Russell Investment NPORT-P Global Infrastructure Fund (Jan 2024 report)

2024

QUARTERLY

REPORT

Russell

Investment

Company

January

31,

2024

FUND

SHARE

CLASS

U.S.

Equity

Funds

Multifactor

U.S.

Equity

Fund

A,

C,

M,

R6,

S,

Y

Equity

Income

Fund

A,

C,

S,

Y

Sustainable

Equity

Fund

A,

C,

S,

Y

U.S.

Strategic

Equity

Fund

A,

C,

M,

S,

Y

U.S.

Small

Cap

Equity

Fund

A,

C,

M,

R6,

S,

Y

International

and

Global

Equity

Funds

Multifactor

International

Equity

Fund

M,

R6,

S,

Y

International

Developed

Markets

Fund

A,

C,

M,

S,

Y

Global

Equity

Fund

A,

C,

M,

S,

Y

Emerging

Markets

Fund

A,

C,

M,

R6,

S,

Y

Tax-Managed

Equity

Funds

Tax-Managed

U.S.

Large

Cap

Fund

A,

C,

M,

S

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

A,

C,

M,

S

Tax-Managed

International

Equity

Fund

A,

C,

M,

S

Tax-Managed

Real

Assets

Fund

A,

C,

M,

S

Fixed

Income

Funds

Opportunistic

Credit

Fund

A,

C,

M,

S,

Y

Long

Duration

Bond

Fund

(formerly,

Multifactor

Bond

Fund)

M,

S,

Y

Strategic

Bond

Fund

A,

C,

M,

R6,

S,

Y

Investment

Grade

Bond

Fund

A,

C,

M,

R6,

S,

Y

Short

Duration

Bond

Fund

A,

C,

M,

R6,

S,

Y

Tax-Exempt

Fixed

Income

Funds

Tax-Exempt

High

Yield

Bond

Fund

A,

C,

M,

S

Tax-Exempt

Bond

Fund

A,

C,

M,

S

Alternative

Funds

Global

Infrastructure

Fund

A,

C,

M,

S,

Y

Global

Real

Estate

Securities

Fund

A,

C,

M,

R6,

S,

Y

Specialty

Funds

Multi-Strategy

Income

Fund

A,

C,

M,

S,

Y

Multi-Asset

Growth

Strategy

Fund

A,

C,

M,

S,

Y

Russell

Investment

Company

Russell

Investment

Company

is

a

series

investment

company

with

30

different

investment

portfolios

referred

to

as

Funds.

This

Quarterly

Report

reports

on

24

of

these

Funds.

Page

Multifactor

U.S.

Equity

Fund

3

Equity

Income

Fund

12

Sustainable

Equity

Fund

17

U.S.

Strategic

Equity

Fund

24

U.S.

Small

Cap

Equity

Fund

32

Multifactor

International

Equity

Fund

45

International

Developed

Markets

Fund

58

Global

Equity

Fund

68

Emerging

Markets

Fund

78

Tax-Managed

U.S.

Large

Cap

Fund

89

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

95

Tax-Managed

International

Equity

Fund

105

Tax-Managed

Real

Assets

Fund

119

Opportunistic

Credit

Fund

127

Long

Duration

Bond

Fund

171

Strategic

Bond

Fund

178

Investment

Grade

Bond

Fund

216

Short

Duration

Bond

Fund

238

Tax-Exempt

High

Yield

Bond

Fund

262

Tax-Exempt

Bond

Fund

336

Global

Infrastructure

Fund

414

Global

Real

Estate

Securities

Fund

419

Multi-Strategy

Income

Fund

424

Multi-Asset

Growth

Strategy

Fund

454

Notes

to

Schedules

of

Investments

481

Notes

to

Quarterly

Report

483

Russell

Investment

Company

Quarterly

Report

January

31,

2024

(Unaudited)

Table

of

Contents

Russell

Investment

Company

Copyright

©

Russell

Investments

2024.

All

rights

reserved.

Russell

Investments’

ownership

is

composed

of

a

majority

stake

held

by

funds

managed

by

TA

Associates

Management,

L.P.,

with

a

significant

minority

stake

held

by

funds

managed

by

Reverence

Capital

Partners,

L.P.

Certain

of

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA,

part

of

Rus-

sell

Investments.

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

3

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

98.0%

Consumer

Discretionary

-

13.4%

Amazon.com,

Inc.(Æ)

108,666

16,865

Amerco,

Inc.

3,474

222

AutoNation,

Inc.(Æ)

1,247

174

AutoZone,

Inc.(Æ)

219

605

Axon

Enterprise,

Inc.(Æ)

1,550

386

Bath

&

Body

Works,

Inc.

5,556

237

Best

Buy

Co.,

Inc.

6,917

501

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

2,094

135

BorgWarner,

Inc.

5,816

197

Boyd

Gaming

Corp.

2,659

169

Brunswick

Corp.

2,244

181

Burlington

Stores,

Inc.(Æ)

1,034

198

Cable

One,

Inc.

114

63

Caesars

Entertainment,

Inc.(Æ)

3,014

132

Capri

Holdings,

Ltd.(Æ)

3,235

158

CarMax,

Inc.(Æ)

2,712

193

Carnival

Corp.(Æ)

9,263

154

Charter

Communications,

Inc.

Class

A(Æ)

2,395

888

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

544

1,310

Churchill

Downs,

Inc.

896

108

Columbia

Sportswear

Co.

1,424

113

Comcast

Corp.

Class

A

79,831

3,715

Costco

Wholesale

Corp.

5,045

3,506

Coupang,

Inc.(Æ)

18,666

261

Crocs,

Inc.(Æ)

1,746

177

Curtiss-Wright

Corp.

1,560

347

Darden

Restaurants,

Inc.

704

114

Deckers

Outdoor

Corp.(Æ)

910

686

Dick's

Sporting

Goods,

Inc.

3,406

508

Dollar

General

Corp.

516

68

Dollar

Tree,

Inc.(Æ)

1,028

134

Domino's

Pizza,

Inc.

740

315

DR

Horton,

Inc.

10,970

1,568

DraftKings,

Inc.

Class

A(Æ)

7,230

282

eBay,

Inc.

14,762

606

Expedia

Group,

Inc.(Æ)

2,071

307

FactSet

Research

Systems,

Inc.

1,198

570

Five

Below,

Inc.(Æ)

1,542

277

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

1,270

128

Ford

Motor

Co.

77,572

909

Fox

Corp.

Class

A

8,959

289

Gap,

Inc.

(The)

5,806

109

Garmin,

Ltd.

5,059

605

General

Motors

Co.

26,915

1,044

Genuine

Parts

Co.

4,604

646

Grand

Canyon

Education,

Inc.(Æ)

1,336

174

Harley-Davidson,

Inc.

3,988

129

Hilton

Worldwide

Holdings,

Inc.

2,487

475

Home

Depot,

Inc.

(The)

9,051

3,195

Hubbell,

Inc.

Class

B

1,645

552

Interpublic

Group

of

Cos.,

Inc.

(The)

8,776

290

Kohl's

Corp.

2,808

72

Las

Vegas

Sands

Corp.

1,986

97

Lear

Corp.

2,115

281

Leggett

&

Platt,

Inc.

3,991

93

Lennar

Corp.

Class

A

9,057

1,357

Liberty

Broadband

Corp.

Class

C(Æ)

1,505

118

Liberty

Media

Corp.

Class

C(Æ)

1,030

38

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Liberty

Media

Corp.(Æ)

3,562

108

Lithia

Motors,

Inc.

Class

A

689

203

Live

Nation

Entertainment,

Inc.(Æ)

2,282

203

Lowe's

Cos.,

Inc.

2,142

456

Lululemon

Athletica,

Inc.(Æ)

2,212

1,004

Macy's,

Inc.

6,087

111

Marriott

International,

Inc.

Class

A

1,862

446

Marriott

Vacations

Worldwide

Corp.

1,284

108

McDonald's

Corp.

5,387

1,577

MGM

Resorts

International(Æ)

6,612

287

Netflix,

Inc.(Æ)

4,175

2,355

New

York

Times

Co.

(The)

Class

A

7,004

340

News

Corp.

Class

A

8,101

200

Nexstar

Media

Group,

Inc.

Class

A

950

169

Nike,

Inc.

Class

B

10,208

1,036

Norton

LifeLock

Inc.

17,876

420

nVent

Electric

PLC

4,309

259

NVR,

Inc.(Æ)

96

679

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

1,828

132

Omnicom

Group,

Inc.

6,182

559

O'Reilly

Automotive,

Inc.(Æ)

760

778

Paramount

Global

Class

B

8,551

125

Penske

Automotive

Group,

Inc.

731

108

Polaris,

Inc.

1,257

113

PulteGroup,

Inc.

8,762

916

PVH

Corp.

3,503

421

Ralph

Lauren

Corp.

Class

A

1,281

184

RB

Global,

Inc.

1,810

116

Ross

Stores,

Inc.

7,828

1,098

Royal

Caribbean

Cruises,

Ltd.(Æ)

2,711

346

Sensata

Technologies

Holding

PLC

5,184

188

Service

Corp.

International

2,385

160

Skechers

USA,

Inc.

Class

A(Æ)

5,486

343

Starbucks

Corp.

6,368

592

Tapestry,

Inc.

7,848

304

Target

Corp.

5,110

711

Tesla,

Inc.(Æ)

28,862

5,406

Texas

Roadhouse,

Inc.

Class

A

1,858

234

Thor

Industries,

Inc.

1,181

133

TJX

Cos.,

Inc.

(The)

15,243

1,447

TKO

Group

Holdings,

Inc.

1,264

106

Toll

Brothers,

Inc.

4,191

416

Tractor

Supply

Co.

2,235

502

Travel

+

Leisure

Co.

2,210

89

TripAdvisor,

Inc.(Æ)

4,785

103

Ulta

Beauty,

Inc.(Æ)

654

328

Walmart,

Inc.

11,169

1,846

Walt

Disney

Co.

(The)

7,411

712

Warner

Bros

Discovery,

Inc.(Æ)

42,466

426

Wayfair,

Inc.

Class

A(Æ)

2,138

107

Williams-Sonoma,

Inc.

3,296

637

Wingstop,

Inc.

532

150

Wynn

Resorts,

Ltd.

1,004

95

YETI

Holdings,

Inc.(Æ)

2,278

100

Yum!

Brands,

Inc.

1,563

202

77,225

Consumer

Staples

-

3.9%

Albertsons

Cos.

LLC

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

Class

A

6,560

139

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

4

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Altria

Group,

Inc.

10,814

434

Aramark

2,461

71

Archer-Daniels-Midland

Co.

13,582

755

Boston

Beer

Co.,

Inc.

Class

A(Æ)

442

154

Brown-Forman

Corp.

Class

B

-

ADR

4,109

225

Bunge,

Ltd.

3,973

350

Campbell

Soup

Co.

7,310

326

Casey's

General

Stores,

Inc.

1,799

488

Celsius

Holdings,

Inc.(Æ)

4,422

221

Church

&

Dwight

Co.,

Inc.

5,016

501

Clorox

Co.

(The)

1,775

258

Coca-Cola

Co.

(The)

22,526

1,340

Colgate-Palmolive

Co.

9,577

806

Conagra

Brands,

Inc.

14,478

422

CVS

Health

Corp.

21,791

1,621

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

1,212

160

Flowers

Foods,

Inc.

4,901

112

General

Mills,

Inc.

12,571

816

Hershey

Co.

(The)

2,376

460

Hormel

Foods

Corp.

6,409

195

Ingredion,

Inc.

3,556

382

JM

Smucker

Co.

(The)

3,381

445

Kellanova

4,248

233

Kenvue,

Inc.

15,213

316

Keurig

Dr

Pepper,

Inc.

3,871

122

Kimberly-Clark

Corp.

3,431

415

Kraft

Heinz

Co.

(The)

18,211

676

Kroger

Co.

(The)

22,877

1,055

McCormick

&

Co.,

Inc.

3,152

215

Molson

Coors

Beverage

Co.

Class

B

7,021

434

Mondelez

International,

Inc.

Class

A

5,632

424

Monster

Beverage

Corp.(Æ)

13,642

750

PepsiCo,

Inc.

11,254

1,897

Performance

Food

Group

Co.(Æ)

2,304

167

Philip

Morris

International,

Inc.

5,401

491

Procter

&

Gamble

Co.

(The)

24,010

3,773

Reynolds

Consumer

Products,

Inc.

3,726

101

Sysco

Corp.

2,640

214

Tyson

Foods,

Inc.

Class

A

2,222

122

US

Foods

Holding

Corp.(Æ)

6,503

299

WK

Kellogg

Co.

1,062

14

22,399

Energy

-

4.2%

Baker

Hughes

Co.

15,583

444

Chevron

Corp.

20,994

3,095

Coterra

Energy,

Inc.

28,919

720

Devon

Energy

Corp.

14,836

623

Diamondback

Energy,

Inc.

5,560

855

Eaton

Corp.

PLC

4,487

1,104

Enphase

Energy,

Inc.(Æ)

2,244

234

EOG

Resources,

Inc.

12,616

1,436

EQT

Corp.

8,842

313

Exxon

Mobil

Corp.

48,091

4,944

First

Solar,

Inc.(Æ)

856

125

Halliburton

Co.

18,722

667

Hess

Corp.

2,965

417

HF

Sinclair

Corp.

4,216

238

Kinder

Morgan,

Inc.

32,461

549

Marathon

Oil

Corp.

18,500

423

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Marathon

Petroleum

Corp.

9,253

1,532

NOV,

Inc.

11,219

219

Occidental

Petroleum

Corp.

12,099

697

ONEOK,

Inc.

7,096

484

Phillips

66

8,910

1,286

Pioneer

Natural

Resources

Co.

4,488

1,031

Plug

Power,

Inc.(Æ)(Ñ)

7,747

34

Range

Resources

Corp.

9,928

288

Schlumberger

NV

5,169

252

Southwestern

Energy

Co.(Æ)

16,631

107

Targa

Resources

Corp.

1,340

114

TechnipFMC

PLC

5,930

115

Texas

Pacific

Land

Corp.

93

136

Valero

Energy

Corp.

7,854

1,091

Williams

Cos.,

Inc.

(The)

13,287

461

24,034

Financial

Services

-

13.6%

Affiliated

Managers

Group,

Inc.

1,040

155

Affirm

Holdings,

Inc.(Æ)

3,778

153

Aflac,

Inc.

16,640

1,403

Allstate

Corp.

(The)

3,688

573

Ally

Financial,

Inc.

4,692

172

American

Express

Co.

6,823

1,370

American

Financial

Group,

Inc.

2,563

309

American

Homes

4

Rent

Class

A(ö)

6,005

210

American

International

Group,

Inc.

10,873

756

American

Tower

Corp.(ö)

809

158

Ameriprise

Financial,

Inc.

904

350

Aon

PLC

Class

A

870

260

Apollo

Global

Management,

Inc.

3,269

328

Arch

Capital

Group,

Ltd.(Æ)

12,650

1,043

Ares

Management

Corp.

Class

A

946

115

Arthur

J

Gallagher

&

Co.

3,334

774

Assurant,

Inc.

2,403

404

Assured

Guaranty,

Ltd.

1,461

118

AvalonBay

Communities,

Inc.(ö)

959

172

Axis

Capital

Holdings,

Ltd.

2,038

121

Bank

of

America

Corp.

65,317

2,221

Bank

of

New

York

Mellon

Corp.

(The)

19,122

1,060

Bank

OZK

2,969

134

Berkshire

Hathaway,

Inc.

Class

B(Æ)

21,043

8,075

BlackRock,

Inc.

Class

A

963

746

Blackstone,

Inc.

Class

A

2,520

314

Brown

&

Brown,

Inc.

10,513

815

Capital

One

Financial

Corp.

6,581

891

Carlyle

Group,

Inc.

(The)

5,168

207

Cboe

Global

Markets,

Inc.

2,996

551

Chubb,

Ltd.

8,413

2,061

Cincinnati

Financial

Corp.

5,798

642

Citigroup,

Inc.

22,124

1,243

Citizens

Financial

Group,

Inc.

3,907

128

CME

Group,

Inc.

Class

A

3,267

672

Coinbase

Global,

Inc.

Class

A(Æ)

2,717

348

Commerce

Bancshares,

Inc.

2,880

150

Crown

Castle,

Inc.(ö)

2,252

244

CubeSmart(ö)

3,332

144

Cullen/Frost

Bankers,

Inc.

570

60

Digital

Realty

Trust,

Inc.(ö)

1,977

278

Discover

Financial

Services

3,792

400

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

East

West

Bancorp,

Inc.

2,379

173

EastGroup

Properties,

Inc.(ö)

625

111

EPR

Properties(ö)

2,953

131

Equinix,

Inc.(ö)

1,038

861

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

2,899

196

Equity

Residential(ö)

3,535

213

Essex

Property

Trust,

Inc.(ö)

677

158

Evercore,

Inc.

Class

A

1,168

201

Everest

Re

Group,

Ltd.

1,557

599

Fidelity

National

Financial,

Inc.

9,324

466

Fifth

Third

Bancorp

12,587

431

First

American

Financial

Corp.

3,491

211

First

Citizens

BancShares,

Inc.

Class

A

324

489

First

Industrial

Realty

Trust,

Inc.(ö)

2,309

119

FNB

Corp.

8,481

112

Franklin

Resources,

Inc.

6,694

178

Gaming

and

Leisure

Properties,

Inc.(ö)

2,816

129

Globe

Life,

Inc.

3,328

409

Goldman

Sachs

Group,

Inc.

(The)

2,555

981

Hanover

Insurance

Group,

Inc.

(The)

899

119

Hartford

Financial

Services

Group,

Inc.

10,310

897

Host

Hotels

&

Resorts,

Inc.(ö)

18,023

346

Houlihan

Lokey,

Inc.

Class

A

1,981

237

Huntington

Bancshares,

Inc.

12,415

158

Interactive

Brokers

Group,

Inc.

Class

A

2,125

189

Intercontinental

Exchange,

Inc.

2,698

344

Invesco,

Ltd.

8,886

141

Invitation

Homes,

Inc.(ö)

7,460

246

Iron

Mountain,

Inc.(ö)

4,828

326

Janus

Henderson

Group

PLC

3,858

111

Jefferies

Financial

Group,

Inc.

5,383

219

Jones

Lang

LaSalle,

Inc.(Æ)

677

120

JPMorgan

Chase

&

Co.

36,944

6,442

KeyCorp

7,945

115

Kinsale

Capital

Group,

Inc.

572

227

KKR

&

Co.,

Inc.

Class

A

6,340

549

Lincoln

National

Corp.

5,679

156

Loews

Corp.

5,677

414

LPL

Financial

Holdings,

Inc.

1,854

443

M&T

Bank

Corp.

2,794

386

Markel

Group,

Inc.(Æ)

280

419

Marsh

&

McLennan

Cos.,

Inc.

6,793

1,317

MasterCard,

Inc.

Class

A

9,527

4,280

MetLife,

Inc.

8,694

603

MGIC

Investment

Corp.

9,281

184

Mid-America

Apartment

Communities,

Inc.

(ö)

1,198

151

Morgan

Stanley

12,107

1,056

Nasdaq,

Inc.

3,833

221

NET

Lease

Office

Properties(ö)

1

—

New

Residential

Investment

Corp.(ö)

10,404

111

New

York

Community

Bancorp,

Inc.

10,894

70

NNN

REIT,

Inc.(ö)

2,921

118

Northern

Trust

Corp.

2,573

205

NU

Holdings,

Ltd.

Class

A(Æ)

36,190

312

Old

Republic

International

Corp.

12,349

346

OneMain

Holdings,

Inc.

2,166

103

Pinnacle

Financial

Partners,

Inc.

1,658

147

PNC

Financial

Services

Group,

Inc.

(The)

6,054

915

Primerica,

Inc.

1,552

363

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Principal

Financial

Group,

Inc.

4,358

345

Progressive

Corp.

(The)

8,989

1,602

Prologis,

LP(ö)

2,623

332

Prosperity

Bancshares,

Inc.

1,736

111

Prudential

Financial,

Inc.

3,339

350

Public

Storage(ö)

949

269

Raymond

James

Financial,

Inc.

3,525

388

Realty

Income

Corp.(ö)

3,858

210

Regions

Financial

Corp.

8,529

159

Reinsurance

Group

of

America,

Inc.

Class

A

1,506

262

RenaissanceRe

Holdings,

Ltd.

1,016

232

Rexford

Industrial

Realty,

Inc.(ö)

3,150

166

RLI

Corp.

826

113

Ryan

Specialty

Holdings,

Inc.

Class

A

2,578

112

SEI

Investments

Co.

2,431

154

Simon

Property

Group,

Inc.(ö)

1,998

277

State

Street

Corp.

5,507

407

Stifel

Financial

Corp.

2,356

172

Synchrony

Financial

7,590

295

T

Rowe

Price

Group,

Inc.

4,745

515

Tradeweb

Markets,

Inc.

Class

A

3,421

326

Travelers

Cos.,

Inc.

(The)

5,093

1,076

Truist

Financial

Corp.

13,484

500

Unum

Group

5,523

267

US

Bancorp

17,190

714

VICI

Properties,

Inc.(ö)

25,451

767

Visa,

Inc.

Class

A

19,912

5,441

Voya

Financial,

Inc.

1,947

141

Webster

Financial

Corp.

3,523

174

Welltower,

Inc.(ö)

5,025

435

Western

Alliance

Bancorp

1,882

120

Western

Union

Co.

(The)

18,924

238

White

Mountains

Insurance

Group,

Ltd.

88

139

Willis

Towers

Watson

PLC

1,089

268

Wintrust

Financial

Corp.

1,435

139

WP

Carey,

Inc.(ö)

1,744

108

WR

Berkley

Corp.

10,199

835

XP,

Inc.

Class

A

6,822

168

77,929

Health

Care

-

10.9%

10X

Genomics,

Inc.

Class

A(Æ)

1,581

66

Abbott

Laboratories

13,666

1,546

AbbVie,

Inc.

16,423

2,700

Agilent

Technologies,

Inc.

4,081

531

Align

Technology,

Inc.(Æ)

1,588

424

Alnylam

Pharmaceuticals,

Inc.(Æ)

590

102

Amgen,

Inc.

5,400

1,697

Apellis

Pharmaceuticals,

Inc.(Æ)

1,668

106

Baxter

International,

Inc.

10,722

415

Becton

Dickinson

&

Co.

1,507

360

Biogen,

Inc.(Æ)

1,143

282

BioMarin

Pharmaceutical,

Inc.(Æ)

1,902

168

Boston

Scientific

Corp.(Æ)

20,469

1,295

Bristol-Myers

Squibb

Co.

31,446

1,537

Bruker

Corp.

2,468

176

Cardinal

Health,

Inc.

5,447

595

Cencora,

Inc.

Class

A

2,968

691

Centene

Corp.(Æ)

15,866

1,195

Chemed

Corp.

436

258

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

6

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cigna

Group

(The)

5,939

1,787

Cooper

Cos.,

Inc.

(The)

1,411

526

Danaher

Corp.

2,317

556

DaVita

HealthCare

Partners,

Inc.(Æ)

1,341

145

DexCom,

Inc.(Æ)

2,196

266

Doximity,

Inc.

Class

A(Æ)

3,621

98

Edwards

Lifesciences

Corp.(Æ)

4,654

365

Elevance

Health,

Inc.

5,651

2,788

Eli

Lilly

&

Co.

10,302

6,651

Encompass

Health

Corp.

2,869

204

Exact

Sciences

Corp.(Æ)

3,384

221

Exelixis,

Inc.(Æ)

9,165

199

Gilead

Sciences,

Inc.

12,186

954

Globus

Medical,

Inc.

Class

A(Æ)

1,561

82

HCA

Healthcare,

Inc.

2,098

640

Henry

Schein,

Inc.(Æ)

5,162

386

Hologic,

Inc.(Æ)

3,995

297

Humana,

Inc.

3,323

1,256

Icon

PLC(Æ)

1,686

440

IDEXX

Laboratories,

Inc.(Æ)

1,905

981

Incyte

Corp.(Æ)

3,475

204

Inspire

Medical

Systems,

Inc.(Æ)

701

148

Insulet

Corp.(Æ)

764

146

Intuitive

Surgical,

Inc.(Æ)

3,289

1,244

IQVIA

Holdings,

Inc.(Æ)

695

145

Jazz

Pharmaceuticals

PLC(Æ)

1,492

183

Johnson

&

Johnson

25,321

4,024

Laboratory

Corp.

of

America

Holdings

1,521

338

McKesson

Corp.

1,549

774

Medpace

Holdings,

Inc.(Æ)

492

143

Medtronic

PLC

4,750

416

Merck

&

Co.,

Inc.

25,287

3,054

Molina

Healthcare,

Inc.(Æ)

1,797

641

Natera,

Inc.(Æ)

1,758

116

Neurocrine

Biosciences,

Inc.(Æ)

2,325

325

Penumbra,

Inc.(Æ)

925

233

Pfizer,

Inc.

57,416

1,555

Qiagen

NV(Æ)

2,794

122

Quest

Diagnostics,

Inc.

2,676

344

QuidelOrtho

Corp.(Æ)

1,061

73

Regeneron

Pharmaceuticals,

Inc.(Æ)

1,175

1,108

ResMed,

Inc.

3,090

588

Revvity,

Inc.

1,022

110

Royalty

Pharma

PLC

Class

A

4,157

118

ShockWave

Medical,

Inc.(Æ)

501

113

STERIS

PLC

1,376

301

Stryker

Corp.

3,163

1,061

Teleflex,

Inc.

353

86

Tenet

Healthcare

Corp.(Æ)

1,366

113

Thermo

Fisher

Scientific,

Inc.

1,427

769

United

Therapeutics

Corp.(Æ)

2,282

490

UnitedHealth

Group,

Inc.

11,480

5,875

Universal

Health

Services,

Inc.

Class

B

1,909

303

Veeva

Systems,

Inc.

Class

A(Æ)

2,793

579

Vertex

Pharmaceuticals,

Inc.(Æ)

3,495

1,515

Viatris,

Inc.

26,908

317

Waters

Corp.(Æ)

456

145

West

Pharmaceutical

Services,

Inc.

1,668

622

Zimmer

Biomet

Holdings,

Inc.

1,340

168

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Zoetis,

Inc.

Class

A

4,088

768

62,363

Materials

and

Processing

-

5.2%

Acuity

Brands,

Inc.

2,035

485

Advanced

Drainage

Systems,

Inc.

1,672

218

Air

Products

&

Chemicals,

Inc.

1,148

294

Albemarle

Corp.

2,796

321

Amcor

PLC

33,347

314

AptarGroup,

Inc.

2,425

315

Armstrong

World

Industries,

Inc.

1,302

129

Axalta

Coating

Systems,

Ltd.(Æ)

3,368

109

Berry

Plastics

Group,

Inc.

4,159

272

Builders

FirstSource,

Inc.(Æ)

6,831

1,187

Carrier

Global

Corp.

9,207

504

Celanese

Corp.

Class

A

3,102

454

CF

Industries

Holdings,

Inc.

6,992

528

Cleveland-Cliffs,

Inc.(Æ)

15,362

308

Copart,

Inc.(Æ)

24,296

1,167

Core

&

Main,

Inc.

Class

A(Æ)

3,303

136

Crown

Holdings,

Inc.

1,276

113

Darling

Ingredients,

Inc.(Æ)

3,004

130

Dow,

Inc.

14,058

754

DuPont

de

Nemours,

Inc.

6,134

379

Eagle

Materials,

Inc.

722

163

Eastman

Chemical

Co.

4,027

336

Ecolab,

Inc.

4,625

917

Element

Solutions,

Inc.

6,819

152

Fastenal

Co.

13,221

902

Ferguson

PLC

3,710

697

FMC

Corp.

2,508

141

Fortune

Brands

Innovations,

Inc.

4,078

316

General

Electric

Co.

6,812

902

Graphic

Packaging

Holding

Co.

11,124

284

Huntsman

Corp.

5,619

138

International

Flavors

&

Fragrances,

Inc.

1,489

120

International

Paper

Co.(Þ)

9,122

327

ITT,

Inc.

2,844

343

Johnson

Controls

International

PLC

14,032

739

Lennox

International,

Inc.

553

237

Linde

PLC

3,246

1,314

LKQ

Corp.

7,726

361

Louisiana-Pacific

Corp.

1,791

119

LyondellBasell

Industries

Class

A

7,473

703

Martin

Marietta

Materials,

Inc.

1,201

611

Masco

Corp.

6,378

429

MDU

Resources

Group,

Inc.

10,801

211

Mohawk

Industries,

Inc.(Æ)

1,594

166

Mosaic

Co.

(The)

9,545

293

NewMarket

Corp.

220

123

Nucor

Corp.

8,073

1,509

Olin

Corp.

3,313

173

Owens

Corning

4,864

737

Packaging

Corp.

of

America

3,983

661

Pool

Corp.

663

246

PPG

Industries,

Inc.

4,564

644

Reliance

Steel

&

Aluminum

Co.

2,393

683

RPM

International,

Inc.

5,412

577

Sealed

Air

Corp.

2,698

93

Sherwin-Williams

Co.

(The)

3,035

924

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

7

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Silgan

Holdings,

Inc.

1,496

69

SiteOne

Landscape

Supply,

Inc.(Æ)

1,188

184

Sonoco

Products

Co.

3,990

227

Southern

Copper

Corp.

2,169

178

Steel

Dynamics,

Inc.

5,677

685

Timken

Co.

(The)

2,503

205

Trane

Technologies

PLC

3,735

941

Trex

Co.,

Inc.(Æ)

3,883

316

United

States

Steel

Corp.

11,931

561

Valvoline,

Inc.(Æ)

2,464

90

Vulcan

Materials

Co.

1,821

412

Watsco,

Inc.

1,131

442

Westlake

Chemical

Corp.

1,494

207

Westrock

Co.

6,396

257

30,182

Producer

Durables

-

8.5%

AECOM

3,146

277

AGCO

Corp.

2,927

358

Alaska

Air

Group,

Inc.(Æ)

2,680

96

Allison

Transmission

Holdings,

Inc.

Class

A

2,521

153

American

Airlines

Group,

Inc.(Æ)

30,176

429

Ametek,

Inc.

3,435

557

Amphenol

Corp.

Class

A

10,464

1,058

AO

Smith

Corp.

5,624

436

Aptiv

PLC(Æ)

5,750

468

Automatic

Data

Processing,

Inc.

1,701

418

Avery

Dennison

Corp.

1,712

341

Block,

Inc.

Class

A(Æ)

3,608

235

Boeing

Co.

(The)(Æ)

1,047

221

Booz

Allen

Hamilton

Holding

Corp.

Class

A

2,162

304

BWX

Technologies,

Inc.

1,651

135

Caterpillar,

Inc.

4,150

1,246

CH

Robinson

Worldwide,

Inc.

3,210

270

Cintas

Corp.

1,856

1,122

Clean

Harbors,

Inc.(Æ)

605

102

CNH

Industrial

NV

12,563

151

CoStar

Group,

Inc.(Æ)

2,268

189

Crane

Co.

1,802

224

CSX

Corp.

9,291

332

Cummins,

Inc.

3,643

872

Deere

&

Co.

1,386

546

Delta

Air

Lines,

Inc.

17,430

682

Donaldson

Co.,

Inc.

4,112

266

Dover

Corp.

2,820

422

EMCOR

Group,

Inc.

1,676

382

Emerson

Electric

Co.

4,771

438

Expeditors

International

of

Washington,

Inc.

3,966

501

FedEx

Corp.

7,782

1,878

FleetCor

Technologies,

Inc.(Æ)

937

272

Flowserve

Corp.

2,897

116

Fortive

Corp.

3,180

249

FTI

Consulting,

Inc.(Æ)

1,386

266

Gartner,

Inc.(Æ)

695

318

General

Dynamics

Corp.

2,094

555

Gentex

Corp.

9,384

311

Global

Payments,

Inc.

3,035

404

Graco,

Inc.

4,714

402

H&R

Block,

Inc.

2,423

113

Heico

Corp.

1,515

272

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Honeywell

International,

Inc.

2,401

486

Howmet

Aerospace,

Inc.

7,093

399

Huntington

Ingalls

Industries,

Inc.

1,755

454

IDEX

Corp.

1,317

279

Illinois

Tool

Works,

Inc.

2,327

607

Ingersoll

Rand,

Inc.

4,090

327

Jacobs

Solutions,

Inc.

2,526

340

JB

Hunt

Transport

Services,

Inc.

1,946

391

Keysight

Technologies,

Inc.(Æ)

2,972

455

Knight-Swift

Transportation

Holdings,

Inc.

3,245

186

L3Harris

Technologies,

Inc.

2,352

490

Lamb

Weston

Holdings,

Inc.

2,035

208

Landstar

System,

Inc.

943

181

Lincoln

Electric

Holdings,

Inc.

2,244

499

Littelfuse,

Inc.

572

138

ManpowerGroup,

Inc.

1,782

132

MarketAxess

Holdings,

Inc.

417

94

Mettler-Toledo

International,

Inc.(Æ)

173

207

Middleby

Corp.(Æ)

1,011

143

Moody's

Corp.

1,385

543

Morningstar,

Inc.

747

209

MSA

Safety,

Inc.

679

112

MSC

Industrial

Direct

Co.,

Inc.

Class

A

2,696

266

Murphy

USA,

Inc.

639

225

Nordson

Corp.

1,576

397

Norfolk

Southern

Corp.

1,020

240

Northrop

Grumman

Corp.

639

285

Old

Dominion

Freight

Line,

Inc.

2,450

958

Oshkosh

Corp.

2,462

271

Otis

Worldwide

Corp.

4,755

421

PACCAR

Financial

Corp.

18,146

1,822

Parker-Hannifin

Corp.

1,411

655

Paychex,

Inc.

6,828

831

Paylocity

Holding

Corp.(Æ)

727

115

PayPal

Holdings,

Inc.(Æ)

10,530

646

Pentair

PLC

3,189

233

Quanta

Services,

Inc.

1,877

364

RBC

Bearings,

Inc.(Æ)

407

109

Regal

Rexnord

Corp.

1,671

223

Republic

Services,

Inc.

Class

A

3,492

598

Robert

Half,

Inc.

5,093

405

Rockwell

Automation,

Inc.

433

110

Rollins,

Inc.

10,211

442

Ryder

System,

Inc.

2,081

236

S&P

Global,

Inc.

2,625

1,177

Saia,

Inc.(Æ)

808

364

Snap-on,

Inc.

2,908

843

Southwest

Airlines

Co.

10,627

318

Stanley

Black

&

Decker,

Inc.

3,884

362

Teledyne

Technologies,

Inc.(Æ)

666

279

Tetra

Tech,

Inc.

1,518

240

Textron,

Inc.

9,257

784

Toast,

Inc.

Class

A(Æ)

9,276

165

TopBuild

Corp.(Æ)

1,045

386

Toro

Co.

(The)

3,096

286

Trade

Desk,

Inc.

(The)

Class

A(Æ)

7,256

497

TransDigm

Group,

Inc.

522

570

Trimble

Navigation,

Ltd.(Æ)

1,925

98

Union

Pacific

Corp.

1,986

484

United

Airlines,

Inc.(Æ)

11,040

457

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

8

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

United

Parcel

Service,

Inc.

Class

B

5,317

754

United

Rentals,

Inc.

1,846

1,154

Veralto

Corp.

2,877

221

Verisk

Analytics,

Inc.

Class

A

1,480

357

Vertiv

Holdings

Co.

Class

A

5,264

297

Vontier

Corp.

9,114

315

Waste

Management,

Inc.

1,939

360

WESCO

International,

Inc.

1,692

294

Westinghouse

Air

Brake

Technologies

Corp.

3,411

449

WEX,

Inc.(Æ)

782

160

WillScot

Mobile

Mini

Holdings

Corp.(Æ)

2,760

131

Woodward,

Inc.

844

116

WW

Grainger,

Inc.

1,263

1,131

XPO,

Inc.(Æ)

2,113

181

Xylem,

Inc.

3,595

404

48,753

Technology

-

35.4%

Accenture

PLC

Class

A

6,298

2,292

Adobe,

Inc.(Æ)

4,606

2,846

Advanced

Micro

Devices,

Inc.(Æ)

11,840

1,985

Airbnb,

Inc.

Class

A(Æ)

4,749

685

Akamai

Technologies,

Inc.(Æ)

4,780

589

Allegion

PLC

1,694

210

Alphabet,

Inc.

Class

C(Æ)

44,201

6,268

Alphabet,

Inc.

Class

A(Æ)

94,455

13,233

Alteryx,

Inc.

Class

A(Æ)

2,191

104

Amdocs,

Ltd.

7,697

706

Analog

Devices,

Inc.

2,779

535

Ansys,

Inc.(Æ)

562

184

Apple,

Inc.

186,321

34,358

Applied

Materials,

Inc.

11,115

1,826

AppLovin

Corp.

Class

A(Æ)

5,973

246

Arista

Networks,

Inc.(Æ)

5,207

1,347

Arrow

Electronics,

Inc.(Æ)

2,901

322

Atlassian

Corp.

Class

A(Æ)

2,230

557

Autodesk,

Inc.(Æ)

3,661

929

Avnet,

Inc.

6,184

280

Bentley

Systems,

Inc.

Class

B

2,353

119

Bill.com

Holdings,

Inc.(Æ)

1,598

125

Bio

Techne

Corp.

2,923

206

Booking

Holdings,

Inc.

439

1,540

Broadcom,

Inc.

4,958

5,850

Broadridge

Financial

Solutions,

Inc.

1,825

373

CACI

International,

Inc.

Class

A(Æ)

580

199

Cadence

Design

Systems,

Inc.(Æ)

5,144

1,484

CDW

Corp.

2,398

544

Ceridian

HCM

Holding,

Inc.(Æ)

2,431

169

Ciena

Corp.(Æ)

2,705

143

Cirrus

Logic,

Inc.(Æ)

1,237

96

Cisco

Systems,

Inc.

98,092

4,922

Cloudflare,

Inc.

Class

A(Æ)

5,189

410

Cognex

Corp.

3,787

137

Cognizant

Technology

Solutions

Corp.

Class

A

25,623

1,976

Concentrix

Corp.

1,748

155

Conduent,

Inc.

Class

A(Æ)

3,052

68

Corning,

Inc.

4,345

141

Crane

NXT

Co.

1,802

105

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

3,456

1,011

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Datadog,

Inc.

Class

A(Æ)

4,152

517

DocuSign,

Inc.(Æ)

2,625

160

Dolby

Laboratories,

Inc.

Class

A

1,887

157

DoorDash,

Inc.

Class

A(Æ)

5,767

601

DoubleVerify

Holdings,

Inc.(Æ)

2,734

109

Dropbox,

Inc.

Class

A(Æ)

4,561

145

DXC

Technology

Co.(Æ)

7,076

154

Dynatrace,

Inc.(Æ)

5,630

321

Elastic

NV(Æ)

1,028

120

Electronic

Arts,

Inc.

4,757

654

Entegris,

Inc.

2,385

281

EPAM

Systems,

Inc.(Æ)

1,414

393

F5,

Inc.(Æ)

1,943

357

Fair

Isaac

Corp.(Æ)

300

360

Fiserv,

Inc.(Æ)

7,347

1,042

Five9,

Inc.(Æ)

1,943

147

Fortinet,

Inc.(Æ)

3,571

230

GCI

Liberty,

Inc.(Æ)(Š)

7,417

—

Genpact,

Ltd.

7,364

264

Gitlab,

Inc.

Class

A(Æ)

1,763

125

GlobalFoundries,

Inc.(Æ)(Ñ)

1,706

94

Globant

SA(Æ)

1,379

325

GoDaddy,

Inc.

Class

A(Æ)

2,329

248

Guidewire

Software,

Inc.(Æ)

1,043

117

Hewlett

Packard

Enterprise

Co.

42,582

651

HP,

Inc.

32,689

939

HubSpot,

Inc.(Æ)

855

522

Intel

Corp.

36,890

1,589

International

Business

Machines

Corp.

10,333

1,898

Intuit,

Inc.

2,832

1,788

Jabil

Circuit,

Inc.

4,951

620

Jack

Henry

&

Associates,

Inc.

1,854

307

Juniper

Networks,

Inc.

11,766

435

KLA

Corp.

916

544

Kyndryl

Holdings,

Inc.(Æ)

4,279

88

Lam

Research

Corp.

1,451

1,197

Lattice

Semiconductor

Corp.(Æ)

4,056

247

Leidos

Holdings,

Inc.

3,866

427

Manhattan

Associates,

Inc.(Æ)

1,544

375

Marvell

Technology,

Inc.

4,161

282

Match

Group,

Inc.(Æ)

8,236

316

Meta

Platforms,

Inc.

Class

A

26,226

10,232

Microchip

Technology,

Inc.

4,391

374

Micron

Technology,

Inc.

6,087

522

Microsoft

Corp.

95,068

37,797

MongoDB,

Inc.(Æ)

967

387

Monolithic

Power

Systems,

Inc.

1,057

637

Motorola

Solutions,

Inc.

2,517

804

MSCI,

Inc.

Class

A

1,001

599

nCino,

Inc.(Æ)

3,423

108

NetApp,

Inc.

7,447

649

Nutanix,

Inc.

Class

A(Æ)

7,235

407

NVIDIA

Corp.

28,847

17,749

Okta,

Inc.(Æ)

2,319

192

ON

Semiconductor

Corp.(Æ)

4,853

345

Oracle

Corp.

9,850

1,100

Palantir

Technologies,

Inc.

Class

A(Æ)

36,827

593

Palo

Alto

Networks,

Inc.(Æ)

4,290

1,452

Paycom

Software,

Inc.

859

163

Pinterest,

Inc.

Class

A(Æ)

15,672

587

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

9

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Procore

Technologies,

Inc.(Æ)

1,843

132

PTC,

Inc.(Æ)

2,902

524

Pure

Storage,

Inc.

Class

A(Æ)

6,919

277

Qorvo,

Inc.(Æ)

1,823

182

QUALCOMM,

Inc.

14,912

2,215

Roku,

Inc.(Æ)

3,713

327

Roper

Technologies,

Inc.

1,469

789

Salesforce,

Inc.

9,209

2,589

Science

Applications

International

Corp.

1,993

254

ServiceNow,

Inc.(Æ)

2,211

1,692

Skyworks

Solutions,

Inc.

6,931

724

Smartsheet,

Inc.

Class

A(Æ)

3,071

138

Snowflake,

Inc.

Class

A(Æ)

4,379

857

Splunk,

Inc.(Æ)

2,257

346

Spotify

Technology

SA(Æ)

2,189

471

SS&C

Technologies

Holdings,

Inc.

6,922

422

SYNNEX

Corp.

3,111

311

Synopsys,

Inc.(Æ)

2,621

1,398

Take-Two

Interactive

Software,

Inc.(Æ)

2,381

393

Teradata

Corp.(Æ)

2,887

133

Teradyne,

Inc.

2,528

244

Texas

Instruments,

Inc.

6,958

1,114

Twilio,

Inc.

Class

A(Æ)

2,477

174

Tyler

Technologies,

Inc.(Æ)

1,063

449

Uber

Technologies,

Inc.(Æ)

17,312

1,130

UiPath,

Inc.

Class

A(Æ)

9,774

225

Universal

Display

Corp.

1,360

231

VeriSign,

Inc.(Æ)

1,481

295

Western

Digital

Corp.(Æ)

5,423

310

Workday,

Inc.

Class

A(Æ)

3,371

981

Zoom

Video

Communications,

Inc.

Class

A(Æ)

5,494

355

Zscaler,

Inc.(Æ)

1,421

335

203,135

Utilities

-

2.9%

Alliant

Energy

Corp.

2,196

107

Ameren

Corp.

5,575

388

American

Electric

Power

Co.,

Inc.

8,116

634

American

Water

Works

Co.,

Inc.

1,310

162

Antero

Midstream

Corp.

8,999

110

APA

Corp.

2,785

87

AT&T,

Inc.

91,503

1,619

Atmos

Energy

Corp.

3,400

387

Avangrid,

Inc.

1,400

42

Cheniere

Energy,

Inc.

2,893

474

Chesapeake

Energy

Corp.

3,367

260

CMS

Energy

Corp.

2,460

141

ConocoPhillips

17,281

1,933

Consolidated

Edison,

Inc.

7,067

642

Constellation

Energy

Corp.

3,366

411

Dominion

Energy,

Inc.

1,768

81

DTE

Energy

Co.

4,083

430

Duke

Energy

Corp.

2,534

243

Edison

International

3,329

225

Entergy

Corp.

6,005

599

Essential

Utilities,

Inc.

2,076

74

Eversource

Energy

7,576

411

Exelon

Corp.

20,050

698

FirstEnergy

Corp.

2,922

107

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hawaiian

Electric

Industries,

Inc.

3,136

41

IDACORP,

Inc.

1,323

122

Iridium

Communications,

Inc.

1,700

62

National

Fuel

Gas

Co.

3,411

161

NextEra

Energy,

Inc.

3,719

218

NRG

Energy,

Inc.

3,833

203

Ovintiv,

Inc.

6,437

273

Pinnacle

West

Capital

Corp.

2,279

157

PPL

Corp.

4,125

108

Public

Service

Enterprise

Group,

Inc.

5,342

310

Sempra

10,157

727

Southern

Co.

(The)

4,159

289

T-Mobile

US,

Inc.

4,215

680

UGI

Corp.

2,585

57

Verizon

Communications,

Inc.

49,718

2,106

Vistra

Corp.

13,086

537

WEC

Energy

Group,

Inc.

2,324

188

Xcel

Energy,

Inc.

4,603

276

16,780

Total

Common

Stocks

(cost

$302,957)

562,800

Warrants

and

Rights

-

0.0%

ABIOMED,

Inc.(Š)(Æ)

2024  Rights

505

—

Total

Warrants

and

Rights

(cost

$1)

—

Short-Term

Investments

-

2.0%

U.S.

Cash

Management

Fund(@)

11,433,179

(∞)

11,430

Total

Short-Term

Investments

(cost

$11,430)

11,430

Other

Securities

-

0.0%

U.S.

Cash

Collateral

Fund(@)(×)

122,160

(∞)

122

Total

Other

Securities

(cost

$122)

122

Total

Investments

-

100.0%

(identified

cost

$314,510)

574,352

Other

Assets

and

Liabilities,

Net

-

(0.0)%

(20)

Net

Assets

-

100.0%

574,332

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

10

Multifactor

U.S.

Equity

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

36

USD

8,767

03/24

58

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

58

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

$

77,225

$

—

$

—

$

—

$

77,225

Consumer

Staples

22,399

—

—

—

22,399

Energy

24,034

—

—

—

24,034

Financial

Services

77,929

—

—

—

77,929

Health

Care

62,363

—

—

—

62,363

Materials

and

Processing

30,182

—

—

—

30,182

Producer

Durables

48,753

—

—

—

48,753

Technology

203,135

—

—

—

203,135

Utilities

16,780

—

—

—

16,780

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

—

—

11,430

11,430

Other

Securities

—

—

—

122

122

Total

Investments

562,800

—

—

11,552

574,352

Other

Financial

Instruments

Assets

Futures

Contracts

58

—

—

—

58

Total

Other

Financial

Instruments

*

$

58

$

—

$

—

$

—

$

58

*

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

11

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

16,967

$

35,798

$

41,333

$

(2

)

$

—

$

11,430

$

218

$

—

U.S.

Cash

Collateral

Fund

96

3,049

3,023

—

—

122

4

—

$

17,063

$

38,847

$

44,356

$

(2

)

$

—

$

11,552

$

222

$

—

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

12

Equity

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

95.0%

Consumer

Discretionary

-

8.0%

Autoliv,

Inc.

4,509

483

Best

Buy

Co.,

Inc.

4,461

323

Comcast

Corp.

Class

A

52,504

2,444

Dollar

Tree,

Inc.(Æ)

1,617

211

eBay,

Inc.

8,937

367

Ford

Motor

Co.

17,945

210

General

Motors

Co.

35,406

1,374

Home

Depot,

Inc.

(The)

1,741

614

Hubbell,

Inc.

Class

B

825

277

Lennar

Corp.

Class

A

1,828

274

Lithia

Motors,

Inc.

Class

A

2,101

619

McDonald's

Corp.

1,242

364

New

York

Times

Co.

(The)

Class

A

7,536

366

Nike,

Inc.

Class

B

3,488

354

PulteGroup,

Inc.

4,787

501

Ralph

Lauren

Corp.

Class

A

1,225

176

Raytheon

Technologies

Corp.

16,018

1,460

RB

Global,

Inc.

3,959

253

Target

Corp.

6,674

928

VF

Corp.

6,521

107

Walmart,

Inc.

5,937

981

Walt

Disney

Co.

(The)

21,142

2,031

Yum!

Brands,

Inc.

1,056

137

14,854

Consumer

Staples

-

11.2%

Altria

Group,

Inc.

3,327

133

Archer-Daniels-Midland

Co.

4,899

272

Church

&

Dwight

Co.,

Inc.

1,933

193

Coca-Cola

Co.

(The)

7,198

428

Coca-Cola

Europacific

Partners

PLC

26,334

1,814

Conagra

Brands,

Inc.

31,832

928

CVS

Health

Corp.

56,855

4,228

General

Mills,

Inc.

5,042

327

Hershey

Co.

(The)

840

163

Ingredion,

Inc.

5,084

547

JM

Smucker

Co.

(The)

1,313

173

Kenvue,

Inc.

20,408

424

Kraft

Heinz

Co.

(The)

21,790

809

Kroger

Co.

(The)

43,782

2,020

Molson

Coors

Beverage

Co.

Class

B

11,551

714

Mondelez

International,

Inc.

Class

A

4,547

342

PepsiCo,

Inc.

2,638

445

Philip

Morris

International,

Inc.

26,563

2,413

Procter

&

Gamble

Co.

(The)

13,183

2,072

Sysco

Corp.

2,457

199

Tyson

Foods,

Inc.

Class

A

35,003

1,917

Walgreens

Boots

Alliance,

Inc.

10,383

234

20,795

Energy

-

7.3%

BP

PLC

-

ADR

35,818

1,257

Canadian

Natural

Resources,

Ltd.

10,065

644

Chevron

Corp.

10,738

1,583

Coterra

Energy,

Inc.

14,873

370

Devon

Energy

Corp.

10,586

445

Eaton

Corp.

PLC

1,133

279

Enbridge,

Inc.

44,713

1,587

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

EOG

Resources,

Inc.

3,711

422

Exxon

Mobil

Corp.

16,020

1,647

Hess

Corp.

11,684

1,642

Kinder

Morgan,

Inc.

8,205

139

Magna

International,

Inc.

Class

A

6,310

359

Marathon

Petroleum

Corp.

3,765

624

ONEOK,

Inc.

3,625

247

Phillips

66

10,195

1,471

Shell

PLC

-

ADR

15,398

969

13,685

Financial

Services

-

22.2%

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

22,576

1,728

Aflac,

Inc.

4,596

388

Allstate

Corp.

(The)

19,704

3,059

American

Financial

Group,

Inc.

2,362

284

American

International

Group,

Inc.

3,437

239

American

Tower

Corp.(ö)

1,300

254

Ameriprise

Financial,

Inc.

743

287

Aon

PLC

Class

A

641

191

Apartment

Income

REIT

Corp.(ö)

5,396

176

Arch

Capital

Group,

Ltd.(Æ)

5,914

488

AvalonBay

Communities,

Inc.(ö)

1,465

262

Bank

of

America

Corp.

32,888

1,119

Berkshire

Hathaway,

Inc.

Class

B(Æ)

9,918

3,806

BlackRock,

Inc.

Class

A

397

307

Brown

&

Brown,

Inc.

3,505

272

CBRE

Group,

Inc.

Class

A(Æ)

2,761

238

Charles

Schwab

Corp.

(The)

9,592

604

Chubb,

Ltd.

8,849

2,168

Citigroup,

Inc.

51,773

2,908

CME

Group,

Inc.

Class

A

1,113

229

Corporate

Office

Properties

Trust(ö)

19,345

456

Crown

Castle,

Inc.(ö)

1,269

137

Cullen/Frost

Bankers,

Inc.

1,304

138

Digital

Realty

Trust,

Inc.(ö)

2,073

291

Equinix,

Inc.(ö)

563

467

Equity

Residential(ö)

2,769

167

Hartford

Financial

Services

Group,

Inc.

2,762

240

Healthcare

Realty

Trust,

Inc.(ö)

18,606

300

Host

Hotels

&

Resorts,

Inc.(ö)

15,772

303

Howard

Hughes

Corp.

(The)(Æ)

6,686

535

Intercontinental

Exchange,

Inc.

2,298

293

Invitation

Homes,

Inc.(ö)

8,865

292

JPMorgan

Chase

&

Co.

23,888

4,165

M&T

Bank

Corp.

6,232

861

Marsh

&

McLennan

Cos.,

Inc.

2,104

408

MetLife,

Inc.

4,268

296

Mid-America

Apartment

Communities,

Inc.

(ö)

3,965

501

New

York

Community

Bancorp,

Inc.

68,374

442

Northern

Trust

Corp.

12,474

994

Old

Republic

International

Corp.

8,486

238

PNC

Financial

Services

Group,

Inc.

(The)

1,867

282

Principal

Financial

Group,

Inc.

2,381

188

Progressive

Corp.

(The)

2,663

475

Prologis,

LP(ö)

3,148

399

Prudential

Financial,

Inc.

2,463

259

Public

Storage(ö)

6,223

1,762

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Income

Fund

13

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Raymond

James

Financial,

Inc.

2,879

317

Regions

Financial

Corp.

9,281

173

SEI

Investments

Co.

4,775

302

Simon

Property

Group,

Inc.(ö)

1,295

180

T

Rowe

Price

Group,

Inc.

3,697

401

Tradeweb

Markets,

Inc.

Class

A

4,557

435

Travelers

Cos.,

Inc.

(The)

1,526

323

Truist

Financial

Corp.

5,391

200

Wells

Fargo

&

Co.

62,360

3,129

Welltower,

Inc.(ö)

4,784

414

Weyerhaeuser

Co.(ö)

13,208

433

Willis

Towers

Watson

PLC

3,754

925

XP,

Inc.

Class

A

12,384

304

41,432

Health

Care

-

15.3%

Abbott

Laboratories

4,624

523

AbbVie,

Inc.

2,120

349

Amgen,

Inc.

1,494

469

AstraZeneca

PLC

-

ADR

6,352

423

Baxter

International,

Inc.

18,919

732

Becton

Dickinson

&

Co.

999

239

Biogen,

Inc.(Æ)

775

191

Boston

Scientific

Corp.(Æ)

2,863

181

Bristol-Myers

Squibb

Co.

21,123

1,032

Cigna

Group

(The)

4,692

1,412

Danaher

Corp.

1,599

384

Dentsply

Sirona,

Inc.

21,103

733

Doximity,

Inc.

Class

A(Æ)

4,806

130

Elevance

Health,

Inc.

383

189

Envista

Holdings

Corp.(Æ)

6,148

144

Exelixis,

Inc.(Æ)

37,585

818

Gilead

Sciences,

Inc.

4,699

368

GSK

PLC

-

ADR

25,952

1,024

Hologic,

Inc.(Æ)

2,774

206

Humana,

Inc.

4,077

1,541

Illumina,

Inc.(Æ)

1,431

205

Jazz

Pharmaceuticals

PLC(Æ)

5,777

709

Johnson

&

Johnson

21,599

3,432

Koninklijke

Philips

NV(Æ)

33,391

706

Medtronic

PLC

31,054

2,718

Merck

&

Co.,

Inc.

25,228

3,047

Organon

&

Co.

24,581

409

Pfizer,

Inc.

39,754

1,077

Regeneron

Pharmaceuticals,

Inc.(Æ)

564

532

Smith

&

Nephew

PLC

-

ADR

45,595

1,278

Stryker

Corp.

1,248

419

Thermo

Fisher

Scientific,

Inc.

953

514

UnitedHealth

Group,

Inc.

3,089

1,581

Vertex

Pharmaceuticals,

Inc.(Æ)

727

315

Viatris,

Inc.

46,257

544

28,574

Materials

and

Processing

-

5.3%

Air

Products

&

Chemicals,

Inc.

6,899

1,764

Amcor

PLC

17,190

162

AptarGroup,

Inc.

2,061

268

Crown

Holdings,

Inc.

7,145

632

Dow,

Inc.

6,296

337

DuPont

de

Nemours,

Inc.

17,516

1,083

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

FMC

Corp.

19,341

1,087

General

Electric

Co.

4,227

560

International

Flavors

&

Fragrances,

Inc.

12,114

977

Linde

PLC

1,502

608

LyondellBasell

Industries

NV

Class

A

2,775

261

Newmont

Corp.

20,834

719

Nucor

Corp.

2,498

467

Packaging

Corp.

of

America

1,540

255

Royal

Gold,

Inc.

2,622

300

Southern

Copper

Corp.

3,977

327

9,807

Producer

Durables

-

9.1%

3M

Co.

3,504

331

Alaska

Air

Group,

Inc.(Æ)

14,457

518

Ametek,

Inc.

1,043

169

Amphenol

Corp.

Class

A

3,153

319

AO

Smith

Corp.

4,118

320

Automatic

Data

Processing,

Inc.

421

103

Chart

Industries,

Inc.(Æ)

5,582

652

CoStar

Group,

Inc.(Æ)

2,436

203

Cummins,

Inc.

661

158

Deere

&

Co.

1,143

450

Delta

Air

Lines,

Inc.

27,597

1,080

EMCOR

Group,

Inc.

1,722

393

Emerson

Electric

Co.

2,790

256

FedEx

Corp.

4,899

1,182

FTI

Consulting,

Inc.(Æ)

1,762

338

General

Dynamics

Corp.

7,636

2,023

Gentex

Corp.

10,119

335

Global

Payments,

Inc.

11,370

1,515

Honeywell

International,

Inc.

950

192

Illinois

Tool

Works,

Inc.

1,091

285

L3Harris

Technologies,

Inc.

1,356

283

Lockheed

Martin

Corp.

696

299

PACCAR

Financial

Corp.

4,693

471

Paychex,

Inc.

1,762

214

QuantumScape

Corp.(Æ)

38,283

261

S&P

Global,

Inc.

1,361

610

Saia,

Inc.(Æ)

655

295

Snap-on,

Inc.

941

273

Stanley

Black

&

Decker,

Inc.

5,771

538

Tetra

Tech,

Inc.

2,258

357

Union

Pacific

Corp.

1,628

397

United

Parcel

Service,

Inc.

Class

B

1,932

274

United

Rentals,

Inc.

815

510

Veralto

Corp.

572

44

Vontier

Corp.

22,466

777

Waste

Management,

Inc.

1,846

343

Xylem,

Inc.

2,377

267

17,035

Technology

-

8.8%

Advanced

Micro

Devices,

Inc.(Æ)

4,487

752

Amdocs,

Ltd.

1,688

155

Analog

Devices,

Inc.

2,725

524

Broadcom,

Inc.

488

576

Broadridge

Financial

Solutions,

Inc.

1,985

405

Cisco

Systems,

Inc.

18,044

905

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

14

Equity

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cognizant

Technology

Solutions

Corp.

Class

A

4,142

319

Corning,

Inc.

5,831

189

DoorDash,

Inc.

Class

A(Æ)

4,605

480

Electronic

Arts,

Inc.

2,740

377

Fidelity

National

Information

Services,

Inc.

27,472

1,710

Fiserv,

Inc.(Æ)

1,351

192

Hewlett

Packard

Enterprise

Co.

21,268

325

HP,

Inc.

6,713

193

Intel

Corp.

23,970

1,033

International

Business

Machines

Corp.

3,565

655

Meta

Platforms,

Inc.

Class

A

1,412

551

Micron

Technology,

Inc.

15,428

1,323

Motorola

Solutions,

Inc.

453

145

nCino,

Inc.(Æ)

10,705

337

ON

Semiconductor

Corp.(Æ)

4,499

320

Oracle

Corp.

11,606

1,296

Qorvo,

Inc.(Æ)

1,778

177

QUALCOMM,

Inc.

2,180

324

Roper

Technologies,

Inc.

752

404

Salesforce,

Inc.

2,375

668

Skyworks

Solutions,

Inc.

6,621

692

Take-Two

Interactive

Software,

Inc.(Æ)

1,648

272

Teradyne,

Inc.

6,556

633

Texas

Instruments,

Inc.

2,364

379

16,311

Utilities

-

7.8%

AT&T,

Inc.

87,104

1,541

Brookfield

Renewable

Corp.

Class

A

10,227

286

ConocoPhillips

13,457

1,506

Consolidated

Edison,

Inc.

2,499

227

Dominion

Energy,

Inc.

3,545

162

Duke

Energy

Corp.

2,333

224

Edison

International

12,884

869

Entergy

Corp.

17,946

1,790

Exelon

Corp.

3,302

115

FirstEnergy

Corp.

23,456

860

NextEra

Energy,

Inc.

3,823

224

NRG

Energy,

Inc.

24,592

1,304

Pinnacle

West

Capital

Corp.

15,529

1,070

Plains

GP

Holdings,

LP

Class

A

68,128

1,102

Southern

Co.

(The)

3,926

273

T-Mobile

US,

Inc.

11,305

1,823

UGI

Corp.

15,538

344

Verizon

Communications,

Inc.

17,288

732

14,452

Total

Common

Stocks

(cost

$126,822)

176,945

Short-Term

Investments

-

4.7%

U.S.

Cash

Management

Fund(@)

8,844,025

(∞)

8,841

Total

Short-Term

Investments

(cost

$8,841)

8,841

Total

Investments

-

99.7%

(identified

cost

$135,663)

185,786

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Other

Assets

and

Liabilities,

Net

-

0.3%

498

Net

Assets

-

100.0%

186,284

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Income

Fund

15

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

37

USD

9,010

03/24

245

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

245

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

14,854

$

—

$

—

$

—

$

14,854

Consumer

Staples

20,795

—

—

—

20,795

Energy

13,685

—

—

—

13,685

Financial

Services

41,432

—

—

—

41,432

Health

Care

28,574

—

—

—

28,574

Materials

and

Processing

9,807

—

—

—

9,807

Producer

Durables

17,035

—

—

—

17,035

Technology

16,311

—

—

—

16,311

Utilities

14,452

—

—

—

14,452

Short-Term

Investments

—

—

—

8,841

8,841

Total

Investments

176,945

—

—

8,841

185,786

Other

Financial

Instruments

Assets

Futures

Contracts

245

—

—

—

245

Total

Other

Financial

Instruments

*

$

245

$

—

$

—

$

—

$

245

*

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

16

Equity

Income

Fund

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

6,547

$

10,797

$

8,503

$

—

$

—

$

8,841

$

114

$

—

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

17

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

103.7%

Consumer

Discretionary

-

14.1%

Amazon.com,

Inc.(Æ)(Û)

29,521

4,582

AutoNation,

Inc.(Æ)

261

36

AutoZone,

Inc.(Æ)

315

870

Best

Buy

Co.,

Inc.

956

69

Carter's,

Inc.

531

40

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

40

96

Choice

Hotels

International,

Inc.(Ñ)

292

35

Comcast

Corp.

Class

A

3,603

168

Costco

Wholesale

Corp.

498

346

Dollar

General

Corp.

9,448

1,248

Dollar

Tree,

Inc.(Æ)

319

42

Domino's

Pizza,

Inc.

973

415

DR

Horton,

Inc.

5,064

724

eBay,

Inc.

9,133

375

Expedia

Group,

Inc.(Æ)

4,211

625

FactSet

Research

Systems,

Inc.

144

69

Fox

Corp.

Class

A

10,863

351

Garmin,

Ltd.

377

45

General

Motors

Co.(Û)

11,973

465

Genuine

Parts

Co.

257

36

GMS,

Inc.(Æ)

1,429

120

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Ð)

6,011

84

Grand

Canyon

Education,

Inc.(Æ)

1,774

232

Home

Depot,

Inc.

(The)

526

186

Instructure

Holdings,

Inc.(Æ)(Ð)

1,590

39

KB

Home

1,989

118

Lear

Corp.

2,007

267

Lennar

Corp.

Class

A

373

56

Lennar

Corp.

Class

B

348

48

Live

Nation

Entertainment,

Inc.(Æ)

2,742

244

Lowe's

Cos.,

Inc.

6,863

1,461

Netflix,

Inc.(Æ)

1,206

680

New

York

Times

Co.

(The)

Class

A

836

41

Nike,

Inc.

Class

B

21,377

2,170

NVR,

Inc.(Æ)

71

502

Omnicom

Group,

Inc.

3,518

318

O'Reilly

Automotive,

Inc.(Æ)

43

44

Penske

Automotive

Group,

Inc.

225

33

Polaris,

Inc.

343

31

PulteGroup,

Inc.

1,202

126

RB

Global,

Inc.

640

41

Ross

Stores,

Inc.

13,212

1,853

Service

Corp.

International

4,885

328

Skechers

USA,

Inc.

Class

A(Æ)

770

48

Starbucks

Corp.

11,996

1,116

Target

Corp.

709

99

Taylor

Morrison

Home

Corp.

Class

A(Æ)

2,075

108

TEGNA,

Inc.

9,874

154

Tesla,

Inc.(Æ)

3,295

617

TJX

Cos.,

Inc.

(The)

1,458

138

Tractor

Supply

Co.

169

38

Ulta

Beauty,

Inc.(Æ)

99

50

Walmart,

Inc.

1,472

243

Walt

Disney

Co.

(The)

25,544

2,453

Yum!

Brands,

Inc.

5,594

724

Zillow

Group,

Inc.

Class

A(Æ)

5,425

299

25,746

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Consumer

Staples

-

8.0%

Albertsons

Cos.

LLC

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

Class

A

2,472

52

Andersons,

Inc.

(The)

521

27

Archer-Daniels-Midland

Co.(Û)

8,157

453

Brown-Forman

Corp.

Class

A

-

ADR

525

30

Brown-Forman

Corp.

Class

B

-

ADR

1,157

64

Casey's

General

Stores,

Inc.

187

51

Church

&

Dwight

Co.,

Inc.

1,193

119

Clorox

Co.

(The)

745

108

Coca-Cola

Co.

(The)

24,359

1,449

Colgate-Palmolive

Co.

14,744

1,241

Conagra

Brands,

Inc.

12,212

356

CVS

Health

Corp.

17,451

1,298

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

310

41

Flowers

Foods,

Inc.

2,447

56

General

Mills,

Inc.

935

61

Hershey

Co.

(The)

525

102

JM

Smucker

Co.

(The)

235

31

Kellanova

893

49

Kenvue,

Inc.

16,284

338

Kimberly-Clark

Corp.(Û)

5,094

616

Kroger

Co.

(The)(Û)

13,066

603

Mondelez

International,

Inc.

Class

A

20,014

1,506

Monster

Beverage

Corp.(Æ)(Û)

14,478

797

PepsiCo,

Inc.

7,693

1,297

Post

Holdings,

Inc.(Æ)

3,459

321

Procter

&

Gamble

Co.

(The)

6,680

1,050

Seaboard

Corp.

10

36

Sysco

Corp.

20,454

1,655

Tyson

Foods,

Inc.

Class

A

6,612

362

Unilever

PLC

-

ADR

8,701

424

US

Foods

Holding

Corp.(Æ)

937

43

WK

Kellogg

Co.

223

3

14,639

Energy

-

1.1%

Chevron

Corp.

1,757

259

Coterra

Energy,

Inc.

3,366

84

Exxon

Mobil

Corp.

3,755

386

Phillips

66

3,354

484

Sunrun,

Inc.(Æ)

9,300

135

Valero

Energy

Corp.(Ð)

4,366

606

1,954

Financial

Services

-

13.3%

Affiliated

Managers

Group,

Inc.

1,330

198

Aflac,

Inc.

1,769

149

Air

Lease

Corp.

Class

A

4,525

189

Allstate

Corp.

(The)(Ð)

5,367

833

American

Express

Co.

2,850

572

American

Tower

Corp.(ö)

6,640

1,299

Aon

PLC

Class

A

2,404

717

Arch

Capital

Group,

Ltd.(Æ)

1,087

90

Bank

of

America

Corp.

1,228

42

Bank

of

New

York

Mellon

Corp.

(The)

11,111

616

Berkshire

Hathaway,

Inc.

Class

B(Æ)

2,550

979

BOK

Financial

Corp.(Û)

2,138

179

Brighthouse

Financial,

Inc.(Æ)

4,676

242

Brown

&

Brown,

Inc.

1,349

105

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

18

Sustainable

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Camden

Property

Trust(Ð)(ö)

2,986

280

CBRE

Group,

Inc.

Class

A(Æ)

1,071

92

Chubb,

Ltd.

270

66

Cincinnati

Financial

Corp.

608

67

Comerica,

Inc.(Û)

3,536

186

Corebridge

Financial,

Inc.

8,327

201

Cullen/Frost

Bankers,

Inc.(Ð)

2,498

265

Dun

&

Bradstreet

Holdings,

Inc.

9,315

108

Enact

Holdings,

Inc.

1,773

51

Equinix,

Inc.(ö)

698

579

Equity

Commonwealth(Ð)(ö)

12,387

237

Essex

Property

Trust,

Inc.(Ð)(ö)

1,340

313

Evercore,

Inc.

Class

A

1,595

274

First

American

Financial

Corp.

3,789

229

Globe

Life,

Inc.

361

44

Hanover

Insurance

Group,

Inc.

(The)

1,615

213

Hartford

Financial

Services

Group,

Inc.(Ð)

(Û)

5,420

471

Howard

Hughes

Corp.

(The)(Æ)(Ð)

1,887

151

Interactive

Brokers

Group,

Inc.

Class

A(Û)

3,243

288

Jackson

Financial,

Inc.

Class

A

3,931

197

JPMorgan

Chase

&

Co.

1,579

275

LPL

Financial

Holdings,

Inc.

1,986

475

Marsh

&

McLennan

Cos.,

Inc.

6,356

1,232

MasterCard,

Inc.

Class

A(Û)

3,754

1,686

MGIC

Investment

Corp.

2,206

44

Pinnacle

Financial

Partners,

Inc.(Ð)

2,427

215

PJT

Partners,

Inc.

Class

A(Ð)

1,533

147

Popular,

Inc.

3,784

323

Progressive

Corp.

(The)(Û)

1,568

280

Public

Storage(ö)(Û)

1,737

492

Reinsurance

Group

of

America,

Inc.

Class

A

2,830

492

RLI

Corp.(Ð)

1,330

181

Ryan

Specialty

Holdings,

Inc.

Class

A

1,953

85

SBA

Communications

Corp.(ö)

1,908

427

SEI

Investments

Co.

597

38

SLM

Corp.

9,252

184

State

Street

Corp.

14,491

1,071

Synchrony

Financial

17,425

677

Texas

Capital

Bancshares,

Inc.(Æ)(Ð)

1,715

105

Travelers

Cos.,

Inc.

(The)(Û)

3,132

662

Unum

Group

840

41

US

Bancorp

30,524

1,268

Virtu

Financial,

Inc.

Class

A

6,853

115

Visa,

Inc.

Class

A

10,889

2,976

WR

Berkley

Corp.(Ð)

2,739

224

24,237

Health

Care

-

17.1%

Abbott

Laboratories

10,808

1,223

AbbVie,

Inc.

1,633

268

Agilent

Technologies,

Inc.

569

74

Amgen,

Inc.

5,296

1,664

BioMarin

Pharmaceutical,

Inc.(Æ)(Ð)

2,493

220

Bristol-Myers

Squibb

Co.(Û)

19,430

950

Cardinal

Health,

Inc.

4,100

448

Cencora,

Inc.

Class

A

7,862

1,829

Centene

Corp.(Æ)(Ð)

10,066

758

Cooper

Cos.,

Inc.

(The)

242

90

Danaher

Corp.

8,526

2,045

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Edwards

Lifesciences

Corp.(Æ)

9,356

734

Elevance

Health,

Inc.

2,057

1,015

Eli

Lilly

&

Co.

718

464

Exelixis,

Inc.(Æ)

18,322

399

Gilead

Sciences,

Inc.

7,423

581

HCA

Healthcare,

Inc.

172

52

Hologic,

Inc.(Æ)

773

58

Humana,

Inc.

1,736

656

IDEXX

Laboratories,

Inc.(Æ)

199

102

Incyte

Corp.(Æ)

8,520

501

Intuitive

Surgical,

Inc.(Æ)

383

145

IQVIA

Holdings,

Inc.(Æ)

2,312

481

Jazz

Pharmaceuticals

PLC(Æ)

2,590

318

Johnson

&

Johnson

18,965

3,014

McKesson

Corp.

1,779

889

Medtronic

PLC

15,629

1,368

Merck

&

Co.,

Inc.

2,454

296

Molina

Healthcare,

Inc.(Æ)

1,930

688

Neurocrine

Biosciences,

Inc.(Æ)(Ð)

3,446

482

Novo

Nordisk

A/S

-

ADR

6,756

775

Organon

&

Co.(Ð)

9,152

152

Perrigo

Co.

PLC

9,753

313

Pfizer,

Inc.

7,270

197

Premier,

Inc.

Class

A

5,305

115

Regeneron

Pharmaceuticals,

Inc.(Æ)

1,203

1,134

ResMed,

Inc.

405

77

Sarepta

Therapeutics,

Inc.(Æ)

2,375

283

Stryker

Corp.

122

41

Thermo

Fisher

Scientific,

Inc.

3,781

2,038

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)

2,173

96

United

Therapeutics

Corp.(Æ)

395

85

UnitedHealth

Group,

Inc.

5,453

2,790

Vertex

Pharmaceuticals,

Inc.(Æ)

2,992

1,297

Zimmer

Biomet

Holdings,

Inc.

301

38

Zoetis,

Inc.

Class

A

570

107

31,350

Materials

and

Processing

-

3.6%

Acuity

Brands,

Inc.

882

210

Alcoa

Corp.

695

21

AptarGroup,

Inc.

477

62

Ashland,

Inc.

2,053

192

Ball

Corp.

9,204

510

Copart,

Inc.(Æ)

2,102

101

Core

&

Main,

Inc.

Class

A(Æ)(Ð)

4,214

174

Dow,

Inc.(Û)

10,285

551

DuPont

de

Nemours,

Inc.

6,197

383

Eastman

Chemical

Co.

3,861

323

Ecolab,

Inc.

3,979

789

Fastenal

Co.

1,208

82

Ferguson

PLC

302

57

FMC

Corp.(Ð)

3,754

211

Huntsman

Corp.(Ð)

6,689

164

Lennox

International,

Inc.(Ð)

263

113

Linde

PLC

2,612

1,057

LKQ

Corp.

1,158

54

Louisiana-Pacific

Corp.(Ð)

2,437

162

LyondellBasell

Industries

NV

Class

A(Û)

2,193

206

MDU

Resources

Group,

Inc.

8,815

172

NewMarket

Corp.

81

45

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

19

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nucor

Corp.

370

69

Packaging

Corp.

of

America

606

101

Reliance

Steel

&

Aluminum

Co.

119

34

Rogers

Corp.(Æ)(Ð)

884

102

Sherwin-Williams

Co.

(The)

1,868

569

Stepan

Co.(Ð)

1,010

90

6,604

Producer

Durables

-

12.6%

3M

Co.

1,215

115

AECOM(Ð)

4,216

372

AGCO

Corp.(Ð)

2,273

278

Amphenol

Corp.

Class

A

10,999

1,112

AO

Smith

Corp.

687

53

Automatic

Data

Processing,

Inc.(Û)

3,703

910

Booz

Allen

Hamilton

Holding

Corp.

Class

A

387

54

Canadian

Pacific

Kansas

City,

Ltd.

10,498

845

CH

Robinson

Worldwide,

Inc.

385

32

Cintas

Corp.

253

153

CNH

Industrial

NV

22,537

270

Cummins,

Inc.

360

86

ExlService

Holdings,

Inc.(Æ)

3,995

125

Expeditors

International

of

Washington,

Inc.

2,830

357

FedEx

Corp.

397

96

FleetCor

Technologies,

Inc.(Æ)

1,988

576

Fluor

Corp.(Æ)

2,480

94

Fortive

Corp.

11,171

873

Gates

Industrial

Corp.

PLC(Æ)

11,225

145

Gentex

Corp.

1,092

36

Global

Payments,

Inc.

8,209

1,094

GXO

Logistics,

Inc.(Æ)

19,605

1,066

Heico

Corp.

4,583

823

Heico

Corp.

Class

A

274

39

Honeywell

International,

Inc.

4,354

881

Huntington

Ingalls

Industries,

Inc.(Ð)

908

235

Illinois

Tool

Works,

Inc.

322

84

Insperity,

Inc.

985

113

Jacobs

Solutions,

Inc.

2,359

318

JB

Hunt

Transport

Services,

Inc.

1,681

338

Keysight

Technologies,

Inc.(Æ)

388

59

Knight-Swift

Transportation

Holdings,

Inc.

609

35

Landstar

System,

Inc.

1,634

313

Lockheed

Martin

Corp.(Ð)

2,062

885

ManpowerGroup,

Inc.

2,640

196

Mettler-Toledo

International,

Inc.(Æ)

749

897

Moody's

Corp.

2,105

825

MSC

Industrial

Direct

Co.,

Inc.

Class

A

382

38

Murphy

USA,

Inc.

129

45

NEXTracker,

Inc.

Class

A(Æ)

2,262

102

Nordson

Corp.

278

70

Northrop

Grumman

Corp.

85

38

Old

Dominion

Freight

Line,

Inc.

220

86

Oshkosh

Corp.

3,265

359

Otis

Worldwide

Corp.

7,054

624

Parker-Hannifin

Corp.

106

49

Paychex,

Inc.(Û)

5,270

642

PayPal

Holdings,

Inc.(Æ)

8,994

552

Robert

Half,

Inc.(Ð)

2,915

232

Rollins,

Inc.

982

43

Ryder

System,

Inc.

1,972

224

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

S&P

Global,

Inc.

2,114

948

Schneider

National,

Inc.

Class

B

1,725

42

TE

Connectivity,

Ltd.

295

42

Terex

Corp.

5,165

317

TransDigm

Group,

Inc.

1,514

1,654

Trimble

Navigation,

Ltd.(Æ)

759

39

TriNet

Group,

Inc.

1,338

152

United

Parcel

Service,

Inc.

Class

B

561

80

United

Rentals,

Inc.

177

111

Veralto

Corp.

5,732

440

WW

Grainger,

Inc.

1,573

1,409

23,121

Technology

-

31.6%

Accenture

PLC

Class

A

611

222

Adobe,

Inc.(Æ)

2,512

1,552

Akamai

Technologies,

Inc.(Æ)

526

65

Alphabet,

Inc.

Class

A(Æ)

8,103

1,135

Alphabet,

Inc.

Class

C(Æ)(Û)

25,198

3,573

Analog

Devices,

Inc.

4,521

870

Apple,

Inc.(Û)

46,665

8,605

Applied

Materials,

Inc.

1,154

190

Atlassian

Corp.

Class

A(Æ)(Ð)

1,383

345

Autodesk,

Inc.(Æ)

3,229

820

Booking

Holdings,

Inc.(Û)

345

1,210

Box,

Inc.

Class

A(Æ)

6,904

179

Broadcom,

Inc.

391

461

CACI

International,

Inc.

Class

A(Æ)

87

30

Ciena

Corp.(Æ)

3,524

187

Cirrus

Logic,

Inc.(Æ)

5,764

445

Cisco

Systems,

Inc.

4,920

247

Cognizant

Technology

Solutions

Corp.

Class

A

8,401

648

CommVault

Systems,

Inc.(Æ)

1,290

118

Corteva,

Inc.(Û)

13,044

593

Dell

Technologies,

Inc.

Class

C

8,117

673

Dropbox,

Inc.

Class

A(Æ)(Ð)

16,556

525

Electronic

Arts,

Inc.

969

133

F5,

Inc.(Æ)(Ð)

2,582

474

Fortinet,

Inc.(Æ)

10,991

709

GoDaddy,

Inc.

Class

A(Æ)(Ð)

4,945

527

Guidewire

Software,

Inc.(Æ)

1,929

215

Hewlett

Packard

Enterprise

Co.

2,281

35

HP,

Inc.(Û)

15,609

448

Intel

Corp.

27,595

1,189

International

Business

Machines

Corp.

291

53

Intuit,

Inc.

2,796

1,765

Jack

Henry

&

Associates,

Inc.

376

62

KBR,

Inc.

4,295

224

KLA

Corp.

175

104

Lam

Research

Corp.

70

58

Lyft,

Inc.

Class

A(Æ)

19,222

240

Manhattan

Associates,

Inc.(Æ)

1,104

268

Meta

Platforms,

Inc.

Class

A

2,168

846

Microchip

Technology,

Inc.

33,058

2,816

Microsoft

Corp.

25,551

10,159

MSCI,

Inc.

Class

A

1,462

875

NetApp,

Inc.

1,012

88

Nutanix,

Inc.

Class

A(Æ)

10,594

595

NVIDIA

Corp.(Û)

4,890

3,009

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

20

Sustainable

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NXP

Semiconductors

NV

434

91

Oracle

Corp.

10,837

1,211

Qorvo,

Inc.(Æ)

429

43

QUALCOMM,

Inc.

1,985

295

Qualys,

Inc.(Æ)(Ð)

755

143

Roper

Technologies,

Inc.

1,644

883

Salesforce,

Inc.

7,341

2,063

SAP

SE

-

ADR

7,591

1,314

ServiceNow,

Inc.(Æ)

751

575

Skyworks

Solutions,

Inc.

895

93

Spotify

Technology

SA(Æ)

1,551

334

Take-Two

Interactive

Software,

Inc.(Æ)

261

43

Teradyne,

Inc.(Ð)

4,802

464

Texas

Instruments,

Inc.

1,023

164

Uber

Technologies,

Inc.(Æ)(Ð)(Û)

14,493

946

Universal

Display

Corp.

242

41

VeriSign,

Inc.(Æ)

3,028

602

Viavi

Solutions,

Inc.

Class

W(Æ)

9,368

92

Western

Digital

Corp.(Æ)(Ð)

2,297

132

Workday,

Inc.

Class

A(Æ)

2,713

790

57,904

Utilities

-

2.3%

American

States

Water

Co.

1,497

112

AT&T,

Inc.(Ð)(Û)

52,491

929

Avangrid,

Inc.

9,530

289

CNX

Resources

Corp.(Æ)(Ð)

5,526

112

ConocoPhillips

959

107

Consolidated

Edison,

Inc.

472

43

DTE

Energy

Co.

4,217

445

Duke

Energy

Corp.

33

3

Edison

International

5,519

372

Eversource

Energy

5,918

321

Exelon

Corp.(Ð)

15,498

539

Iridium

Communications,

Inc.(Ð)

2,332

85

NRG

Energy,

Inc.

6,914

367

ONE

Gas,

Inc.

1,832

112

Pinnacle

West

Capital

Corp.

2,978

205

Verizon

Communications,

Inc.

3,299

140

WEC

Energy

Group,

Inc.

5

—

4,181

Total

Common

Stocks

(cost

$130,001)

189,736

Short-Term

Investments

-

4.5%

U.S.

Cash

Management

Fund(@)

8,317,595

(∞)

8,315

Total

Short-Term

Investments

(cost

$8,315)

8,315

Other

Securities

-

0.0%

U.S.

Cash

Collateral

Fund(@)(×)

25,200

(∞)

25

Total

Other

Securities

(cost

$25)

25

Total

Investments

-

108.2%

(identified

cost

$138,341)

198,076

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Securities

Sold

Short

-

(8.4)%

Consumer

Discretionary

-

(0.9)%

Acushnet

Holdings

Corp.

(2,006)

(127)

Advanced

Energy

Industries,

Inc.

(764)

(80)

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

(2,319)

(94)

Bloomin'

Brands,

Inc.

(3,578)

(95)

Boot

Barn

Holdings,

Inc.(Æ)

(625)

(45)

Carter's,

Inc.

(889)

(67)

Churchill

Downs,

Inc.

(1,627)

(197)

Kontoor

Brands,

Inc.

(940)

(55)

LGI

Homes,

Inc.(Æ)

(368)

(43)

Lithia

Motors,

Inc.

Class

A

(554)

(163)

Patrick

Industries,

Inc.

(581)

(58)

Raytheon

Technologies

Corp.

(2,980)

(272)

Red

Rock

Resorts,

Inc.

Class

A

(939)

(51)

Topgolf

Callaway

Brands

Corp.(Æ)

(6,980)

(92)

Warner

Bros

Discovery,

Inc.(Æ)

(22,104)

(222)

Ziff

Davis,

Inc.(Æ)

(495)

(33)

(1,694)

Consumer

Staples

-

(0.1)%

J&J

Snack

Foods

Corp.

(1,087)

(173)

MGP

Ingredients,

Inc.

(591)

(50)

(223)

Energy

-

(0.1)%

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(1,607)

(21)

Sitio

Royalties

Corp.

Class

A

(3,695)

(79)

Sunrun,

Inc.(Æ)

(4,180)

(60)

Uranium

Energy

Corp.(Æ)

(5,737)

(44)

(204)

Financial

Services

-

(1.9)%

Annaly

Capital

Management,

Inc.(ö)

(9,359)

(180)

Apollo

Global

Management,

Inc.

(2,800)

(281)

Arbor

Realty

Trust,

Inc.(ö)

(5,396)

(72)

Ares

Management

Corp.

Class

A

(624)

(76)

Artisan

Partners

Asset

Management,

Inc.

Class

A

(2,339)

(98)

Berkshire

Hathaway,

Inc.

Class

B(Æ)

(347)

(133)

BGC

Group,

Inc.

Class

A

(9,581)

(68)

Blackstone,

Inc.

Class

A

(2,973)

(370)

Cadence

Bank

(1,007)

(27)

Columbia

Banking

System,

Inc.

(3,455)

(70)

Erie

Indemnity

Co.

Class

A

(212)

(73)

First

Financial

Bankshares,

Inc.

(2,038)

(64)

Glacier

Bancorp,

Inc.

(1,807)

(70)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(2,204)

(52)

Healthcare

Realty

Trust,

Inc.(ö)

(12,293)

(198)

Iron

Mountain,

Inc.(ö)

(3,650)

(246)

Marsh

&

McLennan

Cos.,

Inc.

(880)

(171)

New

York

Community

Bancorp,

Inc.

(13,221)

(86)

Old

National

Bancorp

(8,073)

(133)

Park

National

Corp.

(625)

(82)

Potlatch

Corp.(ö)

(1,697)

(76)

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

21

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ServisFirst

Bancshares,

Inc.

(898)

(60)

Starwood

Property

Trust,

Inc.(ö)

(4,396)

(89)

T

Rowe

Price

Group,

Inc.

(2,199)

(238)

VICI

Properties,

Inc.(ö)

(8,579)

(258)

Webster

Financial

Corp.

(3,378)

(167)

Weyerhaeuser

Co.(ö)

(1,594)

(52)

(3,490)

Health

Care

-

(1.5)%

Abbott

Laboratories

(2,383)

(270)

Acadia

Healthcare

Co.,

Inc.(Æ)

(2,191)

(180)

Amicus

Therapeutics,

Inc.(Æ)

(2,426)

(30)

Axsome

Therapeutics,

Inc.(Æ)

(337)

(30)

Bio-Techne

Corp.

(2,270)

(160)

Chemed

Corp.

(143)

(85)

CONMED

Corp.

(449)

(43)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(548)

(20)

Danaher

Corp.

(1,163)

(279)

Ensign

Group,

Inc.

(The)

(1,544)

(175)

Halozyme

Therapeutics,

Inc.(Æ)

(1,511)

(51)

HCA

Healthcare,

Inc.

(950)

(290)

Immunovant,

Inc.(Æ)

(1,033)

(38)

Insmed,

Inc.(Æ)

(745)

(21)

Integer

Holdings

Corp.(Æ)

(571)

(58)

LifeStance

Health

Group,

Inc.(Æ)

(3,091)

(18)

Neogen

Corp.(Æ)

(6,164)

(95)

Nuvalent,

Inc.

Class

A(Æ)

(398)

(30)

Patterson

Cos.,

Inc.

(2,672)

(80)

R1

RCM,

Inc.(Æ)

(5,073)

(52)

RadNet,

Inc.(Æ)

(1,802)

(67)

Repligen

Corp.(Æ)

(707)

(134)

Rocket

Pharmaceuticals,

Inc.(Æ)

(1,195)

(34)

Select

Medical

Holdings

Corp.

(2,120)

(55)

Sotera

Health

Co.(Æ)

(1,697)

(25)

Surgery

Partners,

Inc.(Æ)

(1,562)

(48)

Thermo

Fisher

Scientific,

Inc.

(505)

(272)

TransMedics

Group,

Inc.(Æ)

(274)

(23)

Vaxcyte,

Inc.(Æ)

(1,385)

(99)

(2,762)

Materials

and

Processing

-

(0.4)%

AAON,

Inc.

(868)

(61)

Modine

Manufacturing

Co.(Æ)

(885)

(61)

Pool

Corp.

(687)

(255)

Quaker

Chemical

Corp.

(1,059)

(201)

SPX

Technologies,

Inc.(Æ)

(523)

(53)

(631)

Producer

Durables

-

(1.7)%

Amphenol

Corp.

Class

A

(3,177)

(321)

Applied

Industrial

Technologies,

Inc.

(672)

(119)

Badger

Meter,

Inc.

(778)

(112)

Bloom

Energy

Corp.

Class

A(Æ)

(1,552)

(18)

Brink's

Co.

(The)

(1,133)

(92)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(1,620)

(138)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cintas

Corp.

(478)

(289)

Clean

Harbors,

Inc.(Æ)

(438)

(74)

Dorman

Products,

Inc.(Æ)

(1,392)

(113)

GATX

Corp.

(1,412)

(173)

Illinois

Tool

Works,

Inc.

(576)

(150)

Moody's

Corp.

(120)

(47)

Mueller

Industries,

Inc.

(493)

(24)

OSI

Systems,

Inc.(Æ)

(595)

(76)

RBC

Bearings,

Inc.(Æ)

(487)

(131)

S&P

Global,

Inc.

(723)

(324)

Snap-on,

Inc.

(764)

(221)

Stericycle,

Inc.(Æ)

(200)

(10)

Teledyne

Technologies,

Inc.(Æ)

(586)

(245)

TransDigm

Group,

Inc.

(90)

(98)

Union

Pacific

Corp.

(1,180)

(288)

Zurn

Elkay

Water

Solutions

Corp.

(3,116)

(92)

(3,155)

Technology

-

(1.3)%

Advanced

Micro

Devices,

Inc.(Æ)

(748)

(126)

Analog

Devices,

Inc.

(1,384)

(266)

Bentley

Systems,

Inc.

Class

B

(2,473)

(125)

Broadcom,

Inc.

(195)

(230)

Entegris,

Inc.

(1,142)

(134)

ePlus,

Inc.(Æ)

(812)

(61)

Fiserv,

Inc.(Æ)

(2,070)

(294)

Frontier

Communications

Parent,

Inc.(Æ)

(4,008)

(99)

Gen

Digital,

Inc.

(10,368)

(244)

Motorola

Solutions,

Inc.

(868)

(277)

PTC,

Inc.(Æ)

(96)

(17)

Roper

Technologies,

Inc.

(493)

(265)

Take-Two

Interactive

Software,

Inc.(Æ)

(1,378)

(227)

Vishay

Intertechnology,

Inc.

(3,413)

(74)

(2,439)

Utilities

-

(0.5)%

Alliant

Energy

Corp.

(4,983)

(242)

Chord

Energy

Corp.

(577)

(89)

Civitas

Resources,

Inc.

(2,318)

(150)

Cogent

Communications

Holdings,

Inc.

(1,488)

(115)

Equitrans

Midstream

Corp.

(3,831)

(39)

Northern

Oil

and

Gas,

Inc.

(2,126)

(71)

Otter

Tail

Corp.

(1,515)

(137)

Permian

Resources

Corp.

(2,187)

(30)

(873)

Total

Securities

Sold

Short

(proceeds

$14,725)

(15,471)

Other

Assets

and

Liabilities,

Net

-

0.2%

373

Net

Assets

-

100.0%

182,978

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

22

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

35

USD

8,523

03/24

280

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

280

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

$

25,746

$

—

$

—

$

—

$

25,746

Consumer

Staples

14,639

—

—

—

14,639

Energy

1,954

—

—

—

1,954

Financial

Services

24,237

—

—

—

24,237

Health

Care

31,350

—

—

—

31,350

Materials

and

Processing

6,604

—

—

—

6,604

Producer

Durables

23,121

—

—

—

23,121

Technology

57,904

—

—

—

57,904

Utilities

4,181

—

—

—

4,181

Short-Term

Investments

—

—

—

8,315

8,315

Other

Securities

—

—

—

25

25

Total

Investments

189,736

—

—

8,340

198,076

Securities

Sold

Short

**

(15,471)

—

—

—

(15,471)

Other

Financial

Instruments

Assets

Futures

Contracts

280

—

—

—

280

Total

Other

Financial

Instruments

*

$

280

$

—

$

—

$

—

$

280

*

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

23

$

—

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

6,244

$

16,906

$

14,835

$

—

$

—

$

8,315

$

99

$

—

U.S.

Cash

Collateral

Fund

68

289

332

—

—

25

—

$

6,312

$

17,195

$

15,167

$

—

$

—

$

8,340

$

99

$

—

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

24

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

102.4%

Consumer

Discretionary

-

14.6%

Advance

Auto

Parts,

Inc.(Ð)

61,091

4,084

Amazon.com,

Inc.(Æ)(Û)

697,037

108,180

Autoliv,

Inc.

27,073

2,900

AutoZone,

Inc.(Æ)(Û)

4,439

12,261

BorgWarner,

Inc.

122,230

4,144

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

5,849

14,089

Comcast

Corp.

Class

A

203,578

9,474

Costco

Wholesale

Corp.

34,594

24,039

Coupang,

Inc.(Æ)(Ð)

69,059

967

Dana

Holding

Corp.

47,866

649

Dick's

Sporting

Goods,

Inc.

14,928

2,225

Dillard's,

Inc.

Class

A(Ð)

2,257

874

Domino's

Pizza,

Inc.(Ð)(Û)

10,589

4,513

DR

Horton,

Inc.

37,470

5,355

Duolingo,

Inc.(Æ)(Ð)(Û)

3,014

539

eBay,

Inc.(Û)

124,514

5,114

FactSet

Research

Systems,

Inc.

8,229

3,916

Five

Below,

Inc.(Æ)

15,880

2,850

Foot

Locker,

Inc.(Ð)

32,707

921

Ford

Motor

Co.(Û)

786,034

9,212

Fox

Corp.

Class

A(Ð)

159,243

5,144

Garmin,

Ltd.

35,745

4,271

General

Motors

Co.(Û)

544,309

21,119

Genuine

Parts

Co.

18,211

2,554

GMS,

Inc.(Æ)

14,647

1,233

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)(Ð)

89,360

1,246

Home

Depot,

Inc.

(The)

21,390

7,550

Hubbell,

Inc.

Class

B

9,398

3,154

Interpublic

Group

of

Cos.,

Inc.

(The)(Ð)

114,080

3,763

KB

Home

26,128

1,557

Lear

Corp.(Ð)

30,757

4,088

Lennar

Corp.

Class

A(Û)

53,687

8,045

Lithia

Motors,

Inc.

Class

A

12,797

3,773

Live

Nation

Entertainment,

Inc.(Æ)(Ð)

150,999

13,416

Lowe's

Cos.,

Inc.

44,654

9,504

Lululemon

Athletica,

Inc.(Æ)(Û)

22,623

10,267

Marriott

International,

Inc.

Class

A

14,122

3,385

McDonald's

Corp.

54,657

15,999

Netflix,

Inc.(Æ)

8,202

4,627

News

Corp.

Class

A

137,158

3,380

Nike,

Inc.

Class

B

108,810

11,047

NVR,

Inc.(Æ)(Û)

882

6,240

Omnicom

Group,

Inc.

58,395

5,278

O'Reilly

Automotive,

Inc.(Æ)

12,637

12,928

Paramount

Global

Class

B(Ð)

131,268

1,915

Penn

Entertainment,

Inc.(Æ)

78,755

1,776

Ross

Stores,

Inc.

49,308

6,917

Skechers

USA,

Inc.

Class

A(Æ)

41,430

2,587

Starbucks

Corp.

76,160

7,085

Target

Corp.

41,715

5,802

Tesla,

Inc.(Æ)

51,373

9,622

Texas

Roadhouse,

Inc.

Class

A

34,189

4,298

TJX

Cos.,

Inc.

(The)

86,207

8,182

Tractor

Supply

Co.

9,596

2,155

Tri

Pointe

Homes,

Inc.(Æ)

18,326

633

Ulta

Beauty,

Inc.(Æ)

6,636

3,332

Walmart,

Inc.

38,192

6,311

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Walt

Disney

Co.

(The)

79,126

7,600

448,089

Consumer

Staples

-

4.0%

Archer-Daniels-Midland

Co.(Û)

137,298

7,631

Boston

Beer

Co.,

Inc.

Class

A(Æ)(Ð)

3,635

1,270

Church

&

Dwight

Co.,

Inc.

46,765

4,670

Coca-Cola

Co.

(The)

78,025

4,642

Conagra

Brands,

Inc.

282,061

8,222

CVS

Health

Corp.

220,065

16,366

General

Mills,

Inc.

29,539

1,917

Hershey

Co.

(The)

14,633

2,832

Ingredion,

Inc.

31,840

3,425

Kenvue,

Inc.

129,835

2,695

Kroger

Co.

(The)

218,753

10,093

Molson

Coors

Beverage

Co.

Class

B

40,566

2,507

Mondelez

International,

Inc.

Class

A

85,508

6,436

Monster

Beverage

Corp.(Æ)

247,134

13,597

PepsiCo,

Inc.

37,282

6,283

Philip

Morris

International,

Inc.

28,249

2,567

Procter

&

Gamble

Co.

(The)

59,637

9,371

Tyson

Foods,

Inc.

Class

A(Û)

267,331

14,639

Walgreens

Boots

Alliance,

Inc.

105,405

2,379

121,542

Energy

-

4.0%

Baker

Hughes

Co.

343,852

9,800

BP

PLC

-

ADR

208,839

7,330

Canadian

Natural

Resources,

Ltd.

62,394

3,993

Chevron

Corp.

86,742

12,788

Coterra

Energy,

Inc.

121,527

3,024

CVR

Energy,

Inc.(Ð)

25,503

860

Devon

Energy

Corp.

60,136

2,527

Eaton

Corp.

PLC

63,407

15,603

Enphase

Energy,

Inc.(Æ)(Ð)

10,428

1,086

EOG

Resources,

Inc.

22,522

2,563

Exxon

Mobil

Corp.

92,815

9,542

Kinder

Morgan,

Inc.

196,103

3,318

Marathon

Oil

Corp.(Ð)(Û)

21,459

490

Marathon

Petroleum

Corp.(Û)

67,022

11,099

Occidental

Petroleum

Corp.

47,538

2,737

Par

Pacific

Holdings,

Inc.(Æ)

15,756

577

Phillips

66

46,609

6,726

Pioneer

Natural

Resources

Co.

34,023

7,819

Shell

PLC

-

ADR

88,836

5,589

TechnipFMC

PLC(Û)

84,499

1,634

Valero

Energy

Corp.(Û)

88,339

12,270

Williams

Cos.,

Inc.

(The)

65,634

2,275

123,650

Financial

Services

-

15.5%

AerCap

Holdings

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

132,144

10,117

Affiliated

Managers

Group,

Inc.

18,926

2,817

Aflac,

Inc.

64,429

5,434

Air

Lease

Corp.

Class

A

60,734

2,539

Allstate

Corp.

(The)(Ð)(Û)

78,273

12,152

American

Express

Co.

52,694

10,578

American

Tower

Corp.(ö)

15,043

2,943

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

25

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ameriprise

Financial,

Inc.

20,652

7,989

Apollo

Global

Management,

Inc.

101,742

10,215

Axis

Capital

Holdings,

Ltd.

31,589

1,880

Bank

of

America

Corp.

296,410

10,081

Bank

of

New

York

Mellon

Corp.

(The)

160,083

8,878

Berkshire

Hathaway,

Inc.

Class

B(Æ)

55,232

21,195

BlackRock,

Inc.

Class

A

4,523

3,502

BOK

Financial

Corp.

12,716

1,066

Brighthouse

Financial,

Inc.(Æ)

44,327

2,295

Camden

Property

Trust(ö)

32,213

3,023

Carlyle

Group,

Inc.

(The)

226,487

9,064

CBRE

Group,

Inc.

Class

A(Æ)

50,761

4,381

Charles

Schwab

Corp.

(The)

84,426

5,312

Chubb,

Ltd.

18,027

4,417

Cincinnati

Financial

Corp.

21,517

2,384

Citigroup,

Inc.

355,487

19,968

CME

Group,

Inc.

Class

A

9,277

1,910

CNA

Financial

Corp.(Û)

2,820

124

CNO

Financial

Group,

Inc.(Ð)

19,853

540

Comerica,

Inc.

73,373

3,858

Corebridge

Financial,

Inc.

121,275

2,931

Cullen/Frost

Bankers,

Inc.(Ð)

26,219

2,782

Dun

&

Bradstreet

Holdings,

Inc.

136,090

1,577

Equinix,

Inc.(ö)

3,875

3,215

Equity

Commonwealth(ö)

97,669

1,866

Essex

Property

Trust,

Inc.(Ð)(ö)

16,147

3,767

Evercore,

Inc.

Class

A

27,044

4,644

First

American

Financial

Corp.

49,234

2,971

First

Horizon

Corp.

173,491

2,470

Gaming

and

Leisure

Properties,

Inc.(ö)

46,645

2,129

Globe

Life,

Inc.

21,838

2,682

Goldman

Sachs

Group,

Inc.

(The)

12,810

4,919

Hanover

Insurance

Group,

Inc.

(The)(Ð)

39,275

5,185

Hartford

Financial

Services

Group,

Inc.

35,908

3,122

Host

Hotels

&

Resorts,

Inc.(ö)

92,802

1,784

Howard

Hughes

Corp.

(The)(Æ)

66,990

5,364

Interactive

Brokers

Group,

Inc.

Class

A

34,273

3,042

Intercontinental

Exchange,

Inc.

22,614

2,879

Invitation

Homes,

Inc.(ö)

73,590

2,423

JPMorgan

Chase

&

Co.

118,758

20,707

KeyCorp(Û)

277,229

4,028

Kinsale

Capital

Group,

Inc.(Ð)

4,280

1,702

Lamar

Advertising

Co.

Class

A(ö)

21,811

2,283

LPL

Financial

Holdings,

Inc.

22,757

5,443

M&T

Bank

Corp.

13,527

1,868

Marsh

&

McLennan

Cos.,

Inc.

12,163

2,358

MasterCard,

Inc.

Class

A(Û)

135,500

60,871

Morgan

Stanley

151,594

13,225

New

York

Community

Bancorp,

Inc.

423,177

2,738

Northern

Trust

Corp.

28,190

2,245

Park

Hotels

&

Resorts,

Inc.(ö)

20,677

312

PennyMac

Financial

Services,

Inc.

2,733

238

Pinnacle

Financial

Partners,

Inc.(Ð)

18,831

1,664

PJT

Partners,

Inc.

Class

A(Ð)

12,946

1,245

PNC

Financial

Services

Group,

Inc.

(The)

13,224

2,000

Popular,

Inc.

41,376

3,536

Principal

Financial

Group,

Inc.

23,991

1,898

Progressive

Corp.

(The)

55,715

9,931

Prologis,

LP(ö)

76,721

9,720

Public

Storage(ö)

10,593

3,000

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Raymond

James

Financial,

Inc.

31,777

3,501

Reinsurance

Group

of

America,

Inc.

Class

A

34,394

5,981

Robinhood

Markets,

Inc.

Class

A(Æ)(Ð)

170,918

1,836

Ryan

Specialty

Holdings,

Inc.

Class

A(Ð)

62,863

2,723

SBA

Communications

Corp.(ö)

13,002

2,911

SLM

Corp.

180,814

3,595

Synchrony

Financial

142,940

5,556

Texas

Capital

Bancshares,

Inc.(Æ)(Ð)

19,826

1,209

TPG,

Inc.

37,521

1,562

Travelers

Cos.,

Inc.

(The)(Û)

54,453

11,509

US

Bancorp

223,567

9,287

Virtu

Financial,

Inc.

Class

A(Ð)

70,087

1,177

Visa,

Inc.

Class

A

41,697

11,394

Wells

Fargo

&

Co.

331,797

16,650

Weyerhaeuser

Co.(ö)

116,831

3,828

Willis

Towers

Watson

PLC

21,664

5,336

WR

Berkley

Corp.(Ð)(Û)

113,771

9,316

476,797

Health

Care

-

13.0%

Abbott

Laboratories

48,143

5,447

AbbVie,

Inc.

117,759

19,360

Agilent

Technologies,

Inc.

72,482

9,430

Align

Technology,

Inc.(Æ)(Ð)

11,894

3,179

Amgen,

Inc.

16,508

5,188

AstraZeneca

PLC

-

ADR

38,048

2,535

Baxter

International,

Inc.

117,173

4,533

Biogen,

Inc.(Æ)

13,208

3,258

Boston

Scientific

Corp.(Æ)

42,610

2,695

Bristol-Myers

Squibb

Co.

203,824

9,961

Centene

Corp.(Æ)

111,391

8,389

Cigna

Group

(The)

33,062

9,950

Corcept

Therapeutics,

Inc.(Æ)

57,204

1,207

Danaher

Corp.

23,592

5,660

DaVita

HealthCare

Partners,

Inc.(Æ)(Ð)

14,914

1,613

Dentsply

Sirona,

Inc.

120,749

4,196

Edwards

Lifesciences

Corp.(Æ)(Ð)

96,062

7,538

Elevance

Health,

Inc.

33,455

16,508

Eli

Lilly

&

Co.

28,038

18,102

Encompass

Health

Corp.

64,130

4,556

Exelixis,

Inc.(Æ)

249,844

5,437

Gilead

Sciences,

Inc.

67,390

5,274

GSK

PLC

-

ADR

150,817

5,948

HCA

Healthcare,

Inc.

13,519

4,122

Henry

Schein,

Inc.(Æ)

37,700

2,821

Humana,

Inc.

24,564

9,287

Illumina,

Inc.(Æ)(Ð)

32,133

4,595

Incyte

Corp.(Æ)(Û)

82,964

4,876

Intuitive

Surgical,

Inc.(Æ)

42,311

16,003

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

50,157

2,578

Jazz

Pharmaceuticals

PLC(Æ)

35,740

4,386

Johnson

&

Johnson

89,903

14,286

Koninklijke

Philips

NV(Æ)(Ñ)

191,184

4,040

Laboratory

Corp.

of

America

Holdings

7,995

1,777

Maravai

LifeSciences

Holdings,

Inc.

Class

A(Æ)

85,407

495

McKesson

Corp.

19,892

9,944

Medtronic

PLC

109,685

9,602

Merck

&

Co.,

Inc.

66,708

8,057

Molina

Healthcare,

Inc.(Æ)(Ð)

17,044

6,075

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

26

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Neurocrine

Biosciences,

Inc.(Æ)(Ð)

25,434

3,555

Novocure,

Ltd.(Æ)

42,356

590

Organon

&

Co.(Ð)

235,647

3,923

Pfizer,

Inc.

281,659

7,627

Premier,

Inc.

Class

A

51,004

1,103

PTC

Therapeutics,

Inc.(Æ)

76,877

2,006

Qiagen

NV(Æ)

81,304

3,550

Regeneron

Pharmaceuticals,

Inc.(Æ)

15,211

14,341

Sarepta

Therapeutics,

Inc.(Æ)

32,063

3,815

Stryker

Corp.

30,361

10,185

Tandem

Diabetes

Care,

Inc.(Æ)(Ð)

61,392

1,400

Thermo

Fisher

Scientific,

Inc.

9,021

4,862

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)

33,734

1,488

UnitedHealth

Group,

Inc.

91,267

46,705

Veeva

Systems,

Inc.

Class

A(Æ)

37,069

7,688

Vertex

Pharmaceuticals,

Inc.(Æ)

21,006

9,104

Viatris,

Inc.

292,506

3,443

West

Pharmaceutical

Services,

Inc.

6,263

2,336

Zoetis,

Inc.

Class

A

55,958

10,509

401,138

Materials

and

Processing

-

3.5%

Air

Products

&

Chemicals,

Inc.

7,013

1,793

Boise

Cascade

Co.

12,503

1,694

Builders

FirstSource,

Inc.(Æ)

32,702

5,681

Copart,

Inc.(Æ)

239,736

11,517

Crown

Holdings,

Inc.

44,374

3,927

Dow,

Inc.(Û)

12,894

691

DuPont

de

Nemours,

Inc.(Ð)

60,584

3,744

Eastman

Chemical

Co.(Û)

30,503

2,548

Fastenal

Co.

60,651

4,138

FMC

Corp.

115,325

6,481

Freeport-McMoRan,

Inc.

85,054

3,376

Huntsman

Corp.(Ð)

127,962

3,140

Lennox

International,

Inc.(Ð)

6,047

2,589

Linde

PLC

29,095

11,779

Louisiana-Pacific

Corp.(Ð)

46,034

3,064

Martin

Marietta

Materials,

Inc.

20,496

10,421

MP

Materials

Corp.(Æ)(Ð)

27,628

437

Newmont

Corp.

89,390

3,085

Nucor

Corp.

26,861

5,021

Packaging

Corp.

of

America

23,275

3,861

PPG

Industries,

Inc.

41,378

5,836

Resideo

Technologies,

Inc.(Æ)

23,826

400

Southern

Copper

Corp.

33,278

2,732

Trane

Technologies

PLC

22,920

5,777

Vulcan

Materials

Co.

23,589

5,331

109,063

Producer

Durables

-

8.4%

3M

Co.

34,562

3,261

AECOM(Ð)

58,637

5,171

AGCO

Corp.(Ð)

37,589

4,598

Alaska

Air

Group,

Inc.(Æ)

70,817

2,537

Allison

Transmission

Holdings,

Inc.

Class

A

93,608

5,667

Ametek,

Inc.

20,023

3,245

Amphenol

Corp.

Class

A

40,061

4,050

AO

Smith

Corp.

32,267

2,504

Chart

Industries,

Inc.(Æ)

27,000

3,152

Cintas

Corp.

5,828

3,523

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CNH

Industrial

NV(Ð)

324,109

3,889

CoStar

Group,

Inc.(Æ)

97,497

8,139

CSX

Corp.

168,262

6,007

Cummins,

Inc.

17,628

4,218

Deere

&

Co.

29,245

11,510

Delta

Air

Lines,

Inc.

160,116

6,267

Donaldson

Co.,

Inc.

51,207

3,308

Dover

Corp.

21,225

3,179

EMCOR

Group,

Inc.

11,463

2,615

Emerson

Electric

Co.

52,105

4,780

Expeditors

International

of

Washington,

Inc.

32,760

4,139

FedEx

Corp.

33,050

7,975

FleetCor

Technologies,

Inc.(Æ)

8,712

2,526

Fluor

Corp.(Æ)

11,568

436

Flywire

Corp.(Æ)(Ð)

17,540

375

Fortive

Corp.

36,111

2,823

FTI

Consulting,

Inc.(Æ)

12,781

2,449

General

Dynamics

Corp.

18,364

4,866

Global

Payments,

Inc.

66,622

8,876

Howmet

Aerospace,

Inc.

53,436

3,006

Illinois

Tool

Works,

Inc.

8,983

2,344

Insperity,

Inc.

17,034

1,954

JB

Hunt

Transport

Services,

Inc.

14,825

2,980

Keysight

Technologies,

Inc.(Æ)

14,574

2,234

Landstar

System,

Inc.(Ð)(Û)

42,928

8,230

Littelfuse,

Inc.

9,059

2,191

Lockheed

Martin

Corp.

3,909

1,679

Magna

International,

Inc.

Class

A

38,815

2,207

ManpowerGroup,

Inc.

25,222

1,870

MarketAxess

Holdings,

Inc.

7,623

1,719

NEXTracker,

Inc.

Class

A(Æ)

49,265

2,230

Nordson

Corp.

10,573

2,661

Norfolk

Southern

Corp.

30,298

7,127

Northrop

Grumman

Corp.

19,976

8,925

Old

Dominion

Freight

Line,

Inc.(Û)

24,517

9,587

Oshkosh

Corp.

43,960

4,840

Otis

Worldwide

Corp.(Û)

70,348

6,222

PACCAR

Financial

Corp.

36,332

3,647

Paychex,

Inc.

25,704

3,129

Pentair

PLC

57,380

4,199

Regal

Rexnord

Corp.

20,024

2,672

Robert

Half,

Inc.(Ð)

42,769

3,402

Rollins,

Inc.

56,595

2,451

RXO,

Inc.(Æ)(Ð)

65,029

1,353

S&P

Global,

Inc.

11,335

5,082

Scotts

Miracle-Gro

Co.

(The)

Class

A(Ð)

12,663

712

Snap-on,

Inc.

17,312

5,019

Spirit

AeroSystems

Holdings,

Inc.

Class

A(Æ)

18,273

502

TransUnion(Ð)

51,484

3,562

TriNet

Group,

Inc.

21,632

2,460

U-Haul

Holding

Co.(Æ)(Û)

7,779

515

United

Parcel

Service,

Inc.

Class

B

15,549

2,206

United

Rentals,

Inc.

4,350

2,721

Vontier

Corp.

138,921

4,805

Waste

Management,

Inc.

15,292

2,839

WW

Grainger,

Inc.

4,998

4,476

XPO,

Inc.(Æ)

39,319

3,359

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

27

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Xylem,

Inc.

22,939

2,579

259,781

Technology

-

35.7%

Accenture

PLC

Class

A

94,780

34,489

Adobe,

Inc.(Æ)

10,843

6,699

Advanced

Micro

Devices,

Inc.(Æ)

115,463

19,362

Airbnb,

Inc.

Class

A(Æ)(Ð)

52,296

7,538

Alphabet,

Inc.

Class

A(Æ)

671,403

94,064

Alphabet,

Inc.

Class

C(Æ)

137,111

19,442

Analog

Devices,

Inc.

18,304

3,521

Appfolio,

Inc.

Class

A(Æ)(Ð)

7,083

1,553

Apple,

Inc.(Û)

874,881

161,328

Applied

Materials,

Inc.

17,646

2,899

ASML

Holding

NV

Class

G

3,439

2,991

Atlassian

Corp.

Class

A(Æ)(Ð)

37,526

9,373

Avnet,

Inc.

57,242

2,593

Bill.com

Holdings,

Inc.(Æ)(Ð)

14,922

1,165

Booking

Holdings,

Inc.(Ð)(Û)

2,790

9,786

Box,

Inc.

Class

A(Æ)

103,675

2,693

Broadcom,

Inc.

7,293

8,606

CACI

International,

Inc.

Class

A(Æ)

7,138

2,454

Cadence

Design

Systems,

Inc.(Æ)

16,673

4,809

CDW

Corp.

13,804

3,130

Cirrus

Logic,

Inc.(Æ)

30,261

2,336

Cisco

Systems,

Inc.

167,016

8,381

Cognex

Corp.

47,211

1,706

Cognizant

Technology

Solutions

Corp.

Class

A

66,132

5,100

CommVault

Systems,

Inc.(Æ)

35,761

3,279

Concentrix

Corp.

29,514

2,623

Conduent,

Inc.

Class

A(Æ)(Ð)

61,604

1,377

Corteva,

Inc.(Ð)(Û)

3,159

144

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

24,769

7,245

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

43,372

1,463

DocuSign,

Inc.(Æ)(Ð)

58,773

3,580

Dropbox,

Inc.

Class

A(Æ)(Ð)

171,061

5,419

DXC

Technology

Co.(Æ)

73,096

1,593

EPAM

Systems,

Inc.(Æ)

10,993

3,057

Etsy,

Inc.(Æ)(Ð)

17,467

1,163

F5,

Inc.(Æ)(Ð)

22,828

4,193

Five9,

Inc.(Æ)

30,312

2,299

Fortinet,

Inc.(Æ)(Ð)

120,344

7,761

GoDaddy,

Inc.

Class

A(Æ)(Ð)

53,630

5,720

Guidewire

Software,

Inc.(Æ)(Ð)

49,120

5,486

Hewlett

Packard

Enterprise

Co.

278,924

4,265

HP,

Inc.(Û)

322,505

9,259

Integral

Ad

Science

Holding

LLC(Æ)

60,411

879

Intel

Corp.

404,238

17,415

International

Business

Machines

Corp.

26,763

4,915

Intuit,

Inc.

31,582

19,939

KBR,

Inc.

62,328

3,248

Kyndryl

Holdings,

Inc.(Æ)(Ð)

113,779

2,335

Lam

Research

Corp.

18,175

14,997

Lattice

Semiconductor

Corp.(Æ)

35,337

2,151

Lyft,

Inc.

Class

A(Æ)

256,832

3,208

MaxLinear,

Inc.

Class

A(Æ)(Ð)

36,895

768

Meta

Platforms,

Inc.

Class

A

104,260

40,676

Micron

Technology,

Inc.

117,267

10,056

Microsoft

Corp.

578,785

230,113

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NetApp,

Inc.

57,169

4,985

Nutanix,

Inc.

Class

A(Æ)(Ð)

49,174

2,764

NVIDIA

Corp.(Û)

142,180

87,479

NXP

Semiconductors

NV

53,290

11,221

Oracle

Corp.

111,273

12,429

Palo

Alto

Networks,

Inc.(Æ)

46,076

15,597

Paycom

Software,

Inc.(Ð)(Û)

6,220

1,183

Playtika

Holding

Corp.

82,435

595

Procore

Technologies,

Inc.(Æ)(Ð)

37,033

2,644

Qorvo,

Inc.(Æ)

33,792

3,370

Qualys,

Inc.(Æ)(Ð)

10,889

2,060

RingCentral,

Inc.

Class

A(Æ)(Ð)

32,958

1,117

Roper

Technologies,

Inc.

7,446

3,998

Salesforce,

Inc.

72,571

20,399

Seagate

Technology

Holdings

PLC

45,649

3,911

SentinelOne,

Inc.

Class

A(Æ)

53,042

1,422

ServiceNow,

Inc.(Æ)

18,744

14,347

Silicon

Laboratories,

Inc.(Æ)(Ð)

14,534

1,793

Skyworks

Solutions,

Inc.

29,543

3,086

Smartsheet,

Inc.

Class

A(Æ)

45,171

2,031

Snap,

Inc.

Class

A(Æ)(Ð)

53,353

848

Sonos,

Inc.(Æ)

68,099

1,061

Spotify

Technology

SA(Æ)

32,694

7,041

Squarespace,

Inc.

Class

A(Æ)

21,086

654

Synopsys,

Inc.(Æ)

8,020

4,277

Tenable

Holdings,

Inc.(Æ)

34,439

1,622

Teradyne,

Inc.

78,674

7,599

Texas

Instruments,

Inc.

83,009

13,291

Twilio,

Inc.

Class

A(Æ)

8,553

602

Uber

Technologies,

Inc.(Æ)(Û)

289,687

18,908

VeriSign,

Inc.(Æ)

31,320

6,229

Workday,

Inc.

Class

A(Æ)

18,789

5,469

1,100,676

Utilities

-

3.7%

AT&T,

Inc.

652,268

11,539

ConocoPhillips

135,205

15,125

DTE

Energy

Co.(Ð)

43,688

4,606

Edison

International

74,294

5,013

Exelon

Corp.(Û)

258,634

9,003

FirstEnergy

Corp.

135,074

4,954

Gulfport

Energy

Corp.(Æ)

8,221

1,043

Iridium

Communications,

Inc.(Ð)(Û)

54,541

1,978

NextEra

Energy,

Inc.

224,267

13,149

NRG

Energy,

Inc.(Û)

230,282

12,214

PG&E

Corp.

484,638

8,176

Pinnacle

West

Capital

Corp.

38,983

2,686

T-Mobile

US,

Inc.

66,995

10,802

UGI

Corp.

89,716

1,986

Verizon

Communications,

Inc.

128,092

5,425

Vistra

Corp.

180,580

7,409

115,108

Total

Common

Stocks

(cost

$2,158,528)

3,155,844

Short-Term

Investments

-

2.9%

U.S.

Cash

Management

Fund(@)

89,662,756

(∞)

89,636

Total

Short-Term

Investments

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

28

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(cost

$89,634)

89,636

Other

Securities

-

0.0%

U.S.

Cash

Collateral

Fund(@)(×)

512,600

(∞)

513

Total

Other

Securities

(cost

$513)

513

Total

Investments

-

105.3%

(identified

cost

$2,248,675)

3,245,993

Securities

Sold

Short

-

(5.3)%

Consumer

Discretionary

-

(0.6)%

Acushnet

Holdings

Corp.

(27,453)

(1,739)

Advanced

Energy

Industries,

Inc.

(13,873)

(1,445)

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

(8,922)

(360)

Churchill

Downs,

Inc.

(22,582)

(2,732)

FirstCash

Holdings,

Inc.

(1,433)

(165)

Freshpet,

Inc.(Æ)

(35,418)

(3,050)

Kontoor

Brands,

Inc.

(20,677)

(1,212)

LGI

Homes,

Inc.(Æ)

(9,536)

(1,125)

Lithia

Motors,

Inc.

Class

A

(7,690)

(2,267)

Stride,

Inc.(Æ)

(13,451)

(806)

Topgolf

Callaway

Brands

Corp.(Æ)

(100,534)

(1,324)

Warner

Bros

Discovery,

Inc.(Æ)

(258,507)

(2,590)

(18,815)

Consumer

Staples

-

(0.1)%

J&J

Snack

Foods

Corp.

(10,650)

(1,696)

Krispy

Kreme,

Inc.

(12,150)

(161)

MGP

Ingredients,

Inc.

(13,557)

(1,152)

(3,009)

Energy

-

(0.1)%

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(72,308)

(953)

Sitio

Royalties

Corp.

Class

A

(43,832)

(935)

Sunrun,

Inc.(Æ)

(86,139)

(1,247)

Uranium

Energy

Corp.(Æ)

(124,622)

(952)

(4,087)

Financial

Services

-

(1.1)%

Affirm

Holdings,

Inc.(Æ)

(3,751)

(152)

Apollo

Global

Management,

Inc.

(29,603)

(2,972)

Arbor

Realty

Trust,

Inc.(ö)

(113,859)

(1,514)

BGC

Group,

Inc.

Class

A

(184,182)

(1,300)

Columbia

Banking

System,

Inc.

(95,676)

(1,929)

Erie

Indemnity

Co.

Class

A

(5,050)

(1,746)

First

Financial

Bankshares,

Inc.

(61,570)

(1,923)

Glacier

Bancorp,

Inc.

(85,242)

(3,296)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(84,228)

(2,004)

Healthcare

Realty

Trust,

Inc.(ö)

(181,730)

(2,928)

Iron

Mountain,

Inc.(ö)

(43,105)

(2,910)

New

York

Community

Bancorp,

Inc.

(280,326)

(1,814)

Old

National

Bancorp

(177,402)

(2,922)

Park

National

Corp.

(2,209)

(289)

ServisFirst

Bancshares,

Inc.

(21,910)

(1,471)

SoFi

Technologies,

Inc.(Æ)

(22,152)

(173)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

VICI

Properties,

Inc.(ö)

(92,171)

(2,776)

Webster

Financial

Corp.

(25,644)

(1,269)

(33,388)

Health

Care

-

(0.8)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(20,570)

(1,690)

Apollo

Medical

Holdings,

Inc.(Æ)

(17,423)

(605)

Axsome

Therapeutics,

Inc.(Æ)

(3,207)

(289)

Azenta,

Inc.(Æ)

(13,836)

(902)

Bio-Techne

Corp.

(23,329)

(1,640)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(33,350)

(1,217)

Ensign

Group,

Inc.

(The)

(12,110)

(1,371)

Exact

Sciences

Corp.(Æ)

(38,943)

(2,547)

Halozyme

Therapeutics,

Inc.(Æ)

(38,199)

(1,293)

LifeStance

Health

Group,

Inc.(Æ)

(54,254)

(324)

Neogen

Corp.(Æ)

(128,567)

(1,993)

NeoGenomics,

Inc.(Æ)

(53,995)

(802)

R1

RCM,

Inc.(Æ)

(127,198)

(1,302)

RadNet,

Inc.(Æ)

(39,223)

(1,450)

Repligen

Corp.(Æ)

(18,701)

(3,542)

Rocket

Pharmaceuticals,

Inc.(Æ)

(41,753)

(1,200)

Select

Medical

Holdings

Corp.

(25,091)

(652)

Sotera

Health

Co.(Æ)

(47,921)

(705)

Surgery

Partners,

Inc.(Æ)

(20,585)

(632)

TransMedics

Group,

Inc.(Æ)

(3,505)

(301)

Vaxcyte,

Inc.(Æ)

(24,514)

(1,751)

(26,208)

Materials

and

Processing

-

(0.2)%

AAON,

Inc.

(40,296)

(2,827)

Pool

Corp.

(4,673)

(1,735)

Quaker

Chemical

Corp.

(6,719)

(1,276)

SPX

Technologies,

Inc.(Æ)

(4,920)

(495)

(6,333)

Producer

Durables

-

(0.8)%

AeroVironment,

Inc.(Æ)

(8,022)

(968)

Badger

Meter,

Inc.

(16,607)

(2,391)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(31,614)

(2,698)

Dorman

Products,

Inc.(Æ)

(14,945)

(1,217)

Fox

Factory

Holding

Corp.(Æ)

(10,501)

(662)

GATX

Corp.

(22,088)

(2,709)

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

(52,696)

(892)

LCI

Industries

(10,993)

(1,223)

OSI

Systems,

Inc.(Æ)

(10,212)

(1,308)

S&P

Global,

Inc.

(6,761)

(3,031)

Teledyne

Technologies,

Inc.(Æ)

(2,863)

(1,198)

Union

Pacific

Corp.

(11,834)

(2,887)

Zurn

Elkay

Water

Solutions

Corp.

(97,782)

(2,899)

(24,083)

Technology

-

(1.3)%

Advanced

Micro

Devices,

Inc.(Æ)

(14,963)

(2,509)

Analog

Devices,

Inc.

(15,111)

(2,907)

Bentley

Systems,

Inc.

Class

B

(56,328)

(2,839)

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

29

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Entegris,

Inc.

(26,986)

(3,176)

Envestnet,

Inc.(Æ)

(18,546)

(948)

ePlus,

Inc.(Æ)

(11,594)

(876)

Fiserv,

Inc.(Æ)

(21,551)

(3,057)

Frontier

Communications

Parent,

Inc.(Æ)

(31,441)

(774)

Gen

Digital,

Inc.

(138,697)

(3,257)

Kulicke

&

Soffa

Industries,

Inc.

(13,865)

(698)

Marvell

Technology,

Inc.

(47,322)

(3,204)

MKS

Instruments,

Inc.

(24,759)

(2,635)

Motorola

Solutions,

Inc.

(6,786)

(2,168)

Onto

Innovation,

Inc.(Æ)

(10,839)

(1,750)

PTC,

Inc.(Æ)

(16,894)

(3,052)

Take-Two

Interactive

Software,

Inc.(Æ)

(18,191)

(3,000)

Vishay

Intertechnology,

Inc.

(127,045)

(2,761)

(39,611)

Utilities

-

(0.3)%

Chord

Energy

Corp.

(7,045)

(1,083)

Civitas

Resources,

Inc.

(27,020)

(1,751)

Cogent

Communications

Holdings,

Inc.

(34,707)

(2,679)

Equitrans

Midstream

Corp.

(83,759)

(854)

Northern

Oil

and

Gas,

Inc.

(19,687)

(660)

Otter

Tail

Corp.

(27,606)

(2,496)

(9,523)

Total

Securities

Sold

Short

(proceeds

$153,248)

(165,057)

Other

Assets

and

Liabilities,

Net

-

0.0%

492

Net

Assets

-

100.0%

3,081,428

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

30

U.S.

Strategic

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

388

USD

94,488

03/24

2,989

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

2,989

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

$

448,089

$

—

$

—

$

—

$

448,089

Consumer

Staples

121,542

—

—

—

121,542

Energy

123,650

—

—

—

123,650

Financial

Services

476,797

—

—

—

476,797

Health

Care

401,138

—

—

—

401,138

Materials

and

Processing

109,063

—

—

—

109,063

Producer

Durables

259,781

—

—

—

259,781

Technology

1,100,676

—

—

—

1,100,676

Utilities

115,108

—

—

—

115,108

Short-Term

Investments

—

—

—

89,636

89,636

Other

Securities

—

—

—

513

513

Total

Investments

3,155,844

—

—

90,149

3,245,993

Securities

Sold

Short

**

(165,057)

—

—

—

(165,057)

Other

Financial

Instruments

Assets

Futures

Contracts

2,989

—

—

—

2,989

Total

Other

Financial

Instruments

*

$

2,989

$

—

$

—

$

—

$

2,989

*

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

31

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

f

unds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

59,377

$

204,915

$

174,663

$

7

$

—

$

89,636

$

1,119

$

—

U.S.

Cash

Collateral

Fund

4,039

11,583

15,109

—

—

513

53

—

$

63,416

$

216,498

$

189,772

$

7

$

—

$

90,149

$

1,172

$

—

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

32

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

100.2%

Consumer

Discretionary

-

11.3%

1-800-Flowers.com,

Inc.

Class

A(Æ)

15,071

157

2U,

Inc.(Æ)

37,868

32

Abercrombie

&

Fitch

Co.

Class

A(Æ)

4,991

509

Academy

Sports

&

Outdoors,

Inc.

9,974

626

Advance

Auto

Parts,

Inc.(Ð)

20,022

1,338

AerSale

Corp.(Æ)

209,721

1,950

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)(Ð)

3,700

30

American

Outdoor

Brands,

Inc.(Æ)

1,245

11

America's

Car-Mart,

Inc.(Æ)

27,668

1,685

Asbury

Automotive

Group,

Inc.(Æ)

2,512

525

Atkore

,

Inc.

4,462

681

Axon

Enterprise,

Inc.(Æ)

4,703

1,171

Beacon

Roofing

Supply,

Inc.(Æ)

9,867

818

Beazer

Homes

USA,

Inc.(Æ)

20,028

636

Bloomin

'

Brands,

Inc.

23,936

637

BlueLinx

Holdings,

Inc.(Æ)

1,063

123

Boot

Barn

Holdings,

Inc.(Æ)

43,896

3,149

BorgWarner,

Inc.(Û)

4,815

163

Cadre

Holdings,

Inc.

38,117

1,296

Carriage

Services,

Inc.

Class

A(Ð)

3,177

78

Carrols

Restaurant

Group,

Inc.

77,401

728

Carter's,

Inc.

17,366

1,314

Cava

Group,

Inc.(Æ)

8,540

400

Celestica,

Inc.(Æ)

30,275

1,040

Century

Communities,

Inc.

8,443

732

Chegg

,

Inc.(Æ)

49,974

492

Clarus

Corp.

258,077

1,528

Clear

Channel

Outdoor

Holdings,

Inc.(Æ)

(Ð)

58,600

101

Columbia

Sportswear

Co.

9,200

729

Comtech

Telecommunications

Corp.(Æ)

5,519

35

Cooper-Standard

Holdings,

Inc.(Æ)

5,297

93

Coty,

Inc.

Class

A(Æ)

80,762

976

Coursera,

Inc.(Æ)(Ð)(Û)

31,956

612

Cracker

Barrel

Old

Country

Store,

Inc.(Ñ)

3,825

296

CTS

Corp.

7,558

310

Dana

Holding

Corp.

40,016

543

Dillard's,

Inc.

Class

A(Ñ)

3,034

1,175

Driven

Brands

Holdings,

Inc.(Æ)

56,842

745

Duolingo

,

Inc.(Æ)(Û)

5,831

1,043

El

Pollo

Loco

Holdings,

Inc.(Æ)

42,170

390

Enerpac

Tool

Group

Corp.

11,220

350

Enovix

Corp.(Æ)(Ð)

6,132

57

FirstCash

Holdings,

Inc.

6,980

801

Foot

Locker,

Inc.

34,728

978

Forestar

Group,

Inc.(Æ)

9,570

299

Funko

,

Inc.

Class

A(Æ)(Ð)

22,085

156

Gambling.com

Group,

Ltd.(Æ)

40,774

373

Genesco,

Inc.(Æ)

5,531

154

Gentherm

,

Inc.(Æ)

14,924

719

G-III

Apparel

Group,

Ltd.(Æ)(Ð)

1,925

58

Gildan

Activewear

,

Inc.

Class

A

45,821

1,513

GMS,

Inc.(Æ)

16,864

1,419

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)

112,934

1,574

GoPro,

Inc.

Class

A(Æ)

157,854

470

Grand

Canyon

Education,

Inc.(Æ)

1,645

215

Green

Brick

Partners,

Inc.(Æ)

13,479

703

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Group

1

Automotive,

Inc.

2,195

571

Haverty

Furniture

Cos.,

Inc.

38,279

1,298

HealthStream

,

Inc.

2,277

61

Hilton

Grand

Vacations,

Inc.(Æ)

10,380

433

Hims

&

Hers

Health,

Inc.(Æ)

72,246

620

International

Game

Technology

PLC

34,170

887

iRobot

Corp.(Æ)(Ñ)

18,455

251

Johnson

Outdoors,

Inc.

Class

A

31,346

1,403

KB

Home

30,502

1,818

Kontoor

Brands,

Inc.

9,147

536

Kura

Sushi

USA,

Inc.

Class

A(Æ)(Ñ)

33,232

3,261

Landsea

Homes

Corp.(Æ)

38,432

484

La-Z-Boy,

Inc.

17,014

592

Lear

Corp.(Ð)(Û)

9,802

1,303

Leonardo

DRS,

Inc.(Æ)

31,152

605

Levi

Strauss

&

Co.

Class

A

75,744

1,233

Light

&

Wonder,

Inc.

Class

A(Æ)

4,014

323

M/I

Homes,

Inc.(Æ)

8,149

1,038

Macy's,

Inc.

58,424

1,069

Malibu

Boats,

Inc.

Class

A(Æ)

4,721

197

MasterCraft

Boat

Holdings,

Inc.(Æ)

6,391

124

MDC

Holdings,

Inc.

16,136

1,010

Meritage

Homes

Corp.

5,555

920

Monro

Muffler

Brake,

Inc.

51,962

1,655

Motorcar

Parts

of

America,

Inc.(Æ)

56,204

513

Movado

Group,

Inc.

12,642

349

Newell

Rubbermaid,

Inc.

262,736

2,186

ODP

Corp.

(The)(Æ)

9,435

482

On

Holding

AG

Class

A(Æ)

5,355

142

OneSpaWorld

Holdings,

Ltd.(Æ)

292,248

3,983

Overstock.com,

Inc.(Æ)

22,160

487

Papa

John's

International,

Inc.

18,142

1,333

Paramount

Global

Class

B(Ð)

5,567

81

Perdoceo

Education

Corp.

22,927

415

PetMed

Express,

Inc.

3,010

19

Potbelly

Corp.(Æ)

8,282

104

Red

Rock

Resorts,

Inc.

Class

A

10,008

547

Reservoir

Media,

Inc.(Æ)

98,595

690

REV

Group,

Inc.

78,033

1,523

Rocky

Brands,

Inc.

37,423

1,047

Rover

Group,

Inc.(Æ)

85,264

933

Savers

Value

Village,

Inc.(Æ)(Ñ)

22,414

419

Scholastic

Corp.(Ð)

6,835

263

SeaWorld

Entertainment,

Inc.(Æ)(Ð)

12,556

620

Sensata

Technologies

Holding

PLC

15,117

547

Shoe

Carnival,

Inc.

17,668

450

Signet

Jewelers,

Ltd.

7,296

726

Smith

&

Wesson

Brands,

Inc.

105,526

1,378

Sonic

Automotive,

Inc.

Class

A

9,280

469

Steven

Madden,

Ltd.

42,483

1,779

Stitch

Fix,

Inc.

Class

A(Æ)

93,181

298

Stride,

Inc.(Æ)

51,410

3,082

Taylor

Morrison

Home

Corp.

Class

A(Æ)

18,982

990

Texas

Roadhouse,

Inc.

Class

A

16,934

2,129

Tilly's,

Inc.

Class

A(Æ)

3,687

27

Toll

Brothers,

Inc.(Ð)

11,657

1,158

Transcat

,

Inc.(Æ)

3,326

366

Travel

+

Leisure

Co.

19,383

783

Tri

Pointe

Homes,

Inc.(Æ)

32,587

1,125

Turtle

Beach

Corp.(Æ)(Ð)

1,043

12

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

33

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Universal

Electronics,

Inc.(Æ)

1,823

16

Universal

Technical

Institute,

Inc.(Æ)

40,741

575

Urban

Outfitters,

Inc.(Æ)

18,029

685

Vera

Bradley,

Inc.(Æ)

1,599

12

VF

Corp.

60,548

997

VirTra

,

Inc.(Æ)

31,697

325

Warner

Music

Group

Corp.

Class

A(Û)

3,333

122

WideOpenWest

,

Inc.(Æ)(Ð)

5,566

21

Wingstop

,

Inc.

1,699

478

Winnebago

Industries,

Inc.

10,069

662

Wolverine

World

Wide,

Inc.

34,725

290

Xponential

Fitness,

Inc.

Class

A(Æ)

18,464

204

Zumiez

,

Inc.(Æ)

8,122

139

96,409

Consumer

Staples

-

3.0%

Andersons,

Inc.

(The)

2,033

107

Boston

Beer

Co.,

Inc.

Class

A(Æ)(Ð)(Û)

2,109

737

Calavo

Growers,

Inc.

71,807

1,873

Celsius

Holdings,

Inc.(Æ)

16,648

831

Coca-Cola

Bottling

Co.

696

600

Dole

PLC

13,841

156

elf

Beauty,

Inc.(Æ)

23,459

3,742

Energizer

Holdings,

Inc.

-

GDR

14,072

521

Grocery

Outlet

Holding

Corp.(Æ)

54,458

1,349

Helen

of

Troy,

Ltd.(Æ)

5,302

607

Inter

Parfums

,

Inc.

2,403

334

J&J

Snack

Foods

Corp.

9,003

1,434

John

B

Sanfilippo

&

Son,

Inc.

3,108

333

Medifast

,

Inc.

3,748

205

Natural

Grocers

by

Vitamin

Cottage,

Inc.

22,906

342

Nomad

Foods,

Ltd.

81,531

1,467

Post

Holdings,

Inc.(Æ)(Û)

2,547

237

Primo

Water

Corp.

232,805

3,394

Quanex

Building

Products

Corp.

33,923

1,059

Sovos

Brands,

Inc.(Æ)

122,728

2,706

SpartanNash

Co.

10,460

235

Sprouts

Farmers

Market,

Inc.(Æ)

20,063

1,011

Turning

Point

Brands,

Inc.(Ð)

3,808

93

USANA

Health

Sciences,

Inc.(Æ)

2,664

125

Vector

Group,

Ltd.

20,247

212

Vita

Coco

Co.,

Inc.

(The)(Æ)

12,111

238

Vital

Farms,

Inc.(Æ)

60,674

872

Weis

Markets,

Inc.

4,512

274

25,094

Energy

-

4.5%

Alpha

Metallurgical

Resources,

Inc.(Ð)

1,853

740

Aris

Water

Solutions,

Inc.

Class

A

418,783

3,643

Atlas

Energy

Solutions,

Inc.

36,788

639

Berry

Petroleum

Corp.

23,724

159

Broadwind

Energy,

Inc.(Æ)

133,195

312

Centrus

Energy

Corp.

Class

A(Æ)(Ð)

1,454

73

ChampionX

Corp.

27,007

740

CONSOL

Energy,

Inc.

1,279

121

CVR

Energy,

Inc.(Ð)

22,787

769

Delek

US

Holdings,

Inc.

46,741

1,263

Dril

-Quip,

Inc.(Æ)

105,491

2,117

Fluence

Energy,

Inc.(Æ)

12,959

257

Green

Plains,

Inc.(Æ)

14,757

306

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Helmerich

&

Payne,

Inc.

47,140

1,898

HF

Sinclair

Corp.

5,567

314

Kodiak

Gas

Services,

Inc.(Ñ)

176,008

4,122

Matador

Resources

Co.

12,313

676

Matrix

Service

Co.(Æ)

60,777

564

Montauk

Renewables,

Inc.(Æ)(Ð)

6,920

48

Murphy

Oil

Corp.

13,817

535

Natural

Gas

Services

Group,

Inc.(Æ)

55,821

816

Newpark

Resources,

Inc.(Æ)

39,077

254

NOW,

Inc.(Æ)

50,058

505

Oil

States

International,

Inc.(Æ)

23,838

147

Par

Pacific

Holdings,

Inc.(Æ)

24,826

908

Patterson-UTI

Energy,

Inc.

199,528

2,213

PBF

Energy,

Inc.

Class

A

26,928

1,360

Ramaco

Resources,

Inc.

Class

A

49,573

936

Range

Resources

Corp.

6,977

203

Ranger

Energy

Services,

Inc.

66,314

674

REX

American

Resources

Corp.(Æ)

13,402

555

Select

Water

Solutions,

Inc.

Class

A

39,587

307

Sitio

Royalties

Corp.

Class

A

72,585

1,548

SM

Energy

Co.

41,692

1,546

TechnipFMC

PLC

67,922

1,314

TETRA

Technologies,

Inc.(Æ)

119,257

500

Valaris

,

Ltd.(Æ)

8,121

502

W&T

Offshore,

Inc.

387,199

1,177

Warrior

Met

Coal,

Inc.

34,046

2,185

Weatherford

International

PLC(Æ)

4,809

431

World

Kinect

Corp.(Ð)

20,789

469

37,846

Financial

Services

-

20.9%

1st

Source

Corp.

10,965

573

AGNC

Investment

Corp.(Ñ)(ö)

82,907

786

Agree

Realty

Corp.(ö)

35,557

2,120

Air

Lease

Corp.

Class

A

46,374

1,939

Alliance

Data

Systems

Corp.

7,967

289

Alpine

Income

Property

Trust,

Inc.(ö)

136,246

2,117

American

Equity

Investment

Life

Holding

Co.(Æ)

10,808

597

Ameris

Bancorp

10,748

534

Apple

Hospitality

REIT,

Inc.(ö)

15,796

254

Applied

Digital

Corp.(Æ)(Ñ)

67,913

349

Atlantic

Union

Bankshares

Corp.

13,666

467

Axis

Capital

Holdings,

Ltd.

25,302

1,506

Banco

Latinoamericano

de

Comercio

Exterior

SA

Class

E

1,167

28

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

13,152

399

BankUnited

,

Inc.

3,914

111

Banner

Corp.

10,501

489

BGC

Group,

Inc.

Class

A

91,136

643

Blackstone

Mortgage

Trust,

Inc.

Class

A(Ñ)

(ö)

15,439

305

BOK

Financial

Corp.

942

79

Brighthouse

Financial,

Inc.(Æ)

16,389

848

Brixmor

Property

Group,

Inc.(ö)

67,880

1,523

Broadstone

Net

Lease,

Inc.(ö)

44,909

722

Business

First

Bancshares,

Inc.

86,402

1,948

Byline

Bancorp,

Inc.

41,276

901

Cadence

Bank

80,564

2,145

Camden

Property

Trust(ö)(Û)

8,859

831

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

34

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Capital

Bancorp,

Inc.

41,137

895

Capital

City

Bank

Group,

Inc.

33,979

971

Capstar

Financial

Holdings,

Inc.

34,739

632

Cathay

General

Bancorp

12,591

518

Chatham

Lodging

Trust(ö)

6,794

71

City

Holding

Co.

4,820

493

Clarivate

PLC(Æ)

102,760

919

CNO

Financial

Group,

Inc.

22,417

609

Coastal

Financial

Corp.(Æ)(Ð)

628

25

Comerica,

Inc.(Û)

28,156

1,480

Community

Bank

System,

Inc.

9,667

442

Community

Healthcare

Trust,

Inc.(ö)

80,000

2,047

Compass,

Inc.

Class

A(Æ)

71,630

246

Corebridge

Financial,

Inc.(Û)

62,317

1,506

Corporate

Office

Properties

Trust(ö)

38,816

915

CTO

Realty

Growth,

Inc.(ö)

78,892

1,304

Cullen/Frost

Bankers,

Inc.(Ð)

13,346

1,416

Customers

Bancorp,

Inc.(Æ)

10,987

587

DiamondRock

Hospitality

Co.(ö)

115,364

1,054

Donegal

Group,

Inc.

Class

A

968

15

Douglas

Elliman

,

Inc.

524,132

1,132

Dun

&

Bradstreet

Holdings,

Inc.(Ð)

27,066

314

Easterly

Government

Properties,

Inc.(ö)

196,387

2,412

Employers

Holdings,

Inc.

737

31

Enova

International,

Inc.(Æ)

3,368

183

Enterprise

Financial

Services

Corp.

35,011

1,458

Equity

Commonwealth(Ð)(ö)

96,057

1,836

Esquire

Financial

Holdings,

Inc.

25,555

1,274

Essent

Group,

Ltd.

32,984

1,819

Essential

Properties

Realty

Trust,

Inc.(ö)

14,757

368

Evercore

,

Inc.

Class

A

10,688

1,835

EZCORP,

Inc.

Class

A(Æ)

130,427

1,122

Federal

Agricultural

Mortgage

Corp.

Class

C

3,620

674

Fidelis

Insurance

Holdings,

Ltd.

80,831

1,052

First

American

Financial

Corp.

43,387

2,618

First

BanCorp

99,409

1,658

First

Commonwealth

Financial

Corp.

62,096

870

First

Financial

Bankshares

,

Inc.

18,114

566

First

Financial

Corp.

13,352

526

First

Foundation,

Inc.

29,344

279

First

Horizon

Corp.

113,634

1,618

First

Industrial

Realty

Trust,

Inc.(ö)

21,531

1,109

First

Internet

Bancorp

3,454

114

First

Interstate

BancSystem

,

Inc.

Class

A

14,613

402

First

Merchants

Corp.

18,653

631

First

Mid

Bancshares,

Inc.

28,978

912

Four

Corners

Property

Trust,

Inc.(ö)

27,805

651

FTAI

Aviation,

Ltd.

38,963

2,102

Fulton

Financial

Corp.

30,819

480

GCM

Grosvenor,

Inc.

Class

A(Ñ)

200,975

1,746

Genworth

Financial,

Inc.

Class

A(Æ)

118,198

729

German

American

Bancorp,

Inc.

43,513

1,442

Getty

Realty

Corp.(ö)

37,340

1,033

Glacier

Bancorp,

Inc.

58,759

2,272

Goosehead

Insurance,

Inc.

Class

A(Æ)

5,186

400

Grid

Dynamics

Holdings,

Inc.(Æ)

18,470

241

Guaranty

Bancshares,

Inc.

30,418

927

Hamilton

Lane,

Inc.

Class

A

5,126

594

Hancock

Holding

Co.

12,764

576

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(Ñ)(ö)

80,717

1,920

Hanover

Insurance

Group,

Inc.

(The)

15,481

2,044

Highwoods

Properties,

Inc.(ö)

8,955

206

Hilltop

Holdings,

Inc.

20,360

641

Home

BancShares

,

Inc.

97,872

2,294

HomeTrust

Bancshares,

Inc.(Ð)

1,133

31

Horace

Mann

Educators

Corp.

70,250

2,587

Howard

Hughes

Corp.

(The)(Æ)(Ð)

10,906

873

Independence

Realty

Trust,

Inc.(ö)

43,036

632

Independent

Bank

Corp.

14,861

594

Innovative

Industrial

Properties,

Inc.(ö)

5,480

511

Interactive

Brokers

Group,

Inc.

Class

A(Û)

2,966

263

International

Bancshares

Corp.

12,219

646

International

Money

Express,

Inc.(Æ)

43,278

892

Investar

Holding

Corp.

35,655

638

Jackson

Financial,

Inc.

Class

A

41,849

2,095

James

River

Group

Holdings,

Ltd.

4,272

41

John

Wiley

&

Sons,

Inc.

Class

A

14,725

498

Kemper

Corp.

45,839

2,750

Kinsale

Capital

Group,

Inc.

1,151

458

Kite

Realty

Group

Trust(ö)

2,398

51

Legalzoom.com,

Inc.(Æ)

54,535

562

LendingClub

Corp.(Æ)

48,067

434

LendingTree

,

Inc.(Æ)

7,367

238

Lincoln

National

Corp.

13,465

370

Live

Oak

Bancshares,

Inc.

16,610

604

LiveRamp

Holdings,

Inc.(Æ)

48,041

1,897

LuxUrban

Hotels,

Inc.(Æ)

38,686

161

Macerich

Co.

(The)(ö)

13,225

209

McGrath

RentCorp

5,007

629

Merchants

Bancorp

11,947

523

Metropolitan

Bank

Holding

Corp.(Æ)(Ñ)

29,569

1,434

Moelis

&

Co.

Class

A

12,753

701

Mr.

Cooper

Group,

Inc.(Æ)

5,515

372

MVB

Financial

Corp.

31,899

684

National

Bank

Holdings

Corp.

Class

A

92,512

3,238

Navient

Corp.

52,117

897

NETSTREIT

Corp.(Ñ)(ö)

277,350

5,039

Newmark

Group,

Inc.

Class

A

71,499

726

NMI

Holdings,

Inc.

Class

A(Æ)

42,349

1,352

Northeast

Bank

25,629

1,405

Northrim

BanCorp

,

Inc.

247

12

OFG

Bancorp

32,372

1,190

Old

National

Bancorp

74,813

1,232

Outfront

Media,

Inc.(ö)

71,346

929

Pagseguro

Digital,

Ltd.

Class

A(Æ)

61,816

796

Park

Hotels

&

Resorts,

Inc.(Ð)(ö)(Û)

70,284

1,060

Perella

Weinberg

Partners

196,801

2,312

Phillips

Edison

&

Co.,

Inc.(ö)

4,254

148

Pinnacle

Financial

Partners,

Inc.

16,125

1,425

PJT

Partners,

Inc.

Class

A(Ð)

1,461

141

Plymouth

Industrial

REIT,

Inc.(ö)

66,553

1,474

Popular,

Inc.

12,381

1,058

Potlatch

Corp.(ö)

7,953

356

PRA

Group,

Inc.(Æ)(Ð)

17,301

394

Preferred

Bank

6,609

475

Premier

Financial

Corp.

39,752

830

ProAssurance

Corp.

9,551

129

Prosperity

Bancshares,

Inc.

21,997

1,406

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

35

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Radian

Group,

Inc.

25,906

751

RE/MAX

Holdings,

Inc.

Class

A

98,036

1,052

Realty

Income

Corp.(ö)

11,871

646

Red

River

Bancshares,

Inc.

9,763

500

Redfin

Corp.(Æ)(Ð)

58,085

474

Regency

Centers

Corp.(Ð)(ö)

7,428

466

Regional

Management

Corp.

678

17

Reinsurance

Group

of

America,

Inc.

Class

A(Û)

11,661

2,028

Remitly

Global,

Inc.(Æ)

22,731

390

Renasant

Corp.

15,284

483

RLI

Corp.

1,185

162

RLJ

Lodging

Trust(ö)

48,189

558

RMR

Group,

Inc.

(The)

Class

A

15,708

410

Robinhood

Markets,

Inc.

Class

A(Æ)(Ð)

84,923

912

Ryan

Specialty

Holdings,

Inc.

Class

A(Ð)

(Û)

20,231

876

Ryman

Hospitality

Properties,

Inc.(ö)

6,238

686

Sabra

Health

Care

REIT,

Inc.(ö)

10,469

140

Safety

Insurance

Group,

Inc.

6,113

509

Seacoast

Banking

Corp.

of

Florida

70,239

1,725

Selective

Insurance

Group,

Inc.

8,343

875

Silvercrest

Asset

Management

Group,

Inc.

Class

A

20,256

338

Simmons

First

National

Corp.

Class

A

26,180

498

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

17,960

559

SLM

Corp.

59,718

1,187

SmartFinancial

,

Inc.

57,844

1,345

SouthState

Corp.

9,733

809

SP

Plus

Corp.(Æ)

16,479

852

Stewart

Information

Services

Corp.

22,062

1,360

Stock

Yards

Bancorp,

Inc.

38,042

1,891

StoneX

Group,

Inc.(Æ)(Ð)

4,855

319

Sunstone

Hotel

Investors,

Inc.(Ð)(ö)

12,105

129

Terreno

Realty

Corp.(ö)

4,178

250

Texas

Capital

Bancshares,

Inc.(Æ)

24,939

1,521

Tiptree,

Inc.

Class

A

51,993

984

Towne

Bank

22,041

620

TPG,

Inc.

18,827

784

TriCo

Bancshares

34,686

1,261

Triumph

Financial,

Inc.(Æ)

34,425

2,432

UMB

Financial

Corp.

8,212

678

UMH

Properties,

Inc.(ö)

61,757

933

United

Bankshares

,

Inc.

17,730

636

United

Community

Banks,

Inc.

18,585

508

United

Fire

Group,

Inc.

1,678

38

Universal

Insurance

Holdings,

Inc.

10,885

181

Valley

National

Bancorp

144,494

1,390

Virtu

Financial,

Inc.

