

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

20,000

100.00

20

20

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

340,000

99.86

340

340

Elevation

Pointe

Community

Development

District

Special

Assessment

04/06/22

1,105,000

100.00

1,105

1,069

Elevation

Pointe

Community

Development

District

Special

Assessment

04/06/22

250,000

99.38

248

239

Elevation

Pointe

Community

Development

District

Special

Assessment

04/06/22

205,000

99.72

204

201

Entrada

Community

Development

District

Special

Assessment

09/23/21

370,000

99.55

368

316

Epperson

North

Community

Development

District

Special

Assessment

10/05/21

295,000

100.00

295

260

Epperson

North

Community

Development

District

Special

Assessment

10/05/21

305,000

100.07

305

286

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

100,000

105.76

106

97

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

125,000

111.22

139

123

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

356

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

$

$

$

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

100,000

111.77

112

101

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

225,000

102.81

231

195

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

145,000

100.00

145

145

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

100,000

107.86

108

95

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

925,000

104.21

964

943

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

800,000

100.41

803

774

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

150,000

100.65

151

140

Fulton

County

Development

Authority

Revenue

Bonds

08/03/22

140,000

99.30

139

138

Gracewater

Sarasota

Community

Development

District

Special

Assessment

09/24/21

355,000

100.00

355

336

Grand

Oaks

Community

Development

District

Special

Assessment

11/03/21

150,000

100.00

150

141

Grove

Resort

Community

Development

District

Special

Assessment

02/09/22

120,000

100.00

120

112

Hammock

Oaks

Community

Development

District

Special

Assessment

05/25/23

195,000

100.00

195

196

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

620,000

100.00

620

628

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

65,000

100.00

65

65

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

420,000

100.00

420

427

Harmony

West

Community

Development

District

Special

Assessment

02/15/23

635,000

98.27

624

628

Harmony

West

Community

Development

District

Special

Assessment

02/15/23

200,000

99.91

200

200

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

140,000

100.00

140

128

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

95,000

100.00

95

93

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

300,000

110.54

332

283

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

500,000

111.66

558

466

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

890,000

112.26

999

780

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

440,000

112.62

496

391

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

340,000

112.79

383

306

Illinois

Finance

Authority

Revenue

Bonds

12/16/21

180,000

112.51

203

164

Illinois

Finance

Authority

Revenue

Bonds

02/15/23

1,300,000

99.48

1,293

1,322

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

1,000,000

100.00

1,000

988

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

500,000

100.56

503

505

Joshua

Farms

Municipal

Management

District

No.

1

Special

Assessment

04/12/23

500,000

100.00

500

497

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

345,000

100.00

345

341

Kingman

Gate

Community

Development

District

Special

Assessment

03/03/21

250,000

100.00

250

231

Kingman

Gate

Community

Development

District

Special

Assessment

03/03/21

125,000

100.00

125

119

Lakewood

Ranch

Stewardship

District

Special

Assessment

09/01/21

260,000

99.34

258

222

Lakewood

Ranch

Stewardship

District

Special

Assessment

09/01/21

140,000

99.77

140

131

Lakewood

Ranch

Stewardship

District

Special

Assessment

12/10/21

410,000

99.79

409

354

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/20/22

2,350,000

101.11

2,376

2,311

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/13/23

550,000

98.32

541

536

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/13/23

400,000

99.76

399

397

Mangrove

Point

&

Mangrove

Manor

Community

Development

District

Special

Assessment

04/04/22

240,000

100.00

240

235

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

09/23/21

515,000

110.44

566

426

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

100,000

105.93

106

87

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

115,000

100.00

115

115

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

1,000,000

101.91

1,019

1,031

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

520,000

100.00

520

527

Merrick

Square

Community

Development

District

Special

Assessment

03/10/23

200,000

99.59

199

200

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

100,000

108.77

109

102

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

100,000

110.46

110

102

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

100,000

111.99

112

103

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

125,000

113.22

142

130

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

175,000

114.40

200

183

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

535,000

99.60

533

539

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

08/31/17

290,000

103.62

300

291

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

04/06/18

525,000

100.00

525

509

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,215,000

105.78

1,285

1,131

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

665,000

106.62

709

643

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

535,000

109.33

585

510

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

455,000

88.30

402

394

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

930,000

94.56

879

874

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

515,000

97.45

502

495

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

03/06/23

370,000

80.32

297

299

New

York

Liberty

Development

Corp.

Revenue

Bonds

07/07/20

4,865,000

96.51

4,568

4,764

New

York

Liberty

Development

Corp.

Revenue

Bonds

09/19/22

250,000

101.57

254

253

New

York

Liberty

Development

Corp.

Revenue

Bonds

03/07/23

1,135,000

100.00

1,135

1,137

Norwalk-Ontario-Wilton

School

District

Revenue

Bonds

05/16/23

9,400,000

100.08

9,407

9,410

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

750,000

104.61

785

702

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

357

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

$

$

$

Park

East

Community

Development

District

Special

Assessment

12/01/21

370,000

100.05

370

341

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

305,000

105.35

321

308

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

660,000

109.60

723

678

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

440,000

111.22

489

455

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

415,000

111.30

462

429

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

300,000

100.54

302

301

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

07/18/23

140,000

102.86

144

144

Pine

Isle

Community

Development

District

Special

Assessment

11/04/21

250,000

100.00

250

235

Pine

Isle

Community

Development

District

Special

Assessment

11/04/21

100,000

100.00

100

91

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

100,000

100.27

100

88

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

01/05/23

1,500,000

95.93

1,439

1,478

Public

Finance

Authority

Revenue

Bonds

06/25/14

1,250,000

98.81

1,235

1,271

Public

Finance

Authority

Revenue

Bonds

07/17/20

170,000

100.00

170

154

Public

Finance

Authority

Revenue

Bonds

12/03/20

240,000

111.35

267

222

Public

Finance

Authority

Revenue

Bonds

01/21/22

815,000

107.06

873

777

Public

Finance

Authority

Revenue

Bonds

02/02/22

750,000

103.56

777

602

Public

Finance

Authority

Revenue

Bonds

02/02/22

455,000

104.47

475

407

Public

Finance

Authority

Revenue

Bonds

02/02/22

450,000

104.63

471

414

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

09/27/21

6,060,000

114.04

6,304

6,195

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

11/16/21

3,855,000

101.80

4,169

3,879

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

01/11/22

9,450,000

102.79

8,466

9,320

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

01/13/22

9,200,000

101.70

9,332

9,312

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

09/29/22

315,000

100.16

315

320

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

12/12/22

1,840,000

101.39

1,866

1,894

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

300,000

99.59

299

265

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

160,000

99.81

160

151

Royse

City

Special

Assessment

06/30/20

175,000

102.65

180

159

Royse

City

Special

Assessment

07/15/20

100,000

100.00

100

96

Royse

City

Special

Assessment

07/15/20

100,000

100.00

100

88

Sandmine

Road

Community

Development

District

Special

Assessment

10/14/21

245,000

100.00

245

230

Sandmine

Road

Community

Development

District

Special

Assessment

10/05/22

100,000

99.73

100

101

Sarasota

National

Community

Development

District

Special

Assessment

03/26/21

125,000

99.70

125

118

Savanna

Lakes

Community

Development

District

Special

Assessment

05/11/23

200,000

99.82

200

199

Sawgrass

Village

Community

Development

District

Special

Assessment

06/22/23

115,000

100.00

115

115

Sawgrass

Village

Community

Development

District

Special

Assessment

06/22/23

240,000

98.81

237

238

Sawyers

Landing

Community

Development

District

Special

Assessment

08/04/21

295,000

99.71

294

280

Scenic

Terrace

South

Community

Development

District

Special

Assessment

03/16/22

75,000

100.00

75

73

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

06/13/23

250,000

100.00

250

251

Sherwood

Manor

Community

Development

District

Special

Assessment

09/13/18

550,000

99.33

546

554

Siena

North

Community

Development

District

Special

Assessment

02/02/22

110,000

100.00

110

104

Somerset

Community

Development

District

Special

Assessment

04/06/22

260,000

100.00

260

247

Somerset

Community

Development

District

Special

Assessment

04/06/22

200,000

100.55

201

199

Somerset

Community

Development

District

Special

Assessment

04/06/22

215,000

100.84

217

214

Somerset

Community

Development

District

Special

Assessment

04/06/22

625,000

100.87

630

616

Somerset

Community

Development

District

Special

Assessment

04/06/22

600,000

100.91

605

594

Stonewater

Community

Development

District

Special

Assessment

10/13/21

220,000

100.00

220

205

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

03/01/23

235,000

99.64

234

236

Storey

Drive

Community

Development

District

Special

Assessment

01/12/22

160,000

100.00

160

149

Summer

Woods

Community

Development

District

Special

Assessment

10/05/21

150,000

100.00

150

142

Summerstone

Community

Development

District

Special

Assessment

09/09/21

180,000

100.00

180

170

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

535,000

100.00

535

534

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

90,000

100.00

90

90

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

400,000

99.86

399

403

Tohoqua

Community

Development

District

Special

Assessment

03/05/21

320,000

100.00

320

285

Town

of

Flower

Mound

Special

Assessment

02/09/21

800,000

100.00

800

664

Town

of

Flower

Mound

Special

Assessment

02/09/21

750,000

100.00

750

647

Town

of

Little

Elm

Special

Assessment

12/08/21

708,000

100.00

708

523

Travis

County

Development

Authority

Special

Assessment

09/13/22

302,000

100.00

302

301

Triple

Creek

Community

Development

District

Special

Assessment

11/23/21

450,000

100.00

450

390

Two

Rivers

East

Community

Development

District

Special

Assessment

05/19/23

940,000

99.57

936

941

Two

Rivers

North

Community

Development

District

Special

Assessment

04/27/22

630,000

100.00

630

626

Two

Rivers

North

Community

Development

District

Special

Assessment

04/27/22

105,000

100.00

105

104

Union

Park

East

Community

Development

District

Special

Assessment

01/12/22

95,000

100.16

95

90

Varrea

South

Community

Development

District

Special

Assessment

04/21/23

340,000

99.71

339

340

V-Dana

Community

Development

District

Special

Assessment

04/01/21

285,000

100.00

285

272

V-Dana

Community

Development

District

Special

Assessment

04/01/21

125,000

99.49

124

112

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

25,000

100.00

25

23

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

358

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

$

$

$

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

55,000

100.00

55

49

Verano

No.

3

Community

Development

District

Special

Assessment

04/16/21

60,000

100.00

60

57

Verano

No.

3

Community

Development

District

Special

Assessment

04/16/21

120,000

100.00

120

107

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

550,000

98.20

540

539

Village

Community

Development

District

No.

12

Special

Assessment

03/16/18

1,410,000

100.00

1,410

1,408

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

665,000

100.00

665

672

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

175,000

100.00

175

176

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

200,000

100.00

200

202

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

01/12/22

135,000

100.00

135

126

Villamar

Community

Development

District

Special

Assessment

02/28/22

360,000

100.00

360

322

Villamar

Community

Development

District

Special

Assessment

02/28/22

255,000

100.00

255

232

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/10/21

1,625,000

100.00

1,625

1,465

West

Port

Community

Development

District

Special

Assessment

07/27/22

165,000

100.00

165

163

West

Villages

Improvement

District

Special

Assessment

03/31/21

825,000

100.00

825

734

Westchester

County

Local

Development

Corp.

Revenue

Bonds

10/28/21

1,500,000

100.00

1,500

1,431

Westview

North

Community

Development

District

Special

Assessment

10/05/22

350,000

99.74

349

353

Willows

Community

Development

District

Special

Assessment

09/21/22

350,000

100.00

350

352

Wind

Meadows

South

Community

Development

District

Special

Assessment

04/26/23

920,000

99.70

917

922

165,334

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

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

Ultra

Notes

Futures

1,450

USD

169,627

09/23

3,339

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

3,339

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Municipal

Bonds

Alabama

$

—

$

133,087

$

—

$

—

$

133,087

Alaska

—

15,503

—

—

15,503

Arizona

—

71,699

—

—

71,699

Arkansas

—

12,183

—

—

12,183

California

—

390,353

—

—

390,353

Colorado

—

113,303

—

—

113,303

Connecticut

—

102,054

—

—

102,054

Delaware

—

15,117

—

—

15,117

District

of

Columbia

—

47,967

—

—

47,967

Florida

—

310,202

—

—

310,202

Georgia

—

92,026

—

—

92,026

Guam

—

51,274

—

—

51,274

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

359

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Hawaii

—

4,611

—

—

4,611

Idaho

—

13,315

—

—

13,315

Illinois

—

680,688

—

—

680,688

Indiana

—

31,840

—

—

31,840

Iowa

—

22,829

—

—

22,829

Kansas

—

12,314

—

—

12,314

Kentucky

—

29,183

—

—

29,183

Louisiana

—

61,987

—

—

61,987

Maine

—

7,094

—

—

7,094

Maryland

—

61,299

—

—

61,299

Massachusetts

—

49,457

—

—

49,457

Michigan

—

125,313

—

—

125,313

Minnesota

—

20,809

—

—

20,809

Mississippi

—

18,670

—

—

18,670

Missouri

—

51,430

—

—

51,430

Montana

—

14,237

—

—

14,237

Nebraska

—

24,504

—

—

24,504

Nevada

—

31,307

—

—

31,307

New

Hampshire

—

18,698

—

—

18,698

New

Jersey

—

157,040

—

—

157,040

New

Mexico

—

10,045

—

—

10,045

New

York

—

476,718

—

—

476,718

North

Carolina

—

26,804

—

—

26,804

North

Dakota

—

9,199

—

—

9,199

Ohio

—

88,343

—

—

88,343

Oklahoma

—

14,043

—

—

14,043

Oregon

—

23,434

—

—

23,434

Pennsylvania

—

182,352

—

—

182,352

Puerto

Rico

—

163,267

—

—

163,267

Rhode

Island

—

25,266

—

—

25,266

South

Carolina

—

40,612

—

—

40,612

South

Dakota

—

2,404

—

—

2,404

Tennessee

—

42,448

—

—

42,448

Texas

—

463,373

—

—

463,373

Utah

—

64,243

—

—

64,243

Vermont

—

10,672

—

—

10,672

Virgin

Islands

—

30,084

—

—

30,084

Virginia

—

54,571

—

—

54,571

Washington

—

106,290

—

—

106,290

West

Virginia

—

13,700

—

—

13,700

Wisconsin

—

72,155

—

—

72,155

Wyoming

—

3,013

—

—

3,013

Total

Investments

$

—

$

4,714,429

$

—

$

—

$

4,714,429

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

360

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

Other

Financial

Instruments

Assets

Futures

Contracts

3,339

—

—

—

3,339

Total

Other

Financial

Instruments

*

$

3,339

$

—

$

—

$

—

$

3,339

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Infrastructure

Fund

361

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

94.3%

Australia

-

8.4%

APA

Group

69,176

465

Atlas

Arteria,

Ltd.

1,307,588

5,524

Cleanaway

Waste

Management,

Ltd.

362,451

672

Qube

Holdings,

Ltd.

877,156

1,734

Transurban

Group

-

ADR(Æ)

1,212,855

11,696

20,091

Belgium

-

0.0%

Elia

Group

SA

826

102

Brazil

-

0.5%

CCR

SA

246,591

693

Santos

Brasil

Participacoes

SA

189,828

386

1,079

Canada

-

8.8%

AltaGas,

Ltd.

-

ADR

75,374

1,488

Brookfield

Renewable

Corp.

Class

A

1,356

42

Canadian

National

Railway

Co.

6,838

829

Canadian

Pacific

Kansas

City,

Ltd.

5,818

479

Emera,

Inc.

40,625

1,648

Enbridge,

Inc.

180,244

6,629

Gibson

Energy,

Inc.

47,579

775

Hydro

One,

Ltd.(Þ)

34,031

960

Keyera

Corp.(Ñ)

44,892

1,124

Pembina

Pipeline

Corp.

46,065

1,458

TC

Energy

Corp.

104,121

3,732

Waste

Connections,

Inc.

12,945

1,827

20,991

China

-

2.4%

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

1,676,000

1,096

ENN

Energy

Holdings,

Ltd.

242,582

2,923

Hainan

Meilan

International

Airport

Co.,

Ltd.

Class

H(Æ)

9,000

14

Jiangsu

Expressway

Co.,

Ltd.

Class

H

1,112,685

1,019

Zhejiang

Expressway

Co.,

Ltd.

Class

H

816,000

654

5,706

Denmark

-

0.2%

Orsted

A/S

Class

A(Þ)

5,711

497

France

-

6.8%

Aeroports

de

Paris

21,678

2,996

Eiffage

SA

5,208

541

Engie

SA

46,761

767

Getlink

SE

392,034

6,895

Rubis

SCA

42,353

1,045

Veolia

Environnement

SA

6,858

223

Vinci

SA

30,904

3,632

16,099

Germany

-

1.0%

E.ON

SE

12,297

156

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

8,555

452

RWE

AG

40,626

1,747

2,355

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hong

Kong

-

0.9%

China

Merchants

Port

Holdings

Co.,

Ltd.

376,466

517

CK

Infrastructure

Holdings,

Ltd.

86,464

458

CLP

Holdings,

Ltd.

52,000

424

Guangdong

Investment,

Ltd.

689,342

596

Hong

Kong

&

China

Gas

Co.,

Ltd.

317,000

271

2,266

Italy

-

2.9%

Enav

SpA(Þ)

69,699

299

Enel

SpA

384,670

2,655

Hera

SpA

230,082

715

Infrastrutture

Wireless

Italiane

SpA(Þ)

79,241

995

Italgas

SpA

85,104

502

Snam

Rete

Gas

SpA

122,172

643

Terna

Rete

Elettrica

Nazionale

SpA

137,432

1,162

6,971

Japan

-

2.3%

Central

Japan

Railway

Co.

3,700

472

East

Japan

Railway

Co.

21,767

1,233

Japan

Airport

Terminal

Co.,

Ltd.

31,900

1,487

Kamigumi

Co.,

Ltd.

30,213

701

Osaka

Gas

Co.,

Ltd.

11,100

176

West

Japan

Railway

Co.

35,400

1,454

5,523

Mexico

-

5.0%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

82,270

928

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR

9,630

872

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

104,914

1,999

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR

7,686

1,463

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

204,464

5,783

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

93,687

971

12,016

Netherlands

-

0.5%

Ferrovial

SA

21,343

708

Koninklijke

Vopak

NV

12,874

485

1,193

New

Zealand

-

2.0%

Auckland

International

Airport,

Ltd.(Æ)

730,555

3,810

Contact

Energy,

Ltd.

41,530

214

Infratil,

Ltd.

35,877

222

Meridian

Energy,

Ltd.

43,330

152

Port

of

Tauranga,

Ltd.

79,460

306

4,704

Philippines

-

0.2%

International

Container

Terminal

Services,

Inc.

122,195

483

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

362

Global

Infrastructure

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Portugal

-

0.3%

Energias

de

Portugal

SA

147,411

689

Singapore

-

0.2%

NetLink

NBN

Trust(Þ)

75,873

49

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

49,417

144

Sembcorp

Industries,

Ltd.

85,200

349

542

Spain

-

6.9%

Aena

SME

SA(Þ)

63,821

10,214

Cellnex

Telecom

SA(Þ)

42,992

1,756

EDP

Renovaveis

SA

3,193

61

Endesa

SA

-

ADR

19,958

428

Iberdrola

SA

314,413

3,928

16,387

Switzerland

-

1.9%

Flughafen

Zurich

AG

21,685

4,586

Thailand

-

0.0%

Airports

of

Thailand

PCL(Æ)

11,500

24

United

Kingdom

-

2.4%

IHS

Holding,

Ltd.(Æ)

13,354

108

National

Grid

PLC

109,911

1,456

National

Grid

PLC

-

ADR

10,783

727

Scottish

&

Southern

Energy

PLC

113,904

2,463

Severn

Trent

PLC

Class

H

26,181

858

5,612

United

States

-

40.7%

Alliant

Energy

Corp.

50,030

2,689

American

Electric

Power

Co.,

Inc.

2,623

222

American

Tower

Corp.(ö)

12,260

2,333

American

Water

Works

Co.,

Inc.

7,740

1,141

California

Water

Service

Group

829

44

Casella

Waste

Systems,

Inc.

Class

A(Æ)

10,648

859

CenterPoint

Energy,

Inc.

82,934

2,495

Cheniere

Energy,

Inc.

56,203

9,097

Clearway

Energy,

Inc.

Class

C

4,757

126

CMS

Energy

Corp.

14,029

857

Consolidated

Edison,

Inc.

4,406

418

Constellation

Energy

Corp.

1,814

175

Crown

Castle,

Inc.(ö)

18,960

2,053

CSX

Corp.

40,104

1,336

Digital

Realty

Trust,

Inc.(ö)

713

89

Dominion

Energy,

Inc.

74,003

3,963

DT

Midstream,

Inc.

54,203

2,901

DTE

Energy

Co.

18,511

2,116

Duke

Energy

Corp.

63,814

5,974

Entergy

Corp.

25,064

2,574

Equinix,

Inc.(ö)

704

570

Essential

Utilities,

Inc.

6,234

264

Evergy,

Inc.

17,006

1,020

Exelon

Corp.

57,105

2,390

FirstEnergy

Corp.

26,138

1,029

Hess

Midstream,

LP

Class

A

2,566

80

Kinder

Morgan,

Inc.

202,356

3,584

NextEra

Energy,

Inc.

120,231

8,756

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NiSource,

Inc.

32,281

899

Norfolk

Southern

Corp.

740

173

ONEOK,

Inc.

20,873

1,399

PG&E

Corp.(Æ)

96,523

1,700

Pinnacle

West

Capital

Corp.

8,568

710

Portland

General

Electric

Co.

5,431

259

PPL

Corp.

114,842

3,162

Public

Service

Enterprise

Group,

Inc.

17,114

1,080

Republic

Services,

Inc.

Class

A

8,866

1,340

SBA

Communications

Corp.(ö)

7,915

1,733

Sempra

Energy

13,231

1,972

Southern

Co.

(The)

93,543

6,767

Targa

Resources

Corp.

75,385

6,181

Union

Pacific

Corp.

6,815

1,581

Waste

Management,

Inc.

9,049

1,482

WEC

Energy

Group,

Inc.

15,913

1,430

Williams

Cos.,

Inc.

(The)

58,370

2,011

Xcel

Energy,

Inc.

66,547

4,174

97,208

Total

Common

Stocks

(cost

$196,948)

225,124

Short-Term

Investments

-

7.4%

United

States

-

7.4%

U.S.

Cash

Management

Fund(@)

17,649,896

(∞)

17,643

Total

Short-Term

Investments

(cost

$17,644)

17,643

Other

Securities

-

0.1%

U.S.

Cash

Collateral

Fund(@)(×)

178,779

(∞)

179

Total

Other

Securities

(cost

$179)

179

Total

Investments

-

101.8%

(identified

cost

$214,771)

242,946

Other

Assets

and

Liabilities,

Net

-

(1.8%)

(4,383)

Net

Assets

-

100.0%

238,563

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Infrastructure

Fund

363

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

6.2%

Aena

SME

SA

02/11/15

EUR

63,821

107

.63

6,869

10,214

Cellnex

Telecom

SA

03/20/19

EUR

42,992

34

.53

1,484

1,756

Enav

SpA

06/07/17

EUR

69,699

4

.07

283

299

Hydro

One,

Ltd.

08/26/22

CAD

34,031

27

.60

939

960

Infrastrutture

Wireless

Italiane

SpA

06/18/15

EUR

79,241

8

.79

697

995

NetLink

NBN

Trust

12/07/18

SGD

75,873

0

.59

45

49

Orsted

A/S

11/08/19

DKK

5,711

85

.41

488

497

14,770

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

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

44

EUR

1,978

09/23

33

MSCI

Emerging

Markets

Index

Futures

18

USD

949

09/23

28

S&P

E-Mini

Energy

Select

Sector

Index

Futures

20

USD

1,843

09/23

63

S&P

E-Mini

Utilities

Select

Sector

Index

Futures

76

USD

5,167

09/23

(38)

SPI

200

Index

Futures

16

AUD

2,943

09/23

33

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

119

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

584

AUD

871

08/02/23

1

Bank

of

America

USD

494

AUD

723

09/20/23

(8)

Bank

of

America

USD

620

AUD

912

09/20/23

(6)

Bank

of

America

USD

628

AUD

925

09/20/23

(5)

Bank

of

America

USD

114

CAD

150

08/02/23

—

Bank

of

America

USD

109

CHF

94

08/03/23

—

Bank

of

America

USD

1,411

EUR

1,280

08/02/23

(3)

Bank

of

America

USD

512

EUR

454

09/20/23

(12)

Bank

of

America

USD

639

EUR

569

09/20/23

(12)

Bank

of

America

USD

644

EUR

577

09/20/23

(8)

Bank

of

America

USD

760

EUR

688

09/20/23

(2)

Bank

of

America

USD

175

GBP

136

08/02/23

—

Bank

of

America

USD

306

HKD

2,385

08/02/23

—

Bank

of

America

USD

356

JPY

50,632

08/02/23

—

Bank

of

America

USD

251

MXN

4,207

08/02/23

—

Bank

of

America

AUD

1,422

USD

960

09/20/23

3

Bank

of

America

EUR

451

USD

501

09/20/23

4

Bank

of

America

EUR

1,066

USD

1,179

09/20/23

3

HSBC

USD

619

AUD

906

09/20/23

(10)

HSBC

USD

660

EUR

606

09/20/23

8

Royal

Bank

of

Canada

USD

619

AUD

906

09/20/23

(9)

Royal

Bank

of

Canada

USD

987

CAD

1,302

08/02/23

—

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

364

Global

Infrastructure

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

USD

660

EUR

606

09/20/23

8

State

Street

USD

115

NZD

186

08/02/23

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(48)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

20,091

$

—

$

—

$

20,091

Belgium

—

102

—

—

102

Brazil

1,079

—

—

—

1,079

Canada

20,991

—

—

—

20,991

China

—

5,706

—

—

5,706

Denmark

—

497

—

—

497

France

—

16,099

—

—

16,099

Germany

—

2,355

—

—

2,355

Hong

Kong

—

2,266

—

—

2,266

Italy

—

6,971

—

—

6,971

Japan

176

5,347

—

—

5,523

Mexico

12,016

—

—

—

12,016

Netherlands

—

1,193

—

—

1,193

New

Zealand

—

4,704

—

—

4,704

Philippines

—

483

—

—

483

Portugal

—

689

—

—

689

Singapore

—

542

—

—

542

Spain

—

16,387

—

—

16,387

Switzerland

—

4,586

—

—

4,586

Thailand

—

24

—

—

24

United

Kingdom

835

4,777

—

—

5,612

United

States

97,208

—

—

—

97,208

Short-Term

Investments

—

—

—

17,643

17,643

Other

Securities

—

—

—

179

179

Total

Investments

132,305

92,819

—

17,822

242,946

Other

Financial

Instruments

Assets

Futures

Contracts

157

—

—

—

157

Foreign

Currency

Exchange

Contracts

2

25

—

—

27

Liabilities

Futures

Contracts

(38)

—

—

—

(38)

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Infrastructure

Fund

365

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Foreign

Currency

Exchange

Contracts

(4)

(71)

—

—

(75)

Total

Other

Financial

Instruments

*

$

117

$

(46)

$

—

$

—

$

71

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Infrastructure

Subindustry

Exposure

Fair

Value

$

Airport

Services

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

36,024

Alternative

Carriers

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

49

Construction

&

Engineering

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

4,881

Data

Centers

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

1,757

Diversified

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

6,778

Electric

Utilities

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

56,789

Environmental

&

Facilities

Services

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

6,181

Gas

Utilities

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

7,513

Healthcare

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

144

Highways

&

Railtracks

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

27,452

Integrated

Telecommunication

Services

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

1,103

Marine

Ports

&

Services

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

4,126

Multi-Utilities

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

21,866

Oil

&

Gas

Storage

&

Transportation

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

39,456

Railroads

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

7,557

Renewable

Electricity

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

545

Water

Utilities

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

2,903

Short-Term

Investments

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

17,643

Other

Securities

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

179

Total

Investments

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

242,946

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

366

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.8%

Australia

-

3.9%

Centuria

Industrial

REIT(ö)

201,654

432

Charter

Hall

Group

-

ADR(ö)

220,658

1,701

Dexus

Property

Group(ö)

299,903

1,660

Goodman

Group(ö)

154,520

2,139

GPT

Group

(The)(ö)

679,612

1,986

HomeCo

Daily

Needs

Real

Estate

Investment

Trust(ö)(Þ)

1,049,903

844

Ingenia

Communities

Group(ö)

449,453

1,236

National

Storage

REIT(ö)

120,693

188

Region

RE,

Ltd.(ö)

709,048

1,155

Scentre

Group(ö)

956,269

1,810

Stockland(ö)

1,168,239

3,320

16,471

Belgium

-

0.9%

Aedifica

SA(ö)

21,983

1,510

Cofinimmo

SA(ö)

9,267

725

VGP

NV

3,762

403

Warehouses

De

Pauw

CVA(ö)

37,382

1,106

3,744

Canada

-

2.4%

Boardwalk

Real

Estate

Investment

Trust(ö)

39,956

1,985

Canadian

Apartment

Properties(ö)

91,703

3,575

Chartwell

Retirement

Residences

73,325

557

Granite

Real

Estate

Investment

Trust(ö)

17,195

1,010

RioCan

Real

Estate

Investment

Trust(ö)

204,040

3,102

10,229

China

-

0.2%

Wharf

Holdings,

Ltd.

(The)

275,000

642

France

-

1.3%

Argan

SA(ö)

5,418

409

Covivio(ö)

8,850

427

ICADE

SA(ö)

8,804

359

Klepierre

SA

-

GDR(ö)

167,520

4,451

5,646

Germany

-

1.8%

LEG

Immobilien

SE(Æ)

25,882

1,831

TAG

Immobilien

AG(Æ)

149,244

1,678

Vonovia

SE

167,087

3,901

7,410

Hong

Kong

-

4.6%

CK

Asset

Holdings,

Ltd.

601,522

3,475

Hang

Lung

Properties,

Ltd.

-

ADR

414,000

644

Hongkong

Land

Holdings,

Ltd.

127,743

455

Hysan

Development

Co.,

Ltd.

196,000

462

Link

Real

Estate

Investment

Trust(ö)

928,383

5,204

Sun

Hung

Kai

Properties,

Ltd.

537,543

6,734

Wharf

Real

Estate

Investment

Co.,

Ltd.

385,133

2,064

19,038

Japan

-

9.7%

Activia

Properties,

Inc.(ö)

623

1,814

Advance

Residence

Investment

Corp.

(ö)

710

1,731

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Comforia

Residential

REIT,

Inc.(ö)

144

345

Daiwa

House

REIT

Investment

Corp.(ö)

189

372

Hulic

REIT,

Inc.(ö)

797

925

Industrial

&

Infrastructure

Fund

Investment

Corp.(ö)

1,573

1,645

Invincible

Investment

Corp.(ö)

3,762

1,559

Japan

Excellent,

Inc.(ö)

1,049

973

Japan

Hotel

REIT

Investment

Corp.(ö)

1,700

844

Japan

Retail

Fund

Investment

Corp.(ö)

2,849

1,954

Keihanshin

Building

Co.,

Ltd.

120,200

1,067

Kenedix

Office

Investment

Corp.

Class

A(ö)

782

1,859

Kenedix

Retail

REIT

Corp.(ö)

830

1,625

Mitsubishi

Estate

Co.,

Ltd.

502,918

6,162

Mitsui

Fudosan

Co.,

Ltd.

283,327

5,821

Mitsui

Fudosan

Logistics

Park,

Inc.

(Æ)(ö)

407

1,449

Mori

Trust

Sogo

REIT,

Inc.(ö)

4,735

2,441

Nippon

Prologis

REIT,

Inc.(Æ)(ö)

2,049

4,188

Nomura

Real

Estate

Holdings,

Inc.

57,000

1,413

Sekisui

House

Reit,

Inc.(ö)

1,197

710

Sumitomo

Realty

&

Development

Co.,

Ltd.

16,700

447

TOC

Co.,

Ltd.

45,000

194

Tokyu

Fudosan

Holdings

Corp.

19,833

118

United

Urban

Investment

Corp.(ö)

1,107

1,195

40,851

Macao

-

0.2%

Sands

China,

Ltd.(Æ)

232,044

887

Netherlands

-

0.7%

CTP

NV(Þ)

55,952

768

Eurocommercial

Properties

NV(ö)

27,753

701

Unibail-Rodamco-Westfield(Æ)(ö)

25,336

1,434

2,903

Singapore

-

3.5%

CapitaLand

Ascendas

REIT(ö)

1,443,000

3,050

CapitaLand

Integrated

Commercial

Trust

Class

A(Æ)(ö)

903,500

1,386

Capitaland

Investment,

Ltd.

1,426,633

3,650

City

Developments,

Ltd.

19,700

110

Frasers

Centrepoint

Trust(Æ)(ö)

370,600

605

Frasers

Logistics

&

Commercial

Trust(Æ)(ö)(Þ)

2,683,200

2,464

Mapletree

Logistics

Trust(ö)

1,586,700

2,017

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

489,882

1,430

14,712

Spain

-

0.6%

Arima

Real

Estate

Socimi

SA(Æ)(ö)

42,234

371

Cellnex

Telecom

SA(Þ)

11,063

452

Inmobiliaria

Colonial

Socimi

SA(ö)

65,575

423

Merlin

Properties

Socimi

SA(ö)

115,311

1,073

2,319

Sweden

-

1.2%

Castellum

AB(Ñ)

165,953

1,893

Catena

AB

27,158

1,043

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

367

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fabege

AB

112,373

975

Fastighets

AB

Balder

Class

B(Æ)

235,759

1,102

Pandox

AB

11,342

133

5,146

Switzerland

-

0.3%

PSP

Swiss

Property

AG

10,881

1,283

United

Kingdom

-

4.6%

Big

Yellow

Group

PLC(ö)

71,747

989

British

Land

Co.

PLC

(The)(ö)

544,392

2,359

Derwent

London

PLC(ö)

39,030

1,058

Grainger

PLC

446,172

1,441

Land

Securities

Group

PLC(ö)

262,029

2,175

Life

Science

REIT

PLC(ö)

409,505

329

LondonMetric

Property

PLC(ö)

89,088

211

LXI

REIT

PLC(ö)(Þ)

489,680

598

PRS

REIT

PLC

(The)(ö)

342,433

362

Safestore

Holdings

PLC(ö)

183,734

2,093

Segro

PLC(ö)

452,457

4,435

Sirius

Real

Estate,

Ltd.

542,532

575

Tritax

EuroBox

PLC(Þ)

544,627

377

UNITE

Group

PLC

(The)(ö)

193,930

2,422

19,424

United

States

-

61.9%

Agree

Realty

Corp.(ö)

68,783

4,456

American

Homes

4

Rent

Class

A(ö)

111,603

4,183

Americold

Realty

Trust,

Inc.(ö)

220,875

7,161

Apartment

Income

REIT

Corp.(ö)

24,937

861

AvalonBay

Communities,

Inc.(ö)

51,948

9,800

Boyd

Gaming

Corp.

16,116

1,101

Camden

Property

Trust(ö)

35,474

3,870

Cousins

Properties,

Inc.(ö)

87,342

2,134

Digital

Realty

Trust,

Inc.(ö)

118,250

14,736

EastGroup

Properties,

Inc.(ö)

23,369

4,140

Equinix,

Inc.(ö)

25,375

20,552

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

65,059

4,631

Essential

Properties

Realty

Trust,

Inc.

(ö)

115,294

2,830

Essex

Property

Trust,

Inc.(ö)

10,301

2,509

Extra

Space

Storage,

Inc.(ö)

64,495

9,002

Healthcare

Realty

Trust,

Inc.(ö)

186,327

3,639

Highwoods

Properties,

Inc.(ö)

67,396

1,703

Host

Hotels

&

Resorts,

Inc.(ö)

91,242

1,679

Invitation

Homes,

Inc.(ö)

265,731

9,433

Iron

Mountain,

Inc.(ö)

63,252

3,884

Jones

Lang

LaSalle,

Inc.(Æ)

14,550

2,423

Kimco

Realty

Corp.(ö)

353,983

7,172

Kite

Realty

Group

Trust(ö)

179,136

4,099

Medical

Properties

Trust,

Inc.(Ñ)(ö)

140,001

1,413

Mid-America

Apartment

Communities,

Inc.(ö)

60,432

9,044

National

Retail

Properties,

Inc.(ö)

46,858

2,000

Omega

Healthcare

Investors,

Inc.(ö)

98,656

3,147

Prologis,

Inc.(ö)

249,002

31,063

Public

Storage(ö)

38,827

10,939

Realty

Income

Corp.(ö)

181,667

11,076

Ryman

Hospitality

Properties,

Inc.(ö)

37,326

3,557

SBA

Communications

Corp.(ö)

8,293

1,816

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Simon

Property

Group,

Inc.(ö)

120,441

15,007

Spirit

Realty

Capital,

Inc.(ö)

113,325

4,570

Sun

Communities,

Inc.(ö)

39,377

5,131

UDR,

Inc.(ö)

181,622

7,425

VICI

Properties,

Inc.(ö)

221,476

6,972

Welltower,

Inc.(ö)

245,008

20,127

WP

Carey,

Inc.(ö)

6,094

412

259,697

Total

Common

Stocks

(cost

$344,205)

410,402

Short-Term

Investments

-

1.7%

United

States

-

1.7%

U.S.

Cash

Management

Fund(@)

6,865,161

(∞)

6,862

Total

Short-Term

Investments

(cost

$6,863)

6,862

Other

Securities

-

0.7%

U.S.

Cash

Collateral

Fund(@)(×)

2,980,710

(∞)

2,981

Total

Other

Securities

(cost

$2,981)

2,981

Total

Investments

-

100.2%

(identified

cost

$354,049)

420,245

Other

Assets

and

Liabilities,

Net

-

(0.2%)

(748)

Net

Assets

-

100.0%

419,497

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

368

Global

Real

Estate

Securities

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

$

$

$

1.3%

Cellnex

Telecom

SA

07/10/23

EUR

11,063

41

.19

456

452

CTP

NV

04/06/21

EUR

55,952

17

.27

966

768

Frasers

Logistics

&

Commercial

Trust

07/12/21

SGD

2,683,200

1

.03

2,763

2,464

HomeCo

Daily

Needs

Real

Estate

Investment

Trust

02/06/23

AUD

1,049,903

0

.92

968

844

LXI

REIT

PLC

09/05/22

GBP

489,680

1

.44

707

598

Tritax

EuroBox

PLC

03/15/21

EUR

544,627

1

.43

781

377

5,503

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Dow

Jones

Index

Futures

183

USD

6,238

09/23

180

FTSE/EPRA

Europe

Index

Futures

73

EUR

1,086

09/23

80

Hang

Seng

Index

Futures

4

HKD

4,041

08/23

19

MSCI

Singapore

Index

Futures

17

SGD

519

08/23

12

S&P/TSX

60

Index

Futures

2

CAD

496

09/23

14

SPI

200

Index

Futures

4

AUD

736

09/23

16

TOPIX

Index

Futures

6

JPY

139,620

09/23

34

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

355

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

75

CAD

99

08/01/23

—

Bank

of

America

EUR

300

USD

331

08/02/23

1

Bank

of

America

EUR

403

USD

445

09/20/23

1

Bank

of

America

GBP

28

USD

36

08/02/23

—

Bank

of

America

HKD

338

USD

43

08/02/23

—

Bank

of

America

JPY

27,115

USD

190

08/02/23

—

Bank

of

America

JPY

88,302

USD

634

09/20/23

9

Bank

of

America

SEK

4,397

USD

419

08/02/23

1

Bank

of

America

SGD

573

USD

431

08/02/23

—

HSBC

USD

247

AUD

362

09/20/23

(4)

HSBC

USD

93

CAD

123

09/20/23

1

HSBC

USD

809

EUR

742

09/20/23

9

HSBC

USD

390

HKD

3,044

09/20/23

1

HSBC

USD

611

JPY

83,984

09/20/23

(16)

HSBC

USD

217

SGD

289

09/20/23

1

Royal

Bank

of

Canada

USD

247

AUD

362

09/20/23

(4)

Royal

Bank

of

Canada

USD

93

CAD

123

09/20/23

1

Royal

Bank

of

Canada

USD

809

EUR

742

09/20/23

10

Royal

Bank

of

Canada

USD

390

HKD

3,044

09/20/23

1

Royal

Bank

of

Canada

USD

611

JPY

83,984

09/20/23

(16)

Royal

Bank

of

Canada

USD

217

SGD

289

09/20/23

1

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

369

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

CAD

71

USD

53

08/02/23

—

State

Street

USD

568

JPY

79,614

09/20/23

(4)

State

Street

JPY

20,297

USD

143

08/02/23

1

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(6)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

16,471

$

—

$

—

$

16,471

Belgium

—

3,744

—

—

3,744

Canada

10,229

—

—

—

10,229

China

—

642

—

—

642

France

—

5,646

—

—

5,646

Germany

—

7,410

—

—

7,410

Hong

Kong

—

19,038

—

—

19,038

Japan

—

40,851

—

—

40,851

Macao

—

887

—

—

887

Netherlands

—

2,903

—

—

2,903

Singapore

110

14,602

—

—

14,712

Spain

—

2,319

—

—

2,319

Sweden

—

5,146

—

—

5,146

Switzerland

—

1,283

—

—

1,283

United

Kingdom

—

19,424

—

—

19,424

United

States

259,697

—

—

—

259,697

Short-Term

Investments

—

—

—

6,862

6,862

Other

Securities

—

—

—

2,981

2,981

Total

Investments

270,036

140,366

—

9,843

420,245

Other

Financial

Instruments

Assets

Futures

Contracts

355

—

—

—

355

Foreign

Currency

Exchange

Contracts

3

35

—

—

38

Liabilities

Foreign

Currency

Exchange

Contracts

—

(44)

—

—

(44

)

Total

Other

Financial

Instruments

*

$

358

$

(9)

$

—

$

—

$

349

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

370

Global

Real

Estate

Securities

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Property

Sector

Exposure

Fair

Value

$

Data

Centers

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

37,556

Diversified

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

91,196

Healthcare

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

30,313

Industrial

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

66,431

Lodging/Resorts

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

15,845

Office

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

14,076

Residential

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

74,768

Retail

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

57,005

Self

Storage

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

23,212

Short-Term

Investments

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

6,862

Other

Securities

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

2,981

Total

Investments

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

420,245

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

371

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

32.9%

Corporate

Bonds

and

Notes

-

14.7%

3D

Systems

Corp.

8.467%

due

11/15/26

(ž)

946

724

Accolade,

Inc.

0.500%

due

04/01/26

803

675

Affirm

Holdings,

Inc.

11.521%

due

11/15/26

1,221

905

African

Export-Import

Bank

(The)

Series

REGS

3.994%

due

09/21/29

(Þ)

548

471

Air

Transport

Services

Group,

Inc.

1.125%

due

10/15/24

430

413

Airbnb,

Inc.

0.859%

due

03/15/26

247

222

Aircastle,

Ltd.

5.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.410%)(Ê)(ƒ)(Þ)

80

60

Alarm.com,

Inc.

5.284%

due

01/15/26

1,122

961

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)

155

108

Alteryx,

Inc.

0.500%

due

08/01/24

(Þ)

574

542

American

Electric

Power

Co.,

Inc.

3.875%

due

02/15/62

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.675%)(Ê)

140

113

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)

100

84

American

International

Group,

Inc.

Series

A-9

5.750%

due

04/01/48

(USD

3

Month

LIBOR

+

2.868%)(Ê)

65

63

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

102

Arbor

Realty

Trust,

Inc.

7.500%

due

08/01/25

718

747

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

97

Assurant,

Inc.

7.000%

due

03/27/48

(USD

3

Month

LIBOR

+

4.135%)(Ê)

100

97

Bandwidth,

Inc.

0.250%

due

03/01/26

459

363

0.500%

due

04/01/28

545

358

Bank

of

America

Corp.

Series

AA

6.100%

due

12/31/49

(CME

Term

SOFR

3

Month

+

4.160%)(Ê)(ƒ)

264

262

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

DD

6.300%

due

12/29/49

(CME

Term

SOFR

3

Month

+

4.815%)(Ê)(ƒ)

101

101

Series

FF

5.875%

due

12/31/99

(CME

Term

SOFR

3

Month

+

3.193%)(Ê)(ƒ)

111

104

Series

RR

4.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.760%)(Ê)(ƒ)

132

116

Series

TT

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.231%)(Ê)(ƒ)

163

162

Series

X

6.250%

due

09/29/49

(CME

Term

SOFR

3

Month

+

3.967%)(Ê)(ƒ)

259

257

Series

Z

6.500%

due

12/31/49

(CME

Term

SOFR

3

Month

+

4.436%)(Ê)(ƒ)

126

125

Bank

of

New

York

Mellon

Corp.

(The)

Series

F

4.625%

due

12/29/49

(CME

Term

SOFR

3

Month

+

3.393%)(Ê)(ƒ)

90

81

Series

I

3.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.630%)(Ê)(ƒ)

22

18

Blackline,

Inc.

6.150%

due

03/15/26

(ž)

488

417

Blackstone

Mortgage

Trust,

Inc.

5.500%

due

03/15/27

1,419

1,259

Bridgebio

Pharma,

Inc.

2.250%

due

02/01/29

574

464

Cable

One,

Inc.

8.568%

due

03/15/26

707

581

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)

245

239

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

282

Series

I

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.168%)(Ê)(ƒ)

495

442

Chegg,

Inc.

0.125%

due

03/15/25

(Þ)

111

98

4.794%

due

09/01/26

(Þ)

1,091

817

Citigroup,

Inc.

3.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.417%)(Ê)(ƒ)

476

414

7.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.209%)(Ê)(ƒ)

63

64

Series

P

5.950%

due

12/29/49

(CME

Term

SOFR

3

Month

+

4.167%)(Ê)(ƒ)

272

264

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

372

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)

134

133

Series

W

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.597%)(Ê)(ƒ)

90

81

Citizens

Financial

Group,

Inc.

Series

F

5.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.313%)(Ê)(ƒ)

68

65

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

74

3.750%

due

12/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.900%)(Ê)

62

48

CoBank

ACB

Series

I

6.250%

due

12/29/49

(USD

3

Month

LIBOR

+

4.660%)(Ê)(ƒ)

330

318

Coinbase

Global,

Inc.

0.500%

due

06/01/26

(Ñ)(Þ)

1,778

1,361

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)

185

181

Cryoport,

Inc.

0.750%

due

12/01/26

476

372

DigitalOcean

Holdings,

Inc.

7.705%

due

12/01/26

(Þ)

951

752

Dominion

Energy,

Inc.

Series

C

4.350%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.195%)(Ê)(ƒ)

225

193

DraftKings,

Inc.

8.349%

due

03/15/28

(Þ)

115

88

Edison

International

Series

A

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.698%)(Ê)(ƒ)

198

176

Series

B

5.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.901%)(Ê)(ƒ)

163

141

Energy

Transfer,

LP

Series

G

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.306%)(Ê)(ƒ)

62

54

Series

H

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.694%)(Ê)(ƒ)

180

163

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

50

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.500%

due

01/15/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.006%)(Ê)

225

175

Enterprise

Products

Operating

LLC

Series

D

8.304%

due

08/16/77

(USD

3

Month

LIBOR

+

2.986%)(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)

110

107

Eventbrite,

Inc.

0.750%

due

09/15/26

927

781

Expedia

Group,

Inc.

4.711%

due

02/15/26

288

257

EZCORP,

Inc.

2.375%

due

05/01/25

574

539

Farm

Credit

Bank

of

Texas

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)

275

254

Fastly,

Inc.

7.664%

due

03/15/26

259

215

Fisker,

Inc.

2.500%

due

09/15/26

236

126

Fiverr

International,

Ltd.

7.113%

due

11/01/25

(Þ)(ž)

820

702

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

101

Goldman

Sachs

Group,

Inc.

(The)

6.345%

due

02/15/34

138

139

Series

T

3.800%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.969%)(Ê)(ƒ)

59

49

Series

U

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.915%)(Ê)(ƒ)

319

260

Greenbrier

Cos.,

Inc.

2.875%

due

04/15/28

114

117

Haemonetics

Corp.

6.123%

due

03/01/26

1,173

1,015

Hartford

Financial

Services

Group,

Inc.

Series

ICON

7.446%

due

02/12/47

(USD

3

Month

LIBOR

+

2.125%)(Ê)(Þ)

107

91

HCI

Group,

Inc.

4.750%

due

06/01/42

409

407

Health

Catalyst,

Inc.

2.500%

due

04/15/25

268

261

High

Ridge

Brands

Co.

8.875%

due

03/15/25

(Ø)(Š)(Þ)(Æ)

1,640

—

Huntington

Bancshares,

Inc.

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

373

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

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

17

Series

G

4.450%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.045%)(Ê)(ƒ)

178

152

ILFC

E-Capital

Trust

I

7.064%

due

12/21/65

(~)(Ê)(Þ)

210

147

Innoviva,

Inc.

2.125%

due

03/15/28

726

606

Integra

LifeSciences

Holdings

Corp.

0.500%

due

08/15/25

(Þ)

121

113

Intercept

Pharmaceuticals,

Inc.

2.000%

due

05/15/26

733

584

Ionis

Pharmaceuticals,

Inc.

0.125%

due

12/15/24

(Þ)

544

507

iQIYI,

Inc.

4.000%

due

12/15/26

460

443

6.500%

due

03/15/28

200

194

Itron,

Inc.

6.015%

due

03/15/26

774

699

Jazz

Investments

I,

Ltd.

1.500%

due

08/15/24

345

331

JetBlue

Airways

Corp.

0.500%

due

04/01/26

1,760

1,427

JOYY,

Inc.

1.375%

due

06/15/26

644

610

JPMorgan

Chase

&

Co.

Series

HH

4.600%

due

12/31/99

(CME

Term

SOFR

3

Month

+

3.125%)(Ê)(ƒ)

20

19

Series

KK

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.850%)(Ê)(ƒ)

126

113

Series

S

6.750%

due

01/29/49

(CME

Term

SOFR

3

Month

+

4.042%)(Ê)(ƒ)

122

122

Series

X

6.100%

due

12/31/49

(CME

Term

SOFR

3

Month

+

3.592%)(Ê)(ƒ)

167

166

Land

O'Lakes,

Inc.

Series

144a

7.250%

due

12/31/99

(Ê)(ƒ)(Þ)(~)

185

146

Liberty

Media

Corp.

2.750%

due

12/01/49

(Þ)

89

84

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)

60

64

Livongo

Health,

Inc.

0.875%

due

06/01/25

545

500

Lloyds

Banking

Group

PLC

7.500%

due

04/30/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.760%)(Ê)

(ƒ)

200

195

Lucid

Group,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.250%

due

12/15/26

723

481

Lumentum

Holdings,

Inc.

0.500%

due

06/15/28

(Þ)

516

396

Lyft,

Inc.

1.500%

due

05/15/25

(Þ)

660

601

M&T

Bank

Corp.

Series

F

5.125%

due

12/29/49

(USD

3

Month

LIBOR

+

3.520%)(Ê)(ƒ)

115

97

Magnite,

Inc.

0.250%

due

03/15/26

660

560

Mesa

Laboratories,

Inc.

1.375%

due

08/15/25

605

551

MetLife

Capital

Trust

IV

7.875%

due

12/15/37

(Þ)

300

314

MetLife,

Inc.

9.250%

due

04/08/38

(Þ)

225

260

10.750%

due

08/01/39

66

85

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

75

MicroStrategy,

Inc.

9.941%

due

02/15/27

(ž)

1,392

995

Mitek

Systems,

Inc.

0.750%

due

02/01/26

57

49

NeoGenomics,

Inc.

0.250%

due

01/15/28

861

632

New

Mountain

Finance

Corp.

7.500%

due

10/15/25

550

554

NextEra

Energy

Capital

Holdings,

Inc.

5.650%

due

05/01/79

(USD

3

Month

LIBOR

+

3.156%)(Ê)

40

37

NuVasive,

Inc.

0.375%

due

03/15/25

(Þ)

1,152

1,043

Opendoor

Technologies,

Inc.

0.250%

due

08/15/26

882

636

Pebblebrook

Hotel

Trust

1.750%

due

12/15/26

442

385

PennyMac

Mortgage

Investment

Trust

5.500%

due

11/01/24

1,236

1,183

Perficient,

Inc.

0.125%

due

11/15/26

1,377

1,089

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)

119

92

Series

U

6.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.000%)(Ê)(ƒ)

44

41

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

172

Series

W

6.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

2.808%)(Ê)(ƒ)

178

163

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

374

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Prudential

Financial,

Inc.

5.125%

due

03/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.162%)(Ê)

148

135

6.000%

due

09/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.234%)(Ê)

170

163

6.750%

due

03/01/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.848%)(Ê)

70

71

Series

XW7

5.200%

due

03/15/44

(USD

3

Month

LIBOR

+

3.040%)(Ê)

195

193

Q2

Holdings,

Inc.

0.125%

due

11/15/25

547

476

Redfin

Corp.

0.500%

due

04/01/27

731

507

Regions

Financial

Corp.

Series

D

5.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.430%)(Ê)(ƒ)

84

81

Repay

Holdings

Corp.

8.197%

due

02/01/26

(ž)

1,161

953

RingCentral,

Inc.

4.905%

due

03/01/25

(Þ)

450

414

RWT

Holdings,

Inc.

5.750%

due

10/01/25

1,391

1,260

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)

90

51

7.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.580%)(Ê)(ƒ)(Þ)

150

93

Sempra

Energy

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)

250

205

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.550%)(Ê)(ƒ)

340

321

Snap,

Inc.

0.125%

due

03/01/28

(Þ)

1,119

803

SoFi

Technologies,

Inc.

8.124%

due

10/15/26

(Þ)

1,625

1,383

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

122

Spotify

Technology

SA

4.125%

due

03/15/26

1,267

1,077

Stem,

Inc.

0.500%

due

12/01/28

(Þ)

413

255

Tandem

Diabetes

Care,

Inc.

1.500%

due

05/01/25

148

138

TechTarget,

Inc.

6.914%

due

12/15/26

(ž)

902

720

Teladoc

Health,

Inc.

1.250%

due

06/01/27

(Þ)

545

440

TripAdvisor,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.250%

due

04/01/26

936

790

Truist

Financial

Corp.

Series

N

4.800%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.003%)(Ê)(ƒ)

126

112

Series

P

4.950%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.605%)(Ê)(ƒ)

68

64

Series

Q

5.100%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.349%)(Ê)(ƒ)

113

101

Unity

Software,

Inc.

8.008%

due

11/15/26

(Þ)

120

96

Upstart

Holdings,

Inc.

0.250%

due

08/15/26

663

489

US

Bancorp

Series

J

5.300%

due

12/31/99

(CME

Term

SOFR

3

Month

+

3.176%)(Ê)(ƒ)

121

106

Wayfair,

Inc.

1.000%

due

08/15/26

(Þ)

1,420

1,231

Wells

Fargo

&

Co.

5.950%

due

12/15/36

110

109

7.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.606%)(Ê)(ƒ)

287

295

Series

BB

3.900%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.453%)(Ê)(ƒ)

740

665

Series

S

5.900%

due

12/29/49

(USD

3

Month

LIBOR

+

3.110%)(Ê)(ƒ)

12

12

Series

U

5.875%

due

12/31/49

(USD

3

Month

LIBOR

+

3.990%)(Ê)(ƒ)

39

38

WisdomTree

Investments,

Inc.

3.250%

due

06/15/26

282

276

55,513

International

Debt

-

17.8%

Abu

Dhabi

Government

International

Bond

Series

REGS

1.625%

due

06/02/28

(Þ)

200

175

1.700%

due

03/02/31

(Þ)

371

308

3.125%

due

09/30/49

(Þ)

200

146

Aegon

NV

5.500%

due

04/11/48

(USD

6

Month

LIBOR

+

3.540%)(Ê)

200

191

Aeropuerto

Internacional

De

Tocumen

SA

Series

REGS

5.125%

due

08/11/61

(Þ)

862

698

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

173

Allianz

SE

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

375

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

+

2.973%)(Ê)(ƒ)(Þ)

200

169

Angolan

Government

International

Bond

Series

REGS

8.750%

due

04/14/32

(Þ)

388

340

Argentine

Republic

Government

International

Bond

4.875%

due

07/09/29

(~)(Ê)

1,087

352

AXA

SA

8.600%

due

12/15/30

40

48

6.379%

due

12/29/49

(USD

3

Month

LIBOR

+

2.256%)(Ê)(ƒ)(Þ)

100

108

Axian

Telecom

Series

REGS

7.375%

due

02/16/27

(Þ)

581

533

Bahrain

Government

International

Bond

7.750%

due

04/18/35

(Þ)

657

681

Banco

Bilbao

Vizcaya

Argentaria

SA

Series

9

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.192%)(Ê)(ƒ)

200

190

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)

613

564

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

182

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

208

4.900%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.551%)(Ê)(ƒ)

200

189

Banque

Centrale

de

Tunisie

SA

Series

REGS

5.750%

due

01/30/25

(Þ)

100

70

Barclays

Bank

PLC

6.278%

due

12/29/49

(USD

3

Month

LIBOR

+

1.550%)(Ê)(ƒ)

110

106

Barclays

PLC

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.867%)(Ê)(ƒ)

200

183

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.431%)(Ê)(ƒ)

400

383

Bilibili,

Inc.

0.500%

due

12/01/26

(Þ)

545

490

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

153

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.899%)(Ê)(ƒ)(Þ)

400

398

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.969%)(Ê)(ƒ)(Þ)

200

210

Series

144a

7.375%

due

12/31/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

5.150%)(Ê)

(ƒ)(Þ)

300

296

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)

240

231

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.398%)(Ê)(ƒ)

505

470

Braskem

Netherlands

Finance

BV

7.250%

due

02/13/33

(Þ)

200

197

Brazil

Government

International

Bond

2.875%

due

06/06/25

200

190

4.750%

due

01/14/50

383

293

Chile

Government

International

Bond

2.550%

due

07/27/33

486

395

4.950%

due

01/05/36

633

622

Comision

Federal

de

Electricidad

Series

REGS

4.688%

due

05/15/29

(Þ)

260

237

Corp

Financiera

de

Desarrollo

SA

Series

REGS

2.400%

due

09/28/27

(Þ)

200

174

Corp.

Nacional

del

Cobre

de

Chile

Series

REGS

3.150%

due

01/15/51

(Þ)

871

597

Costa

Rica

Government

International

Bond

Series

REGS

6.550%

due

04/03/34

(Þ)

400

405

Credit

Agricole

SA

8.125%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

6.185%)(Ê)

(ƒ)(Þ)

200

201

4.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.237%)(Ê)(ƒ)(Þ)

200

163

CSAIL

Commercial

Mortgage

Trust

5.100%

due

10/29/49

(USD

3

Month

LIBOR

+

3.680%)(Ê)(ƒ)(Ñ)(Þ)

300

293

Dai-ichi

Life

Insurance

Co.,

Ltd.