Class

A

28,996

487

Walker

&

Dunlop,

Inc.

6,338

612

Webster

Financial

Corp.

20,295

1,004

Westamerica

BanCorp

9,084

434

Westwood

Holdings

Group,

Inc.

117,030

1,439

William

Penn

Bancorp

95,878

1,186

WW

International,

Inc.(Æ)

48,570

183

Xenia

Hotels

&

Resorts,

Inc.(ö)

29,037

387

Zions

Bancorp

NA(Ð)

23,567

987

178,043

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Health

Care

-

16.3%

Addus

HomeCare

Corp.(Æ)(Û)

2,845

246

ADMA

Biologics,

Inc.(Æ)

179,559

932

Akebia

Therapeutics,

Inc.(Æ)

71,525

120

Alector

,

Inc.(Æ)

24,967

149

Alkermes

PLC(Æ)

30,208

817

Alphatec

Holdings,

Inc.(Æ)

57,338

923

Amedisys

,

Inc.(Æ)

9,986

941

American

Well

Corp.

Class

A(Æ)

48,527

51

Amneal

Pharmaceuticals,

Inc.(Æ)

192,359

1,029

Amphastar

Pharmaceuticals,

Inc.(Æ)

17,809

950

AnaptysBio

,

Inc.(Æ)(Ð)

2,204

52

AngioDynamics

,

Inc.(Æ)

20,270

120

ANI

Pharmaceuticals,

Inc.(Æ)

53,493

2,986

Arcellx

,

Inc.(Æ)

48,855

3,021

Arcus

Biosciences,

Inc.(Æ)(Ð)

6,108

92

Ardelyx

,

Inc.(Æ)

49,382

431

Argenx

SE

-

ADR(Æ)

7,940

3,021

Arrowhead

Pharmaceuticals,

Inc.(Æ)

65,776

2,111

Avanos

Medical,

Inc.(Æ)

25,688

493

Axsome

Therapeutics,

Inc.(Æ)

2,530

228

Beam

Therapeutics,

Inc.(Æ)(Ñ)

38,652

943

BioCryst

Pharmaceuticals,

Inc.(Æ)

51,362

272

BioLife

Solutions,

Inc.(Æ)

94,770

1,611

Blueprint

Medicines

Corp.(Æ)

9,919

789

CareDx

,

Inc.(Æ)(Ð)

29,894

256

Castle

Biosciences,

Inc.(Æ)(Ð)

10,026

231

Catalyst

Pharmaceuticals,

Inc.(Æ)

42,769

616

Chemed

Corp.

2,435

1,443

CinCor

Pharma,

Inc.(Æ)(Š)

16,575

51

Coherus

Biosciences,

Inc.(Æ)(Ð)

12,324

27

Computer

Programs

&

Systems,

Inc.(Æ)

3,307

34

CONMED

Corp.

16,828

1,609

Corcept

Therapeutics,

Inc.(Æ)(Ð)

18,630

393

CorVel

Corp.(Æ)

1,644

387

CymaBay

Therapeutics,

Inc.(Æ)

19,725

464

Cytokinetics,

Inc.(Æ)

55,797

4,359

CytomX

Therapeutics,

Inc.(Æ)(Ð)

12,870

20

DaVita

HealthCare

Partners,

Inc.(Æ)(Ð)(Û)

5,974

646

Deciphera

Pharmaceuticals,

Inc.(Æ)

12,502

179

Denali

Therapeutics,

Inc.(Æ)

34,288

549

Dyne

Therapeutics,

Inc.(Æ)

25,719

550

Embecta

Corp.

17,817

305

Emergent

BioSolutions

,

Inc.(Æ)

27,874

47

Enanta

Pharmaceuticals,

Inc.(Æ)(Ð)

10,011

122

Enovis

Corp.

Class

W(Æ)

27,101

1,591

Ensign

Group,

Inc.

(The)

4,201

476

Esperion

Therapeutics,

Inc.(Æ)

33,106

71

Exelixis

,

Inc.(Æ)(Û)

64,895

1,412

Fate

Therapeutics,

Inc.(Æ)

39,858

246

FibroGen

,

Inc.(Æ)

26,094

50

Fulgent

Genetics,

Inc.(Æ)

18,392

452

Geron

Corp.(Æ)

307,359

566

Glaukos

Corp.(Æ)

8,546

761

Guardant

Health,

Inc.(Æ)

23,760

521

Haemonetics

Corp.(Æ)

6,124

468

Halozyme

Therapeutics,

Inc.(Æ)

35,229

1,193

Harmony

Biosciences

Holdings,

Inc.(Æ)

10,610

335

Health

Catalyst,

Inc.(Æ)(Ð)

15,643

153

HealthEquity

,

Inc.(Æ)

9,785

740

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

36

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Immunovant

,

Inc.(Æ)

46,785

1,703

Inari

Medical,

Inc.(Æ)(Ð)

21,173

1,206

InfuSystem

Holdings,

Inc.(Æ)

181,630

1,676

Inhibrx

,

Inc.(Æ)

86,692

3,340

Innoviva

,

Inc.(Æ)

166,556

2,698

Inogen

,

Inc.(Æ)

4,939

35

Integer

Holdings

Corp.(Æ)

7,134

723

Intellia

Therapeutics,

Inc.(Æ)

33,112

789

Intra-Cellular

Therapies,

Inc.

Class

A(Æ)

3,160

213

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

28,458

1,462

iRadimed

Corp.

76,170

3,154

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

40,936

581

iTeos

Therapeutics,

Inc.(Æ)

11,467

114

Joint

Corp.

(The)(Æ)

32,279

315

Keros

Therapeutics,

Inc.(Æ)

23,611

1,307

Krystal

Biotech,

Inc.(Æ)

4,278

476

Kura

Oncology,

Inc.(Æ)

51,165

1,030

Kymera

Therapeutics,

Inc.(Æ)

12,215

400

Lantheus

Holdings,

Inc.(Æ)

12,341

641

Legend

Biotech

Corp.

-

ADR(Æ)

31,165

1,716

LeMaitre

Vascular,

Inc.

93,551

5,430

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

4,871

356

Medpace

Holdings,

Inc.(Æ)

6,998

2,040

MeiraGTx

Holdings

PLC(Æ)

50,878

309

Merit

Medical

Systems,

Inc.(Æ)

7,671

601

MiMedx

Group,

Inc.(Æ)

94,299

730

ModivCare

,

Inc.(Æ)

14,597

581

Natera

,

Inc.(Æ)

9,239

609

National

HealthCare

Corp.

11,247

1,046

Nektar

Therapeutics(Æ)

30,786

17

Neogen

Corp.(Æ)

24,970

387

NeoGenomics

,

Inc.(Æ)

23,451

348

Neurocrine

Biosciences,

Inc.(Æ)(Û)

30,876

4,316

NGM

Biopharmaceuticals,

Inc.(Æ)

19,063

29

Novocure

,

Ltd.(Æ)

12,958

180

Nurix

Therapeutics,

Inc.(Æ)(Ð)

25,193

199

Omnicell

,

Inc.(Æ)

7,849

253

Option

Care

Health,

Inc.(Æ)

44,778

1,399

OraSure

Technologies,

Inc.(Æ)(Ð)

6,016

44

Organon

&

Co.

46,944

782

Orthofix

Medical,

Inc.(Æ)

87,852

1,220

Owens

&

Minor,

Inc.(Æ)

47,272

932

Pacific

Biosciences

of

California,

Inc.(Æ)

52,650

343

Pacira

BioSciences

,

Inc.(Æ)

13,634

444

Pediatrix

Medical

Group,

Inc.(Æ)

77,490

725

Pennpant

Group,

Inc.

(The)(Æ)

60,984

915

Perrigo

Co.

PLC

79,876

2,562

Personalis

,

Inc.(Æ)

7,772

10

PetIQ

,

Inc.(Æ)

37,718

678

Phathom

Pharmaceuticals,

Inc.(Æ)(Ð)

14,134

95

Phreesia

,

Inc.(Æ)

15,878

405

Pliant

Therapeutics,

Inc.(Æ)

17,719

318

Premier,

Inc.

Class

A(Û)

24,193

523

Prestige

Brands

Holdings,

Inc.(Æ)

7,173

441

PTC

Therapeutics,

Inc.(Æ)

37,222

971

Pulmonx

Corp.(Æ)(Ð)

13,245

176

Quipt

Home

Medical

Corp.(Æ)

190,155

894

Radius

Health,

Inc.(Æ)(Š)

85,858

7

RadNet

,

Inc.(Æ)

27,011

999

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

(Ñ)

44,103

415

REGENXBIO,

Inc.(Æ)(Ð)

16,025

197

Relay

Therapeutics,

Inc.(Æ)(Ð)

51,997

481

Repligen

Corp.(Æ)

8,751

1,657

Rigel

Pharmaceuticals,

Inc.(Æ)

45,460

53

Rocket

Pharmaceuticals,

Inc.(Æ)

167,701

4,818

RxSight

,

Inc.(Æ)

39,252

1,786

Sage

Therapeutics,

Inc.(Æ)

19,695

505

Sangamo

BioSciences

,

Inc.(Æ)

38,288

18

Sarepta

Therapeutics,

Inc.(Æ)(Û)

10,162

1,209

Schrodinger,

Inc.(Æ)

46,737

1,236

Science

37

Holdings,

Inc.(Æ)

68,748

390

Select

Medical

Holdings

Corp.

18,012

468

Semler

Scientific,

Inc.(Æ)

2,035

90

SI-BONE,

Inc.(Æ)

14,574

295

SpringWorks

Therapeutics,

Inc.(Æ)

30,485

1,345

STAAR

Surgical

Co.(Æ)

9,319

261

Structure

Therapeutics,

Inc.

-

ADR(Æ)

7,360

321

Supernus

Pharmaceuticals,

Inc.(Æ)

8,467

234

Surmodics

,

Inc.(Æ)

23,607

831

Sutro

Biopharma,

Inc.(Æ)(Ð)

24,647

107

Tactile

Systems

Technology,

Inc.(Æ)

27,602

419

Tandem

Diabetes

Care,

Inc.(Æ)(Û)

33,165

756

Tela

Bio,

Inc.(Æ)

15,768

109

Teleflex,

Inc.

1,847

449

Tenet

Healthcare

Corp.(Æ)(Û)

33,603

2,780

Terns

Pharmaceuticals,

Inc.(Æ)(Ñ)

91,740

475

TG

Therapeutics,

Inc.(Æ)

7,763

126

Theravance

Biopharma,

Inc.(Æ)

7,700

73

TransMedics

Group,

Inc.(Æ)

4,181

359

Travere

Therapeutics,

Inc.(Æ)(Ð)

52,834

472

UFP

Technologies,

Inc.(Æ)

20,735

3,494

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)

38,532

1,700

United

Therapeutics

Corp.(Æ)

5,127

1,101

Utah

Medical

Products,

Inc.

19,931

1,579

Vanda

Pharmaceuticals,

Inc.(Æ)

20,815

75

Veradigm

,

Inc.(Æ)

39,331

359

Viemed

Healthcare,

Inc.(Æ)

61,882

502

Viking

Therapeutics,

Inc.(Æ)

68,694

1,658

Vir

Biotechnology,

Inc.(Æ)(Ð)

4,040

38

Viridian

Therapeutics,

Inc.(Æ)

83,010

1,598

Xencor

,

Inc.(Æ)

38,997

729

Xenon

Pharmaceuticals,

Inc.(Æ)

43,717

1,977

Zai

Lab,

Ltd.

-

ADR(Æ)(Ñ)

40,410

872

Zimvie

,

Inc.(Æ)

42,132

736

Zymeworks

,

Inc.(Æ)

14,068

153

138,850

Materials

and

Processing

-

8.3%

AAON,

Inc.

8,657

607

Acuity

Brands,

Inc.(Ð)

6,630

1,579

AdvanSix

,

Inc.

14,825

376

Alcoa

Corp.(Ð)

33,442

995

Algoma

Steel

Group,

Inc.

45,277

378

Allegheny

Technologies,

Inc.(Æ)

19,595

801

American

Vanguard

Corp.

8,395

92

Arizona

Sonoran

Copper

Co.,

Inc.(Æ)

443,183

514

Ashland,

Inc.

18,931

1,772

Avient

Corp.

44,267

1,603

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

37

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Axalta

Coating

Systems,

Ltd.(Æ)

32,606

1,057

AZEK

Co.,

Inc.

(The)(Æ)

54,656

2,108

Balchem

Corp.

6,845

959

Belden,

Inc.(Ð)

1,391

103

Boise

Cascade

Co.

11,879

1,609

BrightView

Holdings,

Inc.(Æ)

3,689

33

Builders

FirstSource

,

Inc.(Æ)

13,734

2,386

Cabot

Corp.

7,693

555

Capstone

Copper

Corp.(Æ)

147,924

728

Codexis

,

Inc.(Æ)

26,742

70

Commercial

Metals

Co.

29,531

1,542

Constellium

SE(Æ)

41,471

778

Eagle

Materials,

Inc.(Ð)

3,517

796

Eastman

Chemical

Co.

3,351

280

Ecovyst

,

Inc.(Æ)

175,289

1,623

ERO

Copper

Corp.(Æ)

73,983

1,159

Fabrinet

(Æ)

1,361

291

Gibraltar

Industries,

Inc.(Æ)

5,509

446

Haynes

International,

Inc.

15,020

836

Healthcare

Services

Group,

Inc.(Æ)

17,435

165

Hecla

Mining

Co.

102,452

390

Huntsman

Corp.(Ð)

55,567

1,364

Insteel

Industries,

Inc.

30,637

1,061

Interface,

Inc.

Class

A

14,104

175

JELD-WEN

Holding,

Inc.(Æ)

37,749

702

Kaiser

Aluminum

Corp.

58,261

3,781

Lennox

International,

Inc.(Ð)

3,637

1,557

Lithium

Americas

Argentina

Corp.(Æ)(Ñ)

64,959

288

Louisiana-Pacific

Corp.

20,530

1,366

Masonite

International

Corp.(Æ)

2,805

258

Mativ

Holdings,

Inc.

152,127

1,830

Modine

Manufacturing

Co.(Æ)

24,344

1,682

MP

Materials

Corp.(Æ)(Ð)

11,706

185

Myers

Industries,

Inc.

40,927

767

Northwest

Pipe

Co.(Æ)

22,604

687

O-I

Glass,

Inc.(Æ)

25,912

377

Olympic

Steel,

Inc.

16,578

1,120

Origin

Materials,

Inc.(Æ)

6,822

4

Orion

Engineered

Carbons

SA

17,103

383

PGT

Innovations,

Inc.(Æ)

16,019

660

Piedmont

Lithium,

Inc.(Æ)(Ñ)

16,686

255

Quaker

Chemical

Corp.

5,109

970

Ranpak

Holdings

Corp.(Æ)

136,533

563

Rayonier

Advanced

Materials,

Inc.(Æ)

98,472

427

Resideo

Technologies,

Inc.(Æ)

29,244

490

Resolute

Forest

Products,

Inc.(Æ)(Š)

33,567

48

Rogers

Corp.(Æ)

3,724

429

Royal

Gold,

Inc.

7,175

821

Rush

Enterprises,

Inc.

Class

A

16,695

750

ScanSource

,

Inc.(Æ)(Û)

1,218

48

Schnitzer

Steel

Industries,

Inc.

Class

A

80,809

2,128

Sealed

Air

Corp.

40,680

1,406

SiteOne

Landscape

Supply,

Inc.(Æ)

9,589

1,482

SmartRent

,

Inc.(Æ)(Ñ)

178,281

526

Sonoco

Products

Co.

19,110

1,087

Stelco

Holdings,

Inc.

15,060

483

Stepan

Co.

36,711

3,277

Summit

Materials,

Inc.

Class

A(Æ)

14,549

526

Sylvamo

Corp.

7,830

364

Tecnoglass

,

Inc.

29,402

1,353

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

TimkenSteel

Corp.(Æ)

54,638

1,123

Trinseo

PLC

201,944

1,218

Tronox

Holdings

PLC

Class

A

182,215

2,513

Unifi,

Inc.(Æ)

1,860

12

United

States

Lime

&

Minerals,

Inc.

1,519

393

Universal

Stainless

&

Alloy

Products,

Inc.

(Æ)

27,018

512

VSE

Corp.

20,724

1,287

Worthington

Industries,

Inc.

8,832

504

Worthington

Steel,

Inc.

8,832

265

70,138

Producer

Durables

-

17.0%

Aaron's

Co.,

Inc.

(The)

48,442

498

ABM

Industries,

Inc.

11,138

454

Adient

PLC(Æ)

19,323

671

ADT,

Inc.

59,137

386

AECOM(Ð)

15,411

1,359

AGCO

Corp.(Ð)

11,370

1,391

Air

Transport

Services

Group,

Inc.(Æ)

14,537

225

Alight,

Inc.

Class

A(Æ)

57,755

515

Allied

Motion

Technologies,

Inc.

72,149

2,010

Allison

Transmission

Holdings,

Inc.

Class

A

17,979

1,088

AMN

Healthcare

Services,

Inc.(Æ)

5,861

434

Applied

Industrial

Technologies,

Inc.

6,119

1,080

Aqua

Metals,

Inc.(Æ)(Ñ)

611,307

380

ArcBest

Corp.

18,451

2,198

Arcosa

,

Inc.

19,276

1,509

Ardmore

Shipping

Corp.

184,613

3,059

Argan

,

Inc.

9,195

408

Arhaus

,

Inc.(Æ)

3,900

46

ASGN,

Inc.(Æ)

7,665

711

Astec

Industries,

Inc.(Ð)

23,713

844

Babcock

&

Wilcox

Enterprises(Æ)

289,668

382

Badger

Meter,

Inc.

6,165

888

Barnes

Group,

Inc.

70,084

2,320

Barrett

Business

Services,

Inc.

1,598

179

Blue

Bird

Corp.(Æ)

23,995

699

Bowman

Consulting

Group,

Ltd.(Æ)

14,851

466

Casella

Waste

Systems,

Inc.

Class

A(Æ)

29,516

2,519

CBIZ,

Inc.(Æ)

12,259

780

CECO

Environmental

Corp.(Æ)

80,342

1,553

Chart

Industries,

Inc.(Æ)

2,230

260

Comfort

Systems

USA,

Inc.

4,492

977

Construction

Partners,

Inc.

Class

A(Æ)

12,178

554

Covenant

Logistics

Group,

Inc.

Class

A(Ð)

3,095

150

CRA

International,

Inc.

899

96

Cross

Country

Healthcare,

Inc.(Æ)

27,255

579

Daseke

,

Inc.(Æ)

165,048

1,344

Deluxe

Corp.

127,290

2,407

DHT

Holdings,

Inc.

100,799

1,121

Dycom

Industries,

Inc.(Æ)

2,910

325

Eagle

Bulk

Shipping,

Inc.(Ñ)

29,989

1,653

Element

Solutions,

Inc.

52,909

1,176

Encore

Wire

Corp.

3,563

803

Energy

Recovery,

Inc.(Æ)(Ð)

4,334

67

EnerSys

22,671

2,167

Ennis,

Inc.

17,020

347

Enviri

Corp.(Æ)

6,224

54

EVERTEC,

Inc.

12,633

507

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

38

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ExlService

Holdings,

Inc.(Æ)

33,257

1,040

Exponent,

Inc.

5,910

521

FARO

Technologies,

Inc.(Æ)

6,940

157

Federal

Signal

Corp.

25,598

1,971

Ferroglobe

Representation

and

Warranty

Insurance

Trust(Æ)(Š)

98,500

—

Flowserve

Corp.

69,761

2,786

Fluor

Corp.(Æ)

42,676

1,609

Flywire

Corp.(Æ)(Ð)

23,954

512

Forward

Air

Corp.

8,673

384

Franklin

Electric

Co.,

Inc.

5,897

556

Frontdoor

,

Inc.(Æ)

9,545

313

Frontier

Group

Holdings,

Inc.(Æ)(Ñ)

101,059

492

Genco

Shipping

&

Trading,

Ltd.

36,866

647

Generac

Holdings,

Inc.(Æ)

3,070

349

GEO

Group,

Inc.

(The)(Æ)

47,623

530

Granite

Construction,

Inc.

25,420

1,147

Green

Dot

Corp.

Class

A(Æ)

20,908

188

Hackett

Group,

Inc.

(The)

3,350

77

Heartland

Express,

Inc.

22,664

294

Heidrick

&

Struggles

International,

Inc.

33,010

989

Helios

Technologies,

Inc.

5,173

213

Herc

Holdings,

Inc.

Class

W

3,042

449

Hillman

Solutions

Corp.(Æ)

88,804

781

HNI

Corp.

15,695

639

Hub

Group,

Inc.

Class

A

10,866

492

Huron

Consulting

Group,

Inc.(Æ)

1,587

164

Hyster

-Yale

Materials

Handling,

Inc.

2,510

165

I3

Verticals,

Inc.

Class

A(Æ)

144,673

2,711

ICF

International,

Inc.

5,324

740

Insperity

,

Inc.

10,325

1,184

Integrated

Electrical

Services,

Inc.(Æ)

4,594

377

Janus

International

Group,

Inc.(Æ)

95,486

1,351

Kadant

,

Inc.

1,971

564

Kaman

Corp.

Class

A

13,381

603

Kennametal,

Inc.

16,897

414

Knight-Swift

Transportation

Holdings,

Inc.

19,428

1,115

Korn

&

Ferry

International

8,994

528

Landstar

System,

Inc.(Ð)(Û)

7,952

1,525

Mama's

Creations,

Inc.(Æ)

101,435

437

Manitowoc

Co.,

Inc.

(The)(Æ)

41,165

663

ManpowerGroup

,

Inc.(Û)

18,443

1,367

Marten

Transport,

Ltd.

16,324

302

MasTec

,

Inc.(Æ)

5,523

363

Matson,

Inc.

7,133

799

Mesa

Laboratories,

Inc.

18,788

1,721

Microvast

Holdings,

Inc.(Æ)

58,317

55

MillerKnoll

,

Inc.

73,261

1,948

Mirion

Technologies,

Inc.(Æ)

38,601

365

Mitek

Systems,

Inc.(Æ)

183,053

2,306

Moog,

Inc.

Class

A

4,877

682

Mueller

Industries,

Inc.

13,368

642

MYR

Group,

Inc.(Æ)

3,143

452

National

Research

Corp.

Class

A

5,980

236

NEXTracker

,

Inc.

Class

A(Æ)

28,216

1,277

Orion

Group

Holdings,

Inc.(Æ)

264,715

1,498

Oshkosh

Corp.

14,972

1,648

OSI

Systems,

Inc.(Æ)

2,639

338

PAM

Transportation

Services,

Inc.(Æ)

923

19

Payoneer

Global,

Inc.(Æ)

86,508

405

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Paysafe

,

Ltd.(Æ)

11,699

174

Phinia

,

Inc.(Ð)

2,600

79

Powell

Industries,

Inc.

2,857

339

Primoris

Services

Corp.

34,543

1,133

PROG

Holdings,

Inc.

44,829

1,374

Proto

Labs,

Inc.(Æ)

18,190

656

Radiant

Logistics,

Inc.(Æ)

110,775

680

Rent

the

Runway,

Inc.

Class

A(Æ)(Ñ)

1,410,855

867

Repay

Holdings

Corp.(Æ)

278,402

2,183

Resources

Connection,

Inc.

45,430

611

Robert

Half,

Inc.(Ð)(Û)

17,748

1,412

RXO,

Inc.(Æ)

47,015

978

Ryder

System,

Inc.

1,919

218

Ryerson

Holding

Corp.

39,441

1,354

Saia,

Inc.(Æ)

3,507

1,580

Scorpio

Tankers,

Inc.

47,869

3,384

Scotts

Miracle-

Gro

Co.

(The)

Class

A

22,051

1,241

SHYFT

Group,

Inc.

(The)

14,066

152

Skyline

Champion

Corp.(Æ)

43,544

2,982

Sleep

Number

Corp.(Æ)(Ð)

11,075

114

Spirit

AeroSystems

Holdings,

Inc.

Class

A(Æ)(Ð)

35,034

962

Stagwell

,

Inc.(Æ)

17,922

117

Star

Bulk

Carriers

Corp.

49,163

1,069

Steelcase,

Inc.

Class

A

24,652

313

Stericycle,

Inc.(Æ)

11,703

562

Sterling

Infrastructure,

Inc.(Æ)

16,533

1,242

Stoneridge,

Inc.(Æ)(Ð)

135,063

2,403

Sun

Country

Airlines

Holdings,

Inc.(Æ)

85,662

1,166

Teekay

Tankers,

Ltd.

Class

A

24,206

1,514

Tennant

Co.

15,545

1,469

Terex

Corp.

20,672

1,270

Thermon

Group

Holdings,

Inc.(Æ)

34,313

1,125

Tidewater,

Inc.(Æ)

11,419

767

Titan

International,

Inc.(Æ)

15,225

225

TopBuild

Corp.(Æ)

5,486

2,025

TransUnion(Ð)

3,333

231

TreeHouse

Foods,

Inc.(Æ)

41,224

1,736

TriNet

Group,

Inc.

11,127

1,265

TrueBlue

,

Inc.(Æ)

10,539

145

Tutor

Perini

Corp.(Æ)

84,002

753

UFP

Industries,

Inc.

6,663

756

U-Haul

Holding

Co.(Æ)(Û)

6,291

417

UniFirst

Corp.

2,379

403

Universal

Truckload

Services,

Inc.

22,926

700

V2X,

Inc.(Æ)

18,418

716

Vertiv

Holdings

Co.

Class

A

26,769

1,508

Watts

Water

Technologies,

Inc.

Class

A

3,550

703

Werner

Enterprises,

Inc.

56,038

2,216

WESCO

International,

Inc.

2,295

398

WillScot

Mobile

Mini

Holdings

Corp.(Æ)

15,526

734

WNS

Holdings,

Ltd.

-

ADR(Æ)

34,410

2,386

Xerox

Holdings

Corp.(Û)

92,853

1,714

XPO,

Inc.(Æ)

1,754

150

ZipRecruiter,

Inc.

Class

A(Æ)

34,220

476

144,886

Technology

-

13.6%

8x8,

Inc.(Æ)

285,974

961

A10

Networks,

Inc.

200,315

2,678

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

39

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ACM

Research,

Inc.

Class

A(Æ)

42,696

735

Adeia

,

Inc.

3,685

45

ADTRAN

Holdings,

Inc.(Ð)

41,985

263

Agilysys

,

Inc.(Æ)

9,392

786

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

5,142

132

Ambarella

,

Inc.(Æ)

7,877

414

American

Software,

Inc.

Class

A

345,778

3,918

Amkor

Technology,

Inc.

23,406

741

Appfolio

,

Inc.

Class

A(Æ)

6,169

1,353

Arlo

Technologies,

Inc.(Æ)

29,586

263

Augmedix

,

Inc.(Æ)(Ñ)

231,314

1,022

AvePoint

,

Inc.(Æ)

68,699

529

Axcelis

Technologies,

Inc.(Æ)

5,618

731

Bandwidth,

Inc.

Class

A(Æ)(Ð)

8,269

114

BigCommerce

Holdings,

Inc.(Æ)(Ð)

27,439

224

Blackbaud

,

Inc.(Æ)

13,186

1,067

Box,

Inc.

Class

A(Æ)

49,387

1,283

Braze,

Inc.

Class

A(Æ)

15,029

812

Brightcove

,

Inc.(Æ)

3,034

7

Bumble,

Inc.

Class

A(Æ)

10,219

140

Calix,

Inc.(Æ)

10,980

364

Cambium

Networks

Corp.(Æ)

898

4

Cars.com,

Inc.(Æ)

43,973

766

CI&T,

Inc.

Class

A(Æ)

87,725

390

Cirrus

Logic,

Inc.(Æ)(Û)

15,273

1,179

Cohu

,

Inc.(Æ)

16,776

534

CommScope

Holding

Co.,

Inc.(Æ)

137,934

320

CommVault

Systems,

Inc.(Æ)

7,266

666

Conduent

,

Inc.(Æ)

23,071

83

Conduent

,

Inc.

Class

A(Æ)(Ð)

33,713

754

Couchbase

,

Inc.(Æ)(Ð)

8,784

220

Credo

Technology

Group

Holding,

Ltd.(Æ)

76,382

1,567

CS

Disco,

Inc.(Æ)(Ð)

6,965

57

CSG

Systems

International,

Inc.

7,484

377

CyberArk

Software,

Ltd.(Æ)

2,959

691

Daktronics,

Inc.(Æ)

18,213

138

DigitalBridge

Group,

Inc.

22,236

437

DigitalOcean

Holdings,

Inc.(Æ)

18,952

639

Diodes,

Inc.(Æ)

5,820

392

Domo,

Inc.

Class

B(Æ)

11,601

126

Donnelley

Financial

Solutions,

Inc.(Æ)

6,431

400

DoubleVerify

Holdings,

Inc.(Æ)

45,765

1,831

Dropbox,

Inc.

Class

A(Æ)(Ð)

57,616

1,825

DXC

Technology

Co.(Æ)

57,445

1,252

Dynatrace

,

Inc.(Æ)

5,267

300

DZS,

Inc.(Æ)

2,163

3

Endava

PLC

-

ADR(Æ)

22,777

1,612

ePlus

,

Inc.(Æ)

9,403

710

Eventbrite,

Inc.

Class

A(Æ)(Ð)

36,060

302

Everbridge

,

Inc.(Æ)

6,957

156

Evolv

Technologies

Holdings,

Inc.(Æ)

48,487

212

Expensify,

Inc.

Class

A(Æ)

22,542

37

Fastly

,

Inc.

Class

A(Æ)

26,315

529

Five9,

Inc.(Æ)

10,517

798

FormFactor

,

Inc.(Æ)

34,143

1,324

Freshworks

,

Inc.

Class

A(Æ)

10,926

243

Genasys

,

Inc.(Æ)

103,486

162

Guidewire

Software,

Inc.(Æ)

32,852

3,669

Harmonic,

Inc.(Æ)

78,444

918

HireRight

Holdings

Corp.(Æ)

10,997

136

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

IDT

Corp.

Class

B

17,095

591

Immersion

Corp.

104,392

713

Infinera

Corp.(Æ)(Ð)

18,211

90

Insight

Enterprises,

Inc.(Æ)

3,469

641

Intapp

,

Inc.(Æ)

11,050

476

Integral

Ad

Science

Holding

LLC(Æ)

37,476

545

Kaltura

,

Inc.(Æ)(Ñ)

423,201

711

KBR,

Inc.(Û)

49,097

2,558

Kulicke

&

Soffa

Industries,

Inc.

42,974

2,162

Kyndryl

Holdings,

Inc.(Æ)(Ð)

69,030

1,417

Lightspeed

Commerce,

Inc.(Æ)

29,024

535

LivePerson

,

Inc.(Æ)

43,248

121

Lyft,

Inc.

Class

A(Æ)

65,541

819

MaxLinear

,

Inc.

Class

A(Æ)

38,573

803

MeridianLink

,

Inc.(Æ)

5,635

128

MicroStrategy

,

Inc.

Class

A(Æ)(Ñ)

273

137

Model

N,

Inc.(Æ)

116,221

3,132

Monday.com,

Ltd.(Æ)

1,618

340

NAPCO

Security

Technologies,

Inc.

25,546

888

NETGEAR,

Inc.(Æ)

11,133

158

nLight

,

Inc.(Æ)

12,714

165

Novanta

,

Inc.(Æ)

6,943

1,073

Nutanix

,

Inc.

Class

A(Æ)

30,741

1,728

NVE

Corp.

14,226

1,138

ON24,

Inc.

106,315

813

OneSpan

,

Inc.(Æ)

81,254

834

Onto

Innovation,

Inc.(Æ)

12,950

2,091

Ooma

,

Inc.(Æ)

71,558

774

Opendoor

Technologies,

Inc.(Æ)(Ð)

27,354

94

Outbrain

,

Inc.(Æ)

2,001

8

Outset

Medical,

Inc.(Æ)(Ð)

18,575

56

PDF

Solutions,

Inc.(Æ)(Ð)

111,751

3,487

Pegasystems

,

Inc.

31,522

1,536

Perficient

,

Inc.(Æ)

6,876

468

Planet

Labs

PBC(Æ)(Ð)

54,988

124

PlayAGS

,

Inc.(Æ)

109,183

951

Playtika

Holding

Corp.

17,034

123

Power

Integrations,

Inc.

7,171

538

Preformed

Line

Products

Co.

1,849

226

Procore

Technologies,

Inc.(Æ)(Ð)

18,500

1,321

Progress

Software

Corp.

6,561

373

PubMatic,

Inc.

Class

A(Æ)

8,144

124

Qualys

,

Inc.(Æ)(Ð)

25,594

4,842

Quantum

Corp.(Æ)

1,643

1

Rackspace

Technology,

Inc.(Æ)(Ð)

31,343

53

Radcom

,

Ltd.(Æ)

49,264

521

Rambus,

Inc.(Æ)

12,450

853

Ribbon

Communications,

Inc.(Æ)

18,623

57

RingCentral,

Inc.

Class

A(Æ)(Ð)

23,436

794

Roku,

Inc.(Æ)(Ð)(Û)

5,125

451

Sanmina

Corp.(Æ)

8,418

504

Sapiens

International

Corp.

NV

8,943

244

SecureWorks

Corp.

Class

A(Æ)

2,498

17

SentinelOne

,

Inc.

Class

A(Æ)(Ð)

34,771

932

Shutterstock

,

Inc.

7,069

332

Silicon

Laboratories,

Inc.(Æ)

9,566

1,180

Silicon

Motion

Technology

Corp.

-

ADR

9,570

603

Simulations

Plus,

Inc.

82,802

3,138

SMART

Global

Holdings,

Inc.(Æ)

19,685

387

Smartsheet

,

Inc.

Class

A(Æ)

28,113

1,264

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

40

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sonos

,

Inc.(Æ)(Ð)

65,553

1,021

Sprout

Social,

Inc.

Class

A(Æ)

7,640

469

SPS

Commerce,

Inc.(Æ)

6,618

1,216

Squarespace,

Inc.

Class

A(Æ)

16,700

518

Super

Micro

Computer,

Inc.(Æ)

6,044

3,201

Synaptics

,

Inc.(Æ)

6,140

656

Telos

Corp.(Æ)

11,135

45

Tenable

Holdings,

Inc.(Æ)

29,186

1,375

Thoughtworks

Holding,

Inc.(Æ)(Ð)

22,524

105

Tower

Semiconductor,

Ltd.(Æ)

29,119

840

TrueCar

,

Inc.(Æ)

197,087

698

TTM

Technologies,

Inc.(Æ)

33,763

470

Unisys

Corp.(Æ)

25,027

169

Upland

Software,

Inc.(Æ)

898

4

Varonis

Systems,

Inc.(Æ)

26,034

1,168

Viavi

Solutions,

Inc.

Class

W(Æ)

87,080

856

Vimeo,

Inc.(Æ)

355,269

1,410

Vishay

Intertechnology

,

Inc.

25,146

546

VTEX

Class

A(Æ)

193,188

1,574

Wix.com,

Ltd.(Æ)

3,979

505

Workiva

,

Inc.(Æ)

25,467

2,367

Xperi

,

Inc.(Æ)(Ð)

14,263

152

Yelp,

Inc.

Class

A(Æ)

7,775

340

Yext

,

Inc.(Æ)(Ð)

33,670

200

115,429

Utilities

-

5.3%

ALLETE,

Inc.

35,830

2,118

APA

Corp.(Ð)

8,256

259

Artesian

Resources

Corp.

Class

A

47,013

1,716

Avista

Corp.

10,278

350

Brookfield

Infrastructure

Corp.

Class

A

13,155

461

California

Resources

Corp.

29,161

1,390

California

Water

Service

Group

23,496

1,064

Callon

Petroleum

Co.(Æ)

28,740

923

Chord

Energy

Corp.

4,637

713

CNX

Resources

Corp.(Æ)

57,450

1,161

Cogent

Communications

Holdings,

Inc.

5,932

458

Evolution

Petroleum

Corp.

257,771

1,446

Excelerate

Energy,

Inc.

Class

A

81,033

1,241

Genie

Energy,

Ltd.

Class

B

40,850

760

Golar

LNG,

Ltd.

25,355

553

Gulfport

Energy

Corp.(Æ)

5,748

729

IDACORP,

Inc.

14,111

1,306

Iridium

Communications,

Inc.(Ð)

25,475

924

Kosmos

Energy,

Ltd.(Æ)

186,843

1,132

Magnolia

Oil

&

Gas

Corp.

Class

A

91,589

1,889

MGE

Energy,

Inc.

6,824

440

New

Jersey

Resources

Corp.

8,942

365

Northern

Oil

and

Gas,

Inc.

17,429

584

Northwest

Natural

Holding

Co.

55,912

2,061

NorthWestern

Corp.

7,771

374

NRG

Energy,

Inc.(Ð)(Û)

38,565

2,046

ONE

Gas,

Inc.

6,748

414

Permian

Resources

Corp.

275,487

3,714

Pinnacle

West

Capital

Corp.(Û)

5,651

389

Portland

General

Electric

Co.

37,466

1,533

RGC

Resources,

Inc.

24,697

472

SandRidge

Energy,

Inc.

57,748

843

Saturn

Oil

&

Gas,

Inc.(Æ)

300,930

539

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SilverBow

Resources,

Inc.(Æ)

54,228

1,440

Southwest

Gas

Holdings,

Inc.

7,357

432

Spire,

Inc.

17,466

992

Talos

Energy,

Inc.(Æ)

65,155

845

UGI

Corp.

64,606

1,430

Unitil

Corp.

38,886

1,848

Vistra

Corp.(Û)

47,276

1,940

York

Water

Co.

(The)

57,644

2,068

45,362

Total

Common

Stocks

(cost

$759,954)

852,057

Short-Term

Investments

-

4.2%

U.S.

Cash

Management

Fund(@)

36,061,945

(∞)

36,051

Total

Short-Term

Investments

(cost

$36,051)

36,051

Other

Securities

-

2.5%

U.S.

Cash

Collateral

Fund(@)(×)

20,890,160

(∞)

20,890

Total

Other

Securities

(cost

$20,890)

20,890

Total

Investments

-

106.9%

(identified

cost

$816,895)

908,998

Securities

Sold

Short

-

(4.6)%

Consumer

Discretionary

-

(0.5)%

Advanced

Energy

Industries,

Inc.

(2,438)

(254)

AMMO,

Inc.(Æ)

(11,935)

(26)

Bally's

Corp.(Æ)

(5,227)

(59)

Byrna

Technologies,

Inc.(Æ)

(2,166)

(15)

Churchill

Downs,

Inc.

(5,063)

(613)

Ethan

Allen

Interiors,

Inc.

(6,022)

(175)

Full

House

Resorts,

Inc.(Æ)

(3,694)

(17)

Guess?,

Inc.

(5,099)

(114)

Joby

Aviation,

Inc.(Æ)

(31,882)

(174)

Kontoor

Brands,

Inc.

(5,432)

(318)

Kura

Sushi

USA,

Inc.

Class

A(Æ)

(550)

(54)

LGI

Homes,

Inc.(Æ)

(1,522)

(180)

Lithia

Motors,

Inc.

Class

A

(1,924)

(567)

Monro

Muffler

Brake,

Inc.

(7,363)

(235)

Sinclair,

Inc.

(6,114)

(96)

Topgolf

Callaway

Brands

Corp.(Æ)

(36,405)

(479)

Vicor

Corp.(Æ)

(2,995)

(113)

XPEL,

Inc.(Æ)(Þ)

(2,765)

(148)

Ziff

Davis,

Inc.(Æ)

(6,290)

(424)

(4,061)

Consumer

Staples

-

(0.1)%

Alico

,

Inc.

(111)

(3)

B&G

Foods,

Inc.

Class

A

(15,591)

(157)

J&J

Snack

Foods

Corp.

(2,400)

(382)

MGP

Ingredients,

Inc.

(3,932)

(334)

(876)

Energy

-

(0.2)%

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

41

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ameresco

,

Inc.

Class

A(Æ)

(5,063)

(104)

Cleanspark

,

Inc.(Æ)

(9,459)

(76)

Core

Laboratories,

Inc.

(4,913)

(78)

Gevo

,

Inc.(Æ)

(27,645)

(26)

Ring

Energy,

Inc.(Æ)

(19,672)

(27)

Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(26,120)

(344)

Sitio

Royalties

Corp.

Class

A

(9,060)

(193)

Sunnova

Energy

International,

Inc.(Æ)

(12,873)

(135)

Sunrun

,

Inc.(Æ)

(19,294)

(279)

Uranium

Energy

Corp.(Æ)

(53,302)

(407)

(1,669)

Financial

Services

-

(0.7)%

Applied

Digital

Corp.(Æ)

(11,919)

(61)

Arbor

Realty

Trust,

Inc.(ö)

(26,062)

(347)

ARMOUR

Residential

REIT,

Inc.(ö)

(19,725)

(376)

BGC

Group,

Inc.

Class

A

(38,799)

(274)

Brookfield

Realty

Capital

Corp.(Æ)

(15,302)

(58)

Capitol

Federal

Financial,

Inc.

(23,495)

(149)

Columbia

Banking

System,

Inc.

(1,033)

(21)

Distribution

Solutions

Group,

Inc.(Æ)

(2,865)

(91)

Dynex

Capital,

Inc.(ö)

(9,404)

(115)

European

Wax

Center,

Inc.

Class

A(Æ)

(6,017)

(89)

First

Financial

Bankshares

,

Inc.

(10,475)

(327)

Franklin

BSP

Realty

Trust,

Inc.(ö)

(5,586)

(72)

Glacier

Bancorp,

Inc.

(18,614)

(720)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(17,994)

(428)

Healthcare

Realty

Trust,

Inc.(ö)

(38,145)

(615)

Lakeland

Financial

Corp.

(4,010)

(268)

Medical

Properties

Trust,

Inc.(ö)

(70,468)

(218)

New

York

Community

Bancorp,

Inc.

(65,329)

(423)

Old

National

Bancorp

(2,652)

(44)

Park

National

Corp.

(1,766)

(231)

Ready

Capital

Corp.(ö)

(26,303)

(246)

ServisFirst

Bancshares,

Inc.

(7,127)

(478)

Stock

Yards

Bancorp,

Inc.

(2,948)

(147)

WW

International,

Inc.(Æ)

(10,109)

(38)

(5,836)

Health

Care

-

(1.3)%

AdaptHealth

Corp.(Æ)

(18,965)

(137)

Anavex

Life

Sciences

Corp.(Æ)

(8,291)

(50)

Apollo

Medical

Holdings,

Inc.(Æ)

(3,982)

(138)

Atossa

Therapeutics,

Inc.(Æ)

(2,680)

(2)

Aura

Biosciences,

Inc.(Æ)

(3,586)

(28)

Avid

Bioservices

,

Inc.(Æ)

(16,607)

(112)

BioLife

Solutions,

Inc.(Æ)

(9,076)

(154)

Bio-

Techne

Corp.

(8,812)

(620)

Brookdale

Senior

Living,

Inc.

Class

A(Æ)

(10,900)

(60)

CareMax

,

Inc.(Æ)

(5,208)

(2)

Caribou

Biosciences,

Inc.(Æ)

(10,583)

(65)

Certara

,

Inc.(Æ)

(15,557)

(251)

ClearPoint

Neuro,

Inc.(Æ)

(1,901)

(13)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Collegium

Pharmaceutical,

Inc.(Æ)

(5,032)

(166)

CONMED

Corp.

(207)

(20)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(9,879)

(360)

Day

One

Biopharmaceuticals,

Inc.(Æ)

(3,335)

(50)

Dyne

Therapeutics,

Inc.(Æ)

(7,806)

(167)

Edgewise

Therapeutics,

Inc.(Æ)

(2,740)

(49)

Exact

Sciences

Corp.(Æ)

(9,997)

(654)

EyePoint

Pharmaceuticals,

Inc.(Æ)

(6,198)

(167)

Geron

Corp.(Æ)

(81,691)

(150)

Halozyme

Therapeutics,

Inc.(Æ)

(13,241)

(448)

Humacyte

,

Inc.(Æ)

(14,727)

(49)

ICU

Medical,

Inc.(Æ)

(2,809)

(257)

Ideaya

Biosciences,

Inc.(Æ)

(1,234)

(54)

Inotiv

,

Inc.(Æ)

(1,056)

(4)

Iovance

Biotherapeutics

,

Inc.(Æ)

(12,575)

(97)

Joint

Corp.

(The)(Æ)

(4,817)

(47)

Kura

Oncology,

Inc.(Æ)

(9,703)

(195)

LeMaitre

Vascular,

Inc.

(620)

(36)

LifeStance

Health

Group,

Inc.(Æ)

(7,391)

(44)

MannKind

Corp.(Æ)

(33,255)

(111)

Natera

,

Inc.(Æ)

(11,090)

(731)

Neogen

Corp.(Æ)

(31,543)

(489)

NeoGenomics

,

Inc.(Æ)

(17,033)

(253)

Orchestra

BioMed

Holdings,

Inc.(Æ)

(2,420)

(17)

OrthoPediatrics

Corp.(Æ)

(3,885)

(101)

Owens

&

Minor,

Inc.(Æ)

(1,199)

(24)

R1

RCM,

Inc.(Æ)

(26,683)

(273)

RadNet

,

Inc.(Æ)

(8,471)

(313)

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

(7,493)

(71)

Repligen

Corp.(Æ)

(4,387)

(831)

Replimune

Group,

Inc.(Æ)

(6,263)

(49)

Revance

Therapeutics,

Inc.(Æ)

(14,333)

(72)

Rocket

Pharmaceuticals,

Inc.(Æ)

(9,222)

(265)

SIGA

Technologies,

Inc.

(10,669)

(52)

Sotera

Health

Co.(Æ)

(8,185)

(120)

SpringWorks

Therapeutics,

Inc.(Æ)

(7,595)

(335)

Stereotaxis

,

Inc.(Æ)

(3,000)

(6)

Surgery

Partners,

Inc.(Æ)

(10,709)

(329)

Tourmaline

Bio,

Inc.

(631)

(21)

TransMedics

Group,

Inc.(Æ)

(1,498)

(129)

US

Physical

Therapy,

Inc.

(2,593)

(239)

Vaxcyte

,

Inc.(Æ)

(8,863)

(633)

Veracyte

,

Inc.(Æ)

(17,908)

(448)

Verastem

,

Inc.(Æ)

(1,920)

(23)

Viking

Therapeutics,

Inc.(Æ)

(3,033)

(73)

Zentalis

Pharmaceuticals,

Inc.(Æ)

(6,046)

(72)

(10,726)

Materials

and

Processing

-

(0.1)%

5E

Advanced

Materials,

Inc.(Æ)

(6,878)

(10)

AAON,

Inc.

(7,256)

(509)

Aspen

Aerogels,

Inc.(Æ)

(12,782)

(144)

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

42

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Compass

Minerals

International,

Inc.

(7,756)

(174)

Ivanhoe

Electric,

Inc.(Æ)

(9,383)

(79)

Piedmont

Lithium,

Inc.(Æ)

(3,931)

(60)

Pool

Corp.

(262)

(97)

Sensient

Technologies

Corp.

(2,068)

(128)

SmartRent

,

Inc.(Æ)

(32,250)

(95)

(1,296)

Producer

Durables

-

(0.4)%

AeroVironment

,

Inc.(Æ)

(3,365)

(406)

American

Superconductor

Corp.(Æ)

(4,295)

(47)

Badger

Meter,

Inc.

(3,028)

(436)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(7,231)

(617)

Dorman

Products,

Inc.(Æ)

(4,308)

(351)

Frontier

Group

Holdings,

Inc.(Æ)

(18,673)

(91)

Itron

,

Inc.(Æ)

(4,375)

(316)

LanzaTech

Global,

Inc.(Æ)

(4,145)

(18)

LCI

Industries

(548)

(61)

Mirion

Technologies,

Inc.(Æ)

(29,302)

(277)

MultiPlan

Corp.(Æ)

(70,358)

(71)

National

CineMedia

,

Inc.(Æ)

(2,829)

(11)

RBC

Bearings,

Inc.(Æ)

(1,287)

(346)

Workhorse

Group,

Inc.(Æ)

(29,626)

(8)

Zurn

Elkay

Water

Solutions

Corp.

(18,249)

(541)

(3,597)

Technology

-

(1.0)%

Aehr

Test

Systems(Æ)

(2,251)

(33)

Altair

Engineering,

Inc.

Class

A(Æ)

(4,166)

(354)

Atomera

,

Inc.(Æ)

(4,685)

(37)

Bentley

Systems,

Inc.

Class

B

(13,336)

(672)

BlackSky

Technology,

Inc.(Æ)

(18,236)

(23)

Cars.com,

Inc.(Æ)

(7,546)

(132)

Clear

Secure,

Inc.

Class

A

(9,047)

(172)

Clearfield,

Inc.(Æ)

(4,602)

(116)

Digi

International,

Inc.(Æ)

(7,725)

(188)

Digimarc

Corp.(Æ)

(3,976)

(141)

Entegris

,

Inc.

(5,975)

(703)

Envestnet

,

Inc.(Æ)

(7,023)

(359)

ePlus

,

Inc.(Æ)

(4,001)

(302)

Frontier

Communications

Parent,

Inc.(Æ)

(33,652)

(829)

Gen

Digital,

Inc.

(31,134)

(731)

Matterport

,

Inc.(Æ)

(42,509)

(96)

MKS

Instruments,

Inc.

(4,754)

(506)

Onto

Innovation,

Inc.(Æ)

(4,654)

(752)

PAR

Technology

Corp.(Æ)

(8,952)

(408)

PTC,

Inc.(Æ)

(3,849)

(695)

Shutterstock

,

Inc.

(4,221)

(198)

SoundHound

AI,

Inc.

Class

A(Æ)

(19,364)

(32)

Terran

Orbital

Corp.(Æ)

(47,652)

(40)

Veeco

Instruments,

Inc.(Æ)

(6,816)

(217)

Vertex,

Inc.

Class

A(Æ)

(1,397)

(34)

Vishay

Intertechnology

,

Inc.

(21,645)

(470)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(8,240)

Utilities

-

(0.3)%

Chord

Energy

Corp.

(2,898)

(445)

Cogent

Communications

Holdings,

Inc.

(6,797)

(525)

Equitrans

Midstream

Corp.

(36,632)

(373)

NextDecade

Corp.(Æ)

(11,122)

(57)

Northern

Oil

and

Gas,

Inc.

(12,468)

(418)

Otter

Tail

Corp.

(5,302)

(479)

(2,297)

Total

Securities

Sold

Short

(proceeds

$38,363)

(38,598)

Other

Assets

and

Liabilities,

Net

-

(2.3)%

(19,740)

Net

Assets

-

100.0%

850,660

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

43

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

(0.0)%

XPEL,

Inc.

01/11/24

(2,765)

50.95

(141)

(148)

(148)

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Russell

2000

E-Mini

Index

Futures

378

USD

36,967

336

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

336

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

$

96,409

$

—

$

—

$

—

$

96,409

Consumer

Staples

25,094

—

—

—

25,094

Energy

37,846

—

—

—

37,846

Financial

Services

178,043

—

—

—

178,043

Health

Care

138,792

—

58

—

138,850

Materials

and

Processing

70,090

—

48

—

70,138

Producer

Durables

144,886

—

—

—

144,886

Technology

115,429

—

—

—

115,429

Utilities

45,362

—

—

—

45,362

Short-Term

Investments

—

—

—

36,051

36,051

Other

Securities

—

—

—

20,890

20,890

Total

Investments

851,951

—

106

56,941

908,998

Securities

Sold

Short

**

(38,598)

—

—

—

(38,598)

Other

Financial

Instruments

Assets

Futures

Contracts

336

—

—

—

336

Total

Other

Financial

Instruments

*

$

336

$

—

$

—

$

—

$

336

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

**

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

44

U.S.

Small

Cap

Equity

Fund

(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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

30,906

$

76,083

$

70,938

$

—

$

—

$

36,051

$

435

$

—

U.S.

Cash

Collateral

Fund

9,789

33,639

22,538

—

—

20,890

145

—

$

40,695

$

109,722

$

93,476

$

—

$

—

$

56,941

$

580

$

—

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

45

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

94.4%

Australia

-

5.8%

Ampol

,

Ltd.

5,201

124

APA

Group

19,131

106

Aristocrat

Leisure,

Ltd.

10,606

306

ASX,

Ltd.

-

ADR

8,459

362

Aurizon

Holdings,

Ltd.

73,764

182

Australia

&

New

Zealand

Banking

Group,

Ltd.

-

ADR

38,018

675

BHP

Group,

Ltd.

-

ADR

66,559

2,043

BlueScope

Steel,

Ltd.

14,190

218

Brambles,

Ltd.

31,322

300

carsales.com,

Ltd.

8,928

192

Cochlear,

Ltd.

1,373

272

Coles

Group,

Ltd.

17,820

185

Commonwealth

Bank

of

Australia

-

ADR

14,307

1,096

Computershare,

Ltd.

5,413

90

Dexus

(ö)

28,007

142

Fortescue

Metals

Group,

Ltd.

30,275

588

Goodman

Group(ö)

18,508

307

IDP

Education,

Ltd.

7,561

97

Independence

Group

NL

16,939

82

Insurance

Australia

Group,

Ltd.

51,036

201

Medibank

Pvt

,

Ltd.

143,579

361

Mineral

Resources,

Ltd.

2,310

89

National

Australia

Bank,

Ltd.

-

ADR

16,269

345

Northern

Star

Resources,

Ltd.

22,429

192

Origin

Energy,

Ltd.

9,531

53

Pilbara

Minerals,

Ltd.

45,809

104

Qantas

Airways,

Ltd.(Æ)

11,430

41

QBE

Insurance

Group,

Ltd.

53,833

560

Ramsay

Health

Care,

Ltd.

2,099

70

REA

Group,

Ltd.

1,471

175

Reece,

Ltd.

3,633

54

Rio

Tinto

PLC

17,191

1,199

Rio

Tinto,

Ltd.

-

ADR

6,165

535

Santos,

Ltd.

80,841

415

SEEK,

Ltd.

5,561

91

Sonic

Healthcare,

Ltd.

6,168

129

Stockland(ö)

21,750

65

Suncorp

Group,

Ltd.

45,204

419

Telstra

Group,

Ltd.

77,888

205

Transurban

Group

-

ADR(Æ)

16,864

149

Wesfarmers,

Ltd.

12,378

471

Westpac

Banking

Corp.

28,914

456

WiseTech

Global,

Ltd.(Þ)

4,086

192

Woodside

Energy

Group,

Ltd.

28,829

604

Woolworths

Group,

Ltd.

12,495

293

14,835

Austria

-

0.3%

Erste

Group

Bank

AG

5,523

239

OMV

AB

4,570

203

Verbund

AG

Class

A

1,227

100

Voestalpine

AG

3,882

115

657

Belgium

-

0.4%

Ageas

SA

4,183

179

Anheuser-Busch

InBev

SA

1,108

69

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

D'ieteren

SA

260

52

Elia

Group

SA

224

27

Groupe

Bruxelles

Lambert

SA

608

46

KBC

Groep

NV

2,385

155

Lotus

Bakeries

NV

7

60

Sofina

SA

253

60

Solvay

SA

2,282

63

Syensqo

SA(Æ)

2,282

203

UCB

SA

817

77

Umicore

SA

1,871

43

1,034

Brazil

-

0.1%

Wheaton

Precious

Metals

Corp.

1,969

92

Yara

International

ASA

5,901

195

287

Burkina

Faso

-

0.0%

Endeavour

Mining

PLC

17,260

63

Canada

-

9.9%

Alimentation

Couche-Tard,

Inc.

12,198

715

AltaGas

,

Ltd.

-

ADR

12,338

257

ARC

Resources,

Ltd.

23,607

367

Bank

of

Montreal

4,591

432

Bank

of

Nova

Scotia

(The)

8,553

400

BCE,

Inc.

1,542

62

Brookfield

Asset

Management,

Inc.

4,672

185

Brookfield

Asset

Management,

Inc.

Class

A

5,827

234

BRP,

Inc.

777

49

CAE,

Inc.(Æ)

2,536

51

Cameco

Corp.

4,932

235

Canadian

Imperial

Bank

of

Commerce

8,527

385

Canadian

National

Railway

Co.

3,972

493

Canadian

Natural

Resources,

Ltd.

14,619

936

Canadian

Pacific

Kansas

City,

Ltd.

7,389

595

Canadian

Tire

Corp.,

Ltd.

Class

A

1,914

203

Canadian

Utilities,

Ltd.

Class

A

2,670

61

CCL

Industries,

Inc.

Class

B

6,279

269

Cenovus

Energy,

Inc.

35,452

574

CGI

Group,

Inc.(Æ)

3,224

361

Constellation

Software,

Inc.

424

1,172

Descartes

System

Group,

Inc.

(The)(Æ)

1,904

167

Dollarama

,

Inc.

8,123

596

Emera

,

Inc.

2,697

95

Empire

Co.,

Ltd.

Class

A

9,791

254

Enbridge,

Inc.

10,136

360

Fairfax

Financial

Holdings,

Ltd.

1,329

1,385

FirstService

Corp.

585

98

Fortis,

Inc.

1,258

50

Franco-Nevada

Corp.

Class

T

712

77

GFL

Environmental,

Inc.

1,700

58

Gildan

Activewear

,

Inc.

Class

A

5,476

181

Great-West

Lifeco

,

Inc.

12,999

434

Hydro

One,

Ltd.(Þ)

1,692

50

iA

Financial

Corp.,

Inc.

1,815

123

IGM

Financial,

Inc.

1,035

28

Imperial

Oil,

Ltd.

7,864

454

Intact

Financial

Corp.

5,569

871

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

13,483

142

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

46

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kinross

Gold

Corp.

30,024

165

Loblaw

Cos.,

Ltd.

4,091

409

Magna

International,

Inc.

Class

A

6,129

348

Manulife

Financial

Corp.

31,184

689

MEG

Energy

Corp.

Class

A(Æ)

12,274

232

Metro,

Inc.

Class

A

3,168

166

National

Bank

of

Canada

3,444

263

Northland

Power,

Inc.

3,846

71

Nutrien

,

Ltd.

10,033

500

Onex

Corp.

1,107

82

Parkland

Corp.

1,457

50

Power

Corp.

of

Canada

6,132

179

Quebecor,

Inc.

Class

B

6,533

159

RB

Global,

Inc.

3,392

217

Rogers

Communications,

Inc.

Class

B

3,269

153

Royal

Bank

of

Canada

-

GDR

13,982

1,365

Saputo,

Inc.

-

ADR

4,167

86

Shopify,

Inc.

Class

A(Æ)

10,008

801

Stantec

,

Inc.

3,344

269

Sun

Life

Financial,

Inc.

12,788

663

Suncor

Energy,

Inc.

29,140

965

TC

Energy

Corp.

7,026

277

Teck

Resources,

Ltd.

Class

B

13,663

547

TELUS

Corp.

3,519

63

TFI

International,

Inc.

2,553

336

Thomson

Reuters

Corp.

2,587

384

TMX

Group,

Ltd.

7,159

177

Toromont

Industries,

Ltd.

3,406

298

Toronto-Dominion

Bank

(The)

17,219

1,046

Tourmaline

Oil

Corp.

6,886

298

West

Fraser

Timber

Co.,

Ltd.

1,979

157

WSP

Global,

Inc.

1,939

285

25,159

Chile

-

0.1%

Antofagasta

PLC

7,788

169

Lundin

Mining

Corp.

22,651

185

354

China

-

0.2%

BOC

Hong

Kong

Holdings,

Ltd.

112,500

268

Budweiser

Brewing

Co.

APAC,

Ltd.(Þ)

20,300

32

SITC

International

Holdings

Co.,

Ltd.

47,000

71

Wilmar

International,

Ltd.

71,700

175

Xinyi

Glass

Holdings,

Ltd.

76,000

63

609

Denmark

-

2.9%

AP

Moller

-

Maersk

A/S

Class

B

204

376

Carlsberg

A/S

Class

B

867

112

Coloplast

A/S

Class

B

1,680

194

Danske

Bank

A/S

10,165

274

Demant

A/S(Æ)(Þ)

1,948

88

DSV

A/S

846

151

Genmab

A/S(Æ)

888

246

Novo

Nordisk

A/S

Class

B

45,860

5,238

Novozymes

A/S

Class

B

3,778

194

Pandora

A/S

974

142

Rockwool

International

A/S

Class

B

280

76

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tryg

A/S

9,258

198

7,289

Finland

-

0.8%

Elisa

OYJ

4,572

208

Kone

OYJ

Class

B

3,531

175

Neste

OYJ

5,667

195

Nokia

OYJ

60,978

220

Nordea

Bank

Abp

(Þ)

38,089

468

Orion

OYJ

Class

B

1,906

88

Outotec

OYJ

18,152

181

Sampo

OYJ

Class

A

4,245

178

UPM-

Kymmene

OYJ

6,673

243

1,956

France

-

8.6%

Accor

SA

2,991

118

Adevinta

ASA

Class

B(Æ)

6,249

67

Air

Liquide

SA

Class

A

6,608

1,239

Airbus

Group

SE

3,292

526

Alstom

SA

2,320

29

Amundi

SA(Þ)

1,175

80

Arkema

SA

2,337

254

AXA

SA

19,990

673

BioMerieux

803

86

BNP

Paribas

SA

9,980

671

Bollore

SA

31,057

205

Bouygues

SA

-

ADR

10,398

381

Bureau

Veritas

SA

2,924

77

Capgemini

SE

1,200

269

Carrefour

SA

20,210

345

Cie

de

Saint-Gobain

SA

9,740

690

Credit

Agricole

SA

18,158

262

Danone

SA

4,857

324

Dassault

Aviation

SA

584

111

Dassault

Systemes

SE

8,549

446

Edenred

SE

5,691

341

Eiffage

SA

3,167

330

Engie

SA

19,693

314

EssilorLuxottica

SA

3,088

607

Eurazeo

SE

1,310

111

Hermes

International

353

745

Ipsen

SA

1,278

147

Kering

566

233

Klepierre

SA

-

GDR(ö)

6,431

166

La

Francaise

des

Jeux

SAEM(Þ)

4,169

170

Legrand

SA

-

ADR

4,150

404

L'Oreal

SA

2,984

1,431

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

3,290

2,736

Michelin

(CGDE)

29,815

993

Orange

SA

-

ADR

37,793

449

Pernod

Ricard

SA

825

136

Publicis

Groupe

SA

-

ADR

6,905

693

Remy

Cointreau

SA

433

44

Renault

SA

7,795

292

Safran

SA

2,153

403

SEB

SA

1,162

142

Societe

Generale

SA

8,598

221

Sodexo

SA

1,442

163

Teleperformance

-

GDR

1,192

187

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

47

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Thales

SA

1,996

292

TotalEnergies

SE

31,159

2,029

Veolia

Environnement

SA

3,902

127

Vinci

SA

6,691

847

Vivendi

SE

-

ADR

24,815

282

Worldline

SA(Æ)(Þ)

1,419

19

21,907

Germany

-

6.9%

adidas

AG

2,436

463

Allianz

SE

5,838

1,563

BASF

SE

7,826

376

Bayerische

Motoren

Werke

Aktiengesellschaft

5,775

602

Bechtle

AG

1,898

99

Beiersdorf

AG

2,639

388

Brenntag

SE

3,262

290

Carl

Zeiss

Meditec

AG

503

54

Commerzbank

AG

31,752

367

Continental

AG

4,719

388

Daimler

Truck

Holding

AG

11,092

399

Deutsche

Bank

AG

17,871

233

Deutsche

Boerse

AG

2,165

432

Deutsche

Lufthansa

AG(Æ)

14,533

122

Deutsche

Post

AG

16,412

790

Deutsche

Telekom

AG

50,229

1,235

E.ON

SE

33,030

448

Evonik

Industries

AG

6,557

122

Fresenius

Medical

Care

AG

&

Co.

KGaA

7,933

308

Fresenius

SE

&

Co.

KGaA

12,673

356

GEA

Group

AG

3,731

150

Hannover

Rueck

SE

2,330

559

Heidelberg

Materials

AG

6,082

564

HelloFresh

SE(Æ)

4,445

59

Henkel

AG

&

Co.

KGaA

974

67

Infineon

Technologies

AG

-

ADR

10,856

396

Knorr-

Bremse

AG

887

55

Mercedes-Benz

Group

AG

8,454

574

Merck

KGaA

1,461

241

MTU

Aero

Engines

AG

645

149

Muenchener

Rueckversicherungs-

Gesellschaft

AG

2,024

862

Newmont

Mining

Corp.

2,142

199

Puma

SE

1,786

73

Rational

AG

84

65

Rheinmetall

AG

1,062

372

SAP

SE

-

ADR

13,917

2,422

Scout24

SE(Þ)

1,728

128

Siemens

AG

5,751

1,036

Siemens

Healthineers

AG(Þ)

2,523

141

Symrise

AG

1,377

143

Talanx

AG

2,189

154

Zalando

SE(Æ)(Þ)

2,035

41

17,485

Hong

Kong

-

1.4%

AIA

Group,

Ltd.

110,337

858

CK

Asset

Holdings,

Ltd.

35,330

158

CK

Infrastructure

Holdings,

Ltd.

27,001

160

Futu

Holdings,

Ltd.

-

ADR(Æ)

2,319

108

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hang

Lung

Properties,

Ltd.

-

ADR

31,068

36

Hang

Seng

Bank,

Ltd.

24,696

255

Henderson

Land

Development

Co.,

Ltd.

22,999

60

HKT

Trust

&

HKT,

Ltd.

68,075

82

Hong

Kong

&

China

Gas

Co.,

Ltd.

127,136

90

Hong

Kong

Exchanges

&

Clearing,

Ltd.

14,016

425

Jardine

Matheson

Holdings,

Ltd.

5,200

209

Melco

Crown

Entertainment,

Ltd.(Æ)

(Š)

8,400

22

New

World

Development

Co.,

Ltd.

26,332

32

Power

Assets

Holdings,

Ltd.

24,679

144

Prudential

PLC

4,865

50

Sino

Land

Co.,

Ltd.

56,414

59

Sun

Hung

Kai

Properties,

Ltd.

22,071

204

Swire

Pacific,

Ltd.

Class

A

22,317

172

Swire

Properties,

Ltd.

12,832

24

Techtronic

Industries

Co.,

Ltd.

8,848

95

WH

Group,

Ltd.(Þ)

396,789

233

Wharf

Real

Estate

Investment

Co.,

Ltd.

9,000

26

3,502

Ireland

-

0.6%

AIB

Group

PLC

42,551

186

Bank

of

Ireland

Group

PLC

35,497

326

Flutter

Entertainment

PLC(Æ)

1,858

382

Kerry

Group

PLC

Class

A

912

81

Kingspan

Group

PLC

3,623

296

Smurfit

Kappa

Group

PLC

7,312

271

1,542

Israel

-

0.8%

Bank

Hapoalim

BM

22,204

190

Bank

Leumi

Le-Israel

BM

24,013

183

Check

Point

Software

Technologies,

Ltd.(Æ)

3,572

568

Elbit

Systems,

Ltd.

1,050

216

Global-e

Online,

Ltd.

Class

E(Æ)

1,380

52

ICL

Group,

Ltd.

27,040

123

Israel

Discount

Bank,

Ltd.

Class

A

27,845

135

Mizrahi

Tefahot

Bank,

Ltd.

5,654

211

Nice,

Ltd.(Æ)

1,724

358

Wix.com,

Ltd.(Æ)

702

89

2,125

Italy

-

2.2%

Amplifon

SpA

1,732

56

Assicurazioni

Generali

SpA

19,859

444

Banco

BPM

SpA

25,240

136

Coca-Cola

HBC

AG

-

ADR(Æ)

10,270

302

Davide

Campari-Milano

NV

5,045

51

Enel

SpA

137,998

941

Eni

SpA

-

ADR

40,381

646

FinecoBank

Banca

Fineco

SpA

5,439

79

Infrastrutture

Wireless

Italiane

SpA

(Þ)

5,703

69

Intesa

Sanpaolo

SpA

201,869

625

Leonardo

SpA

12,359

216

Mediobanca

Banca

di

Credito

Finanziario

SpA

7,164

95

Moncler

SpA

5,240

323

Poste

Italiane

SpA

(Þ)

13,149

142

Prysmian

SpA

5,733

252

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

48

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Recordati

SpA

3,781

209

Snam

Rete

Gas

SpA

34,064

166

Terna

Rete

Elettrica

Nazionale

SpA

21,960

185

UniCredit

SpA

25,314

743

5,680

Japan

-

20.0%

Advantest

Corp.

6,100

240

Aeon

Co.,

Ltd.

7,700

184

Aisin

Corp.

5,000

187

Ajinomoto

Co.,

Inc.

6,700

275

Asahi

Glass

Co.,

Ltd.

2,600

98

Asahi

Group

Holdings,

Ltd.

7,900

294

Asahi

Intecc

Co.,

Ltd.

5,900

112

Asahi

Kasei

Corp.

12,600

96

Astellas

Pharma,

Inc.

25,000

292

Bandai

Namco

Holdings,

Inc.

15,400

334

BayCurrent

Consulting,

Inc.(Þ)

6,800

158

Bridgestone

Corp.

12,200

530

Brother

Industries,

Ltd.

11,000

184

Canon,

Inc.

40,500

1,122

Capcom

Co.,

Ltd.

-

GDR

5,800

224

Central

Japan

Railway

Co.

6,700

167

Chiba

Bank,

Ltd.

(The)

10,000

74

Chubu

Electric

Power

Co.,

Inc.

24,300

316

Chugai

Pharmaceutical

Co.,

Ltd.

13,500

487

Concordia

Financial

Group,

Ltd.

21,000

100

Dai

Nippon

Printing

Co.,

Ltd.

4,300

124

Dai-ichi

Life

Holdings,

Inc.

12,900

284

Daiichi

Sankyo

Co.,

Ltd.

10,700

323

Daikin

Industries,

Ltd.

2,100

338

Daito

Trust

Construction

Co.,

Ltd.

2,200

250

Daiwa

House

Industry

Co.,

Ltd.

13,300

411

Daiwa

Securities

Group,

Inc.

25,900

185

Denso

Corp.

10,300

161

Disco

Corp.

1,800

483

East

Japan

Railway

Co.

1,900

109

ENEOS

Holdings,

Inc.

87,700

356

Fast

Retailing

Co.,

Ltd.

1,900

507

Fuji

Electric

Co.,

Ltd.

2,500

125

FUJIFILM

Holdings

Corp.

5,200

330

Fujitsu,

Ltd.

1,300

184

Hamamatsu

Photonics

KK

3,300

130

Hankyu

Hanshin

Holdings,

Inc.

5,200

159

Hikari

Tsushin,

Inc.

400

70

Hirose

Electric

Co.,

Ltd.

200

23

Hitachi

Construction

Machinery

Co.,

Ltd.

2,800

80

Hitachi,

Ltd.

3,000

236

Honda

Motor

Co.,

Ltd.

64,100

717

Hoya

Corp.

3,400

431

Hulic

Co.,

Ltd.

10,000

111

Ibiden

Co.,

Ltd.

2,200

111

Idemitsu

Kosan

Co.,

Ltd.

30,000

166

Iida

Group

Holdings

Co.,

Ltd.

4,300

65

Inpex

Corp.

26,900

367

Isuzu

Motors,

Ltd.

17,700

242

ITOCHU

Corp.

19,600

891

Japan

Exchange

Group,

Inc.

18,700

414

Japan

Post

Bank

Co.,

Ltd.

Class

A

29,400

306

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Japan

Post

Holdings

Co.,

Ltd.

38,800

372

Japan

Post

Insurance

Co.,

Ltd.

Class

A

2,400

45

Japan

Real

Estate

Investment

Corp.(ö)

12

46

Japan

Tobacco,

Inc.

19,500

514

JFE

Holdings,

Inc.

13,400

212

Kajima

Corp.

22,000

392

Kansai

Electric

Power

Co.,

Inc.

(The)

24,300

333

Kao

Corp.

5,400

215

Kawasaki

Kisen

Kaisha,

Ltd.

4,500

220

KDDI

Corp.

12,300

407

Keisei

Electric

Railway

Co.,

Ltd.

1,900

86

Keyence

Corp.

1,100

493

Kikkoman

Corp.

4,000

246

Kirin

Holdings

Co.,

Ltd.

6,000

87

Koito

Manufacturing

Co.,

Ltd.

2,500

38

Komatsu,

Ltd.

11,700

334

Konami

Holdings

Corp.

2,800

172

Kose

Corp.

800

53

Kubota

Corp.

15,300

232

Kyocera

Corp.

10,800

158

Kyowa

Kirin

Co.,

Ltd.

8,000

126

Lasertec

Corp.

1,200

319

M3,

Inc.

5,300

84

Marubeni

Corp.

29,600

505

Matsumotokiyoshi

Holdings

Co.,

Ltd.

9,900

181

Mazda

Motor

Corp.

24,100

292

McDonald's

Holdings

Co.

Japan,

Ltd.

2,800

125

MEIJI

Holdings

Co.,

Ltd.

6,000

145

MISUMI

Group,

Inc.

11,700

202

Mitsubishi

Chemical

Holdings

Corp.

25,300

153

Mitsubishi

Corp.

42,000

725

Mitsubishi

Electric

Corp.

10,500

155

Mitsubishi

Estate

Co.,

Ltd.

8,500

118

Mitsubishi

HC

Capital,

Inc.

26,800

191

Mitsubishi

Heavy

Industries,

Ltd.

5,500

367

Mitsubishi

UFJ

Financial

Group,

Inc.

134,900

1,265

Mitsui

&

Co.,

Ltd.

17,200

697

Mitsui

Chemicals,

Inc.

3,800

112

Mitsui

Fudosan

Co.,

Ltd.

10,800

271

Mitsui

OSK

Lines,

Ltd.

10,300

371

Mizuho

Financial

Group,

Inc.

25,700

467

MonotaRO

Co.,

Ltd.

13,000

123

MS&AD

Insurance

Group

Holdings,

Inc.

9,400

390

Murata

Manufacturing

Co.,

Ltd.

10,500

212

NEC

Corp.

6,200

405

Nexon

Co.,

Ltd.

3,600

57

Nidec

Corp.

1,400

52

Nintendo

Co.,

Ltd.

8,400

470

Nippon

Building

Fund,

Inc.(ö)

10

41

Nippon

Express

Holdings,

Inc.

1,300

77

Nippon

Paint

Holdings

Co.,

Ltd.

12,500

99

Nippon

Steel

Corp.

17,800

429

Nippon

Telegraph

&

Telephone

Corp.

411,150

519

Nippon

Yusen

16,600

576

Nissan

Chemical

Corp.

3,000

120

Nissan

Motor

Co.,

Ltd.

78,400

308

Nissin

Foods

Holdings

Co.,

Ltd.

7,200

234

Nitori

Holdings

Co.,

Ltd.

800

104

Nitto

Denko

Corp.

3,100

257

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

49

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nomura

Holdings,

Inc.

44,900

232

Nomura

Real

Estate

Holdings,

Inc.

4,600

126

Nomura

Research

Institute,

Ltd.

2,400

73

Obayashi

Corp.

23,800

220

Obic

Co.,

Ltd.

1,800

276

Oji

Holdings

Corp.

22,400

88

Olympus

Corp.

11,800

175

Ono

Pharmaceutical

Co.,

Ltd.

8,200

148

Oriental

Land

Co.,

Ltd.

4,800

178

ORIX

Corp.

20,000

385

Osaka

Gas

Co.,

Ltd.

13,000

274

Otsuka

Corp.

2,700

114

Otsuka

Holdings

Co.,

Ltd.

8,900

350

Pan

Pacific

International

Holdings

Corp.

11,900

263

Panasonic

Holdings

Corp.

47,200

444

Recruit

Holdings

Co.,

Ltd.

17,200

681

Renesas

Electronics

Corp.

16,800

277

Resona

Holdings,

Inc.

45,100

250

Ricoh

Co.,

Ltd.

19,600

155

SBI

Holdings,

Inc.

5,600

138

SCSK

Corp.

3,300

65

Secom

Co.,

Ltd.

4,400

319

Seiko

Epson

Corp.

13,500

198

Sekisui

Chemical

Co.,

Ltd.

10,300

147

Sekisui

House,

Ltd.

18,000

406

Seven

&

i

Holdings

Co.,

Ltd.

5,600

223

SG

Holdings

Co.,

Ltd.

3,900

50

Shimadzu

Corp.

4,000

111

Shimano,

Inc.

1,100

158

Shimizu

Corp.

20,800

140

Shin-Etsu

Chemical

Co.,

Ltd.

11,200

441

Shionogi

&

Co.,

Ltd.

4,300

207

Shiseido

Co.,

Ltd.

1,200

34

Shizuoka

Financial

Group,

Inc.

7,600

70

SoftBank

Corp.

29,000

386

SoftBank

Group

Corp.

4,200

182

Sompo

Japan

Nipponkoa

Holdings,

Inc.

6,200

322

Sony

Group

Corp.

6,800

672

Square

Enix

Holdings

Co.,

Ltd.

1,200

47

Start

Today

Co.,

Ltd.

4,000

88

Subaru

Corp.

24,392

489

Sumco

Corp.

5,300

80

Sumitomo

Corp.

21,900

502

Sumitomo

Electric

Industries,

Ltd.

17,100

228

Sumitomo

Metal

Mining

Co.,

Ltd.

4,900

135

Sumitomo

Mitsui

Financial

Group,

Inc.

16,500

860

Sumitomo

Mitsui

Trust

Holdings,

Inc.

17,800

366

Suntory

Beverage

&

Food,

Ltd.

2,000

66

Suzuki

Motor

Corp.

6,800

309

Sysmex

Corp.

3,200

173

T&D

Holdings,

Inc.

9,300

155

Taisei

Corp.

3,821

139

Taiyo

Nippon

Sanso

Corp.

3,000

76

Takeda

Pharmaceutical

Co.,

Ltd.

6,766

199

TDK

Corp.

3,400

169

Terumo

Corp.

9,600

324

TIS,

Inc.

4,500

100

Toho

Co.,

Ltd.

1,900

62

Tokio

Marine

Holdings,

Inc.

32,700

866

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tokyo

Electron,

Ltd.

2,900

538

Tokyo

Gas

Co.,

Ltd.

13,600

313

Toppan

Printing

Co.,

Ltd.

4,000

110

Toray

Industries,

Inc.

41,400

208

Tosoh

Corp.

8,300

107

TOTO,

Ltd.

3,400

92

Toyota

Industries

Corp.

2,400

203

Toyota

Motor

Corp.

138,400

2,751

Toyota

Tsusho

Corp.

7,100

465

Trend

Micro,

Inc.

2,200

125

Unicharm

Corp.

8,400

290

USS

Co.,

Ltd.

7,700

146

Yakult

Honsha

Co.,

Ltd.

7,600

167

Yamaha

Motor

Co.,

Ltd.

33,300

315

Yamatake

Corp.

2,100

68

Yaskawa

Electric

Corp.

7,100

267

Yokogawa

Electric

Corp.

3,400

67

Zensho

Holdings

Co.,

Ltd.

3,000

147

50,952

Jordan

-

0.1%

Hikma

Pharmaceuticals

PLC

10,486

256

Luxembourg

-

0.2%

ArcelorMittal

SA

14,909

409

Tenaris

SA

13,361

212

621

Macao

-

0.0%

Galaxy

Entertainment

Group,

Ltd.

12,000

62

Netherlands

-

5.6%

ABN

AMRO

Bank

NV(Þ)

7,996

118

Adyen

NV(Æ)(Þ)

643

805

Aegon

NV

22,952

136

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

2,376

182

Akzo

Nobel

NV

1,885

144

Argenx

SE(Æ)

559

212

ASM

International

NV

978

545

ASML

Holding

NV

4,897

4,197

BE

Semiconductor

Industries

NV

1,995

301

Euronext

NV(Þ)

1,491

131

EXOR

NV

1,662

161

Ferrari

NV

2,068

720

Ferrovial

SE

2,653

101

Heineken

Holding

NV

1,387

116

Heineken

NV

1,414

142

IMCD

NV

691

105

ING

Groep

NV

35,967

512

Koninklijke

Ahold

Delhaize

NV

22,077

620

Koninklijke

KPN

NV

52,703

179

Koninklijke

Philips

NV

7,979

171

NN

Group

NV

1,598

66

Randstad

NV

5,666

321

Shell

PLC

97,884

3,039

Universal

Music

Group

NV

13,611

401

Wolters

Kluwer

NV

5,038

743

14,168

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

50

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

New

Zealand

-

0.2%

Auckland

International

Airport,

Ltd.

8,896

46

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

8,650

125

Spark

New

Zealand,

Ltd.

57,682

187

Xero

,

Ltd.(Æ)

1,827

131

489

Norway

-

0.8%

Aker

BP

ASA

10,386

275

DNB

Bank

ASA

13,164

255

Equinor

ASA

Class

N

20,531

589

Gjensidige

Forsikring

ASA

5,496

89

Kongsberg

Gruppen

ASA

1,645

84

Mowi

ASA

4,659

84

Norsk

Hydro

ASA

38,583

224

Orkla

ASA

8,180

64

Salmar

ASA

Class

A

2,270

126

Telenor

ASA

13,794

153

1,943

Portugal

-

0.2%

Energias

de

Portugal

SA

45,901

205

Galp

Energia

SGPS

SA

Class

B

9,340

147

Jeronimo

Martins

SGPS

SA

10,371

236

588

Singapore

-

1.5%

CapitaLand

Ascendas

REIT

(ö)

25,700

56

CapitaLand

Integrated

Commercial

Trust

Class

A(Æ)(ö)

73,428

109

Capitaland

Investment,

Ltd.

43,500

95

DBS

Group

Holdings,

Ltd.

25,997

616

Genting

Singapore,

Ltd.(Þ)

74,500

56

Grab

Holdings,

Ltd.

Class

A(Æ)

43,274

133

Jardine

Cycle

&

Carriage,

Ltd.

2,400

46

Keppel

Corp.,

Ltd.

-

ADR

32,300

171

Oversea-Chinese

Banking

Corp.,

Ltd.

63,579

608

SEA,

Ltd.

-

ADR(Æ)

3,784

144

Sembcorp

Industries,

Ltd.

16,300

68

Sembcorp

Marine,

Ltd.(Æ)

1,166,095

87

Singapore

Airlines,

Ltd.

34,600

171

Singapore

Exchange,

Ltd.

33,900

236

Singapore

Technologies

Engineering,

Ltd.

36,000

100

Singapore

Telecommunications,

Ltd.

85,100

151

STMicroelectronics

NV

6,365

280

United

Overseas

Bank,

Ltd.

24,200

509

UOL

Group,

Ltd.

17,900

83

3,719

South

Africa

-

0.1%

Anglo

American

PLC

11,730

278

South

Korea

-

0.0%

Delivery

Hero

AG(Æ)(Þ)

1,244

29

Spain

-

2.2%

Acciona

SA

623

81

ACS

Actividades

de

Construccion

y

Servicios

SA

8,624

340

Aena

SME

SA(Þ)

1,332

236

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Amadeus

IT

Group

SA

Class

A

3,263

228

Banco

Bilbao

Vizcaya

Argentaria

SA

-

ADR

66,075

619

Banco

Santander

SA

-

ADR

164,477

661

CaixaBank

SA

52,536

224

Cellnex

Telecom

SA(Þ)

2,824

109

Enagas

SA

8,042

131

Endesa

SA

-

ADR

7,799

154

Grifols

SA(Æ)

3,956

43

Iberdrola

SA

62,149

749

Industria

de

Diseno

Textil

SA

22,342

955

Redeia

Corp.

SA

8,398

140

Repsol

SA

-

ADR

36,184

534

Telefonica

SA

-

ADR

119,217

487

5,691

Sweden

-

2.8%

Alfa

Laval

AB

4,794

176

Assa

Abloy

AB

Class

B

17,100

469

Atlas

Copco

AB

Class

A

50,232

801

Atlas

Copco

AB

Class

B

5,186

72

Boliden

AB

10,340

273

Epiroc

AB

Class

A

21,140

372

Epiroc

AB

Class

B

6,791

106

Equities

AB

6,568

176

Essity

Aktiebolag

Class

B

5,708

134

Evolution

AB(Þ)

3,266

382

Hennes

&

Mauritz

AB

Class

B

10,514

148

Husqvarna

AB

Class

B

4,731

36

Industrivarden

AB

Class

C

3,242

102

Indutrade

AB

6,305

153

Investor

AB

Class

B

17,931

422

L

E

Lundbergforetagen

AB

Class

B

1,904

99

Lifco

AB

Class

B

2,732

66

Nibe

Industrier

AB

Class

B

16,977

102

Saab

AB

Class

B

926

60

Sandvik

AB

7,934

166

Securitas

AB

Class

B

16,109

156

Skandinaviska

Enskilda

Banken

AB

Class

A

29,390

417

Skanska

AB

Class

B

9,882

171

SKF

AB

Class

B

12,388

244

Svenska

Handelsbanken

AB

Class

A

28,070

303

Swedbank

AB

Class

A

18,927

386

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

4,734

133

Telefonaktiebolaget

LM

Ericsson

Class

B

59,875

331

Volvo

AB

Class

A

-

GDR

3,198

79

Volvo

AB

Class

B

16,875

403

Volvo

Car

AB

Class

B(Æ)

26,961

70

7,008

Switzerland

-

4.6%

ABB,

Ltd.

12,231

517

Adecco

Group

AG

5,029

218

Alcon,

Inc.

2,257

169

Bachem

Holding

AG

760

51

Baloise

Holding

AG

1,270

203

Banque

Cantonale

Vaudoise

410

53

Barry

Callebaut

AG

52

76

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

51

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BKW

AG

276

44

Chocoladefabriken

Lindt

&

Spruengli

AG

12

267

Cie

Financiere

Richemont

SA

Class

A

2,835

423

DSM-

Firmenich

AG

772

81

EMS-

Chemie

Holding

AG

171

129

Geberit

AG

633

365

Givaudan

SA

47

196

Helvetia

Holding

AG

937

136

Julius

Baer

Group,

Ltd.

1,735

95

Kuehne

&

Nagel

International

AG

1,034

353

Logitech

International

SA

3,662

307

Novartis

AG

27,009

2,797

Partners

Group

Holding

AG

159

216

Sandoz

Group

AG(Æ)

5,670

195

Schindler

Holding

AG

1,682

418

SGS

SA

2,750

254

Sika

AG

520

144

Sonova

Holding

AG

662

211

Straumann

Holding

AG

1,777

272

Swatch

Group

AG

(The)

Class

B

1,187

278

Swiss

Life

Holding

AG

543

390

Swiss

Prime

Site

AG

Class

A

1,745

177

Swisscom

AG

579

346

Temenos

AG

686

70

UBS

Group

AG

43,233

1,291

VAT

Group

AG(Þ)

574

268

Zurich

Insurance

Group

AG

1,608

818

11,828

United

Kingdom

-

9.4%

3i

Group

PLC

32,845

1,025

Ashtead

Group

PLC

6,194

405

Associated

British

Foods

PLC

8,630

256

AstraZeneca

PLC

18,648

2,482

Auto

Trader

Group

PLC(Þ)

28,138

260

Aviva

PLC

43,638

238

BAE

Systems

PLC

61,710

919

Barclays

PLC

129,110

241

Barratt

Developments

PLC

30,464

207

Berkeley

Group

Holdings

PLC

4,346

263

BP

PLC

214,534

1,257

British

American

Tobacco

PLC

18,312

541

BT

Group

PLC

170,310

241

Bunzl

PLC

5,895

240

Burberry

Group

PLC

6,445

107

Centrica

PLC

188,585

330

CK

Hutchison

Holdings,

Ltd.

Class

B

62,758

322

Coca-Cola

Europacific

Partners

PLC

1,756

121

Compass

Group

PLC

20,072

553

Croda

International

PLC

2,244

137

DCC

PLC

3,507

255

Diageo

PLC

13,274

477

GVC

Holdings

PLC

7,130

87

Halma

PLC

9,652

268

Hargreaves

Lansdown

PLC

16,120

156

HSBC

Holdings

PLC

269,811

2,105

Imperial

Tobacco

Group

PLC

16,819

404

Informa

PLC

27,852

274

InterContinental

Hotels

Group

PLC

3,186

302

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Intertek

Group

PLC

5,414

307

J

Sainsbury

PLC

57,295

196

JD

Sports

Fashion

PLC

39,145

57

Kingfisher

PLC

68,959

192

Lloyds

Banking

Group

PLC

545,919

292

London

Stock

Exchange

Group

PLC

4,126

467

M&G

PLC

17,891

51

Melrose

Industries

PLC

13,660

102

Mondi

PLC

15,655

279

National

Grid

PLC

27,604

367

NatWest

Group

PLC

81,498

231

Next

PLC

2,014

215

Pearson

PLC

26,132

321

Persimmon

PLC

Class

A

10,217

187

Reckitt

Benckiser

Group

PLC

5,557

401

RELX

PLC

27,372

1,132

Rentokil

Initial

PLC

9,523

49

Rolls-Royce

Holdings

PLC(Æ)

124,873

475

Sage

Group

PLC

(The)

30,130

449

Schroders

PLC

12,682

65

Scottish

&

Southern

Energy

PLC

4,656

99

Severn

Trent

PLC

Class

H

3,859

127

Smith

&

Nephew

PLC

17,367

244

Smiths

Group

PLC

2,976

61

St.

James's

Place

PLC

7,897

65

Standard

Chartered

PLC

51,338

387

Taylor

Wimpey

PLC

108,428

203

Tesco

PLC

227,453

825

Unilever

PLC

18,007

877

United

Utilities

Group

PLC

7,758

104

Vodafone

Group

PLC

450,981

385

Wausau

Paper

Corp.

9,441

92

Whitbread

PLC

3,058

139

Wise

PLC

Class

A(Æ)

9,843

100

24,016

United

States

-

5.6%

CRH

PLC

6,141

441

CSL,

Ltd.

4,482

880

CyberArk

Software,

Ltd.(Æ)

427

100

Experian

PLC

11,561

482

GSK

Finance

No.

3

PLC

59,208

1,173

Haleon

PLC

87,330

356

Holcim

AG(Æ)

8,646

664

James

Hardie

Industries

PLC(Æ)

7,920

297

Monday.com,

Ltd.(Æ)

273

57

Nestle

SA

29,844

3,403

Roche

Holding

AG

8,605

2,463

Sanofi

SA

-

ADR

17,212

1,728

Schneider

Electric

SE

3,556

701

Stellantis

NV

46,345

1,021

Swiss

Re

AG

4,297

493

14,259

Zambia

-

0.1%

First

Quantum

Minerals,

Ltd.

13,789

125

Total

Common

Stocks

(cost

$181,730)

240,516

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

52

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Preferred

Stocks

-

0.4%

Germany

-

0.4%

Dr

Ing

hc

F

Porsche

AG(Þ)

1.172%

(Ÿ)

759

65

Henkel

AG

&

Co.

KGaA

2.632%

(Ÿ)

2,607

201

Porsche

Automobil

Holding

SE

5.210%

(Ÿ)

4,282

215

Volkswagen

AG

7.323%

(Ÿ)

3,270

423

904

Total

Preferred

Stocks

(cost

$930)

904

Warrants

and

Rights

-

0.0%

Canada

-

0.0%

Constellation

Software,

Inc.(Æ)

2040

Warrants

387

—

Spain

-

0.0%

ACS

Actividades

de

Construccion

y

Servicios

SA(Æ)

 2024

Rights

8,624

4

Total

Warrants

and

Rights

(cost

$4)

4

Short-Term

Investments

-

4.0%

United

States

-

4.0%

U.S.

Cash

Management

Fund(@)

10,280,050

(∞)

10,277

Total

Short-Term

Investments

(cost

$10,277)

10,277

Total

Investments

-

98.8%

(identified

cost

$192,941)

251,701

Other

Assets

and

Liabilities,

Net

-

1.2%

2,942

Net

Assets

-

100.0%

254,643

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

53

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.8%

ABN

AMRO

Bank

NV

05/08/20

EUR

7,996

11.68

93

118

Adyen

NV

08/04/23

EUR

643

1,568.94

1,009

805

Aena

SME

SA

11/29/22

EUR

1,332

173.53

231

236

Amundi

SA

06/28/22

EUR

1,175

52.76

62

80

Auto

Trader

Group

PLC

08/04/23

GBP

28,138

8.11

228

260

BayCurrent

Consulting,

Inc.

06/16/23

JPY

6,800

39.23

267

158

Budweiser

Brewing

Co.

APAC,

Ltd.

08/08/23

HKD

20,300

2.22

45

32

Cellnex

Telecom

SA

12/10/21

EUR

2,824

28.53

81

109

Delivery

Hero

AG

10/21/22

EUR

1,244

34.37

43

29

Demant

A/S

04/14/20

DKK

1,948

24.01

47

88

Dr

Ing

hc

F

Porsche

AG

01/13/23

EUR

759

126.12

96

65

Euronext

NV

06/06/22

E

UR

1,491

73.35

109

131

Evolution

AB

11/24/20

SEK

3,266

105.46

344

382

Genting

Singapore,

Ltd.

12/12/22

SGD

74,500

0.66

49

56

Hydro

One,

Ltd.

08/08/23

CAD

1,692

28.08

48

50

Infrastrutture

Wireless

Italiane

SpA

11/21/22

EUR

5,703

8.25

47

69

La

Francaise

des

Jeux

SAEM

10/21/22

EUR

4,169

42.11

176

170

Nordea

Bank

Abp

04/14/20

SEK

38,089

5.86

223

468

Poste

Italiane

SpA

04/06/17

EUR

13,149

6.63

87

142

Scout24

SE

10/21/22

EUR

1,728

52.46

91

128

Siemens

Healthineers

AG

10/14/22

EUR

2,523

42.32

107

141

VAT

Group

AG

02/04/22

CHF

574

369.42

212

268

WH

Group,

Ltd.

05/05/23

HKD

396,789

0.87

345

233

WiseTech

Global,

Ltd.

02/04/22

AUD

4,086

30.58

125

192

Worldline

SA

03/11/22

EUR

1,419

44.60

63

19

Zalando

SE

06/16/23

EUR

2,035

29.12

59

41

4,470

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

54

Multifactor

International

Equity

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

EURO

STOXX

50

Index

Futures

110

EUR

5,132

03/24

157

FTSE

100

Index

Futures

15

GBP

1,144

03/24

3

MSCI

Emerging

Markets

Index

Futures

55

USD

2,697

03/24

(12)

S&P/TSX

60

Index

Futures

9

CAD

2,288

03/24

27

SPI

200

Index

Futures

5

AUD

955

03/24

16

TOPIX

Index

Futures

8

JPY

204,280

03/24

110

Short

Positions

Hang

Seng

Index

Futures

9

HKD

6,986

02/24

30

MSCI

Singapore

Index

Futures

32

SGD

888

02/24

1

S&P

500

E-Mini

Index

Futures

2

USD

487

03/24

(19)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

313

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

1,318

JPY

184,700

03/21/24

(54)

Bank

of

New

York

USD

131

AUD

199

03/20/24

(1)

Bank

of

New

York

USD

311

CAD

421

03/20/24

3

Bank

of

New

York

USD

1,319

EUR

1,217

03/20/24

(1)

Bank

of

New

York

USD

523

GBP

417

03/20/24

6

Bank

of

New

York

USD

59

HKD

463

03/20/24

—

Bank

of

New

York

USD

935

JPY

133,708

03/21/24

(20)

Bank

of

New

York

USD

41

NZD

67

03/20/24

—

Bank

of

New

York

CHF

827

USD

953

03/20/24

(10)

Bank

of

New

York

NOK

3,207

USD

294

03/20/24

(11)

Bank

of

New

York

SEK

1,465

USD

141

03/20/24

—

Citigroup

USD

131

AUD

199

03/20/24

—

Citigroup

USD

311

CAD

421

03/20/24

3

Citigroup

USD

1,319

EUR

1,217

03/20/24

(1)

Citigroup

USD

522

GBP

417

03/20/24

6

Citigroup

USD

59

HKD

463

03/20/24

—

Citigroup

USD

935

JPY

133,708

03/21/24

(20)

Citigroup

USD

41

NZD

67

03/20/24

—

Citigroup

CHF

827

USD

954

03/20/24

(9)

Citigroup

NOK

3,207

USD

294

03/20/24

(12)

Citigroup

SEK

1,465

USD

141

03/20/24

—

Royal

Bank

of

Canada

USD

131

AUD

199

03/20/24

—

Royal

Bank

of

Canada

USD

311

CAD

421

03/20/24

3

Royal

Bank

of

Canada

USD

1,319

EUR

1,217

03/20/24

—

Royal

Bank

of

Canada

USD

522

GBP

417

03/20/24

7

Royal

Bank

of

Canada

USD

59

HKD

463

03/20/24

—

Royal

Bank

of

Canada

USD

934

JPY

133,708

03/21/24

(19)

Royal

Bank

of

Canada

USD

41

NZD

67

03/20/24

—

Royal

Bank

of

Canada

CHF

827

USD

953

03/20/24

(10)

Royal

Bank

of

Canada

EUR

3,270

USD

3,586

03/20/24

44

Royal

Bank

of

Canada

JPY

147,210

USD

1,031

03/21/24

22

Royal

Bank

of

Canada

NOK

3,207

USD

294

03/20/24

(12)

Royal

Bank

of

Canada

SEK

1,465

USD

141

03/20/24

—

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

55

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

USD

1,601

AUD

2,390

03/20/24

(30)

State

Street

USD

799

CAD

1,070

03/20/24

(3)

State

Street

USD

1,801

EUR

1,640

03/20/24

(25)

State

Street

USD

1,516

JPY

217,430

03/21/24

(28)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(172)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

14,835

$

—

$

—

$

14,835

Austria

—

657

—

—

657

Belgium

203

831

—

—

1,034

Brazil

92

195

—

—

287

Burkina

Faso

—

63

—

—

63

Canada

25,159

—

—

—

25,159

Chile

185

169

—

—

354

China

—

609

—

—

609

Denmark

—

7,289

—

—

7,289

Finland

—

1,956

—

—

1,956

France

—

21,907

—

—

21,907

Germany

—

17,485

—

—

17,485

Hong

Kong

108

3,372

22

—

3,502

Ireland

—

1,542

—

—

1,542

Israel

709

1,416

—

—

2,125

Italy

—

5,680

—

—

5,680

Japan

—

50,952

—

—

50,952

Jordan

—

256

—

—

256

Luxembourg

—

621

—

—

621

Macao

—

62

—

—

62

Netherlands

182

13,986

—

—

14,168

New

Zealand

—

489

—

—

489

Norway

—

1,943

—

—

1,943

Portugal

—

588

—

—

588

Singapore

277

3,442

—

—

3,719

South

Africa

—

278

—

—

278

South

Korea

—

29

—

—

29

Spain

—

5,691

—

—

5,691

Sweden

—

7,008

—

—

7,008

Switzerland

—

11,828

—

—

11,828

United

Kingdom

121

23,895

—

—

24,016

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

56

Multifactor

International

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.

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

United

States

598

13,661

—

—

14,259

Zambia

125

—

—

—

125

Preferred

Stocks

—

904

—

—

904

Warrants

and

Rights

4

—

—

—

4

Short-Term

Investments

—

—

—

10,277

10,277

Total

Investments

27,763

213,639

22

10,277

251,701

Other

Financial

Instruments

Assets

Futures

Contracts

344

—

—

—

344

Foreign

Currency

Exchange

Contracts

—

94

—

—

94

Liabilities

Futures

Contracts

(31)

—

—

—

(31)

Foreign

Currency

Exchange

Contracts

—

(266)

—

—

(266)

Total

Other

Financial

Instruments

*

$

313

$

(172)

$

—

$

—

$

141

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

36,015

Consumer

Staples

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

15,083

Energy

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

14,493

Financial

Services

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

55,906

Health

Care

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

25,828

Materials

and

Processing

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

22,605

Producer

Durables

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

34,243

Technology

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

22,634

Utilities

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

13,709

Preferred

Stocks

Consumer

Discretionary

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

704

Consumer

Staples

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

200

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

57

Warrants

and

Rights

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

4

Short-Term

Investments

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

10,277

Total

Investments

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

251,701

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

10,295

$

20,471

$

20,490

$

1

$

—

$

10,277

$

131

$

—

U.S.

Cash

Collateral

Fund

—

3,072

3,072

—

—

—

4

—

$

10,295

$

23,543

$

23,562

$

1

$

—

$

10,277

$

135

$

—

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

58

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

92.5%

Australia

-

1.9%

Aristocrat

Leisure,

Ltd.

7,432

214

ASX,

Ltd.

-

ADR

6,818

292

Australia

&

New

Zealand

Banking

Group,

Ltd.

-

ADR

14,841

263

BHP

Group,

Ltd.

-

ADR

139,174

4,271

Brambles,

Ltd.

32,107

307

Coles

Group,

Ltd.

26,106

271

Commonwealth

Bank

of

Australia

-

ADR

9,530

730

Fortescue

Metals

Group,

Ltd.

49,783

967

Glencore

PLC

370,812

1,973

Independence

Group

NL

34,809

169

Insurance

Australia

Group,

Ltd.

288,849

1,138

Medibank

Pvt

,

Ltd.

80,367

202

National

Australia

Bank,

Ltd.

-

ADR

12,488

265

Northern

Star

Resources,

Ltd.

25,451

218

QBE

Insurance

Group,

Ltd.

172,748

1,796

Rio

Tinto

PLC

29,556

2,061

Rio

Tinto,

Ltd.

-

ADR

2,745

238

Telstra

Group,

Ltd.

569,379

1,501

Wesfarmers,

Ltd.

9,437

359

Woodside

Energy

Group,

Ltd.

111,197

2,331

19,566

Austria

-

0.5%

ams

AG(Æ)

285,792

675

Erste

Group

Bank

AG

108,486

4,694

5,369

Belgium

-

0.2%

Ageas

SA

30,118

1,290

Proximus

SADP

84,220

800

2,090

Brazil

-

0.9%

Ambev

SA(Æ)

966,679

2,552

Atacadao

SA

348,242

732

Banco

Bradesco

SA

-

ADR

561,331

1,740

Banco

do

Brasil

SA

103,507

1,179

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

75,864

1,208

Telefonica

Brasil

SA

152,770

1,584

Ultrapar

Participacoes

SA

80,975

460

9,455

Burkina

Faso

-

0.0%

Endeavour

Mining

PLC

22,382

388

Canada

-

5.3%

Alimentation

Couche-Tard,

Inc.

8,101

475

ARC

Resources,

Ltd.

49,291

765

Bank

of

Montreal

3,554

335

Bank

of

Nova

Scotia

(The)

8,310

389

Barrick

Gold

Corp.

83,670

1,307

CAE,

Inc.(Æ)

226,511

4,535

Canadian

Imperial

Bank

of

Commerce

10,368

468

Canadian

National

Railway

Co.

53,243

6,605

Canadian

Natural

Resources,

Ltd.

9,220

590

Canadian

Pacific

Kansas

City,

Ltd.

4,351

350

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CCL

Industries,

Inc.

Class

B

5,370

230

Cenovus

Energy,

Inc.

26,411

428

CGI

Group,

Inc.(Æ)

4,703

527

Constellation

Software,

Inc.

217

600

Dollarama

,

Inc.

33,641

2,469

Enbridge,

Inc.

16,824

597

Fairfax

Financial

Holdings,

Ltd.

772

805

Great-West

Lifeco

,

Inc.

41,274

1,378

iA

Financial

Corp.,

Inc.

11,739

798

Imperial

Oil,

Ltd.

5,008

289

Intact

Financial

Corp.

2,553

399

Kinross

Gold

Corp.

44,918

247

Loblaw

Cos.,

Ltd.

4,003

400

Magna

International,

Inc.

Class

A

57,822

3,286

Manulife

Financial

Corp.

136,257

3,012

Metro,

Inc.

Class

A

3,785

199

National

Bank

of

Canada

29,713

2,273

Nutrien

,

Ltd.

7,675

383

Royal

Bank

of

Canada

-

GDR

42,348

4,133

Shopify,

Inc.

Class

A(Æ)

46,960

3,760

Stantec

,

Inc.

33,112

2,661

Sun

Life

Financial,

Inc.

52,442

2,718

Suncor

Energy,

Inc.

15,683

519

Teck

Resources,

Ltd.

Class

B

6,067

243

TELUS

Corp.

15,716

281

TFI

International,

Inc.

2,445

321

Thomson

Reuters

Corp.

1,509

224

Toronto-Dominion

Bank

(The)(Ñ)

58,270

3,540

Tourmaline

Oil

Corp.

44,181

1,910

West

Fraser

Timber

Co.,

Ltd.

2,901

231

54,680

China

-

2.0%

Alibaba

Group

Holding,

Ltd.

453,500

4,071

Baidu,

Inc.

Class

A(Æ)

6,600

86

BOC

Hong

Kong

Holdings,

Ltd.

104,500

249

BYD

Co.,

Ltd.

Class

H

76,500

1,705

China

Merchants

Bank

Co.,

Ltd.

Class

H

192,000

700

China

Overseas

Land

&

Investment,

Ltd.

601,500

906

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

702,000

270

H

World

Group,

Ltd.

-

ADR

40,931

1,300

Haier

Smart

Home

Co.,

Ltd.

Class

H

610,800

1,723

Lenovo

Group,

Ltd.

740,000

766

Tencent

Holdings,

Ltd.

248,888

8,656

Wilmar

International,

Ltd.

75,500

184

20,616

Denmark

-

2.3%

AP

Moller

-

Maersk

A/S

Class

B

113

208

Coloplast

A/S

Class

B

2,637

304

Danske

Bank

A/S

89,552

2,410

DSV

A/S

8,624

1,542

Genmab

A/S(Æ)

652

181

Novo

Nordisk

A/S

Class

B

150,101

17,143

Novozymes

A/S

Class

B

1,619

83

Tryg

A/S

11,848

253

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

59

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vestas

Wind

Systems

A/S(Æ)

78,533

2,200

24,324

Finland

-

0.9%

Elisa

OYJ

21,334

970

Nokia

OYJ

1,396,146

5,046

Nordea

Bank

Abp

21,027

259

Sampo

OYJ

Class

A

23,185

972

UPM-

Kymmene

OYJ

66,492

2,419

9,666

France

-

9.0%

Accor

SA

137,722

5,434

Air

Liquide

SA

Class

A

4,360

817

Airbus

Group

SE

26,674

4,260

Amundi

SA(Þ)

45,712

3,094

AXA

SA

93,704

3,155

BNP

Paribas

SA

35,887

2,413

Bouygues

SA

-

ADR

29,412

1,078

Bureau

Veritas

SA

111,644

2,959

Capgemini

SE

11,785

2,638

Carrefour

SA

80,634

1,377

Cie

de

Saint-Gobain

SA

33,967

2,405

Danone

SA

17,426

1,162

Dassault

Aviation

SA

9,028

1,712

Dassault

Systemes

SE

7,043

367

Edenred

SE

7,045

422

Eiffage

SA

3,301

344

Engie

SA

162,880

2,600

EssilorLuxottica

SA

2,227

438

Eurazeo

SE

5,035

428

Hermes

International

250

528

Kering

600

248

Legrand

SA

-

ADR

3,814

371

L'Oreal

SA

11,198

5,370

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

12,240

10,180

Michelin

(CGDE)

173,985

5,795

Orange

SA

-

ADR

180,236

2,143

Pernod

Ricard

SA

23,358

3,844

Publicis

Groupe

SA

-

ADR

16,868

1,693

Renault

SA

28,632

1,074

Rexel

SA

Class

H

153,202

4,065

Safran

SA

1,708

320

Sartorius

Stedim

Biotech

21,826

5,883

Societe

Generale

SA

80,289

2,062

Teleperformance

-

GDR

29,441

4,619

Thales

SA

5,122

749

Total

SE

86,189

5,613

Valeo

SE

69,985

915

Vinci

SA

9,566

1,210

93,785

Germany

-

5.8%

adidas

AG

12,057

2,294

Allianz

SE

4,989

1,336

BASF

SE

124,908

6,001

Bayer

AG

65,050

2,025

Beiersdorf

AG

4,001

588

Brenntag

SE

20,228

1,798

Ceconomy

AG(Æ)

49,666

121

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Commerzbank

AG

23,453

271

Continental

AG

13,329

1,096

Covestro

AG(Æ)(Þ)

49,351

2,617

Daimler

Truck

Holding

AG

171,692

6,171

Deutsche

Boerse

AG

40,012

7,985

Deutsche

Post

AG

8,928

430

Deutsche

Telekom

AG

37,826

930

E.ON

SE

26,241

356

Evonik

Industries

AG

153,420

2,851

Fresenius

Medical

Care

AG

&

Co.

KGaA

71,414

2,773

Fresenius

SE

&

Co.

KGaA

54,219

1,525

GEA

Group

AG

19,353

778

Hannover

Rueck

SE

9,292

2,228

Heidelberg

Materials

AG

31,179

2,894

Infineon

Technologies

AG

-

ADR

63,781

2,326

Mercedes-Benz

Group

AG

13,518

918

Merck

KGaA

1,953

322

Muenchener

Rueckversicherungs-

Gesellschaft

AG

6,849

2,916

Rheinmetall

AG

5,871

2,059

SAP

SE

-

ADR

10,283

1,790

Siemens

AG

12,125

2,185

Symrise

AG

3,707

384

Talanx

AG

3,353

236

60,204

Hong

Kong

-

2.2%

AIA

Group,

Ltd.

953,375

7,413

CK

Asset

Holdings,

Ltd.

272,657

1,220

CLP

Holdings,

Ltd.

190,000

1,506

Hang

Seng

Bank,

Ltd.

113,500

1,172

Hong

Kong

&

China

Gas

Co.,

Ltd.

335,000

238

Hong

Kong

Exchanges

&

Clearing,

Ltd.

17,000

515

MTR

Corp.,

Ltd.

217,000

700

Power

Assets

Holdings,

Ltd.

242,000

1,415

Prudential

PLC

101,329

1,044

Sino

Land

Co.,

Ltd.

228,000

237

Techtronic

Industries

Co.,

Ltd.

617,239

6,594

WH

Group,

Ltd.(Þ)

1,566,500

922

22,976

Hungary

-

0.1%

OTP

Bank

PLC

22,868

1,057

India

-

0.9%

HDFC

Bank,

Ltd.

-

ADR

163,925

9,096

Ireland

-

1.7%

AIB

Group

PLC

246,086

1,079

Bank

of

Ireland

Group

PLC

265,084

2,433

Flutter

Entertainment

PLC(Æ)

17,738

3,647

Kerry

Group

PLC

Class

A

51,586

4,578

Kingspan

Group

PLC

3,148

257

Medtronic

PLC

23,763

2,080

Ryanair

Holdings

PLC

-

ADR

21,552

2,879

Smurfit

Kappa

Group

PLC

6,533

242

17,195

Israel

-

0.2%

Bank

Hapoalim

BM

45,084

385

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

60

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bank

Leumi

Le-Israel

BM

48,276

368

Check

Point

Software

Technologies,

Ltd.(Æ)

3,862

614

Elbit

Systems,

Ltd.

798

164

Nice,

Ltd.(Æ)

1,640

341

1,872

Italy

-

2.6%

Assicurazioni

Generali

SpA

18,807

421

BPER

Banca

SpA

357,359

1,287

Coca-Cola

HBC

AG

-

ADR(Æ)

8,422

248

Davide

Campari-Milano

SpA

156,802

1,590

Enel

SpA

688,921

4,699

Eni

SpA

-

ADR

182,608

2,921

FinecoBank

Banca

Fineco

SpA

431,747

6,240

Intesa

Sanpaolo

SpA

87,670

271

Moncler

SpA

29,745

1,831

Poste

Italiane

SpA

(Þ)

14,482

157

Recordati

SpA

17,831

984

Snam

Rete

Gas

SpA

308,101

1,503

Terna

Rete

Elettrica

Nazionale

SpA

136,643

1,152

UniCredit

SpA

135,310

3,971

27,275

Japan

-

15.3%

Advantest

Corp.

32,700

1,289

Ajinomoto

Co.,

Inc.

10,694

439

Alfresa

Holdings

Corp.

35,000

574

Alps

Alpine

Co.,

Ltd.

51,800

384

Amada

Co.,

Ltd.

57,800

625

Asahi

Group

Holdings,

Ltd.

5,600

208

Astellas

Pharma,

Inc.

143,700

1,681

Bridgestone

Corp.

78,400

3,408

Brother

Industries,

Ltd.

23,400

392

Canon,

Inc.

103,000

2,853

Chugai

Pharmaceutical

Co.,

Ltd.

11,000

397

Dai-ichi

Life

Holdings,

Inc.

77,025

1,697

Daiichi

Sankyo

Co.,

Ltd.

84,000

2,533

Daikin

Industries,

Ltd.

1,700

273

Daito

Trust

Construction

Co.,

Ltd.

10,700

1,218

Daiwa

House

Industry

Co.,

Ltd.

13,500

417

DeNA

Co.,

Ltd.

37,800

381

Denso

Corp.

117,000

1,831

Disco

Corp.

2,100

564

Eisai

Co.,

Ltd.

41,710

1,973

Fast

Retailing

Co.,

Ltd.

1,100

294

Fuji

Electric

Co.,

Ltd.

6,000

300

FUJIFILM

Holdings

Corp.

5,200

330

Fujitsu,

Ltd.

2,600

367

Fukuoka

Financial

Group,

Inc.

63,000

1,556

Hakuhodo

DY

Holdings,

Inc.

79,700

614

Hino

Motors,

Ltd.(Æ)

99,200

338

Hirose

Electric

Co.,

Ltd.

3,300

385

Honda

Motor

Co.,

Ltd.

119,774

1,339

Hoya

Corp.

1,900

241

Iida

Group

Holdings

Co.,

Ltd.

65,000

982

Isuzu

Motors,

Ltd.

167,800

2,295

ITOCHU

Corp.

61,000

2,772

Japan

Airlines

Co.,

Ltd.

43,800

847

Japan

Exchange

Group,

Inc.

15,200

337

Japan

Post

Bank

Co.,

Ltd.

Class

A

23,900

249

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Japan

Post

Holdings

Co.,

Ltd.

47,100

452

Japan

Tobacco,

Inc.

83,300

2,196

JGC

Holdings

Corp.

57,600

675

Kajima

Corp.

24,700

440

Kao

Corp.

65,700

2,611

KDDI

Corp.

83,000

2,746

Keyence

Corp.

17,400

7,805

Kirin

Holdings

Co.,

Ltd.

182,500

2,638

Komatsu,

Ltd.

122,800

3,506

Kubota

Corp.

122,900

1,866

Kyocera

Corp.

179,200

2,626

Makita

Corp.

42,853

1,155

Mazda

Motor

Corp.

24,200

293

MEIJI

Holdings

Co.,

Ltd.

23,800

577

Minebea

Co.,

Ltd.

131,200

2,720

Mitsubishi

Corp.

16,300

281

Mitsubishi

Electric

Corp.

127,600

1,879

Mitsubishi

Estate

Co.,

Ltd.

108,500

1,508

Mitsubishi

Gas

Chemical

Co.,

Inc.

57,900

947

Mitsubishi

HC

Capital,

Inc.

31,900

227

Mitsubishi

UFJ

Financial

Group,

Inc.

226,722

2,126

Mitsui

&

Co.,

Ltd.

6,900

280

MS&AD

Insurance

Group

Holdings,

Inc.

116,700

4,844

Murata

Manufacturing

Co.,

Ltd.

21,000

424

NEC

Corp.

3,900

255

Nikon

Corp.

54,500

556

Nintendo

Co.,

Ltd.

11,100

621

Nippon

Prologis

REIT,

Inc.(Æ)(ö)

254

452

Nippon

Steel

Corp.

11,400

275

Nippon

Telegraph

&

Telephone

Corp.

324,700

410

Nippon

Television

Holdings,

Inc.

48,800

570

Nippon

Yusen

11,300

392

Nissan

Motor

Co.,

Ltd.

430,900

1,695

Nissin

Foods

Holdings

Co.,

Ltd.

7,500

243

Nitto

Denko

Corp.

20,100

1,664

Nomura

Holdings,

Inc.

37,100

192

Obayashi

Corp.

32,600

302

Obic

Co.,

Ltd.

1,400

215

Olympus

Corp.

138,300

2,049

Ono

Pharmaceutical

Co.,

Ltd.

114,992

2,075

ORIX

Corp.

5,900

114

Otsuka

Holdings

Co.,

Ltd.

18,300

720

Panasonic

Holdings

Corp.

27,100

255

Recruit

Holdings

Co.,

Ltd.

18,400

729

Resona

Holdings,

Inc.

708,800

3,933

SCSK

Corp.

12,700

250

Secom

Co.,

Ltd.

6,400

464

Sekisui

Chemical

Co.,

Ltd.

57,400

821

Sekisui

House,

Ltd.

22,200

501

SG

Holdings

Co.,

Ltd.

33,100

428

Shin-Etsu

Chemical

Co.,

Ltd.

257,570

10,150

Shionogi

&

Co.,

Ltd.

9,400

452

SMC

Corp.

3,300

1,836

SoftBank

Corp.

31,300

416

Sompo

Japan

Nipponkoa

Holdings,

Inc.

26,900

1,398

Sony

Group

Corp.

26,850

2,653

Stanley

Electric

Co.,

Ltd.

42,623

811

Subaru

Corp.

172,588

3,462

Sumitomo

Electric

Industries,

Ltd.

106,000

1,411

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

61

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sumitomo

Heavy

Industries,

Ltd.

26,900

699

Sumitomo

Mitsui

Financial

Group,

Inc.

28,500

1,485

Sumitomo

Mitsui

Trust

Holdings,

Inc.

118,600

2,438

Sumitomo

Rubber

Industries,

Ltd.

63,900

741

T&D

Holdings,

Inc.

197,200

3,293

Taiheiyo

Cement

Corp.

22,900

472

Takeda

Pharmaceutical

Co.,

Ltd.

94,900

2,791

TDK

Corp.

35,600

1,770

Terumo

Corp.

12,900

435

THK

Co.,

Ltd.

46,500

896

Tokio

Marine

Holdings,

Inc.

107,200

2,840

Tokyo

Electron,

Ltd.

38,068

7,058

Toray

Industries,

Inc.

444,200

2,226

Toyota

Motor

Corp.

139,300

2,769

Trend

Micro,

Inc.

5,500

314

Tsuruha

Holdings,

Inc.

9,900

785

Unicharm

Corp.

13,200

456

USS

Co.,

Ltd.

20,400

386

Yamaha

Motor

Co.,

Ltd.

144,300

1,366

Yamato

Holdings

Co.,

Ltd.

80,484

1,394

158,589

Luxembourg

-

1.2%

ArcelorMittal

SA

110,859

3,040

Eurofins

Scientific

SE

91,124

5,500

RTL

Group

SA

15,918

615

Spotify

Technology

SA(Æ)

11,564

2,490

Tenaris

SA

54,559

865

12,510

Macao

-

0.3%

Galaxy

Entertainment

Group,

Ltd.

520,883

2,705

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

641,182

844

Mexico

-

0.0%

Fresnillo

PLC

60,909

409

Netherlands

-

6.6%

ABN

AMRO

Bank

NV(Þ)

116,117

1,717

Adyen

NV(Æ)(Þ)

498

623

Akzo

Nobel

NV

3,581

274

Argenx

SE(Æ)

3,542

1,343

ASM

International

NV

946

527

ASML

Holding

NV

8,035

6,886

BE

Semiconductor

Industries

NV

2,690

406

Ferrari

NV

8,741

3,041

Heineken

NV

102,461

10,312

ING

Groep

NV

352,632

5,016

Koninklijke

Ahold

Delhaize

NV

13,509

380

Koninklijke

KPN

NV

387,666

1,319

Koninklijke

Philips

NV

272,943

5,829

NN

Group

NV

41,284

1,691

Randstad

NV

91,992

5,216

Shell

PLC

389,577

12,120

Universal

Music

Group

NV

385,513

11,350

VEON,

Ltd.

-

ADR(Æ)

11,168

217

Wolters

Kluwer

NV

4,726

697

68,964

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

New

Zealand

-

0.1%

Spark

New

Zealand,

Ltd.

294,218

954

Norway

-

0.2%

DNB

Bank

ASA

21,326

414

Equinor

ASA

Class

N

13,514

388

Norsk

Hydro

ASA

22,543

131

Orkla

ASA

107,028

838

Telenor

ASA

42,584

472

2,243

Portugal

-

0.1%

Energias

de

Portugal

SA

42,623

190

Jeronimo

Martins

SGPS

SA

32,719

746

936

Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

607,370

—

Lukoil

PJSC(Š)

10,952

—

Mobile

TeleSystems

PJSC

-

ADR(Š)

145,363

—

Sberbank

of

Russia

PJSC(Š)

415,116

—

—

Singapore

-

0.6%

CapitaLand

Ascendas

REIT(ö)

91,500

198

DBS

Group

Holdings,

Ltd.

11,346

269

Grab

Holdings,

Ltd.

Class

A(Æ)

78,439

241

Oversea-Chinese

Banking

Corp.,

Ltd.

276,460

2,643

Singapore

Exchange,

Ltd.

27,000

188

Singapore

Technologies

Engineering,

Ltd.

117,100

324

Singapore

Telecommunications,

Ltd.

1,104,300

1,965

STMicroelectronics

NV

5,797

254

United

Overseas

Bank,

Ltd.

13,900

292

6,374

South

Africa

-

0.2%

Anglo

American

PLC

34,544

820

MTN

Group,

Ltd.

117,055

596

Old

Mutual,

Ltd.

1,068,638

713

2,129

South

Korea

-

1.3%

Coway

Co.,

Ltd.

17,567

723

Hankook

Tire

&

Technology

Co.,

Ltd.

23,883

909

Hyundai

Mobis

Co.,

Ltd.

8,678

1,350

KB

Financial

Group,

Inc.

47,036

1,994

KT

Corp.

-

ADR

108,477

1,431

LG

Energy

Solution,

Ltd.(Æ)

3,533

990

Samsung

Electronics

Co.,

Ltd.

50,372

2,731

Shinhan

Financial

Group

Co.,

Ltd.

97,683

2,989

13,117

Spain

-

1.9%

Amadeus

IT

Group

SA

Class

A

72,558

5,072

Banco

Bilbao

Vizcaya

Argentaria

SA

-

ADR

28,373

266

Banco

Santander

SA

-

ADR

62,124

250

CaixaBank

SA

690,328

2,949

Cellnex

Telecom

SA(Þ)

55,978

2,155

Endesa

SA

-

ADR

12,685

251

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

62

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Iberdrola

SA

44,347

534

Industria

de

Diseno

Textil

SA

196,764

8,411

Redeia

Corp.

SA

19,056

317

20,205

Sweden

-

2.0%

Assa

Abloy

AB

Class

B

83,447

2,289

Atlas

Copco

AB

Class

A

34,456

550

Atlas

Copco

AB

Class

B

160,008

2,213

Boliden

AB

37,872

998

Epiroc

AB

Class

A

12,078

213

Essity

Aktiebolag

Class

B

81,242

1,910

Hexagon

AB

Class

B

495,414

5,399

Investor

AB

Class

B

14,522

342

Sandvik

AB

76,290

1,597

Skandinaviska

Enskilda

Banken

AB

Class

A

37,989

539

SKF

AB

Class

B

123,264

2,424

Svenska

Handelsbanken

AB

Class

A

24,410

263

Telefonaktiebolaget

LM

Ericsson

Class

B

245,840

1,359

Volvo

AB

Class

B

10,344

247

20,343

Switzerland

-

4.7%

ABB,

Ltd.

3,817

161

Adecco

Group

AG

40,929

1,773

Alcon,

Inc.

27,851

2,089

Baloise

Holding

AG

2,364

378

Barry

Callebaut

AG

94

138

Chocoladefabriken

Lindt

&

Spruengli

AG

29

711

DSM-

Firmenich

AG

2,280

240

EMS-

Chemie

Holding

AG

1,227

926

Geberit

AG

418

241

Givaudan

SA

122

508

Julius

Baer

Group,

Ltd.

52,733

2,880

Kuehne

&

Nagel

International

AG

7,319

2,499

Logitech

International

SA

2,932

246

Novartis

AG

90,190

9,341

Partners

Group

Holding

AG

1,754

2,383

Schindler

Holding

AG

2,462

606

SGS

SA

20,561

1,902

Sika

AG

1,022

282

Straumann

Holding

AG

1,582

243

Swatch

Group

AG

(The)

Class

B

6,198

1,453

Swiss

Life

Holding

AG

813

584

Swisscom

AG

3,770

2,254

UBS

Group

AG

485,382

14,497

Zurich

Insurance

Group

AG

5,542

2,820

49,155

Taiwan

-

2.3%

Catcher

Technology

Co.,

Ltd.

140,000

869

E

Ink

Holdings,

Inc.

158,000

1,042

Hon

Hai

Precision

Industry

Co.,

Ltd.

998,241

3,256

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

420,000

8,414

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

91,566

10,343

23,924

Thailand

-

0.2%

Kasikornbank

PCL

461,900

1,561

United

Kingdom

-

8.4%

3i

Group

PLC

21,332

666

Ashtead

Group

PLC

5,138

336

AstraZeneca

PLC

40,328

5,367

Auto

Trader

Group

PLC(Þ)

22,671

209

Aviva

PLC

216,626

1,183

Babcock

International

Group

PLC

113,723

650

BAE

Systems

PLC

43,384

646

Barclays

PLC

934,206

1,742

Barratt

Developments

PLC

112,711

767

Berkeley

Group

Holdings

PLC

4,667

283

BP

PLC

597,378

3,499

British

American

Tobacco

PLC

112,632

3,326

British

Land

Co.

PLC

(The)(ö)

127,073

612

BT

Group

PLC

793,884

1,125

Burberry

Group

PLC

64,074

1,062

Centrica

PLC

139,801

245

CK

Hutchison

Holdings,

Ltd.

Class

B

268,631

1,377

Compass

Group

PLC

235,741

6,500

Diageo

PLC

8,562

308

easyJet

PLC

211,735

1,491

HSBC

Holdings

PLC

860,392

6,713

Imperial

Tobacco

Group

PLC

7,706

185

Intermediate

Capital

Group

PLC

85,196

1,928

Intertek

Group

PLC

99,394

5,639

J

Sainsbury

PLC

875,949

2,992

Kingfisher

PLC

361,174

1,004

Land

Securities

Group

PLC(ö)

89,193

751

London

Stock

Exchange

Group

PLC

3,899

441

Mondi

PLC

115,959

2,069

National

Grid

PLC

11,751

157

NatWest

Group

PLC

704,912

1,999

Pearson

PLC

18,974

233

Reckitt

Benckiser

Group

PLC

84,629

6,111

RELX

PLC

27,615

1,142

Rolls

Royce

Holdings

PLC(Æ)

128,187

487

Sage

Group

PLC

(The)

29,934

446

Schroders

PLC

92,906

474

Smith

&

Nephew

PLC

25,764

362

St.

James's

Place

PLC

80,108

656

Standard

Chartered

PLC

601,783

4,536

Tesco

PLC

1,191,838

4,324

Travis

Perkins

PLC

81,159

807

Unilever

PLC

75,283

3,665

United

Utilities

Group

PLC

15,151

204

Vodafone

Group

PLC

513,430

439

Wausau

Paper

Corp.

196,611

1,907

Weir

Group

PLC

(The)

286,600

6,606

87,671

United

States

-

10.5%

Accenture

PLC

Class

A

25,574

9,306

Allegion

PLC

54,709

6,778

Amdocs,

Ltd.

51,364

4,709

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

63

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Aon

PLC

Class

A

21,490

6,413

ARM

Holdings

PLC

-

ADR(Æ)(Ñ)

26,416

1,867

CRH

PLC

4,129

292

CSL,

Ltd.

2,358

463

Experian

PLC

9,267

386

GSK

Finance

No.

3

PLC

348,534

6,902

Haleon

PLC

2,367,012

9,641

Holcim

AG(Æ)

22,005

1,691

Las

Vegas

Sands

Corp.

46,056

2,253

Linde

PLC

25,860

10,469

Lululemon

Athletica

,

Inc.(Æ)

4,362

1,979

Nestle

SA

115,742

13,197

Roche

Holding

AG

30,516

8,719

Sanofi

SA

-

ADR

86,804

8,716

Schlumberger

NV

217,344

10,585

Schneider

Electric

SE

21,507

4,239

Stellantis

NV

10,588

233

108,838

Total

Common

Stocks

(cost

$920,883)

961,085

Preferred

Stocks

-

1.5%

Brazil

-

0.1%

Raizen

Energia

SA

7.466%

(Ÿ)

1,113,007

860

Germany

-

0.8%

Henkel

AG

&

Co.

KGaA

2.632%

(Ÿ)

41,813

3,216

Volkswagen

AG

7.323%

(Ÿ)

35,299

4,570

7,786

South

Korea

-

0.6%

Samsung

Electronics

Co.,

Ltd.

2.272%

(Ÿ)

149,914

6,527

Total

Preferred

Stocks

(cost

$16,251)

15,173

Warrants

and

Rights

-

0.0%

Canada

-

0.0%

Constellation

Software,

Inc.(Æ)

2040

Warrants

325

—

Total

Warrants

and

Rights

(cost

$—)

—

Short-Term

Investments

-

3.4%

United

States

-

3.4%

U.S.

Cash

Management

Fund(@)

34,919,887

(∞)

34,909

Total

Short-Term

Investments

(cost

$34,909)

34,909

Other

Securities

-

0.4%

U.S.

Cash

Collateral

Fund(@)(×)

4,162,550

(∞)

4,163

Total

Other

Securities

(cost

$4,163)

4,163

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Investments

-

97.8%

(identified

cost

$976,206)

1,015,330

Other

Assets

and

Liabilities,

Net

-

2.2%

23,290

Net

Assets

-

100.0%

1,038,620

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

64

International

Developed

Markets

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.1%

ABN

AMRO

Bank

NV

05/08/20

EUR

116,117

17.27

2,005

1,717

Adyen

NV

08/04/23

EUR

498

1,641.44

817

623

Amundi

SA

06/28/22

EUR

45,712

66.73

3,051

3,094

Auto

Trader

Group

PLC

08/04/23

GBP

22,671

8.08

183

209

Cellnex

Telecom

SA

12/10/21

EUR

55,978

49.63

2,778

2,155

Covestro

AG

06/26/19

EUR

49,351

56.85

2,806

2,617

Poste

Italiane

SpA

04/06/17

EUR

14,482

10.63

154

157

WH

Group,

Ltd.

05/05/23

HKD

1,566,500

0.76

1,189

922

11,494

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

62

EUR

4,757

02/24

204

DAX

Index

Futures

9

EUR

3,824

03/24

5

EURO

STOXX

50

Index

Futures

49

EUR

2,286

03/24

41

FTSE

100

Index

Futures

52

GBP

3,967

03/24

32

FTSE/MIB

Index

Futures

7

EUR

1,082

03/24

12

IBEX

35

Index

Futures

11

EUR

1,111

02/24

25

OMXS30

Index

Futures

39

SEK

9,212

02/24

18

S&P/TSX

60

Index

Futures

281

CAD

71,419

03/24

1,703

SPI

200

Index

Futures

429

AUD

81,971

03/24

1,410

TOPIX

Index

Futures

314

JPY

8,017,990

03/24

4,443

Short

Positions

Hang

Seng

Index

Futures

83

HKD

64,429

02/24

339

MSCI

Emerging

Markets

Index

Futures

1,609

USD

78,905

03/24

343

MSCI

Singapore

Index

Futures

282

SGD

7,824

02/24

8

S&P

500

E-Mini

Index

Futures

190

USD

46,270

03/24

(2,004)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

6,579

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

9,436

AUD

14,295

03/20/24

(43)

Bank

of

New

York

USD

9,598

CAD

13,002

03/20/24

79

Bank

of

New

York

USD

14,938

JPY

2,135,600

03/21/24

(317)

Bank

of

New

York

USD

2,507

SEK

26,087

03/20/24

4

Bank

of

New

York

CHF

2,766

USD

3,189

03/20/24

(33)

Bank

of

New

York

EUR

2,495

USD

2,704

03/20/24

1

Citigroup

USD

9,425

AUD

14,295

03/20/24

(32)

Citigroup

USD

9,594

CAD

13,002

03/20/24

83

Citigroup

USD

14,930

JPY

2,135,600

03/21/24

(309)

Citigroup

USD

2,508

SEK

26,087

03/20/24

3

Citigroup

CHF

2,766

USD

3,190

03/20/24

(32)

Citigroup

EUR

2,495

USD

2,704

03/20/24

2

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

65

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

HSBC

USD

9,435

AUD

14,295

03/20/24

(42)

HSBC

USD

9,597

CAD

13,002

03/20/24

80

HSBC

USD

14,939

JPY

2,135,600

03/21/24

(319)

HSBC

USD

2,507

SEK

26,087

03/20/24

5

HSBC

CHF

2,766

USD

3,189

03/20/24

(33)

HSBC

EUR

2,495

USD

2,703

03/20/24

1

Royal

Bank

of

Canada

USD

9,421

AUD

14,295

03/20/24

(29)

Royal

Bank

of

Canada

USD

9,592

CAD

13,002

03/20/24

85

Royal

Bank

of

Canada

USD

14,919

JPY

2,135,600

03/21/24

(299)

Royal

Bank

of

Canada

USD

2,506

SEK

26,087

03/20/24

5

Royal

Bank

of

Canada

CHF

2,766

USD

3,187

03/20/24

(35)

Royal

Bank

of

Canada

EUR

2,495

USD

2,703

03/20/24

1

Royal

Bank

of

Canada

EUR

5,740

USD

6,295

03/20/24

79

Royal

Bank

of

Canada

GBP

2,060

USD

2,619

03/20/24

8

Royal

Bank

of

Canada

SEK

26,850

USD

2,627

03/20/24

42

State

Street

USD

8,970

CHF

7,700

03/20/24

(2)

State

Street

USD

8,987

DKK

61,800

03/20/24

(5)

State

Street

USD

8,724

GBP

6,969

03/20/24

112

State

Street

USD

3,857

NOK

42,060

03/20/24

146

State

Street

USD

314

SGD

420

03/20/24

—

State

Street

HKD

2,290

USD

294

03/20/24

—

State

Street

NZD

7,900

USD

4,838

03/20/24

9

UBS

USD

9,559

AUD

14,295

03/20/24

(166)

UBS

USD

9,641

CAD

13,002

03/20/24

36

UBS

USD

15,152

JPY

2,135,600

03/21/24

(531)

UBS

USD

2,538

SEK

26,087

03/20/24

(27)

UBS

CHF

2,766

USD

3,205

03/20/24

(16)

UBS

EUR

2,495

USD

2,725

03/20/24

23

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(1,466)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

19,566

$

—

$

—

$

19,566

Austria

—

5,369

—

—

5,369

Belgium

—

2,090

—

—

2,090

Brazil

9,455

—

—

—

9,455

Burkina

Faso

388

—

—

—

388

Canada

54,680

—

—

—

54,680

China

1,300

19,316

—

—

20,616

Denmark

—

24,324

—

—

24,324

Finland

—

9,666

—

—

9,666

France

—

93,785

—

—

93,785

Germany

—

60,204

—

—

60,204

Hong

Kong

—

22,976

—

—

22,976

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

66

International

Developed

Markets

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Hungary

—

1,057

—

—

1,057

India

9,096

—

—

—

9,096

Ireland

4,959

12,236

—

—

17,195

Israel

614

1,258

—

—

1,872

Italy

—

27,275

—

—

27,275

Japan

—

158,589

—

—

158,589

Luxembourg

2,490

10,020

—

—

12,510

Macao

—

2,705

—

—

2,705

Malaysia

—

844

—

—

844

Mexico

—

409

—

—

409

Netherlands

217

68,747

—

—

68,964

New

Zealand

—

954

—

—

954

Norway

—

2,243

—

—

2,243

Portugal

—

936

—

—

936

Russia

—

—

—

—

—

Singapore

241

6,133

—

—

6,374

South

Africa

—

2,129

—

—

2

,129

South

Korea

1,431

11,686

—

—

13,117

Spain

—

20,205

—

—

20,205

Sweden

—

20,343

—

—

20,343

Switzerland

—

49,155

—

—

49,155

Taiwan

10,343

13,581

—

—

23,924

Thailand

—

1,561

—

—

1,561

United

Kingdom

—

87,671

—

—

87,671

United

States

54,359

54,479

—

—

108,838

Preferred

Stocks

860

14,313

—

—

15,173

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

—

—

34,909

34,909

Other

Securities

—

—

—

4,163

4,163

Total

Investments

150,433

825,825

—

39,072

1,015,330

Other

Financial

Instruments

Assets

Futures

Contracts

8,583

—

—

—

8,583

Foreign

Currency

Exchange

Contracts

—

804

—

—

804

Liabilities

Futures

Contracts

(2,004

)

—

—

—

(2,004

)

Foreign

Currency

Exchange

Contracts

—

(2,270

)

—

—

(2,270

)

Total

Other

Financial

Instruments

*

$

6,579

$

(1,466

)

$

—

$

—

$

5,113

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

67

*

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

141,324

Consumer

Staples

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

73,889

Energy

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

46,348

Financial

Services

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

221,773

Health

Care

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

104,415

Materials

and

Processing

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

81,332

Producer

Durables

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

143,545

Technology

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

114,201

Utilities

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

34,258

Preferred

Stocks

Consumer

Discretionary

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

4,570

Consumer

Staples

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

3,216

Technology

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

6,527

Utilities

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

860

Warrants

and

Rights

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

—

Short-Term

Investments

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

34,909

Other

Securities

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

4,163

Total

Investments

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

1,015,330

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

29,625

$

58,873

$

53,588

$

(1)

$

—

$

34,909

$

493

$

—

U.S.

Cash

Collateral

Fund

6,885

25,131

27,853

—

—

4,163

79

—

$

36,510

$

84,004

$

81,441

$

(1)

$

—

$

39,072

$

572

$

—

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

68

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

93.0%

Australia

-

0.4%

BHP

Group,

Ltd.

-

ADR

33,258

1,021

Flutter

Entertainment

PLC(Æ)

20,542

4,224

Insurance

Australia

Group,

Ltd.

112,705

444

Telstra

Group,

Ltd.

186,042

490

Woodside

Energy

Group,

Ltd.

44,211

926

7,105

Austria

-

0.3%

ams

AG(Æ)

603,001

1,425

Erste

Group

Bank

AG

93,747

4,056

5,481

Belgium

-

0.2%

Ageas

SA

63,178

2,706

Proximus

SADP

175,300

1,665

4,371

Brazil

-

0.7%

Atacadao

SA

694,272

1,459

Banco

Bradesco

SA

-

ADR

1,176,810

3,648

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

159,380

2,537

MercadoLibre,

Inc.(Æ)

173

296

Telefonica

Brasil

SA

320,085

3,318

Ultrapar

Participacoes

SA

168,228

957

12,215

Burkina

Faso

-

0.0%

Endeavour

Mining

PLC

46,789

811

Canada

-

2.3%

Agnico

Eagle

Mines,

Ltd.

17,522

861

ARC

Resources,

Ltd.

94,279

1,464

Barrick

Gold

Corp.

244,659

3,822

CAE,

Inc.(Æ)

190,503

3,814

Canadian

National

Railway

Co.

67,129

8,327

CCL

Industries,

Inc.

Class

B

7,854

336

Great-West

Lifeco,

Inc.

12,875

430

Imperial

Oil,

Ltd.

7,634

440

Intact

Financial

Corp.

6,181

967

Manulife

Financial

Corp.

76,726

1,696

Royal

Bank

of

Canada

-

GDR

22,838

2,229

Shopify,

Inc.

Class

A(Æ)

47,864

3,832

Sun

Life

Financial,

Inc.

22,091

1,145

Suncor

Energy,

Inc.

274,501

9,090

Toronto-Dominion

Bank

(The)

13,712

833

Tourmaline

Oil

Corp.

11,437

495

39,781

China

-

0.6%

Alibaba

Group

Holding,

Ltd.

187,300

1,681

Alibaba

Group

Holding,

Ltd.

-

ADR

74,592

5,383

Baidu,

Inc.

Class

A(Æ)

24,500

321

Baidu,

Inc.

-

ADR(Æ)

2,056

217

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

1,488,000

572

Tencent

Holdings,

Ltd.

64,500

2,243

10,417

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Denmark

-

0.5%

Novo

Nordisk

A/S

Class

B

80,648

9,211

Finland

-

0.3%

Elisa

OYJ

6,423

292

Nokia

OYJ

662,016

2,393

Sampo

OYJ

Class

A

20,767

870

UPM-Kymmene

OYJ

24,549

893

4,448

France

-

4.9%

Accor

SA

79,269

3,128

Airbus

Group

SE

52,866

8,442

AXA

SA

174,233

5,866

BNP

Paribas

SA

227,147

15,274

Carrefour

SA

168,537

2,878

Cie

de

Saint-Gobain

SA

62,762

4,444

Engie

SA

325,345

5,194

EssilorLuxottica

SA

5,432

1,068

L'Oreal

SA

6,230

2,988

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

11,808

9,821

Orange

SA

-

ADR

300,598

3,573

Pernod

Ricard

SA

26,093

4,294

Publicis

Groupe

SA

-

ADR

24,495

2,459

Renault

SA

60,902

2,284

Societe

Generale

SA

165,553

4,252

TotalEnergies

SE

116,850

7,610

Valeo

SE

149,825

1,959

85,534

Germany

-

2.6%

BASF

SE

73,996

3,555

Bayerische

Motoren

Werke

Aktiengesellschaft

68,785

7,175

Ceconomy

AG(Æ)

178,123

436

Continental

AG

28,153

2,314

Daimler

Truck

Holding

AG

238,225

8,563

Evonik

Industries

AG

140,508

2,611

Fresenius

SE

&

Co.

KGaA

113,590

3,196

Hannover

Rueck

SE

2,723

653

Heidelberg

Materials

AG

55,457

5,147

Mercedes-Benz

Group

AG

89,552

6,082

Muenchener

Rueckversicherungs-

Gesellschaft

AG

5,224

2,224

Siemens

AG

22,419

4,040

45,996

Hong

Kong

-

1.2%

AIA

Group,

Ltd.

990,348

7,701

CK

Asset

Holdings,

Ltd.

447,000

2,000

Power

Assets

Holdings,

Ltd.

65,500

383

Prudential

PLC

213,262

2,198

Techtronic

Industries

Co.,

Ltd.

723,967

7,734

WH

Group,

Ltd.(Þ)

3,024,291

1,779

21,795

India

-

0.6%

HDFC

Bank,

Ltd.

-

ADR

203,784

11,308

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

69

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ireland

-

0.5%

AIB

Group

PLC

516,553

2,265

Bank

of

Ireland

Group

PLC

249,843

2,293

Ryanair

Holdings

PLC

-

ADR

25,041

3,345

7,903

Italy

-

0.9%

BPER

Banca

749,591

2,699

Eni

SpA

-

ADR

365,643

5,848

FinecoBank

Banca

Fineco

SpA

23,779

344

UniCredit

SpA

252,749

7,418

16,309

Japan

-

6.9%

Alfresa

Holdings

Corp.

67,000

1,100

Alps

Alpine

Co.,

Ltd.

100,000

742

Amada

Co.,

Ltd.

118,300

1,278

Bridgestone

Corp.

21,000

913

Brother

Industries,

Ltd.

45,100

756

Canon,

Inc.

65,100

1,803

Dai-ichi

Life

Holdings,

Inc.

161,300

3,554

DeNA

Co.,

Ltd.

76,200

769

Denso

Corp.

58,600

917

Eisai

Co.,

Ltd.

16,100

762

Hakuhodo

DY

Holdings,

Inc.

161,100

1,241

Hino

Motors,

Ltd.(Æ)

208,100

709

Hirose

Electric

Co.,

Ltd.

6,100

711

Honda

Motor

Co.,

Ltd.

95,031

1,062

Isuzu

Motors,

Ltd.

213,200

2,916

Japan

Airlines

Co.,

Ltd.

93,600

1,810

JGC

Holdings

Corp.

110,800

1,299

Kao

Corp.

21,200

842

KDDI

Corp.

55,300

1,830

Keyence

Corp.

18,700

8,388

Kirin

Holdings

Co.,

Ltd.

192,700

2,785

Komatsu,

Ltd.

3,900

111

Kubota

Corp.

262,600

3,987

Kyocera

Corp.

98,000

1,436

Makita

Corp.

92,032

2,481

Mitsubishi

Electric

Corp.

73,900

1,088

Mitsubishi

Estate

Co.,

Ltd.

198,000

2,751

Mitsubishi

Gas

Chemical

Co.,

Inc.

120,000

1,963

Mitsubishi

UFJ

Financial

Group,

Inc.

377,300

3,538

MS&AD

Insurance

Group

Holdings,

Inc.

116,600

4,840

Nikon

Corp.

103,700

1,058

Nippon

Television

Holdings,

Inc.

55,500

648

Nissan

Motor

Co.,

Ltd.

760,000

2,989

Nitto

Denko

Corp.

6,800

563

Nomura

Holdings,

Inc.

37,600

195

Ono

Pharmaceutical

Co.,

Ltd.

122,488

2,210

Resona

Holdings,

Inc.

473,100

2,625

Shin-Etsu

Chemical

Co.,

Ltd.

251,300

9,903

SMC

Corp.

4,200

2,337

Sompo

Japan

Nipponkoa

Holdings,

Inc.

9,500

494

Sony

Group

Corp.

29,700

2,935

Stanley

Electric

Co.,

Ltd.

92,829

1,767

Subaru

Corp.

137,585

2,760

Sumitomo

Electric

Industries,

Ltd.

225,200

2,997

Sumitomo

Heavy

Industries,

Ltd.

50,900

1,323

Sumitomo

Mitsui

Financial

Group,

Inc.

80,200

4,179

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sumitomo

Mitsui

Trust

Holdings,

Inc.

203,200

4,178

Sumitomo

Rubber

Industries,

Ltd.

119,900

1,391

T&D

Holdings,

Inc.

300,100

5,012

Taiheiyo

Cement

Corp.

54,300

1,119

Takeda

Pharmaceutical

Co.,

Ltd.

92,000

2,706

THK

Co.,

Ltd.

98,700

1,902

Tokio

Marine

Holdings,

Inc.

74,800

1,981

Tsuruha

Holdings,

Inc.

20,000

1,586

Yamato

Holdings

Co.,

Ltd.

168,600

2,919

120,159

Luxembourg

-

0.6%

Eurofins

Scientific

SE

92,288

5,570

RTL

Group

SA

30,244

1,168

Spotify

Technology

SA(Æ)

16,156

3,479

Tenaris

SA

21,719

344

10,561

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

1,235,299

1,625

Mexico

-

0.1%

Fresnillo

PLC

136,955

919

Netherlands

-

4.2%

ABN

AMRO

Bank

NV(Þ)

243,174

3,596

Argenx

SE(Æ)

2,988

1,133

ASML

Holding

NV

3,924

3,363

Ferrari

NV

7,376

2,566

Heineken

NV

154,683

15,568

ING

Groep

NV

975,208

13,871

Koninklijke

Philips

NV

203,447

4,345

NN

Group

NV

86,527

3,543

Shell

PLC

334,263

10,378

Universal

Music

Group

NV

470,138

13,841

VEON,

Ltd.

-

ADR(Æ)

23,615

459

72,663

New

Zealand

-

0.0%

Spark

New

Zealand,

Ltd.

99,136

322

Norway

-

0.0%

Norsk

Hydro

ASA

68,091

395

Russia

-

0.0%

Gazprom

PJSC(Æ)(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

—

—

Singapore

-

0.3%

DBS

Group

Holdings,

Ltd.

46,440

1,100

Oversea-Chinese

Banking

Corp.,

Ltd.

87,700

838

Singapore

Telecommunications,

Ltd.

234,800

418

United

Overseas

Bank,

Ltd.

124,801

2,626

4,982

South

Africa

-

0.3%

Anglo

American

PLC

77,256

1,834

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

70

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MTN

Group,

Ltd.

240,983

1,227

Old

Mutual,

Ltd.

2,167,556

1,445

4,506

South

Korea

-

2.1%

Coway

Co.,

Ltd.

33,122

1,363

Hankook

Tire

&

Technology

Co.,

Ltd.

50,476

1,921

Hyundai

Mobis

Co.,

Ltd.

18,181

2,829

KB

Financial

Group,

Inc.

98,417

4,172

KT

Corp.

-

ADR(Ñ)

227,367

2,999

LG

Energy

Solution,

Ltd.(Æ)

4,253

1,192

Samsung

Electronics

Co.,

Ltd.

305,547

16,568

Shinhan

Financial

Group

Co.,

Ltd.

181,239

5,545

36,589

Spain

-

0.5%

Cellnex

Telecom

SA(Þ)

44,534

1,715

Industria

de

Diseno

Textil

SA

144,712

6,185

7,900

Sweden

-

0.6%

Assa

Abloy

AB

Class

B

77,971

2,139

Atlas

Copco

AB

Class

B

57,216

791

Boliden

AB

12,353

326

SKF

AB

Class

B

229,002

4,503

Telefonaktiebolaget

LM

Ericsson

Class

B

524,944

2,901

10,660

Switzerland

-

1.7%

Adecco

Group

AG

77,502

3,357

Garmin,

Ltd.

2,134

255

Kuehne

&

Nagel

International

AG

1,864

636

Novartis

AG

140,356

14,536

SGS

SA

7,175

664

Swatch

Group

AG

(The)

Class

B

13,307

3,119

Swisscom

AG

1,229

735

UBS

Group

AG

166,294

4,967

Zurich

Insurance

Group

AG

3,615

1,839

30,108

Taiwan

-

2.5%

Catcher

Technology

Co.,

Ltd.

300,364

1,863

Hon

Hai

Precision

Industry

Co.,

Ltd.

576,000

1,879

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

171,000

3,426

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

321,382

36,303

43,471

Thailand

-

0.3%

Kasikornbank

PCL

1,368,800

4,626

SCB

X

PCL

509,000

1,487

6,113

United

Kingdom

-

4.5%

AstraZeneca

PLC

25,406

3,381

AstraZeneca

PLC

-

ADR

74,579

4,970

Babcock

International

Group

PLC

263,119

1,505

BAE

Systems

PLC

76,298

1,137

BP

PLC

1,051,108

6,156

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

British

American

Tobacco

PLC

225,121

6,648

British

Land

Co.

PLC

(The)(ö)

242,584

1,168

BT

Group

PLC

1,615,917

2,290

Burberry

Group

PLC

137,274

2,275

CK

Hutchison

Holdings,

Ltd.

Class

B

473,000

2,424

Compass

Group

PLC

193,819

5,344

easyJet

PLC

447,878

3,154

HSBC

Holdings

PLC

466,177

3,637

J

Sainsbury

PLC

393,681

1,345

Kingfisher

PLC

758,829

2,109

Land

Securities

Group

PLC(ö)

169,975

1,431

Lloyds

Banking

Group

PLC

3,287,941

1,759

Mondi

PLC

156,613

2,794

NatWest

Group

PLC

1,012,675

2,872

Reckitt

Benckiser

Group

PLC

22,150

1,599

Schroders

PLC

40,311

206

St.

James's

Place

PLC

20,458

168

Standard

Chartered

PLC

595,576

4,490

Unilever

PLC

191,100

9,304

Wausau

Paper

Corp.

411,607

3,991

Weir

Group

PLC

(The)

89,783

2,070

78,227

United

States

-

52.3%

Abbott

Laboratories

7,304

826

AbbVie,

Inc.

6,001

987

Accenture

PLC

Class

A

32,278

11,745

Adobe,

Inc.(Æ)

16,156

9,981

Advanced

Micro

Devices,

Inc.(Æ)

43,786

7,342

Aflac,

Inc.

30,207

2,548

Agilent

Technologies,

Inc.

2,032

264

Air

Products

&

Chemicals,

Inc.

8,309

2,125

Airbnb,

Inc.

Class

A(Æ)

18,796

2,709

Akamai

Technologies,

Inc.(Æ)

2,723

336

Albemarle

Corp.

1,164

134

Align

Technology,

Inc.(Æ)

655

175

Allegion

PLC

56,521

7,002

Allstate

Corp.

(The)

10,929

1,697

Alphabet,

Inc.

Class

A(Æ)

41,785

5,854

Alphabet,

Inc.

Class

C(Æ)

307,545

43,610

Amazon.com,

Inc.(Æ)

212,407

32,966

American

Express

Co.

22,107

4,438

American

Financial

Group,

Inc.

4,834

582

Amgen,

Inc.

1,298

408

Amphenol

Corp.

Class

A

2,840

287

Analog

Devices,

Inc.

11,663

2,244

Ansys,

Inc.(Æ)

7,624

2,499

AO

Smith

Corp.

8,618

669

Apollo

Global

Management,

Inc.

13,369

1,342

Apple,

Inc.

136,720

25,211

Applied

Materials,

Inc.

65,295

10,728

Arch

Capital

Group,

Ltd.(Æ)

3,295

272

Archer-Daniels-Midland

Co.

3,456

192

Arista

Networks,

Inc.(Æ)

1,626

421

ARM

Holdings

PLC

-

ADR(Æ)(Ñ)

33,293

2,353

Assurant,

Inc.

2,437

409

AT&T,

Inc.

15,093

267

Atmos

Energy

Corp.

6,654

758

Autodesk,

Inc.(Æ)

28,210

7,160

Automatic

Data

Processing,

Inc.

8,632

2,122

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

71

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Avery

Dennison

Corp.

1,537

307

Baker

Hughes

Co.

231,085

6,586

Bank

of

America

Corp.

12,862

437

Becton

Dickinson

&

Co.

41,923

10,012

Berkshire

Hathaway,

Inc.

Class

B(Æ)

3,494

1,341

Best

Buy

Co.,

Inc.

2,658

193

Biogen,

Inc.(Æ)

856

211

Bio-Techne

Corp.

2,523

177

BlackRock,

Inc.

Class

A

2,801

2,169

Blackstone,

Inc.

Class

A

24,886

3,097

Booking

Holdings,

Inc.

1,439

5,047

Boston

Scientific

Corp.(Æ)

5,489

347

Bristol-Myers

Squibb

Co.

20,206

987

Broadcom,

Inc.

2,821

3,329

Brown

&

Brown,

Inc.

3,238

251

Builders

FirstSource,

Inc.(Æ)

1,850

321

Burlington

Stores,

Inc.(Æ)

1,381

264

Cadence

Design

Systems,

Inc.(Æ)

1,322

381

Capital

One

Financial

Corp.

2,230

302

Cardinal

Health,

Inc.

9,454

1,032

Caterpillar,

Inc.

874

262

Celsius

Holdings,

Inc.(Æ)

42,282

2,110

CF

Industries

Holdings,

Inc.

2,569

194

CH

Robinson

Worldwide,

Inc.

7,051

593

Charles

Schwab

Corp.

(The)

187,852

11,820

Chesapeake

Energy

Corp.

2,384

184

Chevron

Corp.

29,161

4,299

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

1,536

3,700

Chubb,

Ltd.

3,386

830

Church

&

Dwight

Co.,

Inc.

3,161

316

Cigna

Group

(The)

36,174

10,887

Cincinnati

Financial

Corp.

8,633

957

Cintas

Corp.

642

388

Cisco

Systems,

Inc.

92,623

4,648

Citigroup,

Inc.

58,190

3,269

Cleveland-Cliffs,

Inc.(Æ)

16,411

329

Clorox

Co.

(The)

1,219

177

CME

Group,

Inc.

Class

A

73,495

15,128

Coca-Cola

Co.

(The)

54,734

3,256

Cognizant

Technology

Solutions

Corp.

Class

A

38,672

2,982

Colgate-Palmolive

Co.

36,348

3,061

Comcast

Corp.

Class

A

26,199

1,219

ConocoPhillips

8,581

960

Cooper

Cos.,

Inc.

(The)

20,398

7,609

Copart,

Inc.(Æ)

7,942

382

Costco

Wholesale

Corp.

1,937

1,346

Coterra

Energy,

Inc.

45,726

1,138

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

1,542

451

Cummins,

Inc.

7,972

1,908

CVS

Health

Corp.

5,295

394

Danaher

Corp.

53,043

12,726

Deckers

Outdoor

Corp.(Æ)

408

308

Devon

Energy

Corp.

5,130

216

Diamondback

Energy,

Inc.

1,715

264

Dick's

Sporting

Goods,

Inc.

1,549

231

Discover

Financial

Services

1,823

192

Dollar

Tree,

Inc.(Æ)

3,239

423

Dover

Corp.

2,366

354

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Dow,

Inc.

3,384

181

DR

Horton,

Inc.

6,064

867

DuPont

de

Nemours,

Inc.

3,017

186

eBay,

Inc.

6,771

278

Ecolab,

Inc.

1,570

311

Edwards

Lifesciences

Corp.(Æ)

2,972

233

Electronic

Arts,

Inc.

2,127

293

Elevance

Health,

Inc.

20,027

9,882

Eli

Lilly

&

Co.

13,304

8,589

Emerson

Electric

Co.

3,559

326

EOG

Resources,

Inc.

23,886

2,718

EPAM

Systems,

Inc.(Æ)

960

267

Equifax,

Inc.

46,634

11,395

Equinix,

Inc.(ö)

2,824

2,343

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

8,146

551

Erie

Indemnity

Co.

Class

A

1,170

405

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

3,588

474

Everest

Re

Group,

Ltd.

583

224

Exact

Sciences

Corp.(Æ)

41,747

2,730

Expeditors

International

of

Washington,

Inc.

2,045

258

Exxon

Mobil

Corp.

53,853

5,537

F5,

Inc.(Æ)

1,377

253

FactSet

Research

Systems,

Inc.

533

254

Fastenal

Co.

4,847

331

FedEx

Corp.

3,449

832

Ferguson

PLC

2,849

535

Ford

Motor

Co.

22,012

258

Fortune

Brands

Innovations,

Inc.

3,126

243

Fox

Corp.

Class

A

6,225

201

General

Dynamics

Corp.

41,133

10,900

General

Mills,

Inc.

24,176

1,569

General

Motors

Co.

7,538

292

Genuine

Parts

Co.

7,315

1,026

Gilead

Sciences,

Inc.

42,913

3,358

Goldman

Sachs

Group,

Inc.

(The)

7,196

2,763

Graco,

Inc.

2,431

207

GSK

Finance

No.

3

PLC

350,115

6,934

Haleon

PLC

2,761,874

11,249

Halliburton

Co.

96,899

3,454

Hartford

Financial

Services

Group,

Inc.

16,850

1,465

HCA

Healthcare,

Inc.

47,751

14,559

Henry

Schein,

Inc.(Æ)

3,270

245

Hershey

Co.

(The)

6,893

1,334

Hess

Corp.

1,671

235

Hewlett

Packard

Enterprise

Co.

16,503

252

HF

Sinclair

Corp.

4,219

238

Holcim

AG(Æ)

35,625

2,738

Hologic,

Inc.(Æ)

3,159

235

Home

Depot,

Inc.

(The)

7,710

2,721

Honeywell

International,

Inc.

14,265

2,885

Hormel

Foods

Corp.

13,568

412

Hubbell,

Inc.

Class

B

755

253

HubSpot,

Inc.(Æ)

5,725

3,498

Humana,

Inc.

6,010

2,272

IDEXX

Laboratories,

Inc.(Æ)

602

310

Illinois

Tool

Works,

Inc.

7,191

1,876

Incyte

Corp.(Æ)

4,308

253

Intel

Corp.

10,431

449

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

72

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

International

Business

Machines

Corp.

2,189

402

Intuit,

Inc.

1,179

744

Intuitive

Surgical,

Inc.(Æ)

10,812

4,089

Jack

Henry

&

Associates,

Inc.

1,280

212

JB

Hunt

Transport

Services,

Inc.

1,345

270

Johnson

&

Johnson(Þ)

31,095

4,941

JPMorgan

Chase

&

Co.

43,040

7,504

Juniper

Networks,

Inc.

42,030

1,553

Kellanova

16,990

930

Keurig

Dr

Pepper,

Inc.

32,322

1,016

Keysight

Technologies,

Inc.(Æ)

1,732

265

Kimberly-Clark

Corp.

3,689

446

Knight-Swift

Transportation

Holdings,

Inc.

4,632

266

Kroger

Co.

(The)

114,218

5,270

Laboratory

Corp.

of

America

Holdings

799

178

Lam

Research

Corp.

489

404

Las

Vegas

Sands

Corp.

63,773

3,120

Lennar

Corp.

Class

A

1,912

287

Linde

PLC

36,374

14,725

LKQ

Corp.

4,071

190

LPL

Financial

Holdings,

Inc.

988

236

Lululemon

Athletica,

Inc.(Æ)

7,566

3,434

M&T

Bank

Corp.

1,700

235

Marathon

Oil

Corp.

8,162

187

Marathon

Petroleum

Corp.

4,239

702

Markel

Group,

Inc.(Æ)

150

225

MarketAxess

Holdings,

Inc.

1,068

241

Marsh

&

McLennan

Cos.,

Inc.

39,360

7,630

MasterCard,

Inc.

Class

A

46,459

20,871

Match

Group,

Inc.(Æ)

9,152

351

McCormick

&

Co.,

Inc.

10,667

727

McDonald's

Corp.

29,359

8,594

Medtronic

PLC

95,804

8,387

Merck

&

Co.,

Inc.

19,165

2,315

Meta

Platforms,

Inc.

Class

A

107,997

42,134

Microchip

Technology,

Inc.

32,689

2,784

Micron

Technology,

Inc.

96,800

8,301

Microsoft

Corp.

166,293

66,115

Mid-America

Apartment

Communities,

Inc.(ö)

5,370

679

Molina

Healthcare,

Inc.(Æ)

683

243

Mondelez

International,

Inc.

Class

A

26,083

1,963

MongoDB,

Inc.(Æ)

6,193

2,480

Monolithic

Power

Systems,

Inc.

383

231

Monster

Beverage

Corp.(Æ)

5,547

305

Nasdaq,

Inc.

13,893

803

Nestle

SA

134,416

15,326

NetApp,

Inc.

20,199

1,761

Netflix,

Inc.(Æ)

6,892

3,888

Nike,

Inc.

Class

B

3,638

369

Nordson

Corp.

859

216

Northrop

Grumman

Corp.

18,657

8,335

Nucor

Corp.

4,755

889

NVIDIA

Corp.

26,713

16,436

NVR,

Inc.(Æ)

50

354

Occidental

Petroleum

Corp.

4,173

240

Old

Dominion

Freight

Line,

Inc.

891

348

ON

Semiconductor

Corp.(Æ)

26,567

1,890

Ovintiv,

Inc.

5,525

234

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Owens

Corning

1,910

289

PACCAR

Financial

Corp.

3,720

373

Packaging

Corp.

of

America

5,300

879

Palantir

Technologies,

Inc.

Class

A(Æ)

14,724

237

Palo

Alto

Networks,

Inc.(Æ)

1,008

341

Paychex,

Inc.

2,412

294

Paycom

Software,

Inc.

654

124

PepsiCo,

Inc.(Þ)

39,329

6,628

Pfizer,

Inc.

15,970

432

Phillips

66

2,320

335

PNC

Financial

Services

Group,

Inc.

(The)

1,936

293

Pool

Corp.

532

198

Principal

Financial

Group,

Inc.

13,941

1,103

Procter

&

Gamble

Co.

(The)

60,408

9,493

Progressive

Corp.

(The)

2,395

427

Prologis,

LP(ö)

18,984

2,405

PTC,

Inc.(Æ)

1,880

340

PulteGroup,

Inc.

3,451

361

QUALCOMM,

Inc.

14,192

2,108

Quest

Diagnostics,

Inc.

1,464

188

Raytheon

Technologies

Corp.

47,629

4,340

Regeneron

Pharmaceuticals,

Inc.(Æ)

826

779

Regions

Financial

Corp.

11,553

216

Reliance

Steel

&

Aluminum

Co.

817

233

ResMed,

Inc.

1,572

299

Revvity,

Inc.

1,755

188

Robert

Half,

Inc.

7,140

568

Roche

Holding

AG

44,577

12,736

Rockwell

Automation,

Inc.

3,545

898

Roper

Technologies,

Inc.

560

301

Ross

Stores,

Inc.

2,218

311

RPM

International,

Inc.

2,868

306

S&P

Global,

Inc.

34,625

15,524

Salesforce,

Inc.

3,584

1,007

Sanofi

SA

-

ADR

24,867

2,497

Schlumberger

NV

288,619

14,056

Schneider

Electric

SE

19,796

3,902

Seagate

Technology

Holdings

PLC

50,439

4,322

ServiceNow,

Inc.(Æ)

6,580

5,036

Sherwin-Williams

Co.

(The)

1,088

331

Skyworks

Solutions,

Inc.

15,219

1,590

Snap-on,

Inc.

2,704

784

Snowflake,

Inc.

Class

A(Æ)

13,362

2,614

Steel

Dynamics,

Inc.

2,256

272

Super

Micro

Computer,

Inc.(Æ)

1,128

597

Synopsys,

Inc.(Æ)

664

354

Sysco

Corp.

2,853

231

T

Rowe

Price

Group,

Inc.

2,252

244

Target

Corp.

5,372

747

TE

Connectivity,

Ltd.

4,871

693

Teradyne,

Inc.

1,877

181

Tesla,

Inc.(Æ)

9,823

1,840

Texas

Instruments,

Inc.

2,559

410

Texas

Pacific

Land

Corp.

154

225

TJX

Cos.,

Inc.

(The)

44,976

4,269

T-Mobile

US,

Inc.

20,887

3,368

Toro

Co.

(The)

2,149

199

Tractor

Supply

Co.

810

182

Trade

Desk,

Inc.

(The)

Class

A(Æ)

3,274

224

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

73

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Travelers

Cos.,

Inc.

(The)

11,267

2,381

Trimble

Navigation,

Ltd.(Æ)

5,623

286

Uber

Technologies,

Inc.(Æ)

94,858

6,191

Ulta

Beauty,

Inc.(Æ)

684

343

Union

Pacific

Corp.

8,055

1,965

United

Parcel

Service,

Inc.

Class

B

4,503

639

United

Rentals,

Inc.

908

568

United

Therapeutics

Corp.(Æ)

909

195

UnitedHealth

Group,

Inc.

21,364

10,933

US

Bancorp

4,136

172

Valero

Energy

Corp.

3,281

456

Veeva

Systems,

Inc.

Class

A(Æ)

1,187

246

Veralto

Corp.

55,119

4,227

Verizon

Communications,

Inc.(Þ)

9,662

409

Vertex

Pharmaceuticals,

Inc.(Æ)

1,253

543

Visa,

Inc.

Class

A

6,962

1,902

Walgreens

Boots

Alliance,

Inc.

5,522

125

Walmart,

Inc.

6,564

1,085

Waste

Management,

Inc.

14,377

2,669

Watsco,

Inc.

570

223

Wells

Fargo

&

Co.

105,637

5,301

Welltower,

Inc.(ö)

34,047

2,945

West

Pharmaceutical

Services,

Inc.

17,291

6,450

Workday,

Inc.

Class

A(Æ)

1,060

309

WR

Berkley

Corp.

13,421

1,099

WW

Grainger,

Inc.

295

264

Zoetis,

Inc.

Class

A

74,868

14,061

Zoom

Video

Communications,

Inc.

Class

A(Æ)

4,411

285

915,167

Total

Common

Stocks

(cost

$1,274,034)

1,627,052

Preferred

Stocks

-

0.9%

Brazil

-

0.1%

Raizen

Energia

SA

7.466%

(Ÿ)

2,306,637

1,783

Germany

-

0.4%

Henkel

AG

&

Co.

KGaA

2.632%

(Ÿ)

37,894

2,914

Volkswagen

AG

7.323%

(Ÿ)

33,140

4,291

7,205

South

Korea

-

0.4%

Samsung

Electronics

Co.,

Ltd.

2.272%

(Ÿ)

151,969

6,616

Total

Preferred

Stocks

(cost

$14,659)

15,604

Short-Term

Investments

-

4.0%

United

States

-

4.0%

U.S.

Cash

Management

Fund(@)

71,012,297

(∞)

70,991

Total

Short-Term

Investments

(cost

$70,990)

70,991

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Other

Securities

-

0.2%

U.S.

Cash

Collateral

Fund(@)(×)

2,932,050

(∞)

2,932

Total

Other

Securities

(cost

$2,932)

2,932

Total

Investments

-

98.1%

(identified

cost

$1,362,615)

1,716,579

Other

Assets

and

Liabilities,

Net

-

1.9%

32,827

Net

Assets

-

100.0%

1,749,406

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

74

Global

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

$

$

$

1.1%

ABN

AMRO

Bank

NV

05/08/20

EUR

243,174

10.47

2,546

3,596

Cellnex

Telecom

SA

12/10/21

EUR

44,534

35.43

1,578

1,715

Johnson

&

Johnson

12/30/20

31,095

127.83

3,975

4,941

PepsiCo,

Inc.

11/16/12

39,329

124.35

4,890

6,628

Verizon

Communications,

Inc.

09/17/15

9,662

41.67

402

409

WH

Group,

Ltd.

05/05/23

HKD

3,024,291

0.59

1,770

1,779

19,068

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

1,316

USD

320,479

03/24

13,886

S&P/TSX

60

Index

Futures

67

CAD

17,029

03/24

412

SPI

200

Index

Futures

240

AUD

45,858

03/24

789

Short

Positions

CAC40

Euro

Index

Futures

450

EUR

34,528

02/24

(1,476)

DAX

Index

Futures

59

EUR

25,065

03/24

10

EURO

STOXX

50

Index

Futures

357

EUR

16,654

03/24

(329)

FTSE

100

Index

Futures

486

GBP

37,077

03/24

(318)

FTSE/MIB

Index

Futures

51

EUR

7,886

03/24

(82)

Hang

Seng

Index

Futures

54

HKD

41,918

02/24

220

IBEX

35

Index

Futures

79

EUR

7,980

02/24

(131)

MSCI

Emerging

Markets

Index

Futures

1,920

USD

94,157

03/24

389

MSCI

Singapore

Index

Futures

162

SGD

4,495

02/24

5

OMXS30

Index

Futures

281

SEK

66,372

02/24

(132)

TOPIX

Index

Futures

110

JPY

2,808,850

03/24

(1,563)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

11,680

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

5,167

AUD

7,828

03/20/24

(24)

Bank

of

New

York

CHF

11,011

USD

12,694

03/20/24

(131)

Bank

of

New

York

EUR

21,699

USD

23,509

03/20/24

13

Bank

of

New

York

GBP

7,813

USD

9,799

03/20/24

(106)

Citigroup

USD

5,161

AUD

7,828

03/20/24

(18)

Citigroup

CHF

11,011

USD

12,699

03/20/24

(126)

Citigroup

EUR

21,699

USD

23,516

03/20/24

19

Citigroup

GBP

7,813

USD

9,789

03/20/24

(116)

HSBC

USD

5,167

AUD

7,828

03/20/24

(23)

HSBC

USD

7,064

JPY

1,036,700

03/21/24

33

HSBC

CHF

11,011

USD

12,694

03/20/24

(131)

HSBC

EUR

21,699

USD

23,507

03/20/24

10

HSBC

GBP

7,813

USD

9,797

03/20/24

(108)

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

75

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

USD

5,159

AUD

7,828

03/20/24

(16)

Royal

Bank

of

Canada

CHF

11,011

USD

12,687

03/20/24

(137)

Royal

Bank

of

Canada

EUR

21,699

USD

23,505

03/20/24

9

Royal

Bank

of

Canada

GBP

7,813

USD

9,780

03/20/24

(125)

State

Street

USD

6,585

DKK

45,281

03/20/24

(4)

State

Street

USD

6,281

JPY

897,880

03/21/24

(135)

State

Street

USD

4,134

NOK

45,071

03/20/24

157

State

Street

USD

178

NZD

290

03/20/24

—

State

Street

USD

2,620

SEK

27,282

03/20/24

6

State

Street

CAD

3,345

USD

2,466

03/20/24

(23)

State

Street

HKD

2,830

USD

363

03/20/24

—

State

Street

SGD

120

USD

90

03/20/24

—

UBS

USD

5,234

AUD

7,828

03/20/24

(91)

UBS

CHF

11,011

USD

12,761

03/20/24

(64)

UBS

EUR

21,699

USD

23,692

03/20/24

196

UBS

GBP

7,813

USD

9,868

03/20/24

(37)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(972)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

7,105

$

—

$

—

$

7,105

Austria

—

5,481

—

—

5,481

Belgium

—

4,371

—

—

4,371

Brazil

12,215

—

—

—

12,215

Burkina

Faso

811

—

—

—

811

Canada

39,781

—

—

—

39,781

China

5,600

4,817

—

—

10,417

Denmark

—

9,211

—

—

9,211

Finland

—

4,448

—

—

4,448

France

—

85,534

—

—

85,534

Germany

—

45,996

—

—

45,996

Hong

Kong

—

21,795

—

—

21,795

India

11,308

—

—

—

11,308

Ireland

3,345

4,558

—

—

7,903

Italy

—

16,309

—

—

16,309

Japan

—

120,159

—

—

120,159

Luxembourg

3,479

7,082

—

—

10,561

Malaysia

—

1,625

—

—

1,625

Mexico

—

919

—

—

919

Netherlands

459

72,204

—

—

72,663

New

Zealand

—

322

—

—

322

Norway

—

395

—

—

395

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

76

Global

Equity

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

Russia

—

—

—

—

—

Singapore

—

4,982

—

—

4,982

South

Africa

—

4,506

—

—

4,506

South

Korea

2,999

33,590

—

—

36,589

Spain

—

7,900

—

—

7,900

Sweden

—

10,660

—

—

10,660

Switzerland

255

29,853

—

—

30,108

Taiwan

36,303

7,168

—

—

43,471

Thailand

—

6,113

—

—

6,113

United

Kingdom

4,970

73,257

—

—

78,227

United

States

859,785

55,382

—

—

915,167

Preferred

Stocks

1,783

13,821

—

—

15,604

Short-Term

Investments

—

—

—

70,991

70,991

Other

Securities

—

—

—

2,932

2,932

Total

Investments

983,093

659,563

—

73,923

1,716,579

Other

Financial

Instruments

Assets

Futures

Contracts

15,711

—

—

—

15,711

Foreign

Currency

Exchange

Contracts

—

443

—

—

443

Liabilities

Futures

Contracts

(4,031)

—

—

—

(4,031

)

Foreign

Currency

Exchange

Contracts

—

(1,415)

—

—

(1,415

)

Total

Other

Financial

Instruments

*

$

11,680

$

(972)

$

—

$

—

$

10,708

*

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

77

Common

Stocks

Consumer

Discretionary

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

192,530

Consumer

Staples

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

108,227

Energy

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

87,224

Financial

Services

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

302,040

Health

Care

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

220,138

Materials

and

Processing

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

75,406

Producer

Durables

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

180,475

Technology

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

431,681

Utilities

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

29,331

Preferred

Stocks

Consumer

Discretionary

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

4,291

Consumer

Staples

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

2,914

Technology

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

6,616

Utilities

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

1,783

Short-Term

Investments

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

70,991

Other

Securities

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

2,932

Total

Investments

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

1,716,579

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

49,484

$

296,436

$

274

,928

$

(1)

$

—

$

70,991

$

913

$

—

U.S.

Cash

Collateral

Fund

2,056

41,729

40,853

—

—

2,932

99

—

$

51,540

$

338,165

$

315,781

$

(1)

$

—

$

73,923

$

1,012

$

—

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

78

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

95.1%

Argentina

-

0.4%

Globant

SA(Æ)

10,610

2,502

Austria

-

0.1%

Erste

Group

Bank

AG

15,049

651

Brazil

-

8.2%

Ambev

SA(Æ)

918,719

2,426

B3

SA

-

Brasil

Bolsa

Balcao

828,901

2,190

Banco

Bradesco

SA

-

ADR

824,410

2,556

Banco

BTG

Pactual

SA(Æ)

281,622

2,048

Banco

do

Brasil

SA

179,172

2,041

Centrais

Eletricas

Brasileiras

SA

224,868

1,852

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

25,216

401

Dexco

SA(Æ)

948,467

1,482

Embraer

SA(Æ)

115,230

530

Equatorial

Energia

SA

85,788

614

Gerdau

SA

-

ADR

123,733

523

Itau

Unibanco

Holding

SA

-

ADR(Æ)

203,668

1,344

Localiza

Rent

a

Car

SA(Æ)

359,316

3,925

Lojas

Renner

SA(Æ)

328,003

1,063

MercadoLibre,

Inc.(Æ)

4,705

8,054

Natura

&

Co.

Holding

SA(Æ)

296,422

957

NU

Holdings,

Ltd.

Class

A(Æ)

555,066

4,779

Petro

Rio

SA

77,528

687

Petroleo

Brasileiro

SA

-

ADR

137,032

2,329

Raia

Drogasil

SA

354,602

1,811

Smartfit

Escola

de

Ginastica

e

Danca

SA(Æ)

42,891

210

Suzano

SA(Æ)

116,685

1,216

Telefonica

Brasil

SA

37,845

392

TIM

SA

537,623

1,882

TOTVS

SA(Æ)

33,855

215

Vale

SA

110,712

1,514

Vale

SA

Class

B

-

ADR

287,454

3,935

Vibra

Energia

SA(Æ)

587,120

2,815

WEG

SA

327,103

2,135

XP,

Inc.

8,483

208

XP,

Inc.

Class

A

90,777

2,231

58,365

Cayman

Islands

-

0.1%

DiDi

Global,

Inc.

-

ADR(Æ)

117,078

410

Chile

-

0.1%

Banco

de

Chile

2,091,941

235

Colbun

SA

1,623,736

230

465

China

-

21.5%

3SBio,

Inc.

Class

A(Þ)

1,052,000

790

Agricultural

Bank

of

China,

Ltd.

Class

H

2,107,000

814

Aier

Eye

Hospital

Group

Co.,

Ltd.

Class

A

65,000

116

Airtac

International

Group

13,000

388

Alibaba

Group

Holding,

Ltd.

1,177,200

10,567

Alibaba

Group

Holding,

Ltd.

-

ADR

25,554

1,844

Aluminum

Corp.

of

China,

Ltd.

Class

A

1,344,100

1,067

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Aluminum

Corp.

of

China,

Ltd.

Class

H

2,634,000

1,280

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

408,235

819

Anta

Sports

Products,

Ltd.

451,800

3,793

Autohome,

Inc.

-

ADR

47,997

1,210

Baidu,

Inc.

Class

A(Æ)

302,050

3,957

Baidu,

Inc.

-

ADR(Æ)

11,210

1,181

Bank

of

China,

Ltd.

Class

H

3,268,000

1,222

Bank

of

Communications

Co.,

Ltd.

Class

H

741,000

438

BeiGene,

Ltd.

-

ADR(Æ)

1,870

277

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.,

Ltd.

Class

A

361,200

815

Beijing

Tiantan

Biological

Products

Corp.,

Ltd.

Class

A

228,400

840

BOC

Hong

Kong

Holdings,

Ltd.

374,000

890

BYD

Co.,

Ltd.

Class

A

32,266

769

BYD

Co.,

Ltd.

Class

H

65,500

1,460

Chengdu

Xingrong

Environment

Co.,

Ltd.

Class

A

294,400

239

China

CITIC

Bank

Corp.,

Ltd.

Class

H

737,679

363

China

Construction

Bank

Corp.

Class

H

6,871,712

4,073

China

Forestry

Holdings

Co.,

Ltd.(Æ)

(Š)

871,100

—

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

927,600

1,100

China

Mengniu

Dairy

Co.,

Ltd.(Æ)

676,000

1,491

China

Merchants

Bank

Co.,

Ltd.

Class

H

600,352

2,188

China

Overseas

Land

&

Investment,

Ltd.

1,785,500

2,690

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

H

60,000

110

China

Petroleum

&

Chemical

Corp.

Class

H

2,556,000

1,327

China

Resources

Land,

Ltd.

550,000

1,660

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

A

46,886

519

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

H(Þ)

80,000

699

China

Tower

Corp.,

Ltd.

Class

H(Þ)

3,834,000

426

China

Yangtze

Power

Co.,

Ltd.

Class

A

484,293

1,646

CITIC

Securities

Co.,

Ltd.

Class

H

703,000

1,360

CITIC,

Ltd.

479,000

461

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

25,200

529

CSPC

Pharmaceutical

Group,

Ltd.

789,000

579

Dong-E-E-Jiao

Co.,

Ltd.

Class

A

100,000

730

Eastroc

Beverage

Group

Co.,

Ltd.(Æ)

30,300

685

ENN

Energy

Holdings,

Ltd.

186,400

1,378

Focus

Media

Information

Technology

Co.,

Ltd.

Class

A

1,012,700

799

Foshan

Haitian

Flavouring

&

Food

Co.,

Ltd.

Class

A

221,000

1,041

Fuyao

Glass

Industry

Group

Co.,

Ltd.

Class

H(Þ)

52,800

238

GF

Securities

Co.,

Ltd.

Class

H

1,141,000

1,141

Great

Wall

Motor

Co.,

Ltd.

Class

H

1,373,000

1,342

H

World

Group,

Ltd.

-

ADR

82,955

2,635

Haidilao

International

Holding,

Ltd.(Þ)

390,000

611

Haier

Smart

Home

Co.,

Ltd.

Class

H

1,271,800

3,587

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

79

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hangzhou

Tigermed

Consulting

Co.,

Ltd.

Class

H(Þ)

131,700

408

HBIS

Resources

Co.

Class

A

347,100

752

Henan

Pinggao

Electric

Co.,

Ltd.

Class

A

306,300

524

Hisense

Home

Appliances

Group

Co,.

Ltd.

Class

A

117,400

408

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

5,955,401

2,910

JD.com,

Inc.

Class

A

90,426

1,014

JD.com,

Inc.

-

ADR

85,450

1,927

Jiangling

Motors

Corp.,

Ltd.

Class

A

129,400

376

Jinduicheng

Molybdenum

Co.,

Ltd.

Class

A

164,400

208

JOYY,

Inc.

-

ADR(Þ)

18,030

553

Kanzhun,

Ltd.

-

ADR

45,706

636

KE

Holdings,

Inc.

-

ADR

40,794

578

Kingsoft

Corp.,

Ltd.

185,200

449

Kuaishou

Technology(Æ)(Þ)

146,200

731

Kunlun

Energy

Co.,

Ltd.

464,000

414

Kweichow

Moutai

Co.,

Ltd.

Class

A

4,463

992

Lenovo

Group,

Ltd.

494,701

512

Li

Auto,

Inc.

-

ADR(Æ)

29,553

818

Lingyi

iTech

Guangdong

Co.

Class

A

263,700

173

Longfor

Group

Holdings,

Ltd.(Þ)

535,500

590

Maoyan

Entertainment(Æ)(Þ)

231,400

252

Meituan

Class

B(Æ)(Þ)

119,628

961

MINISO

Group

Holding,

Ltd.

-

ADR

57,813

981

NetEase,

Inc.

83,200

1,624

NetEase,

Inc.

-

ADR

30,615

2,989

New

Oriental

Education

&

Technology

Group,

Inc.

-

ADR(Æ)

15,342

1,176

Nongfu

Spring

Co.,

Ltd.

Class

H(Þ)

267,600

1,442

Offshore

Oil

Engineering

Co.,

Ltd.

Class

A

105,201

82

Opple

Lighting

Co.,

Ltd.

Class

A

97,500

214

PDD

Holdings,

Inc.

-

ADR(Æ)

21,276

2,699

PetroChina

Co.,

Ltd.

Class

H

558,000

400

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

508,545

632

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

66,700

375

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

968,500

4,087

Pop

Mart

Internaitonal

Group,

Ltd.(Þ)

48,800

108

Shanghai

International

Airport

Co.,

Ltd.

Class

A(Æ)

156,900

722

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

14,800

554

Shenzhou

International

Group

Holdings,

Ltd.

55,200

492

Sichuan

Chuantou

Energy

Co.,

Ltd.

Class

A

420,700

910

Sichuan

Kelun

Pharmaceutical

Co.,

Ltd.

Class

A

213,700

689

Sieyuan

Electric

Co.,

Ltd.

Class

A

33,800

237

Sinopharm

Group

Co.,

Ltd.

Class

H

120,000

313

Sunny

Optical

Technology

Group

Co.,

Ltd.

162,900

998

Tencent

Holdings,

Ltd.

530,080

18,436

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tencent

Music

Entertainment

Group

-

ADR(Æ)

60,824

572

Tingyi

Cayman

Islands

Holding

Corp.

918,000

913

Tongcheng

Travel

Holdings,

Ltd.(Æ)(Þ)

460,000

934

Trip.com

Group,

Ltd.(Æ)

50,550

1,836

Trip.com

Group,

Ltd.

-

ADR(Æ)

76,362

2,792

Tsingtao

Brewery

Co.,

Ltd.

Class

H

40,000

228

Up

Fintech

Holding,

Ltd.

-

ADR(Æ)(Ñ)

45,758

171

Vipshop

Holdings,

Ltd.

-

ADR

44,313

704

Weichai

Power

Co.,

Ltd.

Class

A

161,500

333

Weichai

Power

Co.,

Ltd.

Class

H

2,275,000

4,015

Western

Mining

Co.,

Ltd.

Class

A

140,500

279

Wilmar

International,

Ltd.

822,600

2,009

Wuliangye

Yibin

Co.,

Ltd.

Class

A

17,000

298

WuXi

AppTec

Co.,

Ltd.

Class

A

58,400

439

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

134,783

931

WuXi

Biologics

(Cayman),

Inc.(Æ)(Þ)

201,000

530

Xiaomi

Corp.

Class

B(Æ)(Þ)

1,557,000

2,452

Xinyi

Glass

Holdings,

Ltd.

702,000

580

Yankuang

Energy

Group

Co.,

Ltd.

Class

H

160,000

328

Zhejiang

Longsheng

Group

Co.,

Ltd.

Class

A

1,394,100

1,494

Zhengzhou

Yutong

Bus

Co.,

Ltd.

Class

A

426,300

898

Zijin

Mining

Group

Co.,

Ltd.

Class

H

1,896,000

2,794

ZTO

Express,

Inc.

-

ADR

102,851

1,683

153,743

Colombia

-

0.1%

Bancolombia

SA

-

ADR

23,378

735

Czech

Republic

-

0.0%

CEZ

AS

7,706

292

Denmark

-

0.1%

Novo

Nordisk

A/S

Class

B

5,582

638

France

-

0.1%

Hermes

International

53

112

L'Oreal

SA

609

292

404

Greece

-

0.8%

Alpha

Services

and

Holdings

SA(Æ)

1,134,238

2,010

Hellenic

Petroleum

SA

26,269

210

Mytilineos

Holdings

SA

10,071

414

National

Bank

of

Greece

SA(Æ)

211,843

1,609

OPAP

SA

69,640

1,206

5,449

Guernsey

-

0.1%

VinaCapital

Vietnam

Opportunity

Fund,

Ltd.

87,879

504

Hong

Kong

-

1.4%

AIA

Group,

Ltd.

252,800

1,966

ASM

Pacific

Technology,

Ltd.

129,600

1,262

China

Common

Rich

Renewable

Energy

Investments,

Ltd.(Æ)(Š)

1,630,000

—

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

80

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

China

Huishan

Dairy

Holdings

Co.,

Ltd.(Æ)(Š)

1,269,000

68

China

Lumena

New

Materials

Corp.

(Æ)(Š)

75,600

—

China

Metal

Recycling

Holdings,

Ltd.

(Æ)(Š)

335,400

—

Hang

Lung

Properties,

Ltd.

-

ADR

939,000

1,086

Nine

Dragons

Paper

Holdings,

Ltd.(Æ)

412,000

153

Orient

Overseas

International,

Ltd.

61,287

913

Pacific

Basin

Shipping,

Ltd.

3,755,208

1,040

Proya

Cosmetics

Co.,

Ltd.(Æ)

22,400

257

Real

Gold

Mining,

Ltd.(Æ)(Š)

463,232

—

Sino

Biopharmaceutical,

Ltd.

2,791,000

1,003

Techtronic

Industries

Co.,

Ltd.

68,500

732

Tianhe

Chemicals

Group,

Ltd.(Æ)(Š)

25,778,000

—

WH

Group,

Ltd.(Þ)

2,699,000

1,588

10,068

Hungary

-

0.7%

MOL

Hungarian

Oil

&

Gas

PLC

39,651

325

OTP

Bank

PLC

89,679

4,147

Richter

Gedeon

Nyrt

12,841

346

4,818

India

-

15.0%

ABB,

Ltd.(Þ)

15,263

856

Adani

Ports

and

Special

Economic

Zone,

Ltd.(Þ)

47,426

690

Apollo

Hospitals

Enterprise,

Ltd.

37,673

2,871

Ashok

Leyland,

Ltd.

83,200

176

Asian

Paints,

Ltd.

49,817

1,769

Aurobindo

Pharma,

Ltd.

62,526

865

Axis

Bank,

Ltd.

196,088

2,519

Bajaj

Auto,

Ltd.

4,706

434

Bajaj

Finance,

Ltd.

49,193

4,063

Bandhan

Bank,

Ltd.(Þ)

256,936

705

Bharat

Electronics,

Ltd.

1,096,587

2,452

Bharat

Petroleum

Corp.,

Ltd.

280,645

1,691

Bharti

Airtel,

Ltd.

63,036

888

Britannia

Industries,

Ltd.

44,389

2,772

Central

Depository

Services

India,

Ltd.

(Þ)

16,470

350

Cipla,

Ltd.

94,066

1,528

CreditAccess

Grameen,

Ltd.(Æ)

38,243

731

DLF,

Ltd.

141,298

1,360

Dr

Reddy's

Laboratories,

Ltd.

7,245

534

Dr

Reddy's

Laboratories,

Ltd.

-

ADR

22,505

1,619

GAIL

India,

Ltd.

206,442

427

Grasim

Industries,

Ltd.

22,231

582

HCL

Technologies,

Ltd.

134,273

2,546

HDFC

Bank,

Ltd.

324,103

5,673

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

168,550

1,166

Hero

MotoCorp,

Ltd.

7,347

407

Hindalco

Industries,

Ltd.

103,233

715

Hindustan

Aeronautics,

Ltd.(Þ)

59,747

2,146

ICICI

Bank,

Ltd.

65,502

810

ICICI

Bank,

Ltd.

-

ADR

115,035

2,807

Indian

Hotels

Co.,

Ltd.

328,776

1,944

Indian

Oil

Corp.,

Ltd.

540,728

952

IndusInd

Bank,

Ltd.

99,866

1,838

Infosys,

Ltd.

16,326

326

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Infosys,

Ltd.

-

ADR

69,830

1,387

InterGlobe

Aviation,

Ltd.(Æ)(Þ)

9,024

321

ITC,

Ltd.

93,984

499

Jio

Financial

Services,

Ltd.(Æ)

105,276

314

JSW

Steel,

Ltd.

35,729

351

Jubilant

Foodworks,

Ltd.

220,834

1,373

Larsen

&

Toubro,

Ltd.

151,660

6,331

Maharashtra

Seamless,

Ltd.

22,033

278

Mahindra

&

Mahindra,

Ltd.

48,982

970

MakeMyTrip,

Ltd.(Æ)(Þ)

11,853

657

Maruti

Suzuki

India,

Ltd.

6,415

785

Max

Healthcare

Institute,

Ltd.

140,108

1,311

Nestle

India,

Ltd.

22,790

687

NMDC,

Ltd.

115,187

304

NTPC,

Ltd.

283,148

1,082

PB

Fintech,

Ltd.(Æ)

39,377

474

Polycab

India,

Ltd.

30,059

1,568

Poonawalla

Fincorp,

Ltd.

78,866

453

Power

Finance

Corp.,

Ltd.

308,527

1,638

Power

Grid

Corp.

of

India,

Ltd.

1,133,842

3,528

Reliance

Industries,

Ltd.

185,484

6,354

Rural

Electrification

Corp.,

Ltd.

253,624

1,517

Shriram

Transport

Finance

Co.,

Ltd.

76,203

2,257

Siemens,

Ltd.

20,203

1,004

Sona

BLW

Precision

Forgings,

Ltd.(Þ)

36,378

270

State

Bank

of

India

143,903

1,109

Sun

Pharmaceutical

Industries,

Ltd.

42,518

725

Tata

Consultancy

Services,

Ltd.

42,927

1,971

Tata

Global

Beverages,

Ltd.

37,254

501

Tata

Motors,

Ltd.

203,781

2,159

Tata

Power

Co.,

Ltd.

216,881

1,013

Tata

Steel,

Ltd.

292,963

479

Titan

Co.,

Ltd.

104,918

4,656

Triveni

Turbine,

Ltd.(Æ)

50,979

231

TVS

Motor

Co.,

Ltd.

67,081

1,610

UltraTech

Cement,

Ltd.

16,076

1,963

United

Phosphorus,

Ltd.

149,011

962

Varun

Beverages,

Ltd

114,177

1,760

Zomato.,

Ltd.(Æ)

717,686

1,203

107,267

Indonesia

-

2.8%

Astra

International

Tbk

PT

5,342,821

1,726

Bank

Central

Asia

Tbk

PT

7,764,400

4,693

Bank

Mandiri

Persero

Tbk

PT

7,637,600

3,205

Bank

Rakyat

Indonesia

Persero

Tbk

PT

23,204,454

8,330

Indofood

Sukses

Makmur

Tbk

PT

644,799

260

Matahari

Putra

Prima

Tbk

PT(Æ)

33,253,041

126

Mitra

Adiperkasa

Tbk

PT

1,948,871

240

Sumber

Alfaria

Trijaya

Tbk

PT

1,601,679

268

Telkom

Indonesia

Persero

Tbk

PT

5,949,721

1,493

20,341

Japan

-

0.1%

Disco

Corp.

2,800

752

Kazakhstan

-

0.6%

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

32,425

463

Kaspi.KZ

JSC

-

ADR(Þ)

19,036

1,751

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

81

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kaspi.KZ

JSC

-

GDR(Þ)

21,120

1,943

4,157

Kuwait

-

0.1%

Mobile

Telecommunications

Co.

KSCP(Þ)

502,093

858

Macao

-

0.6%

Galaxy

Entertainment

Group,

Ltd.

651,000

3,381

Sands

China,

Ltd.(Æ)

414,237

1,086

4,467

Malaysia

-

0.5%

CIMB

Group

Holdings

BHD

427,700

563

Malayan

Banking

BHD

358,100

701

Malaysia

Airports

Holdings

BHD

90,700

147

Petronas

Chemicals

Group

BHD

691,400

988

Public

Bank

BHD

1,127,500

1,046

3,445

Mexico

-

2.8%

America

Movil

SAB

de

CV

1,066,213

963

America

Movil

SAB

de

CV

-

ADR

64,007

1,155

Arca

Continental

SAB

de

CV

76,393

868

Cemex

SAB

de

CV(Æ)

1,003,701

834

Cemex

SAB

de

CV

-

ADR(Æ)

420,856

3,485

Corp.

Inmobiliaria

Vesta

SAB

de

CV

297,697

1,132

Fibra

Uno

Administracion

SA

de

CV(ö)

727,846

1,237

Fomento

Economico

Mexicano

SAB

de

CV

92,774

1,258

Fomento

Economico

Mexicano

SAB

de

CV

-

ADR

11,568

1,568

Fresnillo

PLC

115,829

777

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

544,673

5,540

Ternium

SA

-

ADR

24,795

959

19,776

Morocco

-

0.2%

Attijariwafa

Bank

SA

4,185

203

Label

Vie

1,714

724

Maroc

Telecom

-

ADR

16,387

155

1,082

Netherlands

-

0.7%

ASM

International

NV

1,242

692

ASML

Holding

NV

1,370

1,174

ASML

Holding

NV

Class

G

2,520

2,192

Ferrari

NV

1,919

664

NEPI

Rockcastle

NV(Æ)

80,443

541

5,263

Nigeria

-

0.0%

Guaranty

Trust

Holding

Co.

PLC(Ñ)

5,576,579

173

Peru

-

0.2%

Credicorp,

Ltd.

11,329

1,682

Philippines

-

0.6%

Ayala

Land,

Inc.

2,222,100

1,345

BDO

Unibank,

Inc.

895,784

2,300

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

International

Container

Terminal

Services,

Inc.

97,030

419

SM

Investments

Corp.

17,450

278

4,342

Poland

-

1.1%

Bank

Polska

Kasa

Opieki

SA

32,010

1,235

Dino

Polska

SA(Æ)(Þ)

24,819

2,680

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

88,265

1,124

Powszechny

Zaklad

Ubezpieczen

SA

240,824

2,908

7,947

Romania

-

0.2%

Banca

Transilvania

SA(Þ)

184,583

997

Societatea

De

Producere

A

Energiei

Electrice

in

Hidrocentrale

Hidroelectrica

SA(Æ)

13,991

379

1,376

Russia

-

0.0%

Gazprom

PJSC(Æ)(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(Æ)(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

-

2.2%

Al

Rajhi

Bank

41,992

938

Alinma

Bank

146,515

1,614

Arabian

Contracting

Services

Co.

4,000

278

Banque

Saudi

Fransi(Þ)

39,461

420

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

19,299

1,493

Elm

Co.

7,791

1,870

Etihad

Etisalat

Co.(Þ)

140,179

1,948

Leejam

Sports

Co.

10,371

531

Ridyadh

Cables

Group

Co.

29,663

833

SABIC

Agri-Nutrients

Co.(Þ)

15,185

519

Saudi

Arabian

Oil

Co.(Þ)

304,938

2,489

Saudi

British

Bank

(The)(Þ)

46,726

446

Saudi

National

Bank

(The)

85,862

926

Saudi

Telecom

Co.

112,785

1,226

Saudia

Dairy

&

Foodstuff

Co.

2,077

200

15,731

Singapore

-

0.1%

SEA,

Ltd.

-

ADR(Æ)

27,838

1,062

Slovenia

-

0.2%

Nova

Ljubljanska

Banka

B

-

GDR(Þ)

41,599

825

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

82

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nova

Ljubljanska

Banka

BA

-

GDR(Þ)

37,494

755

1,580

South

Africa

-

1.8%

Absa

Group,

Ltd.

189,333

1,657

Anglogold

Ashanti

PLC(Ñ)

143,129

2,522

Aspen

Pharmacare

Holdings,

Ltd.

34,457

357

Bid

Corp.,

Ltd.

24,747

600

Bidvest

Group,

Ltd.

(The)

25,886

341

Clicks

Group,

Ltd.

22,108

356

FirstRand,

Ltd.

265,327

962

Growthpoint

Properties,

Ltd.(ö)

1,258,946

793

Mr

Price

Group,

Ltd.

71,714

657

Nedbank

Group,

Ltd.

49,804

579

Sanlam,

Ltd.

129,172

493

Sasol,

Ltd.

-

ADR

137,065

1,186

Sibanye

Stillwater,

Ltd.

933,953

1,129

Standard

Bank

Group,

Ltd.

94,997

1,012

12,644

South

Korea

-

10.3%

Amorepacific

Corp.

13,248

1,159

Coupang,

Inc.(Æ)

73,267

1,026

DB

Insurance

Co.,

Ltd.

31,290

2,047

Hana

Financial

Group,

Inc.

17,723

630

Hankook

Tire

&

Technology

Co.,

Ltd.

15,894

605

Hanmi

Semiconductor

Co.,

Ltd.(Þ)

5,329

232

Hanon

Systems

35,530

164

HD

Hyundai

Electric

Co.,

Ltd.

5,087

388

Hyosung

Heavy

Industries

Corp.

1,846

236

Hyundai

Heavy

Industries

Co.,

Ltd.

16,071

1,351

Hyundai

Mobis

Co.,

Ltd.

19,505

3,035

Hyundai

Motor

Co.

9,190

1,328

KB

Financial

Group,

Inc.

135,083

5,726

Kia

Corp.

13,128

1,004

Korea

Aerospace

Industries,

Ltd.(Æ)

7,868

295

Korea

Investment

Holdings

Co.,

Ltd.

(Æ)

33,899

1,547

KT&G

Corp.

12,409

841

LG

Corp.

Class

H

7,458

455

LG

Electronics,

Inc.

Class

H

6,141

425

Mando

Corp.

56,165

1,464

Meritz

Financial

Group,

Inc.

18,781

955

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

828

520

Samsung

C&T

Corp.

6,908

709

Samsung

Electronics

Co.,

Ltd.

449,948

24,398

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

7,956

1,569

Samsung

Life

Insurance

Co.,

Ltd.

6,759

349

Samsung

SDI

Co.,

Ltd.

1,699

465

Samsung

SDS

Co.,

Ltd.

3,036

345

Samsung

Securities

Co.,

Ltd.

10,317

290

Samsung

Techwin

Co.,

Ltd.

8,910

911

Shinhan

Financial

Group

Co.,

Ltd.

131,704

4,030

SK

Hynix,

Inc.

122,381

12,124

SK

Square

Co.,

Ltd.(Æ)

6,918

267

SK

Telecom

Co.,

Ltd.

35,074

1,314

Woori

Financial

Group,

Inc.

53,034

550

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Woori

Investment

&

Securities

Co.,

Ltd.(Æ)

51,137

404

73,158

Taiwan

-

13.8%

Accton

Technology

Corp.

171,000

2,848

Alchip

Technologies,

Ltd.

18,000

2,214

ASE

Technology

Holding

Co.,

Ltd.

226,000

971

Asia

Cement

Corp.

202,000

256

Asustek

Computer,

Inc.

270,467

3,808

Bizlink

Holding,

Inc.

308,887

2,267

Catcher

Technology

Co.,

Ltd.

59,000

366

Cathay

Financial

Holding

Co.,

Ltd.(Æ)

1,608,000

2,260

Chailease

Holding

Co.,

Ltd.

138,000

762

Compal

Electronics,

Inc.

1,560,000

1,777

CTBC

Financial

Holding

Co.,

Ltd.

3,364,000

3,045

Delta

Electronics,

Inc.

3,000

27

E

Ink

Holdings,

Inc.

21,000

139

Evergreen

Marine

Corp.

Taiwan,

Ltd.

227,200

1,094

First

Financial

Holding

Co.,

Ltd.

628,995

533

Fubon

Financial

Holding

Co.,

Ltd.

437,000

897

Hiwin

Technologies

Corp.

205,000

1,430

Hon

Hai

Precision

Industry

Co.,

Ltd.

1,632,000

5,323

Inventec

Corp.

222,000

386

Largan

Precision

Co.,

Ltd.

23,000

1,810

Lite-On

Technology

Corp.

145,107

499

MediaTek,

Inc.

277,000

8,524

Mega

Financial

Holding

Co.,

Ltd.

1,222,280

1,463

Nien

Made

Enterprise

Co.,

Ltd.

25,000

266

Pegatron

Corp.

163,000

428

Quanta

Computer,

Inc.

139,000

1,078

SinoPac

Financial

Holdings

Co.,

Ltd.

677,000

414

Synnex

Technology

International

Corp.

110,000

252

Taishin

Financial

Holding

Co.,

Ltd.

842,978

461

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

1,518,000

30,410

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

132,028

14,914

Tong

Yang

Industry

Co.,

Ltd.

130,000

351

Uni-President

Enterprises

Corp.

162,000

374

United

Microelectronics

Corp.

534,000

829

Voltronic

Power

Technology

Corp.

2,000

85

Wistron

Corp.

174,000

626

Wiwynn

Corp.

10,000

692

WPG

Holdings,

Ltd.

692,000

1,915

Yageo

Corp.

26,000

457

Yuanta

Financial

Holding

Co.,

Ltd.

2,557,000

2,197

98,448

Thailand

-

2.9%

Amata

Corp.

PCL

205,100

123

Bangchak

Petroleum

PCL

(The)(Þ)

145,100

172

Bangkok

Bank

PCL

413,900

1,642

Bangkok

Dusit

Medical

Services

PCL

651,700

503

Bumrungrad

Hospital

PCL

93,300

630

Central

Pattana

PCL

612,100

1,112

Charoen

Pokphand

Foods

PCL

2,672,600

1,399

Ichitan

Group

PCL(Þ)

852,200

416

Indorama

Ventures

PLC

1,132,200

749

Kasikornbank

PCL

596,000

2,014

Krung

Thai

Bank

PCL

974,000

437

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

83

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Minor

International

PCL(Þ)

877,000

749

Polyplex

Thailand

PCL

806,200

766

PTT

Exploration

&

Production

PCL

1,354,500

5,685

SCB

X

PCL

433,000

1,264

Siam

Cement

PCL

(The)

118,400

899

Thai

Beverage

PCL

2,799,800

1,094

Thai

Union

Group

PCL

1,966,200

840

20,494

Togo

-

0.0%

Ecobank

Transnational,

Inc.

4,434,883

99

Turkey

-

0.3%

Akbank

TAS

728,799

948

BIM

Birlesik

Magazalar

AS

26,762

336

Migros

Ticaret

AS

29,390

396

Sok

Marketler

Ticaret

AS

152,816

321

Yapi

ve

Kredi

Bankasi

AS

678,274

487

2,488

United

Arab

Emirates

-

0.8%

Aldar

Properties

PJSC

278,190

386

Dubai

Islamic

Bank

PJSC

258,967

446

Emaar

Properties

PJSC

1,287,502

2,607

Emirates

NBD

Bank

PJSC

139,817

675

First

Abu

Dhabi

Bank

PJSC(Þ)

289,933

1,159

Salik

Co.

PJSC

839,677

792

6,065

United

Kingdom

-

0.2%

BAE

Systems

PLC

58,253

868

TBC

Bank

Group

PLC

20,334

751

1,619

United

States

-

2.1%

Cadence

Design

Systems,

Inc.(Æ)

1,768

510

Cognizant

Technology

Solutions

Corp.

Class

A

38,129

2,940

Freeport-McMoRan,

Inc.

73,601

2,921

Lam

Research

Corp.

3,125

2,579

Linde

PLC

675

273

Meta

Platforms,

Inc.

Class

A

2,606

1,017

Microsoft

Corp.

4,316

1,716

NVIDIA

Corp.

4,720

2,904

14,860

Uruguay

-

0.1%

Arcos

Dorados

Holdings,

Inc.

Class

A

70,138

868

Vietnam

-

1.1%

FPT

Corp.

171,446

668

Ho

Chi

Minh

City

Development

Joint

Stock

Commercial

Bank

1,431,333

1,274

Masan

Group

Corp.(Æ)

155,720

407

Military

Commercial

Joint

Stock

Bank

457,232

405

Mobile

World

Investment

Corp.

621,238

1,133

Vietnam

Dairy

Products

JSC

876,200

2,397

Vincom

Retail

JSC(Æ)

625,400

570

Vinhomes

JSC(Æ)(Þ)

420,000

707

7,561

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Common

Stocks

(cost

$605,421)

678,649

Preferred

Stocks

-

1.6%

Brazil

-

1.5%

Banco

Bradesco

SA

8.052%

(Ÿ)

472,666

1,464

Braskem

SA

0.000%

(Æ)

115,239

414

Cia

Energetica

de

Minas

Gerais

10.650%

(Ÿ)

1,481,381

3,445

Itau

Unibanco

Holding

SA

6.972%

(Ÿ)

300,452

1,988

Petroleo

Brasileiro

SA

7.862%

(Ÿ)

288,860

2,358

Raizen

Energia

SA

7.466%

(Ÿ)

908,192

702

10,371

Russia

-

0.0%

Sberbank

of

Russia

8.493%

(Ÿ)(Š)

348,120

—

Surgutneftegas

OJSC

1.295%

(Ÿ)(Š)

2,472,400

—

—

South

Korea

-

0.1%

Samsung

Electronics

Co.,

Ltd.

2.272%

(Ÿ)

20,551

895

Total

Preferred

Stocks

(cost

$11,128)

11,266

Warrants

and

Rights

-

0.0%

Brazil

-

0.0%

Localiza

Rent

a

Car

SA(Æ)

2024

 Rights

1,289

2

Total

Warrants

and

Rights

(cost

$—)

2

Short-Term

Investments

-

3.0%

United

States

-

3.0%

U.S.

Cash

Management

Fund(@)

21,882,933

(∞)

21,877

Total

Short-Term

Investments

(cost

$21,876)

21,877

Other

Securities

-

0.5%

U.S.

Cash

Collateral

Fund(@)(×)

3,306,720

(∞)

3,307

Total

Other

Securities

(cost

$3,307)

3,307

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

84

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Investments

-

100.2%

(identified

cost

$641,732)

715,101

Other

Assets

and

Liabilities,

Net

-

(0.2%)

(1,366)

Net

Assets

-

100.0%

713,735

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

85

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

6.0%

3SBio,

Inc.

01/17/24

HKD

1,052,000

0.74

781

790

ABB,

Ltd.

06/14/23

INR

15,263

53.93

823

856

Adani

Ports

and

Special

Economic

Zone,

Ltd.

01/31/24

INR

47,426

14.54

689

690

Banca

Transilvania

SA

03/19/15

RON

184,583

1.67

308

997

Bandhan

Bank,

Ltd.

09/13/23

INR

256,936

2.80

720

705

Bangchak

Petroleum

PCL

(The)

11/03/23

THB

145,100

1.14

165

172

Banque

Saudi

Fransi

12/13/23

SAR

39,461

10.11

399

420

Central

Depository

Services

India,

Ltd.

01/03/24

INR

16,470

22.15

365

350

China

International

Capital

Corp.,

Ltd.

09/11/23

HKD

927,600

2.04

1,894

1,100

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

12/21/22

HKD

80,000

23.57

1,886

699

China

Tower

Corp.,

Ltd.

06/30/21

HKD

3,834,000

0.14

525

426

Dino

Polska

SA

10/18/23

PLN

24,819

50.46

1,252

2,680

Etihad

Etisalat

Co.

09/20/23

SAR

140,179

11.92

1,672

1,948

First

Abu

Dhabi

Bank

PJSC

01/17/24

AED

289,933

3.91

1,133

1,159

Fuyao

Glass

Industry

Group

Co.,

Ltd.

12/13/23

HKD

52,800

4.68

247

238

Haidilao

International

Holding,

Ltd.

09/13/23

HKD

390,000

2.68

1,044

611

Halyk

Savings

Bank

of

Kazakhstan

JSC

01/21/22

32,425

9.00

292

463

Hangzhou

Tigermed

Consulting

Co.,

Ltd.

09/13/23

HKD

131,700

5.40

712

408

Hanmi

Semiconductor

Co.,

Ltd.

01/31/24

KRW

5,329

44.37

236

232

HDFC

Life

Insurance

Co.,

Ltd.

01/24/24

INR

168,550

7.68

1,294

1,166

Hindustan

Aeronautics,

Ltd.

07/27/22

INR

59,747

13.67

817

2,146

Ichitan

Group

PCL

09/13/23

THB

852,200

0.47

399

416

InterGlobe

Aviation,

Ltd.

05/06/22

INR

9,024

35.82

323

321

JOYY,

Inc.

01/24/24

18,030

31.35

565

553

Kaspi.KZ

JSC

09/13/23

19,036

77.49

1,475

1,751

Kaspi.KZ

JSC

01/10/24

21,120

99.23

2,096

1,943

Kuaishou

Technology

12/02/22

HKD

146,200

7.46

1,091

731

Longfor

Group

Holdings,

Ltd.

10/06/23

HKD

535,500

2.50

1,341

590

MakeMyTrip,

Ltd.

08/23/23

11,853

37.50

444

657

Maoyan

Entertainment

09/27/23

HKD

231,400

1.43

330

252

Meituan

09/09/20

HKD

119,628

25.27

3,023

961

Minor

International

PCL

03/15/23

THB

877,000

0.86

753

749

Mobile

Telecommunications

Co.

KSCP

12/14/22

KWD

502,093

1.78

892

858

Nongfu

Spring

Co.,

Ltd.

10/11/23

HKD

267,600

5.79

1,549

1,442

Nova

Ljubljanska

Banka

B

03/03/21

EUR

41,599

12.42

517

825

Nova

Ljubljanska

Banka

BA

08/22/22

EUR

37,494

13.31

499

755

Pop

Mart

Internaitonal

Group,

Ltd.

11/08/23

HKD

48,800

3.02

147

108

SABIC

Agri-Nutrients

Co.

12/13/23

SAR

15,185

35.84

544

519

Samsung

Biologics

Co.,

Ltd.

09/23/21

KRW

828

461.40

382

520

Saudi

Arabian

Oil

Co.

12/07/22

SAR

304,938

7.96

2,429

2,489

Saudi

British

Bank

(The)

11/02/22

SAR

46,726

10.03

468

446

Sona

BLW

Precision

Forgings,

Ltd.

09/27/23

INR

36,378

7.17

261

270

TCS

Group

Holding

PLC

01/26/22

22,673

—

1,472

—

Tongcheng

Travel

Holdings,

Ltd.

01/03/24

HKD

460,000

2.10

964

934

Vinhomes

JSC

01/03/24

VND

420,000

1.71

720

707

WH

Group,

Ltd.

05/05/23

HKD

2,699,000

0.59

1,593

1,588

WuXi

AppTec

Co.,

Ltd.

03/09/23

HKD

134,783

4.54

612

931

WuXi

Biologics

(Cayman),

Inc.

01/19/24

201,000

5.35

1,075

530

X5

Retail

Group

NV

02/15/19

98,302

—

2,706

—

Xiaomi

Corp.

09/13/23

HKD

1,557,000

1.65

2,573

2,452

42,554

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

MSCI

China

Free

Index

Futures

636

USD

12,262

03/24

(1,152)

MSCI

Emerging

Markets

Index

Futures

590

USD

28,933

03/24

(254)

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

86

Emerging

Markets

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Short

Positions

MSCI

Brazil

Index

Futures

141

USD

8,502

03/24

(101)

MSCI

Emerging

Markets

Index

Futures

135

USD

6,620

03/24

27

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(1,480)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

232

EUR

214

02/02/24

(1)

Bank

of

America

USD

166

HKD

1,294

02/02/24

—

Bank

of

America

USD

771

PLN

3,076

02/02/24

(4)

Bank

of

America

USD

396

ZAR

7,393

02/05/24

(1)

Bank

of

America

HUF

150,672

USD

426

02/02/24

2

Bank

of

America

MXN

3,408

USD

198

02/02/24

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(4)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

2,502

$

—

$

—

$

—

$

2,502

Austria

—

651

—

—

651

Brazil

58,365

—

—

—

58,365

Cayman

Islands

410

—

—

—

410

Chile

465

—

—

—

465

China

25,754

127,989

—

—

153,743

Colombia

735

—

—

—

735

Czech

Republic

—

292

—

—

292

Denmark

—

638

—

—

638

France

—

404

—

—

404

Greece

—

5,449

—

—

5,449

Guernsey

—

504

—

—

504

Hong

Kong

1,588

8,412

68

—

10,068

Hungary

—

4,818

—

—

4,818

India

7,160

100,107

—

—

107,267

Indonesia

—

20,341

—

—

20,341

Japan

—

752

—

—

752

Kazakhstan

—

4,157

—

—

4,157

Kuwait

—

858

—

—

858

Macao

—

4,467

—

—

4,467

Malaysia

—

3,445

—

—

3,445

Mexico

18,999

777

—

—

19,776

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

87

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Morocco

—

1,082

—

—

1,082

Netherlands

2,856

2,407

—

—

5,263

Nigeria

—

173

—

—

173

Peru

1,682

—

—

—

1,682

Philippines

—

4,342

—

—

4,342

Poland

—

7,947

—

—

7,947

Romania

—

1,376

—

—

1,376

Russia

—

—

—

—

—

Saudi

Arabia

—

15,731

—

—

15,731

Singapore

1,062

—

—

—

1,062

Slovenia

—

1,580

—

—

1,580

South

Africa

2,522

10,122

—

—

12,644

South

Korea

1,258

71,900

—

—

73,158

Taiwan

14,914

83,534

—

—

98,448

Thailand

—

20,494

—

—

20,494

Togo

—

99

—

—

99

Turkey

—

2,488

—

—

2,488

United

Arab

Emirates

—

6,065

—

—

6,065

United

Kingdom

—

1,619

—

—

1,619

United

States

14,860

—

—

—

14,860

Uruguay

868

—

—

—

868

Vietnam

—

7,561

—

—

7,561

Preferred

Stocks

10,371

895

—

—

11,266

Warrants

and

Rights

2

—

—

—

2

Short-Term

Investments

—

—

—

21,877

21,877

Other

Securities

—

—

—

3,307

3,307

Total

Investments

166,373

523,476

68

25,184

715,101

Other

Financial

Instruments

Assets

Futures

Contracts

27

—

—

—

27

Foreign

Currency

Exchange

Contracts

2

—

—

—

2

Liabilities

Futures

Contracts

(1,507)

—

—

—

(1,507)

Foreign

Currency

Exchange

Contracts

(6

)

—

—

—

(6

)

Total

Other

Financial

Instruments

*

$

(1,484

)

$

—

$

—

$

—

$

(1,484

)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

88

Emerging

Markets

Fund

(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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

113,588

Consumer

Staples

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

36,994

Energy

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

22,296

Financial

Services

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

185,724

Health

Care

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

22,140

Materials

and

Processing

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

46,859

Producer

Durables

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

41,933

Technology

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

184,746

Utilities

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

24,369

Preferred

Stocks

Energy

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

2,358

Financial

Services

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

3,452

Materials

and

Processing

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

414

Technology

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

895

Utilities

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

4,147

Warrants

and

Rights

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

2

Short-Term

Investments

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

21,877

Other

Securities

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

3,307

Total

Investments

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

715,101

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

32,645

$

107,767

$

118,532

$

(3

)

$

—

$

21,877

$

378

$

—

U.S.

Cash

Collateral

Fund

2,554

9,375

8,622

—

—

3,307

36

—

$

35,199

$

117,142

$

127,154

$

(3

)

$

—

$

25,184

$

414

$

—

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Large

Cap

Fund

89

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.1%

Consumer

Discretionary

-

13.4%

Advance

Auto

Parts,

Inc.

53,498

3,576

Amazon.com,

Inc.(Æ)

1,805,568

280,224

Autoliv,

Inc.

125,456

13,439

AutoZone,

Inc.(Æ)

3,781

10,444

Best

Buy

Co.,

Inc.

36,279

2,630

BorgWarner,

Inc.

44,695

1,515

Capri

Holdings,

Ltd.(Æ)

255,643

12,460

Charter

Communications,

Inc.

Class

A(Æ)

16,205

6,007

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

9,516

22,922

Comcast

Corp.

Class

A

482,865

22,472

Costco

Wholesale

Corp.

119,777

83,231

Dollar

General

Corp.

5,400

713

Dollar

Tree,

Inc.(Æ)

5,970

780

DR

Horton,

Inc.

169,618

24,240

eBay,

Inc.

26,648

1,094

Expedia

Group,

Inc.(Æ)

5,900

875

Ford

Motor

Co.

577,448

6,768

Fox

Corp.

Class

A

190,145

6,142

Garmin,

Ltd.

46,864

5,600

General

Motors

Co.

1,040,471

40,370

Grand

Canyon

Education,

Inc.(Æ)

17,657

2,306

Hilton

Worldwide

Holdings,

Inc.

58,633

11,197

Home

Depot,

Inc.

(The)

75,922

26,797

Lennar

Corp.

Class

A

115,250

17,270

Lennar

Corp.

Class

B

28,035

3,890

Liberty

Media

Corp.

Class

A(Æ)

77,824

2,501

Lithia

Motors,

Inc.

Class

A

37,124

10,946

Live

Nation

Entertainment,

Inc.(Æ)

84,263

7,487

Lowe's

Cos.,

Inc.

185,439

39,469

Marriott

International,

Inc.

Class

A

7,893

1,892

McDonald's

Corp.

5,663

1,658

Netflix,

Inc.(Æ)

73,342

41,373

New

York

Times

Co.

(The)

Class

A

69,057

3,353

News

Corp.

Class

A

251,088

6,187

Nike,

Inc.

Class

B

285,008

28,937

nVent

Electric

PLC

6,066

364

NVR,

Inc.(Æ)

875

6,191

O'Reilly

Automotive,

Inc.(Æ)

39,735

40,651

PulteGroup,

Inc.

240,752

25,173

Raytheon

Technologies

Corp.

228,015

20,777

Ross

Stores,

Inc.

30,823

4,324

Royal

Caribbean

Cruises,

Ltd.(Æ)

10,518

1,341

Starbucks

Corp.

215,173

20,017

Tapestry,

Inc.

78,600

3,049

Target

Corp.

158,224

22,006

Tesla,

Inc.(Æ)

239,778

44,908

TJX

Cos.,

Inc.

(The)

206,593

19,608

Travel

+

Leisure

Co.

52,623

2,127

Ulta

Beauty,

Inc.(Æ)

13,081

6,567

VF

Corp.

3,017

50

Walmart,

Inc.

175,381

28,982

Walt

Disney

Co.

(The)

244,335

23,468

Warner

Bros

Discovery,

Inc.(Æ)

155,128

1,554

Whirlpool

Corp.

27,702

3,034

Wyndham

Hotels

&

Resorts,

Inc.

59,865

4,665

Yum

China

Holdings,

Inc.

29,534

1,022

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Yum!

Brands,

Inc.

284,366

36,823

1,067,466

Consumer

Staples

-

4.7%

Archer-Daniels-Midland

Co.

26,319

1,463

Brown-Forman

Corp.

Class

B

-

ADR

110,350

6,058

Campbell

Soup

Co.

62,510

2,790

Church

&

Dwight

Co.,

Inc.

14,788

1,477

Coca-Cola

Co.

(The)

404,174

24,044

Coca-Cola

Europacific

Partners

PLC

72,498

4,995

Colgate-Palmolive

Co.

61,226

5,155

Conagra

Brands,

Inc.

573,248

16,710

Constellation

Brands,

Inc.

Class

A

26,679

6,538

CVS

Health

Corp.

792,445

58,934

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

968

128

General

Mills,

Inc.

30,682

1,992

Haleon

PLC

-

ADR

958,773

7,862

Hershey

Co.

(The)

52,392

10,140

Ingredion,

Inc.

166,595

17,921

Kenvue,

Inc.

513,862

10,668

Keurig

Dr

Pepper,

Inc.

14,941

470

Kimberly-Clark

Corp.

6,887

833

Kroger

Co.

(The)

948,780

43,777

Molson

Coors

Beverage

Co.

Class

B

200,585

12,394

Mondelez

International,

Inc.

Class

A

349,771

26,327

Monster

Beverage

Corp.(Æ)

251,912

13,860

PepsiCo,

Inc.

131,962

22,240

Philip

Morris

International,

Inc.

17,601

1,599

Procter

&

Gamble

Co.

(The)

266,025

41,803

Sysco

Corp.

51,834

4,195

Tyson

Foods,

Inc.

Class

A

460,431

25,213

Unilever

PLC

-

ADR

63,080

3,071

WK

Kellogg

Co.

118,705

1,542

374,199

Energy

-

3.7%

BP

PLC

-

ADR

651,555

22,870

Canadian

Natural

Resources,

Ltd.

218,795

14,001

Chevron

Corp.

259,528

38,262

Devon

Energy

Corp.

88,750

3,729

Diamondback

Energy,

Inc.

133,742

20,561

Eaton

Corp.

PLC

105,586

25,983

EOG

Resources,

Inc.

201,453

22,923

Exxon

Mobil

Corp.

446,198

45,874

Hess

Corp.

80,704

11,341

Marathon

Oil

Corp.

24,688

564

Marathon

Petroleum

Corp.

64,204

10,632

Phillips

66

103,255

14,901

Pioneer

Natural

Resources

Co.

145,969

33,548

Shell

PLC

-

ADR

363,675

22,879

Valero

Energy

Corp.

63,709

8,849

296,917

Financial

Services

-

13.8%

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

353,191

27,040

Affiliated

Managers

Group,

Inc.

30,574

4,551

Aflac,

Inc.

25,549

2,155

Allstate

Corp.

(The)

143,373

22,259

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

90

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

American

Express

Co.

170,417

34,209

American

International

Group,

Inc.

99,016

6,883

American

Tower

Corp.(ö)

86,616

16,946

Ameriprise

Financial,

Inc.

5,878

2,274

Aon

PLC

Class

A

59,307

17,699

Apollo

Global

Management,

Inc.

159,449

16,009

Arthur

J

Gallagher

&

Co.

28,088

6,521

Assurant,

Inc.

5,910

993

Assured

Guaranty,

Ltd.

599

49

AvalonBay

Communities,

Inc.(ö)

5,000

895

Bank

of

America

Corp.

854,831

29,073

Bank

OZK

21,974

991

Berkshire

Hathaway,

Inc.

Class

B(Æ)

185,181

71,061

Brighthouse

Financial,

Inc.(Æ)

21,037

1,089

Capital

One

Financial

Corp.

147,276

19,929

Carlyle

Group,

Inc.

(The)

225,654

9,031

CBRE

Group,

Inc.

Class

A(Æ)

13,218

1,141

Charles

Schwab

Corp.

(The)

277,347

17,451

Chubb,

Ltd.

142,769

34,978

Cincinnati

Financial

Corp.

26,369

2,922

Citigroup,

Inc.

1,069,041

60,048

Citizens

Financial

Group,

Inc.

462,301

15,117

CME

Group,

Inc.

Class

A

78,281

16,113

Discover

Financial

Services

35,490

3,745

East

West

Bancorp,

Inc.

28,223

2,055

Equinix,

Inc.(ö)

40,864

33,908

Evercore,

Inc.

Class

A

14,201

2,439

Everest

Re

Group,

Ltd.

900

346

Fifth

Third

Bancorp

223,451

7,651

First

Citizens

BancShares,

Inc.

Class

A

1,845

2,786

Goldman

Sachs

Group,

Inc.

(The)

12,071

4,635

Hartford

Financial

Services

Group,

Inc.

63,811

5,549

Howard

Hughes

Corp.

(The)(Æ)

98,455

7,884

Huntington

Bancshares,

Inc.

831,115

10,580

Intercontinental

Exchange,

Inc.

163,857

20,864

Janus

Henderson

Group

PLC

119,188

3,428

JPMorgan

Chase

&

Co.

357,953

62,413

Kimco

Realty

Corp.(ö)

434,379

8,774

Markel

Group,

Inc.(Æ)

9,476

14,190

MasterCard,

Inc.

Class

A

274,727

123,416

MetLife,

Inc.

171,966

11,921

Morgan

Stanley

284,569

24,826

New

York

Community

Bancorp,

Inc.

959,358

6,207

Northern

Trust

Corp.

1,828

146

PNC

Financial

Services

Group,

Inc.

(The)

22,409

3,388

Progressive

Corp.

(The)

233,134

41,556

Prologis,

LP(ö)

83,284

10,551

Prudential

Financial,

Inc.

67,246

7,056

Public

Storage(ö)

26,394

7,474

Raymond

James

Financial,

Inc.

10,375

1,143

Regions

Financial

Corp.

755,927

14,113

Reinsurance

Group

of

America,

Inc.

Class

A

68,169

11,854

SBA

Communications

Corp.(ö)

32,862

7,356

Simon

Property

Group,

Inc.(ö)

3

—

State

Street

Corp.

42,925

3,171

Synchrony

Financial

264,937

10,298

Torchmark

Corp.

60,409

7,419

Travelers

Cos.,

Inc.

(The)

35,483

7,500

Truist

Financial

Corp.

8,224

305

US

Bancorp

135,069

5,611

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

VICI

Properties,

Inc.(ö)

18,304

551

Visa,

Inc.

Class

A

289,631

79,145

Voya

Financial,

Inc.

21,215

1,535

Webster

Financial

Corp.

19,386

959

Wells

Fargo

&

Co.

1,048,463

52,612

Welltower,

Inc.(ö)

70,451

6,095

Willis

Towers

Watson

PLC

76,922

18,946

WR

Berkley

Corp.

65,578

5,370

1,099,198

Health

Care

-

12.9%

Abbott

Laboratories

254,958

28,849

AbbVie,

Inc.

303,906

49,962

Agilent

Technologies,

Inc.

66,809

8,692

Amgen,

Inc.

53,187

16,715

AstraZeneca

PLC

-

ADR

262,566

17,497

Baxter

International,

Inc.

357,289

13,824

Becton

Dickinson

&

Co.

5,550

1,325

Biogen,

Inc.(Æ)

41,527

10,243

Bio-Techne

Corp.

67,584

4,753

Boston

Scientific

Corp.(Æ)

371,420

23,496

Bristol

Myers

Squibb

Co.

645,403

31,541

Centene

Corp.(Æ)

19,782

1,490

Cigna

Group

(The)

92,006

27,689

Danaher

Corp.

215,548

51,712

Dentsply

Sirona,

Inc.

511,674

17,781

Edwards

Lifesciences

Corp.(Æ)

104,321

8,186

Elevance

Health,

Inc.

58,028

28,633

Eli

Lilly

&

Co.

58,299

37,638

Exelixis,

Inc.(Æ)

430,961

9,378

Fortrea

Holdings,

Inc.(Æ)

10,723

332

GE

HealthCare

Technologies,

Inc.

10,656

782

Gilead

Sciences,

Inc.

58,798

4,602

GSK

PLC

-

ADR

495,568

19,545

HCA

Healthcare,

Inc.

17,182

5,239

Henry

Schein,

Inc.(Æ)

141,630

10,600

Humana,

Inc.

17,246

6,520

Incyte

Corp.(Æ)

70,395

4,137

Intuitive

Surgical,

Inc.(Æ)

111,532

42,184

IQVIA

Holdings,

Inc.(Æ)

36,190

7,536

Jazz

Pharmaceuticals

PLC(Æ)

100,290

12,308

Johnson

&

Johnson

245,389

38,992

Koninklijke

Philips

NV(Æ)

528,314

11,163

Laboratory

Corp.

of

America

Holdings

10,723

2,384

McKesson

Corp.

54,558

27,273

Medtronic

PLC

165,359

14,476

Merck

&

Co.,

Inc.

310,510

37,503

Molina

Healthcare,

Inc.(Æ)

4,812

1,715

Novo

Nordisk

A/S

-

ADR

131,101

15,043

Organon

&

Co.

410,652

6,837

Pfizer,

Inc.

551,300

14,929

Quest

Diagnostics,

Inc.

9,172

1,178

Regeneron

Pharmaceuticals,

Inc.(Æ)

69,828

65,832

ResMed,

Inc.

34,771

6,613

Revvity,

Inc.

52,657

5,644

Sanofi

-

ADR

5,861

292

Stryker

Corp.

30,069

10,088

Thermo

Fisher

Scientific,

Inc.

87,056

46,921

UnitedHealth

Group,

Inc.

271,459

138,916

Universal

Health

Services,

Inc.

Class

B

24,354

3,868

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Large

Cap

Fund

91

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Veeva

Systems,

Inc.

Class

A(Æ)

31,948

6,626

Vertex

Pharmaceuticals,

Inc.(Æ)

79,314

34,373

Viatris,

Inc.

705,614

8,305

Waters

Corp.(Æ)

24,577

7,808

Zoetis,

Inc.

Class

A

84,455

15,861

1,025,829

Materials

and

Processing

-

3.7%

Air

Products

&

Chemicals,

Inc.

18,593

4,754

Albemarle

Corp.

11,182

1,283

Amcor

PLC

272,075

2,566

Ball

Corp.

122,914

6,816

Carrier

Global

Corp.

231,724

12,678

Celanese

Corp.

Class

A

40,329

5,900

CF

Industries

Holdings,

Inc.

63,444

4,791

Copart,

Inc.(Æ)

300,214

14,422

Crown

Holdings,

Inc.

106,886

9,459

Dow,

Inc.

33,546

1,798

DuPont

de

Nemours,

Inc.

273,418

16,897

Ecolab,

Inc.

98,808

19,586

Fastenal

Co.

23,087

1,575

FMC

Corp.

434,914

24,442

Fortune

Brands

Innovations,

Inc.

52,850

4,101

General

Electric

Co.

31,968

4,233

Ingevity

Corp.(Æ)

4,417

192

Johnson

Controls

International

PLC

20,895

1,101

Linde

PLC

127,662

51,681

LKQ

Corp.

133,430

6,227

Martin

Marietta

Materials,

Inc.

2,605

1,325

Masco

Corp.

34,631

2,330

Mohawk

Industries,

Inc.(Æ)

82,431

8,594

Mosaic

Co.

(The)

139,996

4,299

NewMarket

Corp.

3,892

2,171

Newmont

Corp.

353,637

12,204

Nucor

Corp.

42,356

7,918

Owens

Corning

19,365

2,934

Packaging

Corp.

of

America

39,823

6,606

PPG

Industries,

Inc.

4,923

694

Reliance

Steel

&

Aluminum

Co.

6,664

1,902

Rio

Tinto

PLC

-

ADR

37,916

2,627

Royal

Gold,

Inc.

26,280

3,006

Sherwin-Williams

Co.

(The)

25,042

7,622

Steel

Dynamics,

Inc.

42,143

5,086

Trane

Technologies

PLC

101,010

25,460

United

States

Steel

Corp.

128,633

6,048

295,328

Producer

Durables

-

8.2%

3M

Co.

34,085

3,216

Alaska

Air

Group,

Inc.(Æ)

345,907

12,394

American

Airlines

Group,

Inc.(Æ)

532,225

7,574

Amphenol

Corp.

Class

A

77,720

7,857

Automatic

Data

Processing,

Inc.

76,295

18,752

Canadian

Pacific

Kansas

City,

Ltd.

164,809

13,262

CH

Robinson

Worldwide,

Inc.

40,243

3,384

Chart

Industries,

Inc.(Æ)

32,611

3,806

CoStar

Group,

Inc.(Æ)

65,712

5,486

CSX

Corp.

271,342

9,687

Cummins,

Inc.

37,304

8,927

Deere

&

Co.

58,675

23,093

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Delta

Air

Lines,

Inc.

653,213

25,567

Dover

Corp.

26,181

3,921

Esab

Corp.

29,041

2,497

Expeditors

International

of

Washington,

Inc.

44,415

5,611

FedEx

Corp.

165,525

39,940

FleetCor

Technologies,

Inc.(Æ)

60,475

17,534

Fortive

Corp.

2,085

163

General

Dynamics

Corp.

33,727

8,937

Global

Payments,

Inc.

210,318

28,021

Honeywell

International,

Inc.

123,717

25,023

Illinois

Tool

Works,

Inc.

1,831

478

Ingersoll

Rand,

Inc.

185,713

14,831

JB

Hunt

Transport

Services,

Inc.

7,728

1,553

Keysight

Technologies,

Inc.(Æ)

50,559

7,749

Kirby

Corp.(Æ)

8,376

659

Knight-Swift

Transportation

Holdings,

Inc.

29,855

1,713

L3Harris

Technologies,

Inc.

11,295

2,354

Lockheed

Martin

Corp.

1,670

717

Magna

International,

Inc.

Class

A

46,543

2,646

MarketAxess

Holdings,

Inc.

17,012

3,836

Mettler-Toledo

International,

Inc.(Æ)

16,183

19,374

Moody's

Corp.

58,542

22,951

Norfolk

Southern

Corp.

52,320

12,308

Northrop

Grumman

Corp.

13,890

6,206

Old

Dominion

Freight

Line,

Inc.

49,645

19,412

Otis

Worldwide

Corp.

183,325

16,213

PACCAR

Financial

Corp.

90,878

9,123

Parker-Hannifin

Corp.

9,867

4,583

Pentair

PLC

147,694

10,807

Phinia,

Inc.

8,939

270

Robert

Half,

Inc.

45,037

3,582

S&P

Global,

Inc.

147,100

65,952

TE

Connectivity,

Ltd.

27,015

3,841

Textron,

Inc.

261,296

22,134

TopBuild

Corp.(Æ)

3,805

1,405

TransDigm

Group,

Inc.

1,634

1,785

Trimble

Navigation,

Ltd.(Æ)

50,473

2,567

Union

Pacific

Corp.

57,200

13,953

United

Airlines,

Inc.(Æ)

233,018

9,642

United

Parcel

Service,

Inc.

Class

B

190,449

27,025

United

Rentals,

Inc.

15,216

9,516

Veralto

Corp.

69,339

5,318

Vontier

Corp.

741,366

25,644

Waste

Management,

Inc.

4,229

785

Westinghouse

Air

Brake

Technologies

Corp.

204,186

26,865

Zebra

Technologies

Corp.

Class

A(Æ)

19,626

4,701

657,150

Technology

-

32.6%

Accenture

PLC

Class

A

187,054

68,065

Adobe,

Inc.(Æ)

68,297

42,193

Advanced

Micro

Devices,

Inc.(Æ)

317,118

53,178

Akamai

Technologies,

Inc.(Æ)

40,523

4,994

Allegion

PLC

17,438

2,160

Alphabet,

Inc.

Class

A(Æ)

1,084,907

151,995

Alphabet,

Inc.

Class

C(Æ)

1,209,020

171,439

Analog

Devices,

Inc.

135,296

26,026

Apple,

Inc.

2,262,644

417,232

Applied

Materials,

Inc.

109,156

17,934

Arrow

Electronics,

Inc.(Æ)

23,399

2,601

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

92

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ASML

Holding

NV

2,663

2,316

Autodesk,

Inc.(Æ)

105,904

26,879

Booking

Holdings,

Inc.

11,334

39,754

Broadcom,

Inc.

45,896

54,157

CACI

International,

Inc.

Class

A(Æ)

4,386

1,508

Cisco

Systems,

Inc.

275,826

13,841

Cognizant

Technology

Solutions

Corp.

Class

A

136,173

10,502

Corteva,

Inc.

230,444

10,481

Dell

Technologies,

Inc.

Class

C

66,959

5,550

Electronic

Arts,

Inc.

51,566

7,094

F5,

Inc.(Æ)

12,816

2,354

Fidelity

National

Information

Services,

Inc.

2,700

168

Fortinet,

Inc.(Æ)

90,530

5,838

Hewlett

Packard

Enterprise

Co.

43,704

668

HP,

Inc.

96,623

2,774

Intel

Corp.

146,846

6,326

International

Business

Machines

Corp.

8,601

1,580

Intuit,

Inc.

119,498

75,443

Jabil

Circuit,

Inc.

69,502

8,708

KLA

Corp.

5,800

3,445

Lam

Research

Corp.

32,265

26,624

Meta

Platforms,

Inc.

Class

A

416,919

162,657

Microchip

Technology,

Inc.

57,987

4,939

Micron

Technology,

Inc.

341,304

29,267

Microsoft

Corp.

1,415,981

562,966

MKS

Instruments,

Inc.

20,581

2,191

Motorola

Solutions,

Inc.

72,772

23,251

MSCI,

Inc.

Class

A

31,515

18,866

NVIDIA

Corp.

277,589

170,792

NXP

Semiconductors

NV

106,968

22,524

ON

Semiconductor

Corp.(Æ)

24,781

1,763

Oracle

Corp.

258,811

28,909

Palo

Alto

Networks,

Inc.(Æ)

62,885

21,287

Qorvo,

Inc.(Æ)

74,162

7,397

QUALCOMM,

Inc.

307,832

45,716

Salesforce,

Inc.

184,434

51,843

SAP

SE

-

ADR

53,046

9,182

Seagate

Technology

Holdings

PLC

76,216

6,530

ServiceNow,

Inc.(Æ)

54,487

41,704

Skyworks

Solutions,

Inc.

36,272

3,789

Synopsys,

Inc.(Æ)

19,663

10,487

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

176,597

19,948

Teradyne,

Inc.

290,340

28,044

Texas

Instruments,

Inc.

117,085

18,748

VeriSign,

Inc.(Æ)

26,378

5,246

Workday,

Inc.

Class

A(Æ)

126,631

36,858

2,598,731

Utilities

-

4.1%

Ameren

Corp.

169,136

11,767

American

Electric

Power

Co.,

Inc.

26,048

2,035

AT&T,

Inc.

1,406,976

24,889

CenterPoint

Energy,

Inc.

401,392

11,215

Cheniere

Energy,

Inc.

73,004

11,972

CMS

Energy

Corp.

37,178

2,125

ConocoPhillips

538,152

60,203

Consolidated

Edison,

Inc.

89,657

8,150

Constellation

Energy

Corp.

24,576

2,998

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

DT

Midstream,

Inc.

31,773

1,706

DTE

Energy

Co.

6,566

692

Duke

Energy

Corp.

80,474

7,712

Edison

International

135,613

9,151

Entergy

Corp.

120,725

12,044

Exelon

Corp.

347,748

12,105

FirstEnergy

Corp.

386,802

14,188

NextEra

Energy,

Inc.

335,513

19,671

NiSource,

Inc.

38,538

1,001

NRG

Energy,

Inc.

628,721

33,347

Public

Service

Enterprise

Group,

Inc.

14,344

832

Sempra

29,800

2,133

Southern

Co.

(The)

159

11

T-Mobile

US,

Inc.

384,381

61,974

UGI

Corp.

283,875

6,285

Verizon

Communications,

Inc.

134,698

5,704

Xcel

Energy,

Inc.

84,581

5,064

328,974

Total

Common

Stocks

(cost

$3,971,877)

7,743,792

Warrants

and

Rights

-

0.0%

ABIOMED,

Inc.(Š)

(Æ)

2024  Rights

9,546

—

Total

Warrants

and

Rights

(cost

$10)

—

Short-Term

Investments

-

2.7%

U.S.

Cash

Management

Fund(@)

211,825,428

(∞)

211,762

Total

Short-Term

Investments

(cost

$211,758)

211,762

Total

Investments

-

99.8%

(identified

cost

$4,183,645)

7,955,554

Other

Assets

and

Liabilities,

Net

-

0.2%

15,831

Net

Assets

-

100.0%

7,971,385

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Large

Cap

Fund

93

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

901

USD

219,416

03/24

9,022

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

9,022

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

1,067,466

$

—

$

—

$

—

$

1,067,466

Consumer

Staples

374,199

—

—

—

374,199

Energy

296,917

—

—

—

296,917

Financial

Services

1,099,198

—

—

—

1,099,198

Health

Care

1,025,829

—

—

—

1,025,829

Materials

and

Processing

295,328

—

—

—

295,328

Producer

Durables

657,150

—

—

—

657,150

Technology

2,598,731

—

—

—

2,598,731

Utilities

328,974

—

—

—

328,974

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

—

—

211,762

211,762

Total

Investments

7,743,792

—

—

211,762

7,955,554

Other

Financial

Instruments

Assets

Futures

Contracts

9,022

—

—

—

9,022

Total

Other

Financial

Instruments

*

$

9,022

$

—

$

—

$

—

$

9,022

*

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

94

Tax-Managed

U.S.

Large

Cap

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

199,962

$

140,404

$

128,606

$

1

$

1

$

211,762

$

2,583

$

—

U.S.

Cash

Collateral

Fund

2,755

32,616

35,371

—

—

—

59

—

$

202,717

$

173,020

$

163,977

$

1

$

1

$

211,762

$

2,642

$

—

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

95

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

96.6%

Consumer

Discretionary

-

14.2%

Advance

Auto

Parts,

Inc.

41,922

2,802

American

Eagle

Outfitters,

Inc.

42,341

839

API

Group

Corp.(Æ)

186,951

5,893

Atkore,

Inc.

11,750

1,792

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

35,341

1,425

Bath

&

Body

Works,

Inc.

27,381

1,168

Beacon

Roofing

Supply,

Inc.(Æ)

9,638

799

Beazer

Homes

USA,

Inc.(Æ)

51,466

1,634

BJ's

Restaurants,

Inc.(Æ)

11,885

411

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

10,141

652

Bloomin'

Brands,

Inc.

149,667

3,984

Boot

Barn

Holdings,

Inc.(Æ)

25,510

1,830

BorgWarner,

Inc.

50,169

1,701

Boyd

Gaming

Corp.

15,720

998

Brinker

International,

Inc.(Æ)

19,584

838

Brunswick

Corp.

39,387

3,178

Cable

One,

Inc.

1,459

801

Caleres,

Inc.

34,500

1,082

Capri

Holdings,

Ltd.(Æ)

22,242

1,084

Carter's,

Inc.

39,091

2,957

Cavco

Industries,

Inc.(Æ)

5,602

1,859

Century

Communities,

Inc.

18,164

1,575

Cheesecake

Factory,

Inc.

(The)

22,697

780

Chegg,

Inc.(Æ)

100,094

986

Churchill

Downs,

Inc.

26,380

3,191

Chuy's

Holdings,

Inc.(Æ)

43,568

1,473

Comtech

Telecommunications

Corp.(Æ)

68,207

432

Crocs,

Inc.(Æ)

8,710

884

Dana

Holding

Corp.

33,924

460

Dave

&

Buster's

Entertainment,

Inc.(Æ)

51,575

2,761

Deckers

Outdoor

Corp.(Æ)

9,224

6,952

Denny's

Corp.(Æ)

164,872

1,753

Dick's

Sporting

Goods,

Inc.

32,157

4,794

Domino's

Pizza,

Inc.

7,114

3,032

Douglas

Dynamics,

Inc.

72,988

1,836

Driven

Brands

Holdings,

Inc.(Æ)

20,898

274

Ethan

Allen

Interiors,

Inc.

16,761

488

FactSet

Research

Systems,

Inc.

4,286

2,040

FirstCash

Holdings,

Inc.

9,286

1,066

Five

Below,

Inc.(Æ)

39,323

7,057

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

47,678

4,794

Forestar

Group,

Inc.(Æ)

72,066

2,253

Gentherm,

Inc.(Æ)

38,134

1,836

G-III

Apparel

Group,

Ltd.(Æ)

88,788

2,672

GMS,

Inc.(Æ)

8,715

733

Golden

Entertainment,

Inc.

66,312

2,545

Grand

Canyon

Education,

Inc.(Æ)

15,870

2,072

Gray

Television,

Inc.

71,386

682

Green

Brick

Partners,

Inc.(Æ)

28,092

1,466

Group

1

Automotive,

Inc.

2,622

682

Harley-Davidson,

Inc.

19,170

622

Hillenbrand,

Inc.

10,655

496

Hilton

Grand

Vacations,

Inc.(Æ)

14,163

591

Hooker

Furniture

Corp.

41,517

958

IAC/InterActiveCorp.(Æ)

49,202

2,470

Instructure

Holdings,

Inc.(Æ)

54,980

1,354

International

Game

Technology

PLC

47,959

1,245

Interpublic

Group

of

Cos.,

Inc.

(The)

15,677

517

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Johnson

Outdoors,

Inc.

Class

A

36,928

1,653

Kontoor

Brands,

Inc.

40,545

2,377

Kura

Sushi

USA,

Inc.

Class

A(Æ)(Ñ)

15,144

1,486

Lear

Corp.

18,510

2,460

Levi

Strauss

&

Co.

Class

A

191,165

3,112

Liberty

Latin

America,

Ltd.

Class

C(Æ)

108,619

773

Liberty

Media

Corp.(Æ)

76,540

2,324

Light

&

Wonder,

Inc.

Class

A(Æ)

24,104

1,937

Lions

Gate

Entertainment

Corp.

Class

B(Æ)

240,719

2,335

Lithia

Motors,

Inc.

Class

A

16,816

4,958

Macy's,

Inc.

130,435

2,386

Madison

Square

Garden

Entertainment

Corp.(Æ)

20,822

694

Marriott

Vacations

Worldwide

Corp.

1,828

153

Meritage

Homes

Corp.

5,627

932

Mister

Car

Wash,

Inc.(Æ)(Ñ)

58,689

487

Newell

Rubbermaid,

Inc.

492,703

4,099

Nexstar

Media

Group,

Inc.

Class

A

33,196

5,899

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

24,602

438

Nu

Skin

Enterprises,

Inc.

Class

A

10,299

191

nVent

Electric

PLC

34,460

2,069

ODP

Corp.

(The)(Æ)

8,873

454

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

38,795

2,791

OneWater

Marine,

Inc.

Class

A(Æ)

90,678

2,288

Papa

John's

International,

Inc.

46,416

3,411

Patrick

Industries,

Inc.

7,858

789

Penn

Entertainment,

Inc.(Æ)

28,694

647

Planet

Fitness,

Inc.

Class

A(Æ)

4,543

308

PulteGroup,

Inc.

22,204

2,322

PVH

Corp.

26,694

3,210

RB

Global,

Inc.

8,866

567

RCI

Hospitality

Holdings,

Inc.

22,182

1,370

Restoration

Hardware(Æ)

7,239

1,835

Revolve

Group,

Inc.(Æ)(Ñ)

144,567

2,083

Rocky

Brands,

Inc.

46,209

1,293

SeaWorld

Entertainment,

Inc.(Æ)

15,578

770

Service

Corp.

International

12,051

809

Shoe

Carnival,

Inc.

13,128

335

Signet

Jewelers,

Ltd.

22,099

2,198

Skechers

USA,

Inc.

Class

A(Æ)

27,104

1,692

Sphere

Entertainment

Co.(Æ)

5,963

211

Taylor

Morrison

Home

Corp.

Class

A(Æ)

26,382

1,376

Texas

Roadhouse,

Inc.

Class

A

9,894

1,244

Toll

Brothers,

Inc.

10,396

1,033

Transcat,

Inc.(Æ)

5,568

613

Travel

+

Leisure

Co.

55,546

2,245

Tri

Pointe

Homes,

Inc.(Æ)

33,493

1,157

TripAdvisor,

Inc.(Æ)

28,863

623

Universal

Electronics,

Inc.(Æ)

82,120

728

Urban

Outfitters,

Inc.(Æ)

43,349

1,647

VF

Corp.

161,731

2,662

Vista

Outdoor,

Inc.(Æ)

28,375

796

Wabash

National

Corp.

27,235

689

Weyco

Group,

Inc.

7,024

226

Wingstop,

Inc.

26,635

7,487

Wyndham

Hotels

&

Resorts,

Inc.

19,069

1,486

YETI

Holdings,

Inc.(Æ)

81,090

3,566

Ziff

Davis,

Inc.(Æ)

65,530

4,417

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

96

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Zillow

Group,

Inc.(Æ)

44,494

2,529

212,219

Consumer

Staples

-

3.3%

Aramark

Services,

Inc.

48,225

1,402

BellRing

Brands,

Inc.(Æ)

21,651

1,197

Calavo

Growers,

Inc.

59,635

1,556

Casey's

General

Stores,

Inc.

17,980

4,879

Celsius

Holdings,

Inc.(Æ)

45,498

2,270

Grocery

Outlet

Holding

Corp.(Æ)

24,167

599

Helen

of

Troy,

Ltd.(Æ)

21,046

2,410

HF

Foods

Group,

Inc.(Æ)

218,757

1,094

Ingredion,

Inc.

16,720

1,798

Inter

Parfums,

Inc.

9,616

1,338

J&J

Snack

Foods

Corp.

24,830

3,954

JM

Smucker

Co.

(The)

3,611

475

Kellanova

30,424

1,666

Lancaster

Colony

Corp.

5,277

970

Limoneira

Co.(Ñ)

24,211

439

MGP

Ingredients,

Inc.

5,280

448

Nomad

Foods,

Ltd.

149,796

2,695

Performance

Food

Group

Co.(Æ)

5,696

414

Pilgrim's

Pride

Corp.(Æ)

57,405

1,560

Post

Holdings,

Inc.(Æ)

5,407

502

Primo

Water

Corp.

397,989

5,803

Spectrum

Brands

Holdings,

Inc.

41,731

3,281

Sprouts

Farmers

Market,

Inc.(Æ)

16,574

835

Tyson

Foods,

Inc.

Class

A

56,060

3,070

United

Natural

Foods,

Inc.(Æ)

10,455

156

US

Foods

Holding

Corp.(Æ)

27,044

1,244

Warby

Parker,

Inc.

Class

A(Æ)

123,108

1,570

Weis

Markets,

Inc.

6,526

396

WK

Kellogg

Co.

68,522

890

48,911

Energy

-

3.5%

Antero

Resources

Corp.(Æ)

104,489

2,334

Centrus

Energy

Corp.

Class

A(Æ)

21,431

1,076

ChampionX

Corp.

144,930

3,973

Civitas

Resources,

Inc.

27,056

1,754

CONSOL

Energy,

Inc.

7,881

746

Core

Laboratories,

Inc.

86,071

1,357

Coterra

Energy,

Inc.

74,311

1,849

Delek

US

Holdings,

Inc.

47,695

1,289

Diamondback

Energy,

Inc.

18,179

2,795

Dril-Quip,

Inc.(Æ)

22,432

450

EQT

Corp.

17,282

612

First

Solar,

Inc.(Æ)

5,095

745

Helix

Energy

Solutions

Group,

Inc.(Æ)

99,989

940

HF

Sinclair

Corp.

20,474

1,157

Liberty

Energy,

Inc.

Class

A

80,925

1,682

Marathon

Oil

Corp.

79,268

1,811

Matador

Resources

Co.

38,825

2,131

NOV,

Inc.

162,191

3,164

NOW,

Inc.(Æ)

154,608

1,560

Oil

States

International,

Inc.(Æ)

131,628

812

Pason

Systems,

Inc.

202,920

2,225

Patterson-UTI

Energy,

Inc.

410,286

4,550

Pioneer

Natural

Resources

Co.

8,784

2,019

ProFrac

Holding

Corp.

Class

A(Æ)(Ñ)

149,100

1,179

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ProPetro

Holding

Corp.(Æ)

175,971

1,489

REX

American

Resources

Corp.(Æ)

29,520

1,222

Sitio

Royalties

Corp.

Class

A

52,357

1,117

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

138,135

1,036

Southwestern

Energy

Co.(Æ)

262,618

1,694

US

Silica

Holdings,

Inc.(Æ)

130,330

1,397

Viper

Energy,

Inc.

36,186

1,130

W&T

Offshore,

Inc.

131,840

401

Weatherford

International

PLC(Æ)

3,944

353

52,049

Financial

Services

-

20.3%

Affiliated

Managers

Group,

Inc.

11,012

1,639

Agree

Realty

Corp.(ö)

31,313

1,867

Air

Lease

Corp.

Class

A

100,818

4,215

Alpine

Income

Property

Trust,

Inc.(ö)

140,983

2,191

Ambac

Financial

Group,

Inc.(Æ)

144,748

2,352

American

Equity

Investment

Life

Holding

Co.(Æ)

80,474

4,443

American

Realty

Investors,

Inc.(Æ)

46,197

1,017

Anywhere

Real

Estate,

Inc.(Æ)

391,474

2,787

Apple

Hospitality

REIT,

Inc.(ö)

26,356

423

Associated

Banc-Corp.

20,340

427

Assurant,

Inc.

5,539

930

Assured

Guaranty,

Ltd.

32,646

2,649

Atlantic

Union

Bankshares

Corp.

29,938

1,023

Axis

Capital

Holdings,

Ltd.

26,379

1,570

Axos

Financial,

Inc.(Æ)

11,131

617

Banc

of

California,

Inc.

75,251

1,037

Bancorp,

Inc.

(The)(Æ)

29,842

1,302

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

795

24

Bank

OZK

42,384

1,912

BankUnited,

Inc.

65,135

1,841

Banner

Corp.

10,529

490

BGC

Group,

Inc.

Class

A

296,615

2,094

Bridgewater

Bancshares,

Inc.(Æ)

162,507

2,033

Brighthouse

Financial,

Inc.(Æ)

23,948

1,240

Cadence

Bank

57,103

1,520

Cannae

Holdings,

Inc.(Æ)

120,572

2,442

Capitol

Federal

Financial,

Inc.

35,277

224

Carter

Bankshares,

Inc.(Æ)

95,579

1,382

Chatham

Lodging

Trust(ö)

164,923

1,732

CNO

Financial

Group,

Inc.

65,539

1,781

Cohen

&

Steers,

Inc.

46,714

3,290

Columbia

Banking

System,

Inc.

14,812

299

Community

Bank

System,

Inc.

28,319

1,296

Community

Healthcare

Trust,

Inc.(ö)

74,854

1,916

Compass,

Inc.

Class

A(Æ)

279,030

960

Consumer

Portfolio

Services,

Inc.(Æ)(Ñ)

111,542

1,019

CTO

Realty

Growth,

Inc.(Ñ)(ö)

112,867

1,866

Customers

Bancorp,

Inc.(Æ)

76,169

4,070

DiamondRock

Hospitality

Co.(ö)

198,651

1,816

Discover

Financial

Services

20,475

2,161

Distribution

Solutions

Group,

Inc.(Æ)

58,312

1,861

Diversified

Healthcare

Trust(ö)

6,197

18

Easterly

Government

Properties,

Inc.(ö)

380,426

4,672

Encore

Capital

Group,

Inc.(Æ)

28,807

1,443

Enova

International,

Inc.(Æ)

30,176

1,642

Equity

Bancshares,

Inc.

Class

A

59,154

1,943

Equity

Commonwealth(ö)

56,745

1,084

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

97

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Erie

Indemnity

Co.

Class

A

4,852

1,678

eXp

World

Holdings,

Inc.(Ñ)

136,774

1,693

Extra

Space

Storage,

Inc.(ö)

7,832

1,131

F&G

Annuities

&

Life,

Inc.

102,569

4,599

Federal

Agricultural

Mortgage

Corp.

Class

C

14,346

2,673

First

American

Financial

Corp.

33,158

2,001

First

BanCorp

106,817

1,782

First

Bancshares,

Inc.

27,084

689

First

Bank

115,018

1,580

First

Citizens

BancShares,

Inc.

Class

A

745

1,125

First

Commonwealth

Financial

Corp.

59,331

831

First

Horizon

Corp.

98,309

1,400

First

Industrial

Realty

Trust,

Inc.(ö)

54,380

2,802

First

Internet

Bancorp

56,351

1,858

FNB

Corp.

90,478

1,192

Forge

Global

Holdings,

Inc.(Æ)

33,562

64

FRP

Holdings,

Inc.(Æ)

13,279

771

FTAI

Aviation,

Ltd.

65,879

3,554

Gaming

and

Leisure

Properties,

Inc.(ö)

56,023

2,557

GCM

Grosvenor,

Inc.

Class

A

106,514

926

Genworth

Financial,

Inc.

Class

A(Æ)

108,399

669

Glacier

Bancorp,

Inc.

83,779

3,239

Globe

Life,

Inc.

826

101

Goosehead

Insurance,

Inc.

Class

A(Æ)

57,728

4,457

Grid

Dynamics

Holdings,

Inc.(Æ)

99,515

1,299

Hamilton

Lane,

Inc.

Class

A

45,334

5,256

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

91,315

2,172

Hanover

Insurance

Group,

Inc.

(The)

23,918

3,157

HBT

Financial,

Inc.

37,869

737

Hingham

Institution

for

Savings(Ñ)

12,040

2,226

Home

BancShares,

Inc.

153,685

3,602

Horace

Mann

Educators

Corp.

75,025

2,763

Host

Hotels

&

Resorts,

Inc.(ö)

34,587

665

Houlihan

Lokey,

Inc.

Class

A

57,877

6,932

Howard

Hughes

Corp.

(The)(Æ)

40,210

3,220

Independence

Realty

Trust,

Inc.(ö)

61,288

900

Independent

Bank

Group,

Inc.

46,611

2,254

International

General

Insurance

Holdings,

Ltd.(Ñ)

301,956

4,064

Jackson

Financial,

Inc.

Class

A

62,653

3,137

Jones

Lang

LaSalle,

Inc.(Æ)

23,310

4,127

Kennedy-Wilson,

Inc.

81,452

851

Kinsale

Capital

Group,

Inc.

872

347

Lamar

Advertising

Co.

Class

A(ö)

5,068

531

LendingClub

Corp.(Æ)

121,664

1,097

Live

Oak

Bancshares,

Inc.

77,922

2,834

Maiden

Holdings,

Ltd.(Æ)(Ñ)

561,807

989

Marcus

&

Millichap,

Inc.

10,946

417

Metropolitan

Bank

Holding

Corp.(Æ)(Ñ)

46,315

2,246

MGIC

Investment

Corp.

87,321

1,732

Mid-America

Apartment

Communities,

Inc.

(ö)

4,859

614

Mr.

Cooper

Group,

Inc.(Æ)

20,365

1,372

NETSTREIT

Corp.(Ñ)(ö)

158,875

2,887

Newmark

Group,

Inc.

Class

A

355,584

3,609

NewtekOne,

Inc.(Ñ)

88,690

1,065

NexPoint

Residential

Trust,

Inc.(ö)

7,918

242

NMI

Holdings,

Inc.

Class

A(Æ)

57,349

1,831

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Northrim

BanCorp,

Inc.

30,496

1,541

Ocwen

Financial

Corp.(Æ)

1,356

39

OFG

Bancorp

134,940

4,962

Old

Second

Bancorp,

Inc.

86,765

1,182

Origin

Bancorp,

Inc.

55,452

1,691

Pathward

Financial,

Inc.

18,152

940

Peapack-Gladstone

Financial

Corp.

46,430

1,281

Perella

Weinberg

Partners

95,814

1,126

Pinnacle

Financial

Partners,

Inc.

4,367

386

Popular,

Inc.

38,925

3,326

Postal

Realty

Trust,

Inc.

Class

A(ö)

43,566

614

Potlatch

Corp.(ö)

48,557

2,172

PRA

Group,

Inc.(Æ)

69,165

1,575

Primerica,

Inc.

8,016

1,877

Progyny,

Inc.(Æ)

78,171

2,978

Prosperity

Bancshares,

Inc.

67,929

4,341

Radian

Group,

Inc.

51,019

1,479

Raymond

James

Financial,

Inc.

29,861

3,290

Reinsurance

Group

of

America,

Inc.

Class

A

9,671

1,682

RenaissanceRe

Holdings,

Ltd.

7,843

1,795

Rexford

Industrial

Realty,

Inc.(ö)

27,287

1,435

Ryman

Hospitality

Properties,

Inc.(ö)

23,837

2,620

Safehold,

Inc.(ö)

61,040

1,212

Seacoast

Banking

Corp.

of

Florida

108,633

2,668

Selective

Insurance

Group,

Inc.

41,173

4,317

Simmons

First

National

Corp.

Class

A

39,362

748

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

46,273

1,439

SLM

Corp.

75,562

1,502

Southern

First

Bancshares,

Inc.(Æ)

61,687

2,313

Southern

Missouri

Bancorp,

Inc.

37,023

1,615

SouthState

Corp.

14,455

1,201

St.

Joe

Co.

(The)

35,120

1,939

STAG

Industrial,

Inc.(ö)

74,288

2,744

Star

Holdings(Æ)

103,219

1,196

Starwood

Property

Trust,

Inc.(ö)

66,209

1,346

Stewart

Information

Services

Corp.

82,999

5,118

Stock

Yards

Bancorp,

Inc.

45,981

2,286

Summit

Financial

Group,

Inc.

61,472

1,739

Sun

Communities,

Inc.(ö)

13,480

1,690

Synovus

Financial

Corp.

33,737

1,271

Tel

Aviv

Stock

Exchange,

Ltd.

436,394

2,712

Terreno

Realty

Corp.(ö)

2,240

134

Texas

Capital

Bancshares,

Inc.(Æ)

28,980

1,768

Towne

Bank

31,377

882

Tradeweb

Markets,

Inc.

Class

A

18,095

1,726

Transcontinental

Realty

Investors,

Inc.(Æ)

65,883

2,618

Triumph

Financial,

Inc.(Æ)

13,123

927

Trupanion,

Inc.(Æ)(Ñ)

495

13

UMB

Financial

Corp.

9,870

814

United

Community

Banks,

Inc.

44,508

1,217

Unum

Group

41,015

1,983

Valley

National

Bancorp

340,057

3,271

Veritex

Holdings,

Inc.

46,589

979

Vestis

Corp.

106,154

2,272

Virtus

Investment

Partners,

Inc.

1,899

448

Voya

Financial,

Inc.

70,855

5,128

Walker

&

Dunlop,

Inc.

6,326

611

Webster

Financial

Corp.

50,085

2,478

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

98

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Western

Alliance

Bancorp

18,296

1,170

302,934

Health

Care

-

12.3%

Acadia

Healthcare

Co.,

Inc.(Æ)

5,395

443

Addus

HomeCare

Corp.(Æ)

32,364

2,803

Aduro

Biotech

Holdings,

Inc.(Æ)(Š)

15,391

—

Align

Technology,

Inc.(Æ)

9,207

2,461

Alphatec

Holdings,

Inc.(Æ)

35,511

571

Amneal

Pharmaceuticals,

Inc.(Æ)

237,260

1,269

Arcellx,

Inc.(Æ)

68,263

4,221

Argenx

SE

-

ADR(Æ)

10,365

3,944

Arrowhead

Pharmaceuticals,

Inc.(Æ)

90,630

2,909

Arvinas,

Inc.(Æ)

3,287

136

Ascendis

Pharma

A/S

-

ADR(Æ)

3,208

417

Azenta,

Inc.(Æ)

3,360

219

Beam

Therapeutics,

Inc.(Æ)(Ñ)

47,442

1,158

Biohaven,

Ltd.(Æ)

7,390

329

Bio-Techne

Corp.

73,832

5,192

Blueprint

Medicines

Corp.(Æ)

16,929

1,346

Catalyst

Pharmaceuticals,

Inc.(Æ)

66,188

953

Centene

Corp.(Æ)

19,561

1,473

Certara,

Inc.(Æ)

19,992

323

Charles

River

Laboratories

International,

Inc.(Æ)

17,932

3,878

Chemed

Corp.

4,610

2,733

Collegium

Pharmaceutical,

Inc.(Æ)

12,905

425

Cooper

Cos.,

Inc.

(The)

2,058

768

CorVel

Corp.(Æ)

11,987

2,821

Cytokinetics,

Inc.(Æ)

81,529

6,370

DaVita

HealthCare

Partners,

Inc.(Æ)

11,223

1,214

Denali

Therapeutics,

Inc.(Æ)

30,495

488

Dentsply

Sirona,

Inc.

33,081

1,150

DexCom,

Inc.(Æ)

9,320

1,131

Doximity,

Inc.

Class

A(Æ)

54,821

1,477

Dyne

Therapeutics,

Inc.(Æ)

38,028

814

Encompass

Health

Corp.

51,986

3,693

Enovis

Corp.(Æ)

19,207

1,128

Ensign

Group,

Inc.

(The)

29,828

3,377

Envista

Holdings

Corp.(Æ)

60,294

1,417

Evolus,

Inc.(Æ)

111,769

1,418

Fulgent

Genetics,

Inc.(Æ)

8,010

197

Geron

Corp.(Æ)

498,565

917

Haemonetics

Corp.(Æ)

20,950

1,602

Halozyme

Therapeutics,

Inc.(Æ)

39,171

1,326

HealthEquity,

Inc.(Æ)

23,289

1,760

Henry

Schein,

Inc.(Æ)

52,753

3,948

Icon

PLC(Æ)

18,708

4,880

Immunovant,

Inc.(Æ)

63,695

2,319

InfuSystem

Holdings,

Inc.(Æ)

6,225

58

Inhibrx,

Inc.(Æ)

160,659

6,190

Integra

LifeSciences

Holdings

Corp.(Æ)

36,168

1,452

Intellia

Therapeutics,

Inc.(Æ)

23,212

553

Keros

Therapeutics,

Inc.(Æ)

35,873

1,986

Kura

Oncology,

Inc.(Æ)

87,609

1,764

Kymera

Therapeutics,

Inc.(Æ)

23,886

783

Lantheus

Holdings,

Inc.(Æ)

5,280

274

Legend

Biotech

Corp.

-

ADR(Æ)

29,589

1,629

LeMaitre

Vascular,

Inc.

63,624

3,693

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

9,793

716

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Liquidia

Corp.(Æ)

178,929

2,287

LivaNova

PLC(Æ)

574

28

Medpace

Holdings,

Inc.(Æ)

10,606

3,093

MeiraGTx

Holdings

PLC(Æ)

41,549

252

Molina

Healthcare,

Inc.(Æ)

4,848

1,728

Neurocrine

Biosciences,

Inc.(Æ)

21,785

3,045

OmniAb,

Inc.(Æ)

6,830

—

Omnicell,

Inc.(Æ)

17,169

552

Option

Care

Health,

Inc.(Æ)

26,781

837

Owens

&

Minor,

Inc.(Æ)

84,431

1,664

Pediatrix

Medical

Group,

Inc.(Æ)

163,378

1,529

Pennant

Group,

Inc.

(The)(Æ)

67,867

1,019

Perrigo

Co.

PLC

243,346

7,807

PetIQ,

Inc.(Æ)

42,695

767

Pliant

Therapeutics,

Inc.(Æ)

17,708

317

Prestige

Brands

Holdings,

Inc.(Æ)

7,856

484

PTC

Therapeutics,

Inc.(Æ)

9,522

248

Quest

Diagnostics,

Inc.

9,367

1,203

QuidelOrtho

Corp.(Æ)

11,089

760

Quipt

Home

Medical

Corp.(Æ)

29,286

138

Rain

Oncology(Æ)(Ñ)(Š)

23,153

1

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

(Ñ)

10,682

101

Repligen

Corp.(Æ)

12,123

2,296

Rocket

Pharmaceuticals,

Inc.(Æ)

240,965

6,923

Sarepta

Therapeutics,

Inc.(Æ)

13,002

1,547

Schrodinger,

Inc.(Æ)

68,654

1,816

ShockWave

Medical,

Inc.(Æ)

2,004

453

Smith

&

Nephew

PLC

-

ADR(Ñ)

154,331

4,326

SpringWorks

Therapeutics,

Inc.(Æ)

41,443

1,829

STERIS

PLC

18,634

4,080

Stevanato

Group

SpA(Ñ)

17,447

554

Structure

Therapeutics,

Inc.

-

ADR(Æ)

10,872

474

Supernus

Pharmaceuticals,

Inc.(Æ)

14,740

408

Tenet

Healthcare

Corp.(Æ)

12,690

1,050

Terns

Pharmaceuticals,

Inc.(Æ)(Ñ)

110,681

573

Ultragenyx

Pharmaceutical,

Inc.(Æ)

18,083

798

United

Therapeutics

Corp.(Æ)

8,306

1,784

Universal

Health

Services,

Inc.

Class

B

12,406

1,970

US

Physical

Therapy,

Inc.

19,081

1,760

Utah

Medical

Products,

Inc.

12,628

1,000

Veeva

Systems,

Inc.

Class

A(Æ)

6,119

1,269

Vericel

Corp.(Æ)

52,837

2,271

Viking

Therapeutics,

Inc.(Æ)

94,493

2,281

Viridian

Therapeutics,

Inc.(Æ)

121,503

2,339

West

Pharmaceutical

Services,

Inc.

14,698

5,483

Xencor,

Inc.(Æ)

61,259

1,146

Xenon

Pharmaceuticals,

Inc.(Æ)

60,672

2,744

Zai

Lab,

Ltd.

-

ADR(Æ)(Ñ)

45,730

986

Zimvie,

Inc.(Æ)

172,285

3,012

183,548

Materials

and

Processing

-

11.0%

AAON,

Inc.

16,839

1,181

Acuity

Brands,

Inc.

2,856

680

Advanced

Drainage

Systems,

Inc.

16,562

2,160

AdvanSix,

Inc.

38,028

965

Alcoa

Corp.

33,253

989

American

Vanguard

Corp.

80,695

881

Ashland,

Inc.

27,335

2,559

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

99

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Avient

Corp.

35,345

1,280

Axalta

Coating

Systems,

Ltd.(Æ)

50,647

1,642

Balchem

Corp.

20,807

2,916

Ball

Corp.

124,296

6,892

Belden,

Inc.

5,651

419

Builders

FirstSource,

Inc.(Æ)

34,934

6,069

Carpenter

Technology

Corp.

10,178

627

Cleveland-Cliffs,

Inc.(Æ)

46,373

930

Commercial

Metals

Co.

77,975

4,072

Core

&

Main,

Inc.

Class

A(Æ)

14,449

597

Crown

Holdings,

Inc.

12,014

1,063

Darling

Ingredients,

Inc.(Æ)

23,980

1,038

Eagle

Materials,

Inc.

17,343

3,924

Element

Solutions,

Inc.

244,990

5,446

Fabrinet(Æ)

5,341

1,140

FMC

Corp.

29,423

1,654

Fortune

Brands

Innovations,

Inc.

38,931

3,021

Global

Industrial

Co.

18,219

775

Graphic

Packaging

Holding

Co.

31,734

810

Healthcare

Services

Group,

Inc.(Æ)

209,854

1,981

Huntsman

Corp.

21,662

532

Ingevity

Corp.(Æ)

50,571

2,203

Innospec,

Inc.

4,161

483

Intrepid

Potash,

Inc.(Æ)

43,438

799

ITT,

Inc.

39,309

4,748

Kaiser

Aluminum

Corp.

34,921

2,266

KAR

Auction

Services,

Inc.(Æ)

126,990

1,788

Knife

River

Corp.(Æ)

25,914

1,697

Koppers

Holdings,

Inc.

14,523

743

Lennox

International,

Inc.

9,110

3,901

LKQ

Corp.

39,109

1,825

LSB

Industries,

Inc.(Æ)

145,589

1,083

Masterbrand,

Inc.(Æ)

330,073

4,644

Mativ

Holdings,

Inc.

260,984

3,140

MDU

Resources

Group,

Inc.

185,161

3,613

Minerals

Technologies,

Inc.

25,969

1,697

Modine

Manufacturing

Co.(Æ)

80,832

5,585

Mohawk

Industries,

Inc.(Æ)

12,972

1,352

MRC

Global,

Inc.(Æ)

102,533

1,093

O-I

Glass,

Inc.(Æ)

60,640

883

Olin

Corp.

23,277

1,212

Olympic

Steel,

Inc.

22,978

1,553

Osisko

Gold

Royalties,

Ltd.

44,839

653

Owens

Corning

10,132

1,535

Packaging

Corp.

of

America

4,726

784

PGT

Innovations,

Inc.(Æ)

32,596

1,344

Pool

Corp.

12,749

4,733

Quaker

Chemical

Corp.

6,825

1,296

Reliance

Steel

&

Aluminum

Co.

9,633

2,750

Resideo

Technologies,

Inc.(Æ)

50,050

839

Rogers

Corp.(Æ)

5,869

677

Royal

Gold,

Inc.

18,321

2,096

RPM

International,

Inc.

6,601

704

Rush

Enterprises,

Inc.

Class

A

70,983

3,188

ScanSource,

Inc.(Æ)

24,883

977

Sealed

Air

Corp.

91,621

3,166

Silgan

Holdings,

Inc.

130,449

5,993

Simpson

Manufacturing

Co.,

Inc.

3,594

651

SiteOne

Landscape

Supply,

Inc.(Æ)

13,147

2,032

SPX

Technologies,

Inc.(Æ)

51,202

5,153

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Steel

Dynamics,

Inc.

19,144

2,311

Stepan

Co.

4,684

418

Timken

Co.

(The)

7,696

630

TimkenSteel

Corp.(Æ)

35,975

739

Trex

Co.,

Inc.(Æ)

65,060

5,301

TriMas

Corp.

41,171

1,016

UFP

Industries,

Inc.

26,012

2,951

United

States

Steel

Corp.

41,621

1,957

Valmont

Industries,

Inc.

8,061

1,819

Valvoline,

Inc.(Æ)

46,246

1,688

Watsco,

Inc.

4,901

1,916

Westrock

Co.

31,055

1,250

Worthington

Industries,

Inc.

9,630

549

Worthington

Steel,

Inc.

9,630

288

163,955

Producer

Durables

-

16.7%

ABM

Industries,

Inc.

40,339

1,645

Advantage

Solutions,

Inc.(Æ)(Ñ)

305,307

1,230

AECOM

40,397

3,563

Alamo

Group,

Inc.

5,697

1,209

Alarm.com

Holdings,

Inc.(Æ)

56,742

3,451

Alight,

Inc.

Class

A(Æ)

539,794

4,815

Allison

Transmission

Holdings,

Inc.

Class

A

13,732

831

Alta

Equipment

Group,

Inc.

49,965

535

AMN

Healthcare

Services,

Inc.(Æ)

39,215

2,902

Applied

Industrial

Technologies,

Inc.

4,001

706

ArcBest

Corp.

28,587

3,406

Arcosa,

Inc.

45,271

3,544

Arhaus,

Inc.(Æ)

122,047

1,427

Avery

Dennison

Corp.

4,784

954

Badger

Meter,

Inc.

12,047

1,735

Barnes

Group,

Inc.

83,916

2,778

Barrett

Business

Services,

Inc.

19,143

2,149

Booz

Allen

Hamilton

Holding

Corp.

Class

A

9,028

1,271

Brady

Corp.

Class

A

34,658

2,087

BWX

Technologies,

Inc.

42,400

3,455

Carlisle

Cos.,

Inc.

4,808

1,511

Chart

Industries,

Inc.(Æ)

6,668

778

Comfort

Systems

USA,

Inc.

8,542

1,858

Compass

Diversified

Holdings

71,300

1,575

Construction

Partners,

Inc.

Class

A(Æ)

59,402

2,703

CoStar

Group,

Inc.(Æ)

25,317

2,113

Crane

Co.

20,790

2,580

Cross

Country

Healthcare,

Inc.(Æ)

65,571

1,393

Deluxe

Corp.

135,468

2,562

DMC

Global,

Inc.(Æ)

67,683

1,152

Donaldson

Co.,

Inc.

16,407

1,060

Dorian

LPG,

Ltd.

21,165

792

Dorman

Products,

Inc.(Æ)

27,771

2,261

Dycom

Industries,

Inc.(Æ)

11,879

1,327

Encore

Wire

Corp.

5,691

1,283

EnerSys

62,739

5,996

EnPro

Industries,

Inc.

10,599

1,583

Esab

Corp.

43,467

3,738

ESCO

Technologies,

Inc.

24,586

2,505

Euronet

Worldwide,

Inc.(Æ)

32,431

3,232

ExlService

Holdings,

Inc.(Æ)

53,501

1,674

Exponent,

Inc.

1,789

158

FARO

Technologies,

Inc.(Æ)

12,960

293

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

100

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Flowserve

Corp.

160,777

6,420

Fluor

Corp.(Æ)

37,800

1,425

Forward

Air

Corp.

8,479

376

Fox

Factory

Holding

Corp.(Æ)

24,105

1,520

Franklin

Electric

Co.,

Inc.

24,410

2,301

FTI

Consulting,

Inc.(Æ)

7,468

1,431

Gartner,

Inc.(Æ)

3,010

1,377

Generac

Holdings,

Inc.(Æ)

12,487

1,419

GFL

Environmental,

Inc.

23,751

807

Gorman-Rupp

Co.

(The)

39,371

1,315

Granite

Construction,

Inc.

19,483

879

GXO

Logistics,

Inc.(Æ)

46,837

2,547

H&E

Equipment

Services,

Inc.

20,683

1,113

Hackett

Group,

Inc.

(The)

89,914

2,079

Hawaiian

Holdings,

Inc.(Æ)

16,734

238

Heico

Corp.

12,382

2,224

Herc

Holdings,

Inc.

7,337

1,082

Hexcel

Corp.

8,499

564

Hillman

Solutions

Corp.(Æ)

57,820

508

Howmet

Aerospace,

Inc.

42,058

2,366

Huntington

Ingalls

Industries,

Inc.

2,524

654

Insperity,

Inc.

16,360

1,876

John

Bean

Technologies

Corp.

1,227

121

Kaman

Corp.

Class

A

68,788

3,099

Keysight

Technologies,

Inc.(Æ)

14,446

2,214

Kirby

Corp.(Æ)

3,741

294

Knight-Swift

Transportation

Holdings,

Inc.

9,433

541

Lamb

Weston

Holdings,

Inc.

21,425

2,195

Landstar

System,

Inc.

9,875

1,893

Limbach

Holdings,

Inc.(Æ)

15,212

654

Littelfuse,

Inc.

14,534

3,516

MarketAxess

Holdings,

Inc.

8,112

1,829

MasTec,

Inc.(Æ)

17,488

1,148

Matson,

Inc.

32,889

3,685

Maximus,

Inc.

23,374

1,896

Mayville

Engineering

Co.,

Inc.(Æ)

50,242

638

Methode

Electronics,

Inc.

43,908

912

Middleby

Corp.(Æ)

8,536

1,204

MillerKnoll,

Inc.

145,514

3,869

Morningstar,

Inc.

11,547

3,225

MSC

Industrial

Direct

Co.,

Inc.

Class

A

6,685

660

Murphy

USA,

Inc.

1,877

662

MYR

Group,

Inc.(Æ)

11,935

1,717

National

CineMedia,

Inc.(Æ)

125,208

512

Nordson

Corp.

6,859

1,727

NV5

Global,

Inc.(Æ)

34,308

3,599

Paylocity

Holding

Corp.(Æ)

19,836

3,142

Paysafe,

Ltd.(Æ)

93,487

1,391

Pentair

PLC

13,065

956

Phinia,

Inc.

71,599

2,165

PROG

Holdings,

Inc.

67,376

2,064

Quanta

Services,

Inc.

9,975

1,936

RBC

Bearings,

Inc.(Æ)

1,938

520

Regal

Rexnord

Corp.

9,258

1,236

Repay

Holdings

Corp.(Æ)

554,274

4,345

RXO,

Inc.(Æ)

9,872

205

Ryder

System,

Inc.

13,972

1,587

Ryerson

Holding

Corp.

40,494

1,390

Saia,

Inc.(Æ)

14,253

6,422

Scotts

Miracle-Gro

Co.

(The)

Class

A

47,981

2,699

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Snap-on,

Inc.

3,029

878

SoundThinking,

Inc.(Æ)

2,047

42

Spirit

AeroSystems

Holdings,

Inc.

Class

A(Æ)

1,769

49

Spirit

Airlines,

Inc.(Ñ)

3,175

20

Stagwell,

Inc.(Æ)

103,206

673

Standex

International

Corp.

22,197

3,278

Sterling

Infrastructure,

Inc.(Æ)

21,014

1,578

StoneCo,

Ltd.

Class

A(Æ)

11,355

195

Teekay

Tankers,

Ltd.

Class

A

12,352

773

Teledyne

Technologies,

Inc.(Æ)

2,321

971

Terex

Corp.

16,159

993

Tetra

Tech,

Inc.

14,434

2,283

Textainer

Group

Holdings,

Ltd.

16,226

806

Textron,

Inc.

11,075

938

Thermon

Group

Holdings,

Inc.(Æ)

79,805

2,616

Tidewater,

Inc.(Æ)

10,522

707

Titan

International,

Inc.(Æ)

4,598

68

TopBuild

Corp.(Æ)

6,629

2,447

Toro

Co.

(The)

9,787

905

TransUnion

16,438

1,137

Trimble

Navigation,

Ltd.(Æ)

49,203

2,502

UniFirst

Corp.

6,725

1,139

United

Rentals,

Inc.

4,381

2,740

V2X,

Inc.(Æ)

74,614

2,902

Vitesco

Technologies

Group

AG(Æ)

4,630

406

Vontier

Corp.

157,658

5,453

Watts

Water

Technologies,

Inc.

Class

A

4,528

897

Werner

Enterprises,

Inc.

89,171

3,527

WESCO

International,

Inc.

30,963

5,373

Westinghouse

Air

Brake

Technologies

Corp.

15,241

2,005

Whole

Earth

Brands,

Inc.(Æ)

83,925

334

WNS

Holdings,

Ltd.

-

ADR(Æ)

32,852

2,278

XPO,

Inc.(Æ)

48,776

4,167

249,289

Technology

-

12.5%

ACI

Worldwide,

Inc.(Æ)

19,516

587

ACM

Research,

Inc.

Class

A(Æ)

51,695

890

ADTRAN

Holdings,

Inc.

20,291

127

Advanced

Micro

Devices,

Inc.(Æ)

6,838

1,147

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

32,047

822

American

Software,

Inc.

Class

A

243,905

2,763

Appfolio,

Inc.

Class

A(Æ)

15,654

3,432

Arista

Networks,

Inc.(Æ)

5,368

1,389

Aspen

Technology,

Inc.(Æ)

8,525

1,637

Augmedix,

Inc.(Æ)(Ñ)

71,024

314

Avnet,

Inc.

13,838

627

Bandwidth,

Inc.

Class

A(Æ)

46,713

647

Box,

Inc.

Class

A(Æ)

18,284

475

Broadridge

Financial

Solutions,

Inc.

6,755

1,379

Bumble,

Inc.

Class

A(Æ)

60,369

828

CACI

International,

Inc.

Class

A(Æ)

11,126

3,824

Calix,

Inc.(Æ)

8,224

273

CCC

Intelligent

Solutions

Holdings,

Inc.(Æ)

277,018

3,044

Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

78,194

1,474

Cognex

Corp.

23,182

838

Coherent

Corp.(Æ)

58,092

2,762

Concentrix

Corp.

14,055

1,249

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

101

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Consensus

Cloud

Solutions,

Inc.(Æ)

24,862

541

Crane

NXT

Co.

65,299

3,806

Daily

Journal

Corp.(Æ)

2,832

910

Descartes

Systems

Group,

Inc.

(The)(Æ)

42,401

3,714

Diebold

Nixdorf

Inc(Æ)

20,109

611

Digi

International,

Inc.(Æ)

2,951

72

Diodes,

Inc.(Æ)

27,037

1,820

Dolby

Laboratories,

Inc.

Class

A

32,605

2,712

Donnelley

Financial

Solutions,

Inc.(Æ)

22,618

1,405

DoubleVerify

Holdings,

Inc.(Æ)

59,249

2,371

DXC

Technology

Co.(Æ)

31,376

684

Dynatrace,

Inc.(Æ)

98,979

5,642

Endava

PLC

-

ADR(Æ)

30,285

2,143

Entegris,

Inc.

37,074

4,364

Envestnet,

Inc.(Æ)

42,297

2,161

Etsy,

Inc.(Æ)

29,672

1,975

Evolent

Health,

Inc.

Class

A(Æ)

56,670

1,667

Fair

Isaac

Corp.(Æ)

7,813

9,366

Five9,

Inc.(Æ)

27,909

2,117

Fortinet,

Inc.(Æ)

32,036

2,066

GCI

Liberty,

Inc.(Æ)(Š)

39,677

—

Genpact,

Ltd.

57,462

2,063

Globant

SA(Æ)

22,530

5,313

GoDaddy,

Inc.

Class

A(Æ)

24,884

2,654

Guidewire

Software,

Inc.(Æ)

16,199

1,809

IDT

Corp.

Class

B

41,052

1,420

Jabil

Circuit,

Inc.

6,244

782

Jack

Henry

&

Associates,

Inc.

4,880

809

KBR,

Inc.

6,077

317

Kimball

Electronics,

Inc.(Æ)

21,038

500

Kulicke

&

Soffa

Industries,

Inc.

128,740

6,478

Kyndryl

Holdings,

Inc.(Æ)

294,750

6,048

Lattice

Semiconductor

Corp.(Æ)

11,676

711

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

5,670

489

MKS

Instruments,

Inc.

3,972

423

Model

N,

Inc.(Æ)

5,835

157

Monolithic

Power

Systems,

Inc.

12,574

7,579

NAPCO

Security

Technologies,

Inc.

6,079

211

NCR

Atleos

Corp.(Æ)

80,470

1,802

NCR

Corp.(Æ)

160,941

2,366

Nice,

Ltd.

-

ADR(Æ)(Ñ)

12,484

2,598

ON

Semiconductor

Corp.(Æ)

12,467

887

Paycom

Software,

Inc.

4,542

864

PDF

Solutions,

Inc.(Æ)

17,238

538

Photronics,

Inc.(Æ)

34,924

1,020

PlayAGS,

Inc.(Æ)

240,912

2,098

Plexus

Corp.(Æ)

29,571

2,801

Power

Integrations,

Inc.

19,457

1,458

Progress

Software

Corp.

36,263

2,060

PTC,

Inc.(Æ)

24,074

4,349

Pure

Storage,

Inc.

Class

A(Æ)

28,155

1,126

Q2

Holdings,

Inc.(Æ)

13,169

560

Qualys,

Inc.(Æ)

20,088

3,800

Rambus,

Inc.(Æ)

20,990

1,438

RingCentral,

Inc.

Class

A(Æ)

16,741

567

Roku,

Inc.(Æ)

12,691

1,118

Sapiens

International

Corp.

NV

37,739

1,030

Semtech

Corp.(Æ)

28,165

559

Shutterstock,

Inc.

42,798

2,010

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Simulations

Plus,

Inc.

16,355

620

SiTime

Corp.(Æ)

3,666

391

Skyworks

Solutions,

Inc.

30,678

3,205

SPS

Commerce,

Inc.(Æ)

34,943

6,423

Super

Micro

Computer,

Inc.(Æ)

17,314

9,170

Synaptics,

Inc.(Æ)

8,829

943

SYNNEX

Corp.

7,146

714

Teradata

Corp.(Æ)

35,400

1,635

Thryv

Holdings,

Inc.(Æ)

85,348

1,745

Tingo

Group,

Inc.(Æ)(Ñ)(Š)

356,654

246

Tyler

Technologies,

Inc.(Æ)

7,467

3,157

Universal

Display

Corp.

8,954

1,520

Verint

Systems,

Inc.(Æ)

4,327

128

Verra

Mobility

Corp.(Æ)

64,131

1,533

Western

Digital

Corp.(Æ)

9,420

539

Zeta

Global

Holdings

Corp.

Class

A(Æ)

133,334

1,291

186,747

Utilities

-

2.8%

ALLETE,

Inc.

64,567

3,817

American

States

Water

Co.

15,862

1,183

Brookfield

Infrastructure

Corp.

Class

A

46,423

1,625

California

Water

Service

Group

51,224

2,319

Callon

Petroleum

Co.(Æ)

28,506

916

Chesapeake

Energy

Corp.

22,656

1,747

Chesapeake

Utilities

Corp.

10,217

1,035

Chord

Energy

Corp.

9,808

1,508

Cogent

Communications

Holdings,

Inc.

20,250

1,563

DT

Midstream,

Inc.

67,071

3,601

Gogo,

Inc.(Æ)

19,824

175

Gulfport

Energy

Corp.(Æ)

5,943

754

IDACORP,

Inc.

28,877

2,673

Iridium

Communications,

Inc.

33,382

1,210

Magnolia

Oil

&

Gas

Corp.

Class

A

14,305

295

Northern

Oil

and

Gas,

Inc.

62,464

2,093

Northwest

Natural

Holding

Co.

53,305

1,965

Ovintiv,

Inc.

7,842

333

Permian

Resources

Corp.

76,169

1,027

RGC

Resources,

Inc.

41,446

792

SilverBow

Resources,

Inc.(Æ)

46,439

1,233

Talos

Energy,

Inc.(Æ)

80,185

1,040

UGI

Corp.

173,745

3,847

Vistra

Corp.

100,214

4,112

Vital

Energy,

Inc.(Æ)

30,896

1,354

Vitesse

Energy,

Inc.

29,267

615

42,832

Total

Common

Stocks

(cost

$877,766)

1,442,484

Warrants

and

Rights

-

0.0%

Chord

Energy

Corp.(Ñ)(Æ)

2024  Warrants

12,581

266

Nabors

Industries,

Inc.(Ñ)(Æ)

2026  Warrants

3,926

34

Total

Warrants

and

Rights

(cost

$58)

300

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

102

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Short-Term

Investments

-

3.2%

U.S.

Cash

Management

Fund(@)

46,690,261

(∞)

46,676

Total

Short-Term

Investments

(cost

$46,676)

46,676

Other

Securities

-

1.5%

U.S.

Cash

Collateral

Fund(@)(×)

22,739,592

(∞)

22,740

Total

Other

Securities

(cost

$22,740)

22,740

Total

Investments

-

101.3%

(identified

cost

$947,240)

1,512,200

Other

Assets

and

Liabilities,

Net

-

(1.3)%

(18,848)

Net

Assets

-

100.0%

1,493,352

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

103

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Russell

2000

E-Mini

Index

Futures

441

USD

43,128

958

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

958

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

$

212,219

$

—

$

—

$

—

$

212,219

Consumer

Staples

48,911

—

—

—

48,911

Energy

52,049

—

—

—

52,049

Financial

Services

302,934

—

—

—

302,934

Health

Care

183,547

—

1

—

183,548

Materials

and

Processing

163,955

—

—

—

163,955

Producer

Durables

249,289

—

—

—

249,289

Technology

186,501

—

246

—

186,747

Utilities

42,832

—

—

—

42,832

Warrants

and

Rights

300

—

—

—

300

Short-Term

Investments

—

—

—

46,676

46,676

Other

Securities

—

—

—

22,740

22,740

Total

Investments

1,442,537

—

247

69,416

1,512,200

Other

Financial

Instruments

Assets

Futures

Contracts

958

—

—

—

958

Total

Other

Financial

Instruments

*

$

958

$

—

$

—

$

—

$

958

*

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

104

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

f

unds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

35,622

$

59,951

$

48,896

$

—

$

(1)

$

46,676

$

544

$

—

U.S.

Cash

Collateral

Fund

28,387

42,435

48,082

—

—

22,740

357

—

$

64,009

$

102,386

$

96,978

$

—

$

(1)

$

69,416

$

901

$

—

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

105

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

93.1%

Argentina

-

0.1%

YPF

SA

-

ADR(Æ)

137,706

2,380

Australia

-

1.3%

Aristocrat

Leisure,

Ltd.

62,297

1,796

ASX,

Ltd.

-

ADR

55,560

2,378

BHP

Group,

Ltd.

-

ADR

105,169

3,227

BlueScope

Steel,

Ltd.

157,115

2,415

Brambles,

Ltd.

164,769

1,576

Coles

Group,

Ltd.

53,706

557

Commonwealth

Bank

of

Australia

-

ADR

93,336

7,152

Glencore

PLC

973,114

5,178

Goodman

Group(ö)

303,937

5,034

Medibank

Pvt

,

Ltd.

519,559

1,306

Northern

Star

Resources,

Ltd.

106,919

914

Qantas

Airways,

Ltd.(Æ)

391,162

1,415

QBE

Insurance

Group,

Ltd.

163,228

1,696

Rio

Tinto

PLC

48,907

3,410

Rio

Tinto,

Ltd.

-

ADR

15,681

1,361

Santos,

Ltd.

219,561

1,126

Sonic

Healthcare,

Ltd.

50,849

1,063

Telstra

Group,

Ltd.

771,658

2,034

Wesfarmers,

Ltd.

19,550

744

Woolworths

Group,

Ltd.

28,891

678

45,060

Austria

-

0.3%

ams

AG(Æ)

639,275

1,510

Erste

Group

Bank

AG

233,735

10,114

11,624

Belgium

-

0.5%

Ageas

SA

46,044

1,972

Anheuser-Busch

InBev

SA

89,072

5,512

Elia

Group

SA

5,497

662

Proximus

SADP

274,316

2,605

UCB

SA

48,316

4,532

15,283

Brazil

-

3.1%

Ambev

SA(Æ)

2,923,957

7,719

Atacadao

SA

1,032,741

2,170

B3

SA

-

Brasil

Bolsa

Balcao

148,446

392

Banco

Bradesco

SA

-

ADR

3,303,722

10,242

Banco

do

Brasil

SA

269,302

3,068

Centrais

Eletricas

Brasileiras

SA

726,087

5,981

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

306,008

4,871

Cosan

SA

3,459

13

Equatorial

Energia

SA

295,294

2,112

Hypera

SA(Æ)

31,472

202

Itau

Unibanco

Holding

SA

-

ADR(Æ)

910,178

6,007

Localiza

Rent

a

Car

SA(Æ)

695,896

7,602

Lojas

Renner

SA(Æ)

693,649

2,247

MercadoLibre

,

Inc.(Æ)

3,851

6,592

Petro

Rio

SA

118,570

1,051

Petroleo

Brasileiro

SA

-

ADR

779,323

13,303

Raia

Drogasil

SA

111,542

570

Rumo

SA

1,038,034

4,831

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Suzano

SA(Æ)

104,926

1,093

Telefonica

Brasil

SA

464,384

4,814

Ultrapar

Participacoes

SA

627,123

3,566

Vale

SA

Class

B

-

ADR

1,027,252

14,063

WEG

SA

195,046

1,273

Wheaton

Precious

Metals

Corp.

14,062

659

104,441

Burkina

Faso

-

0.0%

Endeavour

Mining

PLC

90,019

1,559

Canada

-

4.3%

Agnico

Eagle

Mines,

Ltd.

9,779

481

Alimentation

Couche-Tard,

Inc.

139,815

8,193

ARC

Resources,

Ltd.

134,430

2,088

Bank

of

Montreal

7,324

690

Bank

of

Nova

Scotia

(The)

12,742

596

Barrick

Gold

Corp.

167,618

2,618

Brookfield

Asset

Management,

Inc.

10,546

419

Brookfield

Asset

Management,

Inc.

Class

A

24,440

983

CAE,

Inc.(Æ)

414,398

8,297

Cameco

Corp.

Class

A

74,549

3,560

Canadian

National

Railway

Co.

125,103

15,519

Canadian

Natural

Resources,

Ltd.

1

—

Canadian

Pacific

Kansas

City,

Ltd.

54,723

4,404

CCL

Industries,

Inc.

Class

B

59,400

2,542

Cenovus

Energy,

Inc.

50,145

812

CGI

Group,

Inc.(Æ)

48,937

5,480

Constellation

Software,

Inc.

1,754

4,848

Dollarama

,

Inc.

87,191

6,399

Empire

Co.,

Ltd.

Class

A

59,482

1,541

Fairfax

Financial

Holdings,

Ltd.

3,122

3,254

Fortis,

Inc.

2,182

88

Franco-Nevada

Corp.

Class

T

25,410

2,749

Hydro

One,

Ltd.(Þ)

26,918

799

iA

Financial

Corp.,

Inc.

28,702

1,951

Imperial

Oil,

Ltd.

17,826

1,028

Intact

Financial

Corp.

28,889

4,518

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

774,324

8,126

Loblaw

Cos.,

Ltd.

53,003

5,297

Magna

International,

Inc.

Class

A

128,614

7,310

Metro,

Inc.

Class

A

53,505

2,809

National

Bank

of

Canada

9,586

733

Nutrien

,

Ltd.

46,883

2,338

Open

Text

Corp.

7,239

316

Pembina

Pipeline

Corp.

10,204

351

Rogers

Communications,

Inc.

Class

B

14,426

674

Royal

Bank

of

Canada

-

GDR

45,502

4,441

Saputo,

Inc.

-

ADR

115,636

2,384

Shopify,

Inc.

Class

A(Æ)

81,595

6,533

Stantec

,

Inc.

86,383

6,941

Sun

Life

Financial,

Inc.

33,514

1,737

Suncor

Energy,

Inc.

18,907

626

TC

Energy

Corp.

23,459

925

Teck

Resources,

Ltd.

Class

B

57,155

2,288

TFI

International,

Inc.

9,381

1,233

Toromont

Industries,

Ltd.

2,158

189

Toronto-Dominion

Bank

(The)

83,171

5,052

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

106

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

West

Fraser

Timber

Co.,

Ltd.

31,359

2,494

146,654

Chile

-

0.1%

Antofagasta

PLC

35,475

771

Enel

Americas

SA

25,052,002

2,539

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR(Ñ)

31,202

1,313

4,623

China

-

7.7%

Aier

Eye

Hospital

Group

Co.,

Ltd.

Class

A

290,665

519

Alibaba

Group

Holding,

Ltd.

3,092,977

27,764

Aluminum

Corp.

of

China,

Ltd.

Class

A

1,778,933

1,412

Aluminum

Corp.

of

China,

Ltd.

Class

H

7,286,689

3,541

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

1,643,391

3,296

Anta

Sports

Products,

Ltd.

794,000

6,667

Baidu,

Inc.

Class

A(Æ)

451,409

5,914

Baidu,

Inc.

-

ADR(Æ)

52,386

5,517

Bank

of

Ningbo

Co.,

Ltd.

Class

A

231,260

694

Budweiser

Brewing

Co.

APAC,

Ltd.(Þ)

918,861

1,436

BYD

Co.,

Ltd.

Class

H

219,500

4,892

CGN

Power

Co.,

Ltd.

Class

H(Þ)

2,578,000

722

China

Construction

Bank

Corp.

Class

H

11,142,000

6,604

China

Energy

Engineering

Group

Co.,

Ltd.(Æ)

4,969,620

1,462

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

1,042,000

1,235

China

Life

Insurance

Co.,

Ltd.

Class

H

1,368,000

1,571

China

Longyuan

Power

Group

Corp.,

Ltd.

Class

H

619,795

371

China

Mengniu

Dairy

Co.,

Ltd.(Æ)

2,247,223

4,955

China

Merchants

Bank

Co.,

Ltd.

Class

A

271,116

1,161

China

Merchants

Bank

Co.,

Ltd.

Class

H

885,598

3,227

China

Merchants

Securities

Co.,

Ltd.

Class

A

761,750

1,420

China

Oilfield

Services,

Ltd.

Class

H

1,940,593

1,859

China

Overseas

Land

&

Investment,

Ltd.

1,705,000

2,569

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

A

55,100

191

China

Resources

Land,

Ltd.

612,617

1,849

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

H(Þ)

170,200

1,487

China

Tower

Corp.,

Ltd.

Class

H(Þ)

15,004,000

1,668

CITIC

Securities

Co.,

Ltd.

Class

H

1,284,000

2,484

Country

Garden

Services

Holdings

Co.,

Ltd.

4,531,751

2,956

CSPC

Pharmaceutical

Group,

Ltd.

1,571,447

1,153

Daqo

New

Energy

Corp.

-

ADR(Æ)

16,961

306

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

2,466,000

948

Foshan

Haitian

Flavouring

&

Food

Co.,

Ltd.

Class

A

276,230

1,301

Fuyao

Glass

Industry

Group

Co.,

Ltd.

Class

A

270,700

1,435

Geely

Automobile

Holdings,

Ltd.

4,003,421

3,781

GF

Securities

Co.,

Ltd.

Class

H

464,600

465

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

H

World

Group,

Ltd.

-

ADR

160,601

5,102

Haier

Smart

Home

Co.,

Ltd.

Class

H

1,068,116

3,012

Huatai

Securities

Co.,

Ltd.

Class

A

958,200

1,827

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

8,966,463

4,381

JD.com,

Inc.

Class

A

129,500

1,453

JD.com,

Inc.

-

ADR

137,988

3,112

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

137,771

719

Kanzhun

,

Ltd.

-

ADR

83,751

1,165

Kuaishou

Technology(Æ)(Þ)

1,287,417

6,434

Kweichow

Moutai

Co.,

Ltd.

Class

A

10,500

2,334

Li

Auto,

Inc.

Class

A(Æ)

201,801

2,783

Li

Ning

Co.,

Ltd.

160,453

340

Lizhong

Sitong

Light

Alloys

Group

Co.,

Ltd.(Æ)

343,358

731

Longfor

Group

Holdings,

Ltd.(Þ)

4,298,000

4,739

Meituan

Class

B(Æ)(Þ)

176,036

1,414

Midea

Group

Co.,

Ltd.

Class

A

158,900

1,290

Muyuan

Foods

Co.,

Ltd.

Class

A

256,673

1,263

NARI

Technology

Co.,

Ltd.

Class

A

82,900

243

NetEase

,

Inc.

42,870

837

New

China

Life

Insurance

Co.,

Ltd.

Class

A

193,451

822

Nongfu

Spring

Co.,

Ltd.

Class

H(Þ)

522,227

2,815

PDD

Holdings,

Inc.

-

ADR(Æ)

113,856

14,445

PICC

Property

&

Casualty

Co.,

Ltd.

Class

A

1,429,254

1,012

Ping

An

Bank

Co.,

Ltd.

Class

A

968,013

1,272

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

154,100

866

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

735,000

3,101

Postal

Savings

Bank

of

China

Co.,

Ltd.

Class

H(Þ)

1,901,000

908

Qingdao

Haier

Co.,

Ltd.

Class

A(Þ)

537,200

1,672

Qinghai

Salt

Lake

Industry

Co.,

Ltd.

Class

A(Æ)

727,200

1,449

SAIC

Motor

Corp.,

Ltd.

Class

A

747,732

1,423

Sany

Heavy

Industry

Co.,

Ltd.

Class

A

189,007

345

Shandong

Nanshan

Aluminum

Co.,

Ltd.

Class

A

2,302,200

917

Shandong

Weigao

Group

Medical

Polymer

Co.,

Ltd.

Class

H

706,000

453

Shanghai

Fosun

Pharmaceutical

Group

Co.,

Ltd.

Class

H

414,500

703

Shanghai

International

Airport

Co.,

Ltd.

Class

A(Æ)

420,000

1,932

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

23,600

883

Sunny

Optical

Technology

Group

Co.,

Ltd.

273,100

1,674

Suofeiya

Home

Collection

Co.,

Ltd.

Class

A

293,000

632

Tencent

Holdings,

Ltd.

1,186,828

41,278

Tencent

Music

Entertainment

Group

-

ADR(Æ)

161,216

1,515

Trip.com

Group,

Ltd.

-

ADR(Æ)

59,051

2,159

Vipshop

Holdings,

Ltd.

-

ADR

113,514

1,804

Weichai

Power

Co.,

Ltd.

Class

H

1,447,041

2,554

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

107

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Will

Semiconductor,

Ltd.

Class

A

197,987

2,376

Wilmar

International,

Ltd.

501,800

1,225

Wuliangye

Yibin

Co.,

Ltd.

Class

A

36,200

634

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

319,000

2,203

Xpeng

,

Inc.

-

ADR(Æ)(Ñ)

344,688

2,871

YTO

Express

Group

Co.,

Ltd.

Class

A

292,100

454

Yum

China

Holdings,

Inc.

24,862

860

Zhangzhou

Pientzehuang

Pharmaceutical

Co.,

Ltd.

Class

A

20,150

559

Zijin

Mining

Group

Co.,

Ltd.

Class

H

6,426,000

9,469

ZTO

Express,

Inc.