(The)

4.000%

due

12/29/49

(CME

Term

SOFR

3

Month

+

3.922%)(Ê)(ƒ)(Þ)

200

190

Deutsche

Bank

AG

7.500%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

5.003%)(Ê)

(ƒ)

400

370

Dominican

Republic

Government

International

Bond

7.050%

due

02/03/31

(Þ)

320

323

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

376

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

7.050%

due

02/03/31

(Þ)

300

303

6.000%

due

02/22/33

(Þ)

196

184

DP

World

PLC

Series

REGS

6.850%

due

07/02/37

(Þ)

620

680

Ecopetrol

SA

8.625%

due

01/19/29

90

93

4.625%

due

11/02/31

325

259

7.375%

due

09/18/43

298

261

5.875%

due

11/02/51

179

124

Ecuador

Government

International

Bond

Series

REGS

6.900%

due

07/31/30

(~)(Ê)(Þ)

168

80

5.500%

due

07/31/35

(~)(Ê)(Þ)

580

199

Egypt

Government

International

Bond

Series

REGS

7.625%

due

05/29/32

(Þ)

856

552

El

Salvador

Government

International

Bond

Series

REGS

9.500%

due

07/15/52

(Þ)

250

172

Electricite

de

France

SA

9.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.411%)(Ê)(ƒ)(Þ)

200

210

Emera,

Inc.

Series

16-A

6.750%

due

06/15/76

(USD

3

Month

LIBOR

+

5.440%)(Ê)

487

474

Emirates

NBD

Bank

PJSC

6.125%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

3.656%)(Ê)(ƒ)(Þ)

539

533

Empresa

de

Transmision

Electrica

SA

Series

REGS

5.125%

due

05/02/49

(Þ)

732

604

Empresa

Nacional

del

Petroleo

Series

REGS

4.500%

due

09/14/47

(Þ)

921

702

Enbridge,

Inc.

5.500%

due

07/15/77

(CME

Term

SOFR

3

Month

+

3.680%)(Ê)

107

97

6.250%

due

03/01/78

(CME

Term

SOFR

3

Month

+

3.903%)(Ê)

244

226

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.708%)(Ê)

47

46

7.625%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.418%)(Ê)

140

141

Series

16-A

6.000%

due

01/15/77

(CME

Term

SOFR

3

Month

+

4.152%)(Ê)

232

219

Series

20-A

5.750%

due

07/15/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.314%)(Ê)

187

171

Eskom

Holdings

SOC,

Ltd.

Series

REGS

6.350%

due

08/10/28

(Þ)

739

705

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Export-Import

Bank

of

India

2.250%

due

01/13/31

(Þ)

1,016

816

FEL

Energy

VI

SARL

Series

REGS

5.750%

due

12/01/40

(Þ)

228

203

First

Majestic

Silver

Corp.

0.375%

due

01/15/27

617

485

Franshion

Brilliant,

Ltd.

3.200%

due

04/09/26

(Þ)

300

255

4.250%

due

07/23/29

(Þ)

342

258

Galaxy

Pipeline

Assets

Bidco,

Ltd.

Series

REGS

2.940%

due

09/30/40

(Þ)

415

335

Georgian

Railway

JSC

Series

REGS

4.000%

due

06/17/28

(Þ)

563

485

Ghana

Government

International

Bond

Series

REGS

8.625%

due

04/07/34

(~)(Ê)(Þ)

200

90

7.875%

due

02/11/35

(~)(Ê)(Þ)

464

211

Grupo

Energia

Bogota

SA

Series

REGS

4.875%

due

05/15/30

(Ñ)(Þ)

709

649

Guatemala

Government

International

Bond

6.600%

due

06/13/36

(Þ)

294

301

Series

REGS

5.250%

due

08/10/29

(Þ)

234

223

HSBC

Capital

Funding,

LP

10.176%

due

10/29/49

(USD

3

Month

LIBOR

+

4.980%)(Ê)(ƒ)(Þ)

157

194

HSBC

Holdings

PLC

6.375%

due

12/29/49

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.368%)(Ê)(ƒ)

400

386

4.600%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.649%)(Ê)(ƒ)

200

160

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.858%)(Ê)(ƒ)(Ñ)

200

201

Huarong

Finance

2017

Co.,

Ltd.

4.750%

due

04/27/27

(Þ)

595

521

Huarong

Finance

2019

Co.,

Ltd.

3.375%

due

02/24/30

(Þ)

908

706

Hungary

Government

International

Bond

6.750%

due

09/25/52

(Þ)

200

209

Series

REGS

6.125%

due

05/22/28

(Þ)

235

239

3.125%

due

09/21/51

(Þ)

265

170

Indonesia

Asahan

Aluminium

Persero

PT

Series

REGS

5.800%

due

05/15/50

(Þ)

200

180

Indonesia

Government

International

Bond

4.550%

due

01/11/28

200

197

3.550%

due

03/31/32

580

524

4.850%

due

01/11/33

200

200

5.650%

due

01/11/53

439

460

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

377

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ING

Groep

NV

6.500%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.446%)(Ê)

(ƒ)

200

189

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.506%)(Ê)(ƒ)(Þ)

200

161

5.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.342%)(Ê)(ƒ)

200

180

7.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.711%)(Ê)(ƒ)(Þ)

200

187

Instituto

Costarricense

de

Electricidad

Series

REGS

6.375%

due

05/15/43

(Þ)

762

644

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

192

Israel

Government

International

Bond

4.500%

due

01/17/33

200

194

Ivory

Coast

Government

International

Bond

Series

REGS

5.750%

due

12/31/32

(~)(Ê)(Þ)

95

89

Jordan

Government

International

Bond

Series

REGS

7.375%

due

10/10/47

(Þ)

220

196

Kazakhstan

Government

International

Bond

Series

REGS

3.875%

due

10/14/24

(Þ)

140

140

4.875%

due

10/14/44

(Þ)

355

323

KazMunayGas

National

Co.

JSC

Series

REGS

4.375%

due

09/26/27

(Þ)

200

186

6.375%

due

10/24/48

(Þ)

464

410

Khazanah

Capital,

Ltd.

4.876%

due

06/01/33

(Þ)

286

283

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

551

KSA

Sukuk,

Ltd.

4.274%

due

05/22/29

(Þ)

858

834

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

165

Lebanon

Government

International

Bond

Series

REGS

6.650%

due

11/03/28

(Þ)

1,159

83

Lloyds

Banking

Group

PLC

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.913%)(Ê)(ƒ)

200

187

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mazoon

Assets

Co.

Series

REGS

5.200%

due

11/08/27

(Þ)

545

536

MDGH

GMTN

RSC,

Ltd.

Series

REGS

5.500%

due

04/28/33

(Þ)

200

210

Mexico

City

Airport

Trust

Series

REGS

5.500%

due

07/31/47

(Þ)

213

186

Mexico

Government

International

Bond

6.338%

due

05/04/53

200

204

Mongolia

Government

International

Bond

Series

REGS

3.500%

due

07/07/27

(Þ)

200

171

Morocco

Government

International

Bond

5.950%

due

03/08/28

(Þ)

245

247

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

426

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

198

6.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.625%)(Ê)(ƒ)

200

187

Nigeria

Government

International

Bond

Series

REGS

8.375%

due

03/24/29

(Þ)

400

375

7.375%

due

09/28/33

(Þ)

295

244

NIO,

Inc.

1.482%

due

02/01/26

(Þ)(ž)

171

165

0.500%

due

02/01/27

242

211

Nippon

Life

Insurance

Co.

4.700%

due

01/20/46

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

3.750%)(Ê)(Þ)

200

192

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

193

OCP,

Inc.

Series

REGS

3.750%

due

06/23/31

(Þ)

755

633

Oil

and

Gas

Holding

Co.

BSCC

(The)

Series

REGS

8.375%

due

11/07/28

(Þ)

572

604

Oman

Government

International

Bond

Series

REGS

6.750%

due

10/28/27

(Þ)

584

606

7.000%

due

01/25/51

(Þ)

200

204

Ooredoo

QPSC

Series

REGS

2.625%

due

04/08/31

(Þ)

579

500

OQ

SAOC

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

378

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

5.125%

due

05/06/28

(Þ)

418

400

Pakistan

Government

International

Bond

Series

REGS

7.375%

due

04/08/31

(Þ)

369

181

Pakistan

Water

and

Power

Development

Authority

7.500%

due

06/04/31

(Þ)

1,998

888

Panama

Government

International

Bond

6.400%

due

02/14/35

395

412

6.853%

due

03/28/54

400

419

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

200

200

Series

REGS

2.739%

due

01/29/33

(Þ)

283

227

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

262

Peruvian

Government

International

Bond

2.783%

due

01/23/31

700

594

3.300%

due

03/11/41

56

42

Petrobras

Global

Finance

BV

6.500%

due

07/03/33

137

135

6.750%

due

06/03/50

112

102

6.850%

due

06/05/15

637

567

Petroleos

del

Peru

SA

Series

REGS

5.625%

due

06/19/47

(Þ)

1,231

825

Petroleos

Mexicanos

Series

REGS

10.000%

due

02/07/33

(Þ)

886

825

6.625%

due

09/29/49

(Þ)

894

551

Series

WI

6.700%

due

02/16/32

296

228

6.750%

due

09/21/47

504

324

7.690%

due

01/23/50

962

669

Petronas

Capital,

Ltd.

Series

REGS

2.480%

due

01/28/32

(Þ)

289

240

3.404%

due

04/28/61

(Þ)

1,123

789

Philippines

Government

International

Bond

5.170%

due

10/13/27

200

202

1.648%

due

06/10/31

200

159

1.950%

due

01/06/32

622

498

Phoenix

Group

Holdings

PLC

5.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.035%)(Ê)(ƒ)(Þ)

200

178

Pinduoduo,

Inc.

2.227%

due

12/01/25

431

421

Qatar

Government

International

Bond

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

4.500%

due

04/23/28

(Þ)

200

200

4.400%

due

04/16/50

(Þ)

363

328

Qatar

Petroleum

Series

REGS

2.250%

due

07/12/31

(Þ)

552

460

QBE

Insurance

Group,

Ltd.

5.875%

due

06/17/46

(USD

ICE

Swap

Rate

NY

10

Year

Rate

+

4.395%)(Ê)(Þ)

206

197

5.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.513%)(Ê)(ƒ)(Þ)

200

192

Republic

of

Azerbaijan

Government

International

Bond

Series

REGS

3.500%

due

09/01/32

(Þ)

258

221

Republic

of

Colombia

Government

International

Bond

8.000%

due

04/20/33

510

535

7.500%

due

02/02/34

300

303

Republic

of

Gabon

Government

International

Bond

Series

REGS

7.000%

due

11/24/31

(Þ)

200

169

Republic

of

Kenya

Government

International

Bond

Series

REGS

7.000%

due

05/22/27

(Þ)

283

256

Republic

of

Poland

Government

International

Bond

5.500%

due

11/16/27

58

59

4.875%

due

10/04/33

249

246

5.500%

due

04/04/53

189

192

Republic

of

Serbia

Government

International

Bond

6.500%

due

09/26/33

(Þ)

200

200

Republic

of

South

Africa

Government

Bond

5.875%

due

04/20/32

524

480

5.750%

due

09/30/49

312

233

Republic

of

Uzbekistan

Government

International

Bond

Series

REGS

3.900%

due

10/19/31

(Þ)

200

164

Romania

Government

International

Bond

7.125%

due

01/17/33

(Þ)

188

202

7.625%

due

01/17/53

(Þ)

224

253

Series

REGS

5.250%

due

11/25/27

(Þ)

116

114

SA

Global

Sukuk,

Ltd.

Series

REGS

2.694%

due

06/17/31

(Þ)

625

539

Samruk-Kazyna

JSC

Series

REGS

2.000%

due

10/28/26

(Þ)

200

181

Saudi

Arabian

Oil

Co.

Series

REGS

2.250%

due

11/24/30

(Þ)

660

550

Saudi

Government

International

Bond

5.000%

due

01/18/53

(Þ)

420

386

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

379

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

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)

300

270

Sea,

Ltd.

0.250%

due

09/15/26

675

543

Shopify,

Inc.

0.125%

due

11/01/25

516

467

Societe

Generale

SA

8.000%

due

09/29/49

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

5.873%)(Ê)(ƒ)(Ñ)(Þ)

200

196

9.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.385%)(Ê)(ƒ)(Þ)

200

203

Series

144a

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.514%)(Ê)(ƒ)(Þ)

200

160

Southern

Gas

Corridor

CJSC

Series

REGS

6.875%

due

03/24/26

(Þ)

484

491

TC

Ziraat

Bankasi

AS

Series

REGS

5.375%

due

03/02/26

(Þ)

814

748

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

205

TransCanada

Trust

5.500%

due

09/15/79

(SOFR

+

4.416%)(Ê)

240

204

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.986%)(Ê)

189

159

Series

16-A

5.875%

due

08/15/76

(USD

3

Month

LIBOR

+

4.640%)(Ê)

280

261

Transnet

SOC,

Ltd.

Series

REGS

8.250%

due

02/06/28

(Þ)

607

604

Turkey

Government

International

Bond

9.125%

due

07/13/30

592

615

Turkiye

Ihracat

Kredi

Bankasi

AS

9.375%

due

01/31/26

(Þ)

227

231

Series

REGS

5.750%

due

07/06/26

(Þ)

700

649

UBS

Group

AG

6.875%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

6

Month

LIBOR]

5

Year

Rate

+

4.590%)(Ê)

(ƒ)(Þ)

200

186

7.000%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.866%)(Ê)

(ƒ)(Þ)

200

192

4.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.313%)(Ê)(ƒ)(Þ)

200

149

5.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.855%)(Ê)(ƒ)(Þ)

200

179

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ukraine

Government

International

Bond

Series

REGS

9.750%

due

11/01/30

(~)(Ê)(Þ)

948

297

UniCredit

SpA

8.000%

due

04/03/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

5.180%)(Ê)

(ƒ)(Þ)

200

197

Uruguay

Government

International

Bond

5.750%

due

10/28/34

423

455

4.975%

due

04/20/55

211

204

Uzbekneftegaz

JSC

Series

REGS

4.750%

due

11/16/28

(Þ)

687

572

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

99

Wix.com,

Ltd.

6.366%

due

08/15/25

(Þ)(ž)

317

279

YPF

SA

Series

REGS

6.950%

due

07/21/27

(Þ)

278

236

8.500%

due

06/27/29

(Þ)

504

441

Zambia

Government

International

Bond

Series

REGS

5.375%

due

09/20/49

(~)(Ê)(ƒ)(Ø)

(Þ)(Æ)

200

105

Zurich

Finance

(Ireland)

Designated

Activity

Co.

3.000%

due

04/19/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.777%)(Ê)(Þ)

200

157

67,540

Non-US

Bonds

-

0.4%

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

219

Bank

of

Ireland

Group

PLC

7.500%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

7.924%)(Ê)(ƒ)(Þ)

EUR

200

218

CNP

Assurances

5.250%

due

07/18/53

(3

Month

EURIBOR

+

3.450%)(Ê)(Þ)

EUR

200

213

Credit

Agricole

SA

4.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.370%)(Ê)(ƒ)(Þ)

EUR

100

97

7.250%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

4.441%)(Ê)(ƒ)(Þ)

EUR

100

111

Deutsche

Bank

AG

10.000%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

6.940%)(Ê)(ƒ)(Þ)

EUR

200

224

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

113

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

380

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Societe

Generale

SA

7.875%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

5.228%)(Ê)(ƒ)(Þ)

EUR

100

108

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

108

1,411

Total

Long-Term

Investments

(cost

$125,891)

124,464

Common

Stocks

-

47.5%

Consumer

Discretionary

-

4.8%

adidas

AG

1,422

288

Aisin

Corp.

14,000

455

Alibaba

Group

Holding,

Ltd.(Æ)

48,760

621

Alibaba

Group

Holding,

Ltd.

-

ADR(Æ)

936

96

Amazon.com,

Inc.(Æ)

6,111

817

Anta

Sports

Products,

Ltd.

15,000

177

Aoyama

Trading

Co.,

Ltd.

6,700

61

Autoliv,

Inc.

4,380

442

AutoZone,

Inc.(Æ)

243

603

Best

Buy

Co.,

Inc.

809

67

Boyd

Gaming

Corp.

2,883

197

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

A

3,108

55

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

H(Þ)

4,700

75

Cie

Financiere

Richemont

SA

Class

A

4,267

688

Comcast

Corp.

Class

A

4,242

192

Costco

Wholesale

Corp.

247

138

Davide

Campari-Milano

NV

22,109

298

Diageo

PLC

9,841

429

Dollar

General

Corp.

233

39

DR

Horton,

Inc.

1,303

165

Ferrari

NV

255

82

Galaxy

Entertainment

Group,

Ltd.(Æ)

27,000

196

Games

Workshop

Group

PLC

789

118

Garmin,

Ltd.

533

56

Geely

Automobile

Holdings,

Ltd.

126,486

183

General

Motors

Co.

1,476

57

Genuine

Parts

Co.

313

49

Gildan

Activewear,

Inc.

Class

A

5,895

183

Grand

Canyon

Education,

Inc.(Æ)

552

60

Home

Depot,

Inc.

(The)

577

193

Honda

Motor

Co.,

Ltd.

15,400

492

Hyundai

Department

Store

Co.,

Ltd.

3,503

152

Industria

de

Diseno

Textil

SA

3,150

120

InterContinental

Hotels

Group

PLC

3,921

290

JD.com,

Inc.

-

ADR

2,679

111

Komeri

Co.,

Ltd.

5,000

105

K's

Holdings

Corp.

8,600

79

Kuaishou

Technology(Æ)(Þ)

36,400

315

La

Francaise

des

Jeux

SAEM(Þ)

1,706

65

Lennar

Corp.

Class

A

637

81

Leonardo

DRS,

Inc.(Æ)

20,425

341

Li

Auto,

Inc.

Class

A(Æ)

9,500

203

Liberty

SiriusXM

Group

Class

C(Æ)

1,569

50

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lojas

Renner

SA(Æ)

23,326

92

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

913

852

Makita

Corp.

12,600

390

McDonald's

Corp.

257

75

MercadoLibre,

Inc.(Æ)

79

98

Michelin

(CGDE)

14,786

483

Midea

Group

Co.,

Ltd.

Class

A

5,100

42

Moncler

SpA

4,356

315

Murata

Manufacturing

Co.,

Ltd.

2,600

154

Next

PLC

6,945

629

Nidec

Corp.

5,500

326

Nike,

Inc.

Class

B

1,951

215

NVR,

Inc.(Æ)

10

63

Omnicom

Group,

Inc.

803

68

O'Reilly

Automotive,

Inc.(Æ)

103

95

Oriental

Holdings

BHD

21,374

30

PDD

Holdings,

Inc.

-

ADR(Æ)

2,336

210

Pernod

Ricard

SA

889

196

Puma

SE

3,796

256

Ryohin

Keikaku

Co.,

Ltd.

11,700

153

Sands

China,

Ltd.(Æ)

186,951

715

Santos

Brasil

Participacoes

SA

38,900

79

SEB

SA

603

68

Service

Corp.

International

819

55

Subaru

Corp.

4,100

78

Sumitomo

Electric

Industries,

Ltd.

14,200

182

Teleperformance

-

GDR

349

50

Tencent

Holdings,

Ltd.

17,032

782

Tencent

Holdings,

Ltd.

-

ADR(Ñ)

5,035

231

TJX

Cos.,

Inc.

(The)

4,347

376

Toyoda

Gosei

Co.,

Ltd.

8,000

171

Toyota

Industries

Corp.

3,500

253

United

Arrows,

Ltd.

3,800

64

Universal

Music

Group

NV

7,928

205

Walmart,

Inc.

684

109

Walt

Disney

Co.

(The)(Æ)

683

61

Weichai

Power

Co.,

Ltd.

Class

H

54,000

80

Wolters

Kluwer

NV

514

65

Xebio

Holdings

Co.,

Ltd.

6,100

49

Yamada

Holdings

Co.,

Ltd.

38,400

116

Yum

China

Holdings,

Inc.

5,014

306

18,321

Consumer

Staples

-

1.7%

Adecoagro

SA

39,364

437

Altria

Group,

Inc.

1,219

55

Archer-Daniels-Midland

Co.

1,293

110

Astarta

Holding

PLC

9,426

77

Barry

Callebaut

AG

27

51

British

American

Tobacco

PLC

1,923

65

Campbell

Soup

Co.

1,362

62

Carrefour

SA

1,539

31

Casey's

General

Stores,

Inc.

231

58

Chocoladefabriken

Lindt

&

Spruengli

AG

6

73

Clorox

Co.

(The)

379

58

Coca-Cola

Co.

(The)

1,966

122

Colgate-Palmolive

Co.

723

55

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

381

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Conagra

Brands,

Inc.

1,946

64

CVS

Health

Corp.

1,596

119

Dino

Polska

SA(Æ)(Þ)

2,267

253

First

Pacific

Co.,

Ltd.

184,000

67

First

Resources,

Ltd.

92,100

105

Flowers

Foods,

Inc.

2,240

55

General

Mills,

Inc.

887

66

Golden

Agri-Resources,

Ltd.

1,537,220

289

GS

Holdings

Corp.

1,761

52

Haleon

PLC

64,596

280

Heineken

NV

2,104

206

Henkel

AG

&

Co.

KGaA

1,228

86

Imperial

Tobacco

Group

PLC

2,284

54

JM

Smucker

Co.

(The)

487

73

Kao

Corp.

11,200

426

Kato

Sangyo

Co.,

Ltd.

1,800

49

Kellogg

Co.

767

51

Kimberly-Clark

Corp.

710

92

Kirin

Holdings

Co.,

Ltd.

28,200

417

Koninklijke

Ahold

Delhaize

NV

1,909

66

Kraft

Heinz

Co.

(The)

1,490

54

Kroger

Co.

(The)

1,280

62

Lenta

International

Co.

PJSC

-

GDR(Æ)(Š)(Þ)

130,305

—

L'Oreal

SA

164

76

Mondelez

International,

Inc.

Class

A

1,094

81

Morinaga

Milk

Industry

Co.,

Ltd.

4,574

154

PepsiCo,

Inc.

2,274

426

Philip

Morris

International,

Inc.

991

99

Procter

&

Gamble

Co.

(The)

1,573

246

Royal

Unibrew

A/S

2,669

231

Shiseido

Co.,

Ltd.

2,700

119

Tsingtao

Brewery

Co.,

Ltd.

Class

H

28,000

251

Tyson

Foods,

Inc.

Class

A

807

45

Unilever

PLC

2,454

132

Walgreens

Boots

Alliance,

Inc.

2,889

87

WH

Group,

Ltd.(Þ)

168,528

91

Yifeng

Pharmacy

Chain

Co.,

Ltd.

Class

A

16,380

87

6,365

Energy

-

1.3%

Cenovus

Energy,

Inc.

17,838

339

Chevron

Corp.

892

146

China

Shenhua

Energy

Co.,

Ltd.

Class

H

20,500

61

Denison

Mines

Corp.(Æ)

24,836

32

Doosan

Fuel

Cell

Co.,

Ltd.(Æ)

1,413

30

Exxon

Mobil

Corp.

1,773

190

Fission

Uranium

Corp.(Æ)

122,461

59

Gazprom

PJSC(Š)

376,946

—

Green

Plains,

Inc.(Æ)

10,747

382

Japan

Petroleum

Exploration

Co.,

Ltd.

2,300

79

Kinder

Morgan,

Inc.

16,139

286

NAC

Kazatomprom

JSC

-

GDR(Þ)

11,355

307

ONEOK,

Inc.

771

52

OX2

Group

AB(Æ)

15,444

97

Petroleo

Brasileiro

SA

-

ADR

16,203

238

Range

Resources

Corp.

9,326

293

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Reliance

Industries,

Ltd.

-

GDR(Þ)

4,719

295

Saudi

Arabian

Oil

Co.(Þ)

40,268

348

Schlumberger

NV

5,055

295

Schneider

Electric

SE

392

70

Shell

PLC

2,703

82

Sinopec

Engineering

Group

Co.,

Ltd.

Class

H

47,000

21

SM

Energy

Co.

6,503

236

Southwestern

Energy

Co.(Æ)

61,455

398

Targa

Resources

Corp.

4,129

339

TotalEnergies

SE

1,621

98

Tullow

Oil

PLC(Æ)

92,600

41

YPF

SA

-

ADR(Æ)

4,109

61

4,875

Financial

Services

-

16.1%

ABN

AMRO

Bank

NV(Þ)

11,710

199

Advance

Residence

Investment

Corp.

(ö)

142

346

Aedifica

SA(ö)

2,327

160

Aflac,

Inc.

1,382

100

AIA

Group,

Ltd.

63,400

634

Air

Lease

Corp.

Class

A

13,278

562

Akbank

TAS

61,793

64

Al

Rajhi

Bank

3,762

75

Aldar

Properties

PJSC

40,830

57

Allianz

SE

346

83

Allstate

Corp.

(The)

553

62

Alpha

Services

and

Holdings

SA(Æ)

114,858

206

Amadeus

IT

Group

SA

Class

A

1,925

138

American

Express

Co.

361

61

American

Tower

Corp.(ö)

570

108

Americold

Realty

Trust,

Inc.(ö)

25,300

820

Apartment

Income

REIT

Corp.(ö)

3,929

136

Arch

Capital

Group,

Ltd.(Æ)

1,227

95

Argan

SA(ö)

1,020

77

Assicurazioni

Generali

SpA

3,355

71

Assurant,

Inc.

341

46

AvalonBay

Communities,

Inc.(ö)

258

49

Axis

Capital

Holdings,

Ltd.

7,008

386

B3

SA

-

Brasil

Bolsa

Balcao

11,800

37

Baloise

Holding

AG

320

49

Banco

Bradesco

SA

-

ADR

58,355

206

Bank

Central

Asia

Tbk

PT

507,882

307

Bank

Mandiri

Persero

Tbk

PT

1,298,292

493

Bank

of

America

Corp.

8,399

269

Bank

of

Hawaii

Corp.

849

48

Bank

of

Ireland

Group

PLC

30,119

318

Bank

of

New

York

Mellon

Corp.

(The)

1,266

57

Bank

Rakyat

Indonesia

Persero

Tbk

PT

682,913

256

BDO

Unibank,

Inc.

84,806

224

Berkshire

Hathaway,

Inc.

Class

B(Æ)

1,034

364

BlackRock,

Inc.

Class

A

94

69

BNP

Paribas

SA

2,673

176

Boardwalk

Real

Estate

Investment

Trust(ö)

8,386

417

British

Land

Co.

PLC

(The)(ö)

20,764

90

Camden

Property

Trust(ö)

6,599

720

CapitaLand

Ascendas

REIT(ö)

63,200

134

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

382

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Capitaland

Investment,

Ltd.

167,500

429

CapitaLand

Mall

Trust

Class

A(Æ)(ö)

130,400

200

Castellum

AB

4,552

52

Catena

AB

4,930

189

CBRE

Group,

Inc.

Class

A(Æ)

1,098

91

Charles

Schwab

Corp.

(The)

4,118

272

Charter

Hall

Group

-

ADR(ö)

38,127

294

China

Common

Rich

Renewable

Energy

Investments,

Ltd.(Æ)(Š)

205,123

—

China

Construction

Bank

Corp.

Class

H

226,500

132

China

Resources

Land,

Ltd.

6,000

28

Chubb,

Ltd.

523

107

CITIC

Securities

Co.,

Ltd.

Class

H

34,890

75

Citigroup,

Inc.

3,566

170

CK

Asset

Holdings,

Ltd.

49,476

286

Clarivate

PLC(Æ)

33,446

318

CME

Group,

Inc.

Class

A

3,527

702

Cofinimmo

SA(ö)

1,653

129

Comforia

Residential

REIT,

Inc.(ö)

30

72

Commerce

Bancshares,

Inc.

991

53

Country

Garden

Services

Holdings

Co.,

Ltd.

151,000

171

Cousins

Properties,

Inc.(ö)

13,595

332

Covivio(ö)

2,029

98

Credicorp,

Ltd.

543

85

Credit

Saison

Co.,

Ltd.

16,300

260

Crown

Castle,

Inc.(ö)

347

38

Dai-ichi

Life

Holdings,

Inc.

8,900

182

Derwent

London

PLC(ö)

2,602

71

Dexus(ö)

56,697

314

Digital

Realty

Trust,

Inc.(ö)

14,249

1,776

DNB

Bank

ASA

3,066

63

Equinix,

Inc.(ö)

1,733

1,404

Equities

AB

8,607

205

Equity

Commonwealth(ö)

32,080

628

Equity

Residential(ö)

708

47

Essex

Property

Trust,

Inc.(ö)

1,891

461

Etalon

Group

PLC

-

GDR(Æ)(Š)(Þ)

267,238

—

Eurobank

Ergasias

SA(Æ)

59,794

104

Eurocommercial

Properties

NV(ö)

4,179

106

Extra

Space

Storage,

Inc.(ö)

2,866

400

EZCORP,

Inc.

Class

A(Æ)

49,095

445

Federal

Agricultural

Mortgage

Corp.

Class

C

1,787

287

Fidelis

Insurance

Holdings,

Ltd.(Æ)

19,850

276

Fidelity

National

Financial,

Inc.

1,384

54

First

American

Financial

Corp.

1,004

64

Frasers

Centrepoint

Trust(Æ)(ö)

68,900

112

Frasers

Logistics

&

Commercial

Trust(Æ)(ö)(Þ)

208,500

191

Getty

Realty

Corp.(ö)

11,125

360

Globe

Life,

Inc.

641

72

Goldman

Sachs

Group,

Inc.

(The)

215

76

Goodman

Group(ö)

19,126

265

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

12,298

117

Hachijuni

Bank,

Ltd.

(The)

33,900

174

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

8,089

116

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hana

Financial

Group,

Inc.

2,269

70

Hang

Lung

Properties,

Ltd.

-

ADR

71,000

110

Hankook

Technology

Group

Co.,

Ltd.

7,856

71

Hannover

Rueck

SE

289

62

Hanover

Insurance

Group,

Inc.

(The)

516

59

Hartford

Financial

Services

Group,

Inc.

1,030

74

HDFC

Bank,

Ltd.

-

ADR

10,109

690

Healthcare

Realty

Trust,

Inc.(ö)

34,145

667

Highwoods

Properties,

Inc.(ö)

9,011

228

Hirogin

Holdings,

Inc.

20,700

128

Hokuhoku

Financial

Group,

Inc.

8,700

78

Host

Hotels

&

Resorts,

Inc.(ö)

14,839

273

HSBC

Holdings

PLC

25,532

212

ICICI

Bank,

Ltd.

-

ADR

26,011

639

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

256,000

125

Ingenia

Communities

Group(ö)

86,534

238

Intercontinental

Exchange,

Inc.

539

62

Invincible

Investment

Corp.(ö)

630

261

Invitation

Homes,

Inc.(ö)

51,947

1,844

Itau

Unibanco

Holding

SA

-

ADR(Æ)

14,022

84

Japan

Hotel

REIT

Investment

Corp.(ö)

85

42

Japan

Retail

Fund

Investment

Corp.(ö)

497

341

Jones

Lang

LaSalle,

Inc.(Æ)

2,908

484

JPMorgan

Chase

&

Co.

1,738

275

Kasikornbank

PCL

23,000

85

KB

Financial

Group,

Inc.

2,324

93

Kemper

Corp.

17,492

892

Kenedix

Office

Investment

Corp.

Class

A(ö)

171

407

Kimco

Realty

Corp.(ö)

37,942

769

Klepierre

SA

-

GDR(ö)

18,651

496

Korean

Reinsurance

Co.

7,866

43

Lamar

Advertising

Co.

Class

A(ö)

567

56

Land

Securities

Group

PLC(ö)

52,189

433

LEG

Immobilien

SE(Æ)

4,644

329

Link

Real

Estate

Investment

Trust(ö)

76,330

428

LiveRamp

Holdings,

Inc.(Æ)

14,134

403

London

Stock

Exchange

Group

PLC

3,691

400

Longfor

Group

Holdings,

Ltd.(Þ)

70,500

188

LSR

Group

PJSC(Š)

25,878

—

LX

Holdings

Corp.

1,079

7

LXI

REIT

PLC(ö)(Þ)

82,907

101

M&T

Bank

Corp.

401

56

Marsh

&

McLennan

Cos.,

Inc.

1,169

220

MasterCard,

Inc.

Class

A

2,548

1,005

Medical

Properties

Trust,

Inc.(ö)

23,822

240

Mid-America

Apartment

Communities,

Inc.(ö)

6,424

961

Mitsubishi

Estate

Co.,

Ltd.

66,000

809

Mitsubishi

UFJ

Financial

Group,

Inc.

34,500

278

Mitsui

Fudosan

Co.,

Ltd.

28,525

586

Mitsui

Fudosan

Logistics

Park,

Inc.

(Æ)(ö)

87

310

Morgan

Stanley

781

71

Moscow

Exchange

MICEX-RTS

PJSC(Š)

181,547

—

National

Storage

REIT(ö)

34,289

54

NatWest

Group

PLC

87,619

275

Nippon

Prologis

REIT,

Inc.(Æ)(ö)

205

419

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

383

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nishi-Nippon

Financial

Holdings,

Inc.

15,600

166

NMI

Holdings,

Inc.

Class

A(Æ)

14,045

375

NN

Group

NV

1,311

50

Nomura

Real

Estate

Holdings,

Inc.

11,000

273

Nordea

Bank

Abp

5,447

62

North

Pacific

Bank,

Ltd.

46,400

101

Northern

Trust

Corp.

612

49

Pandox

AB

8,364

98

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

92,900

271

Perella

Weinberg

Partners

37,476

370

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

43,561

317

PNC

Financial

Services

Group,

Inc.

(The)

372

51

Popular,

Inc.

4,505

327

Poste

Italiane

SpA(Þ)

5,882

67

Principal

Financial

Group,

Inc.

1,034

83

Progressive

Corp.

(The)

624

79

Prologis,

Inc.(ö)

22,388

2,793

Public

Storage(ö)

3,785

1,066

Raymond

James

Financial,

Inc.

495

54

Realty

Income

Corp.(ö)

35,401

2,158

RELX

PLC

2,072

70

Resona

Holdings,

Inc.

41,900

228

Ringkjoebing

Landbobank

A/S

500

71

Safestore

Holdings

PLC(ö)

37,637

429

Sampo

OYJ

Class

A

1,357

60

Saudi

National

Bank

(The)

8,192

84

SBA

Communications

Corp.(ö)

1,782

390

Sberbank

of

Russia

PJSC(Š)

169,110

—

Segro

PLC(ö)

43,765

429

Simon

Property

Group,

Inc.(ö)

13,408

1,671

Sirius

Real

Estate,

Ltd.

108,303

115

Skandinaviska

Enskilda

Banken

AB

Class

A

4,903

59

SM

Prime

Holdings,

Inc.

291,000

177

Spirit

Realty

Capital,

Inc.(ö)

9,841

397

Sprott,

Inc.

1,384

46

Stockland(ö)

146,807

417

Sumitomo

Mitsui

Financial

Group,

Inc.

10,600

500

Sumitomo

Mitsui

Trust

Holdings,

Inc.

9,800

381

Sun

Communities,

Inc.(ö)

7,462

972

Sun

Hung

Kai

Properties,

Ltd.

39,500

495

Svenska

Handelsbanken

AB

Class

A

5,686

50

Swedbank

AB

Class

A

3,428

63

Swiss

Life

Holding

AG

105

67

Swiss

Prime

Site

AG

Class

A

642

62

Swiss

Re

AG

2,470

257

T

Rowe

Price

Group,

Inc.

469

58

TAG

Immobilien

AG(Æ)

31,140

350

Travelers

Cos.,

Inc.

(The)

418

72

Truist

Financial

Corp.

1,205

40

Turkiye

Garanti

Bankasi

AS

39,211

64

UBS

Group

AG

2,966

66

UDR,

Inc.(ö)

15,711

642

Unibail-Rodamco-Westfield(Æ)(ö)

5,385

305

UNITE

Group

PLC

(The)(ö)

12,462

156

United

Urban

Investment

Corp.(ö)

195

211

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

US

Bancorp

1,494

59

VICI

Properties,

Inc.(ö)

3,111

98

Visa,

Inc.

Class

A

900

214

Vonovia

SE

1,775

41

VTB

Bank

PJSC(Æ)(Š)

716,250,000

—

W.R.

Berkley

Corp.

937

58

Warehouses

De

Pauw

CVA(ö)

6,283

186

Welltower,

Inc.(ö)

22,911

1,882

Weyerhaeuser

Co.(ö)

2,291

78

Wharf

Real

Estate

Investment

Co.,

Ltd.

68,000

364

Willis

Towers

Watson

PLC

231

49

WP

Carey,

Inc.(ö)

699

47

Yellow

Cake

PLC(Æ)(Þ)

26,036

144

Yoma

Strategic

Holdings,

Ltd.(Æ)

417,882

31

Yuanta

Financial

Holding

Co.,

Ltd.

270,000

210

ZhongAn

Online

P&C

Insurance

Co.,

Ltd.

Class

H(Æ)(Þ)

56,800

185

Zurich

Insurance

Group

AG

150

72

61,235

Health

Care

-

3.7%

Abbott

Laboratories

1,020

114

AbbVie,

Inc.

1,189

178

Alcon,

Inc.

1,978

168

AmerisourceBergen

Corp.

Class

A

339

63

Amgen,

Inc.

321

75

AstraZeneca

PLC

3,768

541

Bangkok

Dusit

Medical

Services

PCL

238,900

201

Becton,

Dickinson

and

Co.

1,945

542

Biogen,

Inc.(Æ)

196

53

Boston

Scientific

Corp.(Æ)

1,205

62

Bristol-Myers

Squibb

Co.

1,318

82

Centene

Corp.(Æ)

1,093

74

ChemoMetec

A/S(Æ)

1,030

69

Cigna

Group

(The)

539

159

ConvaTec

Group

PLC(Þ)

74,240

199

Cooper

Cos.,

Inc.

(The)

468

183

Danaher

Corp.

1,401

357

Elevance

Health,

Inc.

195

92

Eli

Lilly

&

Co.

510

232

Encompass

Health

Corp.

1,002

66

Enovis

Corp.

Class

W(Æ)

11,752

751

EssilorLuxottica

SA

296

59

Eurofins

Scientific

SE

2,084

143

Fortrea

Holdings,

Inc.(Æ)

258

8

Gilead

Sciences,

Inc.

1,360

104

GSK

Finance

No.

3

PLC

4,314

77

H.U.

Group

Holdings,

Inc.

2,500

49

Halozyme

Therapeutics,

Inc.(Æ)

5,501

236

HCA

Healthcare,

Inc.

234

64

Henry

Schein,

Inc.(Æ)

743

59

Innoviva,

Inc.(Æ)

30,986

420

iRay

Technology

Co.,

Ltd.

Class

A

6,739

237

Japan

Lifeline

Co.,

Ltd.

13,400

94

Johnson

&

Johnson

3,662

613

Kyorin

Pharmaceutical

Co.,

Ltd.

16,500

206

Laboratory

Corp.

of

America

Holdings

258

55

Lonza

Group

AG

445

258

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

384

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

McKesson

Corp.

150

60

Medipal

Holdings

Corp.

3,400

58

Medtronic

PLC

5,022

441

Merck

&

Co.,

Inc.

1,738

185

Merck

KGaA

795

140

Nippon

Shinyaku

Co.,

Ltd.

1,700

69

Novartis

AG

1,553

163

Novo

Nordisk

A/S

Class

B

6,428

1,037

Pacira

BioSciences,

Inc.(Æ)

5,372

195

Pennant

Group,

Inc.

(The)(Æ)

21,296

244

Pfizer,

Inc.

3,910

141

Qiagen

NV(Æ)

1,719

81

Quest

Diagnostics,

Inc.

381

51

Recordati

SpA

1,286

66

Regeneron

Pharmaceuticals,

Inc.(Æ)

77

57

Roche

Holding

AG

879

277

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

320

192

Sanofi

-

ADR

1,461

156

Sawai

Group

Holdings

Co.,

Ltd.

4,200

105

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

3,700

154

Siemens

Healthineers

AG(Þ)

5,087

296

Straumann

Holding

AG

1,585

262

Stryker

Corp.

227

64

Suzuken

Co.,

Ltd.

8,100

236

Syneos

Health,

Inc.

Class

A(Æ)

8,291

352

Thermo

Fisher

Scientific,

Inc.

183

100

Toho

Holdings

Co.,

Ltd.

6,000

117

UCB

SA

745

66

United

Therapeutics

Corp.(Æ)

203

49

UnitedHealth

Group,

Inc.

1,437

728

Universal

Health

Services,

Inc.

Class

B

408

57

Universal

Vision

Biotechnology

Co.,

Ltd.

15,000

187

Vertex

Pharmaceuticals,

Inc.(Æ)

181

64

West

Pharmaceutical

Services,

Inc.

372

137

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

9,400

89

Zoetis,

Inc.

Class

A

1,759

331

13,950

Materials

and

Processing

-

4.3%

Air

Liquide

SA

Class

A

583

105

Air

Products

&

Chemicals,

Inc.

177

54

Aluminum

Corp.

of

China,

Ltd.

Class

A

91,400

81

Aluminum

Corp.

of

China,

Ltd.

Class

H

190,000

94

Amcor

PLC

5,431

56

Anglo

American

PLC

11,437

351

AngloGold

Ashanti,

Ltd.

-

ADR

9,794

217

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

37,500

113

AptarGroup,

Inc.

526

64

ArcelorMittal

SA

12,741

369

Aris

Mining

Corp.

19,970

50

Artemis

Gold,

Inc.(Æ)

30,932

122

Atlas

Arteria,

Ltd.

60,728

257

Axalta

Coating

Systems,

Ltd.(Æ)

9,929

318

Babcock

International

Group

PLC(Æ)

67,018

322

Ball

Corp.

779

46

Barrick

Gold

Corp.

9,519

165

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bear

Creek

Mining

Corp.(Æ)

25,338

11

Brenntag

SE

757

59

Cameco

Corp.

Class

A

2,779

98

Carrier

Global

Corp.

4,619

275

Celanese

Corp.

Class

A

393

49

Cemex

SAB

de

CV

-

ADR(Æ)

9,684

74

Chr

Hansen

Holding

A/S

813

61

Constellium

SE(Æ)

8,297

158

Copart,

Inc.(Æ)

1,041

92

Daqo

New

Energy

Corp.

-

ADR(Æ)

1,991

78

Dundee

Corp.

Class

A(Æ)

14,243

14

DuPont

de

Nemours,

Inc.

933

72

Ecovyst,

Inc.(Æ)

38,862

478

EMS-Chemie

Holding

AG

82

68

Equinox

Gold

Corp.(Æ)(Ñ)

47,254

248

ERO

Copper

Corp.(Æ)

12,982

312

First

Quantum

Minerals,

Ltd.

13,120

389

Freeport-McMoRan,

Inc.

4,869

217

Fresnillo

PLC

7,630

61

Gabriel

Resources,

Ltd.(Æ)

271,624

74

Ganfeng

Lithium

Group

Co.,

Ltd.

Class

H(Þ)

12,760

82

Geberit

AG

485

275

Givaudan

SA

24

81

Gold

Fields,

Ltd.

-

ADR

21,036

325

Graphic

Packaging

Holding

Co.

3,032

73

Harmony

Gold

Mining

Co.,

Ltd.

-

ADR

62,643

269

IAMGOLD

Corp.(Æ)

49,675

135

Impala

Platinum

Holdings,

Ltd.

39,956

289

International

Paper

Co.

1,395

50

International

Tower

Hill

Mines,

Ltd.

(Æ)

41,509

17

Ivanhoe

Electric,

Inc.(Æ)

3,309

54

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

39,698

421

JFE

Holdings,

Inc.

7,400

120

Johnson

Controls

International

PLC

864

60

K+S

AG

5,360

102

Kuraray

Co.,

Ltd.

13,300

134

LG

Chem,

Ltd.

135

69

Linde

PLC

876

342

Lintec

Corp.

5,900

97

Lizhong

Sitong

Light

Alloys

Group

Co.,

Ltd.(Æ)

16,200

60

LKQ

Corp.

1,053

58

Lotte

Chemical

Corp.

370

44

LyondellBasell

Industries

NV

Class

A

808

80

MHP

SE

-

GDR(Æ)(Þ)

29,675

106

Muyuan

Foods

Co.,

Ltd.

Class

A

11,600

72

Newcrest

Mining,

Ltd.

33,702

606

NexGen

Energy,

Ltd.(Æ)

30,775

151

Nine

Dragons

Paper

Holdings,

Ltd.

99,000

65

Ningbo

Orient

Wires

&

Cables

Co.,

Ltd.

Class

A

5,100

33

Nippon

Shokubai

Co.,

Ltd.

1,000

38

Northern

Dynasty

Minerals,

Ltd.(Æ)

(Ñ)

100,371

29

NOVAGOLD

Resources,

Inc.(Æ)

22,941

103

Novozymes

A/S

Class

B

9,771

489

Oji

Holdings

Corp.

11,600

46

Pack

Corp.

(The)

2,300

54

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

385

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Packaging

Corp.

of

America

804

123

Pan

American

Silver

Corp.

8,295

140

Perpetua

Resources

Corp.(Æ)(Ñ)

12,446

47

Polyus

PJSC(Æ)(Þ)

5,777

—

PPG

Industries,

Inc.

501

72

Reliance

Steel

&

Aluminum

Co.

376

110

Rengo

Co.,

Ltd.

5,000

32

Rio

Tinto

PLC

1,215

80

Royal

Gold,

Inc.

2,336

281

Sandstorm

Gold,

Ltd.

3,518

20

Saudi

Basic

Industries

Corp.

953

22

Seabridge

Gold,

Inc.(Æ)

14,200

181

Sealed

Air

Corp.

980

45

Sherwin-Williams

Co.

(The)

1,191

329

Shin-Etsu

Chemical

Co.,

Ltd.

7,000

231

Siemens

AG

494

84

SmartRent,

Inc.(Æ)

46,974

187

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

1,082

80

Symrise

AG

557

61

Taiheiyo

Cement

Corp.

6,200

129

Ternium

SA

-

ADR

2,033

91

Toagosei

Co.,

Ltd.

7,700

73

Toray

Industries,

Inc.

61,100

342

Toyo

Ink

SC

Holdings

Co.,

Ltd.

1,400

22

Trane

Technologies

PLC

324

65

Tronox

Holdings

PLC

Class

A

66,549

884

Trusco

Nakayama

Corp.

6,900

106

Univar

Solutions,

Inc.

-

ADR(Æ)

14,905

539

UPM-Kymmene

OYJ

1,866

62

Vale

SA

Class

B

-

ADR

22,075

323

Valvoline,

Inc.

1,880

71

Western

Copper

&

Gold

Corp.(Æ)

9,487

15

Westrock

Co.

1,281

43

Wheaton

Precious

Metals

Corp.

7,817

350

Yara

International

ASA

1,319

54

Zijin

Mining

Group

Co.,

Ltd.

Class

H

132,000

227

16,222

Producer

Durables

-

6.4%

3M

Co.

975

109

Aalberts

Industries

NV

2,771

125

Adyen

NV(Æ)(Þ)

93

173

Aena

SME

SA(Þ)

3,092

495

Aeroports

de

Paris

670

93

Airbus

Group

SE

2,280

336

Airports

of

Thailand

PCL

85,800

179

Airtac

International

Group

8,000

238

Allfunds

Group

PLC

18,429

120

Amphenol

Corp.

Class

A

707

62

Arcosa,

Inc.

9,347

721

Auckland

International

Airport,

Ltd.

(Æ)

30,011

157

Automatic

Data

Processing,

Inc.

214

53

Avery

Dennison

Corp.

362

67

BAE

Systems

PLC

5,513

66

Booz

Allen

Hamilton

Holding

Corp.

Class

A

540

65

Bouygues

SA

-

ADR

1,787

64

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CAE,

Inc.(Æ)

6,658

152

Canadian

National

Railway

Co.

1,189

144

Caterpillar,

Inc.

310

82

Cellnex

Telecom

SA(Þ)

4,246

174

CH

Robinson

Worldwide,

Inc.

706

71

Charoen

Pokphand

Foods

PCL

172,900

103

China

Communications

Services

Corp.,

Ltd.

Class

H

200,000

95

Cintas

Corp.

174

87

CK

Hutchison

Holdings,

Ltd.

Class

B

23,000

142

Cleanaway

Waste

Management,

Ltd.

24,190

45

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

3,600

120

CSX

Corp.

13,710

457

Cummins,

Inc.

396

103

Danone

SA

7,288

445

DL

E&C

Co.,

Ltd.

1,955

47

Dover

Corp.

404

59

Eaton

Corp.

PLC

57

12

Eiffage

SA

595

62

Emerson

Electric

Co.

590

54

Epiroc

AB

Class

A

8,971

178

Equifax,

Inc.

1,141

233

Evergreen

Marine

Corp.

Taiwan,

Ltd.

13,000

43

EXEO

Group,

Inc.

7,400

154

Expeditors

International

of

Washington,

Inc.

502

64

Experian

PLC

1,819

70

FedEx

Corp.

271

73

Flughafen

Zurich

AG

393

83

Fortive

Corp.

847

66

Fukuda

Corp.

1,000

35

General

Dynamics

Corp.

316

71

Getlink

SE

8,057

142

Graco,

Inc.

3,459

274

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

20,921

236

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

12,641

358

Guangshen

Railway

Co.,

Ltd.

Class

H(Æ)

312,000

82

Hi

Sun

Technology

China,

Ltd.(Æ)

333,000

26

Hillman

Solutions

Corp.(Æ)

25,238

248

Honeywell

International,

Inc.

474

92

Huntington

Ingalls

Industries,

Inc.

241

55

ICF

International,

Inc.

2,102

247

Illinois

Tool

Works,

Inc.

253

67

International

Container

Terminal

Services,

Inc.

16,960

67

Intertek

Group

PLC

2,678

150

Janus

International

Group,

Inc.(Æ)

11,648

133

JB

Hunt

Transport

Services,

Inc.

366

75

JGC

Holdings

Corp.

8,400

120

JTEKT

Corp.

29,500

278

Kajima

Corp.

4,500

71

Kamigumi

Co.,

Ltd.

3,900

91

Kerry

Group

PLC

Class

A

1,433

142

Knight-Swift

Transportation

Holdings,

Inc.

3,717

226

Kone

OYJ

Class

B

2,540

130

Koninklijke

Vopak

NV

3,539

133

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

386

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

L3Harris

Technologies,

Inc.

262

50

Landstar

System,

Inc.

426

87

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

5,811

190

Localiza

Rent

a

Car

SA(Æ)

16,147

230

Luks

Group

Vietnam

Holdings

Co.,

Ltd.

112,000

15

Manitowoc

Co.,

Inc.

(The)(Æ)

9,455

171

Mettler-Toledo

International,

Inc.(Æ)

168

211

Mitsubishi

Corp.

1,300

67

Mitsui

&

Co.,

Ltd.

900

35

Moody's

Corp.

1,931

681

Nestle

SA

6,902

848

NH

Foods,

Ltd.

4,500

130

Norfolk

Southern

Corp.

413

97

Northrop

Grumman

Corp.

142

63

NSK,

Ltd.

69,300

440

Obayashi

Corp.

8,900

82

Orient

Overseas

International,

Ltd.

4,171

70

OSG

Corp.

9,000

120

Otis

Worldwide

Corp.

3,443

313

PACCAR

Financial

Corp.

1,069

92

Pacific

Basin

Shipping,

Ltd.

373,000

121

Parker-Hannifin

Corp.

191

78

Pyeong

Hwa

Automotive

Co.,

Ltd.

2,491

21

Qube

Holdings,

Ltd.

98,185

194

Randstad

NV

963

56

Real

Alloy(Æ)(Š)

42

2,800

Regal

Rexnord

Corp.

453

71

Rumo

SA

24,696

121

Ryanair

Holdings

PLC

-

ADR(Æ)

2,901

297

S&P

Global,

Inc.

867

342

Samsung

Engineering

Co.,

Ltd.(Æ)

12,815

372

Sandvik

AB

11,463

232

Schindler

Holding

AG

740

174

Schneider

National,

Inc.

Class

B

2,870

88

Seiko

Epson

Corp.

8,900

146

Seino

Holdings

Co.,

Ltd.

10,000

157

Shanghai

Electric

Group

Co.,

Ltd.

Class

H(Æ)

258,000

63

Shanghai

International

Airport

Co.,

Ltd.

Class

A(Æ)

10,400

69

Sight

Sciences,

Inc.(Æ)

33,681

296

SkyWest,

Inc.(Æ)

1,514

67

Snap-on,

Inc.

282

77

Sohgo

Security

Services

Co.,

Ltd.

14,500

89

Spirax-Sarco

Engineering

PLC

1,176

168

Stanley

Electric

Co.,

Ltd.

5,200

96

Sumitomo

Heavy

Industries,

Ltd.

5,200

128

Suofeiya

Home

Collection

Co.,

Ltd.

Class

A

24,200

65

Tachi-S

Co.,

Ltd.

Class

S

2,100

23

Techtronic

Industries

Co.,

Ltd.

17,000

192

Teledyne

Technologies,

Inc.(Æ)

136

52

Transurban

Group

-

ADR(Æ)

27,459

265

TreeHouse

Foods,

Inc.(Æ)

17,568

907

Trelleborg

AB

Class

B

10,148

270

Union

Pacific

Corp.

420

97

United

Parcel

Service,

Inc.

Class

B

365

68

V2X,

Inc.(Æ)

8,071

415

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vinci

SA

1,345

158

Waste

Management,

Inc.

441

72

Weir

Group

PLC

(The)

18,104

427

West

Japan

Railway

Co.

5,400

222

Westinghouse

Air

Brake

Technologies

Corp.

550

65

Worldline

SA(Æ)(Þ)

7,136

283

Wuxi

Lead

Intelligent

Equipment

Co.,

Ltd.

Class

A

14,231

66

WW

Grainger,

Inc.

95

70

Yamato

Holdings

Co.,

Ltd.

4,200

79

Zhejiang

Expressway

Co.,

Ltd.

Class

H

190,000

152

24,353

Technology

-

6.4%

Accenture

PLC

Class

A

968

306

Activision

Blizzard,

Inc.

813

75

Adobe,

Inc.(Æ)

727

397

Alchip

Technologies,

Ltd.

3,000

190

Allegion

PLC

1,297

152

Alphabet,

Inc.

Class

A(Æ)

9,194

1,220

Alphabet,

Inc.

Class

C(Æ)

5,580

743

Alps

Alpine

Co.,

Ltd.

11,000

97

Amdocs,

Ltd.

788

74

Analog

Devices,

Inc.

459

92

Ansys,

Inc.(Æ)

320

109

Apple,

Inc.

8,873

1,743

Arrow

Electronics,

Inc.(Æ)

508

72

ASML

Holding

NV

534

382

Assa

Abloy

AB

Class

B

16,334

392

Autodesk,

Inc.(Æ)

722

153

AutoStore

Holdings,

Ltd.(Æ)(Þ)

58,157

145

Avnet,

Inc.

1,522

74

Baidu,

Inc.

Class

A(Æ)

23,900

467

Baidu,

Inc.

-

ADR(Æ)

1,691

264

BE

Semiconductor

Industries

NV

2,286

273

Bechtle

AG

5,076

223

Booking

Holdings,

Inc.(Æ)

71

211

CACI

International,

Inc.

Class

A(Æ)

240

84

Cars.com,

Inc.(Æ)

11,548

263

CDW

Corp.

299

56

Cisco

Systems,

Inc.

2,869

149

Cognizant

Technology

Solutions

Corp.

Class

A

1,379

91

Corning,

Inc.

2,190

74

Cosel

Co.,

Ltd.

4,400

38

Eizo

Corp.

2,700

96

en

Japan,

Inc.

6,500

129

Fanuc

Corp.

9,600

295

Fiserv,

Inc.(Æ)

554

70

Fortnox

AB

15,300

94

Global

Unichip

Corp.

2,000

104

Hewlett

Packard

Enterprise

Co.

4,423

77

Hon

Hai

Precision

Industry

Co.,

Ltd.

72,000

249

HP,

Inc.

3,035

100

Icom,

Inc.

1,800

36

Infineon

Technologies

AG

-

ADR

10,104

444

Infosys,

Ltd.

-

ADR

19,696

328

Intel

Corp.

6,160

220

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

387

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

International

Business

Machines

Corp.

468

67

Juniper

Networks,

Inc.

1,720

48

KBR,

Inc.

2,883

177

Keyence

Corp.

1,000

449

Leidos

Holdings,

Inc.

526

49

LG

Corp.

Class

H

2,585

170

Mabuchi

Motor

Co.,

Ltd.

4,500

129

MediaTek,

Inc.

8,000

176

Meta

Platforms,

Inc.

Class

A(Æ)

725

231

Micron

Technology,

Inc.

1,009

72

Microsoft

Corp.

8,048

2,703

Motorola

Solutions,

Inc.

287

82

MSCI,

Inc.

Class

A

568

311

NetScout

Systems,

Inc.(Æ)

6,492

181

ON24,

Inc.

11,095

98

Ooma,

Inc.(Æ)

18,080

271

Oracle

Corp.

3,835

450

Parade

Technologies,

Ltd.

7,000

206

Qorvo,

Inc.(Æ)

777

86

Roper

Technologies,

Inc.

133

66

Sage

Group

PLC

(The)

32,258

388

Samsung

Electronics

Co.,

Ltd.

10,236

561

Samsung

SDI

Co.,

Ltd.

106

55

SAP

SE

-

ADR

2,506

343

Signify

NV(Þ)

11,154

351

SK

Hynix,

Inc.

11,073

1,073

Skyworks

Solutions,

Inc.

702

80

Softcat

PLC

9,387

181

SS&C

Technologies

Holdings,

Inc.

1,076

63

Swisscom

AG

178

114

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

83,000

1,495

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

10,076

999

Texas

Instruments,

Inc.

434

78

Tokyo

Electron,

Ltd.

2,000

299

Trip.com

Group,

Ltd.

-

ADR(Æ)

10,250

421

Unimicron

Technology

Corp.

22,000

130

United

Microelectronics

Corp.

60,000

90

UT

Group

Co.,

Ltd.(Æ)

2,400

49

Vimeo,

Inc.(Æ)

111,321

459

Will

Semiconductor,

Ltd.

Class

A

2,475

36

24,138

Utilities

-

2.8%

Alliant

Energy

Corp.

2,227

120

American

Water

Works

Co.,

Inc.

469

69

AT&T,

Inc.

7,345

107

Atmos

Energy

Corp.

481

59

Avangrid,

Inc.

1,379

51

CenterPoint

Energy,

Inc.