-

ADR

40,301

659

259,955

Denmark

-

2.0%

Carlsberg

A/S

Class

B

6,062

780

Coloplast

A/S

Class

B

15,949

1,840

Danske

Bank

A/S

212,220

5,710

DSV

A/S

20,216

3,615

Genmab

A/S(Æ)

3,698

1,023

Novo

Nordisk

A/S

Class

B

399,008

45,571

Novozymes

A/S

Class

B

67,835

3,476

Vestas

Wind

Systems

A/S(Æ)

166,570

4,666

66,681

Finland

-

0.5%

Neste

OYJ

30,064

1,036

Nokia

OYJ

3,217,644

11,629

UPM-

Kymmene

OYJ

45,687

1,662

Wartsila

OYJ

Class

B

224,407

3,308

17,635

France

-

7.4%

Accor

SA

422,762

16,682

Air

Liquide

SA

Class

A

28,122

5,271

Airbus

Group

SE

53,676

8,572

Amundi

SA(Þ)

124,438

8,421

Arkema

SA

6,830

742

AXA

SA

210,107

7,074

BioMerieux

20,854

2,244

BNP

Paribas

SA

72,584

4,881

Bouygues

SA

-

ADR

73,156

2,681

Bureau

Veritas

SA

126,292

3,347

Capgemini

SE

27,281

6,107

Carrefour

SA

248,983

4,252

Cie

de

Saint-Gobain

SA

104,612

7,408

Dassault

Aviation

SA

34,376

6,520

Dassault

Systemes

SE

67,578

3,522

Eiffage

SA

10,409

1,086

Engie

SA

407,351

6,503

EssilorLuxottica

SA

15,835

3,113

Hermes

International

1,895

4,000

Ipsen

SA

13,906

1,603

Kering

1,458

601

Legrand

SA

-

ADR

16,313

1,586

L'Oreal

SA

38,320

18,376

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

32,815

27,292

Michelin

(CGDE)

453,379

15,100

Orange

SA

-

ADR

338,737

4,027

Pernod

Ricard

SA

24,335

4,005

Publicis

Groupe

SA

-

ADR

82,184

8,249

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Remy

Cointreau

SA

5,429

549

Renault

SA

71,422

2,678

Rexel

SA

Class

H

683,948

18,148

Sartorius

Stedim

Biotech

40,816

11,002

Societe

Generale

SA

152,091

3,906

Teleperformance

-

GDR

53,905

8,458

Thales

SA

5,357

784

TotalEnergies

SE

228,754

14,898

Valeo

SE

158,988

2,079

Vinci

SA

18,756

2,373

Vivendi

SE

-

ADR

191,147

2,170

Worldline

SA(Æ)(Þ)

38,393

521

250,831

Germany

-

4.4%

adidas

AG

21,273

4,048

Allianz

SE

10,299

2,758

BASF

SE

308,064

14,801

Bayer

AG

38,478

1,198

Beiersdorf

AG

19,685

2,892

Brenntag

SE

22,171

1,971

Carl

Zeiss

Meditec

AG

8,973

956

Ceconomy

AG(Æ)

281,393

688

Continental

AG

33,806

2,779

Covestro

AG(Æ)(Þ)

181,042

9,599

Daimler

Truck

Holding

AG

474,759

17,065

Deutsche

Boerse

AG

54,711

10,919

Deutsche

Post

AG

52,705

2,536

Deutsche

Telekom

AG

236,826

5,821

E.ON

SE

150,585

2,044

Evonik

Industries

AG

315,126

5,856

Fresenius

Medical

Care

AG

&

Co.

KGaA

157,504

6,117

Fresenius

SE

&

Co.

KGaA

141,365

3,977

Hannover

Rueck

SE

11,665

2,797

Heidelberg

Materials

AG

85,057

7,894

Henkel

AG

&

Co.

KGaA

12,769

876

Infineon

Technologies

AG

-

ADR

121,294

4,423

Mercedes-Benz

Group

AG

32,971

2,239

Merck

KGaA

29,962

4,935

Muenchener

Rueckversicherungs-

Gesellschaft

AG

14,022

5,970

Rheinmetall

AG

6,776

2,376

SAP

SE

-

ADR

54,096

9,414

Siemens

AG

55,058

9,921

Symrise

AG

27,362

2,837

149,707

Ghana

-

0.1%

Kosmos

Energy,

Ltd.(Æ)

468,680

2,840

Greece

-

0.4%

Alpha

Services

and

Holdings

SA(Æ)

2,449,436

4,340

Eurobank

Ergasias

SA(Æ)

4,362,128

8,415

Hellenic

Telecommunications

Organization

SA

33,711

468

13,223

Hong

Kong

-

1.3%

AIA

Group,

Ltd.

2,245,687

17,461

CK

Asset

Holdings,

Ltd.

733,500

3,282

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

108

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hang

Seng

Bank,

Ltd.

111,194

1,148

Hong

Kong

Exchanges

&

Clearing,

Ltd.

87,317

2,648

Nine

Dragons

Paper

Holdings,

Ltd.(Æ)

2,439,000

905

Pacific

Basin

Shipping,

Ltd.

12,563,000

3,479

Sun

Hung

Kai

Properties,

Ltd.

154,000

1,425

Swire

Pacific,

Ltd.

Class

A

6,813

53

Techtronic

Industries

Co.,

Ltd.

1,112,000

11,880

WH

Group,

Ltd.(Þ)

3,780,826

2,224

44,505

Hungary

-

0.1%

OTP

Bank

PLC

58,986

2,728

India

-

4.1%

Asian

Paints,

Ltd.

18,709

664

Avenue

Supermarts

,

Ltd.(Æ)(Þ)

31,612

1,442

Axis

Bank,

Ltd.

117,828

1,514

Bajaj

Holdings

and

Investment,

Ltd.(Þ)

4

—

Berger

Paints

India,

Ltd.

213,680

1,453

Canara

Bank

706,199

4,083

Cipla

,

Ltd.

188,918

3,069

Dabur

India,

Ltd.

Class

A

171,874

1,116

Dr

Reddy's

Laboratories,

Ltd.

11,989

883

GAIL

India,

Ltd.

66,136

137

Godrej

Consumer

Products,

Ltd.

74,468

1,041

HDFC

Bank,

Ltd.

862,108

15,090

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

79,222

548

Hindalco

Industries,

Ltd.

159,785

1,107

Hindustan

Aeronautics,

Ltd.(Þ)

28,296

1,016

Hindustan

Unilever,

Ltd.

90,010

2,689

ICICI

Bank,

Ltd.

954,104

11,804

ICICI

Bank,

Ltd.

-

ADR

175,198

4,275

ICICI

Lombard

General

Insurance

Co.,

Ltd.(Þ)

89,652

1,611

ICICI

Prudential

Life

Insurance

Co.,

Ltd.(Þ)

285,097

1,722

Infosys,

Ltd.

181,061

3,614

Infosys,

Ltd.

-

ADR

274,914

5,460

InterGlobe

Aviation,

Ltd.(Æ)(Þ)

150,050

5,332

ITC,

Ltd.

438,304

2,329

Jio

Financial

Services,

Ltd.(Æ)

341,609

1,020

Kotak

Mahindra

Bank,

Ltd.

74,495

1,632

Larsen

&

Toubro,

Ltd.

79,075

3,301

Marico,

Ltd.

50,916

323

Maruti

Suzuki

India,

Ltd.

59,330

7,256

Nestle

India,

Ltd.

60,880

1,835

Oil

&

Natural

Gas

Corp.,

Ltd.

591,620

1,796

One

97

Communications,

Ltd.(Æ)

175,004

1,594

Pidilite

Industries,

Ltd.

41,747

1,269

Power

Grid

Corp.

of

India,

Ltd.

1,059,782

3,297

Reliance

Industries,

Ltd.

528,231

18,094

Reliance

Industries,

Ltd.

-

GDR(Þ)

78,033

5,406

SBI

Life

Insurance

Co.,

Ltd.(Þ)

38,293

645

Siemens,

Ltd.

26,374

1,310

SRF,

Ltd.

Class

7

23,406

653

State

Bank

of

India

615,001

4,739

Sun

Pharmaceutical

Industries,

Ltd.

45,190

770

Titan

Co.,

Ltd.

6,004

266

UltraTech

Cement,

Ltd.

36,526

4,461

United

Phosphorus,

Ltd.

87,937

568

United

Spirits,

Ltd.

161,203

2,114

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wipro,

Ltd.

730,342

4,176

138,524

Indonesia

-

0.7%

Bank

Central

Asia

Tbk

PT

7,392,390

4,468

Bank

Mandiri

Persero

Tbk

PT

15,359,406

6,444

Bank

Negara

Indonesia

Persero

Tbk

PT

6,262,030

2,274

Bank

Rakyat

Indonesia

Persero

Tbk

PT

22,868,480

8,209

Telkom

Indonesia

Persero

Tbk

PT

14,936,730

3,748

25,143

Ireland

-

1.1%

AerCap

Holdings

NV(Æ)

6,729

515

AIB

Group

PLC

554,378

2,430

Bank

of

Ireland

Group

PLC

788,011

7,231

Flutter

Entertainment

PLC(Æ)

38,631

7,943

Kerry

Group

PLC

Class

A

98,394

8,732

Kingspan

Group

PLC

20,703

1,690

Ryanair

Holdings

PLC

-

ADR

55,427

7,405

35,946

Israel

-

0.2%

Bank

Hapoalim

BM

121,768

1,040

Bank

Leumi

Le-Israel

BM

66,942

511

Check

Point

Software

Technologies,

Ltd.(Æ)

26,282

4,177

NICE,

Ltd.(Æ)

3,855

801

6,529

Italy

-

1.7%

Assicurazioni

Generali

SpA

228,914

5,118

BPER

Banca

SpA

689,768

2,483

Davide

Campari-Milano

NV

SpA

487,814

4,948

DiaSorin

SpA

6,104

561

Enel

SpA

1,706,641

11,641

Eni

SpA

-

ADR

428,121

6,848

FinecoBank

Banca

Fineco

SpA

686,119

9,916

Moncler

SpA

58,410

3,596

Nexi

SpA

(Æ)(Þ)

233,524

1,794

UniCredit

SpA

367,910

10,798

57,703

Japan

-

11.8%

Advantest

Corp.

35,300

1,391

Ajinomoto

Co.,

Inc.

23,700

973

Alfresa

Holdings

Corp.

83,800

1,375

Amada

Co.,

Ltd.

329,000

3,555

Asahi

Group

Holdings,

Ltd.

13,200

491

Astellas

Pharma,

Inc.

41,000

480

Bandai

Namco

Holdings,

Inc.

79,700

1,727

Bridgestone

Corp.

59,900

2,604

Canon,

Inc.

60,200

1,667

Central

Japan

Railway

Co.

69,000

1,724

Chiba

Bank,

Ltd.

(The)

113,800

846

Concordia

Financial

Group,

Ltd.

144,500

691

Dai-ichi

Life

Holdings,

Inc.

193,185

4,257

Daiichi

Sankyo

Co.,

Ltd.

221,000

6,664

Daikin

Industries,

Ltd.

11,400

1,832

Daito

Trust

Construction

Co.,

Ltd.

6,000

683

Daiwa

House

Industry

Co.,

Ltd.

61,900

1,912

DeNA

Co.,

Ltd.

80,500

812

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

109

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Eisai

Co.,

Ltd.

87,700

4,149

FANUC

Corp.

22,100

609

Fast

Retailing

Co.,

Ltd.

6,600

1,762

FUJIFILM

Holdings

Corp.

54,321

3,444

Fujitsu,

Ltd.

19,114

2,699

Fukuoka

Financial

Group,

Inc.

140,900

3,481

Hakuhodo

DY

Holdings,

Inc.

129,300

996

Hamamatsu

Photonics

KK

35,500

1,403

Hino

Motors,

Ltd.(Æ)

245,600

836

Hitachi,

Ltd.

27,400

2,152

Honda

Motor

Co.,

Ltd.

695,795

7,779

Hoya

Corp.

18,500

2,347

Iida

Group

Holdings

Co.,

Ltd.

190,100

2,872

Inpex

Corp.

5,800

79

Isuzu

Motors,

Ltd.

616,000

8,426

ITOCHU

Corp.

101,818

4,627

Japan

Airlines

Co.,

Ltd.

117,300

2,268

Japan

Exchange

Group,

Inc.

35,900

795

Japan

Post

Holdings

Co.,

Ltd.

301,700

2,896

JGC

Holdings

Corp.

112,300

1,316

Kajima

Corp.

90,400

1,610

Kao

Corp.

81,000

3,219

KDDI

Corp.

224,500

7,429

Keyence

Corp.

36,000

16,149

Kikkoman

Corp.

30,500

1,879

Kirin

Holdings

Co.,

Ltd.

159,700

2,308

Kobayashi

Pharmaceutical

Co.,

Ltd.

23,100

1,043

Komatsu,

Ltd.

335,000

9,565

Kubota

Corp.

26,600

404

Makita

Corp.

132,200

3,564

McDonald's

Holdings

Co.

Japan,

Ltd.

32,900

1,463

MEIJI

Holdings

Co.,

Ltd.

46,700

1,132

Minebea

Co.,

Ltd.

275,400

5,709

Mitsubishi

Electric

Corp.

252,900

3,724

Mitsubishi

Estate

Co.,

Ltd.

362,000

5,030

Mitsubishi

Gas

Chemical

Co.,

Inc.

106,200

1,737

Mitsubishi

UFJ

Financial

Group,

Inc.

1,302,400

12,212

Mitsui

Fudosan

Co.,

Ltd.

48,600

1,219

Mizuho

Financial

Group,

Inc.

134,500

2,444

MS&AD

Insurance

Group

Holdings,

Inc.

195,200

8,102

Murata

Manufacturing

Co.,

Ltd.

195,600

3,948

NEC

Corp.

45,800

2,990

Nikon

Corp.

112,800

1,150

Nintendo

Co.,

Ltd.

18,750

1,049

Nippon

Telegraph

&

Telephone

Corp.

5,307,700

6,701

Nissan

Chemical

Corp.

26,600

1,066

Nissan

Motor

Co.,

Ltd.

756,000

2,973

Nissin

Foods

Holdings

Co.,

Ltd.

51,300

1,664

Nitto

Denko

Corp.

10,100

836

Nomura

Holdings,

Inc.

520,500

2,695

Nomura

Research

Institute,

Ltd.

11,200

342

Obayashi

Corp.

136,800

1,266

Obic

Co.,

Ltd.

8,900

1,365

Olympus

Corp.

245,100

3,631

Ono

Pharmaceutical

Co.,

Ltd.

142,200

2,566

Osaka

Gas

Co.,

Ltd.

142,700

3,013

Otsuka

Corp.

15,400

648

Otsuka

Holdings

Co.,

Ltd.

70,800

2,786

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Pan

Pacific

International

Holdings

Corp.

32,300

713

Panasonic

Holdings

Corp.

8,100

76

Recruit

Holdings

Co.,

Ltd.

37,300

1,478

Renesas

Electronics

Corp.

133,100

2,192

Resona

Holdings,

Inc.

2,000,800

11,103

Secom

Co.,

Ltd.

61,263

4,439

Sekisui

Chemical

Co.,

Ltd.

96,600

1,381

Sekisui

House,

Ltd.

55,200

1,246

Seven

&

i

Holdings

Co.,

Ltd.

40,400

1,608

Shimadzu

Corp.

22,200

614

Shimano,

Inc.

2,387

344

Shimizu

Corp.

204,200

1,374

Shin-Etsu

Chemical

Co.,

Ltd.

544,000

21,437

Shionogi

&

Co.,

Ltd.

120,800

5,810

Shiseido

Co.,

Ltd.

16,500

468

Shizuoka

Financial

Group,

Inc.

28,300

259

SMC

Corp.

6,200

3,450

Sompo

Japan

Nipponkoa

Holdings,

Inc.

1,201

62

Sony

Group

Corp.

89,100

8,804

Stanley

Electric

Co.,

Ltd.

123,500

2,350

Subaru

Corp.

454,200

9,111

Sumitomo

Electric

Industries,

Ltd.

370,200

4,927

Sumitomo

Heavy

Industries,

Ltd.

33,500

871

Sumitomo

Mitsui

Financial

Group,

Inc.

148,902

7,759

Sumitomo

Mitsui

Trust

Holdings,

Inc.

291,600

5,996

Sumitomo

Realty

&

Development

Co.,

Ltd.

41,600

1,308

Sumitomo

Rubber

Industries,

Ltd.

116,300

1,349

Suntory

Beverage

&

Food,

Ltd.

47,500

1,556

T&D

Holdings,

Inc.

510,100

8,519

Taiheiyo

Cement

Corp.

84,800

1,748

Takeda

Pharmaceutical

Co.,

Ltd.

284,300

8,361

Terumo

Corp.

130,500

4,405

THK

Co.,

Ltd.

92,100

1,775

TIS,

Inc.

43,200

964

Toho

Co.,

Ltd.

35,300

1,150

Tokio

Marine

Holdings,

Inc.

142,800

3,783

Tokyo

Electron,

Ltd.

82,600

15,314

Tokyo

Gas

Co.,

Ltd.

133,500

3,070

Toray

Industries,

Inc.

1,409,900

7,067

Toyota

Motor

Corp.

381,800

7,590

Trend

Micro,

Inc.

28,200

1,608

Tsuruha

Holdings,

Inc.

26,300

2,086

Unicharm

Corp.

69,688

2,406

USS

Co.,

Ltd.

15,100

286

Yakult

Honsha

Co.,

Ltd.

56,800

1,246

Yamaha

Motor

Co.,

Ltd.

294,000

2,783

Yamato

Holdings

Co.,

Ltd.

229,400

3,972

399,469

Jordan

-

0.0%

Hikma

Pharmaceuticals

PLC

20,406

498

Luxembourg

-

0.9%

ArcelorMittal

SA

385,830

10,582

Eurofins

Scientific

SE

167,350

10,101

RTL

Group

SA

47,427

1,831

Spotify

Technology

SA(Æ)

25,667

5,527

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

110

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tenaris

SA

71,116

1,127

29,168

Macao

-

0.4%

Galaxy

Entertainment

Group,

Ltd.

2,100,792

10,909

Sands

China,

Ltd.(Æ)

852,800

2,236

13,145

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

895,115

1,178

Hong

Leong

Bank

BHD

391,791

1,588

Hong

Leong

Financial

Group

BHD

261,314

907

PPB

Group

BHD(Þ)

176,200

538

Public

Bank

BHD

680,000

631

4,842

Mexico

-

0.9%

America

Movil

SAB

de

CV

1,519,949

1,373

America

Movil

SAB

de

CV

-

ADR

55,339

999

Arca

Continental

SAB

de

CV

33,398

379

Cemex

SAB

de

CV

-

ADR(Æ)

451,165

3,736

Fomento

Economico

Mexicano

SAB

de

CV

95,479

1,295

Fresnillo

PLC

455,337

3,055

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

49,395

1,440

Grupo

Bimbo

SAB

de

CV

365,017

1,665

Grupo

Carso

SAB

de

CV

176,166

1,652

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

413,090

4,202

Grupo

Financiero

Inbursa

SAB

de

CV

Class

O(Æ)

1,678,291

4,958

Ternium

SA

-

ADR

58,139

2,248

Wal-Mart

de

Mexico

SAB

de

CV

628,783

2,598

29,600

Netherlands

-

5.4%

ABN

AMRO

Bank

NV(Þ)

272,609

4,031

Adyen

NV(Æ)(Þ)

2,205

2,760

ASML

Holding

NV

24,717

21,184

EXOR

NV

34,372

3,336

Ferrari

NV

34,529

12,012

Heineken

NV

191,304

19,254

ING

Groep

NV

1,168,379

16,619

JDE

Peet's

NV

21,348

527

Koninklijke

Ahold

Delhaize

NV

67,114

1,885

Koninklijke

Philips

NV

723,267

15,445

NN

Group

NV

98,261

4,024

QIAGEN

NV(Æ)

62,842

2,738

Randstad

NV

207,292

11,754

Shell

PLC

1,308,582

40,700

Universal

Music

Group

NV

731,899

21,548

Wolters

Kluwer

NV

28,739

4,239

182,056

New

Zealand

-

0.1%

Auckland

International

Airport,

Ltd.

188,929

974

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

84,111

1,217

2,191

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Norway

-

0.1%

Mowi

ASA

64,929

1,167

Norsk

Hydro

ASA

237,885

1,382

2,549

Peru

-

0.1%

Credicorp

,

Ltd.

17,098

2,538

Philippines

-

0.2%

Bank

of

the

Philippine

Islands

1,163,077

2,279

BDO

Unibank

,

Inc.

792,728

2,035

SM

Investments

Corp.

130,580

2,082

6,396

Poland

-

0.1%

Dino

Polska

SA(Æ)(Þ)

7,639

825

KGHM

Polska

Miedz

SA

59,814

1,658

Santander

Bank

Polska

SA

10,743

1,306

3,789

Russia

-

0.0%

Fix

Price

Group,

Ltd.

-

GDR(Š)(Þ)

183,060

—

Gazprom

PJSC(Æ)(Š)

1,328,325

—

Lukoil

PJSC(Š)

45,621

—

Lukoil

PJSC

-

ADR(Æ)(Š)

10,868

—

Novatek

PJSC(Š)

56,290

—

Novolipetsk

Steel

PJSC(Æ)(Š)

194,760

—

Polyus

PJSC(Æ)(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%

Al

Rajhi

Bank

173,788

3,883

Saudi

Arabian

Oil

Co.(Þ)

903,618

7,376

Saudi

Basic

Industries

Corp.(Þ)

178,809

3,709

Saudi

National

Bank

(The)

453,021

4,886

Saudi

Telecom

Co.

341,804

3,714

23,568

Singapore

-

0.2%

DBS

Group

Holdings,

Ltd.

190,923

4,521

Oversea-Chinese

Banking

Corp.,

Ltd.

114,995

1,099

STMicroelectronics

NV

28,239

1,240

United

Overseas

Bank,

Ltd.

4,600

97

6,957

South

Africa

-

0.9%

Anglo

American

PLC

226,295

5,371

Anglogold

Ashanti

PLC

313,204

5,519

Aspen

Pharmacare

Holdings,

Ltd.

57,260

594

Capitec

Bank

Holdings,

Ltd.

24,475

2,612

Clicks

Group,

Ltd.

89,938

1,447

Discovery

Holdings,

Ltd.

316,276

2,339

Gold

Fields,

Ltd.

-

ADR

558,642

8,268

Impala

Platinum

Holdings,

Ltd.

23,047

89

Mr

Price

Group,

Ltd.

131,022

1,200

MTN

Group,

Ltd.

1,071,347

5,455

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

111

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Old

Mutual,

Ltd.

1,584,826

1,057

Shoprite

Holdings,

Ltd.

-

ADR

49,916

724

34,675

South

Korea

-

3.3%

Celltrion

,

Inc.

6,401

857

CJ

CheilJedang

Corp.

2,833

615

Coway

Co.,

Ltd.

41,978

1,727

Hankook

Tire

&

Technology

Co.,

Ltd.

78,282

2,980

Hyundai

Mobis

Co.,

Ltd.

17,562

2,733

Hyundai

Motor

Co.

10,232

1,478

KB

Financial

Group,

Inc.

246,185

10,435

Krafton

,

Inc.(Æ)

13,414

2,149

KT

Corp.

-

ADR

276,910

3,653

LG

Chem

,

Ltd.

5,598

1,799

LG

Electronics,

Inc.

Class

H

16,667

1,153

LG

Energy

Solution,

Ltd.(Æ)

9,988

2,799

LG

Household

&

Health

Care,

Ltd.

3,484

785

NAVER

Corp.

38,909

5,753

NCSoft

Corp.

4,240

623

Orion

Corp.

20,824

1,418

POSCO

Holdings,

Inc.

3,903

1,226

Samsung

Electro-Mechanics

Co.,

Ltd.

15,293

1,580

Samsung

Electronics

Co.,

Ltd.

805,023

43,652

Samsung

Engineering

Co.,

Ltd.(Æ)

43,793

723

Samsung

SDI

Co.,

Ltd.

1,900

520

Samsung

SDS

Co.,

Ltd.

6,042

688

Shinhan

Financial

Group

Co.,

Ltd.

205,874

6,299

SK

Hynix,

Inc.

159,522

15,804

111,449

Spain

-

1.4%

Acciona

SA

13,201

1,709

Amadeus

IT

Group

SA

Class

A

131,804

9,213

CaixaBank

SA

2,185,668

9,338

Cellnex

Telecom

SA(Þ)

144,098

5,549

Iberdrola

SA

175,829

2,118

Industria

de

Diseno

Textil

SA

441,112

18,855

46,782

Sweden

-

1.4%

Assa

Abloy

AB

Class

B

242,764

6,661

Atlas

Copco

AB

Class

A

196,168

3,130

Boliden

AB

57,493

1,516

Epiroc

AB

Class

A

78,430

1,380

Fastighets

AB

Balder

Class

B(Æ)

101,185

675

Hexagon

AB

Class

B

1,037,238

11,305

L

E

Lundbergforetagen

AB

Class

B

43,887

2,285

Lifco

AB

Class

B

45,014

1,090

Sandvik

AB

230,424

4,823

Securitas

AB

Class

B

332,428

3,224

Skandinaviska

Enskilda

Banken

AB

Class

A

48,485

688

SKF

AB

Class

B

272,311

5,354

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

47,844

1,341

Telefonaktiebolaget

LM

Ericsson

Class

B

671,085

3,709

Volvo

Car

AB

Class

B(Æ)

200,053

521

47,702

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Switzerland

-

3.9%

ABB,

Ltd.

61,676

2,608

ABB,

Ltd.

-

ADR

45,954

1,947

Adecco

Group

AG

192,672

8,347

Alcon,

Inc.

56,849

4,263

Baloise

Holding

AG

5,975

956

BKW

AG

13,455

2,140

Chocoladefabriken

Lindt

&

Spruengli

AG

72

2,513

Cie

Financiere

Richemont

SA

Class

A

24,197

3,613

DSM-

Firmenich

AG

19,202

2,024

EMS-

Chemie

Holding

AG

2,429

1,834

Geberit

AG

2,872

1,658

Givaudan

SA

512

2,130

Julius

Baer

Group,

Ltd.

139,764

7,633

Lonza

Group

AG

1,984

971

Novartis

AG

182,015

18,851

Partners

Group

Holding

AG

5,406

7,346

Sandoz

Group

AG(Æ)

36,403

1,249

Schindler

Holding

AG

11,995

2,967

SGS

SA

17,850

1,651

Sika

AG

8,900

2,457

Sonova

Holding

AG

6,291

2,008

Straumann

Holding

AG

4,271

655

Swatch

Group

AG

(The)

Class

B

18,144

4,252

Swiss

Life

Holding

AG

818

588

Swiss

Prime

Site

AG

Class

A

9,281

940

Swisscom

AG

486

290

UBS

Group

AG

1,408,093

42,055

Zurich

Insurance

Group

AG

8,129

4,136

132,082

Taiwan

-

4.7%

Advantech

Co.,

Ltd.

65,087

699

Alchip

Technologies,

Ltd.

95,001

11,684

Catcher

Technology

Co.,

Ltd.

295,000

1,830

Cathay

Financial

Holding

Co.,

Ltd.(Æ)

2,605,000

3,661

China

Development

Financial

Holding

Corp.(Æ)

11,214,691

4,297

CTBC

Financial

Holding

Co.,

Ltd.

561,236

508

Delta

Electronics,

Inc.

228,000

2,027

E.Sun

Financial

Holding

Co.,

Ltd.

2,558,969

2,018

Evergreen

Marine

Corp.

Taiwan,

Ltd.

383,417

1,845

Feng

TAY

Enterprise

Co.,

Ltd.

164,520

845

First

Financial

Holding

Co.,

Ltd.

532,062

451

Formosa

Petrochemical

Corp.

1,111,000

2,639

Fubon

Financial

Holding

Co.,

Ltd.

1,025,670

2,106

Global

Unichip

Corp.

86,000

4,172

Globalwafers

Co.,

Ltd.

125,246

2,303

Hon

Hai

Precision

Industry

Co.,

Ltd.

3,224,115

10,516

Hua

Nan

Financial

Holdings

Co.,

Ltd.

1,208,753

831

MediaTek

,

Inc.

271,241

8,347

Mega

Financial

Holding

Co.,

Ltd.

108,245

130

Quanta

Computer,

Inc.

44,000

341

Shin

Kong

Financial

Holding

Co.,

Ltd.

(Æ)

960,009

257

SinoPac

Financial

Holdings

Co.,

Ltd.

80,591

49

Taishin

Financial

Holding

Co.,

Ltd.

2,254,793

1,234

Taiwan

Business

Bank

1,949,670

830

Taiwan

Cooperative

Financial

Holding

Co.,

Ltd.

698,731

566

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

112

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

3,317,679

66,463

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

187,320

21,160

Unimicron

Technology

Corp.

1,005,000

5,590

Uni

-President

Enterprises

Corp.

160,000

369

United

Microelectronics

Corp.

1,089,059

1,690

Yuanta

Financial

Holding

Co.,

Ltd.

53,639

46

159,504

Thailand

-

0.4%

Advanced

Info

Service

PCL

189,400

1,166

Airports

of

Thailand

PCL

580,800

973

Bangkok

Dusit

Medical

Services

PCL

1,320,500

1,020

Bumrungrad

Hospital

PCL

99,500

671

Charoen

Pokphand

Foods

PCL

5,638,500

2,952

CP

Axtra

PCL

721,300

576

Energy

Absolute

PCL

102,800

114

Kasikornbank

PCL

1,288,800

4,356

PTT

Exploration

&

Production

PCL

243,700

1,023

PTT

Oil

&

Retail

Business

PCL

1,346,100

675

SCG

Packaging

PCL

606,100

533

Siam

Cement

PCL

(The)

125,500

953

15,012

Turkey

-

0.4%

Akbank

TAS

4,326,246

5,628

BIM

Birlesik

Magazalar

AS

325,961

4,094

Turkiye

Garanti

Bankasi

AS

2,652,797

5,541

15,263

United

Arab

Emirates

-

0.3%

Aldar

Properties

PJSC

2,779,646

3,855

Emaar

Properties

PJSC

1,957,941

3,965

Emirates

NBD

Bank

PJSC

231,816

1,119

Emirates

Telecommunications

Group

Co.

PJSC(Þ)

243,907

1,273

10,212

United

Kingdom

-

6.5%

3i

Group

PLC

184,937

5,772

Ashtead

Group

PLC

12,579

824

AstraZeneca

PLC

146,348

19,483

Aviva

PLC

361,516

1,974

Babcock

International

Group

PLC

572,032

3,271

BAE

Systems

PLC

296,242

4,413

Barclays

PLC

1,992,472

3,714

Berkeley

Group

Holdings

PLC

41,389

2,510

BP

PLC

2,110,682

12,363

British

American

Tobacco

PLC

166,673

4,922

British

Land

Co.

PLC

(The)(ö)

450,858

2,170

BT

Group

PLC

2,074,145

2,939

Bunzl

PLC

39,739

1,616

Burberry

Group

PLC

107,773

1,786

CK

Hutchison

Holdings,

Ltd.

Class

B

279,461

1,432

Compass

Group

PLC

468,028

12,904

Croda

International

PLC

17,210

1,048

Diageo

PLC

157,666

5,671

easyJet

PLC

706,521

4,975

Halma

PLC

19,331

537

HSBC

Holdings

PLC

1,721,446

13,431

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Intermediate

Capital

Group

PLC

168,959

3,823

Intertek

Group

PLC

138,453

7,855

J

Sainsbury

PLC

3,906,622

13,343

JD

Sports

Fashion

PLC

415,917

611

Kingfisher

PLC

960,760

2,671

Land

Securities

Group

PLC(ö)

144,710

1,219

London

Stock

Exchange

Group

PLC

40,198

4,550

Marks

&

Spencer

Group

PLC

517,558

1,618

Mondi

PLC

167,896

2,996

NatWest

Group

PLC

1,613,728

4,576

Next

PLC

7,655

818

Pearson

PLC

62,098

762

Reckitt

Benckiser

Group

PLC

78,930

5,700

RELX

PLC

115,285

4,767

Sage

Group

PLC

(The)

147,524

2,198

Spirax-Sarco

Engineering

PLC

12,289

1,547

Standard

Chartered

PLC

1,552,306

11,702

Tesco

PLC

2,675,808

9,708

Travis

Perkins

PLC

391,473

3,891

Tullow

Oil

PLC(Æ)

3,616,050

1,413

Unilever

PLC

48,393

2,356

Vodafone

Group

PLC

1,072,427

916

Weir

Group

PLC

(The)

528,266

12,177

WPP

PLC

512,465

4,969

213,941

United

States

-

7.3%

Accenture

PLC

Class

A

51,111

18,598

Allegion

PLC

97,151

12,036

Amdocs,

Ltd.

86,263

7,909

Aon

PLC

Class

A

39,913

11,911

ARM

Holdings

PLC

-

ADR(Æ)(Ñ)

48,761

3,446

CRH

PLC

14,570

1,046

CSL,

Ltd.

28,045

5,509

Experian

PLC

66,058

2,754

Freeport-McMoRan,

Inc.

148,288

5,886

GSK

Finance

No.

3

PLC

579,070

11,468

Haleon

PLC

5,275,465

21,487

Holcim

AG(Æ)

77,164

5,930

James

Hardie

Industries

PLC(Æ)

75,299

2,824

Las

Vegas

Sands

Corp.

101,792

4,980

Linde

PLC

53,548

21,678

Lululemon

Athletica

,

Inc.(Æ)

14,819

6,725

Medtronic

PLC

27,303

2,390

Nestle

SA

232,480

26,507

Newmont

Corp.

62,885

2,163

Roche

Holding

AG

77,138

22,090

Sanofi

SA

-

ADR

159,374

16,003

Schlumberger

NV

426,604

20,776

Schneider

Electric

SE

61,777

12,175

246,291

Zambia

-

0.2%

First

Quantum

Minerals,

Ltd.

576,954

5,235

Total

Common

Stocks

(cost

$2,530,332)

3,148,488

Preferred

Stocks

-

1.3%

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

113

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Brazil

-

0.3%

Braskem

SA

0.000%

(Æ)

149,467

537

Itau

Unibanco

Holding

SA

6.972%

(Ÿ)

709,634

4,695

Raizen

Energia

SA

7.466%

(Ÿ)

4,682,240

3,620

8,852

Germany

-

0.5%

Dr

Ing

hc

F

Porsche

AG(Þ)

1.172%

(Ÿ)

28,348

2,419

Henkel

AG

&

Co.

KGaA

2.632%

(Ÿ)

64,929

4,994

Volkswagen

AG

7.323%

(Ÿ)

84,389

10,926

18,339

South

Korea

-

0.5%

Samsung

Electronics

Co.,

Ltd.

2.272%

(Ÿ)

398,279

17,339

Total

Preferred

Stocks

(cost

$41,399)

44,530

Warrants

and

Rights

-

0.0%

Brazil

-

0.0%

Localiza

Rent

a

Car

SA

(Æ)

2024

 Rights

2,496

5

Canada

-

0.0%

Constellation

Software,

Inc.

(Æ)

2028

Warrants

1,754

—

Total

Warrants

and

Rights

(cost

$—)

5

Short-Term

Investments

-

3.6%

United

States

-

3.6%

U.S.

Cash

Management

Fund(@)

120,827,281

(∞)

120,791

Total

Short-Term

Investments

(cost

$120,791)

120,791

Other

Securities

-

0.2%

U.S.

Cash

Collateral

Fund(@)(×)

6,790,375

(∞)

6,790

Total

Other

Securities

(cost

$6,790)

6,790

Total

Investments

-

98.2%

(identified

cost

$2,699,312)

3,320,604

Other

Assets

and

Liabilities,

Net

-

1.8%

60,848

Net

Assets

-

100.0%

3,381,452

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

114

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

$

$

$

2.8%

ABN

AMRO

Bank

NV

05/08/20

EUR

272,609

9.99

2,723

4,031

Adyen

NV

08/04/23

EUR

2,205

1,111.28

2,450

2,760

Amundi

SA

06/28/22

EUR

124,438

59.60

7,416

8,421

Avenue

Supermarts

,

Ltd.

08/10/23

INR

31,612

44.47

1,406

1,442

Bajaj

Holdings

and

Investment,

Ltd.

03/13/23

INR

4

73.84

—

—

Budweiser

Brewing

Co.

APAC,

Ltd.

08/08/23

HKD

918,861

2.21

2,030

1,436

Cellnex

Telecom

SA

12/10/21

EUR

144,098

33.22

4,786

5,549

CGN

Power

Co.,

Ltd.

10/07/22

HKD

2,578,000

0.25

640

722

China

International

Capital

Corp.,

Ltd.

09/11/23

HKD

1,042,000

1.85

1,928

1,235

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

12/21/22

HKD

170,200

13.03

2,217

1,487

China

Tower

Corp.,

Ltd.

06/30/21

HKD

15,004,000

0.11

1,633

1,668

Covestro

AG

06/26/19

EUR

181,042

33.41

6,049

9,599

Dino

Polska

SA

10/18/23

PLN

7,639

81.32

621

825

Dr

Ing

hc

F

Porsche

AG

01/13/23

EUR

28,348

114.53

3,247

2,419

Emirates

Telecommunications

Group

Co.

PJSC

08/08/23

AED

243,907

4.76

1,162

1,273

Fix

Price

Group,

Ltd.

10/14/21

183,060

—

1,648

—

HDFC

Life

Insurance

Co.,

Ltd.

01/24/24

INR

79,222

7.14

566

548

Hindustan

Aeronautics,

Ltd.

07/27/22

INR

28,296

22.81

645

1,016

Hydro

One,

Ltd.

08/08/23

CAD

26,918

25.76

694

799

ICICI

Lombard

General

Insurance

Co.,

Ltd.

05/15/23

INR

89,652

13.61

1,220

1,611

ICICI

Prudential

Life

Insurance

Co.,

Ltd.

05/15/23

INR

285,097

5.33

1,519

1,722

InterGlobe

Aviation,

Ltd.

05/06/22

INR

150,050

23.47

3,522

5,332

Kuaishou

Technology

12/02/22

HKD

1,287,417

6.63

8,536

6,434

Longfor

Group

Holdings,

Ltd.

10/06/23

HKD

4,298,000

2.00

8,614

4,739

Meituan

09/09/20

HKD

176,036

13.63

2,399

1,414

Nexi

SpA

08/09/23

EUR

233,524

7.71

1,801

1,794

Nongfu

Spring

Co.,

Ltd.

10/11/23

HKD

522,227

5.67

2,962

2,815

Postal

Savings

Bank

of

China

Co.,

Ltd.

12/18/23

HKD

1,901,000

0.47

889

908

PPB

Group

BHD

08/08/23

MYR

176,200

3.68

648

538

Qingdao

Haier

Co.,

Ltd.

08/08/23

CNY

537,200

3.36

1,807

1,672

Reliance

Industries,

Ltd.

10/08/15

78,033

9.99

779

5,406

Saudi

Arabian

Oil

Co.

12/07/22

SAR

903,618

8.93

8,066

7,376

Saudi

Basic

Industries

Corp.

05/15/23

SAR

178,809

24.65

4,408

3,709

SBI

Life

Insurance

Co.,

Ltd.

03/23/22

INR

38,293

14.37

550

645

WH

Group,

Ltd.

05/05/23

HKD

3,780,826

0.56

2,120

2,224

Worldline

SA

03/11/22

EUR

38,393

16.86

647

521

WuXi

AppTec

Co.,

Ltd.

03/09/23

HKD

319,000

10.43

3,328

2,203

X5

Retail

Group

NV

02/15/19

56,160

—

1,635

—

96,293

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

115

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Australian

Dollar

Currency

Futures

1,560

USD

103,038

03/24

56

British

Pound

Currency

Futures

275

USD

21,854

03/24

319

Canadian

Dollar

Currency

Futures

1,173

USD

87,582

03/24

1,074

Japanese

Yen

Currency

Futures

1,880

USD

161,762

03/24

(2,647)

New

Zealand

Dollar

Currency

Futures

45

USD

2,766

03/24

13

Norwegian

Krone

Currency

Futures

103

USD

19,706

03/24

832

S&P/TSX

60

Index

Futures

534

CAD

135,721

03/24

3,198

SPI

200

Index

Futures

929

AUD

177,509

03/24

3,006

TOPIX

Index

Futures

599

JPY

15,295,465

03/24

7,673

Short

Positions

CAC40

Euro

Index

Futures

119

EUR

9,131

02/24

(393)

DAX

Index

Futures

16

EUR

6,797

03/24

—

Euro

Currency

Futures

617

USD

83,762

03/24

(177)

EURO

STOXX

50

Index

Futures

95

EUR

4,432

03/24

(87)

FTSE

100

Index

Futures

93

GBP

7,095

03/24

(61)

FTSE/MIB

Index

Futures

14

EUR

2,165

03/24

(23)

Hang

Seng

Index

Futures

171

HKD

132,739

02/24

695

IBEX

35

Index

Futures

21

EUR

2,121

02/24

(48)

MSCI

Emerging

Markets

Index

Futures

1,247

USD

61,153

03/24

285

MSCI

Singapore

Index

Futures

536

SGD

14,871

02/24

16

OMXS30

Index

Futures

74

SEK

17,479

02/24

(35)

S&P

500

E-Mini

Index

Futures

416

USD

101,306

03/24

(4,390)

Swiss

Franc

Currency

Futures

254

USD

37,095

03/24

(494)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

8,812

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

2,380

$

—

$

—

$

—

$

2,380

Australia

—

45,060

—

—

45,060

Austria

—

11,624

—

—

11,624

Belgium

—

15,283

—

—

15,283

Brazil

104,441

—

—

—

104,441

Burkina

Faso

1,559

—

—

—

1,559

Canada

146,654

—

—

—

146,654

Chile

3,852

771

—

—

4,623

China

39,515

220,440

—

—

259,955

Denmark

—

66,681

—

—

66,681

Finland

—

17,635

—

—

17,635

France

—

250,831

—

—

250,831

Germany

—

149,707

—

—

149,707

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

116

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

Ghana

2,840

—

—

—

2,840

Greece

—

13,223

—

—

13,223

Hong

Kong

—

44,505

—

—

44,505

Hungary

—

2,728

—

—

2,728

India

9,735

128,789

—

—

138,524

Indonesia

—

25,143

—

—

25,143

Ireland

7,920

28,026

—

—

35,946

Israel

4,177

2,352

—

—

6,529

Italy

—

57,703

—

—

57,703

Japan

—

399,469

—

—

399,469

Jordan

—

498

—

—

498

Luxembourg

5,527

23,641

—

—

29,168

Macao

—

13,145

—

—

13,145

Malaysia

—

4,842

—

—

4,842

Mexico

26,545

3,055

—

—

29,600

Netherlands

—

182,056

—

—

182,056

New

Zealand

—

2,191

—

—

2,191

Norway

—

2,549

—

—

2,549

Peru

2,538

—

—

—

2,538

Philippines

—

6,396

—

—

6,396

Poland

—

3,789

—

—

3,789

Russia

—

—

—

—

—

Saudi

Arabia

—

23,568

—

—

23,568

Singapore

—

6,957

—

—

6,957

South

Africa

13,787

20,888

—

—

34,675

South

Korea

3,653

107,796

—

—

111,449

Spain

—

46,782

—

—

46,782

Sweden

—

47,702

—

—

47,702

Switzerland

1,947

130,135

—

—

132,082

Taiwan

21,160

138,344

—

—

159,504

Thailand

—

15,012

—

—

15,012

Turkey

—

15,263

—

—

15,263

United

Arab

Emirates

—

10,212

—

—

10,212

United

Kingdom

—

213,941

—

—

213,941

United

States

118,020

128,271

—

—

246,291

Zambia

5,235

—

—

—

5,235

Preferred

Stocks

8,852

35,678

—

—

44,530

Warrants

and

Rights

5

—

—

—

5

Short-Term

Investments

—

—

—

120,791

120,791

Other

Securities

—

—

—

6,790

6,790

Total

Investments

530,342

2,662,681

—

127,581

3,320,604

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

117

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Other

Financial

Instruments

Assets

Futures

Contracts

17,167

—

—

—

17,167

Liabilities

Futures

Contracts

(8,355)

—

—

—

(8,355)

Total

Other

Financial

Instruments

*

$

8,812

$

—

$

—

$

—

$

8,812

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

496,774

Consumer

Staples

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

225,012

Energy

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

183,552

Financial

Services

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

695,302

Health

Care

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

288,388

Materials

and

Processing

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

336,949

Producer

Durables

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

363,188

Technology

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

458,355

Utilities

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

100,968

Preferred

Stocks

Consumer

Discretionary

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

13,345

Consumer

Staples

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

4,994

Financial

Services

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

4,695

Materials

and

Processing

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

537

Technology

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

17,339

Utilities

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

3,620

Warrants

and

Rights

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

5

Short-Term

Investments

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

120,791

Other

Securities

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

6,790

Total

Investments

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

3,320,604

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

118

Tax-Managed

International

Equity

Fund

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

86,475

$

160,754

$

126,436

$

—

$

(2

)

$

120,791

$

1,031

$

—

U.S.

Cash

Collateral

Fund

—

27,600

20,810

—

—

6,790

57

—

$

86,475

$

188,354

$

147,246

$

—

$

(2

)

$

127,581

$

1,088

$

—

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

119

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

95.2%

Argentina

-

0.1%

Corp.

America

Airports

SA(Æ)

68,693

1,082

Australia

-

4.9%

Atlas

Arteria,

Ltd.

2,041,057

7,198

Beach

Energy,

Ltd.

558,018

602

BHP

Group,

Ltd.

44,197

1,361

BHP

Group,

Ltd.

-

ADR

124,163

3,810

Fortescue

Metals

Group,

Ltd.

129,847

2,523

Glencore

PLC

1,649,244

8,776

Mineral

Resources,

Ltd.

18,902

731

Perenti

,

Ltd.(Æ)

522,205

278

Qube

Holdings,

Ltd.

580,855

1,242

Rio

Tinto

PLC

2,527

176

Rio

Tinto,

Ltd.

-

ADR

6,527

566

Sandfire

Resources,

Ltd.(Æ)

131,100

622

South32,

Ltd.

Class

B

440,322

969

Transurban

Group

-

ADR(Æ)

1,590,900

14,008

Woodside

Energy

Group,

Ltd.

15,766

330

43,192

Austria

-

0.2%

OMV

AB

42,982

1,912

Bermuda

-

0.0%

United

Energy

Group,

Ltd.

2,818,000

299

Brazil

-

1.5%

Adecoagro

SA

128,329

1,313

CCR

SA

563,545

1,492

Centrais

Eletricas

Brasileiras

SA

-

ADR

44,271

366

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

-

ADR(Æ)

36,851

587

Cia

Energetica

de

Minas

Gerais

-

ADR

173,774

396

Enauta

Participacoes

SA

44,152

169

Petroleo

Brasileiro

SA

11,405

97

Petroleo

Brasileiro

SA

-

ADR

69,254

1,182

Sao

Martinho

S/A

188,894

1,075

Suzano

SA(Æ)

74,081

772

Suzano

SA

-

ADR(Æ)

104,485

1,087

Vale

SA

191,875

2,624

Vale

SA

Class

B

-

ADR

115,361

1,579

Wheaton

Precious

Metals

Corp.

12,541

588

Yara

International

ASA

8,420

277

13,604

Canada

-

4.6%

Agnico

Eagle

Mines,

Ltd.

15,613

767

AltaGas

,

Ltd.

-

ADR

64,963

1,351

ARC

Resources,

Ltd.

111,946

1,739

Barrick

Gold

Corp.

61,778

965

Canadian

Natural

Resources,

Ltd.

9,373

600

Canadian

Solar,

Inc.(Æ)

138,252

3,055

Emera

,

Inc.

43,254

1,528

Enbridge,

Inc.

168,642

5,988

Enerflex

,

Ltd.

56,123

289

Franco-Nevada

Corp.

Class

T

9,445

1,022

Gibson

Energy,

Inc.

103

2

Imperial

Oil,

Ltd.

18,672

1,077

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

795,865

8,353

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Largo,

Inc.(Æ)

90,890

183

Logan

Energy

Corp.(Æ)

25,659

16

NexGen

Energy,

Ltd.(Æ)

120,935

926

Nutrien

,

Ltd.

5

2

,

69

6

2,628

Pembina

Pipeline

Corp.

61,349

2,113

TC

Energy

Corp.

86,305

3,405

Teck

Resources,

Ltd.

Class

B

58,621

2,346

Vermilion

Energy,

Inc.

75,672

814

West

Fraser

Timber

Co.,

Ltd.

5,744

457

Westshore

Terminals

Investment

Corp.

24,184

511

Whitecap

Resources,

Inc.

27,368

177

40,312

Chile

-

0.5%

Antofagasta

PLC

29,173

634

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

85,970

3,617

4,251

China

-

1.4%

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

2,688,798

777

CGN

Power

Co.,

Ltd.

Class

H(Þ)

1,301,000

364

China

Gas

Holdings,

Ltd.

282,000

257

China

Merchants

Port

Holdings

Co.,

Ltd.

444,264

550

China

Resources

Gas

Group,

Ltd.

118,500

335

COSCO

SHIPPING

Ports,

Ltd.

911,093

559

ENN

Energy

Holdings,

Ltd.

363,741

2,689

Guangdong

Investment,

Ltd.

1,072,002

622

Hainan

Meilan

International

Airport

Co.,

Ltd.

Class

H(Æ)

53,000

40

Henan

Shenhuo

Coal

&

Power

Co.,

Ltd.

Class

A

223,700

518

Jiangsu

Expressway

Co.,

Ltd.

Class

H

1,573,153

1,499

Ming

Yang

Smart

Energy

Group,

Ltd.

Class

A

219,800

275

Shenzhen

Expressway

Corp.,

Ltd.

Class

H

576,172

462

Shenzhen

International

Holdings,

Ltd.

582,000

478

Western

Mining

Co.,

Ltd.

Class

A

698,601

1,385

Wilmar

International,

Ltd.

325,100

794

Yuexiu

Transport

Infrastructure,

Ltd.

772,000

421

Zhejiang

Expressway

Co.,

Ltd.

Class

H

352,133

260

12,285

Denmark

-

0.3%

Vestas

Wind

Systems

A/S(Æ)

100,121

2,805

Finland

-

0.5%

Kemira

OYJ

20,297

381

Neste

OYJ

29,460

1,015

Stora

Enso

OYJ

Class

R

64,112

812

UPM-

Kymmene

OYJ

70,900

2,579

4,787

France

-

3.0%

Aeroports

de

Paris

SA

35,348

4,719

Eiffage

SA

7,174

748

Engie

SA

48,151

769

Eramet

SA

8,750

600

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

120

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Gaztransport

Et

Technigaz

SA

130

18

Getlink

SE

590,012

10,160

Rubis

SCA

17,880

453

TotalEnergies

SE

47,337

3,083

Veolia

Environnement

SA

80,354

2,617

Vinci

SA

27,653

3,499

26,666

Germany

-

0.4%

E.ON

SE

83,362

1,132

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

11,820

700

K+S

AG

41,174

582

RWE

AG

19,393

719

ThyssenKrupp

AG

-

ADR

8,043

50

3,183

Ghana

-

1.0%

Kosmos

Energy,

Ltd.(Æ)

1,500,866

9,095

Hungary

-

0.2%

MOL

Hungarian

Oil

&

Gas

PLC

160,679

1,317

India

-

0.3%

Reliance

Industries,

Ltd.

-

GDR(Þ)

38,214

2,647

Ireland

-

0.1%

Smurfit

Kappa

Group

PLC

34,361

1,273

Isle

of

Man

-

0.1%

Lifezone

Metals,

Ltd.(Æ)

87,973

529

Israel

-

0.2%

Equital

,

Ltd.(Æ)

7,002

199

ICL

Group,

Ltd.

80,378

366

Israel

Corp.,

Ltd.

(The)(Æ)

2,643

606

Naphtha

Israel

Petroleum

Corp.,

Ltd.

56,274

282

1,453

Italy

-

0.9%

Enav

SpA

(Þ)

114,603

425

Enel

SpA

220,044

1,501

Eni

SpA

-

ADR

222,774

3,563

Hera

SpA

371,435

1,312

Infrastrutture

Wireless

Italiane

SpA

(Þ)

92,334

1,122

7,923

Japan

-

0.9%

Ebara

Corp.

28,800

1,822

Hitachi

Zosen

Corp.

2,500

15

Inpex

Corp.

35,000

477

Japan

Airport

Terminal

Co.,

Ltd.

26,200

1,042

Japan

Petroleum

Exploration

Co.,

Ltd.

13,700

552

JFE

Holdings,

Inc.

5,600

89

Kubota

Corp.

15,000

228

Mitsubishi

Materials

Corp.

30,900

566

Nippon

Steel

Corp.

30,000

723

Nittetsu

Mining

Co.,

Ltd.

9,000

322

Sumitomo

Metal

Mining

Co.,

Ltd.

29,000

801

West

Japan

Railway

Co.

36,800

1,531

8,168

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Jersey

-

0.3%

Arcadium

Lithium

PLC(Æ)

505,106

2,470

Luxembourg

-

0.1%

ArcelorMittal

SA

37,979

1,042

Mexico

-

2.9%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR

12,506

919

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR

11,820

1,843

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

453,393

7,059

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

ADR

6,712

1,962

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

293,987

8,570

Grupo

Mexico

SAB

de

CV

676,620

3,491

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

173,320

1,705

Southern

Copper

Corp.

1,689

139

25,688

Netherlands

-

1.3%

OCI

NV

3,438

98

Shell

PLC

363,094

11,273

Technip

Energies

NV

20,026

418

11,789

New

Zealand

-

0.4%

Auckland

International

Airport,

Ltd.(Þ)

755,219

3,894

Norway

-

0.6%

Austevoll

Seafood

ASA

104,639

759

Borregaard

ASA

-

ADR

22,679

387

DNO

ASA

659,139

579

Equinor

ASA

Class

N

100,999

2,896

Norsk

Hydro

ASA

87,757

510

5,131

Poland

-

0.0%

ORLEN

SA

21,816

340

Portugal

-

0.8%

Galp

Energia

SGPS

SA

Class

B

465,964

7,308

Russia

-

0.0%

Gazprom

Neft

PJSC(Š)

172,926

—

Gazprom

PJSC(Æ)(Š)

643,570

—

Gazprom

PJSC

-

ADR(Æ)(Š)

30,369

—

Lukoil

PJSC(Š)

35,888

—

Lukoil

PJSC

-

ADR(Æ)(Š)

2,369

—

MMC

Norilsk

Nickel

PJSC(Š)

17,897

—

MMC

Norilsk

Nickel

PJSC

-

ADR(Æ)

(Š)

9

—

Novatek

PJSC(Š)

93,200

—

PhosAgro

PJSC(Š)

11,936

—

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

—

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

121

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Rosneft

Oil

Co.

PJSC(Š)

97,843

—

Tatneft

PJSC(Š)

107,472

—

Tatneft

PJSC

-

ADR(Æ)(Š)

4,325

—

—

South

Africa

-

0.8%

African

Rainbow

Minerals,

Ltd.

88,080

871

Anglo

American

PLC

65,927

1,565

Gold

Fields,

Ltd.

-

ADR

38,878

575

Impala

Platinum

Holdings,

Ltd.

649,078

2,507

Sibanye

Stillwater,

Ltd.

1,032,350

1,248

Thungela

Resources,

Ltd.

7,364

47

6,813

South

Korea

-

0.1%

POSCO

Holdings,

Inc.

3,313

1,041

Spain

-

2.6%

Aena

SME

SA(Þ)

72,878

12,899

Iberdrola

SA

576,488

6,946

Repsol

SA

-

ADR

194,650

2,872

22,717

Sweden

-

0.5%

Boliden

AB

120,236

3,170

Svenska

Cellulosa

AB

SCA

Class

B

94,077

1,280

4,450

Switzerland

-

0.8%

Flughafen

Zurich

AG

29,633

6,123

SIG

Group

AG(Æ)

26,349

551

6,674

Thailand

-

0.1%

PTT

Exploration

&

Production

PCL

98,800

415

Turkey

-

0.0%

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS(Æ)

72,563

117

United

Kingdom

-

2.0%

BP

PLC

1,371,866

8,035

Central

Asia

Metals

PLC

4,241

9

DS

Smith

PLC

191,657

683

EnQuest

PLC(Æ)

1,644,647

269

Harbour

Energy

PLC

295,362

1,036

Mondi

PLC

34,647

618

National

Grid

PLC

142,740

1,900

Scottish

&

Southern

Energy

PLC

163,655

3,485

Severn

Trent

PLC

Class

H

56,515

1,857

17,892

United

States

-

60.6%

Aemetis

,

Inc.(Æ)

7,099

26

AGCO

Corp.

10,353

1,267

Agree

Realty

Corp.(ö)

117,234

6,988

Albemarle

Corp.

2,630

302

Alcoa

Corp.

12,927

385

Alexander

&

Baldwin,

Inc.(ö)

5,089

88

Alexandria

Real

Estate

Equities,

Inc.(ö)

42,903

5,187

Alliant

Energy

Corp.

68,960

3,356

Amcor

PLC

39,896

376

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ameresco

,

Inc.

Class

A(Æ)

93,647

1,913

American

Assets

Trust,

Inc.(ö)

7,893

177

American

Electric

Power

Co.,

Inc.

16,721

1,307

American

Homes

4

Rent

Class

A(ö)

244,096

8,556

American

Tower

Corp.(ö)

7,357

1,439

American

Water

Works

Co.,

Inc.

4,059

503

Americold

Realty

Trust,

Inc.(ö)

125,608

3,454

Apartment

Income

REIT

Corp.(ö)

7,494

245

Apple

Hospitality

REIT,

Inc.(ö)(Þ)

31,583

507

Archer-Daniels-Midland

Co.

18,484

1,027

Array

Technologies,

Inc.(Æ)

46,774

619

Atmos

Energy

Corp.

4,584

522

AvalonBay

Communities,

Inc.(ö)

89,195

15,967

Avery

Dennison

Corp.

2,165

432

Boston

Properties,

Inc.(ö)

14,510

965

Brixmor

Property

Group,

Inc.(ö)

239,934

5,384

Broadstone

Net

Lease,

Inc.(ö)

12,971

208

California

Resources

Corp.

36,519

1,741

Camden

Property

Trust(ö)

10,572

992

CareTrust

REIT,

Inc.(ö)

60,096

1,257

CenterPoint

Energy,

Inc.

74,571

2,084

Centerspace

(ö)

1,392

76

CF

Industries

Holdings,

Inc.

4,214

318

Cheniere

Energy,

Inc.

63,750

10,454

Chevron

Corp.

13,269

1,956

Civitas

Resources,

Inc.

12,673

821

Clean

Energy

Fuels

Corp.(Æ)

320,786

946

CNX

Resources

Corp.(Æ)

22,415

453

ConocoPhillips

41,153

4,604

Consolidated

Edison,

Inc.

4,473

407

Constellation

Energy

Corp.

9,845

1,201

Corporate

Office

Properties

Trust(ö)

7,157

169

Corteva

,

Inc.

61,728

2,807

Cousins

Properties,

Inc.(ö)

7,360

169

Crown

Castle,

Inc.(ö)

9,291

1,006

CSX

Corp.

13,430

479

CubeSmart

(ö)

156,275

6,754

Darling

Ingredients,

Inc.(Æ)

162,119

7,020

Deere

&

Co.

957

377

DiamondRock

Hospitality

Co.(ö)

27,431

251

Digital

Realty

Trust,

Inc.(ö)

116,335

16,340

Diversified

Healthcare

Trust(ö)

57,035

164

Dominion

Energy,

Inc.

101,322

4,632

Douglas

Emmett,

Inc.(ö)

13,998

190

DT

Midstream,

Inc.

75,803

4,070

Duke

Energy

Corp.

122,357

11,725

EastGroup

Properties,

Inc.(ö)

47,015

8,342

Edison

International

5,196

351

Empire

State

Realty

Trust,

Inc.

Class

A(ö)

40,565

386

Enphase

Energy,

Inc.(Æ)

11,700

1,218

Entergy

Corp.

38,241

3,815

Enterprise

Products

Partners,

LP

28,820

771

EOG

Resources,

Inc.

8,795

1,001

EPR

Properties(ö)

11,174

495

Equinix

,

Inc.(ö)

35,310

29,299

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

45,873

3,105

Equity

Residential(ö)

34,236

2,061

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

122

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Essential

Properties

Realty

Trust,

Inc.

(ö)

331,035

8,246

Essex

Property

Trust,

Inc.(ö)

35,471

8,274

Evergy

,

Inc.

20,223

1,027

Eversource

Energy

52,126

2,826

Exelon

Corp.

149,722

5,212

Extra

Space

Storage,

Inc.(ö)

35,299

5,099

Exxon

Mobil

Corp.

32,569

3,348

Farmland

Partners,

Inc.(ö)

34,149

383

Federal

Realty

Investment

Trust(ö)

8,811

896

First

Industrial

Realty

Trust,

Inc.(ö)

21,923

1,129

First

Solar,

Inc.(Æ)

7,183

1,051

FirstEnergy

Corp.

66,951

2,456

FMC

Corp.

5,535

311

Franklin

Street

Properties

Corp.(ö)

67,977

167

Freeport-McMoRan,

Inc.

113,340

4,498

Gaming

and

Leisure

Properties,

Inc.(ö)

44,116

2,014

Getty

Realty

Corp.(ö)

5,814

161

Gladstone

Commercial

Corp.(ö)

14,007

180

Global

Net

Lease,

Inc.(ö)

20,407

172

GrafTech

International,

Ltd.

327,189

435

Green

Plains,

Inc.(Æ)

123,076

2,551

Halliburton

Co.

31,579

1,126

Healthcare

Realty

Trust,

Inc.(ö)

41,869

675

Healthpeak

Properties,

Inc.(ö)

62,886

1,163

Hess

Corp.

10,695

1,503

Highwoods

Properties,

Inc.(ö)

8,520

196

Host

Hotels

&

Resorts,

Inc.(ö)

71,836

1,381

Hudson

Pacific

Properties,

Inc.(ö)

14,640

120

Hyatt

Hotels

Corp.

Class

A

8,899

1,142

Independence

Realty

Trust,

Inc.(ö)

12,962

190

International

Paper

Co.(Þ)

1,568

56

Invitation

Homes,

Inc.(ö)

70,985

2,338

Iron

Mountain,

Inc.(ö)

204,943

13,838

JBG

Smith

Properties(ö)

4,379

70

Kilroy

Realty

Corp.(ö)

8,552

306

Kimco

Realty

Corp.(ö)

175,150

3,538

Kinder

Morgan,

Inc.

229,749

3,887

Kite

Realty

Group

Trust(ö)

212,674

4,551

Lamar

Advertising

Co.

Class

A(ö)

9,379

982

Macerich

Co.

(The)(ö)

60,057

948

Magnolia

Oil

&

Gas

Corp.

Class

A

69,013

1,423

Medical

Properties

Trust,

Inc.(Ñ)(ö)

24,467

76

Mid-America

Apartment

Communities,

Inc.(ö)

19,653

2,484

Mosaic

Co.

(The)

58,507

1,797

National

Health

Investors,

Inc.(ö)

5,771

307

National

Storage

Affiliates

Trust(ö)

13,953

521

NET

Lease

Office

Properties(ö)

1,247

31

NETSTREIT

Corp.(ö)

57,883

1,052

Newmont

Corp.

44,827

1,547

NexPoint

Residential

Trust,

Inc.(ö)

8,489

259

NextEra

Energy,

Inc.

211,711

12,413

NiSource,

Inc.

21,022

546

NNN

REIT,

Inc.(ö)

21,185

855

Noble

Corp.

PLC(Þ)

14,841

648

Norfolk

Southern

Corp.

4,187

985

Nucor

Corp.

7,146

1,336

Omega

Healthcare

Investors,

Inc.(ö)

70,199

2,036

ONEOK,

Inc.

13,498

921

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Outfront

Media,

Inc.(ö)

15,866

207

Ovintiv

,

Inc.

9,708

412

Packaging

Corp.

of

America

1,803

299

Park

Hotels

&

Resorts,

Inc.(ö)

58,210

878

Patterson-UTI

Energy,

Inc.

36,518

405

Permian

Resources

Corp.

20,008

270

PG&E

Corp.

23,005

388

Phillips

66

640

92

Phillips

Edison

&

Co.,

Inc.(ö)

16,044

557

Physicians

Realty

Trust(ö)

13,373

164

Piedmont

Office

Realty

Trust,

Inc.

Class

A(ö)

1,626

11

Pinnacle

West

Capital

Corp.

8,165

563

Pioneer

Natural

Resources

Co.

3,888

894

Plymouth

Industrial

REIT,

Inc.(ö)

8,287

183

PNM

Resources,

Inc.

9,063

328

Portland

General

Electric

Co.

8,886

364

Potlatch

Corp.(ö)

23,337

1,044

PPL

Corp.

32,771

859

Prologis,

LP(ö)

290,571

36,812

ProPetro

Holding

Corp.(Æ)

49,442

418

Public

Service

Enterprise

Group,

Inc.

11,268

653

Public

Storage(ö)

62,569

17,719

Rayonier,

Inc.(ö)

12,312

373

Realty

Income

Corp.(ö)

216,309

11,765

Regal

Rexnord

Corp.

3,044

406

Regency

Centers

Corp.(ö)

49,647

3,111

Reliance

Steel

&

Aluminum

Co.

1,306

373

Republic

Services,

Inc.

Class

A

15,292

2,617

Retail

Opportunity

Investments

Corp.

(ö)

2,280

31

REX

American

Resources

Corp.(Æ)

8,144

337

Rexford

Industrial

Realty,

Inc.(ö)

37,221

1,957

Ryman

Hospitality

Properties,

Inc.(ö)

46,165

5,074

Sabra

Health

Care

REIT,

Inc.(ö)

34,397

459

Saul

Centers,

Inc.(ö)

3,551

136

SBA

Communications

Corp.(ö)

1,252

280

Sealed

Air

Corp.

4,727

163

Select

Water

Solutions,

Inc.

Class

A

21,426

166

Sempra

22,454

1,607

Service

Properties

Trust(ö)

37,197

288

Simon

Property

Group,

Inc.(ö)

127,948

17,735

SITE

Centers

Corp.(ö)

25,059

334

SL

Green

Realty

Corp.(ö)

130,985

5,888

SolarEdge

Technologies,

Inc.(Æ)

44,725

2,974

Southern

Co.

(The)

123,912

8,614

Southwestern

Energy

Co.(Æ)

40,314

260

STAG

Industrial,

Inc.(ö)

136,760

5,052

Steel

Dynamics,

Inc.

3,364

406

Sun

Communities,

Inc.(ö)

81,053

10,160

Sunrun

,

Inc.(Æ)

294,659

4,267

Talos

Energy,

Inc.(Æ)

21,989

285

Tanger

Factory

Outlet

Centers,

Inc.(ö)

13,216

356

Targa

Resources

Corp.

68,802

5,845

Terreno

Realty

Corp.(ö)

11,369

679

UDR,

Inc.(ö)

171,238

6,168

UGI

Corp.

65,415

1,448

UMH

Properties,

Inc.(ö)

7,987

121

Union

Pacific

Corp.

7,655

1,867

Urban

Edge

Properties(ö)

10,367

179

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

123

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ventas,

Inc.(ö)

206,591

9,584

Veris

Residential,

Inc.(ö)

26,987

412

VICI

Properties,

Inc.(ö)

330,687

9,960

Vital

Energy,

Inc.(Æ)

7,169

314

Vornado

Realty

Trust(ö)

215,777

5,867

W&T

Offshore,

Inc.

36,405

111

WEC

Energy

Group,

Inc.

7,121

575

Welltower

,

Inc.(ö)

210,280

18,191

Westrock

Co.

21,603

870

Weyerhaeuser

Co.(ö)

35,973

1,179

Whitestone

REIT

Class

B(ö)

29,192

377

Williams

Cos.,

Inc.

(The)

46,843

1,624

WP

Carey,

Inc.(ö)

40,335

2,499

Xcel

Energy,

Inc.

113,787

6,812

Zurn

Elkay

Water

Solutions

Corp.

13,656

405

537,271

Zambia

-

0.2%

First

Quantum

Minerals,

Ltd.

165,982

1,506

Total

Common

Stocks

(cost

$704,208)

843,341

Preferred

Stocks

-

1.5%

Brazil

-

1.5%

Bradespar

SA

14.542%

(Ÿ)

1,323,835

6,089

Petroleo

Brasileiro

SA

7.862%

(Ÿ)

882,214

7,203

13,292

Russia

-

0.0%

Surgutneftegas

OJSC

1.295%

(Š)(Ÿ)

1,385,000

—

Tatneft

PJSC

12.675%

(Š)(Ÿ)

281,695

—

—

Total

Preferred

Stocks

(cost

$12,917)

13,292

Short-Term

Investments

-

2.8%

United

States

-

2.8%

U.S.

Cash

Management

Fund(@)

25,215,951

(∞)

25,208

Total

Short-Term

Investments

(cost

$25,208)

25,208

Other

Securities

-

0.0%

U.S.

Cash

Collateral

Fund(@)(×)

77,675

(∞)

78

Total

Other

Securities

(cost

$78)

78

Total

Investments

-

99.5%

(identified

cost

$742,411)

881,919

Other

Assets

and

Liabilities,

Net

-

0.5%

4,389

Net

Assets

-

100.0%

886,308

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

124

Tax-Managed

Real

Assets

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

$

$

$

2.5%

Aena

SME

SA

11/29/22

EUR

72,878

134.57

9,808

12,899

Apple

Hospitality

REIT,

Inc.

11/16/20

31,583

12.99

410

507

Auckland

International

Airport,

Ltd.

10/02/23

NZD

755,219

3.72

2,813

3,894

CGN

Power

Co.,

Ltd.

10/07/22

HKD

1,301,000

0.24

314

364

Enav

SpA

06/07/17

EUR

114,603

3.54

406

425

Infrastrutture

Wireless

Italiane

SpA

11/21/22

EUR

92,334

10.32

953

1,122

International

Paper

Co.

03/30/20

1,568

32.61

51

56

Noble

Corp.

PLC

03/17/20

DKK

14,841

13.49

200

648

Polyus

PJSC

10/20/22

1

—

—

—

Reliance

Industries,

Ltd.

10/08/15

38,214

52.92

2,022

2,647

Ros

Agro

PLC

03/18/20

66,112

—

525

—

22,562

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

75

USD

18,264

03/24

362

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

362

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical Expedient

(a)

Total

Common

Stocks

Argentina

$

1,082

$

—

$

—

$

—

$

1,082

Australia

—

43,192

—

—

43,192

Austria

—

1,912

—

—

1,912

Bermuda

—

299

—

—

299

Brazil

13,327

277

—

—

13,604

Canada

40,312

—

—

—

40,312

Chile

3,617

634

—

—

4,251

China

—

12,285

—

—

12,285

Denmark

—

2,805

—

—

2,805

Finland

—

4,787

—

—

4,787

France

—

26,666

—

—

26,666

Germany

—

3,183

—

—

3,183

Ghana

9,095

—

—

—

9,095

Hungary

—

1,317

—

—

1,317

India

—

2,647

—

—

2,647

Ireland

—

1,273

—

—

1,273

Isle

of

Man

529

—

—

—

529

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

125

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical Expedient

(a)

Total

Israel

—

1,453

—

—

1,453

Italy

—

7,923

—

—

7,923

Japan

—

8,168

—

—

8,168

Jersey

2,470

—

—

—

2,470

Luxembourg

—

1,042

—

—

1,042

Mexico

25,688

—

—

—

25,688

Netherlands

—

11,789

—

—

11,789

New

Zealand

—

3,894

—

—

3,894

Norway

—

5,131

—

—

5,131

Poland

—

340

—

—

340

Portugal

—

7,308

—

—

7,308

Russia

—

—

—

—

—

South

Africa

575

6,238

—

—

6,813

South

Korea

—

1,041

—

—

1,041

Spain

—

22,717

—

—

22,717

Sweden

—

4,450

—

—

4,450

Switzerland

—

6,674

—

—

6,674

Thailand

—

415

—

—

415

Turkey

—

117

—

—

117

United

Kingdom

—

17,892

—

—

17,892

United

States

536,623

648

—

—

537,271

Zambia

1,506

—

—

—

1,506

Preferred

Stocks

13,292

—

—

—

13,292

Short-Term

Investments

—

—

—

25,208

25,208

Other

Securities

—

—

—

78

78

Total

Investments

648,116

208,517

—

25,286

881,919

Other

Financial

Instruments

Assets

Futures

Contracts

362

—

—

—

362

Total

Other

Financial

Instruments

*

$

362

$

—

$

—

$

—

$

362

*

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

January

31,

2024,

if

any,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

126

Tax-Managed

Real

Assets

Fund

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

1,260

Consumer

Staples

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

3,893

Energy

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

106,284

Financial

Services

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

360,646

Materials

and

Processing

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

112,653

Producer

Durables

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

98,969

Technology

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

2,807

Utilities

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

156,829

Preferred

Stocks

Energy

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

7,203

Financial

Services

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

6,089

Short-Term

Investments

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

25,208

Other

Securities

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

78

Total

Investments

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

881,919

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

29,394

$

56,075

$

60,258

$

(3

)

$

—

$

25,208

$

400

$

—

U.S.

Cash

Collateral

Fund

—

9,479

9,401

—

—

78

7

—

$

29,394

$

65,554

$

69,659

$

(3

)

$

—

$

25,286

$

407

$

—

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

127

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Fixed

Income

Investments

-

88.0%

Asset-Backed

Securities

-

3.8%

ACE

Securities

Corp.

Mortgage

Loan

Trust

Series

2007-D1

Class

A3

7.250%

due

02/25/38

(~)(Ê)(Þ)

657

503

CLI

Funding

VI

LLC

Series

2020-1A

Class

A

2.080%

due

09/18/45

(Þ)

659

593

Commonbond

Student

Loan

Trust

Series

2017-AGS

Class

C

5.280%

due

05/25/41

(Þ)

55

51

Series

2020-AGS

Class

B

3.160%

due

08/25/50

(Þ)

78

68

Series

2021-AGS

Class

B

1.400%

due

03/25/52

(Þ)

234

180

DB

Master

Finance

LLC

Series

2019-1A

Class

A23

4.352%

due

05/20/49

(Þ)

383

372

Series

2019-1A

Class

A2II

4.021%

due

05/20/49

(Þ)

192

185

Domino's

Pizza

Master

Issuer

LLC

Series

2019-1A

Class

A2

3.668%

due

10/25/49

(Þ)

912

838

Series

2021-1A

Class

A2II

3.151%

due

04/25/51

(Þ)

584

504

ELFI

Graduate

Loan

Program

Series

2020-A

Class

A

1.730%

due

08/25/45

(Þ)

96

85

GoodLeap

Sustainable

Home

Solutions

Trust

Series

2021-3CS

Class

A

2.100%

due

05/20/48

(Þ)

1,153

910

Helios

Issuer

LLC

Series

2018-1A

Class

A

4.870%

due

07/20/48

(Þ)

808

766

Series

2018-1A

Class

B

7.710%

due

07/20/48

(Þ)

600

538

Series

2020-AA

Class

A

2.980%

due

06/20/47

(Þ)

349

321

J.G.

Wentworth

XLII

LLC

Series

2018-2A

Class

B

4.700%

due

10/15/77

(Þ)

455

414

Marlette

Funding

Trust

Series

2021-1A

Class

C

1.410%

due

06/16/31

(Þ)

169

169

Mosaic

Solar

Loan

Trust

Series

2018-2GS

Class

A

4.200%

due

02/22/44

(Þ)

168

155

Series

2018-2GS

Class

B

4.740%

due

02/22/44

(Þ)

64

58

Series

2020-1A

Class

B

3.100%

due

04/20/46

(Þ)

217

193

Series

2020-2A

Class

B

2.210%

due

08/20/46

(Þ)

247

202

Series

2021-1A

Class

B

2.050%

due

12/20/46

(Þ)

624

489

Series

2021-2A

Class

B

2.090%

due

04/22/47

(Þ)

371

287

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)

161

148

Series

2021-A

Class

B

2.240%

due

05/15/69

(Þ)

450

341

Primose

Funding

LLC

Series

2019-1A

Class

A2

4.475%

due

07/30/49

(Þ)

968

930

SoFi

Professional

Loan

Program

LLC

Series

2017-D

Class

BFX

3.610%

due

09/25/40

(Þ)

400

367

Series

2017-E

Class

B

3.490%

due

11/26/40

(Þ)

388

375

Series

2019-B

Class

BFX

3.730%

due

08/17/48

(Þ)

600

533

Series

2019-C

Class

BFX

3.050%

due

11/16/48

(Þ)

1,000

852

SoFi

Professional

Loan

Program

Trust

Series

2017-C

Class

C

4.210%

due

07/25/40

(~)(Ê)(Þ)

424

397

Series

2018-B

Class

BFX

3.830%

due

08/25/47

(Þ)

850

785

Series

2018-D

Class

R1

0.000%

due

02/25/48

(Š)(Þ)

43

249

Series

2020-C

Class

BFX

3.360%

due

02/15/46

(Þ)

600

493

Sonic

Capital

LLC

Series

2020-1A

Class

A2I

3.845%

due

01/20/50

(Þ)

531

506

Series

2021-1A

Class

A2II

2.636%

due

08/20/51

(Þ)

586

474

Sunnova

Helios

Issuer

LLC

Series

2020-2A

Class

A

2.730%

due

11/01/55

(Þ)

317

260

Sunnova

Sol

III

Issuer

LLC

Series

2021-1

Class

A

2.580%

due

04/28/56

(Þ)

756

637

Sunrun

Xanadu

Issuer

Series

2019-1A

Class

A

3.980%

due

06/30/54

(Þ)

393

370

Wendy's

Funding

LLC

Series

2018-1A

Class

A2II

3.884%

due

03/15/48

(Þ)

470

445

16,043

Corporate

Bonds

and

Notes

-

27.6%

3M

Co.

3.625%

due

10/15/47

(Þ)

37

28

AdaptHealth

LLC

4.625%

due

08/01/29

(Þ)

223

175

5.125%

due

03/01/30

(Þ)

851

665

Adient

Global

Holdings,

Ltd.

4.875%

due

08/15/26

(Þ)

474

462

8.250%

due

04/15/31

(Þ)

338

357

African

Export-Import

Bank

(The)

Series

REGS

3.798%

due

05/17/31

(Þ)

443

374

AHP

Health

Partners,

Inc.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

128

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.750%

due

07/15/29

(Þ)

186

167

Aircastle,

Ltd.

4.250%

due

06/15/26

101

98

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

4.625%

due

01/15/27

(Þ)

142

138

3.500%

due

03/15/29

(Þ)

171

154

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

6.750%

due

10/15/27

(Þ)

246

240

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

6.625%

due

07/15/26

(Þ)

277

273

Allied

World

Assurance

Co.

Holdings,

Ltd.

4.350%

due

10/29/25

121

118

Alta

Equipment

Group,

Inc.

5.625%

due

04/15/26

(Þ)

490

470

Altria

Group,

Inc.

5.800%

due

02/14/39

(Þ)

69

71

American

Airlines

Group,

Inc.

5.500%

due

04/20/26

(Þ)

542

536

5.750%

due

04/20/29

(Þ)

409

402

American

Finance

Trust,

Inc.

/

American

Finance

Operating

Partner,

LP

4.500%

due

09/30/28

(Þ)

225

190

Apache

Corp.

5.100%

due

09/01/40

140

120

4.750%

due

04/15/43

118

93

5.350%

due

07/01/49

210

172

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.625%

due

06/15/29

(Þ)

216

181

Aramark

Services,

Inc.

5.000%

due

02/01/28

(Þ)

242

234

Arches

Buyer,

Inc.

4.250%

due

06/01/28

(Þ)

208

186

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

5.250%

due

08/15/27

(Þ)

187

140

Ares

Capital

Corp.

3.250%

due

07/15/25

123

118

Aretec

Escrow

Issuer

2,

Inc.

10.000%

due

08/15/30

(Þ)

664

717

Arsenal

AIC

Parent

LLC

8.000%

due

10/01/30

(Þ)

168

175

AssuredPartners,

Inc.

7.000%

due

08/15/25

(Þ)

620

620

AT&T,

Inc.

3.500%

due

06/01/41

92

73

Avantor,

Inc.

4.625%

due

07/15/28

(Þ)

249

237

Avnet,

Inc.

3.000%

due

05/15/31

500

421

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV

4.750%

due

06/15/27

(Þ)

180

173

Ball

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.875%

due

08/15/30

250

213

Bath

&

Body

Works,

Inc.

6.950%

due

03/01/33

(Þ)

140

138

6.750%

due

07/01/36

152

150

Series

WI

6.875%

due

11/01/35

(Þ)

657

655

Bausch

Health

Cos.,

Inc.

11.000%

due

09/30/28

(Ñ)(Þ)

453

308

14.000%

due

10/15/30

(Þ)

91

51

Berry

Global,

Inc.

5.625%

due

07/15/27

(Þ)

145

144

Series

WI

1.570%

due

01/15/26

128

119

BlackRock

TCP

Capital

Corp.

2.850%

due

02/09/26

(Þ)

129

121

Blackstone

Mortgage

Trust,

Inc.

3.750%

due

01/15/27

(Þ)

200

176

Block

Financial

LLC

5.250%

due

10/01/25

95

95

Booz

Allen

Hamilton

Holding

Corp.

3.875%

due

09/01/28

(Þ)

1,028

973

Boxer

Parent

Co.,

Inc.

9.125%

due

03/01/26

(Þ)

157

157

Boyd

Gaming

Corp.

Series

WI

4.750%

due

12/01/27

242

234

Brand

Industrial

Services,

Inc.

10.375%

due

08/01/30

(Þ)

166

175

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

516

467

Brighthouse

Financial,

Inc.

Series

WI

4.700%

due

06/22/47

32

26

Brightsphere

Investment

Group,

Inc.

4.800%

due

07/27/26

153

146

Brinker

International,

Inc.

8.250%

due

07/15/30

(Þ)

621

650

Broadcom,

Inc.

3.187%

due

11/15/36

(Þ)

90

73

Broadridge

Financial

Solutions,

Inc.

3.400%

due

06/27/26

121

117

Brunswick

Corp.

5.100%

due

04/01/52

17

14

Buckeye

Partners,

LP

3.950%

due

12/01/26

204

194

4.125%

due

12/01/27

179

169

5.850%

due

11/15/43

131

107

Builders

FirstSource,

Inc.

5.000%

due

03/01/30

(Þ)

255

245

Cabot

Corp.

3.400%

due

09/15/26

(Þ)

88

83

Caesars

Entertainment,

Inc.

8.125%

due

07/01/27

(Þ)

507

520

6.500%

due

02/15/32

(Þ)

187

189

Capital

One

Financial

Corp.

4.985%

due

07/24/26

(SOFR

+

2.160%)(Ê)(Þ)

75

75

Carnival

Corp.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

129

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.750%

due

03/01/27

(Þ)

674

664

6.000%

due

05/01/29

(Þ)

861

834

7.000%

due

08/15/29

(Þ)

59

61

Carriage

Purchaser,

Inc.

7.875%

due

10/15/29

(Þ)

744

632

CBL

&

Associates

HoldCo

II

LLC

5.950%

due

12/15/26

(Š)

475

—

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.125%

due

05/01/27

(Þ)

166

160

6.375%

due

09/01/29

(Þ)

68

66

4.750%

due

03/01/30

(Þ)

758

674

4.250%

due

01/15/34

(Þ)

1,247

991

Series

DMTN

5.000%

due

02/01/28

(Þ)

29

27

CDW

LLC

/

CDW

Finance

Corp.

2.670%

due

12/01/26

(Þ)

127

119

CF

Industries,

Inc.

4.500%

due

12/01/26

(Þ)

128

126

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Series

WI

4.908%

due

07/23/25

117

116

CHS/Community

Health

Systems,

Inc.

6.000%

due

01/15/29

(Þ)

460

416

6.125%

due

04/01/30

(Þ)

270

176

5.250%

due

05/15/30

(Þ)

160

132

4.750%

due

02/15/31

(Þ)

329

261

Citigroup,

Inc.

3.887%

due

01/10/28

(CME

Term

SOFR

3

Month

+

1.825%)(Ê)(Þ)

124

120

Citizens

Financial

Group,

Inc.

4.575%

due

08/09/28

(SOFR

+

2.000%)(Ê)(Þ)

57

55

Cloud

Software

Group

Holdings,

Inc.

6.500%

due

03/31/29

(Þ)

319

298

Cloud

Software

Group,

Inc.

9.000%

due

09/30/29

(Þ)

51

48

Clydesdale

Acquisition

Holdings,

Inc.

6.625%

due

04/15/29

(Þ)

179

178

8.750%

due

04/15/30

(Þ)

883

839

Coinbase

Global,

Inc.

3.375%

due

10/01/28

(Þ)

166

136

3.625%

due

10/01/31

(Þ)

120

90

Colt

Merger

Sub,

Inc.

6.250%

due

07/01/25

(Þ)

726

728

Comerica,

Inc.

3.800%

due

07/22/26

(Þ)

95

90

Compass

Group

Diversified

Holdings

LLC

5.250%

due

04/15/29

(Þ)

197

188

Comstock

Resources,

Inc.

5.875%

due

01/15/30

(Þ)

250

217

ConAgra

Foods,

Inc.

8.250%

due

09/15/30

60

70

Consensus

Cloud

Solutions,

Inc.

6.000%

due

10/15/26

(Ñ)(Þ)

287

272

6.500%

due

10/15/28

(Þ)

132

119

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Consolidated

Communications

Holdings,

Inc.

5.000%

due

10/01/28

(Þ)

122

100

Constellation

Brands,

Inc.

3.500%

due

05/09/27

74

71

Constellation

Merger

Sub,

Inc.

8.500%

due

09/15/25

(Ñ)(Þ)

197

177

CoreLogic,

Inc.

4.500%

due

05/01/28

(Þ)

201

178

Coty,

Inc.

5.000%

due

04/15/26

(Þ)

176

173

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

6.625%

due

07/15/30

(Þ)

173

176

Covanta

Holding

Corp.

5.000%

due

09/01/30

215

183

CPI

CG,

Inc.

8.625%

due

03/15/26

(Þ)

180

177

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

5.500%

due

06/15/31

(Þ)

758

707

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

V

Series

WI

4.250%

due

09/30/26

148

143

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

357

374

CSC

Holdings

LLC

4.625%

due

12/01/30

(Þ)

743

380

Cushman

&

Wakefield

U.S.

Borrower

LLC

6.750%

due

05/15/28

(Þ)

149

147

CVR

Energy,

Inc.

5.250%

due

02/15/25

(Þ)

983

982

5.750%

due

02/15/28

(Þ)

402

371

CVS

Health

Corp.

5.125%

due

07/20/45

(Þ)

75

70

Darden

Restaurants,

Inc.

3.850%

due

05/01/27

48

47

DaVita,

Inc.

4.625%

due

06/01/30

(Þ)

281

249

Deutsche

Bank

AG

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

2.553%)(Ê)(Þ)

126

119

DIRECTV

Holdings

LLC

/

DIRECTV

Financing

Co.,

Inc.

5.875%

due

08/15/27

(Þ)

1,140

1,084

DISH

DBS

Corp.

5.750%

due

12/01/28

(Þ)

57

38

Series

WI

7.750%

due

07/01/26

(Þ)

324

191

7.375%

due

07/01/28

(Þ)

5

2

5.125%

due

06/01/29

(Þ)

218

83

DISH

Network

Corp.

11.750%

due

11/15/27

(Þ)

270

282

Series

NCD

3.375%

due

08/15/26

(Þ)

389

226

Dollar

General

Corp.

4.125%

due

04/03/50

(Þ)

34

27

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

130

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

DPL,

Inc.

Series

WI

4.350%

due

04/15/29

148

137

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

139

154

EchoStar

Corp.

Series

WI

6.625%

due

08/01/26

(Þ)

526

360

Edison

International

5.750%

due

06/15/27

(Þ)

115

117

8.125%

due

06/15/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.864%)(Ê)(Þ)

170

175

El

Paso

Natural

Gas

Co.

LLC

8.375%

due

06/15/32

52

61

Embarq

Corp.

7.995%

due

06/01/36

404

240

Enact

Holdings,

Inc.

6.500%

due

08/15/25

(Þ)

141

141

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

55

65

Energy

Transfer,

LP

Series

H

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.694%)(Ê)(ƒ)

936

904

EnLink

Midstream

Partners,

LP

4.850%

due

07/15/26

59

58

5.600%

due

04/01/44

925

821

5.050%

due

04/01/45

89

72

5.450%

due

06/01/47

240

209

Entegris

Escrow

Corp.

4.750%

due

04/15/29

(Þ)

504

482

EPR

Properties

Co.

4.750%

due

12/15/26

99

95

EQM

Midstream

Partners,

LP

6.000%

due

07/01/25

(Þ)

60

60

4.500%

due

01/15/29

(Þ)

217

204

7.500%

due

06/01/30

(Þ)

313

336

4.750%

due

01/15/31

(Þ)

195

182

Series

30Y

6.500%

due

07/15/48

201

207

Equinix,

Inc.

1.450%

due

05/15/26

68

63

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

68

71

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

51

48

Ferguson

PLC

4.250%

due

04/20/27

(Þ)

73

72

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

6.750%

due

01/15/30

(Þ)

132

119

Fifth

Third

Bancorp

1.707%

due

11/01/27

(SOFR

+

0.685%)(Ê)(Þ)

121

110

FirstEnergy

Corp.

2.050%

due

03/01/25

61

59

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

B

3.900%

due

07/15/27

685

658

2.250%

due

09/01/30

58

48

Series

C

4.850%

due

07/15/47

246

220

3.400%

due

03/01/50

157

109

Florida

Gas

Transmission

Co.

LLC

4.350%

due

07/15/25

(Þ)

107

105

Forestar

Group,

Inc.

3.850%

due

05/15/26

(Þ)

185

176

Franklin

BSP

Lending

Corp.

Series

WI

3.250%

due

03/30/26

129

120

Frontier

Communications

Corp.

5.000%

due

05/01/28

(Þ)

673

621

6.000%

due

01/15/30

(Þ)

153

130

8.625%

due

03/15/31

(Þ)

156

158

Series

E

6.860%

due

02/01/28

228

219

FS

KKR

Capital

Corp.

3.250%

due

07/15/27

59

54

Garden

Spinco

Corp.

8.625%

due

07/20/30

(Þ)

540

578

Gartner,

Inc.

4.500%

due

07/01/28

(Þ)

190

181

General

Electric

Co.

4.500%

due

03/11/44

44

41

Genesis

Energy,

LP

/

Genesis

Energy

Finance

Corp.

8.000%

due

01/15/27

(Þ)

367

371

Genting

New

York

LLC

3.300%

due

02/15/26

(Þ)

282

261

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

323

296

Getty

Images,

Inc.

9.750%

due

03/01/27

(Ñ)(Þ)

1,000

1,000

Global

Infrastructure

Solutions,

Inc.

5.625%

due

06/01/29

(Þ)

822

743

Global

Marine,

Inc.

7.000%

due

06/01/28

233

204

Global

Net

Lease,

Inc.

3.750%

due

12/15/27

(Þ)

649

551

Global

Partners,

LP

/

GLP

Finance

Corp.

8.250%

due

01/15/32

(Þ)

141

145

Series

WI

6.875%

due

01/15/29

(Þ)

186

183

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

56

56

Golden

Entertainment,

Inc.

7.625%

due

04/15/26

(Þ)

242

242

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

65

62

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

120

109

GoTo

Group,

Inc.

5.500%

due

09/01/27

(Þ)

487

200

Graham

Packaging

Co.,

Inc.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

131

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.125%

due

08/15/28

(Þ)

1,000

893

Graphic

Packaging

International

LLC

3.500%

due

03/15/28

(Þ)

255

235

Gray

Oak

Pipeline

LLC

2.600%

due

10/15/25

(Þ)

23

22

Gray

Television,

Inc.

5.375%

due

11/15/31

(Þ)

508

398

GrubHub,

Inc.

5.500%

due

07/01/27

(Þ)

186

162

Gulfport

Energy

Corp.

8.000%

due

05/17/26

(Þ)

136

137

H.B.

Fuller

Co.

4.000%

due

02/15/27

106

101

Harvest

Midstream

I,

LP

7.500%

due

09/01/28

(Þ)

1,243

1,256

Hasbro,

Inc.

3.550%

due

11/19/26

134

128

Hat

Holdings

I

LLC

3.375%

due

06/15/26

(Þ)

252

234

Hawaiian

Brand

Intellectual

Property,

Ltd.

/

HawaiianMiles

Loyalty,

Ltd.

5.750%

due

01/20/26

(Þ)

846

796

HC2

Holdings,

Inc.

8.500%

due

02/01/26

(Þ)

315

237

HCA,

Inc.

4.500%

due

02/15/27

72

71

5.625%

due

09/01/28

(Þ)

469

478

3.500%

due

09/01/30

(Þ)

960

871

Hecla

Mining

Co.

7.250%

due

02/15/28

(Þ)

447

448

Herbalife

Nutrition,

Ltd.

7.875%

due

09/01/25

(Þ)

808

802

Hercules

Capital,

Inc.

3.375%

due

01/20/27

132

120

Hershey

Co.

(The)

3.375%

due

08/15/46

(Þ)

13

10

High

Ridge

Brands

Co.

8.875%

due

03/15/25

(Ø)(Š)(Æ)

970

—

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

5.750%

due

02/01/29

(Þ)

194

187

6.000%

due

02/01/31

(Þ)

258

248

Hilton

Domestic

Operating

Co.,

Inc.

5.750%

due

05/01/28

(Þ)

147

147

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

4.875%

due

06/01/29

(Þ)

856

669

Holdco

LLC

6.625%

due

10/15/29

(Þ)

657

556

Hologic,

Inc.

4.625%

due

02/01/28

(Þ)

183

177

Howard

Hughes

Corp.

(The)

5.375%

due

08/01/28

(Þ)

252

241

Howmet

Aerospace,

Inc.

6.875%

due

05/01/25

75

76

Humana,

Inc.

8.150%

due

06/15/38

57

68

Huntington

Bancshares,

Inc.

4.000%

due

05/15/25

(Þ)

92

91

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Huntsman

International

LLC

4.500%

due

05/01/29

65

62

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

Series

WI

6.375%

due

12/15/25

(Þ)

126

124

6.250%

due

05/15/26

(Þ)

780

747

5.250%

due

05/15/27

(Þ)

622

559

International

Flavors

&

Fragrances,

Inc.

1.230%

due

10/01/25

(Þ)

129

120

IQVIA,

Inc.

5.000%

due

05/15/27

(Þ)

260

254

Iron

Mountain,

Inc.

4.875%

due

09/15/29

(Þ)

193

180

ITT

Holdings

LLC

6.500%

due

08/01/29

(Þ)

480

420

JB

Poindexter

&

Co.,

Inc.

8.750%

due

12/15/31

(Þ)

649

664

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

Series

WI

2.500%

due

01/15/27

14

13

Jefferson

Capital

Holdings

LLC

6.000%

due

08/15/26

(Ñ)(Þ)

763

734

9.500%

due

02/15/29

(Þ)

351

353

Jersey

Central

Power

&

Light

Co.

4.300%

due

01/15/26

(Þ)

77

76

JPMorgan

Chase

&

Co.

1.578%

due

04/22/27

(SOFR

+

0.885%)(Ê)

130

121

KAR

Auction

Services,

Inc.

5.125%

due

06/01/25

(Þ)

177

174

Kennedy-Wilson,

Inc.

4.750%

due

03/01/29

(Þ)

184

154

Keurig

Dr

Pepper,

Inc.

3.200%

due

05/01/30

78

71

KeyCorp

4.700%

due

01/26/26

113

111

KeySpan

Gas

East

Corp.

2.742%

due

08/15/26

(Þ)

82

77

Kohl's

Corp.

4.625%

due

05/01/31

510

408

Ladder

Capital

Finance

Holdings

LLLP

5.250%

due

10/01/25

(Þ)

147

144

Lamb

Weston

Holdings,

Inc.

4.375%

due

01/31/32

(Þ)

202

181

Las

Vegas

Sands

Corp.

2.900%

due

06/25/25

557

538

3.500%

due

08/18/26

91

87

3.900%

due

08/08/29

122

113

LCPR

Senior

Secured

Financing

Designated

Acitivity

Co.

6.750%

due

10/15/27

(Þ)

473

456

Leidos,

Inc.

Series

WI

4.375%

due

05/15/30

(Þ)

133

127

Level

3

Financing,

Inc.

11.000%

due

11/15/29

(Š)(Þ)

566

579

10.500%

due

05/15/30

(Ñ)(Þ)

54

54

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

132

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Liberty

Mutual

Group,

Inc.

7.800%

due

03/15/37

(Þ)

51

52

Life

Time,

Inc.

5.750%

due

01/15/26

(Þ)

200

198

8.000%

due

04/15/26

(Ñ)(Þ)

1,098

1,099

LifePoint

Health,

Inc.

9.875%

due

08/15/30

(Þ)

995

1,017

11.000%

due

10/15/30

(Þ)

712

758

Live

Nation

Entertainment,

Inc.

4.750%

due

10/15/27

(Þ)

785

748

LPL

Holdings,

Inc.

4.625%

due

11/15/27

(Þ)

68

65

Lumen

Technologies,

Inc.

4.000%

due

02/15/27

(Þ)

245

128

Macy's

Retail

Holdings,

Inc.

4.500%

due

12/15/34

253

212

6.375%

due

03/15/37

257

229

Main

Street

Capital

Corp.

3.000%

due

07/14/26

130

120

Manufacturers

&

Traders

Trust

Co.

4.650%

due

01/27/26

106

105

MasTec,

Inc.

4.500%

due

08/15/28

(Ñ)(Þ)

1,270

1,191

Mattel,

Inc.

3.375%

due

04/01/26

(Þ)

125

119

Mauser

Packaging

Solutions

Holding

Co.

7.875%

due

08/15/26

(Þ)

1,312

1,326

9.250%

due

04/15/27

(Þ)

807

779

McCormick

&

Co.,

Inc.

3.400%

due

08/15/27

73

70

McDonald's

Corp.

5.700%

due

02/01/39

(Þ)

66

71

Medline

Borrower,

LP

3.875%

due

04/01/29

(Þ)

164

148

5.250%

due

10/01/29

(Þ)

167

156

Mercury

General

Corp.

4.400%

due

03/15/27

123

118

Meritage

Homes

Corp.

Series

WI

5.125%

due

06/06/27

62

61

MGIC

Investment

Corp.

5.250%

due

08/15/28

(Þ)

181

176

MGM

Resorts

International

5.500%

due

04/15/27

(Þ)

150

148

Midcap

Financial

Issuer

Trust

6.500%

due

05/01/28

(Þ)

333

304

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

4.875%

due

05/01/29

(Þ)

590

544

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

13.250%

due

12/15/27

(Þ)

203

218

Molina

Healthcare,

Inc.

4.375%

due

06/15/28

(Þ)

164

154

3.875%

due

11/15/30

(Þ)

203

178

Morgan

Stanley

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

124

120

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

59

57

MPH

Acquisition

Holdings

LLC

5.500%

due

09/01/28

(Þ)

167

148

MPLX,

LP

Series

0005

4.125%

due

03/01/27

122

119

MPT

Operating

Partnership,

LP

/

MPT

Finance

Corp.

4.625%

due

08/01/29

(Þ)

347

235

Murphy

Oil

Corp.

7.050%

due

05/01/29

107

111

4.750%

due

09/15/29

189

179

5.875%

due

12/01/42

346

307

Nabors

Industries,

Inc.

7.375%

due

05/15/27

(Þ)

356

350

National

Fuel

Gas

Co.

5.500%

due

01/15/26

124

125

Nationstar

Mortgage

Holdings,

Inc.

6.000%

due

01/15/27

(Þ)

148

145

Navient

Corp.

Series

MTN

5.625%

due

08/01/33

51

40

Neiman

Marcus

Group,

Inc.

7.125%

due

04/01/26

(Þ)

130

127

New

Enterprise

Stone

&

Lime

Co.,

Inc.

5.250%

due

07/15/28

(Þ)

459

441

9.750%

due

07/15/28

(Þ)

575

578

New

Fortress

Energy,

Inc.

6.500%

due

09/30/26

(Þ)

121

117

New

Residential

Investment

Corp.

6.250%

due

10/15/25

(Þ)

148

146

New

York

State

Electric

&

Gas

Corp.

3.250%

due

12/01/26

(Þ)

99

93

Newell

Brands,

Inc.

4.200%

due

04/01/26

(Þ)

29

28

5.375%

due

04/01/36

414

368

5.500%

due

04/01/46

188

152

News

Corp.

3.875%

due

05/15/29

(Þ)

193

177

NextEra

Energy

Capital

Holdings,

Inc.

1.875%

due

01/15/27

131

121

NFP

Corp.

6.875%

due

08/15/28

(Þ)

223

224

7.500%

due

10/01/30

(Þ)

317

333

NGL

Energy

Operating

LLC

7.500%

due

02/01/26

(Þ)

770

784

8.125%

due

02/15/29

(Þ)

300

301

8.375%

due

02/15/32

(Þ)

530

534

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

112

126

Nordstrom,

Inc.

5.000%

due

01/15/44

787

570

Series

WI

4.250%

due

08/01/31

(Ñ)

589

489

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

134

121

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

133

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Occidental

Petroleum

Corp.

5.875%

due

09/01/25

(Þ)

399

402

8.500%

due

07/15/27

113

123

6.375%

due

09/01/28

(Þ)

325

341

6.125%

due

01/01/31

260

270

6.450%

due

09/15/36

(Þ)

157

167

Office

Properties

Income

Trust

4.500%

due

02/01/25

388

336

2.650%

due

06/15/26

85

53

Olympus

Water

US

Holding

Corp.

4.250%

due

10/01/28

(Þ)

366

334

Omega

Healthcare

Investors,

Inc.

Series

WI

4.500%

due

04/01/27

108

105

OneMain

Finance

Corp.

7.125%

due

03/15/26

(Þ)

287

291

Oracle

Corp.

3.650%

due

03/25/41

90

72

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

5.000%

due

08/15/27

(Þ)

250

239

Owens

Corning

Co.

4.400%

due

01/30/48

(Þ)

31

27

Owl

Rock

Capital

Corp.

3.750%

due

07/22/25

121

117

Pacific

Gas

and

Electric

Co.

3.500%

due

06/15/25

32

31

Series

WI

3.300%

due

12/01/27

(Þ)

99

93

PECF

USS

Intermediate

Holding

III

Corp.

8.000%

due

11/15/29

(Þ)

446

215

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

76

76

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

1.200%

due

11/15/25

(Þ)

66

61

Performance

Food

Group

Co.

5.500%

due

10/15/27

(Þ)

240

234

PetSmart

LLC

7.750%

due

02/25/29

(Þ)

817

790

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

50

53

Pike

Corp.

5.500%

due

09/01/28

(Þ)

991

946

PNC

Financial

Services

Group,

Inc.

(The)

5.812%

due

06/12/26

(SOFR

+

1.322%)(Ê)

119

120

PRA

Group,

Inc.

8.375%

due

02/01/28

(Þ)

200

190

5.000%

due

10/01/29

(Þ)

991

799

PRA

Health

Sciences,

Inc.

2.875%

due

07/15/26

(Þ)

45

42

PROG

Holdings,

Inc.

6.000%

due

11/15/29

(Þ)

770

703

Progress

Energy,

Inc.

7.750%

due

03/01/31

51

59

Prospect

Capital

Corp.

3.364%

due

11/15/26

131

119

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Provident

Funding

Associates,

LP

/

PFG

Finance

Corp.

6.375%

due

06/15/25

(Þ)

223

209

PTC,

Inc.

4.000%

due

02/15/28

(Þ)

157

148

Radian

Group,

Inc.

4.875%

due

03/15/27

124

121

Railworks

Holdings,

LP

/

Railworks

Rally,

Inc.

8.250%

due

11/15/28

(Þ)

639

637

Regal

Rexnord

Corp.

6.400%

due

04/15/33

(Þ)

895

930

RegionalCare

Hospital

Partners

Holdings,

Inc.

/

LifePoint

Health,

Inc.

9.750%

due

12/01/26

(Þ)

33

33

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

282

251

4.625%

due

04/06/31

(Þ)

101

86

Series

REGS

4.625%

due

04/16/29

(Þ)

183

163

RHP

Hotel

Properties,

LP

Series

WI

4.750%

due

10/15/27

(Þ)

154

148

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

3.875%

due

03/01/31

(Þ)

326

285

Rockies

Express

Pipeline

LLC

3.600%

due

05/15/25

(Þ)

115

112

4.800%

due

05/15/30

(Þ)

473

442

6.875%

due

04/15/40

(Þ)

150

149

Roller

Bearing

Co.

of

America,

Inc.

4.375%

due

10/15/29

(Þ)

199

183

Royal

Caribbean

Cruises,

Ltd.

5.500%

due

08/31/26

(Þ)

486

481

5.375%

due

07/15/27

(Þ)

508

500

3.700%

due

03/15/28

178

164

5.500%

due

04/01/28

(Ñ)(Þ)

327

323

RP

Escrow

Issuer

LLC

5.250%

due

12/15/25

(Þ)

826

743

RPM

International,

Inc.

3.750%

due

03/15/27

99

96

RR

Donnelley

&

Sons

Co.

9.750%

due

07/31/28

(Þ)

175

175

Sabra

Health

Care,

LP

Series

WI

5.125%

due

08/15/26

19

19

Sabre

GLBL,

Inc.

8.625%

due

06/01/27

(Þ)

408

381

Safeway,

Inc.

7.250%

due

02/01/31

(Ñ)

204

214

Santander

Holdings

USA,

Inc.

2.490%

due

01/06/28

(SOFR

+

1.249%)(Ê)

126

115

SBA

Communications

Corp.

Series

WI

3.875%

due

02/15/27

184

176

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

200

209

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

134

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sempra

Energy

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)

138

121

Service

Properties

Trust

4.500%

due

03/15/25

369

360

4.750%

due

10/01/26

147

136

4.950%

due

02/15/27

147

134

3.950%

due

01/15/28

170

143

4.950%

due

10/01/29

9

7

4.375%

due

02/15/30

225

174

Silgan

Holdings,

Inc.

Series

WI

4.125%

due

02/01/28

(Þ)

158

148

Sirius

XM

Radio,

Inc.

3.125%

due

09/01/26

(Þ)

229

214

5.500%

due

07/01/29

(Þ)

83

79

Sixth

Street

Specialty

Lending,

Inc.

2.500%

due

08/01/26

131

120

Sonoco

Products

Co.

2.250%

due

02/01/27

(Þ)

130

121

Spectra

Energy

Partners,

LP

3.375%

due

10/15/26

75

72

Spirit

AeroSystems,

Inc.

4.600%

due

06/15/28

(Ñ)(Þ)

299

256

9.750%

due

11/15/30

(Þ)

662

695

Sprint

Capital

Corp.

6.875%

due

11/15/28

561

606

8.750%

due

03/15/32

184

226

Sprint

LLC

7.625%

due

03/01/26

327

341

Standard

Industries,

Inc.

4.375%

due

07/15/30

(Þ)

314

285

Staples,

Inc.

7.500%

due

04/15/26

(Þ)

408

382

10.750%

due

04/15/27

(Þ)

358

277

Starbucks

Corp.

3.750%

due

12/01/47

74

59

Starwood

Property

Trust,

Inc.

3.625%

due

07/15/26

(Þ)

231

214

Steelcase,

Inc.

5.125%

due

01/18/29

294

282

Stericycle,

Inc.

3.875%

due

01/15/29

(Þ)

163

148

Sugarhouse

HSP

Gaming

Prop

Mezz,

LP

/

Sugarhouse

HSP

Gaming

Finance

Corp.

5.875%

due

05/15/25

(Þ)

833

823

Sunoco

Logistics

Partners

Operations,

LP

6.850%

due

02/15/40

122

130

Synchrony

Financial

4.875%

due

06/13/25

(Þ)

51

50

Talen

Energy

Supply

LLC

8.625%

due

06/01/30

(Þ)

793

842

Tallgrass

Energy

Partners,

LP

/

Tallgrass

Energy

Finance

Corp.

7.375%

due

02/15/29

(Þ)

313

312

Tapestry,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.125%

due

07/15/27

49

47

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

4.875%

due

02/01/31

831

797

Teleflex,

Inc.

4.250%

due

06/01/28

(Þ)

156

148

Tenet

Healthcare

Corp.

6.125%

due

10/01/28

200

199

6.875%

due

11/15/31

139

143

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)(Þ)

168

155

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

74

70

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

616

706

Time

Warner

Cable

LLC

6.750%

due

06/15/39

69

69

T-Mobile

USA,

Inc.

Series

WI

3.750%

due

04/15/27

(Þ)

74

72

Toledo

Hospital

(The)

4.982%

due

11/15/45

291

199

Series

B

5.325%

due

11/15/28

185

172

TransDigm,

Inc.

Series

WI

5.500%

due

11/15/27

(Þ)

306

298

Transocean

Poseidon,

Ltd.

6.875%

due

02/01/27

(Þ)

5

5

Transocean

Titan

Financing,

Ltd.

8.375%

due

02/01/28

(Þ)

153

158

Transocean,

Inc.

7.250%

due

11/01/25

(Þ)

393

389

7.500%

due

01/15/26

(Þ)

162

160

8.000%

due

02/01/27

(Þ)

92

91

8.750%

due

02/15/30

(Þ)

356

369

7.500%

due

04/15/31

(Ñ)

308

272

9.350%

due

12/15/41

(Þ)

212

191

Triumph

Group,

Inc.

9.000%

due

03/15/28

(Þ)

377

398

Series

WI

7.750%

due

08/15/25

(Þ)

866

867

Truist

Financial

Corp.

4.260%

due

07/28/26

(SOFR

+

1.456%)(Ê)

91

90

Twilio,

Inc.

3.875%

due

03/15/31

(Þ)

210

185

Tyson

Foods,

Inc.

3.550%

due

06/02/27

124

119

Uber

Technologies,

Inc.

4.500%

due

08/15/29

(Þ)

188

178

UKG,

Inc.

6.875%

due

02/01/31

(Þ)

707

715

United

Rentals

NA,

Inc.

3.875%

due

11/15/27

166

158

3.875%

due

02/15/31

272

245

United

States

Cellular

Corp.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

135

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.700%

due

12/15/33

310

319

United

States

Steel

Corp.

6.650%

due

06/01/37

(Ñ)

151

158

United

Wholesale

Mortgage

LLC

5.500%

due

11/15/25

(Þ)

235

232

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

6.500%

due

02/15/29

(Þ)

362

255

Univision

Communications,

Inc.

6.625%

due

06/01/27

(Þ)

147

145

8.000%

due

08/15/28

(Þ)

149

152

Unum

Group

5.750%

due

08/15/42

74

74

US

Bancorp

4.548%

due

07/22/28

(SOFR

+

1.660%)(Ê)(Þ)

111

110

US

Foods,

Inc.

4.750%

due

02/15/29

(Þ)

253

240

Venture

Global

Calcasieu

Pass

LLC

3.875%

due

08/15/29

(Þ)

236

211

4.125%

due

08/15/31

(Þ)

567

501

3.875%

due

11/01/33

(Þ)

470

398

Veritas

US,

Inc.

/

Veritas

Bermuda,

Ltd.

7.500%

due

09/01/25

(Þ)

964

824

VICI

Properties,

Inc.

4.375%

due

05/15/25

71

70

4.500%

due

01/15/28

(Þ)

126

120

Vistra

Operations

Co.

LLC

5.125%

due

05/13/25

(Þ)

104

103

5.500%

due

09/01/26

(Þ)

40

40

7.750%

due

10/15/31

(Þ)

286

297

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

146

124

Weatherford

International,

Ltd.

8.625%

due

04/30/30

(Þ)

550

562

Webster

Financial

Corp.

4.100%

due

03/25/29

(Þ)

67

63

Wells

Fargo

&

Co.

3.908%

due

04/25/26

(SOFR

+

1.320%)(Ê)

122

120

Western

Alliance

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

3

Month

+

2.250%)(Ê)(Ñ)

70

62

Western

Digital

Corp.

4.750%

due

02/15/26

170

165

Western

Midstream

Operating,

LP

5.450%

due

04/01/44

215

195

Westinghouse

Air

Brake

Technologies

Corp.

3.200%

due

06/15/25

121

118

Weyerhaeuser

Co.

6.950%

due

10/01/27

97

104

Williams

Cos.,

Inc.

(The)

3.750%

due

06/15/27

71

68

Williams

Scotsman

International,

Inc.

4.625%

due

08/15/28

(Þ)

188

178

World

Acceptance

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.000%

due

11/01/26

(Ñ)(Þ)

207

191

Wyndham

Destinations,

Inc.

5.750%

due

04/01/27

323

323

Xerox

Corp.

6.750%

due

12/15/39

(Ñ)

118

99

XPO

CNW,

Inc.

6.700%

due

05/01/34

4

4

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

118

118

Yum!

Brands,

Inc.

3.625%

due

03/15/31

(Þ)

276

244

6.875%

due

11/15/37

207

225

117,838

International

Debt

-

26.1%

1011778

B.C.

Unltd.

Liability

Co.

/

New

Red

Finance,

Inc.

4.000%

due

10/15/30

(Þ)

206

184

1375209

BC,

Ltd.

9.000%

due

01/30/28

(Ñ)(Þ)

755

732

180

Medical,

Inc.

3.875%

due

10/15/29

(Þ)

300

268

ABN

AMRO

Bank

NV

4.750%

due

07/28/25

(Þ)

26

26

4.800%

due

04/18/26

(Þ)

94

92

Abu

Dhabi

Government

International

Bond

Series

REGS

1.625%

due

06/02/28

(Þ)

200

178

1.700%

due

03/02/31

(Þ)

552

461

3.125%

due

09/30/49

(Þ)

477

333

3.000%

due

09/15/51

(Þ)

200

136

Abu

Dhabi

National

Energy

Co.

PJSC

4.375%

due

04/23/25

(Þ)

506

500

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

83

71

Agua

y

Saneamientos

Argentinos

SA

7.900%

due

05/01/26

(Þ)

687

529

Albion

Financing

2

SARL

8.750%

due

04/15/27

(Þ)

600

599

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

125

120

Altice

France

Holding

SA

5.125%

due

07/15/29

(Þ)

324

237

Ambipar

Lux

SARL

9.875%

due

02/06/31

(Þ)

200

199

Angolan

Government

International

Bond

Series

REGS

8.750%

due

04/14/32

(Þ)

683

586

Apidos

CLO

XXXI

Series

2021-31A

Class

CR

7.476%

due

04/15/31

(USD

3

Month

LIBOR

+

1.900%)(Ê)(Þ)

1,140

1,130

Apidos

CLO

XXXIII

Series

2019-31A

Class

CR

3.259%

due

10/24/34

(USD

3

Month

LIBOR

+

3.000%)(Ê)(Þ)

1,600

1,593

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

Series

REGS

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

136

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.125%

due

08/15/26

(Þ)

EUR

750

727

Argentine

Republic

Government

International

Bond

4.875%

due

07/09/29

(~)(Ê)

1,804

601

Ashtead

Capital,

Inc.

4.375%

due

08/15/27

(Þ)

107

103

5.500%

due

08/11/32

(Þ)

438

436

Athabasca

Oil

Corp.

9.750%

due

11/01/26

(Þ)

159

168

ATS

Automation

Tooling

Systems,

Inc.

4.125%

due

12/15/28

(Þ)

193

175

Avation

Capital

SA

6.500%

due

10/31/26

(Þ)

320

274

Axian

Telecom

Series

REGS

7.375%

due

02/16/27

(Þ)

335

315

Bahrain

Government

International

Bond

Series

REGS

7.750%

due

04/18/35

(Þ)

200

206

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

293

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

Series

REGS

5.375%

due

01/28/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.928%)(Ê)(Þ)

493

466

Banco

Nacional

de

Panama

Series

REGS

2.500%

due

08/11/30

(Þ)

200

152

Bank

of

Nova

Scotia

(The)

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.050%)(Ê)

59

54

Barclays

Bank

PLC

6.278%

due

12/29/49

(USD

3

Month

LIBOR

+

1.550%)(Ê)(ƒ)

182

183

Barclays

PLC

5.200%

due

05/12/26

119

118

BAT

Capital

Corp.

4.700%

due

04/02/27

69

68

7.081%

due

08/02/53

12

13

Bayer

US

Finance

II

LLC

4.250%

due

12/15/25

(Þ)

106

104

Benefit

Street

Partners

CLO

IV,

Ltd.

Series

2021-IVA

Class

BRRR

7.729%

due

01/20/32

(USD

3

Month

LIBOR

+

2.150%)(Ê)(Þ)

500

500

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

995

Bharti

Airtel,

Ltd.

4.375%

due

06/10/25

(Þ)

98

97

BNP

Paribas

SA

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.219%

due

06/09/26

(SOFR

+

2.074%)(Ê)(Þ)

15

14

1.323%

due

01/13/27

(SOFR

+

1.004%)(Ê)(Þ)

120

111

Bolivia

Government

International

Bond

Series

REGS

4.500%

due

03/20/28

(Þ)

200

104

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)(Þ)

122

119

Brazil

Government

International

Bond

6.000%

due

10/20/33

424

418

6.125%

due

03/15/34

524

519

7.125%

due

05/13/54

(Þ)

307

307

Brazilian

Government

International

Bond

4.750%

due

01/14/50

363

267

Brookfield

Finance,

Inc.

4.700%

due

09/20/47

(Þ)

78

69

Brookfield

Residential

Properties,

Inc.

6.250%

due

09/15/27

(Þ)

191

185

C&W

Senior

Financing

Designated

Activity

Company

6.875%

due

09/15/27

(Þ)

707

670

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

69

70

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

64

70

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

500

Series

2018-3RA

Class

B

3.200%

due

10/15/34

(USD

3

Month

LIBOR

+

1.900%)(Ê)(Þ)

1,000

992

Carnival

Corp.

1.000%

due

10/28/29

(Þ)

EUR

350

286

Cascades,

Inc.

5.125%

due

01/15/26

(Ñ)(Þ)

191

188

CBB

International

Sukuk

Programme

Company

Series

REGS

3.875%

due

05/18/29

(Þ)

1,024

926

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

249

Celulosa

Arauco

y

Constitucion

SA

4.200%

due

01/29/30

(Þ)

60

55

Series

WI

3.875%

due

11/02/27

58

54

Cencosud

SA

4.375%

due

07/17/27

(Þ)

132

127

Cenovus

Energy,

Inc.

Series

WI

4.250%

due

04/15/27

80

78

Central

Plaza

Holding

Co.,

Ltd.

3.850%

due

07/14/25

(Þ)

600

531

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

137

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CEZ

AS

Series

REGS

5.625%

due

04/03/42

(Þ)

383

346

CGI,

Inc.

Series

WI

1.450%

due

09/14/26

131

120

Chile

Government

International

Bond

4.950%

due

01/05/36

(Þ)

1,261

1,236

China

Government

International

Bond

Series

REGS

0.550%

due

10/21/25

(Þ)

987

924

CI

Financial

Corp.

3.200%

due

12/17/30

89

72

CIFC

Funding,

Ltd.

Series

2021-4RA

Class

BR

7.878%

due

01/17/35

(USD

3

Month

LIBOR

+

2.300%)(Ê)(Þ)

500

500

CIFC

LLC

Series

2021-2A

Class

CR

7.678%

due

04/17/34

(USD

3

Month

LIBOR

+

2.100%)(Ê)(Þ)

1,000

1,003

Codelco

Metals,

Inc.

Series

REGS

5.950%

due

01/08/34

(Þ)

255

255

Colombia

Government

International

Bond

8.000%

due

04/20/33

761

809

Connect

Finco

SARL

/

Connect

US

Finco

LLC

6.750%

due

10/01/26

(Þ)

850

831

Consolidated

Energy

Finance

SA

6.500%

due

05/15/26

(Þ)

189

173

5.625%

due

10/15/28

(Þ)

655

535

Coronado

Finance

Pty,

Ltd.

10.750%

due

05/15/26

(Þ)

369

388

Corp.

Nacional

del

Cobre

de

Chile

6.440%

due

01/26/36

(Þ)

363

371

Series

REGS

3.150%

due

01/15/51

(Þ)

615

381

Costa

Rica

Government

International

Bond

7.300%

due

11/13/54

(Þ)

580

607

Credit

Agricole

SA

1.907%

due

06/16/26

(SOFR

+

1.676%)(Ê)(Þ)

94

90

Credit

Suisse

AG

2.950%

due

04/09/25

(Þ)

65

63

Crown

European

Holdings

SA

Series

REGS

5.000%

due

05/15/28

(Þ)

EUR

500

556

Danske

Bank

A/S

1.549%

due

09/10/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.730%)(Ê)(Þ)

134

122

Deutsche

Bank

AG

6.119%

due

07/14/26

(SOFR

+

3.190%)(Ê)

116

117

DNB

Bank

ASA

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.127%

due

09/16/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.850%)(Ê)(Þ)

72

67

Dominican

Republic

Government

International

Bond

Series

REGS

7.050%

due

02/03/31

(Þ)

1,134

1,179

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

490

Ecopetrol

SA

8.875%

due

01/13/33

(Þ)

74

78

8.375%

due

01/19/36

432

438

7.375%

due

09/18/43

481

446

5.875%

due

05/28/45

(Þ)

1

1

5.875%

due

11/02/51

120

86

Ecuador

Government

International

Bond

Series

REGS

5.500%

due

07/31/30

(~)(Ê)(Þ)

731

299

6.900%

due

07/31/35

(~)(Ê)(Þ)

309

162

EDO

Sukuk,

Ltd.

5.875%

due

09/21/33

(Þ)

471

479

Egypt

Government

International

Bond

Series

REGS

7.625%

due

05/29/32

(Þ)

1,182

801

7.300%

due

09/30/33

(Þ)

200

132

El

Salvaor

Government

International

Bond

Series

REGS

9.500%

due

07/15/52

(Þ)

300

255

Element

Fleet

Management

Corp.

6.271%

due

06/26/26

(Þ)

114

116

Emera

US

Finance,

LP

Series

WI

3.550%

due

06/15/26

83

80

Emerald

Debt

Merger

Sub

LLC

Series

REGS

6.375%

due

12/15/30

(Þ)

EUR

600

681

Emirates

NBD

Bank

PJSC

6.125%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

3.656%)(Ê)

(ƒ)(Þ)

294

292

Empresa

de

Transporte

de

Pasajeros

Metro

SA

Series

REGS

5.000%

due

01/25/47

(Þ)

568

490

Empresa

Nacional

del

Petroleo

Series

REGS

4.500%

due

09/14/47

(Þ)

538

398

Enbridge,

Inc.

6.700%

due

11/15/53

(Þ)

23

27

Enel

Finance

International

NV

1.375%

due

07/12/26

(Þ)

131

120

7.100%

due

10/14/27

(Þ)

67

72

Energizer

Holdings,

Inc.

Series

REGS

3.500%

due

06/30/29

(Þ)

EUR

250

239

Eskom

Holdings

SOC,

Ltd.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

138

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.314%

due

07/23/27

(Þ)

305

283

Series

REGS

8.450%

due

08/10/28

(Þ)

616

615

Export-Import

Bank

of

China

4.000%

due

11/28/47

(Þ)

267

232

Export-Import

Bank

of

India

Series

REGS

2.250%

due

01/13/31

(Þ)

300

248

F-Brasile

SpA

/

F-Brasile

US

LLC

Series

XR

7.375%

due

08/15/26

(Þ)

175

173

FEL

Energy

VI

SARL

Series

REGS

5.750%

due

12/01/40

(Þ)

232

202

First

Quantum

Minerals,

Ltd.

7.500%

due

04/01/25

(Þ)

115

114

6.875%

due

03/01/26

(Þ)

236

225

8.625%

due

06/01/31

(Þ)

649

602

Fortescue

Metals

Group,

Ltd.

4.375%

due

04/01/31

(Þ)

278

250

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

(Þ)

126

120

Fresenius

Medical

Care

US

Finance

III,

Inc.

3.000%

due

12/01/31

(Þ)

165

131

Gabon

Government

International

Bond

Series

REGS

7.000%

due

11/24/31

(Þ)

228

186

Gaci

First

Investment

Co.

4.875%

due

02/14/35

(Þ)

400

380

Gazprom

OAO

Via

Gaz

Capital

SA

Series

REGS

7.288%

due

08/16/37

(Þ)

1,000

798

Georgian

Railway

JSC

Series

REGS

4.000%

due

06/17/28

(Þ)

385

352

GFL

Environmental,

Inc.

3.750%

due

08/01/25

(Þ)

59

57

4.750%

due

06/15/29

(Þ)

188

177

GGAM

Finance,

Ltd.

8.000%

due

02/15/27

(Þ)

625

644

Ghana

Government

International

Bond

10.750%

due

10/14/30

(Þ)

250

160

Series

REGS

8.625%

due

04/07/34

(~)(Ê)(Þ)

649

286

goeasy,

Ltd.

4.375%

due

05/01/26

(Þ)

187

178

Greenland

Global

Investment,

Ltd.

6.125%

due

04/22/29

(Þ)

735

105

5.875%

due

07/03/30

(Þ)

457

64

Grupo

Bimbo

SAB

de

CV

4.875%

due

06/27/44

(Þ)

49

44

Guatemala

Government

International

Bond

7.050%

due

10/04/32

(Þ)

247

259

6.600%

due

06/13/36

(Þ)

428

432

Hazine

Mustesarligi

Varlik

Kiralama

AS

8.509%

due

01/14/29

(Þ)

1,223

1,267

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

HBOS

PLC

6.000%

due

11/01/33

(Þ)

27

26

Herbalife,

Ltd.

4.250%

due

06/15/28

(Þ)

166

165

Highlands

Holdings

Bond

Issuer,

Ltd.

7.625%

due

10/15/25

(Þ)

1,067

1,075

HSBC

Holdings

PLC

2.099%

due

06/04/26

(SOFR

+

1.929%)(Ê)

124

119

HTA

Group,

Ltd.

7.000%

due

12/18/25

(Þ)

183

180

Huarong

Finance

2017

Co.,

Ltd.

4.750%

due

04/27/27

(Þ)

200

187

Hungary

Government

International

Bond

5.500%

due

03/26/36

(Þ)

302

296

Series

REGS

6.125%

due

05/22/28

(Þ)

675

694

3.125%

due

09/21/51

(Þ)

347

220

Indonesia

Government

International

Bond

4.550%

due

01/11/28

493

489

5.650%

due

01/11/53

706

738

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

76

71

Instituto

Costarricense

de

Electricidad

Series

REGS

6.375%

due

05/15/43

(Þ)

561

484

International

Airport

Finance

SA

Series

REGS

12.000%

due

03/15/33

(Þ)

16

17

Intesa

Sanpaolo

SpA

3.875%

due

07/14/27

(Þ)

37

35

4.950%

due

06/01/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.750%)(Ê)(Þ)

290

211

Israel

Government

International

Bond

4.500%

due

01/17/33

326

304

Ithaca

Energy

North

Sea

PLC

9.000%

due

07/15/26

(Ñ)(Þ)

171

170

Ivory

Coast

Government

International

Bond

8.250%

due

01/30/37

(Þ)

350

348

Series

REGS

5.750%

due

12/31/32

(~)(Ê)(Þ)

184

177

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

78

70

Jordan

Government

International

Bond

7.500%

due

01/13/29

(Þ)

172

168

Series

REGS

7.500%

due

01/13/29

(Þ)

264

258

Kazakhstan

Government

International

Bond

Series

REGS

4.875%

due

10/14/44

(Þ)

281

263

KazMunayGas

National

Co.

JSC

Series

REGS

4.375%

due

09/26/27

(Þ)

338

322

5.750%

due

04/19/47

(Þ)

216

187

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

139

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

KCA

Deutag

Pikco

PLC

Series

IAI

15.000%

due

12/01/27

108

109

KCA

Deutag

UK

Finance

PLC

Series

IAI

14.389%

due

12/01/25

(SOFR

+

9.000%)(Ê)

147

149

Series

REGS

9.875%

due

12/01/25

(Þ)

193

194

Khazanah

Global

Sukuk

Bhd

4.687%

due

06/01/28

(Þ)

326

325

Kinross

Gold

Corp.

6.250%

due

07/15/33

(Þ)

800

843

Kondor

Finance

PLC

Series

REGS

7.625%

due

11/08/28

(~)(Ê)(Þ)

701

360

Lamar

Funding,

Ltd.

Series

REGS

3.958%

due

05/07/25

(Þ)

490

475

LCM

28,

Ltd.

Series

2018-28A

Class

C

3.285%

due

10/20/30

(USD

3

Month

LIBOR

+

2.150%)(Ê)(Þ)

500

492

Lebanon

Government

International

Bond

Series

GMTN

6.200%

due

02/26/25

(Ø)(Þ)(Æ)

500

29

Series

REGS

6.650%

due

11/03/28

(Ø)(Þ)(Æ)

1,158

66

Lloyds

Banking

Group

PLC

4.650%

due

03/24/26

122

120

LYB

Finance

Co.

BV

8.100%

due

03/15/27

(Þ)

77

83

Macquarie

Airfinance

Holdings,

Ltd.

8.125%

due

03/30/29

(Þ)

261

271

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

250

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

111

112

Mattamy

Group

Corp.

4.625%

due

03/01/30

(Þ)

620

565

MDGH

GMTN

RSC,

Ltd.

5.875%

due

05/01/34

(Þ)

228

244

Series

REGS

5.500%

due

04/28/33

(Þ)

243

252

Methanex

Corp.

5.250%

due

12/15/29

374

357

Mexico

City

Airport

Trust

Series

REGS

5.500%

due

10/31/46

(Þ)

380

312

5.500%

due

07/31/47

(Þ)

225

185

Mexico

Government

International

Bond

2.659%

due

05/24/31

286

240

6.000%

due

05/07/36

281

286

6.400%

due

05/07/54

338

340

MF1

Multifamily

Housing

Mortgage

Trust

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-FL6

Class

D

7.020%

due

07/16/36

(USD

1

Month

LIBOR

+

2.550%)(Ê)(Þ)

500

473

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

125

120

Mongolia

Government

International

Bond

7.875%

due

06/05/29

(Þ)

200

205

Morocco

Government

International

Bond

5.950%

due

03/08/28

(Þ)

332

338

MTR

Corp.,

Ltd.

1.625%

due

08/19/30

(Þ)

289

242

Nabors

Industries,

Inc.

7.250%

due

01/15/26

(Þ)

476

464

7.500%

due

01/15/28

(Þ)

163

149

Nakilat,

Inc.

Series

REGS

6.067%

due

12/31/33

(Þ)

308

318

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

194

NatWest

Group

PLC

5.847%

due

03/02/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)(Þ)

117

118

Neuberger

Berman

CLO,

Ltd.

Series

2021-31A

Class

CR

7.529%

due

04/20/31

(USD

3

Month

LIBOR

+

1.950%)(Ê)(Þ)

500

497

Nigeria

Government

International

Bond

Series

REGS

8.375%

due

03/24/29

(Þ)

591

551

7.375%

due

09/28/33

(Þ)

490

403

nogaholding

Sukuk,

Ltd.

Series

REGS

5.250%

due

04/08/29

(Þ)

247

239

Nokia

OYJ

4.375%

due

06/12/27

123

118

Novelis

Sheet

Ingot

GmbH

Series

REGS

3.375%

due

04/15/29

(Þ)

EUR

100

101

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

Series

WI

2.700%

due

05/01/25

(Þ)

132

128

OCP

CLO,

Ltd.

Series

2022-24A

Class

C

7.868%

due

07/20/35

(CME

Term

SOFR

3

Month

+

2.550%)(Ê)(Þ)

500

501

OCP

SA

Series

REGS

6.875%

due

04/25/44

(Þ)

326

300

Octagon

Investment

Partners

11,

Ltd.

Series

2021-1A

Class

BRR

7.676%

due

07/15/29

(USD

3

Month

LIBOR

+

2.100%)(Ê)(Þ)

1,000

983

Octagon

Loan

Funding,

Ltd.

Series

2018-1A

Class

CRR

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

140

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.586%

due

11/18/31

(USD

3

Month

LIBOR

+

2.200%)(Ê)(Þ)

250

243

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

497

OI

European

Group

BV

Series

REGS

6.250%

due

05/15/28

(Þ)

EUR

255

287

Oil

and

Gas

Holding

Co.

BSCC

(The)

Series

REGS

7.500%

due

10/25/27

(Þ)

340

355

Olympus

Water

US

Holding

Corp.

Series

REGS

3.875%

due

10/01/28

(Þ)

EUR

200

201

5.375%

due

10/01/29

(Þ)

EUR

170

161

Oman

Government

International

Bond

Series

REGS

6.750%

due

10/28/27

(Þ)

692

724

7.000%

due

01/25/51

(Þ)

206

213

OmGrid

Funding,

Ltd.

Series

REGS

5.196%

due

05/16/27

(Þ)

277

272

Ontario

Gaming

GTA

LP

8.000%

due

08/01/30

(Þ)

938

978

Ooredoo

QPSC

Series

REGS

4.500%

due

01/31/43

(Þ)

268

248

Open

Text

Corp.

3.875%

due

02/15/28

(Þ)

257

239

Open

Text

Holdings,

Inc.

4.125%

due

02/15/30

(Þ)

262

237

OQ

SAOC

Series

REGS

5.125%

due

05/06/28

(Þ)

443

434

Oschadbank

Via

SSB

#1

PLC

9.625%

due

03/20/25

(~)(Ê)(Þ)

143

135

Pakistan

Government

International

Bond

Series

REGS

7.375%

due

04/08/31

(Þ)

531

345

Pakistan

Water

and

Power

Development

Authority

7.500%

due

06/04/31

(Þ)

965

550

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

1,246

Panama

Government

International

Bond

6.400%

due

02/14/35

1,098

1,036

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

320

318

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

Series

REGS

6.250%

due

01/25/49

(Þ)

245

247

Peruvian

Government

International

Bond

2.783%

due

01/23/31

849

737

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.230%

due

07/28/21

(Þ)

154

91

Petrobras

Global

Finance

BV

6.850%

due

06/05/15

517

480

Petroleos

del

Peru

SA

Series

REGS

5.625%

due

06/19/47

(Þ)

1,332

850

Petroleos

Mexicanos

Series

REGS

6.625%

due

09/29/49

(Þ)

697

420

Series

WI

6.700%

due

02/16/32

76

62

10.000%

due

02/07/33

595

588

6.750%

due

09/21/47

1,512

964

7.690%

due

01/23/50

276

193

Petronas

Capital,

Ltd.

Series

REGS

2.480%

due

01/28/32

(Þ)

1,674

1,402

3.404%

due

04/28/61

(Þ)

400

275

Philippine

Government

International

Bond

1.950%

due

01/06/32

517

419

5.000%

due

07/17/33

803

812

Privatbank

CJSC

Via

UK

SPV

Credit

Finance

PLC

Series

DPW

10.250%

due

01/23/49

(Ø)(Þ)(Æ)

1,240

12

Prosus

NV

3.680%

due

01/21/30

(Þ)

142

124

PTTEP

Canada

International

Finance,

Ltd.

Series

REGS

6.350%

due

06/12/42

(Þ)

370

411

Qatar

Government

International

Bond

Series

REGS

4.500%

due

04/23/28

(Þ)

901

906

4.817%

due

03/14/49

(Þ)

474

441

Qatar

Petroleum

Series

REGS

2.250%

due

07/12/31

(Þ)

573

479

Radnor

RE,

Ltd.

Series

2021-1

Class

M1C

2.710%

due

12/27/33

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

500

505

Republic

of

Azerbaijan

Government

International

Bond

Series

REGS

3.500%

due

09/01/32

(Þ)

234

200

Republic

of

Colombia

Government

International

Bond

8.750%

due

11/14/53

453

494

Republic

of

El

Salvador

Government

International

Bond

Series

REGS

8.250%

due

04/10/32

(Þ)

150

128

Republic

of

Indonesia

Government

International

Bond

4.700%

due

02/10/34

400

395

5.100%

due

02/10/54

480

464

Republic

of

Kenya

Government

International

Bond

Series

REGS

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

141

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.000%

due

05/22/27

(Þ)

350

321

Republic

of

Poland

Government

International

Bond

5.500%

due

11/16/27

295

304

4.875%

due

10/04/33

116

116

5.500%

due

04/04/53

283

286

Republic

of

South

Africa

Government

International

Bond

5.875%

due

04/20/32

327

300

5.750%

due

09/30/49

400

296

Republic

of

Uzbekistan

Government

International

Bond

7.850%

due

10/12/28

(Þ)

209

217

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

238

Rolls-Royce

PLC

3.625%

due

10/14/25

(Þ)

371

358

Romania

Government

International

Bond

5.875%

due

01/30/29

(Þ)

218

220

7.125%

due

01/17/33

(Þ)

298

321

6.375%

due

01/30/34

(Þ)

302

308

7.625%

due

01/17/53

(Þ)

244

272

Series

REGS

7.125%

due

01/17/33

(Þ)

46

50

7.625%

due

01/17/53

(Þ)

88

98

Royal

Caribbean

Cruises,

Ltd.

7.500%

due

10/15/27

222

233

SA

Global

Sukuk,

Ltd.

Series

REGS

2.694%

due

06/17/31

(Þ)

627

541

Santander

UK

Group

Holdings

PLC

1.532%

due

08/21/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.250%)(Ê)

134

126

Saudi

Arabian

Oil

Co.

Series

REGS

4.250%

due

04/16/39

(Þ)

619

535

Saudi

Electricity

Global

Sukuk

Co.

Series

REGS

5.500%

due

04/08/44

(Þ)

501

487

Saudi

Government

International

Bond

4.750%

due

01/16/30

(Þ)

1,327

1,323

5.750%

due

01/16/54

(Þ)

398

391

Seaspan

Corp.

5.500%

due

08/01/29

(Þ)

1,189

1,012

Senegal

Government

International

Bond

Series

REGS

6.750%

due

03/13/48

(Þ)

250

187

Singapore

Telecommunications,

Ltd.

Series

REGS

7.375%

due

12/01/31

(Þ)

218

255

SK

Hynix,

Inc.

1.500%

due

01/19/26

(Þ)

101

94

Societe

Generale

SA

1.792%

due

06/09/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

95

87

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

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

Sri

Lanka

Government

International

Bond

Series

REGS

6.750%

due

04/18/28

(~)(Ê)(Þ)

811

414

Standard

Chartered

PLC

1.456%

due

01/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

130

120

7.014%

due

12/30/49

(USD

3

Month

LIBOR

+

1.460%)(Ê)(ƒ)(Ñ)(Þ)

415

425

Standard

Industries,

Inc.

Series

REGS

2.250%

due

11/21/26

(Þ)

EUR

553

560

State

Oil

Co.

of

Azerbaijan

Republic

6.950%

due

03/18/30

(Þ)

233

240

Suncor

Energy,

Inc.

7.150%

due

02/01/32

63

70

Superior

Plus

Corp.

4.500%

due

03/15/29

(Þ)

373

338

Suzano

Austria

GmbH

5.750%

due

07/14/26

(Þ)

74

74

Swedbank

AB

5.472%

due

06/15/26

(Þ)

60

61

Symphony

CLO

XIX,

Ltd.

Series

2018-19A

Class

C

2.926%

due

04/16/31

(USD

3

Month

LIBOR

+

1.750%)(Ê)(Þ)

500

485

Tacora

Resources,

Inc.

8.250%

due

05/15/26

(~)(Ê)

(Ø)(Þ)

(Æ)

399

215

TC

Ziraat

Bankasi

AS

Series

REGS

5.375%

due

03/02/26

(Þ)

617

596

TCW

CLO,

Ltd.

Series

2017-1A

Class

CRR

2.599%

due

10/29/34

(USD

3

Month

LIBOR

+

2.300%)(Ê)(Þ)

300

297

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

373

362

6.000%

due

09/30/34

244

229

7.200%

due

07/18/36

228

229

7.721%

due

06/04/38

281

290

Toronto-Dominion

Bank

(The)

3.625%

due

09/15/31

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

2.205%)(Ê)

126

121

TransAlta

Corp.

6.500%

due

03/15/40

19

19

TransCanada

PipeLines,

Ltd.

4.625%

due

03/01/34

74

70

Transnet

SOC,

Ltd.

8.250%

due

02/06/28

(Þ)

365

367

Series

REGS

8.250%

due

02/06/28

(Þ)

352

354

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

142

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Trinidad

&

Tobago

Government

International

Bond

5.950%

due

01/14/31

(Þ)

310

315

Trinidad

Generation

UnLtd

Series

REGS

5.250%

due

11/04/27

(Þ)

468

458

Triton

Container

International,

Ltd.

Series

2021-1A

Class

A

1.860%

due

03/20/46

(Þ)

380

333

Turkey

Government

International

Bond

7.375%

due

02/05/25

95

96

9.125%

due

07/13/30

503

536

Turkiye

Ihracat

Kredi

Bankasi

AS

Series

REGS

5.750%

due

07/06/26

(Þ)

449

435

UBS

Group

AG

1.305%

due

02/02/27

(SOFR

+

0.980%)(Ê)(Þ)

131

120

UGI

International

LLC

Series

REGS

2.500%

due

12/01/29

(Þ)

EUR

750

715

Ukraine

Government

International

Bond

Series

GDP

0.750%

due

08/01/41

(~)(Ê)(Þ)

195

90

Series

REGS

7.253%

due

03/15/35

(~)(Ê)(Þ)

1,932

435

Ukraine

Railways

Via

Rail

Capital

Markets

PLC

8.250%

due

07/09/26

(~)(Ê)(Þ)

324

183

UniCredit

SpA

2.569%

due

09/22/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.300%)(Ê)(Þ)

126

119

7.296%

due

04/02/34

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.914%)(Ê)(Þ)

205

212

Uruguay

Government

International

Bond

5.750%

due

10/28/34

784

838

5.100%

due

06/18/50

124

121

4.975%

due

04/20/55

88

83

Uzbekneftegaz

JSC

Series

REGS

4.750%

due

11/16/28

(Þ)

201

167

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

111

118

Venture

33

CLO,

Ltd.

7.856%

due

07/15/31

(CME

Term

SOFR

3

Month

+

2.542%)(Ê)(Þ)

1,000

972

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.873%)(Ê)

575

594

VTB

Bank

Series

REGS

9.500%

due

12/31/49

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

8.067%)(Ê)(ƒ)

(Š)(Þ)

714

—

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Walgreens

Boots

Alliance,

Inc.

3.600%

due

11/20/25

(Þ)

GBP

120

145

2.125%

due

11/20/26

(Þ)

EUR

500

506

Weir

Group

PLC

(The)

2.200%

due

05/13/26

(Þ)

66

61

Wipro

IT

Services

LLC

1.500%

due

06/23/26

(Þ)

101

93

YPF

SA

9.000%

due

02/12/26

(~)(Ê)(Þ)

21

21

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

223

8.500%

due

06/27/29

(Þ)

77

70

Zambia

Government

International

Bond

Series

REGS

5.375%

due

09/20/99

(~)(Ê)(Ø)(Þ)

(Æ)

269

152

ZF

NA

Capital,

Inc.

4.750%

due

04/29/25

(Þ)

160

158

111,417

Mortgage-Backed

Securities

-

16.0%

Arroyo

Mortgage

Trust

Series

2019-2

Class

A3

3.800%

due

04/25/49

(~)(Ê)(Þ)

86

80

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2017-BNK4

Class

D

3.357%

due

05/15/50

(Þ)

1,100

599

Series

2017-BNK6

Class

D

3.100%

due

07/15/60

(Þ)

140

108

Series

2021-BN31

Class

XA

Interest

Only

STRIPS

1.000%

due

02/15/54

(~)(Ê)(Þ)

1,546

105

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

Series

2017-BNK3

Class

C

4.352%

due

02/15/50

(~)(Ê)(Þ)

500

454

Benchmark

Mortgage

Trust

Series

2019-B14

Class

D

2.500%

due

12/15/62

(Þ)

890

501

Series

2021-B23

Class

XA

Interest

Only

STRIPS

1.280%

due

02/15/54

(~)(Ê)(Þ)

1,939

116

BMD2

Re-Remic

Trust

Series

2019-FRR1

Class

6B10

2.526%

due

05/25/52

(~)(Ê)(Þ)

892

686

BOCA

Commercial

Mortgage

Trust

Series

2022-BOCA

Class

D

8.651%

due

05/15/39

(CME

Term

SOFR

1

Month

+

3.318%)(Ê)(Þ)

500

495

BX

Commercial

Mortgage

Trust

Series

2023-XL3

Class

D

8.949%

due

12/09/40

(CME

Term

SOFR

1

Month

+

3.589%)(Ê)(Þ)

600

605

BX

Trust

Series

2021-21M

Class

E

6.759%

due

10/15/36

(USD

1

Month

LIBOR

+

2.171%)(Ê)(Þ)

175

169

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

143

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-ARIA

Class

D

1.975%

due

10/15/36

(USD

1

Month

LIBOR

+

1.895%)(Ê)(Þ)

1,000

979

Series

2022-LBA6

Class

E

8.033%

due

01/15/39

(CME

Term

SOFR

1

Month

+

2.700%)(Ê)(Þ)

500

487

Cantor

Commercial

Real

Estate

Lending

Series

2019-CF2

Class

D

2.500%

due

11/15/52

(Þ)

775

530

Cascade

Funding

Mortgage

Trust

Series

2021-FRR1

Class

CK98

7.319%

due

08/29/29

(Þ)

4,500

2,765

CD

Mortgage

Trust

Series

2019-CD8

Class

XA

Interest

Only

STRIPS

1.553%

due

08/15/57

(~)(Ê)(Þ)

7,702

441

Chase

Home

Lending

Mortgage

Trust

Series

2019-1

Class

A15

3.500%

due

03/25/50

(~)(Ê)(Þ)

75

65

Series

2019-1

Class

A5

4.000%

due

03/25/50

(~)(Ê)(Þ)

480

417

Series

2019-ATR2

Class

A3

3.500%

due

07/25/49

(~)(Ê)(Þ)

122

108

CHNGE

Mortgage

Trust

Series

2022-1

Class

A1

3.007%

due

01/25/67

(~)(Ê)(Þ)

341

314

CIM

Commercial

Trust

Corp.

Series

2018-INV1

Class

A10

4.000%

due

08/25/48

(~)(Ê)(Þ)

202

184

Series

2019-INV1

Class

A1

4.000%

due

02/25/49

(~)(Ê)(Þ)

41

38

Series

2021-J1

Class

A19

2.500%

due

03/25/51

(~)(Ê)(Þ)

755

604

Series

2021-J2

Class

A19

2.500%

due

04/25/51

(~)(Ê)(Þ)

373

298

CIM

Trust

Series

2019-J2

Class

A13

3.500%

due

10/25/49

(~)(Ê)(Þ)

387

341

Citigroup

Commercial

Mortgage

Trust

Series

2016-C2

Class

E

4.594%

due

08/10/49

(Þ)

120

84

Series

2016-P4

Class

F

4.880%

due

07/10/49

(~)(Ê)(Þ)

313

205

Series

2018-C6

Class

D

5.235%

due

11/10/51

(~)(Ê)(Þ)

410

302

Series

2019-GC41

Class

XA

Interest

Only

STRIPS

1.188%

due

08/10/56

(~)(Ê)(Þ)

2,227

83

Citigroup

Mortgage

Loan

Trust,

Inc.

Series

2021-J1

Class

A4A

2.500%

due

04/25/51

(~)(Ê)(Þ)

563

450

Series

2021-J2

Class

A4A

2.500%

due

07/25/51

(~)(Ê)(Þ)

485

388

Commercial

Mortgage

Trust

Series

2020-CBM

Class

F

3.754%

due

02/10/37

(~)(Ê)(Þ)

1,500

1,388

Connecticut

Avenue

Securities

Trust

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2022-R01

Class

1B1

3.200%

due

12/25/41

(SOFR

30

Day

Average

+

3.150%)(Ê)(Þ)

700

717

Csail

Commercial

Mortgage

Trust

Series

2015-C2

Class

C

4.330%

due

06/15/57

(~)(Ê)(Þ)

100

87

DBWF

Mortgage

Trust

Series

2015-LCM

Class

D

3.535%

due

06/10/34

(~)(Ê)(Þ)

1,000

810

Ellington

Financial

Mortgage

Trust

Series

2019-2

Class

A3

3.046%

due

11/25/59

(~)(Ê)(Þ)

162

151

Series

2022-2

Class

A1

4.299%

due

04/25/67

(~)(Ê)(Þ)

427

416

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)

12

12

Series

2020-R02

Class

2B1

3.168%

due

01/25/40

(USD

1

Month

LIBOR

+

3.000%)(Ê)(Þ)

1,200

1,223

Series

2020-R02

Class

2M2

2.168%

due

01/25/40

(USD

1

Month

LIBOR

+

2.000%)(Ê)(Þ)

121

122

Series

2023-R02

Class

1M2

7.660%

due

01/25/43

(SOFR

30

Day

Average

+

3.350%)(Ê)(Þ)

1,100

1,166

Flagstar

Mortgage

Trust

Series

2018-1

Class

B1

4.008%

due

03/25/48

(~)(Ê)(Þ)

132

118

Series

2018-6RR

Class

B1

5.010%

due

10/25/48

(~)(Ê)(Þ)

440

416

Series

2018-3INV

Class

A3

4.000%

due

05/25/48

(~)(Ê)(Þ)

85

78

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA5

Class

M2

2.887%

due

10/25/50

(SOFR

30

Day

Average

+

2.800%)(Ê)(Þ)

175

177

Series

2021-DNA5

Class

M2

1.700%

due

01/25/34

(SOFR

30

Day

Average

+

1.650%)(Ê)(Þ)

763

766

Series

2021-HQA1

Class

M2

2.300%

due

08/25/33

(SOFR

30

Day

Average

+

2.250%)(Ê)(Þ)

876

891

Series

2022-DNA2

Class

M1B

2.449%

due

02/25/42

(SOFR

30

Day

Average

+

2.400%)(Ê)(Þ)

1,200

1,225

Series

2022-DNA6

Class

M1B

9.015%

due

09/25/42

(SOFR

30

Day

Average

+

3.700%)(Ê)(Þ)

200

213

Series

2022-HQA1

Class

M1B

7.810%

due

03/25/42

(SOFR

30

Day

Average

+

3.500%)(Ê)(Þ)

1,100

1,151

FREMF

Mortgage

Trust

Series

2016-K57

Class

D

Principal

Only

STRIPS

0.000%

due

08/25/49

(Þ)(Æ)

1,450

1,139

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

144

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2016-K57

Class

X2A

Interest

Only

STRIPS

0.100%

due

08/25/49

(Þ)

14,811

26

Series

2016-K57

Class

X2B

Interest

Only

STRIPS

0.100%

due

08/25/49

(Þ)

3,675

8

Series

2019-KG01

Class

X2A

Interest

Only

STRIPS

0.100%

due

04/25/29

(Þ)

5,079

14

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

(~)(Þ)(Æ)

200

181

GAM

Re-REMIC

Trust

Series

2021-FRR1

Class

1B

0.000%

due

11/29/50

(Þ)

1,000

754

2.420%

due

09/27/51

(~)(Ê)(Þ)

415

319

Series

2021-FRR1

Class

1C

0.000%

due

07/28/27

(Þ)

837

610

Series

2021-FRR1

Class

1D

0.000%

due

07/28/27

(Þ)

1,258

904

Series

2021-FRR1

Class

2B

0.000%

due

11/29/50

(Þ)

1,500

1,107

Series

2021-FRR1

Class

2C

0.000%

due

12/29/27

(Þ)

905

643

Series

2021-FRR2

Class

2C

2.935%

due

10/27/28

(Þ)

316

288

Series

2021-FRR2

Class

A

4.292%

due

10/27/28

(Þ)

312

267

Series

2021-FRR2

Class

BK

8.097%

due

10/27/28

(Þ)

266

172

Series

2021-FRR2

Class

C

3.713%

due

10/27/28

(Þ)

316

287

Series

2021-FRR2

Class

CK44

Principal

Only

STRIPS

0.000%

due

10/27/28

(Þ)(Æ)

384

347

Series

2021-FRR2

Class

CK49

1.040%

due

09/27/51

(~)(Ê)(Þ)

796

708

Series

2022-FRR3

Class

A

2.038%

due

01/29/52

(~)(Ê)(Þ)

635

513

Series

2022-FRR3

Class

BK61

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)(Æ)

433

335

Series

2022-FRR3

Class

C728

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)(Æ)

246

231

Series

2022-FRR3

Class

CK47

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)(Æ)

251

223

Series

2022-FRR3

Class

CK61

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)(Æ)

304

224

Series

2022-FRR3

Class

D728

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)(Æ)

246

228

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2022-FRR3

Class

DK41

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)(Æ)

199

186

Series

2022-FRR3

Class

DK47

Principal

Only

STRIPS

0.000%

due

01/29/52

(Þ)(Æ)

251

221

GS

Mortgage

Securities

Trust

Series

2019-GC40

Class

XA

Interest

Only

STRIPS

1.231%

due

07/10/52

(~)(Ê)(Þ)

3,653

138

Series

2019-PJ2

Class

B2

4.496%

due

11/25/49

(~)(Ê)(Þ)

894

814

Series

2020-PJ1

Class

B2

3.710%

due

05/25/50

(~)(Ê)(Þ)

895

750

Series

2021-PJ1

Class

A4

2.500%

due

05/28/52

(~)(Ê)(Þ)

891

711

Series

2021-PJ3

Class

A4

2.500%

due

08/25/51

(~)(Ê)(Þ)

782

625

Series

2021-PJ5

Class

B3

2.600%

due

10/25/51

(~)(Ê)(Þ)

372

280

Series

2021-PJ6

Class

A12

2.500%

due

11/25/51

(~)(Ê)(Þ)

800

548

Series

2021-PJ6

Class

A4

2.500%

due

11/25/51

(~)(Ê)(Þ)

826

661

Series

2021-PJ9

Class

A4

2.500%

due

02/26/52

(~)(Ê)(Þ)

1,006

803

Series

2021-PJ11

Class

B3

2.875%

due

04/25/52

(~)(Ê)(Þ)

471

350

Series

2023-FUN

Class

C

8.048%

due

03/15/28

(CME

Term

SOFR

1

Month

+

3.389%)(Ê)(Þ)

500

500

Hawaii

Hotel

Trust

Series

2019-MAUI

Class

E

2.864%

due

05/15/38

(USD

1

Month

LIBOR

+

2.160%)(Ê)(Þ)

500

492

Imperial

Fund

Mortgage

Trust

Series

2022-NQM3

Class

A1

4.380%

due

05/25/67

(~)(Ê)(Þ)

424

414

INTOWN

Mortgage

Trust

Series

2022-STAY

Class

B

8.620%

due

08/15/39

(CME

Term

SOFR

1

Month

+

3.286%)(Ê)(Þ)

500

501

JPMorgan

Commercial

Mortgage

Securities

Trust

Series

2014-C19

Class

D

4.834%

due

04/15/47

(~)(Ê)(Þ)

550

517

Series

2015-C27

Class

XA

Interest

Only

STRIPS

1.306%

due

02/15/48

(~)(Ê)(Þ)

2,537

17

Series

2018-WPT

Class

FFX

5.542%

due

07/05/33

(Þ)

330

192

JPMorgan

Mortgage

Trust

Series

2016-2

Class

B4

2.519%

due

06/25/46

(~)(Ê)(Þ)

1,000

949

Series

2016-5

Class

B3

2.636%

due

12/25/46

(~)(Ê)(Þ)

553

542

Series

2017-6

Class

A7

3.500%

due

12/25/48

(~)(Ê)(Þ)

68

61

Series

2018-3

Class

B3

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

145

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.757%

due

09/25/48

(~)(Ê)(Þ)

769

663

Series

2018-6

Class

B1

3.933%

due

12/25/48

(~)(Ê)(Þ)

253

230

Series

2019-1

Class

A3

4.000%

due

05/25/49

(~)(Ê)(Þ)

27

25

Series

2019-2

Class

A3

4.000%

due

08/25/49

(~)(Ê)(Þ)

22

21

Series

2019-7

Class

B2A

3.194%

due

02/25/50

(~)(Ê)(Þ)

359

297

Series

2019-8

Class

A15

3.500%

due

03/25/50

(~)(Ê)(Þ)

59

51

Series

2019-HYB1

Class

B1

3.937%

due

10/25/49

(~)(Ê)(Þ)

655

617

Series

2019-LTV3

Class

A5

3.500%

due

03/25/50

(~)(Ê)(Þ)

60

58

Series

2020-1

Class

A15

3.500%

due

06/25/50

(~)(Ê)(Þ)

153

136

Series

2020-1

Class

A7

3.500%

due

06/25/50

(~)(Ê)(Þ)

343

306

Series

2020-5

Class

B1

3.736%

due

12/25/50

(~)(Ê)(Þ)

415

354

Series

2020-8

Class

A3

3.000%

due

03/25/51

(~)(Ê)(Þ)

173

147

Series

2021-1

Class

A15

2.500%

due

06/25/51

(~)(Ê)(Þ)

306

245

Series

2021-4

Class

A15

2.500%

due

08/25/51

(~)(Ê)(Þ)

226

181

Series

2022-4

Class

A17A

3.000%

due

10/25/52

(~)(Ê)(Þ)

447

372

Series

2023-8

Class

A2

6.000%

due

02/25/54

(~)(Ê)(Þ)

728

730

Series

2023-8

Class

B3

6.356%

due

02/25/54

(~)(Ê)(Þ)

995

955

KIND

Trust

Series

2021-KIND

Class

D

6.759%

due

08/15/38

(USD

1

Month

LIBOR

+

2.300%)(Ê)(Þ)

258

241

KSL

Commercial

Mortgage

Trust

Series

2023-HT

Class

C

8.789%

due

12/15/36

(CME

Term

SOFR

1

Month

+

3.439%)(Ê)(Þ)

600

602

Mello

Mortgage

Capital

Acceptance

Series

2018-MTG2

Class

B2

4.485%

due

10/25/48

(~)(Ê)(Þ)

877

803

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

F

2.691%

due

04/15/38

(USD

1

Month

LIBOR

+

2.601%)(Ê)(Þ)

336

331

MHP

Series

2021-STOR

Class

F

4.199%

due

07/15/38

(USD

1

Month

LIBOR

+

2.200%)(Ê)(Þ)

500

486

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2014-C18

Class

D

3.389%

due

10/15/47

(Þ)

250

212

Series

2015-C22

Class

C

4.243%

due

04/15/48

(~)(Ê)

450

397

Series

2016-C29

Class

XB

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Interest

Only

STRIPS

1.110%

due

05/15/49

(~)(Ê)(Þ)

7,710

139

Morgan

Stanley

Capital

I

Trust

Series

2017-HR2

Class

XA

Interest

Only

STRIPS

0.932%

due

12/15/50

(~)(Ê)(Þ)

2,423

66

Series

2019-H6

Class

D

3.000%

due

06/15/52

(Þ)

377

272

Series

2019-H7

Class

XA

Interest

Only

STRIPS

1.464%

due

07/15/52

(~)(Ê)

6,192

310

Series

2019-L3

Class

XA

Interest

Only

STRIPS

0.645%

due

11/15/52

(~)(Ê)(Þ)

5,210

143

Series

2021-L5

Class

XA

Interest

Only

STRIPS

1.425%

due

04/15/31

(Þ)

1,500

91

MRCD

Mortgage

Trust

Series

2019-PARK

Class

E

2.718%

due

12/15/36

(Þ)

120

71

Onslow

Bay

Financial

LLC

Series

2020-INV1

Class

A21

3.500%

due

12/25/49

(~)(Ê)(Þ)

107

94

Series

2022-NQM4

Class

A1B

3.900%

due

04/25/62

(~)(Ê)(Þ)

1,100

1,000

Series

2023-J1

Class

A3

4.500%

due

01/25/53

(~)(Ê)(Þ)

448

430

RCKT

Mortgage

Trust

Series

2020-1

Class

A13

3.000%

due

02/25/50

(~)(Ê)(Þ)

196

167

ReadyCap

Commercial

Mortgage

Trust

Series

2018-4

Class

D

5.235%

due

02/27/51

(~)(Ê)(Þ)

270

254

RFM

Re-REMIC

Trust

Series

2022-FRR1

Class

AB55

0.887%

due

03/28/49

(Þ)

1,430

1,201

Series

2022-FRR1

Class

AB60

2.470%

due

11/08/49

(Þ)

1,210

1,043

Series

2022-FRR1

Class

AB64

2.314%

due

03/01/50

(Þ)

1,483

1,250

Series

2022-FRR1

Class

CK55

Principal

Only

STRIPS

0.000%

due

03/28/49

(Þ)(Æ)

450

370

Series

2022-FRR1

Class

CK60

Principal

Only

STRIPS

0.000%

due

11/08/49

(Þ

(Æ)

560

433

Sequoia

Mortgage

Trust

Series

2019-4

Class

A19

3.500%

due

11/25/49

(~)(Ê)(Þ)

55

49

Series

2019-5

Class

A7

3.500%

due

12/25/49

(~)(Ê)(Þ)

855

761

Series

2019-CH3

Class

A1

4.000%

due

09/25/49

(~)(Ê)(Þ)

56

51

Series

2020-4

Class

A20

2.500%

due

11/25/50

(~)(Ê)(Þ)

493

395

SMRT

Trust

Series

2022-MINI

Class

F

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

146

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.872%

due

01/15/39

(CME

Term

SOFR

1

Month

+

3.350%)(Ê)(Þ)

1,400

1,290

UBS

Bank

of

America

Merrill

Lynch

Mortgage

Trust

Series

2012-WRM

Class

D

4.379%

due

06/10/30

(~)(Ê)(Þ)

2,600

2,092

UWM

Mortgage

Trust

Series

2021-1

Class

A15

2.500%

due

06/25/51

(~)(Ê)(Þ)

772

617

Verus

Securitization

Trust

Series

2021-1

Class

M1

1.968%

due

01/25/66

(~)(Ê)(Þ)

1,000

739

Series

2021-3

Class

A1

1.046%

due

06/25/66

(~)(Ê)(Þ)

496

415

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2004-AR7

Class

A6

4.508%

due

07/25/34

(~)(Ê)(Þ)

241

224

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)(Þ)

190

159

Wells

Fargo

Commercial

Mortgage

Trust

Series

2014-LC18

Class

XA

Interest

Only

STRIPS

1.188%

due

12/15/47

(~)(Ê)(Þ)

3,576

21

Series

2017-C41

Class

XA

Interest

Only

STRIPS

1.366%

due

11/15/50

(~)(Ê)(Þ)

4,845

170

Series

2018-C45

Class

D

3.000%

due

06/15/51

(Þ)

390

288

Series

2019-C52

Class

XA

Interest

Only

STRIPS

1.767%

due

08/15/52

(~)(Ê)(Þ)

2,038

121

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-1

Class

A17

3.000%

due

12/25/49

(~)(Ê)(Þ)

20

17

Series

2020-4

Class

A17

3.000%

due

07/25/50

(~)(Ê)(Þ)

164

136

Series

2020-RR1

Class

A1

3.000%

due

05/25/50

(~)(Ê)(Þ)

220

187

Series

2021-1

Class

A17

2.500%

due

12/25/50

(~)(Ê)(Þ)

737

590

Woodward

Capital

Management

LLC

Series

2021-1

Class

A13

2.500%

due

03/25/51

(~)(Ê)(Þ)

148

118

68,164

Non-US

Bonds

-

14.5%

Accor

SA

2.625%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.252%)(Ê)(ƒ)(Þ)

EUR

300

317

7.250%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.105%)(Ê)(ƒ)(Þ)

EUR

200

236

ACS

Actividades

de

Construccion

y

Servicios

SA

1.375%

due

06/17/25

(Þ)

EUR

400

418

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ADO

Properties

SA

Series

1-15

1.500%

due

07/31/25

(~)(Ê)(Þ)

EUR

300

227

ams

AG

1.000%

due

03/05/25

(Þ)

EUR

800

807

ams-OSRAM

AG

2.125%

due

11/03/27

(Þ)

EUR

100

85

Anarafe

SL

Series

REGS

15.643%

due

12/31/26

(~)(Ê)(Þ)

EUR

247

326

APCOA

Parking

Holdings

GmbH

Series

REGS

4.625%

due

01/15/27

(Þ)

EUR

260

269

Atrium

European

Real

Estate,

Ltd.

3.000%

due

09/11/25

(Þ)

EUR

200

200

Azelis

Finance

NV

Series

REGS

5.750%

due

03/15/28

(Þ)

EUR

100

111

Azzurra

Aeroporti

SpA

2.625%

due

05/30/27

(Þ)

EUR

600

608

Banco

de

Sabadell

SA

1.125%

due

03/27/25

(Þ)

EUR

500

525

Banijay

Group

SAS

Series

REGS

6.500%

due

03/01/26

(Þ)

EUR

400

436

Bayer

AG

7.000%

due

09/25/83

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.896%)(Ê)(Þ)

EUR

200

221

Bayer

US

Finance

II

LLC

2.375%

due

11/12/79

(EURIBOR

ICE

Swap

Rate

+

2.647%)(Ê)(Þ)

EUR

200

207

3.125%

due

11/12/79

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.108%)(Ê)(Þ)

EUR

1,200

1,157

Series

N8.5

5.375%

due

03/25/82

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.458%)(Ê)(Þ)

EUR

300

306

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

200

207

British

Telecommunications

PLC

8.375%

due

12/20/83

(Þ)

GBP

100

135

Canary

Wharf

Group

Investment

Holdings

PLC

Series

REGS

2.625%

due

04/23/25

(Þ)

GBP

210

246

1.750%

due

04/07/26

(Þ)

EUR

300

276

Castor

SpA

Series

REGS

9.175%

due

02/15/29

(3

Month

EURIBOR

+

5.250%)(Ê)(Þ)

EUR

138

145

Cellnex

Telecom

SA

Series

CLNX

0.750%

due

11/20/31

(Þ)

EUR

400

365

Centrica

PLC

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

147

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.250%

due

04/10/75

(GBP

Swap

Semiannual

[versus

6

Month

LIBOR]

5

Year

Rate

+

3.861%)(Ê)(Þ)

GBP

500

625

Centurion

Bidco

SpA

11.125%

due

05/15/28

(Þ)

EUR

245

285

CGG

SA

Series

REGS

7.750%

due

04/01/27

(Þ)

EUR

300

287

Cidron

Aida

Finco

SARL

Series

REGS

5.000%

due

04/01/28

(Þ)

EUR

600

625

6.250%

due

04/01/28

(Þ)

GBP

300

364

Citycon

Treasury

BV

1.625%

due

03/12/28

(Þ)

EUR

630

559

Commerzbank

AG

4.000%

due

03/23/26

(Þ)

EUR

700

757

Series

EMTN

4.000%

due

03/30/27

(Þ)

EUR

514

558

Constellation

Automotive

Financing

PLC

Series

REGS

4.875%

due

07/15/27

(Þ)

GBP

360

381

Co-operative

Group

Holdings,

Ltd.

5.035%

due

07/08/26

(~)(Ê)(Þ)

GBP

210

262

CPUK

Finance,

Ltd.

6.500%

due

08/28/26

(Þ)

GBP

150

186

6.136%

due

08/28/31

(Þ)

GBP

140

181

Series

REGS

4.875%

due

08/28/25

(Þ)

GBP

275

339

Daily

Mail

&

General

Trust

PLC

6.375%

due

06/21/27

(Þ)

GBP

250

300

Deutsche

Telekom

AG

Series

REGS

5.500%

due

01/15/30

(Þ)

EUR

600

591

Dufry

One

BV

0.750%

due

03/30/26

(Þ)

CHF

200

219

3.375%

due

04/15/28

(Þ)

EUR

150

155

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

200

206

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

100

107

2.625%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.860%)(Ê)(ƒ)(Þ)

EUR

600

587

3.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.198%)(Ê)(ƒ)(Þ)

EUR

600

597

3.375%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.970%)(Ê)(ƒ)(Þ)

EUR

800

767

6.000%

due

12/31/99

(GBP

Swap

[versus

SONIA]

13

Year

Rate

+

4.235%)(Ê)(ƒ)(Þ)

GBP

200

247

Series

EMTN

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.875%

due

07/22/49

(ICE

SWAP

Rate

GBP

SONIA

15

Year

+

3.323%)

(Ê)(ƒ)(Þ)

GBP

500

591

Elia

Group

SA

5.850%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.506%)(Ê)(ƒ)(Þ)

EUR

700

778

Energia

Group

Roi

Financeco

DAC

Series

REGS

6.875%

due

07/31/28

(Þ)

EUR

600

675

EP

Infrastructure

AS

1.698%

due

07/30/26

(Þ)

EUR

700

690

2.045%

due

10/09/28

(Þ)

EUR

500

460

1.816%

due

03/02/31

(Þ)

EUR

400

340

Esselunga

SpA

1.875%

due

10/25/27

(Þ)

EUR

360

365

Eutelsat

SA

2.000%

due

10/02/25

(Þ)

EUR

300

300

2.250%

due

07/13/27

(Þ)

EUR

700

592

Explorer

II

AS

3.375%

due

02/24/25

(Þ)

EUR

428

424

GKN

Holdings,

Ltd.

4.625%

due

05/12/32

(Þ)

GBP

200

219

Globalworth

Real

Estate

Investments,

Ltd.

2.950%

due

07/29/26

(Þ)

EUR

230

213

Grifols

Escrow

Issuer

SA

Series

REGS

3.875%

due

10/15/28

(Þ)

EUR

400

365

IHO

Verwaltungs

GmbH

Series

REGS

8.750%

due

05/15/28

(Þ)

EUR

300

350

Iliad

SA

5.625%

due

02/15/30

(Þ)

EUR

300

336

INEOS

Finance

PLC

Series

REGS

6.625%

due

05/15/28

(Þ)

EUR

100

111

International

Consolidated

Airlines

Group

SA

1.500%

due

07/04/27

(Þ)

EUR

400

398

Intesa

Sanpaolo

SpA

3.928%

due

09/15/26

(Þ)

EUR

600

648

Kaixo

Bondco

Telecom

SA

Series

REGS

5.125%

due

09/30/29

(Þ)

EUR

775

807

Libra

Groupco

SpA

Series

REGS

5.000%

due

05/15/27

(Þ)

EUR

450

472

Maison

Finco

PLC

Series

REGS

6.000%

due

10/31/27

(Þ)

GBP

365

415

Mangrove

LuxCo

III

SARL

Series

REGS

7.775%

due

10/09/25

(Þ)

EUR

418

437

Marks

&

Spencer

PLC

4.750%

due

06/12/25

(Þ)

GBP

100

127

3.250%

due

07/10/27

(Þ)

GBP

400

485

mBank

SA

0.966%

due

09/21/27

(3

Month

EURIBOR

+

1.250%)(Ê)(Þ)

EUR

300

283

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

148

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Monitchem

HoldCo

3

SA

Series

REGS

8.750%

due

05/01/28

(Þ)

EUR

245

275

Motion

Bondco

Designated

Activity

Co.

Series

REGS

4.500%

due

11/15/27

(Þ)

EUR

200

204

Mundys

SpA

1.625%

due

02/03/25

(Þ)

EUR

400

421

1.875%

due

07/13/27

(Þ)

EUR

300

301

Nexi

SpA

2.125%

due

04/30/29

EUR

400

382

NGG

Finance

PLC

5.625%

due

06/18/73

(GBP

Swap

Semiannual

[versus

6

Month

LIBOR]

12

Year

Rate

+

3.480%)(Ê)(Þ)

GBP

200

250

2.125%

due

09/05/82

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.532%)(Ê)(Þ)

EUR

1,200

1,185

Nobian

Finance

BV

Series

REGS

3.625%

due

07/15/26

(Þ)

EUR

250

258

Ocado

Group

PLC

0.750%

due

01/18/27

(Þ)

GBP

400

389

Series

REGS

3.875%

due

10/08/26

(Þ)

GBP

800

878

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

792

Parts

Europe

SA

Series

REGS

7.970%

due

07/20/27

(3

Month

EURIBOR

+

4.000%)(Ê)(Þ)

EUR

250

270

Petrobras

Global

Finance

BV

6.250%

due

12/14/26

(Þ)

GBP

500

632

6.625%

due

01/16/34

(Þ)

GBP

200

240

Petroleos

Mexicanos

3.625%

due

11/24/25

(Þ)

EUR

200

206

4.875%

due

02/21/28

(Þ)

EUR

400

382

Series

10.7

4.750%

due

02/26/29

(Þ)

EUR

1,050

956

RAC

Bond

Co.

PLC

Series

REGS

5.250%

due

11/04/27

(Þ)

GBP

435

510

Renault

SA

1.250%

due

06/24/25

(Þ)

EUR

500

518

1.000%

due

11/28/25

(Þ)

EUR

500

516

2.000%

due

09/28/26

(Þ)

EUR

200

205

1.125%

due

10/04/27

(Þ)

EUR

300

293

Rolls-Royce

PLC

3.375%

due

06/18/26

(Þ)

GBP

700

842

1.625%

due

05/09/28

(Þ)

EUR

400

392

Series

REGS

5.750%

due

10/15/27

(Þ)

GBP

200

254

RWE

AG

3.500%

due

04/21/75

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.245%)(Ê)(Þ)

EUR

430

458

SACE

SPA

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.875%

due

02/10/49

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

10

Year

Rate

+

3.186%)(Ê)(ƒ)(Þ)

EUR

550

564

Samhallsbyggnadsbolaget

i

Norden

AB

1.125%

due

11/26/29

(Þ)

EUR

500

339

Sani/Ikos

Financial

Holdings

1

SARL

Series

REGS

5.625%

due

12/15/26

EUR

300

314

Schaeffler

AG

2.875%

due

03/26/27

(Þ)

EUR

420

442

Summer

(BC)

Holdco

A

SARL

Series

REGS

9.250%

due

10/31/27

(Þ)

EUR

360

376

Techem

Verwaltungsgesellschaft

674

mbH

Series

REGS

6.000%

due

07/30/26

(Þ)

EUR

242

260

Telecom

Italia

Finance

SA

7.750%

due

01/24/33

(Þ)

EUR

889

1,118

Telecom

Italia

SpA

5.250%

due

03/17/55

(Þ)

EUR

300

301

Telefonica

Europe

BV

2.875%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

8

Year

Rate

+

3.071%)(Ê)(ƒ)(Þ)

EUR

200

203

6.135%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

7

Year

Rate

+

3.347%)(Ê)(ƒ)(Þ)

EUR

600

668

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

300

Teva

Pharmaceutical

Finance

Netherlands

II

BV

1.875%

due

03/31/27

(Þ)

EUR

900

890

1.625%

due

10/15/28

(Þ)

EUR

700

649

Titan

Holdings

II

BV

Series

REGS

5.125%

due

07/15/29

(Þ)

EUR

1,000

954

Travelex

Issuerco,

Ltd.

Series

REGS

0.500%

due

08/05/25

(Þ)

GBP

2,221

3,312

TVL

Finance

PLC

Series

REGS

10.250%

due

04/28/28

(Þ)

GBP

100

133

United

Group

BV

Series

REGS

4.000%

due

11/15/27

(Þ)

EUR

100

101

3.625%

due

02/15/28

(Þ)

EUR

300

297

4.625%

due

08/15/28

(Þ)

EUR

300

304

Valeo

SA

1.625%

due

03/18/26

(Þ)

EUR

300

312

Series

EMTN

1.500%

due

06/18/25

(Þ)

EUR

500

523

Var

Energi

ASA

7.862%

due

11/15/83

(EURIBOR

ICE

Swap

Rate

+

4.765%)(Ê)(Þ)

EUR

500

576

Veolia

Environnement

SA

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

149

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.625%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.151%)(Ê)(ƒ)(Þ)

EUR

400

400

Verisure

Holding

AB

Series

REGS

7.125%

due

02/01/28

(Þ)

EUR

175

198

Verisure

Midholding

AB

Series

REGS

5.250%

due

02/15/29

(Þ)

EUR

625

644

Virgin

Media

Finance

PLC

Series

REGS

4.875%

due

07/15/28

(Þ)

GBP

250

289

Vmed

O2

UK

Financing

I

PLC

Series

REGS

4.000%

due

01/31/29

(Þ)

GBP

200

225

4.500%

due

07/15/31

(Þ)

GBP

250

272

Vodafone

Group

PLC

4.200%

due

10/03/78

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.427%)(Ê)(Þ)

EUR

400

422

4.875%

due

10/03/78

(GBP

Swap

Semiannual

[versus

6

Month

LIBOR]

5

Year

Rate

+

3.267%)(Ê)(Þ)

GBP

500

617

Series

NC10

3.000%

due

08/27/80

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.477%)(Ê)(Þ)

EUR

900

871

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

500

534

3.748%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.924%)(Ê)(ƒ)(Þ)

EUR

100

101

7.875%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

9

Year

Rate

+

4.783%)(Ê)(ƒ)(Þ)

EUR

200

243

WEPA

Hygieneprodukte

GmbH

Series

REGS

2.875%

due

12/15/27

(Þ)

EUR

200

202

5.625%

due

01/15/31

(Þ)

EUR

100

109

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

301

Series

NC8

3.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.319%)(Ê)(ƒ)(Þ)

EUR

400

380

Wizz

Air

Finance

Co.

BV

1.000%

due

01/19/26

(Þ)

EUR

700

702

ZF

Europe

Finance

BV

2.000%

due

02/23/26

(Þ)

EUR

400

410

2.500%

due

10/23/27

(Þ)

EUR

600

601

6.125%

due

03/13/29

(Þ)

EUR

200

227

3.000%

due

10/23/29

(Þ)

EUR

1,000

980

ZF

NA

Capital,

Inc.

3.750%

due

09/21/28

(Þ)

EUR

200

206

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

61,775

Total

Long-Term

Fixed

Income

Investments

(cost

$395,951)

375,237

Common

Stocks

-

1.7%

Consumer

Discretionary

-

0.0%

Education

Management

Corp.(Æ)(Š)(Þ)

4,460,190

—

Energy

-

0.0%

Tourmaline

Oil

Corp.(Æ)(Š)

255,236

190

Financial

Services

-

0.0%

Travelex

Topco,

Ltd.(Æ)(Š)(Þ)

11,057

—

Materials

and

Processing

-

0.9%

Specialty

Steel

Holdco,

Inc.(Æ)(Š)(Þ)

22

3,880

Producer

Durables

-

0.8%

Affinion

Group,

Inc.(Æ)(Š)

8,007

—

Bahia

De

Las

Isletas

SL

Class

A(Æ)

(Š)(Þ)

15,907,620

—

Kelly

Topco,

Ltd.(Æ)(Þ)

2,574

174

Real

Alloy(Æ)(Š)

39

3,036

3,210

Total

Common

Stocks

(cost

$6,135)

7,280

Preferred

Stocks

-

0.0%

Consumer

Discretionary

-

0.0%

Education

Management

Corp.

0.000%

(Š)(Æ)

2,128

—

Total

Preferred

Stocks

(cost

$297)

—

Warrants

and

Rights

-

0.0%

Travelex

Issuerco,

Ltd.

(Æ)

2025

Warrants

675

34

Total

Warrants

and

Rights

(cost

$—)

34

Short-Term

Investments

-

7.3%

Development

Bank

of

the

Republic

of

Belarus

JSC

Series

REGS

6.750%

due

05/02/24

(~)(Ê)(Þ)

942

292

DISH

DBS

Corp.

Series

WI

5.875%

due

11/15/24

(Ñ)(Þ)

100

93

Export-Import

Bank

of

India

Series

GMTN

3.875%

due

03/12/24

(Þ)

200

200

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

150

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Global

Aircraft

Leasing

Co.,

Ltd.

6.500%

due

09/15/24

(Þ)

2,333

2,248

Howmet

Aerospace,

Inc.

5.125%

due

10/01/24

(Þ)

53

53

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

Series

WI

4.750%

due

09/15/24

(Þ)

660

656

International

Bank

of

Azerbaijan

OJSC

Series

REGS

3.500%

due

09/01/24

(Þ)

200

193

Mumtalakt

Sukuk

Holding

Co.

5.625%

due

02/27/24

(Þ)

401

400

Occidental

Petroleum

Corp.

6.950%

due

07/01/24

74

74

Power

Sector

Assets

&

Liabilities

Management

Corp.

Series

REGS

7.390%

due

12/02/24

(Þ)

330

335

RZD

Capital

PLC

7.900%

due

10/19/24

(~)(Ê)(Þ)

RUB

115,000

—

U.S.

Cash

Management

Fund(@)

25,015,823(∞)

25,008

Uzbek

Industrial

and

Construction

Bank

5.750%

due

12/02/24

(Þ)

272

266

Vistra

Operations

Co.

LLC

4.875%

due

05/13/24

(Þ)

1,240

1,236

Total

Short-Term

Investments

(cost

$33,837)

31,054

Other

Securities

-

1.6%

U.S.

Cash

Collateral

Fund(@)(×)

6,660,623

6,661

Total

Other

Securities

(cost

$6,661)

6,661

Total

Investments

-

98.6%

(identified

cost

$442,881)

420,266

Other

Assets

and

Liabilities,

Net

-

1.4%

5,811

Net

Assets

-

100.0%

426,077

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

151

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

$

$

$

79.3%

1011778

B.C.

Unltd.

Liability

Co.

/

New

Red

Finance,

Inc.

07/06/21

206,000

98.07

202

184

1375209

BC,

Ltd.

09/27/22

755,000

100.23

757

732

180

Medical,

Inc.

09/30/21

300,000

100.00

300

268

3M

Co.

01/05/24

37,000

76.01

28

28

ABN

AMRO

Bank

NV

07/08/20

94,000

105.44

99

92

ABN

AMRO

Bank

NV

11/06/23

26,000

97.63

25

26

Abu

Dhabi

Government

International

Bond

09/20/22

552,000

82.91

458

461

Abu

Dhabi

Government

International

Bond

11/02/22

477,000

71.81

343

333

Abu

Dhabi

Government

International

Bond

08/03/23

200,000

68.25

137

136

Abu

Dhabi

Government

International

Bond

10/04/23

200,000

86.55

173

178

Abu

Dhabi

National

Energy

Co.

PJSC

05/10/18

506,000

99.62

504

500

Accor

SA

01/20/23

EUR

300,000

98.74

296

317

Accor

SA

10/04/23

EUR

200,000

111.73

223

236

ACE

Securities

Corp.

Mortgage

Loan

Trust

02/23/21

657,496

98.31

646

503

ACS

Actividades

de

Construccion

y

Servicios

SA

03/21/22

EUR

400,000

114.01

456

418

AdaptHealth

LLC

01/28/21

223,000

101.82

227

175

AdaptHealth

LLC

11/29/21

851,000

99.71

849

665

Adient

Global

Holdings,

Ltd.

11/10/21

474,000

100.98

479

462

Adient

Global

Holdings,

Ltd.

02/28/23

338,000

100.00

338

357

ADO

Properties

SA

06/01/23

EUR

300,000

87.19

262

227

AES

Panama

Generation

Holdings

SRL

04/26/21

83,478

88.45

74

71

African

Export-Import

Bank

(The)

07/26/22

443,000

83.31

369

374

Agua

y

Saneamientos

Argentinos

SA

10/16/19

687,431

90.87

625

529

AHP

Health

Partners,

Inc.

08/16/21

186,000

100.63

187

167

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

04/20/22

142,000

97.29

138

138

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

04/18/23

171,000

89.62

153

154

Albion

Financing

2

SARL

10/15/21

600,000

100.00

600

599

Alimentation

Couche-Tard,

Inc.

09/24/18

125,000

97.37

122

120

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

11/09/22

246,000

92.42

227

240

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

04/21/22

277,000

99.79

276

273

Alta

Equipment

Group,

Inc.

12/07/21

490,000

101.09

495

470

Altice

France

Holding

SA

04/20/22

324,000

90.17

292

237

Altria

Group,

Inc.

09/04/20

69,000

124.64

86

71

Ambipar

Lux

SARL

01/30/24

200,000

100.00

200

199

American

Airlines

Group,

Inc.

04/12/21

541,500

100.00

541

536

American

Airlines

Group,

Inc.

08/10/23

409,000

98.49

403

402

American

Finance

Trust,

Inc.

/

American

Finance

Operating

Partner,

LP

01/12/22

225,000

99.66

224

190

ams

AG

07/18/23

EUR

800,000

91.57

733

807

ams-OSRAM

AG

01/31/24

EUR

100,000

85.11

85

85

Anarafe

SL

01/12/22

EUR

247,360

127.90

316

326

Angolan

Government

International

Bond

09/20/22

683,000

82.38

563

586

APCOA

Parking

Holdings

GmbH

07/14/21

EUR

260,000

112.86

293

269

Apidos

CLO

XXXI

04/28/21

1,140,000

100.00

1,140

1,130

Apidos

CLO

XXXIII

09/14/21

1,600,000

100.00

1,600

1,593

Apollo

Commercial

Real

Estate

Finance,

Inc.

09/02/21

216,000

98.30

212

181

Aramark

Services,

Inc.

01/28/21

242,000

102.69

248

234

Arches

Buyer,

Inc.

05/03/23

208,000

88.65

184

186

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

01/28/21

187,000

102.32

191

140

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

04/28/22

EUR

750,000

94.00

705

727

Aretec

Escrow

Issuer

2,

Inc.

10/26/23

664,000

100.00

664

717

Arroyo

Mortgage

Trust

05/12/20

85,624

97.22

83

80

Arsenal

AIC

Parent

LLC

08/10/23

168,000

101.87

171

175

Ashtead

Capital,

Inc.

08/04/22

438,000

91.75

402

436

Ashtead

Capital,

Inc.

10/17/23

107,000

92.97

99

103

AssuredPartners,

Inc.

01/24/24

620,000

100.00

620

620

Athabasca

Oil

Corp.

01/29/24

159,000

106.56

169

168

Atrium

European

Real

Estate,

Ltd.

05/17/22

EUR

200,000

103.64

207

200

ATS

Automation

Tooling

Systems,

Inc.

01/28/21

193,000

101.16

195

175

Avantor,

Inc.

01/28/21

249,000

103.14

257

237

Avation

Capital

SA

07/06/21

320,291

90.38

289

274

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV

01/28/21

180,000

102.97

185

173

Axian

Telecom

04/18/23

335,000

93.79

314

315

Azelis

Finance

NV

03/08/23

EUR

100,000

105.47

105

111

Azzurra

Aeroporti

SpA

11/27/20

EUR

600,000

94.52

567

608

Bahia

De

Las

Isletas

SL

01/11/24

EUR

15,907,620

—

—

—

Bahrain

Government

International

Bond

08/04/23

200,000

103.04

206

206

Banco

de

Sabadell

SA

10/20/20

EUR

500,000

111.04

555

525

Banco

do

Brasil

SA

08/16/19

291,000

110.40

321

293

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

152

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

02/16/23

493,000

90.55

446

466

Banco

Nacional

de

Panama

01/23/24

200,000

76.31

153

152

Banijay

Group

SAS

04/28/22

EUR

400,000

108.66

435

436

Bank

Commercial

Mortgage

Pass-Through

Certificates

08/01/19

140,000

91.36

128

108

Bank

Commercial

Mortgage

Pass-Through

Certificates

01/29/21

1,545,744

10.83

167

105

Bank

Commercial

Mortgage

Pass-Through

Certificates

10/05/21

1,100,000

96.43

1,061

599

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

01/19/24

500,000

90.33

452

454

Bath

&

Body

Works,

Inc.

01/05/17

140,000

99.05

139

138

Bath

&

Body

Works,

Inc.

02/03/21

657,000

101.60

712

655

Bausch

Health

Cos.,

Inc.

12/17/19

453,000

222.82

1,009

308

Bausch

Health

Cos.,

Inc.

05/27/21

91,000

165.97

151

51

Bayer

AG

09/26/23

EUR

200,000

104.79

210

221

Bayer

US

Finance

II

LLC

11/14/22

EUR

1,200,000

94.57

1,141

1,157

Bayer

US

Finance

II

LLC

09/04/23

EUR

300,000

100.85

303

306

Bayer

US

Finance

II

LLC

09/12/23

106,000

97.10

103

104

Bayer

US

Finance

II

LLC

11/08/23

EUR

200,000

101.76

204

207

Benchmark

Mortgage

Trust

02/01/21

1,938,611

10.03

194

116

Benchmark

Mortgage

Trust

03/28/22

890,000

79.48

707

501

Benefit

Street

Partners

CLO

IV,

Ltd.

01/20/21

500,000

100.00

500

500

Berry

Global,

Inc.

07/22/19

145,000

102.63

149

144

Bertelsmann

SE

&

Co.

KGaA

05/03/22

EUR

200,000

100.48

201

207

Betony

CLO

2,

Ltd.

03/24/21

1,000,000

100.00

1,000

995

Bharti

Airtel,

Ltd.

01/05/24

98,000

98.75

97

97

BlackRock

TCP

Capital

Corp.

07/24/23

129,000

91.96

119

121

Blackstone

Mortgage

Trust,

Inc.

11/02/21

200,000

99.81

200

176

BMD2

Re-Remic

Trust

02/03/21

892,000

89.49

798

686

BNP

Paribas

SA

07/24/23

120,000

90.86

109

111

BNP

Paribas

SA

08/08/23

15,000

95.20

14

14

BOCA

Commercial

Mortgage

Trust

01/24/24

500,000

99.63

498

495

Bolivia

Government

International

Bond

12/07/23

200,000

55.76

112

104

Booz

Allen

Hamilton

Holding

Corp.

01/25/23

1,028,000

96.82

962

973

Boxer

Parent

Co.,

Inc.

05/14/20

157,000

100.00

157

157

BP

Capital

Markets

PLC

07/24/23

122,000

96.42

118

119

Brand

Industrial

Services,

Inc.

08/10/23

166,000

101.90

169

175

Brazil

Government

International

Bond

01/22/24

307,000

99.71

306

307

Brinker

International,

Inc.

06/22/23

621,000

100.00

621

650

British

Telecommunications

PLC

01/31/24

GBP

100,000

136.04

136

135

Broadcom,

Inc.

04/16/21

90,000

76.21

69

73

Brookfield

Finance,

Inc.

11/02/20

78,000

115.74

90

69

Brookfield

Residential

Properties,

Inc.

03/15/21

191,000

102.47

196

185

Builders

FirstSource,

Inc.

03/03/21

255,000

104.91

268

245

BX

Commercial

Mortgage

Trust

12/07/23

600,000

99.75

599

605

BX

Trust

02/06/23

1,000,000

96.15

961

979

BX

Trust

02/23/23

175,000

95.81

168

169

BX

Trust

01/24/24

500,000

97.69

488

487

C&W

Senior

Financing

Designated

Activity

Company

04/24/23

707,000

89.66

634

670

Cabot

Corp.

12/07/23

88,000

94.32

83

83

Caesars

Entertainment,

Inc.

07/01/20

507,000

99.33

504

520

Caesars

Entertainment,

Inc.

01/24/24

187,000

100.00

187

189

Canary

Wharf

Group

Investment

Holdings

PLC

01/10/23

GBP

210,000

110.61

232

246

Canary

Wharf

Group

Investment

Holdings

PLC

08/04/23

EUR

300,000

83.46

250

276

Cantor

Commercial

Real

Estate

Lending

02/16/21

775,000

90.25

699

530

Capital

One

Financial

Corp.

12/06/23

75,000

98.08

74

75

Carlyle

Global

Market

Strategies

CLO,

Ltd.

10/05/18

500,000

100.00

500

500

Carlyle

Global

Market

Strategies

CLO,

Ltd.

04/29/22

1,000,000

97.53

975

992

Carnival

Corp.

02/16/21

674,000

91.27

615

664

Carnival

Corp.

05/09/23

861,000

80.86

696

834

Carnival

Corp.

08/01/23

59,000

100.00

59

61

Carnival

Corp.

09/18/23

EUR

350,000

77.38

271

286

Carriage

Purchaser,

Inc.

11/17/21

744,000

98.64

734

632

Cascade

Funding

Mortgage

Trust

02/25/22

4,500,000

64.36

2,896

2,765

Cascades,

Inc.

01/29/24

191,000

101.00

193

188

Castor

SpA

02/10/22

EUR

138,000

113.87

157

145

CBB

International

Sukuk

Programme

Company

01/26/23

1,024,000

91.93

941

926

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/21/22

1,247,000

92.41

1,197

991

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/21/22

29,000

98.30

29

27

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/18/23

166,000

95.67

159

160

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

07/11/23

68,000

94.44

64

66

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

153

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

07/11/23

758,000

97.89

742

674

CD

Mortgage

Trust

08/12/19

7,702,186

7.85

605

441

CDW

LLC

/

CDW

Finance

Corp.

10/11/22

127,000

90.66

115

119

Cedar

Funding

V

CLO,

Ltd.

03/22/19

250,000

98.61

247

249

Cellnex

Telecom

SA

09/06/23

EUR

400,000

83.35

333

365

Celulosa

Arauco

y

Constitucion

SA

01/08/24

60,000

91.08

55

55

Cencosud

SA

12/07/23

132,000

94.52

125

127

Central

Plaza

Holding

Co.,

Ltd.

05/06/22

600,000

94.74

568

531

Centrica

PLC

11/22/23

GBP

500,000

129.43

647

625

Centurion

Bidco

SpA

05/09/23

EUR

245,000

109.62

269

285

CEZ

AS

06/15/17

383,000

109.41

419

346

CF

Industries,

Inc.

09/12/23

128,000

97.24

124

126

CGG

SA

11/09/21

EUR

300,000

116.80

350

287

Chase

Home

Lending

Mortgage

Trust

07/29/19

121,575

100.96

123

108

Chase

Home

Lending

Mortgage

Trust

10/30/19

75,063

100.76

76

65

Chase

Home

Lending

Mortgage

Trust

10/30/19

480,403

101.56

488

417

Chile

Government

International

Bond

07/06/23

1,261,178

95.79

1,208

1,236

China

Government

International

Bond

11/17/22

987,000

93.72

925

924

CHNGE

Mortgage

Trust

01/21/22

340,517

99.99

340

314

CHS/Community

Health

Systems,

Inc.

05/04/21

270,000

100.00

270

176

CHS/Community

Health

Systems,

Inc.

01/20/22

160,000

100.00

160

132

CHS/Community

Health

Systems,

Inc.

04/29/22

460,000

95.90

441

416

CHS/Community

Health

Systems,

Inc.

07/29/22

329,000

93.65

308

261

Cidron

Aida

Finco

SARL

03/25/21

GBP

300,000

137.38

412

364

Cidron

Aida

Finco

SARL

11/09/21

EUR

600,000

114.11

685

625

CIFC

Funding,

Ltd.

12/20/21

500,000

100.00

500

500

CIFC

LLC

03/18/21

1,000,000

100.00

1,000

1,003

CIM

Commercial

Trust

Corp.

09/27/18

201,540

96.91

195

184

CIM

Commercial

Trust

Corp.

03/22/19

41,001

101.39

42

38

CIM

Commercial

Trust

Corp.

03/01/21

754,702

101.93

769

604

CIM

Commercial

Trust

Corp.

03/29/21

372,999

100.39

374

298

CIM

Trust

11/07/19

387,277

100.57

389

341

Citigroup

Commercial

Mortgage

Trust

04/04/19

410,000

101.45

416

302

Citigroup

Commercial

Mortgage

Trust

06/14/19

120,000

86.71

104

84

Citigroup

Commercial

Mortgage

Trust

08/06/19

2,226,693

3.71

83

83

Citigroup

Commercial

Mortgage

Trust

08/12/19

313,000

78.78

247

205

Citigroup

Mortgage

Loan

Trust,

Inc.

05/06/21

563,204

101.19

570

450

Citigroup

Mortgage

Loan

Trust,

Inc.

06/25/21

485,143

100.39

487

388

Citigroup,

Inc.

07/24/23

124,000

95.31

118

120

Citizens

Financial

Group,

Inc.

10/03/23

57,000

90.75

52

55

Citycon

Treasury

BV

09/18/23

EUR

630,000

85.44

538

559

CLI

Funding

VI

LLC

03/23/21

659,000

100.23

661

593

Cloud

Software

Group

Holdings,

Inc.

11/09/22

319,000

87.24

278

298

Cloud

Software

Group,

Inc.

01/29/24

51,000

95.31

49

48

Clydesdale

Acquisition

Holdings,

Inc.

03/30/22

179,000

100.00

179

178

Clydesdale

Acquisition

Holdings,

Inc.

10/26/23

883,000

90.58

800

839

Codelco

Metals,

Inc.

09/05/23

255,000

99.89

255

255

Coinbase

Global,

Inc.

09/14/21

166,000

100.00

166

136

Coinbase

Global,

Inc.

09/14/21

120,000

100.00

120

90

Colt

Merger

Sub,

Inc.

06/19/20

726,000

99.80

725

728

Comerica,

Inc.

09/13/23

95,000

93.07

88

90

Commercial

Mortgage

Trust

04/28/22

1,500,000

90.54

1,358

1,388

Commerzbank

AG

01/28/21

EUR

514,000

119.99

617

558

Commerzbank

AG

09/28/22

EUR

700,000

101.90

713

757

Commonbond

Student

Loan

Trust

11/27/18

55,131

100.70

56

51

Commonbond

Student

Loan

Trust

06/02/20

78,223

99.98

78

68

Commonbond

Student

Loan

Trust

03/10/21

233,922

100.00

234

180

Compass

Group

Diversified

Holdings

LLC

04/07/21

197,000

103.29

203

188

Comstock

Resources,

Inc.

05/03/23

250,000

85.74

214

217

Connect

Finco

SARL

/

Connect

US

Finco

LLC

01/13/22

850,000

102.84

874

831

Connecticut

Avenue

Securities

Trust

01/11/22

700,000

100.00

700

717

Consensus

Cloud

Solutions,

Inc.

09/24/21

132,000

100.00

132

119

Consensus

Cloud

Solutions,

Inc.

07/06/22

287,000

92.22

265

272

Consolidated

Communications

Holdings,

Inc.

01/09/24

122,000

81.88

100

100

Consolidated

Energy

Finance

SA

09/30/21

655,000

99.96

655

535

Consolidated

Energy

Finance

SA

11/09/22

189,000

95.08

180

173

Constellation

Automotive

Financing

PLC

07/16/21

GBP

360,000

137.61

495

381

Constellation

Merger

Sub,

Inc.

09/03/19

197,000

95.19

188

177

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

154

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Co-operative

Group

Holdings,

Ltd.

03/08/21

GBP

210,000

154.17

324

262

CoreLogic,

Inc.

07/06/21

201,000

99.73

200

178

Coronado

Finance

Pty,

Ltd.

05/04/21

369,000

99.51

367

388

Corp.

Nacional

del

Cobre

de

Chile

12/14/22

615,000

74.49

458

381

Corp.

Nacional

del

Cobre

de

Chile

01/23/24

363,000

99.94

363

371

Costa

Rica

Government

International

Bond

11/06/23

580,000

94.80

550

607

Coty,

Inc.

08/10/23

176,000

97.28

171

173

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

08/10/23

173,000

100.74

174

176

CPI

CG,

Inc.

04/07/21

180,000

102.60

185

177

CPUK

Finance,

Ltd.

04/01/19

GBP

275,000

128.38

353

339

CPUK

Finance,

Ltd.

09/08/20

GBP

150,000

129.88

195

186

CPUK

Finance,

Ltd.

04/05/23

GBP

140,000

124.60

174

181

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

05/27/21

758,000

100.00

758

707

Credit

Agricole

SA

08/08/23

94,000

94.04

88

90

Credit

Suisse

AG

07/24/23

65,000

96.13

62

63

Crown

European

Holdings

SA

05/09/23

EUR

500,000

109.99

550

556

Csail

Commercial

Mortgage

Trust

04/12/19

100,000

94.55

95

87

CSC

Holdings

LLC

07/14/21

743,000

99.30

738

380

Cushman

&

Wakefield

U.S.

Borrower

LLC

03/15/21

149,000

105.42

157

147

CVR

Energy,

Inc.

01/10/20

402,000

100.00

402

371

CVR

Energy,

Inc.

07/25/22

983,000

98.96

973

982

CVS

Health

Corp.

07/24/23

75,000

92.79

70

70

Daily

Mail

&

General

Trust

PLC

01/28/21

GBP

250,000

143.46

359

300

Danske

Bank

A/S

09/07/21

134,000

96.17

129

122

DaVita,

Inc.

11/09/22

281,000

78.72

221

249

DB

Master

Finance

LLC

03/20/19

191,500

100.00

191

185

DB

Master

Finance

LLC

03/20/19

383,000

100.00

383

372

DBWF

Mortgage

Trust

10/25/18

1,000,000

90.89

909

810

Deutsche

Bank

AG

01/10/24

126,000

85.80

108

119

Deutsche

Telekom

AG

12/09/21

EUR

600,000

107.82

647

591

Development

Bank

of

the

Republic

of

Belarus

JSC

06/08/21

942,000

100.07

943

292

DIRECTV

Holdings

LLC

/

DIRECTV

Financing

Co.,

Inc.

07/22/21

1,140,000

101.02

1,149

1,084

DISH

DBS

Corp.

08/21/19

100,000

98.97

99

93

DISH

DBS

Corp.

11/09/21

5,000

101.61

5

2

DISH

DBS

Corp.

11/10/21

57,000

100.00

57

38

DISH

DBS

Corp.

07/11/22

324,000

85.46

277

191

DISH

DBS

Corp.

04/12/23

218,000

54.80

119

83

DISH

Network

Corp.

07/17/20

389,000

96.07

374

226

DISH

Network

Corp.

02/14/23

270,000

103.15

279

282

DNB

Bank

ASA

09/14/23

72,000

92.49

67

67

Dollar

General

Corp.

12/05/23

34,000

76.62

26

27

Dominican

Republic

Government

International

Bond

08/22/23

1,134,000

99.88

1,133

1,179

Domino's

Pizza

Master

Issuer

LLC

11/06/19

912,000

100.00

912

838

Domino's

Pizza

Master

Issuer

LLC

04/08/21

583,500

100.00

583

504

Dresdner

Funding

Trust

I

03/02/22

139,000

125.28

174

154

Dryden

30

Senior

Loan

Fund

10/05/18

500,000

99.35

497

490

Dufry

One

BV

04/15/21

EUR

150,000

119.73

180

155

Dufry

One

BV

09/10/21

CHF

200,000

106.03

212

219

EchoStar

Corp.

08/01/23

526,000

92.20

485

360

Ecopetrol

SA

08/15/18

1,000

97.58

1

1

Ecopetrol

SA

01/23/24

74,000

104.40

77

78

Ecuador

Government

International

Bond

09/20/22

731,058

36.99

270

299

Ecuador

Government

International

Bond

04/19/23

309,008

51.95

161

162

Edison

International

08/08/23

115,000

100.54

116

117

Edison

International

08/10/23

170,000

102.24

174

175

EDO

Sukuk,

Ltd.

09/14/23

471,000

99.50

469

479

EDP

-

Energias

de

Portugal

SA

04/29/22

EUR

200,000

97.56

195

206

Egypt

Government

International

Bond

04/26/23

1,182,000

61.94

732

801

Egypt

Government

International

Bond

01/11/24

200,000

64.08

128

132

El

Salvaor

Government

International

Bond

10/20/22

300,000

35.22

106

255

Electricite

de

France

SA

10/20/20

EUR

100,000

129.88

130

107

Electricite

de

France

SA

02/02/21

EUR

800,000

119.80

958

767

Electricite

de

France

SA

07/11/22

EUR

600,000

86.62

520

587

Electricite

de

France

SA

08/02/22

GBP

200,000

116.19

232

247

Electricite

de

France

SA

11/25/22

GBP

500,000

103.50

518

591

Electricite

de

France

SA

02/28/23

EUR

600,000

92.17

553

597

Element

Fleet

Management

Corp.

07/28/23

114,000

100.28

114

116

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

155

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

ELFI

Graduate

Loan

Program

06/18/20

95,633

99.97

96

85

Elia

Group

SA

01/02/24

EUR

700,000

111.78

783

778

Ellington

Financial

Mortgage

Trust

11/05/19

161,793

99.98

162

151

Ellington

Financial

Mortgage

Trust

04/14/22

427,308

99.59

426

416

Emerald

Debt

Merger

Sub

LLC

05/04/23

EUR

600,000

110.14

661

681

Emirates

NBD

Bank

PJSC

09/17/19

294,000

105.30

310

292

Empresa

de

Transporte

de

Pasajeros

Metro

SA

06/16/17

568,000

107.26

609

490

Empresa

Nacional

del

Petroleo

11/02/17

538,000

92.97

500

398

Enact

Holdings,

Inc.

11/13/20

141,000

102.43

144

141

Enbridge,

Inc.

01/08/24

23,000

113.32

26

27

Enel

Finance

International

NV

07/24/23

131,000

90.67

119

120

Enel

Finance

International

NV

08/08/23

67,000

104.63

70

72

Energia

Group

Roi

Financeco

DAC

07/20/23

EUR

600,000

111.60

670

675

Energizer

Holdings,

Inc.

06/09/21

EUR

250,000

121.77

304

239

Entegris

Escrow

Corp.

04/04/23

504,000

94.95

479

482

EP

Infrastructure

AS

09/20/22

EUR

500,000

83.84

419

460

EP

Infrastructure

AS

04/19/23

EUR

400,000

73.16

293

340

EP

Infrastructure

AS

04/19/23

EUR

700,000

97.13

680

690

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

182

EQM

Midstream

Partners,

LP

01/04/21

217,000

100.00

217

204

EQM

Midstream

Partners,

LP

06/01/22

313,000

101.12

317

336

Eskom

Holdings

SOC,

Ltd.

10/06/22

305,000

92.29

281

283

Eskom

Holdings

SOC,

Ltd.

04/18/23

616,000

99.36

612

615

Esselunga

SpA

10/27/21

EUR

360,000

120.13

432

365

Eutelsat

SA

11/01/23

EUR

700,000

92.96

651

592

Eutelsat

SA

01/22/24

EUR

300,000

104.37

313

300

Explorer

II

AS

12/02/20

EUR

427,500

113.56

485

422

Export-Import

Bank

of

China

08/16/22

267,000

97.23

260

232

Export-Import

Bank

of

India

02/20/20

200,000

100.15

200

200

Export-Import

Bank

of

India

06/27/22

300,000

82.12

246

248

Fannie

Mae

Connecticut

Avenue

Securities

Trust

10/31/18

11,572

99.89

12

12

Fannie

Mae

Connecticut

Avenue

Securities

Trust

08/04/20

120,617

97.17

117

122

Fannie

Mae

Connecticut

Avenue

Securities

Trust

03/02/22

1,200,000

91.11

1,093

1,223

Fannie

Mae

Connecticut

Avenue

Securities

Trust

02/06/23

1,100,000

100.00

1,100

1,166

F-Brasile

SpA

/

F-Brasile

US

LLC

01/29/24

175,000

88.23

154

173

FEL

Energy

VI

SARL

10/19/22

231,595

90.38

209

202

Ferguson

PLC

12/07/23

73,000

97.53

71

72

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

01/29/24

132,000

89.57

118

119

Fifth

Third

Bancorp

07/24/23

121,000

88.25

107

110

First

Quantum

Minerals,

Ltd.

02/20/18

236,000

100.00

236

225

First

Quantum

Minerals,

Ltd.

11/07/19

115,000

99.81

115

114

First

Quantum

Minerals,

Ltd.

05/17/23

649,000

100.00

649

602

Flagstar

Mortgage

Trust

10/24/18

439,832

103.05

453

416

Flagstar

Mortgage

Trust

06/03/19

84,818

102.73

87

78

Flagstar

Mortgage

Trust

02/04/21

131,780

102.70

135

118

Florida

Gas

Transmission

Co.

LLC

12/07/23

107,000

98.02

105

105

Forestar

Group,

Inc.

05/12/21

185,000

100.40

186

176

Fortescue

Metals

Group,

Ltd.

01/08/24

278,000

81.16

226

250

Fortis,

Inc.

12/05/23

126,000

93.80

118

120

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

10/13/20

174,655

100.00

175

177

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/17/21

876,384

100.00

876

891

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

07/19/21

762,542

99.36

758

766

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/07/22

1,200,000

98.53

1,182

1,226

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/03/23

1,100,000

102.13

1,123

1,151

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

09/26/23

200,000

104.94

210

213

FREMF

Mortgage

Trust

03/24/21

14,810,977

0.38

56

26

FREMF

Mortgage

Trust

03/24/21

3,675,088

0.42

15

8

FREMF

Mortgage

Trust

03/24/21

1,450,103

82.53

1,197

1,139

FREMF

Mortgage

Trust

05/10/21

5,079,147

0.27

14

14

FREMF

Mortgage

Trust

05/10/21

570,000

0.38

2

2

Fresenius

Medical

Care

US

Finance

III,

Inc.

08/03/22

165,000

85.44

141

131

Frontier

Communications

Corp.

10/05/21

153,000

100.00

153

130

Frontier

Communications

Corp.

04/21/22

673,000

97.79

666

621

Frontier

Communications

Corp.

04/18/23

156,000

98.07

153

158

FRR

Re-REMIC

Trust

09/29/21

200,000

89.00

178

181

Gabon

Government

International

Bond

02/06/23

228,000

86.19

197

186

Gaci

First

Investment

Co.

08/03/23

400,000

95.52

382

380

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

156

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

GAM

Re-REMIC

Trust

04/01/21

1,258,000

111.94

1,408

904

GAM

Re-REMIC

Trust

04/01/21

905,000

68.81

623

643

GAM

Re-REMIC

Trust

04/01/21

837,000

71.28

597

610

GAM

Re-REMIC

Trust

11/04/21

266,000

72.01

192

172

GAM

Re-REMIC

Trust

11/04/21

316,000

86.95

275

287

GAM

Re-REMIC

Trust

11/04/21

384,000

87.63

337

347

GAM

Re-REMIC

Trust

11/04/21

316,000

89.72

284

288

GAM

Re-REMIC

Trust

11/04/21

415,000

91.11

378

319

GAM

Re-REMIC

Trust

11/04/21

312,000

92.57

289

267

GAM

Re-REMIC

Trust

01/25/22

1,500,000

77.25

1,159

1,107

GAM

Re-REMIC

Trust

01/25/22

1,000,000

78.77

787

754

GAM

Re-REMIC

Trust

01/28/22

304,000

77.78

236

224

GAM

Re-REMIC

Trust

01/28/22

251,000

85.38

214

221

GAM

Re-REMIC

Trust

01/28/22

251,000

87.49

220

223

GAM

Re-REMIC

Trust

01/28/22

246,000

87.59

215

228

GAM

Re-REMIC

Trust

01/28/22

635,000

88.76

564

513

GAM

Re-REMIC

Trust

01/28/22

199,000

89.20

178

186

GAM

Re-REMIC

Trust

01/28/22

246,000

90.12

222

231

GAM

Re-REMIC

Trust

01/31/22

433,000

81.60

353

335

GAM

Re-REMIC

Trust

05/03/22

796,000

87.50

697

708

Garden

Spinco

Corp.

07/06/22

540,000

100.00

540

578

Gartner,

Inc.

02/18/21

190,000

104.05

198

181

Gazprom

OAO

Via

Gaz

Capital

SA

08/17/16

1,000,000

113.28

1,133

798

Genesis

Energy,

LP

/

Genesis

Energy

Finance

Corp.

12/10/20

367,000

100.00

367

371

Genting

New

York

LLC

01/19/23

282,000

100.05

282

261

Georgian

Railway

JSC

04/07/22

385,000

89.90

346

352

Getty

Images,

Inc.

06/12/23

1,000,000

100.00

1,000

1,000

GFL

Environmental,

Inc.

10/12/21

188,000

101.12

190

177

GFL

Environmental,

Inc.

01/29/24

59,000

97.38

57

57

GGAM

Finance,

Ltd.

12/27/23

625,000

102.53

641

644

Ghana

Government

International

Bond

10/07/15

250,000

100.00

250

160

Ghana

Government

International

Bond

01/04/24

649,000

39.04

253

286

GKN

Holdings,

Ltd.

10/27/21

GBP

200,000

145.34

291

219

Global

Aircraft

Leasing

Co.,

Ltd.

08/21/19

2,332,574

98.29

2,293

2,248

Global

Infrastructure

Solutions,

Inc.

01/10/24

822,000

90.58

745

743

Global

Net

Lease,

Inc.

01/28/21

649,000

96.65

618

551

Global

Partners,

LP

/

GLP

Finance

Corp.

03/03/21

186,000

105.75

197

183

Global

Partners,

LP

/

GLP

Finance

Corp.

01/03/24

141,000

100.00

141

145

Globalworth

Real

Estate

Investments,

Ltd.

10/05/23

EUR

230,000

84.55

194

213

goeasy,

Ltd.

05/12/21

187,000

100.71

188

178

Golden

Entertainment,

Inc.

09/06/23

242,000

99.91

242

242

GoodLeap

Sustainable

Home

Solutions

Trust

06/09/21

1,152,811

99.96

1,152

910

GoTo

Group,

Inc.

08/22/22

487,000

81.63

398

200

Graham

Packaging

Co.,

Inc.

11/10/22

1,000,000

86.40

864

893

Graphic

Packaging

International

LLC

07/06/21

255,000

100.90

257

235

Gray

Oak

Pipeline

LLC

12/07/23

23,000

94.67

22

22

Gray

Television,

Inc.

10/26/21

508,000

100.00

508

398

Greenland

Global

Investment,

Ltd.

01/10/18

457,000

96.28

440

64

Greenland

Global

Investment,

Ltd.

09/07/21

734,757

81.73

600

105

Grifols

Escrow

Issuer

SA

02/09/22

EUR

400,000

109.65

439

365

GrubHub,

Inc.

10/12/21

186,000

102.09

190

162

Grupo

Bimbo

SAB

de

CV

12/07/23

49,000

88.94

44

44

GS

Mortgage

Securities

Trust

06/27/19

3,653,310

3.77

138

138

GS

Mortgage

Securities

Trust

08/01/19

894,290

105.70

945

814

GS

Mortgage

Securities

Trust

03/12/21

782,210

101.36

793

625

GS

Mortgage

Securities

Trust

05/14/21

372,461

96.79

361

280

GS

Mortgage

Securities

Trust

06/03/21

895,066

103.79

929

750

GS

Mortgage

Securities

Trust

06/15/21

825,942

100.51

830

661

GS

Mortgage

Securities

Trust

06/15/21

800,000

100.89

807

548

GS

Mortgage

Securities

Trust

09/22/21

1,005,556

100.86

1,014

803

GS

Mortgage

Securities

Trust

12/06/21

470,959

96.50

454

350

GS

Mortgage

Securities

Trust

01/10/22

890,589

97.41

867

711

GS

Mortgage

Securities

Trust

03/08/23

500,000

99.79

499

500

Guatemala

Government

International

Bond

06/06/23

428,000

100.00

428

432

Guatemala

Government

International

Bond

09/27/23

247,000

100.00

247

259

Gulfport

Energy

Corp.

11/09/22

136,000

99.68

136

137

Harvest

Midstream

I,

LP

11/22/21

1,243,000

101.71

1,264

1,256

Hat

Holdings

I

LLC

07/06/21

252,000

100.68

254

234

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

157

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Hawaii

Hotel

Trust

01/23/24

500,000

98.50

493

492

Hawaiian

Brand

Intellectual

Property,

Ltd.

/

HawaiianMiles

Loyalty,

Ltd.

01/03/24

846,000

96.23

827

796

Hazine

Mustesarligi

Varlik

Kiralama

AS

12/05/23

1,223,000

101.40

1,240

1,267

HBOS

PLC

12/06/23

27,000

94.94

26

26

HC2

Holdings,

Inc.

03/03/21

315,000

100.01

315

237

HCA,

Inc.

04/29/22

469,000

102.64

481

478

HCA,

Inc.

07/12/23

960,000

91.12

875

871

Hecla

Mining

Co.

01/25/21

447,000

105.21

470

448

Helios

Issuer

LLC

10/26/18

808,037

99.98

808

766

Helios

Issuer

LLC

10/26/18

599,591

99.98

599

538

Helios

Issuer

LLC

06/15/20

348,745

99.99

349

321

Herbalife

Nutrition,

Ltd.

08/17/23

808,000

96.18

777

802

Herbalife,

Ltd.

01/17/24

166,000

102.58

170

165

Hershey

Co.

(The)

01/08/24

13,000

77.85

10

10

Highlands

Holdings

Bond

Issuer,

Ltd.

10/15/21

1,067,325

101.08

1,079

1,075

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

01/04/23

194,000

91.88

178

187

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

05/03/23

258,000

91.98

237

248

Hilton

Domestic

Operating

Co.,

Inc.

02/18/21

147,000

105.64

155

147

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

01/23/24

856,000

76.26

645

669

Holdco

LLC

07/25/22

657,000

86.98

571

556

Hologic,

Inc.

01/28/21

183,000

104.13

191

177

Howard

Hughes

Corp.

(The)

02/18/21

252,000

104.25

263

241

Howmet

Aerospace,

Inc.

04/21/22

53,000

100.53

53

53

HTA

Group,

Ltd.

05/03/23

183,000

95.66

175

180

Huarong

Finance

2017

Co.,

Ltd.

06/08/21

200,000

84.09

168

187

Hungary

Government

International

Bond

12/21/22

347,000

62.78

218

220

Hungary

Government

International

Bond

07/25/23

675,000

102.10

689

694

Hungary

Government

International

Bond

01/03/24

302,000

97.89

296

296

Huntington

Bancshares,

Inc.

10/03/23

92,000

96.49

89

91

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

09/03/19

660,000

99.82

659

656

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

07/21/20

622,000

100.43

625

559

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

08/10/23

126,000

97.02

122

124

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

12/13/23

780,000

100.13

772

747

IHO

Verwaltungs

GmbH

03/24/23

EUR

300,000

106.63

320

350

Iliad

SA

03/01/23

EUR

300,000

103.69

311

336

Imperial

Fund

Mortgage

Trust

04/14/22

424,483

99.99

424

414

INEOS

Finance

PLC

03/21/23

EUR

100,000

106.54

107

111

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

76,000

94.71

72

71

Instituto

Costarricense

de

Electricidad

12/18/18

561,000

81.78

459

484

International

Airport

Finance

SA

01/11/22

16,360

107.98

18

17

International

Bank

of

Azerbaijan

OJSC

02/12/20

200,000

99.58

199

193

International

Consolidated

Airlines

Group

SA

04/20/22

EUR

400,000

95.60

382

398

International

Flavors

&

Fragrances,

Inc.

07/28/23

129,000

93.66

121

120

Intesa

Sanpaolo

SpA

09/02/21

290,000

104.30

302

210

Intesa

Sanpaolo

SpA

09/21/22

EUR

600,000

105.05

630

648

Intesa

Sanpaolo

SpA

12/06/23

37,000

91.81

34

35

INTOWN

Mortgage

Trust

11/01/23

500,000

99.97

500

501

IQVIA,

Inc.

12/09/19

260,000

102.84

267

254

Iron

Mountain,

Inc.

05/12/21

193,000

101.45

196

180

Ithaca

Energy

North

Sea

PLC

08/16/21

171,000

100.03

171

170

ITT

Holdings

LLC

06/23/21

480,000

99.95

480

420

Ivory

Coast

Government

International

Bond

09/20/22

184,172

91.02

168

177

Ivory

Coast

Government

International

Bond

01/23/24

350,000

98.10

343

348

J.G.

Wentworth

XLII

LLC

01/02/24

455,190

99.97

455

414

JB

Poindexter

&

Co.,

Inc.

01/12/24

649,000

100.56

653

664

JDE

Peet's

NV

12/07/23

78,000

89.33

70

70

Jefferson

Capital

Holdings

LLC

01/05/22

763,000

99.18

757

734

Jefferson

Capital

Holdings

LLC

01/30/24

351,000

100.00

351

353

Jersey

Central

Power

&

Light

Co.

07/27/23

77,000

97.51

75

76

Jordan

Government

International

Bond

04/04/23

172,000

98.94

170

168

Jordan

Government

International

Bond

01/17/24

264,000

98.88

261

258

JPMorgan

Commercial

Mortgage

Securities

Trust

10/11/18

2,536,544

0.69

18

17

JPMorgan

Commercial

Mortgage

Securities

Trust

03/26/19

330,000

101.01

333

192

JPMorgan

Commercial

Mortgage

Securities

Trust

03/04/22

550,000

98.82

544

517

JPMorgan

Mortgage

Trust

12/06/18

768,753

90.53

696

663

JPMorgan

Mortgage

Trust

01/18/19

27,359

99.93

27

25

JPMorgan

Mortgage

Trust

03/22/19

21,741

101.06

22

21

JPMorgan

Mortgage

Trust

07/25/19

553,194

98.37

544

542

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

158

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

JPMorgan

Mortgage

Trust

01/24/20

342,544

104.07

356

306

JPMorgan

Mortgage

Trust

01/28/20

58,807

101.64

60

51

JPMorgan

Mortgage

Trust

01/30/20

359,138

101.03

363

297

JPMorgan

Mortgage

Trust

06/02/20

152,552

101.92

155

136

JPMorgan

Mortgage

Trust

07/15/20

655,463

103.69

680

617

JPMorgan

Mortgage

Trust

08/20/20

252,677

105.21

266

230

JPMorgan

Mortgage

Trust

10/28/20

173,278

103.02

179

147

JPMorgan

Mortgage

Trust

11/10/20

68,068

102.69

70

61

JPMorgan

Mortgage

Trust

12/07/20

60,047

103.93

62

58

JPMorgan

Mortgage

Trust

12/23/20

414,647

106.66

442

354

JPMorgan

Mortgage

Trust

01/19/21

306,461

103.18

316

245

JPMorgan

Mortgage

Trust

01/28/21

1,000,000

99.76

998

949

JPMorgan

Mortgage

Trust

05/21/21

226,322

100.97

229

181

JPMorgan

Mortgage

Trust

04/27/22

446,848

90.72

405

372

JPMorgan

Mortgage

Trust

09/21/23

995,300

91.75

913

955

JPMorgan

Mortgage

Trust

09/21/23

727,558

97.62

710

730

Kaixo

Bondco

Telecom

SA

09/02/22

EUR

775,000

92.51

717

807

KAR

Auction

Services,

Inc.

01/29/24

177,000

99.03

175

174

Kazakhstan

Government

International

Bond

09/20/22

281,000

79.23

223

263

KazMunayGas

National

Co.

JSC

10/19/18

216,000

83.85

181

187

KazMunayGas

National

Co.

JSC

03/22/22

338,000

94.56

320

322

KCA

Deutag

UK

Finance

PLC

10/26/20

192,645

99.98

193

194

Kelly

Topco,

Ltd.

12/21/20

2,574

42.00

108

174

Kennedy-Wilson,

Inc.

03/15/21

184,000

101.31

186

154

KeySpan

Gas

East

Corp.

07/24/23

82,000

92.43

76

77

Khazanah

Global

Sukuk

Bhd

07/19/23

326,000

100.00

326

325

KIND

Trust

02/09/23

257,868

92.86

239

241

Kinross

Gold

Corp.

06/26/23

800,000

98.77

790

843

Kondor

Finance

PLC

01/28/21

701,000

97.65

685

360

KSL

Commercial

Mortgage

Trust

12/04/23

600,000

99.75

599

602

Ladder

Capital

Finance

Holdings

LLLP

01/06/21

147,000

100.06

147

144

Lamar

Funding,

Ltd.

06/14/17

490,000

99.04

485

475

Lamb

Weston

Holdings,

Inc.

11/02/21

202,000

100.23

202

181

LCM

28,

Ltd.

10/16/18

500,000

100.00

500

492

LCPR

Senior

Secured

Financing

Designated

Acitivity

Co.

10/22/19

473,000

101.23

479

456

Lebanon

Government

International

Bond

02/14/19

500,000

94.68

473

29

Lebanon

Government

International

Bond

06/22/23

1,158,000

7.04

82

66

Leidos,

Inc.

12/19/23

133,000

95.40

127

127

Level

3

Financing,

Inc.

03/31/23

54,000

95.98

52

54

Level

3

Financing,

Inc.

01/29/24

566,000

102.00

577

579

Liberty

Mutual

Group,

Inc.

05/03/22

51,000

127.95

65

52

Libra

Groupco

SpA

01/25/22

EUR

450,000

113.54

511

472

Life

Time,

Inc.

04/21/23

1,098,000

98.56

1,082

1,099

Life

Time,

Inc.

07/28/23

200,000

98.50

197

198

LifePoint

Health,

Inc.

09/29/23

712,000

100.00

712

758

LifePoint

Health,

Inc.

01/03/24

995,000

100.20

997

1,017

Live

Nation

Entertainment,

Inc.

04/28/23

785,000

96.94

761

748

LPL

Holdings,

Inc.

12/06/23

68,000

95.39

65

65

Lumen

Technologies,

Inc.

05/03/23

245,000

73.42

180

128

LYB

Finance

Co.

BV

12/07/23

77,000

106.80

82

83

Macquarie

Airfinance

Holdings,

Ltd.

09/11/23

261,000

100.00

261

271

Madison

Park

Funding

XXXI,

Ltd.

11/08/18

250,000

100.00

250

250

Maison

Finco

PLC

10/06/21

GBP

365,000

135.89

496

415

Mangrove

LuxCo

III

SARL

11/15/19

EUR

417,500

110.01

459

437

Marks

&

Spencer

PLC

09/25/19

111,000

107.76

120

112

Marks

&

Spencer

PLC

02/14/23

GBP

100,000

121.62

122

127

Marks

&

Spencer

PLC

04/05/23

GBP

400,000

115.02

460

485

Marlette

Funding

Trust

04/26/21

169,203

99.98

169

169

MasTec,

Inc.

09/14/23

1,270,000

92.83

1,179

1,191

Mattamy

Group

Corp.

04/29/20

620,000

92.45

573

565

Mattel,

Inc.

07/31/23

125,000

94.46

118

119

Mauser

Packaging

Solutions

Holding

Co.

11/01/22

807,000

93.05

751

779

Mauser

Packaging

Solutions

Holding

Co.

08/10/23

1,312,000

99.83

1,311

1,326

mBank

SA

07/03/23

EUR

300,000

88.56

266

283

McDonald's

Corp.

06/18/21

66,000

133.94

88

71

MDGH

GMTN

RSC,

Ltd.

07/27/23

243,000

105.25

256

252

MDGH

GMTN

RSC,

Ltd.

10/25/23

228,000

98.82

225

244

Medline

Borrower,

LP

11/08/21

164,000

92.17

151

148

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

159

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Medline

Borrower,

LP

05/03/23

167,000

87.03

145

156

Mello

Mortgage

Capital

Acceptance

01/24/20

876,839

104.85

919

803

Mexico

City

Airport

Trust

03/22/22

225,000

100.61

226

185

Mexico

City

Airport

Trust

12/14/22

380,000

78.38

298

312

MF1

Multifamily

Housing

Mortgage

Trust

02/13/23

500,000

93.87

469

473

MGIC

Investment

Corp.

01/28/21

181,000

104.62

189

176

MGM

Resorts

International

04/18/23

150,000

97.56

146

148

MHC

Commercial

Mortgage

Trust

12/12/23

335,551

97.14

326

331

MHP

07/26/22

500,000

93.56

468

486

Midcap

Financial

Issuer

Trust

04/21/21

333,000

101.06

337

304

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

07/06/22

590,000

86.56

511

544

MISC

Capital

Two

Labuan,

Ltd.

10/03/23

125,000

92.72

116

120

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

02/14/23

203,000

105.06

213

218

Molina

Healthcare,

Inc.

05/28/20

164,000

100.00

164

154

Molina

Healthcare,

Inc.

06/09/21

203,000

102.28

208

178

Mongolia

Government

International

Bond

11/29/23

200,000

100.24

200

205

Monitchem

HoldCo

3

SA

04/20/23

EUR

245,000

109.64

269

275

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

10/01/18

7,710,000

1.80

139

139

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

09/10/19

250,000

94.11

235

212

Morgan

Stanley

Capital

I

Trust

01/10/19

2,423,365

2.73

66

66

Morgan

Stanley

Capital

I

Trust

06/05/19

377,000

87.79

331

272

Morgan

Stanley

Capital

I

Trust

11/13/19

5,210,002

2.73

142

143

Morgan

Stanley

Capital

I

Trust

04/30/21

1,500,138

9.89

148

91

Morocco

Government

International

Bond

03/01/23

332,000

99.04

329

338

Mosaic

Solar

Loan

Trust

11/27/18

64,306

98.52

63

58

Mosaic

Solar

Loan

Trust

11/27/18

167,734

99.04

166

155

Mosaic

Solar

Loan

Trust

06/12/20

217,325

99.98

217

193

Mosaic

Solar

Loan

Trust

03/10/21

624,021

99.46

621

489

Mosaic

Solar

Loan

Trust

03/24/21

247,218

100.14

248

202

Mosaic

Solar

Loan

Trust

06/15/21

370,942

99.53

369

287

Motion

Bondco

Designated

Activity

Co.

09/13/21

EUR

200,000

113.24

226

204

MPH

Acquisition

Holdings

LLC

05/03/23

167,000

79.00

132

148

MPT

Operating

Partnership,

LP

/

MPT

Finance

Corp.

01/28/21

347,000

104.61

363

235

MRCD

Mortgage

Trust

12/05/19

120,000

96.02

115

71

MTR

Corp.,

Ltd.

07/26/22

289,000

87.79

254

242

Mumtalakt

Sukuk

Holding

Co.

08/16/23

401,000

100.19

402

400

Mundys

SpA

12/17/21

EUR

300,000

100.94

303

301

Mundys

SpA

04/19/23

EUR

400,000

106.93

428

421

Nabors

Industries,

Inc.

12/10/20

476,000

94.94

452

464

Nabors

Industries,

Inc.

11/29/21

356,000

98.97

352

350

Nabors

Industries,

Inc.

01/06/22

163,000

97.29

159

149

Nakilat,

Inc.

06/15/17

308,096

110.63

341

318

National

Bank

of

Fujairah

PJSC

07/21/21

200,000

105.06

210

194

Nationstar

Mortgage

Holdings,

Inc.

01/28/21

148,000

103.07

153

145

NatWest

Group

PLC

09/12/23

117,000

99.04

116

118

Navient

Private

Education

Refi

Loan

Trust

11/03/20

161,413

99.99

161

148

Navient

Private

Education

Refi

Loan

Trust

01/19/21

450,000

99.96

450

341

Neiman

Marcus

Group,

Inc.

01/29/24

130,000

97.60

127

127

Neuberger

Berman

CLO,

Ltd.

03/24/21

500,000

100.00

500

497

New

Enterprise

Stone

&

Lime

Co.,

Inc.

09/29/21

459,000

100.00

459

441

New

Enterprise

Stone

&

Lime

Co.,

Inc.

09/29/21

575,000

106.09

610

578

New

Fortress

Energy,

Inc.

01/29/24

121,000

96.45

117

117

New

Residential

Investment

Corp.

02/18/21

148,000

99.82

148

146

New

York

State

Electric

&

Gas

Corp.

01/10/24

99,000

92.40

91

93

Newell

Brands,

Inc.

01/31/24

29,000

97.50

28

28

News

Corp.

05/12/21

193,000

100.65

194

177

NFP

Corp.

08/08/22

317,000

100.00

317

333

NFP

Corp.

01/29/24

223,000

100.74

225

224

NGG

Finance

PLC

12/01/21

GBP

200,000

130.28

261

250

NGG

Finance

PLC

01/02/24

EUR

1,200,000

97.06

1,165

1,185

NGL

Energy

Operating

LLC

04/16/21

770,000

100.63

775

784

NGL

Energy

Operating

LLC

01/25/24

300,000

100.00

300

301

NGL

Energy

Operating

LLC

01/25/24

530,000

100.00

530

534

NGPL

PipeCo

LLC

03/03/22

112,000

130.58

146

126

Nigeria

Government

International

Bond

10/13/22

490,000

64.79

317

403

Nigeria

Government

International

Bond

02/16/23

591,000

87.29

516

551

Nobian

Finance

BV

06/24/21

EUR

250,000

119.34

298

258

nogaholding

Sukuk,

Ltd.

07/21/21

247,000

103.53

256

239

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

160

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Novelis

Sheet

Ingot

GmbH

03/24/21

EUR

100,000

118.14

118

101

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

01/08/24

132,000

96.58

127

128

Ocado

Group

PLC

05/03/23

GBP

800,000

105.70

846

878

Ocado

Group

PLC

08/01/23

GBP

400,000

102.14

409

389

Occidental

Petroleum

Corp.

05/27/20

157,000

75.57

119

167

Occidental

Petroleum

Corp.

08/12/20

399,000

99.49

397

402

Occidental

Petroleum

Corp.

11/18/20

325,000

99.27

323

341

OCP

CLO,

Ltd.

04/26/22

500,000

100.00

500

501

OCP

SA

10/05/17

326,000

117.15

378

300

Octagon

Investment

Partners

11,

Ltd.

02/09/23

1,000,000

98.11

981

983

Octagon

Loan

Funding,

Ltd.

03/27/19

250,000

98.67

247

243

OHA

Credit

Partners

XIV,

Ltd.

03/22/19

500,000

97.97

490

497

OI

European

Group

BV

05/12/23

EUR

255,000

108.51

277

287

Oil

and

Gas

Holding

Co.

BSCC

(The)

06/18/20

340,000

105.47

359

355

Olympus

Water

US

Holding

Corp.

09/21/21

366,000

100.00

366

334

Olympus

Water

US

Holding

Corp.

09/21/21

EUR

170,000

117.30

199

161

Olympus

Water

US

Holding

Corp.

01/15/24

EUR

200,000

101.47

203

201

Oman

Government

International

Bond

10/26/22

206,000

85.43

176

213

Oman

Government

International

Bond

11/09/23

692,000

100.00

692

724

OmGrid

Funding,

Ltd.

10/05/17

277,000

100.20

278

272

OneMain

Finance

Corp.

11/09/22

287,000

95.80

275

291

Onslow

Bay

Financial

LLC

01/15/20

107,233

101.60

109

94

Onslow

Bay

Financial

LLC

04/29/22

1,100,000

96.85

1,065

1,000

Onslow

Bay

Financial

LLC

02/16/23

447,745

96.14

430

430

Ontario

Gaming

GTA

LP

07/20/23

938,000

100.94

945

978

Ooredoo

QPSC

08/15/23

268,000

95.08

255

248

Open

Text

Corp.

01/28/21

257,000

101.51

261

239

Open

Text

Holdings,

Inc.

08/16/21

262,000

103.30

271

237

OQ

SAOC

07/21/21

443,000

100.23

444

434

Orange

SA

07/18/23

EUR

700,000

110.71

775

792

Oschadbank

Via

SSB

#1

PLC

12/18/18

142,500

85.05

121

135

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

01/28/21

250,000

101.86

255

239

Owens

Corning

Co.

01/08/24

31,000

85.66

27

27

Pacific

Gas

and

Electric

Co.

07/06/22

99,000

90.80

90

93

Pakistan

Government

International

Bond

12/07/22

531,000

62.10

330

345

Pakistan

Water

and

Power

Development

Authority

03/22/22

965,000

82.21

793

550

Palmer

Square

CLO,

Ltd.

08/30/21

1,250,000

100.00

1,250

1,246

Paraguay

Government

International

Bond

06/28/23

320,000

99.99

320

318

Parts

Europe

SA

04/28/22

EUR

250,000

104.83

262

270

PECF

USS

Intermediate

Holding

III

Corp.

07/12/23

446,000

73.12

326

215

Pennsylvania

Electric

Co.

03/28/23

76,000

98.95

75

76

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

12/07/23

66,000

92.39

61

61

Performance

Food

Group

Co.

03/03/21

240,000

103.41

248

234

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

03/19/19

245,000

108.50

266

247

Peruvian

Government

International

Bond

12/12/23

154,000

59.00

91

91

Petrobras

Global

Finance

BV

01/28/21

GBP

500,000

139.17

696

632

Petrobras

Global

Finance

BV

03/02/23

GBP

200,000

105.84

212

240

Petroleos

del

Peru

SA

10/05/17

1,332,000

79.93

1,104

850

Petroleos

Mexicanos

07/11/19

697,000

80.78

563

420

Petroleos

Mexicanos

03/22/22

EUR

1,050,000

107.20

1,126

956

Petroleos

Mexicanos

11/20/23

EUR

200,000

107.73

215

206

Petroleos

Mexicanos

01/02/24

EUR

400,000

93.89

376

382

Petronas

Capital,

Ltd.

12/14/22

1,674,000

86.02

1,440

1,402

Petronas

Capital,

Ltd.

11/06/23

400,000

60.66

243

275

PetSmart

LLC

07/11/23

817,000

99.42

812

790

Pike

Corp.

09/14/21

991,000

94.13

933

946

Power

Sector

Assets

&

Liabilities

Management

Corp.

06/14/17

330,000

103.65

342

335

PRA

Group,

Inc.

11/09/21

991,000

94.27

934

799

PRA

Group,

Inc.

02/14/23

200,000

100.54

201

190

PRA

Health

Sciences,

Inc.

01/08/24

45,000

93.36

42

42

Primose

Funding

LLC

03/30/21

967,500

101.84

985

930

Privatbank

CJSC

Via

UK

SPV

Credit

Finance

PLC

10/24/16

1,240,000

86.89

1,077

12

PROG

Holdings,

Inc.

12/07/21

770,000

100.04

770

703

Prosus

NV

12/02/20

142,000

106.45

151

124

Provident

Funding

Associates,

LP

/

PFG

Finance

Corp.

02/14/23

223,000

94.28

210

209

PTC,

Inc.

03/03/21

157,000

102.23

160

148

PTTEP

Canada

International

Finance,

Ltd.

06/15/17

370,000

125.20

463

411

Qatar

Government

International

Bond

02/28/23

474,000

96.28

456

441

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

161

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Qatar

Government

International

Bond

10/30/23

901,000

99.70

898

906

Qatar

Petroleum

07/26/22

573,000

90.16

517

479

RAC

Bond

Co.

PLC

10/21/21

GBP

435,000

137.88

600

510

Radnor

RE,

Ltd.

06/18/21

500,000

100.00

500

505

Railworks

Holdings,

LP

/

Railworks

Rally,

Inc.

11/04/21

639,000

95.73

612

637

RCKT

Mortgage

Trust

02/06/20

195,973

100.71

197

167

ReadyCap

Commercial

Mortgage

Trust

11/01/19

270,000

102.06

276

254

Regal

Rexnord

Corp.

01/13/23

895,000

101.02

904

930

RegionalCare

Hospital

Partners

Holdings,

Inc.

/

LifePoint

Health,

Inc.

07/25/23

33,000

93.26

31

33

Renault

SA

10/19/20

EUR

500,000

113.70

568

516

Renault

SA

03/21/22

EUR

200,000

105.24

210

205

Renault

SA

01/30/23

EUR

500,000

110.93

555

518

Renault

SA

11/22/23

EUR

300,000

99.11

297

293

Republic

of

Azerbaijan

Government

International

Bond

09/21/22

234,000

84.35

197

200

Republic

of

El

Salvador

Government

International

Bond

08/08/23

150,000

70.65

106

128

Republic

of

Kenya

Government

International

Bond

03/22/23

350,000

85.73

300

321

Republic

of

Uzbekistan

Government

International

Bond

10/05/23

209,000

98.94

207

217

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

09/03/21

282,000

90.25

254

251

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

11/09/22

183,000

71.67

131

163

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

11/08/23

101,000

92.97

94

86

RFM

Re-REMIC

Trust

08/03/22

560,000

77.21

432

433

RFM

Re-REMIC

Trust

08/03/22

1,430,000

79.82

1,141

1,201

RFM

Re-REMIC

Trust

08/03/22

450,000

81.35

366

370

RFM

Re-REMIC

Trust

08/03/22

1,482,532

84.92

1,259

1,250

RFM

Re-REMIC

Trust

08/03/22

1,210,000

86.41

1,046

1,043

RHP

Hotel

Properties,

LP

06/09/21

154,000

101.70

157

148

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

04/21/22

326,000

87.34

285

285

Rockies

Express

Pipeline

LLC

02/02/22

150,000

106.12

159

149

Rockies

Express

Pipeline

LLC

12/06/23

473,000

93.58

443

442

Rockies

Express

Pipeline

LLC

01/02/24

115,000

96.76

111

112

Rogers

Communications,

Inc.

05/02/23

250,000

90.96

227

238

Roller

Bearing

Co.

of

America,

Inc.

01/11/22

199,000

101.72

202

183

Rolls-Royce

PLC

03/22/22

GBP

700,000

119.29

835

842

Rolls-Royce

PLC

03/01/23

371,000

95.26

353

358

Rolls-Royce

PLC

10/11/23

GBP

200,000

117.70

235

254

Rolls-Royce

PLC

01/22/24

EUR

400,000

103.38

414

392

Romania

Government

International

Bond

01/05/23

298,000

99.38

296

321

Romania

Government

International

Bond

01/05/23

244,000

99.47

243

272

Romania

Government

International

Bond

11/30/23

46,000

103.88

48

50

Romania

Government

International

Bond

01/04/24

88,000

107.03

94

98

Romania

Government

International

Bond

01/23/24

302,000

99.16

299

308

Romania

Government

International

Bond

01/23/24

218,000

99.47

217

220

Royal

Caribbean

Cruises,

Ltd.

08/11/21

486,000

100.00

486

481

Royal

Caribbean

Cruises,

Ltd.

03/30/23

327,000

88.98

291

323

Royal

Caribbean

Cruises,

Ltd.

04/17/23

508,000

96.16

488

500

RP

Escrow

Issuer

LLC

05/04/23

826,000

88.72

733

743

RR

Donnelley

&

Sons

Co.

08/10/23

175,000

100.31

176

175

RWE

AG

11/22/23

EUR

430,000

113.13

486

458

RZD

Capital

PLC

08/06/21

RUB

115,000,000

—

2,048

—

SA

Global

Sukuk,

Ltd.

03/22/22

627,000

89.18

559

541

Sabre

GLBL,

Inc.

01/11/24

408,000

90.97

371

381

SACE

SPA

10/09/23

EUR

550,000

114.66

631

564

Samhallsbyggnadsbolaget

i

Norden

AB

06/01/23

EUR

500,000

69.73

349

339

Saudi

Arabian

Oil

Co.

12/14/22

619,000

93.04

576

535

Saudi

Electricity

Global

Sukuk

Co.

06/14/17

501,000

107.65

537

487

Saudi

Government

International

Bond

01/08/24

398,000

97.79

389

391

Saudi

Government

International

Bond

01/08/24

1,327,000

99.16

1,316

1,323

Schaeffler

AG

03/23/23

EUR

420,000

103.18

433

442

Sealed

Air

Corp.

04/22/20

200,000

105.81

212

209

Seaspan

Corp.

07/24/23

1,189,000

92.10

1,095

1,012

Senegal

Government

International

Bond

07/31/19

250,000

96.80

242

187

Sequoia

Mortgage

Trust

09/17/19

55,947

101.67

57

51

Sequoia

Mortgage

Trust

10/08/19

55,160

101.27

56

49

Sequoia

Mortgage

Trust

11/14/19

855,105

102.75

879

761

Sequoia

Mortgage

Trust

06/22/22

493,452

84.20

415

395

Silgan

Holdings,

Inc.

01/28/21

158,000

102.51

162

148

Singapore

Telecommunications,

Ltd.

06/09/22

218,000

122.80

268

255

Sirius

XM

Radio,

Inc.

01/11/22

229,000

99.22

227

214

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

162

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Sirius

XM

Radio,

Inc.

05/03/23

83,000

89.65

74

79

SK

Hynix,

Inc.

07/24/23

101,000

91.54

92

94

SMRT

Trust

05/02/22

1,400,000

97.22

1,361

1,290

Societe

Generale

SA

11/06/23

95,000

89.58

85

87

SoFi

Professional

Loan

Program

LLC

10/30/18

400,000

95.79

383

367

SoFi

Professional

Loan

Program

LLC

10/30/18

388,111

96.15

373

375

SoFi

Professional

Loan

Program

LLC

03/26/19

600,000

99.98

600

533

SoFi

Professional

Loan

Program

LLC

08/06/19

1,000,000

99.96

1,000

852

SoFi

Professional

Loan

Program

Trust

11/27/18

424,000

97.54

414

397

SoFi

Professional

Loan

Program

Trust

03/15/19

850,000

100.35

853

785

SoFi

Professional

Loan

Program

Trust

05/14/20

600,000

99.94

600

493

SoFi

Professional

Loan

Program

Trust

08/30/21

43,000

1,688.11

726

249

Sonic

Capital

LLC

01/15/20

531,208

100.00

531

506

Sonic

Capital

LLC

07/29/21

586,000

100.00

586

474

Sonoco

Products

Co.

07/24/23

130,000

90.81

118

121

Sound

Point

CLO,

Ltd.

03/24/21

500,000

100.00

500

500

Specialty

Steel

Holdco,

Inc.

11/15/17

22

175,137.87

3,811

3,880

Spirit

AeroSystems,

Inc.

11/08/23

299,000

79.34

237

256

Spirit

AeroSystems,

Inc.

01/25/24

662,000

105.35

697

695

Sri

Lanka

Government

International

Bond

02/22/23

811,000

41.55

337

414

Standard

Chartered

PLC

07/28/23

130,000

90.82

118

120

Standard

Chartered

PLC

11/08/23

415,000

122.61

507

425

Standard

Industries,

Inc.

04/21/22

314,000

90.51

284

285

Standard

Industries,

Inc.

10/03/23

EUR

553,000

110.28

610

560

Staples,

Inc.

02/22/21

408,000

97.54

403

382

Staples,

Inc.

04/19/21

358,000

101.72

364

277

Starwood

Property

Trust,

Inc.

01/11/22

231,000

99.44

230

214

State

Oil

Co.

of

Azerbaijan

Republic

10/05/17

233,000

105.77

246

240

Stericycle,

Inc.

01/28/21

163,000

101.88

166

148

Sugarhouse

HSP

Gaming

Prop

Mezz,

LP

/

Sugarhouse

HSP

Gaming

Finance

Corp.

12/15/21

833,000

98.02

817

823

Summer

(BC)

Holdco

A

SARL

11/09/20

EUR

360,421

112.23

405

376

Sunnova

Helios

Issuer

LLC

11/20/20

317,140

99.97

317

260

Sunnova

Sol

III

Issuer

LLC

06/11/21

756,034

99.96

756

637

Sunrun

Xanadu

Issuer

05/31/19

392,935

99.99

393

370

Superior

Plus

Corp.

05/11/22

373,000

91.88

343

338

Suzano

Austria

GmbH

10/16/23

74,000

100.92

75

74

Swedbank

AB

07/24/23

60,000

99.49

60

61

Symphony

CLO

XIX,

Ltd.

03/21/19

500,000

97.45

487

485

Synchrony

Financial

12/07/23

51,000

97.61

50

50

Tacora

Resources,

Inc.

11/09/22

399,000

87.86

351

215

Talen

Energy

Supply

LLC

04/28/23

793,000

100.71

799

842

Tallgrass

Energy

Partners,

LP

/

Tallgrass

Energy

Finance

Corp.

01/16/24

313,000

100.00

313

312

TC

Ziraat

Bankasi

AS

04/18/23

617,000

93.69

578

596

TCW

CLO,

Ltd.

09/24/21

300,000

100.00

300

297

Techem

Verwaltungsgesellschaft

674

mbH

07/19/18

EUR

241,779

113.13

274

260

Telecom

Italia

Finance

SA

01/28/21

EUR

889,000

133.57

1,187

1,118

Telecom

Italia

SpA

10/19/20

EUR

300,000

128.87

387

301

Teleflex,

Inc.

01/28/21

156,000

103.38

161

148

Telefonica

Europe

BV

04/29/22

EUR

200,000

95.26

191

203

Telefonica

Europe

BV

01/25/23

EUR

600,000

108.26

650

668

Telefonica

SA

11/24/22

EUR

300,000

87.38

262

300

Teva

Pharmaceutical

Finance

Netherlands

II

BV

07/26/22

EUR

700,000

82.67

579

649

Teva

Pharmaceutical

Finance

Netherlands

II

BV

06/02/23

EUR

900,000

96.35

867

890

Texas

Capital

Bancshares,

Inc.

06/09/21

168,000

102.09

172

155

Texas

Eastern

Transmission,

LP

12/05/19

74,000

101.85

75

70

Titan

Holdings

II

BV

07/01/21

EUR

1,000,000

96.62

966

954

T-Mobile

USA,

Inc.

12/07/23

74,000

95.87

71

72

TransDigm,

Inc.

01/23/24

306,000

97.81

299

298

Transnet

SOC,

Ltd.

01/30/23

365,000

100.00

365

367

Transnet

SOC,

Ltd.

07/25/23

352,000

95.51

336

354

Transocean

Poseidon,

Ltd.

04/26/21

5,250

96.83

5

5

Transocean

Titan

Financing,

Ltd.

01/09/23

153,000

100.00

153

158

Transocean,

Inc.

04/26/21

393,000

87.77

345

389

Transocean,

Inc.

04/27/21

162,000

85.33

138

160

Transocean,

Inc.

06/29/21

92,000

89.97

83

91

Transocean,

Inc.

01/17/23

356,250

100.00

356

369

Transocean,

Inc.

08/10/23

212,000

88.43

187

192

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

163

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Travelex

Issuerco,

Ltd.

02/08/21

GBP

2,221,028

126.65

2,813

3,312

Travelex

Topco,

Ltd.

01/05/22

GBP

11,057

—

—

—

Trinidad

&

Tobago

Government

International

Bond

09/11/23

310,000

99.30

308

315

Trinidad

Generation

UnLtd

01/29/21

468,000

101.45

475

458

Triton

Container

International,

Ltd.

02/19/21

379,583

99.83

379

333

Triumph

Group,

Inc.

10/28/19

866,000

100.03

866

867

Triumph

Group,

Inc.

02/28/23

377,000

99.93

377

398

Turkiye

Ihracat

Kredi

Bankasi

AS

03/22/22

449,000

97.44

438

435

TVL

Finance

PLC

04/21/23

GBP

100,000

122.89

123

133

Twilio,

Inc.

01/11/22

210,000

99.62

209

185

Uber

Technologies,

Inc.

08/10/23

188,000

92.55

174

178

UBS

Bank

of

America

Merrill

Lynch

Mortgage

Trust

11/06/18

2,600,000

83.52

2,172

2,092

UBS

Group

AG

07/24/23

131,000

89.95

118

120

UGI

International

LLC

09/18/23

EUR

750,000

90.36

678

715

UKG,

Inc.

01/30/24

707,000

100.00

707

715

Ukraine

Government

International

Bond

04/23/15

195,000

42.66

83

90

Ukraine

Government

International

Bond

04/07/21

1,932,000

91.09

1,760

435

Ukraine

Railways

Via

Rail

Capital

Markets

PLC

10/20/21

324,000

101.05

327

183

UniCredit

SpA

04/22/20

205,000

104.97

215

212

UniCredit

SpA

03/03/22

126,000

101.04

127

119

United

Group

BV

01/23/20

EUR

300,000

110.56

332

297

United

Group

BV

01/26/21

EUR

100,000

121.10

121

101

United

Group

BV

07/20/21

EUR

300,000

117.83

353

304

United

Wholesale

Mortgage

LLC

01/29/24

235,000

99.15

233

232

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

06/09/21

362,000

100.64

364

255

Univision

Communications,

Inc.

04/21/22

147,000

101.22

149

145

Univision

Communications,

Inc.

08/10/23

149,000

100.39

150

152

US

Bancorp

10/17/23

111,000

93.48

104

110

US

Foods,

Inc.

03/03/21

253,000

101.14

256

240

UWM

Mortgage

Trust

05/27/21

771,516

100.49

775

617

Uzbek

Industrial

and

Construction

Bank

06/07/21

272,000

101.66

277

266

Uzbekneftegaz

JSC

07/26/22

201,000

83.24

167

167

Valeo

SA

08/27/21

EUR

500,000

109.87

549

523

Valeo

SA

10/23/23

EUR

300,000

113.32

340

312

Var

Energi

ASA

11/08/23

EUR

500,000

110.47

552

576

Var

Energi

ASA

12/05/23

111,000

103.75

115

118

Venture

33

CLO,

Ltd.

02/11/21

1,000,000

100.00

1,000

972

Venture

Global

Calcasieu

Pass

LLC

07/29/21

236,000

100.00

236

211

Venture

Global

Calcasieu

Pass

LLC

07/29/21

567,000

97.15

550

501

Venture

Global

Calcasieu

Pass

LLC

11/17/21

470,000

100.00

470

398

Veolia

Environnement

SA

06/01/23

EUR

400,000

93.95

376

400

Verisure

Holding

AB

01/23/23

EUR

175,000

108.67

190

198

Verisure

Midholding

AB

01/15/21

EUR

625,000

120.79

755

644

Veritas

US,

Inc.

/

Veritas

Bermuda,

Ltd.

08/13/20

964,000

100.46

968

824

Verus

Securitization

Trust

02/08/21

1,000,000

99.99

1,000

739

Verus

Securitization

Trust

06/22/22

495,746

88.36

438

415

VICI

Properties,

Inc.

07/06/22

126,000

93.50

118

120

Virgin

Media

Finance

PLC

06/03/20

GBP

250,000

125.83

315

289

Vistra

Operations

Co.

LLC

05/10/22

1,240,000

100.00

1,240

1,236

Vistra

Operations

Co.

LLC

07/28/23

104,000

98.33

102

103

Vistra

Operations

Co.

LLC

01/23/24

286,000

103.36

296

297

Vistra

Operations

Co.

LLC

01/29/24

40,000

99.17

40

40

Vmed

O2

UK

Financing

I

PLC

09/10/20

GBP

200,000

127.90

256

225

Vmed

O2

UK

Financing

I

PLC

10/15/21

GBP

250,000

139.48

349

272

Vodafone

Group

PLC

02/03/21

EUR

900,000

100.02

900

871

Vodafone

Group

PLC

03/22/22

GBP

500,000

139.78

699

617

Vodafone

Group

PLC

01/30/23

EUR

400,000

101.14

405

422

Volkswagen

Group

of

America

Finance

LLC

02/20/23

EUR

500,000

102.81

514

534

Volkswagen

Group

of

America

Finance

LLC

03/01/23

EUR

100,000

93.29

93

101

Volkswagen

Group

of

America

Finance

LLC

08/29/23

EUR

200,000

108.86

218

243

VTB

Bank

03/19/19

714,000

—

750

—

Walgreens

Boots

Alliance,

Inc.

01/02/24

EUR

500,000

102.26

511

506

Walgreens

Boots

Alliance,

Inc.

01/26/24

GBP

120,000

121.95

146

145

Washington

Mutual

Mortgage

Pass-Through

Certificates

Trust

10/23/18

190,329

93.00

177

159

Washington

Mutual

Mortgage

Pass-Through

Certificates

Trust

01/17/19

241,142

101.01

244

224

Weatherford

International,

Ltd.

10/14/21

550,000

96.01

528

562

Webster

Financial

Corp.

07/06/20

67,000

105.16

70

63

Weir

Group

PLC

(The)

01/10/24

66,000

93.14

61

61

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

164

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Wells

Fargo

Commercial

Mortgage

Trust

09/27/18

3,576,034

0.58

21

21

Wells

Fargo

Commercial

Mortgage

Trust

11/06/18

4,844,986

3.50

169

170

Wells

Fargo

Commercial

Mortgage

Trust

03/21/19

390,000

85.83

335

288

Wells

Fargo

Commercial

Mortgage

Trust

08/06/19

2,037,555

12.18

248

121

Wells

Fargo

Mortgage

Backed

Securities

Trust

02/14/20

19,646

100.77

20

17

Wells

Fargo

Mortgage

Backed

Securities

Trust

08/10/20

163,990

102.95

169

136

Wells

Fargo

Mortgage

Backed

Securities

Trust

09/17/20

220,362

102.25

225

187

Wells

Fargo

Mortgage

Backed

Securities

Trust

03/12/21

736,582

101.35

746

590

Wendy's

Funding

LLC

03/26/19

469,985

99.02

465

445

WEPA

Hygieneprodukte

GmbH

05/09/23

EUR

200,000

96.32

193

202

WEPA

Hygieneprodukte

GmbH

01/17/24

EUR

100,000

108.05

108

109

Williams

Scotsman

International,

Inc.

01/28/21

188,000

102.49

193

178

Wintershall

Dea

Finance

2

BV

02/24/23

EUR

400,000

86.80

347

380

Wintershall

Dea

Finance

2

BV

07/27/23

EUR

300,000

94.48

283

301

Wipro

IT

Services

LLC

08/08/23

101,000

91.19

92

93

Wizz

Air

Finance

Co.

BV

01/18/24

EUR

700,000

92.96

651

702

Woodward

Capital

Management

LLC

03/11/21

148,382

101.62

151

118

World

Acceptance

Corp.

01/11/22

207,000

100.24

207

191

XPO,

Inc.

09/14/23

118,000

99.13

117

118

YPF

SA

08/15/18

950

100.00

1

1

YPF

SA

01/28/21

50

27.86

—

—

YPF

SA

02/10/21

21,390

100.00

21

21

YPF

SA

02/16/23

250,000

80.76

202

223

YPF

SA

07/25/23

77,000

90.03

69

70

Yum!

Brands,

Inc.

08/16/21

276,000

101.41

280

244

Zambia

Government

International

Bond

02/06/23

269,000

100.00

269

152

ZF

Europe

Finance

BV

04/07/22

EUR

600,000

98.65

586

601

ZF

Europe

Finance

BV

11/14/22

EUR

400,000

96.14

385

410

ZF

Europe

Finance

BV

09/06/23

EUR

200,000

106.74

213

227

ZF

Europe

Finance

BV

11/22/23

EUR

1,000,000

101.30

1,008

980

ZF

NA

Capital,

Inc.

04/28/22

EUR

200,000

96.73

193

206

ZF

NA

Capital,

Inc.

09/29/22

160,000

98.12

157

158

337,672

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Euro-Bobl

Futures

42

EUR

4,978

03/24

39

Long

Gilt

Futures

90

GBP

8,997

03/24

220

United

States

2

Year

Treasury

Note

Futures

349

USD

71,774

03/24

595

United

States

5

Year

Treasury

Note

Futures

343

USD

37,178

03/24

444

United

States

10

Year

Treasury

Note

Futures

116

USD

13,030

03/24

311

United

States

10

Year

Treasury

Ultra

Bond

Futures

40

USD

4,675

03/24

147

United

States

Treasury

Long

Bond

Futures

6

USD

734

03/24

9

United

States

Treasury

Ultra

Bond

Futures

27

USD

3,489

03/24

224

Short

Positions

Euro-Bobl

Futures

12

EUR

1,422

03/24

(5)

Euro-Bund

Futures

90

EUR

12,226

03/24

(236)

Japanese

10-Year

Mini

Government

Bond

Futures

96

JPY

1,404,480

03/24

(85)

United

States

2

Year

Treasury

Note

Futures

112

USD

23,033

03/24

(196)

United

States

5

Year

Treasury

Note

Futures

96

USD

10,406

03/24

(221)

United

States

10

Year

Treasury

Note

Futures

159

USD

17,860

03/24

(512)

United

States

10

Year

Treasury

Ultra

Bond

Futures

56

USD

6,545

03/24

(251)

United

States

Treasury

Long

Bond

Futures

84

USD

10,277

03/24

(583)

United

States

Treasury

Ultra

Bond

Futures

18

USD

2,326

03/24

(148)

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

165

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(248)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

833

CZK

19,041

02/15/24

(4)

Bank

of

America

USD

2,737

GBP

2,164

02/15/24

5

Bank

of

America

USD

22

GBP

17

02/29/24

—

Bank

of

America

USD

5

THB

180

02/15/24

—

Bank

of

America

USD

259

THB

8,896

02/15/24

(8)

Bank

of

America

USD

34

TRY

1,050

02/15/24

—

Bank

of

America

USD

1,375

TRY

42,715

02/15/24

17

Bank

of

America

CZK

19,041

USD

842

02/15/24

14

Bank

of

America

EUR

64

USD

70

02/29/24

—

Bank

of

America

EUR

21,635

USD

23,483

02/29/24

77

Bank

of

America

HUF

207,362

USD

581

02/15/24

(3)

Bank

of

America

PLN

47

USD

12

02/15/24

—

Bank

of

America

PLN

3,368

USD

845

02/15/24

4

Bank

of

New

York

AUD

3,147

USD

2,117

02/15/24

51

Bank

of

New

York

EUR

4,964

USD

5,378

03/20/24

3

Bank

of

New

York

GBP

959

USD

1,203

03/20/24

(13)

Citigroup

USD

2,108

NOK

21,853

02/15/24

(29)

Citigroup

EUR

4,964

USD

5,380

03/20/24

4

Citigroup

GBP

959

USD

1,202

03/20/24

(14)

Citigroup

KRW

776,476

USD

593

02/15/24

9

HSBC

USD

1,442

SEK

15,055

02/15/24

5

HSBC

EUR

4,964

USD

5,378

03/20/24

2

HSBC

GBP

959

USD

1,203

03/20/24

(13)

HSBC

SEK

15,055

USD

1,462

02/15/24

14

JPMorgan

Chase

USD

2,831

EUR

2,591

02/15/24

(30)

JPMorgan

Chase

CAD

258

USD

191

02/29/24

(1)

JPMorgan

Chase

CHF

544

USD

629

02/29/24

(3)

JPMorgan

Chase

GBP

6,501

USD

8,256

02/29/24

17

Royal

Bank

of

Canada

EUR

4,964

USD

5,377

03/20/24

2

Royal

Bank

of

Canada

GBP

959

USD

1,201

03/20/24

(15)

State

Street

USD

6

BRL

29

02/15/24

—

State

Street

USD

586

BRL

2,896

02/15/24

(3)

State

Street

USD

4

COP

16,263

02/15/24

—

State

Street

USD

1,431

COP

5,637,806

02/15/24

13

State

Street

USD

16

EUR

15

03/20/24

—

State

Street

USD

44

EUR

40

03/20/24

(1)

State

Street

USD

85

EUR

77

03/20/24

(1)

State

Street

USD

108

EUR

99

03/20/24

—

State

Street

USD

110

EUR

100

03/20/24

(2)

State

Street

USD

136

EUR

125

03/20/24

(1)

State

Street

USD

234

EUR

215

03/20/24

(1)

State

Street

USD

644

EUR

592

03/20/24

(3)

State

Street

USD

45

GBP

35

03/20/24

—

State

Street

USD

241

GBP

189

03/20/24

(1)

State

Street

USD

591

HUF

207,362

02/15/24

(8)

State

Street

USD

3

MYR

12

02/15/24

—

State

Street

USD

258

MYR

1,193

02/15/24

(6)

State

Street

USD

—

TWD

14

02/15/24

—

State

Street

USD

847

ZAR

15,979

02/15/24

6

State

Street

EUR

2,167

USD

2,349

02/15/24

6

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

166

Opportunistic

Credit

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

EUR

20

USD

22

03/20/24

—

State

Street

EUR

20

USD

22

03/20/24

—

State

Street

EUR

22

USD

24

03/20/24

—

State

Street

EUR

30

USD

33

03/20/24

1

State

Street

EUR

50

USD

56

03/20/24

2

State

Street

EUR

50

USD

55

03/20/24

1

State

Street

EUR

165

USD

178

03/20/24

(1)

State

Street

EUR

200

USD

219

03/20/24

3

State

Street

EUR

200

USD

221

03/20/24

4

State

Street

EUR

290

USD

318

03/20/24

4

State

Street

GBP

11

USD

14

03/20/24

—

State

Street

GBP

19

USD

24

03/20/24

—

State

Street

GBP

20

USD

25

03/20/24

—

State

Street

GBP

30

USD

38

03/20/24

—

State

Street

GBP

35

USD

44

03/20/24

—

State

Street

HKD

6,693

USD

858

02/15/24

1

State

Street

INR

70,611

USD

849

02/15/24

—

State

Street

JPY

86,557

USD

606

02/15/24

17

State

Street

KRW

18,167

USD

14

02/15/24

—

State

Street

MXN

4,365

USD

254

02/15/24

1

State

Street

SGD

1,929

USD

1,453

02/15/24

14

State

Street

TWD

18,631

USD

604

02/15/24

7

UBS

CHF

3,115

USD

3,666

02/15/24

51

UBS

EUR

4,964

USD

5,420

03/20/24

45

UBS

GBP

959

USD

1,212

03/20/24

(5)

Westpac

USD

7

HKD

55

02/15/24

—

Westpac

USD

23

NOK

241

02/15/24

—

Westpac

USD

38

NZD

61

02/15/24

—

Westpac

USD

1,478

NZD

2,374

02/15/24

(27)

Westpac

USD

588

ZAR

11,103

02/15/24

4

Westpac

AUD

76

USD

50

02/15/24

—

Westpac

CHF

1

USD

2

02/15/24

—

Westpac

GBP

21

USD

27

02/15/24

—

Westpac

JPY

133,601

USD

906

02/15/24

(4)

Westpac

MXN

10

USD

1

02/15/24

—

Westpac

SGD

7

USD

5

02/15/24

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

207

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

$

—

$

15,794

$

249

$

—

$

16,043

Corporate

Bonds

and

Notes

—

117,259

579

—

117,838

International

Debt

—

111,417

—

—

111,417

Mortgage-Backed

Securities

—

68,164

—

—

68,164

Non-US

Bonds

—

61,775

—

—

61,775

Common

Stocks

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

167

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Consumer

Discretionary

—

—

—

—

—

Energy

—

—

190

—

190

Financial

Services

—

—

—

—

—

Materials

and

Processing

—

—

3,880

—

3,880

Producer

Durables

—

174

3,036

—

3,210

Preferred

Stocks

—

—

—

—

—

Warrants

and

Rights

—

34

—

—

34

Short-Term

Investments

—

6,

046

—

25,008

31,

054

Other

Securities

—

—

—

6,661

6,661

Total

Investments

—

380,

663

7,934

31,669

420,

266

Other

Financial

Instruments

Assets

Futures

Contracts

1,9

8

9

—

—

—

1,9

8

9

Foreign

Currency

Exchange

Contracts

—

40

4

—

—

40

4

Liabilities

Futures

Contracts

(2,23

7

)

—

—

—

(2,23

7

)

Foreign

Currency

Exchange

Contracts

—

(19

7

)

—

—

(19

7

)

Total

Other

Financial

Instruments

*

$

(248)

$

207

$

—

$

—

$

(4

1

)

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

January

31,

2024,

if

any,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

168

Opportunistic

Credit

Fund

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*

249

Corporate

Bonds

and

Notes

Other*

579

Common

Stocks

Energy

Other*

190

Material

and

Processing

Discounted

cash

flow***

Discounted

rate**

16.9%

3,880

Market

approach***

EBIDTA

multiple****

8.11x

Discount

to

guideline

comparables

14.6%

Producer

Durables

Discounted

cash

flow***

Discounted

rate**

13.9%

3,036

Market

approach***

EBIDTA

multiple****

5.07x

Discount

to

guideline

comparables

35.0%

Total

Investments

7,934

*    Level

3

investments

with

a

listed

Valuation

Technique

of

"Other"

for

the

period

ended

January

31,

2024

were

less

than

1%

of

net

assets.

** 

The

discount

rates

were

determined

by

calculating

the

weighted

average

cost

of

capital

for

the

companies..

*** A

50%/50%

weighted

average

was

applied

to

the

Market

approach

and

Discounted

cash

flow.

**** A

relative

value

analysis

of

comparable

publicly

traded

companies

was

used

to

derive

the

EBIDTA

multiple.

A

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

value

for

the

period

ended

January

31,

2024

were

as

follows:

Category

and

Subcategory

Beginning

Balance

11/01/2023

Gross

Purchases

Gross

Sales

Accrued

Discounts/

(Premiums)

Realized

Gain

(Loss)

Net

Transfers

into

Level

3

Net

Transfers

out

of

Level

3

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

Ending

Balance

of

1/31/2024

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

held

as

of

1/31/2024

Long-Term

Fixed

Income

Investments

Asset

Backed

Securities

$289

$

—

$

—

$

—

$

—

$

—

$

—

$

(40)

$

249

$

(40)

Corporate

Bonds

and

Notes

—

577

—

—

—

—

—

2

579

2

Common

Stocks

Energy

184

—

—

—

—

—

—

6

190

6

Material

Processing

3,318

—

—

—

—

—

—

562

3,880

562

Producer

Durables

2,784

—

—

—

—

—

—

252

3,036

252

Total

Investments

$6,575

$577

$—

$—

$—

$—

$—

$782

$7,934

$782

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Angola

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

586

Argentina

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

1,445

Australia

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

638

Austria

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

892

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

169

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Azerbaijan

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

633

Bahrain

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

2,126

Belarus

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

292

Belgium

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

889

Bermuda

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

2,526

Bolivia,

Plurinational

State

of

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

104

Brazil

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

3,696

Canada

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

7,520

Cayman

Islands

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

15,602

Chile

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

3,367

China

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

2,295

Colombia

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

2,352

Costa

Rica

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

1,091

Czech

Republic

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

1,836

Denmark

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

122

Dominican

Republic

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

1,179

Ecuador

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

478

Egypt

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

933

El

Salvador

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

383

Finland

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

677

France

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

9,768

Gabon

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

186

Georgia

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

352

Germany

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

10,545

Ghana

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

446

Guatemala

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

691

Hong

Kong

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

1,254

Hungary

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

1,210

India

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

638

Indonesia

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

2,333

Ireland

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

1,319

Israel

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

1,843

Italy

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

6,781

Ivory

Coast

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

525

Jersey

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

109

Jordan

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

426

Kazakhstan

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

772

Kenya

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

321

Lebanon

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

95

Liberia

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

233

Luxembourg

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

4,353

Malaysia

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

2,122

Mauritius

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

315

Mexico

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

5,451

Mongolia

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

205

Morocco

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

638

Netherlands

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

2,074

Nigeria

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

954

Norway

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

1,185

Oman

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

2,122

Pakistan

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

895

Panama

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

1,929

Paraguay

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

318

Peru

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

1,678

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

170

Opportunistic

Credit

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Philippines

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

1,566

Poland

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

1,402

Portugal

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

206

Qatar

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

2,392

Romania

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

1,269

Russia

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

798

Saudi

Arabia

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

3,607

Senegal

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

187

Singapore

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

529

Slovenia

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

702

South

Africa

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

2,215

South

Korea

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

94

Spain

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

3,774

Sri

Lanka

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

414

Sweden

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

1,242

Switzerland

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

1,794

Tanzania,

United

Republic

of

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

180

Thailand

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

411

Trinidad

and

Tobago

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

773

Turkey

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

2,930

Ukraine

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

1,080

United

Arab

Emirates

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

2,590

United

Kingdom

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

20,892

United

States

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

250,686

Uruguay

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

1,042

Uzbekistan

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

650

Zambia

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

1,093

Total

Investments

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

420,266

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

26,196

$

104,206

$

105,397

$

3

$

—

$

25,008

$

305

$

—

U.S.

Cash

Collateral

Fund

5,439

18,179

16,957

—

—

6,661

103

—

$

31,635

$

122,385

$

122,354

$

3

$

—

$

31,669

$

408

$

—

Russell

Investment

Company

Long

Duration

Bond

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Long

Duration

Bond

Fund

171

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

95.0%

Asset-Backed

Securities

-

0.2%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Auth

Series

2022-ELL

Class

A3

4.275%

due

02/01/36

105

101

Series

2023-ELL

Class

A2

5.048%

due

12/01/34

73

75

Oklahoma

Development

Finance

Authority

Series

2022-OGE

Class

A2

4.851%

due

02/01/45

80

79

Series

2022-ONG

Class

A1

3.877%

due

05/01/37

(Þ)

75

72

Series

2022-ONG

Class

A3

4.714%

due

05/01/52

(Þ)

90

87

Series

2022-PSO

Class

A2

4.623%

due

06/01/44

(Þ)

85

82

496

Municipal

Bonds

-

5.7%

American

Municipal

Power,

Inc.

Revenue

Bonds

7.834%

due

02/15/41

60

75

8.084%

due

02/15/50

120

162

Bay

Area

Toll

Authority

Revenue

Bonds

6.918%

due

04/01/40

65

76

6.263%

due

04/01/49

65

76

7.043%

due

04/01/50

130

163

6.907%

due

10/01/50

70

87

3.126%

due

04/01/55

55

39

California

Health

Facilities

Financing

Authority

Revenue

Bonds

4.190%

due

06/01/37

105

97

California

State

University

Revenue

Bonds

2.975%

due

11/01/51

125

88

2.939%

due

11/01/52

195

136

5.183%

due

11/01/53

70

70

Chicago

O'Hare

International

Airport

Revenue

Bonds

4.472%

due

01/01/49

100

93

4.572%

due

01/01/54

75

70

Chicago

Transit

Authority

Revenue

Bonds

6.899%

due

12/01/40

223

254

City

of

Houston

General

Obligation

Limited

3.961%

due

03/01/47

125

111

City

of

New

York

General

Obligation

Unlimited

5.517%

due

10/01/37

110

116

5.263%

due

10/01/52

75

79

City

of

Riverside

Revenue

Bonds

3.857%

due

06/01/45

120

105

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

5.985%

due

02/01/39

35

38

City

Public

Service

Board

of

San

Antonio

Revenue

Bonds

5.808%

due

02/01/41

125

134

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Commonwealth

Financing

Authority

Revenue

Bonds

4.144%

due

06/01/38

95

88

Commonwealth

of

Massachusetts

General

Obligation

Limited

2.663%

due

09/01/39

49

40

5.456%

due

12/01/39

120

126

2.514%

due

07/01/41

100

74

2.900%

due

09/01/49

85

61

County

of

Miami-Dade

Aviation

Revenue

Bonds

4.280%

due

10/01/41

100

91

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

Bonds

3.490%

due

10/01/42

65

54

Dallas

Area

Rapid

Transit

Revenue

Bonds

2.613%

due

12/01/48

220

149

Dallas

County

Hospital

District

General

Obligation

Limited

5.621%

due

08/15/44

70

74

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

3.089%

due

11/01/40

80

65

2.919%

due

11/01/50

100

73

4.087%

due

11/01/51

85

74

4.507%

due

11/01/51

160

149

District

of

Columbia

Water

&

Sewer

Authority

Revenue

Bonds

3.207%

due

10/01/48

75

58

4.814%

due

10/01/14

70

68

East

Bay

Municipal

Utility

District

Revenue

Bonds

5.874%

due

06/01/40

70

76

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

2.746%

due

06/01/34

285

238

4.214%

due

06/01/50

110

82

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

3.236%

due

10/01/52

180

134

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

3.652%

due

08/15/57

160

126

Indiana

Finance

Authority

Revenue

Bonds

3.051%

due

01/01/51

50

38

Los

Angeles

Community

College

District

General

Obligation

Unlimited

6.750%

due

08/01/49

35

43

Los

Angeles

County

Metropolitan

Transportation

Authority

Revenue

Bonds

5.735%

due

06/01/39

85

89

Los

Angeles

Department

of

Water

&

Power

System

Revenue

Bonds

5.716%

due

07/01/39

150

159

6.603%

due

07/01/50

70

84

Los

Angeles

Unified

School

District

General

Obligation

Unlimited

5.750%

due

07/01/34

155

165

6.758%

due

07/01/34

180

204

Russell

Investment

Company

Long

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

172

Long

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

5.198%

due

12/01/39

100

103

Series

2022-ELL

Class

A4

4.475%

due

08/01/39

(Þ)

76

73

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

3.052%

due

07/01/40

155

118

Maryland

Transportation

Authority

Transportation

Tax

Revenue

Bonds

5.888%

due

07/01/43

65

70

Massachusetts

School

Building

Authority

Revenue

Bonds

5.715%

due

08/15/39

90

96

Metropolitan

Government

of

Nashville

&

Davidson

County

Convention

Center

Authority

Revenue

Bonds

6.731%

due

07/01/43

55

63

Metropolitan

Transportation

Authority

Revenue

Bonds

5.871%

due

11/15/39

75

79

6.668%

due

11/15/39

60

67

7.336%

due

11/15/39

60

73

6.814%

due

11/15/40

(Þ)

95

107

5.175%

due

11/15/49

100

96

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

General

Obligation

Limited

5.720%

due

12/01/38

100

107

Michigan

Finance

Authority

Revenue

Bonds

3.384%

due

12/01/40

25

20

Michigan

State

University

Revenue

Bonds

4.165%

due

08/15/22

95

75

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

6.637%

due

04/01/57

130

147

6.655%

due

04/01/57

155

175

7.055%

due

04/01/57

65

73

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

6.561%

due

12/15/40

90

101

New

Jersey

Turnpike

Authority

Revenue

Bonds

7.414%

due

01/01/40

179

223

7.102%

due

01/01/41

150

181

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

5.508%

due

08/01/37

65

68

5.572%

due

11/01/38

65

68

New

York

City

Water

&

Sewer

System

Revenue

Bonds

5.750%

due

06/15/41

75

82

5.724%

due

06/15/42

65

71

5.440%

due

06/15/43

70

74

5.882%

due

06/15/44

75

83

New

York

State

Dormitory

Authority

Revenue

Bonds

5.628%

due

03/15/39

85

89

5.600%

due

03/15/40

60

62

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.946%

due

08/01/48

(µ)

90

83

New

York

State

Thruway

Authority

Revenue

Bonds

3.500%

due

01/01/42

65

54

New

York

State

Urban

Development

Corp.

Revenue

Bonds

5.770%

due

03/15/39

75

77

North

Texas

Tollway

Authority

Revenue

Bonds

6.718%

due

01/01/49

110

133

Pennsylvania

State

University

(The)

Revenue

Bonds

2.790%

due

09/01/43

155

117

Pennsylvania

Turnpike

Commission

Revenue

Bonds

5.511%

due

12/01/45

110

115

Permanent

University

Fund

-

Texas

A&M

University

System

Revenue

Bonds

3.660%

due

07/01/47

85

73

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

5.647%

due

11/01/40

115

122

4.031%

due

09/01/48

75

62

4.926%

due

10/01/51

155

154

5.072%

due

07/15/53

85

87

4.458%

due

10/01/62

300

268

4.810%

due

10/15/65

85

81

3.287%

due

08/01/69

85

58

Port

of

Morrow

Revenue

Bonds

2.543%

due

09/01/40

80

60

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Bonds

6.548%

due

05/15/48

90

104

6.583%

due

05/15/49

60

70

4.563%

due

05/15/53

120

110

3.256%

due

05/15/60

155

108

Rutgers

The

State

University

of

New

Jersey

Revenue

Bonds

3.270%

due

05/01/43

150

122

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3.820%

due

01/01/48

75

61

San

Diego

County

Regional

Transportation

Commission

Revenue

Bonds

5.911%

due

04/01/48

70

78

San

Francisco

City

&

County

Public

Utilities

Commission

Water

Revenue

Bonds

6.950%

due

11/01/50

65

79

San

Jose

Redevelopment

Agency

Successor

Agency

Tax

Allocation

3.375%

due

08/01/34

65

60

State

of

California

General

Obligation

Unlimited

5.125%

due

03/01/38

(Þ)

80

81

4.600%

due

04/01/38

210

202

7.550%

due

04/01/39

320

405

7.300%

due

10/01/39

330

400

7.350%

due

11/01/39

125

152

7.625%

due

03/01/40

175

220

Russell

Investment

Company

Long

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Long

Duration

Bond

Fund

173

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.600%

due

11/01/40

305

389

State

of

Illinois

General

Obligation

Unlimited

6.630%

due

02/01/35

88

92

7.350%

due

07/01/35

47

51

State

of

Louisiana

Gasoline

&

Fuels

Tax

Revenue

Bonds

2.952%

due

05/01/41

120

94

State

of

Mississippi

General

Obligation

Unlimited

5.245%

due

11/01/34

100

103

State

of

Oregon

Department

of

Transportation

Revenue

Bonds

5.834%

due

11/15/34

30

32

State

of

Texas

General

Obligation

Unlimited

5.517%

due

04/01/39

130

139

4.681%

due

04/01/40

70

68

3.211%

due

04/01/44

90

73

State

of

Washington

General

Obligation

Unlimited

5.140%

due

08/01/40

75

77

Texas

Natural

Gas

Securitization

Finance

Corp.

Revenue

Bonds

5.102%

due

04/01/35

157

160

5.169%

due

04/01/41

255

266

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3.922%

due

12/31/49

145

120

Texas

Transportation

Commission

General

Obligation

Unlimited

2.472%

due

10/01/44

120

85

The

Ohio

State

University

Revenue

Bonds

4.910%

due

06/01/40

115

114

University

of

California

Revenue

Bonds

5.770%

due

05/15/43

115

122

5.946%

due

05/15/45

160

173

4.858%

due

05/15/12

130

123

University

of

Michigan

Revenue

Bonds

2.437%

due

04/01/40

85

63

3.599%

due

04/01/47

75

65

2.562%

due

04/01/50

85

57

3.504%

due

04/01/52

47

38

4.048%

due

04/01/52

85

73

4.454%

due

04/01/22

85

74

University

of

Nebraska

Facilities

Corp.

Revenue

Bonds

3.037%

due

10/01/49

135

102

University

of

Texas

System

(The)

Revenue

Bonds

4.794%

due

08/15/46

35

34

3.354%

due

08/15/47

95

74

University

of

Virginia

Revenue

Bonds

2.256%

due

09/01/50

50

31

2.584%

due

11/01/51

95

63

14,146

United

States

Government

Agencies

-

18.0%

Fannie

Mae

6.250%

due

05/15/29

(Þ)

100

111

0.875%

due

08/05/30

(Þ)

296

242

Federal

Farm

Credit

Banks

Funding

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.800%

due

06/04/35

596

437

3.650%

due

04/01/39

(Þ)

1,459

1,210

1.950%

due

08/13/40

(Þ)

364

232

3.700%

due

03/24/42

(Þ)

2,174

1,745

Federal

Home

Loan

Banks

4.000%

due

06/30/28

100

100

4.875%

due

09/10/32

(Þ)

2,450

2,539

1.625%

due

08/03/35

700

505

2.375%

due

06/23/36

(Þ)

575

431

5.500%

due

07/15/36

(Þ)

4,640

5,131

2.300%

due

08/18/36

295

218

Federal

Home

Loan

Mortgage

Corp.

6.250%

due

07/15/32

(Þ)

800

925

4.637%

due

09/15/36

(Þ)

3,074

1,734

4.694%

due

11/15/38

200

101

Series

1

4.063%

due

11/15/38

(Þ)

3,708

1,881

Federal

National

Mortgage

Association

7.125%

due

01/15/30

(Þ)

100

116

7.250%

due

05/15/30

(Þ)

100

118

6.625%

due

11/15/30

100

115

5.625%

due

07/15/37

3,127

3,552

6.210%

due

08/06/38

(Þ)

1,470

1,777

Tennessee

Valley

Authority

7.125%

due

05/01/30

(Þ)

1,086

1,273

4.650%

due

06/15/35

(Þ)

1,248

1,276

5.880%

due

04/01/36

(Þ)

4,608

5,245

6.150%

due

01/15/38

(Þ)

495

579

5.500%

due

06/15/38

(Þ)

1,413

1,559

5.250%

due

09/15/39

(Þ)

6,579

6,964

3.500%

due

12/15/42

(Þ)

3,456

2,917

4.875%

due

01/15/48

(Þ)

1,412

1,442

Series

B

4.700%

due

07/15/33

(Þ)

326

337

44,812

United

States

Government

Treasuries

-

71.1%

United

States

Treasury

Notes

4.500%

due

02/15/36

38,917

41,220

4.750%

due

02/15/37

24,452

26,476

5.000%

due

05/15/37

31,562

34,913

4.375%

due

02/15/38

33,208

34,467

4.500%

due

05/15/38

37,570

39,421

176,497

Total

Long-Term

Investments

(cost

$228,304)

235,951

Short-Term

Investments

-

3.5%

U.S.

Cash

Management

Fund(@)

8,598,685(∞)

8,596

Total

Short-Term

Investments

(cost

$8,596)

8,596

Total

Investments

-

98.5%

(identified

cost

$236,900)

244,547

Russell

Investment

Company

Long

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

174

Long

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Other

Assets

and

Liabilities,

Net

-

1.5%

3,683

Net

Assets

-

100.0%

248,230

Russell

Investment

Company

Long

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Long

Duration

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

$

$

$

16.2%

Fannie

Mae

09/20/23

100,000

107.85

108

111

Fannie

Mae

09/20/23

296,000

79.32

235

242

Federal

Farm

Credit

Banks

Funding

Corp.

09/18/23

364,000

63.07

230

232

Federal

Farm

Credit

Banks

Funding

Corp.

09/18/23

2,174,000

80.48

1,750

1,745

Federal

Farm

Credit

Banks

Funding

Corp.

09/18/23

1,459,000

82.57

1,205

1,210

Federal

Home

Loan

Banks

09/18/23

2,450,000

100.77

2,469

2,539

Federal

Home

Loan

Banks

09/18/23

4,640,000

108.36

5,028

5,131

Federal

Home

Loan

Banks

09/20/23

575,000

74.14

426

431

Federal

Home

Loan

Mortgage

Corp.

09/19/23

3,708,000

48.41

1,795

1,881

Federal

Home

Loan

Mortgage

Corp.

09/20/23

800,000

112.29

898

925

Federal

Home

Loan

Mortgage

Corp.

09/20/23

3,074,000

53.42

1,642

1,734

Federal

National

Mortgage

Association

09/18/23

1,470,000

115.41

1,696

1,777

Federal

National

Mortgage

Association

09/20/23

100,000

113.15

113

116

Federal

National

Mortgage

Association

09/20/23

100,000

114.43

114

118

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

09/18/23

76,000

92.41

70

73

Metropolitan

Transportation

Authority

Revenue

Bonds

09/18/23

95,000

106.66

101

107

Oklahoma

Development

Finance

Authority

09/18/23

90,000

93.95

85

87

Oklahoma

Development

Finance

Authority

09/18/23

85,000

94.37

80

82

Oklahoma

Development

Finance

Authority

09/18/23

74,976

95.11

71

72

State

of

California

General

Obligation

Unlimited

09/18/23

80,000

98.37

79

81

Tennessee

Valley

Authority

09/18/23

326,000

100.30

327

337

Tennessee

Valley

Authority

09/18/23

6,579,000

101.34

6,667

6,964

Tennessee

Valley

Authority

09/18/23

1,413,000

104.60

1,478

1,559

Tennessee

Valley

Authority

09/18/23

4,608,000

109.08

5,027

5,245

Tennessee

Valley

Authority

09/18/23

1,086,000

112.68

1,224

1,273

Tennessee

Valley

Authority

09/18/23

3,456,000

80.26

2,774

2,917

Tennessee

Valley

Authority

09/19/23

1,412,000

95.63

1,350

1,442

Tennessee

Valley

Authority

11/30/23

495,000

112.15

555

579

Tennessee

Valley

Authority

01/29/24

1,248,000

99.02

1,236

1,276

40,286

Russell

Investment

Company

Long

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

176

Long

Duration

Bond

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Long

Gilt

Futures

21

GBP

2,099

03/24

87

United

States

10

Year

Treasury

Ultra

Bond

Futures

66

USD

7,714

03/24

194

United

States

Treasury

Long

Bond

Futures

43

USD

5,261

03/24

158

Short

Positions

Euro-Bund

Futures

21

EUR

2,853

03/24

(57)

United

States

2

Year

Treasury

Note

Futures

2

USD

411

03/24

(1)

United

States

10

Year

Treasury

Note

Futures

31

USD

3,482

03/24

(69)

United

States

Treasury

Long

Bond

Futures

1

USD

123

03/24

—

United

States

Treasury

Ultra

Bond

Futures

4

USD

517

03/24

(2)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

310

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

$

—

$

496

$

—

$

—

$

496

Municipal

Bonds

—

14,146

—

—

14,146

United

States

Government

Agencies

—

44,812

—

—

44,812

United

States

Government

Treasuries

—

176,497

—

—

176,497

Short-Term

Investments

—

—

—

8,596

8,596

Total

Investments

—

235,951

—

8,596

244,547

Other

Financial

Instruments

Assets

Futures

Contracts

439

—

—

—

439

Liabilities

Futures

Contracts

(129)

—

—

—

(129

)

Total

Other

Financial

Instruments

*

$

310

$

—

$

—

$

—

$

310

*

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

January

31,

2024,

if

any,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Long

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Long

Duration

Bond

Fund

177

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

United

States

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

244,547

Total

Investments

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

244,547

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

10,532

$

6,590

$

8,526

$

—

$

—

$

8,596

$

134

$

—

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

178

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

79.4%

Asset-Backed

Securities

-

4.6%

Amur

Equipment

Finance

Receivables

X

LLC

Series

2022-1A

Class

A2

1.640%

due

10/20/27

(Þ)

2,528

2,461

Amur

Equipment

Finance

Receivables

XI

LLC

Series

2022-2A

Class

A2

5.300%

due

06/21/28

(Þ)

4,122

4,115

Amur

Equipment

Finance

Receivables

XII

LLC

Series

2023-1A

Class

A2

6.090%

due

12/20/29

(Þ)

5,595

5,649

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

19,652

BDS,

Ltd.

Series

2022-FL11

Class

ATS

2.100%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.800%)(Ê)(Þ)

11,123

11,092

CarMax

Auto

Owner

Trust

Series

2024-1

Class

D

6.000%

due

07/15/30

120

121

CCG

Receivables

Trust

Series

2023-1

Class

A2

5.820%

due

09/16/30

(Þ)

5,492

5,529

Conseco

Financial

Corp.

Series

1996-4

Class

M1

7.750%

due

06/15/27

(~)(Ê)

283

284

Countrywide

Asset-Backed

Certificates

Trust

Series

2007-4

Class

A4W

4.640%

due

04/25/47

(Þ)

7,884

7,217

DLLAA

LLC

Series

2023-1A

Class

A4

5.730%

due

10/20/31

(Þ)

4,870

4,991

GoodLeap

Sustainable

Home

Improvements

Series

2021-5CS

Class

A

2.310%

due

10/20/48

(Þ)

3,428

2,721

GoodLeap

Sustainable

Home

Solutions

Trust

Series

2022-1GS

Class

A

2.700%

due

01/20/49

(Þ)

2,943

2,393

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

2.190%

due

08/21/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

2,175

2,094

Greenwood

Park

CLO,

Ltd.

Series

2018-1A

Class

A2

2.229%

due

04/15/31

(USD

3

Month

LIBOR

+

1.010%)(Ê)(Þ)

2,541

2,542

GSAA

Home

Equity

Trust

Series

2006-S1

Class

2M2

5.850%

due

08/25/34

(~)(Ê)(Þ)

387

445

Hilton

Grand

Vacations

Trust

Series

2023-1A

Class

C

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.940%

due

01/25/38

(Þ)

114

115

Irwin

Home

Equity

Loan

Trust

Series

2006-1

Class

2A3

6.270%

due

09/25/35

(~)(Ê)(Þ)

190

190

J.G.

Wentworth

XLII

LLC

Series

2018-2A

Class

B

4.700%

due

10/15/77

(Þ)

55

50

J.G.

Wentworth

XXXIX

LLC

Series

2017-2A

Class

B

5.090%

due

09/17/74

(Þ)

130

120

Lunar

Structured

Aircraft

Portfolio

Notes

Series

2021-1

Class

A

2.636%

due

10/15/46

(Þ)

354

310

MF1

LLC

Series

2022-FL9

Class

A

2.960%

due

06/19/37

(CME

Term

SOFR

1

Month

+

2.150%)(Ê)(Þ)

1,565

1,572

Series

2024-FL14

Class

A

1.000%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.737%)(Ê)(Þ)

6,314

6,298

Mid-State

Capital

Corp.

Trust

Series

2005-1

Class

A

5.745%

due

01/15/40

384

379

MMAF

Equipment

Finance

LLC

Series

2024-A

Class

A4

5.100%

due

07/13/49

(Þ)

3,160

3,172

MVW

LLC

Series

2021-1WA

Class

C

1.940%

due

01/22/41

(Þ)

228

209

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)(Þ)

1,639

1,571

PFS

Financing

Corp.

Series

2023-C

Class

A

5.520%

due

10/16/28

(Þ)

3,987

4,034

Series

2024-A

Class

A

1.000%

due

01/15/28

(SOFR

30

Day

Average

+

0.850%)(Ê)(Þ)

380

380

Series

2024-A

Class

B

1.000%

due

01/15/28

(SOFR

30

Day

Average

+

1.300%)(Ê)(Þ)

140

140

Renew

Financial

Group

LLC

Series

2023-1A

Class

A

5.900%

due

11/20/58

(Þ)

538

535

Renew

Trust

Series

2024-1A

Class

A

6.208%

due

11/20/59

(Š)(Þ)

870

880

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG3

Class

A

7.067%

due

08/25/53

(~)(Ê)(Þ)

1,588

1,638

SoFi

Professional

Loan

Program

Trust

Series

2021-A

Class

AFX

1.030%

due

08/17/43

(Þ)

101

88

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

2,218

2,119

Verizon

Master

Trust

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

179

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2023-6

Class

A

5.350%

due

09/22/31

(Þ)

9,929

10,235

105,341

Corporate

Bonds

and

Notes

-

21.4%

3M

Co.

3.625%

due

10/15/47

(Þ)

810

609

AbbVie,

Inc.

Series

WI

3.200%

due

11/21/29

(Þ)

560

522

4.050%

due

11/21/39

(Þ)

420

380

Africa

Finance

Corp.

3.125%

due

06/16/25

(Þ)

2,500

2,390

Series

REGS

4.375%

due

04/17/26

(Þ)

1,158

1,114

African

Export-Import

Bank

(The)

2.634%

due

05/17/26

(Þ)

470

433

Air

Lease

Corp.

3.375%

due

07/01/25

590

572

1.875%

due

08/15/26

(Þ)

90

83

5.850%

due

12/15/27

560

572

5.300%

due

02/01/28

(Ñ)

250

252

Aircastle

,

Ltd.

5.250%

due

08/11/25

(Þ)

950

941

2.850%

due

01/26/28

(Þ)

3,397

3,044

Alabama

Power

Co.

5.850%

due

11/15/33

180

193

Alaska

Airlines

Pass-Through

Trust

4.800%

due

08/15/27

(Þ)

168

164

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

5.875%

due

02/15/28

(Þ)

370

370

Alcoa

Nederland

Holding

BV

5.500%

due

12/15/27

(Þ)

300

295

Alexandria

Real

Estate

Equities,

Inc.

2.000%

due

05/18/32

300

238

3.000%

due

05/18/51

380

248

Ally

Financial,

Inc.

8.000%

due

11/01/31

1,752

1,935

Altria

Group,

Inc.

4.800%

due

02/14/29

92

92

2.450%

due

02/04/32

2,544

2,080

3.400%

due

02/04/41

230

170

3.875%

due

09/16/46

210

158

5.950%

due

02/14/49

577

579

Amazon.com,

Inc.

3.950%

due

04/13/52

270

231

Series

WI

3.875%

due

08/22/37

(Þ)

110

101

Amcor

PLC

Series

WI

3.625%

due

04/28/26

2,000

1,936

American

Airlines

Group,

Inc.

5.500%

due

04/20/26

(Þ)

375

371

7.250%

due

02/15/28

(Þ)

650

659

8.500%

due

05/15/29

(Þ)

170

180

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

2017-1B

Class

B

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.950%

due

02/15/25

(Þ)

327

320

Series

A

2.875%

due

07/11/34

(Þ)

2,582

2,194

Series

AA

3.575%

due

01/15/28

1,722

1,609

Series

AA

Class

AA

3.650%

due

02/15/29

7,926

7,376

American

Express

Co.

6.338%

due

10/30/26

(SOFR

+

1.330%)(Ê)

3,751

3,828

5.625%

due

07/28/34

(SOFR

+

1.930%)(Ê)

240

247

3.550%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.854%)(Ê)(ƒ)

80

71

American

Honda

Finance

Corp.

Series

GMTN

4.900%

due

01/10/34

460

460

American

Tower

Trust

#1

5.490%

due

03/15/28

(Þ)

4,095

4,150

American

Transmission

Systems,

Inc.

2.650%

due

01/15/32

(Þ)

110

92

Americo

Life,

Inc.

3.450%

due

04/15/31

(Þ)

430

338

Ameriprise

Financial,

Inc.

5.150%

due

05/15/33

370

379

AmFam

Holdings,

Inc.

2.805%

due

03/11/31

(Þ)

260

200

3.833%

due

03/11/51

(Þ)

220

132

Amgen,

Inc.

4.400%

due

05/01/45

180

159

5.650%

due

03/02/53

340

350

5.750%

due

03/02/63

(Þ)

210

216

Series

WI

4.663%

due

06/15/51

100

90

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

7.875%

due

05/15/26

(Þ)

180

184

Apache

Corp.

7.750%

due

12/15/29

10

11

5.100%

due

09/01/40

394

338

4.250%

due

01/15/44

120

86

Ares

Capital

Corp.

3.250%

due

07/15/25

2,917

2,810

2.150%

due

07/15/26

(Þ)

1,138

1,039

Arthur

J

Gallagher

&

Co.

6.500%

due

02/15/34

(Þ)

490

538

Ashtead

Capital,

Inc.

5.800%

due

04/15/34

(Þ)

370

372

AT&T,

Inc.

6.950%

due

01/15/28

950

994

4.500%

due

05/15/35

130

123

4.800%

due

06/15/44

(Þ)

251

229

Series

WI

2.550%

due

12/01/33

(Þ)

120

97

6.375%

due

03/01/41

140

152

3.500%

due

09/15/53

120

86

3.550%

due

09/15/55

10

7

3.800%

due

12/01/57

640

471

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

180

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bank

of

America

Corp.

1.197%

due

10/24/26

(SOFR

+

1.010%)(Ê)

3,912

3,649

4.376%

due

04/27/28

(SOFR

+

1.580%)(Ê)

330

324

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

640

543

2.299%

due

07/21/32

(SOFR

+

1.220%)(Ê)

590

484

2.972%

due

02/04/33

(SOFR

+

1.330%)(Ê)

1,000

853

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

390

373

5.468%

due

01/23/35

(SOFR

+

1.650%)(Ê)

70

71

2.482%

due

09/21/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.200%)(Ê)

1,090

875

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

180

142

Series

MTN

4.271%

due

07/23/29

(CME

Term

SOFR

3

Month

+

1.572%)(Ê)

80

78

3.974%

due

02/07/30

(CME

Term

SOFR

3

Month

+

1.472%)(Ê)(Þ)

70

67

2.884%

due

10/22/30

(CME

Term

SOFR

3

Month

+

1.452%)(Ê)

200

178

1.922%

due

10/24/31

(SOFR

+

1.370%)(Ê)

840

687

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

56

54

Becton

Dickinson

and

Co.

4.685%

due

12/15/44

70

65

Berry

Global,

Inc.

4.875%

due

07/15/26

(Þ)

3,955

3,891

Berry

Petroleum

Corp.

7.000%

due

02/15/26

(Þ)

520

509

Blackstone

Holdings

Finance

Co.

LLC

6.200%

due

04/22/33

(Þ)

500

531

Block

Financial

LLC

5.250%

due

10/01/25

509

509

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

7.625%

due

12/15/25

(Þ)

420

424

6.625%

due

07/15/26

(Þ)

300

298

Boardwalk

Pipelines,

LP

4.450%

due

07/15/27

1,887

1,850

Boeing

Co.

(The)

4.875%

due

05/01/25

440

437

2.196%

due

02/04/26

220

207

2.700%

due

02/01/27

100

94

2.800%

due

03/01/27

(Þ)

150

141

3.200%

due

03/01/29

160

147

5.150%

due

05/01/30

480

481

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.250%

due

02/01/35

230

191

5.705%

due

05/01/40

220

222

3.750%

due

02/01/50

50

37

3.950%

due

08/01/59

440

325

Bon

Secours

Mercy

Health,

Inc.

3.464%

due

06/01/30

120

111

Boston

Gas

Co.

3.150%

due

08/01/27

(Þ)

272

254

BP

Capital

Markets

America,

Inc.

3.000%

due

02/24/50

300

210

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

1,428

1,291

Brighthouse

Financial,

Inc.

Series

WI

4.700%

due

06/22/47

2,559

2,093

Brightsphere

Investment

Group,

Inc.

4.800%

due

07/27/26

160

152

Bristol-Myers

Squibb

Co.

2.350%

due

11/13/40

110

76

Series

WI

3.900%

due

02/20/28

1,305

1,281

Broadcom,

Inc.

3.187%

due

11/15/36

(Þ)

470

382

Series

WI

3.875%

due

01/15/27

1,896

1,847

Brunswick

Corp.

5.100%

due

04/01/52

682

552

Buckeye

Partners,

LP

3.950%

due

12/01/26

1,406

1,334

4.125%

due

12/01/27

198

187

5.850%

due

11/15/43

136

111

Burlington

Northern

Santa

Fe

LLC

4.400%

due

03/15/42

160

148

Cameron

LNG

LLC

3.701%

due

01/15/39

(Þ)

80

68

Campbell

Soup

Co.

3.125%

due

04/24/50

1,983

1,341

Capital

One

Financial

Corp.

2.618%

due

11/02/32

(SOFR

+

1.265%)(Ê)

3,946

3,174

Carnival

Corp.

7.875%

due

06/01/27

478

503

Carrier

Global

Corp.

5.800%

due

11/30/25

(Þ)

340

345

5.900%

due

03/15/34

(Þ)

320

342

Series

WI

2.700%

due

02/15/31

20

17

3.577%

due

04/05/50

100

77

CDW

LLC

/

CDW

Finance

Corp.

3.250%

due

02/15/29

3,687

3,333

Centene

Corp.

Series

WI

4.250%

due

12/15/27

170

163

4.625%

due

12/15/29

150

144

3.375%

due

02/15/30

90

81

CenterPoint

Energy

Houston

Electric

LLC

4.950%

due

04/01/33

(Þ)

210

212

4.500%

due

04/01/44

340

310

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

181

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.300%

due

04/01/53

(Þ)

20

20

CF

Industries,

Inc.

4.500%

due

12/01/26

(Þ)

2,401

2,365

4.950%

due

06/01/43

685

628

Charles

Schwab

Corp.

(The)

2.000%

due

03/20/28

100

89

5.643%

due

05/19/29

(SOFR

+

2.210%)(Ê)

310

317

5.853%

due

05/19/34

(SOFR

+

2.500%)(Ê)

150

155

6.136%

due

08/24/34

(SOFR

+

2.010%)(Ê)

480

507

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

572

Series

H

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.079%)(Ê)(ƒ)

370

307

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.250%

due

01/15/29

240

207

5.050%

due

03/30/29

240

236

3.500%

due

06/01/41

160

112

3.500%

due

03/01/42

260

179

3.850%

due

04/01/61

130

79

3.950%

due

06/30/62

120

74

Series

WI

4.908%

due

07/23/25

3,863

3,829

6.384%

due

10/23/35

(Þ)

70

71

6.484%

due

10/23/45

60

58

6.834%

due

10/23/55

(Þ)

80

79

Cheniere

Corpus

Christi

Holdings

LLC

Series

WI

5.125%

due

06/30/27

2,169

2,180

Cheniere

Energy

Partners,

LP

Series

WI

3.250%

due

01/31/32

(Þ)

160

136

Cheniere

Energy,

Inc.

Series

WI

4.625%

due

10/15/28

1,435

1,388

Chesapeake

Energy

Corp.

5.500%

due

02/01/26

(Þ)

880

875

6.750%

due

04/15/29

(Þ)

410

415

Chord

Energy

Corp.

6.375%

due

06/01/26

(Þ)

200

200

Cigna

Corp.

2.400%

due

03/15/30

90

79

3.200%

due

03/15/40

150

116

Series

WI

4.375%

due

10/15/28

590

582

4.800%

due

08/15/38

70

67

Cimarex

Energy

Co.

4.375%

due

03/15/29

(Þ)

500

459

Citigroup,

Inc.

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

90

88

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.980%

due

03/20/30

(CME

Term

SOFR

3

Month

+

1.600%)(Ê)

300

286

2.976%

due

11/05/30

(SOFR

+

1.422%)(Ê)

140

126

2.572%

due

06/03/31

(SOFR

+

2.107%)(Ê)

340

293

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

180

151

8.125%

due

07/15/39

195

253

7.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.211%)(Ê)(ƒ)

150

153

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

472

Citizens

Financial

Group,

Inc.

5.841%

due

01/23/30

(SOFR

+

2.010%)(Ê)(Þ)

350

352

Clorox

Co.

(The)

1.800%

due

05/15/30

(Þ)

240

201

Columbia

Pipeline

Group,

Inc.

Series

WI

4.500%

due

06/01/25

1,857

1,837

Columbia

Pipelines

Holding

Co.

LLC

6.055%

due

08/15/26

(Þ)

80

82

6.042%

due

08/15/28

(Þ)

1,687

1,746

Columbia

Pipelines

Operating

Co.

LLC

6.036%

due

11/15/33

(Þ)

320

336

Comcast

Corp.

3.400%

due

04/01/30

130

121

7.050%

due

03/15/33

410

475

3.200%

due

07/15/36

(Þ)

2,585

2,175

3.250%

due

11/01/39

50

40

3.750%

due

04/01/40

20

17

3.400%

due

07/15/46

(Þ)

50

38

4.000%

due

03/01/48

90

75

Series

WI

2.887%

due

11/01/51

153

101

2.937%

due

11/01/56

(Þ)

109

70

2.987%

due

11/01/63

(Þ)

284

179

Comerica,

Inc.

3.800%

due

07/22/26

(Þ)

2,331

2,209

5.982%

due

01/30/30

(SOFR

+

2.155%)(Ê)

510

508

CommonSpirit

Health

2.782%

due

10/01/30

100

88

3.910%

due

10/01/50

150

118

Commonwealth

Edison

Co.

6.450%

due

01/15/38

270

298

Conagra

Brands,

Inc.

4.600%

due

11/01/25

2,759

2,736

Connecticut

Light

&

Power

Co.

(The)

4.650%

due

01/01/29

450

450

ConocoPhillips

Co.

5.050%

due

09/15/33

360

366

Constellation

Brands,

Inc.

3.500%

due

05/09/27

2,289

2,207

Constellation

Energy

Generation

LLC

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

182

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.250%

due

06/01/25

2,094

2,038

6.125%

due

01/15/34

(Þ)

320

341

Consumers

Energy

Co.

2.500%

due

05/01/60

64

38

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

300

277

2.875%

due

04/01/32

(Þ)

160

131

Series

WI

4.375%

due

01/15/28

130

126

Coterra

Energy,

Inc.