4,725

142

Centrais

Eletricas

Brasileiras

SA

42,452

347

CGN

Power

Co.,

Ltd.

Class

H(Þ)

978,000

240

Cheniere

Energy,

Inc.

2,259

366

CMS

Energy

Corp.

896

55

Consolidated

Edison,

Inc.

627

59

Constellation

Energy

Corp.

710

69

Deutsche

Telekom

AG

3,269

71

Dominion

Energy,

Inc.

3,847

206

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

DT

Midstream,

Inc.

608

33

DTE

Energy

Co.

1,920

219

Duke

Energy

Corp.

1,123

105

E.ON

SE

5,389

68

Edison

International

898

65

Enagas

SA

2,902

51

Enbridge,

Inc.

6,171

227

Endesa

SA

-

ADR

2,843

61

Enel

SpA

46,335

320

Energias

de

Portugal

SA

14,660

68

ENN

Energy

Holdings,

Ltd.

10,896

131

Entergy

Corp.

841

86

Essential

Utilities,

Inc.

1,710

72

Evergy,

Inc.

1,013

61

Eversource

Energy

671

49

Exelon

Corp.

6,156

258

Federal

Grid

Co.

Unified

Energy

System

PJSC(Æ)(Š)

410,745,540

—

FirstEnergy

Corp.

1,323

52

Fortum

OYJ

22,514

304

Gibson

Energy,

Inc.

2,906

47

Guangdong

Investment,

Ltd.

40,000

35

Hess

Midstream,

LP

Class

A

1,356

42

Iberdrola

SA

18,489

231

Inpex

Corp.

4,900

64

Keyera

Corp.(Ñ)

7,324

183

Koninklijke

KPN

NV

25,147

91

Korea

Electric

Power

Corp.

11,190

169

Korea

Electric

Power

Corp.

-

ADR

4,838

37

Kosmos

Energy,

Ltd.(Æ)

72,675

516

KT

Corp.

3,431

79

KT

Corp.

-

ADR(Ñ)

34,209

401

LG

Uplus

Corp.

58,549

460

MEG

Energy

Corp.

Class

A(Æ)

2,011

36

MTN

Group,

Ltd.

11,057

87

National

Fuel

Gas

Co.

1,264

67

National

Grid

PLC

36,237

480

NextEra

Energy,

Inc.

7,723

566

NiSource,

Inc.

1,042

29

Orsted

A/S

Class

A(Þ)

560

49

Osaka

Gas

Co.,

Ltd.

2,800

44

PG&E

Corp.(Æ)

9,008

159

PPL

Corp.

6,948

191

Public

Service

Enterprise

Group,

Inc.

2,263

143

Redeia

Corp.

SA

3,156

53

RusHydro

PJSC(Š)

121,714,026

—

RWE

AG

2,245

97

Scottish

&

Southern

Energy

PLC

2,718

59

Sempra

Energy

2,177

324

Severn

Trent

PLC

Class

H

1,724

57

Snam

Rete

Gas

SpA

13,335

70

Southern

Co.

(The)

855

62

TC

Energy

Corp.

8,354

299

Telenor

ASA

6,183

66

Terna

Rete

Elettrica

Nazionale

SpA

7,583

64

T-Mobile

USA,

Inc.(Æ)

1,250

172

Tokyo

Gas

Co.,

Ltd.

10,400

236

UGI

Corp.

1,467

40

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

388

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

United

Utilities

Group

PLC

4,633

59

Veolia

Environnement

SA

7,921

258

Verizon

Communications,

Inc.

4,783

163

WEC

Energy

Group,

Inc.

629

57

10,533

Total

Common

Stocks

(cost

$164,254)

179,992

Preferred

Stocks

-

1.7%

Consumer

Discretionary

-

0.1%

CHS,

Inc.

7.500%

due

01/21/25(¢)

3,022

79

Hyundai

Motor

Co.

7.308%

(Ÿ)

1,690

144

7.402%

(Ÿ)

528

44

267

Consumer

Staples

-

0.1%

Dairy

Farmers

of

America,

Inc.

7.875%

due

12/01/25(¢)(Þ)

2,500

230

Henkel

AG

&

Co.

KGaA

2.572%

(Ÿ)

1,527

118

348

Energy

-

0.1%

Energy

Transfer,

LP

10.364%

due

09/21/23(¢)

3,982

100

7.600%

due

05/15/24(¢)

7,407

183

Petroleo

Brasileiro

SA

11.989%

(Ÿ)

29,948

197

TC

Energy

Corp.

3.351%

due

11/30/25(¢)

3,485

42

522

Financial

Services

-

1.0%

AEGON

Funding

Co.

LLC

5.100%

due

12/15/49

3,173

67

Affiliated

Managers

Group,

Inc.

5.875%

due

03/30/59

1,500

35

4.750%

due

09/30/60

3,600

67

4.200%

due

09/30/61

1,900

32

Allstate

Corp.

(The)

7.375%

due

07/15/28(¢)

4,321

116

American

Financial

Group,

Inc.

5.125%

due

12/15/59

807

17

5.625%

due

06/01/60

1,435

33

American

International

Group,

Inc.

5.850%

due

03/15/24(¢)

230

6

Apollo

Global

Management,

Inc.

6.375%

due

09/21/23(¢)

1,967

47

Arch

Capital

Group,

Ltd.

5.450%

due

09/21/23(¢)

2,326

53

4.550%

due

06/11/26(¢)

4,493

87

Athene

Holding,

Ltd.

6.375%

due

06/30/25(¢)

3,628

86

4.875%

due

12/30/25(¢)

6,339

106

7.750%

due

12/30/27(¢)

4,357

108

Axis

Capital

Holdings,

Ltd.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.500%

due

09/21/23(¢)

3,022

62

Bank

of

America

Corp.

5.375%

due

06/25/24(¢)

2,930

67

4.375%

due

11/03/25(¢)

6,492

123

4.125%

due

02/02/26(¢)

5,493

99

4.250%

due

11/17/26(¢)

1,839

34

4.750%

due

02/17/27(¢)

3,107

63

Brighthouse

Financial,

Inc.

5.375%

due

12/25/25(¢)

2,787

52

Brookfield

BRP

Holdings

Canada,

Inc.

4.625%

due

04/30/26(¢)

3,720

59

4.875%

due

12/09/26(¢)

3,330

57

Brookfield

Finance,

Inc.

4.625%

due

10/16/80

2,505

42

Brookfield

Property

Partners,

LP

5.750%

due

03/31/25(¢)

6,465

87

Equitable

Holdings,

Inc.

5.250%

due

12/15/24(¢)

4,014

83

First

Horizon

Bank

6.393%

due

09/21/23(¢)(Þ)

129

86

Itau

Unibanco

Holding

SA

4.523%

(Ÿ)

12,400

75

JPMorgan

Chase

&

Co.

5.750%

due

12/01/23(¢)

1,400

35

4.550%

due

06/01/26(¢)

1,600

33

4.625%

due

06/01/26(¢)

4,000

84

4.200%

due

09/01/26(¢)

1,712

34

KKR

Group

Finance

Co.

IX

LLC

4.625%

due

04/01/61

852

16

Lincoln

National

Corp.

9.000%

due

12/01/27(¢)

3,696

101

MetLife,

Inc.

5.625%

due

09/21/23(¢)

1,904

46

4.750%

due

03/15/25(¢)

2,738

58

Morgan

Stanley

7.125%

due

10/15/23(¢)

1,300

33

4.250%

due

01/15/27(¢)

4,290

81

6.500%

due

10/15/27(¢)

2,605

68

Oaktree

Capital

Group

LLC

6.550%

due

09/21/23(¢)

5,186

114

Prudential

Financial,

Inc.

5.950%

due

09/01/62

1,269

32

Regions

Financial

Corp.

5.700%

due

05/15/29(¢)

3,800

83

Reinsurance

Group

of

America,

Inc.

7.125%

due

10/15/52

4,939

127

RenaissanceRe

Holdings,

Ltd.

5.750%

due

09/21/23(¢)

1,439

33

4.200%

due

07/15/26(¢)

3,718

67

US

Bancorp

6.590%

due

09/21/23(¢)

64

50

5.500%

due

10/15/23(¢)

1,444

33

4.000%

due

04/15/26(¢)

598

10

W.R.

Berkley

Corp.

5.700%

due

03/30/58

2,751

65

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

389

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.100%

due

12/30/59

1,565

34

4.125%

due

03/30/61

3,723

67

Wells

Fargo

&

Co.

5.625%

due

12/15/23(¢)

519

12

4.750%

due

03/15/25(¢)

8,831

169

4.700%

due

12/15/25(¢)

7,284

136

4.375%

due

03/15/26(¢)

6,359

114

4.250%

due

09/15/26(¢)

3,686

64

3,648

Health

Care

-

0.0%

Draegerwerk

AG

&

Co.

KGaA

0.421%

(Ÿ)

1,447

73

Materials

and

Processing

-

0.0%

Braskem

SA

0.000%

(Æ)

7,800

42

Producer

Durables

-

0.0%

WESCO

International,

Inc.

10.625%

due

06/22/25(¢)

2,936

80

Technology

-

0.1%

Samsung

Electronics

Co.,

Ltd.

2.671%

(Ÿ)

3,642

164

Telephone

&

Data

Systems,

Inc.

6.000%

due

09/30/26(¢)

4,930

69

233

Utilities

-

0.3%

Algonquin

Power

&

Utilities

Corp.

6.875%

due

10/17/78

4,061

101

6.200%

due

07/01/79

3,400

79

AT&T,

Inc.

5.350%

due

11/01/66

3,616

80

Brookfield

Infrastructure

Finance

ULC

5.000%

due

05/24/81

1,652

30

Brookfield

Infrastructure

Partners,

LP

5.125%

due

10/15/25(¢)

6,034

106

CMS

Energy

Corp.

5.875%

due

10/15/78

1,928

46

5.875%

due

03/07/79

2,000

49

Enbridge,

Inc.

2.983%

due

09/01/25(¢)

4,610

49

5.858%

due

09/01/27(¢)

6,669

126

Integrys

Holding,

Inc.

6.000%

due

08/01/73

543

14

Raizen

Energia

SA

6.761%

(Ÿ)

99,700

88

SCE

Trust

V

5.450%

due

03/15/26(¢)

5,893

133

SCE

Trust

VI

5.000%

due

09/21/23(¢)

5,322

105

United

States

Cellular

Corp.

6.250%

due

09/01/69

3,568

58

5.500%

due

03/01/70

1,861

27

5.500%

due

06/01/70

2,497

36

1,127

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Preferred

Stocks

(cost

$6,775)

6,340

Options

Purchased

-

0.0%

(Number

of

Contracts)

S&P

500

Index

Morgan

Stanley

Dec

2023

4,000.00

Put

(39)

USD

15,600

(ÿ)

122

Total

Options

Purchased

(cost

$841)

122

Short-Term

Investments

-

13.4%

8x8,

Inc.

0.500%

due

02/01/24

(Þ)

648

616

ADM

Ag

Holding,

Ltd.

4.976%

due

08/26/23

(Þ)

200

199

Apollo

Commercial

Real

Estate

Finance,

Inc.

5.375%

due

10/15/23

347

345

China

Government

International

Bond

Series

REGS

0.400%

due

10/21/23

(Þ)

647

640

Ghana

Government

International

Bond

Series

REGS

7.875%

due

08/07/23

(~)(Ê)(Þ)

25

12

Greenbrier

Cos.,

Inc.

2.875%

due

02/01/24

300

295

Greenlight

Capital

Re,

Ltd.

4.000%

due

08/01/23

(ç)

407

407

Helix

Energy

Solutions

Group,

Inc.

4.125%

due

09/15/23

80

82

Herbalife

Nutrition,

Ltd.

2.625%

due

03/15/24

86

83

Kaman

Corp.

3.250%

due

05/01/24

1,032

992

Liberty

Latin

America,

Ltd.

2.000%

due

07/15/24

(Ñ)(Þ)

517

487

MFA

Financial,

Inc.

6.250%

due

06/15/24

1,251

1,235

New

Mountain

Finance

Corp.

5.750%

due

08/15/23

(ç)

58

58

NextEra

Energy

Partners,

LP

7.313%

due

06/15/24(ž)

1,330

1,250

Redwood

Trust,

Inc.

5.625%

due

07/15/24

214

208

Splunk,

Inc.

0.500%

due

09/15/23

(Þ)

201

199

Sri

Lanka

Government

International

Bond

Series

REGS

5.750%

due

04/18/23

(~)(Ê)(Þ)

492

220

Turning

Point

Brands,

Inc.

2.500%

due

07/15/24

532

506

U.S.

Cash

Management

Fund(@)

41,763,595

(∞)

41,747

Viavi

Solutions,

Inc.

1.000%

due

03/01/24

406

399

Western

Digital

Corp.

1.500%

due

02/01/24

(Þ)

879

856

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

390

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Short-Term

Investments

(cost

$51,157)

50,836

Other

Securities

-

1.0%

U.S.

Cash

Collateral

Fund(@)(×)

3,622,869

(∞)

3,623

Total

Other

Securities

(cost

$3,623)

3,623

Total

Investments

-

96.5%

(identified

cost

$352,541)

365,377

Other

Assets

and

Liabilities,

Net

-

3.5%

13,394

Net

Assets

-

100.0%

378,771

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

391

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

$

$

$

18.9%

8x8,

Inc.

05/26/23

648,000

95.92

622

616

ABN

AMRO

Bank

NV

03/23/23

EUR

11,710

15.92

186

199

Abu

Dhabi

Government

International

Bond

09/20/22

371,000

84.30

313

308

Abu

Dhabi

Government

International

Bond

11/02/22

200,000

67.41

135

146

Abu

Dhabi

Government

International

Bond

01/30/23

200,000

89.93

180

175

ADM

Ag

Holding,

Ltd.

10/25/22

200,000

99.63

199

199

Adyen

NV

09/23/22

EUR

93

1,463.16

136

173

Aena

SME

SA

11/09/15

EUR

3,092

127.04

393

495

Aeropuerto

Internacional

De

Tocumen

SA

03/22/22

862,000

81.82

705

698

African

Export-Import

Bank

(The)

12/15/22

548,000

87.38

479

471

Aircastle,

Ltd.

06/03/21

80,000

100.00

80

60

Allianz

SE

01/09/23

200,000

85.52

171

169

Alteryx,

Inc.

03/29/21

574,000

96.50

554

542

Angolan

Government

International

Bond

09/20/22

388,000

80.78

313

340

Apollo

Management

Holdings,

LP

12/10/19

122,000

100.40

122

102

Ares

Management

Corp.

06/24/21

130,000

100.15

130

97

AutoStore

Holdings,

Ltd.

10/25/21

NOK

58,157

3.02

175

145

AXA

SA

03/30/23

100,000

103.98

104

108

Axian

Telecom

03/08/23

581,000

93.02

540

533

Bahrain

Government

International

Bond

05/02/23

657,000

100.57

661

681

Banco

de

Sabadell

SA

01/04/23

EUR

200,000

106.03

212

219

Banco

do

Brasil

SA

07/26/22

613,000

85.24

523

564

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

02/16/23

200,000

92.33

185

182

Bank

of

Ireland

Group

PLC

01/15/21

EUR

200,000

139.05

278

218

Banque

Centrale

de

Tunisie

SA

04/06/23

100,000

58.90

59

70

Bilibili,

Inc.

07/24/23

545,000

90.00

491

490

BNP

Paribas

SA

08/13/18

300,000

104.63

314

296

BNP

Paribas

SA

08/08/22

400,000

100.00

400

398

BNP

Paribas

SA

11/21/22

200,000

103.25

207

210

BNP

Paribas

SA

05/12/23

200,000

69.75

140

153

Braskem

Netherlands

Finance

BV

02/10/23

200,000

98.50

197

197

Cellnex

Telecom

SA

10/07/22

EUR

4,246

39.20

166

174

CGN

Power

Co.,

Ltd.

01/28/22

HKD

978,000

0.25

241

240

Chegg,

Inc.

08/02/22

1,091,000

81.30

887

817

Chegg,

Inc.

05/10/23

111,000

87.69

97

98

China

Government

International

Bond

09/21/22

647,000

99.25

642

640

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

09/02/22

HKD

4,700

22.12

104

75

CNP

Assurances

04/14/23

EUR

200,000

105.92

212

213

Coinbase

Global,

Inc.

03/21/23

1,778,000

71.76

1,276

1,361

Comision

Federal

de

Electricidad

06/15/22

260,000

92.78

241

237

ConvaTec

Group

PLC

05/11/23

GBP

74,240

2.74

204

199

Corp

Financiera

de

Desarrollo

SA

02/16/23

200,000

87.60

175

174

Corp.

Nacional

del

Cobre

de

Chile

03/22/22

871,000

80.37

700

597

Costa

Rica

Government

International

Bond

06/14/23

400,000

101.10

404

405

Credit

Agricole

SA

02/03/16

200,000

98.25

197

201

Credit

Agricole

SA

01/06/23

200,000

81.46

163

163

Credit

Agricole

SA

07/11/23

EUR

100,000

109.35

109

111

Credit

Agricole

SA

07/27/23

EUR

100,000

97.75

98

97

CSAIL

Commercial

Mortgage

Trust

09/18/17

300,000

107.41

322

293

Dai-ichi

Life

Insurance

Co.,

Ltd.

(The)

06/29/22

200,000

94.13

188

190

Dairy

Farmers

of

America,

Inc

08/05/16

2,500

106.50

266

230

Deutsche

Bank

AG

11/07/22

EUR

200,000

100.32

201

224

DigitalOcean

Holdings,

Inc.

07/28/22

951,000

79.95

760

752

Dino

Polska

SA

01/15/21

PLN

2,267

68.49

155

253

Dominican

Republic

Government

International

Bond

09/20/22

196,000

86.42

169

184

Dominican

Republic

Government

International

Bond

01/31/23

320,000

99.89

320

323

Dominican

Republic

Government

International

Bond

03/20/23

300,000

99.43

298

303

DP

World

PLC

03/22/22

620,000

117.17

726

680

DraftKings,

Inc.

05/22/23

115,000

75.91

87

88

Ecuador

Government

International

Bond

09/20/22

579,712

44.42

257

199

Ecuador

Government

International

Bond

09/22/22

167,911

56.01

94

80

Egypt

Government

International

Bond

09/20/22

856,000

65.14

558

552

El

Salvador

Government

International

Bond

09/21/22

250,000

33.20

83

172

Electricite

de

France

SA

06/08/23

200,000

100.00

200

210

Emirates

NBD

Bank

PJSC

03/22/22

539,000

99.73

538

533

Empresa

de

Transmision

Electrica

SA

03/22/22

732,000

99.98

732

604

Empresa

Nacional

del

Petroleo

03/22/22

921,000

83.45

769

702

Enel

SpA

01/09/23

EUR

100,000

107.33

107

113

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

392

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

$

$

$

Eskom

Holdings

SOC,

Ltd.

03/22/22

739,000

102.03

754

705

Etalon

Group

PLC

04/11/16

267,238

—

455

—

Export-Import

Bank

of

India

03/22/22

1,016,000

84.44

878

816

Farm

Credit

Bank

of

Texas

07/15/20

275,000

1.00

275

254

FEL

Energy

VI

SARL

10/19/22

228,492

68.73

157

203

First

Horizon

Bank

12/07/22

129

808.04

104

86

Fiverr

International,

Ltd.

01/10/23

820,000

86.72

711

702

Franshion

Brilliant,

Ltd.

07/26/22

342,000

71.77

245

258

Franshion

Brilliant,

Ltd.

10/19/22

300,000

74.74

224

255

Frasers

Logistics

&

Commercial

Trust

10/15/21

SGD

208,500

1.07

223

191

GA

Global

Funding

Trust

06/24/21

140,000

100.00

140

101

Galaxy

Pipeline

Assets

Bidco,

Ltd.

09/20/22

415,084

80.14

333

335

Ganfeng

Lithium

Group

Co.,

Ltd.

04/29/22

HKD

12,760

7.94

101

82

Georgian

Railway

JSC

03/22/22

563,000

86.79

489

485

Ghana

Government

International

Bond

01/13/16

25,000

99.90

25

12

Ghana

Government

International

Bond

09/20/22

464,000

39.41

183

211

Ghana

Government

International

Bond

12/06/22

200,000

33.64

67

90

Grupo

Energia

Bogota

SA

03/22/22

709,000

101.49

720

649

Guatemala

Government

International

Bond

10/19/22

234,000

90.25

211

223

Guatemala

Government

International

Bond

06/06/23

294,000

100.00

294

301

Halyk

Savings

Bank

of

Kazakhstan

JSC

01/21/22

8,089

10.41

84

116

Hartford

Financial

Services

Group,

Inc.

02/05/21

107,000

94.18

101

91

HSBC

Capital

Funding,

LP

07/14/16

157,000

139.87

220

194

Huarong

Finance

2017

Co.,

Ltd.

02/16/23

595,000

90.24

537

521

Huarong

Finance

2019

Co.,

Ltd.

02/16/23

908,000

75.47

685

706

Hungary

Government

International

Bond

12/09/22

265,000

63.20

167

170

Hungary

Government

International

Bond

01/04/23

200,000

95.75

192

209

Hungary

Government

International

Bond

07/25/23

235,000

101.95

240

239

ILFC

E-Capital

Trust

I

04/28/21

210,000

82.76

174

147

Indonesia

Asahan

Aluminium

Persero

PT

03/09/23

200,000

87.80

176

180

ING

Groep

NV

10/13/22

200,000

68.96

138

161

ING

Groep

NV

02/07/23

200,000

100.00

200

187

Instituto

Costarricense

de

Electricidad

03/22/22

762,000

78.96

602

644

Integra

LifeSciences

Holdings

Corp.

05/24/23

121,000

90.46

109

113

Intesa

Sanpaolo

SpA

09/23/20

200,000

106.83

214

192

Ionis

Pharmaceuticals,

Inc.

05/17/21

544,000

94.40

514

507

Ivory

Coast

Government

International

Bond

09/20/22

94,680

91.28

86

89

Jordan

Government

International

Bond

09/20/22

220,000

81.55

179

196

Kazakhstan

Government

International

Bond

01/26/16

140,000

98.90

138

140

Kazakhstan

Government

International

Bond

09/20/22

355,000

84.18

299

323

KazMunayGas

National

Co.

JSC

03/22/22

464,000

90.87

422

410

KazMunayGas

National

Co.

JSC

03/22/22

200,000

92.94

186

186

Khazanah

Capital,

Ltd.

07/18/23

286,000

100.12

286

283

Khazanah

Global

Sukuk

Bhd

07/19/23

233,000

100.00

233

231

Krung

Thai

Bank

PCL

10/19/22

600,000

78.53

471

551

KSA

Sukuk,

Ltd.

05/15/23

858,000

99.13

851

834

Kuaishou

Technology

06/10/22

HKD

36,400

9.80

357

315

La

Francaise

des

Jeux

SAEM

05/06/22

EUR

1,706

36.17

62

65

Lancashire

Holdings,

Ltd.

03/11/21

200,000

100.00

200

165

Land

O'Lakes,

Inc.

03/28/17

185,000

100.00

185

146

Larsen

&

Toubro,

Ltd.

03/18/22

5,811

22.82

133

190

Lebanon

Government

International

Bond

10/31/22

USD

1,159,000

6.55

76

83

Lenta

International

Co.

PJSC

01/07/19

130,305

—

355

—

Liberty

Latin

America,

Ltd.

11/16/22

517,000

93.87

485

487

Liberty

Media

Corp.

04/21/23

89,000

90.69

81

84

Longfor

Group

Holdings,

Ltd.

04/21/23

HKD

70,500

2.58

182

188

Lumentum

Holdings,

Inc.

06/01/23

516,000

78.78

406

396

LXI

REIT

PLC

07/01/22

GBP

82,907

1.57

131

101

Lyft,

Inc.

01/09/23

660,000

91.53

604

601

Mazoon

Assets

Co.

03/22/22

545,000

103.01

561

536

MDGH

GMTN

RSC,

Ltd.

07/27/23

200,000

105.48

211

210

MetLife

Capital

Trust

IV

11/27/18

300,000

110.86

333

314

MetLife,

Inc.

07/14/16

225,000

139.15

313

260

Mexico

City

Airport

Trust

03/22/22

213,000

87.98

187

186

MHP

SE

04/12/16

29,675

6.08

180

106

Mongolia

Government

International

Bond

06/13/23

200,000

82.68

165

171

Morocco

Government

International

Bond

03/01/23

245,000

98.93

242

247

NAC

Kazatomprom

JSC

10/15/19

11,355

14.68

167

307

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

393

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

$

$

$

National

Bank

of

Fujairah

PJSC

04/18/23

437,000

97.80

427

426

Nigeria

Government

International

Bond

09/20/22

295,000

69.23

204

244

Nigeria

Government

International

Bond

02/16/23

400,000

82.90

332

375

NIO,

Inc.

06/20/23

171,000

95.43

163

165

Nippon

Life

Insurance

Co.

11/08/22

200,000

92.75

185

192

Nordea

Bank

Abp

09/15/20

200,000

113.66

227

193

NuVasive,

Inc.

11/22/22

1,152,000

91.06

1,049

1,043

OCP,

Inc.

03/22/22

755,000

90.06

680

633

Oil

and

Gas

Holding

Co.

BSCC

(The)

03/22/22

572,000

106.60

610

604

Oman

Government

International

Bond

09/20/22

584,000

103.25

603

606

Oman

Government

International

Bond

09/20/22

200,000

90.09

180

204

Ooredoo

QPSC

03/22/22

579,000

95.77

555

500

OQ

SAOC

03/22/22

418,000

99.56

416

400

Orsted

A/S

05/08/23

DKK

560

92.14

52

49

Pakistan

Government

International

Bond

09/20/22

369,000

51.40

190

181

Pakistan

Water

and

Power

Development

Authority

03/22/22

1,998,000

69.45

1,388

888

Paraguay

Government

International

Bond

09/20/22

283,000

77.91

220

227

Paraguay

Government

International

Bond

06/28/23

200,000

99.99

200

200

Pertamina

Persero

PT

04/18/22

650,000

81.71

531

483

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

07/25/23

318,000

82.67

263

262

Petroleos

del

Peru

SA

03/22/22

1,231,000

69.54

897

825

Petroleos

Mexicanos

03/22/22

894,000

64.84

580

551

Petroleos

Mexicanos

04/28/23

886,000

91.59

812

825

Petronas

Capital,

Ltd.

04/01/22

1,123,000

90.63

1,018

789

Petronas

Capital,

Ltd.

09/20/22

289,000

85.16

246

240

Phoenix

Group

Holdings

PLC

01/15/21

200,000

103.85

208

178

Polyus

PJSC

10/20/22

1

—

—

—

Poste

Italiane

SpA

06/14/22

EUR

5,882

9.51

56

67

Qatar

Government

International

Bond

09/20/22

363,000

93.90

341

328

Qatar

Government

International

Bond

02/16/23

200,000

100.12

200

200

Qatar

Petroleum

09/20/22

552,000

85.09

470

460

QBE

Insurance

Group,

Ltd.

09/28/16

206,000

105.21

217

197

QBE

Insurance

Group,

Ltd.

05/05/20

200,000

100.00

200

192

Reliance

Industries,

Ltd.

03/18/22

4,719

64.17

303

295

Republic

of

Azerbaijan

Government

International

Bond

09/21/22

258,000

83.65

216

221

Republic

of

Gabon

Government

International

Bond

04/25/23

200,000

73.74

147

169

Republic

of

Kenya

Government

International

Bond

03/22/23

283,000

83.46

236

256

Republic

of

Serbia

Government

International

Bond

01/19/23

200,000

97.78

196

200

Republic

of

Uzbekistan

Government

International

Bond

01/30/23

200,000

83.16

166

164

RingCentral,

Inc.

08/03/22

450,000

89.72

404

414

Romania

Government

International

Bond

01/05/23

224,000

99.47

223

253

Romania

Government

International

Bond

01/05/23

188,000

99.62

187

202

Romania

Government

International

Bond

01/10/23

116,000

97.08

113

114

SA

Global

Sukuk,

Ltd.

03/22/22

625,000

94.62

591

539

Samruk-Kazyna

JSC

03/22/22

200,000

90.15

180

181

Samsung

Biologics

Co.,

Ltd.

04/22/22

KRW

320

637.45

204

192

Saudi

Arabian

Oil

Co.

03/22/22

660,000

92.22

609

550

Saudi

Arabian

Oil

Co.

05/09/23

SAR

40,268

8.92

359

348

Saudi

Government

International

Bond

01/10/23

420,000

92.17

387

386

SBL

Holdings

LLC

02/04/20

150,000

91.75

138

93

SBL

Holdings

LLC

06/17/21

90,000

100.00

90

51

Scentre

Group

Trust

2

09/16/20

300,000

100.00

300

270

Siemens

Healthineers

AG

02/05/21

EUR

5,087

55.77

284

296

Signify

NV

06/10/22

EUR

11,154

32.07

358

351

Snap,

Inc.

05/10/23

1,119,000

71.02

795

803

Societe

Generale

SA

05/06/22

200,000

103.03

206

196

Societe

Generale

SA

11/14/22

200,000

100.00

200

203

Societe

Generale

SA

12/13/22

200,000

82.51

165

160

Societe

Generale

SA

01/25/23

EUR

100,000

113.29

113

108

SoFi

Technologies,

Inc.

01/12/23

1,625,000

75.35

1,224

1,383

Southern

Gas

Corridor

CJSC

03/22/22

484,000

106.10

514

491

Splunk,

Inc.

10/13/22

201,000

99.36

200

199

Sri

Lanka

Government

International

Bond

09/20/22

492,000

100.00

492

220

Stem,

Inc.

07/13/23

413,000

62.18

257

255

TC

Ziraat

Bankasi

AS

01/25/23

814,000

91.57

745

748

Teladoc

Health,

Inc.

07/26/23

545,000

80.76

440

440

Telefonica

Europe

BV

01/25/23

EUR

100,000

109.15

109

108

Transnet

SOC,

Ltd.

07/25/23

607,000

99.52

604

604

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

394

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

$

$

$

Turkiye

Ihracat

Kredi

Bankasi

AS

03/22/22

700,000

94.18

659

649

Turkiye

Ihracat

Kredi

Bankasi

AS

01/24/23

227,000

99.51

226

231

UBS

Group

AG

04/11/19

200,000

103.13

206

186

UBS

Group

AG

02/04/22

200,000

108.06

216

192

UBS

Group

AG

10/13/22

200,000

85.29

171

179

UBS

Group

AG

06/01/23

200,000

69.44

139

149

Ukraine

Government

International

Bond

09/20/22

948,000

26.01

247

297

UniCredit

SpA

09/15/20

200,000

109.16

218

197

Unity

Software,

Inc.

07/11/23

120,000

80.28

96

96

Uzbekneftegaz

JSC

03/22/22

687,000

79.80

548

572

Wayfair,

Inc.

01/09/23

1,420,000

69.98

994

1,231

Western

Digital

Corp.

04/14/20

879,000

98.75

868

856

WH

Group,

Ltd.

12/03/21

HKD

168,528

0.58

98

91

Wix.com,

Ltd.

11/10/22

317,000

87.86

279

279

Worldline

SA

06/17/20

EUR

7,136

74.99

535

283

WuXi

AppTec

Co.,

Ltd.

03/18/22

HKD

9,400

13.84

130

89

Yellow

Cake

PLC

09/23/19

GBP

26,036

2.53

66

144

YPF

SA

02/16/23

278,000

81.74

227

236

YPF

SA

07/25/23

504,000

87.28

440

441

Zambia

Government

International

Bond

02/06/23

200,000

46.50

93

105

ZhongAn

Online

P&C

Insurance

Co.,

Ltd.

01/19/23

HKD

56,800

3.28

186

185

Zurich

Finance

(Ireland)

Designated

Activity

Co.

12/07/22

200,000

77.02

154

157

71,513

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

MSCI

EAFE

Index

Futures

259

USD

28,565

09/23

848

MSCI

Emerging

Markets

Index

Futures

14

USD

738

09/23

23

Russell

2000

E-Mini

100

Index

Futures

3

USD

302

09/23

18

S&P

500

E-Mini

Index

Futures

145

USD

33,455

09/23

1,473

S&P

MidCap

400

E-Mini

Index

Futures

1

USD

274

09/23

17

United

States

2

Year

Treasury

Note

Futures

373

USD

75,731

09/23

(1,180)

United

States

5

Year

Treasury

Note

Futures

95

USD

10,148

09/23

(226)

United

States

10

Year

Treasury

Note

Futures

1,030

USD

114,748

09/23

(2,905)

United

States

10

Year

Treasury

Ultra

Notes

Futures

6

USD

702

09/23

(12)

United

States

Treasury

Long

Bond

Futures

12

USD

1,493

09/23

(30)

Short

Positions

EURO

STOXX

50

Index

Futures

319

EUR

14,342

09/23

(471)

FTSE

100

Index

Futures

56

GBP

4,306

09/23

(53)

FTSE

250

Index

Futures

24

GBP

922

09/23

1

Hang

Seng

Index

Futures

41

HKD

41,416

08/23

(194)

MSCI

Emerging

Markets

Index

Futures

104

USD

5,482

09/23

(194)

Russell

2000

E-Mini

100

Index

Futures

288

USD

28,996

09/23

(1,786)

S&P/TSX

60

Index

Futures

9

CAD

2,232

09/23

(56)

SPI

200

Index

Futures

9

AUD

1,655

09/23

(40)

TOPIX

Index

Futures

84

JPY

1,954,680

09/23

(592)

United

States

5

Year

Treasury

Note

Futures

6

USD

641

09/23

—

United

States

10

Year

Treasury

Note

Futures

10

USD

1,114

09/23

23

United

States

Treasury

Ultra

Bond

Futures

5

USD

661

09/23

11

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(5,325)

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

395

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

S&P

500

Index

Morgan

Stanley

Call

39

4,500.00

USD

17,550

12/15/23

(1,006)

S&P

500

Index

Morgan

Stanley

Put

39

3,450.00

USD

13,455

12/15/23

(48)

Total

Liability

for

Options

Written

(premiums

received

$815)

(1,054)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

43

CAD

58

08/01/23

—

Bank

of

America

USD

84

DKK

567

08/01/23

—

Bank

of

America

USD

49

GBP

38

08/01/23

—

Bank

of

America

USD

6

JPY

908

08/10/23

—

Bank

of

America

USD

351

SEK

3,694

08/01/23

—

Bank

of

America

USD

33

SGD

44

08/01/23

—

Bank

of

America

USD

128

TRY

3,445

08/01/23

—

Bank

of

America

CHF

80

USD

92

08/02/23

—

Bank

of

America

EUR

84

USD

92

08/01/23

—

Bank

of

America

HKD

2,352

USD

302

08/01/23

—

Bank

of

America

JPY

564,599

USD

4,023

08/01/23

55

Bank

of

America

JPY

70,413

USD

489

08/10/23

(6)

Bank

of

America

MXN

867

USD

52

08/01/23

—

Bank

of

New

York

USD

765

CHF

680

09/20/23

19

Bank

of

New

York

USD

8

NZD

12

08/10/23

—

Bank

of

New

York

USD

1,061

NZD

1,715

08/10/23

5

Bank

of

New

York

DKK

3,746

USD

548

09/20/23

(6)

Bank

of

New

York

EUR

1,314

USD

1,432

09/20/23

(16)

Bank

of

New

York

GBP

1,068

USD

1,357

09/20/23

(14)

Bank

of

New

York

HKD

10,169

USD

1,302

09/20/23

(3)

Bank

of

New

York

JPY

362,514

USD

2,638

09/20/23

70

Brown

Brothers

Harriman

USD

91

CAD

120

08/02/23

—

Brown

Brothers

Harriman

USD

1,318

EUR

1,195

08/02/23

(3)

Brown

Brothers

Harriman

CAD

120

USD

90

08/02/23

—

Brown

Brothers

Harriman

CAD

121

USD

92

09/05/23

—

Brown

Brothers

Harriman

EUR

100

USD

111

08/02/23

1

Brown

Brothers

Harriman

EUR

1,096

USD

1,198

08/02/23

(6)

Brown

Brothers

Harriman

EUR

102

USD

113

09/05/23

—

Brown

Brothers

Harriman

EUR

1,197

USD

1,321

09/05/23

3

HSBC

USD

765

CHF

680

09/20/23

19

HSBC

USD

4,567

JPY

636,070

09/20/23

(62)

HSBC

DKK

3,746

USD

548

09/20/23

(6)

HSBC

EUR

1,314

USD

1,432

09/20/23

(17)

HSBC

GBP

1,068

USD

1,357

09/20/23

(15)

HSBC

HKD

10,169

USD

1,302

09/20/23

(3)

HSBC

JPY

362,514

USD

2,637

09/20/23

70

HSBC

NZD

70

USD

43

08/01/23

—

Royal

Bank

of

Canada

USD

765

CHF

680

09/20/23

19

Royal

Bank

of

Canada

CAD

764

USD

577

08/10/23

(2)

Royal

Bank

of

Canada

DKK

3,746

USD

548

09/20/23

(6)

Royal

Bank

of

Canada

EUR

1,314

USD

1,431

09/20/23

(17)

Royal

Bank

of

Canada

GBP

1,068

USD

1,357

09/20/23

(14)

Royal

Bank

of

Canada

HKD

10,169

USD

1,302

09/20/23

(3)

Royal

Bank

of

Canada

JPY

362,514

USD

2,636

09/20/23

69

State

Street

USD

569

AUD

852

08/10/23

4

State

Street

USD

37

BRL

174

08/01/23

—

State

Street

USD

1,056

GBP

831

08/10/23

10

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

396

Multi-Strategy

Income

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

USD

41

KRW

52,457

08/01/23

—

State

Street

USD

562

SEK

6,121

08/10/23

19

State

Street

AUD

852

USD

568

08/10/23

(4)

State

Street

AUD

16

USD

11

09/20/23

—

State

Street

CAD

1,845

USD

1,390

09/20/23

(10)

State

Street

EUR

1

USD

1

08/10/23

—

State

Street

EUR

446

USD

486

08/10/23

(5)

State

Street

GBP

1

USD

1

08/10/23

—

State

Street

NOK

8,070

USD

768

09/20/23

(30)

State

Street

SEK

82

USD

8

08/10/23

—

State

Street

SEK

11,488

USD

1,082

09/20/23

(12)

State

Street

TWD

1,311

USD

42

08/01/23

—

State

Street

TWD

1,921

USD

61

08/01/23

—

State

Street

TWD

8,576

USD

273

08/01/23

—

Toronto

Dominion

Bank

USD

766

CHF

680

09/20/23

18

Toronto

Dominion

Bank

DKK

3,746

USD

549

09/20/23

(6)

Toronto

Dominion

Bank

EUR

1,314

USD

1,433

09/20/23

(16)

Toronto

Dominion

Bank

GBP

1,068

USD

1,358

09/20/23

(13)

Toronto

Dominion

Bank

HKD

10,169

USD

1,302

09/20/23

(3)

Toronto

Dominion

Bank

JPY

362,514

USD

2,639

09/20/23

72

UBS

USD

41

CHF

35

08/10/23

—

UBS

USD

766

CHF

680

09/20/23

18

UBS

AUD

2,950

USD

2,001

09/20/23

16

UBS

CHF

1,460

USD

1,631

08/10/23

(45)

UBS

CHF

6,930

USD

8,050

09/20/23

63

UBS

DKK

3,746

USD

549

09/20/23

(5)

UBS

EUR

1,314

USD

1,434

09/20/23

(15)

UBS

EUR

6,290

USD

7,027

09/20/23

94

UBS

GBP

1,068

USD

1,358

09/20/23

(13)

UBS

GBP

1,550

USD

1,996

09/20/23

7

UBS

HKD

10,169

USD

1,302

09/20/23

(3)

UBS

JPY

362,514

USD

2,641

09/20/23

73

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

345

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

3,700

(1.000%)

(2)

06/20/28

182

(41)

141

CDX

NA

High

Yield

Index

Bank

of

America

USD

1,900

(5.000%)

(2)

06/20/28

(34)

(33)

(67)

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

148

(74)

74

Total

Open

Credit

Default

Swap

Contracts

(å)

148

(74)

74

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

397

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

$

—

$

55,513

$

—

$

—

$

55,513

International

Debt

—

67,540

—

—

67,540

Non-US

Bonds

—

1,411

—

—

1,411

Common

Stocks

Consumer

Discretionary

6,070

12,251

—

—

18,321

Consumer

Staples

2,577

3,788

—

—

6,365

Energy

3,346

1,529

—

—

4,875

Financial

Services

37,477

23,758

—

—

61,235

Health

Care

7,898

6,052

—

—

13,950

Materials

and

Processing

9,740

6,482

—

—

16,222

Producer

Durables

10,009

11,544

2,800

—

24,353

Technology

14,189

9,949

—

—

24,138

Utilities

6,411

4,122

—

—

10,533

Preferred

Stocks

5,467

873

—

—

6,340

Options

Purchased

122

—

—

—

122

Short-Term

Investments

—

9,089

—

41,747

50,836

Other

Securities

—

—

—

3,623

3,623

Total

Investments

103,306

213,901

2,800

45,370

365,377

Other

Financial

Instruments

Assets

Futures

Contracts

2,414

—

—

—

2,414

Foreign

Currency

Exchange

Contracts

56

668

—

—

724

Credit

Default

Swap

Contracts

—

141

—

—

141

Liabilities

Futures

Contracts

(7,739)

—

—

—

(7,739)

Options

Written

(1,054)

—

—

—

(1,054)

Foreign

Currency

Exchange

Contracts

(1)

(378)

—

—

(379)

Credit

Default

Swap

Contracts

—

(67)

—

—

(67)

Total

Other

Financial

Instruments

*

$

(6,324)

$

364

$

—

$

—

$

(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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

398

Multi-Strategy

Income

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Angola

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

340

Argentina

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

1,090

Australia

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

3,688

Azerbaijan

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

712

Bahrain

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

1,285

Belgium

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

541

Bermuda

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

376

Brazil

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

5,640

Burkina

Faso

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

135

Canada

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

8,315

Chile

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

2,396

China

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

12,659

Colombia

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

2,274

Costa

Rica

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

1,049

Denmark

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

2,007

Dominican

Republic

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

810

Ecuador

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

279

Egypt

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

552

El

Salvador

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

172

Finland

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

811

France

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

7,951

Gabon

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

169

Georgia

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

485

Germany

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

4,552

Ghana

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

870

Greece

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

310

Guatemala

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

524

Hong

Kong

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

2,897

Hungary

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

618

India

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

2,958

Indonesia

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

3,823

Ireland

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

1,807

Israel

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

473

Italy

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

1,773

Ivory

Coast

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

89

Japan

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

18,482

Jordan

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

196

Kazakhstan

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

1,663

Kenya

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

256

Lebanon

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

83

Luxembourg

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

512

Macao

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

911

Malaysia

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

1,573

Mauritius

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

533

Mexico

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

4,364

Mongolia

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

171

Morocco

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

880

Myanmar

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

31

Netherlands

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

3,349

New

Zealand

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

157

Nigeria

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

619

Norway

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

274

Oman

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

1,746

Pakistan

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

1,069

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

399

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Panama

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

2,133

Paraguay

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

427

Peru

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

1,720

Philippines

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

1,327

Poland

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

750

Portugal

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

68

Puerto

Rico

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

814

Qatar

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

1,488

Romania

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

569

Russia

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

—

Saudi

Arabia

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

2,838

Serbia

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

200

Singapore

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

1,880

South

Africa

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

3,560

South

Korea

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

4,620

Spain

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

1,840

Sri

Lanka

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

220

Sweden

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

2,421

Switzerland

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

3,744

Taiwan

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

3,873

Thailand

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

1,119

Tunisia

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

70

Turkey

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

2,371

Ukraine

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

480

United

Arab

Emirates

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

2,870

United

Kingdom

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

12,367

United

States

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

198,420

Uruguay

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

659

Uzbekistan

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

736

Zambia

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

494

Total

Investments

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

365,377

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

400

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

24.8%

Corporate

Bonds

and

Notes

-

14.4%

3D

Systems

Corp.

8.467%

due

11/15/26

(ž)

1,846

1,412

Accolade,

Inc.

0.500%

due

04/01/26

1,566

1,317

Affirm

Holdings,

Inc.

11.521%

due

11/15/26

2,381

1,765

Air

Transport

Services

Group,

Inc.

1.125%

due

10/15/24

839

805

Airbnb,

Inc.

0.859%

due

03/15/26

482

434

Aircastle,

Ltd.

4.250%

due

06/15/26

35

33

Alarm.com,

Inc.

5.284%

due

01/15/26

2,189

1,875

Alcoa

Nederland

Holding

BV

4.125%

due

03/31/29

(Ñ)(Þ)

200

179

Alteryx,

Inc.

0.500%

due

08/01/24

(Þ)

1,119

1,057

Arbor

Realty

Trust,

Inc.

7.500%

due

08/01/25

1,401

1,457

Ashland,

Inc.

3.375%

due

09/01/31

(Þ)

301

244

Ball

Corp.

2.875%

due

08/15/30

389

321

Bandwidth,

Inc.

0.250%

due

03/01/26

894

706

0.500%

due

04/01/28

1,065

699

Bath

&

Body

Works,

Inc.

Series

WI

6.875%

due

11/01/35

125

116

Blackline,

Inc.

6.150%

due

03/15/26

(ž)

952

814

Blackstone

Mortgage

Trust,

Inc.

5.500%

due

03/15/27

2,769

2,457

Bridgebio

Pharma,

Inc.

2.250%

due

02/01/29

1,119

905

Cable

One,

Inc.

8.568%

due

03/15/26

(Ñ)

1,378

1,133

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.250%

due

02/01/31

(Þ)

325

267

Centene

Corp.

2.500%

due

03/01/31

378

302

CF

Industries,

Inc.

5.150%

due

03/15/34

28

27

4.950%

due

06/01/43

28

24

Chegg,

Inc.

0.125%

due

03/15/25

(Þ)

218

192

4.794%

due

09/01/26

(Þ)

2,127

1,592

Clearway

Energy

Operating

LLC

3.750%

due

02/15/31

(Þ)

161

133

3.750%

due

01/15/32

(Þ)

100

82

Cleveland-Cliffs,

Inc.

Series

WI

7.000%

due

03/15/27

72

72

Coinbase

Global,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.500%

due

06/01/26

(Ñ)(Þ)

3,468

2,654

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

V

Series

WI

4.250%

due

09/30/26

134

127

Cryoport,

Inc.

0.750%

due

12/01/26

928

726

DCP

Midstream

Operating,

LP

3.250%

due

02/15/32

39

33

DigitalOcean

Holdings,

Inc.

7.705%

due

12/01/26

(Þ)

1,857

1,469

DraftKings,

Inc.

8.349%

due

03/15/28

(Þ)

225

173

EnLink

Midstream

Partners,

LP

5.600%

due

04/01/44

71

58

5.050%

due

04/01/45

103

82

5.450%

due

06/01/47

72

60

EQT

Corp.

3.900%

due

10/01/27

110

103

Eventbrite,

Inc.

0.750%

due

09/15/26

1,808

1,523

Expedia

Group,

Inc.

4.711%

due

02/15/26

560

501

EZCORP,

Inc.

2.375%

due

05/01/25

1,120

1,052

Fastly,

Inc.

7.664%

due

03/15/26

505

420

First

Citizens

BancShares,

Inc.

Series

B

9.524%

due

12/31/99

(USD

3

Month

LIBOR

+

3.972%)(Ê)(ƒ)

50

50

Fisker,

Inc.

2.500%

due

09/15/26

461

246

Fiverr

International,

Ltd.

7.113%

due

11/01/25

(Þ)(ž)

1,598

1,368

General

Electric

Co.

Series

D

8.882%

due

12/29/49

(USD

3

Month

LIBOR

+

3.330%)(Ê)(ƒ)

78

78

Greenbrier

Cos.,

Inc.

2.875%

due

04/15/28

224

230

Haemonetics

Corp.

5.340%

due

03/01/26

2,288

1,979

Hanesbrands,

Inc.

4.875%

due

05/15/26

(Þ)

589

552

HCA,

Inc.

3.125%

due

03/15/27

(Þ)

306

282

7.500%

due

11/15/95

221

243

HCI

Group,

Inc.

4.750%

due

06/01/42

796

793

Health

Catalyst,

Inc.

2.500%

due

04/15/25

522

508

Huntsman

International

LLC

2.950%

due

06/15/31

385

310

Innoviva,

Inc.

2.125%

due

03/15/28

1,417

1,182

Integra

LifeSciences

Holdings

Corp.

0.500%

due

08/15/25

(Þ)

238

223

Intercept

Pharmaceuticals,

Inc.

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

401

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.000%

due

05/15/26

1,639

1,306

Ionis

Pharmaceuticals,

Inc.

0.125%

due

12/15/24

(Ñ)(Þ)

1,063

991

iQIYI,

Inc.

4.000%

due

12/15/26

(Ñ)

898

864

6.500%

due

03/15/28

400

388

Iron

Mountain,

Inc.

5.250%

due

07/15/30

(Þ)

109

99

4.500%

due

02/15/31

(Þ)

220

190

Itron,

Inc.

6.015%

due

03/15/26

1,510

1,364

Jazz

Investments

I,

Ltd.

1.500%

due

08/15/24

672

644

JetBlue

Airways

Corp.

0.500%

due

04/01/26

3,433

2,783

JOYY,

Inc.

1.375%

due

06/15/26

(Ñ)

1,258

1,191

JPMorgan

Chase

&

Co.

Series

CC

8.214%

due

12/31/99

(CME

Term

SOFR

3

Month

+

2.842%)(Ê)(ƒ)

50

50

Kinder

Morgan

Energy

Partners,

LP

4.700%

due

11/01/42

290

241

Levi

Strauss

&

Co.

3.500%

due

03/01/31

(Ñ)(Þ)

561

460

Liberty

Media

Corp.

2.750%

due

12/01/49

(Þ)

173

163

Livongo

Health,

Inc.

0.875%

due

06/01/25

1,062

974

LKQ

Corp.

6.250%

due

06/15/33

(Þ)

93

94

Lucid

Group,

Inc.

1.250%

due

12/15/26

1,410

938

Lumentum

Holdings,

Inc.

0.500%

due

06/15/28

(Þ)

1,008

773

Lyft,

Inc.

1.500%

due

05/15/25

(Þ)

1,288

1,173

Magnite,

Inc.

0.250%

due

03/15/26

1,288

1,094

Medline

Borrower,

LP

3.875%

due

04/01/29

(Þ)

206

180

Meritage

Homes

Corp.

3.875%

due

04/15/29

(Þ)

44

39

Mesa

Laboratories,

Inc.

1.375%

due

08/15/25

1,181

1,075

MicroStrategy,

Inc.

9.941%

due

02/15/27

(ž)

2,715

1,940

Mitek

Systems,

Inc.

0.750%

due

02/01/26

112

97

NeoGenomics,

Inc.

0.250%

due

01/15/28

1,680

1,234

New

Mountain

Finance

Corp.

7.500%

due

10/15/25

1,071

1,079

Novelis

Corp.

4.750%

due

01/30/30

(Þ)

197

177

3.875%

due

08/15/31

(Þ)

81

67

NuVasive,

Inc.

0.375%

due

03/15/25

(Þ)

2,245

2,032

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

OneMain

Finance

Corp.

3.500%

due

01/15/27

71

61

3.875%

due

09/15/28

9

7

4.000%

due

09/15/30

64

50

Opendoor

Technologies,

Inc.

0.250%

due

08/15/26

1,720

1,241

Pebblebrook

Hotel

Trust

1.750%

due

12/15/26

863

753

PennyMac

Mortgage

Investment

Trust

5.500%

due

11/01/24

2,409

2,305

Perficient,

Inc.

0.125%

due

11/15/26

2,685

2,124

Plains

All

American

Pipeline,

LP

Series

B

9.431%

due

12/31/99

(USD

3

Month

LIBOR

+

4.110%)(Ê)(ƒ)

386

349

Post

Holdings,

Inc.

4.625%

due

04/15/30

(Þ)

52

46

4.500%

due

09/15/31

(Þ)

246

209

Q2

Holdings,

Inc.

0.125%

due

11/15/25

1,065

928

Range

Resources

Corp.

Series

WI

4.875%

due

05/15/25

132

130

Redfin

Corp.

0.500%

due

04/01/27

1,426

988

Repay

Holdings

Corp.

8.197%

due

02/01/26

(ž)

2,265

1,859

RingCentral,

Inc.

4.905%

due

03/01/25

(Þ)

877

807

RWT

Holdings,

Inc.

5.750%

due

10/01/25

2,950

2,672

Seagate

HDD

Cayman

4.091%

due

06/01/29

81

71

4.125%

due

01/15/31

204

168

Sealed

Air

Corp.

4.000%

due

12/01/27

(Þ)

400

369

Snap,

Inc.

0.125%

due

03/01/28

(Þ)

2,182

1,567

SoFi

Technologies,

Inc.

8.124%

due

10/15/26

(Þ)

3,170

2,698

Spotify

Technology

SA

4.125%

due

03/15/26

2,471

2,100

Stem,

Inc.

0.500%

due

12/01/28

(Þ)

807

497

Tandem

Diabetes

Care,

Inc.

1.500%

due

05/01/25

288

269

Taylor

Morrison

Communities,

Inc.

5.125%

due

08/01/30

(Þ)

255

238

TechTarget,

Inc.

6.914%

due

12/15/26

(ž)

1,760

1,404

Teladoc

Health,

Inc.

1.250%

due

06/01/27

(Þ)

1,064

860

Tenet

Healthcare

Corp.

4.375%

due

01/15/30

186

166

TerraForm

Power

Operating

LLC

4.750%

due

01/15/30

(Þ)

307

271

T-Mobile

USA,

Inc.

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

402

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

2.250%

due

11/15/31

32

26

TripAdvisor,

Inc.

0.250%

due

04/01/26

1,828

1,544

Unity

Software,

Inc.

8.008%

due

11/15/26

(Þ)

234

187

Upstart

Holdings,

Inc.

0.250%

due

08/15/26

1,293

954

Wayfair,

Inc.

1.000%

due

08/15/26

(Þ)

2,769

2,401

Western

Digital

Corp.

2.850%

due

02/01/29

274

220

3.100%

due

02/01/32

53

39

WisdomTree

Investments,

Inc.

3.250%

due

06/15/26

550

539

92,262

International

Debt

-

7.9%

Abu

Dhabi

Government

International

Bond

Series

REGS

1.700%

due

03/02/31

(Þ)

893

741

3.125%

due

09/30/49

(Þ)

200

146

AerCap

Holdings

NV

5.875%

due

10/10/79

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.535%)(Ê)

300

290

Akbank

TAS

Series

REGS

5.125%

due

03/31/25

(Þ)

200

192

Angola

Government

International

Bond

Series

REGS

8.750%

due

04/14/32

(Þ)

528

463

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

Series

REGS

3.000%

due

09/01/29

(Þ)

100

83

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

Series

REGS

4.750%

due

07/15/27

(Þ)

484

500

Argentine

Republic

Government

International

Bond

4.875%

due

07/09/41

(~)(Ê)

1,481

479

AT&T,

Inc.

Series

B

2.875%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

3.140%)(Ê)(ƒ)

200

203

Azerbaijan

Government

International

Bond

Series

REGS

3.500%

due

09/01/32

(Þ)

351

300

Bahrain

Government

International

Bond

7.750%

due

04/18/35

(Þ)

1,025

1,062

Banco

BTG

Pactual

SA

Series

REGS

2.750%

due

01/11/26

(Þ)

200

182

Barclays

Bank

PLC

6.278%

due

12/29/49

(USD

3

Month

LIBOR

+

1.550%)(Ê)(ƒ)

120

116

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Berry

Global,

Inc.

Series

REGS

1.000%

due

01/15/25

(Þ)

200

209

1.000%

due

01/15/25

100

105

1.500%

due

01/15/27

(Þ)

370

367

Bharti

Airtel,

Ltd.

Series

REGS

4.375%

due

06/10/25

(Þ)

200

195

Bilibili,

Inc.

0.500%

due

12/01/26

(Þ)

1,063

955

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)(Þ)

200

153

Braskem

Netherlands

Finance

BV

7.250%

due

02/13/33

(Þ)

203

200

Brazil

Government

International

Bond

2.875%

due

06/06/25

200

190

4.750%

due

01/14/50

384

294

Celanese

Holdings

LLC

0.625%

due

09/10/28

100

87

Cemex

SAB

de

CV

Series

REGS

3.875%

due

07/11/31

(Þ)

200

173

Chile

Government

International

Bond

2.550%

due

07/27/33

701

569

4.950%

due

01/05/36

754

741

Costa

Rica

Government

International

Bond

Series

REGS

6.550%

due

04/03/34

(Þ)

412

417

Country

Garden

Holdings

Co.,

Ltd.

5.625%

due

01/14/30

(Þ)

200

30

Crown

European

Holdings

SA

Series

REGS

2.875%

due

02/01/26

(Þ)

300

319

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

194

Dominican

Republic

Government

International

Bond

7.050%

due

02/03/31

(Þ)

382

386

Series

REGS

7.050%

due

02/03/31

(Þ)

457

462

6.000%

due

02/22/33

(Þ)

204

192

Ecopetrol

SA

8.625%

due

01/19/29

122

126

Ecuador

Government

International

Bond

Series

REGS

6.900%

due

07/31/30

(~)(Ê)(Þ)

229

108

5.500%

due

07/31/35

(~)(Ê)(Þ)

790

272

Egypt

Government

International

Bond

Series

REGS

7.625%

due

05/29/32

(Þ)

1,111

717

El

Salvaor

Government

International

Bond

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

403

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

9.500%

due

07/15/52

(Þ)

374

258

Enbridge,

Inc.

5.500%

due

07/15/77

(CME

Term

SOFR

3

Month

+

3.680%)(Ê)

118

107

Eskom

Holdings

SOC,

Ltd.

4.314%

due

07/23/27

(Þ)

200

180

Export-Import

Bank

of

India

2.250%

due

01/13/31

(Þ)

316

254

Falabella

SA

Series

REGS

3.375%

due

01/15/32

(Þ)

200

159

First

Majestic

Silver

Corp.

0.375%

due

01/15/27

1,205

946

Gabon

Government

International

Bond

Series

REGS

7.000%

due

11/24/31

(Þ)

200

169

Gaci

First

Investment

Co.

5.125%

due

02/14/53

(Þ)

200

179

Galaxy

Pipeline

Assets

Bidco,

Ltd.

Series

REGS

2.940%

due

09/30/40

(Þ)

564

455

Ghana

Government

International

Bond

Series

REGS

7.875%

due

02/11/35

(~)(Ê)(Þ)

703

320

Goodyear

Europe

BV

Series

REGS

2.750%

due

08/15/28

(Þ)

122

119

Graphic

Packaging

International

LLC

2.625%

due

02/01/29

(Þ)

100

96

Series

REGS

2.625%

due

02/01/29

(Þ)

200

191

Greenko

Power

II,

Ltd.