Series

WI

3.900%

due

05/15/27

1,957

1,905

4.375%

due

03/15/29

120

117

Crescent

Energy

Finance

LLC

7.250%

due

05/01/26

240

239

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

748

784

CVS

Health

Corp.

3.625%

due

04/01/27

150

145

4.300%

due

03/25/28

91

89

3.250%

due

08/15/29

175

162

3.750%

due

04/01/30

140

131

5.250%

due

01/30/31

420

427

2.125%

due

09/15/31

260

214

4.780%

due

03/25/38

2,841

2,665

4.125%

due

04/01/40

100

85

Daimler

Truck

Finance

North

America

LLC

5.375%

due

01/18/34

(Þ)

390

397

Darden

Restaurants,

Inc.

4.550%

due

02/15/48

(Þ)

683

565

DCP

Midstream

Operating,

LP

3.250%

due

02/15/32

210

182

6.450%

due

11/03/36

(Þ)

200

211

Dell

International

LLC

/

EMC

Corp.

Series

WI

8.100%

due

07/15/36

130

160

Delta

Air

Lines,

Inc.

7.375%

due

01/15/26

120

124

3.750%

due

10/28/29

70

64

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.500%

due

10/20/25

(Þ)

327

323

4.750%

due

10/20/28

(Þ)

470

463

Devon

Energy

Corp.

5.850%

due

12/15/25

210

212

7.875%

due

09/30/31

20

23

5.600%

due

07/15/41

220

212

5.000%

due

06/15/45

846

753

Series

WI

5.250%

due

10/15/27

91

92

5.875%

due

06/15/28

419

423

4.500%

due

01/15/30

(Þ)

120

116

Diamondback

Energy,

Inc.

4.400%

due

03/24/51

240

198

Discover

Bank

Series

BKNT

3.450%

due

07/27/26

1,971

1,874

Discover

Financial

Services

4.100%

due

02/09/27

(Þ)

2,279

2,191

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Dollar

General

Corp.

4.125%

due

04/03/50

(Þ)

692

543

Dominion

Energy,

Inc.

Series

C

3.375%

due

04/01/30

(Þ)

190

174

DPL,

Inc.

Series

AI

4.350%

due

04/15/29

499

462

DR

Horton,

Inc.

2.600%

due

10/15/25

(Þ)

1,923

1,846

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

477

529

DTE

Energy

Co.

2.850%

due

10/01/26

1,950

1,846

Duke

Energy

Carolinas

LLC

4.950%

due

01/15/33

70

71

6.100%

due

06/01/37

420

451

Duke

Energy

Florida

LLC

5.875%

due

11/15/33

370

396

6.200%

due

11/15/53

567

635

Duke

Energy

Indiana

LLC

5.400%

due

04/01/53

170

170

Series

YYY

3.250%

due

10/01/49

290

205

Duke

Energy

Ohio,

Inc.

2.125%

due

06/01/30

100

85

5.250%

due

04/01/33

70

71

Edison

International

4.950%

due

04/15/25

140

139

5.750%

due

06/15/27

(Þ)

3,500

3,576

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

212

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

295

El

Paso

Natural

Gas

Co.

LLC

7.500%

due

11/15/26

740

785

Elevance

Health,

Inc.

4.100%

due

05/15/32

270

256

5.500%

due

10/15/32

210

218

4.375%

due

12/01/47

40

35

Eli

Lilly

&

Co.

4.950%

due

02/27/63

120

122

Embarq

Corp.

7.995%

due

06/01/36

(Ñ)

544

323

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

1,707

2,009

Endeavor

Energy

Resources,

LP

/

EER

Finance,

Inc.

5.750%

due

01/30/28

(Þ)

120

119

Energy

Transfer

Operating,

LP

4.200%

due

04/15/27

864

843

6.400%

due

12/01/30

660

703

7.375%

due

02/01/31

(Þ)

50

53

5.550%

due

05/15/34

110

111

5.950%

due

05/15/54

420

421

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

183

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.000%

due

05/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.020%)(Ê)

90

93

Energy

Transfer,

LP

6.000%

due

02/01/29

(Þ)

1,950

1,959

8.250%

due

11/15/29

260

297

3.750%

due

05/15/30

380

351

5.300%

due

04/01/44

(Þ)

20

19

6.250%

due

04/15/49

(Þ)

80

83

Series

10Y

4.950%

due

06/15/28

30

30

Series

F

6.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.134%)(Ê)(ƒ)

870

850

Series

G

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.306%)(Ê)(ƒ)

170

164

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

184

EnLink

Midstream

Partners,

LP

5.600%

due

04/01/44

250

222

5.050%

due

04/01/45

347

282

5.450%

due

06/01/47

93

81

Entegris

Escrow

Corp.

4.750%

due

04/15/29

(Þ)

1,030

985

Enterprise

Products

Operating

LLC

4.150%

due

10/16/28

300

295

2.800%

due

01/31/30

220

198

7.550%

due

04/15/38

40

49

5.700%

due

02/15/42

140

146

4.850%

due

03/15/44

90

86

3.700%

due

01/31/51

150

118

3.300%

due

02/15/53

70

51

5.375%

due

02/15/78

(CME

Term

SOFR

3

Month

+

2.832%)(Ê)

750

699

Series

D

6.875%

due

03/01/33

410

467

8.638%

due

08/16/77

(CME

Term

SOFR

3

Month

+

3.248%)(Ê)

250

249

EOG

Resources,

Inc.

4.375%

due

04/15/30

120

119

4.950%

due

04/15/50

10

10

EPR

Properties

Co.

4.750%

due

12/15/26

1,449

1,398

4.500%

due

06/01/27

2,539

2,416

EQM

Midstream

Partners,

LP

7.500%

due

06/01/27

(Þ)

100

103

Series

30Y

6.500%

due

07/15/48

961

992

EQT

Corp.

3.125%

due

05/15/26

(Þ)

250

238

3.900%

due

10/01/27

140

134

3.625%

due

05/15/31

(Þ)

70

62

Equifax,

Inc.

2.350%

due

09/15/31

170

141

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Equinix

,

Inc.

1.450%

due

05/15/26

2,098

1,946

3.250%

due

06/01/26

2,244

2,161

Equities

Corp.

6.125%

due

02/01/25

216

217

Evergy

Kansas

Central,

Inc.

5.900%

due

11/15/33

190

203

Extra

Space

Storage,

LP

3.900%

due

04/01/29

130

123

Exxon

Mobil

Corp.

4.114%

due

03/01/46

130

114

4.327%

due

03/19/50

60

54

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

2,130

2,211

Ferguson

PLC

4.500%

due

10/24/28

(Þ)

2,435

2,414

Fifth

Third

Bancorp

6.339%

due

07/27/29

(SOFR

+

2.340%)(Ê)

190

198

5.631%

due

01/29/32

(SOFR

+

1.840%)(Ê)(Þ)

250

252

Series

BKNT

3.850%

due

03/15/26

2,141

2,079

First

Horizon

National

Corp.

4.000%

due

05/26/25

3,888

3,830

FirstEnergy

Corp.

2.050%

due

03/01/25

259

249

Series

A

1.600%

due

01/15/26

343

319

Series

B

3.900%

due

07/15/27

1,141

1,096

2.250%

due

09/01/30

371

310

Series

C

4.850%

due

07/15/47

295

264

3.400%

due

03/01/50

497

344

Florida

Gas

Transmission

Co.

LLC

2.300%

due

10/01/31

(Þ)

800

655

Florida

Power

&

Light

Co.

3.150%

due

10/01/49

150

108

Flowers

Foods,

Inc.

2.400%

due

03/15/31

2,878

2,435

Fluor

Corp.

4.250%

due

09/15/28

940

905

Ford

Motor

Co.

4.750%

due

01/15/43

170

140

Ford

Motor

Credit

Co.

LLC

5.125%

due

06/16/25

540

535

6.950%

due

03/06/26

360

368

4.125%

due

08/17/27

(Þ)

280

266

7.122%

due

11/07/33

580

622

Fox

Corp.

6.500%

due

10/13/33

290

313

Series

WI

5.476%

due

01/25/39

180

176

Freeport-McMoRan,

Inc.

5.400%

due

11/14/34

300

300

Frontier

Communications

Corp.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

184

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

E

6.860%

due

02/01/28

367

353

FS

KKR

Capital

Corp.

3.400%

due

01/15/26

2,811

2,673

Full

House

Resorts

8.250%

due

02/15/28

(Þ)

80

76

General

Dynamics

Corp.

4.250%

due

04/01/40

260

241

4.250%

due

04/01/50

80

72

General

Motors

Co.

6.125%

due

10/01/25

310

314

5.600%

due

10/15/32

(Ñ)

210

213

6.250%

due

10/02/43

100

102

5.200%

due

04/01/45

1,579

1,432

6.750%

due

04/01/46

40

43

Genting

New

York

LLC

3.300%

due

02/15/26

(Þ)

1,060

983

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

730

669

Gilead

Sciences,

Inc.

5.250%

due

10/15/33

(Þ)

400

415

5.650%

due

12/01/41

110

116

Global

Marine,

Inc.

7.000%

due

06/01/28

522

457

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

1,167

1,163

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

2,011

1,917

Goldman

Sachs

Group,

Inc.

(The)

4.387%

due

06/15/27

(SOFR

+

1.510%)(Ê)

949

938

3.615%

due

03/15/28

(SOFR

+

1.846%)(Ê)

250

240

3.814%

due

04/23/29

(CME

Term

SOFR

3

Month

+

1.420%)(Ê)

320

305

4.223%

due

05/01/29

(CME

Term

SOFR

3

Month

+

1.563%)(Ê)

120

116

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

1,270

1,047

Series

W

7.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.156%)(Ê)(ƒ)(Ñ)

130

137

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

3,162

2,885

H.B.

Fuller

Co.

4.000%

due

02/15/27

229

219

Hasbro,

Inc.

3.550%

due

11/19/26

3,189

3,042

HCA,

Inc.

4.500%

due

02/15/27

2,203

2,173

5.500%

due

06/01/33

380

386

5.125%

due

06/15/39

(Þ)

120

115

Heico

Corp.

5.250%

due

08/01/28

220

224

Hercules

Capital,

Inc.

2.625%

due

09/16/26

2,318

2,097

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.375%

due

01/20/27

316

288

Home

Depot,

Inc.

(The)

3.300%

due

04/15/40

120

99

Howmet

Aerospace,

Inc.

5.900%

due

02/01/27

108

110

6.750%

due

01/15/28

2,267

2,386

5.950%

due

02/01/37

65

67

Humana,

Inc.

5.875%

due

03/01/33

240

251

5.950%

due

03/15/34

120

127

8.150%

due

06/15/38

1,841

2,211

4.625%

due

12/01/42

(Þ)

80

72

4.950%

due

10/01/44

50

47

Huntington

Bancshares,

Inc.

6.208%

due

08/21/29

(SOFR

+

2.020%)(Ê)

270

279

Huntsman

International

LLC

4.500%

due

05/01/29

1,992

1,914

Hyundai

Capital

America

5.400%

due

01/08/31

(Þ)

340

347

ILFC

E-Capital

Trust

I

7.186%

due

12/21/65

(CME

Term

SOFR

3

Month

+

1.812%)(Ê)(Þ)

650

502

ILFC

E-Capital

Trust

II

7.436%

due

12/21/65

(CME

Term

SOFR

3

Month

+

2.062%)(Ê)(Þ)

750

594

Ingersoll

Rand,

Inc.

5.700%

due

08/14/33

320

334

Intel

Corp.

2.800%

due

08/12/41

(Þ)

100

74

4.900%

due

08/05/52

(Þ)

120

115

3.200%

due

08/12/61

(Þ)

190

128

Inter-American

Development

Bank

Series

GMTN

4.924%

due

02/04/25

(SOFR

+

0.250%)(Ê)

4,770

4,775

Intercontinental

Exchange,

Inc.

4.600%

due

03/15/33

70

69

4.950%

due

06/15/52

10

10

International

Flavors

&

Fragrances,

Inc.

2.300%

due

11/01/30

(Þ)

4,746

3,950

Interstate

Power

and

Light

Co.

5.700%

due

10/15/33

250

262

Intuit,

Inc.

5.200%

due

09/15/33

500

519

Invitation

Homes,

Inc.

4.150%

due

04/15/32

130

119

Jabil

Circuit,

Inc.

5.450%

due

02/01/29

290

296

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

Luxembourg

SARL

7.250%

due

11/15/53

(Þ)

328

357

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

Series

WI

2.500%

due

01/15/27

742

686

6.500%

due

12/01/52

532

531

Jersey

Central

Power

&

Light

Co.

4.300%

due

01/15/26

(Þ)

1,828

1,795

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

185

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

JetBlue

Airways

Corp.

Series

1A

4.000%

due

11/15/32

4,264

3,930

Series

2019

2.750%

due

05/15/32

5,305

4,493

JM

Smucker

Co.

(The)

6.200%

due

11/15/33

(Þ)

370

400

JPMorgan

Chase

&

Co.

5.110%

due

12/08/26

700

709

4.203%

due

07/23/29

(CME

Term

SOFR

3

Month

+

1.522%)(Ê)(Þ)

50

49

8.750%

due

09/01/30

320

384

2.522%

due

04/22/31

(SOFR

+

2.040%)(Ê)

170

148

2.956%

due

05/13/31

(CME

Term

SOFR

3

Month

+

2.515%)(Ê)(Þ)

450

397

1.953%

due

02/04/32

(SOFR

+

1.065%)(Ê)

350

286

2.545%

due

11/08/32

(SOFR

+

1.180%)(Ê)

20

17

4.586%

due

04/26/33

(SOFR

+

1.800%)(Ê)

310

299

6.254%

due

10/23/34

(SOFR

+

1.810%)(Ê)

120

130

4.260%

due

02/22/48

(CME

Term

SOFR

3

Month

+

1.842%)(Ê)

80

71

3.328%

due

04/22/52

(SOFR

+

1.580%)(Ê)

110

81

Series

KK

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.850%)(Ê)(ƒ)

180

166

Kaiser

Foundation

Hospitals

4.150%

due

05/01/47

130

114

Series

2019

3.266%

due

11/01/49

90

67

Series

2021

2.810%

due

06/01/41

200

150

3.002%

due

06/01/51

70

49

Kenvue

,

Inc.

Series

WI

5.050%

due

03/22/53

(Þ)

70

71

5.200%

due

03/22/63

140

142

KeyCorp

4.700%

due

01/26/26

2,166

2,123

2.250%

due

04/06/27

2,518

2,276

Series

BKNT

4.150%

due

08/08/25

1,195

1,169

Kimco

Realty

Corp.

2.250%

due

12/01/31

430

349

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

2,049

2,317

KKR

Group

Finance

Co.

II

LLC

5.500%

due

02/01/43

(Þ)

30

29

KLA

Corp.

4.650%

due

07/15/32

(Þ)

200

201

4.950%

due

07/15/52

(Þ)

50

49

Kohl's

Corp.

4.625%

due

05/01/31

1,545

1,236

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.550%

due

07/17/45

80

54

Kyndryl

Holdings,

Inc.

Series

WI

3.150%

due

10/15/31

(Þ)

510

425

4.100%

due

10/15/41

180

137

L

Brands,

Inc.

7.600%

due

07/15/37

(Þ)

65

64

L3Harris

Technologies,

Inc.

5.400%

due

01/15/27

170

173

2.900%

due

12/15/29

380

344

5.400%

due

07/31/33

340

350

Lam

Research

Corp.

1.900%

due

06/15/30

230

197

Las

Vegas

Sands

Corp.

2.900%

due

06/25/25

1,444

1,394

3.500%

due

08/18/26

1,227

1,173

3.900%

due

08/08/29

224

207

Lehman

Brothers

Holdings,

Inc.

7.000%

due

09/27/27

(Ø)(Æ)

734

1

6.875%

due

05/02/49

(Ø)(Æ)

681

1

6.625%

due

12/31/49

(Ø)(Æ)(Þ)

455

—

Lennar

Corp.

Series

WI

5.000%

due

06/15/27

20

20

Lennox

International,

Inc.

1.700%

due

08/01/27

230

208

Level

3

Financing,

Inc.

10.500%

due

05/15/30

(Ñ)(Þ)

172

171

Liberty

Mutual

Group,

Inc.

7.800%

due

03/15/37

(Þ)

218

221

Lithia

Motors,

Inc.

4.625%

due

12/15/27

(Þ)

70

67

3.875%

due

06/01/29

(Þ)

120

108

Lockheed

Martin

Corp.

4.500%

due

02/15/29

590

591

1.850%

due

06/15/30

40

34

3.900%

due

06/15/32

130

124

4.800%

due

08/15/34

690

695

4.500%

due

05/15/36

100

98

4.150%

due

06/15/53

70

61

Lowe's

Cos.,

Inc.

4.500%

due

04/15/30

(Þ)

120

119

2.800%

due

09/15/41

130

95

3.000%

due

10/15/50

803

547

LPL

Holdings,

Inc.

6.750%

due

11/17/28

240

252

Macy's

Retail

Holdings,

Inc.

4.500%

due

12/15/34

508

426

6.375%

due

03/15/37

50

44

4.300%

due

02/15/43

449

336

Manufacturers

&

Traders

Trust

Co.

4.650%

due

01/27/26

3,244

3,201

Mars,

Inc.

2.375%

due

07/16/40

(Þ)

390

276

Marsh

&

McLennan

Cos.,

Inc.

2.375%

due

12/15/31

180

152

Massachusetts

Mutual

Life

Insurance

Co.

3.375%

due

04/15/50

(Þ)

120

87

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

186

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mastercard

,

Inc.

3.850%

due

03/26/50

(Þ)

110

94

Mattel,

Inc.

3.375%

due

04/01/26

(Þ)

4,116

3,927

MBIA,

Inc.

5.700%

due

12/01/34

299

268

McCormick

&

Co.,

Inc.

2.500%

due

04/15/30

1,665

1,459

McDonald's

Corp.

5.450%

due

08/14/53

490

510

Series

MTN

4.450%

due

03/01/47

100

90

4.450%

due

09/01/48

90

81

MDC

Holdings,

Inc.

2.500%

due

01/15/31

(Þ)

70

59

6.000%

due

01/15/43

(Þ)

110

112

Merck

&

Co.,

Inc.

2.350%

due

06/24/40

100

72

Mercury

General

Corp.

4.400%

due

03/15/27

2,320

2,226

Metropolitan

Edison

Co.

5.200%

due

04/01/28

(Þ)

240

243

Metropolitan

Life

Global

Funding

I

5.150%

due

03/28/33

(Þ)

350

354

Micron

Technology,

Inc.

2.703%

due

04/15/32

180

151

MidAmerican

Energy

Co.

3.650%

due

04/15/29

(Þ)

120

115

3.150%

due

04/15/50

140

99

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

6.500%

due

06/20/27

(Þ)

287

287

Molson

Coors

Beverage

Co.

4.200%

due

07/15/46

90

76

Mondelez

International,

Inc.

1.250%

due

09/24/26

(Þ)

358

327

2.625%

due

09/04/50

70

46

Monongahela

Power

Co.

5.850%

due

02/15/34

(Þ)

590

616

Morgan

Stanley

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

130

125

4.679%

due

07/17/26

(SOFR

+

1.669%)(Ê)

2,589

2,572

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

220

204

6.342%

due

10/18/33

(SOFR

+

2.560%)(Ê)

180

194

5.424%

due

07/21/34

(SOFR

+

1.880%)(Ê)

30

30

2.484%

due

09/16/36

(SOFR

+

1.360%)(Ê)(Þ)

560

448

5.297%

due

04/20/37

(SOFR

+

2.620%)(Ê)

510

500

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.430%)(Ê)

50

51

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

250

194

Series

BKNT

4.754%

due

04/21/26

740

741

Series

GMTN

4.431%

due

01/23/30

(CME

Term

SOFR

3

Month

+

1.890%)(Ê)(Þ)

40

39

2.239%

due

07/21/32

(SOFR

+

1.178%)(Ê)

170

139

Series

MTN

3.622%

due

04/01/31

(SOFR

+

3.120%)(Ê)(Þ)

30

28

Morgan

Stanley

Bank

NA

5.449%

due

07/20/29

(SOFR

+

1.630%)(Ê)

340

346

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

1,039

1,004

Motorola

Solutions,

Inc.

5.600%

due

06/01/32

2,705

2,781

MPLX,

LP

4.800%

due

02/15/29

(Þ)

20

20

4.500%

due

04/15/38

30

27

5.200%

due

03/01/47

(Þ)

150

139

4.700%

due

04/15/48

150

129

Murphy

Oil

Corp.

7.050%

due

05/01/29

30

31

5.875%

due

12/01/42

289

256

National

Fuel

Gas

Co.

5.500%

due

10/01/26

2,746

2,769

Navient

Corp.

Series

MTN

5.625%

due

08/01/33

460

365

NBCUniversal

Media

LLC

4.450%

due

01/15/43

19

17

New

York

Life

Global

Funding

4.550%

due

01/28/33

(Þ)

220

214

New

York

Life

Insurance

Co.

3.750%

due

05/15/50

(Þ)

150

118

Newell

Brands,

Inc.

5.375%

due

04/01/36

976

869

5.500%

due

04/01/46

239

193

NextEra

Energy

Capital

Holdings,

Inc.

1.875%

due

01/15/27

3,660

3,377

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

2,298

2,588

Nissan

Motor

Acceptance

Co.

LLC

1.850%

due

09/16/26

(Þ)

70

63

Nissan

Motor

Acceptance

Corp.

2.000%

due

03/09/26

215

199

NMI

Holdings,

Inc.

7.375%

due

06/01/25

180

182

Nordstrom,

Inc.

5.000%

due

01/15/44

927

671

Series

WI

4.250%

due

08/01/31

(Ñ)

1,249

1,037

Norfolk

Southern

Corp.

5.550%

due

03/15/34

350

368

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

187

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Northrop

Grumman

Corp.

5.150%

due

05/01/40

1,003

1,002

5.050%

due

11/15/40

70

69

5.250%

due

05/01/50

110

111

Northwest

Pipeline

LLC

7.125%

due

12/01/25

620

635

Series

WI

4.000%

due

04/01/27

200

196

Northwestern

Mutual

Life

Insurance

Co.

(The)

3.450%

due

03/30/51

(Þ)

310

228

3.625%

due

09/30/59

(Þ)

280

205

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

810

730

Nuveen

LLC

4.000%

due

11/01/28

(Þ)

100

98

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

4,065

3,662

Occidental

Petroleum

Corp.

5.550%

due

03/15/26

160

161

3.400%

due

04/15/26

110

106

8.500%

due

07/15/27

3,500

3,824

7.875%

due

09/15/31

250

284

7.950%

due

06/15/39

170

199

4.625%

due

06/15/45

90

74

4.400%

due

04/15/46

80

66

4.100%

due

02/15/47

10

7

Oceaneering

International,

Inc.

6.000%

due

02/01/28

721

704

Office

Properties

Income

Trust

4.500%

due

02/01/25

1,466

1,270

Ohio

Edison

Co.

5.500%

due

01/15/33

(Þ)

220

222

Omega

Healthcare

Investors,

Inc.

4.750%

due

01/15/28

1,332

1,294

Series

WI

4.500%

due

04/01/27

2,412

2,346

Oncor

Electric

Delivery

Co.

LLC

3.100%

due

09/15/49

180

129

Series

WI

4.150%

due

06/01/32

170

163

5.650%

due

11/15/33

440

466

ONEOK,

Inc.

6.050%

due

09/01/33

720

756

6.625%

due

09/01/53

440

485

Oracle

Corp.

3.900%

due

05/15/35

2,532

2,244

4.000%

due

07/15/46

170

137

6.900%

due

11/09/52

120

141

5.550%

due

02/06/53

840

835

Owl

Rock

Capital

Corp.

3.750%

due

07/22/25

1,185

1,145

2.875%

due

06/11/28

2,824

2,505

Pacific

Gas

and

Electric

Co.

4.950%

due

06/08/25

962

957

3.500%

due

06/15/25

377

367

3.150%

due

01/01/26

2,670

2,567

2.100%

due

08/01/27

70

63

2.500%

due

02/01/31

160

133

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.950%

due

03/15/34

460

507

3.300%

due

08/01/40

60

44

4.750%

due

02/15/44

230

196

4.950%

due

07/01/50

(Þ)

210

183

3.500%

due

08/01/50

(Þ)

70

49

6.700%

due

04/01/53

180

198

PacifiCorp

5.450%

due

02/15/34

790

801

Park-Ohio

Industries,

Inc.

Series

WI

6.625%

due

04/15/27

370

339

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

4.125%

due

02/15/28

(Þ)

50

48

PayPal

Holdings,

Inc.

2.300%

due

06/01/30

250

217

3.250%

due

06/01/50

80

58

5.250%

due

06/01/62

(Þ)

50

49

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

1,933

1,929

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

4.000%

due

07/15/25

(Þ)

2,385

2,337

3.400%

due

11/15/26

(Þ)

739

706

Permian

Resources

Corp.

5.375%

due

01/15/26

310

306

6.875%

due

04/01/27

(Þ)

350

348

Pfizer,

Inc.

4.750%

due

05/19/33

160

160

5.110%

due

05/19/43

690

686

5.300%

due

05/19/53

340

346

5.340%

due

05/19/63

100

100

PG&E

Wildfire

Recovery

Funding

LLC

Series

A-3

5.081%

due

06/01/41

200

196

Series

A-4

5.212%

due

12/01/47

90

90

Philip

Morris

International,

Inc.

2.100%

due

05/01/30

200

172

1.750%

due

11/01/30

320

264

5.750%

due

11/17/32

2,126

2,225

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

1,586

1,687

Pioneer

Natural

Resources

Co.

5.100%

due

03/29/26

310

312

2.150%

due

01/15/31

(Þ)

430

366

Plains

All

American

Pipeline,

LP

Series

B

9.751%

due

12/31/99

(CME

Term

SOFR

3

Month

+

4.372%)(Ê)(ƒ)

620

613

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

Series

WI

6.700%

due

05/15/36

50

53

PM

General

Purchaser

LLC

9.500%

due

10/01/28

(Þ)

350

354

PNC

Financial

Services

Group,

Inc.

(The)

5.812%

due

06/12/26

(SOFR

+

1.322%)(Ê)

140

141

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

188

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.875%

due

10/20/34

(SOFR

+

2.284%)(Ê)

60

67

Series

W

6.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

2.808%)(Ê)(ƒ)

429

408

Progress

Energy,

Inc.

7.750%

due

03/01/31

1,691

1,944

Prologis,

LP

1.250%

due

10/15/30

(Ñ)(Þ)

270

218

Prospect

Capital

Corp.

3.706%

due

01/22/26

4,204

3,954

Prudential

Financial,

Inc.

4.500%

due

09/15/47

(USD

3

Month

LIBOR

+

2.380%)(Ê)

2,912

2,733

6.750%

due

03/01/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.848%)(Ê)

30

31

PVH

Corp.

Series

WI

4.625%

due

07/10/25

816

809

QUALCOMM,

Inc.

4.500%

due

05/20/52

120

110

Quest

Diagnostics,

Inc.

6.400%

due

11/30/33

410

449

Radian

Group,

Inc.

4.875%

due

03/15/27

3,721

3,619

Range

Resources

Corp.

Series

WI

4.875%

due

05/15/25

(Þ)

290

286

8.250%

due

01/15/29

(Þ)

30

31

Raytheon

Technologies

Corp.

4.450%

due

11/16/38

2,434

2,252

4.625%

due

11/16/48

(Þ)

320

289

5.375%

due

02/27/53

240

243

Regal

Rexnord

Corp.

6.050%

due

02/15/26

(Þ)

1,140

1,152

Reliance

Standard

Life

Global

Funding

II

1.512%

due

09/28/26

(Þ)

780

699

Reliance

Steel

&

Aluminum

Co.

1.300%

due

08/15/25

2,348

2,210

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

600

533

4.625%

due

04/06/31

(Þ)

980

831

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

2.875%

due

10/15/26

(Þ)

210

193

Rockies

Express

Pipeline

LLC

3.600%

due

05/15/25

(Þ)

309

300

4.950%

due

07/15/29

(Þ)

560

535

4.800%

due

05/15/30

(Þ)

1,142

1,066

6.875%

due

04/15/40

(Þ)

117

116

Royal

Caribbean

Cruises,

Ltd.

3.700%

due

03/15/28

275

253

RTX

Corp.

6.100%

due

03/15/34

1,080

1,172

S&P

Global,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.250%

due

08/15/30

(Þ)

90

73

3.250%

due

12/01/49

(Þ)

30

22

Sabra

Health

Care,

LP

Series

WI

5.125%

due

08/15/26

1,453

1,431

Safeway,

Inc.

7.250%

due

02/01/31

356

373

San

Diego

Gas

&

Electric

Co.

Series

RRR

3.750%

due

06/01/47

170

135

Series

VVV

1.700%

due

10/01/30

150

124

Santander

Holdings

USA,

Inc.

5.807%

due

09/09/26

(SOFR

+

2.328%)(Ê)

2,719

2,737

SCE

Recovery

Funding

LLC

Series

A-1

4.697%

due

06/15/40

347

342

Seagate

HDD

Cayman

4.875%

due

06/01/27

800

784

4.091%

due

06/01/29

326

300

5.750%

due

12/01/34

85

82

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

633

660

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

3,256

Senior

Housing

Properties

Trust

4.750%

due

02/15/28

(Ñ)

638

500

Service

Properties

Trust

4.750%

due

10/01/26

300

278

3.950%

due

01/15/28

788

665

4.375%

due

02/15/30

565

438

Sherwin-Williams

Co.

4.500%

due

06/01/47

874

786

SilverBow

Resources,

Inc.

13.135%

due

12/15/28

(CME

Term

SOFR

3

Month

+

7.750%)(Ê)(Þ)

690

678

Sixth

Street

Specialty

Lending,

Inc.

2.500%

due

08/01/26

2,004

1,843

Southern

California

Edison

Co.

2.250%

due

06/01/30

(Þ)

160

138

3.650%

due

02/01/50

250

190

Series

C

4.125%

due

03/01/48

210

173

Series

G

2.500%

due

06/01/31

270

230

Southern

Co.

(The)

Series

21-A

3.750%

due

09/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.915%)(Ê)

2,865

2,671

Southern

Power

Co.

0.900%

due

01/15/26

2,151

1,988

Southwest

Airlines

Co.

5.250%

due

05/04/25

110

110

Southwestern

Energy

Co.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

189

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.375%

due

09/15/28

100

104

4.750%

due

02/01/32

110

102

Spirit

AeroSystems

,

Inc.

4.600%

due

06/15/28

(Ñ)(Þ)

1,272

1,088

Spirit

Loyalty

Cayman,

Ltd.

/

Spirit

IP

Cayman,

Ltd.

Series

144a

8.000%

due

09/20/25

(Þ)

600

392

Sprint

Capital

Corp.

6.875%

due

11/15/28

2,019

2,181

Sprint

LLC

7.625%

due

03/01/26

1,772

1,849

Starbucks

Corp.

3.750%

due

12/01/47

526

417

State

Street

Corp.

Series

I

6.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.613%)(Ê)(ƒ)

430

429

Steelcase,

Inc.

5.125%

due

01/18/29

843

808

Sunoco

Logistics

Partners

Operations,

LP

3.900%

due

07/15/26

240

234

SunTrust

Banks,

Inc.

Series

BKNT

4.050%

due

11/03/25

150

147

Synchrony

Financial

5.625%

due

08/23/27

2,655

2,607

Sysco

Corp.

3.300%

due

02/15/50

727

532

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

1,877

1,910

Tapestry,

Inc.

7.050%

due

11/27/25

120

123

7.000%

due

11/27/26

760

784

4.125%

due

07/15/27

2,334

2,219

Targa

Resources

Corp.

4.200%

due

02/01/33

320

293

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

6.875%

due

01/15/29

330

340

5.500%

due

03/01/30

230

229

4.875%

due

02/01/31

350

336

4.000%

due

01/15/32

350

315

Teachers

Insurance

&

Annuity

Association

of

America

4.375%

due

09/15/54

(USD

3

Month

LIBOR

+

2.661%)(Ê)(Þ)

200

196

Tenet

Healthcare

Corp.

6.875%

due

11/15/31

255

262

Texas

Instruments,

Inc.

3.650%

due

08/16/32

170

160

3.875%

due

03/15/39

150

138

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

340

390

Time

Warner

Cable

LLC

6.550%

due

05/01/37

100

100

7.300%

due

07/01/38

450

472

5.500%

due

09/01/41

2,500

2,200

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

T-Mobile

USA,

Inc.

2.625%

due

02/15/29

(Þ)

170

153

Series

WI

1.500%

due

02/15/26

(Þ)

1,742

1,631

2.550%

due

02/15/31

940

806

3.000%

due

02/15/41

250

187

3.300%

due

02/15/51

220

157

Toledo

Hospital

(The)

6.015%

due

11/15/48

579

454

Toyota

Motor

Credit

Corp.

5.250%

due

09/11/28

210

216

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.450%

due

08/01/42

180

161

Transocean,

Inc.

7.500%

due

04/15/31

1,078

951

9.350%

due

12/15/41

(Þ)

151

136

Truist

Financial

Corp.

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

3,072

3,129

5.435%

due

01/24/30

(SOFR

+

1.620%)(Ê)

440

444

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)

140

143

TSMC

Arizona

Corp.

3.125%

due

10/25/41

360

288

TWDC

Enterprises

18

Corp.

3.000%

due

07/30/46

504

362

Tyson

Foods,

Inc.

3.550%

due

06/02/27

2,475

2,372

Union

Pacific

Corp.

3.750%

due

02/05/70

(Þ)

20

15

Series

WI

2.891%

due

04/06/36

270

225

3.839%

due

03/20/60

(Þ)

170

136

United

Airlines

Pass-Through

Trust

5.800%

due

01/15/36

790

802

Series

2020-1

Class

B

4.875%

due

01/15/26

350

342

Series

A

3.100%

due

10/07/28

172

151

Series

AA

4.150%

due

08/25/31

1,510

1,414

2.700%

due

05/01/32

1,644

1,409

United

Airlines,

Inc.

4.375%

due

04/15/26

(Þ)

530

511

4.625%

due

04/15/29

(Þ)

70

65

United

Rentals

NA,

Inc.

3.875%

due

11/15/27

339

323

United

States

Steel

Corp.

6.650%

due

06/01/37

620

648

UnitedHealth

Group,

Inc.

5.350%

due

02/15/33

940

983

5.700%

due

10/15/40

140

151

4.750%

due

05/15/52

(Þ)

100

95

5.875%

due

02/15/53

30

33

Universal

Health

Services,

Inc.

Series

WI

1.650%

due

09/01/26

1,588

1,459

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

190

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

US

Airways

Pass-Through

Trust

Class

A

4.625%

due

06/03/25

247

242

3.950%

due

11/15/25

428

415

US

Bancorp

5.727%

due

10/21/26

(SOFR

+

1.430%)(Ê)

3,320

3,353

5.678%

due

01/23/35

(SOFR

+

1.860%)(Ê)

200

205

Verizon

Communications,

Inc.

2.100%

due

03/22/28

100

90

3.150%

due

03/22/30

150

137

7.750%

due

12/01/30

230

269

4.500%

due

08/10/33

(Þ)

420

406

5.250%

due

03/16/37

340

351

2.650%

due

11/20/40

100

71

5.500%

due

03/16/47

50

52

4.000%

due

03/22/50

150

123

2.875%

due

11/20/50

60

40

Series

WI

4.329%

due

09/21/28

106

105

2.987%

due

10/30/56

220

144

VICI

Properties,

Inc.

5.750%

due

02/01/27

(Þ)

2,771

2,764

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

4.625%

due

06/15/25

(Þ)

751

740

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

420

387

2.400%

due

04/01/28

330

290

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

3,276

2,786

Walgreens

Boots

Alliance,

Inc.

3.450%

due

06/01/26

1,756

1,680

4.100%

due

04/15/50

1,059

772

Walt

Disney

Co.

(The)

Series

WI

6.650%

due

11/15/37

90

105

WarnerMedia

Holdings,

Inc.

Series

WI

5.050%

due

03/15/42

420

372

Wells

Fargo

&

Co.

2.188%

due

04/30/26

(SOFR

+

2.000%)(Ê)

3,831

3,686

3.000%

due

10/23/26

220

209

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

277

6.491%

due

10/23/34

(SOFR

+

2.060%)(Ê)

400

436

3.068%

due

04/30/41

(SOFR

+

2.530%)(Ê)

370

281

5.375%

due

11/02/43

280

276

5.013%

due

04/04/51

(CME

Term

SOFR

3

Month

+

4.502%)(Ê)

380

363

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

S

5.900%

due

12/29/49

(USD

3

Month

LIBOR

+

3.110%)(Ê)(ƒ)

690

689

Welltower

,

Inc.

3.850%

due

06/15/32

200

183

Western

Digital

Corp.

2.850%

due

02/01/29

456

390

Western

Midstream

Operating,

LP

3.100%

due

02/01/25

610

594

4.650%

due

07/01/26

250

246

4.500%

due

03/01/28

130

126

4.050%

due

02/01/30

180

168

6.150%

due

04/01/33

300

309

5.450%

due

04/01/44

50

45

5.500%

due

08/15/48

130

115

5.250%

due

02/01/50

100

89

Westinghouse

Air

Brake

Technologies

Corp.

3.200%

due

06/15/25

1,305

1,268

Series

WI

3.450%

due

11/15/26

(Þ)

2,595

2,493

Weyerhaeuser

Co.

6.950%

due

10/01/27

1,854

1,987

Williams

Cos.,

Inc.

(The)

3.750%

due

06/15/27

2,263

2,183

7.750%

due

06/15/31

300

338

Wyndham

Destinations,

Inc.

5.750%

due

04/01/27

1,025

1,025

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

5.500%

due

03/01/25

(Þ)

200

200

Xerox

Corp.

4.800%

due

03/01/35

455

340

XPO

CNW,

Inc.

6.700%

due

05/01/34

716

734

XTO

Energy,

Inc.

6.750%

due

08/01/37

(Þ)

1,644

1,921

Yum!

Brands,

Inc.

6.875%

due

11/15/37

310

337

Zions

Bancorp

NA

3.250%

due

10/29/29

(Þ)

237

197

489,939

International

Debt

-

14.8%

ABN

AMRO

Bank

NV

4.750%

due

07/28/25

(Þ)

3,588

3,530

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%

due

01/30/32

(Þ)

270

231

3.850%

due

10/29/41

(Þ)

320

256

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

2,287

1,954

Air

Canada

Pass

Through

Trust

Series

2013-1

Class

A

4.125%

due

05/15/25

(Þ)

73

71

Alibaba

Group

Holding,

Ltd.

2.700%

due

02/09/41

250

172

3.150%

due

02/09/51

290

191

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

2,545

2,449

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

191

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Allegro

CLO

XI,

Ltd.

Series

2018-1RA

Class

A1

3.672%

due

10/21/28

(CME

Term

SOFR

3

Month

+

1.342%)(Ê)(Þ)

3,959

3,959

Anheuser-Busch

InBev

Worldwide,

Inc.

4.900%

due

02/01/46

130

126

5.550%

due

01/23/49

360

381

AP

Moller

-

Maersk

A/S

5.875%

due

09/14/33

(Þ)

590

614

Apidos

CLO

XXVI

Series

26A-A2R

7.072%

due

07/18/29

(CME

Term

SOFR

3

Month

+

1.762%)(Ê)(Þ)

250

249

Arbor

Realty

CLO,

Ltd.

Series

2021-FL2

Class

A

1.200%

due

05/15/36

(USD

1

Month

LIBOR

+

1.100%)(Ê)(Þ)

3,353

3,349

Series

2021-FL4

Class

A

1.440%

due

11/15/36

(USD

1

Month

LIBOR

+

1.350%)(Ê)(Þ)

1,573

1,560

Series

2022-FL1

Class

A

1.500%

due

01/15/37

(SOFR

30

Day

Average

+

1.450%)(Ê)(Þ)

16,116

16,081

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

7,993

ArcelorMittal

SA

6.550%

due

11/29/27

310

325

Argentine

Republic

Government

International

Bond

1.000%

due

07/09/29

129

52

Avolon

Holdings

Funding,

Ltd.

2.875%

due

02/15/25

(Þ)

260

252

5.750%

due

03/01/29

(Þ)

600

599

Ballyrock

CLO,

Ltd.

Series

2018-1A

Class

A2

6.850%

due

04/20/31

(USD

3

Month

LIBOR

+

1.600%)(Ê)(Þ)

250

249

Banco

Santander

SA

6.527%

due

11/07/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.650%)(Ê)

1,861

1,924

4.175%

due

03/24/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.000%)(Ê)

600

578

6.607%

due

11/07/28

200

212

9.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.298%)(Ê)(ƒ)

400

429

Bank

of

Nova

Scotia

(The)

4.500%

due

12/16/25

2,386

2,351

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.050%)(Ê)

624

566

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.389%)(Ê)

340

352

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.000%

due

01/27/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.017%)(Ê)

250

254

Barclays

PLC

5.304%

due

08/09/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.300%)(Ê)

3,864

3,861

Barrick

NA

Finance

LLC

5.700%

due

05/30/41

(Þ)

230

240

BAT

Capital

Corp.

3.215%

due

09/06/26

405

388

4.700%

due

04/02/27

1,727

1,714

2.259%

due

03/25/28

(Þ)

130

117

3.734%

due

09/25/40

(Þ)

120

89

7.081%

due

08/02/53

578

613

BAT

International

Finance

PLC

1.668%

due

03/25/26

2,082

1,940

5.931%

due

02/02/29

470

488

Bayer

US

Finance

II

LLC

4.250%

due

12/15/25

(Þ)

1,922

1,878

Bayer

US

Finance

LLC

6.125%

due

11/21/26

(Þ)

2,451

2,488

Bellemeade

Re,

Ltd.

Series

2019-1A

Class

M2

2.809%

due

03/25/29

(USD

1

Month

LIBOR

+

2.700%)(Ê)(Þ)

1,029

1,035

Series

2019-3A

Class

M1C

2.099%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

1,553

1,556

Series

2021-3A

Class

A2

1.050%

due

09/25/31

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

7,422

7,375

Series

2021-3A

Class

M1B

1.450%

due

09/25/31

(SOFR

30

Day

Average

+

1.400%)(Ê)(Þ)

3,851

3,844

Series

2021-3A

Class

M1C

1.600%

due

09/25/31

(SOFR

30

Day

Average

+

1.550%)(Ê)(Þ)

2,959

2,933

Series

2022-1

Class

M1C

3.700%

due

01/26/32

(SOFR

30

Day

Average

+

3.700%)(Ê)(Þ)

3,523

3,575

Bharti

Airtel,

Ltd.

4.375%

due

06/10/25

(Þ)

2,926

2,888

BNP

Paribas

SA

2.219%

due

06/09/26

(SOFR

+

2.074%)(Ê)(Þ)

4,057

3,887

5.125%

due

01/13/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.450%)(Ê)(Þ)

310

312

5.894%

due

12/05/34

(SOFR

+

1.866%)(Ê)(Þ)

640

669

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.899%)(Ê)(ƒ)(Þ)

1,340

1,353

8.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.354%)(Ê)(ƒ)

(Ñ)(Þ)

290

300

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

192

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.969%)(Ê)(ƒ)(Þ)

320

341

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)(Þ)

3,692

3,614

Brazil

Government

International

Bond

6.125%

due

03/15/34

560

555

Bristol

Park

CLO,

Ltd.

Series

2020-1A

Class

BR

6.710%

due

04/15/29

(USD

3

Month

LIBOR

+

1.450%)(Ê)(Þ)

260

260

British

Airways

Pass-Through

Trust

3.350%

due

06/15/29

(Þ)

117

106

British

Telecommunications

PLC

9.625%

due

12/15/30

100

124

Brookfield

Finance,

Inc.

4.700%

due

09/20/47

(Þ)

2,445

2,175

Canadian

Natural

Resources,

Ltd.

2.050%

due

07/15/25

1,793

1,715

5.850%

due

02/01/35

468

476

Canadian

Pacific

Railway

Co.

3.700%

due

02/01/26

2,235

2,182

3.100%

due

12/02/51

110

78

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2018-4A

Class

A2

7.388%

due

01/20/31

(CME

Term

SOFR

3

Month

+

2.062%)(Ê)(Þ)

250

249

Celulosa

Arauco

y

Constitucion

SA

Series

WI

3.875%

due

11/02/27

3,286

3,080

Cencosud

SA

4.375%

due

07/17/27

(Þ)

4,015

3,868

Cenovus

Energy,

Inc.

6.750%

due

11/15/39

11

12

Series

WI

4.250%

due

04/15/27

1,642

1,604

Chile

Government

International

Bond

2.550%

due

07/27/33

200

165

CI

Financial

Corp.

3.200%

due

12/17/30

3,037

2,447

CIFC

Funding,

Ltd.

Series

2021-2A

Class

BR

7.088%

due

04/20/30

(CME

Term

SOFR

3

Month

+

1.762%)(Ê)(Þ)

290

290

Series

2021-4A

Class

A1R

5.275%

due

10/24/30

(USD

3

Month

LIBOR

+

0.950%)(Ê)(Þ)

4,075

4,081

Comision

Federal

de

Electricidad

3.348%

due

02/09/31

(Þ)

360

299

Credit

Agricole

SA

1.907%

due

06/16/26

(SOFR

+

1.676%)(Ê)(Þ)

2,490

2,373

1.247%

due

01/26/27

(SOFR

+

0.892%)(Ê)(Þ)

2,720

2,518

5.301%

due

07/12/28

(Þ)

470

481

5.514%

due

07/05/33

(Þ)

370

384

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

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

1,333

CSL

UK

Holdings,

Ltd.

3.850%

due

04/27/27

(Þ)

100

98

4.050%

due

04/27/29

(Þ)

80

78

4.250%

due

04/27/32

(Þ)

170

165

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

199

0.976%

due

09/10/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.550%)(Ê)(Þ)

1,310

1,272

6.466%

due

01/09/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.100%)(Ê)(Þ)

590

595

1.621%

due

09/11/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)(Þ)

3,846

3,612

1.549%

due

09/10/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.730%)(Ê)(Þ)

490

447

4.298%

due

04/01/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.750%)(Ê)(Þ)

1,130

1,098

Delhaize

America,

Inc.

9.000%

due

04/15/31

809

948

Deutsche

Bank

AG

6.119%

due

07/14/26

(SOFR

+

3.190%)(Ê)

3,614

3,640

Deutsche

Telekom

International

Finance

BV

8.750%

due

06/15/30

1,945

2,317

DNB

Bank

ASA

5.896%

due

10/09/26

(SOFR

+

1.950%)(Ê)(Þ)

3,306

3,342

Dryden

41

Senior

Loan

Fund

Series

2018-41A

Class

BR

6.560%

due

04/15/31

(USD

3

Month

LIBOR

+

1.300%)(Ê)(Þ)

490

488

Dryden

XXVIII

Senior

Loan

Fund

Series

2017-28A

Class

A1LR

1.592%

due

08/15/30

(USD

3

Month

LIBOR

+

1.200%)(Ê)(Þ)

2,663

2,664

Eagle

Re,

Ltd.

Series

2021-2

Class

M1B

2.099%

due

04/25/34

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

5,322

5,331

Ecopetrol

SA

4.625%

due

11/02/31

(Þ)

170

140

8.375%

due

01/19/36

440

446

5.875%

due

11/02/51

230

165

Element

Fleet

Management

Corp.

6.271%

due

06/26/26

(Þ)

3,463

3,526

Emera

US

Finance,

LP

Series

WI

3.550%

due

06/15/26

4,074

3,918

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

193

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Enbridge,

Inc.

5.700%

due

03/08/33

3,561

3,674

Enel

Finance

International

NV

6.800%

due

10/14/25

(Þ)

1,278

1,310

1.375%

due

07/12/26

(Þ)

398

364

7.100%

due

10/14/27

(Þ)

2,115

2,260

3.500%

due

04/06/28

(Þ)

1,967

1,854

Eni

USA,

Inc.

7.300%

due

11/15/27

3,139

3,383

Export-Import

Bank

of

Korea

(The)

4.875%

due

01/11/26

3,900

3,907

First

Quantum

Minerals,

Ltd.

7.500%

due

04/01/25

(Þ)

759

750

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

(Þ)

1,123

1,069

Fresenius

Medical

Care

US

Finance

II,

Inc.

2.375%

due

02/16/31

(Þ)

4,036

3,128

Fresnillo

PLC

4.250%

due

10/02/50

(Þ)

330

244

Garda

World

Security

Corp.

2021

Term

Loan

B

9.725%

due

10/30/26

(USD

3

Month

LIBOR  +

4.250%)(Ê)

275

275

GE

Capital

European

Funding

Unltd

.

Co.

6.025%

due

03/01/38

EUR

120

161

GFL

Environmental,

Inc.

2023

First

Lien

Term

Loan

7.816%

due

05/31/27

(USD

3

Month

LIBOR  +

2.500%)(Ê)

42

42

Glencore

Funding

LLC

1.625%

due

09/01/25

(Þ)

120

114

4.000%

due

03/27/27

(Þ)

135

131

3.875%

due

10/27/27

(Þ)

110

106

5.400%

due

05/08/28

(Þ)

330

336

Global

Auto

Holdings,

Ltd.

/

AAG

FH

UK,

Ltd.

8.750%

due

01/15/32

(Þ)

620

581

GoldenTree

Loan

Opportunities

IX,

Ltd.

Series

2018-9A

Class

BR2

6.899%

due

10/29/29

(USD

3

Month

LIBOR

+

1.600%)(Ê)(Þ)

570

570

Grifols

Worldwide

Operations

USA,

Inc.

Term

Loan

B

7.538%

due

11/15/27

(USD

3

Month

LIBOR  +

2.000%)(Ê)(Þ)

353

343

HGI

CRE

CLO,

Ltd.

Series

2021-FL2

Class

A

5.459%

due

09/17/36

(USD

1

Month

LIBOR

+

1.000%)(Ê)(Þ)

5,358

5,305

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-Issuer,

Inc.

7.625%

due

10/15/25

(Þ)

1,224

1,233

Home

RE,

Ltd.

Series

2021-2

Class

M2

3.293%

due

01/25/34

(SOFR

30

Day

Average

+

3.250%)(Ê)(Þ)

1,227

1,228

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

HSBC

Holdings

PLC

4.250%

due

08/18/25

2,575

2,537

2.099%

due

06/04/26

(SOFR

+

1.929%)(Ê)

370

354

4.292%

due

09/12/26

(CME

Term

SOFR

3

Month

+

1.609%)(Ê)(Þ)

139

137

6.161%

due

03/09/29

(SOFR

+

1.970%)(Ê)

300

310

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

3,732

3,572

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

2,354

2,199

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

1,547

1,380

Intesa

Sanpaolo

SpA

7.000%

due

11/21/25

(Þ)

540

553

6.625%

due

06/20/33

(Þ)

3,878

3,988

7.200%

due

11/28/33

(Þ)

870

932

Ivory

Coast

Government

International

Bond

7.625%

due

01/30/33

(Þ)

500

495

Jordan

Government

International

Bond

4.950%

due

07/07/25

(Þ)

760

729

Lamar

Funding,

Ltd.

3.958%

due

05/07/25

(Þ)

510

494

Lloyds

Banking

Group

PLC

3.574%

due

11/07/28

(USD

3

Month

LIBOR

+

1.205%)(Ê)

3,595

3,383

7.500%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.760%)(Ê)

(ƒ)

590

579

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.913%)(Ê)(ƒ)

200

196

Magnetite

XVII,

Ltd.

Series

2018-17A

Class

BR

7.138%

due

07/20/31

(CME

Term

SOFR

3

Month

+

1.812%)(Ê)(Þ)

250

250

Magnetite

XXIX,

Ltd.

Series

2021-29A

Class

B

7.056%

due

01/15/34

(CME

Term

SOFR

3

Month

+

1.662%)(Ê)(Þ)

400

400

Manulife

Financial

Corp.

4.061%

due

02/24/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

1.647%)(Ê)

1,968

1,887

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

58

58

Melco

Resorts

Finance,

Ltd.

5.375%

due

12/04/29

(Þ)

620

552

Methanex

Corp.

5.250%

due

12/15/29

733

700

5.650%

due

12/01/44

193

162

Mexico

Generadora

de

Energia

S

de

rl

5.500%

due

12/06/32

(Þ)

1,800

1,756

Mexico

Government

International

Bond

3.500%

due

02/12/34

(Þ)

450

377

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

194

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.000%

due

05/07/36

3,096

3,153

4.350%

due

01/15/47

580

456

NatWest

Group

PLC

7.472%

due

11/10/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.850%)(Ê)

1,143

1,184

3.073%

due

05/22/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.550%)(Ê)

2,561

2,393

3.754%

due

11/01/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.100%)(Ê)

310

304

Neuberger

Berman

Loan

Advisers

CLO

30,

Ltd.

Series

2021-30A

Class

BR

6.979%

due

01/20/31

(CME

Term

SOFR

3

Month

+

1.662%)(Ê)(Þ)

340

339

Nigeria

Government

International

Bond

7.143%

due

02/23/30

(Þ)

350

304

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

298

Nissan

Motor

Co.,

Ltd.

3.522%

due

09/17/25

(Þ)

490

473

Nokia

OYJ

4.375%

due

06/12/27

4,011

3,860

Nomura

Holdings,

Inc.

2.329%

due

01/22/27

(Þ)

2,069

1,906

Oaktown

Re

III,

Ltd.

Series

2019-1A

Class

M1B

2.080%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

1,578

1,581

Oaktown

Re

VI,

Ltd.

Series

2021-1A

Class

M1B

2.060%

due

10/25/33

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

5,837

5,849

Oaktown

Re

VII,

Ltd.

Series

2021-2

Class

M1A

1.650%

due

04/25/34

(SOFR

30

Day

Average

+

1.600%)(Ê)(Þ)

1,873

1,873

Oaktown

Re,

Ltd.

Series

2021-2

Class

M1C

3.400%

due

04/25/34

(SOFR

30

Day

Average

+

3.350%)(Ê)(Þ)

3,798

3,836

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)

1,838

1,838

OCP

SA

3.750%

due

06/23/31

(Þ)

390

329

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

2,092

2,170

Peruvian

Government

International

Bond

2.783%

due

01/23/31

180

156

Petrobras

Global

Finance

BV

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.900%

due

03/19/49

180

176

5.500%

due

06/10/51

(Þ)

290

241

Petroleos

del

Peru

SA

5.625%

due

06/19/47

(Þ)

220

140

Petroleos

Mexicanos

Series

WI

6.875%

due

10/16/25

640

635

Prodigy

Finance

Designated

Activity

Co.

Series

2021-1A

Class

A

1.437%

due

07/25/51

(USD

1

Month

LIBOR

+

1.250%)(Ê)(Þ)

1,312

1,309

Prosus

NV

3.680%

due

01/21/30

(Þ)

3,847

3,351

Provincia

de

Buenos

Aires

6.625%

due

09/01/37

(~)(Ê)(Þ)

1,169

455

Provincia

de

Cordoba

7.125%

due

12/10/25

(~)(Ê)(Þ)

280

241

7.450%

due

06/01/27

(~)(Ê)(Þ)

500

405

Radnor

RE,

Ltd.

Series

2021-1

Class

M1B

1.710%

due

12/27/33

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

1,311

1,311

Series

2021-2

Class

M1A

1.898%

due

11/25/31

(SOFR

30

Day

Average

+

1.850%)(Ê)(Þ)

982

983

Series

2022-1

Class

M1A

5.933%

due

09/25/32

(SOFR

30

Day

Average

+

3.750%)(Ê)(Þ)

2,218

2,242

Reliance

Industries,

Ltd.

2.875%

due

01/12/32

(Ñ)(Þ)

250

213

RenaissanceRe

Holdings,

Ltd.

5.750%

due

06/05/33

120

122

Reynolds

American,

Inc.

5.850%

due

08/15/45

290

269

RMAC

Securities

No.

1

PLC

Series

2007-NS1X

Class

A2B

3.386%

due

06/12/44

(USD

3

Month

LIBOR

+

0.150%)(Ê)(Þ)

144

139

Rolls-Royce

PLC

3.625%

due

10/14/25

(Þ)

759

732

Romania

Government

International

Bond

5.875%

due

01/30/29

(Þ)

2,260

2,282

Royal

Bank

of

Canada

Series

GMTN

5.150%

due

02/01/34

150

150

Royal

Caribbean

Cruises,

Ltd.

7.500%

due

10/15/27

748

786

Sands

China,

Ltd.

Series

WI

5.125%

due

08/08/25

1,025

1,014

3.350%

due

03/08/29

330

285

Santander

UK

Group

Holdings

PLC

1.673%

due

06/14/27

(SOFR

+

0.989%)(Ê)

3,947

3,607

Sasol

Financing

USA

LLC

8.750%

due

05/03/29

(Þ)

540

549

Saudi

Arabian

Oil

Co.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

195

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.250%

due

04/16/39

(Þ)

2,394

2,068

Saudi

Government

International

Bond

5.750%

due

01/16/54

(Þ)

430

423

Shell

International

Finance

BV

4.375%

due

05/11/45

150

137

Sigma

Alimentos

SA

de

CV

4.125%

due

05/02/26

(Þ)

3,741

3,637

SK

Hynix,

Inc.

1.500%

due

01/19/26

(Þ)

3,931

3,645

Sociedad

Quimica

y

Minera

de

Chile

SA

3.500%

due

09/10/51

(Þ)

450

296

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)

2,623

2,426

7.132%

due

01/19/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.950%)(Ê)(Þ)

430

428

Sodexo,

Inc.

1.634%

due

04/16/26

(Þ)

3,844

3,573

Southern

Copper

Corp.

5.250%

due

11/08/42

140

133

Standard

Chartered

PLC

4.300%

due

02/19/27

(Þ)

2,342

2,255

7.014%

due

12/30/49

(USD

3

Month

LIBOR

+

1.460%)(Ê)(ƒ)(Þ)

950

972

Suncor

Energy,

Inc.

7.150%

due

02/01/32

2,174

2,428

SURA

Asset

Management

SA

4.375%

due

04/11/27

(Þ)

2,185

2,104

Suzano

Austria

GmbH

5.750%

due

07/14/26

(Þ)

1,831

1,841

7.000%

due

03/16/47

(Þ)

200

208

Swedbank

AB

6.136%

due

09/12/26

(Þ)

200

204

Teck

Resources,

Ltd.

6.250%

due

07/15/41

40

41

5.400%

due

02/01/43

160

152

Series

WI

3.900%

due

07/15/30

(Þ)

230

214

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

786

762

6.000%

due

09/30/34

425

398

7.200%

due

07/18/36

210

211

7.721%

due

06/04/38

1,120

1,156

Telefonica

Emisiones

SA

5.213%

due

03/08/47

300

279

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150%

due

10/01/26

70

65

Thomson

Reuters

Corp.

3.350%

due

05/15/26

(Þ)

1,930

1,865

Toronto-Dominion

Bank

(The)

5.264%

due

12/11/26

(Þ)

20

20

3.625%

due

09/15/31

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

2.205%)(Ê)

3,805

3,662

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.075%)(Ê)

400

415

TransAlta

Corp.

6.500%

due

03/15/40

200

198

TSMC

Arizona

Corp.

2.500%

due

10/25/31

(Þ)

340

291

UBS

Group

AG

4.488%

due

05/12/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)(Þ)

3,930

3,877

3.091%

due

05/14/32

(SOFR

+

1.730%)(Ê)(Þ)

270

232

6.537%

due

08/12/33

(SOFR

+

3.920%)(Ê)(Þ)

720

767

9.016%

due

11/15/33

(SOFR

+

5.020%)(Ê)(Þ)

620

762

Series

WI

4.500%

due

06/26/48

(Þ)

350

341

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

2,842

1.982%

due

06/03/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.200%)(Ê)(Þ)

1,087

1,002

7.296%

due

04/02/34

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.914%)(Ê)(Þ)

231

239

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

1,674

1,777

Vodafone

Group

PLC

6.150%

due

02/27/37

150

162

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.873%)(Ê)

1,831

1,892

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

4.750%

due

09/17/44

(Þ)

420

300

Westpac

Banking

Corp.

2.668%

due

11/15/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.750%)(Ê)

270

224

3.020%

due

11/18/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.530%)(Ê)

260

215

Wipro

IT

Services

LLC

1.500%

due

06/23/26

(Þ)

2,039

1,879

Yamana

Gold,

Inc.

2.630%

due

08/15/31

70

59

Series

WI

4.625%

due

12/15/27

900

872

Yara

International

ASA

3.800%

due

06/06/26

(Þ)

1,881

1,818

ZF

NA

Capital,

Inc.

4.750%

due

04/29/25

(Þ)

1,733

1,707

336,954

Loan

Agreements

-

0.1%

Alterra

Mountain

Co.

2021

Term

Loan

B2

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

196

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.947%

due

07/30/28

(USD

1

Month

LIBOR

+

3.500%)(Ê)(Þ)

327

327

Asplundh

Tree

Expert

LLC

Term

Loan

B

0.000%

due

09/04/27

(USD

1

Month

LIBOR

+

1.750%)(Ê)(v)

420

419

Caesars

Entertainment,

Inc.

2024

Term

Loan

B1

0.000%

due

01/24/31

(~)(Ê)(v)

370

369

United

Airlines,

Inc.

2021

Term

Loan

B

9.201%

due

04/21/28

(USD

1

Month

LIBOR

+

3.750%)(Ê)

200

200

Verscend

Holding

Corp.

2021

Term

Loan

B

9.447%

due

08/27/25

(USD

1

Month

LIBOR

+

4.000%)(Ê)

311

311

1,626

Mortgage-Backed

Securities

-

23.3%

Alternative

Loan

Trust

Series

2006-13T1

Class

A3

6.000%

due

05/25/36

(Þ)

1,506

745

Banc

of

America

Mortgage

Trust

Series

2005-D

Class

2A7

3.781%

due

05/25/35

(~)(Ê)

134

117

Bear

Stearns

ARM

Trust

Series

2004-5

Class

2A

4.112%

due

07/25/34

(~)(Ê)

121

107

BRAVO

Residential

Funding

Trust

Series

2023-NQM5

Class

A1

6.505%

due

06/25/63

(~)(Ê)(Þ)

152

154

Series

2023-NQM5

Class

A3

7.012%

due

06/25/63

(~)(Ê)(Þ)

303

306

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

9,639

BX

Trust

Series

2019-XL

Class

E

3.800%

due

10/15/36

(CME

Term

SOFR

1

Month

+

1.914%)(Ê)(Þ)

2,399

2,385

Series

2024-BIO

Class

C

7.940%

due

02/15/41

(CME

Term

SOFR

1

Month

+

2.640%)(Ê)(Þ)

15,622

15,593

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

3,452

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

13,042

10,827

CORE

Mortgage

Trust

Series

2019-CORE

Class

D

1.835%

due

12/15/31

(USD

1

Month

LIBOR

+

1.650%)(Ê)(Þ)

5,704

5,305

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

5,730

CRSO

Trust

Series

2023-BRND

7.121%

due

07/10/28

290

306

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

4,612

3,313

Fannie

Mae

2.600%

due

2031

1,680

1,488

5.500%

due

2034

172

177

4.500%

due

2035

850

844

5.500%

due

2035

112

115

6.000%

due

2035

119

123

5.500%

due

2036

(Þ)

223

229

5.500%

due

2037

66

68

6.000%

due

2039

91

95

5.500%

due

2040

1,332

1,349

5.000%

due

2041

709

715

6.000%

due

2041

348

363

3.500%

due

2045

1,851

1,719

4.000%

due

2045

1,307

1,258

3.000%

due

2046

398

356

3.500%

due

2046

(Þ)

512

478

4.500%

due

2046

979

971

3.000%

due

2047

1,879

1,680

3.500%

due

2047

(Þ)

898

836

4.000%

due

2047

1,069

1,026

4.500%

due

2048

2,229

2,192

5.000%

due

2048

1,412

1,416

3.000%

due

2049

15,512

13,803

3.500%

due

2049

65

61

4.000%

due

2049

1,987

1,911

5.000%

due

2049

98

98

2.000%

due

2050

5,570

4,548

2.500%

due

2050

(Þ)

2,854

2,404

3.000%

due

2050

13,735

12,205

2.000%

due

2051

3,791

3,059

2.500%

due

2051

1,711

1,451

5.000%

due

2052

17,990

17,780

5.000%

due

2053

12,523

12,362

30

Year

TBA(Ï)

4.500%

(Þ)

48,213

48,873

4.500%

11,643

11,490

5.500%

40,161

40,275

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

(Þ)

4

1

Series

2001-317

Class

2

Interest

Only

STRIPS

8.000%

due

12/25/31

5

1

Series

2002-320

Class

2

Interest

Only

STRIPS

7.000%

due

04/25/32

2

—

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2023-R08

Class

1M1

6.821%

due

10/25/43

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

367

368

Series

2023-R08

Class

1M2

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

197

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.821%

due

10/25/43

(SOFR

30

Day

Average

+

2.500%)(Ê)(Þ)

440

455

Fannie

Mae

REMICS

Series

1997-68

Class

SC

Interest

Only

STRIPS

8.306%

due

05/18/27

(USD

1

Month

LIBOR

+

8.500%)(Ê)(Þ)

2

—

Series

2003-25

Class

IK

Interest

Only

STRIPS

7.000%

due

04/25/33

(Þ)

13

2

Series

2003-32

Class

UI

Interest

Only

STRIPS

6.000%

due

05/25/33

16

2

Series

2003-33

Class

IA

Interest

Only

STRIPS

6.500%

due

05/25/33

62

10

Series

2003-35

Class

IU

Interest

Only

STRIPS

6.000%

due

05/25/33

(Þ)

12

2

Series

2003-35

Class

UI

Interest

Only

STRIPS

6.500%

due

05/25/33

(Þ)

14

2

Series

2003-64

Class

JI

Interest

Only

STRIPS

6.000%

due

07/25/33

7

1

Series

2006-118

Class

A1

0.228%

due

12/25/36

(USD

1

Month

LIBOR

+

0.060%)(Ê)

9

8

Series

2007-73

Class

A1

0.236%

due

07/25/37

(USD

1

Month

LIBOR

+

0.060%)(Ê)

77

75

Series

2009-70

Class

PS

Interest

Only

STRIPS

6.582%

due

01/25/37

(USD

1

Month

LIBOR

+

6.750%)(Ê)

2,350

165

Series

2010-95

Class

S

Interest

Only

STRIPS

6.432%

due

09/25/40

(-1

x

USD

1

Month

LIBOR

+

6.600%)(Ê)(Þ)

2,362

277

Freddie

Mac

6.000%

due

2038

488

508

4.500%

due

2039

1,683

1,677

5.500%

due

2039

(Þ)

210

217

5.500%

due

2040

(Þ)

322

332

4.000%

due

2041

2,106

2,029

5.500%

due

2041

454

468

4.000%

due

2044

1,044

1,006

3.500%

due

2045

4,294

3,999

3.000%

due

2046

7,006

6,285

4.000%

due

2046

539

519

4.500%

due

2046

(Þ)

169

167

3.000%

due

2047

1,982

1,775

3.000%

due

2048

(Þ)

219

196

4.000%

due

2048

(Þ)

748

719

4.500%

due

2048

1,425

1,400

3.000%

due

2049

879

782

2.500%

due

2050

8,746

7,458

3.000%

due

2050

11,044

9,787

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.000%

due

2051

18,418

14,882

2.500%

due

2051

9,694

8,266

4.000%

due

2052

15,232

14,346

5.000%

due

2052

12,915

12,764

5.500%

due

2053

14,040

14,079

Freddie

Mac

REMICS

Series

1999-2129

Class

SG

Interest

Only

STRIPS

6.806%

due

06/17/27

(USD

1

Month

LIBOR

+

7.000%)(Ê)(Þ)

75

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)(Þ)

8

1

Series

2003-2610

Class

UI

Interest

Only

STRIPS

6.500%

due

05/15/33

(Þ)

3

—

Series

2003-2624

Class

QH

5.000%

due

06/15/33

(Þ)

109

111

Series

2003-2649

Class

IM

Interest

Only

STRIPS

7.000%

due

07/15/33

16

3

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

415

431

Series

2012-4045

Class

HD

4.500%

due

07/15/41

19

19

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

4

—

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

(Þ)

8

1

FS

Commercial

Mortgage

Trust

Series

2023-4SZN

Class

B

7.544%

due

11/10/27

(~)(Ê)(Þ)

220

229

Ginnie

Mae

I

4.500%

due

2039

2,495

2,488

Ginnie

Mae

II

6.000%

due

2053

14,243

14,464

30

Year

TBA(Ï)

5.500%

29,139

29,325

6.000%

25,000

25,381

6.500%

14,500

14,820

Ginnie

Mae

REMICS

Series

1999-27

Class

SE

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

198

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Interest

Only

STRIPS

8.405%

due

08/16/29

(-1

x

USD

1

Month

LIBOR

+

8.600%)(Ê)(Þ)

6

—

Series

2014-190

Class

PL

3.500%

due

12/20/44

1,029

945

GS

Mortgage

Securities

Trust

Series

2023-SHIP

Class

A

4.466%

due

09/10/38

(~)(Ê)(Þ)

5,637

5,500

Series

2023-SHIP

Class

B

5.101%

due

09/06/26

(~)(Ê)(Þ)

250

244

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

7,770

3,637

JPMorgan

Mortgage

Trust

Series

2018-3

Class

A3

3.500%

due

09/25/48

(~)(Ê)(Þ)

91

82

Series

2018-8

Class

A3

4.000%

due

01/25/49

(~)(Ê)(Þ)

142

130

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

481

427

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

13,973

12,739

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

6,187

5,436

Series

2021-14

Class

A4

2.500%

due

05/25/52

(~)(Ê)(Þ)

2,663

2,329

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

10,241

8,925

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

4,775

4,259

Series

2023-HE2

Class

A1

7.016%

due

03/25/54

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

4,603

4,626

JPMorgan

Wealth

Management

Series

2020-ATR1

Class

A3

3.000%

due

02/25/50

(~)(Ê)(Þ)

1,419

1,233

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

0.951%

due

04/15/26

(USD

1

Month

LIBOR

+

0.801%)(Ê)(Þ)

12,545

12,471

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

5,268

4,005

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

58,208

638

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

35,996

106

Nomura

Resecuritization

Trust

Series

2015-11R

Class

3A2

3.593%

due

05/26/36

(~)(Ê)(Þ)

748

739

Onslow

Bay

Financial

LLC

Series

2023-NQM7

Class

A1

6.844%

due

04/25/63

(~)(Ê)(Þ)

481

490

Preston

Ridge

Partners

Mortgage

LLC

Series

2020-6

Class

A1

2.363%

due

11/25/25

(~)(Ê)(Þ)

1,197

1,195

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-3

Class

A1

1.867%

due

04/25/26

(~)(Ê)(Þ)

2,767

2,708

Preston

Ridge

Partners

Mortgage

Trust

Series

2021-10

Class

A1

2.487%

due

10/25/26

(~)(Ê)(Þ)

1,359

1,313

Sequoia

Mortgage

Trust

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

400

364

Series

2021-4

Class

A10

2.500%

due

06/25/51

(~)(Ê)(Þ)

7,381

6,708

Structured

Asset

Mortgage

Investments

II

Trust

Series

2004-AR7

Class

A1B

0.594%

due

04/19/35

(USD

1

Month

LIBOR

+

0.400%)(Ê)

149

131

Towd

Point

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.750%

due

07/25/63

(~)(Ê)(Þ)

6,968

7,092

Series

2023-CES2

Class

A1A

7.294%

due

10/25/63

(~)(Ê)(Þ)

3,666

3,776

Wells

Fargo

Commercial

Mortgage

Trust

Series

2021-SAVE

Class

A

4.562%

due

02/15/40

(USD

1

Month

LIBOR

+

1.150%)(Ê)(Þ)

1,217

1,186

Woodward

Capital

Management

LLC

Series

2023-CES1

Class

A1A

6.515%

due

06/25/43

(~)(Ê)(Þ)

1,379

1,390

532,928

Municipal

Bonds

-

0.1%

American

Municipal

Power,

Inc.

Revenue

Bonds

8.084%

due

02/15/50

230

310

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

4.926%

due

10/01/51

390

387

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Bonds

4.132%

due

05/15/32

380

365

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

664

1,780

Non-US

Bonds

-

7.5%

Alba

PLC

Series

2007-1

Class

A3

0.342%

due

03/17/39

(GBP

3

Month

LIBOR

+

0.170%)(Ê)(Þ)

GBP

2,384

2,940

Andorra

Government

International

Bond

Series

EMTN

1.250%

due

05/06/31

(Þ)

EUR

11,800

10,873

Banque

Ouest

Africaine

de

Developpement

Series

REGS

2.750%

due

01/22/33

(Þ)

EUR

2,441

2,005

Cheshire

PLC

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

199

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2020-1

Class

C

2.274%

due

08/20/45

(SONIA

+

2.100%)(Ê)(Þ)

GBP

2,171

2,738

Chile

Government

International

Bond

4.125%

due

07/05/34

EUR

2,800

3,052

Czech

Republic

Government

International

Bond

Series

105

2.750%

due

07/23/29

CZK

100,920

4,196

Eurosail

PRIME-UK

PLC

Series

2007-PR1X

Class

A1

0.598%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.400%)(Ê)(Þ)

GBP

1,179

1,474

Eurosail

-UK

PLC

Series

2007-6NCX

Class

A3A

0.795%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.700%)(Ê)(Þ)

GBP

1,675

2,104

Finsbury

Square

Series

2021-1GRX

Class

AGRN

5.870%

due

12/16/67

(SONIA

+

0.650%)(Ê)(Þ)

GBP

2,176

2,752

Finsbury

Square

PLC

6.022%

due

12/16/71

GBP

955

1,212

Hellenic

Republic

Government

International

Bond

3.375%

due

06/15/34

(Þ)

EUR

3,040

3,288

4.375%

due

07/18/38

(Þ)

EUR

5,694

6,666

Indonesia

Government

International

Bond

Series

FR87

6.500%

due

02/15/31

IDR

12,039,000

756

Israel

Government

International

Bond

0.625%

due

01/18/32

(Þ)

EUR

6,940

5,737

Ludgate

Funding

PLC

Series

2007-1

Class

A2A

0.638%

due

01/01/61

(GBP

3

Month

LIBOR

+

0.160%)(Ê)(Þ)

GBP

2,257

2,761

Mexican

Bonos

Series

M

5.500%

due

03/04/27

MXN

435,000

22,617

8.500%

due

03/01/29

MXN

165,720

9,355

Mexican

Bonos

de

Desarrollo

Series

M

8.500%

due

11/18/38

MXN

18,930

1,031

Mexico

Government

International

Bond

4.000%

due

03/15/15

(Þ)

EUR

3,041

2,493

Paragon

Mortgages

(No.

12)

PLC

0.293%

due

11/15/38

(SONIA

+

0.359%)(Ê)(Þ)

GBP

972

1,211

Parkmore

Point

RMBS

PLC

Series

2022-1A

Class

A

5.362%

due

07/25/45

(SONIA

+

1.500%)(Ê)(Þ)

GBP

2,804

3,567

Petroleos

Mexicanos

Series

14-2

7.470%

due

11/12/26

(Þ)

MXN

154,200

7,829

Polaris,

Inc.

Series

2023-1

Class

A

6.446%

due

02/23/61

(SONIA

+

1.250%)(Ê)(Þ)

GBP

2,505

3,193

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Republic

of

South

Africa

Government

International

Bond

Series

2035

8.875%

due

02/28/35

(Þ)

ZAR

94,656

4,258

Series

2037

8.500%

due

01/31/37

ZAR

143,662

5,975

RMAC

Securities

No.

1

PLC

Series

2006-NS1X

Class

A2A

1.050%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

1,037

1,280

Series

2006-NS3X

Class

A2A

0.245%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

1,264

1,551

Series

2006-NS4X

Class

A3A

3.853%

due

06/12/44

(SONIA

+

0.289%)(Ê)(Þ)

GBP

2,780

3,419

Romania

Government

International

Bond

5.500%

due

09/18/28

(Þ)

EUR

3,640

4,050

Series

REGS

2.750%

due

02/26/26

(Þ)

EUR

6,078

6,456

1.750%

due

07/13/30

(Þ)

EUR

6,742

5,958

2.124%

due

07/16/31

(Þ)

EUR

3,866

3,370

3.875%

due

10/29/35

(Þ)

EUR

659

607

3.375%

due

02/08/38

(Þ)

EUR

543

461

2.625%

due

12/02/40

(Þ)

EUR

4,312

3,128

2.750%

due

04/14/41

(Þ)

EUR

3,460

2,505

2.875%

due

04/13/42

(Þ)

EUR

4,020

2,917

4.625%

due

04/03/49

(Þ)

EUR

1,251

1,145

3.375%

due

01/28/50

(Þ)

EUR

1,188

878

Shamrock

Residential

Series

2022-2

Class

A

5.068%

due

02/24/71

(1

Month

EURIBOR

+

1.250%)(Ê)(Þ)

EUR

1,762

1,902

Taurus

CMBS

Series

2021-UK4A

Class

B

1.655%

due

08/17/31

(SONIA

+

1.500%)(Ê)(Þ)

GBP

1,603

2,011

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

6.543%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

1.300%)(Ê)

(Þ)

GBP

1,211

1,515

Towd

Point

Mortgage

Funding

Series

2019-A13X

Class

B

7.021%

due

07/20/45

(SONIA

+

1.800%)(Ê)(Þ)

GBP

1,506

1,912

Towd

Point

Mortgage

Trust

Series

2021-GR4X

Class

A2R

2.244%

due

10/20/51

(SONIA

+

0.670%)(Ê)(Þ)

GBP

7,938

10,051

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

0.854%

due

12/21/49

(SONIA

+

0.950%)(Ê)(Þ)

GBP

1,980

2,507

171,706

United

States

Government

Treasuries

-

7.6%

United

States

Treasury

Notes

2.000%

due

02/15/25

5,797

5,637

0.250%

due

07/31/25

2,031

1,909

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

200

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.000%

due

08/15/25

6,679

6,444

2.250%

due

11/15/25

6,475

6,249

0.375%

due

01/31/26

6,197

5,745

1.625%

due

02/15/26

5,860

5,567

2.250%

due

03/31/26

5,240

5,036

1.625%

due

05/15/26

4,506

4,261

1.500%

due

08/15/26

7,800

7,318

0.625%

due

03/31/27

4,803

4,328

2.375%

due

05/15/27

5,205

4,950

0.500%

due

05/31/27

3,970

3,545

2.250%

due

08/15/27

4,999

4,720

2.250%

due

11/15/27

2,495

2,348

2.750%

due

02/15/28

5,454

5,217

1.125%

due

02/29/28

5,705

5,111

1.250%

due

03/31/28

5,630

5,060

4.125%

due

07/31/28

5,041

5,089

3.125%

due

11/15/28

5,233

5,060

4.000%

due

01/31/29

270

272

2.375%

due

05/15/29

5,522

5,126

4.000%

due

10/31/29

1,478

1,484

1.750%

due

11/15/29

3,297

2,946

0.625%

due

05/15/30

4,361

3,568

6.250%

due

05/15/30

2,534

2,859

0.625%

due

08/15/30

6,119

4,965

0.875%

due

11/15/30

3,822

3,141

4.375%

due

11/30/30

310

318

4.000%

due

01/31/31

880

885

1.625%

due

05/15/31

4,444

3,809

1.250%

due

08/15/31

4,659

3,856

3.500%

due

02/15/33

4,095

3,956

3.875%

due

08/15/33

2,243

2,230

4.500%

due

11/15/33

2,483

2,593

4.500%

due

02/15/36

2,014

2,133

3.500%

due

02/15/39

1,922

1,795

1.125%

due

05/15/40

2,886

1,832

1.125%

due

08/15/40

3,038

1,909

1.375%

due

11/15/40

1,621

1,059

1.750%

due

08/15/41

1,939

1,331

3.250%

due

05/15/42

2,505

2,169

2.750%

due

11/15/42

2,186

1,744

2.875%

due

05/15/43

2,292

1,856

4.375%

due

08/15/43

430

433

4.750%

due

11/15/43

720

762

2.875%

due

08/15/45

1,994

1,582

3.000%

due

05/15/47

1,857

1,486

2.750%

due

11/15/47

2,040

1,553

3.000%

due

02/15/48

2,060

1,641

3.000%

due

02/15/49

2,170

1,724

2.875%

due

05/15/49

989

767

2.000%

due

02/15/50

1,826

1,166

1.250%

due

05/15/50

2,798

1,457

1.375%

due

08/15/50

2,869

1,544

1.625%

due

11/15/50

2,688

1,548

2.375%

due

05/15/51

1,309

906

1.875%

due

11/15/51

2,595

1,586

2.875%

due

05/15/52

1,506

1,163

3.625%

due

02/15/53

2,036

1,828

172,576

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Long-Term

Investments

(cost

$1,885,313)

1,812,850

Common

Stocks

-

0.0%

Technology

-

0.0%

Sungard

Availability

Services

Capital,

LP(Æ)(Š)

9,557

—

Total

Common

Stocks

(cost

$239)

—

Preferred

Stocks

-

0.0%

Financial

Services

-

0.0%

KeyCorp

6.200%

due

12/15/27(¢)

10,200

228

Prudential

Financial,

Inc.

5.950%

due

09/01/62

5,711

150

378

Total

Preferred

Stocks

(cost

$398)

378

Short-Term

Investments

-

25.5%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.150%

due

02/15/24

(ç)

340

340

Africa

Finance

Corp.

Series

REGS

3.875%

due

04/13/24

(Þ)

2,800

2,782

Agence

Francaise

de

Developpement

EPIC

Series

EMTN

5.727%

due

11/19/24

(SOFR

+

1.000%)(Ê)(Þ)

4,600

4,624

Air

Lease

Corp.

Series

MTN

0.700%

due

02/15/24

310

309

Aviation

Capital

Group

LLC

5.500%

due

12/15/24

(Þ)

380

379

Avolon

Holdings

Funding,

Ltd.

3.950%

due

07/01/24

(Þ)

130

129

Citizens

Financial

Group,

Inc.

4.023%

due

10/01/24

200

195

CPPIB

Capital,

Inc.

4.125%

due

10/21/24

(Þ)

3,700

3,673

DAE

Funding

LLC

1.550%

due

08/01/24

(Þ)

280

273

DISH

Network

Corp.

2.375%

due

03/15/24

1,370

1,338

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2014-C03

Class

1M2

3.168%

due

07/25/24

(USD

1

Month

LIBOR

+

3.000%)(Ê)

287

290

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

201

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

FirstEnergy

Transmission

LLC

4.350%

due

01/15/25

(Þ)

351

346

Intesa

Sanpaolo

SpA

5.017%

due

06/26/24

(Þ)

1,190

1,183

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

550

542

Newell

Brands,

Inc.

4.000%

due

12/01/24

420

413

Nissan

Motor

Acceptance

Corp.

1.050%

due

03/08/24

(Þ)

520

517

Petroleos

Mexicanos

Series

REGS

7.190%

due

09/12/24

(Þ)

MXN

192,568

10,728

QVC,

Inc.

4.850%

due

04/01/24

690

686

Spirit

Airlines

Pass

Through

Trust

Series

2015-1

Class

B

4.450%

due

04/01/24

132

131

Sprint

LLC

Series

WI

7.125%

due

06/15/24

620

623

TD

SYNNEX

Corp.

Series

WI

1.250%

due

08/09/24

870

850

U.S.

Cash

Management

Fund(@)

290,759,313(∞)

290,672

United

States

Treasury

Bills

4.538%

due

02/06/24

(ž)(ç)

450

450

United

States

Treasury

Notes

2.750%

due

02/15/24

(Þ)

70,700

70,630

2.250%

due

03/31/24

42,900

42,680

2.000%

due

04/30/24

109,500

108,606

2.500%

due

04/30/24

32,070

31,848

1.125%

due

01/15/25

5,400

5,218

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

3.750%

due

09/17/24

(Þ)

1,195

1,176

Wynn

Macau,

Ltd.

4.875%

due

10/01/24

(Þ)

980

971

Total

Short-Term

Investments

(cost

$581,236)

582,602

Other

Securities

-

0.2%

U.S.

Cash

Collateral

Fund(@)(×)

3,731,368

3,731

Total

Other

Securities

(cost

$3,731)

3,731

Total

Investments

-

105.1%

(identified

cost

$2,470,917)

2,399,561

Other

Assets

and

Liabilities,

Net

-

(5.1)%

(115,356)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Net

Assets

-

100.0%

2,284,205

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

202

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

38.7%

3M

Co.

01/05/24

810,000

75.78

614

609

AbbVie,

Inc.

11/12/19

560,000

99.98

560

522

AbbVie,

Inc.

04/19/21

420,000

110.95

466

380

ABN

AMRO

Bank

NV

11/06/23

3,588,000

101.41

3,639

3,530

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

11/09/23

320,000

85.93

275

256

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

11/09/23

270,000

88.67

239

231

AES

Panama

Generation

Holdings

SRL

04/26/21

2,287,300

102.70

2,349

1,954

Africa

Finance

Corp.

11/02/21

1,158,000

101.52

1,176

1,114

Africa

Finance

Corp.

09/13/22

2,500,000

97.42

2,436

2,390

Africa

Finance

Corp.

09/14/22

2,800,000

99.68

2,791

2,782

African

Export-Import

Bank

(The)

05/10/21

470,000

100.00

470

433

Agence

Francaise

de

Developpement

EPIC

09/13/22

4,600,000

100.61

4,628

4,624

Air

Canada

Pass

Through

Trust

10/17/23

73,228

95.09

70

71

Air

Lease

Corp.

05/17/21

90,000

99.61

90

83

Aircastle

,

Ltd.

08/08/23

950,000

98.31

934

941

Aircastle

,

Ltd.

09/14/23

3,397,000

86.80

2,949

3,044

Alaska

Airlines

Pass-Through

Trust

11/17/23

168,264

96.92

163

164

Alba

PLC

09/27/21

GBP

2,383,726

134.06

3,195

2,940

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

09/20/23

370,000

97.11

359

370

Alcoa

Nederland

Holding

BV

01/24/23

300,000

98.68

296

295

Alimentation

Couche-Tard,

Inc.

09/24/18

2,545,000

101.15

2,574

2,449

Allegro

CLO

XI,

Ltd.

11/09/23

3,958,503

100.00

3,958

3,959

Alternative

Loan

Trust

07/09/14

1,505,724

91.06

1,371

745

Alterra

Mountain

Co.

2021

Term

Loan

B2

08/17/21

327,064

99.78

326

327

Amazon.com,

Inc.

08/15/17

110,000

99.81

110

101

American

Airlines

Group,

Inc.

04/12/21

375,000

100.88

378

371

American

Airlines

Group,

Inc.

02/08/23

650,000

99.79

649

659

American

Airlines

Group,

Inc.

11/17/23

170,000

100.03

170

180

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

06/01/22

327,250

97.47

319

320

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

04/24/23

2,582,139

83.13

2,146

2,194

American

Tower

Trust

#1

06/09/23

4,095,000

100.57

4,118

4,150

American

Transmission

Systems,

Inc.

11/29/21

110,000

99.78

110

92

Americo

Life,

Inc.

04/12/21

430,000

99.79

429

338

AmFam

Holdings,

Inc.

04/12/21

260,000

100.11

260

200

AmFam

Holdings,

Inc.

04/19/21

220,000

103.20

227

132

Amgen,

Inc.

02/15/23

210,000

98.42

207

216

Amur

Equipment

Finance

Receivables

X

LLC

10/25/23

2,528,019

96.60

2,442

2,461

Amur

Equipment

Finance

Receivables

XI

LLC

05/19/23

4,121,937

99.91

4,118

4,115

Amur

Equipment

Finance

Receivables

XII

LLC

06/22/23

5,594,536

99.98

5,594

5,649

Andorra

Government

International

Bond

04/22/22

EUR

11,800,000

115.25

13,600

10,873

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

01/26/23

180,000

102.15

184

184

AP

Moller

-

Maersk

A/S

09/11/23

590,000

99.74

588

614

Apidos

CLO

XXVI

08/01/23

250,000

99.26

248

249

Arbor

Realty

CLO,

Ltd.

11/15/22

3,352,885

100.00

3,353

3,349

Arbor

Realty

CLO,

Ltd.

06/14/23

1,573,000

98.08

1,543

1,560

Arbor

Realty

CLO,

Ltd.

11/16/23

16,116,000

99.59

16,050

16,081

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

05/05/22

7,993,000

100.00

7,993

7,993

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

08/03/23

19,772,000

100.00

19,772

19,652

Ares

Capital

Corp.

12/05/23

1,138,000

90.35

1,028

1,039

Arthur

J

Gallagher

&

Co.

10/30/23

490,000

100.03

490

538

Ashtead

Capital,

Inc.

01/25/24

370,000

99.61

369

372

AT&T,

Inc.

08/10/15

251,000

93.03

233

229

AT&T,

Inc.

07/15/21

120,000

100.03

120

97

Aviation

Capital

Group

LLC

04/13/21

380,000

103.08

392

379

Avolon

Holdings

Funding,

Ltd.

04/12/21

260,000

100.26

261

252

Avolon

Holdings

Funding,

Ltd.

04/12/21

130,000

100.68

131

129

Avolon

Holdings

Funding,

Ltd.

01/16/24

600,000

99.14

595

599

Ballyrock

CLO,

Ltd.

07/11/23

250,000

98.74

247

249

Bank

of

America

Corp.

02/04/19

70,000

100.00

70

67

Banque

Ouest

Africaine

de

Developpement

07/21/22

EUR

2,441,000

81.88

1,999

2,005

Barrick

NA

Finance

LLC

06/13/16

230,000

102.16

235

240

BAT

Capital

Corp.

04/12/21

120,000

97.20

117

89

BAT

Capital

Corp.

04/15/21

130,000

100.19

130

117

Bayer

US

Finance

II

LLC

09/12/23

1,922,000

97.10

1,866

1,878

Bayer

US

Finance

LLC

01/10/24

2,451,000

100.51

2,463

2,488

BDS,

Ltd.

04/04/22

11,123,000

100.00

11,123

11,092

Bellemeade

Re,

Ltd.

09/23/21

7,422,000

100.00

7,422

7,375

Bellemeade

Re,

Ltd.

09/27/21

2,959,000

100.24

2,966

2,933

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

203

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Bellemeade

Re,

Ltd.

01/25/22

3,523,000

100.00

3,523

3,575

Bellemeade

Re,

Ltd.

05/18/22

1,553,339

98.50

1,530

1,556

Bellemeade

Re,

Ltd.

02/15/23

3,851,000

97.53

3,756

3,844

Bellemeade

Re,

Ltd.

04/18/23

1,029,015

100.52

1,034

1,035

Berry

Global,

Inc.

08/08/23

3,955,000

97.18

3,843

3,891

Berry

Petroleum

Corp.

11/09/23

520,000

98.77

514

509

Bharti

Airtel,

Ltd.

01/05/24

2,926,000

100.83

2,950

2,888

Blackstone

Holdings

Finance

Co.

LLC

10/31/22

500,000

99.84

499

531

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

02/01/23

300,000

99.05

297

298

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

02/17/23

420,000

100.43

422

424

BNP

Paribas

SA

08/08/22

1,340,000

100.00

1,340

1,353

BNP

Paribas

SA

11/09/22

320,000

100.00

320

341

BNP

Paribas

SA

01/09/23

310,000

100.00

310

312

BNP

Paribas

SA

08/07/23

290,000

100.00

290

300

BNP

Paribas

SA

08/08/23

4,057,000

94.71

3,842

3,887

BNP

Paribas

SA

11/28/23

640,000

100.00

640

669

Boeing

Co.

(The)

05/02/19

150,000

98.59

148

141

Boston

Gas

Co.

01/05/24

272,000

93.39

254

254

BP

Capital

Markets

PLC

07/24/23

3,692,000

97.64

3,605

3,614

BRAVO

Residential

Funding

Trust

08/03/23

151,677

100.00

152

154

BRAVO

Residential

Funding

Trust

08/03/23

303,354

100.00

303

306

Bristol

Park

CLO,

Ltd.

06/08/23

260,000

98.25

255

260

British

Airways

Pass-Through

Trust

08/01/23

116,994

88.91

104

106

Broadcom,

Inc.

04/16/21

470,000

99.90

470

382

Brookfield

Finance,

Inc.

11/02/20

2,445,000

119.43

2,920

2,175

BX

Commercial

Mortgage

Trust

12/02/21

9,861,000

99.88

9,849

9,639

BX

Trust

12/17/21

2,398,700

99.99

2,398

2,385

BX

Trust

01/24/24

15,622,000

99.75

15,583

15,593

CAMB

Commercial

Mortgage

Trust

01/25/19

3,491,000

100.00

3,491

3,452

CAMB

Commercial

Mortgage

Trust

10/22/21

13,042,000

102.75

13,400

10,827

Cameron

LNG

LLC

04/09/21

80,000

107.05

86

68

Carlyle

Global

Market

Strategies

CLO,

Ltd.

08/08/23

250,000

99.33

248

249

Carrier

Global

Corp.

11/15/23

320,000

99.84

319

342

Carrier

Global

Corp.

11/15/23

340,000

99.97

340

345

CCG

Receivables

Trust

11/17/23

5,492,086

99.69

5,475

5,529

Cencosud

SA

12/07/23

4,015,000

93.80

3,766

3,868

CenterPoint

Energy

Houston

Electric

LLC

03/20/23

210,000

99.77

209

212

CenterPoint

Energy

Houston

Electric

LLC

03/20/23

20,000

99.92

20

20

CF

Industries,

Inc.

09/12/23

2,401,000

96.53

2,318

2,365

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

06/14/16

70,000

111.02

78

71

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

04/30/18

80,000

111.69

89

79

Cheniere

Energy

Partners,

LP

09/13/21

160,000

100.00

160

136

Chesapeake

Energy

Corp.

01/26/23

880,000

98.29

865

875

Chesapeake

Energy

Corp.

08/17/23

410,000

98.83

405

415

Cheshire

PLC

08/17/21

GBP

2,171,000

140.34

3,047

2,738

Chord

Energy

Corp.

02/01/23

200,000

99.08

198

200

CIFC

Funding,

Ltd.

02/01/23

4,075,328

99.40

4,051

4,081

CIFC

Funding,

Ltd.

07/18/23

290,000

98.70

286

290

Cimarex

Energy

Co.

11/03/21

500,000

105.50

527

459

Citizens

Financial

Group,

Inc.

01/18/24

350,000

100.00

350

352

Clorox

Co.

(The)

04/12/21

240,000

97.47

234

201

Columbia

Pipelines

Holding

Co.

LLC

08/02/23

80,000

100.00

80

82

Columbia

Pipelines

Holding

Co.

LLC

10/12/23

1,687,000

101.36

1,726

1,746

Columbia

Pipelines

Operating

Co.

LLC

08/02/23

320,000

99.63

319

336

Comcast

Corp.

03/30/20

50,000

107.17

54

38

Comcast

Corp.

04/02/20

109,000

98.90

108

70

Comcast

Corp.

04/09/21

284,000

98.47

280

179

Comcast

Corp.

08/09/23

2,585,000

82.12

2,123

2,175

Comerica,

Inc.

09/13/23

2,331,000

91.75

2,139

2,209

Comision

Federal

de

Electricidad

04/12/21

360,000

97.56

351

299

Constellation

Energy

Generation

LLC

09/26/23

320,000

99.92

320

341

Continental

Resources,

Inc.

11/09/21

160,000

99.94

160

131

Continental

Resources,

Inc.

04/25/22

300,000

91.59

275

277

CORE

Mortgage

Trust

03/01/19

5,704,000

100.00

5,704

5,305

Countrywide

Asset-Backed

Certificates

Trust

10/23/18

7,884,029

100.92

7,956

7,217

CPPIB

Capital,

Inc.

09/14/22

3,700,000

99.97

3,699

3,673

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

204

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Credit

Agricole

SA

06/17/21

2,720,000

99.21

2,698

2,518

Credit

Agricole

SA

09/22/22

1,300,000

99.07

1,288

1,333

Credit

Agricole

SA

01/05/23

470,000

100.00

470

481

Credit

Agricole

SA

06/27/23

370,000

96.51

357

384

Credit

Agricole

SA

08/08/23

2,490,000

94.29

2,348

2,373

Credit

Suisse

Mortgage

Trust

05/28/19

5,751,691

100.00

5,752

5,730

CSL

UK

Holdings,

Ltd.

04/20/22

170,000

99.70

169

165

CSL

UK

Holdings,

Ltd.

04/20/22

80,000

99.84

80

78

CSL

UK

Holdings,

Ltd.

04/20/22

100,000

99.93

100

98

DAE

Funding

LLC

06/15/21

280,000

99.91

280

273

Daimler

Truck

Finance

North

America

LLC

01/10/24

390,000

99.82

389

397

Danske

Bank

A/S

09/07/21

490,000

100.00

490

447

Danske

Bank

A/S

09/07/21

1,310,000

97.92

1,283

1,272

Danske

Bank

A/S

03/28/22

1,130,000

100.00

1,130

1,098

Danske

Bank

A/S

01/04/23

590,000

100.00

590

595

Danske

Bank

A/S

02/03/23

3,846,000

97.12

3,735

3,612

Danske

Bank

A/S

09/15/23

200,000

100.00

200

199

Darden

Restaurants,

Inc.

01/05/24

683,000

83.93

573

565

DBGS

Mortgage

Trust

04/03/19

4,612,000

101.08

4,662

3,313

DCP

Midstream

Operating,

LP

12/11/19

200,000

107.25

214

211

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

09/16/20

326,666

99.81

326

323

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

11/09/23

470,000

99.43

467

463

Devon

Energy

Corp.

06/07/21

120,000

106.34

128

116

Discover

Financial

Services

07/31/23

2,279,000

94.31

2,149

2,191

DLLAA

LLC

07/25/23

4,870,000

100.00

4,870

4,991

DNB

Bank

ASA

01/05/24

3,306,000

100.83

3,333

3,342

Dollar

General

Corp.

12/05/23

692,000

75.52

523

543

Dominion

Energy,

Inc.

04/12/21

190,000

105.42

200

174

DR

Horton,

Inc.

10/18/23

1,923,000

94.55

1,818

1,846

Dresdner

Funding

Trust

I

03/02/22

477,000

119.97

572

529

Dryden

41

Senior

Loan

Fund

05/26/23

490,000

96.53

473

488

Dryden

XXVIII

Senior

Loan

Fund

08/03/17

2,663,019

100.00

2,663

2,664

Eagle

Re,

Ltd.

10/29/21

5,321,963

100.00

5,322

5,331

Ecopetrol

SA

03/22/22

170,000

100.00

170

140

Edison

International

08/08/23

3,500,000

100.71

3,525

3,576

Element

Fleet

Management

Corp.

07/28/23

3,463,000

100.60

3,484

3,526

Endeavor

Energy

Resources,

LP

/

EER

Finance,

Inc.

01/24/23

120,000

98.77

118

119

Enel

Finance

International

NV

10/05/18

1,967,000

99.81

1,963

1,854

Enel

Finance

International

NV

10/06/22

1,278,000

100.70

1,296

1,310

Enel

Finance

International

NV

07/24/23

398,000

89.24

355

364

Enel

Finance

International

NV

08/08/23

2,115,000

104.72

2,215

2,260

Energy

Transfer

Operating,

LP

12/05/23

50,000

103.47

52

53

Energy

Transfer,

LP

01/09/19

80,000

111.41

89

83

Energy

Transfer,

LP

02/12/20

20,000

106.62

21

19

Energy

Transfer,

LP

11/07/23

1,950,000

98.20

1,915

1,959

Entegris

Escrow

Corp.

04/04/23

1,030,000

94.32

971

985

EQM

Midstream

Partners,

LP

05/31/22

100,000

100.35

100

103

EQT

Corp.

05/10/21

70,000

100.00

70

62

EQT

Corp.

09/14/23

250,000

98.28

246

238

Eurosail

PRIME-UK

PLC

03/25/21

GBP

1,178,536

135.23

1,594

1,474

Eurosail

-UK

PLC

01/21/21

GBP

1,675,196

135.66

2,273

2,104

Fannie

Mae

02/12/01

3,761

14.95

1

1

Fannie

Mae

06/16/15

222,924

108.47

242

229

Fannie

Mae

04/11/19

511,612

101.77

521

478

Fannie

Mae

02/11/20

898,392

105.36

947

836

Fannie

Mae

04/08/20

2,853,739

103.83

2,963

2,404

Fannie

Mae

12/27/23

48,213,057

101.49

48,932

48,873

Fannie

Mae

Connecticut

Avenue

Securities

Trust

11/16/23

366,726

100.00

367

368

Fannie

Mae

Connecticut

Avenue

Securities

Trust

11/16/23

440,000

100.00

440

455

Fannie

Mae

REMICS

09/15/00

2,031

3.05

—

—

Fannie

Mae

REMICS

04/25/05

12,008

16.39

2

2

Fannie

Mae

REMICS

09/19/08

13,259

15.41

2

2

Fannie

Mae

REMICS

09/19/08

14,161

16.21

2

2

Fannie

Mae

REMICS

09/22/10

2,361,921

11.35

268

277

Ferguson

PLC

09/12/23

2,435,000

94.60

2,304

2,414

Fifth

Third

Bancorp

01/22/24

250,000

100.00

250

252

Finsbury

Square

09/21/22

GBP

2,176,378

116.47

2,535

2,752

First

Quantum

Minerals,

Ltd.

11/07/19

759,000

97.52

740

750

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

205

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

FirstEnergy

Transmission

LLC

11/01/21

351,000

102.53

360

346

Florida

Gas

Transmission

Co.

LLC

09/15/21

800,000

99.94

799

655

Ford

Motor

Credit

Co.

LLC

04/26/21

280,000

100.34

281

266

Fortis,

Inc.

12/05/23

1,123,000

94.33

1,059

1,069

Freddie

Mac

07/12/11

210,356

104.90

221

217

Freddie

Mac

07/18/13

322,345

105.15

339

332

Freddie

Mac

03/03/16

168,847

107.13

181

167

Freddie

Mac

07/09/19

219,333

101.16

222

196

Freddie

Mac

09/11/20

747,984

108.44

811

719

Freddie

Mac

REMICS

04/14/03

7,536

9.47

1

1

Freddie

Mac

REMICS

06/11/03

2,514

17.13

—

—

Freddie

Mac

REMICS

04/22/05

74,932

3.65

3

3

Freddie

Mac

REMICS

02/24/10

109,494

96.58

106

111

Freddie

Mac

Strips

02/13/04

8,225

16.93

1

1

Freddie

Mac

Strips

09/19/08

3,840

9.04

—

—

Fresenius

Medical

Care

US

Finance

II,

Inc.

08/04/22

4,036,000

83.82

3,383

3,128

Fresnillo

PLC

04/09/21

330,000

98.48

325

244

FS

Commercial

Mortgage

Trust

10/19/23

220,000

100.00

220

229

Full

House

Resorts

11/16/23

80,000

90.56

72

76

Genting

New

York

LLC

01/19/23

1,060,000

98.34

1,042

983

Gilead

Sciences,

Inc.

09/07/23

400,000

99.84

399

415

Ginnie

Mae

REMICS

01/20/10

6,207

0.14

—

—

Glencore

Funding

LLC

01/16/19

110,000

96.43

106

106

Glencore

Funding

LLC

02/11/19

135,000

99.01

134

131

Glencore

Funding

LLC

04/13/21

120,000

100.17

120

114

Glencore

Funding

LLC

05/02/23

330,000

99.97

330

336

Global

Auto

Holdings,

Ltd.

/

AAG

FH

UK,

Ltd.

01/11/24

620,000

100.00

620

581

GoldenTree

Loan

Opportunities

IX,

Ltd.

05/26/23

570,000

98.55

562

570

GoodLeap

Sustainable

Home

Improvements

10/21/21

3,428,255

99.99

3,428

2,721

GoodLeap

Sustainable

Home

Solutions

Trust

01/24/22

2,942,740

99.98

2,942

2,393

Greenwood

Park

CLO,

Ltd.

02/28/18

2,540,526

100.09

2,543

2,542

Grifols

Worldwide

Operations

USA,

Inc.

Term

Loan

B

02/27/20

352,674

99.50

351

343

GS

Mortgage

Securities

Trust

08/04/23

250,000

95.86

240

244

GS

Mortgage

Securities

Trust

08/04/23

5,637,000

95.87

5,404

5,500

GSAA

Home

Equity

Trust

10/21/15

386,746

77.98

302

445

HCA,

Inc.

04/09/21

120,000

119.71

144

115

Hellenic

Republic

Government

International

Bond

07/11/23

EUR

5,694,000

108.88

6,200

6,666

Hellenic

Republic

Government

International

Bond

01/30/24

EUR

3,040,000

107.42

3,266

3,288

HGI

CRE

CLO,

Ltd.

09/17/21

5,357,553

100.00

5,358

5,305

Highlands

Holdings

Bond

Issuer,

Ltd.

/

Highlands

Holdings

Bond

Co.-Issuer,

Inc.

10/15/21

1,223,968

101.36

1,241

1,233

Hilton

Grand

Vacations

Trust

08/01/23

113,713

99.98

114

115

HMH

Trust

06/09/17

7,770,000

99.97

7,768

3,637

Home

RE,

Ltd.

07/23/21

1,227,000

100.00

1,227

1,228

HSBC

Holdings

PLC

09/12/23

139,000

96.71

134

137

Humana,

Inc.

06/13/16

80,000

103.09

82

72

Hyundai

Capital

America

01/03/24

340,000

99.65

339

347

ILFC

E-Capital

Trust

I

01/30/23

650,000

65.03

423

502

ILFC

E-Capital

Trust

II

01/30/23

750,000

68.02

510

594

Imperial

Brands

Finance

PLC

07/28/23

3,732,000

95.11

3,550

3,572

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

2,354,000

93.68

2,205

2,199

InRetail

Consumer

12/11/23

1,547,000

90.13

1,394

1,380

Intel

Corp.

08/10/21

190,000

99.45

189

128

Intel

Corp.

08/10/21

100,000

99.92

100

74

Intel

Corp.

08/02/22

120,000

99.80

120

115

International

Flavors

&

Fragrances,

Inc.

08/09/23

4,746,000

78.55

3,728

3,950

Intesa

Sanpaolo

SpA

10/17/22

1,190,000

98.38

1,171

1,183

Intesa

Sanpaolo

SpA

11/14/22

540,000

99.93

540

553

Intesa

Sanpaolo

SpA

08/09/23

3,878,000

98.81

3,832

3,988

Intesa

Sanpaolo

SpA

11/20/23

870,000

99.90

869

932

Irwin

Home

Equity

Loan

Trust

02/03/16

189,841

101.44

193

190

Israel

Government

International

Bond

11/07/23

EUR

6,940,000

76.34

5,298

5,737

Ivory

Coast

Government

International

Bond

01/24/24

500,000

98.86

494

495

J.G.

Wentworth

XLII

LLC

01/02/24

54,623

87.63

48

50

J.G.

Wentworth

XXXIX

LLC

01/02/24

130,222

88.76

116

120

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

Luxembourg

SARL

01/05/24

328,000

106.46

349

357

Jersey

Central

Power

&

Light

Co.

07/27/23

1,828,000

97.60

1,784

1,795

JM

Smucker

Co.

(The)

10/11/23

370,000

99.94

370

400

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

206

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Jordan

Government

International

Bond

01/24/23

760,000

96.29

732

729

JPMorgan

Chase

&

Co.

07/16/18

50,000

100.00

50

49

JPMorgan

Chase

&

Co.

04/12/21

450,000

101.99

459

397

JPMorgan

Mortgage

Trust

06/05/20

91,458

102.81

94

82

JPMorgan

Mortgage

Trust

06/05/20

142,272

103.38

147

130

JPMorgan

Mortgage

Trust

03/30/21

481,498

101.99

491

427

JPMorgan

Mortgage

Trust

04/26/21

13,972,533

101.79

14,222

12,739

JPMorgan

Mortgage

Trust

04/27/22

4,775,361

95.74

4,572

4,259

JPMorgan

Mortgage

Trust

01/19/23

10,240,994

99.14

10,152

8,925

JPMorgan

Mortgage

Trust

04/20/23

2,663,396

88.20

2,349

2,329

JPMorgan

Mortgage

Trust

04/20/23

6,187,011

88.29

5,462

5,436

JPMorgan

Mortgage

Trust

09/27/23

4,602,884

100.00

4,603

4,626

JPMorgan

Wealth

Management

07/30/20

1,418,562

103.42

1,467

1,233

Kenvue

,

Inc.

03/08/23

70,000

99.37

70

71

KKR

Group

Finance

Co.

II

LLC

06/14/16

30,000

103.99

31

29

KLA

Corp.

06/21/22

50,000

99.11

50

49

KLA

Corp.

06/21/22

200,000

99.95

200

201

Kyndryl

Holdings,

Inc.

10/07/21

510,000

99.80

509

425

L

Brands,

Inc.

03/16/20

65,000

81.58

53

64

Lamar

Funding,

Ltd.

07/26/22

510,000

96.93

494

494

Lehman

Brothers

Holdings,

Inc.

04/25/12

455,448

75.91

346

—

Level

3

Financing,

Inc.

03/31/23

172,000

95.98

165

171

Liberty

Mutual

Group,

Inc.

05/03/22

218,000

127.95

279

221

Lithia

Motors,

Inc.

06/04/21

120,000

102.27

123

108

Lithia

Motors,

Inc.

06/07/21

70,000

103.50

72

67

Lowe's

Cos.,

Inc.

03/24/20

120,000

99.68

120

119

Ludgate

Funding

PLC

01/25/24

GBP

2,256,733

123.38

2,784

2,761

Lunar

Structured

Aircraft

Portfolio

Notes

11/05/21

354,132

86.38

306

310

Magnetite

XVII,

Ltd.

09/20/23

250,000

99.56

249

250

Magnetite

XXIX,

Ltd.

10/19/23

400,000

98.25

393

400

Marks

&

Spencer

PLC

09/25/19

58,000

112.51

65

58

Mars,

Inc.

04/09/21

390,000

94.11

367

276

Massachusetts

Mutual

Life

Insurance

Co.

04/09/21

120,000

100.35

120

87

Mastercard

,

Inc.

04/09/21

110,000

114.30

126

94

Mattel,

Inc.

07/31/23

4,116,000

94.41

3,886

3,927

MDC

Holdings,

Inc.

04/12/21

110,000

126.09

139

112

MDC

Holdings,

Inc.

04/12/21

70,000

97.43

68

59

Melco

Resorts

Finance,

Ltd.

04/12/21

620,000

96.90

601

552

Metropolitan

Edison

Co.

03/28/23

240,000

99.88

240

243

Metropolitan

Life

Global

Funding

I

03/21/23

350,000

99.87

350

354

Mexico

Generadora

de

Energia

S

de

rl

04/04/23

1,800,278

96.91

1,745

1,756

Mexico

Government

International

Bond

04/16/21

EUR

3,041,000

131.33

3,994

2,493

Mexico

Government

International

Bond

01/04/22

450,000

99.53

448

377

MF1

LLC

07/19/23

1,565,000

100.30

1,570

1,572

MF1

LLC

01/30/24

6,314,000

99.75

6,298

6,298

MHC

Commercial

Mortgage

Trust

02/13/23

12,545,401

99.28

12,455

12,471

MidAmerican

Energy

Co.

11/09/23

120,000

106.59

128

115

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

06/25/20

287,000

99.57

286

287

MMAF

Equipment

Finance

LLC

01/17/24

3,160,000

99.99

3,160

3,172

Mondelez

International,

Inc.

11/05/21

358,000

99.23

355

327

Monongahela

Power

Co.

11/08/23

590,000

99.83

589

616

Morgan

Stanley

01/17/19

40,000

100.00

40

39

Morgan

Stanley

03/26/20

30,000

100.00

30

28

Morgan

Stanley

09/13/21

560,000

100.00

560

448

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

35,996,000

0.30

106

106

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

58,208,000

1.09

637

638

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,268,000

98.84

5,207

4,005

MPLX,

LP

11/07/18

20,000

99.69

20

20

MPLX,

LP

07/22/21

150,000

122.43

184

139

MVW

LLC

09/13/23

227,612

90.68

206

209

Neuberger

Berman

Loan

Advisers

CLO

30,

Ltd.

01/25/24

340,000

99.95

340

339

New

York

Life

Global

Funding

01/24/23

220,000

99.83

220

214

New

York

Life

Insurance

Co.

04/08/20

150,000

107.49

161

118

NGPL

PipeCo

LLC

03/03/22

2,298,000

125.21

2,877

2,588

Nigeria

Government

International

Bond

11/30/23

350,000

86.27

302

304

Nippon

Life

Insurance

Co.

04/09/21

360,000

96.36

347

298

Nissan

Motor

Acceptance

Co.

LLC

09/12/23

70,000

88.09

62

63

Nissan

Motor

Acceptance

Corp.

11/03/22

520,000

99.41

517

517

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

207

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Nissan

Motor

Co.,

Ltd.

04/25/22

490,000

96.02

470

473

Nomura

Holdings,

Inc.

03/22/22

2,069,000

95.95

1,985

1,906

Nomura

Resecuritization

Trust

10/23/15

747,742

94.85

709

739

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

310,000

101.58

315

228

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

280,000

103.91

291

205

NRG

Energy,

Inc.

04/12/21

810,000

99.94

810

730

Nuveen

LLC

03/11/19

100,000

102.41

102

98

Oaktown

Re

III,

Ltd.

01/26/21

1,577,762

100.33

1,583

1,581

Oaktown

Re

VI,

Ltd.

04/14/21

5,836,906

100.05

5,840

5,849

Oaktown

Re

VII,

Ltd.

10/15/21

1,872,737

100.00

1,873

1,873

Oaktown

Re,

Ltd.

09/28/21

1,024,000

101.60

1,040

1,042

Oaktown

Re,

Ltd.

10/15/21

3,798,000

100.00

3,798

3,836

OCP

CLO,

Ltd.

09/09/22

1,837,542

99.04

1,820

1,838

OCP

SA

06/10/21

390,000

99.51

388

329

Ohio

Edison

Co.

09/22/22

220,000

99.81

220

222

Onslow

Bay

Financial

LLC

09/18/23

480,797

100.00

481

490

Open

Text

Corp.

08/01/23

2,092,000

101.29

2,119

2,170

Option

One

Mortgage

Loan

Trust

03/14/18

1,639,457

99.25

1,627

1,571

Pacific

Gas

and

Electric

Co.

06/16/20

70,000

99.41

70

49

Pacific

Gas

and

Electric

Co.

06/03/22

210,000

85.28

179

183

Paragon

Mortgages

(No.

12)

PLC

03/25/21

GBP

971,829

135.86

1,320

1,211

Parkmore

Point

RMBS

PLC

02/07/23

GBP

2,803,869

118.40

3,320

3,567

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

09/25/20

50,000

95.38

48

48

PayPal

Holdings,

Inc.

08/11/23

50,000

92.57

46

49

Pennsylvania

Electric

Co.

03/28/23

1,933,000

99.44

1,916

1,929

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

04/05/23

2,385,000

97.31

2,321

2,337

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

12/05/23

739,000

94.05

695

706

Permian

Resources

Corp.

12/07/23

350,000

99.33

348

348

Petrobras

Global

Finance

BV

06/02/21

290,000

96.57

280

241

Petroleos

del

Peru

SA

04/26/21

220,000

101.66

224

140

Petroleos

Mexicanos

02/23/21

MXN

192,568,400

4.82

9,279

10,728

Petroleos

Mexicanos

06/15/21

MXN

154,200,000

4.81

7,279

7,829

PFS

Financing

Corp.

08/08/23

3,987,000

99.99

3,986

4,034

PFS

Financing

Corp.

01/30/24

380,000

100.00

380

380

PFS

Financing

Corp.

01/30/24

140,000

100.00

140

140

Pioneer

Natural

Resources

Co.

04/12/21

430,000

96.33

414

366

PM

General

Purchaser

LLC

11/30/23

350,000

100.13

350

354

Polaris,

Inc.

09/29/23

GBP

2,505,337

122.50

3,069

3,193

Preston

Ridge

Partners

Mortgage

LLC

12/01/20

1,196,582

100.00

1,197

1,195

Preston

Ridge

Partners

Mortgage

LLC

04/28/21

2,766,983

100.00

2,767

2,708

Preston

Ridge

Partners

Mortgage

Trust

11/03/21

1,358,875

97.50

1,325

1,313

Prodigy

Finance

Designated

Activity

Co.

07/12/21

1,312,145

100.06

1,313

1,309

Prologis,

LP

04/12/21

270,000

88.05

238

218

Prosus

NV

12/02/20

3,847,000

87.23

3,356

3,351

Provincia

de

Buenos

Aires

06/28/22

1,169,446

44.79

524

455

Provincia

de

Cordoba

04/12/21

280,006

69.50

195

241

Provincia

de

Cordoba

04/12/21

500,000

74.14

371

405

Radnor

RE,

Ltd.

06/18/21

1,310,734

100.05

1,311

1,311

Radnor

RE,

Ltd.

11/05/21

982,272

100.00

982

983

Radnor

RE,

Ltd.

11/30/23

2,217,996

101.54

2,252

2,242

Range

Resources

Corp.

09/20/19

290,000

97.36

282

286

Range

Resources

Corp.

04/12/21

30,000

105.29

32

31

Raytheon

Technologies

Corp.

04/09/21

320,000

116.48

373

289

Regal

Rexnord

Corp.

01/09/23

1,140,000

100.44

1,145

1,152

Reliance

Industries,

Ltd.

01/05/22

250,000

99.80

249

213

Reliance

Standard

Life

Global

Funding

II

09/12/23

780,000

88.45

690

699

Renew

Financial

Group

LLC

08/14/23

537,588

95.15

511

535

Renew

Trust

01/11/24

870,000

100.00

870

880

Republic

of

South

Africa

Government

International

Bond

12/14/23

ZAR

94,656,209

4.60

4,355

4,258

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

09/03/21

600,000

97.89

587

533

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

11/08/23

980,000

73.99

725

831

RMAC

Securities

No.

1

PLC

04/15/21

GBP

1,263,853

133.58

1,688

1,551

RMAC

Securities

No.

1

PLC

04/15/21

GBP

1,036,890

134.50

1,395

1,280

RMAC

Securities

No.

1

PLC

07/20/21

GBP

2,779,944

133.53

3,712

3,419

RMAC

Securities

No.

1

PLC

11/08/22

144,050

93.79

135

139

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

09/21/21

210,000

100.00

210

193

Rockies

Express

Pipeline

LLC

03/23/21

560,000

97.71

547

535

Rockies

Express

Pipeline

LLC

02/02/22

117,000

84.65

99

116

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

208

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Rockies

Express

Pipeline

LLC

12/06/23

1,142,000

91.24

1,042

1,066

Rockies

Express

Pipeline

LLC

01/02/24

309,000

98.09

303

300

Rolls-Royce

PLC

03/01/23

759,000

96.44

732

732

Romania

Government

International

Bond

04/12/21

EUR

4,312,000

114.21

4,925

3,128

Romania

Government

International

Bond

07/08/21

EUR

4,020,000

110.87

4,457

2,917

Romania

Government

International

Bond

08/09/21

EUR

3,460,000

81.18

2,809

2,505

Romania

Government

International

Bond

02/24/22

EUR

3,866,000

85.07

3,289

3,370

Romania

Government

International

Bond

02/24/22

EUR

543,000

95.82

520

461

Romania

Government

International

Bond

02/24/22

EUR

1,251,000

98.81

1,236

1,145

Romania

Government

International

Bond

03/01/22

EUR

659,000

104.61

689

607

Romania

Government

International

Bond

12/02/22

EUR

6,078,000

95.83

5,824

6,456

Romania

Government

International

Bond

07/17/23

EUR

1,188,000

68.46

813

878

Romania

Government

International

Bond

09/11/23

EUR

3,640,000

107.43

3,910

4,050

Romania

Government

International

Bond

11/08/23

EUR

6,742,000

87.12

5,873

5,958

Romania

Government

International

Bond

01/23/24

2,260,000

99.47

2,248

2,282

S&P

Global,

Inc.

04/09/21

30,000

104.88

31

22

S&P

Global,

Inc.

04/12/21

90,000

94.39

85

73

Saluda

Grade

Alternative

Mortgage

Trust

11/17/23

1,588,128

100.25

1,592

1,638

Sasol

Financing

USA

LLC

04/26/23

540,000

100.00

540

549

Saudi

Arabian

Oil

Co.

08/01/23

2,394,000

87.50

2,095

2,068

Saudi

Government

International

Bond

01/08/24

430,000

97.79

420

423

Sealed

Air

Corp.

04/22/20

633,000

105.28

666

660

Sequoia

Mortgage

Trust

10/21/16

400,374

102.57

411

364

Sequoia

Mortgage

Trust

05/06/21

7,381,035

102.56

7,570

6,708

Shamrock

Residential

11/20/23

EUR

1,761,507

109.37

1,927

1,902

Sigma

Alimentos

SA

de

CV

01/05/24

3,741,000

97.00

3,629

3,637

SilverBow

Resources,

Inc.

11/21/23

690,000

98.05

677

678

SK

Hynix,

Inc.

07/24/23

3,931,000

92.08

3,619

3,645

Sociedad

Quimica

y

Minera

de

Chile

SA

09/13/21

450,000

99.21

446

296

Societe

Generale

SA

02/03/23

2,623,000

92.43

2,425

2,426

Societe

Generale

SA

01/11/24

430,000

100.00

430

428

Sodexo,

Inc.

11/06/23

3,844,000

91.32

3,510

3,573

SoFi

Professional

Loan

Program

Trust

01/29/24

101,444

86.96

88

88

Southern

California

Edison

Co.

04/12/21

160,000

98.58

158

138

Spirit

AeroSystems

,

Inc.

11/08/23

1,272,000

82.81

1,053

1,088

Spirit

Loyalty

Cayman,

Ltd.

/

Spirit

IP

Cayman,

Ltd.

01/25/23

600,000

99.24

595

392

Standard

Chartered

PLC

11/08/23

950,000

95.32

906

972

Standard

Chartered

PLC

12/05/23

2,342,000

95.04

2,226

2,255

SURA

Asset

Management

SA

10/12/23

2,185,000

92.61

2,023

2,104

Suzano

Austria

GmbH

04/09/21

200,000

128.38

257

208

Suzano

Austria

GmbH

10/16/23

1,831,000

98.76

1,808

1,841

Swedbank

AB

09/05/23

200,000

100.00

200

204

Taurus

CMBS

07/28/21

GBP

1,602,942

139.09

2,230

2,011

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

1,211,105

140.62

1,703

1,515

Teachers

Insurance

&

Annuity

Association

of

America

11/09/15

200,000

97.50

195

196

Teck

Resources,

Ltd.

04/12/21

230,000

103.91

239

214

Thomson

Reuters

Corp.

11/06/23

1,930,000

95.19

1,837

1,865

T-Mobile

USA,

Inc.

01/11/21

170,000

98.84

168

153

T-Mobile

USA,

Inc.

07/31/23

1,742,000

92.71

1,615

1,631

Toronto-Dominion

Bank

(The)

12/04/23

20,000

100.00

20

20

Towd

Point

Mortgage

Funding

01/20/21

GBP

1,506,000

136.45

2,055

1,912

Towd

Point

Mortgage

Trust

08/17/20

2,217,922

101.69

2,255

2,119

Towd

Point

Mortgage

Trust

02/24/23

GBP

7,938,000

118.13

9,377

10,051

Towd

Point

Mortgage

Trust

10/19/23

3,666,320

100.00

3,666

3,776

Towd

Point

Mortgage

Trust

01/23/24

6,968,292

99.85

6,958

7,092

Transocean,

Inc.

08/10/23

151,000

87.93

133

136

TSMC

Arizona

Corp.

10/20/21

340,000

99.65

339

291

UBS

Group

AG

04/09/21

350,000

123.44

432

341

UBS

Group

AG

05/10/21

270,000

100.00

270

232

UBS

Group

AG

08/08/22

720,000

100.00

720

767

UBS

Group

AG

11/09/22

620,000

108.77

674

762

UBS

Group

AG

08/08/23

3,930,000

98.05

3,853

3,877

UniCredit

SpA

04/22/20

231,000

104.58

242

239

UniCredit

SpA

03/03/22

3,000,000

97.30

2,919

2,842

UniCredit

SpA

09/14/23

1,087,000

91.47

994

1,002

Union

Pacific

Corp.

06/07/18

170,000

99.29

169

136

Union

Pacific

Corp.

02/05/20

20,000

101.54

20

15

United

Airlines,

Inc.

04/14/21

70,000

100.00

70

65

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

209

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

$

$

$

United

Airlines,

Inc.

03/18/22

530,000

99.15

525

511

United

States

Treasury

Notes

04/20/23

70,700,000

99.92

70,644

70,630

UnitedHealth

Group,

Inc.

05/17/22

100,000

99.12

99

95

Var

Energi

ASA

12/05/23

1,674,000

104.56

1,750

1,777

Verizon

Communications,

Inc.

03/07/18

420,000

97.49

409

406

Verizon

Master

Trust

09/12/23

9,929,000

99.99

9,928

10,235

VICI

Properties,

Inc.

07/06/22

2,771,000

97.93

2,714

2,764

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

08/08/23

751,000

97.94

735

740

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

02/10/21

GBP

1,980,044

138.57

2,744

2,507

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

04/09/21

420,000

103.31

434

300

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

05/06/21

1,195,000

99.26

1,186

1,176

Wells

Fargo

Commercial

Mortgage

Trust

11/15/22

1,216,872

93.87

1,142

1,186

Westinghouse

Air

Brake

Technologies

Corp.

06/18/21

2,595,000

104.01

2,699

2,493

Wipro

IT

Services

LLC

08/08/23

2,039,000

91.48

1,865

1,879

Woodward

Capital

Management

LLC

07/13/23

1,378,841

99.09

1,366

1,390

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

02/09/23

200,000

98.83

198

200

Wynn

Macau,

Ltd.

01/09/23

980,000

98.58

966

971

XTO

Energy,

Inc.

05/03/21

1,644,000

138.55

2,278

1,921

Yara

International

ASA

12/06/22

1,881,000

97.62

1,836

1,818

ZF

NA

Capital,

Inc.

09/29/22

1,733,000

97.56

1,684

1,707

Zions

Bancorp

NA

01/06/23

237,000

80.86

192

197

884,396

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

210

Strategic

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

12

CAD

1,460

03/24

—

Long

Gilt

Futures

370

GBP

36,989

03/24

1,053

United

States

2

Year

Treasury

Note

Futures

3,166

USD

651,107

03/24

4,314

United

States

5

Year

Treasury

Note

Futures

2,223

USD

240,953

03/24

4,322

United

States

10

Year

Treasury

Note

Futures

1,274

USD

143,106

03/24

3,288

United

States

10

Year

Treasury

Ultra

Bond

Futures

2,997

USD

350,274

03/24

4,899

United

States

Treasury

Long

Bond

Futures

404

USD

49,427

03/24

1,255

United

States

Treasury

Ultra

Bond

Futures

1,423

USD

183,878

03/24

10,362

Short

Positions

Euro-

Bobl

Futures

47

EUR

5,571

03/24

(78)

Euro-Bund

Futures

762

EUR

103,518

03/24

(2,073)

Euro-

Buxl

Futures

13

EUR

1,788

03/24

(72)

Japanese

10

Year

Government

Bond

Futures

73

JPY

10,676,250

03/24

(442)

Japanese

10

Year

Mini

Government

Bond

Futures

297

JPY

4,345,110

03/24

(258)

Long

Gilt

Futures

189

GBP

18,894

03/24

(702)

United

States

2

Year

Treasury

Note

Futures

328

USD

67,455

03/24

(449)

United

States

5

Year

Treasury

Note

Futures

917

USD

99,395

03/24

(950)

United

States

10

Year

Treasury

Note

Futures

605

USD

67,958

03/24

(1,497)

United

States

10

Year

Treasury

Ultra

Bond

Futures

100

USD

11,687

03/24

(162)

United

States

Treasury

Long

Bond

Futures

46

USD

5,628

03/24

(7)

United

States

Treasury

Ultra

Bond

Futures

54

USD

6,978

03/24

9

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

22,812

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

12,403

GBP

9,804

02/15/24

24

Bank

of

New

York

AUD

16,891

USD

11,361

02/15/24

275

Citigroup

USD

2,230

AUD

3,371

04/17/24

(13)

Citigroup

USD

1,161

CAD

1,558

04/17/24

(1)

Citigroup

USD

612

EUR

557

04/17/24

(8)

Citigroup

USD

2,183

EUR

2,000

04/17/24

(15)

Citigroup

USD

2,404

EUR

2,200

04/17/24

(19)

Citigroup

USD

2,662

EUR

2,415

04/19/24

(43)

Citigroup

USD

838

JPY

122,432

04/17/24

4

Citigroup

USD

2,100

JPY

305,825

04/17/24

2

Citigroup

USD

3,504

JPY

502,403

04/17/24

(50)

Citigroup

USD

4,440

JPY

633,233

04/17/24

(87)

Citigroup

USD

344

KRW

449,407

04/17/24

(6)

Citigroup

USD

4,035

KRW

5,265,804

04/17/24

(73)

Citigroup

USD

4,511

KRW

5,888,663

04/17/24

(79)

Citigroup

USD

11,315

NOK

117,287

02/15/24

(159)

Citigroup

CAD

886

USD

656

04/17/24

(3)

Citigroup

CHF

1,925

EUR

2,075

04/17/24

2

Citigroup

COP

1,073,138

USD

267

04/17/24

(4)

Citigroup

COP

1,890,036

USD

471

04/17/24

(7)

Citigroup

COP

1,893,335

USD

471

04/17/24

(8)

Citigroup

COP

8,949,597

USD

2,220

04/17/24

(46)

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

211

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

COP

13,695,352

USD

3,408

04/17/24

(60)

Citigroup

CZK

462

USD

20

04/17/24

—

Citigroup

CZK

14,830

USD

652

04/17/24

7

Citigroup

CZK

36,674

USD

1,606

04/17/24

12

Citigroup

CZK

48,320

USD

2,118

04/17/24

18

Citigroup

EUR

1,011

HUF

388,634

04/17/24

(19)

Citigroup

EUR

1,950

NOK

22,114

04/17/24

(16)

Citigroup

EUR

211

PLN

932

04/17/24

8

Citigroup

EUR

457

PLN

2,015

04/17/24

15

Citigroup

EUR

1,377

PLN

6,082

04/17/24

49

Citigroup

EUR

577

USD

630

04/17/24

4

Citigroup

EUR

72,259

USD

79,496

04/17/24

1,156

Citigroup

GBP

2,514

EUR

2,914

04/17/24

(57)

Citigroup

GBP

590

USD

746

02/09/24

(2)

Citigroup

GBP

260

USD

332

04/17/24

2

Citigroup

GBP

542

USD

686

04/17/24

(1)

Citigroup

HUF

804,846

EUR

2,102

04/17/24

56

Citigroup

JPY

68,327

USD

468

04/17/24

(2)

Citigroup

JPY

68,650

USD

477

04/17/24

5

Citigroup

JPY

142,878

USD

978

04/17/24

(4)

Citigroup

JPY

340,884

USD

2,360

04/17/24

16

Citigroup

MXN

9,238

USD

531

04/17/24

1

Citigroup

MXN

14,300

USD

822

04/17/24

2

Citigroup

MXN

113,759

USD

6,536

04/17/24

8

Citigroup

MXN

113,759

USD

6,542

04/17/24

14

Citigroup

MXN

227,518

USD

13,262

04/17/24

206

Citigroup

MXN

227,518

USD

13,261

04/17/24

206

Citigroup

MXN

227,518

USD

13,269

04/17/24

213

Citigroup

NZD

561

USD

348

04/17/24

6

Citigroup

ZAR

203,957

USD

10,832

04/17/24

7

Goldman

Sachs

EUR

2,415

USD

2,632

04/19/24

13

HSBC

USD

5,529

SEK

57,715

02/15/24

19

HSBC

SEK

57,715

USD

5,604

02/15/24

55

JPMorgan

Chase

USD

15,193

EUR

13,904

02/15/24

(159)

JPMorgan

Chase

USD

1,419

MXN

24,398

04/19/24

(20)

JPMorgan

Chase

IDR

8,678,743

USD

561

04/19/24

11

Morgan

Stanley

USD

1,036

BRL

5,118

04/19/24

(11)

Morgan

Stanley

USD

8

EUR

7

02/09/24

—

Morgan

Stanley

USD

39

EUR

35

02/09/24

(1)

Morgan

Stanley

USD

1

GBP

1

04/19/24

—

Morgan

Stanley

USD

1,986

JPY

283,355

04/19/24

(37)

Morgan

Stanley

GBP

1,702

USD

2,170

02/09/24

13

State

Street

USD

8,155

GBP

6,440

02/09/24

7

State

Street

EUR

1,834

USD

2,016

02/09/24

33

State

Street

EUR

9,563

USD

10,369

02/15/24

28

State

Street

GBP

248

USD

314

02/09/24

1

State

Street

GBP

42,194

USD

51,855

02/09/24

(1,621)

State

Street

JPY

136,636

USD

957

02/15/24

27

UBS

CHF

14,753

USD

17,361

02/15/24

242

Westpac

USD

118

CHF

102

02/15/24

—

Westpac

USD

40

NOK

421

02/15/24

—

Westpac

USD

102

NZD

167

02/15/24

—

Westpac

USD

5,666

NZD

9,101

02/15/24

(104)

Westpac

AUD

278

USD

183

02/15/24

1

Westpac

GBP

169

USD

214

02/15/24

—

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

212

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Westpac

JPY

701,156

USD

4,753

02/15/24

(21)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

12

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

NZD

37,000

5.325%

(2)

3

Month

NZD-BBR-Telerate

(3)

10/19/25

—

154

154

Citigroup

NZD

37,400

5.221%

(2)

3

Month

NZD-BBR-Telerate

(3)

10/19/25

—

116

116

Citigroup

CAD

61,200

4.718%

(3)

6

Month

Canadian

Dealer

Offer

Rate

(3)

10/19/25

—

391

391

Citigroup

CAD

3,100

3.940%

(3)

6

Month

Canadian

Dealer

Offer

Rate

(3)

12/15/25

—

(7)

(7)

Citigroup

SEK

100,000

3

Month

STIBOR

(4)

3.570%

(2)

10/19/28

—

(428)

(428)

Citigroup

NOK

102,400

4.290%

(3)

6

Month

NIBOR

(4)

10/19/28

—

240

240

Citigroup

CAD

14,100

6

Month

Canadian

Dealer

Offer

Rate

(3)

3.560%

(3)

10/19/33

—

(159)

(159)

Citigroup

CAD

700

6

Month

Canadian

Dealer

Offer

Rate

(3)

3.210%

(3)

12/15/33

—

7

7

Citigroup

CAD

6,300

6

Month

Canadian

Dealer

Offer

Rate

(3)

3.110%

(3)

12/15/53

—

152

152

Total

Open

Interest

Rate

Swap

Contracts

(å)

—

466

466

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

3,947

(5.000%)

(2)

12/20/28

(25)

(194)

(219)

CDX

NA

Investment

Grade

Index

Bank

of

America

USD

3,975

(1.000%)

(2)

12/20/28

(53)

(23)

(76)

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

(78)

(217)

(295)

Total

Open

Credit

Default

Swap

Contracts

(å)

(78)

(217)

(295)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Long-Term

Investments

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

213

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Asset-Backed

Securities

$

—

$

104,461

$

880

$

—

$

105,341

Corporate

Bonds

and

Notes

—

489,939

—

—

489,939

International

Debt

—

336,954

—

—

336,954

Loan

Agreements

—

1,626

—

—

1,626

Mortgage-Backed

Securities

—

532,928

—

—

532,928

Municipal

Bonds

—

1,780

—

—

1,780

Non-US

Bonds

—

171,706

—

—

171,706

United

States

Government

Treasuries

—

172,576

—

—

172,576

Common

Stocks

—

—

—

—

—

Preferred

Stocks

378

—

—

—

378

Short-Term

Investments

—

291,930

—

290,672

582,602

Other

Securities

—

—

—

3,731

3,731

Total

Investments

378

2,103,900

880

294,403

2,399,561

Other

Financial

Instruments

Assets

Futures

Contracts

29,502

—

—

—

29,502

Foreign

Currency

Exchange

Contracts

—

2,768

—

—

2,768

Interest

Rate

Swap

Contracts

—

1,060

—

—

1,060

Liabilities

Futures

Contracts

(6,690)

—

—

—

(6,690)

Foreign

Currency

Exchange

Contracts

—

(2,756)

—

—

(2,756)

Interest

Rate

Swap

Contracts

—

(594)

—

—

(594)

Credit

Default

Swap

Contracts

—

(295)

—

—

(295)

Total

Other

Financial

Instruments

*

$

22,812

$

183

$

—

$

—

$

22,995

*

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Andorra

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

10,873

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

214

Strategic

Bond

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Argentina

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

1,153

Australia

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

1,466

Belgium

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

507

Bermuda

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

46,950

Brazil

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

4,840

Canada

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

48,143

Cayman

Islands

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

50,774

Chile

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

10,461

China

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

3,714

Colombia

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

2,854

Czech

Republic

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

4,196

Denmark

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

7,836

Egypt

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

433

Finland

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

3,860

France

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

26,480

Germany

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

15,158

Greece

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

9,954

Hong

Kong

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

552

India

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

4,981

Indonesia

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

756

Ireland

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

7,946

Israel

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

5,802

Italy

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

22,437

Ivory

Coast

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

495

Japan

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

2,677

Jordan

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

729

Liberia

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

786

Luxembourg

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

325

Macao

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

2,270

Mexico

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

66,942

Morocco

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

329

Netherlands

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

4,615

Nigeria

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

6,590

Norway

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

5,119

Oman

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

494

Panama

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

1,954

Peru

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

1,677

Romania

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

33,758

Saudi

Arabia

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

2,490

South

Africa

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

10,783

South

Korea

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

7,552

Spain

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

3,765

Sweden

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

204

Switzerland

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

5,979

Taiwan

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

291

Togo

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

2,005

United

Arab

Emirates

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

273

United

Kingdom

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

71,428

United

States

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

1,873,156

Zambia

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

749

Total

Investments

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

2,399,561

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

215

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

228,628

$

615,656

$

553,609

$

(3

)

$

—

$

290,672

$

3,513

$

—

U.S.

Cash

Collateral

Fund

2,543

16,994

15,806

—

—

3,731

59

—

$

231,171

$

632,650

$

569,415

$

(3

)

$

—

$

294,403

$

3,572

$

—

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

216

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

94.9%

Asset-Backed

Securities

-

4.0%

Amur

Equipment

Finance

Receivables

IX

LLC

Series

2021-1A

Class

A2

0.750%

due

11/20/26

(Þ)

481

477

Amur

Equipment

Finance

Receivables

X

LLC

Series

2022-1A

Class

A2

1.640%

due

10/20/27

(Þ)

1,266

1,232

Amur

Equipment

Finance

Receivables

XI

LLC

Series

2022-2A

Class

A2

5.300%

due

06/21/28

(Þ)

1,683

1,680

Amur

Equipment

Finance

Receivables

XII

LLC

Series

2023-1A

Class

A2

6.090%

due

12/20/29

(Þ)

2,780

2,808

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)

6,170

6,132

CCG

Receivables

Trust

Series

2023-1

Class

A2

5.820%

due

09/16/30

(Þ)

2,303

2,318

Credit-Based

Asset

Servicing

&

Securitization

LLC

Series

2004-CB7

Class

AF5

4.090%

due

09/25/34

(~)(Ê)

20

19

DLLAA

LLC

Series

2023-1A

Class

A4

5.730%

due

10/20/31

(Þ)

2,059

2,110

FIGRE

Trust

Series

2023-HE1

Class

A

5.850%

due

03/25/53

(Þ)

808

814

GoodLeap

Sustainable

Home

Improvements

Series

2021-5CS

Class

A

2.310%

due

10/20/48

(Þ)

739

586

GoodLeap

Sustainable

Home

Solutions

Trust

Series

2022-1GS

Class

A

2.700%

due

01/20/49

(Þ)

637

518

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)

2,490

2,502

MF1

LLC

Series

2022-FL9

Class

A

2.960%

due

06/19/37

(CME

Term

SOFR

1

Month

+

2.150%)(Ê)(Þ)

3,078

3,092

Series

2023-FL12

Class

A

7.366%

due

10/19/38

(CME

Term

SOFR

1

Month

+

2.066%)(Ê)(Þ)

6,018

6,028

Series

2024-FL14

Class

A

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.000%

due

03/19/39

(CME

Term

SOFR

1

Month

+

1.737%)(Ê)(Þ)

2,102

2,097

MMAF

Equipment

Finance

LLC

Series

2024-A

Class

A4

5.100%

due

07/13/49

(Þ)

1,500

1,506

OneSky

Loan

Trust

Series

A

Class

A

3.875%

due

07/15/29

1,897

1,757

PFS

Financing

Corp.

Series

2023-C

Class

A

5.520%

due

10/16/28

(Þ)

1,685

1,705

Towd

Point

HE

Trust

Series

2023-1

Class

A1A

6.875%

due

02/25/63

(Þ)

3,151

3,187

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

469

448

Verizon

Master

Trust

Series

2021-1

Class

A

0.500%

due

05/20/27

978

963

Series

2023-6

Class

A

5.350%

due

09/22/31

(Þ)

4,199

4,328

46,764

Corporate

Bonds

and

Notes

-

23.7%

Aetna,

Inc.

6.750%

due

12/15/37

1,240

1,397

3.875%

due

08/15/47

180

140

Air

Lease

Corp.

5.850%

due

12/15/27

1,270

1,298

3.000%

due

02/01/30

(Þ)

600

529

Aircastle

,

Ltd.

5.250%

due

08/11/25

(Þ)

161

160

4.250%

due

06/15/26

386

375

Alleghany

Corp.

3.250%

due

08/15/51

460

344

Allied

World

Assurance

Co.

Holdings,

Ltd.

4.350%

due

10/29/25

326

318

Ally

Financial,

Inc.

8.000%

due

11/01/31

106

117

Altria

Group,

Inc.

10.200%

due

02/06/39

579

806

3.400%

due

02/04/41

397

294

Amcor

Flexibles

NA,

Inc.

4.000%

due

05/17/25

326

321

Amcor

PLC

Series

WI

3.625%

due

04/28/26

393

380

Ameren

Corp.

5.700%

due

12/01/26

1,570

1,605

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

AA

Class

AA

3.650%

due

02/15/29

1,743

1,622

American

Electric

Power

Co.,

Inc.

5.699%

due

08/15/25

1,090

1,098

5.625%

due

03/01/33

1,500

1,548

American

Express

Co.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

217

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.338%

due

10/30/26

(SOFR

+

1.330%)(Ê)

1,306

1,333

American

Tower

Trust

#1

5.490%

due

03/15/28

(Þ)

5,790

5,868

Amgen,

Inc.

5.250%

due

03/02/30

610

625

3.150%

due

02/21/40

(Þ)

1,200

934

5.650%

due

03/02/53

1,260

1,298

Apollo

Global

Management,

Inc.

6.375%

due

11/15/33

845

919

Apollo

Management

Holdings,

LP

4.400%

due

05/27/26

(Þ)

810

795

Apple,

Inc.

0.700%

due

02/08/26

780

724

Ares

Capital

Corp.

3.250%

due

07/15/25

272

262

3.875%

due

01/15/26

281

270

Arizona

Public

Service

Co.

5.550%

due

08/01/33

915

945

AT&T,

Inc.

4.300%

due

02/15/30

865

841

6.800%

due

05/15/36

525

583

3.500%

due

06/01/41

1,190

945

4.750%

due

05/15/46

61

55

Series

WI

8.750%

due

11/15/31

415

496

4.900%

due

08/15/37

780

754

3.500%

due

09/15/53

695

496

3.550%

due

09/15/55

2,090

1,489

Athene

Global

Funding

2.950%

due

11/12/26

(Þ)

1,730

1,616

Athene

Holding,

Ltd.

4.125%

due

01/12/28

2,250

2,167

Avangrid

,

Inc.

3.200%

due

04/15/25

197

192

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

131

Bank

of

America

Corp.

3.366%

due

01/23/26

(CME

Term

SOFR

3

Month

+

1.072%)(Ê)

2,850

2,791

3.384%

due

04/02/26

(SOFR

+

1.330%)(Ê)

511

500

2.572%

due

10/20/32

(SOFR

+

1.210%)(Ê)

1,210

1,009

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

1,480

1,416

5.288%

due

04/25/34

(SOFR

+

1.910%)(Ê)

1,875

1,887

5.468%

due

01/23/35

(SOFR

+

1.650%)(Ê)

1,045

1,064

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

890

702

Series

MTN

3.093%

due

10/01/25

(CME

Term

SOFR

3

Month

+

1.352%)(Ê)

1,070

1,052

Bank

of

America

NA

Series

BKNT

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.000%

due

10/15/36

310

336

Berry

Global,

Inc.

4.875%

due

07/15/26

(Þ)

337

332

Series

WI

1.570%

due

01/15/26

214

200

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

665

694

Blue

Owl

Capital

Corp.

3.400%

due

07/15/26

(Þ)

112

105

2.625%

due

01/15/27

102

93

Boardwalk

Pipelines,

LP

4.450%

due

07/15/27

261

256

Boeing

Co.

(The)

2.196%

due

02/04/26

2,750

2,590

3.200%

due

03/01/29

910

836

5.705%

due

05/01/40

615

620

Brighthouse

Financial,

Inc.

Series

WI

4.700%

due

06/22/47

82

67

Broadcom,

Inc.

3.419%

due

04/15/33

(Þ)

1,110

975

4.926%

due

05/15/37

(Þ)

508

490

3.500%

due

02/15/41

(Þ)

396

317

Series

WI

4.150%

due

11/15/30

616

588

Brunswick

Corp.

5.100%

due

04/01/52

42

34

Bunge,

Ltd.

Finance

Corp.

3.250%

due

08/15/26

265

255

Cantor

Fitzgerald,

LP

4.500%

due

04/14/27

(Þ)

605

580

Capital

One

Financial

Corp.

4.200%

due

10/29/25

42

41

7.149%

due

10/29/27

(SOFR

+

2.440%)(Ê)

225

235

Carlisle

Cos.,

Inc.

2.750%

due

03/01/30

183

161

CDW

LLC

/

CDW

Finance

Corp.

3.250%

due

02/15/29

389

352

Celanese

US

Holdings

LLC

6.050%

due

03/15/25

491

493

6.700%

due

11/15/33

925

994

CF

Industries,

Inc.

4.950%

due

06/01/43

110

101

Charles

Schwab

Corp.

(The)

6.136%

due

08/24/34

(SOFR

+

2.010%)(Ê)

1,310

1,385

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.900%

due

06/01/52

2,025

1,331

Series

WI

4.908%

due

07/23/25

184

182

4.200%

due

03/15/28

(Þ)

375

360

Cheniere

Corpus

Christi

Holdings

LLC

Series

WI

5.125%

due

06/30/27

295

296

3.700%

due

11/15/29

1,177

1,108

2.742%

due

12/31/39

695

555

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

218

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cheniere

Energy,

Inc.

Series

WI

4.625%

due

10/15/28

316

306

Cigna

Corp.

Series

WI

4.125%

due

11/15/25

995

980

Citadel

Finance

LLC

3.375%

due

03/09/26

(Þ)

590

555

Citadel,

LP

4.875%

due

01/15/27

(Þ)

625

612

Citigroup,

Inc.

4.140%

due

05/24/25

(SOFR

+

1.372%)(Ê)

675

672

1.281%

due

11/03/25

(SOFR

+

0.528%)(Ê)

1,060

1,024

3.290%

due

03/17/26

(SOFR

+

1.528%)(Ê)

630

616

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

411

401

5.610%

due

09/29/26

(SOFR

+

1.546%)(Ê)

1,245

1,255

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

3,005

2,516

8.125%

due

07/15/39

450

584

Columbia

Pipelines

Operating

Co.

LLC

6.714%

due

08/15/63

(Þ)

104

115

Comcast

Corp.

6.450%

due

03/15/37

(Þ)

835

941

5.350%

due

05/15/53

935

953

Series

WI

3.999%

due

11/01/49

265

219

Comerica,

Inc.

3.800%

due

07/22/26

(Þ)

388

368

5.982%

due

01/30/30

(SOFR

+

2.155%)(Ê)

230

229

Commonwealth

Edison

Co.

2.550%

due

06/15/26

1,475

1,410

Conagra

Brands,

Inc.

1.375%

due

11/01/27

(Þ)

334

293

Concentrix

Corp.

6.650%

due

08/02/26

246

252

ConocoPhillips

Co.

5.550%

due

03/15/54

960

1,003

Constellation

Brands,

Inc.

4.400%

due

11/15/25

1,270

1,257

4.900%

due

05/01/33

900

894

Consumers

Energy

Co.

4.625%

due

05/15/33

1,440

1,425

2.650%

due

08/15/52

740

478

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)(Þ)

307

308

CVS

Health

Corp.

4.780%

due

03/25/38

625

586

5.050%

due

03/25/48

1,669

1,530

DCP

Midstream

Operating,

LP

5.600%

due

04/01/44

(Þ)

80

78

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Devon

Energy

Corp.

7.875%

due

09/30/31

560

645

4.750%

due

05/15/42

(Þ)

940

822

Diamondback

Energy,

Inc.

6.250%

due

03/15/33

1,385

1,476

4.250%

due

03/15/52

740

594

Discover

Bank

Series

BKNT

3.450%

due

07/27/26

272

259

Discover

Financial

Services

4.100%

due

02/09/27

(Þ)

354

340

Discovery

Communications

LLC

Class

A

5.000%

due

09/20/37

(Þ)

195

176

DR

Horton,

Inc.

1.300%

due

10/15/26

(Þ)

283

258

DTE

Energy

Co.

2.950%

due

03/01/30

578

513

Duke

Energy

Corp.

4.850%

due

01/05/29

1,345

1,349

5.000%

due

08/15/52

288

266

Duke

Energy

Florida

LLC

5.875%

due

11/15/33

1,060

1,133

Edison

International

6.950%

due

11/15/29

314

341

Enable

Midstream

Partners,

LP

4.400%

due

03/15/27

326

320

Enbridge

Energy

Partners,

LP

5.500%

due

09/15/40

128

127

Energy

Transfer

Operating,

LP

4.200%

due

04/15/27

232

227

5.950%

due

05/15/54

1,205

1,208

Energy

Transfer,

LP

4.000%

due

10/01/27

1,205

1,164

5.250%

due

04/15/29

1,560

1,576

3.750%

due

05/15/30

1,365

1,262

6.550%

due

12/01/33

(Þ)

680

733

Enterprise

Products

Operating

LLC

5.350%

due

01/31/33

790

822

EPR

Properties

Co.

4.500%

due

04/01/25

54

53

4.750%

due

12/15/26

413

398

4.500%

due

06/01/27

152

145

Equinix

,

Inc.

1.450%

due

05/15/26

288

267

Eversource

Energy

5.125%

due

05/15/33

111

109

Extra

Space

Storage,

Inc.

5.400%

due

02/01/34

850

850

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

361

375

F&G

Global

Funding

1.750%

due

06/30/26

(Þ)

1,245

1,133

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

269

254

Farmers

Exchange

Capital

III

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

219

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.454%

due

10/15/54

(USD

3

Month

LIBOR

+

3.454%)(Ê)(Þ)

290

240

First

Horizon

National

Corp.

4.000%

due

05/26/25

500

493

Florida

Power

&

Light

Co.

2.450%

due

02/03/32

1,635

1,394

FNB

Corp.

5.150%

due

08/25/25

314

311

Ford

Motor

Credit

Co.

LLC

6.050%

due

03/05/31

(Þ)

1,750

1,759

Fortive

Corp.

Series

WI

3.150%

due

06/15/26

(Þ)

264

254

Franklin

BSP

Lending

Corp.

Series

WI

3.250%

due

03/30/26

319

297

FS

KKR

Capital

Corp.

3.400%

due

01/15/26

255

242

2.625%

due

01/15/27

218

198

GA

Global

Funding

Trust

1.625%

due

01/15/26

(Þ)

1,090

1,008

General

Motors

Co.

6.600%

due

04/01/36

380

409

5.200%

due

04/01/45

87

79

General

Motors

Financial

Co.,

Inc.

2.750%

due

06/20/25

(Þ)

735

711

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

502

500

Goldman

Sachs

BDC,

Inc.

2.875%

due

01/15/26

338

322

Goldman

Sachs

Group,

Inc.

(The)

3.272%

due

09/29/25

(CME

Term

SOFR

3

Month

+

1.463%)(Ê)

2,170

2,137

5.798%

due

08/10/26

(SOFR

+

1.075%)(Ê)

1,165

1,176

6.345%

due

02/15/34

1,220

1,283

6.450%

due

05/01/36

585

639

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

5,310

4,378

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

332

303

Hasbro,

Inc.

3.550%

due

11/19/26

564

538

HCA,

Inc.