Series

REGS

4.300%

due

12/13/28

(Þ)

186

163

Guatemala

Government

International

Bond

6.600%

due

06/13/36

(Þ)

401

410

Series

REGS

5.250%

due

08/10/29

(Þ)

318

303

GUSAP

III,

LP

Series

REGS

4.250%

due

01/21/30

(Þ)

200

185

Hungary

Government

International

Bond

6.125%

due

05/22/28

(Þ)

200

203

Series

REGS

6.125%

due

05/22/28

(Þ)

459

467

3.125%

due

09/21/51

(Þ)

361

231

Indonesia

Government

International

Bond

4.550%

due

01/11/28

410

404

3.550%

due

03/31/32

797

720

4.850%

due

01/11/33

200

200

5.650%

due

01/11/53

400

419

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

140

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

IQVIA,

Inc.

2.250%

due

03/15/29

(Þ)

248

237

Series

REGS

2.250%

due

03/15/29

(Þ)

276

264

Israel

Government

International

Bond

4.500%

due

01/17/33

215

208

Itau

Unibanco

Holding

SA

3.875%

due

04/15/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.446%)(Ê)(Þ)

200

186

Ivory

Coast

Government

International

Bond

Series

REGS

5.750%

due

12/31/32

(~)(Ê)(Þ)

129

122

Jordan

Government

International

Bond

7.500%

due

01/13/29

(Þ)

46

46

Series

REGS

7.375%

due

10/10/47

(Þ)

299

266

Kazakhstan

Government

International

Bond

Series

REGS

4.875%

due

10/14/44

(Þ)

282

256

KazMunayGas

National

Co.

JSC

Series

REGS

3.500%

due

04/14/33

(Þ)

292

231

Khazanah

Capital,

Ltd.

4.876%

due

06/01/33

(Þ)

404

400

Khazanah

Global

Sukuk

Bhd

4.687%

due

06/01/28

(Þ)

250

247

Klabin

Austria

GmbH

Series

REGS

3.200%

due

01/12/31

(Þ)

200

162

Kraft

Heinz

Foods

Co.

4.125%

due

07/01/27

(Þ)

324

392

4.125%

due

07/01/27

200

242

KSA

Sukuk,

Ltd.

4.274%

due

05/22/29

(Þ)

1,110

1,079

Lebanon

Government

International

Bond

Series

REGS

6.650%

due

11/03/28

(Ø)(Æ)(Þ)

1,578

113

MARB

BondCo

PLC

Series

REGS

3.950%

due

01/29/31

(Þ)

200

148

MDGH

GMTN

RSC,

Ltd.

Series

REGS

5.500%

due

04/28/33

(Þ)

452

475

Mexico

Government

International

Bond

2.659%

due

05/24/31

245

204

6.338%

due

05/04/53

200

204

Millicom

International

Cellular

SA

Series

REGS

4.500%

due

04/27/31

(Þ)

200

159

Mongolia

Government

International

Bond

Series

REGS

3.500%

due

07/07/27

(Þ)

205

175

Morocco

Government

International

Bond

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

404

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.950%

due

03/08/28

(Þ)

284

286

NatWest

Group

PLC

4.600%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.100%)(Ê)(ƒ)

200

142

Netflix,

Inc.

Series

REGS

3.625%

due

06/15/30

(Þ)

150

158

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

196

Nigeria

Government

International

Bond

Series

REGS

8.375%

due

03/24/29

(Þ)

400

375

7.375%

due

09/28/33

(Þ)

521

431

NIO,

Inc.

1.482%

due

02/01/26

(Þ)(ž)

337

325

0.500%

due

02/01/27

468

407

OI

European

Group

BV

4.750%

due

02/15/30

(Þ)

28

25

Olympus

Water

US

Holding

Corp.

Series

REGS

5.375%

due

10/01/29

(Þ)

110

83

Oman

Government

International

Bond

Series

REGS

6.750%

due

10/28/27

(Þ)

836

867

7.000%

due

01/25/51

(Þ)

200

204

Orbia

Advance

Corp.

SAB

de

CV

Series

REGS

2.875%

due

05/11/31

(Þ)

200

159

Pakistan

Government

International

Bond

Series

REGS

6.875%

due

12/05/27

(Þ)

220

117

7.375%

due

04/08/31

(Þ)

302

148

Panama

Government

International

Bond

6.400%

due

02/14/35

691

721

6.853%

due

03/28/54

400

419

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

420

421

Series

REGS

2.739%

due

01/29/33

(Þ)

384

308

Peruvian

Government

International

Bond

2.783%

due

01/23/31

939

797

3.300%

due

03/11/41

76

58

Petrobras

Global

Finance

BV

6.500%

due

07/03/33

187

184

Petroleos

del

Peru

SA

Series

REGS

5.625%

due

06/19/47

(Þ)

416

279

Petroleos

Mexicanos

Series

REGS

10.000%

due

02/07/33

(Þ)

1,207

1,124

Series

WI

6.700%

due

02/16/32

402

310

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.750%

due

09/21/47

687

442

Petronas

Capital,

Ltd.

Series

REGS

2.480%

due

01/28/32

(Þ)

448

373

Philippine

Government

International

Bond

5.170%

due

10/13/27

200

202

1.648%

due

06/10/31

276

219

1.950%

due

01/06/32

665

533

5.000%

due

07/17/33

200

202

Pinduoduo,

Inc.

2.227%

due

12/01/25

839

820

Qatar

Government

International

Bond

Series

REGS

4.500%

due

04/23/28

(Þ)

215

215

4.817%

due

03/14/49

(Þ)

200

192

4.400%

due

04/16/50

(Þ)

294

266

Qatar

Petroleum

Series

REGS

2.250%

due

07/12/31

(Þ)

752

626

Republic

of

Colombia

Government

International

Bond

8.000%

due

04/20/33

840

881

7.500%

due

02/02/34

207

209

Republic

of

Kenya

Government

International

Bond

Series

REGS

7.000%

due

05/22/27

(Þ)

386

349

Republic

of

Poland

Government

International

Bond

5.500%

due

11/16/27

79

81

4.875%

due

10/04/33

337

333

5.500%

due

04/04/53

259

263

Republic

of

Serbia

Government

International

Bond

6.500%

due

09/26/33

(Þ)

271

272

Republic

of

South

Africa

Government

International

Bond

5.875%

due

04/20/32

315

289

5.750%

due

09/30/49

441

330

Republic

of

Uzbekistan

Government

International

Bond

Series

REGS

3.900%

due

10/19/31

(Þ)

200

164

Romania

Government

International

Bond

7.125%

due

01/17/33

(Þ)

298

320

7.625%

due

01/17/53

(Þ)

250

282

Series

REGS

5.250%

due

11/25/27

(Þ)

156

153

7.625%

due

01/17/53

(Þ)

16

18

Sappi

Papier

Holding

GmbH

Series

REGS

3.625%

due

03/15/28

(Þ)

160

152

Saudi

Government

International

Bond

5.000%

due

01/18/53

(Þ)

421

387

Sea,

Ltd.

0.250%

due

09/15/26

1,316

1,059

Senegal

Government

International

Bond

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

405

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

6.750%

due

03/13/48

(Þ)

200

150

Shimao

Group

Holdings,

Ltd.

4.600%

due

07/13/30

(~)(Ê)(Ø)

(Æ)(Þ)

200

16

Shopify,

Inc.

0.125%

due

11/01/25

1,007

912

Silgan

Holdings,

Inc.

Series

WI

2.250%

due

06/01/28

400

377

Southern

Co.

(The)

1.875%

due

09/15/81

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.108%)(Ê)

200

173

SPCM

SA

3.125%

due

03/15/27

(Þ)

200

179

3.375%

due

03/15/30

(Þ)

200

166

Stora

Enso

OYJ

7.250%

due

04/15/36

(Þ)

200

205

Series

REGS

7.250%

due

04/15/36

(Þ)

150

153

Summit

Digitel

Infrastructure

Private,

Ltd.

Series

REGS

2.875%

due

08/12/31

(Þ)

200

159

Suzano

Austria

GmbH

Series

DM3N

3.125%

due

01/15/32

200

160

Telecom

Italia

Capital

SA

6.000%

due

09/30/34

70

57

Telenet

Finance

Luxembourg

Notes

SARL

5.500%

due

03/01/28

(Þ)

200

183

Transnet

SOC,

Ltd.

8.250%

due

02/06/28

(Þ)

200

199

Turkey

Government

International

Bond

9.125%

due

07/13/30

942

979

5.950%

due

01/15/31

263

232

Turkiye

Ihracat

Kredi

Bankasi

AS

9.375%

due

01/31/26

(Þ)

200

203

Ukraine

Government

International

Bond

Series

REGS

9.750%

due

11/01/30

(~)(Ê)(Þ)

1,290

404

UPC

Broadband

Finco

BV

4.875%

due

07/15/31

(Þ)

200

168

Uruguay

Government

International

Bond

5.750%

due

10/28/34

576

619

4.975%

due

04/20/55

288

278

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

18

Wix.com,

Ltd.

0.000%

due

08/15/25

(Þ)

617

544

Zambia

Government

International

Bond

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

5.375%

due

09/20/24

(~)(Æ)(Ê)

(Ø)(Þ)

200

105

50,127

Non-US

Bonds

-

1.7%

ABN

AMRO

Bank

NV

4.750%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.898%)(Ê)(ƒ)(Þ)

EUR

200

191

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

100

Altice

France

Holding

SA

Series

REGS

4.000%

due

02/15/28

(Þ)

EUR

307

110

Arcelik

AS

3.000%

due

05/27/26

(Þ)

EUR

200

204

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

200

219

Banco

BPM

SpA

1.625%

due

02/18/25

(Þ)

EUR

250

261

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

97

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

200

194

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

177

British

Airways

Pass-Through

Trust

3.750%

due

03/25/29

(Þ)

EUR

200

194

Caisse

Nationale

de

Reassurance

Mutuelle

Agricole

Groupama

6.375%

due

05/29/49

(3

Month

EURIBOR

+

5.770%)(Ê)(ƒ)(Þ)

EUR

300

330

CaixaBank

SA

3.625%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.857%)(Ê)(ƒ)(Þ)

EUR

200

156

Canpack

SA

/

Eastern

PA

Land

Investment

Holding

LLC

Series

REGS

2.375%

due

11/01/27

(Þ)

EUR

100

94

Cellnex

Telecom

SA

0.750%

due

11/20/31

EUR

300

255

Cooperatieve

Rabobank

UA

3.250%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.702%)(Ê)(ƒ)(Þ)

EUR

200

186

3.250%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.702%)(Ê)(ƒ)

EUR

200

186

Deutsche

Postbank

Funding

Trust

III

3.125%

due

06/29/49

(EURIBOR

ICE

Swap

Rate

+

0.125%)(Ê)(ƒ)

EUR

253

192

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

406

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Electricite

de

France

SA

6.000%

due

12/31/99

(GBP

Swap

[versus

SONIA]

13

Year

Rate

+

4.235%)(Ê)(ƒ)(Þ)

GBP

300

357

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

164

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

100

86

Eurofins

Scientific

SE

3.250%

due

12/31/99

(3

Month

EURIBOR

+

2.667%)(Ê)(ƒ)(Þ)

EUR

100

101

6.750%

due

12/31/99

(3

Month

EURIBOR

+

4.241%)(Ê)(ƒ)(Þ)

EUR

100

110

Faurecia

SE

2.375%

due

06/15/29

(Þ)

EUR

100

93

Grifols

Escrow

Issuer

SA

3.875%

due

10/15/28

(Þ)

EUR

100

95

Series

REGS

3.875%

due

10/15/28

(Þ)

EUR

284

269

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

100

Iliad

SA

1.875%

due

02/11/28

(Þ)

EUR

300

287

Infrastrutture

Wireless

Italiane

SpA

Series

GMTN

1.625%

due

10/21/28

(Þ)

EUR

100

97

Intesa

Sanpaolo

SpA

4.125%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.274%)(Ê)(ƒ)(Þ)

EUR

250

205

Koninklijke

KPN

NV

2.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.344%)(Ê)(ƒ)(Þ)

EUR

200

208

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

400

299

Lagardere

SA

1.750%

due

10/07/27

(Þ)

EUR

100

108

Lorca

Telecom

Bondco

SA

4.000%

due

09/18/27

(Þ)

EUR

200

206

Loxam

SAS

Series

REGS

4.500%

due

02/15/27

(Þ)

EUR

100

105

Marks

&

Spencer

PLC

3.250%

due

07/10/27

(Þ)

GBP

467

540

Matterhorn

Telecom

SA

Series

REGS

4.000%

due

11/15/27

(Þ)

EUR

109

113

Nexans

SA

5.500%

due

04/05/28

(Þ)

EUR

200

229

Nexi

SpA

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.679%

due

02/24/28

(ž)

EUR

100

85

Series

.

3.679%

due

02/24/28

(Þ)(ž)

EUR

200

170

Ocado

Group

PLC

Series

REGS

3.875%

due

10/08/26

(Þ)

GBP

100

109

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

86

Pension

Insurance

Corp.

PLC

3.625%

due

10/21/32

(Þ)

GBP

100

96

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

202

Q-Park

Holding

I

BV

Series

REGS

2.000%

due

03/01/27

(Þ)

EUR

109

106

SIG

Combibloc

PurchaseCo

SARL

Series

REGS

2.125%

due

06/18/25

(Þ)

EUR

200

211

Smurfit

Kappa

Treasury

ULC

1.000%

due

09/22/33

(Þ)

EUR

113

92

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

203

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

175

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

104

Terna

Rete

Elettrica

Nazionale

SpA

2.375%

due

12/31/99

(~)(Ê)(ƒ)

EUR

100

94

UniCredit

SpA

3.875%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

4.081%)(Ê)(ƒ)(Þ)

EUR

200

175

UnipolSai

Assicurazioni

SpA

6.375%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

6.744%)(Ê)(ƒ)(Þ)

EUR

200

194

United

Kingdom

Gilt

0.625%

due

06/07/25

(Þ)

GBP

200

237

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

93

Series

.

2.500%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.840%)(Ê)(ƒ)(Þ)

EUR

100

92

Verallia

SA

1.875%

due

11/10/31

EUR

200

182

1.875%

due

11/10/31

(Þ)

EUR

100

91

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

407

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vmed

O2

UK

Financing

I

PLC

Series

REGS

4.500%

due

07/15/31

(Þ)

GBP

308

312

Volvo

Car

AB

4.250%

due

05/31/28

(Þ)

EUR

200

214

VZ

Vendor

Financing

II

BV

Series

REGS

2.875%

due

01/15/29

(Þ)

EUR

300

265

ZF

Finance

GmbH

3.000%

due

09/21/25

(Þ)

EUR

100

105

2.000%

due

05/06/27

(Þ)

EUR

100

98

Ziggo

Bond

Co.

BV

Series

REGS

3.375%

due

02/28/30

(Þ)

EUR

100

84

3.375%

due

02/28/30

EUR

50

42

10,834

United

States

Government

Treasuries

-

0.8%

United

States

Treasury

Notes

0.250%

due

08/31/25

5,866

5,337

Total

Long-Term

Investments

(cost

$158,937)

158,560

Common

Stocks

-

56.9%

Consumer

Discretionary

-

7.2%

adidas

AG

4,286

867

Aisin

Corp.

32,400

1,053

Alibaba

Group

Holding,

Ltd.(Æ)

114,908

1,464

Alibaba

Group

Holding,

Ltd.

-

ADR(Æ)

1,246

127

Amazon.com,

Inc.(Æ)

16,486

2,204

Anta

Sports

Products,

Ltd.

34,200

403

Aoyama

Trading

Co.,

Ltd.

15,600

142

Autoliv,

Inc.

13,218

1,334

AutoZone,

Inc.(Æ)

624

1,549

Best

Buy

Co.,

Inc.

1,796

149

Boyd

Gaming

Corp.

2,321

159

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

A

7,398

131

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

H(Þ)

11,800

189

Cie

Financiere

Richemont

SA

Class

A

10,594

1,707

Comcast

Corp.

Class

A

10,386

470

Costco

Wholesale

Corp.

606

340

Davide

Campari-Milano

NV

53,123

715

Diageo

PLC

26,568

1,159

Dollar

General

Corp.

569

96

DR

Horton,

Inc.

3,191

405

Ferrari

NV

627

201

Galaxy

Entertainment

Group,

Ltd.(Æ)

69,000

502

Games

Workshop

Group

PLC

1,555

232

Garmin,

Ltd.

1,216

129

Geely

Automobile

Holdings,

Ltd.

323,496

468

General

Motors

Co.

3,615

139

Genuine

Parts

Co.

764

119

Gildan

Activewear,

Inc.

Class

A

12,868

400

Grand

Canyon

Education,

Inc.(Æ)

1,352

147

Home

Depot,

Inc.

(The)

1,401

468

Honda

Motor

Co.,

Ltd.

35,600

1,136

Hyundai

Department

Store

Co.,

Ltd.

8,102

352

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Industria

de

Diseno

Textil

SA

7,728

295

InterContinental

Hotels

Group

PLC

9,828

727

JD.com,

Inc.

-

ADR

6,496

268

Komeri

Co.,

Ltd.

11,400

239

K's

Holdings

Corp.

19,900

183

Kuaishou

Technology(Æ)(Þ)

75,900

656

La

Francaise

des

Jeux

SAEM(Þ)

3,856

147

Lennar

Corp.

Class

A

1,563

198

Leonardo

DRS,

Inc.(Æ)

44,589

744

Li

Auto,

Inc.

Class

A(Æ)

22,700

485

Liberty

SiriusXM

Group

Class

C(Æ)

3,477

111

Lojas

Renner

SA(Æ)

56,332

223

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

2,443

2,281

Mahindra

&

Mahindra,

Ltd.

44,518

798

Makita

Corp.

29,000

899

Maruti

Suzuki

India,

Ltd.

2,117

253

McDonald's

Corp.

567

166

MercadoLibre,

Inc.(Æ)

203

251

Michelin

(CGDE)

44,206

1,445

Midea

Group

Co.,

Ltd.

Class

A

12,281

102

Moncler

SpA

10,751

777

Murata

Manufacturing

Co.,

Ltd.

5,900

349

Next

PLC

21,259

1,924

Nidec

Corp.

12,600

748

Nike,

Inc.

Class

B

5,365

592

NVR,

Inc.(Æ)

30

189

Omnicom

Group,

Inc.

1,814

154

O'Reilly

Automotive,

Inc.(Æ)

251

232

Oriental

Holdings

BHD

49,867

71

PDD

Holdings,

Inc.

-

ADR(Æ)

4,530

407

Pernod

Ricard

SA

2,043

450

Puma

SE

7,957

537

Ryohin

Keikaku

Co.,

Ltd.

23,900

313

Sands

China,

Ltd.(Æ)

357,218

1,366

SEB

SA

1,642

184

Service

Corp.

International

2,006

134

Subaru

Corp.

9,500

180

Sumitomo

Electric

Industries,

Ltd.

32,700

419

Teleperformance

-

GDR

838

121

Tencent

Holdings,

Ltd.

39,066

1,793

Tencent

Holdings,

Ltd.

-

ADR(Ñ)

11,968

550

TJX

Cos.,

Inc.

(The)

11,309

979

Toyoda

Gosei

Co.,

Ltd.

18,400

392

Toyota

Industries

Corp.

10,000

722

United

Arrows,

Ltd.

9,700

164

Universal

Music

Group

NV

25,049

648

Walmart,

Inc.

1,851

296

Walt

Disney

Co.

(The)(Æ)

1,648

147

Weichai

Power

Co.,

Ltd.

Class

H

156,000

230

Wolters

Kluwer

NV

1,262

158

Xebio

Holdings

Co.,

Ltd.

12,800

102

Yamada

Holdings

Co.,

Ltd.

88,600

268

Yum

China

Holdings,

Inc.

11,991

732

45,755

Consumer

Staples

-

2.4%

Adecoagro

SA

85,933

954

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

408

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Altria

Group,

Inc.

2,753

125

Archer-Daniels-Midland

Co.

3,142

267

Astarta

Holding

PLC(Ñ)

17,362

141

Barry

Callebaut

AG

62

116

British

American

Tobacco

PLC

4,731

159

Campbell

Soup

Co.

3,019

138

Carrefour

SA

3,763

75

Casey's

General

Stores,

Inc.

567

143

Chocoladefabriken

Lindt

&

Spruengli

AG

16

304

Clorox

Co.

(The)

928

141

Coca-Cola

Co.

(The)

4,819

298

Colgate-Palmolive

Co.

1,771

135

Conagra

Brands,

Inc.

4,314

141

CVS

Health

Corp.

3,880

290

Dino

Polska

SA(Æ)(Þ)

4,478

499

First

Pacific

Co.,

Ltd.

426,000

154

First

Resources,

Ltd.

245,797

279

Flowers

Foods,

Inc.

4,941

122

General

Mills,

Inc.

2,005

150

Golden

Agri-Resources,

Ltd.

3,554,700

669

GS

Holdings

Corp.

4,583

136

Haleon

PLC

215,870

936

Heineken

NV

6,998

686

Henkel

AG

&

Co.

KGaA

2,776

194

Imperial

Tobacco

Group

PLC

5,617

133

JM

Smucker

Co.

(The)

1,080

163

Kao

Corp.

25,900

986

Kato

Sangyo

Co.,

Ltd.

4,200

115

Kellogg

Co.

1,879

126

Kimberly-Clark

Corp.

1,603

207

Kirin

Holdings

Co.,

Ltd.

65,100

963

Koninklijke

Ahold

Delhaize

NV

4,689

162

Kraft

Heinz

Co.

(The)

3,366

122

Kroger

Co.

(The)

2,837

138

Lenta

International

Co.

PJSC

-

GDR(Æ)(Š)(Þ)

105,913

—

L'Oreal

SA

402

187

Mondelez

International,

Inc.

Class

A

2,470

183

Morinaga

Milk

Industry

Co.,

Ltd.

10,426

352

PepsiCo,

Inc.

6,102

1,144

Philip

Morris

International,

Inc.

2,238

223

Procter

&

Gamble

Co.

(The)

3,823

597

Royal

Unibrew

A/S

5,783

501

Shiseido

Co.,

Ltd.

7,300

320

Tsingtao

Brewery

Co.,

Ltd.

Class

H

72,000

646

Tyson

Foods,

Inc.

Class

A

1,788

100

Unilever

PLC

6,036

325

Walgreens

Boots

Alliance,

Inc.

7,017

210

WH

Group,

Ltd.(Þ)

317,000

172

Yifeng

Pharmacy

Chain

Co.,

Ltd.

Class

A

35,280

187

15,514

Energy

-

1.7%

AltaGas,

Ltd.

-

ADR

5,744

113

Cenovus

Energy,

Inc.

55,240

1,051

Chevron

Corp.

2,185

358

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

China

Shenhua

Energy

Co.,

Ltd.

Class

H

47,000

140

Denison

Mines

Corp.(Æ)

38,876

51

Doosan

Fuel

Cell

Co.,

Ltd.(Æ)

3,427

73

Exxon

Mobil

Corp.

4,600

493

Fission

Uranium

Corp.(Æ)

283,216

135

Gazprom

PJSC(Š)

332,583

—

Green

Plains,

Inc.(Æ)

23,460

833

Japan

Petroleum

Exploration

Co.,

Ltd.

5,300

182

Kinder

Morgan,

Inc.

7,036

125

Lukoil

PJSC(Š)

8,302

—

NAC

Kazatomprom

JSC

-

GDR(Þ)

26,803

725

OX2

Group

AB(Æ)

37,582

235

Petroleo

Brasileiro

SA

-

ADR

38,548

566

Range

Resources

Corp.

21,212

667

Reliance

Industries,

Ltd.

23,352

723

Rubis

SCA

6,466

159

Saudi

Arabian

Oil

Co.(Þ)

91,087

787

Schlumberger

NV

16,681

973

Schneider

Electric

SE

963

172

Shell

PLC

6,719

204

Sinopec

Engineering

Group

Co.,

Ltd.

Class

H

125,000

57

SM

Energy

Co.

14,193

515

Southwestern

Energy

Co.(Æ)

132,812

861

Targa

Resources

Corp.

5,030

412

TotalEnergies

SE

3,977

242

Tullow

Oil

PLC(Æ)

213,313

95

YPF

SA

-

ADR(Æ)

5,306

79

11,026

Financial

Services

-

13.3%

ABN

AMRO

Bank

NV(Þ)

36,959

628

Advance

Residence

Investment

Corp.

(ö)

95

232

Aedifica

SA(ö)

1,534

105

Aflac,

Inc.

3,357

243

AIA

Group,

Ltd.

165,600

1,655

Air

Lease

Corp.

Class

A

29,162

1,235

Akbank

TAS

134,867

140

Al

Rajhi

Bank

9,717

193

Aldar

Properties

PJSC

99,329

140

Allianz

SE

764

183

Allstate

Corp.

(The)

1,249

141

Alpha

Services

and

Holdings

SA(Æ)

244,148

439

Amadeus

IT

Group

SA

Class

A

5,523

396

American

Express

Co.

884

149

American

Tower

Corp.(ö)

838

159

Americold

Realty

Trust,

Inc.(ö)

16,095

522

Apartment

Income

REIT

Corp.(ö)

2,583

89

Arch

Capital

Group,

Ltd.(Æ)

2,981

232

ARGAN

SA(ö)

1,319

100

Assicurazioni

Generali

SpA

6,918

147

Assurant,

Inc.

935

126

AvalonBay

Communities,

Inc.(ö)

707

133

Axis

Capital

Holdings,

Ltd.

15,297

843

B3

SA

-

Brasil

Bolsa

Balcao

25,900

82

Baloise

Holding

AG

879

136

Banco

Bradesco

SA

-

ADR

140,690

497

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

409

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bank

Central

Asia

Tbk

PT

1,201,922

727

Bank

Mandiri

Persero

Tbk

PT

3,192,092

1,213

Bank

of

America

Corp.

23,343

747

Bank

of

Hawaii

Corp.(Ñ)

1,874

107

Bank

of

Ireland

Group

PLC

88,187

930

Bank

of

New

York

Mellon

Corp.

(The)

3,102

141

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,485,264

556

BDO

Unibank,

Inc.

198,882

525

Berkshire

Hathaway,

Inc.

Class

B(Æ)

2,537

893

BlackRock,

Inc.

Class

A

207

153

BNP

Paribas

SA

8,533

563

Boardwalk

Real

Estate

Investment

Trust(ö)

4,417

219

British

Land

Co.

PLC

(The)(ö)

20,970

91

Camden

Property

Trust(ö)

4,081

445

CapitaLand

Ascendas

REIT(ö)

38,700

82

Capitaland

Investment,

Ltd.

107,100

274

CapitaLand

Mall

Trust

Class

A(ö)

62,000

95

Catena

AB

4,632

178

CBRE

Group,

Inc.

Class

A(Æ)

2,668

222

Charles

Schwab

Corp.

(The)

13,011

860

Charter

Hall

Group

-

ADR(ö)

26,764

206

China

Construction

Bank

Corp.

Class

H

571,694

333

China

Resources

Land,

Ltd.

20,000

93

Chubb,

Ltd.

1,269

259

CITIC

Securities

Co.,

Ltd.

Class

H

101,750

219

Citigroup,

Inc.

10,710

510

CK

Asset

Holdings,

Ltd.

34,000

196

Clarivate

PLC(Æ)

73,009

694

CME

Group,

Inc.

Class

A

9,752

1,940

Cofinimmo

SA(ö)

945

74

Commerce

Bancshares,

Inc.

2,408

128

Country

Garden

Services

Holdings

Co.,

Ltd.

301,000

341

Cousins

Properties,

Inc.(ö)

7,959

194

Covivio(ö)

1,264

61

Credicorp,

Ltd.

1,316

207

Credit

Saison

Co.,

Ltd.

37,600

601

Crown

Castle,

Inc.(ö)

2,057

223

Dai-ichi

Life

Holdings,

Inc.

20,500

419

Derwent

London

PLC(ö)

1,780

48

Dexus(ö)

40,136

222

Digital

Realty

Trust,

Inc.(ö)

9,857

1,228

DNB

Bank

ASA

7,554

156

Equinix,

Inc.(ö)

1,075

871

Equities

AB

20,656

493

Equity

Commonwealth(ö)

69,833

1,368

Equity

Residential(ö)

1,941

128

Essex

Property

Trust,

Inc.(ö)

1,477

360

Etalon

Group

PLC

-

GDR(Æ)(Š)(Þ)

185,343

—

Eurobank

Ergasias

SA(Æ)

135,894

237

Eurocommercial

Properties

NV(ö)

3,203

81

Extra

Space

Storage,

Inc.(ö)

2,165

302

EZCORP,

Inc.

Class

A(Æ)(Ñ)

106,887

968

Federal

Agricultural

Mortgage

Corp.

Class

C

3,901

627

Fidelis

Insurance

Holdings,

Ltd.(Æ)

43,329

601

Fidelity

National

Financial,

Inc.

3,312

130

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

First

American

Financial

Corp.

2,298

146

Frasers

Centrepoint

Trust(ö)

45,400

74

Frasers

Logistics

&

Commercial

Trust(ö)(Þ)

167,700

154

Getty

Realty

Corp.(ö)

24,285

785

Globe

Life

Inc.

1,420

159

Goldman

Sachs

Group,

Inc.

(The)

529

188

Goodman

Group(ö)

12,381

171

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

29,323

278

Hachijuni

Bank,

Ltd.

(The)

78,400

403

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

18,386

263

Hana

Financial

Group,

Inc.

5,250

162

Hang

Lung

Properties,

Ltd.

-

ADR

56,000

87

Hankook

Technology

Group

Co.,

Ltd.

18,367

166

Hannover

Rueck

SE

709

151

Hanover

Insurance

Group,

Inc.

(The)

1,181

134

Hartford

Financial

Services

Group,

Inc.

2,282

164

HDFC

Bank,

Ltd.

73,163

1,470

HDFC

Bank,

Ltd.

-

ADR

9,910

677

Healthcare

Realty

Trust,

Inc.(ö)

23,464

458

Highwoods

Properties,

Inc.(ö)

6,178

156

Hirogin

Holdings,

Inc.

47,700

295

Hokuhoku

Financial

Group,

Inc.

19,600

175

Host

Hotels

&

Resorts,

Inc.(ö)

13,361

246

HSBC

Holdings

PLC

62,809

521

ICICI

Bank,

Ltd.

19,109

232

ICICI

Bank,

Ltd.

-

ADR

60,562

1,488

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

617,000

301

Ingenia

Communities

Group(ö)

38,677

106

Intercontinental

Exchange,

Inc.

1,321

152

Invincible

Investment

Corp.(ö)

395

164

Invitation

Homes,

Inc.(ö)

33,767

1,199

Itau

Unibanco

Holding

SA

-

ADR(Æ)

34,206

206

Japan

Hotel

REIT

Investment

Corp.(ö)

57

28

Japan

Retail

Fund

Investment

Corp.(ö)

386

265

Jio

Financial

Services,

Ltd.(Æ)(Š)

23,352

74

Jones

Lang

LaSalle,

Inc.(Æ)

1,915

319

JPMorgan

Chase

&

Co.

4,224

667

Kasikornbank

PCL

34,500

127

KB

Financial

Group,

Inc.

6,783

271

Kemper

Corp.

38,184

1,946

Kenedix

Office

Investment

Corp.

Class

A(ö)

112

266

Kimco

Realty

Corp.(ö)

24,993

506

Klepierre

SA

-

GDR(ö)

13,737

365

Korean

Reinsurance

Co.

23,301

126

Lamar

Advertising

Co.

Class

A(ö)

1,282

126

Land

Securities

Group

PLC(ö)

28,551

237

LEG

Immobilien

SE(Æ)

3,209

227

Link

REIT(ö)

58,700

329

LiveRamp

Holdings,

Inc.(Æ)

30,850

880

London

Stock

Exchange

Group

PLC

8,620

935

Longfor

Group

Holdings,

Ltd.(Þ)

133,000

355

LSR

Group

PJSC(Š)

33,861

—

LX

Holdings

Corp.

1,012

7

LXI

REIT

PLC(ö)(Þ)

51,929

63

M&T

Bank

Corp.

887

124

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

410

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Marsh

&

McLennan

Cos.,

Inc.

3,603

679

MasterCard,

Inc.

Class

A

6,799

2,681

Medical

Properties

Trust,

Inc.(ö)

10,925

110

Mid-America

Apartment

Communities,

Inc.(ö)

4,107

615

Mitsubishi

Estate

Co.,

Ltd.

102,799

1,260

Mitsubishi

UFJ

Financial

Group,

Inc.

79,600

642

Mitsui

Fudosan

Co.,

Ltd.

18,100

372

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

57

203

Morgan

Stanley

1,729

158

Moscow

Exchange

MICEX-RTS

PJSC(Š)

182,429

—

NatWest

Group

PLC

283,395

888

Nippon

Prologis

REIT,

Inc.(ö)

135

276

Nishi-Nippon

Financial

Holdings,

Inc.

35,900

382

NMI

Holdings,

Inc.

Class

A(Æ)

30,660

819

NN

Group

NV

3,220

123

Nomura

Real

Estate

Holdings,

Inc.

7,700

191

Nordea

Bank

Abp

13,443

152

North

Pacific

Bank,

Ltd.

85,200

186

Northern

Trust

Corp.

1,397

112

Pandox

AB

6,603

77

Parkway

Life

Real

Estate

Investment

Trust(ö)

64,100

187

Perella

Weinberg

Partners

81,805

808

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

104,267

759

PNC

Financial

Services

Group,

Inc.

(The)

841

115

Popular,

Inc.

9,833

713

Poste

Italiane

SpA(Þ)

13,002

149

Principal

Financial

Group,

Inc.

2,364

189

Progressive

Corp.

(The)

1,600

202

Prologis,

Inc.(ö)

14,808

1,847

Public

Storage(ö)

2,858

805

Raymond

James

Financial,

Inc.

1,214

134

Realty

Income

Corp.(ö)

24,844

1,515

RELX

PLC

4,688

158

Resona

Holdings,

Inc.

132,500

722

Ringkjoebing

Landbobank

A/S

1,179

168

Safestore

Holdings

PLC(ö)

24,848

283

Sampo

OYJ

Class

A

3,103

137

Saudi

National

Bank

(The)

19,121

196

SBA

Communications

Corp.(ö)

811

178

Sberbank

of

Russia

PJSC(Š)

334,627

—

Segro

PLC(ö)

33,783

331

Simon

Property

Group,

Inc.(ö)

8,832

1,100

Sirius

Real

Estate,

Ltd.

79,953

85

Skandinaviska

Enskilda

Banken

AB

Class

A

12,102

147

SM

Prime

Holdings,

Inc.

782,200

476

Spirit

Realty

Capital,

Inc.(ö)

6,150

248

Sprott,

Inc.

3,603

120

State

Bank

of

India

34,212

258

Stockland(ö)

96,619

275

Sumitomo

Mitsui

Financial

Group,

Inc.

24,400

1,150

Sumitomo

Mitsui

Trust

Holdings,

Inc.

22,700

882

Sun

Communities,

Inc.(ö)

4,520

589

Sun

Hung

Kai

Properties,

Ltd.

27,000

338

Svenska

Handelsbanken

AB

Class

A

14,034

123

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Swedbank

AB

Class

A

8,463

155

Swiss

Life

Holding

AG

240

152

Swiss

Prime

Site

AG

Class

A

1,455

141

Swiss

Re

AG

8,193

854

T

Rowe

Price

Group,

Inc.

1,150

142

TAG

Immobilien

AG(Æ)

19,993

225

Travelers

Cos.,

Inc.

(The)

955

165

Truist

Financial

Corp.

2,818

94

Turkiye

Garanti

Bankasi

AS

85,587

139

UBS

Group

AG

7,141

158

UDR,

Inc.(ö)

11,170

457

Unibail-Rodamco-Westfield(ö)

3,378

191

UNITE

Group

PLC

(The)(ö)

4,548

57

United

Urban

Investment

Corp.(ö)

101

109

US

Bancorp

3,373

134

Visa,

Inc.

Class

A

2,331

554

Vonovia

SE

4,346

101

VTB

Bank

PJSC(Æ)(Š)

294,650,000

—

Warehouses

De

Pauw

CVA(ö)

4,621

137

Welltower,

Inc.(ö)

15,078

1,239

Weyerhaeuser

Co.(ö)

5,076

173

Wharf

Real

Estate

Investment

Co.,

Ltd.

37,000

198

Willis

Towers

Watson

PLC

567

120

WP

Carey,

Inc.(ö)

1,847

125

WR

Berkley

Corp.

2,116

131

Yellow

Cake

PLC(Æ)(Þ)

62,031

344

Yoma

Strategic

Holdings,

Ltd.(Æ)

978,808

74

Yuanta

Financial

Holding

Co.,

Ltd.

518,000

402

ZhongAn

Online

P&C

Insurance

Co.,

Ltd.

Class

H(Æ)(Þ)

140,400

458

Zurich

Insurance

Group

AG

382

184

84,784

Health

Care

-

5.4%

Abbott

Laboratories

2,502

279

AbbVie,

Inc.

2,912

436

Alcon,

Inc.

4,617

392

AmerisourceBergen

Corp.

Class

A

832

156

Amgen,

Inc.

784

184

AstraZeneca

PLC

8,758

1,256

Bangkok

Dusit

Medical

Services

PCL

565,100

475

Becton

Dickinson

&

Co.

5,653

1,575

Biogen,

Inc.(Æ)

479

129

Boston

Scientific

Corp.(Æ)

2,952

153

Bristol-Myers

Squibb

Co.

3,201

199

Centene

Corp.(Æ)

2,655

181

ChemoMetec

A/S(Æ)

1,608

108

Cigna

Group

(The)

1,311

387

ConvaTec

Group

PLC(Þ)

227,232

608

Cooper

Cos.,

Inc.

(The)

1,467

574

Danaher

Corp.

4,344

1,108

Elevance

Health,

Inc.

474

224

Eli

Lilly

&

Co.

1,237

562

Encompass

Health

Corp.

2,456

162

Enovis

Corp.

Class

W(Æ)

25,654

1,639

EssilorLuxottica

SA

727

146

Eurofins

Scientific

SE

6,239

429

Fortrea

Holdings,

Inc.(Æ)

573

18

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

411

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Gilead

Sciences,

Inc.

3,331

254

GSK

Finance

No.

3

PLC

9,762

173

H.U.

Group

Holdings,

Inc.

5,100

101

Halozyme

Therapeutics,

Inc.(Æ)

12,005

516

HCA

Healthcare,

Inc.

573

156

Henry

Schein,

Inc.(Æ)

1,648

130

Innoviva,

Inc.(Æ)

67,643

917

iRay

Technology

Co.,

Ltd.

Class

A

15,723

552

Japan

Lifeline

Co.,

Ltd.

20,800

146

Johnson

&

Johnson

9,171

1,536

Kyorin

Pharmaceutical

Co.,

Ltd.

37,000

461

Laboratory

Corp.

of

America

Holdings

573

123

Lonza

Group

AG

1,032

599

McKesson

Corp.

368

148

Medipal

Holdings

Corp.

5,000

86

Medtronic

PLC

14,661

1,287

Merck

&

Co.,

Inc.

4,223

450

Merck

KGaA

2,083

366

Nippon

Shinyaku

Co.,

Ltd.

3,500

142

Novartis

AG

3,825

401

Novo

Nordisk

A/S

Class

B

16,065

2,591

Pacira

BioSciences,

Inc.(Æ)

11,726

426

Pennant

Group,

Inc.

(The)(Æ)

46,488

534

Pfizer,

Inc.

9,564

345

Qiagen

NV(Æ)

3,925

184

Quest

Diagnostics,

Inc.

933

126

Recordati

SpA

3,154

163

Regeneron

Pharmaceuticals,

Inc.(Æ)

188

140

Roche

Holding

AG

2,145

675

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

804

483

Sanofi

-

ADR

3,588

383

Sawai

Group

Holdings

Co.,

Ltd.

10,400

259

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

7,949

330

Siemens

Healthineers

AG(Þ)

11,037

641

Straumann

Holding

AG

3,706

613

Stryker

Corp.

558

158

Suzuken

Co.,

Ltd.

19,600

571

Syneos

Health,

Inc.

Class

A(Æ)

18,098

768

Thermo

Fisher

Scientific,

Inc.

450

247

Toho

Holdings

Co.,

Ltd.

13,800

269

UCB

SA

1,830

162

United

Therapeutics

Corp.(Æ)

498

121

UnitedHealth

Group,

Inc.

3,586

1,816

Universal

Health

Services,

Inc.

Class

B

1,003

139

Universal

Vision

Biotechnology

Co.,

Ltd.

38,000

474

Vertex

Pharmaceuticals,

Inc.(Æ)

443

156

West

Pharmaceutical

Services,

Inc.

985

363

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

26,000

245

Zoetis,

Inc.

Class

A

5,520

1,038

34,344

Materials

and

Processing

-

6.3%

Air

Liquide

SA

Class

A

1,320

237

Air

Products

&

Chemicals,

Inc.

435

133

Aluminum

Corp.

of

China,

Ltd.

Class

A

230,300

205

Aluminum

Corp.

of

China,

Ltd.

Class

H

480,000

237

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Amcor

PLC

12,264

126

Anglo

American

PLC

34,525

1,060

AngloGold

Ashanti,

Ltd.

-

ADR

21,587

479

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

95,000

286

AptarGroup,

Inc.

1,287

156

ArcelorMittal

SA

38,254

1,108

Aris

Mining

Corp.

51,834

130

Artemis

Gold,

Inc.(Æ)

80,314

318

Atlas

Arteria,

Ltd.

96,349

407

Axalta

Coating

Systems,

Ltd.(Æ)

21,674

694

Babcock

International

Group

PLC(Æ)

202,108

971

Ball

Corp.

2,138

125

Barrick

Gold

Corp.

23,290

403

BASF

SE

1,381

74

Bear

Creek

Mining

Corp.(Æ)

109,903

46

Brenntag

SE

1,855

144

Cameco

Corp.

Class

A

6,421

226

Carrier

Global

Corp.

12,696

756

CCR

SA

26,498

74

Celanese

Corp.

Class

A

1,066

134

Cemex

SAB

de

CV

-

ADR(Æ)

25,537

195

Chr

Hansen

Holding

A/S

2,230

168

Constellium

SE(Æ)

23,273

444

Copart,

Inc.(Æ)

2,672

236

Daqo

New

Energy

Corp.

-

ADR(Æ)

5,026

196

Dundee

Corp.

Class

A(Æ)

33,422

32

DuPont

de

Nemours,

Inc.

2,069

161

Ecovyst,

Inc.(Æ)

84,826

1,042

EMS-Chemie

Holding

AG

200

167

Equinox

Gold

Corp.(Æ)

103,856

545

ERO

Copper

Corp.(Æ)

28,338

681

First

Quantum

Minerals,

Ltd.

31,222

926

Freeport-McMoRan,

Inc.

12,298

549

Fresnillo

PLC

19,267

153

Gabriel

Resources,

Ltd.(Æ)

664,169

181

Ganfeng

Lithium

Group

Co.,

Ltd.

Class

H(Þ)

37,160

238

Geberit

AG

1,314

745

Givaudan

SA

57

192

Gold

Fields,

Ltd.

-

ADR

47,131

729

Graphic

Packaging

Holding

Co.

6,845

166

Harmony

Gold

Mining

Co.,

Ltd.

-

ADR

146,202

627

IAMGOLD

Corp.(Æ)

124,163

338

Impala

Platinum

Holdings,

Ltd.

95,921

694

International

Paper

Co.

3,150

114

International

Tower

Hill

Mines,

Ltd.

(Æ)

104,920

42

Ivanhoe

Electric,

Inc.(Æ)

9,678

157

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

83,422

884

JFE

Holdings,

Inc.

17,100

277

Johnson

Controls

International

PLC

2,119

147

K+S

AG

14,342

273

Kuraray

Co.,

Ltd.

30,700

309

LG

Chem,

Ltd.

391

199

Linde

PLC

2,757

1,077

Lintec

Corp.

16,200

267

Lizhong

Sitong

Light

Alloys

Group

Co.,

Ltd.(Æ)

31,400

117

LKQ

Corp.

2,576

141

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

412

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lotte

Chemical

Corp.

1,064

126

LyondellBasell

Industries

NV

Class

A

1,791

177

MHP

SE

-

GDR(Æ)(Þ)

69,777

250

Muyuan

Foods

Co.,

Ltd.

Class

A

27,574

172

Newcrest

Mining,

Ltd.

76,709

1,379

NexGen

Energy,

Ltd.(Æ)

60,412

296

Nine

Dragons

Paper

Holdings,

Ltd.

237,000

156

Ningbo

Orient

Wires

&

Cables

Co.,

Ltd.

Class

A

12,200

79

Nippon

Shokubai

Co.,

Ltd.

1,800

69

Northern

Dynasty

Minerals,

Ltd.(Æ)

(Ñ)

302,827

89

NovaGold

Resources,

Inc.(Æ)

65,350

295

Novozymes

A/S

Class

B

29,507

1,478

Oji

Holdings

Corp.

17,400

69

Pack

Corp.

(The)

3,000

70

Packaging

Corp.

of

America

1,952

299

Pan

American

Silver

Corp.

19,464

329

Perpetua

Resources

Corp.(Æ)

31,042

117

Polyus

PJSC(Š)

4,869

—

PPG

Industries,

Inc.

1,131

163

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

14,183

147

Reliance

Steel

&

Aluminum

Co.

914

268

Rengo

Co.,

Ltd.

22,300

142

Rio

Tinto

PLC

2,990

197

Royal

Gold,

Inc.

5,456

655

Sandstorm

Gold,

Ltd.

15,008

83

Saudi

Basic

Industries

Corp.

5,775

132

Seabridge

Gold,

Inc.(Æ)

33,253

424

Sealed

Air

Corp.

2,689

123

Sherwin-Williams

Co.

(The)

2,874

795

Shin-Etsu

Chemical

Co.,

Ltd.

22,100

728

Siemens

AG

1,182

201

SmartRent,

Inc.(Æ)(Ñ)

102,543

408

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR(Ñ)

2,550

188

Symrise

AG

1,259

138

Taiheiyo

Cement

Corp.

14,300

299

Ternium

SA

-

ADR

4,404

197

Toagosei

Co.,

Ltd.

17,900

170

Toray

Industries,

Inc.

141,000

789

Toyo

Ink

SC

Holdings

Co.,

Ltd.

3,100

48

Trane

Technologies

PLC

794

158

Tronox

Holdings

PLC

Class

A

144,921

1,926

Trusco

Nakayama

Corp.

11,800

182

UltraTech

Cement,

Ltd.

1,991

201

Univar

Solutions,

Inc.

-

ADR(Æ)

32,528

1,176

UPM-Kymmene

OYJ

4,217

139

Vale

SA

Class

B

-

ADR

50,415

738

Valvoline,

Inc.

4,104

156

Western

Copper

&

Gold

Corp.(Æ)

31,468

50

Westrock

Co.

3,473

116

Wheaton

Precious

Metals

Corp.

18,231

817

Yara

International

ASA

3,252

133

Zijin

Mining

Group

Co.,

Ltd.

Class

H

330,000

568

40,043

Producer

Durables

-

7.9%

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3M

Co.

2,372

264

Aalberts

Industries

NV

6,649

300

Adyen

NV(Æ)(Þ)

180

334

Aena

SME

SA(Þ)

3,770

603

Aeroports

de

Paris

1,068

148

Air

China,

Ltd.

Class

H(Æ)

76,000

62

Airbus

Group

SE

6,862

1,011

Airports

of

Thailand

PCL

214,300

448

Airtac

International

Group

20,000

594

Allfunds

Group

PLC

45,625

297

Amphenol

Corp.

Class

A

1,735

153

Arcosa,

Inc.

20,405

1,575

Auckland

International

Airport,

Ltd.

(Æ)

27,861

145

Automatic

Data

Processing,

Inc.

526

130

Avery

Dennison

Corp.

818

151

BAE

Systems

PLC

13,908

166

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

136,000

89

Booz

Allen

Hamilton

Holding

Corp.

Class

A

1,324

160

Bouygues

SA

-

ADR

4,039

145

CAE,

Inc.(Æ)

23,988

548

Canadian

National

Railway

Co.

3,952

479

Caterpillar,

Inc.

761

202

CH

Robinson

Worldwide,

Inc.

1,739

174

Charoen

Pokphand

Foods

PCL

436,600

259

China

Communications

Services

Corp.,

Ltd.

Class

H

556,886

264

Cintas

Corp.

422

212

CK

Hutchison

Holdings,

Ltd.

Class

B

54,000

333

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

8,200

274

CSX

Corp.

33,782

1,126

Cummins,

Inc.

963

251

Danone

SA

20,660

1,262

DL

E&C

Co.,

Ltd.

7,295

175

Dover

Corp.

991

145

Eaton

Corp.

PLC

44

9

Eiffage

SA

1,422

148

Emerson

Electric

Co.

1,447

132

Epiroc

AB

Class

A

21,138

420

Equifax,

Inc.

3,604

735

Evergreen

Marine

Corp.

Taiwan,

Ltd.

35,000

116

EXEO

Group,

Inc.

17,100

356

Expeditors

International

of

Washington,

Inc.

1,227

156

Experian

PLC

4,117

159

FedEx

Corp.

735

198

Flughafen

Zurich

AG

1,526

323

Fortive

Corp.

2,075

163

Fukuda

Corp.

2,600

91

General

Dynamics

Corp.

774

173

Getlink

SE

32,914

579

Graco,

Inc.

8,453

671

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

12,508

238

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

18,640

527

Guangshen

Railway

Co.,

Ltd.

Class

H(Æ)

724,000

191

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

413

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hi

Sun

Technology

China,

Ltd.(Æ)

864,000

68

Hillman

Solutions

Corp.(Æ)

55,091

542

Honeywell

International,

Inc.

1,152

224

Huntington

Ingalls

Industries,

Inc.

591

136

ICF

International,

Inc.

4,589

540

Illinois

Tool

Works,

Inc.

620

163

Infrastrutture

Wireless

Italiane

SpA(Þ)

6,342

80

InterGlobe

Aviation,

Ltd.(Æ)(Þ)

6,843

216

Intertek

Group

PLC

7,361

412

Iriso

Electronics

Co.,

Ltd.

2,500

69

Janus

International

Group,

Inc.(Æ)

25,426

290

JB

Hunt

Transport

Services,

Inc.

828

169

JGC

Holdings

Corp.

19,300

275

Jiangsu

Expressway

Co.,

Ltd.

Class

H

162,000

148

JTEKT

Corp.

68,100

642

Kajima

Corp.

10,300

163

Kamigumi

Co.,

Ltd.

9,400

218

Kerry

Group

PLC

Class

A

4,769

474

Knight-Swift

Transportation

Holdings,

Inc.

8,156

495

Kone

OYJ

Class

B

6,121

313

L3Harris

Technologies,

Inc.

593

112

Landstar

System,

Inc.

974

198

Larsen

&

Toubro,

Ltd.

7,664

250

Localiza

Rent

a

Car

SA(Æ)

36,970

526

Luks

Group

Vietnam

Holdings

Co.,

Ltd.

224,000

30

Manitowoc

Co.,

Inc.

(The)(Æ)

20,640

374

Mettler-Toledo

International,

Inc.(Æ)

463

582

Mitsubishi

Corp.

3,200

164

Mitsui

&

Co.,

Ltd.

2,200

86

Moody's

Corp.

5,056

1,783

Nestle

SA

18,671

2,293

NH

Foods,

Ltd.

10,300

297

Norfolk

Southern

Corp.

557

130

Northrop

Grumman

Corp.

322

143

NSK,

Ltd.

160,100

1,016

Obayashi

Corp.

20,500

190

One

97

Communications,

Ltd.(Æ)

9,754

95

Orient

Overseas

International,

Ltd.

12,047

201

OSG

Corp.

15,400

205

Otis

Worldwide

Corp.

8,665

788

PACCAR

Financial

Corp.

2,370

204

Pacific

Basin

Shipping,

Ltd.

1,005,000

327

Parker-Hannifin

Corp.

470

193

Pyeong

Hwa

Automotive

Co.,

Ltd.

8,879

74

Randstad

NV

2,365

139

Regal

Rexnord

Corp.

1,111

173

Republic

Services,

Inc.

Class

A

630

95

Rumo

SA

60,558

298

Ryanair

Holdings

PLC

-

ADR(Æ)

8,421

863

S&P

Global,

Inc.

2,574

1,015

Samsung

Engineering

Co.,

Ltd.(Æ)

29,858

868

Sandvik

AB

23,125

468

Schindler

Holding

AG

1,837

433

Schneider

National,

Inc.

Class

B

6,332

195

Seiko

Epson

Corp.

20,500

337

Seino

Holdings

Co.,

Ltd.

23,100

363

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Shanghai

Electric

Group

Co.,

Ltd.

Class

H(Æ)

600,000

146

Shanghai

International

Airport

Co.,

Ltd.

Class

A(Æ)

26,119

174

Sight

Sciences,

Inc.(Æ)

73,516

647

SkyWest,

Inc.(Æ)

1,777

78

Snap-on,

Inc.

626

171

Sohgo

Security

Services

Co.,

Ltd.

32,000

196

Spirax-Sarco

Engineering

PLC

2,871

410

Stanley

Electric

Co.,

Ltd.

12,000

222

Sumitomo

Heavy

Industries,

Ltd.

12,000

295

Suofeiya

Home

Collection

Co.,

Ltd.

Class

A

66,400

178

Tachi-S

Co.,

Ltd.

Class

S

7,000

77

Techtronic

Industries

Co.,

Ltd.

56,000

633

Teledyne

Technologies,

Inc.(Æ)

308

118

Transurban

Group

-

ADR(Æ)

79,323

765

TreeHouse

Foods,

Inc.(Æ)

38,071

1,965

Trelleborg

AB

Class

B

21,540

572

Union

Pacific

Corp.

1,659

385

United

Parcel

Service,

Inc.

Class

B

806

151

V2X,

Inc.(Æ)

17,505

901

Vinci

SA

3,430

403

Waste

Management,

Inc.

933

153

Weir

Group

PLC

(The)

56,589

1,334

West

Japan

Railway

Co.

8,600

353

Westinghouse

Air

Brake

Technologies

Corp.

1,348

160

Worldline

SA(Æ)(Þ)

16,573

657

Wuxi

Lead

Intelligent

Equipment

Co.,

Ltd.

Class

A

34,340

159

WW

Grainger,

Inc.

234

173

Yamato

Holdings

Co.,

Ltd.

9,800

184

50,669

Technology

-

9.4%

Accenture

PLC

Class

A

2,955

935

Activision

Blizzard,

Inc.

1,802

167

Adobe,

Inc.(Æ)

2,166

1,183

Alchip

Technologies,

Ltd.

6,000

380

Allegion

PLC

4,281

500

Alphabet,

Inc.

Class

A(Æ)

23,164

3,074

Alphabet,

Inc.

Class

C(Æ)

15,643

2,082

Alps

Alpine

Co.,

Ltd.

18,800

166

Amdocs,

Ltd.

1,777

166

Analog

Devices,

Inc.

1,161

232

Ansys,

Inc.(Æ)

847

290

Apple,

Inc.

21,173

4,159

Arrow

Electronics,

Inc.(Æ)

1,129

161

ASML

Holding

NV

1,122

803

Assa

Abloy

AB

Class

B

47,797

1,148

Autodesk,

Inc.(Æ)

2,343

497

AutoStore

Holdings,

Ltd.(Æ)(Þ)

106,353

265

Avnet,

Inc.

3,370

163

Baidu,

Inc.

-

ADR(Æ)

3,671

573

Baidu,

Inc.

Class

A(Æ)

55,100

1,076

BE

Semiconductor

Industries

NV

5,210

623

Bechtle

AG

10,246

451

Booking

Holdings,

Inc.(Æ)

185

550

CACI

International,

Inc.

Class

A(Æ)

549

192

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

414

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cars.com,

Inc.(Æ)

25,209

575

CDW

Corp.

733

137

Cisco

Systems,

Inc.

7,017

365

Cognizant

Technology

Solutions

Corp.

Class

A

3,059

202

Corning,

Inc.

5,323

181

Cosel

Co.,

Ltd.

12,200

105

Eizo

Corp.

5,100

181

en

Japan,

Inc.

17,800

352

FANUC

Corp.

22,200

682

Fiserv,

Inc.(Æ)

1,357

171

Fortnox

AB

42,741

263

Global

Unichip

Corp.

4,000

208

Hewlett

Packard

Enterprise

Co.

9,799

170

Hon

Hai

Precision

Industry

Co.,

Ltd.

161,000

557

HP,

Inc.

7,371

242

Icom,

Inc.

3,300

66

Infineon

Technologies

AG

-

ADR

23,806

1,047

Infosys,

Ltd.

-

ADR

52,175

869

Intel

Corp.

14,974

536

International

Business

Machines

Corp.

1,032

149

Juniper

Networks,

Inc.

4,211

117

KBR,

Inc.

6,295

387

Keyence

Corp.

2,600

1,167

Leidos

Holdings,

Inc.

1,291

121

LG

Corp.

Class

H

6,237

409

Mabuchi

Motor

Co.,

Ltd.

10,300

296

MediaTek,

Inc.

23,000

505

Meta

Platforms,

Inc.

Class

A(Æ)

1,774

565

Micron

Technology,

Inc.

2,226

159

Microsoft

Corp.

20,802

6,988

Motorola

Solutions,

Inc.

649

186

MSCI,

Inc.

Class

A

1,563

857

NetScout

Systems,

Inc.(Æ)

14,171

396

ON24,

Inc.

24,218

214

Ooma,

Inc.(Æ)

39,463

592

Oracle

Corp.

10,376

1,216

Parade

Technologies,

Ltd.

16,000

470

Qorvo,

Inc.(Æ)

1,724

190

Roper

Technologies,

Inc.

302

149

Sage

Group

PLC

(The)

97,075

1,167

Samsung

Electronics

Co.,

Ltd.

24,084

1,320

Samsung

SDI

Co.,

Ltd.

231

121

SAP

SE

-

ADR

5,873

803

Signify

NV(Þ)

33,004

1,038

SK

Hynix,

Inc.

26,026

2,522

Skyworks

Solutions,

Inc.

1,550

177

Softcat

PLC

24,374

469

SS&C

Technologies

Holdings,

Inc.

2,638

154

Swisscom

AG

437

281

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

200,000

3,602

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

26,616

2,639

Texas

Instruments,

Inc.

1,056

190

Tokyo

Electron,

Ltd.

5,700

852

Trip.com

Group,

Ltd.

-

ADR(Æ)

24,266

996

Unimicron

Technology

Corp.

51,000

301

United

Microelectronics

Corp.

144,000

216

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

UT

Group

Co.,

Ltd.(Æ)

5,800

117

Vimeo,

Inc.(Æ)

242,994

1,001

Will

Semiconductor,

Ltd.