5.375%

due

02/01/25

420

420

4.500%

due

02/15/27

670

661

3.500%

due

09/01/30

(Þ)

1,120

1,016

5.500%

due

06/15/47

(Þ)

1,320

1,273

5.250%

due

06/15/49

615

569

Series

WI

3.125%

due

03/15/27

317

301

Hercules

Capital,

Inc.

2.625%

due

09/16/26

324

293

3.375%

due

01/20/27

227

207

Hess

Corp.

6.000%

due

01/15/40

1,280

1,394

5.600%

due

02/15/41

315

332

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.800%

due

04/01/47

(Þ)

440

473

Hexcel

Corp.

3.950%

due

02/15/27

379

364

HF

Sinclair

Corp.

5.000%

due

02/01/28

(Þ)

470

456

Series

WI

5.875%

due

04/01/26

1,095

1,107

Home

Depot,

Inc.

(The)

5.875%

due

12/16/36

132

146

HSBC

Holdings

PLC

Series

BKNT

7.000%

due

01/15/39

1,435

1,675

Huntsman

International

LLC

4.500%

due

05/01/29

299

287

Hyundai

Capital

America

5.800%

due

06/26/25

(Þ)

470

473

5.400%

due

01/08/31

(Þ)

805

820

International

Flavors

&

Fragrances,

Inc.

1.230%

due

10/01/25

(Þ)

291

271

1.832%

due

10/15/27

(Þ)

132

117

2.300%

due

11/01/30

(Þ)

188

157

International

Paper

Co.

6.000%

due

11/15/41

(Þ)

136

143

IQVIA,

Inc.

5.700%

due

05/15/28

(Þ)

280

285

Jackson

Financial,

Inc.

Series

WI

3.125%

due

11/23/31

505

428

Jacobs

Engineering

Group,

Inc.

5.900%

due

03/01/33

(Þ)

162

165

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

Luxembourg

SARL

6.750%

due

03/15/34

(Þ)

575

605

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

Series

WI

6.500%

due

12/01/52

2,305

2,301

Jersey

Central

Power

&

Light

Co.

4.300%

due

01/15/26

(Þ)

244

240

JetBlue

Airways

Corp.

Series

1A

4.000%

due

11/15/32

1,807

1,665

Series

2019

2.750%

due

05/15/32

2,241

1,898

JPMorgan

Chase

&

Co.

7.750%

due

07/15/25

260

270

5.546%

due

12/15/25

(SOFR

+

1.070%)(Ê)

1,830

1,831

1.045%

due

11/19/26

(SOFR

+

0.800%)(Ê)

2,695

2,506

1.578%

due

04/22/27

(SOFR

+

0.885%)(Ê)

542

503

8.750%

due

09/01/30

405

486

2.963%

due

01/25/33

(SOFR

+

1.260%)(Ê)(Þ)

1,320

1,136

4.586%

due

04/26/33

(SOFR

+

1.800%)(Ê)

1,140

1,101

5.336%

due

01/23/35

(SOFR

+

1.620%)(Ê)

740

752

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

220

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.157%

due

04/22/42

(SOFR

+

1.460%)(Ê)

1,885

1,463

Kellogg

Co.

Series

B

7.450%

due

04/01/31

(Þ)

238

272

Kentucky

Utilities

Co.

Series

KENT

5.450%

due

04/15/33

690

713

KeyCorp

2.250%

due

04/06/27

348

315

Series

BKNT

4.150%

due

08/08/25

478

467

KeySpan

Gas

East

Corp.

2.742%

due

08/15/26

(Þ)

200

188

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

155

175

KKR

Group

Finance

Co.

III

LLC

5.125%

due

06/01/44

(Þ)

880

813

Kraft

Heinz

Foods

Co.

5.000%

due

06/04/42

(Þ)

1,680

1,608

Series

WI

4.375%

due

06/01/46

208

180

Kyndryl

Holdings,

Inc.

Series

WI

2.050%

due

10/15/26

950

870

Lehman

Brothers

Holdings,

Inc.

5.857%

due

11/30/56

(Š)(Ø)(Æ)(Þ)

1,450

—

Leidos

,

Inc.

Series

WI

3.625%

due

05/15/25

(Þ)

570

558

Main

Street

Capital

Corp.

3.000%

due

07/14/26

358

330

Manufacturers

&

Traders

Trust

Co.

4.650%

due

01/27/26

483

477

Massachusetts

Mutual

Life

Insurance

Co.

3.200%

due

12/01/61

(Þ)

1,730

1,119

Mattel,

Inc.

3.375%

due

04/01/26

(Þ)

572

546

McCormick

&

Co.,

Inc.

2.500%

due

04/15/30

345

302

McDonald's

Corp.

Series

MTN

4.450%

due

09/01/48

155

140

Merck

&

Co.,

Inc.

5.000%

due

05/17/53

(Þ)

515

516

Mercury

General

Corp.

4.400%

due

03/15/27

2,157

2,070

Meta

Platforms,

Inc.

5.600%

due

05/15/53

1,550

1,654

Monongahela

Power

Co.

3.550%

due

05/15/27

(Þ)

975

933

5.850%

due

02/15/34

(Þ)

795

829

Morgan

Stanley

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

293

282

0.985%

due

12/10/26

(SOFR

+

0.720%)(Ê)

231

213

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

2,545

2,357

5.250%

due

04/21/34

(SOFR

+

1.870%)(Ê)

1,725

1,726

5.466%

due

01/18/35

(SOFR

+

1.730%)(Ê)

640

653

5.948%

due

01/19/38

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.430%)(Ê)

800

817

Series

MTN

2.511%

due

10/20/32

(SOFR

+

1.200%)(Ê)

1,740

1,449

Morgan

Stanley

Bank

NA

Series

BKNT

4.754%

due

04/21/26

1,225

1,226

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

184

178

Motorola

Solutions,

Inc.

5.600%

due

06/01/32

316

325

MPLX,

LP

4.800%

due

02/15/29

(Þ)

815

811

4.500%

due

04/15/38

190

171

4.950%

due

03/14/52

(Þ)

965

857

MultiCare

Health

System

2.803%

due

08/15/50

(Þ)

715

434

Mutual

of

Omaha

Insurance

Co.

4.297%

due

07/15/54

(USD

3

Month

LIBOR

+

2.640%)(Ê)(Þ)

295

290

Nasdaq,

Inc.

5.650%

due

06/28/25

(Þ)

785

792

5.550%

due

02/15/34

1,085

1,125

National

Securities

Clearing

Corp.

5.100%

due

11/21/27

(Þ)

275

280

5.000%

due

05/30/28

(Þ)

985

1,006

Nationwide

Mutual

Insurance

Co.

9.375%

due

08/15/39

(Þ)

445

590

New

York

Life

Global

Funding

4.900%

due

06/13/28

(Þ)

1,545

1,565

New

York

Life

Insurance

Co.

3.750%

due

05/15/50

(Þ)

195

153

New

York

Society

For

The

Relief

Of

The

Ruptured

And

Crippled

Series

2020

2.667%

due

10/01/50

340

211

New

York

State

Electric

&

Gas

Corp.

3.250%

due

12/01/26

(Þ)

407

384

NextEra

Energy

Capital

Holdings,

Inc.

5.749%

due

09/01/25

(Þ)

1,190

1,202

5.250%

due

03/15/34

835

840

4.800%

due

12/01/77

(USD

3

Month

LIBOR

+

2.409%)(Ê)(Þ)

204

182

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

297

334

Northrop

Grumman

Corp.

4.900%

due

06/01/34

1,000

1,006

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

565

509

Occidental

Petroleum

Corp.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

221

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.500%

due

07/15/27

185

202

7.875%

due

09/15/31

291

331

Ohio

National

Financial

Services,

Inc.

6.800%

due

01/24/30

(Þ)

615

611

Omega

Healthcare

Investors,

Inc.

Series

WI

4.500%

due

04/01/27

552

537

Oracle

Corp.

2.950%

due

04/01/30

270

243

3.900%

due

05/15/35

200

177

3.800%

due

11/15/37

160

137

3.600%

due

04/01/40

3,621

2,896

6.900%

due

11/09/52

1,875

2,202

4.375%

due

05/15/55

380

313

Owl

Rock

Capital

Corp.

3.750%

due

07/22/25

17

16

4.250%

due

01/15/26

294

284

Pacific

Gas

and

Electric

Co.

2.950%

due

03/01/26

311

297

2.100%

due

08/01/27

1,325

1,199

6.100%

due

01/15/29

(Þ)

230

238

2.500%

due

02/01/31

635

527

6.400%

due

06/15/33

1,075

1,141

4.200%

due

06/01/41

360

289

Pacific

Life

Insurance

Co.

4.300%

due

10/24/67

(USD

3

Month

LIBOR

+

2.796%)(Ê)(Þ)

255

203

PacifiCorp

2.900%

due

06/15/52

(Þ)

1,145

728

Paramount

Global

5.900%

due

10/15/40

(Þ)

380

349

6.375%

due

03/30/62

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.999%)(Ê)(Þ)

440

393

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

164

164

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

4.000%

due

07/15/25

(Þ)

331

324

1.700%

due

06/15/26

(Þ)

184

171

Pfizer,

Inc.

5.300%

due

05/19/53

1,415

1,439

Philip

Morris

International,

Inc.

5.375%

due

02/15/33

159

162

4.375%

due

11/15/41

(Þ)

635

566

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

222

236

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

4.650%

due

10/15/25

(Þ)

301

299

PNC

Financial

Services

Group,

Inc.

(The)

5.582%

due

06/12/29

(SOFR

+

1.841%)(Ê)

1,685

1,720

Progress

Energy,

Inc.

7.750%

due

03/01/31

156

179

Prospect

Capital

Corp.

3.706%

due

01/22/26

771

725

3.364%

due

11/15/26

192

175

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Public

Service

Co.

of

Oklahoma

Series

G

6.625%

due

11/15/37

115

127

PVH

Corp.

Series

WI

4.625%

due

07/10/25

570

565

Radian

Group,

Inc.

4.875%

due

03/15/27

510

496

Raytheon

Technologies

Corp.

5.150%

due

02/27/33

1,575

1,596

4.450%

due

11/16/38

175

162

Republic

Services,

Inc.

5.000%

due

04/01/34

875

884

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/06/31

(Þ)

395

335

Royalty

Pharma

PLC

Series

WI

1.200%

due

09/02/25

1,740

1,632

RPM

International,

Inc.

3.750%

due

03/15/27

336

326

RTX

Corp.

6.100%

due

03/15/34

1,210

1,313

Sabine

Pass

Liquefaction

LLC

Series

WI

5.000%

due

03/15/27

(Þ)

2,095

2,100

Sabra

Health

Care,

LP

3.900%

due

10/15/29

1,865

1,688

3.200%

due

12/01/31

330

270

Series

WI

5.125%

due

08/15/26

437

430

Santander

Holdings

USA,

Inc.

5.807%

due

09/09/26

(SOFR

+

2.328%)(Ê)

271

273

2.490%

due

01/06/28

(SOFR

+

1.249%)(Ê)

253

231

Sempra

Energy

3.250%

due

06/15/27

526

500

Simon

Property

Group,

LP

2.450%

due

09/13/29

1,400

1,241

6.250%

due

01/15/34

495

536

Sixth

Street

Specialty

Lending,

Inc.

2.500%

due

08/01/26

293

270

Southern

Co.

(The)

Series

21-A

3.750%

due

09/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.915%)(Ê)

361

337

Sprint

Capital

Corp.

6.875%

due

11/15/28

279

301

8.750%

due

03/15/32

1,040

1,275

Sprint

LLC

7.625%

due

03/01/26

246

257

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

5.152%

due

03/20/28

(Þ)

2,482

2,488

Starbucks

Corp.

4.300%

due

06/15/45

314

276

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

222

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Synchrony

Financial

5.625%

due

08/23/27

362

355

Series

BKNT

5.400%

due

08/22/25

1,690

1,677

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

155

158

Tapestry,

Inc.

Series

.

4.125%

due

07/15/27

328

312

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

1,216

1,070

8.375%

due

06/15/32

(Þ)

515

604

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

178

169

Textron,

Inc.

6.100%

due

11/15/33

1,205

1,285

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

723

829

Time

Warner

Cable

LLC

6.550%

due

05/01/37

2,508

2,503

7.300%

due

07/01/38

380

398

6.750%

due

06/15/39

960

954

T-Mobile

USA,

Inc.

3.500%

due

04/15/31

696

634

5.150%

due

04/15/34

(Þ)

665

670

Series

WI

1.500%

due

02/15/26

(Þ)

324

303

4.500%

due

04/15/50

1,920

1,681

Toyota

Motor

Credit

Corp.

5.550%

due

11/20/30

1,505

1,581

4.800%

due

01/05/34

805

804

Truist

Financial

Corp.

4.260%

due

07/28/26

(SOFR

+

1.456%)(Ê)

283

279

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

98

100

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)

965

988

5.711%

due

01/24/35

(SOFR

+

1.922%)(Ê)

1,160

1,180

Series

BKNT

3.300%

due

05/15/26

186

178

Tyson

Foods,

Inc.

3.550%

due

06/02/27

337

323

United

Airlines

Pass-Through

Trust

5.800%

due

01/15/36

1,734

1,761

Series

AA

4.150%

due

08/25/31

638

598

2.700%

due

05/01/32

695

596

UnitedHealth

Group,

Inc.

3.050%

due

05/15/41

600

467

5.875%

due

02/15/53

920

1,021

Unum

Group

5.750%

due

08/15/42

296

294

US

Bancorp

5.836%

due

06/12/34

(SOFR

+

2.260%)(Ê)

810

836

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.678%

due

01/23/35

(SOFR

+

1.860%)(Ê)

895

916

Verizon

Communications,

Inc.

7.750%

due

12/01/30

1,165

1,361

4.500%

due

08/10/33

(Þ)

312

301

Series

WI

2.355%

due

03/15/32

1,990

1,653

ViacomCBS

,

Inc.

4.600%

due

01/15/45

235

179

VICI

Properties,

Inc.

4.375%

due

05/15/25

325

319

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

4.625%

due

06/15/25

(Þ)

208

205

4.500%

due

09/01/26

(Þ)

276

268

Virginia

Electric

&

Power

Co.

5.000%

due

04/01/33

(Þ)

1,246

1,251

5.000%

due

01/15/34

840

837

Vistra

Operations

Co.

LLC

5.125%

due

05/13/25

(Þ)

544

540

4.300%

due

07/15/29

(Þ)

620

586

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

870

801

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

310

264

WarnerMedia

Holdings,

Inc.

Series

WI

5.050%

due

03/15/42

1,526

1,353

5.141%

due

03/15/52

1,645

1,414

Wells

Fargo

&

Co.

6.076%

due

01/15/27

(CME

Term

SOFR

3

Month

+

0.762%)(Ê)

1,520

1,464

3.196%

due

06/17/27

(CME

Term

SOFR

3

Month

+

1.432%)(Ê)

2,065

1,980

3.350%

due

03/02/33

(SOFR

+

1.500%)(Ê)(Þ)

1,285

1,128

5.950%

due

12/15/36

100

103

Westinghouse

Air

Brake

Technologies

Corp.

3.200%

due

06/15/25

507

493

Weyerhaeuser

Co.

6.950%

due

10/01/27

107

115

Williams

Cos.,

Inc.

(The)

3.750%

due

06/15/27

300

289

Zions

Bancorp

NA

3.250%

due

10/29/29

(Þ)

381

317

272,959

International

Debt

-

11.3%

ABN

AMRO

Bank

NV

4.800%

due

04/18/26

(Þ)

515

505

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.000%

due

10/29/28

1,055

957

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

148

127

Alimentation

Couche-Tard,

Inc.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

223

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.550%

due

07/26/27

(Þ)

176

169

Allegro

CLO

XI,

Ltd.

Series

2018-1RA

Class

A1

3.672%

due

10/21/28

(CME

Term

SOFR

3

Month

+

1.342%)(Ê)(Þ)

1,632

1,632

Anheuser-Busch

InBev

Worldwide,

Inc.

8.200%

due

01/15/39

200

267

5.450%

due

01/23/39

(Þ)

785

825

5.550%

due

01/23/49

1,515

1,603

Antares

Holdings,

LP

3.950%

due

07/15/26

(Þ)

505

471

Arbor

Realty

CLO,

Ltd.

Series

2021-FL2

Class

A

1.200%

due

05/15/36

(USD

1

Month

LIBOR

+

1.100%)(Ê)(Þ)

4,230

4,225

Series

2021-FL4

Class

A

1.440%

due

11/15/36

(USD

1

Month

LIBOR

+

1.350%)(Ê)(Þ)

3,240

3,214

Series

2022-FL1

Class

A

1.500%

due

01/15/37

(SOFR

30

Day

Average

+

1.450%)(Ê)(Þ)

7,494

7,478

AstraZeneca

PLC

6.450%

due

09/15/37

1,345

1,567

Avolon

Holdings

Funding,

Ltd.

6.375%

due

05/04/28

(Þ)

1,190

1,217

5.750%

due

03/01/29

(Þ)

840

838

Bacardi,

Ltd.

5.400%

due

06/15/33

(Þ)

1,640

1,648

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

1,188

Bank

of

Nova

Scotia

(The)

4.500%

due

12/16/25

325

320

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.050%)(Ê)

241

219

Barclays

PLC

3.650%

due

03/16/25

1,405

1,378

4.375%

due

01/12/26

(Þ)

1,435

1,416

5.200%

due

05/12/26

462

460

3.564%

due

09/23/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.900%)(Ê)

96

82

Barrick

NA

Finance

LLC

5.750%

due

05/01/43

1,070

1,131

BAT

Capital

Corp.

4.700%

due

04/02/27

293

291

6.421%

due

08/02/33

2,905

3,047

Series

WI

3.557%

due

08/15/27

508

485

4.390%

due

08/15/37

(Þ)

800

675

BAT

International

Finance

PLC

1.668%

due

03/25/26

283

264

Bayer

US

Finance

II

LLC

4.250%

due

12/15/25

(Þ)

262

256

Bayer

US

Finance

LLC

6.125%

due

11/21/26

(Þ)

261

265

BDS,

Ltd.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-FL7

Class

A

5.409%

due

06/16/36

(USD

1

Month

LIBOR

+

1.070%)(Ê)(Þ)

1,125

1,119

Bellemeade

Re,

Ltd.

Series

2019-1A

Class

M2

2.809%

due

03/25/29

(USD

1

Month

LIBOR

+

2.700%)(Ê)(Þ)

435

437

Series

2019-3A

Class

M1C

2.099%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

300

300

Series

2021-3A

Class

M1B

1.450%

due

09/25/31

(SOFR

30

Day

Average

+

1.400%)(Ê)(Þ)

988

986

Series

2021-3A

Class

M1C

1.600%

due

09/25/31

(SOFR

30

Day

Average

+

1.550%)(Ê)(Þ)

1,461

1,448

Series

2022-2

Class

M1A

6.285%

due

09/27/32

(SOFR

30

Day

Average

+

4.000%)(Ê)(Þ)

2,358

2,420

Series

2023-1

Class

M1A

7.521%

due

10/25/33

(SOFR

30

Day

Average

+

2.200%)(Ê)(Þ)

810

811

Bharti

Airtel,

Ltd.

4.375%

due

06/10/25

(Þ)

120

118

BMW

US

Capital

LLC

3.250%

due

04/01/25

(Þ)

1,445

1,421

BNP

Paribas

SA

4.375%

due

05/12/26

(Þ)

132

129

2.219%

due

06/09/26

(SOFR

+

2.074%)(Ê)(Þ)

424

406

2.159%

due

09/15/29

(SOFR

+

1.218%)(Ê)(Þ)

1,025

895

5.894%

due

12/05/34

(SOFR

+

1.866%)(Ê)(Þ)

1,155

1,208

BPCE

SA

5.975%

due

01/18/27

(SOFR

+

2.100%)(Ê)(Þ)

1,945

1,962

British

Airways

Pass-Through

Trust

4.250%

due

11/15/32

(Þ)

215

202

Brookfield

Finance

LLC

3.450%

due

04/15/50

359

253

Canadian

Imperial

Bank

of

Commerce

6.092%

due

10/03/33

3,105

3,297

Canadian

Natural

Resources,

Ltd.

2.050%

due

07/15/25

154

147

3.850%

due

06/01/27

164

159

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

242

266

CBAM

CLO

Management

Trust

Series

2017-1A

Class

A1

2.385%

due

07/20/30

(USD

3

Month

LIBOR

+

1.250%)(Ê)(Þ)

359

359

Celulosa

Arauco

y

Constitucion

SA

Series

WI

3.875%

due

11/02/27

556

521

Cencosud

SA

4.375%

due

07/17/27

(Þ)

558

538

Cenovus

Energy,

Inc.

Series

WI

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

224

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.250%

due

04/15/27

308

301

CGI,

Inc.

Series

WI

1.450%

due

09/14/26

433

395

Chile

Electricity

Lux

MPC

SARL

6.010%

due

01/20/33

(Þ)

1,520

1,553

CI

Financial

Corp.

3.200%

due

12/17/30

2,353

1,896

4.100%

due

06/15/51

920

559

CIFC

Funding,

Ltd.

Series

2018-5A

Class

A1

5.269%

due

01/15/32

(USD

3

Month

LIBOR

+

1.190%)(Ê)(Þ)

3,200

3,208

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

1,232

Credit

Agricole

SA

1.907%

due

06/16/26

(SOFR

+

1.676%)(Ê)(Þ)

195

186

1.247%

due

01/26/27

(SOFR

+

0.892%)(Ê)(Þ)

281

260

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.644%)(Ê)

(Þ)

109

102

Danske

Bank

A/S

6.466%

due

01/09/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.100%)(Ê)(Þ)

1,592

1,605

1.621%

due

09/11/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)(Þ)

543

510

6.259%

due

09/22/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.180%)(Ê)(Þ)

1,755

1,785

Deutsche

Bank

AG

4.500%

due

04/01/25

291

286

6.119%

due

07/14/26

(SOFR

+

3.190%)(Ê)

363

366

2.129%

due

11/24/26

(SOFR

+

1.870%)(Ê)

22

21

6.819%

due

11/20/29

(SOFR

+

2.510%)(Ê)

1,250

1,314

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

2.553%)(Ê)(Þ)

80

75

Deutsche

Telekom

International

Finance

BV

8.750%

due

06/15/30

242

288

DNB

Bank

ASA

1.535%

due

05/25/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.720%)(Ê)(Þ)

361

331

Element

Fleet

Management

Corp.

6.271%

due

06/26/26

(Þ)

479

488

Emera

US

Finance,

LP

Series

WI

3.550%

due

06/15/26

551

530

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Enbridge,

Inc.

5.700%

due

03/08/33

443

457

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.708%)(Ê)

63

63

Enel

Finance

International

NV

1.375%

due

07/12/26

(Þ)

286

261

7.100%

due

10/14/27

(Þ)

289

309

3.500%

due

04/06/28

(Þ)

214

202

Eni

USA,

Inc.

7.300%

due

11/15/27

465

501

Federation

des

Caisses

Desjardins

du

Quebec

4.400%

due

08/23/25

(Þ)

1,455

1,440

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

(Þ)

370

352

Galaxy

Pipeline

Assets

Bidco

,

Ltd.

1.750%

due

09/30/27

(Þ)

1,785

1,672

2.940%

due

09/30/40

(Þ)

756

605

HGI

CRE

CLO,

Ltd.

Series

2021-FL2

Class

A

5.459%

due

09/17/36

(USD

1

Month

LIBOR

+

1.000%)(Ê)(Þ)

2,288

2,266

HSBC

Holdings

PLC

2.999%

due

03/10/26

(SOFR

+

1.430%)(Ê)

745

724

2.099%

due

06/04/26

(SOFR

+

1.929%)(Ê)

372

356

7.399%

due

11/13/34

(SOFR

+

3.020%)(Ê)(Þ)

1,395

1,525

Hyundai

Capital

Services,

Inc.

5.125%

due

02/05/29

(Þ)

915

918

IBM

International

Capital

Pte

,

Ltd.

5.300%

due

02/05/54

890

894

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

517

495

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

308

288

ING

Groep

NV

1.400%

due

07/01/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.100%)(Ê)(Þ)

194

184

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

272

243

Intesa

Sanpaolo

SpA

7.000%

due

11/21/25

(Þ)

514

526

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)(Þ)

1,525

1,514

1.627%

due

05/11/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.850%)(Ê)

374

344

5.985%

due

08/07/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.480%)(Ê)

1,900

1,928

Madison

Park

Funding

XVIII,

Ltd.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

225

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-18A

Class

ARR

1.195%

due

10/21/30

(USD

3

Month

LIBOR

+

0.940%)(Ê)(Þ)

1,597

1,597

Manulife

Financial

Corp.

4.061%

due

02/24/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

1.647%)(Ê)

268

257

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

1,065

5.063%

due

09/12/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)

2,370

2,363

5.719%

due

02/20/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.080%)(Ê)

1,120

1,124

National

Grid

PLC

5.418%

due

01/11/34

(Þ)

1,130

1,132

NatWest

Group

PLC

7.472%

due

11/10/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.850%)(Ê)

1,170

1,212

1.642%

due

06/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.900%)(Ê)

961

883

6.016%

due

03/02/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.100%)(Ê)

425

444

NBK

Tier

1

Financing

2,

Ltd.

4.500%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

2.832%)(Ê)

(ƒ)(Þ)

264

252

Nokia

OYJ

4.375%

due

06/12/27

567

546

Nomura

Holdings,

Inc.

1.851%

due

07/16/25

178

169

Oaktown

Re

III,

Ltd.

Series

2019-1A

Class

M1B

2.080%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

222

222

Oaktown

Re

VI,

Ltd.

Series

2021-1A

Class

M1B

2.060%

due

10/25/33

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

1,203

1,206

Oaktown

Re,

Ltd.

Series

2021-1A

Class

M1C

3.010%

due

10/25/33

(SOFR

30

Day

Average

+

3.000%)(Ê)(Þ)

833

848

OCI

NV

4.625%

due

10/15/25

(Þ)

340

332

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

290

301

Prodigy

Finance

Designated

Activity

Co.

Series

2021-1A

Class

A

1.437%

due

07/25/51

(USD

1

Month

LIBOR

+

1.250%)(Ê)(Þ)

666

664

Prosus

NV

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.850%

due

07/06/27

(Þ)

260

251

4.027%

due

08/03/50

(Þ)

439

281

Radnor

RE,

Ltd.

Series

2021-1

Class

M1B

1.710%

due

12/27/33

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

89

89

Series

2021-2

Class

M1A

1.898%

due

11/25/31

(SOFR

30

Day

Average

+

1.850%)(Ê)(Þ)

212

212

Reynolds

American,

Inc.

7.250%

due

06/15/37

(Þ)

390

426

8.125%

due

05/01/40

715

814

RMAC

Securities

No.

1

PLC

Series

2007-NS1X

Class

A2B

3.386%

due

06/12/44

(USD

3

Month

LIBOR

+

0.150%)(Ê)(Þ)

83

81

Santander

UK

Group

Holdings

PLC

1.673%

due

06/14/27

(SOFR

+

0.989%)(Ê)

566

517

Santos

Finance,

Ltd.

6.875%

due

09/19/33

(Þ)

1,000

1,065

Saudi

Arabian

Oil

Co.

4.250%

due

04/16/39

(Þ)

336

290

Saudi

Government

International

Bond

5.750%

due

01/16/54

(Þ)

1,140

1,120

Scentre

Group

Trust

1

/

Scentre

Group

Trust

2

3.625%

due

01/28/26

(Þ)

1,550

1,507

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

899

Sigma

Alimentos

SA

de

CV

4.125%

due

05/02/26

(Þ)

517

503

SK

Hynix,

Inc.

1.500%

due

01/19/26

(Þ)

543

504

Smurfit

Kappa

Treasury

Funding,

Ltd.

7.500%

due

11/20/25

(Þ)

86

89

Societe

Generale

SA

4.250%

due

04/14/25

(Þ)

384

377

4.250%

due

08/19/26

(Þ)

61

59

1.792%

due

06/09/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

113

103

7.367%

due

01/10/53

(Þ)

1,745

1,849

Sodexo,

Inc.

1.634%

due

04/16/26

(Þ)

380

353

Standard

Chartered

PLC

6.170%

due

01/09/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.050%)(Ê)(Þ)

160

163

1.456%

due

01/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

361

333

Suncor

Energy,

Inc.

7.150%

due

02/01/32

266

297

Suzano

Austria

GmbH

5.750%

due

07/14/26

(Þ)

488

491

Toronto-Dominion

Bank

(The)

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

226

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.625%

due

09/15/31

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

2.205%)(Ê)

520

500

TransCanada

PipeLines

,

Ltd.

4.625%

due

03/01/34

247

234

Triton

Container

International,

Ltd.

2.050%

due

04/15/26

(Þ)

1,215

1,119

TSMC

Arizona

Corp.

1.750%

due

10/25/26

230

213

UBS

Group

AG

4.488%

due

05/12/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)(Þ)

165

163

2.095%

due

02/11/32

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

111

89

6.537%

due

08/12/33

(SOFR

+

3.920%)(Ê)(Þ)

455

485

5.699%

due

02/08/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.770%)(Ê)(Þ)

1,010

1,025

Series

WI

3.750%

due

03/26/25

1,175

1,155

4.550%

due

04/17/26

289

286

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

338

1.982%

due

06/03/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.200%)(Ê)(Þ)

151

139

Var

Energi

ASA

8.000%

due

11/15/32

(Þ)

491

552

Volkswagen

Group

of

America

Finance

LLC

1.250%

due

11/24/25

(Þ)

1,715

1,599

Voya

CLO,

Ltd.

Series

2020-2A

Class

A1RR

2.155%

due

04/17/30

(USD

3

Month

LIBOR

+

1.020%)(Ê)(Þ)

880

881

Weir

Group

PLC

(The)

2.200%

due

05/13/26

(Þ)

541

503

Wipro

IT

Services

LLC

1.500%

due

06/23/26

(Þ)

277

255

Yara

International

ASA

3.800%

due

06/06/26

(Þ)

260

251

130,057

Mortgage-Backed

Securities

-

23.6%

Banc

of

America

Mortgage

Trust

Series

2004-D

Class

2A2

3.846%

due

05/25/34

(~)(Ê)

39

36

Series

2006-B

Class

1A1

4.122%

due

10/20/46

(~)(Ê)

2

2

BX

Trust

Series

2019-XL

Class

A

1.105%

due

10/15/36

(USD

1

Month

LIBOR

+

0.920%)(Ê)(Þ)

1,169

1,167

Series

2019-XL

Class

F

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.185%

due

10/15/36

(USD

1

Month

LIBOR

+

2.000%)(Ê)(Þ)

587

584

Series

2024-BIO

Class

C

7.940%

due

02/15/41

(CME

Term

SOFR

1

Month

+

2.640%)(Ê)(Þ)

7,432

7,418

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

3,158

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

2,617

2,172

Chase

Home

Lending

Mortgage

Trust

Series

2020-CL1

Class

M1

2.429%

due

06/26/34

(USD

1

Month

LIBOR

+

2.250%)(Ê)(Þ)

1,071

1,076

Series

2024-1

Class

A6

6.500%

due

01/25/55

(~)(Ê)(Þ)

4,151

4,167

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P

Class

D

3.635%

due

05/10/35

(~)(Ê)(Þ)

2,427

2,220

Credit

Suisse

Mortgage

Capital

Certificates

Series

2019-ICE4

Class

A

1.165%

due

05/15/36

(USD

1

Month

LIBOR

+

0.980%)(Ê)(Þ)

1,083

1,083

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

2,369

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

1,961

1,409

Eagle

RE,

Ltd.

Series

2021-1

Class

M2

9.765%

due

10/25/33

(SOFR

30

Day

Average

+

4.450%)(Ê)(Þ)

6,190

6,420

Series

2021-2

Class

M1B

1.899%

due

04/25/34

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

2,079

2,082

Series

2021-2

Class

M1C

4.035%

due

04/25/34

(SOFR

30

Day

Average

+

3.450%)(Ê)(Þ)

2,001

2,048

Series

2023-1

Class

M1A

7.315%

due

09/26/33

(SOFR

30

Day

Average

+

2.000%)(Ê)(Þ)

2,629

2,638

ELP

Commercial

Mortgage

Trust

Series

2021-ELP

Class

D

1.619%

due

11/15/36

(USD

1

Month

LIBOR

+

1.518%)(Ê)(Þ)

3,543

3,476

Fannie

Mae

2.600%

due

2031

330

292

5.500%

due

2033

10

10

5.500%

due

2034

124

128

4.500%

due

2035

175

174

6.000%

due

2035

37

38

5.500%

due

2036

89

92

5.500%

due

2037

67

69

5.500%

due

2038

285

293

6.000%

due

2039

18

19

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

227

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.500%

due

2040

62

61

5.500%

due

2040

262

265

4.000%

due

2041

74

71

3.500%

due

2043

723

677

4.000%

due

2043

75

72

4.000%

due

2044

383

369

3.500%

due

2045

525

488

4.000%

due

2045

352

339

4.000%

due

2046

799

769

4.500%

due

2046

196

194

4.000%

due

2047

242

233

4.500%

due

2047

53

52

4.000%

due

2048

313

301

5.000%

due

2048

817

820

3.000%

due

2049

2,584

2,295

4.000%

due

2049

332

320

2.000%

due

2051

4,383

3,576

4.000%

due

2052

7,950

7,486

5.000%

due

2052

3,148

3,111

5.500%

due

2052

5,533

5,559

5.000%

due

2053

6,816

6,735

5.500%

due

2053

11,392

11,447

30

Year

TBA(Ï)

5.500%

18,388

18,440

6.000%

19,907

20,179

6.500%

20,000

20,473

Fannie

Mae

REMIC

Trust

Series

2004-W12

Class

1A3

7.000%

due

07/25/44

305

319

Fannie

Mae

REMICS

Series

1999-56

Class

Z

7.000%

due

12/18/29

9

9

Freddie

Mac

5.500%

due

2032

5

5

7.500%

due

2032

4

5

5.500%

due

2034

11

11

4.000%

due

2040

341

329

5.500%

due

2041

96

99

3.500%

due

2044

74

69

4.000%

due

2044

247

238

4.000%

due

2045

501

483

3.500%

due

2046

62

58

4.000%

due

2047

435

418

4.500%

due

2048

174

171

3.000%

due

2050

6,118

5,421

2.500%

due

2051

1,371

1,170

3.500%

due

2051

1,989

1,814

3.500%

due

2052

4,162

3,790

4.000%

due

2052

5,881

5,538

5.000%

due

2052

3,161

3,124

5.500%

due

2053

14,005

14,050

Freddie

Mac

Reference

REMICS

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

120

125

Freddie

Mac

REMICS

Series

2002-2533

Class

Z

5.500%

due

12/15/32

236

238

Series

2006-3123

Class

HT

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.000%

due

03/15/26

23

23

Series

2010-3632

Class

PK

5.000%

due

02/15/40

48

49

Series

2012-4019

Class

JD

3.000%

due

05/15/41

37

35

Ginnie

Mae

II

4.500%

due

2042

80

80

2.500%

due

2052

4,370

3,778

5.500%

due

2053

1,564

1,574

6.000%

due

2053

6,056

6,150

30

Year

TBA(Ï)

5.000%

8,500

8,443

5.500%

11,729

11,804

6.000%

10,000

10,152

6.500%

10,000

10,221

GS

Mortgage

Securities

Trust

Series

2023-SHIP

Class

A

4.466%

due

09/10/38

(~)(Ê)(Þ)

2,328

2,272

JPMorgan

Mortgage

Trust

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

165

146

Series

2021-6

Class

A4

2.500%

due

10/25/51

(~)(Ê)(Þ)

2,142

1,885

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

3,241

2,955

Series

2021-8

Class

A4

2.500%

due

12/25/51

(~)(Ê)(Þ)

503

442

Series

2021-8

Class

A6

2.500%

due

12/25/51

(~)(Ê)(Þ)

2,450

2,233

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

3,042

2,673

Series

2021-14

Class

A4

2.500%

due

05/25/52

(~)(Ê)(Þ)

1,427

1,248

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

1,454

1,267

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

637

555

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

902

804

Series

2023-HE2

Class

A1

7.016%

due

03/25/54

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

2,260

2,271

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

0.951%

due

04/15/26

(USD

1

Month

LIBOR

+

0.801%)(Ê)(Þ)

4,917

4,888

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

1,883

1,432

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

10,103

111

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

6,248

18

Preston

Ridge

Partners

Mortgage

LLC

Series

2023-RCF1

Class

A1

4.000%

due

06/25/53

(~)(Ê)(Þ)

3,982

3,846

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

228

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sequoia

Mortgage

Trust

Series

2021-4

Class

A10

2.500%

due

06/25/51

(~)(Ê)(Þ)

1,685

1,531

Wells

Fargo

Commercial

Mortgage

Trust

Series

2021-SAVE

Class

A

4.562%

due

02/15/40

(USD

1

Month

LIBOR

+

1.150%)(Ê)(Þ)

2,955

2,882

272,224

Municipal

Bonds

-

0.1%

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

6.637%

due

04/01/57

383

434

7.055%

due

04/01/57

472

528

962

Non-US

Bonds

-

2.1%

Eurosail

-UK

PLC

Series

2007-2X

Class

A3C

0.930%

due

03/13/45

(SONIA

+

0.269%)(Ê)(Þ)

GBP

608

758

Series

2007-3X

Class

A3C

1.045%

due

06/13/45

(GBP

3

Month

LIBOR

+

0.950%)(Ê)(Þ)

GBP

720

909

Series

2014-4X

Class

A3

1.252%

due

06/13/45

(SONIA

+

1.069%)(Ê)(Þ)

GBP

1,042

1,314

Finsbury

Square

Series

2021-1GRX

Class

AGRN

5.870%

due

12/16/67

(SONIA

+

0.650%)(Ê)(Þ)

GBP

1,240

1,568

Finsbury

Square

PLC

6.022%

due

12/16/71

GBP

373

473

Formentera

Issuer

PLC

Series

2022-1

Class

A

6.020%

due

07/28/47

(SONIA

+

0.800%)(Ê)(Þ)

GBP

468

593

Great

Hall

Mortgages

PLC

Series

2007-1

Class

A2B

1.000%

due

03/18/39

(3

Month

EURIBOR

+

0.130%)(Ê)(Þ)

EUR

102

110

Ludgate

Funding

PLC

Series

2007-1

Class

A2A

0.638%

due

01/01/61

(GBP

3

Month

LIBOR

+

0.160%)(Ê)(Þ)

GBP

1,095

1,339

Newgate

Funding

PLC

Series

2006-3X

Class

A3A

1.452%

due

12/01/50

(GBP

3

Month

LIBOR

+

0.170%)(Ê)(Þ)

GBP

465

574

Paragon

Mortgages

(No.

12)

PLC

0.293%

due

11/15/38

(SONIA

+

0.359%)(Ê)(Þ)

GBP

1,306

1,627

Parkmore

Point

RMBS

PLC

Series

2022-1A

Class

A

5.362%

due

07/25/45

(SONIA

+

1.500%)(Ê)(Þ)

GBP

1,186

1,508

Polaris,

Inc.

Series

2023-1

Class

A

6.446%

due

02/23/61

(SONIA

+

1.250%)(Ê)(Þ)

GBP

1,230

1,567

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Resloc

UK

PLC

Series

2007-1X

Class

A3B

0.241%

due

12/15/43

(GBP

3

Month

LIBOR

+

0.160%)(Ê)(Þ)

GBP

1,271

1,561

RMAC

Securities

No.

1

PLC

Series

2006-NS1X

Class

A2A

1.050%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

279

344

Series

2006-NS3X

Class

A2A

0.245%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

1,530

1,878

Series

2006-NS4X

Class

A3A

3.853%

due

06/12/44

(SONIA

+

0.289%)(Ê)(Þ)

GBP

746

917

Series

2007-NS1X

Class

A2A

0.442%

due

06/12/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

357

439

Shamrock

Residential

Series

2022-2

Class

A

5.068%

due

02/24/71

(1

Month

EURIBOR

+

1.250%)(Ê)(Þ)

EUR

875

945

Taurus

CMBS

Series

2021-UK4A

Class

B

1.655%

due

08/17/31

(SONIA

+

1.500%)(Ê)(Þ)

GBP

467

586

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

6.543%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

1.300%)(Ê)

(Þ)

GBP

496

621

Towd

Point

Mortgage

Funding

Series

2019-A13X

Class

B

7.021%

due

07/20/45

(SONIA

+

1.800%)(Ê)(Þ)

GBP

2,034

2,582

Towd

Point

Mortgage

Trust

Series

2021-GR4X

Class

A2R

2.244%

due

10/20/51

(SONIA

+

0.670%)(Ê)(Þ)

GBP

795

1,007

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

0.854%

due

12/21/49

(SONIA

+

0.950%)(Ê)(Þ)

GBP

411

520

23,740

United

States

Government

Agencies

-

0.4%

United

States

Treasury

Notes

4.000%

due

01/15/27

2,070

2,069

4.000%

due

01/31/29

515

518

4.000%

due

01/31/31

1,725

1,734

4,321

United

States

Government

Treasuries

-

29.7%

United

States

Treasury

Notes

2.000%

due

02/15/25

18,683

18,166

0.250%

due

06/30/25

10,554

9,953

0.250%

due

07/31/25

9,244

8,690

2.000%

due

08/15/25

9,316

8,988

0.250%

due

09/30/25

7,171

6,705

0.250%

due

10/31/25

5,785

5,394

2.250%

due

11/15/25

6,552

6,324

0.500%

due

02/28/26

5,170

4,793

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

229

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.625%

due

05/15/26

8,419

7,962

1.500%

due

08/15/26

9,281

8,708

6.750%

due

08/15/26

17,860

18,991

0.625%

due

03/31/27

18,418

16,596

2.375%

due

05/15/27

10,173

9,675

0.500%

due

05/31/27

6,712

5,993

0.625%

due

12/31/27

5,471

4,822

2.750%

due

02/15/28

9,128

8,731

1.125%

due

02/29/28

7,719

6,915

1.250%

due

03/31/28

8,137

7,313

2.875%

due

05/15/28

8,793

8,437

1.250%

due

09/30/28

8,155

7,244

3.125%

due

11/15/28

6,937

6,708

1.500%

due

11/30/28

6,737

6,034

2.375%

due

05/15/29

4,850

4,502

1.625%

due

08/15/29

3,558

3,168

4.000%

due

10/31/29

1,771

1,779

0.625%

due

05/15/30

5,001

4,092

0.625%

due

08/15/30

5,923

4,806

0.875%

due

11/15/30

6,400

5,260

1.125%

due

02/15/31

7,160

5,973

1.625%

due

05/15/31

7,513

6,439

1.250%

due

08/15/31

8,359

6,918

1.875%

due

02/15/32

8,508

7,309

3.500%

due

02/15/33

7,275

7,027

4.500%

due

11/15/33

7,112

7,426

1.125%

due

08/15/40

5,749

3,613

1.375%

due

11/15/40

5,563

3,634

1.875%

due

02/15/41

5,777

4,090

2.250%

due

05/15/41

2,192

1,646

1.750%

due

08/15/41

5,808

3,986

2.750%

due

11/15/42

3,977

3,173

4.375%

due

08/15/43

8,586

8,648

3.750%

due

11/15/43

4,375

4,033

4.750%

due

11/15/43

5,355

5,669

3.125%

due

08/15/44

3,400

2,838

2.875%

due

08/15/45

3,070

2,436

3.000%

due

02/15/48

3,342

2,663

3.125%

due

05/15/48

3,256

2,652

3.375%

due

11/15/48

3,415

2,906

1.250%

due

05/15/50

4,019

2,092

1.375%

due

08/15/50

4,251

2,287

1.625%

due

11/15/50

4,172

2,402

1.875%

due

02/15/51

4,234

2,599

2.000%

due

08/15/51

4,074

2,574

1.875%

due

11/15/51

3,879

2,370

2.250%

due

02/15/52

5,237

3,515

3.625%

due

05/15/53

4,136

3,717

4.125%

due

08/15/53

10,310

10,138

4.750%

due

11/15/53

400

437

341,959

Total

Long-Term

Investments

(cost

$1,111,047)

1,092,986

Short-Term

Investments

-

13.3%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.150%

due

02/15/24

(ç)

220

220

Apollo

Management

Holdings,

LP

4.000%

due

05/30/24

(Þ)

195

194

Bayer

US

Finance

LLC

3.375%

due

10/08/24

(Þ)

360

354

CenterPoint

Energy,

Inc.

2.500%

due

09/01/24

730

717

Credit

Suisse

AG

3.625%

due

09/09/24

(Þ)

865

854

Dominion

Energy,

Inc.

3.071%

due

08/15/24

(~)(Ê)

580

572

International

Business

Machines

Corp.

3.000%

due

05/15/24

1,005

998

Principal

Life

Global

Funding

II

2.250%

due

11/21/24

(Þ)

820

800

Sabine

Pass

Liquefaction

LLC

Series

WI

5.750%

due

05/15/24

124

124

Security

Benefit

Global

Funding

1.250%

due

05/17/24

(Þ)

750

740

Societe

Generale

SA

2.625%

due

01/22/25

(Þ)

1,630

1,585

U.S.

Cash

Management

Fund(@)

144,526,031(∞)

144,483

United

States

Treasury

Bills

4.538%

due

02/06/24

(ç)(ž)

100

100

Vistra

Operations

Co.

LLC

4.875%

due

05/13/24

(Þ)

1,120

1,117

3.550%

due

07/15/24

(Þ)

235

232

Total

Short-Term

Investments

(cost

$153,116)

153,090

Total

Investments

-

108.2%

(identified

cost

$1,264,163)

1,246,076

Other

Assets

and

Liabilities,

Net

-

(8.2)%

(94,400)

Net

Assets

-

100.0%

1,151,676

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

230

Investment

Grade

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

26.3%

ABN

AMRO

Bank

NV

07/08/20

515,000

99.76

514

505

AES

Panama

Generation

Holdings

SRL

04/26/21

148,296

87.91

130

127

Air

Lease

Corp.

01/17/24

600,000

87.63

526

529

Aircastle

,

Ltd.

08/08/23

161,000

98.12

158

160

Alimentation

Couche-Tard,

Inc.

09/24/18

176,000

97.90

172

169

Allegro

CLO

XI,

Ltd.

11/09/23

1,632,181

100.00

1,632

1,632

American

Tower

Trust

#1

06/09/23

5,790,000

101.06

5,851

5,868

Amgen,

Inc.

11/14/22

1,200,000

88.30

1,060

934

Amur

Equipment

Finance

Receivables

IX

LLC

10/10/23

481,269

98.50

474

477

Amur

Equipment

Finance

Receivables

X

LLC

10/25/23

1,265,616

96.60

1,223

1,232

Amur

Equipment

Finance

Receivables

XI

LLC

05/19/23

1,682,538

99.66

1,677

1,680

Amur

Equipment

Finance

Receivables

XII

LLC

06/22/23

2,780,402

99.98

2,780

2,808

Anheuser-Busch

InBev

Worldwide,

Inc.

09/23/20

785,000

111.23

873

825

Antares

Holdings,

LP

01/21/21

505,000

99.43

502

471

Apollo

Management

Holdings,

LP

05/24/18

195,000

99.96

195

194

Apollo

Management

Holdings,

LP

11/14/22

810,000

97.46

789

795

Arbor

Realty

CLO,

Ltd.

11/15/22

4,230,291

97.90

4,142

4,225

Arbor

Realty

CLO,

Ltd.

06/14/23

3,240,000

96.81

3,137

3,214

Arbor

Realty

CLO,

Ltd.

11/16/23

7,494,000

98.64

7,392

7,478

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

08/03/23

6,169,500

99.35

6,130

6,132

Athene

Global

Funding

12/04/20

1,730,000

96.42

1,668

1,616

Avolon

Holdings

Funding,

Ltd.

12/05/23

1,190,000

100.29

1,193

1,217

Avolon

Holdings

Funding,

Ltd.

01/16/24

840,000

99.14

833

838

Bacardi,

Ltd.

09/15/23

1,640,000

99.25

1,628

1,648

Barclays

PLC

06/29/21

1,435,000

100.44

1,441

1,416

BAT

Capital

Corp.

05/06/20

800,000

105.72

846

675

Bayer

US

Finance

II

LLC

09/12/23

262,000

97.17

255

256

Bayer

US

Finance

LLC

06/18/18

360,000

99.06

357

354

Bayer

US

Finance

LLC

01/10/24

261,000

101.50

265

265

BDS,

Ltd.

11/15/22

1,125,139

98.95

1,113

1,119

Bellemeade

Re,

Ltd.

09/27/21

1,461,000

99.09

1,448

1,448

Bellemeade

Re,

Ltd.

05/18/22

299,542

98.50

295

300

Bellemeade

Re,

Ltd.

09/23/22

2,358,000

100.00

2,358

2,420

Bellemeade

Re,

Ltd.

02/15/23

988,000

97.53

964

986

Bellemeade

Re,

Ltd.

04/18/23

434,739

100.52

437

437

Bellemeade

Re,

Ltd.

10/18/23

810,000

100.00

810

811

Berry

Global,

Inc.

08/08/23

337,000

98.30

331

332

Bharti

Airtel,

Ltd.

01/05/24

120,000

103.20

124

118

Bimbo

Bakeries

USA,

Inc.

01/04/24

665,000

103.90

691

694

Blue

Owl

Capital

Corp.

07/28/23

112,000

91.61

103

105

BMW

US

Capital

LLC

04/20/22

1,445,000

98.63

1,425

1,421

BNP

Paribas

SA

12/02/22

1,025,000

89.30

915

895

BNP

Paribas

SA

08/08/23

424,000

94.48

401

406

BNP

Paribas

SA

10/17/23

132,000

95.66

126

129

BNP

Paribas

SA

11/28/23

1,155,000

100.00

1,155

1,208

BPCE

SA

01/10/23

1,945,000

99.87

1,942

1,962

British

Airways

Pass-Through

Trust

11/17/20

215,092

100.00

215

202

Broadcom,

Inc.

05/05/20

508,000

93.19

473

490

Broadcom,

Inc.

07/31/23

396,000

75.14

298

317

Broadcom,

Inc.

09/15/23

1,110,000

86.17

956

975

BX

Trust

07/21/23

587,350

98.82

580

584

BX

Trust

09/27/23

1,168,776

99.79

1,166

1,167

BX

Trust

01/24/24

7,432,000

99.75

7,413

7,418

CAMB

Commercial

Mortgage

Trust

01/25/19

3,188,000

100.00

3,188

3,158

CAMB

Commercial

Mortgage

Trust

10/22/21

2,617,000

102.75

2,689

2,172

Cantor

Fitzgerald,

LP

11/14/22

605,000

95.06

575

580

CBAM

CLO

Management

Trust

06/29/18

359,053

100.03

359

359

CCG

Receivables

Trust

11/17/23

2,302,888

99.69

2,296

2,318

Cencosud

SA

12/07/23

558,000

94.33

526

538

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

07/06/20

375,000

107.17

402

360

Chase

Home

Lending

Mortgage

Trust

07/22/20

1,070,669

100.00

1,071

1,076

Chase

Home

Lending

Mortgage

Trust

01/25/24

4,150,983

100.40

4,167

4,167

Chile

Electricity

Lux

MPC

SARL

08/14/23

1,520,000

100.08

1,521

1,553

CIFC

Funding,

Ltd.

11/22/22

3,200,000

98.54

3,153

3,208

Citadel

Finance

LLC

03/03/21

590,000

99.79

589

555

Citadel,

LP

09/11/19

625,000

99.88

624

612

Citigroup

Commercial

Mortgage

Trust

03/06/19

2,427,000

0.99

2,398

2,220

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

231

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Columbia

Pipelines

Operating

Co.

LLC

10/17/23

104,000

94.80

99

115

Comcast

Corp.

11/03/22

835,000

105.25

879

941

Comerica,

Inc.

09/13/23

388,000

92.88

360

368

Conagra

Brands,

Inc.

08/03/22

334,000

89.50

299

293

Cooperatieve

Rabobank

UA

12/02/22

1,365,000

89.45

1,221

1,232

Corebridge

Financial,

Inc

01/10/24

307,000

99.84

306

308

Credit

Agricole

SA

06/17/21

281,000

99.21

279

260

Credit

Agricole

SA

08/08/23

195,000

93.98

183

186

Credit

Agricole

SA

09/13/23

109,000

89.77

98

102

Credit

Suisse

AG

08/03/23

865,000

98.32

850

854

Credit

Suisse

Mortgage

Capital

Certificates

09/27/23

1,083,305

99.85

1,082

1,083

Credit

Suisse

Mortgage

Trust

05/28/19

2,378,084

100.00

2,378

2,369

Danske

Bank

A/S

01/04/23

1,592,000

99.99

1,592

1,605

Danske

Bank

A/S

02/03/23

543,000

92.89

504

510

Danske

Bank

A/S

09/19/23

1,755,000

100.00

1,755

1,785

DBGS

Mortgage

Trust

04/03/19

1,961,000

101.08

1,982

1,409

DCP

Midstream

Operating,

LP

11/06/23

80,000

87.30

70

78

Deutsche

Bank

AG

01/10/24

80,000

93.89

75

75

Devon

Energy

Corp.

11/21/19

940,000

93.26

877

822

Discover

Financial

Services

07/31/23

354,000

94.09

333

340

Discovery

Communications

LLC

10/22/20

195,000

117.04

228

176

DLLAA

LLC

07/25/23

2,059,000

100.00

2,059

2,110

DNB

Bank

ASA

12/02/22

361,000

90.72

327

331

DR

Horton,

Inc.

09/13/23

283,000

89.22

252

258

Eagle

RE,

Ltd.

10/29/21

2,079,093

99.18

2,062

2,082

Eagle

RE,

Ltd.

04/19/23

2,001,000

102.04

2,042

2,048

Eagle

RE,

Ltd.

09/20/23

2,629,000

100.00

2,629

2,638

Eagle

RE,

Ltd.

09/26/23

6,190,000

103.96

6,435

6,420

Element

Fleet

Management

Corp.

07/28/23

479,000

100.44

481

488

ELP

Commercial

Mortgage

Trust

11/01/21

3,542,876

97.67

3,460

3,476

Enel

Finance

International

NV

10/05/18

214,000

93.78

201

202

Enel

Finance

International

NV

07/24/23

286,000

90.22

258

261

Enel

Finance

International

NV

08/08/23

289,000

104.78

303

309

Energy

Transfer,

LP

10/10/23

680,000

99.89

679

733

Eurosail

-UK

PLC

11/14/22

GBP

607,665

116.84

710

758

Eurosail

-UK

PLC

11/15/22

GBP

719,686

117.40

845

909

Eurosail

-UK

PLC

11/23/22

GBP

1,042,170

118.64

1,236

1,314

F&G

Global

Funding

12/02/22

1,245,000

94.14

1,172

1,133

Farmers

Exchange

Capital

III

10/12/16

290,000

99.17

288

240

Federation

des

Caisses

Desjardins

du

Quebec

12/02/22

1,455,000

99.12

1,442

1,440

FIGRE

Trust

04/28/23

807,847

99.42

803

814

Finsbury

Square

09/21/22

GBP

1,239,688

120.37

1,492

1,568

Ford

Motor

Credit

Co.

LLC

01/02/24

1,750,000

99.73

1,745

1,759

Formentera

Issuer

PLC

04/06/23

GBP

468,114

123.46

578

593

Fortis,

Inc.

12/05/23

370,000

93.81

347

352

Fortive

Corp.

09/13/23

264,000

94.43

249

254

GA

Global

Funding

Trust

12/02/22

1,090,000

95.71

1,043

1,008

Galaxy

Pipeline

Assets

Bidco

,

Ltd.

12/02/22

1,784,616

94.79

1,692

1,672

Galaxy

Pipeline

Assets

Bidco

,

Ltd.

09/20/23

755,827

78.90

596

605

General

Motors

Financial

Co.,

Inc.

12/02/22

735,000

96.89

712

711

GoodLeap

Sustainable

Home

Improvements

10/21/21

738,741

99.99

739

586

GoodLeap

Sustainable

Home

Solutions

Trust

01/24/22

637,255

99.98

637

518

Great

Hall

Mortgages

PLC

07/22/22

EUR

101,931

100.64

103

110

GS

Mortgage

Securities

Trust

08/04/23

2,328,000

95.87

2,232

2,272

HCA,

Inc.

11/14/22

1,320,000

91.14

1,203

1,273

HCA,

Inc.

07/12/23

1,120,000

88.89

996

1,016

Hess

Corp.

03/14/23

440,000

95.34

419

473

HF

Sinclair

Corp.

01/30/24

470,000

96.79

455

456

HGI

CRE

CLO,

Ltd.

09/17/21

2,288,458

97.73

2,237

2,266

HSBC

Holdings

PLC

11/06/23

1,395,000

100.00

1,395

1,525

Hyundai

Capital

America

06/21/23

470,000

99.92

470

473

Hyundai

Capital

America

01/03/24

805,000

99.65

802

820

Hyundai

Capital

Services,

Inc.

01/29/24

915,000

99.59

911

918

Imperial

Brands

Finance

PLC

07/28/23

517,000

94.91

491

495

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

308,000

93.68

289

288

ING

Groep

NV

12/09/22

194,000

93.09

181

184

InRetail

Consumer

12/11/23

272,000

87.76

239

243

International

Flavors

&

Fragrances,

Inc.

08/03/22

132,000

90.88

120

117

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

232

Investment

Grade

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

International

Flavors

&

Fragrances,

Inc.

07/28/23

291,000

92.21

268

271

International

Flavors

&

Fragrances,

Inc.

08/09/23

188,000

80.43

151

157

International

Paper

Co.

07/28/23

136,000

102.06

139

143

Intesa

Sanpaolo

SpA

11/14/22

514,000

101.52

522

526

IQVIA,

Inc.

07/31/23

280,000

99.89

280

285

Jacobs

Engineering

Group,

Inc.

04/04/23

162,000

101.86

165

165

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

Luxembourg

SARL

09/05/23

575,000

99.87

574

605

Jersey

Central

Power

&

Light

Co.

07/27/23

244,000

97.22

237

240

JPMorgan

Chase

&

Co.

04/24/23

1,320,000

87.07

1,149

1,136

JPMorgan

Chase

Mortgage

Trust

06/22/23

2,489,557

100.00

2,490

2,502

JPMorgan

Mortgage

Trust

03/30/21

165,030

101.99

168

146

JPMorgan

Mortgage

Trust

04/26/21

3,240,852

101.65

3,294

2,955

JPMorgan

Mortgage

Trust

06/24/21

2,450,005

102.42

2,509

2,233

JPMorgan

Mortgage

Trust

02/24/22

637,210

97.60

622

555

JPMorgan

Mortgage

Trust

04/27/22

902,032

95.74

864

804

JPMorgan

Mortgage

Trust

01/19/23

1,453,722

89.78

1,305

1,267

JPMorgan

Mortgage

Trust

01/30/23

2,142,404

89.00

1,907

1,885

JPMorgan

Mortgage

Trust

01/31/23

502,810

89.14

448

442

JPMorgan

Mortgage

Trust

04/20/23

1,427,296

88.20

1,259

1,248

JPMorgan

Mortgage

Trust

04/20/23

3,042,020

88.22

2,684

2,673

JPMorgan

Mortgage

Trust

09/27/23

2,259,725

100.00

2,260

2,271

Kellogg

Co.

06/03/22

238,000

116.45

277

272

KeySpan

Gas

East

Corp.

07/24/23

200,000

92.37

185

188

KKR

Group

Finance

Co.

III

LLC

03/11/15

880,000

92.53

814

813

Kraft

Heinz

Foods

Co.

11/23/20

1,680,000

97.03

1,630

1,608

Lehman

Brothers

Holdings,

Inc.

12/06/07

1,450,000

90.06

1,306

—

Leidos

,

Inc.

11/14/22

570,000

98.98

564

558

Lloyds

Banking

Group

PLC

07/27/23

1,525,000

98.32

1,499

1,514

Ludgate

Funding

PLC

01/25/24

GBP

1,094,684

123.38

1,351

1,339

Madison

Park

Funding

XVIII,

Ltd.

07/12/23

1,597,281

100.00

1,597

1,597

Massachusetts

Mutual

Life

Insurance

Co.

11/18/21

1,730,000

77.00

1,332

1,119

Mattel,

Inc.

07/31/23

572,000

94.39

540

546

Merck

&

Co.,

Inc.

05/08/23

515,000

99.60

513

516

MF1

LLC

07/19/23

3,078,000

99.10

3,050

3,092

MF1

LLC

09/29/23

6,018,000

99.51

5,988

6,028

MF1

LLC

01/30/24

2,102,000

99.75

2,097

2,097

MHC

Commercial

Mortgage

Trust

02/13/23

4,917,495

99.34

4,885

4,888

MMAF

Equipment

Finance

LLC

01/17/24

1,500,000

99.99

1,500

1,506

Monongahela

Power

Co.

09/15/23

975,000

94.34

920

933

Monongahela

Power

Co.

11/08/23

795,000

99.51

791

829

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

6,248,000

0.30

18

18

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

10,103,000

1.09

111

111

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

1,883,000

97.60

1,838

1,432

MPLX,

LP

11/07/18

815,000

96.96

790

811

MPLX,

LP

03/10/22

965,000

86.74

837

857

MultiCare

Health

System

07/15/20

715,000

99.96

715

434

Mutual

of

Omaha

Insurance

Co.

07/14/14

295,000

100.00

295

290

Nasdaq,

Inc.

11/28/23

785,000

100.19

787

792

National

Grid

PLC

01/08/24

1,130,000

100.00

1,130

1,132

National

Securities

Clearing

Corp.

05/22/23

275,000

100.29

276

280

National

Securities

Clearing

Corp.

05/22/23

985,000

99.50

980

1,006

Nationwide

Mutual

Insurance

Co.

09/15/23

445,000

123.86

551

590

NBK

Tier

1

Financing

2,

Ltd.

02/06/23

264,000

94.76

250

252

New

York

Life

Global

Funding

09/15/23

1,545,000

99.49

1,537

1,565

New

York

Life

Insurance

Co.

04/08/20

195,000

99.43

194

153

New

York

State

Electric

&

Gas

Corp.

01/10/24

407,000

94.38

384

384

Newgate

Funding

PLC

06/27/22

GBP

465,234

116.69

543

574

NextEra

Energy

Capital

Holdings,

Inc.

08/14/23

1,190,000

99.98

1,190

1,202

NextEra

Energy

Capital

Holdings,

Inc.

09/13/23

204,000

88.89

181

182

NGPL

PipeCo

LLC

03/03/22

297,000

124.52

370

334

Oaktown

Re

III,

Ltd.

01/26/21

221,658

100.33

222

222

Oaktown

Re

VI,

Ltd.

04/14/21

1,203,425

100.00

1,203

1,206

Oaktown

Re,

Ltd.

09/28/21

832,605

101.69

847

848

OCI

NV

07/28/23

340,000

97.58

332

332

Ohio

National

Financial

Services,

Inc.

11/15/21

615,000

104.12

640

611

Open

Text

Corp.

08/01/23

290,000

101.72

295

301

Pacific

Gas

and

Electric

Co.

07/31/23

230,000

99.43

229

238

Pacific

Life

Insurance

Co.

06/15/18

255,000

92.39

236

203

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

233

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

$

$

$

PacifiCorp

12/02/22

1,145,000

71.33

817

728

Paragon

Mortgages

(No.

12)

PLC

03/25/21

GBP

1,306,319

136.18

1,779

1,627

Paramount

Global

09/09/20

380,000

119.74

455

349

Paramount

Global

03/24/22

440,000

100.00

440

393

Parkmore

Point

RMBS

PLC

02/07/23

GBP

1,185,704

118.40

1,404

1,508

Pennsylvania

Electric

Co.

03/28/23

164,000

98.91

162

164

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

04/05/23

331,000

98.50

326

324

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

07/28/23

184,000

90.71

167

171

PFS

Financing

Corp.

08/08/23

1,685,000

99.99

1,685

1,705

Philip

Morris

International,

Inc.

03/13/20

635,000

112.83

716

566

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

10/17/23

301,000

97.18

292

299

Polaris,

Inc.

09/29/23

GBP

1,229,679

122.50

1,506

1,567

Preston

Ridge

Partners

Mortgage

LLC

06/09/23

3,982,381

93.87

3,738

3,846

Principal

Life

Global

Funding

II

04/20/22

820,000

98.24

806

800

Prodigy

Finance

Designated

Activity

Co.

07/12/21

665,543

99.09

659

664

Prosus

NV

02/03/21

439,000

100.66

442

281

Prosus

NV

08/01/23

260,000

96.10

250

251

Radnor

RE,

Ltd.

06/18/21

88,735

100.13

89

89

Radnor

RE,

Ltd.

11/05/21

211,631

100.00

212

212

Resloc

UK

PLC

11/15/22

GBP

1,271,247

113.02

1,437

1,561

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

11/08/23

395,000

98.24

388

335

Reynolds

American,

Inc.

02/20/20

390,000

128.24

500

426

RMAC

Securities

No.

1

PLC

04/15/21

GBP

1,530,016

118.41

1,812

1,878

RMAC

Securities

No.

1

PLC

04/15/21

GBP

278,549

134.50

375

344

RMAC

Securities

No.

1

PLC

07/20/21

GBP

745,761

133.53

996

917

RMAC

Securities

No.

1

PLC

11/08/22

83,328

95.28

79

81

RMAC

Securities

No.

1

PLC

11/16/22

GBP

357,384

113.55

406

439

Sabine

Pass

Liquefaction

LLC

12/11/17

2,095,000

100.33

2,102

2,100

Santos

Finance,

Ltd.

09/11/23

1,000,000

99.60

996

1,065

Saudi

Arabian

Oil

Co.

08/01/23

336,000

87.98

296

290

Saudi

Government

International

Bond

01/08/24

1,140,000

97.79

1,115

1,120

Scentre

Group

Trust

1

/

Scentre

Group

Trust

2

05/19/20

1,550,000

97.12

1,505

1,507

Scentre

Group

Trust

2

09/16/20

945,000

100.00

945

899

Security

Benefit

Global

Funding

12/02/22

750,000

98.71

740

740

Sequoia

Mortgage

Trust

05/06/21

1,684,927

102.56

1,728

1,531

Shamrock

Residential

11/20/23

EUR

875,225

109.37

957

945

Sigma

Alimentos

SA

de

CV

01/05/24

517,000

97.06

502

503

SK

Hynix,

Inc.

07/24/23

543,000

92.19

501

504

Smurfit

Kappa

Treasury

Funding,

Ltd.

12/11/23

86,000

102.53

88

89

Societe

Generale

SA

01/16/20

384,000

101.47

390

377

Societe

Generale

SA

01/16/20

1,630,000

97.64

1,592

1,585

Societe

Generale

SA

01/03/23

1,745,000

98.51

1,719

1,849

Societe

Generale

SA

11/06/23

113,000

89.07

101

103

Societe

Generale

SA

01/10/24

61,000

96.10

59

59

Sodexo,

Inc.

11/06/23

380,000

91.55

348

353

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

11/14/22

2,482,000

99.70

2,475

2,488

Standard

Chartered

PLC

07/28/23

361,000

91.03

329

333

Standard

Chartered

PLC

07/31/23

160,000

100.90

161

163

Suzano

Austria

GmbH

10/16/23

488,000

99.64

486

491

Taurus

CMBS

07/28/21

GBP

466,514

139.09

649

586

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

496,354

140.62

698

621

Tennessee

Gas

Pipeline

Co.

LLC

02/22/17

515,000

120.85

622

604

Tennessee

Gas

Pipeline

Co.

LLC

12/02/22

1,216,000

86.32

1,050

1,070

Texas

Eastern

Transmission,

LP

12/05/19

178,000

101.86

181

169

T-Mobile

USA,

Inc.

07/31/23

324,000

92.67

300

303

T-Mobile

USA,

Inc.

01/09/24

665,000

99.66

663

670

Towd

Point

HE

Trust

02/24/23

3,150,565

100.08

3,153

3,187

Towd

Point

Mortgage

Funding

01/20/21

GBP

2,034,000

136.45

2,775

2,582

Towd

Point

Mortgage

Trust

08/17/20

468,602

101.69

477

448

Towd

Point

Mortgage

Trust

02/24/23

GBP

795,000

118.13

939

1,007

Triton

Container

International,

Ltd.

04/06/21

1,215,000

94.86

1,153

1,119

UBS

Group

AG

08/08/22

455,000

90.48

412

485

UBS

Group

AG

12/02/22

111,000

79.24

88

89

UBS

Group

AG

08/08/23

165,000

97.70

161

163

UBS

Group

AG

01/02/24

1,010,000

99.99

1,010

1,025

UniCredit

SpA

03/03/22

357,000

93.31

333

338

UniCredit

SpA

09/14/23

151,000

90.48

137

139

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

234

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

$

$

$

Var

Energi

ASA

08/01/23

491,000

107.12

526

552

Verizon

Communications,

Inc.

03/07/18

312,000

97.72

305

301

Verizon

Master

Trust

09/12/23

4,199,000

99.99

4,199

4,328

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

07/06/22

276,000

95.25

263

268

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

08/08/23

208,000

98.00

204

205

Virginia

Electric

&

Power

Co.

03/28/23

1,246,000

99.11

1,235

1,251

Vistra

Operations

Co.

LLC

06/04/19

620,000

94.93

589

586

Vistra

Operations

Co.

LLC

05/10/22

1,120,000

99.77

1,117

1,117

Vistra

Operations

Co.

LLC

06/28/23

235,000

98.50

231

232

Vistra

Operations

Co.

LLC

07/28/23

544,000

98.40

535

540

Volkswagen

Group

of

America

Finance

LLC

12/02/22

1,715,000

94.96

1,629

1,599

Voya

CLO,

Ltd.

02/18/20

880,090

100.00

880

881

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

02/10/21

GBP

410,754

138.57

569

520

Weir

Group

PLC

(The)

01/10/24

541,000

93.11

504

503

Wells

Fargo

&

Co.

11/14/22

1,285,000

84.40

1,084

1,128

Wells

Fargo

Commercial

Mortgage

Trust

11/15/22

2,955,424

93.87

2,774

2,882

Wipro

IT

Services

LLC

08/08/23

277,000

91.22

253

255

Yara

International

ASA

12/06/22

260,000

95.52

248

251

Zions

Bancorp

NA

01/06/23

381,000

86.02

328

317

303,242

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Long

Gilt

Futures

186

GBP

18,595

03/24

536

United

States

2

Year

Treasury

Note

Futures

207

USD

42,571

03/24

272

United

States

5

Year

Treasury

Note

Futures

805

USD

87,254

03/24

1,550

United

States

10

Year

Treasury

Note

Futures

254

USD

28,531

03/24

726

United

States

10

Year

Treasury

Ultra

Bond

Futures

1,512

USD

176,715

03/24

2,531

United

States

Treasury

Long

Bond

Futures

50

USD

6,117

03/24

190

United

States

Treasury

Ultra

Bond

Futures

169

USD

21,838

03/24

1,323

Short

Positions

Euro-Bund

Futures

187

EUR

25,404

03/24

(496)

Japanese

10

Year

Mini

Government

Bond

Futures

149

JPY

2,179,870

03/24

(133)

United

States

2

Year

Treasury

Note

Futures

50

USD

10,283

03/24

(72)

United

States

5

Year

Treasury

Note

Futures

505

USD

54,737

03/24

(432)

United

States

10

Year

Treasury

Note

Futures

123

USD

13,816

03/24

(72)

United

States

10

Year

Treasury

Ultra

Bond

Futures

98

USD

11,454

03/24

(381)

United

States

Treasury

Long

Bond

Futures

94

USD

11,500

03/24

(613)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

4,929

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

4,155

GBP

3,285

02/15/24

8

Bank

of

America

EUR

287

USD

308

02/09/24

(1)

Bank

of

New

York

AUD

5,658

USD

3,806

02/15/24

92

Citigroup

USD

3,790

NOK

39,292

02/15/24

(53)

HSBC

USD

1,852

SEK

19,335

02/15/24

7

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

235

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

HSBC

SEK

19,335

USD

1,877

02/15/24

18

JPMorgan

Chase

USD

5,090

EUR

4,658

02/15/24

(53)

JPMorgan

Chase

GBP

51

USD

65

02/09/24

—

Morgan

Stanley

USD

56

EUR

50

02/09/24

(1)

Morgan

Stanley

GBP

969

USD

1,236

02/09/24

7

State

Street

USD

149

GBP

117

02/09/24

—

State

Street

USD

2,883

GBP

2,277

02/09/24

2

State

Street

EUR

762

USD

838

02/09/24

14

State

Street

EUR

3,201

USD

3,470

02/15/24

9

State

Street

GBP

1

USD

1

02/09/24

—

State

Street

GBP

219

USD

277

02/09/24

(1)

State

Street

GBP

19,186

USD

23,579

02/09/24

(737)

State

Street

JPY

45,774

USD

321

02/15/24

9

UBS

CHF

4,942

USD

5,816

02/15/24

81

Westpac

USD

27

CHF

23

02/15/24

—

Westpac

USD

22

NOK

230

02/15/24

—

Westpac

USD

38

NZD

63

02/15/24

—

Westpac

USD

1,898

NZD

3,049

02/15/24

(35)

Westpac

AUD

106

USD

70

02/15/24

—

Westpac

GBP

49

USD

62

02/15/24

—

Westpac

JPY

235,530

USD

1,596

02/15/24

(7)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(641)

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

$

—

$

46,764

$

—

$

—

$

46,764

Corporate

Bonds

and

Notes

—

272,959

—

—

272,959

International

Debt

—

130,057

—

—

130,057

Mortgage-Backed

Securities

—

272,224

—

—

272,224

Municipal

Bonds

—

962

—

—

962

Non-US

Bonds

—

23,740

—

—

23,740

United

States

Government

Agencies

—

4,321

—

—

4,321

United

States

Government

Treasuries

—

341,959

—

—

341,959

Short-Term

Investments

—

8,607

—

144,483

153,090

Total

Investments

—

1,101,593

—

144,483

1,246,076

Other

Financial

Instruments

Assets

Futures

Contracts

7,128

—

—

—

7,128

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

236

Investment

Grade

Bond

Fund

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

—

247

—

—

247

Liabilities

Futures

Contracts

(2,199)

—

—

—

(2,199

)

Foreign

Currency

Exchange

Contracts

—

(888)

—

—

(888

)

Total

Other

Financial

Instruments

*

$

4,929

$

(641)

$

—

$

—

$

4,288

*

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

3,471

Belgium

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

2,695

Bermuda

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

24,935

Brazil

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

742

Canada

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

14,503

Cayman

Islands

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

26,818

Chile

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

2,611

China

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

531

Denmark

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

3,900

Finland

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

546

France

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

9,475

Germany

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

6,245

India

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

374

Ireland

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

5,298

Italy

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

2,277

Japan

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

4,722

Kuwait

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

252

Mexico

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

790

Netherlands

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

2,253

Norway

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

883

Panama

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

127

Peru

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

243

Saudi

Arabia

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

1,410

Singapore

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

893

South

Korea

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

1,422

Spain

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

1,188

Switzerland

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

4,057

Taiwan

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

213

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

237

Amounts

in

thousands

Country

Exposure

Fair

Value

$

United

Arab

Emirates

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

2,277

United

Kingdom

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

44,848

United

States

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

1,076,077

Total

Investments

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

1,246,076

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

99,155

$

185,929

$

140,601

$

2

$

(2)

$

144,483

$

2,003

$

—

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

238

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

78.9%

Asset-Backed

Securities

-

10.7%

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)

172

170

AEP

Texas

Restoration

Funding

LLC

Series

2019-1

Class

A1

2.056%

due

02/01/27

259

256

American

Homes

4

Rent

Trust

Series

2015-SFR1

Class

A

3.467%

due

04/17/45

(Þ)

1,185

1,157

AmeriCredit

Automobile

Receivables

Trust

Series

2022-2

Class

A3

4.380%

due

04/18/28

680

674

AMSR

Trust

Series

2020-SFR1

Class

A

1.819%

due

04/17/37

(Þ)

574

551

Series

2020-SFR2

Class

A

1.632%

due

07/17/37

(Þ)

1,300

1,233

Series

2020-SFR5

Class

A

1.379%

due

11/17/37

(Þ)

590

551

Series

2021-SFR1

Class

A

1.953%

due

06/17/38

(Þ)

720

634

Series

2022-SFR3

Class

A

4.000%

due

10/17/39

(Þ)

790

761

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

Series

2020-1A

Class

A

2.330%

due

08/20/26

(Þ)

930

894

Series

2022-3A

Class

A

4.620%

due

02/20/27

(Þ)

1,580

1,562

Series

2023-5A

Class

A

5.780%

due

04/20/28

(Þ)

740

755

Bank

of

America

Credit

Card

Trust

Series

2021-A1

Class

A1

0.440%

due

09/15/26

1,000

989

Series

2022-A2

Class

A2

5.000%

due

04/17/28

200

201

Capital

One

Multi-Asset

Execution

Trust

Series

2021-A1

Class

A1

0.550%

due

07/15/26

1,210

1,184

Capital

One

Prime

Auto

Receivables

Trust

Series

2022-1

Class

A3

3.170%

due

04/15/27

(Þ)

1,345

1,318

Series

2023-1

Class

A2

5.200%

due

05/15/26

(Þ)

202

202

CarMax

Auto

Owner

Trust

Series

2022-2

Class

A3

3.490%

due

02/16/27

569

560

Chase

Issuance

Trust

Series

2023-A1

Class

A

5.160%

due

09/15/28

1,085

1,102

Enterprise

Fleet

Financing

LLC

Series

2022-1

Class

A2

3.030%

due

01/20/28

(Þ)

191

188

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ford

Credit

Auto

Owner

Trust

Series

2022-C

Class

A2A

4.520%

due

04/15/25

141

141

Series

2023-1

Class

A

4.850%

due

08/15/35

(Þ)

250

251

Series

2023-B

Class

A3

5.230%

due

05/15/28

770

777

GECU

Auto

Receivables

Trust

Series

2023-1A

Class

A3

5.630%

due

08/15/28

(Þ)

270

272

GM

Financial Consumer

Automobile

Receivables

Trust

Series

2020-3

Class

A4

0.580%

due

01/16/26

550

541

Series

2022-2

Class

A3

3.100%

due

02/16/27

400

393

GoodGreen

Trust

Series

2021-1A

Class

A

2.660%

due

10/15/56

(Þ)

162

129

Hertz

Vehicle

Financing

III

LLC

Series

2023-4A

Class

A

6.150%

due

03/25/30

(Þ)

340

355

Hertz

Vehicle

Financing

III,

LP

Series

2021-2A

Class

A

1.680%

due

12/27/27

(Þ)

2,335

2,131

Series

2021-2A

Class

B

2.120%

due

12/27/27

(Þ)

250

228

Hertz

Vehicle

Financing

LLC

Series

2021-1A

Class

A

1.210%

due

12/26/25

(Þ)

440

427

Series

2021-1A

Class

B

1.560%

due

12/26/25

(Þ)

310

300

Hilton

Grand

Vacations

Trust

Series

2020-AA

Class

A

2.740%

due

02/25/39

(Þ)

131

124

Honda

Auto

Receivables

Owner

Trust

Series

2023-1

Class

A2

5.220%

due

10/21/25

537

537

Series

2023-3

Class

A2

5.710%

due

03/18/26

700

701

Hyundai

Auto

Receivables

Trust

Series

2022-B

Class

A3

3.720%

due

11/16/26

(Þ)

795

784

Series

2022-C

Class

A2A

5.350%

due

11/17/25

512

511

Series

2023-A

Class

A3

4.580%

due

04/15/27

(Þ)

400

398

Invitation

Homes

Trust

Series

2018-SFR4

Class

A

6.208%

due

01/17/38

(USD

1

Month

LIBOR

+

1.100%)(Ê)(Þ)

763

764

JPMorgan

Mortgage

Acquisition

Trust

Series

2007-CH2

Class

MV2

0.389%

due

01/25/37

(USD

1

Month

LIBOR

+

0.300%)(Ê)(Þ)

250

241

Series

2007-CH4

Class

M1

0.415%

due

05/25/37

(USD

1

Month

LIBOR

+

0.230%)(Ê)

250

239

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

239

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

LAD

Auto

Receivables

Trust

Series

2023-2A

Class

A2

5.930%

due

06/15/27

(Þ)

239

239

Long

Beach

Mortgage

Loan

Trust

Series

2004-5

Class

A6

0.669%

due

09/25/34

(USD

1

Month

LIBOR

+

0.580%)(Ê)

255

252

Lunar

Structured

Aircraft

Portfolio

Notes

Series

2021-1

Class

A

2.636%

due

10/15/46

(Þ)

201

176

M&T

Equipment

Notes

Series

2023-1A

Class

A4

5.750%

due

07/15/30

(Þ)

280

283

Mercedes-Benz

Auto

Lease

Trust

Series

2023-A

Class

A4

4.710%

due

02/15/29

1,020

1,017

Mercedes-Benz

Auto

Receivables

Trust

Series

2022-1

Class

A3

5.210%

due

08/16/27

795

797

Series

2023-1

Class

A3

4.510%

due

11/15/27

890

885

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)

130

129

Navient

Private

Education

Refi

Loan

Trust

Series

2018-CA

Class

A2

3.520%

due

06/16/42

(Þ)

30

30

Series

2022-BA

Class

A

4.160%

due

10/15/70

(Þ)

199

190

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

2023-A

Class

A2A

5.340%

due

02/17/26

358

358

Series

2023-B

Class

A2A

5.950%

due

05/15/26

1,100

1,107

Series

2023-B

Class

A2B

5.906%

due

05/15/26

(SOFR

30

Day

Average

+

0.560%)(Ê)

1,155

1,157

Progress

Residential

Trust

Series

2020-SFR1

Class

A

1.732%

due

04/17/37

(Þ)

687

659

Series

2021-SFR4

Class

A

1.558%

due

05/17/38

(Þ)

593

548

Series

2022-SFR4

Class

A

4.438%

due

05/17/41

(Þ)

812

791

SFS

Auto

Receivables

Securitization

Trust

Series

2024-1A

Class

A3

4.950%

due

05/21/29

(Þ)

170

171

SLM

Student

Loan

Trust

Series

2006-B

Class

A5

0.782%

due

12/15/39

(CME

Term

SOFR

3

Month

+

0.532%)(Ê)(Þ)

202

195

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SMB

Private

Education

Loan

Trust

Series

2023-B

Class

A1B

7.146%

due

10/16/56

(SOFR

30

Day

Average

+

2.150%)(Ê)(Þ)

264

269

Towd

Point

Mortgage

Trust

Series

2018-2

Class

A1

3.250%

due

03/25/58

(~)(Ê)(Þ)

50

48

Series

2024-CES1

Class

A1A

5.848%

due

01/25/64

(~)(Ê)(Þ)

1,100

1,100

Toyota

Auto

Receivables

Owner

Trust

Series

2022-C

Class

A3

3.760%

due

04/15/27

625

616

Series

2022-D

Class

A3

5.300%

due

09/15/27

(Þ)

1,240

1,249

Series

2023-B

Class

A2A

5.280%

due

05/15/26

1,322

1,320

Series

2024-A

Class

A2A

5.130%

due

12/15/26

(Þ)

300

300

Tricon

American

Homes

Trust

Series

2020-SFR2

Class

A

1.482%

due

11/17/39

(Þ)

1,442

1,274

USAA

Auto

Owner

Trust

Series

2022-A

Class

A3

4.860%

due

11/16/26

(Þ)

925

922

Wendy's

Funding

LLC

Series

2021-1A

Class

A2I

2.370%

due

06/15/51

(Þ)

195

170

41,684

Corporate

Bonds

and

Notes

-

32.9%

AbbVie,

Inc.

3.600%

due

05/14/25

330

325

AEP

Texas,

Inc.

Series

WI

3.950%

due

06/01/28

603

582

Air

Lease

Corp.

5.300%

due

02/01/28

60

60

Aircastle

,

Ltd.

5.250%

due

08/11/25

(Þ)

318

315

2.850%

due

01/26/28

(Þ)

231

207

Alaska

Airlines

Pass-Through

Trust

4.800%

due

08/15/27

(Þ)

107

105

Alcoa,

Inc.

6.750%

due

01/15/28

551

580

Allied

World

Assurance

Co.

Holdings,

Ltd.

4.350%

due

10/29/25

602

588

Ally

Financial,

Inc.

6.992%

due

06/13/29

(SOFR

+

3.260%)(Ê)

419

434

Alphabet,

Inc.

0.800%

due

08/15/27

(Þ)

1,800

1,609

Altria

Group,

Inc.

4.400%

due

02/14/26

460

456

Amazon.com,

Inc.

1.000%

due

05/12/26

90

83

3.300%

due

04/13/27

(Þ)

40

39

American

Airlines

Group,

Inc.

8.500%

due

05/15/29

(Þ)

40

42

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

240

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

American

Express

Co.

5.389%

due

07/28/27

(SOFR

+

0.970%)(Ê)

970

980

American

Honda

Finance

Corp.

1.200%

due

07/08/25

410

389

Amgen,

Inc.

1.900%

due

02/21/25

(Þ)

290

281

5.507%

due

03/02/26

1,025

1,025

Apple,

Inc.

Series

0002

3.350%

due

02/09/27

1,300

1,266

Ares

Capital

Corp.

2.875%

due

06/15/28

(Þ)

181

161

Asian

Development

Bank

Series

GMTN

1.500%

due

01/20/27

160

148

AT&T,

Inc.

1.700%

due

03/25/26

2,240

2,099

Bank

of

America

Corp.

3.841%

due

04/25/25

(SOFR

+

1.110%)(Ê)

230

229

2.015%

due

02/13/26

(CME

Term

SOFR

3

Month

+

0.902%)(Ê)(Þ)

770

743

3.384%

due

04/02/26

(SOFR

+

1.330%)(Ê)

1,100

1,075

1.197%

due

10/24/26

(SOFR

+

1.010%)(Ê)

631

589

1.734%

due

07/22/27

(SOFR

+

0.960%)(Ê)(Þ)

480

442

Series

N

1.658%

due

03/11/27

(SOFR

+

0.910%)(Ê)(Þ)

790

735

Bank

of

New

York

Mellon

Corp.

(The)

4.414%

due

07/24/26

(SOFR

+

1.345%)(Ê)

1,200

1,190

3.992%

due

06/13/28

(SOFR

+

1.151%)(Ê)

240

235

BankUnited

,

Inc.

4.875%

due

11/17/25

578

568

Barings

BDC,

Inc.

Series

WI

3.300%

due

11/23/26

623

577

Becton

Dickinson

and

Co.

Series

WI

6.700%

due

12/01/26

175

183

Berkshire

Hathaway

Energy

Co.

Series

WI

4.050%

due

04/15/25

(Þ)

1,180

1,168

Berry

Global,

Inc.

Series

WI

1.570%

due

01/15/26

621

580

Boeing

Co.

(The)

4.875%

due

05/01/25

80

80

2.196%

due

02/04/26

565

532

Bristol-Myers

Squibb

Co.

0.750%

due

11/13/25

290

271

Broadcom,

Inc.

Series

WI

3.150%

due

11/15/25

352

341

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Capital

One

Financial

Corp.

4.927%

due

05/10/28

(SOFR

+

2.057%)(Ê)

589

581

Cargill,

Inc.

3.500%

due

04/22/25

(Þ)

370

364

4.875%

due

10/10/25

(Þ)

1,300

1,305

0.750%

due

02/02/26

(Þ)

190

176

CDW

LLC

/

CDW

Finance

Corp.

4.250%

due

04/01/28

609

584

Centene

Corp.

Series

WI

4.250%

due

12/15/27

60

58

CenterPoint

Energy

Houston

Electric

LLC

5.200%

due

10/01/28

230

236

Charles

Schwab

Corp.

(The)

5.875%

due

08/24/26

100

102

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Series

WI

4.908%

due

07/23/25

1,410

1,398

Chevron

Corp.

0.687%

due

08/12/25

(Þ)

230

217

2.954%

due

05/16/26

1,800

1,743

Cigna

Corp.

3.250%

due

04/15/25

560

548

Citigroup,

Inc.

0.981%

due

05/01/25

(SOFR

+

0.669%)(Ê)

400

395

5.500%

due

09/13/25

(Þ)

730

735

3.290%

due

03/17/26

(SOFR

+

1.528%)(Ê)

250

244

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

740

721

CNH

Industrial

Capital

LLC

1.450%

due

07/15/26

485

447

Columbia

Pipelines

Holding

Co.

LLC

6.055%

due

08/15/26

(Þ)

210

215

6.042%

due

08/15/28

(Þ)

785

813

Concentrix

Corp.

6.600%

due

08/02/28

(Þ)

445

458

Connecticut

Light

&

Power

Co.

(The)

4.650%

due

01/01/29

90

90

Constellation

Brands,

Inc.

5.000%

due

02/02/26

(Þ)

475

474

Constellation

Energy

Generation

LLC

3.250%

due

06/01/25

705

686

5.600%

due

03/01/28

191

196

Consumers

Energy

Co.

4.900%

due

02/15/29

(Þ)

665

676

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

150

139

Coterra

Energy,

Inc.

Series

WI

3.900%

due

05/15/27

593

577

CVS

Health

Corp.

3.875%

due

07/20/25

(Þ)

790

777

Devon

Energy

Corp.

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

241

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.850%

due

12/15/25

140

142

Series

WI

5.250%

due

10/15/27

180

181

DISH

DBS

Corp.

5.250%

due

12/01/26

(Þ)

20

16

DR

Horton,

Inc.

2.600%

due

10/15/25

(Þ)

407

391

DTE

Energy

Co.

Series

F

1.050%

due

06/01/25

600

568

Duke

Energy

Corp.

3.150%

due

08/15/27

(Þ)

617

584

Edison

International

4.950%

due

04/15/25

230

229

4.700%

due

08/15/25

576

571

Energy

Transfer

Operating,

LP

5.550%

due

02/15/28

30

31

Energy

Transfer,

LP

2.900%

due

05/15/25

180

175

4.000%

due

10/01/27

607

586

Enterprise

Products

Operating

LLC

3.750%

due

02/15/25

(Þ)

760

751

3.700%

due

02/15/26

(Þ)

240

236

EOG

Resources,

Inc.

3.150%

due

04/01/25

(Þ)

260

255

EPR

Properties

Co.

4.750%

due

12/15/26

631

609

EQT

Corp.

3.125%

due

05/15/26

(Þ)

240

228

3.900%

due

10/01/27

230

220

5.000%

due

01/15/29

10

10

Equinix

,

Inc.

1.550%

due

03/15/28

(Þ)

446

393

ERAC

USA

Finance

LLC

4.600%

due

05/01/28

(Þ)

375

373

Exxon

Mobil

Corp.

2.992%

due

03/19/25

(Þ)

460

451

3.043%

due

03/01/26

1,800

1,750

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

568

590

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

619

584

Florida

Power

&

Light

Co.

5.050%

due

04/01/28

(Þ)

425

435

Ford

Motor

Credit

Co.

LLC

6.950%

due

03/06/26

475

486

5.800%

due

03/05/27

445

448

4.950%

due

05/28/27

400

391

Fortinet,

Inc.

1.000%

due

03/15/26

320

295

Franklin

BSP

Lending

Corp.

Series

WI

3.250%

due

03/30/26

642

598

FS

KKR

Capital

Corp.

3.250%

due

07/15/27

205

188

GA

Global

Funding

Trust

1.625%

due

01/15/26

(Þ)

285

263

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

General

Mills,

Inc.

4.000%

due

04/17/25

1,800

1,778

General

Motors

Financial

Co.,

Inc.

2.750%

due

06/20/25

(Þ)

280

271

6.050%

due

10/10/25

(Þ)

560

568

1.250%

due

01/08/26

(Þ)

650

605

Georgia-Pacific

LLC

0.950%

due

05/15/26

(Þ)

170

156

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

90

90

5.750%

due

06/01/28

500

503

Goldman

Sachs

Group,

Inc.

(The)

3.500%

due

04/01/25

970

952

3.272%

due

09/29/25

(CME

Term

SOFR

3

Month

+

1.463%)(Ê)

570

561

4.387%

due

06/15/27

(SOFR

+

1.510%)(Ê)

804

795

Series

VAR

1.093%

due

12/09/26

(SOFR

+

0.789%)(Ê)

1,550

1,439

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

610

556

Haleon

UK

Capital

PLC

Series

WI

3.125%

due

03/24/25

(Þ)

830

812

Harman

International

Industries,

Inc.

4.150%

due

05/15/25

(Þ)

396

390

HCA,

Inc.

5.250%

due

04/15/25

450

450

5.200%

due

06/01/28

(Þ)

585

591

Hexcel

Corp.

3.950%

due

02/15/27

607

583

Highmark,

Inc.

1.450%

due

05/10/26

(Þ)

520

477

Highwoods

Properties,

Inc.

4.125%

due

03/15/28

(Þ)

644

601

Home

Depot,

Inc.

(The)

2.700%

due

04/15/25

70

68

2.875%

due

04/15/27

40

38

Humana,

Inc.

4.500%

due

04/01/25

70

69

5.750%

due

12/01/28

300

311

Hyundai

Capital

America

5.950%

due

09/21/26

(Þ)

20

20

International

Flavors

&

Fragrances,

Inc.

1.230%

due

10/01/25

(Þ)

626

583

Jackson

National

Life

Global

Funding

3.050%

due

04/29/26

(Þ)

650

614

John

Deere

Capital

Corp.

5.150%

due

09/08/26

1,725

1,755

Jones

Lang

LaSalle,

Inc.

6.875%

due

12/01/28

(Þ)

228

242

JPMorgan

Chase

&

Co.

0.563%

due

02/16/25

(SOFR

+

0.420%)(Ê)(Þ)

400

399

3.845%

due

06/14/25

(SOFR

+

0.980%)(Ê)

250

248

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

242

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.083%

due

04/22/26

(SOFR

+

1.850%)(Ê)

150

144

1.040%

due

02/04/27

(CME

Term

SOFR

3

Month

+

0.695%)(Ê)

850

785

1.578%

due

04/22/27

(SOFR

+

0.885%)(Ê)

1,065

989

5.040%

due

01/23/28

(SOFR

+

1.190%)(Ê)

635

638

Kenvue

,

Inc.

Series

WI

5.350%

due

03/22/26

(Þ)

90

91

5.050%

due

03/22/28

(Þ)

80

82

KeyCorp

4.700%

due

01/26/26

395

387

Kinder

Morgan,

Inc.

4.300%

due

06/01/25

440

435

L3Harris

Technologies,

Inc.

3.832%

due

04/27/25

(Þ)

160

157

5.400%

due

01/15/27

1,120

1,142

Las

Vegas

Sands

Corp.

2.900%

due

06/25/25

190

183

Lehman

Brothers

Holdings

Capital

Trust

VII

5.857%

due

11/29/49

(Æ)(Ø)(Š)

270

—

LKQ

Corp.

Series

WI

5.750%

due

06/15/28

(Þ)

566

578

Lowe's

Cos.,

Inc.

4.400%

due

09/08/25

(Þ)

500

497

Main

Street

Capital

Corp.

3.000%

due

07/14/26

661

610

Marriott

International,

Inc.

Series

X

4.000%

due

04/15/28

(Þ)

610

592

MasTec

,

Inc.

4.500%

due

08/15/28

(Þ)

550

516

Mattel,

Inc.

3.375%

due

04/01/26

(Þ)

607

579

McDonald's

Corp.

3.300%

due

07/01/25

300

294

Merck

&

Co.,

Inc.

2.750%

due

02/10/25

1,800

1,762

Met

Tower

Global

Funding

1.250%

due

09/14/26

(Þ)

985

900

Microsoft

Corp.

3.125%

due

11/03/25

1,135

1,111

Monongahela

Power

Co.

3.550%

due

05/15/27

(Þ)

440

421

Morgan

Stanley

3.620%

due

04/17/25

(SOFR

+

1.160%)(Ê)

430

428

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

875

844

4.679%

due

07/17/26

(SOFR

+

1.669%)(Ê)

705

700

0.985%

due

12/10/26

(SOFR

+

0.720%)(Ê)

310

286

5.123%

due

02/01/29

(SOFR

+

1.730%)(Ê)

330

331

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Morgan

Stanley

Bank

NA

Series

BKNT

4.754%

due

04/21/26

260

260

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

608

587

MPLX,

LP

4.000%

due

02/15/25

(Þ)

270

266

1.750%

due

03/01/26

1,325

1,241

Mutual

of

Omaha

Insurance

Co.

5.800%

due

07/27/26

(Þ)

435

444

National

Fuel

Gas

Co.

5.500%

due

01/15/26

571

574

National

Securities

Clearing

Corp.

0.750%

due

12/07/25

(Þ)

340

316

NCL

Corp.,

Ltd.

8.125%

due

01/15/29

(Þ)

30

31

NextEra

Energy

Capital

Holdings,

Inc.

4.450%

due

06/20/25

(Þ)

480

476

5.749%

due

09/01/25

(Þ)

50

51

NGPL

PipeCo

LLC

4.875%

due

08/15/27

(Þ)

536

527

NiSource,

Inc.

0.950%

due

08/15/25

435

409

Northwestern

Mutual

Life

Insurance

Co.

(The)

0.800%

due

01/14/26

(Þ)

570

528

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

687

619

Occidental

Petroleum

Corp.

3.400%

due

04/15/26

197

189

3.000%

due

02/15/27

30

28

Omega

Healthcare

Investors,

Inc.

4.750%

due

01/15/28

607

590

Oncor

Electric

Delivery

Co.

LLC

Series

WI

0.550%

due

10/01/25

(Þ)

240

224

ONEOK,

Inc.

5.550%

due

11/01/26

140

142

4.550%

due

07/15/28

400

396

5.650%

due

11/01/28

90

93

5.800%

due

11/01/30

30

31

Oracle

Corp.

1.650%

due

03/25/26

(Þ)

240

224

4.500%

due

05/06/28

(Þ)

40

40

Owl

Rock

Capital

Corp.

3.750%

due

07/22/25

199

192

2.875%

due

06/11/28

185

164

PACCAR

Financial

Corp.

3.550%

due

08/11/25

2,270

2,236

Pacific

Gas

and

Electric

Co.

4.950%

due

06/08/25

310

308

3.000%

due

06/15/28

656

602

Pacific

Life

Global

Funding

II

1.200%

due

06/24/25

(Þ)

500

476

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

525

524

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

243

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.200%

due

11/15/25

(Þ)

183

170

Philip

Morris

International,

Inc.

0.875%

due

05/01/26

100

92

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

138

147

Pioneer

Natural

Resources

Co.

1.125%

due

01/15/26

(Þ)

370

345

PNC

Financial

Services

Group,

Inc.

(The)

5.812%

due

06/12/26

(SOFR

+

1.322%)(Ê)

160

161

6.615%

due

10/20/27

(SOFR

+

1.730%)(Ê)

561

583

5.300%

due

01/21/28

(SOFR

+

1.342%)(Ê)

1,085

1,095

PPG

Industries,

Inc.

1.200%

due

03/15/26

120

111

Procter

&

Gamble

Co.

(The)

2.800%

due

03/25/27

1,800

1,726

Prospect

Capital

Corp.

3.706%

due

01/22/26

602

566

Protective

Life

Global

Funding

Series

REGS

1.170%

due

07/15/25

(Þ)

930

881

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

3

Month

LIBOR

+

2.665%)(Ê)

612

597

Radian

Group,

Inc.

4.875%

due

03/15/27

609

592

Raytheon

Technologies

Corp.

3.950%

due

08/16/25

(Þ)

130

128

Reliance

Steel

&

Aluminum

Co.

1.300%

due

08/15/25

613

577

RTX

Corp.

5.750%

due

11/08/26

510

523

Sabra

Health

Care,

LP

Series

WI

5.125%

due

08/15/26

522

514

Santander

Holdings

USA,

Inc.

6.499%

due

03/09/29

(SOFR

+

2.356%)(Ê)

580

600

Sealed

Air

Corp.

1.573%

due

10/15/26

(Þ)

345

313

Service

Properties

Trust

7.500%

due

09/15/25

490

497

Skyworks

Solutions,

Inc.

1.800%

due

06/01/26

(Þ)

421

392

Southern

California

Edison

Co.

5.650%

due

10/01/28

320

333

Southern

Co.

(The)

Series

21-A

3.750%

due

09/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.915%)(Ê)

656

612

Southern

Power

Co.

0.900%

due

01/15/26

685

633

Southwest

Airlines

Co.

5.250%

due

05/04/25

210

210

Southwestern

Energy

Co.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.375%

due

09/15/28

270

281

Steel

Dynamics,

Inc.

2.400%

due

06/15/25

408

392

Synchrony

Financial

4.500%

due

07/23/25

595

583

Series

BKNT

5.400%

due

08/22/25

559

555

Synovus

Financial

Corp.

5.625%

due

02/15/28

(Þ)

455

446

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

581

591

Tapestry,

Inc.

4.125%

due

07/15/27

651

619

T-Mobile

USA,

Inc.

2.250%

due

02/15/26

(Þ)

580

550

4.800%

due

07/15/28

(Þ)

583

585

3.375%

due

04/15/29

(Þ)

10

9

Series

WI

3.500%

due

04/15/25

1,145

1,123

Toyota

Motor

Credit

Corp.

3.000%

due

04/01/25

(Þ)

300

294

3.650%

due

08/18/25

1,800

1,773

Transcontinental

Gas

Pipe

Line

Co.

LLC

Series

WI

7.850%

due

02/01/26

60

63

Truist

Financial

Corp.

4.260%

due

07/28/26

(SOFR

+

1.456%)(Ê)

571

563

6.047%

due

06/08/27

(SOFR

+

2.050%)(Ê)

110

112

United

Airlines

Pass-Through

Trust

Series

A

4.300%

due

08/15/25

124

121

4.000%

due

04/11/26

492

476

United

Airlines,

Inc.

4.375%

due

04/15/26

(Þ)

220

212

Universal

Health

Services,

Inc.

Series

WI

1.650%

due

09/01/26

638

586

UPMC

Series

D-1

3.600%

due

04/03/25

1,130

1,106

US

Bancorp

5.775%

due

06/12/29

(SOFR

+

2.020%)(Ê)

40

41

Series

MTN

2.215%

due

01/27/28

(SOFR

+

0.730%)(Ê)

30

28

Verizon

Communications,

Inc.

4.125%

due

03/16/27

80

79

2.100%

due

03/22/28

50

45

Viatris

,

Inc.

Series

WI

1.650%

due

06/22/25

505

480

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

4.625%

due

06/15/25

(Þ)

567

559

Visa,

Inc.

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

244

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.150%

due

12/14/25

240

234

Vistra

Operations

Co.

LLC

5.125%

due

05/13/25

(Þ)

404

401

3.700%

due

01/30/27

(Þ)

190

181

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

135

124

2.400%

due

04/01/28

671

591

Walmart,

Inc.

3.950%

due

09/09/27

(Þ)

1,300

1,292

WarnerMedia

Holdings,

Inc.

6.412%

due

03/15/26

40

40

Series

WI

3.638%

due

03/15/25

1,045

1,025

3.755%

due

03/15/27

130

125

WEC

Energy

Group,

Inc.

5.600%

due

09/12/26

420

429

Wells

Fargo

&

Co.

0.805%

due

05/19/25

(SOFR

+

0.510%)(Ê)

340

335

2.406%

due

10/30/25

(CME

Term

SOFR

3

Month

+

1.087%)(Ê)

1,420

1,387

3.908%

due

04/25/26

(SOFR

+

1.320%)(Ê)

592

582

2.188%

due

04/30/26

(SOFR

+

2.000%)(Ê)

975

938

Western

Gas

Partners,

LP

4.750%

due

08/15/28

(Þ)

50

49

Western

Midstream

Operating,

LP

4.650%

due

07/01/26

540

532

6.350%

due

01/15/29

30

31

Westinghouse

Air

Brake

Technologies

Corp.

3.200%

due

06/15/25

577

561

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

573

574

128,191

International

Debt

-

13.7%

ABN

AMRO

Bank

NV

4.750%

due

07/28/25

(Þ)

193

190

4.800%

due

04/18/26

(Þ)

211

207

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.100%

due

01/15/27

730

747

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

403

388

Anheuser-Busch

Cos.

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

3.650%

due

02/01/26

185

182

Apidos

CLO

XXXI

Series

2018-25A

Class

A1R

6.758%

due

10/20/31

(CME

Term

SOFR

3

Month

+

1.432%)(Ê)(Þ)

479

480

Balboa

Bay

Loan

Funding,

Ltd.

Series

2021-1A

Class

AR

6.715%

due

01/20/32

(CME

Term

SOFR

3

Month

+

1.382%)(Ê)(Þ)

623

625

Banco

Santander

SA

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.175%

due

03/24/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.000%)(Ê)

200

193

Bank

of

Montreal

3.700%

due

06/07/25

(Þ)

605

594

5.266%

due

12/11/26

485

491

Bank

of

Nova

Scotia

(The)

3.450%

due

04/11/25

160

157

4.500%

due

12/16/25

576

568

1.050%

due

03/02/26

(Þ)

360

333

Barclays

PLC

5.304%

due

08/09/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.300%)(Ê)

990

989

4.836%

due

05/09/28

610

594

Barings

CLO,

Ltd.

Series

2021-2A

Class

AR

6.666%

due

10/15/33

(CME

Term

SOFR

3

Month

+

1.272%)(Ê)(Þ)

827

827

Barings

Private

Credit

Corp

CLO

Series

2023-1A

Class

A1

7.714%

due

07/15/31

(CME

Term

SOFR

3

Month

+

2.400%)(Ê)(Þ)

128

128

BAT

Capital

Corp.

3.215%

due

09/06/26

230

220

BAT

International

Finance

PLC

1.668%

due

03/25/26

630

587

Bayer

US

Finance

II

LLC

5.500%

due

08/15/25

(Þ)

542

539

BBVA

Bancomer

SA

1.875%

due

09/18/25

(Þ)

621

585

BCRED

MML

CLO

LLC

Series

2021-1A

Class

A

7.056%

due

01/15/35

(USD

3

Month

LIBOR

+

1.480%)(Ê)(Þ)

200

199

BDS,

Ltd.

Series

2021-FL8

Class

A

1.020%

due

01/18/36

(USD

1

Month

LIBOR

+

0.920%)(Ê)(Þ)

98

97

Benefit

Street

Partners

CLO

XII,

Ltd.

Series

2021-12A

Class

A1R

6.520%

due

10/15/30

(CME

Term

SOFR

3

Month

+

1.212%)(Ê)(Þ)

818

819

Black

Diamond

CLO,

Ltd.

Series

2021-1A

Class

A1AR

1.309%

due

04/24/29

(USD

3

Month

LIBOR

+

1.050%)(Ê)(Þ)

73

73

BNP

Paribas

SA

4.375%

due

09/28/25

(Þ)

556

547

Canadian

Imperial

Bank

of

Commerce

0.950%

due

10/23/25

210

197

Canadian

Natural

Resources,

Ltd.

3.850%

due

06/01/27

541

524

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)

481

482

Series

2018-5A

Class

A1RR

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

245

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.710%

due

07/15/31

(CME

Term

SOFR

3

Month

+

1.402%)(Ê)(Þ)

383

384

CarVal

CLO

VII-C,

Ltd.

Series

2023-1A

Class

A1

7.518%

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)

296

281

Cencosud

SA

4.375%

due

07/17/27

(Þ)

584

563

Cooperatieve

Rabobank

UA

3.649%

due

04/06/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.220%)(Ê)(Þ)

450

430

Credit

Agricole

SA

1.907%

due

06/16/26

(SOFR

+

1.676%)(Ê)(Þ)

598

570

1.247%

due

01/26/27

(SOFR

+

0.892%)(Ê)(Þ)

340

315

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.644%)(Ê)

(Þ)

521

487

Daimler

Finance

NA

LLC

1.450%

due

03/02/26

(Þ)

210

196

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)

410

409

1.621%

due

09/11/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)(Þ)

612

575

Deutsche

Bank

AG

2.129%

due

11/24/26

(SOFR

+

1.870%)(Ê)

621

585

DNB

Bank

ASA

1.127%

due

09/16/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.850%)(Ê)(Þ)

412

384

Dryden

Senior

Loan

Fund

Series

2018-55A

Class

A1

1.146%

due

04/15/31

(USD

3

Month

LIBOR

+

1.020%)(Ê)(Þ)

234

234

Series

2018-64A

Class

A

1.092%

due

04/18/31

(USD

3

Month

LIBOR

+

0.970%)(Ê)(Þ)

509

509

Series

2021-87A

Class

A1

6.729%

due

05/20/34

(CME

Term

SOFR

3

Month

+

1.362%)(Ê)(Þ)

200

199

Series

2022-80A

Class

BR

2.596%

due

01/17/33

(CME

Term

SOFR

3

Month

+

1.750%)(Ê)(Þ)

270

268

Element

Fleet

Management

Corp.

6.271%

due

06/26/26

(Þ)

604

615

Emera

US

Finance,

LP

Series

WI

3.550%

due

06/15/26

640

615

Enbridge,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.708%)(Ê)

618

617

Enel

Finance

International

NV

4.250%

due

06/15/25

(Þ)

565

558

Equinor

ASA

2.875%

due

04/06/25

1,045

1,022

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

(Þ)

528

523

Great-West

Lifeco

U.S.

Finance

2020,

LP

0.904%

due

08/12/25

(Þ)

280

263

Greywolf

CLO

VI,

Ltd.

Series

2018-1A

Class

A2

1.806%

due

04/26/31

(USD

3

Month

LIBOR

+

1.630%)(Ê)(Þ)

250

249

Halsey

Point

CLO

I,

Ltd.

Series

2019-1A

Class

A1A1

1.538%

due

01/20/33

(USD

3

Month

LIBOR

+

1.350%)(Ê)(Þ)

250

250

Hildene

Community

Funding

CDO,

Ltd.

Series

2021-1A

Class

ARR

2.600%

due

11/01/35

(Þ)

252

213

HPS

Loan

Management,

Ltd.

Series

2022-19

Class

X

6.046%

due

01/22/35

(CME

Term

SOFR

3

Month

+

0.700%)(Ê)(Þ)

77

76

HSBC

Holdings

PLC

3.803%

due

03/11/25

(CME

Term

SOFR

3

Month

+

1.473%)(Ê)(Þ)

270

269

1.645%

due

04/18/26

(SOFR

+

1.538%)(Ê)

270

258

1.589%

due

05/24/27

(SOFR

+

1.290%)(Ê)

638

587

5.887%

due

08/14/27

(SOFR

+

1.570%)(Ê)

685

695

Imperial

Tobacco

Finance

PLC

4.250%

due

07/21/25

(Þ)

578

569

ING

Groep

NV

4.017%

due

03/28/28

(SOFR

+

1.830%)(Ê)

270

262

Intesa

Sanpaolo

SpA

7.000%

due

11/21/25

(Þ)

545

558

Inversiones

CMPC

SA

4.375%

due

04/04/27

(Þ)

230

223

Lloyds

Banking

Group

PLC

Series

WI

4.582%

due

12/10/25

599

589

Madison

Park

Funding

XVIII,

Ltd.

Series

2021-18A

Class

ARR

1.195%

due

10/21/30

(USD

3

Month

LIBOR

+

0.940%)(Ê)(Þ)

1,271

1,271

Madison

Park

Funding

XXIII,

Ltd.

Series

2021-23A

Class

AR

6.551%

due

07/27/31

(USD

3

Month

LIBOR

+

0.970%)(Ê)(Þ)

279

279

Madison

Park

Funding

XXVI,

Ltd.

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

246

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-26A

Class

AR

1.470%

due

07/29/30

(USD

3

Month

LIBOR

+

1.200%)(Ê)(Þ)

744

745

Magnetite

XIV-R,

Ltd.

Series

2018-14RA

Class

A2

1.254%

due

10/18/31

(USD

3

Month

LIBOR

+

1.120%)(Ê)(Þ)

328

328

Manulife

Financial

Corp.

4.061%

due

02/24/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

1.647%)(Ê)

632

606

MEGlobal

BV

4.250%

due

11/03/26

(Þ)

260

250

MF1,

Ltd.

Series

2021-FL7

Class

A

1.175%

due

10/18/36

(USD

1

Month

LIBOR

+

1.080%)(Ê)(Þ)

250

247

Mitsubishi

UFJ

Financial

Group,

Inc.

1.412%

due

07/17/25

(Þ)

450

427

National

Australia

Bank,

Ltd.

4.966%

due

01/12/26

(Þ)

460

462

NatWest

Group

PLC

4.269%

due

03/22/25

(USD

3

Month

LIBOR

+

1.762%)(Ê)(Þ)

340

339

1.642%

due

06/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.900%)(Ê)

639

587

Neuberger

Berman

CLO

XV,

Ltd.

Series

2021-15A

Class

A1R2

6.496%

due

10/15/29

(USD

3

Month

LIBOR

+

0.920%)(Ê)(Þ)

296

296

Newark

BSL

CLO

2,

Ltd.

Series

2021-1A

Class

A1R

6.610%

due

07/25/30

(CME

Term

SOFR

3

Month

+

1.232%)(Ê)(Þ)

358

358

Nissan

Motor

Co.,

Ltd.

3.522%

due

09/17/25

(Þ)

200

193

Nordea

Bank

Abp

0.750%

due

08/28/25

(Þ)

270

253

NTT

Finance

Corp.

1.162%

due

04/03/26

(Þ)

550

510

nVent

Finance

SARL

Series

WI

4.550%

due

04/15/28

(Þ)

534

521

Octagon

Investment

Partners

XIV,

Ltd.

Series

2021-1A

Class

AARR

6.606%

due

07/15/29

(CME

Term

SOFR

3

Month

+

1.212%)(Ê)(Þ)

203

202

Octagon

Investment

Partners,

Ltd.

Series

2018-1A

Class

A1

5.049%

due

04/15/31

(USD

3

Month

LIBOR

+

0.970%)(Ê)(Þ)

557

557

Parliament

Funding

II,

Ltd.

Series

2021-1A

Class

AR

6.829%

due

10/20/31

(USD

3

Month

LIBOR

+

1.250%)(Ê)(Þ)

282

281

Perusahaan

Perseroan

(

Persero

)

PT

Perusahaan

Listrik

Negara

5.450%

due

05/21/28

(Þ)

220

222

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Prosus

NV

3.257%

due

01/19/27

(Þ)

647

598

3.061%

due

07/13/31

(Þ)

240

195

QazaqGaz

NC

JSC

4.375%

due

09/26/27

(Þ)

240

229

Regatta

XIV

Funding,

Ltd.

Series

2018-3A

Class

A

6.445%

due

10/25/31

(USD

3

Month

LIBOR

+

1.190%)(Ê)(Þ)

679

679

Royal

Bank

of

Canada

3.375%

due

04/14/25

280

275

Sands

China,

Ltd.

Series

WI

2.800%

due

03/08/27

200

181

Santander

UK

Group

Holdings

PLC

1.532%

due

08/21/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.250%)(Ê)

622

583

Setanta

Aircraft

Leasing

DAC

Term

Loan

B

7.610%

due

11/02/28

(USD

3

Month

LIBOR  +

2.000%)(Ê)

130

130

Sigma

Alimentos

SA

de

CV

4.125%

due

05/02/26

(Þ)

599

582

SK

Hynix,

Inc.

6.250%

due

01/17/26

(Þ)

519

525

Skandinaviska

Enskilda

Banken

AB

0.850%

due

09/02/25

(Þ)

270

253

Societe

Generale

SA

4.750%

due

11/24/25

(Þ)

422

415

1.488%

due

12/14/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.100%)(Ê)(Þ)

193

178

Standard

Chartered

PLC

1.456%

due

01/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.000%)(Ê)(Þ)

655

603

Sumitomo

Mitsui

Financial

Group,

Inc.

1.402%

due

09/17/26

340

311

Suncor

Energy,

Inc.

7.875%

due

06/15/26

489

520

Suzano

International

Finance

BV

5.500%

due

01/17/27

(Þ)

220

220

Swedbank

AB

3.356%

due

04/04/25

(Þ)

340

334

Sycamore

Tree

CLO,

Ltd.

Series

2023-2A

Class

A

7.648%

due

04/20/35

(CME

Term

SOFR

3

Month

+

2.330%)(Ê)(Þ)

250

250

Symphony

CLO

XIX,

Ltd.

Series

2023-34A

Class

X

6.869%

due

07/24/36

(CME

Term

SOFR

3

Month

+

1.550%)(Ê)(Þ)

180

180

Symphony

CLO

XXVI,

Ltd.

Series

2021-26A

Class

X

6.129%

due

04/20/33

(USD

3

Month

LIBOR

+

0.550%)(Ê)(Þ)

25

25

TCI-Flatiron

CLO,

Ltd.

Series

2022-1A

Class

AR3

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

247

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.270%

due

01/17/32

(CME

Term

SOFR

3

Month

+

1.100%)(Ê)(Þ)

212

211

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150%

due

10/01/26

350

326

Toronto-Dominion

Bank

(The)

0.750%

due

09/11/25

(Þ)

370

347

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.075%)(Ê)

460

478

Toyota

Motor

Credit

Corp.

1.339%

due

03/25/26

110

103

TransCanada

Trust

Series

16-A

5.875%

due

08/15/76

(USD

3

Month

LIBOR

+

4.640%)(Ê)

627

602

Transportadora

de

Gas

Internacional

SA

ESP

5.550%

due

11/01/28

(Þ)

484

474

TSMC

Arizona

Corp.

1.750%

due

10/25/26

200

185

UBS

Group

AG

4.125%

due

09/24/25

(Þ)

340

334

4.488%

due

05/12/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)(Þ)

365

360

5.711%

due

01/12/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.550%)(Ê)(Þ)

579

582

UniCredit

SpA

1.982%

due

06/03/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.200%)(Ê)(Þ)

635

585

Unilever

Capital

Corp.

3.100%

due

07/30/25

1,800

1,764

Vale

Overseas,

Ltd.

6.250%

due

08/10/26

(Þ)

270

276

Valley

Stream

Park

CLO,

Ltd.

Series

2023-1A

Class

DR

9.468%

due

10/20/34

(CME

Term

SOFR

3

Month

+

4.150%)(Ê)(Þ)

110

110

Var

Energi

ASA

5.000%

due

05/18/27

(Þ)

194

190

7.500%

due

01/15/28

(Þ)

201

213

Weir

Group

PLC

(The)

2.200%

due

05/13/26

(Þ)

659

613

Whitebox

CLO

I,

Ltd.

Series

2021-1A

Class

ANAR

6.710%

due

07/24/32

(USD

3

Month

LIBOR

+

1.130%)(Ê)(Þ)

390

390

Whitebox

CLO

III,

Ltd.

Series

2021-3A

Class

A1

6.790%

due

10/15/34

(CME

Term

SOFR

3

Month

+

1.482%)(Ê)(Þ)

250

250

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

593

581

53,317

Loan

Agreements

-

0.3%

APi

Group

DE,

Inc.

2023

Term

Loan

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.701%

due

10/01/26

(USD

1

Month

LIBOR

+

2.250%)(Ê)

77

77

Asurion

LLC

2021

Term

Loan

B9

8.697%

due

07/31/27

(USD

1

Month

LIBOR

+

3.250%)(Ê)

127

125

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Term

Loan

B4

7.329%

due

12/09/30

(USD

3

Month

LIBOR  +

2.000%)(Ê)

128

126

Charter

Communications

Operating

LLC

Term

Loan

B2

7.083%

due

02/01/27

(USD

1

Month

LIBOR

+

1.750%)(Ê)(Þ)

127

127

Genesee

&

Wyoming,

Inc.

New

Term

Loan

7.448%

due

12/30/26

(USD

3

Month

LIBOR  +

2.000%)(Ê)(Þ)

127

127

Hudson

River

Trading

LLC

Term

Loan

8.447%

due

03/18/28

(USD

1

Month

LIBOR

+

3.000%)(Ê)(Þ)

127

126

Nexstar

Broadcasting,

Inc.

Term

Loan

B4

7.951%

due

09/19/26

(USD

1

Month

LIBOR

+

2.500%)(Ê)

77

77

Rent-A-Center,

Inc.

1st

Lien

Term

Loan

B

9.119%

due

02/17/28

(USD

3

Month

LIBOR  +

3.250%)(Ê)

121

121

VFH

Parent

LLC

2022

Term

Loan

B

8.433%

due

01/13/29

(USD

1

Month

LIBOR

+

3.000%)(Ê)(Þ)

125

124

Virgin

Media

Secured

Finance

PLC

Term

Loan

7.948%

due

01/31/28

(USD

1

Month

LIBOR

+

2.500%)(Ê)

130

127

1,157

Mortgage-Backed

Securities

-

15.0%

2023-MIC

Trust

(The)

Series

2023-MIC

Class

A

8.437%

due

11/05/28

(~)(Ê)(Þ)

220

230

A&D

Mortgage

Trust

Series

2024-NQM1

Class

A1

6.195%

due

02/25/69

(~)(Ê)(Þ)

1,280

1,285

Arbor

Multifamily

Mortgage

Securities

Trust

Series

2021-MF3

Class

A1

1.075%

due

10/15/54

(Þ)

224

209

Series

2021-MF3

Class

A2

2.213%

due

10/15/54

(Þ)

345

316

AREIT,

Inc.

Series

2021-CRE5

Class

A

1.180%

due

07/17/26

(USD

1

Month

LIBOR

+

1.080%)(Ê)(Þ)

126

125

Avenue

of

Americas

Series

2021-1177

Class

A

0.965%

due

10/15/36

(USD

1

Month

LIBOR

+

0.874%)(Ê)(Þ)

310

293

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2020-BN26

Class

A1

1.388%

due

03/15/63

17

17

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

248

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2020-BN29

Class

A1

0.549%

due

11/15/53

556

528

BBCMS

Mortgage

Trust

Series

2021-C11

Class

A1

0.752%

due

09/15/54

345

327

Series

2023

C19

Class

A1

5.698%

due

04/15/56

(Þ)

232

233

Series

2023-C20

Class

A1

5.862%

due

07/15/56

(Þ)

234

238

Benchmark

Mortgage

Trust

Series

2020-B17

Class

A1

1.282%

due

03/15/53

70

68

Series

2020-B21

Class

A1

0.537%

due

12/17/53

130

126

Series

2020-B22

Class

A1

0.509%

due

01/15/54

734

696

Series

2021-B27

Class

XA

Interest

Only

STRIPS

1.274%

due

07/15/54

(~)(Ê)

4,148

253

Series

2021-B28

Class

A1

0.597%

due

08/15/54

(~)(Ê)(Þ)

406

382

Series

2023-B39

Class

A1

6.035%

due

07/15/55

(Þ)

232

235

Series

2023-V3

Class

A1

5.957%

due

07/15/56

(Þ)

165

168

BMO

Mortgage

Trust

Series

2023-C5

Class

A1

5.740%

due

06/15/56

271

274

BPR

Trust

Series

2021-TY

Class

C

1.800%

due

09/15/38

(USD

1

Month

LIBOR

+

1.700%)(Ê)(Þ)

250

247

BRAVO

Residential

Funding

Trust

Series

2023-NQM8

Class

A1

6.394%

due

10/25/63

(~)(Ê)(Þ)

916

925

Series

2024-NQM1

Class

A1

5.943%

due

12/01/63

(~)(Ê)(Þ)

1,525

1,525

BX

Commercial

Mortgage

Trust

Series

2019-XL

Class

A

1.105%

due

10/15/36

(USD

1

Month

LIBOR

+

0.920%)(Ê)(Þ)

689

689

Series

2023-XL3

Class

A

7.121%

due

12/09/40

(CME

Term

SOFR

1

Month

+

1.761%)(Ê)(Þ)

1,060

1,067

Series

2024-XL4

Class

A

6.442%

due

02/15/39

(CME

Term

SOFR

1

Month

+

1.442%)(Ê)(Þ)

600

601

BX

Trust

Series

2019-MMP

Class

A

6.377%

due

08/15/36

(CME

Term

SOFR

1

Month

+

1.044%)(Ê)(Þ)

547

539

Series

2019-OC11

Class

A

3.202%

due

12/09/41

(Þ)

270

243

Series

2020-VIVA

Class

E

3.667%

due

03/11/44

(~)(Ê)(Þ)

250

204

Series

2021-ARIA

Class

A

0.979%

due

10/15/36

(USD

1

Month

LIBOR

+

0.899%)(Ê)(Þ)

310

306

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-BXMF

Class

A

6.083%

due

10/15/26

(CME

Term

SOFR

1

Month

+

0.750%)(Ê)(Þ)

291

287

Series

2021-XL2

Class

D

1.497%

due

10/15/36

(USD

1

Month

LIBOR

+

1.397%)(Ê)(Þ)

242

239

Series

2022-LBA6

Class

A

1.058%

due

01/15/39

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

250

248

Series

2022-LP2

Class

A

1.063%

due

02/15/39

(CME

Term

SOFR

1

Month

+

1.013%)(Ê)(Þ)

194

193

Series

2022-PSB

Class

A

4.951%

due

08/15/39

(CME

Term

SOFR

1

Month

+

2.451%)(Ê)(Þ)

131

132

BXMT,

Ltd.

Series

2021-FL4

Class

A

1.170%

due

05/15/38

(USD

1

Month

LIBOR

+

1.050%)(Ê)(Þ)

330

312

Citigroup

Commercial

Mortgage

Trust

Series

2016-P4

Class

A3

2.646%

due

07/10/49

680

645

Series

2020-GC46

Class

A1

1.846%

due

02/15/53

56

55

COLT

Mortgage

Loan

Trust

Series

2022-2

Class

A1

2.994%

due

02/25/67

(~)(Ê)(Þ)

93

85

Series

2024-1

Class

A1

%

due

02/25/69

1,515

1,515

Series

2024-INV1

Class

A1

5.903%

due

12/25/68

(~)(Ê)(Þ)

905

909

Commercial

Mortgage

Trust

Series

2014-CR20

Class

ASB

3.305%

due

11/10/47

42

42

Series

2015-CR22

Class

ASB

3.144%

due

03/10/48

(Þ)

44

43

Series

2015-LC23

Class

ASB

3.598%

due

10/10/48

18

17

Series

2020-CBM

Class

A2

2.896%

due

02/10/37

(Þ)

310

298

Series

2021-PF1

Class

A1

1.122%

due

11/15/54

539

507

Credit

Suisse

Mortgage

Trust

Series

2020-RPL4

Class

A1

2.000%

due

01/25/60

(~)(Ê)(Þ)

183

163

Series

2021-NQM6

Class

A3

1.585%

due

07/25/66

(~)(Ê)(Þ)

165

134

CSAIL

Commercial

Mortgage

Trust

Series

2015-C3

Class

ASB

3.448%

due

08/15/48

37

36

Series

2016-C7

Class

ASB

3.314%

due

11/15/49

108

106

Series

2020-C19

Class

A1

1.296%

due

03/15/53

92

89

Ellington

Financial

Mortgage

Trust

Series

2022-1

Class

A1

2.206%

due

02/25/26

(~)(Ê)(Þ)

140

120

ELP

Commercial

Mortgage

Trust

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

249

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-ELP

Class

D

1.619%

due

11/15/36

(USD

1

Month

LIBOR

+

1.518%)(Ê)(Þ)

250

245

Extended

Stay

America

Trust

Series

2021-ESH

Class

C

7.147%

due

07/15/38

(CME

Term

SOFR

1

Month

+

1.814%)(Ê)(Þ)

220

218

Fannie

Mae

4.500%

due

2025

(Þ)

16

16

2.280%

due

2026

281

265

2.000%

due

2033

(Þ)

634

599

3.000%

due

2034

89

86

5.000%

due

2038

1,600

1,604

3.000%

due

2040

1,324

1,216

5.500%

due

2052

(Þ)

268

269

5.000%

due

2053

(Þ)

5,369

5,299

30

Year

TBA(Ï)

3.500%

400

364

4.000%

300

282

4.500%

100

97

5.000%

100

99

Fannie

Mae

REMICS

Series

2007-73

Class

A1

0.236%

due

07/25/37

(USD

1

Month

LIBOR

+

0.060%)(Ê)

8

7

Freddie

Mac

4.500%

due

2038

999

992

5.000%

due

2038

2,049

2,054

3.269%

due

2049

(USD

12

Month

LIBOR

+

1.629%)(Ê)(Þ)

746

705

2.551%

due

2052

(SOFR

30

Day

Average

+

2.380%)(Ê)

1,424

1,305

5.500%

due

2053

380

381

6.000%

due

2053

194

197

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA5

Class

M2

1.700%

due

01/25/34

(SOFR

30

Day

Average

+

1.650%)(Ê)(Þ)

153

153

Series

2022-DNA2

Class

M1A

1.349%

due

02/25/42

(SOFR

30

Day

Average

+

1.300%)(Ê)(Þ)

43

43

Series

2022-DNA2

Class

M1B

2.449%

due

02/25/42

(SOFR

30

Day

Average

+

2.400%)(Ê)(Þ)

60

61

GCAT

Trust

Series

2024-INV1

Class

1A2

5.500%

due

01/25/54

(~)(Ê)(Þ)

190

188

Ginnie

Mae

30

Year

TBA(Ï)

4.500%

100

97

5.000%

100

99

Ginnie

Mae

II

5.500%

due

2053

(Þ)

100

100

Ginnie

Mae

REMICS

Series

2016-H11

Class

HA

2.500%

due

01/20/66

(Þ)

658

639

Series

2017-H03

Class

NA

3.125%

due

10/20/66

652

631

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-H23

Class

MA

3.000%

due

11/20/67

201

191

Series

2021-H15

Class

HB

1.250%

due

09/20/65

286

275

Series

2022-H17

Class

DF

5.359%

due

07/20/72

(SOFR

30

Day

Average

+

0.800%)(Ê)

614

601

GS

Mortgage

Securities

Trust

Series

2023-PJ4

Class

A15

6.000%

due

01/25/54

(~)(Ê)(Þ)

394

397

Hawaii

Hotel

Trust

Series

2019-MAUI

Class

F

2.935%

due

05/15/38

(USD

1

Month

LIBOR

+

2.750%)(Ê)(Þ)

250

241

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2014-C22

Class

A4

3.801%

due

09/15/47

525

517

Series

2017-JP5

Class

ASB

3.549%

due

03/15/50

(Þ)

254

247

Series

2017-JP7

Class

A3

3.379%

due

09/15/50

769

741

JPMorgan

Mortgage

Trust

Series

2023-4

Class

1A4A

5.500%

due

11/25/53

(~)(Ê)(Þ)

743

739

Series

2023-8

Class

A4

6.000%

due

02/25/54

(~)(Ê)(Þ)

706

711

Series

2024-1

Class

A6

6.000%

due

06/25/54

(~)(Ê)(Þ)

1,280

1,283

Legacy

Mortgage

Asset

Trust

Series

2020-RPL1

Class

A1

3.000%

due

09/25/59

(~)(Ê)(Þ)

150

142

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C23

Class

A3

3.451%

due

07/15/50

459

448

Series

2015-C25

Class

A3

3.280%

due

10/15/48

259

254

Series

2016-C32

Class

ASB

3.514%

due

12/15/49

195

190

Morgan

Stanley

Capital

I

Trust

Series

2021-L5

Class

A1

0.785%

due

04/15/26

282

266

Series

2021-L7

Class

A1

0.881%

due

08/15/26

(Þ)

816

766

MSWF

Commercial

Mortgage

Trust

Series

2023-1

Class

A1

5.539%

due

01/15/28

165

167

New

Residential

Mortgage

Loan

Trust

Series

2022-NQM2

Class

A1

3.079%

due

03/27/62

(~)(Ê)(Þ)

201

183

NYO

Commercial

Mortgage

Trust

Series

2021-1290

Class

D

2.625%

due

11/15/38

(USD

1

Month

LIBOR

+

2.545%)(Ê)(Þ)

310

206

OBX

Trust

Series

2022-NQM1

Class

A1

2.305%

due

11/25/61

(~)(Ê)(Þ)

193

167

Onslow

Bay

Financial

LLC

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

250

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2023-NQM1

Class

A1

5.928%

due

11/25/63

(~)(Ê)(Þ)

1,624

1,633

Series

2023-NQM7

Class

A1

6.844%

due

04/25/63

(~)(Ê)(Þ)

327

333

Series

2024-NQM2

Class

A1

5.878%

due

12/25/63

(~)(Ê)(Þ)

1,040

1,040

Premier

Global

Infrastructure

Trust

PLC

Series

2021-PORT

Class

A

0.584%

due

10/15/36

(USD

1

Month

LIBOR

+

0.484%)(Ê)(Þ)

165

162

RCKT

Mortgage

Trust

Series

2023-CES2

Class

A1A

6.808%

due

09/25/43

(~)(Ê)(Þ)

976

990

Sequoia

Mortgage

Trust

Series

2023-3

Class

A4

6.000%

due

09/25/53

(~)(Ê)(Þ)

597

602

SG

Capital

Partners

LLC

Series

2022-1

Class

A1

3.166%

due

03/27/62

(~)(Ê)(Þ)

211

192

SREIT

Trust

Series

2021-MFP

Class

A

0.831%

due

11/15/38

(USD

1

Month

LIBOR

+

0.731%)(Ê)(Þ)

297

294

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

244

STWD

Trust

Series

2021-MFP2

Class

A

0.922%

due

11/15/36

(USD

1

Month

LIBOR

+

0.822%)(Ê)(Þ)

270

268

Towd

Point

Mortgage

Trust

Series

2021-SJ1

Class

A1

2.250%

due

07/25/68

(~)(Ê)(Þ)

419

394

Series

2021-SJ2

Class

A1A

2.250%

due

03/25/59

(~)(Ê)(Þ)

302

285

Series

2023-CES1

Class

A1A

6.750%

due

07/25/63

(~)(Ê)(Þ)

682

694

UBS

Commercial

Mortgage

Trust

Series

2017-C2

Class

ASB

3.264%

due

08/15/50

(Þ)

599

579

Verus

Securitization

Trust

Series

2023-8

Class

A1

6.259%

due

12/25/68

(~)(Ê)(Þ)

2,013

2,035

Series

2023-INV3

Class

A1

6.876%

due

11/25/68

(~)(Ê)(Þ)

710

723

Series

2024-1

Class

A1

5.712%

due

01/25/69

(~)(Ê)(Þ)

815

814

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28

Class

A3

3.290%

due

05/15/48

634

618

Series

2015-NXS2

Class

ASB

3.461%

due

07/15/58

53

52

Series

2016-C35

Class

A3

2.674%

due

07/15/48

(Þ)

822

783

Series

2020-C57

Class

A1

0.903%

due

08/15/53

(Þ)

86

82

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

58,384

Municipal

Bonds

-

0.1%

Taxable

Municipal

Funding

Trust

Revenue

Bonds

0.530%

due

09/01/30

(~)(Ê)(Þ)

345

345

United

States

Government

Agencies

–

0.9%

Federal

Farm

Credit

Banks

Funding

Corp.

0.710%

due

04/21/25

1,900

1,809

5.790%

due

11/13/26

600

600

Federal

Home

Loan

Banks

5.875%

due

12/18/28

800

801

Tennessee

Valley

Authority

0.750%

due

05/15/25

(Þ)

370

352

3,562

United

States

Government

Treasuries

–

5.3%

United

States

Treasury

Notes

5.000%

due

08/31/25

3,700

3,734

5.000%

due

10/31/25

(Þ)

3,210

3,247

4.875%

due

11/30/25

1,890

1,910

4.250%

due

12/31/25

90

90

4.625%

due

03/15/26

40

40

0.750%

due

03/31/26

3,739

3,479

4.375%

due

08/15/26

740

745

4.625%

due

11/15/26

30

31

1.250%

due

11/30/26

(Þ)

190

176

4.375%

due

12/15/26

560

565

4.000%

due

01/15/27

1,565

1,565

2.750%

due

07/31/27

1,130

1,086

4.125%

due

10/31/27

1,480

1,489

3.500%

due

01/31/28

2,035

2,003

3.625%

due

05/31/28

590

584

3.875%

due

08/15/33

10

10

20,754

Total

Long-Term

Investments

(cost

$309,592)

307,394

Options

Purchased

-

0.0%

(Number

of

Contracts)

Three

Month

SOFR

Futures

Bank

of

Montreal

Mar

2024

94.50

Put

(49)

USD

11,576

(ÿ)

—

Bank

of

Montreal

Dec

2024

96.00

Put

(22)

USD

5,280

(ÿ)

20

Morgan

Stanley

Apr

2024

94.75

Put

(19)

USD

4,501

(ÿ)

1

United

States

5

Year

Treasury

Note

Futures

Bank

of

Montreal

Feb

2024

109.00

Call

(11)

USD

1,199

(ÿ)

3

Total

Options

Purchased

(cost

$40)

24

Short-Term

Investments

-

20.5%

AbbVie,

Inc.

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

251

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

2.600%

due

11/21/24

(Þ)

440

431

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.650%

due

10/29/24

290

282

3.500%

due

01/15/25

(Þ)

510

500

Series

3NC1

1.750%

due

10/29/24

360

350

Air

Lease

Corp.

Series

MTN

0.700%

due

02/15/24

390

389

American

Express

Co.

2.500%

due

07/30/24

(Þ)

260

256

American

Honda

Finance

Corp.

2.900%

due

02/16/24

1,500

1,498

1.500%

due

01/13/25

(Þ)

500

483

Anglo

American

Capital

PLC

3.625%

due

09/11/24

(Þ)

740

730

Antalis

SA

0.000%

due

02/01/24

(ç)(Þ)(ž)

1,800

1,800

Atlantic

Asset

Securitization

LLC

5.674%

due

04/02/24

(Þ)(ž)

1,200

1,189

Autobahn

Funding

Co.

LLC

1.000%

due

03/22/24

(ç)(Þ)

350

347

Bank

of

Montreal

2.500%

due

06/28/24

1,670

1,650

Bank

of

Nova

Scotia

(The)

0.650%

due

07/31/24

(Þ)

1,380

1,348

Barclays

PLC

5.608%

due

04/09/24

(Þ)(ž)

1,800

1,782

Barton

Capital

SA

5.367%

due

04/08/24

(Þ)

1,800

1,782

BMW

US

Capital

LLC

0.800%

due

04/01/24

(Þ)

190

189

BNP

Paribas

SA

0.000%

due

02/01/24

(ç)(ž)

600

600

Boeing

Co.

(The)

2.800%

due

03/01/24

270

269

CAFCO

LLC

5.395%

due

02/12/24

(ç)

1,300

1,298

CenterPoint

Energy,

Inc.

2.500%

due

09/01/24

490

481

Chariot

Funding

LLC

1.593%

due

03/27/24

(ç)(Þ)

1,800

1,785

Colgate-Palmolive

Co.

3.250%

due

03/15/24

1,100

1,097

CRC

Funding

LLC

5.863%

due

02/15/24

(ç)(Þ)

1,800

1,796

Credit

Agricole

Corp.

and

Investment

Bank

5.179%

due

02/13/24

(ç)(ž)

250

250

Credit

Suisse

AG

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.950%

due

01/09/25

250

256

Devon

Energy

Corp.

Series

WI

5.250%

due

09/15/24

(Þ)

180

180

DR

Horton,

Inc.

2.500%

due

10/15/24

140

137

DTE

Energy

Co.

4.220%

due

11/01/24

(~)(Ê)

725

717

Elevance

Health,

Inc.

3.500%

due

08/15/24

395

391

Entergy

Louisiana

LLC

0.950%

due

10/01/24

490

477

Federal

Farm

Credit

Banks

Funding

Corp.

3.375%

due

08/26/24

120

119

Federal

Home

Loan

Bank

Discount

Notes

5.055%

due

08/14/24

(ž)

390

380

Federal

Home

Loan

Banks

0.430%

due

06/17/24

(Þ)

1,500

1,473

Glencore

Funding

LLC

4.125%

due

03/12/24

(Þ)

290

290

Honeywell

International,

Inc.

2.300%

due

08/15/24

1,400

1,378

International

Business

Machines

Corp.

3.000%

due

05/15/24

1,600

1,589

JPMorgan

Chase

&

Co.

3.625%

due

05/13/24

1,430

1,423

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

110

108

Lloyds

Banking

Group

PLC

3.900%

due

03/12/24

340

339

LMA

Americas

LLC

5.465%

due

02/12/24

(ç)(Þ)

400

399

0.912%

due

04/02/24

(Þ)

450

446

Lowe's

Cos.,

Inc.

3.125%

due

09/15/24

(Þ)

120

118

Manhattan

Asset

Funding

Co.

LLC

4.460%

due

04/15/24

(Þ)

1,000

989

Marriott

International,

Inc.

Series

FXD

3.600%

due

04/15/24

130

130

Matchpoint

Finance

PLC

5.881%

due

02/02/24

(ç)

700

700

5.624%

due

04/01/24

(ž)

1,050

1,040

Mizuho

Bank,

Ltd.

Series

YCD

5.690%

due

02/15/24

(SOFR

+

0.380%)(ç)(Ê)

1,800

1,800

MUFG

Bank,

Ltd.

4.891%

due

02/08/24

(ç)(ž)

1,800

1,798

Natixis

SA

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

252

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.962%

due

02/09/24

(ç)(ž)

1,800

1,798

5.535%

due

06/17/24

(ž)

490

480

Northrop

Grumman

Corp.

2.930%

due

01/15/25

(Þ)

100

98

Old

Line

Funding

LLC

1.000%

due

04/16/24

(Þ)

800

791

PayPal

Holdings,

Inc.

2.400%

due

10/01/24

370

363

Petrobras

Global

Finance

BV

6.250%

due

03/17/24

(Þ)

360

360

Philip

Morris

International,

Inc.

2.875%

due

05/01/24

220

218

PMT

Credit

Risk

Transfer

Trust

Series

2021-1R

Class

A

7.417%

due

02/27/24

(USD

1

Month

LIBOR

+

2.900%)(Ê)(Þ)

114

113

Private

Export

Funding

Corp.

Series

OO

1.750%

due

11/15/24

1,200

1,168

Santander

UK

PLC

5.384%

due

04/04/24

1,600

1,585

Sprint

LLC

Series

WI

7.125%

due

06/15/24

330

331

STAR

Trust

Series

2022-SFR3

Class

A

6.726%

due

05/17/24

(CME

Term

SOFR

1

Month

+

1.650%)(Ê)(Þ)

1,293

1,293

Sungard

AS

New

Holdings

III

LLC

Term

Loan

0.000%

due

08/01/24

(~)(Ê)(v)

75

51

Sungard

Availability

Services

Capital,

Inc.

Term

Loan

0.000%

due

11/03/22

(~)(Ê)(v)

237

31

Toronto-Dominion

Bank

(The)

1.250%

due

12/13/24

1,400

1,355

TotalEnergies

Capital

International

SA

2.434%

due

01/10/25

1,800

1,759

TransCanada

PipeLines

,

Ltd.

1.000%

due

10/12/24

(Þ)

640

620

U.S.

Cash

Management

Fund(@)

16,080,933(∞)

16,076

UBS

Group

AG

0.450%

due

02/09/24

(Þ)

1,900

1,898

United

Overseas

Bank,

Ltd.

5.546%

due

03/15/24

(ç)(Þ)(ž)

600

596

United

States

Treasury

Bills

5.056%

due

02/13/24

(ç)(ž)

150

150

5.364%

due

03/14/24

(ç)(ž)

430

427

5.392%

due

03/26/24

(Þ)(ž)

250

248

5.381%

due

04/11/24

(ž)

150

148

5.350%

due

04/16/24

(ž)

220

218

United

States

Treasury

Notes

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.250%

due

06/15/24

(Þ)

2,610

2,563

US

Bank

NA

Series

BKNT

2.050%

due

01/21/25

340

330

Verizon

Communications,

Inc.

0.750%

due

03/22/24

220

219

Victory

Receivables

Corp.

5.833%

due

02/05/24

(ç)

800

800

5.365%

due

04/15/24

(Þ)

1,000

989

Walt

Disney

Co.

(The)

1.750%

due

08/30/24

1,800

1,764

Wells

Fargo

&

Co.

3.300%

due

09/09/24

(Þ)

1,300

1,283

Williams

Cos.,

Inc.

(The)

4.300%

due

03/04/24

(Þ)

570

569

Total

Short-Term

Investments

(cost

$80,636)

79,951

Total

Investments

-

99.4%

(identified

cost

$390,268)

387,369

Other

Assets

and

Liabilities,

Net

-

0.6%

2,469

Net

Assets

-

100.0%

389,838

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

253

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

44.6%

2023-MIC

Trust

(The)

10/26/23

220,000

100.00

220

230

A&D

Mortgage

Trust

01/19/24

1,280,000

100.15

1,282

1,285

AbbVie,

Inc.

05/20/21

440,000

100.40

442

431

ABN

AMRO

Bank

NV

07/08/20

211,000

95.79

202

207

ABN

AMRO

Bank

NV

11/06/23

193,000

98.48

190

190

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

04/25/22

510,000

99.58

508

500

Aircastle

,

Ltd.

08/08/23

318,000

104.40

332

315

Aircastle

,

Ltd.

09/14/23

231,000

86.79

200

207

Alaska

Airlines

Pass-Through

Trust

11/17/23

107,077

95.40

102

105

Alimentation

Couche-Tard,

Inc.

09/24/18

403,000

94.63

381

388

Alphabet,

Inc.

09/18/23

1,800,000

89.24

1,606

1,609

Amazon.com,

Inc.

09/14/23

40,000

95.14

38

39

American

Airlines

Group,

Inc.

11/17/23

40,000

100.02

40

42

American

Express

Co.

05/20/21

260,000

99.62

259

256

American

Homes

4

Rent

Trust

11/13/23

1,184,907

96.27

1,141

1,157

American

Honda

Finance

Corp.

10/31/23

500,000

96.20

481

483

Amgen,

Inc.

09/14/23

290,000

99.28

288

281

AMSR

Trust

11/20/23

574,449

94.11

541

551

AMSR

Trust

11/21/23

590,000

91.36

539

551

AMSR

Trust

01/12/24

720,000

87.82

632

634

AMSR

Trust

01/12/24

790,000

96.12

759

761

AMSR

Trust

01/16/24

1,300,000

93.81

1,220

1,233

Anglo

American

Capital

PLC

05/20/21

740,000

100.77

746

730

Antalis

SA

01/05/24

1,800,000

100.00

1,800

1,800

Apidos

CLO

XXXI

08/03/23

478,701

99.72

477

480

Arbor

Multifamily

Mortgage

Securities

Trust

09/27/21

223,568

100.00

224

209

Arbor

Multifamily

Mortgage

Securities

Trust

09/27/21

345,000

102.81

355

316

AREIT,

Inc.

09/28/21

126,237

100.00

126

125

Ares

Capital

Corp.

09/14/23

181,000

85.42

155

161

Atlantic

Asset

Securitization

LLC

01/17/24

1,200,000

99.09

1,189

1,189

Autobahn

Funding

Co.

LLC

01/23/24

350,000

99.26

347

347

Avenue

of

Americas

10/20/21

310,000

99.89

310

293

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

05/24/23

740,000

99.99

740

755

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

07/19/23

930,000

94.46

879

894

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

10/23/23

1,580,000

99.64

1,574

1,562

Balboa

Bay

Loan

Funding,

Ltd.

08/03/23

623,469

99.60

621

625

Bank

of

America

Corp.

03/08/21

790,000

94.70

748

735

Bank

of

America

Corp.

09/14/23

480,000

98.19

471

442

Bank

of

America

Corp.

09/14/23

770,000

99.50

766

743

Bank

of

Montreal

09/21/23

605,000

99.15

600

594

Bank

of

Nova

Scotia

(The)

07/27/21

1,380,000

99.99

1,380

1,348

Bank

of

Nova

Scotia

(The)

09/14/23

360,000

97.01

349

333

Barclays

PLC

01/30/24

1,800,000

98.98

1,782

1,782

Barings

CLO,

Ltd.

11/08/23

826,602

99.68

824

827

Barings

Private

Credit

Corp

CLO

07/28/23

127,899

100.00

128

128

Barton

Capital

SA

01/10/24

1,800,000

99.00

1,782

1,782

Bayer

US

Finance

II

LLC

05/07/21

542,000

105.59

572

539

BBCMS

Mortgage

Trust

04/10/23

231,899

100.00

232

233

BBCMS

Mortgage

Trust

06/21/23

233,857

100.00

234

238

BBVA

Bancomer

SA

01/22/24

621,000

94.23

585

585

BCRED

MML

CLO

LLC

11/10/21

200,000

100.00

200

199

BDS,

Ltd.

07/22/21

97,538

100.00

98

97

Benchmark

Mortgage

Trust

08/03/21

406,335

100.00

406

382

Benchmark

Mortgage

Trust

06/28/23

231,784

100.00

232

235

Benchmark

Mortgage

Trust

07/19/23

165,395

100.00

165

168

Benefit

Street

Partners

CLO

XII,

Ltd.

09/22/23

818,429

99.79

817

819

Berkshire

Hathaway

Energy

Co.

03/20/20

1,180,000

99.59

1,175

1,168

Black

Diamond

CLO,

Ltd.

07/15/21

73,491

100.00

73

73

BMW

US

Capital

LLC

05/20/21

190,000

99.69

189

189

BNP

Paribas

SA

05/26/21

556,000

104.50

581

547

BPR

Trust

09/10/21

250,000

100.00

250

247

BRAVO

Residential

Funding

Trust

12/05/23

916,175

100.00

916

925

BRAVO

Residential

Funding

Trust

01/18/24

1,525,000

100.01

1,525

1,525

BX

Commercial

Mortgage

Trust

09/27/23

689,450

99.49

686

689

BX

Commercial

Mortgage

Trust

12/07/23

1,060,000

99.75

1,057

1,067

BX

Commercial

Mortgage

Trust

01/17/24

600,000

99.75

598

601

BX

Trust

11/09/20

547,261

99.50

545

539

BX

Trust

06/16/21

250,000

100.41

251

204

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

254

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

$

$

$

BX

Trust

10/13/21

310,000

99.79

309

306

BX

Trust

10/14/21

242,398

99.56

241

239

BX

Trust

10/28/21

290,924

99.55

290

287

BX

Trust

01/21/22

250,000

100.00

250

248

BX

Trust

02/10/22

194,417

99.62

194

193

BX

Trust

09/20/23

270,000

85.34

230

243

BX

Trust

01/18/24

131,453

100.33

132

132

BXMT,

Ltd.

04/09/21

330,000

100.00

330

312

Capital

One

Prime

Auto

Receivables

Trust

04/26/22

1,345,000

99.99

1,345

1,318

Capital

One

Prime

Auto

Receivables

Trust

02/13/23

202,293

100.00

202

202

Cargill,

Inc.

10/05/22

1,300,000

100.18

1,302

1,305

Cargill,

Inc.

09/14/23

190,000

95.88

182

176

Cargill,

Inc.

10/31/23

370,000

97.58

361

364

Carlyle

Global

Market

Strategies

CLO,

Ltd.

07/12/23

480,890

99.30

478

482

Carlyle

Global

Market

Strategies

CLO,

Ltd.

08/07/23

383,469

99.77

383

384

CarVal

CLO

VII-C,

Ltd.

01/26/23

180,000

100.00

180

181

Cedar

Funding

V

CLO,

Ltd.

07/23/21

295,720

100.00

296

281

Cencosud

SA

12/07/23

584,000

95.31

557

563

Chariot

Funding

LLC

01/12/24

1,800,000

99.18

1,785

1,785

Charter

Communications

Operating

LLC

Term

Loan

B2

01/18/22

127,340

99.75

127

127

Chevron

Corp.

05/20/21

230,000

97.05

223

217

Citigroup,

Inc.

09/14/23

730,000

105.29

769

735

COLT

Mortgage

Loan

Trust

02/18/22

93,037

99.99

93

85

COLT

Mortgage

Loan

Trust

01/04/24

905,000

100.01

905

909

Columbia

Pipelines

Holding

Co.

LLC

08/02/23

210,000

100.12

210

215

Columbia

Pipelines

Holding

Co.

LLC

10/12/23

785,000

100.46

789

813

Commercial

Mortgage

Trust

01/30/20

310,000

102.32

317

298

Commercial

Mortgage

Trust

04/17/20

43,677

101.50

44

43

Concentrix

Corp.

09/14/23

445,000

97.61

434

458

Constellation

Brands,

Inc.

01/30/23

475,000

99.88

474

474

Consumers

Energy

Co.

07/31/23

665,000

99.95

665

676

Continental

Resources,

Inc.

04/25/22

150,000

92.20

138

139

Cooperatieve

Rabobank

UA

04/05/22

450,000

99.33

447

430

CRC

Funding

LLC

10/26/23

1,800,000

99.78

1,796

1,796

Credit

Agricole

SA

06/17/21

340,000

99.27

338

315

Credit

Agricole

SA

08/08/23

598,000

100.99

604

570

Credit

Agricole

SA

09/13/23

521,000

92.98

484

487

Credit

Suisse

Mortgage

Trust

09/27/21

165,298

99.99

165

134

Credit

Suisse

Mortgage

Trust

03/04/22

183,194

97.36

178

163

CVS

Health

Corp.