Class

A

9,000

129

59,973

Utilities

-

3.3%

Alliant

Energy

Corp.

5,286

284

American

Water

Works

Co.,

Inc.

1,036

153

AT&T,

Inc.

17,847

259

Atmos

Energy

Corp.

1,217

148

Avangrid,

Inc.

3,155

117

Bharti

Airtel,

Ltd.

68,493

741

CenterPoint

Energy,

Inc.

4,922

148

Centrais

Eletricas

Brasileiras

SA

98,234

803

CGN

Power

Co.,

Ltd.

Class

H(Þ)

2,392,000

586

Cheniere

Energy,

Inc.

3,353

543

CMS

Energy

Corp.

2,024

124

Consolidated

Edison,

Inc.

1,497

142

Deutsche

Telekom

AG

8,018

175

Dominion

Energy,

Inc.

6,172

330

DT

Midstream,

Inc.

5,592

299

DTE

Energy

Co.

1,059

121

Duke

Energy

Corp.

7,622

714

E.ON

SE

13,569

172

Edison

International

2,028

146

Emera,

Inc.

3,592

146

Enagas

SA

6,559

116

Enbridge,

Inc.

5,687

209

Endesa

SA

-

ADR

6,283

135

Enel

SpA

33,611

232

Energias

de

Portugal

SA

33,121

155

ENN

Energy

Holdings,

Ltd.

18,300

220

Entergy

Corp.

4,494

461

Evergy,

Inc.

1,705

102

Eversource

Energy

1,588

115

Exelon

Corp.

2,933

123

Federal

Grid

Co.

Unified

Energy

System

PJSC(Æ)(Š)

381,588,279

—

FirstEnergy

Corp.

6,144

242

Fortum

OYJ

75,112

1,015

Guangdong

Investment,

Ltd.

70,000

61

Hera

SpA

16,895

52

Iberdrola

SA

48,813

610

Inpex

Corp.

11,400

148

Koninklijke

KPN

NV

56,811

206

Korea

Electric

Power

Corp.

26,216

395

Korea

Electric

Power

Corp.

-

ADR

11,267

86

Kosmos

Energy,

Ltd.(Æ)

160,816

1,142

KT

Corp.

10,182

236

KT

Corp.

-

ADR(Ñ)

82,389

966

LG

Uplus

Corp.

133,296

1,047

MEG

Energy

Corp.

Class

A(Æ)

5,003

89

MTN

Group,

Ltd.

29,257

230

National

Fuel

Gas

Co.

2,892

154

National

Grid

PLC

72,414

959

NextEra

Energy,

Inc.

7,964

584

Pinnacle

West

Capital

Corp.

1,571

130

PPL

Corp.

6,667

184

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

415

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Redeia

Corp.

SA

7,131

119

RusHydro

PJSC(Š)

104,654,642

—

Scottish

&

Southern

Energy

PLC

16,294

352

Sempra

Energy

884

132

Severn

Trent

PLC

Class

H

3,803

125

Snam

Rete

Gas

SpA

30,484

160

Southern

Co.

(The)

8,055

583

TC

Energy

Corp.

3,298

118

Telenor

ASA

15,238

163

Terna

Rete

Elettrica

Nazionale

SpA

17,132

145

T-Mobile

USA,

Inc.(Æ)

3,524

485

Tokyo

Gas

Co.,

Ltd.

23,900

543

UGI

Corp.

3,252

88

United

Utilities

Group

PLC

10,219

131

Veolia

Environnement

SA

22,559

735

Verizon

Communications,

Inc.

11,622

396

WEC

Energy

Group,

Inc.

1,388

125

Xcel

Energy,

Inc.

5,194

326

21,281

Total

Common

Stocks

(cost

$327,474)

363,389

Preferred

Stocks

-

0.4%

Consumer

Discretionary

-

0.1%

Hyundai

Motor

Co.

7.308%

(Ÿ)

4,135

352

7.402%

(Ÿ)

1,074

90

442

Consumer

Staples

-

0.1%

Henkel

AG

&

Co.

KGaA

2.572%

(Ÿ)

3,745

289

Energy

-

0.1%

Petroleo

Brasileiro

SA

11.989%

(Ÿ)

61,482

404

Financial

Services

-

0.0%

Itau

Unibanco

Holding

SA

4.523%

(Ÿ)

38,303

232

Health

Care

-

0.0%

Draegerwerk

AG

&

Co.

KGaA

0.421%

(Ÿ)

3,168

159

Materials

and

Processing

-

0.0%

Braskem

SA

0.000%

(Æ)

12,020

65

Technology

-

0.1%

Samsung

Electronics

Co.,

Ltd.

2.671%

(Ÿ)

11,870

535

Utilities

-

0.0%

Raizen

Energia

SA

6.761%

(Ÿ)

154,495

136

Total

Preferred

Stocks

(cost

$1,969)

2,262

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Options

Purchased

-

0.0%

(Number

of

Contracts)

S&P

500

Index

Morgan

Stanley

Dec

2023

4,000.00

Put

(64)

USD

25,600

(ÿ)

200

Total

Options

Purchased

(cost

$1,381)

200

Short-Term

Investments

-

13.3

%

8x8,

Inc.

0.500%

due

02/01/24

(Þ)

1,263

1,200

ADM

Ag

Holding,

Ltd.

4.976%

due

08/26/23

(Þ)

200

199

Apollo

Commercial

Real

Estate

Finance,

Inc.

5.375%

due

10/15/23

678

673

China

Government

International

Bond

Series

REGS

0.400%

due

10/21/23

(Þ)

953

943

Greenbrier

Cos.,

Inc.

2.875%

due

02/01/24

585

575

Greenlight

Capital

Re,

Ltd.

4.000%

due

08/01/23

(ç)

795

795

Helix

Energy

Solutions

Group,

Inc.

4.125%

due

09/15/23

157

162

Herbalife

Nutrition,

Ltd.

2.625%

due

03/15/24

169

163

Kaman

Corp.

3.250%

due

05/01/24

2,012

1,934

Liberty

Latin

America,

Ltd.

2.000%

due

07/15/24

(Ñ)(Þ)

1,010

952

MFA

Financial,

Inc.

6.250%

due

06/15/24

2,440

2,409

New

Mountain

Finance

Corp.

5.750%

due

08/15/23

(ç)

116

116

NextEra

Energy

Partners,

LP

7.313%

due

06/15/24

(ž)

2,595

2,439

Redwood

Trust,

Inc.

5.625%

due

07/15/24

195

189

Splunk,

Inc.

0.500%

due

09/15/23

(Þ)

392

389

Sri

Lanka

Government

International

Bond

Series

REGS

5.750%

due

04/18/23

(~)(Ê)(Þ)

669

299

Turk

Telekomunikasyon

AS

Series

REGS

4.875%

due

06/19/24

(Þ)

230

223

Turning

Point

Brands,

Inc.

2.500%

due

07/15/24

1,036

984

U.S.

Cash

Management

Fund(@)

63,744,107

(∞)

63,719

United

States

Treasury

Notes

5.194%

due

03/15/24

4,343

4,208

Viavi

Solutions,

Inc.

1.000%

due

03/01/24

790

776

Western

Digital

Corp.

1.500%

due

02/01/24

(Þ)

1,714

1,670

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

416

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Short-Term

Investments

(cost

$85,851)

85,018

Other

Securities

-

1.2%

U.S.

Cash

Collateral

Fund(@)(×)

7,758,239

(∞)

7,758

Total

Other

Securities

(cost

$7,758)

7,758

Total

Investments

-

96.6%

(identified

cost

$583,370)

617,187

Other

Assets

and

Liabilities,

Net

-

3.4%

21,456

Net

Assets

-

100.0%

638,643

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

417

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

$

$

$

13.3%

8x8,

Inc.

05/26/23

1,263,000

95.93

1,212

1,200

ABN

AMRO

Bank

NV

03/30/20

EUR

200,000

92.28

185

191

ABN

AMRO

Bank

NV

03/22/23

EUR

36,959

16.33

603

628

Abu

Dhabi

Government

International

Bond

11/02/22

200,000

67.41

135

146

Abu

Dhabi

Government

International

Bond

09/20/22

893,000

84.30

753

741

ADM

Ag

Holding,

Ltd.

10/25/22

200,000

99.63

199

199

Adyen

NV

09/23/22

EUR

180

1,413.47

254

334

Aena

SME

SA

04/27/20

EUR

3,770

128.02

483

603

Akbank

TAS

07/10/18

200,000

96.73

193

192

Alcoa

Nederland

Holding

BV

04/23/21

200,000

101.75

203

179

Alpha

Services

and

Holdings

SA

05/18/21

EUR

100,000

121.40

121

100

Alteryx,

Inc.

03/29/21

1,119,000

96.22

1,077

1,057

Altice

France

Holding

SA

01/23/20

EUR

307,000

108.82

334

110

Angola

Government

International

Bond

09/20/22

528,000

80.78

427

463

Arcelik

AS

08/05/21

EUR

200,000

119.58

239

204

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

09/13/21

EUR

100,000

118.55

119

83

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

08/10/17

GBP

484,000

130.13

630

500

Ashland,

Inc.

11/22/21

301,000

86.55

261

244

Australia

&

New

Zealand

Banking

Group,

Ltd.

03/08/23

EUR

200,000

103.64

207

219

AutoStore

Holdings,

Ltd.

10/25/21

NOK

106,353

3.33

355

265

Azerbaijan

Government

International

Bond

09/21/22

351,000

83.65

294

300

Bahrain

Government

International

Bond

04/06/23

1,025,000

100.45

1,030

1,062

Banco

BPM

SpA

12/02/20

EUR

250,000

120.75

302

261

Banco

BTG

Pactual

SA

05/05/21

200,000

97.33

195

182

Bank

of

Cyprus

PCL

09/23/21

EUR

100,000

116.26

116

97

Bank

of

Ireland

Group

PLC

04/11/22

EUR

200,000

101.03

202

194

BAWAG

Group

AG

04/18/18

EUR

200,000

123.75

247

177

Berry

Global,

Inc.

12/12/19

EUR

370,000

108.90

403

367

Berry

Global,

Inc.

12/06/21

EUR

200,000

113.69

227

209

Bharti

Airtel,

Ltd.

10/22/18

200,000

97.26

195

195

Bilibili,

Inc.

07/24/23

1,063,000

90.00

957

955

BNP

Paribas

SA

01/16/23

200,000

81.26

163

153

Braskem

Netherlands

Finance

BV

02/08/23

203,000

100.00

203

200

British

Airways

Pass-Through

Trust

01/30/23

EUR

200,000

94.86

190

194

Caisse

Nationale

de

Reassurance

Mutuelle

Agricole

Groupama

03/10/17

EUR

300,000

117.19

352

330

CaixaBank

SA

03/08/23

EUR

200,000

75.25

150

156

Canpack

SA

/

Eastern

PA

Land

Investment

Holding

LLC

01/08/21

EUR

100,000

125.03

125

94

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

12/01/20

325,000

102.74

334

267

Cemex

SAB

de

CV

05/24/21

200,000

100.20

200

173

CGN

Power

Co.,

Ltd.

02/18/22

HKD

2,392,000

0.26

611

586

Chegg,

Inc.

08/02/22

2,127,000

81.28

1,729

1,592

Chegg,

Inc.

05/10/23

218,000

87.69

191

192

China

Government

International

Bond

09/21/22

953,000

99.25

946

943

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

09/02/22

HKD

11,800

22.44

265

189

Clearway

Energy

Operating

LLC

02/01/22

161,000

90.30

145

133

Clearway

Energy

Operating

LLC

04/03/23

100,000

84.09

84

82

Coinbase

Global,

Inc.

03/21/23

3,468,000

71.76

2,489

2,654

ConvaTec

Group

PLC

05/12/23

GBP

227,232

2.77

629

608

Cooperatieve

Rabobank

UA

09/02/19

EUR

200,000

109.71

219

186

Costa

Rica

Government

International

Bond

05/16/23

412,000

101.43

418

417

Country

Garden

Holdings

Co.,

Ltd.

01/29/20

200,000

101.83

204

30

Crown

European

Holdings

SA

05/10/18

EUR

300,000

115.27

346

319

DigitalOcean

Holdings,

Inc.

07/28/22

1,857,000

79.92

1,484

1,469

Dino

Polska

SA

01/12/21

PLN

4,478

70.77

317

499

DNB

Bank

ASA

11/05/19

205,000

100.00

205

194

Dominican

Republic

Government

International

Bond

09/20/22

204,000

86.42

176

192

Dominican

Republic

Government

International

Bond

03/20/23

457,000

98.83

452

462

Dominican

Republic

Government

International

Bond

01/31/23

382,000

99.91

382

386

DraftKings,

Inc.

05/22/23

225,000

75.91

171

173

Ecuador

Government

International

Bond

09/20/22

790,150

44.42

351

272

Ecuador

Government

International

Bond

09/22/22

228,646

56.00

128

108

Egypt

Government

International

Bond

09/20/22

1,111,000

64.01

711

717

El

Salvaor

Government

International

Bond

09/21/22

374,000

33.20

124

258

Electricite

de

France

SA

04/24/18

GBP

300,000

135.51

407

357

Enel

SpA

05/19/21

EUR

200,000

95.92

192

164

Energias

de

Portugal

SA

05/03/22

EUR

100,000

84.53

85

86

Eskom

Holdings

SOC,

Ltd.

10/06/22

200,000

84.65

169

180

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

418

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

$

$

$

Etalon

Group

PLC

12/18/18

185,343

—

331

—

Eurofins

Scientific

SE

02/05/20

EUR

100,000

105.58

106

110

Eurofins

Scientific

SE

03/09/23

EUR

100,000

109.70

110

101

Export-Import

Bank

of

India

09/20/22

316,000

80.84

255

254

Falabella

SA

02/24/22

200,000

94.28

189

159

Faurecia

SE

06/13/23

EUR

100,000

90.45

90

93

Fiverr

International,

Ltd.

01/10/23

1,598,000

86.71

1,386

1,368

Frasers

Logistics

&

Commercial

Trust

10/08/21

SGD

167,700

1.04

175

154

Gabon

Government

International

Bond

10/11/22

200,000

69.31

139

169

Gaci

First

Investment

Co.

05/23/23

200,000

89.28

179

179

Galaxy

Pipeline

Assets

Bidco,

Ltd.

09/20/22

564,211

80.14

452

455

Ganfeng

Lithium

Group

Co.,

Ltd.

04/29/22

HKD

37,160

8.55

318

238

Ghana

Government

International

Bond

09/20/22

703,000

39.41

277

320

Goodyear

Europe

BV

03/08/22

EUR

122,000

99.10

121

119

Graphic

Packaging

International

LLC

02/13/23

EUR

200,000

95.99

192

191

Graphic

Packaging

International

LLC

11/09/21

EUR

100,000

115.96

116

96

Greenko

Power

II,

Ltd.

01/25/22

185,500

98.75

183

163

Grifols

Escrow

Issuer

SA

02/09/22

EUR

284,000

108.79

309

269

Grifols

Escrow

Issuer

SA

09/28/21

EUR

100,000

116.87

117

95

Guatemala

Government

International

Bond

10/19/22

318,000

90.25

287

303

Guatemala

Government

International

Bond

06/06/23

401,000

100.00

401

410

GUSAP

III,

LP

05/03/23

200,000

93.19

186

185

Halyk

Savings

Bank

of

Kazakhstan

JSC

12/10/21

18,386

11.93

219

263

Hanesbrands,

Inc.

08/08/19

589,000

102.30

603

552

HCA,

Inc.

04/28/23

306,000

93.94

287

282

Hungary

Government

International

Bond

07/19/23

459,000

102.30

470

467

Hungary

Government

International

Bond

12/09/22

361,000

62.53

226

231

Hungary

Government

International

Bond

01/04/23

200,000

99.34

199

203

Ibercaja

Banco

SA

01/16/20

EUR

100,000

111.37

111

100

Iliad

SA

09/16/21

EUR

300,000

109.11

327

287

Infrastrutture

Wireless

Italiane

SpA

01/25/21

EUR

100,000

124.12

124

97

Infrastrutture

Wireless

Italiane

SpA

10/09/20

EUR

6,342

10.92

69

80

Integra

LifeSciences

Holdings

Corp.

05/24/23

238,000

90.46

215

223

InterGlobe

Aviation,

Ltd.

06/10/22

INR

6,843

23.26

159

216

Intesa

Sanpaolo

SpA

02/20/20

EUR

250,000

107.89

270

205

Ionis

Pharmaceuticals,

Inc.

05/17/21

1,063,000

95.31

1,013

991

IQVIA,

Inc.

04/04/22

EUR

276,000

92.19

254

264

IQVIA,

Inc.

02/17/21

EUR

248,000

120.42

299

237

Iron

Mountain,

Inc.

04/28/23

220,000

86.93

191

190

Iron

Mountain,

Inc.

06/13/23

109,000

90.84

99

99

Itau

Unibanco

Holding

SA

01/12/21

200,000

99.74

199

186

Ivory

Coast

Government

International

Bond

09/20/22

129,263

91.22

118

122

Jordan

Government

International

Bond

09/20/22

299,000

81.55

244

266

Jordan

Government

International

Bond

04/04/23

46,000

98.86

45

46

Kazakhstan

Government

International

Bond

09/20/22

282,000

84.18

237

256

KazMunayGas

National

Co.

JSC

05/19/23

292,000

76.58

224

231

Khazanah

Capital,

Ltd.

07/17/23

404,000

99.93

404

400

Khazanah

Global

Sukuk

Bhd

07/19/23

250,000

100.00

250

247

Klabin

Austria

GmbH

03/24/21

200,000

96.78

194

162

Koninklijke

KPN

NV

02/04/22

EUR

200,000

107.49

215

208

Kraft

Heinz

Foods

Co.

01/20/23

GBP

324,000

121.44

393

392

KSA

Sukuk,

Ltd.

05/15/23

1,110,000

99.67

1,106

1,079

Kuaishou

Technology

06/10/22

HKD

75,900

9.68

735

656

La

Banque

Postale

SA

11/09/21

EUR

400,000

108.77

435

299

La

Francaise

des

Jeux

SAEM

05/06/22

EUR

3,856

36.17

139

147

Lagardere

SA

11/23/21

EUR

100,000

112.57

113

108

Lebanon

Government

International

Bond

10/31/22

1,578,000

6.55

103

113

Lenta

International

Co.

PJSC

12/17/18

105,913

—

328

—

Levi

Strauss

&

Co.

02/02/21

561,000

98.95

555

460

Liberty

Latin

America,

Ltd.

11/16/22

1,010,000

93.87

948

952

Liberty

Media

Corp.

04/21/23

173,000

90.69

157

163

LKQ

Corp.

05/15/23

93,000

100.01

93

94

Longfor

Group

Holdings,

Ltd.

04/21/23

HKD

133,000

2.45

326

355

Lorca

Telecom

Bondco

SA

10/05/21

EUR

200,000

118.64

237

206

Loxam

SAS

03/24/22

EUR

100,000

108.42

108

105

Lumentum

Holdings,

Inc.

06/01/23

1,008,000

78.78

794

773

LXI

REIT

PLC

07/01/22

GBP

51,929

1.74

90

63

Lyft,

Inc.

01/09/23

1,288,000

91.53

1,179

1,173

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

419

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

$

$

$

MARB

BondCo

PLC

05/03/23

200,000

75.16

150

148

Marks

&

Spencer

PLC

01/08/20

GBP

467,000

116.52

544

540

Matterhorn

Telecom

SA

04/13/23

EUR

109,000

103.27

113

113

MDGH

GMTN

RSC,

Ltd.

06/22/23

452,000

105.38

476

475

Medline

Borrower,

LP

09/30/21

206,000

93.84

193

180

Meritage

Homes

Corp.

07/28/23

44,000

89.88

40

39

MHP

SE

03/10/17

69,777

9.68

676

250

Millicom

International

Cellular

SA

03/08/22

200,000

91.65

183

159

Mongolia

Government

International

Bond

06/13/23

205,000

82.68

169

175

Morocco

Government

International

Bond

03/01/23

284,000

98.93

281

286

NAC

Kazatomprom

JSC

10/15/19

26,803

18.34

491

725

Netflix,

Inc.

02/03/22

EUR

150,000

107.51

161

158

Network

i2i,

Ltd.

10/08/19

200,000

100.00

200

196

Nexans

SA

05/16//23

EUR

200,000

111.84

224

229

Nexi

SpA

04/25/23

EUR

200,000

83.58

167

170

Nigeria

Government

International

Bond

09/20/22

521,000

69.23

361

431

Nigeria

Government

International

Bond

02/16/23

400,000

83.26

333

375

NIO,

Inc.

06/20/23

337,000

95.43

322

325

Novelis

Corp.

03/06/20

197,000

99.20

195

177

Novelis

Corp.

11/22/21

81,000

91.31

74

67

NuVasive,

Inc.

11/22/22

2,245,000

90.93

2,041

2,032

Ocado

Group

PLC

05/03/23

GBP

100,000

95.97

96

109

OI

European

Group

BV

07/19/23

28,000

91.53

26

25

Olympus

Water

US

Holding

Corp.

11/12/21

EUR

110,000

112.02

123

83

Oman

Government

International

Bond

09/20/22

836,000

103.35

864

867

Oman

Government

International

Bond

09/20/22

200,000

90.09

180

204

Orbia

Advance

Corp.

SAB

de

CV

05/04/22

200,000

83.99

168

159

Orsted

A/S

06/09/22

GBP

100,000

98.43

98

86

Pakistan

Government

International

Bond

03/22/23

220,000

39.26

86

117

Pakistan

Government

International

Bond

09/20/22

302,000

41.81

126

148

Paraguay

Government

International

Bond

09/20/22

384,000

77.91

299

308

Paraguay

Government

International

Bond

06/28/23

420,000

100.24

421

421

Pension

Insurance

Corp.

PLC

01/30/23

GBP

100,000

98.66

99

96

Petroleos

del

Peru

SA

09/20/22

416,000

64.19

267

279

Petroleos

Mexicanos

04/28/23

1,207,000

91.60

1,106

1,124

Petronas

Capital,

Ltd.

09/20/22

448,000

85.55

383

373

Phoenix

Group

Holdings

PLC

01/30/19

GBP

200,000

107.05

214

202

Post

Holdings,

Inc.

02/11/20

52,000

100.05

52

46

Post

Holdings,

Inc.

02/24/21

246,000

95.82

236

209

Poste

Italiane

SpA

06/17/22

EUR

13,002

9.52

124

149

Qatar

Government

International

Bond

02/16/23

215,000

100.12

215

215

Qatar

Government

International

Bond

09/20/22

294,000

93.90

276

266

Qatar

Government

International

Bond

02/28/23

200,000

95.04

190

192

Qatar

Petroleum

09/20/22

752,000

85.09

640

626

Q-Park

Holding

I

BV

02/06/20

EUR

109,000

109.78

120

106

Republic

of

Kenya

Government

International

Bond

03/22/23

386,000

83.46

322

349

Republic

of

Serbia

Government

International

Bond

01/19/23

271,000

97.78

265

272

Republic

of

Uzbekistan

Government

International

Bond

01/17/23

200,000

83.00

166

164

RingCentral,

Inc.

08/03/22

877,000

89.66

786

807

Romania

Government

International

Bond

05/17/23

16,000

106.61

17

18

Romania

Government

International

Bond

01/10/23

156,000

97.08

151

153

Romania

Government

International

Bond

01/05/23

250,000

99.47

249

282

Romania

Government

International

Bond

01/05/23

298,000

99.95

298

320

Samsung

Biologics

Co.,

Ltd.

04/22/22

KRW

804

636.75

512

483

Sappi

Papier

Holding

GmbH

06/21/23

160,000

99.51

159

152

Saudi

Arabian

Oil

Co.

06/13/22

SAR

91,087

8.21

747

787

Saudi

Government

International

Bond

01/10/23

421,000

92.06

388

387

Sealed

Air

Corp.

01/26/21

400,000

103.68

415

369

Senegal

Government

International

Bond

09/20/22

200,000

70.85

142

150

Shimao

Group

Holdings,

Ltd.

12/03/21

200,000

72.44

145

16

Siemens

Healthineers

AG

02/05/21

EUR

11,037

56.93

628

641

SIG

Combibloc

PurchaseCo

SARL

02/15/21

EUR

200,000

124.86

250

211

Signify

NV

06/10/22

EUR

33,004

32.17

1,062

1,038

Smurfit

Kappa

Treasury

ULC

05/09/22

EUR

113,000

86.29

98

92

Snap,

Inc.

05/10/23

2,182,000

71.02

1,550

1,567

SoFi

Technologies,

Inc.

01/12/23

3,170,000

75.42

2,391

2,698

Solvay

SA

10/26/21

EUR

200,000

118.87

238

203

SPCM

SA

09/09/21

200,000

100.00

200

166

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

420

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

$

$

$

SPCM

SA

11/17/21

200,000

99.25

198

179

Splunk,

Inc.

10/13/22

392,000

99.36

389

389

Sri

Lanka

Government

International

Bond

09/20/22

669,000

100.00

669

299

Stem,

Inc.

07/13/23

807,000

62.18

502

497

Stora

Enso

OYJ

06/19/19

150,000

114.83

172

153

Stora

Enso

OYJ

03/13/17

200,000

113.10

226

205

Summit

Digitel

Infrastructure

Private,

Ltd.

10/11/21

200,000

96.11

192

159

Taylor

Morrison

Communities,

Inc.

04/29/22

255,000

91.84

234

238

Teladoc

Health,

Inc.

07/26/23

1,064,000

80.76

859

860

Telefonica

Europe

BV

10/04/21

EUR

200,000

110.98

222

175

Telenet

Finance

Luxembourg

Notes

SARL

06/12/23

200,000

92.68

185

183

TenneT

Holding

BV

06/09/22

EUR

100,000

102.65

103

104

TerraForm

Power

Operating

LLC

01/28/20

307,000

102.58

315

271

Transnet

SOC,

Ltd.

01/30/23

200,000

100.00

200

199

Turk

Telekomunikasyon

AS

03/10/17

230,000

99.31

228

223

Turkiye

Ihracat

Kredi

Bankasi

AS

01/24/23

200,000

99.51

199

203

Ukraine

Government

International

Bond

09/20/22

1,290,000

26.01

336

404

UniCredit

SpA

03/06/20

EUR

200,000

96.90

194

175

UnipolSai

Assicurazioni

SpA

12/21/20

EUR

200,000

133.32

267

194

United

Kingdom

Gilt

06/19/23

GBP

200,000

118.07

236

237

Unity

Software,

Inc.

07/11/23

234,000

80.28

188

187

UPC

Broadband

Finco

BV

01/21/22

200,000

100.71

201

168

Veolia

Environnement

SA

01/06/22

EUR

100,000

112.34

112

93

Veolia

Environnement

SA

12/09/20

EUR

100,000

122.92

123

92

Verallia

SA

04/03/23

EUR

100,000

89.73

90

91

Vmed

O2

UK

Financing

I

PLC

10/15/21

GBP

308,000

138.62

427

312

Volvo

Car

AB

05/17/23

EUR

200,000

103.25

206

214

VZ

Vendor

Financing

II

BV

09/21/21

EUR

300,000

116.69

350

265

Wayfair,

Inc.

01/09/23

2,769,000

69.97

1,938

2,401

Western

Digital

Corp.

04/14/20

1,714,000

98.80

1,693

1,670

WH

Group,

Ltd.

12/10/21

HKD

317,000

0.62

195

172

Wix.com,

Ltd.

11/10/22

617,000

87.87

542

544

Worldline

SA

06/17/20

EUR

16,573

63.51

1,053

657

WuXi

AppTec

Co.,

Ltd.

06/11/21

HKD

26,000

20.89

543

245

Yellow

Cake

PLC

07/08/19

GBP

62,031

2.64

164

344

Zambia

Government

International

Bond

10/10/22

200,000

100.00

200

105

ZF

Finance

GmbH

05/31/23

EUR

100,000

105.33

105

105

ZF

Finance

GmbH

07/27/23

EUR

100,000

94.04

94

98

ZhongAn

Online

P&C

Insurance

Co.,

Ltd.

01/19/23

HKD

140,400

3.22

452

458

Ziggo

Bond

Co.

BV

02/05/20

EUR

100,000

109.97

110

84

84,989

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Reports.

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

1,352

08/23

32

DAX

Index

Futures

3

EUR

1,241

09/23

14

Dow

Jones

Index

Futures

557

USD

18,988

09/23

843

EURO

STOXX

50

Index

Futures

26

EUR

1,169

09/23

39

FTSE

100

Index

Futures

15

GBP

1,153

09/23

18

FTSE/MIB

Index

Futures

3

EUR

447

09/23

35

Hang

Seng

Index

Futures

3

HKD

3,030

08/23

14

IBEX

35

Index

Futures

4

EUR

387

08/23

10

MSCI

Emerging

Markets

Index

Futures

132

USD

6,958

09/23

218

MSCI

Singapore

Index

Futures

496

SGD

15,150

08/23

363

OMXS30

Index

Futures

16

SEK

3,609

08/23

(1)

S&P

500

E-Mini

Index

Futures

574

USD

132,436

09/23

6,688

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

421

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

S&P/TSX

60

Index

Futures

13

CAD

3,224

09/23

81

SPI

200

Index

Futures

47

AUD

8,646

09/23

202

TOPIX

Index

Futures

13

JPY

302,510

09/23

97

United

States

2

Year

Treasury

Note

Futures

626

USD

127,098

09/23

(1,984)

United

States

5

Year

Treasury

Note

Futures

89

USD

9,507

09/23

(199)

United

States

10

Year

Treasury

Note

Futures

1,060

USD

118,091

09/23

(2,990)

United

States

Treasury

Ultra

Bond

Futures

3

USD

397

09/23

(7)

Short

Positions

EURO

STOXX

50

Index

Futures

356

EUR

16,006

09/23

(470)

Euro-Bobl

Futures

7

EUR

811

09/23

(1)

Euro-Bund

Futures

1

EUR

133

09/23

2

FTSE

100

Index

Futures

40

GBP

3,075

09/23

(48)

Hang

Seng

Index

Futures

317

HKD

320,217

08/23

(1,502)

Russell

2000

E-Mini

100

Index

Futures

748

USD

75,309

09/23

(4,639)

TOPIX

Index

Futures

77

JPY

1,791,790

09/23

(564)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(3,749)

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

S&P

500

Index

Morgan

Stanley

Call

64

4,500.00

USD

28,800

12/15/23

(1,651)

S&P

500

Index

Morgan

Stanley

Put

64

3,450.00

USD

22,080

12/15/23

(79)

Total

Liability

for

Options

Written

(premiums

received

$1,337)

(1,730)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

70

CAD

93

08/01/23

—

Bank

of

America

USD

369

CAD

488

08/01/23

1

Bank

of

America

USD

145

CHF

126

08/02/23

—

Bank

of

America

USD

251

DKK

1,704

08/01/23

—

Bank

of

America

USD

1,294

EUR

1,177

08/01/23

—

Bank

of

America

USD

96

GBP

74

08/01/23

—

Bank

of

America

USD

315

GBP

245

08/01/23

—

Bank

of

America

USD

142

GBP

110

08/02/23

—

Bank

of

America

USD

1,065

SEK

11,212

08/01/23

—

Bank

of

America

USD

3,103

SEK

33,763

08/10/23

105

Bank

of

America

USD

75

SGD

99

08/01/23

—

Bank

of

America

USD

273

TRY

7,366

08/01/23

—

Bank

of

America

USD

71

ZAR

1,250

08/02/23

(1)

Bank

of

America

AUD

130

USD

87

08/01/23

(1)

Bank

of

America

EUR

139

USD

154

08/01/23

1

Bank

of

America

EUR

2,330

USD

2,577

09/20/23

9

Bank

of

America

GBP

53

USD

69

08/01/23

—

Bank

of

America

HKD

1,406

USD

180

08/01/23

—

Bank

of

America

HKD

295

USD

38

08/02/23

—

Bank

of

America

JPY

246,081

USD

1,767

08/01/23

38

Bank

of

America

JPY

869,962

USD

6,199

08/01/23

82

Bank

of

America

JPY

34,652

USD

243

08/02/23

—

Bank

of

America

MXN

1,351

USD

81

08/01/23

—

Bank

of

America

NOK

787

USD

77

08/01/23

—

Bank

of

America

SEK

180

USD

17

08/10/23

—

Bank

of

America

SGD

22

USD

16

08/01/23

—

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

422

Multi-Asset

Growth

Strategy

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

1,059

AUD

1,550

09/20/23

(16)

Bank

of

New

York

USD

914

CAD

1,213

09/20/23

6

Bank

of

New

York

USD

573

CHF

510

09/20/23

14

Bank

of

New

York

USD

721

EUR

662

09/20/23

8

Bank

of

New

York

USD

90

NZD

145

08/10/23

1

Bank

of

New

York

USD

5,850

NZD

9,461

08/10/23

26

Bank

of

New

York

DKK

6,388

USD

935

09/20/23

(10)

Bank

of

New

York

GBP

789

USD

1,002

09/20/23

(11)

Bank

of

New

York

HKD

14,119

USD

1,807

09/20/23

(4)

Bank

of

New

York

JPY

407,159

USD

2,963

09/20/23

80

HSBC

USD

1,060

AUD

1,550

09/20/23

(17)

HSBC

USD

914

CAD

1,213

09/20/23

6

HSBC

USD

573

CHF

510

09/20/23

14

HSBC

USD

721

EUR

662

09/20/23

8

HSBC

USD

8,964

JPY

1,248,440

09/20/23

(120)

HSBC

DKK

6,388

USD

935

09/20/23

(11)

HSBC

GBP

789

USD

1,001

09/20/23

(11)

HSBC

HKD

14,119

USD

1,807

09/20/23

(4)

HSBC

JPY

407,159

USD

2,962

09/20/23

78

Royal

Bank

of

Canada

USD

3,136

AUD

4,701

08/10/23

22

Royal

Bank

of

Canada

USD

1,059

AUD

1,550

09/20/23

(16)

Royal

Bank

of

Canada

USD

36

CAD

47

08/02/23

—

Royal

Bank

of

Canada

USD

914

CAD

1,213

09/20/23

7

Royal

Bank

of

Canada

USD

573

CHF

510

09/20/23

15

Royal

Bank

of

Canada

USD

721

EUR

662

09/20/23

8

Royal

Bank

of

Canada

USD

13

JPY

1,875

08/10/23

—

Royal

Bank

of

Canada

AUD

4,701

USD

3,136

08/10/23

(23)

Royal

Bank

of

Canada

CAD

4,247

USD

3,209

08/10/23

(12)

Royal

Bank

of

Canada

CHF

3,930

USD

4,442

09/20/23

(87)

Royal

Bank

of

Canada

DKK

6,388

USD

935

09/20/23

(11)

Royal

Bank

of

Canada

GBP

789

USD

1,002

09/20/23

(11)

Royal

Bank

of

Canada

GBP

2,120

USD

2,710

09/20/23

(11)

Royal

Bank

of

Canada

HKD

14,119

USD

1,807

09/20/23

(4)

Royal

Bank

of

Canada

JPY

388,404

USD

2,699

08/10/23

(35)

Royal

Bank

of

Canada

JPY

407,159

USD

2,961

09/20/23

78

State

Street

USD

66

BRL

311

08/01/23

—

State

Street

USD

41

GBP

32

08/10/23

—

State

Street

USD

5,827

GBP

4,584

08/10/23

58

State

Street

USD

67

HKD

520

08/01/23

—

State

Street

USD

76

KRW

96,972

08/01/23

—

State

Street

USD

169

KRW

215,007

08/01/23

(1)

State

Street

USD

73

SEK

778

09/20/23

1

State

Street

BRL

364

USD

77

08/01/23

—

State

Street

EUR

26

USD

29

08/10/23

—

State

Street

EUR

2,463

USD

2,679

08/10/23

(30)

State

Street

EUR

150

USD

165

09/21/23

(1)

State

Street

EUR

5,625

USD

6,170

09/21/23

(30)

State

Street

EUR

5,625

USD

6,170

09/21/23

(30)

State

Street

GBP

2,650

USD

3,394

09/21/23

(7)

State

Street

PHP

3,931

USD

72

08/02/23

—

State

Street

TWD

2,626

USD

84

08/01/23

—

State

Street

TWD

4,257

USD

135

08/01/23

—

State

Street

TWD

18,004

USD

573

08/01/23

—

Toronto

Dominion

Bank

USD

1,062

AUD

1,550

09/20/23

(18)

Toronto

Dominion

Bank

USD

914

CAD

1,213

09/20/23

6

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

423

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Toronto

Dominion

Bank

USD

574

CHF

510

09/20/23

14

Toronto

Dominion

Bank

USD

722

EUR

662

09/20/23

8

Toronto

Dominion

Bank

DKK

6,388

USD

935

09/20/23

(10)

Toronto

Dominion

Bank

GBP

789

USD

1,002

09/20/23

(10)

Toronto

Dominion

Bank

HKD

14,119

USD

1,807

09/20/23

(4)

Toronto

Dominion

Bank

JPY

407,159

USD

2,964

09/20/23

80

UBS

USD

1,062

AUD

1,550

09/20/23

(19)

UBS

USD

914

CAD

1,213

09/20/23

6

UBS

USD

152

CHF

132

08/10/23

(1)

UBS

USD

574

CHF

510

09/20/23

14

UBS

USD

722

EUR

662

09/20/23

7

UBS

CHF

8,053

USD

8,996

08/10/23

(247)

UBS

DKK

6,388

USD

936

09/20/23

(9)

UBS

EUR

5,660

USD

6,323

09/20/23

85

UBS

GBP

789

USD

1,003

09/20/23

(10)

UBS

HKD

14,119

USD

1,807

09/20/23

(4)

UBS

JPY

407,159

USD

2,966

09/20/23

82

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

121

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

34,000

(1.000%)

(2)

06/20/28

2,337

(1,043)

1,294

CDX

NA

High

Yield

Index

Bank

of

America

USD

17,100

(5.000%)

(2)

06/20/28

(346)

(259)

(605)

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

1,991

(1,302)

689

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

$

Ally

Financial,

Inc.

Morgan

Stanley

1.116%

USD

243

5.000%

(2)

12/20/28

25

3

28

Altice

France

SA

Morgan

Stanley

0.668%

EUR

213

5.000%

(2)

06/20/28

(26)

(52)

(78)

Anglo

American

PLC

Morgan

Stanley

1.161%

EUR

30

5.000%

(2)

12/20/28

5

—

5

Arcelor

Mittal

Morgan

Stanley

1.141%

EUR

120

5.000%

(2)

12/20/28

17

2

19

Avis

Budget

Group,

Inc.

Morgan

Stanley

1.070%

USD

60

5.000%

(2)

12/20/28

4

—

4

Calpine

Corp.

Morgan

Stanley

1.038%

USD

223

5.000%

(2)

12/20/27

2

6

8

Cellnex

Telecom,

SA

Morgan

Stanley

1.150%

EUR

100

5.000%

(2)

12/20/28

16

—

16

Cleveland-Cliffs,

Inc.

Morgan

Stanley

1.088%

USD

225

5.000%

(2)

12/20/28

17

3

20

CNH

Industrial

NV

Morgan

Stanley

1.161%

EUR

100

5.000%

(2)

12/20/28

18

—

18

CSC

Holdings,

LLC

Morgan

Stanley

0.607%

USD

100

5.000%

(2)

12/20/27

(5)

(34)

(39)

Ford

Motor

Co.

Morgan

Stanley

1.103%

USD

300

5.000%

(2)

12/20/28

29

2

31

Forvia

Goldman

Sachs

2.603%

EUR

100

5.000%

(2)

12/20/28

8

4

12

General

Motors

Co.

Morgan

Stanley

1.147%

USD

180

5.000%

(2)

12/20/28

25

1

26

KB

Home

Morgan

Stanley

1.148%

USD

88

5.000%

(2)

12/20/28

13

—

13

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

424

Multi-Asset

Growth

Strategy

Fund

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

-

Purchase

Protection

Macys,

Inc.

Morgan

Stanley

0.872%

USD

200

1.000%

(2)

12/20/28

(27)

1

(26)

Navient

Corp.

Morgan

Stanley

1.052%

USD

300

5.000%

(2)

12/20/28

11

4

15

Nordstrom,

Inc.

Morgan

Stanley

0.837%

USD

250

1.000%

(2)

12/20/28

(36)

(5)

(41)

NRG

Energy,

Inc.

Morgan

Stanley

1.070%

USD

427

5.000%

(2)

12/20/28

24

6

30

OI

European

Group

BV

JPMorgan

Chase

2.582%

EUR

198

5.000%

(2)

12/20/28

20

4

24

Renault

Morgan

Stanley

0.984%

EUR

100

1.000%

(2)

12/20/26

(2)

—

(2)

Rexel

USA

Morgan

Stanley

1.162%

EUR

250

5.000%

(2)

12/20/28

38

7

45

Schaeffler

AG

Morgan

Stanley

1.913%

EUR

75

5.000%

(2)

12/20/28

11

1

12

Stellantis

NV

Morgan

Stanley

1.169%

EUR

58

5.000%

(2)

12/20/28

11

—

11

Telecom

Italia

SpA

Morgan

Stanley

0.877%

EUR

375

1.000%

(2)

12/20/28

(51)

—

(51)

The

Goodyear

Tire

&

Rubber

Co.

Morgan

Stanley

1.086%

USD

478

5.000%

(2)

12/20/28

25

16

41

Thyssenkrupp

AG

Morgan

Stanley

0.988%

EUR

150

1.000%

(2)

06/20/26

(3)

1

(2)

Valeo

SA

Morgan

Stanley

0.937%

EUR

200

1.000%

(2)

12/20/28

(16)

2

(14)

Virgin

Media

Finance

PLC

Morgan

Stanley

1.031%

EUR

219

5.000%

(2)

12/20/28

2

6

8

Total

Open

Corporate

Issues

-

Sell

Protection

Contracts

155

(22)

133

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

5,245

5.000%

(2)

06/20/28

30

154

184

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

30

154

184

Total

Open

Credit

Default

Swap

Contracts

(å)

2,176

(1,170)

1,006

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

$

—

$

92,262

$

—

$

—

$

92,262

International

Debt

—

50,127

—

—

50,127

Non-US

Bonds

—

10,83

4

—

—

10,83

4

United

States

Government

Treasuries

—

5,337

—

—

5,337

Common

Stocks

Consumer

Discretionary

14,608

31,147

—

—

45,755

Consumer

Staples

6,117

9,397

—

—

15,514

Energy

7,232

3,794

—

—

11,026

Financial

Services

47,051

37,659

74

—

84,784

Health

Care

19,860

14,484

—

—

34,344

Materials

and

Processing

23,246

16,797

—

—

40,043

Producer

Durables

23,735

26,934

—

—

50,669

Technology

35,815

24,158

—

—

59,973

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

425

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

Utilities

11,317

9,964

—

—

21,281

Preferred

Stocks

837

1,425

—

—

2,262

Options

Purchased

200

—

—

—

200

Short-Term

Investments

—

21,29

9

—

63,719

85,01

8

Other

Securities

—

—

—

7,758

7,758

Total

Investments

190,018

355,618

74

71,477

617,187

Other

Financial

Instruments

Assets

Futures

Contracts

8,65

6

—

—

—

8,65

6

Foreign

Currency

Exchange

Contracts

124

844

—

—

96

8

Credit

Default

Swap

Contracts

—

1,864

—

—

1,864

A

Liabilities

Futures

Contracts

(12,405)

—

—

—

(12,405)

Options

Written

(1,730)

—

—

—

(1,730)

Foreign

Currency

Exchange

Contracts

(5)

(842)

—

—

(847)

Credit

Default

Swap

Contracts

—

(858)

—

—

(858)

Total

Other

Financial

Instruments

*

$

(5,360)

$

1,008

$

—

$

—

$

(4,352)

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Angola

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

463

Argentina

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

558

Australia

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

3,948

Austria

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

177

Azerbaijan

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

300

Bahrain

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

1,062

Belgium

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

864

Bermuda

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

601

Brazil

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

9,577

Burkina

Faso

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

338

Canada

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

9,708

Chile

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

1,658

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

426

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

China

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

24,537

Colombia

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

1,346

Costa

Rica

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

417

Cyprus

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

97

Denmark

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

5,100

Dominican

Republic

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

1,039

Ecuador

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

380

Egypt

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

717

El

Salvador

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

258

Finland

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

2,115

France

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

14,804

Gabon

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

169

Germany

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

7,899

Ghana

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

1,556

Greece

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

776

Guatemala

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

714

Hong

Kong

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

4,389

Hungary

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

901

India

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

9,312

Indonesia

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

5,342

Ireland

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

5,037

Israel

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

752

Italy

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

4,123

Ivory

Coast

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

122

Japan

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

35,374

Jordan

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

312

Kazakhstan

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

1,475

Kenya

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

349

Luxembourg

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

2,129

Macao

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

1,868

Malaysia

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

1,091

Mexico

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

4,350

Mongolia

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

175

Montenegro

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

113

Morocco

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

286

Myanmar

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

74

Netherlands

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

7,469

New

Zealand

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

145

Nigeria

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

806

Norway

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

779

Oman

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

1,071

Pakistan

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

265

Panama

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

1,140

Paraguay

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

729

Peru

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

1,340

Philippines

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

2,157

Poland

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

1,269

Portugal

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

241

Puerto

Rico

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

1,666

Qatar

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

1,298

Romania

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

773

Russia

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

—

Saudi

Arabia

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

2,954

Senegal

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

150

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

427

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Serbia

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

271

Singapore

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

1,925

South

Africa

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

4,968

South

Korea

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

11,296

Spain

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

3,531

Sri

Lanka

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

299

Sweden

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

5,826

Switzerland

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

7,515

Taiwan

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

9,400

Thailand

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

1,308

Turkey

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

2,312

Ukraine

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

796

United

Arab

Emirates

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

1,956

United

Kingdom

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

21,680

United

States

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

349,008

Uruguay

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

897

Uzbekistan

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

164

Zambia

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

1,031

Total

Investments

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

617,187

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

428

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

95.8%

Consumer

Discretionary

-

13.3%

Amazon.com,

Inc.(Æ)

109,972

14,701

Amerco,

Inc.

3,474

199

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

95

4

AutoNation,

Inc.(Æ)

2,050

330

AutoZone,

Inc.(Æ)

306

759

Axon

Enterprise,

Inc.(Æ)

1,550

288

Bath

&

Body

Works,

Inc.

13,732

509

Best

Buy

Co.,

Inc.

6,917

574

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

3,827

254

BorgWarner,

Inc.

9,156

426

Boyd

Gaming

Corp.

4,914

336

Brunswick

Corp.

3,531

305

Cable

One,

Inc.

114

83

Caesars

Entertainment,

Inc.(Æ)

3,014

178

Capri

Holdings,

Ltd.(Æ)

5,595

206

CarMax,

Inc.(Æ)

4,504

372

Charter

Communications,

Inc.

Class

A(Æ)

2,348

951

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

571

1,120

Churchill

Downs,

Inc.

896

104

Comcast

Corp.

Class

A

63,344

2,867

Costco

Wholesale

Corp.

4,273

2,396

Coupang,

Inc.(Æ)

18,666

339

Crocs,

Inc.(Æ)

1,746

189

Curtiss-Wright

Corp.

1,058

202

Deckers

Outdoor

Corp.(Æ)

910

495

Dick's

Sporting

Goods,

Inc.

3,406

480

Dollar

General

Corp.

516

87

Dollar

Tree,

Inc.(Æ)

1,028

159

DR

Horton,

Inc.

11,507

1,462

DraftKings,

Inc.

Class

A(Æ)

7,230

230

eBay,

Inc.

8,179

364

Expedia

Group,

Inc.(Æ)

1,155

142

FactSet

Research

Systems,

Inc.

1,610

700

Five

Below,

Inc.(Æ)

960

200

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

1,270

146

Ford

Motor

Co.

71,558

945

Fox

Corp.

Class

A

14,397

482

Gap,

Inc.

(The)

18,270

188

Garmin,

Ltd.

5,059

536

General

Motors

Co.

29,055

1,115

Genuine

Parts

Co.

4,604

717

Grand

Canyon

Education,

Inc.(Æ)

2,292

249

Harley-Davidson,

Inc.

9,061

350

Hilton

Worldwide

Holdings,

Inc.

2,487

387

Home

Depot,

Inc.

(The)

7,708

2,573

Interpublic

Group

of

Cos.,

Inc.

(The)

19,944

683

Kohl's

Corp.

7,128

203

Las

Vegas

Sands

Corp.

1,986

119

Lear

Corp.

2,115

327

Leggett

&

Platt,

Inc.

3,991

117

Lennar

Corp.

Class

A

8,150

1,034

Liberty

Broadband

Corp.

Class

C(Æ)

1,505

134

Liberty

Media

Corp.

Class

C(Æ)

3,562

113

Liberty

Media

Corp.-Liberty

Formula

One

Class

C(Æ)

3,275

238

Lithia

Motors,

Inc.

Class

A

1,345

418

Live

Nation

Entertainment,

Inc.(Æ)

2,282

200

Lowe's

Cos.,

Inc.

3,331

780

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lululemon

Athletica,

Inc.(Æ)

2,184

827

Marriott

International,

Inc.

Class

A

3,686

744

Marriott

Vacations

Worldwide

Corp.

1,284

165

McDonald's

Corp.

4,753

1,394

MGM

Resorts

International

10,236

520

Netflix,

Inc.(Æ)

4,379

1,922

New

York

Times

Co.

(The)

Class

A

7,004

285

News

Corp.

Class

A

19,454

386

Nexstar

Media

Group,

Inc.

Class

A

2,160

403

Nike,

Inc.

Class

B

9,232

1,019

nVent

Electric

PLC

6,878

364

NVR,

Inc.(Æ)

149

940

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

1,828

133

Omnicom

Group,

Inc.

8,381

709

O'Reilly

Automotive,

Inc.(Æ)

805

745

Paramount

Global

Class

B

8,551

137

Penn

Entertainment,

Inc.(Æ)

3,168

83

Penske

Automotive

Group,

Inc.

1,859

300

PulteGroup,

Inc.

10,818

913

PVH

Corp.

4,433

397

Ralph

Lauren

Corp.

Class

A

1,281

168

Ross

Stores,

Inc.

936

107

Royal

Caribbean

Cruises,

Ltd.(Æ)

2,711

296

Sensata

Technologies

Holding

PLC

5,184

219

Service

Corp.

International

4,005

267

Skechers

USA,

Inc.

Class

A(Æ)

5,486

305

Starbucks

Corp.

9,722

987

Tapestry,

Inc.

10,881

469

Target

Corp.

3,432

468

Tesla,

Inc.(Æ)

29,075

7,776

Texas

Roadhouse,

Inc.

Class

A

1,858

207

TJX

Cos.,

Inc.

(The)

14,780

1,279

Toll

Brothers,

Inc.

4,191

337

Tractor

Supply

Co.

3,343

749

Travel

+

Leisure

Co.

5,047

206

TripAdvisor,

Inc.(Æ)

4,785

89

Ulta

Beauty,

Inc.(Æ)

1,599

711

Walmart,

Inc.

15,528

2,482

Walt

Disney

Co.

(The)(Æ)

6,222

553

Warner

Bros

Discovery,

Inc.(Æ)

53,485

699

Whirlpool

Corp.

1,531

221

Williams-Sonoma,

Inc.

3,841

533

Wingstop,

Inc.

532

90

World

Wrestling

Entertainment,

Inc.

Class

A

1,264

133

Wynn

Resorts,

Ltd.

1,004

109

YETI

Holdings,

Inc.(Æ)

2,278

97

Yum!

Brands,

Inc.

2,415

332

76,340

Consumer

Staples

-

4.9%

Albertsons

Cos.

LLC

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

Class

A

6,560

143

Altria

Group,

Inc.

8,114

368

Aramark

2,461

99

Archer-Daniels-Midland

Co.

16,587

1,409

Boston

Beer

Co.,

Inc.

Class

A(Æ)

442

164

Brown-Forman

Corp.

Class

B

-

ADR

2,082

147

Bunge,

Ltd.

3,973

432

Campbell

Soup

Co.

7,310

335

Casey's

General

Stores,

Inc.

2,362

597

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

429

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Celsius

Holdings,

Inc.(Æ)

1,474

213

Church

&

Dwight

Co.,

Inc.

7,731

740

Clorox

Co.

(The)

1,775

269

Coca-Cola

Co.

(The)

41,089

2,545

Colgate-Palmolive

Co.

3,818

291

Conagra

Brands,

Inc.

18,348

602

CVS

Health

Corp.

26,792

2,001

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

1,212

218

Flowers

Foods,

Inc.

4,901

121

General

Mills,

Inc.

8,889

664

Hershey

Co.

(The)

4,294

993

Hormel

Foods

Corp.

2,253

92

Ingredion,

Inc.

5,002

556

JM

Smucker

Co.

(The)

3,381

509

Kellogg

Co.

4,248

284

Kimberly-Clark

Corp.

2,386

308

Kraft

Heinz

Co.

(The)

25,087

908

Kroger

Co.

(The)

26,498

1,289

McCormick

&

Co.,

Inc.

3,152

282

Molson

Coors

Beverage

Co.

Class

B

7,021

490

Mondelez

International,

Inc.

Class

A

8,681

643

Monster

Beverage

Corp.(Æ)

17,331

996

PepsiCo,

Inc.

17,853

3,347

Performance

Food

Group

Co.(Æ)

2,304

138

Philip

Morris

International,

Inc.

5,401

539

Procter

&

Gamble

Co.

(The)

24,188

3,781

Reynolds

Consumer

Products,

Inc.

3,726

103

Sysco

Corp.

4,117

314

Tyson

Foods,

Inc.

Class

A

4,246

237

US

Foods

Holding

Corp.(Æ)

6,503

278

Walgreens

Boots

Alliance,

Inc.

18,270

548

27,993

Energy

-

4.2%

Cabot

Oil

&

Gas

Corp.

26,677

735

Chevron

Corp.

22,238

3,639

Devon

Energy

Corp.

16,133

871

Diamondback

Energy,

Inc.

5,129

756

Enphase

Energy,

Inc.(Æ)

2,244

341

EOG

Resources,

Inc.

9,099

1,206

EQT

Corp.

12,258

517

Exxon

Mobil

Corp.

54,529

5,848

First

Solar,

Inc.(Æ)

1,598

331

Halliburton

Co.

17,271

675

Hess

Corp.

2,165

328

HF

Sinclair

Corp.

4,216

220

Kinder

Morgan,

Inc.

26,255

465

Marathon

Oil

Corp.

18,500

486

Marathon

Petroleum

Corp.

9,707

1,291

NOV,

Inc.

11,219

225

Occidental

Petroleum

Corp.

13,775

870

ONEOK,

Inc.

2,575

173

PDC

Energy,

Inc.

2,086

158

Phillips

66

11,496

1,282

Pioneer

Natural

Resources

Co.

4,707

1,062

Plug

Power,

Inc.(Æ)(Ñ)

7,747

102

Schlumberger

NV

14,560

849

Texas

Pacific

Land

Corp.

93

140

Valero

Energy

Corp.

11,510

1,484

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Williams

Cos.,

Inc.

(The)

4,298

148

24,202

Financial

Services

-

12.1%

Affiliated

Managers

Group,

Inc.

1,040

144

Aflac,

Inc.

13,539

979

Allstate

Corp.

(The)

4,702

530

Ally

Financial,

Inc.

4,692

143

American

Express

Co.

6,516

1,100

American

Financial

Group,

Inc.

1,620

197

American

Homes

4

Rent

Class

A(ö)

6,005

225

American

International

Group,

Inc.

14,080

849

American

Tower

Corp.(ö)

2,767

527

Ameriprise

Financial,

Inc.

2,190

763

Aon

PLC

Class

A

1,734

552

Apartment

Income

REIT

Corp.(ö)

2,909

100

Apollo

Global

Management,

Inc.

5,784

473

Arch

Capital

Group,

Ltd.(Æ)

13,270

1,031

Arthur

J

Gallagher

&

Co.

3,995

858

Assurant,

Inc.

1,238

167

AvalonBay

Communities,

Inc.(ö)

959

181

AXA

Equitable

Holdings

4,874

140

Bank

of

America

Corp.

63,352

2,027

Bank

of

New

York

Mellon

Corp.

(The)

14,167

643

Bank

OZK

2,969

130

Berkshire

Hathaway,

Inc.

Class

B(Æ)

20,891

7,353

BlackRock,

Inc.

Class

A

963

712

Brighthouse

Financial,

Inc.(Æ)

2,736

143

Brown

&

Brown,

Inc.

9,698

683

Capital

One

Financial

Corp.

4,309

504

Carlyle

Group,

Inc.

(The)

5,168

184

Cboe

Global

Markets,

Inc.

4,037

564

CBRE

Group,

Inc.

Class

A(Æ)

10,999

916

Charles

Schwab

Corp.

(The)

5,281

349

Chubb,

Ltd.

6,968

1,424

Cincinnati

Financial

Corp.

3,637

391

Citigroup,

Inc.

15,120

721

Citizens

Financial

Group,

Inc.

3,907

126

CME

Group,

Inc.

Class

A

620

123

Coinbase

Global,

Inc.

Class

A(Æ)

2,717

268

Commerce

Bancshares,

Inc.

2,743

146

Crown

Castle,

Inc.(ö)

2,252

244

CubeSmart(ö)

5,777

251

Cullen/Frost

Bankers,

Inc.

570

62

Discover

Financial

Services

3,792

400

East

West

Bancorp,

Inc.

3,957

246

EastGroup

Properties,

Inc.

(ö)

625

111

EPR

Properties(ö)

2,953

132

Equinix,

Inc.(ö)

1,230

996

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

2,899

206

Equity

Residential(ö)

3,535

233

Essex

Property

Trust,

Inc.(ö)

677

165

Evercore,

Inc.

Class

A

1,168

158

Everest

Re

Group,

Ltd.

1,128

407

Extra

Space

Storage,

Inc.(ö)

2,886

403

Fidelity

National

Financial,

Inc.

9,324

365

Fifth

Third

Bancorp

4,047

118

First

American

Financial

Corp.

3,491

221

First

Citizens

BancShares,

Inc.

Class

A

324

464

First

Industrial

Realty

Trust,

Inc.(ö)

2,309

119

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

430

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Franklin

Resources,

Inc.

6,694

196

Gaming

and

Leisure

Properties,

Inc.(ö)

2,816

134

Globe

Life,

Inc.

3,328

373

Goldman

Sachs

Group,

Inc.

(The)

3,083

1,097

Hartford

Financial

Services

Group,

Inc.

9,511

684

Host

Hotels

&

Resorts,

Inc.(ö)

18,023

332

Huntington

Bancshares,

Inc.

12,415

152

Interactive

Brokers

Group,

Inc.

Class

A

2,125

186

Intercontinental

Exchange,

Inc.

4,662

535

Invesco,

Ltd.

8,886

149

Invitation

Homes,

Inc.(ö)

7,460

265

Iron

Mountain,

Inc.

(ö)

4,828

296

Janus

Henderson

Group

PLC

3,858

113

Jefferies

Financial

Group,

Inc.

5,383

198

Jones

Lang

LaSalle,

Inc.(Æ)

677

113

JPMorgan

Chase

&

Co.

35,432

5,597

Kinsale

Capital

Group,

Inc.

572

213

Lincoln

National

Corp.

5,679

159

Loews

Corp.

4,121

258

LPL

Financial

Holdings,

Inc.

2,880

661

M&T

Bank

Corp.

3,636

509

Markel

Group,

Inc.(Æ)

280

406

Marsh

&

McLennan

Cos.,

Inc.

4,819

908

MasterCard,

Inc.

Class

A

10,418

4,108

MetLife,

Inc.

8,694

547

MGIC

Investment

Corp.

15,038

252

Mid-America

Apartment

Communities,

Inc.

(ö)

1,198

179

Morgan

Stanley

11,868

1,087

Nasdaq,

Inc.

6,114

309

National

Retail

Properties,

Inc.(ö)

5,492

234

New

York

Community

Bancorp,

Inc.

10,894

151

Northern

Trust

Corp.

2,573

206

Old

Republic

International

Corp.

12,349

340

OneMain

Holdings,

Inc.

2,166

99

Pinnacle

Financial

Partners,

Inc.

1,658

126

PNC

Financial

Services

Group,

Inc.

(The)

5,585

765

Primerica,

Inc.

1,046

222

Principal

Financial

Group,

Inc.

4,358

348

Progressive

Corp.

(The)

6,674

841

Prologis,

Inc.(ö)

2,623

327

Prudential

Financial,

Inc.

3,339

322

Public

Storage(ö)

1,989

560

Raymond

James

Financial,

Inc.

4,537

499

Realty

Income

Corp.(ö)

3,858

235

Regency

Centers

Corp.(ö)

2,272

149

Regions

Financial

Corp.

8,529

174

Reinsurance

Group

of

America,

Inc.

Class

A

851

119

Rexford

Industrial

Realty,

Inc.

(ö)

3,150

174

Ryan

Specialty

Holdings,

Inc.

Class

A(Æ)

2,578

112

SEI

Investments

Co.

2,431

153

State

Street

Corp.

4,049

293

Stifel

Financial

Corp.

2,356

150

Synchrony

Financial

7,590

262

T

Rowe

Price

Group,

Inc.

4,745

585

Tradeweb

Markets,

Inc.

Class

A

2,265

185

Travelers

Cos.,

Inc.

(The)

4,699

811

Truist

Financial

Corp.

13,484

448

UDR,

Inc.(ö)

3,307

135

Unum

Group

5,523

268

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

US

Bancorp

14,517

576

VICI

Properties,

Inc.(ö)

6,092

192

Visa,

Inc.

Class

A

20,060

4,769

Voya

Financial,

Inc.

1,947

145

Webster

Financial

Corp.

3,523

167

Western

Union

Co.

(The)

28,594

348

Weyerhaeuser

Co.(ö)

21,468

731

Willis

Towers

Watson

PLC

2,394

506

Wintrust

Financial

Corp.

1,435

121

WP

Carey,

Inc.(ö)

1,744

118

WR

Berkley

Corp.

8,501

524

69,173

Health

Care

-

11.7%

10X

Genomics,

Inc.

Class

A(Æ)

1,581

100

Abbott

Laboratories

14,336

1,596

AbbVie,

Inc.

12,363

1,849

ABIOMED,

Inc.(Š)

505

—

Agilent

Technologies,

Inc.

6,907

841

Align

Technology,

Inc.(Æ)

2,121

802

AmerisourceBergen

Corp.

Class

A

2,291

428

Amgen,

Inc.

4,229

990

Baxter

International,

Inc.

3,630

164

Becton

Dickinson

&

Co.

1,507

420

Biogen,

Inc.(Æ)

3,019

816

BioMarin

Pharmaceutical,

Inc.(Æ)

3,717

327

Boston

Scientific

Corp.(Æ)

18,499

959

Bristol-Myers

Squibb

Co.

22,062

1,372

Bruker

Corp.

2,468

170

Cardinal

Health,

Inc.

5,447

498

Centene

Corp.(Æ)

15,170

1,033

Chemed

Corp.

436

227

Cigna

Group

(The)

7,286

2,150

Cooper

Cos.,

Inc.

(The)

1,714

671

Danaher

Corp.

3,855

983

Dentsply

Sirona,

Inc.

2,066

86

DexCom,

Inc.(Æ)

6,553

816

Doximity,

Inc.

Class

A(Æ)

3,621

129

Edwards

Lifesciences

Corp.(Æ)

6,725

552

Elevance

Health,

Inc.

5,454

2,572

Eli

Lilly

&

Co.

10,378

4,717

Encompass

Health

Corp.

1,020

67

Exact

Sciences

Corp.(Æ)

3,384

330

Exelixis,

Inc.(Æ)

15,607

308

Fortrea

Holdings,

Inc.(Æ)

1,521

49

Gilead

Sciences,

Inc.

12,783

973

Globus

Medical,

Inc.

Class

A(Æ)

3,559

215

HCA

Healthcare,

Inc.

2,098

572

Henry

Schein,

Inc.(Æ)

5,162

407

Hologic,

Inc.(Æ)

8,598

683

Horizon

Therapeutics

PLC(Æ)

6,603

662

Humana,

Inc.

3,053

1,395

IDEXX

Laboratories,

Inc.(Æ)

1,758

975

Incyte

Corp.(Æ)

3,475

221

Inspire

Medical

Systems,

Inc.(Æ)

701

202

Insulet

Corp.(Æ)

1,326

367

Intuitive

Surgical,

Inc.(Æ)

3,450

1,119

IQVIA

Holdings,

Inc.(Æ)

1,661

372

Jazz

Pharmaceuticals

PLC(Æ)

1,492

195

Johnson

&

Johnson

29,207

4,893

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

431

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Laboratory

Corp.

of

America

Holdings

1,521

325

Masimo

Corp.(Æ)

881

108

McKesson

Corp.

1,901

765

Medpace

Holdings,

Inc.(Æ)

492

125

Medtronic

PLC

4,750

417

Merck

&

Co.,

Inc.

34,772

3,708

Moderna,

Inc.(Æ)

3,180

374

Molina

Healthcare,

Inc.(Æ)

1,797

547

Neurocrine

Biosciences,

Inc.(Æ)

3,159

322

Penumbra,

Inc.(Æ)

925

281

Pfizer,

Inc.

83,037

2,994

Qiagen

NV(Æ)

2,880

135

Quest

Diagnostics,

Inc.

5,828

788

QuidelOrtho

Corp.(Æ)

1,061

93

Regeneron

Pharmaceuticals,

Inc.(Æ)

1,152

855

ResMed,

Inc.

3,818

849

Seagen,

Inc.(Æ)

1,684

323

ShockWave

Medical,

Inc.(Æ)

1,112

290

STERIS

PLC

1,376

310

Stryker

Corp.

3,318

940

Syneos

Health,

Inc.

Class

A(Æ)

3,736

158

Teleflex,

Inc.

803

202

Thermo

Fisher

Scientific,

Inc.

2,904

1,593

United

Therapeutics

Corp.(Æ)

3,175

771

UnitedHealth

Group,

Inc.

11,565

5,856

Universal

Health

Services,

Inc.

Class

B

1,909

265

Veeva

Systems,

Inc.

Class

A(Æ)

2,793

570

Vertex

Pharmaceuticals,

Inc.(Æ)

3,995

1,408

Viatris,

Inc.

36,321

382

Waters

Corp.(Æ)

815

225

West

Pharmaceutical

Services,

Inc.

1,349

496

Zimmer

Biomet

Holdings,

Inc.

3,045

421

Zoetis,

Inc.

Class

A

5,532

1,041

67,210

Materials

and

Processing

-

5.2%

Acuity

Brands,

Inc.

2,035

336

Advanced

Drainage

Systems,

Inc.

823

100

Air

Products

&

Chemicals,

Inc.

3,116

951

Albemarle

Corp.

2,796

594

Amcor

PLC

21,726

223

AptarGroup,

Inc.

2,425

295

Berry

Plastics

Group,

Inc.

6,333

415

Builders

FirstSource,

Inc.(Æ)

6,744

974

Carrier

Global

Corp.

11,190

666

Celanese

Corp.

Class

A

3,102

389

CF

Industries

Holdings,

Inc.

8,338

684

Chemours

Co.

(The)

10,639

394

Cleveland-Cliffs,

Inc.(Æ)

15,362

271

Copart,

Inc.(Æ)

11,533

1,019

Darling

Ingredients,

Inc.(Æ)

3,004

208

Dow,

Inc.

17,989

1,016

DuPont

de

Nemours,

Inc.

2,749

213

Eagle

Materials,

Inc.

2,168

400

Eastman

Chemical

Co.

4,027

345

Ecolab,

Inc.

1,904

349

Element

Solutions,

Inc.

6,819

143

Fastenal

Co.

11,487

673

Ferguson

PLC

1,559

252

FMC

Corp.

2,508

241

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fortune

Brands

Innovations,

Inc.

2,644

188

Freeport-McMoRan,

Inc.

10,990

491

General

Electric

Co.

6,284

718

Graphic

Packaging

Holding

Co.

11,124

269

Huntsman

Corp.

5,619

167

International

Flavors

&

Fragrances,

Inc.

1,489

126

International

Paper

Co.

9,122

329

Johnson

Controls

International

PLC

4,358

303

Linde

PLC

2,961

1,157

LKQ

Corp.

13,046

715

Louisiana-Pacific

Corp.

3,966

302

LyondellBasell

Industries

Class

A

8,343

825

Martin

Marietta

Materials,

Inc.

1,201

536

Masco

Corp.

6,378

387

MDU

Resources

Group,

Inc.

10,801

239

Mohawk

Industries,

Inc.(Æ)

1,594

170

Mosaic

Co.

(The)

9,545

389

NewMarket

Corp.

220

99

Nucor

Corp.

8,469

1,457

Olin

Corp.

7,302

421

Owens

Corning

5,540

776

Packaging

Corp.

of

America

3,983

611

Pool

Corp.

663

255

PPG

Industries,

Inc.

3,795

546

Reliance

Steel

&

Aluminum

Co.

3,433

1,005

RPM

International,

Inc.

3,699

382

Sealed

Air

Corp.

2,698

123

Silgan

Holdings,

Inc.

1,496

66

SiteOne

Landscape

Supply,

Inc.(Æ)

1,188

202

Sonoco

Products

Co.

6,072

356

Southern

Copper

Corp.

2,169

190

Steel

Dynamics,

Inc.

9,546

1,017

Timken

Co.

(The)

4,164

387

Trane

Technologies

PLC

2,532

505

Trex

Co.,

Inc.(Æ)

3,883

269

United

States

Steel

Corp.

11,931

304

Univar

Solutions,

Inc.

-

ADR(Æ)

9,718

351

Valmont

Industries,

Inc.

866

229

Valvoline,

Inc.

6,367

242

Vulcan

Materials

Co.

2,691

593

Watsco,

Inc.

1,131

428

Westlake

Chemical

Corp.

1,494

205

Westrock

Co.

3,714

124

29,605

Producer

Durables

-

9.8%

3M

Co.

9,149

1,020

AECOM

3,146

274

AGCO

Corp.

2,927

390

Alaska

Air

Group,

Inc.(Æ)

2,680

130

Allison

Transmission

Holdings,

Inc.

Class

A

2,521

148

American

Airlines

Group,

Inc.(Æ)

30,176

505

Ametek,

Inc.

4,517

716

Amphenol

Corp.

Class

A

10,977

969

AO

Smith

Corp.

5,624

408

Automatic

Data

Processing,

Inc.

3,853

953

Avery

Dennison

Corp.

1,712

315

Block,

Inc.

Class

A(Æ)

7,380

594

Booz

Allen

Hamilton

Holding

Corp.

Class

A

3,035

367

Caterpillar,

Inc.

3,690

978

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

432

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CH

Robinson

Worldwide,

Inc.

4,499

451

Cintas

Corp.

1,947

977

Clean

Harbors,

Inc.(Æ)

1,380

229

CoStar

Group,

Inc.(Æ)

5,088

427

Crane

Co.

1,802

169

CSX

Corp.

12,475

416

Cummins,

Inc.

3,361

877

Deere

&

Co.

2,968

1,275

Delta

Air

Lines,

Inc.

13,739

636

Donaldson

Co.,

Inc.

4,112

258

Dover

Corp.

2,820

412

Eaton

Corp.

PLC

4,429

909

EMCOR

Group,

Inc.

1,676

360

Emerson

Electric

Co.

7,783

711

Equifax,

Inc.

1,210

247

Expeditors

International

of

Washington,

Inc.

7,748

986

FedEx

Corp.

6,331

1,709

FleetCor

Technologies,

Inc.(Æ)

1,326

330

Fortive

Corp.

8,271

648

FTI

Consulting,

Inc.(Æ)

1,386

243

Gartner,

Inc.(Æ)

1,795

635

General

Dynamics

Corp.

4,533

1,014

Gentex

Corp.

9,384

315

Global

Payments,

Inc.

1,310

144

Graco,

Inc.

6,024

478

HEICO

Corp.

1,515

267

Honeywell

International,

Inc.

3,807

739

Howmet

Aerospace,

Inc.

5,032

257

Hubbell,

Inc.

Class

B

1,984

619

Huntington

Ingalls

Industries,

Inc.

1,209

278

IDEX

Corp.

2,128

481

Illinois

Tool

Works,

Inc.

2,807

739

Ingersoll

Rand,

Inc.

4,090

267

JB

Hunt

Transport

Services,

Inc.

3,428

699

Keysight

Technologies,

Inc.(Æ)

5,432

875

Knight-Swift

Transportation

Holdings,

Inc.

8,727

530

L3Harris

Technologies,

Inc.

1,389

263

Lamb

Weston

Holdings,

Inc.

3,056

317

Landstar

System,

Inc.

943

192

Lincoln

Electric

Holdings,

Inc.

2,244

450

Littelfuse,

Inc.

572

174

ManpowerGroup,

Inc.

1,782

141

MarketAxess

Holdings,

Inc.

417

112

Mettler-Toledo

International,

Inc.(Æ)

435

547

Middleby

Corp.(Æ)

1,011

154

Moody's

Corp.

1,385

489

Morningstar,

Inc.

747

172

MSC

Industrial

Direct

Co.,

Inc.

Class

A

2,696

272

National

Instruments

Corp.

1,491

88

Nordson

Corp.

1,576

397

Norfolk

Southern

Corp.

1,020

238

Northrop

Grumman

Corp.

639

284

Old

Dominion

Freight

Line,

Inc.

2,402

1,008

Oshkosh

Corp.

2,462

227

Otis

Worldwide

Corp.

4,755

433

PACCAR

Financial

Corp.

17,802

1,533

Parker-Hannifin

Corp.

1,411

579

Paychex,

Inc.

7,807

980

Paylocity

Holding

Corp.(Æ)

727

165

Pentair

PLC

5,866

408

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Quanta

Services,

Inc.

4,242

855

Regal

Rexnord

Corp.

2,742

428

Republic

Services,

Inc.

Class

A

3,492

528

Robert

Half

International,

Inc.

5,093

378

Rockwell

Automation,

Inc.

1,357

456

Rollins,

Inc.

10,211

417

Ryder

System,

Inc.

3,441

352

S&P

Global,

Inc.

2,754

1,086

Saia,

Inc.(Æ)

303

128

Snap-on,

Inc.

3,361

916

Southwest

Airlines

Co.

14,572

498

Stanley

Black

&

Decker,

Inc.

3,884

386

Teledyne

Technologies,

Inc.(Æ)

1,213

466

Tetra

Tech,

Inc.

722

122

Textron,

Inc.

9,855

766

Toast,

Inc.

Class

A(Æ)

9,276

205

TopBuild

Corp.(Æ)

1,045

286

Toro

Co.

(The)

5,033

512

Trade

Desk,

Inc.

(The)

Class

A(Æ)

10,668

974

TransDigm

Group,

Inc.

414

372

TransUnion

2,960

236

Trimble

Navigation,

Ltd.(Æ)

6,285

338

Union

Pacific

Corp.

1,986

461

United

Airlines

Holdings,

Inc.(Æ)

11,040

600

United

Parcel

Service,

Inc.

Class

B

4,905

918

United

Rentals,

Inc.

2,306

1,072

Verisk

Analytics,

Inc.

Class

A

1,480

339

Vertiv

Holdings

Co.

5,264

137

Waste

Management,

Inc.

6,021

986

WESCO

International,

Inc.

1,692

297

Westinghouse

Air

Brake

Technologies

Corp.

4,274

506

WEX,

Inc.(Æ)

782

148

WillScot

Mobile

Mini

Holdings

Corp.(Æ)

5,470

262

WW

Grainger,

Inc.

1,463

1,080

Xylem,

Inc.

2,504

282

Zebra

Technologies

Corp.

Class

A(Æ)

1,013

312

56,102

Technology

-

32.1%

Accenture

PLC

Class

A

6,279

1,986

Activision

Blizzard,

Inc.

8,849

821

Adobe,

Inc.(Æ)

3,263

1,782

Advanced

Micro

Devices,

Inc.(Æ)

14,647

1,676

Airbnb,

Inc.

Class

A(Æ)

5,216

794

Akamai

Technologies,

Inc.(Æ)

2,151

203

Allegion

PLC

1,694

198

Alphabet,

Inc.

Class

A(Æ)

100,463

13,333

Alphabet,

Inc.

Class

C(Æ)

32,978

4,390

Alteryx,

Inc.

Class

A(Æ)

2,191

91

Amdocs,

Ltd.

7,697

721

Analog

Devices,

Inc.

7,605

1,517

Ansys,

Inc.(Æ)

1,475

505

Apple,

Inc.

191,575

37,635

Applied

Materials,

Inc.

9,064

1,374

AppLovin

Corp.

Class

A(Æ)

5,973

188

Arista

Networks,

Inc.(Æ)

6,128

950

Arrow

Electronics,

Inc.(Æ)

4,106

585

Atlassian

Corp.

Class

A(Æ)

648

118

Autodesk,

Inc.(Æ)

1,190

252

Avnet,

Inc.

6,184

300

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

433

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bentley

Systems,

Inc.

Class

B

2,353

127

Bill.com

Holdings,

Inc.(Æ)

1,598

200

Bio

Techne

Corp.

5,508

459

Booking

Holdings,

Inc.(Æ)

410

1,218

Broadcom,

Inc.

4,282

3,848

CACI

International,

Inc.

Class

A(Æ)

580

203

Cadence

Design

Systems,

Inc.(Æ)

4,978

1,165

CDW

Corp.

4,269

799

Ceridian

HCM

Holding,

Inc.(Æ)

2,431

172

Ciena

Corp.(Æ)

4,892

206

Cirrus

Logic,

Inc.(Æ)

1,237

100

Cisco

Systems,

Inc.

51,995

2,706

Cloudflare,

Inc.

Class

A(Æ)

5,189

357

Cognex

Corp.

3,787

207

Cognizant

Technology

Solutions

Corp.

Class

A

16,609

1,097

Concentrix

Corp.

2,913

243

Conduent,

Inc.

Class

A(Æ)

3,052

105

Corning,

Inc.

12,271

417

Crane

NXT

Co.

1,802

107

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

1,731

280

Datadog,

Inc.

Class

A(Æ)

4,152

485

Dolby

Laboratories,

Inc.

Class

A

1,887

167

DoorDash,

Inc.

Class

A(Æ)

8,290

753

DoubleVerify

Holdings,

Inc.(Æ)

2,734

115

DXC

Technology

Co.(Æ)

7,076

196

Dynatrace,

Inc.(Æ)

5,630

308

Electronic

Arts,

Inc.

3,485

475

Elisa

OYJ

7,447

581

EPAM

Systems,

Inc.(Æ)

1,414

335

F5,

Inc.(Æ)

1,943

308

Fair

Isaac

Corp.(Æ)

517

433

Fidelity

National

Information

Services,

Inc.

9,740

588

Fiserv,

Inc.(Æ)

7,253

915

Five9,

Inc.(Æ)

1,943

171

Fortinet,

Inc.(Æ)

7,038

547

GCI

Liberty,

Inc.(Æ)(Š)

7,417

—

Genpact,

Ltd.

4,195

151

GlobalFoundries,

Inc.(Æ)(Ñ)

3,695

235

Globant

SA(Æ)

1,379

241

Hewlett

Packard

Enterprise

Co.

62,362

1,084

HP,

Inc.

34,291

1,126

HubSpot,

Inc.(Æ)

1,111

645

Intel

Corp.

42,032

1,504

International

Business

Machines

Corp.

4,341

626

Intuit,

Inc.

2,724

1,394

Jabil

Circuit,

Inc.

6,623

733

Jack

Henry

&

Associates,

Inc.

2,524

423

Juniper

Networks,

Inc.

11,766

327

KBR,

Inc.

2,227

137

KLA

Corp.

1,398

719

Kyndryl

Holdings,

Inc.(Æ)

4,279

58

Lam

Research

Corp.

1,432

1,029

Lattice

Semiconductor

Corp.(Æ)

4,056

369

Leidos

Holdings,

Inc.

3,866

362

Manhattan

Associates,

Inc.(Æ)

1,544

294

Marvell

Technology,

Inc.

6,380

416

Meta

Platforms,

Inc.

Class

A(Æ)

27,616

8,798

Microchip

Technology,

Inc.

7,445

699

Micron

Technology,

Inc.

18,228

1,301

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Microsoft

Corp.

96,917

32,556

MKS

Instruments,

Inc.

2,434

266

MongoDB,

Inc.(Æ)

967

409

Monolithic

Power

Systems,

Inc.

1,057

591

Motorola

Solutions,

Inc.

2,678

768

MSCI,

Inc.

Class

A

1,001

549

nCino,

Inc.(Æ)

3,423

111

Nutanix,

Inc.

Class

A(Æ)

5,040

152

NVIDIA

Corp.

29,346

13,713

Okta,

Inc.(Æ)

2,319

178

ON

Semiconductor

Corp.(Æ)

12,444

1,341

Oracle

Corp.

16,480

1,932

Palantir

Technologies,

Inc.

Class

A(Æ)

45,824

909

Palo

Alto

Networks,

Inc.(Æ)

4,112

1,028

Paycom

Software,

Inc.

1,427

526

Pinterest,

Inc.

Class

A(Æ)

11,719

340

Procore

Technologies,

Inc.(Æ)

1,843

140

PTC,

Inc.(Æ)

2,257

329

Pure

Storage,

Inc.

Class

A(Æ)

6,919

256

Qorvo,

Inc.(Æ)

5,416

596

QUALCOMM,

Inc.

7,264

960

Roper

Technologies,

Inc.

1,213

598

Salesforce,

Inc.(Æ)

8,450

1,901

Science

Applications

International

Corp.

1,080

131

ServiceNow,

Inc.(Æ)

2,160

1,259

Skyworks

Solutions,

Inc.

5,850

669

Smartsheet,

Inc.

Class

A(Æ)

3,071

136

Snowflake,

Inc.

Class

A(Æ)

2,604

463

Splunk,

Inc.(Æ)

1,512

164

Spotify

Technology

SA(Æ)

2,189

327

SS&C

Technologies

Holdings,

Inc.

8,770

511

SYNNEX

Corp.

3,111

307

Synopsys,

Inc.(Æ)

2,522

1,139

Take-Two

Interactive

Software,

Inc.(Æ)

2,381

364

Teradata

Corp.(Æ)

2,887

164

Teradyne,

Inc.

3,590

405

Texas

Instruments,

Inc.

8,201

1,476

Tyler

Technologies,

Inc.(Æ)

1,063

422

Uber

Technologies,

Inc.(Æ)

17,090

845

Universal

Display

Corp.

741

108

VeriSign,

Inc.(Æ)

1,481

312

VMware,

Inc.

Class

A(Æ)

3,447

543

Western

Digital

Corp.(Æ)

11,865

505

Workday,

Inc.

Class

A(Æ)

3,110

738

Zoom

Video

Communications,

Inc.

Class

A(Æ)

3,087

226

Zscaler,

Inc.(Æ)

729

117

183,963

Utilities

-

2.5%

Alliant

Energy

Corp.

2,196

118

American

Water

Works

Co.,

Inc.

1,310

193

APA

Corp.

2,785

113

AT&T,

Inc.

88,934

1,291

Atmos

Energy

Corp.

4,369

532

Avangrid,

Inc.

1,400

52

Cheniere

Energy,

Inc.

1,502

243

Chesapeake

Energy

Corp.

3,367

284

CMS

Energy

Corp.

4,365

266

ConocoPhillips

Co.

18,129

2,134

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

434

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Consolidated

Edison,

Inc.

5,859

556

Dominion

Energy,

Inc.

1,768

95

DTE

Energy

Co.

2,304

263

Duke

Energy

Corp.

2,534

237

Edison

International

5,132

369

Entergy

Corp.

6,005

617

Essential

Utilities,

Inc.

2,076

88

Eversource

Energy

2,983

216

Exelon

Corp.

16,598

695

Hawaiian

Electric

Industries,

Inc.

3,136

120

IDACORP,

Inc.

1,323

136

Iridium

Communications,

Inc.

1,700

89

National

Fuel

Gas

Co.

3,411

181

NextEra

Energy,

Inc.

12,538

919

Ovintiv,

Inc.

3,706

171

Pinnacle

West

Capital

Corp.

3,862

320

Public

Service

Enterprise

Group,

Inc.

3,096

195

Sempra

Energy

3,529

526

Southern

Co.

(The)

5,732

415

T-Mobile

USA,

Inc.(Æ)

7,028

968

UGI

Corp.

2,585

70

Verizon

Communications,

Inc.

46,936

1,600

WEC

Energy

Group,

Inc.

3,663

329

Xcel

Energy,

Inc.

4,603

289

14,690

Total

Common

Stocks

(cost

$304,833)

549,278

Short-Term

Investments

-

1.8%

U.S.

Cash

Management

Fund(@)

10,431,546

(∞)

10,427

Total

Short-Term

Investments

(cost

$10,428)

10,427

Other

Securities

-

0.1%

U.S.

Cash

Collateral

Fund(@)(×)

323,175

(∞)

323

Total

Other

Securities

(cost

$323)

323

Total

Investments

-

97.7%

(identified

cost

$315,584)

560,028

Other

Assets

and

Liabilities,

Net

-

2.3%

13,148

Net

Assets

-

100.0%

573,176

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

435

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

80

USD

18,458

09/23

326

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

326

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

$

76,340

$

—

$

—

$

—

$

76,340

Consumer

Staples

27,993

—

—

—

27,993

Energy

24,202

—

—

—

24,202

Financial

Services

69,173

—

—

—

69,173

Health

Care

67,210

—

—

—

67,210

Materials

and

Processing

29,605

—

—

—

29,605

Producer

Durables

56,102

—

—

—

56,102

Technology

183,963

—

—

—

183,963

Utilities

14,690

—

—

—

14,690

Short-Term

Investments

—

—

—

10,427

10,427

Other

Securities

—

—

—

323

323

Total

Investments

549,278

—

—

10,750

560,028

Other

Financial

Instruments

Assets

Futures

Contracts

326

—

—

—

326

Total

Other

Financial

Instruments

*

$

326

$

—

$

—

$

—

$

326

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

436

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

94.4%

Australia

-

5.8%

Ampol

,

Ltd.

5,201

115

APA

Group

17,930

121

Aristocrat

Leisure,

Ltd.

10,606

281

ASX,

Ltd.

-

ADR

8,459

354

Aurizon

Holdings,

Ltd.

98,021

251

Australia

&

New

Zealand

Banking

Group,

Ltd.

-

ADR

34,411

596

BHP

Group,

Ltd.

-

ADR

67,623

2,108

BlueScope

Steel,

Ltd.

14,190

208

Brambles,

Ltd.

31,322

296

Cochlear,

Ltd.

1,373

221

Coles

Group,

Ltd.

22,440

274

Commonwealth

Bank

of

Australia

-

ADR

14,560

1,036

Computershare,

Ltd.

5,413

91

Dexus

(ö)

28,007

155

Endeavour

Mining

Corp.

17,260

71

Fortescue

Metals

Group,

Ltd.

35,598

519

Goodman

Group(ö)

12,973

180

IDP

Education,

Ltd.

7,561

127

Independence

Group

NL

16,939

157

Insurance

Australia

Group,

Ltd.

63,157

252

Medibank

Pvt

,

Ltd.

153,318

362

Mineral

Resources,

Ltd.

4,147

199

Mirvac

Group(ö)

39,278

62

National

Australia

Bank,

Ltd.

-

ADR

9,517

182

Newcrest

Mining,

Ltd.

11,625

209

Northern

Star

Resources,

Ltd.

22,429

175

Pilbara

Minerals,

Ltd.

66,698

218

Qantas

Airways,

Ltd.(Æ)

11,430

50

QBE

Insurance

Group,

Ltd.

57,437

609

Ramsay

Health

Care,

Ltd.

3,593

142

REA

Group,

Ltd.

1,471

156

Rio

Tinto

PLC

13,884

917

Rio

Tinto,

Ltd.

-

ADR

6,577

518

Santos,

Ltd.

67,149

360

Sonic

Healthcare,

Ltd.

6,168

146

South32,

Ltd.

Class

B

100,985

265

Stockland(ö)

39,004

111

Suncorp

Group,

Ltd.

53,397

511

Telstra

Group,

Ltd.

114,177

327

Transurban

Group

-

ADR(Æ)

22,440

216

Vicinity

Centres

(ö)

113,773

151

Wesfarmers,

Ltd.

6,716

225

Westpac

Banking

Corp.

33,102

497

WiseTech

Global,

Ltd.

4,086

236

Woodside

Energy

Group,

Ltd.

30,758

791

Woolworths

Group,

Ltd.

5,317

138

15,186

Austria

-

0.3%

Erste

Group

Bank

AG

3,843

145

Mondi

PLC

9,633

169

OMV

AB

4,570

206

Verbund

AG

Class

A

1,227

102

Voestalpine

AG

3,882

129

751

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Belgium

-

0.5%

Ageas

SA

4,183

177

Anheuser-Busch

InBev

SA

3,339

191

D'ieteren

SA

260

46

Elia

Group

SA

224

28

Groupe

Bruxelles

Lambert

SA

608

49

KBC

Groep

NV

2,385

179

Sofina

SA

253

60

Solvay

SA

2,282

274

UCB

SA

3,318

294

1,298

Brazil

-

0.1%

Wheaton

Precious

Metals

Corp.

3,069

138

Yara

International

ASA

5,901

241

379

Canada

-

9.8%

Alimentation

Couche-Tard,

Inc.

9,287

470

AltaGas

,

Ltd.

-

ADR

3,639

72

ARC

Resources,

Ltd.

25,208

381

Bank

of

Montreal

6,231

579

Bank

of

Nova

Scotia

(The)

9,792

493

BCE,

Inc.

1,542

67

Brookfield

Asset

Management,

Inc.

4,672

163

Brookfield

Asset

Management,

Inc.

Class

A

1

—

CAE,

Inc.(Æ)

2,536

58

Cameco

Corp.

4,932

173

Canadian

Apartment

Properties(ö)

2,499

97

Canadian

Imperial

Bank

of

Commerce

9,762

430

Canadian

National

Railway

Co.

5,622

681

Canadian

Natural

Resources,

Ltd.

18,677

1,136

Canadian

Pacific

Kansas

City,

Ltd.

9,601

790

Canadian

Tire

Corp.,

Ltd.

Class

A

1,914

263

Canadian

Utilities,

Ltd.

Class

A

2,670

66

CCL

Industries,

Inc.

Class

B

7,371

353

Cenovus

Energy,

Inc.

28,901

550

CGI

Group,

Inc.(Æ)

5,182

527

Constellation

Software,

Inc.

387

818

Descartes

System

Group,

Inc.

(The)(Æ)

1,904

148

Dollarama

,

Inc.

7,522

495

Empire

Co.,

Ltd.

Class

A

9,791

266

Enbridge,

Inc.

10,136

373

Fairfax

Financial

Holdings,

Ltd.

1,126

898

FirstService

Corp.

585

92

Fortis,

Inc.

1,258

54

Franco-Nevada

Corp.

Class

T

1,155

169

George

Weston,

Ltd.

1,679

193

GFL

Environmental,

Inc.

1,700

58

Gildan

Activewear

,

Inc.

Class

A

3,117

97

Great-West

Lifeco

,

Inc.

12,375

373

Hydro

One,

Ltd.(Þ)

1,692

48

iA

Financial

Corp.,

Inc.

4,746

329

IGM

Financial,

Inc.

1,035

32

Imperial

Oil,

Ltd.

9,405

507

Intact

Financial

Corp.

7,291

1,077

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

13,483

143

Kinross

Gold

Corp.

14,482

72

Loblaw

Cos.,

Ltd.

5,452

484

Magna

International,

Inc.

Class

A

2,031

131

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

437

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Manulife

Financial

Corp.

44,861

897

Metro,

Inc.

Class

A

4,822

260

National

Bank

of

Canada

4,833

379

Northland

Power,

Inc.

3,846

74

Nutrien

,

Ltd.

7,988

550

Nuvei

Corp.(Þ)

1,664

57

Pembina

Pipeline

Corp.

5,336

169

Power

Corp.

of

Canada

4,430

125

Quebecor,

Inc.

Class

B

9,367

229

RB

Global,

Inc.

2,638

170

Rogers

Communications,

Inc.

Class

B

3,269

143

Royal

Bank

of

Canada

-

GDR

16,007

1,587

Saputo,

Inc.

-

ADR

4,167

88

Shopify,

Inc.

Class

A(Æ)

11,221

758

Sun

Life

Financial,

Inc.

13,643

718

Suncor

Energy,

Inc.

24,548

768

TC

Energy

Corp.

8,555

307

Teck

Resources,

Ltd.

Class

B

18,287

812

TELUS

Corp.

3,519

63

TFI

International,

Inc.

2,553

328

Thomson

Reuters

Corp.

2,587

349

TMX

Group,

Ltd.

2,655

59

Toromont

Industries,

Ltd.

3,966

338

Toronto-Dominion

Bank

(The)

18,542

1,223

Tourmaline

Oil

Corp.

7,353

381

West

Fraser

Timber

Co.,

Ltd.

3,397

286

WSP

Global,

Inc.

1,939

267

25,591

Chile

-

0.2%

Antofagasta

PLC

5,185

111

Lundin

Mining

Corp.

35,328

316

427

China

-

0.4%

BOC

Hong

Kong

Holdings,

Ltd.

112,500

344

Budweiser

Brewing

Co.

APAC,

Ltd.(Þ)

20,300

49

Prosus

NV(Æ)

1,559

123

SITC

International

Holdings

Co.,

Ltd.

47,000

103

Wilmar

International,

Ltd.

71,700

209

Xinyi

Glass

Holdings,

Ltd.

76,000

126

954

Denmark

-

2.5%

AP

Moller

-

Maersk

A/S

Class

B

218

447

Carlsberg

A/S

Class

B

1,794

269

Chr

Hansen

Holding

A/S

2,055

155

Coloplast

A/S

Class

B

1,680

209

Danske

Bank

A/S

10,165

241

Demant

A/S(Æ)

3,270

131

DSV

A/S

846

169

Genmab

A/S(Æ)

888

366

Novo

Nordisk

A/S

Class

B

24,467

3,946

Novozymes

A/S

Class

B

4,689

235

Pandora

A/S

974

98

Rockwool

International

A/S

Class

B

280

75

Tryg

A/S

9,258

183

6,524

Finland

-

0.9%

Elisa

OYJ

4,572

238

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kone

OYJ

Class

B

5,975

306

Neste

OYJ

5,667

208

Nokia

OYJ

60,978

241

Nordea

Bank

Abp

55,068

623

Orion

OYJ

Class

B

1,906

73

Outotec

OYJ

18,152

206

Sampo

OYJ

Class

A

4,245

187

Stora

Enso

OYJ

Class

R

11,149

137

UPM-

Kymmene

OYJ

4,917

163

2,382

France

-

8.7%

Accor

SA

1,450

55

Adevinta

ASA

Class

B(Æ)

6,249

46

Air

Liquide

SA

Class

A

5,722

1,026

Airbus

Group

SE

2,987

440

Alstom

SA

2,320

71

Amundi

SA(Þ)

1,175

72

Arkema

SA

2,337

251

AXA

SA

21,328

656

BioMerieux

803

86

BNP

Paribas

SA

6,727

444

Bollore

SA

31,057

196

Bouygues

SA

-

ADR

9,916

355

Bureau

Veritas

SA

2,924

80

Capgemini

SE

1,200

218

Carrefour

SA

21,580

431

Cie

de

Saint-Gobain

SA

7,454

503

Credit

Agricole

SA

12,403

154

Danone

SA

4,857

297

Dassault

Aviation

SA

584

113

Dassault

Systemes

SE

10,203

437

Edenred

7,645

496

Eiffage

SA

4,531

471

Engie

SA

30,594

502

EssilorLuxottica

SA

4,318

868

Eurazeo

SE

1,310

80

Getlink

SE

5,227

92

Hermes

International

423

936

Ipsen

SA

1,278

161

Kering

810

466

Klepierre

SA

-

GDR(ö)

8,384

223

La

Francaise

des

Jeux

SAEM(Þ)

4,169

159

Legrand

SA

-

ADR

1,578

158

L'Oreal

SA

3,126

1,453

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

3,999

3,733

Michelin

(CGDE)

17,352

567

Orange

SA

-

ADR

40,323

456

Pernod

Ricard

SA

2,770

610

Publicis

Groupe

SA

-

ADR

7,367

595

Remy

Cointreau

SA

855

147

Safran

SA

1,158

192

Sartorius

Stedim

Biotech

653

204

SEB

SA

1,162

130

Societe

Generale

SA

8,598

234

Sodexo

SA

524

54

Teleperformance

-

GDR

405

59

Thales

SA

1,671

250

TotalEnergies

SE

33,875

2,058

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

438

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Valeo

SA

6,531

148

Veolia

Environnement

SA

3,902

127

Vinci

SA

8,022

943

Vivendi

SE

-

ADR

24,815

222

Worldline

SA(Æ)(Þ)

1,419

56

22,781

Germany

-

6.3%

Allianz

SE

4,704

1,124

BASF

SE

8,959

481

Bayerische

Motoren

Werke

Aktiengesellschaft

5,716

697

Bechtle

AG

1,898

83

Beiersdorf

AG

2,817

365

Brenntag

SE

3,262

253

Carl

Zeiss

Meditec

AG

503

58

Commerzbank

AG

33,905

405

Daimler

Truck

Holding

AG

7,019

263

Deutsche

Bank

AG

40,794

452

Deutsche

Boerse

AG

3,149

604

Deutsche

Lufthansa

AG(Æ)

14,533

147

Deutsche

Post

AG

16,703

858

Deutsche

Telekom

AG

62,061

1,354

E.ON

SE

37,814

479

Evonik

Industries

AG

6,557

136

Fresenius

Medical

Care

AG

&

Co.

KGaA

7,933

411

Fresenius

SE

&

Co.

KGaA

11,449

359

GEA

Group

AG

3,731

158

Hannover

Rueck

SE

2,486

531

Heidelberg

Materials

AG

6,489

526

HelloFresh

SE(Æ)

4,445

127

Henkel

AG

&

Co.

KGaA

974

68

Infineon

Technologies

AG

-

ADR

14,135

622

Knorr-

Bremse

AG

887

62

LEG

Immobilien

SE(Æ)

1,409

100

Mercedes-Benz

Group

AG

9,019

720

Merck

KGaA

1,461

257

MTU

Aero

Engines

AG

877

205

Muenchener

Rueckversicherungs-

Gesellschaft

AG

1,941

731

Newmont

Mining

Corp.

2,142

156

Puma

SE

1,786

121

Rational

AG

84

63

Rheinmetall

AG

1,062

301

SAP

SE

-

ADR

11,182

1,529

Scout24

SE(Þ)

1,728

114

Siemens

AG

6,568

1,119

Siemens

Energy

AG(Æ)

3,928

66

Siemens

Healthineers

AG(Þ)

4,320

251

Symrise

AG

1,797

196

Zalando

SE(Æ)(Þ)

2,035

70

16,622

Hong

Kong

-

2.0%

AIA

Group,

Ltd.

121,937

1,219

CK

Asset

Holdings,

Ltd.

35,330

204

CK

Infrastructure

Holdings,

Ltd.

27,001

143

Futu

Holdings,

Ltd.

-

ADR(Æ)

1,081

65

Hang

Lung

Properties,

Ltd.

-

ADR

31,068

48

Hang

Seng

Bank,

Ltd.

24,696

377

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Henderson

Land

Development

Co.,

Ltd.

22,999

71

HKT

Trust

&

HKT,

Ltd.

68,075

80

Hong

Kong

&

China

Gas

Co.,

Ltd.

127,136

109

Hong

Kong

Exchanges

&

Clearing,

Ltd.

36,816

1,551

Jardine

Matheson

Holdings,

Ltd.

1,600

79

Melco

Crown

Entertainment,

Ltd.(Æ)

(Š)

8,400

38

New

World

Development

Co.,

Ltd.

26,332

65

Power

Assets

Holdings,

Ltd.

24,679

129

Sino

Land

Co.,

Ltd.

56,414

69

Sun

Hung

Kai

Properties,

Ltd.

22,071

277

Swire

Pacific,

Ltd.

Class

A

22,317

187

Swire

Properties,

Ltd.

12,832

32

Techtronic

Industries

Co.,

Ltd.

8,848

100

WH

Group,

Ltd.(Þ)

396,789

215

Wharf

Real

Estate

Investment

Co.,

Ltd.

9,000

48

5,106

Ireland

-

0.8%

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

2,376

152

AIB

Group

PLC

42,551

200

Bank

of

Ireland

Group

PLC

35,497

375

CRH

PLC

11,684

700

Flutter

Entertainment

PLC(Æ)

828

165

Kerry

Group

PLC

Class

A

912

91

Kingspan

Group

PLC

2,395

192

Smurfit

Kappa

Group

PLC

7,312

289

2,164

Israel

-

1.0%

Bank

Hapoalim

BM

39,221

349

Bank

Leumi

Le-Israel

BM

43,642

349

Check

Point

Software

Technologies,

Ltd.(Æ)

3,810

504

Elbit

Systems,

Ltd.

1,050

223

ICL

Group,

Ltd.

27,040

180

Israel

Discount

Bank,

Ltd.

Class

A

46,648

247

Mizrahi

Tefahot

Bank,

Ltd.

5,654

204

Nice,

Ltd.(Æ)

1,724

375

Tower

Semiconductor,

Ltd.(Æ)

4,323

160

2,591

Italy

-

1.9%

Amplifon

SpA

1,732

59

Assicurazioni

Generali

SpA

20,272

432

Coca-Cola

HBC

AG

-

ADR(Æ)

10,270

302

Davide

Campari-Milano

NV

5,045

68

Enel

SpA

54,747

378

Eni

SpA

-

ADR

43,084

657

FinecoBank

Banca

Fineco

SpA

13,886

215

Infrastrutture

Wireless

Italiane

SpA

(Þ)

5,703

71

Intesa

Sanpaolo

SpA

185,841

537

Mediobanca

Banca

di

Credito

Finanziario

SpA

7,164

96

Moncler

SpA

5,240

379

Poste

Italiane

SpA

(Þ)

13,149

150

Prysmian

SpA

5,733

229

Recordati

SpA

2,760

143

Snam

Rete

Gas

SpA

52,212

275

Terna

Rete

Elettrica

Nazionale

SpA

21,960

186

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

439

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

UniCredit

SpA

30,382

769

4,946

Japan

-

19.9%

Advantest

Corp.

3,700

513

Aeon

Co.,

Ltd.

7,700

167

Aisin

Corp.

3,700

120

Ajinomoto

Co.,

Inc.

6,700

261

Asahi

Glass

Co.,

Ltd.

3,900

141

Asahi

Group

Holdings,

Ltd.

7,900

311

Asahi

Intecc

Co.,

Ltd.

5,900

121

Astellas

Pharma,

Inc.

30,700

448

Bandai

Namco

Holdings,

Inc.

15,400

348

BayCurrent

Consulting,

Inc.

6,800

220

Bridgestone

Corp.

10,900

452

Brother

Industries,

Ltd.

11,000

171

Canon,

Inc.

29,500

762

Capcom

Co.,

Ltd.

-

GDR

8,600

386

Central

Japan

Railway

Co.

800

102

Chiba

Bank,

Ltd.

(The)

16,100

113

Chubu

Electric

Power

Co.,

Inc.

24,300

305

Chugai

Pharmaceutical

Co.,

Ltd.

8,800

262

Concordia

Financial

Group,

Ltd.

21,000

96

CyberAgent

,

Inc.

13,600

86

Dai

Nippon

Printing

Co.,

Ltd.

4,300

122

Daifuku

Co.,

Ltd.

6,000

128

Dai-ichi

Life

Holdings,

Inc.

7,200

147

Daiichi

Sankyo

Co.,

Ltd.

18,700

578

Daikin

Industries,

Ltd.

2,100

424

Daito

Trust

Construction

Co.,

Ltd.

3,200

344

Daiwa

House

Industry

Co.,

Ltd.

12,400

337

Daiwa

Securities

Group,

Inc.

18,900

102

Denso

Corp.

1,800

125

Disco

Corp.

1,900

357

East

Japan

Railway

Co.

1,900

108

ENEOS

Holdings,

Inc.

62,800

228

FANUC

Corp.

3,900

120

Fast

Retailing

Co.,

Ltd.

2,100

526

Fuji

Electric

Co.,

Ltd.

2,500

113

FUJIFILM

Holdings

Corp.

2,100

123

Fujitsu,

Ltd.

1,800

233

Hakuhodo

DY

Holdings,

Inc.

8,700

100

Hamamatsu

Photonics

KK

3,300

159

Hankyu

Hanshin

Holdings,

Inc.

5,200

173

Hikari

Tsushin,

Inc.

400

59

Hirose

Electric

Co.,

Ltd.

200

25

Hitachi,

Ltd.

9,200

602

Honda

Motor

Co.,

Ltd.

22,800

728

Hoya

Corp.

5,200

603

Hulic

Co.,

Ltd.

10,000

85

Ibiden

Co.,

Ltd.

2,200

134

Idemitsu

Kosan

Co.,

Ltd.

6,000

127

Iida

Group

Holdings

Co.,

Ltd.

4,300

76

Inpex

Corp.

28,700

373

Isuzu

Motors,

Ltd.

21,200

275

ITOCHU

Corp.

20,000

810

Itochu

Techno-Solutions

Corp.

2,300

58

Japan

Exchange

Group,

Inc.

19,900

347

Japan

Post

Bank

Co.,

Ltd.

Class

A

29,400

245

Japan

Post

Holdings

Co.,

Ltd.

38,800

283

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Japan

Post

Insurance

Co.,

Ltd.

Class

A

2,400

39

Japan

Real

Estate

Investment

Corp.(ö)

12

48

Japan

Tobacco,

Inc.

27,800

616

JFE

Holdings,

Inc.

13,400

217

Kajima

Corp.

22,000

348

Kansai

Electric

Power

Co.,

Inc.

(The)

14,100

185

Kao

Corp.

5,400

206

Kawasaki

Kisen

Kaisha,

Ltd.

4,500

135

KDDI

Corp.

12,300

362

Keisei

Electric

Railway

Co.,

Ltd.

1,900

79

Keyence

Corp.

1,800

808

Kikkoman

Corp.

4,000

230

Kirin

Holdings

Co.,

Ltd.

9,200

136

Kobayashi

Pharmaceutical

Co.,

Ltd.

900

50

Koito

Manufacturing

Co.,

Ltd.

2,500

46

Komatsu,

Ltd.

6,100

171

Konami

Holdings

Corp.

2,800

157

Kose

Corp.

800

78

Kurita

Water

Industries,

Ltd.

2,200

88

Kyocera

Corp.

2,700

145

Kyowa

Kirin

Co.,

Ltd.

8,000

153

Lasertec

Corp.

1,200

182

M3,

Inc.

5,300

123

Marubeni

Corp.

38,500

683

Matsumotokiyoshi

Holdings

Co.,

Ltd.

3,300

193

Mazda

Motor

Corp.

18,500

184

McDonald's

Holdings

Co.

Japan,

Ltd.

2,800

110

MEIJI

Holdings

Co.,

Ltd.

6,000

139

MISUMI

Group,

Inc.

11,700

214

Mitsubishi

Chemical

Holdings

Corp.

25,300

151

Mitsubishi

Corp.

17,600

901

Mitsubishi

Electric

Corp.

36,500

512

Mitsubishi

Estate

Co.,

Ltd.

8,500

104

Mitsubishi

Heavy

Industries,

Ltd.

6,400

304

Mitsubishi

UFJ

Financial

Group,

Inc.

145,700

1,175

Mitsubishi

UFJ

Lease

&

Finance

Co.,

Ltd.

26,800

177

Mitsui

&

Co.,

Ltd.

22,100

866

Mitsui

Chemicals,

Inc.

3,800

109

Mitsui

Fudosan

Co.,

Ltd.

10,800

222

Mitsui

OSK

Lines,

Ltd.(Ñ)

8,600

222

Mizuho

Financial

Group,

Inc.

32,600

551

MonotaRO

Co.,

Ltd.

13,000

159

MS&AD

Insurance

Group

Holdings,

Inc.

8,200

305

Murata

Manufacturing

Co.,

Ltd.

3,500

207

NEC

Corp.

9,100

461

Nexon

Co.,

Ltd.

5,700

109

NGK

Insulators,

Ltd.

5,000

61

Nidec

Corp.

1,400

83

Nintendo

Co.,

Ltd.

9,500

430

Nippon

Building

Fund,

Inc.(ö)

10

42

Nippon

Paint

Holdings

Co.,

Ltd.

18,700

172

Nippon

Shinyaku

Co.,

Ltd.

1,200

49

Nippon

Steel

Corp.

20,200

462

Nippon

Telegraph

&

Telephone

Corp.

537,950

616

Nippon

Yusen

16,200

392

Nissan

Chemical

Corp.

3,000

135

Nissan

Motor

Co.,

Ltd.

65,800

289

Nissin

Foods

Holdings

Co.,

Ltd.

2,400

202

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

440

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nitori

Holdings

Co.,

Ltd.

1,800

222

Nitto

Denko

Corp.

3,100

221

Nomura

Holdings,

Inc.

33,600

139

Nomura

Real

Estate

Holdings,

Inc.

6,400

159

Nomura

Research

Institute,

Ltd.

2,400

68

Obayashi

Corp.

23,800

220

Obic

Co.,

Ltd.

2,200

360

Oji

Holdings

Corp.

22,400

89

Olympus

Corp.

11,800

193

Omron

Corp.

1,500

81

Ono

Pharmaceutical

Co.,

Ltd.

8,200

150

Oriental

Land

Co.,

Ltd.

8,000

307

ORIX

Corp.

21,300

410

Osaka

Gas

Co.,

Ltd.

2,400

38

Otsuka

Corp.

2,700

112

Otsuka

Holdings

Co.,

Ltd.

10,100

371

Pan

Pacific

International

Holdings

Corp.

11,900

235

Panasonic

Holdings

Corp.

27,200

336

Persol

Holdings

Co.,

Ltd.

7,800

154

Recruit

Holdings

Co.,

Ltd.

18,300

636

Renesas

Electronics

Corp.(Æ)

25,700

500

Resona

Holdings,

Inc.

53,900

294

Ricoh

Co.,

Ltd.

19,600

174

SBI

Holdings,

Inc.

5,600

118

SCSK

Corp.

3,300

55

Secom

Co.,

Ltd.

3,300

221

Seiko

Epson

Corp.

13,500

222

Sekisui

Chemical

Co.,

Ltd.

10,300

157

Sekisui

House,

Ltd.

22,900

467

Seven

&

i

Holdings

Co.,

Ltd.

10,900

453

Shimadzu

Corp.

4,000

122

Shimano,

Inc.

1,100

167

Shimizu

Corp.

20,800

143

Shin-Etsu

Chemical

Co.,

Ltd.

24,900

820

Shionogi

&

Co.,

Ltd.

2,800

117

Shiseido

Co.,

Ltd.

1,200

53

Shizuoka

Financial

Group,

Inc.

7,600

63

SoftBank

Corp.

17,100

190

SoftBank

Group

Corp.

5,900

301

Sompo

Japan

Nipponkoa

Holdings,

Inc.

6,200

274

Sony

Group

Corp.

7,100

664

Square

Enix

Holdings

Co.,

Ltd.

1,200

56

Start

Today

Co.,

Ltd.

4,000

78

Subaru

Corp.

19,092

361

Sumco

Corp.

10,500

153

Sumitomo

Corp.

25,700

551

Sumitomo

Electric

Industries,

Ltd.

22,600

290

Sumitomo

Metal

Mining

Co.,

Ltd.

4,900

170

Sumitomo

Mitsui

Financial

Group,

Inc.

16,800

792

Sumitomo

Mitsui

Trust

Holdings,

Inc.

11,800

459

Suntory

Beverage

&

Food,

Ltd.

5,000

179

Suzuki

Motor

Corp.

6,800

273

Sysmex

Corp.

3,200

217

T&D

Holdings,

Inc.

9,300

151

Taisei

Corp.

7,021

266

Takeda

Pharmaceutical

Co.,

Ltd.

18,366

562

TDK

Corp.

3,400

130

Terumo

Corp.

11,800

386

TIS,

Inc.

4,500

114

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tobu

Railway

Co.,

Ltd.

2,500

66

Toho

Co.,

Ltd.

3,200

125

Tokio

Marine

Holdings,

Inc.

22,600

518

Tokyo

Electron,

Ltd.

3,300

493

Tokyo

Gas

Co.,

Ltd.

13,600

309

Toppan

Printing

Co.,

Ltd.

4,000

94

Toray

Industries,

Inc.

41,400

232

Tosoh

Corp.

8,300

108

TOTO,

Ltd.

3,400

105

Toyota

Industries

Corp.

1,800

130

Toyota

Motor

Corp.

123,600

2,074

Toyota

Tsusho

Corp.

8,100

473

Trend

Micro,

Inc.

2,200

104

Unicharm

Corp.

8,400

311

USS

Co.,

Ltd.

7,700

133

West

Japan

Railway

Co.

2,200

90

Yakult

Honsha

Co.,

Ltd.

5,500

305

Yamaha

Motor

Co.,

Ltd.

11,100

325

Yamatake

Corp.

2,100

66

Yaskawa

Electric

Corp.

8,400

365

Yokogawa

Electric

Corp.

3,400

64

52,109

Jordan

-

0.1%

Hikma

Pharmaceuticals

PLC

10,486

281

Luxembourg

-

0.1%

ArcelorMittal

SA

12,202

353

Macao

-

0.0%

Galaxy

Entertainment

Group,

Ltd.(Æ)

12,000

87

Netherlands

-

5.3%

ABN

AMRO

Bank

NV(Þ)

7,996

136

Adyen

NV(Æ)(Þ)

464

862

Aegon

NV

31,445

171

Akzo

Nobel

NV

1,885

161

Argenx

SE(Æ)

424

214

ASM

International

NV

1,014

482

ASML

Holding

NV

4,976

3,562

Euronext

NV(Þ)

1,491

114

EXOR

NV

1,662

155

Ferrari

NV

1,657

531

Ferrovial

SA

2,653

88

Heineken

Holding

NV

4,471

367

Heineken

NV

1,946

191

IMCD

NV

691

105

ING

Groep

NV

32,350

472

Koninklijke

Ahold

Delhaize

NV

31,086

1,073

Koninklijke

KPN

NV

52,703

191

Koninklijke

Philips

NV(Æ)

22,077

459

NN

Group

NV

1,598

61

OCI

NV

2,888

82

Randstad

NV

5,666

332

Shell

PLC

101,534

3,090

Universal

Music

Group

NV

11,852

306

Wolters

Kluwer

NV

5,713

717

13,922

New

Zealand

-

0.2%

Auckland

International

Airport,

Ltd.(Æ)

8,896

46

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

441

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

8,650

132

Mercury

NZ,

Ltd.

11,618

48

Spark

New

Zealand,

Ltd.

78,590

253

Xero

,

Ltd.(Æ)

904

74

553

Norway

-

0.8%

Aker

BP

ASA

7,547

211

DNB

Bank

ASA

13,164

271

Equinor

ASA

Class

N

19,397

591

Gjensidige

Forsikring

ASA

10,203

161

Kongsberg

Gruppen

ASA

1,645

71

Mowi

ASA

9,474

167

Norsk

Hydro

ASA

30,048

197

Orkla

ASA

8,180

65

Salmar

ASA

Class

A

2,270

105

Telenor

ASA

13,794

148

1,987

Portugal

-

0.3%

Energias

de

Portugal

SA

55,688

260

Galp

Energia

SGPS

SA

Class

B

9,340

124

Jeronimo

Martins

SGPS

SA

14,999

408

792

Singapore

-

1.6%

CapitaLand

Ascendas

REIT(ö)

25,700

54

Capitaland

Investment,

Ltd.

43,500

111

CapitaLand

Mall

Trust

Class

A(Æ)(ö)

73,428

113

DBS

Group

Holdings,

Ltd.

29,697

765

Genting

Singapore,

Ltd.

74,500

53

Jardine

Cycle

&

Carriage,

Ltd.

2,400

62

Keppel

Corp.,

Ltd.

-

ADR

41,800

232

Oversea-Chinese

Banking

Corp.,

Ltd.

67,779

677

SEA,

Ltd.

-

ADR(Æ)

3,784

252

Sembcorp

Marine,

Ltd.(Æ)

1,166,095

124

Singapore

Airlines,

Ltd.

18,400

103

Singapore

Exchange,

Ltd.

10,800

79

Singapore

Technologies

Engineering,

Ltd.

36,000

101

Singapore

Telecommunications,

Ltd.

85,100

170

STMicroelectronics

NV

10,121

541

United

Overseas

Bank,

Ltd.

23,500

533

UOL

Group,

Ltd.

17,900

95

Venture

Corp.,

Ltd.

5,300

60

4,125

South

Africa

-

0.2%

Anglo

American

PLC

17,564

539

South

Korea

-

0.0%

Delivery

Hero

AG(Æ)(Þ)

1,244

56

Spain

-

1.9%

Acciona

SA

623

93

ACS

Actividades

de

Construccion

y

Servicios

SA

8,624

301

Aena

SME

SA(Þ)

311

50

Amadeus

IT

Group

SA

Class

A

1,224

88

Banco

Bilbao

Vizcaya

Argentaria

SA

-

ADR

82,141

651

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Banco

Santander

SA

-

ADR

164,140

665

CaixaBank

SA

52,536

212

Cellnex

Telecom

SA(Þ)

2,824

115

Enagas

SA

8,042

143

Endesa

SA

-

ADR

3,733

80

Grifols

SA(Æ)

3,956

58

Iberdrola

SA

67,435

842

Industria

de

Diseno

Textil

SA

15,697

600

Redeia

Corp.

SA

8,398

141

Repsol

SA

-

ADR

43,017

657

Telefonica

SA

-

ADR

89,771

383

5,079

Sweden

-

2.7%

Alfa

Laval

AB

1,365

51

Assa

Abloy

AB

Class

B

19,576

470

Atlas

Copco

AB

Class

A

51,120

728

Boliden

AB(Æ)

10,340

303

Embracer

Group

AB(Æ)

6,568

19

Epiroc

AB

Class

A

16,133

321

Equities

AB

9,132

218

Essity

Aktiebolag

Class

B

5,708

142

Evolution

AB(Þ)

3,266

403

Getinge

AB

Class

B

3,510

65

Hennes

&

Mauritz

AB

Class

B

10,514

176

Hexagon

AB

Class

B

32,958

318

Husqvarna

AB

Class

B

4,731

46

Industrivarden

AB

Class

C

3,242

92

Indutrade

AB

9,894

207

Investor

AB

Class

B

20,528

419

Kinnevik

AB

Class

B(Æ)

3,245

44

L

E

Lundbergforetagen

AB

Class

B

1,904

84

Lifco

AB

Class

B

2,732

55

Nibe

Industrier

AB

Class

B

24,934

225

Sandvik

AB

4,827

98

Securitas

AB

Class

B

16,109

137

Skandinaviska

Enskilda

Banken

AB

Class

A

33,647

408

Skanska

AB

Class

B

7,047

113

SKF

AB

Class

B

7,680

147

Svenska

Handelsbanken

AB

Class

A

23,234

204

Swedbank

AB

Class

A

20,210

370

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

6,778

132

Tele2

AB

Class

B

4,537

34

Telefonaktiebolaget

LM

Ericsson

Class

B

109,104

551

Volvo

AB

Class

B

21,431

474

Volvo

Car

AB

Class

B(Æ)

26,961

132

7,186

Switzerland

-

4.3%

ABB,

Ltd.

9,151

366

Adecco

Group

AG

5,029

204

Alcon,

Inc.

2,257

192

Bachem

Holding

AG

760

70

Baloise

Holding

AG

1,270

196

Barry

Callebaut

AG

52

97

Chocoladefabriken

Lindt

&

Spruengli

AG

12

256

Cie

Financiere

Richemont

SA

Class

A

3,027

488

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

442

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

EMS-

Chemie

Holding

AG

171

143

Geberit

AG

715

405

Givaudan

SA

47

158

Julius

Baer

Group,

Ltd.

1,735

123

Kuehne

&

Nagel

International

AG

874

273

Logitech

International

SA

3,062

216

Lonza

Group

AG

971

564

Novartis

AG

28,354

2,973

Partners

Group

Holding

AG

80

90

Schindler

Holding

AG

1,682

404

SGS

SA

2,750

266

Sika

AG

1,217

379

Sonova

Holding

AG

662

184

Straumann

Holding

AG

1,777

294

Swatch

Group

AG

(The)

Class

B

1,479

473

Swiss

Life

Holding

AG

543

344

Swiss

Prime

Site

AG

Class

A

1,141

110

Swisscom

AG

618

397

Temenos

AG

686

59

UBS

Group

AG

21,278

471

VAT

Group

AG(Þ)

574

244

Zurich

Insurance

Group

AG

1,839

887

11,326

United

Kingdom

-

9.8%

3i

Group

PLC

33,426

847

Ashtead

Group

PLC

7,451

551

Associated

British

Foods

PLC

2,124

56

AstraZeneca

PLC

22,500

3,228

Auto

Trader

Group

PLC(Þ)

43,011

357

Aviva

PLC

58,149

290

BAE

Systems

PLC

45,033

538

Barclays

PLC

129,110

257

Barratt

Developments

PLC

30,464

178

Berkeley

Group

Holdings

PLC

5,153

288

BP

PLC

211,712

1,312

British

American

Tobacco

PLC

19,538

657

BT

Group

PLC

170,310

267

Bunzl

PLC

7,962

295

Burberry

Group

PLC

8,998

256

Centrica

PLC

57,607

102

CK

Hutchison

Holdings,

Ltd.

Class

B

62,758

388

CNH

Industrial

NV

12,961

187

Coca-Cola

Europacific

Partners

PLC

1,756

111

Compass

Group

PLC

34,750

904

Croda

International

PLC

3,922

297

DCC

PLC

2,824

163

Diageo

PLC

20,158

880

GVC

Holdings

PLC

7,130

127

Halma

PLC

9,652

277

Hargreaves

Lansdown

PLC

16,120

176

HSBC

Holdings

PLC

302,668

2,509

Imperial

Tobacco

Group

PLC

17,959

424

Informa

PLC

27,852

271

InterContinental

Hotels

Group

PLC

3,186

236

Intertek

Group

PLC

2,136

120

J

Sainsbury

PLC

57,295

204

JD

Sports

Fashion

PLC

39,145

79

Kingfisher

PLC

85,561

270

Legal

&

General

Group

PLC

57,956

174

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lloyds

Banking

Group

PLC

778,534

449

London

Stock

Exchange

Group

PLC

6,167

669

National

Grid

PLC

27,604

366

NatWest

Group

PLC

121,902

382

Pearson

PLC

26,132

289

Persimmon

PLC

Class

A

10,217

152

Prudential

PLC

4,865

68

Reckitt

Benckiser

Group

PLC

5,179

388

RELX

PLC

27,856

938

Rentokil

Initial

PLC

9,523

78

Rolls-Royce

Holdings

PLC(Æ)

52,207

124

Sage

Group

PLC

(The)

26,158

314

Schroders

PLC

12,682

75

Scottish

&

Southern

Energy

PLC

7,966

172

Severn

Trent

PLC

Class

H

3,859

126

Smith

&

Nephew

PLC

24,225

369

Spirax-Sarco

Engineering

PLC

1,700

243

St.

James's

Place

PLC

7,897

95

Standard

Chartered

PLC

39,170

376

Taylor

Wimpey

PLC

108,428

159

Tesco

PLC

177,162

586

Unilever

PLC

24,327

1,308

United

Utilities

Group

PLC

12,171

156

Vodafone

Group

PLC

374,513

358

Wausau

Paper

Corp.

9,441

103

Whitbread

PLC

3,058

137

25,756

United

States

-

5.9%

CSL,

Ltd.

4,993

900

Experian

PLC

15,198

587

GSK

Finance

No.

3

PLC

56,839

1,010

Haleon

PLC

105,723

458

Holcim

AG(Æ)

9,862

685

James

Hardie

Industries

PLC(Æ)

5,825

170

Monday.com

Ltd.(Æ)

273

49

Nestle

SA

34,188

4,200

Qiagen

NV(Æ)

2,457

115

Roche

Holding

AG

9,560

2,969

Sanofi

-

ADR

18,002

1,923

Schneider

Electric

SE

5,222

931

Stellantis

NV

42,971

881

Swiss

Re

AG

4,585

478

Tenaris

SA

8,678

144

15,500

Zambia

-

0.1%

First

Quantum

Minerals,

Ltd.

7,631

226

Total

Common

Stocks

(cost

$190,861)

247,579

Preferred

Stocks

-

0.5%

Germany

-

0.5%

Dr

Ing

hc

F

Porsche

AG

1.000%

(Ÿ)(Þ)

759

93

Henkel

AG

&

Co.

KGaA

2.572%

(Ÿ)

5,118

395

Porsche

Automobil

Holding

SE

5.220%

(Ÿ)

4,282

253

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

443

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sartorius

AG

0.413%

(Ÿ)

261

108

Volkswagen

AG

24.357%

(Ÿ)

2,808

372

1,221

Total

Preferred

Stocks

(cost

$1,160)

1,221

Short-Term

Investments

-

3.1%

United

States

-

3.1%

U.S.

Cash

Management

Fund(@)

8,125,624

(∞)

8,122

Total

Short-Term

Investments

(cost

$8,123)

8,122

Other

Securities

-

0.0%

U.S.

Cash

Collateral

Fund(@)(×)

82,650

(∞)

83

Total

Other

Securities

(cost

$83)

83

Total

Investments

-

98.0%

(identified

cost

$200,227)

257,005

Other

Assets

and

Liabilities,

Net

-

2.0%

5,320

Net

Assets

-

100.0%

262,325

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

444

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

$

$

$

1.4%

ABN

AMRO

Bank

NV

06/06/22

EUR

7,996

11

.68

93

136

Adyen

NV

12/20/19

EUR

464

1,689

.60

784

862

Aena

SME

SA

06/16/23

EUR

311

163

.36

51

50

Amundi

SA

01/10/17

EUR

1,175

52

.76

62

72

Auto

Trader

Group

PLC

12/11/20

GBP

43,011

8

.40

361

357

Budweiser

Brewing

Co.

APAC,

Ltd.

10/21/22

HKD

20,300

2

.22

45

49

Cellnex

Telecom

SA

10/21/22

EUR

2,824

28

.53

81

115

Delivery

Hero

AG

10/21/22

EUR

1,244

34

.37

43

56

Dr

Ing

hc

F

Porsche

AG

03/22/23

EUR

759

126

.12

96

93

Euronext

NV

06/06/22

EUR

1,491

73

.35

109

114

Evolution

AB

11/24/20

SEK

3,266

105

.46

344

403

Hydro

One,

Ltd.

06/16/23

CAD

1,692

28

.08

48

48

Infrastrutture

Wireless

Italiane

SpA

10/21/22

EUR

5,703

8

.25

47

71

La

Francaise

des

Jeux

SAEM

06/14/21

EUR

4,169

42

.11

176

159

Nuvei

Corp.

10/21/22

CAD

1,664

27

.60

46

57

Poste

Italiane

SpA

04/06/17

EUR

13,149

6

.63

87

150

Scout24

SE

10/21/22

EUR

1,728

52

.46

91

114

Siemens

Healthineers

AG

04/14/20

EUR

4,320

48

.13

208

251

VAT

Group

AG

02/04/22

CHF

574

369

.42

212

244

WH

Group,

Ltd.

04/30/19

HKD

396,789

0

.87

345

215

Worldline

SA

03/11/22

EUR

1,419

44

.60

63

56

Zalando

SE

06/16/23

EUR

2,035

29

.12

59

70

3,742

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

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

125

EUR

5,620

09/23

182

FTSE

100

Index

Futures

13

GBP

1,000

09/23

15

MSCI

Emerging

Markets

Index

Futures

55

USD

2,899

09/23

91

S&P/TSX

60

Index

Futures

9

CAD

2,232

09/23

56

TOPIX

Index

Futures

11

JPY

255,970

09/23

81

Short

Positions

Hang

Seng

Index

Futures

6

HKD

6,061

08/23

(29)

MSCI

Singapore

Index

Futures

19

SGD

580

08/23

(14)

S&P

500

E-Mini

Index

Futures

2

USD

462

09/23

(23)

SPI

200

Index

Futures

3

AUD

552

09/23

(13)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

346

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

1,292

AUD

1,900

09/20/23

(14)

Bank

of

New

York

USD

232

CAD

308

09/20/23

1

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

445

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

1,563

EUR

1,434

09/20/23

18

Bank

of

New

York

USD

140

GBP

110

09/20/23

1

Bank

of

New

York

USD

59

HKD

463

09/20/23

—

Bank

of

New

York

USD

1,309

JPY

179,908

09/20/23

(34)

Bank

of

New

York

USD

41

NZD

67

09/20/23

—

Bank

of

New

York

AUD

435

USD

297

09/20/23

5

Bank

of

New

York

CHF

827

USD

930

09/20/23

(23)

Bank

of

New

York

NOK

3,207

USD

305

09/20/23

(12)

Bank

of

New

York

SEK

1,465

USD

138

09/20/23

(1)

HSBC

USD

232

CAD

308

09/20/23

2

HSBC

USD

1,562

EUR

1,434

09/20/23

18

HSBC

USD

140

GBP

110

09/20/23

2

HSBC

USD

59

HKD

463

09/20/23

—

HSBC

USD

1,309

JPY

179,908

09/20/23

(35)

HSBC

USD

41

NZD

67

09/20/23

—

HSBC

AUD

435

USD

297

09/20/23

5

HSBC

CHF

827

USD

930

09/20/23

(23)

HSBC

NOK

3,207

USD

305

09/20/23

(12)

HSBC

SEK

1,465

USD

138

09/20/23

(1)

Royal

Bank

of

Canada

USD

232

CAD

308

09/20/23

2

Royal

Bank

of

Canada

USD

1,562

EUR

1,434

09/20/23

18

Royal

Bank

of

Canada

USD

140

GBP

110

09/20/23

1

Royal

Bank

of

Canada

USD

59

HKD

463

09/20/23

—

Royal

Bank

of

Canada

USD

1,308

JPY

179,908

09/20/23

(33)

Royal

Bank

of

Canada

USD

41

NZD

67

09/20/23

—

Royal

Bank

of

Canada

AUD

435

USD

297

09/20/23

4

Royal

Bank

of

Canada

CHF

827

USD

930

09/20/23

(24)

Royal

Bank

of

Canada

NOK

3,207

USD

305

09/20/23

(12)

Royal

Bank

of

Canada

SEK

1,465

USD

138

09/20/23

(1)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(148)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

15,186

$

—

$

—

$

15,186

Austria

—

751

—

—

751

Belgium

—

1,298

—

—

1,298

Brazil

138

241

—

—

379

Canada

25,591

—

—

—

25,591

Chile

316

111

—

—

427

China

—

954

—

—

954

Denmark

—

6,524

—

—

6,524

Finland

—

2,382

—

—

2,382

France

—

22,781

—

—

22,781

Germany

—

16,622

—

—

16,622

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

446

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

Hong

Kong

65

5,003

38

—

5,106

Ireland

152

2,012

—

—

2,164

Israel

504

2,087

—

—

2,591

Italy

—

4,946

—

—

4,946

Japan

—

52,109

—

—

52,109

Jordan

—

281

—

—

281

Luxembourg

—

353

—

—

353

Macao

—

87

—

—

87

Netherlands

—

13,922

—

—

13,922

New

Zealand

—

553

—

—

553

Norway

—

1,987

—

—

1,987

Portugal

—

792

—

—

792

Singapore

252

3,873

—

—

4,125

South

Africa

—

539

—

—

539

South

Korea

—

56

—

—

56

Spain

—

5,079

—

—

5,079

Sweden

—

7,186

—

—

7,186

Switzerland

—

11,326

—

—

11,326

United

Kingdom

111

25,645

—

—

25,756

United

States

49

15,451

—

—

15,500

Zambia

226

—

—

—

226

Preferred

Stocks

—

1,221

—

—

1,221

Short-Term

Investments

—

—

—

8,122

8,122

Other

Securities

—

—

—

83

83

Total

Investments

27,404

221,358

38

8,205

257,005

Other

Financial

Instruments

Assets

Futures

Contracts

425

—

—

—

425

Foreign

Currency

Exchange

Contracts

—

77

—

—

77

Liabilities

Futures

Contracts

(79)

—

—

—

(79)

Foreign

Currency

Exchange

Contracts

—

(225)

—

—

(225)

Total

Other

Financial

Instruments

*

$

346

$

(148)

$

—

$

—

$

198

*

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,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

447

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

34,400

Consumer

Staples

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

17,453

Energy

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

14,420

Financial

Services

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

57,211

Health

Care

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

28,531

Materials

and

Processing

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

25,249

Producer

Durables

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

34,937

Technology

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

21,764

Utilities

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

13,614

Preferred

Stocks

Consumer

Discretionary

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

718

Consumer

Staples

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

395

Producer

Durables

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

108

Short-Term

Investments

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

8,122

Other

Securities

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

83

Total

Investments

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

257,005

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

448

Multifactor

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

93.5%

Corporate

Bonds

and

Notes

-

26.9%

Ares

Capital

Corp.

3.875%

due

01/15/26

175

163

Ares

Finance

Co.

LLC

4.000%

due

10/08/24

(Þ)

170

163

AT&T,

Inc.

1.700%

due

03/25/26

138

125

BAT

Capital

Corp.

Series

WI

3.557%

due

08/15/27

149

138

Berkshire

Hathaway

Energy

Co.

5.150%

due

11/15/43

147

138

Berry

Global,

Inc.

Series

WI

1.570%

due

01/15/26

151

137

Boardwalk

Pipelines,

LP

3.400%

due

02/15/31

137

119

Bunge,

Ltd.

1.630%

due

08/17/25

168

156

Capital

One

Financial

Corp.

3.650%

due

05/11/27

136

127

CH

Robinson

Worldwide,

Inc.

4.200%

due

04/15/28

145

139

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Series

WI

6.834%

due

10/23/55

99

94

Cheniere

Corpus

Christi

Holdings

LLC

Series

WI

5.875%

due

03/31/25

130

130

Chevron

Corp.

1.554%

due

05/11/25

140

132

Coca-Cola

Co.

(The)

1.125%

due

03/09/27

119

121

Costco

Wholesale

Corp.

1.375%

due

06/20/27

173

153

CubeSmart,

LP

4.000%

due

11/15/25

148

140

DH

Europe

Finance

II

SARL

0.450%

due

03/18/28

111

106

Duke

Energy

Corp.

2.650%

due

09/01/26

165

153

Edison

International

5.750%

due

06/15/27

134

135

Enbridge

Energy

Partners,

LP

5.875%

due

10/15/25

87

88

Enterprise

Products

Operating

LLC

3.700%

due

02/15/26

143

138

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.300%

due

01/15/29

149

142

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

177

164

International

Flavors

&

Fragrances,

Inc.

1.230%

due

10/01/25

(Þ)

182

164

Johnson

&

Johnson

2.450%

due

03/01/26

161

152

Kellogg

Co.

3.250%

due

04/01/26

43

41

Kilroy

Realty,

LP

4.375%

due

10/01/25

167

157

McDonald's

Corp.

4.700%

due

12/09/35

156

151

NGPL

PipeCo

LLC

4.875%

due

08/15/27

(Þ)

91

87

Nucor

Corp.

2.000%

due

06/01/25

145

136

Omega

Healthcare

Investors,

Inc.

Series

WI

5.250%

due

01/15/26

165

161

Oracle

Corp.

3.950%

due

03/25/51

136

102

Otis

Worldwide

Corp.

Series

WI

2.056%

due

04/05/25

140

132

Pioneer

Natural

Resources

Co.

1.125%

due

01/15/26

170

154

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

4.650%

due

10/15/25

157

153

Prospect

Capital

Corp.

3.437%

due

10/15/28

176

139

Prudential

Financial,

Inc.

3.700%

due

10/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.035%)(Ê)

168

143

Regions

Financial

Corp.

2.250%

due

05/18/25

168

158

Reliance

Steel

&

Aluminum

Co.

1.300%

due

08/15/25

180

165

Sempra

Energy

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)

201

165

Sixth

Street

Specialty

Lending,

Inc.

3.875%

due

11/01/24

151

147

Spectra

Energy

Partners,

LP

3.500%

due

03/15/25

168

162

Steel

Dynamics,

Inc.

2.400%

due

06/15/25

129

121

Synchrony

Financial

3.700%

due

08/04/26

157

144

Tennessee

Gas

Pipeline

Co.

LLC

7.000%

due

10/15/28

127

136

Thermo

Fisher

Scientific,

Inc.

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

Bond

Fund

449

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.750%

due

09/12/24

126

134

Time

Warner

Cable

LLC

7.300%

due

07/01/38

117

119

T-Mobile

USA,

Inc.

Series

WI

3.500%

due

04/15/25

139

134

United

Parcel

Service,

Inc.

3.900%

due

04/01/25

137

134

Walt

Disney

Co.

(The)

1.750%

due

08/30/24

139

134

6,826

International

Debt

-

19.1%

ABN

AMRO

Bank

NV

3.324%

due

03/13/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.900%)(Ê)(Þ)

200

155

Altria

Group,

Inc.

3.125%

due

06/15/31

EUR

188

178

AP

Moller

-

Maersk

A/S

3.875%

due

09/28/25

(Þ)

137

132

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

177

162

Bancolombia

SA

3.000%

due

01/29/25

178

170

Bank

of

Nova

Scotia

(The)

1.300%

due

06/11/25

143

133

Barclays

PLC

5.200%

due

05/12/26

156

152

Bayer

US

Finance

LLC

3.375%

due

10/08/24

(Þ)

139

135

Becton

Dickinson

and

Co.

1.208%

due

06/04/26

EUR

124

127

BNP

Paribas

SA

4.375%

due

03/01/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.483%)(Ê)

(Þ)

181

165

Canadian

Imperial

Bank

of

Commerce

0.950%

due

10/23/25

170

154

Canadian

Natural

Resources,

Ltd.

2.050%

due

07/15/25

131

123

Comcast

Corp.

0.250%

due

05/20/27

EUR

103

100

Credit

Suisse

Group

AG

Series

FXD

3.700%

due

02/21/25

164

158

Danaher

Corp.

2.500%

due

03/30/30

EUR

164

169

Danske

Bank

A/S

4.298%

due

04/01/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.750%)(Ê)(Þ)

164

155

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)

141

128

Fairfax

Financial

Holdings,

Ltd.

4.875%

due

08/13/24

(Þ)

164

161

Honeywell

International,

Inc.

2.250%

due

02/22/28

EUR

100

103

Marubeni

Corp.

1.319%

due

09/18/25

(Þ)

206

187

NBK

Tier

1

Financing

2,

Ltd.

4.500%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

2.832%)(Ê)

(ƒ)(Þ)

47

43

Nestle

Holdings,

Inc.

0.625%

due

12/18/25

(Þ)

GBP

137

157

0.257%

due

06/14/26

(Þ)

EUR

123

123

Prosus

NV

4.987%

due

01/19/52

(Þ)

224

164

Suncor

Energy,

Inc.

7.150%

due

02/01/32

111

119

SURA

Asset

Management

SA

4.375%

due

04/11/27

(Þ)

180

170

Sysco

Canada,

Inc.

3.650%

due

04/25/25

(Þ)

CAD

190

139

Triton

International,

Ltd.

3.250%

due

03/15/32

203

157

TSMC

Arizona

Corp.

1.750%

due

10/25/26

151

136

TSMC

Global,

Ltd.

1.000%

due

09/28/27

(Þ)

198

169

UBS

Group

AG

3.126%

due

08/13/30

(USD

3

Month

LIBOR

+

1.468%)(Ê)(Þ)

190

163

Verizon

Communications,

Inc.

4.500%

due

08/17/27

(Þ)

AUD

200

130

Walmart,

Inc.

4.875%

due

09/21/29

EUR

73

87

Zurich

Finance

(Ireland)

Designated

Activity

Co.

3.000%

due

04/19/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.777%)(Ê)(Þ)

209

164

4,868

Non-US

Bonds

-

41.0%

Alimentation

Couche-Tard,

Inc.

Series

5

3.600%

due

06/02/25

(Þ)

CAD

191

140

Assicurazioni

Generali

SpA

5.500%

due

10/27/47

(3

Month

EURIBOR

+

5.350%)(Ê)(Þ)

EUR

191

212

Australia

Government

International

Bond

Series

159

0.250%

due

11/21/24

(Þ)

AUD

230

147

Series

162

1.750%

due

06/21/51

(Þ)

AUD

40

16

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

450

Multifactor

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

163

1.000%

due

11/21/31

(Þ)

AUD

250

132

Bundesobligation

Series

G

1.300%

due

10/15/27

(Þ)

EUR

670

701

Bundesrepublik

Deutschland

1.700%

due

08/15/32

(Þ)

EUR

85

88

1.000%

due

05/15/38

(Þ)

EUR

440

388

Canada

Government

International

Bond

3.750%

due

02/01/25

CAD

400

298

2.000%

due

06/01/32

CAD

420

281

4.000%

due

06/01/41

CAD

70

57

Commerzbank

AG

0.625%

due

08/28/24

(Þ)

EUR

123

131

Compass

Group

PLC

2.000%

due

09/05/25

(Þ)

GBP

133

159

Credit

Agricole

SA

1.000%

due

04/22/26

(3

Month

EURIBOR

+

1.250%)(Ê)(Þ)

EUR

100

104

Denmark

Government

International

Bond

Series

10Y

1.477%

due

11/15/31

DKK

350

42

Deutsche

Bank

AG

2.625%

due

02/12/26

(Þ)

EUR

100

105

Diageo

Finance

PLC

1.000%

due

04/22/25

(Þ)

EUR

160

168

Enbridge,

Inc.

5.570%

due

11/14/35

CAD

207

155

Enel

Finance

International

NV

0.550%

due

09/03/24

(Þ)

CHF

150

169

Fairfax

Financial

Holdings,

Ltd.

4.700%

due

12/16/26

CAD

230

168

France

Government

International

Bond

0.750%

due

02/25/28

(Þ)

EUR

505

505

0.500%

due

06/25/44

(Þ)

EUR

660

421

Intermediate

Capital

Group

PLC

1.625%

due

02/17/27

(Þ)

EUR

143

134

Investec

Bank

PLC

0.500%

due

02/17/27

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

1

Year

Rate

+

0.950%)(Ê)(Þ)

EUR

177

166

Italy

Buoni

Poliennali

Del

Tesoro

Series

CAC

2.450%

due

09/01/50

(Þ)

EUR

240

186

Japan

10

Year

Government

International

Bond

Series

349

0.100%

due

12/20/27

JPY

41,700

293

Series

369

0.500%

due

12/20/32

JPY

15,000

105

Japan

20

Year

Government

International

Bond

Series

165

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.500%

due

06/20/38

JPY

80,000

527

Japan

30

Year

Government

International

Bond

Series

37

1.900%

due

09/20/42

JPY

54,800

432

Japan

40

Year

Government

International

Bond

Series

13

0.500%

due

03/20/60

JPY

77,600

391

Merck

Financial

Services

GmbH

0.125%

due

07/16/25

(Þ)

EUR

100

103

Mexican

Bonos

Series

M

7.750%

due

11/13/42

MXN

2,000

107

National

Bank

of

Canada

2.580%

due

02/03/25

CAD

178

129

New

Zealand

Government

International

Bond

Series

0427

4.500%

due

04/15/27

(Þ)

NZD

60

37

Norway

Government

International

Bond

Series

479

1.750%

due

02/17/27

(Þ)

NOK

98

9

Novo

Nordisk

A/S

0.750%

due

03/31/25

(Þ)

EUR

162

170

Sky,

Ltd.

2.500%

due

09/15/26

(Þ)

EUR

112

118

Societe

Generale

SA

Series

emtn

2.125%

due

09/27/28

(Þ)

EUR

100

99

Spain

Government

International

Bond

1.250%

due

10/31/30

(Þ)

EUR

970

928

1.200%

due

10/31/40

(Þ)

EUR

130

96

St.

Galler

Kantonalbank

AG

1.700%

due

12/31/99

(CHF

SARON

5

Year

+

1.841%)(Ê)(ƒ)(Þ)

CHF

155

171

Swiss

Re

Finance

(Luxembourg)

SA

Series

155

1.000%

due

09/17/24

(Þ)

CHF

150

170

Tesco

Corp.

Treasury

Services

PLC

2.500%

due

05/02/25

(Þ)

GBP

191

232

TotalEnergies

Capital

International

SA

1.000%

due

08/29/24

(Þ)

CHF

150

170

Unilever

Capital

Corp.

1.000%

due

02/14/27

(Þ)

EUR

155

157

Unilever

PLC

1.500%

due

07/22/26

(Þ)

GBP

134

155

United

Kingdom

Gilt

1.250%

due

10/22/41

(Þ)

GBP

506

391

1.625%

due

10/22/54

(Þ)

GBP

270

185

Volvo

Treasury

AB

0.625%

due

02/14/25

(Þ)

EUR

151

158

10,406

United

States

Government

Treasuries

-

6.5%

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

Bond

Fund

451

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

United

States

Treasury

Notes

3.375%

due

05/15/33

866

826

3.125%

due

05/15/48

400

336

2.250%

due

08/15/49

300

212

1.250%

due

05/15/50

520

283

1,657

Total

Long-Term

Investments

(cost

$26,106)

23,757

Short-Term

Investments

-

5.9%

U.S.

Cash

Management

Fund(@)

1,495,123(∞)

1,494

Total

Short-Term

Investments

(cost

$1,495)

1,494

Total

Investments

-

99.4%

(identified

cost

$27,601)

25,251

Other

Assets

and

Liabilities,

Net

-

0.6%

145

Net

Assets

-

100.0%

25,396

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

452

Multifactor

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

$

$

$

41.4%

ABN

AMRO

Bank

NV

07/26/22

200,000

80.83

162

155

Alimentation

Couche-Tard,

Inc.

11/13/19

CAD

191,000

76.34

146

140

AP

Moller

-

Maersk

A/S

04/28/22

137,000

100.59

138

132

Ares

Finance

Co.

LLC

02/13/23

170,000

96.65

164

163

Assicurazioni

Generali

SpA

04/27/20

EUR

191,000

115.43

220

212

Australia

Government

International

Bond

02/10/21

AUD

40,000

69.60

28

16

Australia

Government

International

Bond

06/24/22

AUD

230,000

67.02

154

147

Australia

Government

International

Bond

07/21/23

AUD

250,000

53.14

133

132

Banco

de

Bogota

SA

02/13/23

177,000

93.50

165

162

Bayer

US

Finance

LLC

11/14/19

139,000

100.69

140

135

BNP

Paribas

SA

06/22/22

181,000

93.54

169

165

Bundesobligation

03/20/23

EUR

670,000

105.25

705

701

Bundesrepublik

Deutschland

08/09/22

EUR

440,000

88.12

388

388

Bundesrepublik

Deutschland

03/20/23

EUR

85,000

103.96

88

88

Commerzbank

AG

01/13/22

EUR

123,000

115.26

142

131

Compass

Group

PLC

04/24/23

GBP

133,000

118.44

157

159

Credit

Agricole

SA

09/28/21

EUR

100,000

119.17

119

104

Danske

Bank

A/S

04/24/23

164,000

94.88

156

155

Deutsche

Bank

AG

09/28/21

EUR

100,000

123.72

124

105

Diageo

Finance

PLC

02/13/23

EUR

160,000

103.23

165

168

Enel

Finance

International

NV

03/20/23

CHF

150,000

106.25

159

169

Fairfax

Financial

Holdings,

Ltd.

02/13/23

164,000

98.69

162

161

France

Government

International

Bond

08/08/22

EUR

660,000

69.82

461

421

France

Government

International

Bond

07/06/23

EUR

505,000

99.19

501

505

Intermediate

Capital

Group

PLC

05/19/20

EUR

143,000

100.25

143

134

International

Flavors

&

Fragrances,

Inc.

02/13/23

182,000

91.13

166

164

Investec

Bank

PLC

02/13/23

EUR

177,000

93.78

166

166

Italy

Buoni

Poliennali

Del

Tesoro

02/23/22

EUR

240,000

105.28

253

186

Marubeni

Corp.

10/20/20

206,000

99.92

206

187

Merck

Financial

Services

GmbH

01/13/22

EUR

100,000

114.92

115

103

NBK

Tier

1

Financing

2,

Ltd.

02/13/23

47,000

94.55

44

43

Nestle

Holdings,

Inc.

11/04/21

EUR

123,000

115.93

143

123

Nestle

Holdings,

Inc.

04/24/23

GBP

137,000

114.71

157

157

New

Zealand

Government

International

Bond

11/13/19

NZD

60,000

70.97

43

37

NGPL

PipeCo

LLC

03/24/22

91,000

103.29

94

87

Norway

Government

International

Bond

10/29/21

NOK

98,000

11.91

12

9

Novo

Nordisk

A/S

02/13/23

EUR

162,000

102.97

167

170

Prosus

NV

07/26/22

224,000

77.20

173

164

Sky,

Ltd.

03/03/21

EUR

112,000

130.75

146

118

Societe

Generale

SA

09/28/21

EUR

100,000

125.53

125

99

Spain

Government

International

Bond

11/12/20

EUR

970,000

117.80

1,143

928

Spain

Government

International

Bond

06/01/21

EUR

130,000

95.58

124

96

St.

Galler

Kantonalbank

AG

02/13/23

CHF

155,000

105.15

163

171

SURA

Asset

Management

SA

07/26/22

180,000

94.80

171

170

Swiss

Re

Finance

(Luxembourg)

SA

03/20/23

CHF

150,000

107.22

161

170

Sysco

Canada,

Inc.

11/13/19

CAD

190,000

76.51

145

139

Tesco

Corp.

Treasury

Services

PLC

11/14/19

GBP

191,000

125.36

239

232

TotalEnergies

Capital

International

SA

03/20/23

CHF

150,000

107.03

161

170

TSMC

Global,

Ltd.

08/22/22

198,000

87.78

174

169

UBS

Group

AG

09/13/22

190,000

87.46

166

163

Unilever

Capital

Corp.

04/24/23

EUR

155,000

102.17

158

157

Unilever

PLC

04/24/23

GBP

134,000

115.00

154

155

United

Kingdom

Gilt

02/17/21

GBP

270,000

147.67

399

185

United

Kingdom

Gilt

03/14/22

GBP

505,500

92.72

469

391

Verizon

Communications,

Inc.

11/15/19

AUD

200,000

73.86

148

130

Volvo

Treasury

AB

05/24/23

EUR

151,000

102.65

155

158

Zurich

Finance

(Ireland)

Designated

Activity

Co.

07/26/22

209,000

81.43

170

164

10,509

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

Bond

Fund

453

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Euro-Bund

Futures

1

EUR

133

09/23

—

Euro-Schatz

Futures

1

EUR

105

09/23

—

Japanese

10

Year

Mini

Government

Bond

Futures

1

JPY

14,687

09/23

(1)

United

States

2

Year

Treasury

Note

Futures

25

USD

5,076

09/23

(82)

United

States

5

Year

Treasury

Note

Futures

29

USD

3,098

09/23

(57)

United

States

10

Year

Treasury

Note

Futures

16

USD

1,782

09/23

(32)

United

States

10

Year

Treasury

Ultra

Notes

Futures

7

USD

819

09/23

1

United

States

Treasury

Long

Bond

Futures

1

USD

124

09/23

(2)

Short

Positions

United

States

10

Year

Treasury

Note

Futures

15

USD

1,671

09/23

43

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(130)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

13

AUD

20

08/21/23

—

Bank

of

America

USD

7

CAD

10

08/21/23

—

Bank

of

America

USD

116

CZK

2,513

08/21/23

(1)

Bank

of

America

USD

49

EUR

45

08/21/23

—

Bank

of

America

USD

13

GBP

10

08/21/23

—

Bank

of

America

CZK

2,513

USD

114

08/21/23

—

Bank

of

New

York

USD

8

HUF

2,933

08/21/23

—

Bank

of

New

York

AUD

221

USD

151

08/21/23

2

Bank

of

New

York

CAD

613

USD

462

08/21/23

(3)

Bank

of

New

York

CHF

198

USD

222

08/21/23

(5)

Bank

of

New

York

DKK

94

USD

14

08/21/23

—

Bank

of

New

York

EUR

2,030

USD

2,208

08/21/23

(25)

Bank

of

New

York

GBP

350

USD

444

08/21/23

(5)

Bank

of

New

York

HUF

2,933

USD

8

08/21/23

—

Bank

of

New

York

JPY

85,000

USD

616

08/21/23

16

Bank

of

New

York

MXN

612

USD

35

08/21/23

(1)

Bank

of

New

York

NOK

36

USD

3

08/21/23

—

Bank

of

New

York

NZD

20

USD

13

08/21/23

—

Bank

of

New

York

SEK

45

USD

4

08/21/23

—

Citigroup

USD

7

CHF

6

08/10/23

—

Citigroup

USD

190

GBP

150

08/10/23

2

Citigroup

CHF

171

USD

191

08/10/23

(5)

Citigroup

GBP

2

USD

2

08/10/23

—

HSBC

USD

8

HUF

2,933

08/21/23

—

HSBC

AUD

221

USD

151

08/21/23

2

HSBC

CAD

613

USD

462

08/21/23

(3)

HSBC

CHF

198

USD

222

08/21/23

(5)

HSBC

DKK

94

USD

14

08/21/23

—

HSBC

EUR

2,030

USD

2,208

08/21/23

(26)

HSBC

GBP

350

USD

444

08/21/23

(5)

HSBC

HUF

2,933

USD

8

08/21/23

—

HSBC

JPY

85,000

USD

615

08/21/23

16

HSBC

MXN

612

USD

35

08/21/23

(1)

HSBC

NOK

36

USD

3

08/21/23

—

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

454

Multifactor

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

HSBC

NZD

20

USD

13

08/21/23

—

HSBC

SEK

45

USD

4

08/21/23

—

Royal

Bank

of

Canada

USD

8

HUF

2,933

08/21/23

—

Royal

Bank

of

Canada

AUD

221

USD

151

08/21/23

2

Royal

Bank

of

Canada

CAD

168

USD

127

08/10/23

—

Royal

Bank

of

Canada

CAD

613

USD

462

08/21/23

(3)

Royal

Bank

of

Canada

CHF

198

USD

222

08/21/23

(6)

Royal

Bank

of

Canada

DKK

94

USD

14

08/21/23

—

Royal

Bank

of

Canada

EUR

2,030

USD

2,208

08/21/23

(26)

Royal

Bank

of

Canada

GBP

350

USD

444

08/21/23

(5)

Royal

Bank

of

Canada

HUF

2,933

USD

8

08/21/23

—

Royal

Bank

of

Canada

JPY

85,000

USD

615

08/21/23

16

Royal

Bank

of

Canada

MXN

612

USD

35

08/21/23

(1)

Royal

Bank

of

Canada

NOK

36

USD

3

08/21/23

—

Royal

Bank

of

Canada

NZD

20

USD

13

08/21/23

—

Royal

Bank

of

Canada

SEK

45

USD

4

08/21/23

—

State

Street

USD

127

AUD

190

08/10/23

1

State

Street

USD

5

AUD

7

08/21/23

—

State

Street

USD

95

EUR

87

08/10/23

1

State

Street

USD

18

EUR

17

08/21/23

—

State

Street

USD

26

EUR

23

08/21/23

—

State

Street

USD

52

EUR

47

08/21/23

—

State

Street

USD

246

EUR

225

08/21/23

1

State

Street

USD

10

GBP

8

08/21/23

—

State

Street

USD

18

GBP

14

08/21/23

—

State

Street

USD

62

GBP

48

08/21/23

—

State

Street

USD

55

JPY

7,667

08/10/23

(1)

State

Street

USD

4

JPY

500

08/21/23

—

State

Street

USD

19

JPY

2,700

08/21/23

—

State

Street

USD

29

JPY

4,000

08/21/23

—

State

Street

USD

64

NZD

103

08/10/23

—

State

Street

USD

125

SEK

1,365

08/10/23

5

State

Street

USD

4

SEK

45

08/21/23

—

State

Street

USD

4

SEK

45

08/21/23

—

State

Street

USD

4

SEK

47

08/21/23

—

State

Street

AUD

190

USD

127

08/10/23

(1)

State

Street

EUR

20

USD

22

08/10/23

—

State

Street

EUR

17

USD

19

08/21/23

—

State

Street

EUR

25

USD

28

08/21/23

—

State

Street

EUR

38

USD

43

08/21/23

1

State

Street

EUR

60

USD

68

08/21/23

1

State

Street

GBP

15

USD

20

08/21/23

—

State

Street

GBP

22

USD

28

08/21/23

—

State

Street

JPY

9,157

USD

64

08/10/23

(1)

State

Street

JPY

2,000

USD

14

08/21/23

—

State

Street

JPY

2,000

USD

14

08/21/23

—

State

Street

NZD

—

USD

—

08/10/23

—

State

Street

SEK

33

USD

3

08/10/23

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(63)

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

Bond

Fund

455

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

High

Yield

Index

Bank

of

America

USD

300

(5.000%)

(2)

06/20/28

—

(11)

(11)

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

—

(11)

(11)

Total

Open

Credit

Default

Swap

Contracts

(å)

—

(11)

(11)

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

$

—

$

6,826

$

—

$

—

$

6,826

International

Debt

—

4,868

—

—

4,868

Non-US

Bonds

—

10,406

—

—

10,406

United

States

Government

Treasuries

—

1,657

—

—

1,657

Short-Term

Investments

—

—

—

1,494

1,494

Total

Investments

—

23,757

—

1,494

25,251

Other

Financial

Instruments

Assets

Futures

Contracts

44

—

—

—

44

Foreign

Currency

Exchange

Contracts

—

66

—

—

66

Liabilities

Futures

Contracts

(174)

—

—

—

(174)

Foreign

Currency

Exchange

Contracts

—

(1

29

)

—

—

(1

29

)

Credit

Default

Swap

Contracts

—

(

11

)

—

—

(

11

)

Total

Other

Financial

Instruments

*

$

(130)

$

(

74

)

$

—

$

—

$

(2

04

)

*

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

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2023,

if

any,

see

note

2

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,

2023,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2023

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

456

Multifactor

Bond

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

295

Bermuda

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

157

Canada

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

1,918

China

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

164

Colombia

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

502

Denmark

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

499

France

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

1,464

Germany

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

1,779

Italy

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

567

Japan

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

1,935

Kuwait

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

43

Mexico

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

107

Netherlands

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

155

New

Zealand

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

37

Norway

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

9

Spain

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

1,024

Sweden

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

158

Switzerland

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

826

Taiwan

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

305

United

Kingdom

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

2,017

United

States

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

11,290

Total

Investments

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

25,251

Russell

Investment

Company

Notes

to

Schedules

of

Investments

—

July

31,

2023

(Unaudited)

Notes

to

Schedules

of

Investments

457

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.

(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.

See

note

2

in

the

Notes.

(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,

2023

(Unaudited)

458

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

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

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

CNY

-

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,

2023

(Unaudited)

Notes

to

Quarterly

Report

459

1.

Organization

Russell

Investment

Company

(the

“Investment

Company”

or

“RIC”)

is

a

series

investment

company

with

31

different

investment

portfolios

referred

to

as

funds.

This

Quarterly

Report

reports

on

25

of

these

funds

(each

a

“Fund”

and

collectively

the

“Funds”).

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(“Investment

Company

Act”),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Fourth

Amended

and

Restated

Master

Trust

Agreement

dated

December

7,

2020,

as

amended

(“Master

Trust

Agreement”),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company’s

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

“Board”)

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

equivalents

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

“period”

(as

used

within

this

Quarterly

Report)

refers

to

the

nine

months

ended

July

31,

2023.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

this

Quarterly

Report.

These

policies

are

in

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

and

pricing

sources

and

services,

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

Trustees

have

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.

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.

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

460

Notes

to

Quarterly

Report

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.

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

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

Notes

to

Quarterly

Report

461

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

Fund

securities

that

occur

between

the

closing

of

the

principal

markets

on

which

they

trade

and

the

time

the

NAV

of

Fund

shares

is

determined

may

be

reflected

in

the

calculation

of

NAV

for

each

applicable

Fund

when

the

Fund

deems

that

the

particular

event

or

circumstance

would

materially

affect

such

Fund’s

NAV.

Funds

that

invest

primarily

in

frequently

traded

exchange-listed

securities

in

U.S.

markets

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

daily

as

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing.

Although

there

are

observable

inputs

assigned

on

a

security

level,

prices

are

derived

from

factors

using

proprietary

models

or

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

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.

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

Equity

Income,

Sustainable

Equity,

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

International

Developed

Markets,

Global

Equity,

Tax-Managed

U.S.

Large

Cap,

Tax-Managed

U.S.

Mid

&

Small

Cap,

Tax-Managed

International

Equity,

Opportunistic

Credit,

Unconstrained

Total

Return,

Strategic

Bond,

Tax-Exempt

Bond,

Global

Infrastructure,

Global

Real

Estate

Securities,

Multi-Strategy

Income,

Multi-Asset

Growth

Strategy,

Multifactor

U.S.

Equity,

Multifactor

International

Equity,

and

Multifactor

Bond

Funds

had

no

transfers

into

or

out

of

Level

3

for

the

period

ended

July

31,

2023.

The

Emerging

Markets

Fund

had

transfers

out

of

Level

3

into

Level

1

representing

financial

instruments

for

which

quoted

prices

in

an

active

market

became

available.

The

amount

transferred

was

$24,947.

The

Tax-Managed

Real

Assets

and

Tax-Exempt

High

Yield

Bond

Funds

had

transfers

out

of

Level

2

into

Level

3

representing

financial

instruments

for

which

inputs

became

unobservable.

The

amounts

transferred

were

as

follows:

The

Investment

Grade

Bond

and

Short

Duration

Bond

Funds

had

transfers

out

of

Level

3

into

Level

2

representing

financial

instruments

for

which

approved

vendor

sources

became

available

or

inputs

became

observable.

The

amounts

transferred

were

as

follows:

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

Funds

Amount

Tax-Managed

Real

Assets

Fund

$

456,789

Tax-Exempt

High

Yield

Bond

Fund

59,719

Funds

Amount

Investment

Grade

Bond

Fund

$

1,836,517

Short

Duration

Bond

Fund

218,695

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

462

Notes

to

Quarterly

Report

cannot

guarantee

that

fair

values

determined

by

RIM

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

RIM

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIM

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds’

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

The

significant

unobservable

inputs

used

in

fair

value

measurement

of

certain

of

the

Funds’

private

equity

securities

include

market

data

of

comparable

public

companies,

discount

rates,

EBITDA

multiples,

and

future

projected

cash

flows

for

the

portfolio

company.

These

inputs

are

utilized

in

valuation

models

that

are

based

on

market

analysis

and

discounted

cash

flow

methodologies.

Increases

(decreases)

in

the

discount

rates

would

result

in

a

lower

(higher)

fair

value

measurement,

while

increases

(decreases)

in

EBITDA

multiples

and

projected

cash

flows

would

result

in

a

higher

(lower)

fair

value

measurement.

The

significant

unobservable

input

used

in

the

fair

value

measurement

of

certain

Funds’

debt

securities

is

the

yield

to

worst

ratio.

Significant

increases

(decreases)

in

the

yield

to

worst

ratio

would

result

in

a

lower

(higher)

fair

value

measurement.

These

significant

unobservable

inputs

are

further

disclosed

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund

as

applicable.

If

third-party

evaluated

vendor

pricing

is

neither

available

nor

deemed

to

be

indicative

of

fair

value,

RIM

may

elect

to

obtain

indicative

market

quotations

(“broker

quotes”)

directly

from

the

broker

or

passed

through

from

a

third-party

vendor.

In

the

event

that

the

source

of

fair

value

is

from

a

single

source

broker

quote,

these

securities

are

classified

as

Level

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.

Investment

Income

Dividend

income

is

recorded

net

of

applicable

withholding

taxes

on

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

Funds

are

informed

of

the

dividend,

subsequent

to

the

ex-dividend

date.

To

the

extent

the

dividend

represents

a

return

of

capital

or

capital

gain

for

tax

purposes,

reclassifications

are

made

which

may

be

based

on

management’s

estimates.

Interest

income

is

recorded

daily

on

the

accrual

basis.

The

Funds

classify

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

an

adjustment

to

interest

income.

All

premiums

and

discounts,

including

original

issue

discounts,

are

amortized/accreted

using

the

effective

interest

method.

Certain

callable

debt

securities

held

at

a

premium

will

be

amortized

to

the

earliest

call

date.

Debt

obligation

securities

may

be

placed

in

a

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivable

when

the

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

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.

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

Notes

to

Quarterly

Report

463

(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.

Derivatives

The

Funds

may

invest

in

derivatives.

Derivatives

are

instruments

or

agreements

whose

value

is

derived

from

an

underlying

security

or

index.

They

include

options,

futures,

swaps

and

forwards.

These

instruments

offer

unique

characteristics

and

risks

that

facilitate

the

Funds’

investment

strategies.

The

Funds

typically

use

derivatives

in

three

ways:

exposing

cash

to

markets,

hedging

and

return

enhancement.

In

addition,

certain

Funds

may

enter

into

foreign

currency

exchange

contracts

for

trade

settlement

purposes.

Certain

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

appropriate

markets

by

purchasing

securities

and/or

derivatives.

This

is

intended

to

cause

such

Funds

to

perform

as

though

cash

were

actually

invested

in

those

markets.

Hedging

may

be

used

by

certain

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates

and

interest

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

interest

rate

movements,

currency

movements,

and

macro

credit

strategies).

By

purchasing

certain

instruments,

the

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

valuation

risk

and

credit

risk.

Futures,

certain

options

and

cleared

swaps

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange’s

clearing

house

stands

between

the

Fund

and

the

broker

to

the

contract

and

therefore,

credit

risk

is

generally

limited

to

the

failure

of

the

clearing

house

and

the

clearing

member.

Cleared

swap

contracts

are

subject

to

clearing

house

rules,

including

initial

and

variation

margin

requirement,

daily

settlement

of

obligations

and

the

clearing

house

guarantee

of

payments

to

the

broker.

There

is,

however,

still

counterparty

risk

due

to

the

insolvency

of

the

broker

with

respect

to

any

margin

held

in

the

broker’s

customer

accounts.

While

clearing

members

are

required

to

segregate

customer

assets

from

their

own

assets,

in

the

event

of

insolvency,

there

may

be

a

shortfall

in

the

amount

of

margin

held

by

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

house.

The

financial

derivative

instruments

outstanding

as

of

period

end

on

the

Schedules

of

Investments

serves

as

an

indicator

of

the

volume

of

financial

derivative

activity

for

the

Funds.

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

(“FX

contracts”).

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts.

For

the

period

ended

July

31,

2023,

the

following

Funds

entered

into

FX

contracts

primarily

for

the

strategies

listed

below:

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

464

Notes

to

Quarterly

Report

As

of

July

31,

2023,

the

Funds

had

no

cash

collateral

balances

in

connection

with

FX

contracts

purchased

or

sold.

Options

Certain

Funds

may

purchase

and

sell

(write)

both

call

and

put

options

on

securities,

securities

indexes,

foreign

currencies

and

other

assets.

Such

options

are

traded

on

a

national

securities

exchange

or

in

an

OTC

market.

The

Funds

may

also

purchase

and

sell

(write)

call

and

put

options

on

foreign

currencies.

When

a

Fund

writes

a

covered

call

or

a

put

option,

an

amount

equal

to

the

premium

received

by

the

Fund

is

included

in

the

Fund’s

Statement

of

Assets

and

Liabilities

as

an

asset

and

as

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

current

fair

value

of

the

option

written.

The

Fund

receives

a

premium

on

the

sale

of

a

call

option

but

gives

up

the

opportunity

to

profit

from

any

increase

in

the

value

of

the

underlying

instrument

above

the

exercise

price

of

the

option,

and

when

the

Fund

writes

a

put

option

it

is

exposed

to

a

decline

in

the

price

of

the

underlying

instrument.

When

a

Fund

sells

an

uncovered

call

option,

it

does

not

simultaneously

have

a

long

position

in

the

underlying

security.

When

a

Fund

sells

an

uncovered

put

option,

it

does

not

simultaneously

have

a

short

position

in

the

underlying

security.

Uncovered

options

are

riskier

than

covered

options

because

there

is

no

underlying

security

held

by

the

Fund

that

can

act

as

a

partial

hedge.

Whether

an

option

which

the

Fund

has

written

expires

on

its

stipulated

expiration

date

or

the

Fund

enters

into

a

closing

purchase

transaction,

the

Fund

realizes

a

gain

(or

loss,

if

the

cost

of

a

closing

purchase

transaction

exceeds

the

premium

received

when

the

option

was

sold)

without

regard

to

any

unrealized

gain

or

loss

on

the

underlying

security,

and

the

liability

related

to

such

option

is

extinguished.

If

a

call

option

which

the

Fund

has

written

is

exercised,

the

Fund

realizes

a

capital

gain

or

loss

from

the

sale

of

the

underlying

security,

and

the

proceeds

from

such

sale

are

increased

by

the

premium

originally

received.

When

a

put

option

which

a

Fund

has

written

is

exercised,

the

amount

of

the

premium

originally

received

will

reduce

the

cost

of

the

security

which

a

Fund

purchases

upon

exercise

of

the

option.

The

Funds’

use

of

written

options

involves,

to

varying

degrees,

elements

of

market

risk

in

excess

of

the

amount

recognized

in

the

Statements

of

Assets

and

Liabilities.

The

face

or

contract

amounts

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

market

risk.

The

risks

may

be

caused

by

an

imperfect

correlation

between

movements

in

the

price

of

the

instrument

and

the

price

of

the

underlying

securities

and

interest

rates.

Certain

Funds

may

enter

into

swaptions

(an

option

on

a

swap).

In

a

swaption,

in

exchange

for

an

option,

the

buyer

gains

the

right

but

not

the

obligation

to

enter

into

a

specified

swap

agreement

with

the

issuer

on

a

specified

future

date.

The

writer

of

the

contract

receives

the

premium

and

bears

the

risk

of

unfavorable

changes

in

the

preset

rate

on

the

underlying

swap.

For

the

period

ended

July

31,

2023,

the

following

Funds

purchased

or

sold

options

primarily

for

the

strategies

listed

below:

Funds

Strategies

International

Developed

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Global

Equity

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Emerging

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Tax-Managed

International

Equity

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Tax-Managed

Real

Assets

Fund

Exposing

cash

to

markets

and

trade

settlement

Opportunistic

Credit

Fund

Return

enhancement

and

hedging

Unconstrained

Total

Return

Fund

Return

enhancement

and

hedging

Strategic

Bond

Fund

Return

enhancement

and

hedging

Investment

Grade

Bond

Fund

Return

enhancement

and

hedging

Short

Duration

Bond

Fund

Return

enhancement

and

hedging

Global

Infrastructure

Fund

Exposing

cash

to

markets

and

trade

settlement

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

and

trade

settlement

Multi-Strategy

Income

Fund

Return

enhancement

and

hedging

Multi-Asset

Growth

Strategy

Fund

Return

enhancement

and

hedging

Multifactor

International

Equity

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multifactor

Bond

Fund

Return

enhancement

and

hedging

Funds

Strategies

Unconstrained

Total

Return

Fund

Return

enhancement

and

hedging

Short

Duration

Bond

Fund

Return

enhancement

and

hedging

Multi-Strategy

Income

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multi-Asset

Growth

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

Notes

to

Quarterly

Report

465

As

of

July

31,

2023,

the

Funds

had

cash

collateral

balances

in

connection

with

options

contracts

purchased

or

sold

as

follows:

Futures

Contracts

Certain

Funds

may

invest

in

futures

contracts

(i.e.,

interest

rate,

foreign

currency

and

index

futures

contracts).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

July

31,

2023,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

As

of

July

31,

2023,

the

Funds

had

cash

collateral

balances

in

connection

with

futures

contracts

purchased

or

sold

as

follows:

Funds

Due

to

Broker

Multi-Strategy

Income

Fund

$

2,564,764

Multi-Asset

Growth

Strategy

Fund

5,846,002

Funds

Strategies

Equity

Income

Fund

Exposing

cash

to

markets

Sustainable

Equity

Fund

Exposing

cash

to

markets

U.S.

Strategic

Equity

Fund

Exposing

cash

to

markets

U.S.

Small

Cap

Equity

Fund

Exposing

cash

to

markets

International

Developed

Markets

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Global

Equity

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Emerging

Markets

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Tax-Managed

U.S.

Large

Cap

Fund

Exposing

cash

to

markets

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Exposing

cash

to

markets

Tax-Managed

International

Equity

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Tax-Managed

Real

Assets

Fund

Exposing

cash

to

markets

Opportunistic

Credit

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Unconstrained

Total

Return

Fund

Return

enhancement

and

hedging

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Investment

Grade

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Short

Duration

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Tax-Exempt

High

Yield

Bond

Fund

Return

enhancement

and

hedging

Tax-Exempt

Bond

Fund

Return

enhancement

and

hedging

Global

Infrastructure

Fund

Exposing

cash

to

markets

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

Multi-Strategy

Income

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Multi-Asset

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Multifactor

U.S.

Equity

Fund

Exposing

cash

to

markets

Multifactor

International

Equity

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multifactor

Bond

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Funds

Cash

Collateral

for

Futures

Due

to

Broker

Equity

Income

Fund

$

168,838

$

—

Sustainable

Equity

Fund

220,099

—

U.S.

Strategic

Equity

Fund

2,084,996

—

U.S.

Small

Cap

Equity

Fund

592,782

—

International

Developed

Markets

Fund

23,862,269

—

Global

Equity

Fund

23,682,308

—

Emerging

Markets

Fund

995,816

—

Tax-Managed

U.S.

Large

Cap

Fund

9,123

—

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

339,382

—

Tax-Managed

International

Equity

Fund

42,019,330

—

Tax-Managed

Real

Assets

Fund

253,696

—

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

466

Notes

to

Quarterly

Report

Swap

Agreements

Certain

Funds

may

enter

into

swap

agreements,

on

either

an

asset-based

or

liability-based

basis,

depending

on

whether

they

are

hedging

their

assets

or

their

liabilities,

and

will

usually

enter

into

swaps

on

a

net

basis

(i.e.,

the

two

payment

streams

are

netted

out,

with

the

Funds

receiving

or

paying

only

the

net

amount

of

the

two

payments).

When

a

Fund

engages

in

a

swap,

it

exchanges

its

obligations

to

pay

or

rights

to

receive

payments

for

the

obligations

to

pay

or

rights

to

receive

payments

of

another

party

(i.e.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

Certain

Funds

may

enter

into

several

different

types

of

swap

agreements,

including

credit

default,

interest

rate,

total

return

(equity

and/or

index)

and/or

currency

swaps.

Credit

default

swaps

are

a

counterparty

agreement

which

allows

the

transfer

of

third

party

credit

risk

(the

possibility

that

an

issuer

will

default

on

its

obligation

by

failing

to

pay

principal

or

interest

in

a

timely

manner)

from

one

party

to

another.

The

lender

faces

the

credit

risk

from

a

third

party

and

the

counterparty

in

the

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Interest

rate

swaps

are

a

counterparty

agreement,

can

be

customized

to

meet

each

party’s

needs,

and

involve

the

exchange

of

a

fixed

or

variable

payment

per

period

for

a

payment

that

is

not

fixed.

Total

return

swaps

are

a

counterparty

agreement

where

two

parties

exchange

two

sets

of

cash

flows

on

predetermined

dates

for

an

agreed

upon

amount

of

time.

The

cash

flows

will

typically

be

an

equity

index

value

swapped

with

a

floating

rate

such

as

SOFR

plus

or

minus

a

pre-defined

spread.

Total

return

swap

agreements

are

a

counterparty

agreement

intended

to

expose

cash

to

markets

or

to

effect

investment

transactions

consistent

with

those

Funds’

investment

objectives

and

strategies.

Currency

swaps

are

a

counterparty

agreement

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

each

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity

the

principal

amounts

are

returned.

The

Funds

generally

expect

to

enter

into

these

transactions

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

their

portfolios

or

to

protect

against

any

increase

in

the

price

of

securities

they

anticipate

purchasing

at

a

later

date,

or

for

return

enhancement.

Under

most

swap

agreements

entered

into

by

a

Fund,

the

parties’

obligations

are

determined

on

a

“net

basis”.

If

there

is

a

default

by

the

other

party

to

such

a

transaction,

the

Funds

will

have

contractual

remedies

pursuant

to

the

agreement

related

to

the

transaction.

A

Fund

may

not

receive

the

expected

amount

under

a

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

As

of

July

31,

2023,

the

Funds

had

cash

collateral

balances

in

connection

with

swap

contracts

purchased

or

sold

as

follows:

Funds

Cash

Collateral

for

Futures

Due

to

Broker

Opportunistic

Credit

Fund

7,094,730

250,376

Unconstrained

Total

Return

Fund

55

54

Strategic

Bond

Fund

59,759,607

13

Investment

Grade

Bond

Fund

13,544,377

—

Short

Duration

Bond

Fund

2,502,593

—

Tax-Exempt

High

Yield

Bond

Fund

389,847

—

Tax-Exempt

Bond

Fund

581,581

—

Global

Infrastructure

Fund

1,064,719

—

Global

Real

Estate

Securities

Fund

509,836

—

Multi-Strategy

Income

Fund

18,550,310

—

Multi-Asset

Growth

Strategy

Fund

32,233,489

38

Multifactor

U.S.

Equity

Fund

602,285

—

Multifactor

International

Equity

Fund

579,927

—

Multifactor

Bond

Fund

243,602

—

Funds

Cash

Collateral

for

Swaps

Due

to

Broker

Opportunistic

Credit

Fund

$

620,003

$

3

Unconstrained

Total

Return

Fund

174,776

102,139

Strategic

Bond

Fund

43,087,400

13,929,812

Short

Duration

Bond

Fund

416,694

—

Multi-Strategy

Income

Fund

430,054

—

Multi-Asset

Growth

Strategy

Fund

2,256,394

—

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

Notes

to

Quarterly

Report

467

Credit

Default

Swaps

Certain

Funds

may

enter

into

credit

default

swaps.

A

credit

default

swap

can

refer

to

corporate

issues,

government

issues,

asset-

backed

securities

or

an

index

of

assets,

each

known

as

the

reference

entity

or

underlying

asset.

Funds

may

act

as

either

the

buyer

or

the

seller

of

a

credit

default

swap

involving

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

default

or

other

credit

event.

Depending

upon

the

terms

of

the

contract,

the

credit

default

swap

may

be

closed

via

physical

settlement.

However,

due

to

the

possible

or

potential

instability

in

the

market,

there

is

a

risk

that

the

seller

may

be

unable

to

deliver

the

underlying

debt

security

to

the

other

party

to

the

agreement.

Additionally,

Funds

may

not

receive

the

expected

amount

under

the

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

In

an

unhedged

credit

default

swap,

the

Funds

would

enter

into

a

credit

default

swap

without

owning

the

underlying

asset

or

debt

issued

by

the

reference

entity.

Credit

default

swaps

allow

the

Funds

to

acquire

or

reduce

credit

exposure

to

a

particular

issuer,

asset

or

basket

of

instruments.

As

the

seller

of

protection

in

a

credit

default

swap,

a

Fund

would

be

required

to

pay

the

par

or

other

agreed-upon

value

(or

otherwise

perform

according

to

the

swap

contract)

of

a

reference

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

other

specified

credit

event)

and

the

counterparty

would

be

required

to

surrender

the

reference

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

a

seller

of

protection,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

that

Fund

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Certain

Funds

may

also

purchase

protection

via

credit

default

swap

contracts

in

order

to

offset

the

risk

of

default

of

debt

securities

held

in

their

portfolios

or

to

take

a

short

position

in

a

debt

security,

in

which

case

the

Fund

would

function

as

the

counterparty

referenced

in

the

preceding

paragraph.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(i.e.,

the

buyer

of

protection’s

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Funds

may

use

credit

default

swaps

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

the

Funds

own

or

have

exposure

to

the

referenced

obligation)

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

(as

measured

by

the

credit

default

swap’s

spread)

of

a

particular

issuer’s

default.

Deliverable

obligations

for

credit

default

swaps

on

asset-backed

securities

in

most

instances

are

limited

to

the

specific

referenced

obligation

as

performance

for

asset-backed

securities

can

vary

across

deals.

Prepayments,

principal

paydowns,

and

other

writedown

or

loss

events

on

the

underlying

mortgage

loans

will

reduce

the

outstanding

principal

balance

of

the

referenced

obligation.

These

reductions

may

be

temporary

or

permanent

as

defined

under

the

terms

of

the

swap

agreement

and

the

notional

amount

for

the

swap

agreement

generally

will

be

adjusted

by

corresponding

amounts.

Certain

Funds

may

use

credit

default

swaps

on

asset-backed

securities

to

provide

a

measure

of

protection

against

defaults

(or

other

defined

credit

events)

of

the

referenced

obligation

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

of

a

particular

referenced

obligation’s

default

(or

another

defined

credit

event).

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset-backed

securities,

emerging

markets,

and/or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name’s

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and,

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

Traders

may

use

credit

default

swaps

on

indices

to

speculate

on

changes

in

credit

quality.

Implied

credit

spreads,

represented

in

absolute

terms,

utilized

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

as

of

period-end

are

disclosed

in

the

Schedules

of

Investments

and

generally

serve

as

an

indicator

of

the

current

Funds

Cash

Collateral

for

Swaps

Due

to

Broker

Multifactor

Bond

Fund

28,487

—

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

468

Notes

to

Quarterly

Report

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

(or

other

defined

credit

event)

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

entering

into

a

credit

default

swap

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

asset-

backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

fair

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

generally

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

Fund

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of

July

31,

2023,

for

which

a

Fund

is

the

seller

of

protection,

are

disclosed

in

the

Schedules

of

Investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by

a

Fund

for

the

same

referenced

entity

or

entities.

Credit

default

swaps

could

result

in

losses

if

the

Funds

do

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Funds

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

illiquidity

and

counterparty

risk.

A

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

a

Fund

may

lose

its

investment

and

recover

nothing

should

a

credit

event

fail

to

occur

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

a

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

creditworthiness

of

a

Fund’s

swap

counterparty

declines,

the

risk

that

the

counterparty

may

not

perform

could

increase,

potentially

resulting

in

a

loss

to

the

Fund.

To

limit

the

counterparty

risk

involved

in

swap

agreements,

the

Funds

will

only

enter

into

swap

agreements

with

counterparties

that

meet

certain

standards

of

creditworthiness.

Although

there

can

be

no

assurance

that

the

Funds

will

be

able

to

do

so,

the

Funds

may

be

able

to

reduce

or

eliminate

their

exposure

under

a

swap

agreement

either

by

assignment

or

other

disposition,

or

by

entering

into

an

offsetting

swap

agreement

with

the

same

party

or

another

creditworthy

party.

The

Funds

may

have

limited

ability

to

eliminate

their

exposure

under

a

credit

default

swap

if

the

credit

quality

of

the

reference

entity

or

underlying

asset

has

declined.

For

the

period

ended

July

31,

2023,

the

following

Funds

entered

into

credit

default

swaps

primarily

for

the

strategies

listed

below:

Interest

Rate

Swaps

Certain

Funds

may

enter

into

interest

rate

swaps.

The

use

of

interest

rate

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

If

RIM

or

a

money

manager

using

this

technique

is

incorrect

in

its

forecast

of

fair

values,

interest

rates

and

other

applicable

factors,

the

investment

performance

of

a

Fund

might

diminish

compared

to

what

it

would

have

been

if

this

investment

technique

were

not

used.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

obligated

to

make.

Interest

rate

swaps

are

traded

on

exchanges

and

are

subject

to

central

clearing.

If

the

clearing

house

or

futures

commission

merchant

defaults,

a

Fund’s

risk

of

loss

consists

of

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

entitled

to

receive.

The

counterparty

risk

for

cleared

derivatives

is

generally

lower

than

for

uncleared

derivatives.

However,

clearing

may

subject

a

Fund

to

increased

costs

or

margin

requirements.

For

the

period

ended

July

31,

2023,

the

following

Funds

entered

into

interest

rate

swaps

primarily

for

the

strategies

listed

below:

Funds

Strategies

Opportunistic

Credit

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Unconstrained

Total

Return

Fund

Return

enhancement

and

hedging

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Short

Duration

Bond

Fund

Return

enhancement

and

hedging

Multi-Strategy

Income

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Multi-Asset

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Multifactor

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

Notes

to

Quarterly

Report

469

Total

Return

Swaps

Certain

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

“notional

amount”

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

“basket”

of

securities

representing

a

particular

index).

For

the

period

ended

July

31,

2023,

none

of

the

Funds

entered

into

total

return

swaps

contracts.

Currency

Swaps

Certain

Funds

may

enter

into

currency

swap

agreements

to

enhance

returns

or

for

hedging

purposes.

Currency

swap

agreements

are

agreements

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity,

the

principal

amounts

are

exchanged.

For

the

period

ended

July

31,

2023,

the

Unconstrained

Total

Return

Fund

entered

into

currency

swaps

primarily

for

hedging.

Master

Agreements

Certain

Funds

are

parties

to

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

(“ISDA

Master

Agreements”)

with

counterparties

that

govern

transactions

in

OTC

derivative

and

foreign

exchange

contracts

entered

into

by

the

Funds

and

those

counterparties.

The

ISDA

Master

Agreements

contain

provisions

for,

among

other

things,

general

obligations,

representations,

agreements,

collateral

and

events

of

default

or

termination.

Events

of

termination

and

default

include

conditions

that

may

entitle

either

party

to

elect

to

terminate

early

and

cause

settlement

of

all

outstanding

transactions

under

the

applicable

ISDA

Master

Agreement.

Any

election

to

terminate

early

could

be

material

to

the

financial

statements.

Since

different

types

of

forward

and

OTC

financial

derivative

transactions

have

different

mechanics

and

are

sometimes

traded

out

of

different

legal

entities

of

a

particular

counterparty

organization,

each

type

of

transaction

may

be

covered

by

a

different

ISDA

Master

Agreement,

resulting

in

the

need

for

multiple

agreements

with

a

single

counterparty.

As

the

ISDA

Master

Agreements

are

specific

to

unique

operations

of

different

asset

types,

they

allow

a

Fund

to

net

its

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

agreement

with

a

counterparty.

Master

Repurchase

Agreements

(“Master

Repo

Agreements”)

govern

transactions

between

a

Fund

and

select

counterparties.

The

Master

Repo

Agreements

contain

provisions

for,

among

other

things,

initiation,

income

payments,

events

of

default,

and

maintenance

of

collateral

for

repurchase

and

reverse

repurchase

agreements.

Master

Securities

Forward

Transaction

Agreements

(“Master

Forward

Agreements”)

govern

the

considerations

and

factors

surrounding

the

settlement

of

certain

forward

settling

transactions,

such

as

delayed

delivery

by

and

between

a

Fund

and

select

counterparties.

The

Master

Forward

Agreements

contain

provisions

for,

among

other

things,

initiation

and

confirmation,

payment

and

transfer,

events

of

default,

termination,

and

maintenance

of

collateral.

Loan

Agreements

Certain

Funds

may

invest

in

direct

debt

instruments,

which

are

interests

in

amounts

owed

by

corporate,

governmental,

or

other

borrowers

to

lenders

or

lending

syndicates.

The

Funds’

investments

in

loans

may

be

in

the

form

of

participations

in

loans

or

assignments

of

all

or

a

portion

of

loans

from

third

parties.

A

loan

is

often

administered

by

a

bank

or

other

financial

institution

(the

“agent”)

that

acts

as

agent

for

all

holders.

The

agent

administers

the

terms

of

the

loan,

as

specified

in

the

loan

agreement.

When

investing

in

a

loan

participation,

the

Funds

have

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

they

are

entitled

only

from

the

agent

selling

the

loan

agreement

and

only

upon

receipt

by

the

agent

of

payments

from

the

borrower.

The

Funds

generally

have

no

right

to

enforce

compliance

with

the

terms

of

the

loan

agreement

with

the

borrower.

As

a

result,

the

Funds

may

be

subject

to

the

credit

risk

of

both

the

borrower

and

the

agent

that

is

selling

the

loan

agreement.

When

the

Funds

purchase

assignments

from

agents

they

acquire

direct

rights

against

the

borrower

on

the

loan.

Funds

Strategies

Unconstrained

Total

Return

Fund

Return

enhancement

and

hedging

Strategic

Bond

Fund

Return

enhancement

and

hedging

Short

Duration

Bond

Fund

Return

enhancement

and

hedging

Multi-Strategy

Income

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multi-Asset

Growth

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

470

Notes

to

Quarterly

Report

Local

Access

Products

Certain

Funds

may

invest

in

local

access

products,

also

known

as

certificates

of

participation,

participation

notes

or

participation

interest

notes.

Local

access

products

are

issued

by

banks

or

broker-dealers

and

are

designed

to

replicate

the

performance

of

foreign

companies

or

foreign

securities

markets

and

can

be

used

by

the

Fund

as

an

alternative

means

to

access

the

securities

market

of

a

frontier

emerging

market

country.

The

performance

results

of

local

access

products

will

not

replicate

exactly

the

performance

of

the

foreign

companies

or

foreign

securities

markets

that

they

seek

to

replicate

due

to

transaction

and

other

expenses.

Investments

in

local

access

products

involve

certain

risks

in

addition

to

those

associated

with

a

direct

investment

in

the

underlying

foreign

companies

or

foreign

securities

markets

whose

return

they

seek

to

replicate.

There

can

be

no

assurance

that

there

will

be

a

trading

market

or

that

the

trading

price

of

local

access

products

will

equal

the

underlying

value

of

the

foreign

company

or

foreign

securities

market

that

it

seeks

to

replicate.

The

Funds

rely

on

the

creditworthiness

of

the

counterparty

issuing

the

local

access

products

and

have

no

rights

against

the

issuer

of

the

underlying

security.

The

Funds

seek

to

minimize

this

risk

by

entering

into

agreements

only

with

counterparties

that

RIM

deems

creditworthy.

Due

to

liquidity

and

transfer

restrictions,

the

secondary

markets

on

which

the

local

access

products

are

traded

may

be

less

liquid

than

the

markets

for

other

securities,

or

may

be

completely

illiquid.

Credit

Linked

Notes

Certain

Funds

may

invest

in

credit

linked

notes.

Credit

linked

notes

are

obligations

between

two

or

more

parties

where

the

payment

of

principal

and/or

interest

is

based

on

the

performance

of

some

obligation,

basket

of

obligations,

index

or

economic

indicator

(a

“reference

instrument”).

In

addition

to

the

credit

risk

associated

with

the

reference

instrument

and

interest

rate

risk,

the

buyer

and

seller

of

a

credit

linked

note

or

similar

structured

investment

are

subject

to

counterparty

risk.

Short

Sales

The

Sustainable

Equity,

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

may

enter

into

short

sale

transactions.

In

a

short

sale,

the

seller

sells

a

security

that

it

does

not

own,

typically

a

security

borrowed

from

a

broker

or

dealer.

Because

the

seller

remains

liable

to

return

the

underlying

security

that

it

borrowed

from

the

broker

or

dealer,

the

seller

must

purchase

the

security

prior

to

the

date

on

which

delivery

to

the

broker

or

dealer

is

required.

A

Fund

will

incur

a

loss

as

a

result

of

the

short

sale

if

the

price

of

the

security

increases

between

the

date

of

the

short

sale

and

the

date

on

which

the

Fund

must

return

the

borrowed

security.

A

Fund

will

realize

a

gain

if

the

security

declines

in

price

between

those

dates.

Short

sales

expose

a

Fund

to

the

risk

of

liability

for

the

fair

value

of

the

security

that

is

sold

(the

amount

of

which

increases

as

the

fair

value

of

the

underlying

security

increases),

in

addition

to

the

costs

associated

with

establishing,

maintaining

and

closing

out

the

short

position.

Although

a

Fund’s

potential

for

gain

as

a

result

of

a

short

sale

is

limited

to

the

price

at

which

it

sold

the

security

short

less

the

cost

of

borrowing

the

security,

its

potential

for

loss

is

theoretically

unlimited

because

there

is

no

limit

to

the

cost

of

replacing

the

borrowed

security.

When

a

Fund

makes

a

short

sale,

the

Fund

may

use

all

or

a

portion

of

the

cash

proceeds

of

short

sales

to

purchase

other

securities

or

for

any

other

permissible

Fund

purpose.

Each

of

the

Sustainable

Equity

Fund,

U.S.

Strategic

Equity

Fund

and

U.S.

Small

Cap

Equity

Fund

may

engage

in

short

sale

transactions

that

are

effected

through

State

Street

Bank

and

Trust

Company

(“State

Street”)

but

reserve

the

right

to

engage

in

short

sale

transactions

through

one

or

more

other

counterparties.

For

short

sale

transactions

effected

through

State

Street,

the

Funds

typically

expect

to

collateralize

short

sale

transactions

through

the

Funds’

respective

reciprocal

lending

activity

with

State

Street

(i.e.,

short

sale

transactions

are

collateralized

by

securities

loaned

to

State

Street

for

purposes

of

securities

lending

activities).

The

Funds

may

also

deliver

cash

to

State

Street

for

purposes

of

collateralizing

their

short

sales

transactions

or

“memo

pledge”

securities

as

collateral,

whereby

assets

are

designated

as

collateral

by

State

Street

on

State

Street’s

books

but

remain

in

a

Fund’s

custody

account.

Similar

to

the

risks

generally

applicable

to

securities

lending

arrangements,

participation

in

the

reciprocal

lending

program

subjects

these

Funds

to

the

risk

that

State

Street

could

fail

to

return

a

security

lent

to

it

by

a

Fund,

or

fail

to

return

the

Fund’s

cash

collateral,

a

risk

which

would

increase

with

any

decline

in

State

Street’s

credit

profile.

However,

the

impact

of

State

Street’s

failure

to

return

a

security

lent

to

it

by

a

Fund,

or

failure

to

return

a

Fund’s

cash

collateral,

would

be

mitigated

by

the

Fund’s

right

under

such

circumstances

to

decline

to

return

the

securities

the

Fund

initially

borrowed

from

State

Street

with

respect

to

its

short

sale

transactions.

This

risk

may

be

heightened

during

periods

of

market

stress

and

volatility,

particularly

if

the

type

of

collateral

provided

is

different

than

the

type

of

security

borrowed

(e.g.,

cash

is

provided

as

collateral

for

a

loan

of

an

equity

security).

To

the

extent

necessary

to

meet

collateral

requirements

associated

with

a

short

sale

transaction

involving

a

counterparty

other

than

State

Street,

the

Funds

are

required

to

pledge

assets

in

a

segregated

account

maintained

by

the

Funds’

custodian

for

the

benefit

of

the

broker.

The

Funds

may

also

use

securities

they

own

to

meet

any

such

collateral

obligations.

These

requirements

may

result

in

the

Funds

being

unable

to

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

Notes

to

Quarterly

Report

471

purchase

or

sell

securities

or

instruments

when

it

would

otherwise

be

favorable

to

do

so,

or

in

the

Funds

needing

to

sell

holdings

at

a

disadvantageous

time

to

satisfy

their

obligations.

If

the

Fund’s

prime

broker

fails

to

make

or

take

delivery

of

a

security

as

part

of

a

short

sale

transaction,

or

fails

to

make

a

cash

settlement

payment,

the

settlement

of

the

transaction

may

be

delayed

and

the

Fund

may

lose

money.

As

of

July

31,

2023,

the

market

value

of

securities

on

loan

through

the

reciprocal

lending

program

was

as

follows:

As

of

July

31,

2023,

the

Sustainable

Equity

Fund

held

$20,480,109,

the

U.S.

Strategic

Equity

Fund

held

$214,607,162

and

the

U.S.

Small

Cap

Equity

Fund

held

$51,614,034

as

collateral

for

short

sales.

Securities

Lending

The

Investment

Company

has

a

securities

lending

program

whereby

each

Fund

can

loan

securities

with

a

value

up

to

33

1/3%

of

each

Fund’s

total

assets.

The

maturity

associated

with

these

securities

is

considered

continuous.

The

Fund

receives

cash

(U.S.

currency),

U.S.

government

or

U.S.

government

agency

obligations

as

collateral

against

the

loaned

securities.

The

collateral

cannot

be

resold,

repledged

or

rehypothecated.

As

of

July

31,

2023,

to

the

extent

that

a

loan

was

collateralized

by

cash,

such

collateral

was

invested

by

the

securities

lending

agent,

Goldman

Sachs

Agency

Lending

(“GSAL”),

in

the

U.S.

Cash

Collateral

Fund,

an

unregistered

fund

advised

by

RIM.

To

the

extent

that

a

loan

is

secured

by

non-cash

collateral,

brokers

pay

the

Fund

negotiated

lenders’

fees,

which

are

divided

between

the

Fund

and

the

securities

lending

agent

and

are

recorded

as

securities

lending

income

for

the

Fund.

All

collateral

received

will

be

in

an

amount

at

least

equal

to

102%

(for

loans

of

U.S.

securities)

or

105%

(for

loans

of

non-U.S.

securities)

of

the

fair

value

of

the

loaned

securities

at

the

inception

of

each

loan.

The

fair

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

the

next

day.

Should

the

borrower

of

the

securities

fail

financially,

there

is

a

risk

of

delay

in

recovery

of

the

securities

or

loss

of

rights

in

the

collateral.

Emerging

Markets

Securities

Certain

Funds

may

invest

in

emerging

markets

securities.

Investing

in

emerging

markets

securities

can

pose

some

risks

different

from,

and

greater

than,

risks

of

investing

in

U.S.

or

developed

markets

securities.

These

risks

include:

a

risk

of

loss

due

to

exposure

to

economic

structures

that

are

generally

less

diverse

and

mature,

and

to

political

systems

which

may

have

less

stability,

than

those

of

more

developed

countries;

smaller

market

capitalization

of

securities

markets,

which

may

suffer

periods

of

relative

illiquidity

(including

as

a

result

of

a

significant

reduction

in

the

number

of

market

participants

or

transactions);

significant

price

volatility;

restrictions

on

foreign

investment;

possible

difficulties

in

the

repatriation

of

investment

income

and

capital

including

as

a

result

of

the

closure

of

securities

markets

in

an

emerging

market

country;

and

generally,

less

stringent

investor

protection

standards

as

compared

with

investments

in

U.S.

or

other

developed

market

equity

securities.

In

addition,

foreign

investors

may

be

required

to

register

the

proceeds

of

sales

and

future

economic

or

political

crises

could

lead

to

price

controls,

forced

mergers,

expropriation

or

confiscatory

taxation,

seizure,

nationalization,

or

creation

of

government

monopolies.

The

currencies

of

emerging

market

countries

may

experience

significant

declines

against

the

U.S.

dollar,

and

devaluation

may

occur

subsequent

to

investments

in

these

currencies

by

the

Funds.

Emerging

market

securities

may

be

subject

to

currency

transfer

restrictions

and

may

experience

delays

and

disruptions

in

settlement

procedures

for

such

securities.

Inflation

and

rapid

fluctuations

in

inflation

rates

have

had,

and

may

continue

to

have,

negative

effects

on

the

economies

and

securities

markets

of

certain

emerging

market

countries.

Emerging

market

countries

may

be

more

likely

to

experience

the

imposition

of

economic

sanctions

by

foreign

governments.

In

addition,

emerging

market

countries

may

be

subject

to

less

stringent

requirements

regarding

accounting,

auditing,

financial

reporting

and

record

keeping

and

therefore,

all

material

information

may

not

be

available

or

reliable.

U.S.

regulatory

authorities’

ability

to

enforce

legal

and/or

regulatory

obligations

against

individuals

or

entities,

and

shareholders’

ability

to

bring

derivative

litigation

or

otherwise

enforce

their

legal

rights,

in

emerging

market

countries

may

be

limited.

Emerging

Markets

Debt

Certain

Funds

may

invest

in

emerging

markets

debt.

A

Fund’s

emerging

markets

debt

securities

may

include

obligations

of

governments

and

corporations.

As

with

any

fixed

income

securities,

emerging

markets

debt

securities

are

subject

to

the

risk

Funds

Amount

Sustainable

Equity

Fund

$

9,944,718

U.S.

Strategic

Equity

Fund

126,490,278

U.S.

Small

Cap

Equity

Fund

36,424,965

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

472

Notes

to

Quarterly

Report

of

being

downgraded

in

credit

rating

due

to

the

risk

of

default.

In

the

event

of

a

default

on

any

investments

in

foreign

debt

obligations,

it

may

be

more

difficult

for

a

Fund

to

obtain

or

to

enforce

a

judgment

against

the

issuers

of

such

securities.

With

respect

to

debt

issued

by

emerging

market

governments,

such

issuers

may

be

unwilling

to

pay

interest

and

repay

principal

when

due,

potentially

due

either

to

an

inability

to

pay

or

submission

to

political

pressure

not

to

pay,

and

as

a

result

may

default,

declare

temporary

suspensions

of

interest

payments

or

require

that

the

conditions

for

payment

be

renegotiated.

Repurchase

Agreements

Certain

Funds

may

enter

into

repurchase

agreements.

A

repurchase

agreement

is

an

agreement

under

which

a

Fund

acquires

a

fixed

income

security

from

a

commercial

bank,

broker

or

dealer

and

simultaneously

agrees

to

resell

such

security

to

the

seller

at

an

agreed

upon

price

and

date

(normally

within

a

few

days

or

weeks).

The

resale

price

reflects

an

agreed

upon

interest

rate

effective

for

the

period

the

security

is

held

by

a

Fund

and

is

unrelated

to

the

interest

rate

on

the

security.

The

securities

acquired

by

a

Fund

constitute

collateral

for

the

repurchase

obligation.

In

these

transactions,

the

securities

acquired

by

a

Fund

(including

accrued

interest

earned

thereon)

must

have

a

total

value

in

excess

of

the

value

of

the

repurchase

agreement

and

must

be

held

by

the

custodian

bank

until

repurchased.

A

Fund

will

not

invest

more

than

15%

of

its

net

assets

(taken

at

current

fair

value)

in

repurchase

agreements

maturing

in

more

than

seven

days.

Mortgage-Related

and

Other

Asset-Backed

Securities

Certain

Funds

may

invest

in

mortgage

or

other

asset-backed

securities

(“ABS”).

These

securities

may

include

mortgage

instruments

issued

by

U.S.

government

agencies

(“agency

mortgages”)

or

those

issued

by

private

entities

(“non-agency

mortgages”).

Specific

types

of

instruments

may

include

reverse

mortgages,

mortgage

pass-through

securities,

collateralized

mortgage

obligations

(“CMO”),

commercial

mortgage-backed

securities,

mortgage

dollar

rolls,

CMO

residuals,

stripped

mortgage-backed

securities

and

other

securities

that

directly

or

indirectly

represent

a

participation

in,

or

are

secured

by

a

payable

from,

mortgage

loans

on

real

property.

The

value

of

a

Fund’s

mortgage-backed

securities

(“MBS”)

may

be

affected

by,

among

other

things,

changes

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

mortgage,

or

the

quality

of

the

underlying

assets.

The

mortgages

underlying

the

securities

may

default

or

decline

in

quality

or

value.

Through

its

investments

in

MBS,

a

Fund

has

exposure

to

subprime

loans,

Alt-A

loans

and

non-

conforming

loans

as

well

as

to

the

mortgage

and

credit

markets

generally.

Underlying

collateral

related

to

subprime,

Alt-A

and

non-conforming

mortgage

loans

has

become

increasingly

susceptible

to

defaults

and

declines

in

quality

or

value,

especially

in

a

declining

residential

real

estate

market.

In

addition,

regulatory

or

tax

changes

may

adversely

affect

the

mortgage

securities

markets

as

a

whole.

Mortgage-Backed

Securities

MBS

often

have

stated

maturities

of

up

to

thirty

years

when

they

are

issued,

depending

upon

the

length

of

the

mortgages

underlying

the

securities.

In

practice,

however,

unscheduled

or

early

payments

of

principal

and

interest

on

the

underlying

mortgages

may

make

the

securities’

effective

maturity

shorter

than

this,

and

the

prevailing

interest

rates

may

be

higher

or

lower

than

the

current

yield

of

a

Fund’s

portfolio

at

the

time

resulting

in

reinvestment

risk.

Rising

or

high

interest

rates

may

result

in

slower

than

expected

principal

payments

which

may

tend

to

extend

the

duration

of

MBS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

This

is

known

as

extension

risk.

MBS

may

have

less

potential

for

capital

appreciation

than

comparable

fixed

income

securities

due

to

the

likelihood

of

increased

prepayments

of

mortgages

resulting

from

foreclosures

or

declining

interest

rates.

These

foreclosed

or

refinanced

mortgages

are

paid

off

at

face

value

(par)

or

less,

causing

a

loss,

particularly

for

any

investor

who

may

have

purchased

the

security

at

a

premium

or

a

price

above

par.

In

such

an

environment,

this

risk

limits

the

potential

price

appreciation

of

these

securities.

Agency

Mortgage-Backed

Securities

Certain

MBS

may

be

issued

or

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

such

as

Fannie

Mae

(the

Federal

National

Mortgage

Association)

or

Freddie

Mac

(the

Federal

Home

Loan

Mortgage

Corporation).

Although

these

instruments

may

be

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

many

such

MBS

are

not

backed

by

the

full

faith

and

credit

of

the

United

States

and

are

still

exposed

to

the

risk

of

non-payment.

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

Notes

to

Quarterly

Report

473

Privately

Issued

Mortgage-Backed

Securities

MBS

held

by

a

Fund

may

be

issued

by

private

issuers

including

commercial

banks,

savings

associations,

mortgage

companies,

investment

banking

firms,

finance

companies

and

special

purpose

finance

entities

(called

special

purpose

vehicles

or

SPVs)

and

other

entities

that

acquire

and

package

mortgage

loans

for

resale

as

MBS.

These

privately

issued

non-agency

MBS

may

offer

higher

yields

than

those

issued

by

government

agencies,

but

also

may

be

subject

to

greater

price

changes

than

governmental

issues.

Subprime

loans

refer

to

loans

made

to

borrowers

with

weakened

credit

histories

or

with

a

lower

capacity

to

make

timely

payments

on

their

loans.

Alt-A

loans

refer

to

loans

extended

to

borrowers

who

have

incomplete

documentation

of

income,

assets,

or

other

variables

that

are

important

to

the

credit

underwriting

processes.

Non-conforming

mortgages

are

loans

that

do

not

meet

the

standards

that

allow

purchase

by

government-sponsored

enterprises.

MBS

with

exposure

to

subprime

loans,

Alt-A

loans

or

nonconforming

loans

have

had

in

many

cases

higher

default

rates

than

those

loans

that

meet

government

underwriting

requirements.

The

risk

of

non-payment

is

greater

for

MBS

that

are

backed

by

mortgage

pools

that

contain

subprime,

Alt-A

and

non-conforming

loans,

but

a

level

of

risk

exists

for

all

loans.

Unlike

agency

MBS

issued

or

guaranteed

by

the

U.S.

government

or

a

government-sponsored

entity

(e.g.,

Fannie

Mae

and

Freddie

Mac),

MBS

issued

by

private

issuers

do

not

have

a

government

or

government-sponsored

entity

guarantee,

but

may

have

credit

enhancements

provided

by

external

entities

such

as

banks

or

financial

institutions

or

achieved

through

the

structuring

of

the

transaction

itself.

Examples

of

such

credit

support

arising

out

of

the

structure

of

the

transaction

include

the

issue

of

senior

and

subordinated

securities

(e.g.,

the

issuance

of

securities

by

an

SPV

in

multiple

classes

or

tranches,

with

one

or

more

classes

being

senior

to

other

subordinated

classes

as

to

the

payment

of

principal

and

interest,

with

the

result

that

defaults

on

the

underlying

mortgage

loans

are

borne

first

by

the

holders

of

the

subordinated

class);

creation

of

reserve

funds

(in

which

case

cash

or

investments,

sometimes

funded

from

a

portion

of

the

payments

on

the

underlying

mortgage

loans,

are

held

in

reserve

against

future

losses);

and

overcollateralization

(in

which

case

the

scheduled

payments

on,

or

the

principal

amount

of,

the

underlying

mortgage

loans

exceeds

that

required

to

make

payment

on

the

securities

and

pay

any

servicing

or

other

fees).

However,

there

can

be

no

guarantee

that

credit

enhancements,

if

any,

will

be

sufficient

to

prevent

losses

in

the

event

of

defaults

on

the

underlying

mortgage

loans.

In

addition,

MBS

that

are

issued

by

private

issuers

are

not

subject

to

the

underwriting

requirements

for

the

underlying

mortgages

that

are

applicable

to

those

MBS

that

have

a

government

or

government-sponsored

entity

guarantee.

As

a

result,

the

mortgage

loans

underlying

private

MBS

may,

and

frequently

do,

have

less

favorable

collateral,

credit

risk

or

other

underwriting

characteristics

than

government

or

government-sponsored

MBS

and

have

wider

variances

in

a

number

of

terms

including

interest

rate,

term,

size,

purpose

and

borrower

characteristics.

Privately

issued

pools

more

frequently

include

second

mortgages,

high

loan-to-value

mortgages

and

manufactured

housing

loans.

The

coupon

rates

and

maturities

of

the

underlying

mortgage

loans

in

a

private-label

MBS

pool

may

vary

to

a

greater

extent

than

those

included

in

a

government

guaranteed

pool,

and

the

pool

may

include

subprime

mortgage

loans.

Privately

issued

MBS

are

not

traded

on

an

exchange

and

there

may

be

a

limited

market

for

the

securities,

especially

when

there

is

a

perceived

weakness

in

the

mortgage

and

real

estate

market

sectors.

Without

an

active

trading

market,

MBS

held

in

a

Fund’s

portfolio

may

be

particularly

difficult

to

value

because

of

the

complexities

involved

in

assessing

the

value

of

the

underlying

mortgage

loans.

Asset-Backed

Securities

ABS

may

include

MBS,

loans,

receivables

or

other

assets.

The

value

of

the

Funds’

ABS

may

be

affected

by,

among

other

things,

actual

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

receivables,

the

market’s

assessment

of

the

quality

of

underlying

assets

or

actual

or

perceived

changes

in

the

credit

worthiness

of

the

individual

borrowers,

the

originator,

the

servicing

agent

or

the

financial

institution

providing

the

credit

support.

Payment

of

principal

and

interest

may

be

largely

dependent

upon

the

cash

flows

generated

by

the

assets

backing

the

securities.

Rising

or

high

interest

rates

tend

to

extend

the

duration

of

ABS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

The

underlying

assets

are

sometimes

subject

to

prepayments

which

can

shorten

the

security’s

weighted

average

life

and

may

lower

its

return.

Defaults

on

loans

underlying

ABS

have

become

an

increasing

risk

for

ABS

that

are

secured

by

home

equity

loans

related

to

sub-prime,

Alt-A

or

non-conforming

mortgage

loans,

especially

in

a

declining

residential

real

estate

market.

ABS

(other

than

MBS)

present

certain

risks

that

are

not

presented

by

MBS.

Primarily,

these

securities

may

not

have

the

benefit

of

any

security

interest

in

the

related

assets.

Credit

card

receivables

are

generally

unsecured

and

the

debtors

are

entitled

to

the

protection

of

a

number

of

state

and

federal

consumer

credit

laws,

many

of

which

give

such

debtors

the

right

to

set

off

certain

amounts

owed

on

the

credit

cards,

thereby

reducing

the

balance

due.

There

is

the

possibility

that

recoveries

on

repossessed

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

474

Notes

to

Quarterly

Report

collateral

may

not,

in

some

cases,

be

available

to

support

payments

on

these

securities.

ABS

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

To

lessen

the

effect

of

failures

by

obligors

on

underlying

assets

to

make

payments,

the

securities

may

contain

elements

of

credit

support

which

fall

into

two

categories:

(i)

liquidity

protection,

and

(ii)

protection

against

losses

resulting

from

ultimate

default

by

an

obligor

on

the

underlying

assets.

Liquidity

protection

refers

to

the

provision

of

advances,

generally

by

the

entity

administering

the

pool

of

assets,

to

ensure

that

the

receipt

of

payments

on

the

underlying

pool

occurs

in

a

timely

fashion.

Protection

against

losses

results

from

payment

of

the

insurance

obligations

on

at

least

a

portion

of

the

assets

in

the

pool.

This

protection

may

be

provided

through

guarantees,

policies

or

letters

of

credit

obtained

by

the

issuer

or

sponsor

from

third

parties,

through

various

means

of

structuring

the

transaction

or

through

a

combination

of

such

approaches.

The

Funds

will

not

pay

any

additional

or

separate

fees

for

credit

support.

The

degree

of

credit

support

provided

for

each

issue

is

generally

based

on

historical

information

respecting

the

level

of

credit

risk

associated

with

the

underlying

assets.

Delinquency

or

loss

in

excess

of

that

anticipated

or

failure

of

the

credit

support

could

adversely

affect

the

return

on

an

investment

in

such

a

security.

The

availability

of

ABS

may

be

affected

by

legislative

or

regulatory

developments.

It

is

possible

that

such

developments

may

require

the

Funds

to

dispose

of

any

then-existing

holdings

of

such

securities.

Forward

Commitments

Certain

Funds

may

contract

to

purchase

securities

for

a

fixed

price

at

a

future

date

beyond

customary

settlement

time.

The

price

of

the

underlying

securities

and

the

date

when

the

securities

will

be

delivered

and

paid

for

are

fixed

at

the

time

the

transaction

is

negotiated

The

Funds

may

dispose

of

a

forward

commitment

transaction

prior

to

settlement

if

it

is

appropriate

to

do

so

and

may

realize

short-term

gains

(or

losses)

upon

such

sale.

A

forward

commitment

transaction

involves

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

declines

prior

to

the

settlement

date

or

the

other

party

to

the

transaction

fails

to

complete

the

transaction.

Certain

Funds

may

invest

in

to-be-announced

(“TBA”)

mortgage-backed

securities.

A

TBA

security

is

a

forward

mortgage-

backed

securities

trade

in

which

a

seller

agrees

to

issue

a

TBA

mortgage-backed

security

at

a

future

date.

The

securities

are

purchased

and

sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

maturity

date.

A

Fund

may

enter

into

TBA

commitments

to

purchase

securities

and/or

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

securities

it

owns

under

delayed

delivery

arrangements,

or

take

a

short

position

in

mortgage

backed

securities.

Due

to

timing

differences,

TBAs

may

be

reflected

as

Securities

Sold

Short

in

the

Schedule

of

Investments.

The

actual

principal

amount

and

maturity

date

will

be

determined

upon

settlement

when

the

specific

mortgage

pools

are

assigned.

These

securities

are

within

the

parameters

of

industry

“good

delivery”

standards.

As

of

July

31,

2023,

the

Funds

had

no

cash

collateral

balances

in

connection

with

TBAs.

Inflation-Indexed

Bonds

Certain

Funds

may

invest

in

inflation-indexed

securities,

which

are

typically

bonds

or

notes

designed

to

provide

a

return

higher

than

the

rate

of

inflation

(based

on

a

designated

index)

if

held

to

maturity.

A

common

type

of

inflation-indexed

security

is

a

U.S.

Treasury

Inflation-Protected

Security

(“TIPS”).

The

principal

of

a

TIPS

increases

with

inflation

and

decreases

with

deflation,

as

measured

by

the

Consumer

Price

Index.

When

a

TIPS

matures,

the

adjusted

principal

or

original

principal

is

paid,

whichever

is

greater.

TIPS

pay

interest

twice

a

year,

at

a

fixed

rate.

The

rate

is

applied

to

the

adjusted

principal;

so,

like

the

principal,

interest

payments

rise

with

inflation

and

fall

with

deflation.

Guarantees

In

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

London

Interbank

Offered

Rate

(“LIBOR”)

The

Funds

may

invest

in

certain

instruments

including,

but

not

limited

to,

repurchase

agreements,

collateralized

loan

obligations

and

mortgage-backed

securities,

that

historically

relied

in

some

fashion

upon

LIBOR.

LIBOR

is

an

average

interest

rate,

determined

by

the

ICE

Benchmark

Administration,

that

banks

charge

one

another

for

the

use

of

short-term

money.

The

United

Kingdom’s

Financial

Conduct

Authority

(“FCA”),

which

regulates

LIBOR,

announced

plans

to

phase

out

the

use

of

LIBOR

by

the

end

of

2021.

After

June

30,

2023,

all

tenors

of

LIBOR

have

either

ceased

to

be

published

or,

in

the

case

of

1-month,

3-

month

and

6-month

U.S.

dollar

LIBOR

settings,

are

no

longer

being

published

on

a

representative

basis.

Replacement

rates

that

have

been

identified

include

SOFR,

which

is

intended

to

replace

U.S.

dollar

LIBOR

and

measures

the

cost

of

overnight

borrowings

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

Notes

to

Quarterly

Report

475

through

repurchase

agreement

transactions

collateralized

with

U.S.

Treasury

securities,

the

Sterling

Overnight

Index

Average

Rate

(“SONIA”),

which

is

intended

to

replace

British

Pound

Sterling

LIBOR

and

measures

the

overnight

interest

rate

paid

by

banks

for

unsecured

transactions

in

the

sterling

market,

and

other

rates

derived

from

markets

connected

to

SOFR,

such

as

Term

SOFR.

On

April

3,

2023,

the

FCA

announced

its

decision

to

require

LIBOR’s

administrator

to

publish

an

unrepresentative

“synthetic

LIBOR”

using

a

changed

methodology

until

at

least

the

end

of

September

2024.

The

impact

of

synthetic

LIBOR

is

uncertain

and

some

LIBOR

contracts

may

use

synthetic

LIBOR

instead

of

other

alternative

reference

rates.

Accordingly,

synthetic

LIBOR

may

be

a

significant

factor

in

the

cost

of

financing

certain

Fund

investments

or

the

value

or

return

on

certain

other

Fund

investments.

Although

the

transition

process

away

from

LIBOR

has

become

increasingly

well-defined,

there

remains

uncertainty

regarding

the

nature

of

any

replacement

rate,

and

any

potential

effects

of

the

transition

away

from

LIBOR

on

a

Fund

or

on

certain

instruments

in

which

a

Fund

invests

can

be

difficult

to

ascertain.

The

transition

process

may

involve,

among

other

things,

increased

volatility

or

illiquidity

in

markets

for

instruments

that

were

tied

to

LIBOR

or

continue

to

be

tied

to

synthetic

LIBOR

and

may

result

in

a

reduction

in

value

of

certain

instruments

held

by

a

Fund.

The

unavailability

of

LIBOR

may

affect

the

value,

liquidity

or

return

on

certain

Fund

investments

and

may

result

in

additional

costs

in

connection

with

closing

out

positions

and

entering

into

new

trades.

Pricing

adjustments

to

a

Fund’s

investments

resulting

from

a

substitute

reference

rate

may

adversely

affect

the

Fund’s

performance

and/or

NAV.

At

this

time,

it

is

not

possible

to

predict

the

effect

of

the

establishment

of

SOFR,

SONIA

or

any

other

replacement

rates

or

any

other

reforms

to

LIBOR.

The

impact

of

any

substitute

reference

rate

will

vary

on

an

investment-by-investment

basis.

These

developments

could

negatively

impact

financial

markets

in

general

and

present

heightened

risks

to

the

Funds,

including

with

respect

to

their

performance,

liquidity

and

volatility.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds’

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds’

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Funds’

Statements

of

Assets

and

Liabilities.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

a

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

a

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held.

This

could

cause

a

Fund

to

underperform

other

types

of

investments.

From

time

to

time,

outbreaks

of

infectious

illness,

public

health

emergencies

and

other

similar

issues

(“public

health

events”)

may

occur

in

one

or

more

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

on

both

the

country

in

which

the

event

is

first

identified

as

well

as

other

countries

in

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

in

one

or

more

countries

subject

to

the

public

health

event,

resulted

in

restrictions

on

trading

and

market

closures

(including

for

extended

periods

of

time),

increased

substantially

the

volatility

of

financial

markets,

and,

more

generally,

have

had

a

significant

negative

impact

on

the

economy

of

the

country

or

countries

subject

to

the

public

health

event.

Public

health

events

have

also

adversely

affected

the

global

economy,

global

supply

chains

and

the

securities

in

which

the

Funds

invest

across

a

number

of

industries,

sectors

and

asset

classes.

The

extent

of

the

impact

depends

on,

among

other

factors,

the

scale

and

duration

of

any

such

public

health

event.

Public

health

events

have

resulted

in

the

governments

of

affected

countries

taking

potentially

significant

measures

to

seek

to

mitigate

the

transmission

of

the

infectious

illness

or

other

public

health

issue

including,

among

other

measures,

imposing

travel

restrictions

and/or

quarantines

and

limiting

the

operations

of

non-essential

businesses.

Any

of

these

events

could

adversely

affect

a

Fund’s

investments

and

performance,

including

by

exacerbating

other

pre-existing

political,

social

and

economic

risks.

Governmental

authorities

and

other

entities

may

respond

to

such

events

with

fiscal

and/or

monetary

policy

changes.

It

is

not

guaranteed

that

these

policy

changes

will

have

their

intended

effect

and

it

is

possible

that

the

implementation

of

or

subsequent

reversal

of

such

policy

changes

could

increase

volatility

in

financial

markets,

which

could

adversely

affect

a

Fund’s

investments

and

performance.

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

476

Notes

to

Quarterly

Report

Russia’s

large-scale

invasion

of

Ukraine

in

early

2022

and

the

geo-political

events

that

followed

have

impacted

the

Funds’

operations.

The

Funds

are

restricted

from

trading

and

repatriating

any

currency

or

securities

denominated

in

Russian

Rubles,

therefore

the

fair

value

of

Russian

securities

held

by

the

Funds

were

valued

at

zero

shortly

after

the

invasion.

Certain

of

these

securities

may

have

produced

income

prior

to

the

onset

of

the

conflict,

but

are

considered

non-income

producing

until

income

balances

are

able

to

be

repatriated

in

the

future.

3.

Related

Party

Transactions

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

From

its

advisory

fees

received

from

the

Funds,

RIM,

as

agent

for

RIC,

pays

all

fees

to

the

money

managers

for

their

investment

advisory

services.

Each

money

manager

has

agreed

that

it

will

look

only

to

RIM

for

the

payment

of

the

money

manager’s

fee,

after

RIC

has

paid

RIM.

Fees

paid

to

the

money

managers

are

not

affected

by

any

voluntary

or

statutory

expense

limitations.

Russell

Investments

Fund

Services,

LLC

(“RIFUS”)

is

the

Funds’

administrator

and

transfer

agent.

RIFUS,

in

its

capacity

as

the

Funds’

administrator,

provides

or

oversees

the

provision

of

all

administrative

services

for

the

Funds.

RIFUS,

in

its

capacity

as

the

Funds’

transfer

agent

and

dividend

disbursing

agent,

is

responsible

for

providing

transfer

agency

and

dividend

disbursing

services

to

the

Funds.

RIFUS

is

a

wholly-owned

subsidiary

of

RIM.

RIM

is

an

indirect,

wholly-owned

subsidiary

of

Russell

Investments

Group,

Ltd.

Each

of

the

Funds

pays

an

annual

advisory

fee

to

RIM

and

an

annual

administrative

fee

and

annual

transfer

agency

fee

to

RIFUS. 

Transfer

agency

fees

are

class-level

expenses

and

may

differ

by

class.

Russell

Investments

Financial

Services,

LLC

(the

“Distributor”),

a

wholly

owned

subsidiary

of

RIM,

serves

as

distributor

for

RIC,

pursuant

to

a

distribution

agreement

with

RIC.

The

Investment

Company

has

a

distribution

plan

pursuant

to

Rule

12b-1

(the

“Plan”)

under

the

Investment

Company

Act.

Under

this

Plan,

the

Investment

Company

is

authorized

to

make

payments

to

the

Distributor,

or

any

selling

agents,

as

defined

in

the

Plan,

for

sales

support

services

provided

and

related

expenses

incurred

which

are

primarily

intended

to

result

in

the

sale

of

the

Class

A

and

Class

C

Shares

subject

to

the

Plan.

12b-1

distribution

payments

are

0.25%

and

0.75%

of

the

average

daily

net

assets

of

a

Fund’s

Class

A

and

Class

C

Shares,

respectively,

on

an

annual

basis.

In

addition,

the

Investment

Company

has

adopted

a

Shareholder

Services

Plan

(the

“Services

Plan”)

under

which

the

Funds

may

make

payments

to

the

Distributor

or

any

servicing

agent

for

any

activities

or

expenses

primarily

intended

to

assist,

support

or

service

the

servicing

agents’

clients

who

beneficially

own

Class

C

Shares

of

the

Funds.

The

shareholder

servicing

payments

will

not

exceed

0.25%

of

the

average

daily

net

assets

of

a

Fund’s

Class

C

Shares

on

an

annual

basis.

The

aggregate

initial

sales

charges,

contingent

deferred

sales

charges

(“CDSC”)

and

asset-based

sales

charges

on

Class

A

and

Class

C

Shares

of

the

Funds

may

not

exceed

7.25%

and

6.25%,

respectively,

of

total

gross

sales,

and

are

subject

to

certain

exclusions.

Pursuant

to

the

rules

of

the

Financial

Industry

Regulatory

Authority

(“FINRA”),

these

limitations

are

imposed

at

the

class

level

of

each

Fund

rather

than

on

a

per

shareholder

basis.

Therefore,

long-term

shareholders

of

Class

A

or

Class

C

Shares

may

pay

more

than

the

economic

equivalent

of

the

maximum

sales

charges

permitted

by

FINRA.

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.

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.

Each

Fund’s

investment

in

the

U.S.

Cash

Collateral

Fund

is

disclosed

within

the

Fund’s

Schedule

of

Investments.

A

money

manager

may

effect

portfolio

transactions

for

the

segment

of

a

Fund’s

portfolio

assigned

to

the

money

manager

with

a

broker-dealer

affiliated

with

a

Fund,

the

money

manager

or

RIM,

including

Russell

Investments

Implementation

Services,

LLC

(“RIIS”),

a

registered

broker-dealer

and

investment

adviser

and

an

affiliate

of

RIM,

as

well

as

with

brokers

affiliated

with

other

money

managers.

All

or

substantially

all

of

the

equity

and

derivative

portfolio

transactions

that

RIM

effects

for

the

Funds

are

executed

through

RIIS.

Use

of

an

affiliated

broker-dealer

may

present

a

potential

conflict

of

interest

as

such

broker-

dealer

generally

receives

compensation

for

effecting

portfolio

transactions

which

may

provide

a

financial

incentive

for

RIM

or

a

money

manager

to

select

an

affiliated

broker-dealer.

RIIS

uses

a

multi-venue

trade

approach

whereby

RIIS

trades

with

RIIS’

network

of

independent

venues,

including

brokers

for

execution,

clearing

and

other

services.

Trades

placed

through

RIIS

and

its

independent

venues

are

made

(i)

to

manage

trading

associated

with

changes

in

money

managers,

rebalancing

across

existing

money

managers,

cash

flows

and

other

portfolio

transitions,

(ii)

to

execute

portfolio

securities

transactions

for

the

portion

of

certain

Fund’s

assets

that

RIM

determines

not

to

allocate

to

money

manager

strategies,

(iii)

to

execute

portfolio

securities

transactions

for

the

portion

of

a

Fund’s

assets

that

RIM

manages

based

upon

model

portfolios

provided

by

the

Fund’s

non-

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

Notes

to

Quarterly

Report

477

discretionary

managers

or

(iv)

to

execute

money

manager’s

portfolio

securities

transactions

for

the

segment

of

a

Fund’s

portfolio

assigned

to

the

money

manager.

RIM

has

authorized

RIIS

to

effect

certain

listed

futures,

swaps,

OTC

derivative

transactions,

and

cleared

swaps,

including

foreign

currency

spots,

forwards

and

options

trading

on

behalf

of

the

Funds.

4.

Federal

Income

Taxes

As

of

July

31,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Equity

Income

Fund

Sustainable

Equity

Fund

U.S.

Strategic

Equity

Fund

Cost

of

Investments

$

143,921,389

$

142,842,681

$

2,428,174,573

Unrealized

Appreciation

$

58,707,697

$

57,177,175

$

910,821,923

Unrealized

Depreciation

(3,139,392

)

(5,998,096

)

(74,209,923

)

Net

Unrealized

Appreciation

(Depreciation)

$

55,568,305

$

51,179,079

$

836,612,000

U.S.

Small

Cap

Equity

Fund

International

Developed

Markets

Fund

Global

Equity

Fund

Cost

of

Investments

$

849,302,570

$

1,275,167,740

$

1,273,458,347

Unrealized

Appreciation

$

134,343,378

$

136,563,074

$

338,180,779

Unrealized

Depreciation

(49,925,210

)

(84,363,320

)

(36,472,218

)

Net

Unrealized

Appreciation

(Depreciation)

$

84,418,168

$

52,199,754

$

301,708,561

Emerging

Markets

Fund

Tax-Managed

U.S.

Large

Cap

Fund

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Cost

of

Investments

$

726,806,441

$

4,119,924,757

$

910,170,810

Unrealized

Appreciation

$

164,288,712

$

3,292,816,946

$

585,782,097

Unrealized

Depreciation

(59,318,121

)

(8,789,383

)

(8,605,175

)

Net

Unrealized

Appreciation

(Depreciation)

$

104,970,591

$

3,284,027,563

$

577,176,922

Tax-Managed

International

Equity

Fund

Tax-Managed

Real

Assets

Fund

Opportunistic

Credit

Fund

Cost

of

Investments

$

2,670,705,475

$

698,946,105

$

597,657,134

Unrealized

Appreciation

$

736,182,239

$

191,204,837

$

20,533,765

Unrealized

Depreciation

(88,593,495

)

(24,983,333

)

(77,753,258

)

Net

Unrealized

Appreciation

(Depreciation)

$

647,588,744

$

166,221,504

$

(57,219,493

)

Unconstrained

Total

Return

Fund

Strategic

Bond

Fund

Investment

Grade

Bond

Fund

Cost

of

Investments

$

99,677,411

$

2,554,898,994

$

1,112,733,911

Unrealized

Appreciation

$

106,681

$

23,597,157

$

5,429,966

Unrealized

Depreciation

(849,524

)

(207,009,317

)

(53,803,145

)

Net

Unrealized

Appreciation

(Depreciation)

$

(742,843

)

$

(183,412,160

)

$

(48,373,179

)

Short

Duration

Bond

Fund

Tax-Exempt

High

Yield

Bond

Fund

Tax-Exempt

Bond

Fund

Cost

of

Investments

$

363,755,862

$

1,783,101,210

$

4,903,925,591

Unrealized

Appreciation

$

624,970

$

33,686,350

$

46,154,638

Unrealized

Depreciation

(14,004,703

)

(135,616,536

)

(232,311,869

)

Net

Unrealized

Appreciation

(Depreciation)

$

(13,379,733

)

$

(101,930,186

)

$

(186,157,231

)

Global

Infrastructure

Fund

Global

Real

Estate

Securities

Fund

Multi-Strategy

Income

Fund

Cost

of

Investments

$

219,079,940

$

377,319,326

$

358,249,042

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

478

Notes

to

Quarterly

Report

5.

Restricted

Securities

Restricted

securities

are

subject

to

contractual

restrictions

on

resale,

are

often

issued

in

private

placement

transactions,

and

are

not

registered

under

the

Securities

Act

of

1933,

as

amended

(“the

Act”).

The

most

common

types

of

restricted

securities

are

those

sold

under

Rule

144A

of

the

Act

and

commercial

paper

sold

under

Section

4(2)

of

the

Act.

See

each

Fund’s

Schedule

of

Investments

for

a

list

of

securities

that

have

been

footnoted

as

restricted.

6.

Commitments

and

Contingencies

Certain

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules

of

Investments.

As

of

July

31,

2023,

there

were

no

unfunded

loan

commitments.

7.

Subsequent

Events

Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

this

Quarterly

Report

was

issued

and

determined

no

events

have

occurred

that

require

disclosure

except

the

following:

Effective

September

13,

2023,

the

Multifactor

Bond

Fund

was

renamed

the

Long

Duration

Bond

Fund

and

changed

certain

of

its

investment

strategies.

For

more

information

regarding

these

changes,

please

see

the

supplement

dated

July

27,

2023

to

the

Fund’s

prospectus

dated

March

1,

2023.

At

a

meeting

held

on

May

23,

2023,

the

Board,

upon

the

recommendation

of

RIM,

approved

the

liquidation

of

the

Unconstrained

Total

Return

Fund

pursuant

to

a

Plan

of

Liquidation

and

Dissolution

of

Sub-Trust

(the

“Plan”).

Shareholder

approval

is

not

required

in

order

to

liquidate

the

Fund.

Shareholders

of

the

Fund

may

redeem

their

Shares

prior

to

the

liquidation

date.

The

Plan

provides

for

the

liquidation

of

the

Fund’s

assets

on

or

before

September

27,

2023,

and

a

liquidating

distribution

to

be

paid

to

each

Fund

shareholder

of

all

of

the

proceeds

of

the

liquidation

as

promptly

as

possible

after

the

liquidation

date.

Effective

July

5,

2023,

the

Fund

is

no

longer

pursuing

its

investment

strategy

or

engaging

in

any

business

activities

except

for

the

purpose

of

winding

up

its

business

affairs,

which

includes

liquidating

its

holdings,

and

distributing

its

investment

income,

capital

gains

and

remaining

assets

to

shareholders.

The

Fund

may

liquidate

prior

to

September

27,

2023

in

the

event

that

all

Shares

are

redeemed

prior

to

the

planned

liquidation

date.

For

more

information

regarding

the

liquidation,

please

see

the

supplement

dated

May

24,

2023

to

the

Fund’s

prospectus

dated

March

1,

2023.

Global

Infrastructure

Fund

Global

Real

Estate

Securities

Fund

Multi-Strategy

Income

Fund

Unrealized

Appreciation

$

25,777,984

$

52,911,657

$

9,059,585

Unrealized

Depreciation

(1,840,269

)

(9,637,201

)

(7,077,476

)

Net

Unrealized

Appreciation

(Depreciation)

$

23,937,715

$

43,274,456

$

1,982,109

Multi-Asset

Growth

Strategy

Fund

Multifactor

U.S.

Equity

Fund

Multifactor

International

Equity

Fund

Cost

of

Investments

$

600,744,553

$

318,234,979

$

207,370,842

Unrealized

Appreciation

$

34,522,357

$

253,836,184

$

56,937,105

Unrealized

Depreciation

(20,699,738

)

(11,717,508

)

(7,104,897

)

Net

Unrealized

Appreciation

(Depreciation)

$

13,822,619

$

242,118,676

$

49,832,208

Multifactor

Bond

Fund

Cost

of

Investments

$

27,659,164

Unrealized

Appreciation

$

108,936

Unrealized

Depreciation

(2,721,577

)

Net

Unrealized

Appreciation

(Depreciation)

$

(2,612,641

)

Russell

Investment

Company

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495

https://russellinvestments.com