05/20/21

790,000

101.66

803

777

Daimler

Finance

NA

LLC

05/20/21

210,000

100.36

211

196

Danske

Bank

A/S

02/03/23

612,000

99.95

612

575

Danske

Bank

A/S

09/15/23

410,000

99.30

407

409

Devon

Energy

Corp.

08/27/21

180,000

102.28

184

180

DISH

DBS

Corp.

11/10/21

20,000

100.00

20

16

DNB

Bank

ASA

09/14/23

412,000

91.50

377

384

DR

Horton,

Inc.

10/18/23

407,000

94.32

384

391

Dryden

Senior

Loan

Fund

07/26/21

234,097

100.00

234

234

Dryden

Senior

Loan

Fund

04/08/22

270,000

99.29

268

268

Dryden

Senior

Loan

Fund

07/13/23

508,699

99.23

505

509

Dryden

Senior

Loan

Fund

11/20/23

200,000

99.43

199

200

Duke

Energy

Corp.

08/14/23

617,000

92.95

574

584

Element

Fleet

Management

Corp.

07/28/23

604,000

101.57

613

615

Ellington

Financial

Mortgage

Trust

01/14/22

140,006

99.99

140

120

ELP

Commercial

Mortgage

Trust

11/01/21

249,709

99.66

249

245

Enel

Finance

International

NV

08/14/23

565,000

97.90

553

558

Enterprise

Fleet

Financing

LLC

03/23/22

191,154

99.99

191

188

Enterprise

Products

Operating

LLC

03/07/23

240,000

96.78

232

236

Enterprise

Products

Operating

LLC

09/14/23

760,000

101.34

770

751

EOG

Resources,

Inc.

04/25/22

260,000

99.96

260

255

EQT

Corp.

09/14/23

240,000

98.38

236

228

Equinix

,

Inc.

12/12/23

446,000

86.49

386

393

ERAC

USA

Finance

LLC

04/26/23

375,000

99.68

374

373

Extended

Stay

America

Trust

09/19/23

219,857

98.65

217

218

Exxon

Mobil

Corp.

05/20/21

460,000

100.84

464

451

Fairfax

Financial

Holdings,

Ltd.

08/14/23

528,000

96.64

510

523

Fannie

Mae

11/15/11

15,903

100.48

16

16

Fannie

Mae

09/23/22

267,688

100.41

269

269

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

255

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

$

$

$

Fannie

Mae

07/06/23

689,473

98.59

680

691

Fannie

Mae

09/14/23

633,843

93.30

591

599

Fannie

Mae

12/14/23

5,369,233

98.75

5,302

5,299

Federal

Home

Loan

Banks

05/21/21

1,500,000

100.00

1,500

1,473

Florida

Power

&

Light

Co.

02/28/23

425,000

99.64

423

435

Ford

Credit

Auto

Owner

Trust

02/09/23

250,000

100.00

250

251

Freddie

Mac

11/02/21

745,839

103.29

770

705

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

07/19/21

152,508

100.00

152

153

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/07/22

42,835

100.00

43

43

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/07/22

60,000

100.00

60

61

GA

Global

Funding

Trust

12/02/22

285,000

99.95

285

263

GCAT

Trust

01/22/24

190,000

98.50

187

188

GECU

Auto

Receivables

Trust

08/07/23

270,000

99.99

270

272

General

Motors

Financial

Co.,

Inc.

01/05/21

650,000

99.92

649

605

General

Motors

Financial

Co.,

Inc.

12/02/22

280,000

98.44

276

271

General

Motors

Financial

Co.,

Inc.

09/21/23

560,000

99.75

559

568

Genesee

&

Wyoming,

Inc.

New

Term

Loan

01/18/22

127,354

100.00

127

127

Georgia-Pacific

LLC

09/14/23

170,000

94.44

161

156

Ginnie

Mae

II

01/12/24

99,565

101.42

101

100

Ginnie

Mae

REMICS

11/09/21

658,186

102.99

678

639

Glencore

Funding

LLC

05/20/21

290,000

100.27

291

290

GoodGreen

Trust

04/21/21

162,085

99.98

162

129

Great-West

Lifeco

U.S.

Finance

2020,

LP

05/20/21

280,000

97.01

272

263

Greywolf

CLO

VI,

Ltd.

11/20/23

250,000

99.46

249

249

GS

Mortgage

Securities

Trust

08/18/23

394,133

98.61

389

397

Haleon

UK

Capital

PLC

03/21/22

830,000

98.81

820

812

Halsey

Point

CLO

I,

Ltd.

11/20/23

250,000

99.83

250

250

Harman

International

Industries,

Inc.

04/25/22

396,000

100.67

399

390

Hawaii

Hotel

Trust

06/17/21

250,000

100.13

250

241

HCA,

Inc.

12/12/23

585,000

99.26

581

591

Hertz

Vehicle

Financing

III

LLC

12/26/23

340,000

103.40

352

355

Hertz

Vehicle

Financing

III,

LP

06/24/21

250,000

99.97

250

228

Hertz

Vehicle

Financing

III,

LP

08/14/23

2,335,000

91.49

2,108

2,131

Hertz

Vehicle

Financing

LLC

06/24/21

310,000

100.00

310

300

Hertz

Vehicle

Financing

LLC

11/12/21

440,000

99.62

438

427

Highmark,

Inc.

05/05/21

520,000

99.94

520

477

Highwoods

Properties,

Inc.

10/18/23

644,000

86.98

560

601

Hildene

Community

Funding

CDO,

Ltd.

11/15/21

251,653

100.00

252

213

Hilton

Grand

Vacations

Trust

06/02/20

131,013

99.99

131

124

HPS

Loan

Management,

Ltd.

07/24/23

76,500

99.52

76

76

HSBC

Holdings

PLC

05/20/21

270,000

102.39

276

269

Hudson

River

Trading

LLC

Term

Loan

01/18/22

127,380

99.50

127

126

Hyundai

Auto

Receivables

Trust

07/12/22

795,000

100.00

795

784

Hyundai

Auto

Receivables

Trust

04/04/23

400,000

99.99

400

398

Hyundai

Capital

America

01/04/24

20,000

101.25

20

20

Imperial

Tobacco

Finance

PLC

08/14/23

578,000

97.19

562

569

International

Flavors

&

Fragrances,

Inc.

07/28/23

626,000

94.53

592

583

Intesa

Sanpaolo

SpA

11/14/22

545,000

100.47

548

558

Inversiones

CMPC

SA

08/23/23

230,000

95.29

219

223

Invitation

Homes

Trust

05/31/23

763,016

99.82

762

764

Jackson

National

Life

Global

Funding

06/23/20

650,000

103.07

670

614

Jones

Lang

LaSalle,

Inc.

01/22/24

228,000

105.38

240

242

JPMorgan

Chase

&

Co.

04/25/22

400,000

99.34

397

399

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

12/14/20

254,204

108.10

275

247

JPMorgan

Mortgage

Acquisition

Trust

08/12/21

250,000

99.16

248

241

JPMorgan

Mortgage

Trust

09/21/23

705,676

98.35

694

711

JPMorgan

Mortgage

Trust

01/19/24

1,280,000

99.86

1,278

1,283

JPMorgan

Mortgage

Trust

01/26/24

743,453

99.50

740

739

Kenvue

,

Inc.

03/08/23

80,000

99.65

80

82

Kenvue

,

Inc.

03/08/23

90,000

99.96

90

91

L3Harris

Technologies,

Inc.

09/14/23

160,000

100.55

161

157

LAD

Auto

Receivables

Trust

05/17/23

238,592

99.99

239

239

Legacy

Mortgage

Asset

Trust

10/06/21

149,866

103.85

156

142

LKQ

Corp.

08/14/23

566,000

98.63

558

578

LMA

Americas

LLC

12/13/23

400,000

99.83

399

399

LMA

Americas

LLC

01/18/24

450,000

99.09

446

446

Lowe's

Cos.,

Inc.

09/06/22

500,000

99.32

497

497

Lowe's

Cos.,

Inc.

09/14/23

120,000

98.92

119

118

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

256

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

$

$

$

Lunar

Structured

Aircraft

Portfolio

Notes

11/05/21

201,211

100.00

201

176

M&T

Equipment

Notes

08/08/23

280,000

99.97

280

283

Madison

Park

Funding

XVIII,

Ltd.

07/12/23

1,271,007

99.68

1,267

1,271

Madison

Park

Funding

XXIII,

Ltd.

07/20/23

279,245

99.65

278

279

Madison

Park

Funding

XXVI,

Ltd.

07/18/23

744,386

99.84

743

745

Magnetite

XIV-R,

Ltd.

07/26/21

327,800

100.06

328

328

Manhattan

Asset

Funding

Co.

LLC

01/18/24

1,000,000

98.90

989

989

Marriott

International,

Inc.

08/14/23

610,000

94.22

575

592

MasTec

,

Inc.

09/14/23

550,000

91.65

504

516

Mattel,

Inc.

07/31/23

607,000

94.16

572

579

MEGlobal

BV

08/23/23

260,000

96.29

250

250

Met

Tower

Global

Funding

09/21/23

985,000

96.65

952

900

MF1,

Ltd.

09/10/21

249,701

100.00

250

247

Mitsubishi

UFJ

Financial

Group,

Inc.

05/20/21

450,000

100.38

452

427

Monongahela

Power

Co.

09/15/23

440,000

95.03

418

421

Morgan

Stanley

Capital

I

Trust

09/30/21

816,061

100.00

816

766

MPLX,

LP

02/19/21

270,000

100.77

272

266

Mutual

of

Omaha

Insurance

Co.

07/19/23

435,000

99.94

435

444

National

Australia

Bank,

Ltd.

01/04/23

460,000

99.63

458

462

National

Securities

Clearing

Corp.

05/20/21

340,000

99.53

338

316

NatWest

Group

PLC

05/20/21

340,000

102.77

349

339

Navient

Private

Education

Refi

Loan

Trust

01/28/21

30,091

101.95

31

30

Navient

Private

Education

Refi

Loan

Trust

01/27/23

198,518

96.63

192

190

NCL

Corp.,

Ltd.

01/10/24

30,000

105.20

32

31

Nelnet

Student

Loan

Trust

01/07/22

250,000

100.39

251

246

Neuberger

Berman

CLO

XV,

Ltd.

08/03/23

295,594

99.59

294

296

New

Residential

Mortgage

Loan

Trust

03/03/22

200,745

99.63

200

183

Newark

BSL

CLO

2,

Ltd.

11/08/23

357,880

99.69

357

358

NextEra

Energy

Capital

Holdings,

Inc.

06/21/22

480,000

99.28

477

476

NextEra

Energy

Capital

Holdings,

Inc.

08/14/23

50,000

99.94

50

51

NGPL

PipeCo

LLC

04/26/23

536,000

98.06

526

527

Nissan

Motor

Co.,

Ltd.

04/25/22

200,000

98.65

197

193

Nordea

Bank

Abp

05/21/21

270,000

99.70

269

253

Northrop

Grumman

Corp.

05/20/21

100,000

97.80

98

98

Northwestern

Mutual

Life

Insurance

Co.

(The)

01/07/21

570,000

99.93

570

528

NTT

Finance

Corp.

09/15/23

550,000

96.79

532

510

nVent

Finance

SARL

08/14/23

534,000

94.90

507

521

NYO

Commercial

Mortgage

Trust

11/08/21

310,000

99.56

309

206

OBX

Trust

01/18/22

193,172

99.99

193

167

Octagon

Investment

Partners

XIV,

Ltd.

10/24/23

202,634

99.66

202

202

Octagon

Investment

Partners,

Ltd.

08/04/23

556,618

99.65

555

557

Old

Line

Funding

LLC

01/16/24

800,000

98.89

791

791

Oncor

Electric

Delivery

Co.

LLC

05/20/21

240,000

96.45

231

224

Onslow

Bay

Financial

LLC

09/18/23

326,942

100.00

327

333

Onslow

Bay

Financial

LLC

01/04/24

1,624,081

100.01

1,624

1,633

Onslow

Bay

Financial

LLC

01/25/24

1,040,000

100.00

1,040

1,040

Oracle

Corp.

04/25/22

240,000

95.84

230

224

Oracle

Corp.

02/02/23

40,000

99.84

40

40

Pacific

Life

Global

Funding

II

06/17/20

500,000

99.94

500

476

Parliament

Funding

II,

Ltd.

11/15/21

282,331

100.00

282

281

Pennsylvania

Electric

Co.

03/28/23

525,000

99.82

524

524

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

12/07/23

183,000

91.20

167

170

Perusahaan

Perseroan

(

Persero

)

PT

Perusahaan

Listrik

Negara

08/23/23

220,000

99.31

218

222

Petrobras

Global

Finance

BV

05/20/21

360,000

100.40

361

360

Pioneer

Natural

Resources

Co.

04/25/22

370,000

96.57

357

345

PMT

Credit

Risk

Transfer

Trust

06/14/21

114,051

100.04

114

113

Premier

Global

Infrastructure

Trust

PLC

09/30/21

164,588

99.30

163

162

Progress

Residential

Trust

11/28/23

686,925

94.45

649

659

Progress

Residential

Trust

01/12/24

593,129

91.88

545

548

Progress

Residential

Trust

01/12/24

812,374

97.01

788

791

Prosus

NV

07/07/21

240,000

100.00

240

195

Prosus

NV

02/15/23

647,000

92.22

597

598

Protective

Life

Global

Funding

07/08/20

930,000

100.00

930

881

QazaqGaz

NC

JSC

08/23/23

240,000

92.86

223

229

Raytheon

Technologies

Corp.

05/21/21

130,000

99.65

130

128

RCKT

Mortgage

Trust

01/23/24

976,399

101.61

992

990

Regatta

XIV

Funding,

Ltd.

07/11/23

679,392

99.34

675

679

Sealed

Air

Corp.

09/15/21

345,000

100.00

345

313

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

257

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Sequoia

Mortgage

Trust

08/18/23

597,416

99.02

592

602

SFS

Auto

Receivables

Securitization

Trust

01/09/24

170,000

99.99

170

171

SG

Capital

Partners

LLC

03/02/22

211,434

99.84

211

192

Sigma

Alimentos

SA

de

CV

01/05/24

599,000

97.35

583

582

SK

Hynix,

Inc.

04/26/23

519,000

100.25

520

525

Skandinaviska

Enskilda

Banken

AB

05/21/21

270,000

99.78

269

253

Skyworks

Solutions,

Inc.

10/18/23

421,000

89.89

378

392

SLM

Student

Loan

Trust

04/27/22

201,626

96.83

195

195

SMB

Private

Education

Loan

Trust

05/12/23

264,425

100.00

264

269

Societe

Generale

SA

09/14/23

193,000

90.67

175

178

Societe

Generale

SA

01/22/24

422,000

97.96

413

415

SREIT

Trust

11/16/21

296,628

99.49

295

294

Standard

Chartered

PLC

07/28/23

655,000

91.67

600

603

STAR

Trust

07/06/23

1,292,511

99.86

1,291

1,293

Starwood

Real

Estate

Income

Trust

07/12/21

250,000

99.69

249

244

STWD

Trust

11/24/21

270,000

99.67

269

268

Suzano

International

Finance

BV

08/23/23

220,000

99.78

220

220

Swedbank

AB

04/06/22

340,000

99.91

340

334

Sycamore

Tree

CLO,

Ltd.

01/25/23

250,000

99.53

249

250

Symphony

CLO

XIX,

Ltd.

07/13/23

180,000

100.00

180

180

Symphony

CLO

XXVI,

Ltd.

02/05/21

25,000

100.00

25

25

Synovus

Financial

Corp.

10/18/23

455,000

89.06

405

446

Taxable

Municipal

Funding

Trust

Revenue

Bonds

08/17/20

345,000

100.00

345

345

TCI-Flatiron

CLO,

Ltd.

01/14/22

211,553

100.00

212

211

Tennessee

Valley

Authority

05/06/20

370,000

99.92

370

352

T-Mobile

USA,

Inc.

06/16/22

10,000

95.61

10

9

T-Mobile

USA,

Inc.

03/07/23

580,000

96.31

559

550

T-Mobile

USA,

Inc.

09/14/23

583,000

97.18

567

585

Toronto-Dominion

Bank

(The)

09/14/23

370,000

96.98

359

347

Towd

Point

Mortgage

Trust

07/01/19

49,703

101.28

50

48

Towd

Point

Mortgage

Trust

11/18/21

418,924

101.02

423

394

Towd

Point

Mortgage

Trust

03/14/23

302,342

96.16

291

285

Towd

Point

Mortgage

Trust

01/11/24

1,100,000

100.00

1,100

1,100

Towd

Point

Mortgage

Trust

01/23/24

682,191

101.29

691

694

Toyota

Auto

Receivables

Owner

Trust

11/01/22

1,240,000

99.99

1,240

1,249

Toyota

Auto

Receivables

Owner

Trust

01/23/24

300,000

100.00

300

300

Toyota

Motor

Credit

Corp.

10/31/23

300,000

97.10

291

294

TransCanada

PipeLines

,

Ltd.

10/07/21

640,000

98.80

632

620

Transportadora

de

Gas

Internacional

SA

ESP

01/22/24

484,000

97.70

473

474

Tricon

American

Homes

Trust

01/12/24

1,442,345

88.18

1,272

1,274

UBS

Commercial

Mortgage

Trust

10/06/22

598,505

95.99

574

579

UBS

Group

AG

05/21/21

340,000

104.66

356

334

UBS

Group

AG

02/15/23

579,000

100.26

581

582

UBS

Group

AG

08/08/23

365,000

99.05

362

360

UBS

Group

AG

01/17/24

1,900,000

99.99

1,900

1,898

UniCredit

SpA

09/14/23

635,000

89.61

569

585

United

Airlines,

Inc.

03/18/22

220,000

99.60

219

212

United

Overseas

Bank,

Ltd.

01/03/24

600,000

99.35

596

596

United

States

Treasury

Bills

01/30/24

250,000

99.21

248

248

United

States

Treasury

Notes

11/29/21

190,000

100.14

190

176

United

States

Treasury

Notes

04/07/22

2,610,000

99.17

2,588

2,563

United

States

Treasury

Notes

10/31/23

3,210,000

100.21

3,217

3,247

USAA

Auto

Owner

Trust

10/04/22

925,000

100.00

925

922

Vale

Overseas,

Ltd.

04/25/22

270,000

108.04

292

276

Valley

Stream

Park

CLO,

Ltd.

09/08/23

110,000

100.00

110

110

Var

Energi

ASA

05/11/23

194,000

98.12

190

190

Var

Energi

ASA

12/05/23

201,000

103.21

207

213

Verus

Securitization

Trust

11/21/23

709,924

100.48

713

723

Verus

Securitization

Trust

01/12/24

815,000

100.00

815

814

Verus

Securitization

Trust

01/22/24

2,012,536

100.33

2,019

2,035

VFH

Parent

LLC

2022

Term

Loan

B

01/18/22

124,728

100.37

125

124

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

08/08/23

567,000

97.54

553

559

Victory

Receivables

Corp.

01/18/24

1,000,000

98.90

989

989

Vistra

Operations

Co.

LLC

07/28/23

404,000

98.35

397

401

Vistra

Operations

Co.

LLC

09/14/23

190,000

92.49

176

181

Walmart,

Inc.

04/12/23

1,300,000

100.35

1,305

1,292

Weir

Group

PLC

(The)

01/10/24

659,000

92.96

613

613

Wells

Fargo

&

Co.

09/21/21

1,300,000

101.56

1,320

1,283

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

258

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

$

$

$

Wells

Fargo

Commercial

Mortgage

Trust

04/08/21

85,831

100.46

86

82

Wells

Fargo

Commercial

Mortgage

Trust

12/21/23

822,340

94.56

778

783

Wendy's

Funding

LLC

06/15/21

194,982

100.00

195

170

Western

Gas

Partners,

LP

09/14/23

50,000

94.66

47

49

Whitebox

CLO

I,

Ltd.

08/17/21

390,000

100.00

390

390

Whitebox

CLO

III,

Ltd.

11/20/23

250,000

99.66

249

250

Williams

Cos.,

Inc.

(The)

05/21/21

570,000

100.18

571

569

XPO,

Inc.

09/14/23

573,000

98.40

564

574

Yara

International

ASA

08/14/23

593,000

95.01

563

581

173,916

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Long

Gilt

Futures

41

GBP

4,099

03/24

64

Three

Month

SOFR

Futures

41

USD

9,858

03/25

50

Three

Month

SOFR

Futures

61

USD

14,762

03/26

122

United

States

2

Year

Treasury

Note

Futures

388

USD

79,794

03/24

560

United

States

5

Year

Treasury

Note

Futures

8

USD

867

03/24

10

United

States

10

Year

Treasury

Note

Futures

76

USD

8,537

03/24

221

Short

Positions

Euro-Bund

Futures

42

EUR

5,706

03/24

(109)

Japanese

10

Year

Mini

Government

Bond

Futures

69

JPY

1,009,470

03/24

(66)

Three

Month

SOFR

Futures

32

USD

7,572

03/24

20

Three

Month

SOFR

Futures

9

USD

2,135

06/24

(8)

United

States

2

Year

Treasury

Note

Futures

5

USD

1,028

03/24

(7)

United

States

5

Year

Treasury

Note

Futures

39

USD

4,227

03/24

(88)

United

States

10

Year

Treasury

Note

Futures

18

USD

2,022

03/24

(58)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

711

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

Three

Month

SOFR

Futures

Bank

of

Montreal

Call

22

97.13

USD

5,342

12/13/24

(10)

Three

Month

SOFR

Futures

Bank

of

Montreal

Put

22

95.50

USD

5,253

12/13/24

(9)

Total

Liability

for

Options

Written

(premiums

received

$25)

(19)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

3,124

GBP

2,469

02/15/24

6

Bank

of

New

York

AUD

5,244

USD

3,527

02/15/24

85

Citigroup

USD

3,513

NOK

36,417

02/15/24

(49)

HSBC

USD

1,561

SEK

16,291

02/15/24

5

HSBC

SEK

16,291

USD

1,582

02/15/24

16

JPMorgan

Chase

USD

4,396

EUR

4,023

02/15/24

(46)

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

259

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

USD

432

JPY

61,709

02/15/24

(12)

State

Street

EUR

2,430

USD

2,634

02/15/24

7

UBS

CHF

4,442

USD

5,227

02/15/24

73

Westpac

USD

68

NOK

712

02/15/24

—

Westpac

USD

54

NZD

89

02/15/24

—

Westpac

USD

1,599

NZD

2,569

02/15/24

(29)

Westpac

AUD

171

USD

113

02/15/24

—

Westpac

CHF

40

USD

46

02/15/24

—

Westpac

GBP

4

USD

5

02/15/24

—

Westpac

JPY

157,806

USD

1,070

02/15/24

(5)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

51

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Citigroup

USD

4,804

3.500%

(4)

SOFR

(4)

09/30/24

(11)

(38)

(49)

Citigroup

USD

4,013

2.770%

(4)

SOFR

(4)

10/14/24

(16)

(47)

(63)

Citigroup

USD

1,666

SOFR

(4)

2.600%

(4)

10/14/27

21

43

64

Total

Open

Interest

Rate

Swap

Contracts

(å)

(6)

(42)

(48)

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

-

Sell

Protection

Reference

Entity

Counterparty

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

iTraxx

Europe

Crossover

Index

Series

41

Goldman

Sachs

USD

2,381

5.000%

(2)

12/20/28

16

116

132

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

16

116

132

Total

Open

Credit

Default

Swap

Contracts

(å)

16

116

132

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

$

—

$

41,684

$

—

$

—

$

41,684

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

260

Short

Duration

Bond

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Corporate

Bonds

and

Notes

—

128,191

—

—

128,191

International

Debt

—

53,317

—

—

53,317

Loan

Agreements

—

1,157

—

—

1,157

Mortgage-Backed

Securities

—

58,384

—

—

58,384

Municipal

Bonds

—

345

—

—

345

United

States

Government

Agencies

—

3,562

—

—

3,562

United

States

Government

Treasuries

—

20,754

—

—

20,754

Options

Purchased

24

—

—

—

24

Short-Term

Investments

—

63,875

—

16,076

79,951

Total

Investments

24

371,269

—

16,076

387,369

Other

Financial

Instruments

Assets

Futures

Contracts

1,047

—

—

—

1,047

Foreign

Currency

Exchange

Contracts

—

192

—

—

192

Interest

Rate

Swap

Contracts

—

128

—

—

128

Credit

Default

Swap

Contracts

—

132

—

—

132

Liabilities

Futures

Contracts

(336)

—

—

—

(336)

Options

Written

(19)

—

—

—

(19)

Foreign

Currency

Exchange

Contracts

—

(141)

—

—

(141)

Interest

Rate

Swap

Contracts

—

(224)

—

—

(224)

Total

Other

Financial

Instruments

*

$

692

$

87

$

—

$

—

$

779

*

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

752

Belgium

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

182

Bermuda

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

308

Brazil

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

1,437

Canada

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

13,686

Cayman

Islands

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

12,634

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

261

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Chile

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

786

China

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

793

Colombia

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

474

Denmark

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

984

Finland

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

253

France

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

10,981

Germany

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

1,509

Indonesia

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

222

Ireland

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

3,749

Israel

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

326

Italy

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

1,701

Japan

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

5,142

Jersey

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

291

Kazakhstan

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

229

Kuwait

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

250

Macao

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

181

Mexico

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

1,167

Netherlands

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

1,089

Norway

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

1,809

Singapore

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

596

South

Africa

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

730

South

Korea

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

525

Spain

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

193

Sweden

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

587

Switzerland

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

3,430

Taiwan

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

185

United

Kingdom

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

14,073

United

States

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

306,115

Total

Investments

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

387,369

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

f

unds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

19,102

$

101,061

$

104,090

$

3

$

—

$

16,076

$

253

$

—

U.S.

Cash

Collateral

Fund

—

546

546

—

—

—

—

—

$

19,102

$

101,607

$

104,636

$

3

$

—

$

16,076

$

253

$

—

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

262

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Municipal

Bonds

-

95.1%

Alabama

-

2.1%

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

1,000

4.000

12/01/49

1,002

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.250

02/01/53

2,666

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

500

5.250

12/01/53

541

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

(Þ)

150

8.000

07/01/28

155

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

(Þ)

385

6.000

07/01/45

400

Cooper

Green

Mercy

Health

Services

Authority

Revenue

Bonds

2,000

5.250

09/01/42

2,176

County

of

Jefferson

Sewer

Revenue

Bonds

6,000

5.250

10/01/44

6,616

County

of

Jefferson

Sewer

Revenue

Bonds

2,050

5.250

10/01/49

2,221

County

of

Jefferson

Sewer

Revenue

Bonds

(Þ)

2,170

5.500

10/01/53

2,402

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

225

5.750

04/01/54

251

Homewood

Educational

Building

Authority

Revenue

Bonds

(Þ)

2,500

4.000

12/01/38

2,479

Hoover

Industrial

Development

Board

Revenue

Bonds

1,805

5.750

10/01/49

1,859

Hoover

Industrial

Development

Board

Revenue

Bonds

(~)(ae)(Ê)

785

6.375

11/01/50

866

Houston

County

Health

Care

Authority

Revenue

Bonds

1,085

5.000

10/01/30

1,110

MidCity

Improvement

District

Special

Assessment

1,000

4.500

11/01/42

839

MidCity

Improvement

District

Special

Assessment

250

4.750

11/01/49

207

Montgomery

Educational

Building

Authority

Revenue

Bonds

820

5.000

10/01/36

832

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

690

4.000

11/01/49

457

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

5,000

4.000

12/01/51

4,952

Sumter

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,100

6.000

07/15/52

609

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,554

4.500

05/01/32

1,515

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4,500

5.250

05/01/44

4,352

38,507

Alaska

-

0.1%

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

(Þ)

2,000

4.000

10/01/49

1,862

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

(Þ)

1,835

Zero

coupon

06/01/66

242

2,104

Arizona

-

1.6%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(S&P

Municipal

Bond

7

Day

Intermediate

Grade

Index

Rate

+

0.810%)(Ê)

4,830

1.770

01/01/37

4,483

Arizona

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)(Þ)

500

4.250

02/01/48

500

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,250

4.500

07/15/29

1,172

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

470

5.000

06/01/31

478

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,435

6.000

07/01/37

1,473

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

920

5.000

12/15/40

902

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

400

4.000

07/01/41

351

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

75

4.000

12/15/41

63

Arizona

Industrial

Development

Authority

Revenue

Bonds

110

5.000

01/01/43

66

Arizona

Industrial

Development

Authority

Revenue

Bonds

200

5.000

05/01/43

110

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

3.000

07/01/46

786

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

35

4.000

07/01/47

32

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

330

5.000

05/01/48

181

Arizona

Industrial

Development

Authority

Revenue

Bonds

250

4.500

01/01/49

144

Arizona

Industrial

Development

Authority

Revenue

Bonds

225

5.000

01/01/49

117

Arizona

Industrial

Development

Authority

Revenue

Bonds

(µ)

460

5.000

06/01/49

477

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

4.000

11/01/50

90

Arizona

Industrial

Development

Authority

Revenue

Bonds

100

5.000

05/01/51

55

Arizona

Industrial

Development

Authority

Revenue

Bonds

3,185

4.000

07/01/51

2,792

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

30

4.000

07/15/51

23

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

263

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Arizona

Industrial

Development

Authority

Revenue

Bonds

3,275

4.000

11/01/51

2,947

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

210

4.000

12/15/51

158

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

5.375

07/01/53

97

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

700

5.000

07/15/53

635

Arizona

Industrial

Development

Authority

Revenue

Bonds

125

5.000

01/01/54

77

Arizona

Industrial

Development

Authority

Revenue

Bonds

50

5.125

01/01/54

25

Arizona

Industrial

Development

Authority

Revenue

Bonds

(µ)

260

5.000

06/01/54

268

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,500

4.500

07/01/54

1,367

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

98

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

(Þ)

1,160

5.000

07/01/44

1,212

City

of

Phoenix

Industrial

Development

Authority

Revenue

Bonds

600

5.000

07/01/35

606

City

of

Phoenix

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

07/01/44

1,009

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

95

Glendale

Industrial

Development

Authority

Revenue

Bonds

(Þ)

715

5.000

05/15/41

660

Glendale

Industrial

Development

Authority

Revenue

Bonds

475

5.000

05/15/56

400

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The)

Revenue

Bonds

1,650

5.000

07/01/46

1,603

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

500

6.875

11/15/52

513

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

250

7.000

11/15/57

258

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

250

6.000

08/01/28

113

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,000

6.250

08/01/40

450

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

115

5.250

10/01/40

116

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

225

5.000

07/01/44

173

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

775

4.000

10/15/47

688

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

79

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

115

5.500

10/01/51

114

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

200

6.250

07/01/53

203

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

77

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

200

6.375

07/01/58

204

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

300

2.400

06/01/35

242

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

70

Tempe

Industrial

Development

Authority

Revenue

Bonds

100

5.000

12/01/54

85

29,168

Arkansas

-

0.6%

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

300

3.500

07/01/38

238

Arkansas

Development

Finance

Authority

Revenue

Bonds

150

4.250

07/01/41

137

Arkansas

Development

Finance

Authority

Revenue

Bonds

660

4.000

02/01/42

610

Arkansas

Development

Finance

Authority

Revenue

Bonds

900

3.500

07/01/46

680

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

5,750

4.500

09/01/49

5,605

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

1,325

5.450

09/01/52

1,345

Arkansas

River

Power

Authority

Revenue

Bonds

(Þ)

1,680

5.000

10/01/33

1,758

10,373

California

-

9.1%

Alameda

Community

Facilities

District

Special

Tax

(Þ)

100

5.000

09/01/53

98

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

150

5.300

10/01/47

82

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

264

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

150

5.350

10/01/48

81

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

800

5.375

10/01/49

431

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

125

5.400

10/01/50

67

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

(µ)

275

5.200

10/01/51

148

Alhambra

Unified

School

District

General

Obligation

Unlimited

(µ)

1,150

4.220

08/01/37

720

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.250

01/01/54

3,172

California

Community

College

Financing

Authority

Revenue

Bonds

(Þ)

475

5.750

07/01/60

480

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

1,700

5.000

04/01/49

1,408

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

200

4.000

08/01/50

152

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

2,640

4.000

02/01/56

2,190

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

175

3.000

02/01/57

113

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

550

4.000

06/01/49

524

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

800

4.072

06/01/55

173

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

(Þ)

8,420

4.904

06/01/55

1,610

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

(Þ)

4,500

7.296

06/01/55

581

California

Enterprise

Development

Authority

Revenue

Bonds

(Þ)

1,095

4.000

06/01/61

830

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

100

3.125

05/15/29

96

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

1,000

5.000

02/01/42

1,035

California

Health

Facilities

Financing

Authority

Revenue

Bonds

2,000

4.000

04/01/45

1,966

California

Health

Facilities

Financing

Authority

Revenue

Bonds

3,000

5.000

08/15/47

3,038

California

Health

Facilities

Financing

Authority

Revenue

Bonds

550

4.000

04/01/49

533

California

Health

Facilities

Financing

Authority

Revenue

Bonds

225

4.000

05/15/51

222

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(Þ)

805

4.125

01/01/35

724

California

Municipal

Finance

Authority

Revenue

Bonds

645

5.000

12/31/27

673

California

Municipal

Finance

Authority

Revenue

Bonds

2,825

4.000

07/15/29

2,820

California

Municipal

Finance

Authority

Revenue

Bonds

100

5.000

10/01/30

107

California

Municipal

Finance

Authority

Revenue

Bonds

225

5.000

10/01/32

239

California

Municipal

Finance

Authority

Revenue

Bonds

250

5.000

10/01/36

263

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.000

11/01/36

1,511

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,130

5.000

10/01/39

1,114

California

Municipal

Finance

Authority

Revenue

Bonds

1,000

4.250

02/01/40

1,012

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.375

11/01/40

1,007

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

25

5.000

02/01/42

26

California

Municipal

Finance

Authority

Revenue

Bonds

6,650

5.000

12/31/43

6,749

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,815

5.000

07/01/49

1,671

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

2,000

4.000

10/01/49

1,879

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

60

5.000

10/01/49

57

California

Municipal

Finance

Authority

Revenue

Bonds

3,700

5.000

06/01/50

3,722

California

Municipal

Finance

Authority

Revenue

Bonds

(µ)

1,000

3.000

05/15/51

755

California

Municipal

Finance

Authority

Revenue

Bonds

100

4.000

07/01/51

83

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

315

5.000

07/01/52

297

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

95

5.000

10/01/54

89

California

Municipal

Finance

Authority

Revenue

Bonds

50

4.000

07/01/55

40

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

275

5.000

07/01/62

256

California

Municipal

Finance

Authority

Special

Tax

(Þ)

250

5.000

09/01/52

258

California

Municipal

Finance

Authority

Special

Tax

575

5.000

09/01/57

589

California

Pollution

Control

Financing

Authority

Revenue

Bonds

1,000

3.375

07/01/25

1,001

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

250

5.000

07/01/35

270

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

500

5.000

07/01/37

532

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

1,698

7.500

12/01/40

127

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

2,590

5.000

11/21/45

2,617

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

265

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

Public

Finance

Authority

Revenue

Bonds

200

5.500

09/01/48

207

California

Public

Finance

Authority

Revenue

Bonds

(Þ)

600

6.250

07/01/54

623

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

07/01/37

980

California

School

Finance

Authority

Revenue

Bonds

(Þ)

465

4.000

07/01/38

437

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

08/01/42

1,018

California

School

Finance

Authority

Revenue

Bonds

(Þ)

60

4.000

07/01/45

52

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

5.000

08/01/45

502

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,100

4.000

10/01/46

927

California

School

Finance

Authority

Revenue

Bonds

(Þ)

125

5.500

08/01/47

126

California

School

Finance

Authority

Revenue

Bonds

(Þ)

400

5.000

07/01/50

383

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,600

4.000

06/01/51

1,254

California

School

Finance

Authority

Revenue

Bonds

(Þ)

975

6.375

06/01/52

1,003

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.000

07/01/52

226

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.250

07/01/52

251

California

School

Finance

Authority

Revenue

Bonds

(Þ)

170

5.000

10/01/52

166

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

4.000

11/01/55

806

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.375

07/01/56

252

California

School

Finance

Authority

Revenue

Bonds

(Þ)

600

5.000

06/01/58

545

California

School

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

07/01/59

146

California

School

Finance

Authority

Revenue

Bonds

(Þ)

80

4.000

06/01/61

59

California

School

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/61

89

California

School

Finance

Authority

Revenue

Bonds

(Þ)

315

5.000

07/01/61

278

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.000

10/01/61

239

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.250

03/01/62

180

California

School

Finance

Authority

Revenue

Bonds

(Þ)

385

6.375

04/01/62

387

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

6.500

06/01/62

515

California

School

Finance

Authority

Revenue

Bonds

(Þ)

250

5.500

07/01/62

253

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

460

5.000

05/15/32

472

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

200

5.000

11/01/32

205

California

Statewide

Communities

Development

Authority

Revenue

Bonds

500

5.000

08/01/37

519

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

200

5.250

07/01/39

203

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

400

5.000

12/01/41

401

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

500

5.750

01/15/45

500

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

8,100

5.000

12/01/46

8,081

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,225

5.000

04/01/47

1,256

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

275

5.000

05/15/47

277

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

250

5.250

07/01/49

250

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

(Þ)

1,230

8.000

01/01/50

1,245

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/51

93

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,670

5.500

12/01/54

1,666

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

935

5.250

12/01/56

941

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.500

12/01/58

1,020

California

Statewide

Communities

Development

Authority

Special

Assessment

70

5.000

09/02/39

74

California

Statewide

Communities

Development

Authority

Special

Assessment

45

5.000

09/02/44

47

California

Statewide

Communities

Development

Authority

Special

Assessment

470

4.000

09/02/50

406

California

Statewide

Communities

Development

Authority

Special

Tax

600

4.000

09/01/40

570

California

Statewide

Communities

Development

Authority

Special

Tax

1,300

4.000

09/01/50

1,137

California

Statewide

Communities

Development

Authority

Special

Tax

(Þ)

300

4.000

09/01/51

273

California

Statewide

Communities

Development

Authority

Special

Tax

500

5.000

09/01/52

506

California

Statewide

Communities

Development

Authority

Special

Tax

1,775

5.250

09/01/52

1,825

California

Statewide

Financing

Authority

Revenue

Bonds

1,450

5.250

12/01/44

1,453

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

266

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

Statewide

Financing

Authority

Revenue

Bonds

3,325

7.459

06/01/46

553

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

75

4.000

09/01/46

68

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

(Þ)

75

4.000

09/01/51

66

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

(Þ)

100

4.000

09/01/51

85

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

(Þ)

275

5.750

09/01/53

284

City

of

Dublin

Special

Assessment

100

5.375

09/01/51

103

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

226

City

of

Long

Beach

Marina

System

Revenue

Bonds

1,185

5.000

05/15/45

1,188

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

50

4.125

05/15/43

50

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

2,500

5.250

05/15/48

2,604

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

(Þ)

1,700

4.000

05/15/50

1,619

City

of

Oroville

Revenue

Bonds

100

5.250

04/01/34

62

City

of

Oroville

Revenue

Bonds

185

5.250

04/01/39

112

City

of

Palm

Desert

Special

Tax

100

3.000

09/01/31

94

City

of

Palm

Desert

Special

Tax

100

4.000

09/01/51

88

City

of

Roseville

Special

Tax

(Þ)

25

4.000

09/01/40

24

City

of

Roseville

Special

Tax

(Þ)

25

4.000

09/01/45

23

City

of

Roseville

Special

Tax

25

4.000

09/01/45

22

City

of

Roseville

Special

Tax

1,550

4.000

09/01/50

1,391

City

of

Roseville

Special

Tax

150

5.250

09/01/53

152

CMFA

Special

Finance

Agency

Revenue

Bonds

(Þ)

285

3.000

12/01/56

194

CMFA

Special

Finance

Agency

VIII

Revenue

Bonds

(Þ)

350

3.000

08/01/56

231

Coachella

Valley

Unified

School

District

General

Obligation

Unlimited

(µ)

2,500

16.733

08/01/43

1,090

County

of

El

Dorado

Special

Tax

80

5.000

09/01/49

82

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

(Þ)

225

5.000

09/01/52

226

County

of

San

Diego

Special

Tax

40

3.000

09/01/50

29

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

525

3.600

05/01/47

418

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

1,250

4.000

10/01/56

932

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

775

3.000

12/01/56

531

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

1,000

3.000

02/01/57

682

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

100

3.250

04/01/57

70

Dublin

Community

Facilities

District

Improvement

Area

No.

1

Special

Tax

100

5.000

09/01/37

104

Dublin

Community

Facilities

District

Improvement

Area

No.

1

Special

Tax

340

5.000

09/01/47

348

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

6,384

Foothill/Eastern

Transportation

Corridor

Agency

Revenue

Bonds

(µ)

4,074

4.000

01/15/46

4,092

Fremont

Community

Facilities

District

No.

1

Special

Tax

(Þ)

1,255

5.000

09/01/26

1,286

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

1,290

3.850

06/01/50

1,188

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

2,365

5.000

06/01/51

2,476

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

59,475

Zero

coupon

06/01/66

6,883

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

(Þ)

3,500

5.000

07/01/45

3,167

Independent

Cities

Finance

Authority

Revenue

Bonds

(µ)(Þ)

900

4.000

06/01/46

907

Inland

Empire

Tobacco

Securitization

Authority

Revenue

Bonds

80

3.678

06/01/38

76

Inland

Empire

Tobacco

Securitization

Corp.

Revenue

Bonds

2,550

Zero

coupon

06/01/57

216

Irvine

Unified

School

District

Special

Tax

Bonds

(Þ)

570

5.000

03/01/57

582

Jurupa

Public

Financing

Authority

Special

Tax

1,000

5.000

09/01/43

1,025

Moreno

Valley

Unified

School

District

General

Obligation

Unlimited

(µ)

1,000

3.000

08/01/50

802

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

267

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

M-S-R

Energy

Authority

Revenue

Bonds

(Þ)

2,700

6.500

11/01/39

3,498

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

978

Orange

County

Convention

Center

Revenue

Bonds

(Þ)

115

5.500

08/15/53

120

Oxnard

School

District

General

Obligation

Unlimited

(~)(µ)(Ê)

465

2.000

08/01/47

493

River

Islands

Public

Financing

Authority

Special

Tax

(Þ)

230

5.250

09/01/47

237

River

Islands

Public

Financing

Authority

Special

Tax

330

5.000

09/01/52

330

River

Islands

Public

Financing

Authority

Special

Tax

(µ)

1,750

5.250

09/01/52

1,913

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)(Þ)

150

4.000

10/01/40

151

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)(Þ)

300

4.000

10/01/39

304

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)(Þ)

125

4.000

10/01/40

127

Sacramento

County

Water

Financing

Authority

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

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

1,838

San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

6,485

5.000

05/01/49

6,688

San

Francisco

City

&

County

Redevelopment

Agency

Tax

Allocation

(Þ)

1,190

5.000

08/01/35

1,257

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

75

4.000

08/01/32

69

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/33

91

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

(Þ)

100

4.000

08/01/34

90

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/35

89

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/36

87

San

Jacinto

Community

Facilities

District

Special

Tax

(Þ)

280

5.000

09/01/33

288

San

Jacinto

Community

Facilities

District

Special

Tax

(Þ)

335

5.000

09/01/34

344

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

Bonds

1,000

5.000

01/15/29

1,020

Silicon

Valley

Tobacco

Securitization

Authority

Revenue

Bonds

2,250

Zero

coupon

06/01/56

215

Silicon

Valley

Tobacco

Securitization

Authority

Revenue

Bonds

(Þ)

7,300

8.018

06/01/56

765

Southern

California

Public

Power

Authority

Revenue

Bonds

(~)(µ)(Ê)

15,000

4.200

07/01/35

15,000

State

of

California

General

Obligation

Unlimited

(Þ)

2,000

5.000

08/01/46

2,079

State

of

California

General

Obligation

Unlimited

(Þ)

230

4.000

04/01/49

232

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

415

5.000

06/01/48

427

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

515

5.810

06/01/54

99

University

of

California

Revenue

Bonds

450

3.000

05/15/51

359

William

S

Hart

Union

High

School

District

Special

Tax

25

5.000

09/01/47

25

168,454

Colorado

-

3.6%

3rd

and

Havana

Metropolitan

District

General

Obligation

Limited

750

5.250

12/01/49

641

Allison

Valley

Metropolitan

District

No.

1

General

Obligation

Limited

500

5.000

12/01/47

457

Arista

Metropolitan

District

General

Obligation

Unlimited

(~)(Ê)

500

8.250

12/15/39

516

Aurora

Crossroads

Metropolitan

District

No.

2

General

Obligation

Limited

(Þ)

500

7.750

12/15/50

474

Banning

Lewis

Ranch

Metropolitan

District

No.

8

General

Obligation

Limited

(Þ)

500

4.875

12/01/51

390

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

2

General

Obligation

Limited

(Þ)

500

5.750

12/01/51

450

Belford

North

Metropolitan

District

General

Obligation

Limited

500

8.500

12/15/50

477

Bent

Grass

Metropolitan

District

General

Obligation

Limited

(Þ)

500

5.250

12/01/49

478

BNC

Metropolitan

District

No.

1

General

Obligation

Limited

822

7.375

12/15/47

793

Brighton

Crossing

Metropolitan

District

No.

4

General

Obligation

Limited

(Þ)

1,220

5.000

12/01/47

1,173

Brighton

Crossing

Metropolitan

District

No.

6

General

Obligation

Limited

500

5.000

12/01/50

439

Canyon

Pines

Metropolitan

District

Special

Improvement

District

No.

1

Special

Assessment

2,000

3.750

12/01/40

1,572

Canyons

Metropolitan

District

No.

5

General

Obligation

Limited

500

6.125

12/01/47

501

Cascade

Ridge

Metropolitan

District

General

Obligation

Limited

(Þ)

500

5.000

12/01/51

428

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

268

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Castleview

Metropolitan

District

No.

1

General

Obligation

Limited

500

5.000

12/01/50

412

Cherry

Creek

South

Metropolitan

District

No.

5

General

Obligation

Limited

(Þ)

600

6.000

12/01/51

499

Citadel

on

Colfax

Business

Improvement

District

Revenue

Bonds

350

5.350

12/01/50

320

Citadel

on

Colfax

Business

Improvement

District

Revenue

Bonds

365

7.875

12/15/50

342

City

&

County

of

Denver

Special

Facilities

Airport

Revenue

Bonds

3,615

5.000

10/01/32

3,615

Cloverleaf

Metropolitan

District

General

Obligation

Limited

(Þ)

500

6.000

12/01/51

504

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

500

5.000

11/01/49

487

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

25

4.000

05/01/51

21

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

1,935

4.000

07/01/51

1,449

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

205

3.000

08/01/51

144

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(µ)

2,000

4.000

06/01/52

1,833

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

400

6.250

07/01/53

401

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

170

5.000

09/01/57

171

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

330

5.000

10/01/59

285

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

435

5.000

02/01/61

366

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

1,350

4.000

05/01/61

1,063

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

125

4.000

10/01/61

97

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

175

5.000

09/01/62

175

Colorado

Health

Facilities

Authority

Revenue

Bonds

(Þ)

515

6.000

07/01/31

509

Colorado

Health

Facilities

Authority

Revenue

Bonds

810

6.000

07/01/36

792

Colorado

Health

Facilities

Authority

Revenue

Bonds

400

4.000

08/01/39

394

Colorado

Health

Facilities

Authority

Revenue

Bonds

50

4.000

01/01/42

43

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,225

4.000

08/01/44

2,135

Colorado

Health

Facilities

Authority

Revenue

Bonds

(ae)

190

5.000

06/01/47

203

Colorado

Health

Facilities

Authority

Revenue

Bonds

135

3.250

08/01/49

101

Colorado

Health

Facilities

Authority

Revenue

Bonds

150

4.000

09/01/50

143

Colorado

Health

Facilities

Authority

Revenue

Bonds

(Þ)

2,000

5.250

11/01/52

2,119

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)(Þ)

1,834

5.000

07/01/57

1,422

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

(Þ)

100

5.000

12/31/51

100

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

(Þ)

820

5.000

12/31/56

821

Colorado

Springs

Urban

Renewal

Authority

Tax

Allocation

(Þ)

500

5.750

12/01/47

412

Constitution

Heights

Metropolitan

District

General

Obligation

Limited

1,765

5.000

12/01/49

1,660

Copper

Ridge

Metropolitan

District

Revenue

Bonds

(Þ)

725

5.000

12/01/39

690

Copperleaf

Metropolitan

District

No.

2

General

Obligation

Limited

(~)(Ê)(Þ)

500

6.000

12/15/41

490

Copperleaf

Metropolitan

District

No.

9

General

Obligation

Limited

(Þ)

500

4.875

12/01/51

402

Cornerstar

Metropolitan

District

General

Obligation

Limited

500

5.250

12/01/47

490

Creekside

Village

Metropolitan

District

General

Obligation

Limited

(Þ)

489

5.000

12/01/49

456

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

(Þ)

555

5.500

12/01/39

495

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

(Þ)

975

5.750

12/01/49

848

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

(Þ)

280

8.000

12/15/49

255

Denver

Convention

Center

Hotel

Authority

Revenue

Bonds

375

5.000

12/01/31

385

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

166

Denver

Health

&

Hospital

Authority

Certificate

of

Participation

110

5.000

12/01/48

109

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

194

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

200

4.000

12/01/36

191

Denver

Health

&

Hospital

Authority

Revenue

Bonds

100

4.000

12/01/39

93

Denver

Health

&

Hospital

Authority

Revenue

Bonds

50

4.000

12/01/40

46

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

1,500

5.250

12/01/45

1,501

Denver

International

Business

Center

Metropolitan

District

No.

1

General

Obligation

Unlimited

300

3.750

12/01/39

266

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

269

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Denver

International

Business

Center

Metropolitan

District

No.

1

General

Obligation

Unlimited

350

4.000

12/01/48

298

Denver

Urban

Renewal

Authority

Tax

Allocation

(Þ)

545

5.250

12/01/39

551

Dinosaur

Ridge

Metropolitan

District

Revenue

Bonds

(Þ)

175

5.000

06/01/49

160

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

(Þ)

1,250

5.550

12/01/47

1,272

Four

Corners

Business

Improvement

District

General

Obligation

Limited

500

6.000

12/01/52

470

Glen

Metropolitan

District

No.

3

General

Obligation

Limited

(Þ)

500

4.250

12/01/51

378

Greenspire

Metropolitan

District

No.

1

General

Obligation

Limited

(Þ)

500

5.125

12/01/51

455

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

246

Highlands

Metropolitan

District

No.

1

General

Obligation

Limited

500

5.000

12/01/51

422

Jefferson

Center

Metropolitan

District

No.

1

Revenue

Bonds

1,350

4.375

12/01/47

1,136

Jefferson

Center

Metropolitan

District

No.

1

Revenue

Bonds

800

5.750

12/15/50

789

Johnstown

Farms

East

Metropolitan

District

General

Obligation

Limited

500

5.000

12/01/51

431

Johnstown

Plaza

Metropolitan

District

General

Obligation

Limited

(Þ)

2,312

4.250

12/01/46

1,920

Jones

District

Community

Authority

Board

Revenue

Bonds

500

5.750

12/01/50

451

Loretto

Heights

Community

Authority

Revenue

Bonds

500

4.875

12/01/51

399

Meridian

Ranch

Metropolitan

District

Revenue

Bonds

500

6.750

12/01/52

502

Mirabelle

Metropolitan

District

No.

2

General

Obligation

Limited

(Þ)

700

5.000

12/01/39

685

Mirabelle

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.000

12/01/49

463

Murphy

Creek

Metropolitan

District

No.

4

General

Obligation

Limited

850

5.000

12/01/51

731

Murphy

Creek

Metropolitan

District

No.

5

General

Obligation

Limited

500

6.000

12/01/52

500

Nexus

North

at

DIA

Metropolitan

District

General

Obligation

Limited

500

5.000

12/01/51

436

North

Range

Metropolitan

District

No.

2

General

Obligation

Limited

1,000

5.750

12/01/47

1,008

North

Range

Metropolitan

District

No.

2

General

Obligation

Limited

(~)(Ê)

500

7.750

12/15/47

502

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

30

Northglenn

Urban

Renewal

Authority

Tax

Allocation

10

4.000

12/01/38

10

Parkdale

Community

Authority

Revenue

Bonds

500

5.250

12/01/50

460

Parkdale

Community

Authority

Revenue

Bonds

500

7.750

12/15/50

468

Powhaton

Community

Authority

Revenue

Bonds

500

5.000

12/01/51

433

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

(Þ)

500

5.000

12/15/41

500

Prairie

Center

Metropolitan

District

No.

7

General

Obligation

Limited

(Þ)

1,425

4.875

12/15/44

1,259

Pronghorn

Valley

Metropolitan

District

General

Obligation

Limited

515

3.750

12/01/41

413

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

RRC

Metropolitan

District

No.

2

Revenue

Bonds

500

5.250

12/01/51

432

Second

Creek

Farm

Metropolitan

District

No.

3

General

Obligation

Limited

500

5.000

12/01/49

466

Senac

South

Metropolitan

District

No.

1

General

Obligation

Limited

625

5.250

12/01/51

551

South

Timnath

Metropolitan

District

No.

1

General

Obligation

Limited

720

5.500

12/01/48

614

Southlands

Metropolitan

District

No.

1

General

Obligation

Unlimited

(Þ)

1,000

5.000

12/01/37

1,001

Southlands

Metropolitan

District

No.

1

General

Obligation

Unlimited

1,000

5.000

12/01/47

964

State

Vrain

Lakes

Metropolitan

District

No.

2

General

Obligation

Limited

(Þ)

500

5.125

12/01/47

489

Sterling

Hills

West

Metropolitan

District

General

Obligation

Limited

100

5.000

12/01/39

105

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

501

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

(Þ)

1,364

5.625

12/01/48

1,358

Waterview

II

Metropolitan

District

General

Obligation

Limited

(Þ)

500

5.000

12/01/51

438

West

Meadow

Metropolitan

District

General

Obligation

Limited

(Þ)

500

6.500

12/01/50

520

West

Virginia

Economic

Development

Authority

Revenue

Bonds

120

5.375

05/01/43

120

Westerly

Metropolitan

District

No.

4

General

Obligation

Limited

(Þ)

500

5.000

12/01/50

442

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

270

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Windler

Public

Improvement

Authority

Revenue

Bonds

(Þ)

600

Zero

coupon

12/01/51

290

Windler

Public

Improvement

Authority

Revenue

Bonds

(Þ)

750

4.125

12/01/51

391

Winsome

Metropolitan

District

No.

3

General

Obligation

Limited

(Þ)

500

5.125

12/01/50

425

67,013

Connecticut

-

0.9%

City

of

New

Haven

General

Obligation

Unlimited

100

5.500

08/01/34

109

City

of

New

Haven

General

Obligation

Unlimited

1,100

5.500

08/01/38

1,182

City

of

West

Haven

General

Obligation

Unlimited

400

5.000

11/01/32

420

City

of

West

Haven

General

Obligation

Unlimited

700

5.000

11/01/37

729

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

3,535

4.000

07/01/39

2,977

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

07/01/39

987

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

720

4.000

07/01/41

596

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,100

5.000

01/01/45

937

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

175

4.000

07/01/49

130

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,250

4.000

07/01/51

934

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

205

5.375

07/01/52

189

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

225

5.000

01/01/55

178

Hartford

Stadium

Authority

Revenue

Bonds

250

5.000

02/01/36

251

Hartford

Stadium

Authority

Revenue

Bonds

155

4.000

02/01/42

136

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

(Þ)

2,095

7.000

02/01/45

2,096

Stamford

Housing

Authority

Revenue

Bonds

(Þ)

400

11.000

12/01/27

440

State

of

Connecticut

Bradley

International

Airport

CFC

Revenue

Bonds

250

4.000

07/01/49

226

State

of

Connecticut

General

Obligation

Unlimited

120

5.000

06/15/29

132

State

of

Connecticut

General

Obligation

Unlimited

(Þ)

1,500

5.000

06/15/31

1,642

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

(Þ)

2,200

4.000

04/01/51

1,707

Town

of

Hamden

Revenue

Bonds

750

7.000

01/01/53

777

16,775

Delaware

-

0.1%

Delaware

State

Economic

Development

Authority

Revenue

Bonds

215

5.000

11/15/48

218

Delaware

State

Economic

Development

Authority

Revenue

Bonds

45

5.000

08/01/49

45

Delaware

State

Economic

Development

Authority

Revenue

Bonds

100

5.000

09/01/50

102

Delaware

State

Economic

Development

Authority

Revenue

Bonds

(Þ)

75

4.000

06/01/52

55

Delaware

State

Economic

Development

Authority

Revenue

Bonds

(Þ)

75

4.000

06/01/57

53

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

335

4.000

07/01/43

326

Town

of

Bridgeville

Special

Tax

(Þ)

315

4.000

07/01/35

312

1,111

District

of

Columbia

-

1.0%

District

of

Columbia

Revenue

Bonds

(Þ)

2,510

5.000

10/01/35

2,499

District

of

Columbia

Revenue

Bonds

750

5.000

07/01/37

715

District

of

Columbia

Revenue

Bonds

1,000

5.000

07/01/47

1,001

District

of

Columbia

Revenue

Bonds

575

5.250

05/01/48

651

District

of

Columbia

Revenue

Bonds

1,000

5.000

06/01/55

916

District

of

Columbia

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

9,250

7.666

06/15/46

2,255

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,000

5.000

10/01/43

1,031

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(Þ)

1,510

4.000

10/01/44

1,437

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

7,620

4.000

10/01/49

7,093

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)(Þ)

1,280

3.000

10/01/50

982

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(Þ)

100

4.000

10/01/53

91

18,671

Florida

-

10.7%

Abbott

Square

Community

Development

District

Special

Assessment

115

5.500

06/15/52

116

Alachua

County

Health

Facilities

Authority

Revenue

Bonds

1,500

4.000

10/01/46

1,209

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

271

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Anthem

Park

Community

Development

District

Special

Assessment

(Þ)

125

4.750

05/01/36

124

Arbors

Community

Development

District

Special

Assessment

(Þ)

200

5.625

05/01/53

205

Armstrong

Community

Development

District

Special

Assessment

30

4.000

11/01/40

26

Armstrong

Community

Development

District

Special

Assessment

160

4.000

11/01/50

129

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

145

2.300

05/01/26

138

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

250

2.750

05/01/31

219

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

360

Astonia

Community

Development

District

Special

Assessment

(Þ)

1,380

3.200

05/01/41

1,104

Avalon

Groves

Community

Development

District

Special

Assessment

(Þ)

50

3.125

05/01/41

40

Avalon

Groves

Community

Development

District

Special

Assessment

25

3.375

05/01/41

20

Avalon

Groves

Community

Development

District

Special

Assessment

(Þ)

150

6.000

05/01/48

157

Avalon

Park

West

Community

Development

District

Special

Assessment

(Þ)

100

5.625

05/01/52

102

Ave

Maria

Stewardship

Community

District

Special

Assessment

(Þ)

2,380

5.250

05/01/43

2,388

Avelar

Creek

Community

Development

District

Special

Assessment

(Þ)

95

4.000

05/01/36

95

Avenir

Community

Development

District

Special

Assessment

(Þ)

150

5.375

05/01/43

150

Avenir

Community

Development

District

Special

Assessment

(Þ)

500

5.625

05/01/54

504

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

(Þ)

100

4.500

06/01/39

94

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

(Þ)

100

4.625

06/01/49

90

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

1,071

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

(Þ)

1,250

3.200

05/01/41

972

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

500

5.000

05/01/42

487

Balm

Grove

Community

Development

District

Special

Assessment

(Þ)

175

4.000

11/01/42

150

Balm

Grove

Community

Development

District

Special

Assessment

175

4.125

11/01/51

144

Bannon

Lakes

Community

Development

District

Special

Assessment

100

5.000

11/01/48

97

Bartram

Park

Community

Development

District

Special

Assessment

(Þ)

465

4.250

05/01/29

472

Bartram

Park

Community

Development

District

Special

Assessment

(Þ)

485

4.500

05/01/35

488

Bay

Laurel

Center

Community

Development

District

Special

Assessment

90

4.000

05/01/37

89

Baywinds

Community

Development

District

Special

Assessment

175

4.250

05/01/37

176

Beaumont

Community

Development

District

Special

Assessment

(Þ)

90

6.375

11/01/49

93

Berry

Bay

Community

Development

District

Special

Assessment

155

2.625

05/01/26

149

Berry

Bay

Community

Development

District

Special

Assessment

(Þ)

150

5.750

05/01/53

154

Biscayne

Drive

Estates

Community

Development

District

Special

Assessment

(Þ)

100

6.000

06/15/52

103

Black

Creek

Community

Development

District

Special

Assessment

25

3.750

06/15/40

21

Black

Creek

Community

Development

District

Special

Assessment

50

4.000

06/15/50

41

Blue

Lake

Community

Development

District

Special

Assessment

100

4.250

06/15/39

92

Bonterra

Community

Development

District

Special

Assessment

1,570

4.125

05/01/47

1,497

Bonterra

Community

Development

District

Special

Assessment

590

5.000

05/01/47

569

Botaniko

Community

Development

District

Special

Assessment

(Þ)

30

3.625

05/01/40

25

Bradbury

Community

Development

District

Special

Assessment

(Þ)

200

5.250

05/01/43

200

Bradbury

Community

Development

District

Special

Assessment

(Þ)

250

5.500

05/01/53

251

Bridgewalk

Community

Development

District

Special

Assessment

(Þ)

60

6.500

12/15/53

63

Bridgewater

North

Community

Development

District

Special

Assessment

(Þ)

125

4.000

05/01/52

96

Brightwater

Community

Development

District

Revenue

Bonds

(Þ)

250

3.150

05/01/41

194

Brookstone

Community

Development

District

Special

Assessment

(Þ)

250

5.625

05/01/52

253

Buckhead

Trails

Community

Development

District

Special

Assessment

(Þ)

100

5.625

05/01/42

101

Buckhead

Trails

Community

Development

District

Special

Assessment

(Þ)

100

5.750

05/01/52

101

Buena

Lago

Community

Development

District

Revenue

Bonds

100

5.500

05/01/52

103

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

272

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Campo

Bello

Community

Development

District

Special

Assessment

100

4.000

12/15/39

89

Campo

Bello

Community

Development

District

Special

Assessment

(Þ)

150

4.000

12/15/49

122

Capital

Projects

Finance

Authority

Revenue

Bonds

1,000

5.000

11/01/58

1,005

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

2,000

4.500

01/01/35

1,841

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

325

5.000

06/01/41

297

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

300

5.250

12/01/43

294

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

425

6.250

05/01/48

428

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,255

5.000

12/15/49

1,106

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

100

4.000

07/01/51

74

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

400

6.375

05/01/53

404

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

100

4.000

07/01/56

72

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

150

5.000

12/01/56

98

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

5,105

5.250

12/01/58

4,855

Capital

Trust

Agency,

Inc.

Revenue

Bonds

4,000

1.798

01/01/60

221

Caribe

Palm

Community

Development

District

Special

Assessment

94

4.000

05/01/25

95

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

601

Center

Lake

Ranch

West

Community

Development

District

Special

Assessment

(Þ)

225

6.000

05/01/54

231

Centre

Lake

Community

Development

District

Special

Assessment

(Þ)

1,025

4.000

05/01/52

882

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

(Þ)

535

4.125

11/01/38

515

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

1,560

4.250

11/01/48

1,455

CFM

Community

Development

District

Special

Assessment

(Þ)

590

4.000

05/01/51

475

Chapel

Creek

Community

Development

District

Special

Assessment

(Þ)

40

3.375

05/01/41

32

Chapel

Creek

Community

Development

District

Special

Assessment

(Þ)

60

4.000

05/01/52

48

Charles

Cove

Community

Development

District

Special

Assessment

100

4.000

05/01/52

80

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

220

5.500

10/01/36

223

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

350

5.000

10/01/49

340

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,500

4.000

10/01/51

2,036

City

of

Atlantic

Beach

Revenue

Bonds

(Þ)

1,000

5.000

11/15/37

1,000

City

of

Cape

Coral

Water

&

Sewer

Revenue

Bonds

1,000

4.000

10/01/36

1,006

City

of

Palmetto

Revenue

Bonds

75

5.250

06/01/52

77

City

of

Palmetto

Revenue

Bonds

150

5.375

06/01/57

154

City

of

Palmetto

Revenue

Bonds

125

5.625

06/01/62

130

City

of

Pompano

Beach

Revenue

Bonds

(Þ)

135

1.450

01/01/27

124

City

of

Tampa

Revenue

Bonds

960

5.000

04/01/45

969

Cityplace

Community

Development

District

Special

Assessment

Revenue

Bonds

(µ)

1,550

4.562

05/01/46

1,467

Coddington

Community

Development

District

Special

Assessment

(Þ)

100

5.750

05/01/52

102

Collier

County

Educational

Facilities

Authority

Revenue

Bonds

2,400

5.000

06/01/43

2,372

Collier

County

Health

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

4.000

05/01/52

918

Concord

Station

Community

Development

District

Special

Assessment

(Þ)

275

3.625

05/01/35

275

Concord

Station

Community

Development

District

Special

Assessment

(Þ)

285

3.750

05/01/46

257

Concord

Station

Community

Development

District

Special

Assessment

(Þ)

100

4.750

05/01/46

93

Connerton

East

Community

Development

District

Special

Assessment

(Þ)

200

5.375

06/15/53

203

Copes

Landing

Community

Development

District

Special

Assessment

150

5.875

05/01/53

155

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

90

4.000

05/01/40

81

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

1,015

5.400

05/01/42

1,028

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

1,745

4.000

05/01/52

1,400

Corkscrew

Crossing

Community

Development

District

Special

Assessment

(Þ)

150

5.300

05/01/53

147

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

50

5.000

11/01/38

50

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

273

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

100

5.125

11/01/50

97

Coronado

Community

Development

District

Special

Assessment

(Þ)

25

4.000

05/01/31

25

Coronado

Community

Development

District

Special

Assessment

44

4.250

05/01/38

42

Country

Greens

Community

Development

District

Special

Assessment

50

3.200

05/01/25

49

Country

Greens

Community

Development

District

Special

Assessment

345

3.875

05/01/31

343

Country

Greens

Community

Development

District

Special

Assessment

130

4.000

05/01/34

131

County

of

Broward

Port

Facilities

Revenue

Bonds

200

4.000

09/01/44

199

County

of

Broward

Port

Facilities

Revenue

Bonds

2,000

5.250

09/01/47

2,156

County

of

Lake

Revenue

Bonds

500

5.750

08/15/50

458

County

of

Miami-Dade

Aviation

Revenue

Bonds

2,775

5.000

10/01/49

2,855

County

of

Miami-Dade

Seaport

Department

Revenue

Bonds

(Þ)

1,165

5.250

10/01/52

1,239

County

of

Monroe

Airport

Revenue

Bonds

2,250

5.000

10/01/52

2,305

County

of

Osceola

Transportation

Revenue

Bonds

(ae)

3,700

6.000

10/01/36

4,328

County

of

Osceola

Transportation

Revenue

Bonds

(Þ)

1,340

5.000

10/01/44

1,380

Cross

Creek

North

Community

Development

District

Special

Assessment

200

4.500

05/01/52

182

Cross

Creek

North

Community

Development

District

Special

Assessment

(Þ)

120

5.375

05/01/53

120

Crossings

Community

Development

District

Special

Assessment

(Þ)

175

5.125

05/01/52

169

Cypress

Bay

West

Community

Development

District

Special

Assessment

(Þ)

100

5.250

05/01/43

100

Cypress

Bay

West

Community

Development

District

Special

Assessment

(Þ)

100

5.500

05/01/53

100

Cypress

Park

Estates

Community

Development

District

Special

Assessment

(Þ)

85

5.000

05/01/42

82

Cypress

Park

Estates

Community

Development

District

Special

Assessment

(Þ)

85

5.125

05/01/52

81

Davenport

Road

South

Community

Development

District

Special

Assessment

(Þ)

100

5.000

11/01/38

101

Davenport

Road

South

Community

Development

District

Special

Assessment

(Þ)

150

5.125

11/01/48

147

Deer

Run

Community

Development

District

Special

Assessment

190

5.400

05/01/39

195

Deer

Run

Community

Development

District

Special

Assessment

200

5.500

05/01/44

203

Deerbrook

Community

Development

District

Revenue

Bonds

(Þ)

100

5.500

05/01/53

101

Del

Webb

Oak

Creek

Community

Development

District

Special

Assessment

(Þ)

350

5.250

05/01/53

350

Durbin

Crossing

Community

Development

District

Special

Assessment

(µ)(Þ)

75

3.750

05/01/34

75

Durbin

Crossing

Community

Development

District

Special

Assessment

(µ)

120

4.000

05/01/37

122

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

75

3.375

05/01/41

63

Eagle

Hammock

Community

Development

District

Special

Assessment

(Þ)

220

5.375

05/01/52

221

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

75

4.125

05/01/40

67

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

225

4.125

05/01/51

185

East

547

Community

Development

District

Revenue

Bonds

100

6.500

05/01/54

105

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

625

5.000

11/01/38

633

East

Nassau

Stewardship

District

Special

Assessment

1,270

3.500

05/01/41

1,031

Eden

Hills

Community

Development

District

Special

Assessment

(Þ)

50

4.000

05/01/42

44

Eden

Hills

Community

Development

District

Special

Assessment

200

4.125

05/01/52

163

Edgewater

East

Community

Development

District

Special

Assessment

(Þ)

75

3.600

05/01/41

63

Edgewater

East

Community

Development

District

Special

Assessment

(Þ)

150

4.000

05/01/42

131

Edgewater

East

Community

Development

District

Special

Assessment

150

4.000

05/01/51

123

Edgewater

East

Community

Development

District

Special

Assessment

470

4.000

05/01/52

378

Elevation

Pointe

Community

Development

District

Special

Assessment

(Þ)

700

4.400

05/01/42

638

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

(Þ)

135

3.250

05/01/25

133

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

140

3.500

05/01/26

137

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

790

3.750

05/01/31

780

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

1,170

4.000

05/01/37

1,144

Entrada

Community

Development

District

Special

Assessment

(Þ)

150

5.800

05/01/53

154

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

274

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

580

4.000

08/15/45

528

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

(µ)

255

3.000

08/15/50

196

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

(Þ)

5,525

4.000

08/15/50

4,826

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

105

4.125

11/01/50

88

Fallschase

Community

Development

District

Special

Assessment

100

3.375

05/01/41

80

Fallschase

Community

Development

District

Special

Assessment

570

4.000

05/01/52

455

Fishhawk

Ranch

Community

Development

District

Special

Assessment

(µ)

70

3.000

11/01/41

57

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

06/01/40

84

Florida

Development

Finance

Corp.

Revenue

Bonds

(µ)(Þ)

940

4.000

02/01/46

908

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

06/30/46

74

Florida

Development

Finance

Corp.

Revenue

Bonds

1,150

5.000

06/15/47

1,151

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(Ê)(Þ)

290

6.250

01/01/49

290

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

870

6.375

01/01/49

865

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

3,465

6.500

01/01/49

3,423

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

3,620

7.375

01/01/49

3,678

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

104

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

115

5.000

09/15/50

99

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

125

5.000

06/01/51

103

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

500

4.000

07/01/51

417

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

2,500

5.000

02/01/52

2,301

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

405

5.500

07/01/52

355

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

250

5.875

08/15/52

240

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

350

5.125

10/01/52

327

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

200

4.000

06/01/55

124

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

160

5.000

06/01/55

119

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

220

5.250

06/01/55

179

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

200

4.000

06/30/56

137

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

315

5.625

07/01/56

277

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

175

5.250

10/01/56

165

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(Ê)(Þ)

2,500

8.000

07/01/57

2,597

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

225

6.000

08/15/57

217

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

100

5.000

03/01/39

81

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

350

5.000

03/01/44

270

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

1,350

5.000

06/01/48

1,226

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

515

5.000

03/01/49

382

Forest

Lake

Community

Development

District

Special

Assessment

(Þ)

305

5.375

05/01/42

313

Forest

Lake

Community

Development

District

Special

Assessment

(Þ)

265

5.500

05/01/52

271

Gracewater

Sarasota

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/52

80

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

65

4.750

05/01/36

65

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

(Þ)

65

5.000

05/01/46

63

Grand

Oaks

Community

Development

District

Special

Assessment

(Þ)

100

4.000

11/01/51

80

Greater

Orlando

Aviation

Authority

Revenue

Bonds

750

5.000

11/15/36

750

Grove

Resort

Community

Development

District

Special

Assessment

(Þ)

50

4.000

05/01/52

40

Hacienda

Lakes

Community

Development

District

Special

Assessment

(Þ)

100

4.625

05/01/46

91

Hacienda

North

Community

Development

District

Special

Assessment

250

6.500

05/01/53

266

Hammock

Reserve

Community

Development

District

Special

Assessment

(Þ)

50

4.700

05/01/42

46

Hammock

Reserve

Community

Development

District

Special

Assessment

(Þ)

155

5.000

05/01/52

144

Harbor

Bay

Community

Development

District

Special

Assessment

100

3.750

05/01/34

91

Harbor

Bay

Community

Development

District

Special

Assessment

105

3.875

05/01/39

93

Harbor

Bay

Community

Development

District

Special

Assessment

(Þ)

100

4.100

05/01/48

83

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

275

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Harmony

on

Lake

Eloise

Community

Development

District

Special

Assessment

(Þ)

100

5.375

05/01/53

101

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

1,185

5.250

05/01/49

1,191

Hawks

Point

Community

Development

District

Special

Assessment

(Þ)

185

4.250

05/01/35

187

Hawkstone

Community

Development

District

Special

Assessment

100

3.875

11/01/39

88

Hawkstone

Community

Development

District

Special

Assessment

150

5.375

05/01/43

152

Hawkstone

Community

Development

District

Special

Assessment

100

4.000

11/01/51

81

Hawkstone

Community

Development

District

Special

Assessment

130

5.500

05/01/53

131

Heights

Community

Development

District

County

of

Hillsborough

Special

Assessment

(Þ)

150

5.000

01/01/38

149

Heights

Community

Development

District

County

of

Hillsborough

Special

Assessment

300

5.000

01/01/50

286

Herons

Glen

Recreation

District

Special

Assessment

(µ)(Þ)

105

2.500

05/01/40

85

Highlands

Community

Development

District

Special

Assessment

(Þ)

200

4.250

05/01/36

200

Highlands

Meadows

II

Community

Development

District

Special

Assessment

415

5.375

11/01/37

422

Highlands

Meadows

II

Community

Development

District

Special

Assessment

(Þ)

100

5.500

11/01/47

101

Highlands

Meadows

West

Community

Development

District

Special

Assessment

(Þ)

25

3.625

05/01/40

21

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

53

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

230

4.000

05/01/50

187

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

1,695

4.000

08/01/50

1,607

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

3,305

4.000

08/01/55

2,999

Island

Lakes

Estate

Special

Assessment

150

6.000

12/15/53

155

Isles

of

Bartram

Park

Community

Development

District

Special

Assessment

155

4.625

11/01/37

151

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

185

4.500

05/01/38

176

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

100

3.125

05/01/41

77

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

275

4.625

05/01/48

248

Kelly

Park

Community

Development

District

Special

Assessment

(Þ)

100

6.250

11/01/53

102

Kindred

Community

Development

District

II

Special

Assessment

100

5.650

05/01/43

103

Kindred

Community

Development

District

II

Special

Assessment

100

3.750

05/01/50

82

Kindred

Community

Development

District

II

Special

Assessment

100

5.875

05/01/54

103

Kingman

Gate

Community

Development

District

Special

Assessment

(Þ)

85

4.000

06/15/40

80

Kingman

Gate

Community

Development

District

Special

Assessment

(Þ)

60

4.000

06/15/50

52

Lake

Deer

Community

Development

District

Special

Assessment

245

5.625

05/01/53

243

Lake

Emma

Community

Development

District

Special

Assessment

(Þ)

50

5.250

05/01/43

50

Lake

Emma

Community

Development

District

Special

Assessment

(Þ)

100

5.500

05/01/53

100

Lake

Frances

Community

Development

District

Special

Assessment

87

3.000

05/01/26

85

Lake

Frances

Community

Development

District

Special

Assessment

492

4.000

05/01/31

487

Lake

Frances

Community

Development

District

Special

Assessment

689

4.000

05/01/37

676

Lakeshore

Ranch

Community

Development

District

Special

Assessment

25

3.125

05/01/24

25

Lakeside

Preserve

Community

Development

District

Special

Assessment

30

5.250

05/01/30

31

Lakeside

Preserve

Community

Development

District

Special

Assessment

70

6.000

05/01/43

72

Lakeside

Preserve

Community

Development

District

Special

Assessment

(Þ)

115

6.375

05/01/54

120

Lakewood

Park

Community

Development

District

Special

Assessment

100

5.750

05/01/53

102

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

918

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

85

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

100

5.000

05/01/37

101

Lakewood

Ranch

Stewardship

District

Special

Assessment

150

5.250

05/01/37

152

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

315

5.125

05/01/46

311

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

100

5.125

05/01/47

100

Lakewood

Ranch

Stewardship

District

Special

Assessment

225

5.375

05/01/47

228

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

276

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Lakewood

Ranch

Stewardship

District

Special

Assessment

240

5.450

05/01/48

243

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

100

3.900

05/01/50

81

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

145

3.875

05/01/51

115

Lakewood

Ranch

Stewardship

District

Special

Assessment

800

4.000

05/01/52

643

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

325

6.300

05/01/54

338

Landings

at

Miami

Community

Development

District

Special

Assessment

(Þ)

100

4.625

11/01/38

97

Landings

at

Miami

Community

Development

District

Special

Assessment

(Þ)

100

4.750

11/01/48

93

Landmark

at

Doral

Community

Development

District

Special

Assessment

35

3.375

05/01/30

33

Landmark

at

Doral

Community

Development

District

Special

Assessment

(Þ)

110

3.000

05/01/35

101

Landmark

at

Doral

Community

Development

District

Special

Assessment

110

3.000

05/01/38

94

Landmark

at

Doral

Community

Development

District

Special

Assessment

50

4.000

05/01/38

45

Lee

County

Industrial

Development

Authority

Revenue

Bonds

275

5.250

10/01/52

234

Lee

County

Industrial

Development

Authority

Revenue

Bonds

775

5.250

10/01/57

645

LT

Ranch

Community

Development

District

Special

Assessment

200

4.000

05/01/50

162

LT

Ranch

Community

Development

District

Special

Assessment

100

5.900

05/01/53

102

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

175

3.250

05/01/31

160

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

50

3.450

05/01/41

40

Lucerne

Park

Community

Development

District

Special

Assessment

95

4.625

05/01/39

91

Lucerne

Park

Community

Development

District

Special

Assessment

95

4.750

05/01/50

87

Mandarin

Grove

Community

Development

District

Special

Assessment

(Þ)

175

6.625

05/01/53

186

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

200

5.125

11/01/38

203

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

250

5.250

11/01/49

249

Meadow

Pointe

III

Community

Development

District

Special

Assessment

115

3.500

05/01/24

115

Meadow

Pointe

III

Community

Development

District

Special

Assessment

(Þ)

520

4.400

05/01/31

522

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

110

3.400

05/01/24

110

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

(Þ)

115

3.400

05/01/25

113

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

650

4.100

05/01/30

646

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

(Þ)

100

3.750

05/01/52

76

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/52

80

Mediterranea

Community

Development

District

Special

Assessment

100

5.000

05/01/48

97

Merrick

Square

Community

Development

District

Special

Assessment

(Þ)

100

5.625

05/01/53

102

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

(Þ)

1,750

5.125

07/01/38

1,525

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,750

5.000

11/15/39

1,761

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000

11/15/46

966

Miami

World

Center

Community

Development

District

Special

Assessment

400

5.125

11/01/39

403

Miami

World

Center

Community

Development

District

Special

Assessment

1,150

5.250

11/01/49

1,156

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

130

5.250

07/01/52

122

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

185

5.500

07/01/61

177

Mid-Bay

Bridge

Authority

Revenue

Bonds

1,000

5.000

10/01/40

1,009

Midtown

Miami

Community

Development

District

Special

Assessment

100

5.000

05/01/29

100

Mirada

Community

Development

District

Special

Assessment

145

3.250

05/01/32

131

Mirada

II

Community

Development

District

Special

Assessment

(Þ)

125

3.500

05/01/41

101

Mirada

II

Community

Development

District

Special

Assessment

(Þ)

1,615

4.000

05/01/51

1,284

Mirada

II

Community

Development

District

Special

Assessment

(Þ)

255

5.750

05/01/53

259

Moody

River

Estates

Community

Development

District

Special

Assessment

500

4.000

05/01/31

502

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

188

North

AR-1

Pasco

Community

Development

District

Special

Assessment

750

5.750

05/01/43

761

North

Loop

Community

Development

District

Special

Assessment

150

6.625

05/01/54

160

North

Park

Isle

Community

Development

District

Special

Assessment

100

3.375

11/01/41

80

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

277

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

North

Park

Isle

Community

Development

District

Special

Assessment

150

4.000

11/01/51

121

North

Powerline

Road

Community

Development

District

Special

Assessment

(Þ)

140

5.625

05/01/52

140

Oak

Creek

Community

Development

District

Special

Assessment

190

3.850

05/01/25

189

Oak

Creek

Community

Development

District

Special

Assessment

(Þ)

200

4.000

05/01/26

201

Ocala

Preserve

Community

Development

District

Special

Assessment

(Þ)

1,175

3.100

11/01/41

890

Ocala

Preserve

Community

Development

District

Special

Assessment

(Þ)

100

5.700

05/01/43

103

Ocala

Preserve

Community

Development

District

Special

Assessment

(Þ)

100

5.875

05/01/53

103

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

(Þ)

140

4.850

05/01/39

137

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

(Þ)

100

5.250

06/15/43

102

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

(Þ)

215

5.000

05/01/49

208

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

(Þ)

100

5.375

06/15/53

101

Orchid

Grove

Community

Development

District

Special

Assessment

(Þ)

1,245

5.000

05/01/36

1,253

Osceola

Chain

Lakes

Community

Development

District

Special

Assessment

100

4.000

05/01/40

88

Palermo

Community

Development

District

Special

Assessment

100

5.000

06/15/43

100

Palermo

Community

Development

District

Special

Assessment

125

5.250

06/15/53

125

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

(Þ)

600

11.500

07/01/27

689

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

175

4.000

06/01/36

158

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

(Þ)

200

5.000

11/01/47

206

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

300

4.250

06/01/56

231

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

(Þ)

125

7.625

05/15/58

129

Palm

Coast

Park

Community

Development

District

Special

Assessment

730

3.125

05/01/41

558

Palm

Coast

Park

Community

Development

District

Special

Assessment

100

5.400

05/01/43

101

Palm

Coast

Park

Community

Development

District

Special

Assessment

(Þ)

2,400

4.000

05/01/52

1,919

Palm

Coast

Park

Community

Development

District

Special

Assessment

(Þ)

100

5.600

05/01/53

101

Palm

Glades

Community

Development

District

Special

Assessment

(Þ)

350

3.750

05/01/31

350

Palm

Glades

Community

Development

District

Special

Assessment

185

4.000

11/01/38

181

Palm

Glades

Community

Development

District

Special

Assessment

120

5.000

05/01/39

121

Palm

Glades

Community

Development

District

Special

Assessment

250

4.200

11/01/48

237

Parkland

Preserve

Community

Development

District

Special

Assessment

490

5.250

05/01/39

497

Parkland

Preserve

Community

Development

District

Special

Assessment

340

5.375

05/01/50

341

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

130

4.375

05/01/31

131

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

175

4.700

05/01/49

172

Parrish

Lakes

Community

Development

District

Special

Assessment

(Þ)

125

5.125

05/01/43

124

Parrish

Lakes

Community

Development

District

Special

Assessment

(Þ)

50

5.375

05/01/43

50

Parrish

Lakes

Community

Development

District

Special

Assessment

(Þ)

150

5.400

05/01/53

148

Parrish

Lakes

Community

Development

District

Special

Assessment

(Þ)

150

5.625

05/01/53

151

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

195

4.375

05/01/36

197

Peace

Creek

Community

Development

Special

Assessment

(Þ)

100

5.125

06/15/43

101

Peace

Creek

Community

Development

Special

Assessment

(Þ)

180

5.375

06/15/53

183

Pinellas

County

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

665

4.125

12/15/28

665

Pinellas

County

Industrial

Development

Authority

Revenue

Bonds

1,500

5.000

07/01/29

1,538

Portico

Community

Development

District

Special

Assessment

(Þ)

25

3.625

05/01/40

21

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Bonds

535

5.250

11/01/38

554

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Bonds

(Þ)

100

4.000

11/01/39

91

Prosperity

Lakes

Community

Development

District

Revenue

Bonds

100

6.125

12/15/53

104

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

540

5.050

05/01/39

543

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

895

5.200

05/01/49

882

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

278

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Reunion

East

Community

Development

District

Special

Assessment

755

5.000

05/01/33

762

Reunion

East

Community

Development

District

Special

Assessment

2,000

3.150

05/01/41

1,590

Reunion

West

Community

Development

District

Special

Assessment

30

4.500

05/01/39

29

Reunion

West

Community

Development

District

Special

Assessment

85

4.625

05/01/50

78

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

(Þ)

50

5.500

05/01/53

51

River

Glen

Community

Development

District

Special

Assessment

600

4.000

05/01/51

482

River

Hall

Community

Development

District

Special

Assessment

(Þ)

150

6.500

05/01/54

157

Rivington

Community

Development

District

Special

Assessment

(Þ)

300

4.000

05/01/52

240

Rolling

Hills

Community

Development

District

Special

Assessment

(Þ)

950

4.000

05/01/52

759

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

202

Rolling

Oaks

Community

Development

District

Special

Assessment

(Þ)

150

6.500

05/01/53

156

Rustic

Oaks

Community

Development

District

Special

Assessment

(Þ)

1,000

3.450

05/01/42

805

Rye

Crossing

Community

Development

District

Special

Assessment

(Þ)

100

5.250

05/01/53

100

Rye

Crossing

Community

Development

District

Special

Assessment

(Þ)

60

6.000

11/01/53

61

Rye

Ranch

Community

Development

District

Special

Assessment

(Þ)

200

6.625

05/01/54

212

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

Special

Assessment

(Þ)

1,000

3.350

12/15/41

822

Saltmeadows

Community

Development

District

General

Obligation

Unlimited

(Þ)

125

5.500

05/01/53

126

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

25

3.125

05/01/30

24

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

60

3.625

05/01/40

53

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

50

3.750

05/01/50

41

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

100

6.000

11/01/52

104

Sarasota

County

Public

Hospital

District

Revenue

Bonds

400

4.000

07/01/48

392

Sarasota

National

Community

Development

District

Special

Assessment

(Þ)

100

4.125

05/01/31

98

Sarasota

National

Community

Development

District

Special

Assessment

285

3.900

05/01/41

250

Sarasota

National

Community

Development

District

Special

Assessment

(Þ)

200

4.125

05/01/41

179

Sawgrass

Village

Community

Development

District

Special

Assessment

(Þ)

200

5.750

05/01/53

201

Sawgrass

Village

Community

Development

District

Special

Assessment

(Þ)

135

6.375

11/01/53

140

Scenic

Terrace

North

Community

Development

District

Special

Assessment

(Þ)

175

5.875

05/01/43

178

Scenic

Terrace

North

Community

Development

District

Special

Assessment

(Þ)

200

6.125

05/01/54

204

Scenic

Terrace

South

Community

Development

District

Special

Assessment

(Þ)

105

4.500

05/01/42

97

Scenic

Terrace

South

Community

Development

District

Special

Assessment

(Þ)

185

4.625

05/01/53

164

Scenic

Terrace

South

Community

Development

District

Special

Assessment

(Þ)

100

6.750

11/01/53

106

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

(Þ)

100

5.500

06/15/53

101

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

235

4.000

06/15/51

176

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

4.000

06/15/56

73

Seminole

Improvement

District

Revenue

Bonds

100

5.300

10/01/37

102

Seminole

Palms

Community

Development

District

Special

Assessment

100

5.700

05/01/53

101

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

176

Sherwood

Manor

Community

Development

District

Special

Assessment

(Þ)

75

5.500

05/01/43

77

Sherwood

Manor

Community

Development

District

Special

Assessment

(Þ)

200

5.250

11/01/49

199

Sherwood

Manor

Community

Development

District

Special

Assessment

135

5.625

05/01/53

137

Shingle

Creek

at

Bronson

Community

Development

District

Special

Assessment

(Þ)

475

3.100

06/15/31

449

Silverlake

Community

Development

District

Special

Assessment

100

5.500

05/01/53

102

Six

Mile

Creek

Community

Development

District

Special

Assessment

310

3.100

05/01/31

280

Six

Mile

Creek

Community

Development

District

Special

Assessment

20

4.125

11/01/40

19

Six

Mile

Creek

Community

Development

District

Special

Assessment

750

3.400

05/01/41

599

Six

Mile

Creek

Community

Development

District

Special

Assessment

(Þ)

75

3.500

05/01/41

61

Six

Mile

Creek

Community

Development

District

Special

Assessment

50

4.250

11/01/50

45

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

279

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Six

Mile

Creek

Community

Development

District

Special

Assessment

(Þ)

125

5.700

05/01/54

126

Somerset

Community

Development

District

Special

Assessment

(Þ)

1,000

4.200

05/01/37

926

South

Broward

Hospital

District

Revenue

Bonds

1,750

3.000

05/01/51

1,282

South

Fork

III

Community

Development

District

Special

Assessment

(Þ)

200

5.000

05/01/38

201

South

Kendall

Community

Development

District

Special

Assessment

(Þ)

100

4.125

11/01/40

94

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

600

4.000

05/01/43

514

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

(Þ)

2,035

4.000

05/01/48

1,687

St.

Augustine

Lakes

Community

Development

District

Special

Assessment

(Þ)

1,000

5.500

06/15/53

1,006

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

550

4.000

12/15/41

440

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

25

4.000

12/15/46

19

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

200

4.000

12/15/50

144

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

375

4.000

08/01/55

311

State

of

Florida

Department

of

Transportation

Turnpike

System

Revenue

Bonds

(Þ)

1,000

3.000

07/01/51

779

Stellar

North

Community

Development

District

Special

Assessment

(Þ)

845

3.200

05/01/41

650

Stonegate

Preserve

Community

Development

District

Special

Assessment

(Þ)

200

6.125

12/15/53

207

Stoneybrook

North

Community

Development

District

Special

Assessment

(Þ)

100

6.375

11/01/52

107

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

200

4.500

06/15/39

198

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

150

4.625

06/15/49

143

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

(Þ)

1,125

3.750

12/15/50

926

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

(Þ)

100

5.500

06/15/53

104

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

75

Storey

Park

Community

Development

District

Special

Assessment

(Þ)

650

3.300

06/15/41

537

Summer

Woods

Community

Development

District

Special

Assessment

(Þ)

15

3.400

05/01/41

13

Summer

Woods

Community

Development

District

Special

Assessment

15

4.000

05/01/51

12

Summer

Woods

Community

Development

District

Special

Assessment

(Þ)

75

4.000

05/01/52

60

Sunbridge

Stewardship

District

Special

Assessment

(Þ)

200

5.350

05/01/52

197

Talis

Park

Community

Development

District

Special

Assessment

100

4.000

05/01/33

96

Tamarindo

Community

Development

District

Special

Assessment

50

3.375

05/01/41

40

Tapestry

Community

Development

District

Special

Assessment

(Þ)

100

5.000

05/01/46

97

Tern

Bay

Community

Development

District

Special

Assessment

450

4.000

06/15/42

391

Tern

Bay

Community

Development

District

Special

Assessment

(Þ)

500

4.000

06/15/52

402

Terreno

Community

Development

District

Special

Assessment

100

5.250

05/01/53

99

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

1,000

5.000

11/01/48

966

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

(Þ)

250

3.300

12/15/41

197

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

(Þ)

1,250

4.000

12/15/51

1,002

Tohoqua

Community

Development

District

Special

Assessment

(Þ)

100

3.600

05/01/41

86

Tolomato

Community

Development

District

Special

Assessment

(µ)

200

3.750

05/01/40

195

Tolomato

Community

Development

District

Special

Assessment

(Þ)

100

5.625

05/01/40

102

Toscana

Isles

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

215

5.375

11/01/39

221

Toscana

Isles

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

245

5.500

11/01/49

248

Touchstone

Community

Development

District

Special

Assessment

(Þ)

100

4.625

06/15/38

97

Touchstone

Community

Development

District

Special

Assessment

(Þ)

100

4.750

06/15/48

92

Towne

Park

Community

Development

District

Special

Assessment

60

4.625

05/01/50

55

Towns

at

Woodsdale

Community

Development

District

Special

Assessment

(Þ)

100

6.375

11/01/53

105

Tradition

Community

Development

District

No.

9

Special

Assessment

100

3.000

05/01/41

76

Tradition

Community

Development

District

No.

9

Special

Assessment

100

4.000

05/01/52

80

Triple

Creek

Community

Development

District

Special

Assessment

25

5.250

11/01/27

25

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

280

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Triple

Creek

Community

Development

District

Special

Assessment

80

6.125

11/01/46

83

Triple

Creek

Community

Development

District

Special

Assessment

(Þ)

265

5.375

11/01/48

266

TSR

Community

Development

District

Special

Assessment

200

5.000

11/01/39

201

TSR

Community

Development

District

Special

Assessment

(Þ)

200

4.750

11/01/47

185

TSR

Community

Development

District

Special

Assessment

485

5.125

11/01/49

473

Tuckers

Pointe

Community

Development

District

Special

Assessment

(Þ)

300

3.625

05/01/32

277

Tuckers

Pointe

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/52

80

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

(Þ)

75

5.875

05/01/43

77

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

(Þ)

50

6.125

05/01/54

51

Two

Creeks

Community

Development

District

Special

Assessment

(Þ)

100

3.500

05/01/32

99

Two

Creeks

Community

Development

District

Special

Assessment

(Þ)

100

3.625

05/01/37

98

Two

Lakes

Community

Development

District

Special

Assessment

150

3.750

12/15/39

129

Two

Lakes

Community

Development

District

Special

Assessment

(Þ)

200

5.000

12/15/47

193

Two

Rivers

East

Community

Development

District

Special

Assessment

(Þ)

275

5.875

05/01/53

278

Two

Rivers

North

Community

Development

District

Special

Assessment

(Þ)

150

5.250

05/01/52

147

Two

Rivers

West

Community

Development

District

Special

Assessment

(Þ)

150

6.000

05/01/43

154

Two

Rivers

West

Community

Development

District

Special

Assessment

(Þ)

300

6.250

05/01/53

309

Two

Rivers

West

Community

Development

District

Special

Assessment

145

6.125

11/01/53

148

Union

Park

East

Community

Development

District

Special

Assessment

(Þ)

500

5.500

11/01/47

506

Varrea

South

Community

Development

District

Special

Assessment

(Þ)

125

5.400

05/01/53

127

V-Dana

Community

Development

District

Special

Assessment

(Þ)

500

3.125

05/01/31

456

V-Dana

Community

Development

District

Special

Assessment

(Þ)

100

5.250

05/01/43

101

V-Dana

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/51

81

V-Dana

Community

Development

District

Special

Assessment

(Þ)

200

5.500

05/01/54

203

Ventana

Community

Development

District

Special

Assessment

(Þ)

740

5.000

05/01/38

745

Ventana

Community

Development

District

Special

Assessment

(Þ)

500

5.125

05/01/49

490

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

236

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

60

3.600

05/01/41

50

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

160

5.125

05/01/44

161

Veranda

Community

Development

District

II

Special

Assessment

120

5.375

05/01/44

120

Veranda

Community

Development

District

II

Special

Assessment

315

5.125

11/01/49

308

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

55

4.000

05/01/51

44

Veranda

Community

Development

District

II

Special

Assessment

300

5.375

05/01/54

299

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

25

5.625

05/01/54

25

Veranda

Landing

Community

Development

District

Special

Assessment

(Þ)

100

5.500

06/15/53

101

Verandah

East

Community

Development

District

Special

Assessment

200

4.000

05/01/31

195

Verano

No.

1

Community

Development

District

Special

Assessment

60

4.750

11/01/25

60

Verano

No.

1

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/31

99

Verano

No.

1

Community

Development

District

Special

Assessment

250

5.125

11/01/35

255

Verano

No.

1

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/37

98

Verano

No.

1

Community

Development

District

Special

Assessment

245

5.250

11/01/46

245

Verano

No.

2

Community

Development

District

Special

Assessment

60

4.000

05/01/50

49

Verano

No.

3

Community

Development

District

Special

Assessment

(Þ)

470

6.625

11/01/52

497

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

77

Viera

East

Community

Development

District

Special

Assessment

(µ)

90

2.600

05/01/34

78

Viera

East

Community

Development

District

Special

Assessment

(µ)

50

2.750

05/01/38

40

Viera

Stewardship

District

Special

Assessment

100

5.300

05/01/43

101

Viera

Stewardship

District

Special

Assessment

(Þ)

250

5.500

05/01/54

252

Village

Community

Development

District

No.

13

Special

Assessment

(Þ)

260

3.250

05/01/40

214

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

281

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Village

Community

Development

District

No.

13

Special

Assessment

(Þ)

575

3.500

05/01/51

454

Village

Community

Development

District

No.

13

Special

Assessment

320

3.250

05/01/52

235

Village

Community

Development

District

No.

14

Special

Assessment

(Þ)

990

5.500

05/01/53

1,018

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

406

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

(Þ)

75

4.000

05/01/52

60

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

(Þ)

100

5.250

05/01/53

98

Villamar

Community

Development

District

Special

Assessment

905

4.625

05/01/39

867

Villamar

Community

Development

District

Special

Assessment

(Þ)

555

4.000

11/01/51

443

Villamar

Community

Development

District

Special

Assessment

(Þ)

500

4.125

05/01/52

408

Villamar

Community

Development

District

Special

Assessment

1,310

5.750

05/01/53

1,325

Vizcaya

in

Kendall

Community

Development

District

Special

Assessment

100

4.125

11/01/46

90

Volusia

County

Educational

Facility

Authority

Revenue

Bonds

240

5.000

06/01/45

243

Waterford

Community

Development

District

Special

Assessment

50

5.375

05/01/43

50

Waterford

Community

Development

District

Special

Assessment

75

5.600

05/01/53

76

Waterford

Landing

Community

Development

District

Special

Assessment

145

5.500

05/01/34

145

Waterford

Landing

Community

Development

District

Special

Assessment

150

5.750

05/01/44

150

Watergrass

Community

Development

District

II

Special

Assessment

260

5.250

05/01/49

259

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

149

Wellness

Ridge

Community

Development

District

Special

Assessment

(Þ)

125

5.125

06/15/43

126

Wellness

Ridge

Community

Development

District

Special

Assessment

(Þ)

125

5.375

06/15/53

127

Wesbridge

Community

Development

District

Special

Assessment

75

4.250

11/01/49

64

West

Hillcrest

Community

Development

District

Special

Assessment

100

5.500

06/15/53

102

West

Port

Community

Development

District

Special

Assessment

(Þ)

90

3.400

05/01/41

72

West

Port

Community

Development

District

Special

Assessment

(Þ)

1,700

4.000

05/01/51

1,370

West

Port

Community

Development

District

Special

Assessment

(Þ)

50

5.250

05/01/52

49

West

Villages

Improvement

District

Revenue

Bonds

(Þ)

100

5.375

05/01/43

102

West

Villages

Improvement

District

Revenue

Bonds

(Þ)

200

5.625

05/01/53

203

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

1,569

West

Villages

Improvement

District

Special

Assessment

50

5.375

05/01/42

51

West

Villages

Improvement

District

Special

Assessment

210

5.000

05/01/50

197

West

Villages

Improvement

District

Special

Assessment

(Þ)

150

5.500

05/01/53

151

West

Villages

Improvement

District

Special

Assessment

100

6.250

05/01/54

105

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(Þ)

100

5.375

05/01/43

101

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(Þ)

325

5.600

05/01/53

326

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(Þ)

150

5.625

05/01/53

152

Westside

Community

Development

District

Special

Assessment

(Þ)

100

4.100

05/01/37

93

Westside

Community

Development

District

Special

Assessment

(Þ)

100

4.125

05/01/38

92

Westside

Community

Development

District

Special

Assessment

815

4.000

05/01/50

660

Westview

North

Community

Development

District

Special

Assessment

(Þ)

100

6.000

06/15/52

103

Westwood

of

Pasco

Community

Development

District

Special

Assessment

(Þ)

500

5.400

05/01/43

505

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

114

Wildblue

Community

Development

District

Special

Assessment

(Þ)

250

4.375

06/15/49

216

Willows

Community

Development

District

Special

Assessment

(Þ)

100

5.750

05/01/52

103

Wind

Meadows

South

Community

Development

District

Special

Assessment

(Þ)

935

4.000

05/01/52

750

Wind

Meadows

South

Community

Development

District

Special

Assessment

(Þ)

125

5.625

05/01/53

127

Winding

Cypress

Community

Development

District

Special

Assessment

100

5.000

11/01/45

98

Winding

Cypress

Community

Development

District

Special

Assessment

100

5.000

11/01/49

96

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

282

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

(Þ)

100

4.250

05/01/52

83

Windward

Community

Development

District

Special

Assessment

80

4.400

11/01/35

77

Zephyr

Lakes

Community

Development

District

Special

Assessment

(Þ)

50

3.375

05/01/41

40

Zephyr

Lakes

Community

Development

District

Special

Assessment

(Þ)

50

4.000

05/01/51

40

197,527

Georgia

-

1.7%

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

3,330

3.875

07/01/51

3,016

Bartow

County

Development

Authority

Revenue

Bonds

(~)(Ê)

3,000

1.500

11/01/62

3,000

City

of

Rockdale

Special

Assessment

(Þ)

400

7.500

09/15/54

418

Columbia

County

Hospital

Authority

Revenue

Bonds

(Þ)

130

5.125

04/01/53

139

Columbia

County

Hospital

Authority

Revenue

Bonds

(Þ)

1,100

5.750

04/01/53

1,253

Coweta

County

Residential

Care

Facilities

for

the

Elderly

Authority

Revenue

Bonds

970

4.000

03/01/36

831

Development

Authority

of

Cobb

County

(The)

Revenue

Bonds

(ae)

50

5.000

07/15/38

51

Development

Authority

of

Cobb

County

(The)

Revenue

Bonds

(Þ)

1,450

5.000

07/15/38

1,455

Gainesville

&

Hall

County

Development

Authority

Educational

Facilities

Revenue

Bonds

(Þ)

100

5.125

03/01/52

73

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

60

3.625

01/01/31

54

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

160

5.000

01/01/36

158

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

3,895

4.000

01/01/54

3,410

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

2,795

5.000

01/01/54

2,434

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

Bonds

1,000

4.000

08/01/38

992

Lawson

Dunes

Community

Development

District

Special

Assessment

(Þ)

45

5.000

05/01/42

45

Lawson

Dunes

Community

Development

District

Special

Assessment

(Þ)

85

5.125

05/01/52

82

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

350

5.000

05/15/43

360

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

1,035

5.000

07/01/53

1,097

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

145

5.000

12/01/53

155

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

2,365

5.000

07/01/48

2,533

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

1,500

4.000

01/01/49

1,451

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

3,220

4.000

01/01/49

3,114

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,000

5.000

01/01/49

1,022

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

2,000

5.000

01/01/56

2,045

Private

Colleges

&

Universities

Authority

Revenue

Bonds

1,000

5.000

10/01/40

1,014

Rockdale

County

Development

Authority

Revenue

Bonds

(Þ)

225

4.000

01/01/38

213

Sunbridge

Stewardship

District

Special

Assessment

175

5.500

05/01/52

177

30,592

Guam

-

0.8%

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

100

3.720

09/01/27

92

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

625

5.000

09/01/38

632

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

100

5.125

10/01/34

103

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

100

3.839

10/01/36

81

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

(Þ)

100

5.250

10/01/36

102

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

(Þ)

100

5.375

10/01/40

100

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

125

4.460

10/01/43

96

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

(Þ)

100

5.375

10/01/43

100

Guam

Business

Privilege

Tax

Revenue

Bonds

2,825

4.000

01/01/36

2,854

Guam

Business

Privilege

Tax

Revenue

Bonds

1,420

4.000

01/01/42

1,371

Guam

Department

of

Education

Certificate

of

Participation

750

4.250

02/01/30

744

Guam

Department

of

Education

Certificate

of

Participation

545

5.000

02/01/40

550

Guam

Government

Waterworks

Authority

Revenue

Bonds

4,050

5.000

07/01/35

4,074

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,605

5.000

01/01/46

1,630

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,000

5.000

01/01/50

1,035

Port

Authority

of

Guam

Revenue

Bonds

200

5.000

07/01/36

211

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

283

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Territory

of

Guam

Revenue

Bonds

(Þ)

500

5.000

12/01/31

515

Territory

of

Guam

Revenue

Bonds

500

5.000

11/01/35

537

14,827

Hawaii

-

0.6%

Kauai

County

Community

Facilities

District

Special

Tax

1,250

5.000

05/15/51

1,261

State

of

Hawaii

Airports

System

Revenue

Bonds

1,000

5.000

07/01/51

1,043

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

1,570

3.100

05/01/26

1,248

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

4,000

6.000

07/01/28

4,084

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

1,720

5.000

01/01/30

1,672

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

30

4.000

03/01/37

21

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

925

3.200

07/01/39

625

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

300

6.875

07/01/43

300

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

85

3.500

10/01/49

56

10,310

Idaho

-

0.1%

County

of

Nez

Perce

Pollution

Control

Revenue

Bonds

(Þ)

825

2.750

10/01/24

815

Idaho

Health

Facilities

Authority

Revenue

Bonds

400

5.000

09/01/37

403

1,218

Illinois

-

8.9%

Bridgeview

Finance

Corp.

Sales

Tax

Revenue

Bonds

2,100

5.000

12/01/37

2,106

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

(Þ)

2,150

5.750

04/01/48

2,377

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)(Þ)

105

Zero

coupon

12/01/29

84

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,500

5.000

12/01/29

1,599

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)(Þ)

345

5.078

12/01/29

275

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

225

6.038

12/01/29

223

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

325

5.000

12/01/30

345

Chicago

Board

of

Education

General

Obligation

Unlimited

1,600

5.000

12/01/31

1,672

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/32

1,061

Chicago

Board

of

Education

General

Obligation

Unlimited

320

5.125

12/01/32

321

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

350

5.000

12/01/34

370

Chicago

Board

of

Education

General

Obligation

Unlimited

735

5.250

12/01/35

736

Chicago

Board

of

Education

General

Obligation

Unlimited

990

5.000

12/01/36

1,001

Chicago

Board

of

Education

General

Obligation

Unlimited

2,000

4.000

12/01/37

1,936

Chicago

Board

of

Education

General

Obligation

Unlimited

1,000

5.000

12/01/37

1,035

Chicago

Board

of

Education

General

Obligation

Unlimited

75

5.250

12/01/39

75

Chicago

Board

of

Education

General

Obligation

Unlimited

2,000

4.000

12/01/41

1,852

Chicago

Board

of

Education

General

Obligation

Unlimited

3,040

4.000

12/01/42

2,785

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

1,500

5.000

12/01/42

1,498

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

2,000

7.000

12/01/42

2,185

Chicago

Board

of

Education

General

Obligation

Unlimited

585

4.000

12/01/43

529

Chicago

Board

of

Education

General

Obligation

Unlimited

710

5.000

12/01/44

713

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

2,325

7.000

12/01/44

2,428

Chicago

Board

of

Education

General

Obligation

Unlimited

1,745

5.000

12/01/46

1,747

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

875

5.000

12/01/46

868

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

1,460

6.500

12/01/46

1,530

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

1,500

7.000

12/01/46

1,627

Chicago

Board

of

Education

General

Obligation

Unlimited

275

6.000

12/01/49

302

Chicago

Board

of

Education

Revenue

Bonds

225

5.000

12/01/25

229

Chicago

Board

of

Education

Revenue

Bonds

(µ)(Þ)

250

Zero

coupon

12/01/27

216

Chicago

Board

of

Education

Revenue

Bonds

500

5.750

04/01/35

530

Chicago

Board

of

Education

Revenue

Bonds

2,240

5.000

04/01/42

2,277

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

284

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Chicago

Board

of

Education

Revenue

Bonds

1,725

5.000

04/01/46

1,743

Chicago

Board

of

Education

Revenue

Bonds

3,445

6.000

04/01/46

3,597

Chicago

Board

of

Education

Revenue

Bonds

1,800

4.000

12/01/47

1,567

Chicago

Board

of

Education

Revenue

Bonds

4,905

5.000

12/01/47

4,920

Chicago

O'Hare

International

Airport

Revenue

Bonds

170

5.000

01/01/47

172

Chicago

O'Hare

International

Airport

Revenue

Bonds

200

4.500

01/01/48

201

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

5.000

07/01/48

1,004

Chicago

O'Hare

International

Airport

Revenue

Bonds

500

5.000

01/01/52

504

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

3,635

5.500

01/01/53

3,907

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

25

4.000

01/01/39

25

Chicago

Transit

Authority

Revenue

Bonds

(Þ)

3,500

5.000

12/01/46

3,585

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

210

4.000

01/01/52

202

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

50

3.750

07/01/41

48

City

of

Calumet

City

General

Obligation

Unlimited

1,620

4.500

03/01/37

1,545

City

of

Chicago

General

Obligation

Unlimited

250

5.000

01/01/25

253

City

of

Chicago

General

Obligation

Unlimited

1,200

5.000

01/01/28

1,269

City

of

Chicago

General

Obligation

Unlimited

290

5.250

01/01/28

293

City

of

Chicago

General

Obligation

Unlimited

(ae)(Þ)

210

5.250

01/01/28

214

City

of

Chicago

General

Obligation

Unlimited

360

5.000

01/01/30

389

City

of

Chicago

General

Obligation

Unlimited

940

5.000

01/01/31

1,001

City

of

Chicago

General

Obligation

Unlimited

(Þ)

250

5.500

01/01/31

253

City

of

Chicago

General

Obligation

Unlimited

(ae)

900

5.000

01/01/34

915

City

of

Chicago

General

Obligation

Unlimited

2,000

5.000

01/01/38

2,007

City

of

Chicago

General

Obligation

Unlimited

6,875

6.000

01/01/38

7,199

City

of

Chicago

General

Obligation

Unlimited

2,465

5.500

01/01/42

2,477

City

of

Chicago

General

Obligation

Unlimited

6,225

5.500

01/01/49

6,416

Cook

County

Community

College

District

No.

508

General

Obligation

Unlimited

(Þ)

1,000

5.500

12/01/38

1,005

Eastern

Illinois

Economic

Development

Authority

Revenue

Bonds

425

6.000

05/01/46

422

Illinois

Finance

Authority

Revenue

Bonds

1,050

5.000

05/15/33

975

Illinois

Finance

Authority

Revenue

Bonds

500

2.250

07/01/33

427

Illinois

Finance

Authority

Revenue

Bonds

1,390

5.000

05/15/36

629

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

09/01/36

1,028

Illinois

Finance

Authority

Revenue

Bonds

1,865

5.000

05/15/37

1,869

Illinois

Finance

Authority

Revenue

Bonds

630

5.000

12/01/37

636

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,000

4.000

05/15/41

453

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

3,250

4.000

10/01/42

2,666

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000

08/01/46

1,009

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

03/01/47

97

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

05/15/47

94

Illinois

Finance

Authority

Revenue

Bonds

250

5.500

10/01/47

259

Illinois

Finance

Authority

Revenue

Bonds

1,500

5.000

12/01/47

1,488

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

2,705

6.125

04/01/49

2,558

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

270

5.000

12/01/49

271

Illinois

Finance

Authority

Revenue

Bonds

2,300

4.000

10/01/50

2,082

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

50

5.000

05/15/51

40

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

03/01/52

94

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

250

6.625

05/15/52

256

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

200

5.250

10/01/52

202

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

500

5.625

08/01/53

512

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,000

4.000

10/01/55

877

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

50

5.000

05/15/56

39

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

285

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

500

5.500

06/01/57

436

Illinois

Finance

Authority

Revenue

Bonds

(~)(Ê)

5,400

4.250

08/15/57

5,400

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

600

6.125

04/01/58

552

Illinois

Finance

Authority

Revenue

Bonds

500

6.750

05/15/58

514

Illinois

Finance

Authority

Student

Housing

&

Academic

Facilities

Revenue

Bonds

1,000

5.000

02/15/50

961

Illinois

General

Obligation

Unlimited

(µ)

1,000

4.000

06/01/41

984

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

575

5.000

06/15/31

614

Illinois

State

University

Revenue

Bonds

(µ)

250

5.000

04/01/36

269

Illinois

State

University

Revenue

Bonds

(µ)

225

5.000

04/01/37

241

Illinois

State

University

Revenue

Bonds

(µ)

200

5.000

04/01/38

213

Illinois

State

University

Revenue

Bonds

(µ)

275

5.000

04/01/39

292

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

10

2.968

06/15/30

8

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

2,100

Zero

coupon

06/15/38

1,173

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,500

Zero

coupon

06/15/41

704

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)(Þ)

500

4.000

12/15/42

497

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

5,000

Zero

coupon

06/15/43

2,188

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(Þ)

250

4.000

06/15/50

231

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(Þ)

1,000

5.000

06/15/50

1,032

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(Þ)

10,000

6.070

12/15/51

2,542

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

6,000

4.000

06/15/52

5,495

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

2,370

5.047

12/15/54

510

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

1,600

4.752

12/15/56

333

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

6,800

5.068

12/15/56

1,326

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

720

5.000

06/15/57

733

Sangamon

County

Water

Reclamation

District

General

Obligation

Unlimited

(µ)

1,750

4.000

01/01/49

1,730

Sangamon

County

Water

Reclamation

District

General

Obligation

Unlimited

1,000

5.750

01/01/53

1,025

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(Þ)

200

5.750

08/01/42

200

State

of

Illinois

General

Obligation

Unlimited

1,625

5.000

11/01/25

1,674

State

of

Illinois

General

Obligation

Unlimited

(Þ)

1,270

5.000

02/01/27

1,336

State

of

Illinois

General

Obligation

Unlimited

750

5.000

02/01/28

790

State

of

Illinois

General

Obligation

Unlimited

700

5.000

10/01/28

757

State

of

Illinois

General

Obligation

Unlimited

5,775

5.000

11/01/28

6,162

State

of

Illinois

General

Obligation

Unlimited

400

5.250

02/01/29

401

State

of

Illinois

General

Obligation

Unlimited

1,000

5.000

05/01/29

1,003

State

of

Illinois

General

Obligation

Unlimited

750

5.000

10/01/29

812

State

of

Illinois

General

Obligation

Unlimited

3,530

5.000

11/01/29

3,769

State

of

Illinois

General

Obligation

Unlimited

(µ)

265

4.000

02/01/31

271

State

of

Illinois

General

Obligation

Unlimited

450

5.000

05/01/32

483

State

of

Illinois

General

Obligation

Unlimited

1,000

5.000

10/01/33

1,074

State

of

Illinois

General

Obligation

Unlimited

794

6.630

02/01/35

834

State

of

Illinois

General

Obligation

Unlimited

500

5.000

12/01/35

527

State

of

Illinois

General

Obligation

Unlimited

(Þ)

1,000

5.000

05/01/39

1,002

State

of

Illinois

General

Obligation

Unlimited

(Þ)

100

5.500

05/01/39

111

State

of

Illinois

General

Obligation

Unlimited

2,600

5.000

12/01/39

2,698

State

of

Illinois

General

Obligation

Unlimited

2,500

4.000

11/01/41

2,460

State

of

Illinois

General

Obligation

Unlimited

(Þ)

1,000

3.000

12/01/41

839

State

of

Illinois

General

Obligation

Unlimited

1,910

4.500

12/01/41

1,935

State

of

Illinois

General

Obligation

Unlimited

240

5.000

05/01/42

249

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

249

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

286

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

State

of

Illinois

General

Obligation

Unlimited

(Þ)

1,250

5.750

05/01/45

1,377

Town

of

Cortland

Special

Service

Areas

No.

9

&

10

Special

Tax

(Þ)

100

5.800

03/01/37

84

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

(Þ)

300

5.750

03/01/53

293

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

(Þ)

200

5.000

01/01/55

181

Village

of

Morton

Grove

Tax

Increment

Revenue

Tax

Allocation

1,000

5.000

01/01/39

956

165,013

Indiana

-

0.6%

City

of

Goshen

Revenue

Bonds

(Þ)

1,000

5.000

08/01/41

811

Indiana

Finance

Authority

Revenue

Bonds

975

4.125

12/01/26

972

Indiana

Finance

Authority

Revenue

Bonds

100

3.000

11/01/30

93

Indiana

Finance

Authority

Revenue

Bonds

(Þ)

140

3.000

11/01/30

131

Indiana

Finance

Authority

Revenue

Bonds

2,195

4.250

11/01/30

2,208

Indiana

Finance

Authority

Revenue

Bonds

400

5.000

10/01/32

400

Indiana

Finance

Authority

Revenue

Bonds

(Þ)

100

4.000

09/15/44

87

Indiana

Finance

Authority

Revenue

Bonds

100

4.000

09/15/49

83

Indiana

Finance

Authority

Revenue

Bonds

(Þ)

200

5.000

06/01/53

205

Indiana

Finance

Authority

Revenue

Bonds

50

5.000

07/01/55

47

Indiana

Finance

Authority

Revenue

Bonds

(Þ)

510

5.375

06/01/64

528

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

(Þ)

250

6.000

03/01/53

270

Terre

Haute

Sanitary

District

Revenue

Bonds

(Þ)

4,000

5.250

09/28/28

4,010

Town

of

Upland

Revenue

Bonds

1,695

4.000

09/01/41

1,659

Town

of

Upland

Revenue

Bonds

200

2.500

09/01/50

124

11,628

Iowa

-

0.8%

City

of

Coralville

General

Obligation

Unlimited

1,720

5.000

05/01/42

1,698

Iowa

Finance

Authority

Revenue

Bonds

150

5.000

05/15/48

116

Iowa

Finance

Authority

Revenue

Bonds

1,700

5.000

12/01/50

1,776

Iowa

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

200

5.000

12/01/50

210

Iowa

Finance

Authority

Revenue

Bonds

100

5.000

05/15/55

74

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

(Þ)

3,290

4.000

10/01/45

2,998

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

(Þ)

1,500

5.000

10/01/47

1,531

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

100

5.375

10/01/52

104

Iowa

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

860

4.000

06/01/49

868

Iowa

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

(Þ)

4,000

4.000

06/01/49

3,751

Iowa

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

(Þ)

3,100

Zero

coupon

06/01/65

418

State

of

Iowa

Board

of

Regents

Revenue

Bonds

(Þ)

750

3.000

09/01/61

527

Xenia

Rural

Water

District

Revenue

Bonds

1,250

5.000

12/01/36

1,327

15,398

Kansas

-

0.2%

City

of

Manhattan

Revenue

Bonds

75

4.000

06/01/46

59

City

of

Manhattan

Revenue

Bonds

(Þ)

150

4.000

06/01/52

111

City

of

Prairie

Village

Tax

Allocation

30

2.875

04/01/30

28

City

of

Prairie

Village

Tax

Allocation

60

3.125

04/01/36

54

City

of

Topeka

Revenue

Bonds

180

6.500

12/01/52

181

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

75

5.000

05/15/28

72

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

75

5.000

05/15/29

71

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

(Þ)

150

5.000

05/15/34

132

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

60

5.000

05/15/50

41

Wyandotte

County

City

Unified

Government

Revenue

Bonds

(Þ)

5,500

Zero

coupon

09/01/34

2,265

Wyandotte

County

City

Unified

Government

Revenue

Bonds

355

4.500

06/01/40

336

3,350

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

287

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Kentucky

-

1.1%

City

of

Ashland

Revenue

Bonds

(Þ)

750

4.000

02/01/38

737

City

of

Henderson

Revenue

Bonds

(Þ)

2,725

3.700

01/01/32

2,630

City

of

Henderson

Revenue

Bonds

(Þ)

350

4.450

01/01/42

339

City

of

Henderson

Revenue

Bonds

(Þ)

1,050

4.700

01/01/52

1,011

County

of

Carroll

Environmental

Facilities

Authority

Revenue

Bonds

425

2.000

02/01/32

354

County

of

Carroll

Environmental

Facilities

Authority

Revenue

Bonds

325

2.125

10/01/34

260

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

151

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

100

4.000

12/01/41

100

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)(Þ)

100

4.000

06/01/45

97

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,500

5.000

06/01/45

1,513

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(Þ)

2,700

5.000

08/01/49

2,769

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

575

5.250

02/01/32

624

Kentucky

State

University

Certificate

of

Participation

(µ)

500

4.000

11/01/51

484

19,469

Louisiana

-

0.6%

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

150

5.000

12/01/34

146

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

(Þ)

360

5.000

12/01/39

327

City

of

New

Orleans

General

Obligation

Unlimited

1,000

5.000

12/01/50

1,060

Juban

Crossing

Economic

Development

District

Revenue

Bonds

(Þ)

600

7.000

09/15/44

601

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

(Þ)

100

4.125

06/01/39

92

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

(Þ)

100

3.200

06/01/41

81

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

735

5.375

06/01/42

748

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

(Þ)

200

4.375

06/01/48

179

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(Þ)

250

5.625

06/15/51

210

Louisiana

Public

Facilities

Authority

Revenue

Bonds

635

4.000

05/15/42

626

Louisiana

Public

Facilities

Authority

Revenue

Bonds

450

5.000

05/15/42

463

Louisiana

Public

Facilities

Authority

Revenue

Bonds

300

5.000

05/15/46

307

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(µ)

385

3.000

06/01/50

284

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

265

4.000

06/01/51

192

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.125

06/01/52

101

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.250

06/01/52

96

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.375

06/01/52

97

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

230

4.000

06/01/56

161

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.250

06/01/62

101

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

150

6.375

06/01/62

143

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

501

New

Orleans

Aviation

Board

Revenue

Bonds

1,780

5.000

01/01/40

1,787

New

Orleans

Aviation

Board

Revenue

Bonds

1,000

5.000

01/01/45

1,001

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)(Þ)

100

6.100

06/01/38

110

Parish

of

St.

James

Revenue

Bonds

(Þ)

125

6.350

07/01/40

136

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,000

5.850

08/01/41

1,020

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

1,050

2.200

06/01/37

995

11,711

Maine

-

0.1%

Finance

Authority

of

Maine

Revenue

Bonds

(Þ)

925

8.000

12/01/51

654

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

500

5.000

07/01/48

519

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

265

4.000

07/01/50

252

1,425

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

288

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Maryland

-

1.7%

Baltimore

Convention

Center

Hotel

Revenue

Bonds

(Þ)

150

5.000

09/01/35

149

Baltimore

Convention

Center

Hotel

Revenue

Bonds

(Þ)

735

5.000

09/01/42

710

Baltimore

Research

Park

Project

Revenue

Bonds

(Þ)

150

4.000

01/01/45

141

Baltimore

Research

Park

Project

Revenue

Bonds

865

4.000

01/01/50

782

Baltimore

Research

Park

Project

Tax

Allocation

(Þ)

100

3.500

06/01/39

87

Baltimore

Research

Park

Project

Tax

Allocation

(Þ)

100

3.625

06/01/46

84

City

of

Baltimore

Revenue

Bonds

100

5.000

09/01/28

100

City

of

Baltimore

Revenue

Bonds

150

5.000

09/01/38

151

City

of

Baltimore

Revenue

Bonds

180

5.000

09/01/39

178

City

of

Baltimore

Revenue

Bonds

(Þ)

1,090

5.000

09/01/46

1,023

City

of

Baltimore

Revenue

Bonds

(Þ)

130

5.000

06/01/51

130

City

of

Brunswick

Special

Tax

100

5.000

07/01/36

102

City

of

Gaithersburg

Revenue

Bonds

175

5.000

01/01/37

176

City

of

Gaithersburg

Revenue

Bonds

300

5.125

01/01/42

297

County

of

Frederick

Educational

Facilities

Revenue

Bonds

(Þ)

3,705

5.000

09/01/45

3,472

County

of

Frederick

Special

Tax

(Þ)

235

4.000

07/01/50

212

County

of

Frederick

Tax

Allocation

(Þ)

2,110

4.625

07/01/43

2,065

County

of

Prince

George's

Special

Obligation

Tax

Allocation

(Þ)

115

5.250

07/01/48

114

Maryland

Economic

Development

Corp.

Revenue

Bonds

(Þ)

400

3.997

04/01/34

322

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,100

4.000

07/01/39

1,054

Maryland

Economic

Development

Corp.

Revenue

Bonds

(Þ)

75

4.000

07/01/40

71

Maryland

Economic

Development

Corp.

Revenue

Bonds

(Þ)

2,500

5.250

06/30/47

2,581

Maryland

Economic

Development

Corp.

Revenue

Bonds

100

4.250

07/01/50

91

Maryland

Economic

Development

Corp.

Revenue

Bonds

225

5.000

07/01/50

228

Maryland

Economic

Development

Corp.

Revenue

Bonds

5,000

5.250

06/30/52

5,131

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,000

5.250

06/30/53

1,044

Maryland

Economic

Development

Corp.

Revenue

Bonds

4,250

5.750

07/01/53

4,588

Maryland

Economic

Development

Corp.

Revenue

Bonds

(Þ)

125

5.000

06/01/58

126

Maryland

Economic

Development

Corp.

Revenue

Bonds

500

6.000

07/01/58

548

Maryland

Economic

Development

Corp.

Tax

Allocation

350

4.000

09/01/40

325

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

50

3.000

10/01/34

46

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

1,269

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000

07/01/45

1,007

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,500

4.000

01/01/51

1,296

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

5.500

05/01/52

94

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.125

07/01/53

101

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

6.250

07/01/63

101

Maryland

Stadium

Authority

Revenue

Bonds

(Þ)

1,200

Zero

coupon

05/01/53

303

Maryland

Stadium

Authority

Revenue

Bonds

1,000

Zero

coupon

05/01/54

239

Maryland

Stadium

Authority

Revenue

Bonds

(Þ)

750

Zero

coupon

05/01/55

170

31,335

Massachusetts

-

0.8%

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,500

4.000

05/01/39

1,529

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,415

5.000

09/01/35

1,429

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,580

5.000

10/01/35

1,610

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,000

5.000

10/01/37

1,009

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,000

5.000

10/01/38

1,000

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

289

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

100

5.000

11/15/38

104

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

4.000

09/01/39

926

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,300

5.000

07/01/41

1,135

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

150

5.000

10/01/43

153

Massachusetts

Development

Finance

Agency

Revenue

Bonds

2,005

5.000

07/01/44

2,010

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

150

5.125

11/15/46

155

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

5.000

10/01/48

966

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

225

5.000

07/01/52

226

Massachusetts

Development

Finance

Agency

Revenue

Bonds

260

5.250

07/01/52

282

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

(Þ)

350

2.000

07/01/37

306

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

(Þ)

2,000

3.000

07/01/51

1,398

14,238

Michigan

-

2.2%

City

of

Detroit

General

Obligation

Limited

(~)(Ê)

6,900

4.000

04/01/44

5,202

City

of

Detroit

General

Obligation

Unlimited

75

2.960

04/01/27

68

City

of

Detroit

General

Obligation

Unlimited

50

3.110

04/01/28

44

City

of

Detroit

General

Obligation

Unlimited

(Þ)

1,000

5.000

04/01/29

1,045

City

of

Detroit

General

Obligation

Unlimited

100

5.500

04/01/31

110

City

of

Detroit

General

Obligation

Unlimited

(Þ)

300

5.500

04/01/32

329

City

of

Detroit

General

Obligation

Unlimited

50

3.644

04/01/34

40

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000

04/01/34

1,041

City

of

Detroit

General

Obligation

Unlimited

50

5.500

04/01/34

55

City

of

Detroit

General

Obligation

Unlimited

50

5.500

04/01/35

55

City

of

Detroit

General

Obligation

Unlimited

635

5.500

04/01/36

690

City

of

Detroit

General

Obligation

Unlimited

(Þ)

465

5.500

04/01/37

502

City

of

Detroit

General

Obligation

Unlimited

300

5.500

04/01/39

321

City

of

Detroit

General

Obligation

Unlimited

(Þ)

325

6.000

05/01/39

373

City

of

Detroit

General

Obligation

Unlimited

(Þ)

75

4.000

04/01/41

69

City

of

Detroit

General

Obligation

Unlimited

75

4.000

04/01/42

69

City

of

Detroit

General

Obligation

Unlimited

(Þ)

100

6.000

05/01/43

112

City

of

Detroit

General

Obligation

Unlimited

570

5.500

04/01/45

599

City

of

Detroit

General

Obligation

Unlimited

775

5.000

04/01/46

791

City

of

Detroit

General

Obligation

Unlimited

(Þ)

1,000

5.000

04/01/50

1,014

Detroit

Downtown

Development

Authority

Tax

Allocation

Revenue

Bonds

(µ)

1,000

5.000

07/01/48

993

Detroit

Service

Learning

Academy

Revenue

Bonds

1,000

4.000

07/01/41

826

Grand

Rapids

Charter

Township

Revenue

Bonds

(Þ)

200

5.000

05/15/37

188

Grand

Rapids

Charter

Township

Revenue

Bonds

(Þ)

375

5.000

05/15/44

327

Ivywood

Classical

Academy

Revenue

Bonds

100

6.000

01/01/54

97

Ivywood

Classical

Academy

Revenue

Bonds

100

6.250

01/01/59

99

Kalamazoo

Economic

Development

Corp.

Revenue

Bonds

(Þ)

350

5.000

05/15/55

284

Kentwood

Economic

Development

Corp.

Revenue

Bonds

(Þ)

100

4.000

11/15/43

79

Kentwood

Economic

Development

Corp.

Revenue

Bonds

(Þ)

25

4.000

11/15/45

19

Michigan

Finance

Authority

Revenue

Bonds

(Þ)

190

3.250

02/01/24

190

Michigan

Finance

Authority

Revenue

Bonds

(Þ)

1,400

4.000

02/01/29

1,336

Michigan

Finance

Authority

Revenue

Bonds

1,000

5.000

07/01/33

1,016

Michigan

Finance

Authority

Revenue

Bonds

1,000

5.000

07/01/34

1,006

Michigan

Finance

Authority

Revenue

Bonds

1,635

5.000

02/01/37

1,646

Michigan

Finance

Authority

Revenue

Bonds

450

3.267

06/01/39

413

Michigan

Finance

Authority

Revenue

Bonds

100

4.250

12/01/39

79

Michigan

Finance

Authority

Revenue

Bonds

(Þ)

100

4.000

12/01/41

81

Michigan

Finance

Authority

Revenue

Bonds

(Þ)

745

4.000

02/01/42

631

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

290

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Michigan

Finance

Authority

Revenue

Bonds

25

4.000

09/01/45

24

Michigan

Finance

Authority

Revenue

Bonds

1,815

5.500

11/15/45

1,630

Michigan

Finance

Authority

Revenue

Bonds

100

5.000

12/01/46

82

Michigan

Finance

Authority

Revenue

Bonds

25

4.000

09/01/50

23

Michigan

Finance

Authority

Revenue

Bonds

325

4.000

11/15/50

299

Michigan

Finance

Authority

Revenue

Bonds

(Þ)

100

4.000

12/01/51

74

Michigan

Finance

Authority

Revenue

Bonds

17,355

4.785

06/01/65

1,919

Michigan

Mathematics

&

Science

Initiative

Revenue

Bonds

1,110

4.000

01/01/41

955

Michigan

Strategic

Fund

Revenue

Bonds

(Þ)

125

5.000

05/15/37

118

Michigan

Strategic

Fund

Revenue

Bonds

1,000

5.000

11/15/43

916

Michigan

Strategic

Fund

Revenue

Bonds

(Þ)

100

5.000

05/15/44

87

Michigan

Strategic

Fund

Revenue

Bonds

(µ)

435

4.500

06/30/48

437

Michigan

Strategic

Fund

Revenue

Bonds

3,000

5.000

06/30/48

3,062

Michigan

Strategic

Fund

Revenue

Bonds

(~)(ae)(Ê)

300

4.000

10/01/61

297

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

(Þ)

10,000

8.675

06/01/46

1,305

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

(Þ)

4,255

9.111

06/01/52

542

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

(Þ)

33,655

Zero

coupon

06/01/58

1,454

State

of

Michigan

Trunk

Line

Revenue

Bonds

3,500

5.500

11/15/49

4,052

Tipton

Academy

Revenue

Bonds

320

4.000

06/01/51

226

Universal

Academy

Revenue

Bonds

500

4.000

12/01/31

480

Universal

Academy

Revenue

Bonds

(Þ)

65

4.000

12/01/40

57

39,878

Minnesota

-

0.6%

City

of

Forest

Lake

Charter

School

Lease

Revenue

Bonds

(Þ)

500

5.250

08/01/43

493

City

of

Ham

Lake

Revenue

Bonds

2,000

5.000

11/01/36

1,978

City

of

Minneapolis

Charter

Lease

Revenue

Bonds

(Þ)

1,400

5.000

12/01/32

1,413

City

of

St

Cloud

Revenue

Bonds

125

4.000

05/01/49

118

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

398

Duluth

Economic

Development

Authority

Revenue

Bonds

100

4.000

07/01/36

85

Duluth

Economic

Development

Authority

Revenue

Bonds

200

4.250

02/15/48

194

Duluth

Economic

Development

Authority

Revenue

Bonds

(Þ)

2,500

5.000

02/15/48

2,543

Duluth

Economic

Development

Authority

Revenue

Bonds

(Þ)

296

5.625

12/01/55

—

Duluth

Economic

Development

Authority

Revenue

Bonds

1,425

5.250

02/15/58

1,466

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

45

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

75

4.000

03/01/32

74

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

(Þ)

705

4.200

03/01/34

698

Housing

&

Redevelopment

Authority

of

The

City

of

St

Paul

Revenue

Bonds

(Þ)

200

5.500

12/01/57

201

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

100

4.000

12/01/40

92

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

(Þ)

100

5.000

05/01/47

91

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

(Þ)

140

5.250

07/01/33

142

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

(Þ)

230

5.500

07/01/38

232

10,362

Mississippi

-

0.2%

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)(Þ)

830

6.000

10/15/30

824

Mississippi

Business

Finance

Corp.

Revenue

Bonds

1,400

2.375

06/01/44

892

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

1,025

4.000

10/01/34

973

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

900

4.000

10/01/35

852

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

950

4.000

10/01/36

890

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

291

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

200

4.000

10/01/41

172

4,603

Missouri

-

0.6%

Branson

Industrial

Development

Authority

Tax

Allocation

200

4.000

11/01/27

194

Branson

Industrial

Development

Authority

Tax

Allocation

105

5.500

06/01/29

100

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

75

5.000

03/01/36

78

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

1,600

4.000

03/01/41

1,595

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

175

3.000

03/01/46

135

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

(Þ)

200

5.000

05/15/41

201

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,350

5.500

06/15/42

2,171

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

250

4.750

11/15/47

191

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

1,200

5.000

12/01/52

1,293

I-470

Western

Gateway

Transportation

Development

District

Revenue

Bonds

(Þ)

250

5.250

12/01/48

251

Joplin

Industrial

Development

Authority

Revenue

Bonds

(Þ)

95

3.500

11/01/40

88

Joplin

Industrial

Development

Authority

Revenue

Bonds

(Þ)

200

4.250

11/01/50

169

Kansas

City

Land

Clearance

Redevelopment

Authority

Tax

Allocation

(Þ)

1,500

5.000

02/01/40

1,390

Missouri

Southern

State

University

Revenue

Bonds

(Þ)

250

4.000

10/01/34

236

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

4.000

02/01/42

857

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

(Þ)

450

3.000

05/01/25

440

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

25

3.125

05/01/35

21

St.

Louis

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

650

5.000

08/15/30

625

St.

Louis

Land

Clearance

for

Redevelopment

Authority

Revenue

Bonds

500

4.000

06/01/41

465

Taney

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

400

6.000

10/01/49

401

University

City

Industrial

Development

Authority

Revenue

Bonds

225

4.875

06/15/36

230

University

City

Industrial

Development

Authority

Revenue

Bonds

500

5.500

06/15/42

506

11,637

Montana

-

0.1%

County

of

Gallatin

Revenue

Bonds

(Þ)

1,000

4.000

10/15/46

781

Montana

Facility

Finance

Authority

Health

Care

Facilities

Revenue

Bonds

1,500

5.000

07/01/43

1,532

2,313

Nevada

-

0.3%

Carson

City

Hospital

Revenue

Bonds

1,025

5.000

09/01/47

1,039

City

of

Las

Vegas  Special

Improvement

District

No.

817

Summerlin

Village

29

Special

Assessment

500

5.750

06/01/43

519

City

of

Las

Vegas  Special

Improvement

District

No.

817

Summerlin

Village

29

Special

Assessment

350

6.000

06/01/48

365

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

50

3.000

06/01/41

37

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

100

3.125

06/01/51

66

Director

of

the

State

of

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(~)(ae)(Ê)(Þ)

800

8.125

01/01/50

810

Henderson

Local

Improvement

Districts

Special

Assessment

(Þ)

50

4.000

09/01/35

46

Henderson

Local

Improvement

Districts

Special

Assessment

50

3.500

09/01/45

38

Henderson

Local

Improvement

Districts

Special

Assessment

30

4.000

09/01/51

24

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

50

5.000

07/01/30

53

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

155

5.000

07/01/43

164

Las

Vegas

Redevelopment

Agency

Tax

Allocation

(Þ)

250

5.000

06/15/45

253

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

(Þ)

80

4.000

06/01/49

65

Las

Vegas

Special

Improvement

District

No.

815

Special

Assessment

50

5.000

12/01/49

48

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(Þ)

1,100

5.000

07/15/37

1,107

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

(Þ)

1,000

5.000

07/01/34

1,057

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

292

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

165

5.000

07/01/45

167

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

175

5.000

07/01/51

176

6,097

New

Hampshire

-

0.3%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)(Þ)

100

2.950

04/01/29

92

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

180

3.625

07/01/43

140

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

535

3.750

07/01/45

424

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

200

5.250

07/01/48

206

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,000

4.000

01/01/51

749

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

390

5.000

08/01/32

413

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

845

5.000

08/01/35

890

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

500

5.000

10/01/36

508

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

935

5.000

08/01/37

977

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

980

5.000

08/01/40

1,014

5,413

New

Jersey

-

3.9%

Atlantic

City

General

Obligation

Unlimited

(Þ)

500

5.000

12/01/24

499

Atlantic

City

General

Obligation

Unlimited

450

5.000

12/01/25

448

Atlantic

City

General

Obligation

Unlimited

(Þ)

270

5.000

12/01/28

266

Essex

County

Improvement

Authority

Revenue

Bonds

545

4.000

06/15/38

534

Essex

County

Improvement

Authority

Revenue

Bonds

815

4.000

06/15/46

754

New

Jersey

Economic

Development

Authority

Revenue

Bonds

3,250

5.250

09/15/29

3,256

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(Þ)

500

4.000

07/01/32

509

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

5.000

07/01/32

503

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

564

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

200

5.000

06/01/42

206

New

Jersey

Economic

Development

Authority

Revenue

Bonds

635

5.000

06/15/42

662

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(Þ)

5,000

5.000

11/01/44

5,287

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,275

4.000

06/15/46

1,253

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(Þ)

100

5.000

07/01/47

93

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,000

5.000

07/15/47

1,010

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,250

5.000

01/01/48

1,167

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

200

4.000

07/01/42

153

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000

07/01/46

902

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

500

3.000

07/01/50

368

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(µ)

300

4.125

07/01/38

300

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,400

3.912

12/15/26

1,269

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

600

4.302

12/15/29

494

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

465

5.000

06/15/30

485

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

365

5.000

06/15/30

381

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)(Þ)

2,400

4.168

12/15/30

1,913

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

385

4.000

12/15/31

400

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(Þ)

910

4.403

12/15/32

674

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)(Þ)

500

3.965

12/15/33

360

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

450

5.000

12/15/33

490

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(Þ)

100

4.526

12/15/34

69

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

370

5.000

12/15/35

400

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

2,975

5.130

12/15/35

1,963

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(Þ)

550

5.591

12/15/35

359

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)(Þ)

3,425

4.342

12/15/36

2,141

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,255

4.668

12/15/36

2,014

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

293

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

460

5.000

12/15/36

494

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

7,235

4.649

12/15/37

4,246

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,335

4.000

06/15/38

2,399

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

675

5.000

06/15/38

677

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

320

4.250

12/15/38

325

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,750

4.680

12/15/38

1,527

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

7,975

4.000

06/15/45

7,914

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

185

3.500

06/15/46

164

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(Þ)

80

3.000

06/15/50

62

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(Þ)

1,425

4.000

06/15/50

1,379

New

Jersey

Turnpike

Authority

Revenue

Bonds

(Þ)

1,785

4.000

01/01/48

1,785

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

(Þ)

100

5.500

07/01/58

103

South

Jersey

Port

Corp.

Revenue

Bonds

2,395

5.000

01/01/36

2,514

South

Jersey

Port

Corp.

Revenue

Bonds

6,285

5.000

01/01/42

6,474

South

Jersey

Port

Corp.

Revenue

Bonds

1,600

5.000

01/01/48

1,629

South

Jersey

Transportation

Authority

Revenue

Bonds

315

5.000

11/01/26

318

South

Jersey

Transportation

Authority

Revenue

Bonds

945

5.000

11/01/39

950

South

Jersey

Transportation

Authority

Revenue

Bonds

1,000

4.500

11/01/42

1,031

South

Jersey

Transportation

Authority

Revenue

Bonds

(Þ)

1,000

4.625

11/01/47

1,025

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,465

5.000

06/01/46

3,524

Union

County

Improvement

Authority

Revenue

Bonds

(Þ)

1,100

6.750

12/01/41

715

71,934

New

Mexico

-

0.1%

New

Mexico

Hospital

Equipment

Loan

Council

Revenue

Bonds

(~)(Ê)(Þ)

575

2.050

08/01/34

575

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

Tax

Allocation

(Þ)

500

4.250

05/01/40

468

1,043

New

York

-

6.9%

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

(Þ)

1,780

5.000

07/15/42

1,798

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

(µ)(Þ)

30

3.000

07/15/43

24

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

(Þ)

1,000

Zero

coupon

07/15/45

352

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

(Þ)

510

Zero

coupon

07/15/46

170

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

2.500

06/15/31

84

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

170

9.750

07/01/32

167

Build

NYC

Resource

Corp.

Revenue

Bonds

400

4.000

06/15/36

378

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

500

6.500

07/01/42

502

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

4.000

06/15/51

72

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

350

5.000

06/15/51

307

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

1,000

4.000

11/01/51

763

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

330

5.000

12/01/51

281

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

5.000

06/15/52

97

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

260

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

150

6.500

07/01/52

149

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

5.500

06/15/53

100

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

5.000

12/01/55

84

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

45

5.000

07/01/56

45

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

5.000

06/15/57

96

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

375

5.250

07/01/57

389

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

150

6.500

07/01/57

147

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

4.750

06/15/58

98

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

500

5.250

07/01/62

517

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

294

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

5.500

06/15/63

99

City

of

New

York

General

Obligation

Unlimited

2,000

4.500

05/01/49

2,055

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

(Þ)

1,000

5.000

07/01/45

1,024

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

1,625

5.000

07/01/46

1,570

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

(Þ)

1,500

5.000

07/01/51

1,518

Erie

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

(Þ)

4,000

Zero

coupon

06/01/60

262

Genesee

County

Funding

Corp./The

Revenue

Bonds

1,875

5.250

12/01/52

1,973

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

475

5.000

07/01/38

480

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

(Þ)

500

5.500

06/15/57

501

Huntington

Local

Development

Corp.

Revenue

Bonds

705

4.750

07/01/31

649

Huntington

Local

Development

Corp.

Revenue

Bonds

700

5.250

07/01/56

555

Jefferson

County

Civic

Facility

Development

Corp.

Revenue

Bonds

1,000

4.000

11/01/32

954

Metropolitan

Transportation

Authority

Revenue

Bonds

(Þ)

125

5.000

11/15/25

129

Metropolitan

Transportation

Authority

Revenue

Bonds

25

5.000

11/15/25

26

Metropolitan

Transportation

Authority

Revenue

Bonds

35

5.000

11/15/27

36

Metropolitan

Transportation

Authority

Revenue

Bonds

140

4.000

11/15/32

143

Metropolitan

Transportation

Authority

Revenue

Bonds

295

5.000

11/15/33

330

Metropolitan

Transportation

Authority

Revenue

Bonds

(Þ)

50

4.000

11/15/35

51

Metropolitan

Transportation

Authority

Revenue

Bonds

40

2.813

11/15/40

20

Metropolitan

Transportation

Authority

Revenue

Bonds

375

4.000

11/15/40

372

Metropolitan

Transportation

Authority

Revenue

Bonds

2,500

5.000

11/15/40

2,516

Metropolitan

Transportation

Authority

Revenue

Bonds

2,585

4.000

11/15/45

2,500

Metropolitan

Transportation

Authority

Revenue

Bonds

500

4.750

11/15/45

513

Metropolitan

Transportation

Authority

Revenue

Bonds

(Þ)

1,500

5.000

11/15/45

1,588

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

100

4.000

11/15/48

99

Metropolitan

Transportation

Authority

Revenue

Bonds

200

4.000

11/15/48

190

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

900

4.000

11/15/50

883

Metropolitan

Transportation

Authority

Revenue

Bonds

(Þ)

4,300

4.000

11/15/50

4,055

Metropolitan

Transportation

Authority

Revenue

Bonds

290

5.000

11/15/50

304

Metropolitan

Transportation

Authority

Revenue

Bonds

1,125

5.250

11/15/55

1,191

Nassau

County

Tobacco

Settlement

Corp.

Revenue

Bonds

12,290

Zero

coupon

06/01/60

780

New

York

City

Housing

Development

Corp.

Revenue

Bonds

600

3.500

02/15/48

595

New

York

City

Industrial

Development

Revenue

Bonds

(µ)(Þ)

1,465

3.000

01/01/46

1,155

New

York

City

Industrial

Development

Revenue

Bonds

(Þ)

125

3.000

03/01/49

94

New

York

City

Industrial

Development

Revenue

Bonds

(µ)(Þ)

1,375

3.000

03/01/49

1,060

New

York

Counties

Tobacco

Trust

IV

Revenue

Bonds

(Þ)

9,455

8.130

06/01/60

675

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

325

5.150

11/15/34

326

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

1,900

5.375

11/15/40

1,901

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

1,000

2.750

02/15/44

775

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

12,615

5.000

11/15/44

12,627

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

2,600

7.250

11/15/44

2,625

New

York

Power

Authority

Revenue

Bonds

(Þ)

2,000

4.000

11/15/50

1,990

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

900

5.000

12/01/30

880

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

1,131

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)(Þ)

520

3.000

09/01/50

394

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

455

4.000

09/01/50

404

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

525

4.250

05/01/52

520

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

840

5.000

05/01/52

895

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

2,000

4.000

07/01/53

1,944

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

295

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

1,000

5.000

07/01/57

981

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

500

2.750

09/01/50

484

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

250

5.125

09/01/50

254

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(Þ)

2,045

2.800

11/01/51

1,499

New

York

State

Thruway

Authority

Revenue

Bonds

(Þ)

3,000

5.000

12/01/34

3,294

New

York

State

Thruway

Authority

Revenue

Bonds

10,000

4.000

03/15/39

10,271

New

York

State

Thruway

Authority

Revenue

Bonds

(Þ)

500

3.000

03/15/48

404

New

York

State

Thruway

Authority

Revenue

Bonds

(Þ)

4,855

3.000

03/15/51

3,800

New

York

Transportation

Development

Corp.

Revenue

Bonds

(Þ)

105

2.250

08/01/26

101

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,055

5.000

08/01/26

1,055

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,925

4.000

10/01/30

1,922

New

York

Transportation

Development

Corp.

Revenue

Bonds

530

3.000

08/01/31

486

New

York

Transportation

Development

Corp.

Revenue

Bonds

(Þ)

1,390

5.250

08/01/31

1,460

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,315

4.000

07/01/33

1,286

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,055

5.000

10/01/35

2,154

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,075

4.000

01/01/36

2,034

New

York

Transportation

Development

Corp.

Revenue

Bonds

775

5.375

08/01/36

806

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,700

4.000

12/01/39

1,690

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,510

5.000

12/01/39

1,608

New

York

Transportation

Development

Corp.

Revenue

Bonds

625

5.625

04/01/40

677

New

York

Transportation

Development

Corp.

Revenue

Bonds

(Þ)

875

5.000

10/01/40

894

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

75

4.000

12/01/40

75

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

2,490

5.000

12/01/40

2,703

New

York

Transportation

Development

Corp.

Revenue

Bonds

(Þ)

2,875

5.000

07/01/41

2,876

New

York

Transportation

Development

Corp.

Revenue

Bonds

(Þ)

4,650

4.375

10/01/45

4,530

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

1,000

4.000

07/01/46

936

New

York

Transportation

Development

Corp.

Revenue

Bonds

750

5.000

07/01/46

750

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,440

5.250

01/01/50

2,442

New

York

Transportation

Development

Corp.

Revenue

Bonds

225

6.000

06/30/54

248

New

York

Transportation

Development

Corp.

Revenue

Bonds

3,150

5.375

06/30/60

3,296

New

York

Transportation

Development

Facilities

Revenue

Bonds

100

5.000

01/01/34

103

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

90

4.000

12/01/38

90

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

215

3.000

12/01/39

183

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

60

3.000

12/01/40

50

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

2,450

5.000

01/15/52

2,575

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

(Þ)

200

5.500

08/01/52

220

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

(Þ)

2,000

4.000

06/01/50

1,844

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

(Þ)

1,850

4.250

05/15/58

1,859

Westchester

County

Local

Development

Corp.

Revenue

Bonds

(µ)

1,000

5.000

11/01/51

1,054

Westchester

County

Local

Development

Corp.

Revenue

Bonds

(Þ)

100

6.250

11/01/52

114

Western

Regional

Off-Track

Betting

Corp.

Revenue

Bonds

(Þ)

115

4.125

12/01/41

88

Yonkers

Economic

Development

Corp.

Revenue

Bonds

25

5.000

10/15/39

25

Yonkers

Economic

Development

Corp.

Revenue

Bonds

50

5.000

10/15/40

50

Yonkers

Economic

Development

Corp.

Revenue

Bonds

(Þ)

30

5.000

10/15/49

29

Yonkers

Economic

Development

Corp.

Revenue

Bonds

(Þ)

75

5.000

10/15/50

71

Yonkers

Economic

Development

Corp.

Revenue

Bonds

30

5.000

10/15/54

28

128,091

North

Carolina

-

0.7%

Greater

Asheville

Regional

Airport

Authority

Revenue

Bonds

(µ)

1,000

5.500

07/01/47

1,097

Greater

Asheville

Regional

Airport

Authority

Revenue

Bonds

(µ)(Þ)

260

5.250

07/01/53

279

North

Carolina

Department

of

Transportation

Revenue

Bonds

325

5.000

12/31/37

329

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

296

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

North

Carolina

Medical

Care

Commission

Revenue

Bonds

500

5.000

07/01/39

463

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,100

4.000

03/01/41

911

North

Carolina

Medical

Care

Commission

Revenue

Bonds

2,180

4.000

09/01/41

1,838

North

Carolina

Medical

Care

Commission

Revenue

Bonds

100

5.000

10/01/45

89

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

947

North

Carolina

Medical

Care

Commission

Revenue

Bonds

(Þ)

1,500

5.000

07/01/49

1,290

North

Carolina

Medical

Care

Commission

Revenue

Bonds

285

5.000

10/01/50

247

North

Carolina

Medical

Care

Commission

Revenue

Bonds

(Þ)

400

4.000

03/01/51

294

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,960

4.000

09/01/51

1,522

North

Carolina

Medical

Care

Commission

Revenue

Bonds

800

4.000

01/01/52

612

North

Carolina

Turnpike

Authority

Revenue

Bonds

2,000

5.000

01/01/43

2,104

North

Carolina

Turnpike

Authority

Revenue

Bonds

1,000

5.000

07/01/51

1,015

13,057

North

Dakota

-

0.3%

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

500

4.000

12/01/46

464

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)(Þ)

200

3.000

12/01/51

147

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)(Þ)

1,000

5.000

12/01/53

1,057

County

of

Burleigh

Revenue

Bonds

395

5.200

04/15/46

376

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

1,000

5.000

06/01/38

922

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

(Þ)

2,500

5.000

06/01/53

2,029

4,995

Ohio

-

4.5%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

3,000

5.250

11/15/46

3,039

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

460

4.000

06/01/37

467

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

175

4.000

06/01/38

176

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

300

3.000

06/01/48

228

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,730

4.000

06/01/48

1,598

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

29,945

5.000

06/01/55

28,272

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

24,425

6.259

06/01/57

2,497

Centerville

Health

Care

Revenue

Bonds

100

5.250

11/01/37

98

Centerville

Health

Care

Revenue

Bonds

150

5.250

11/01/50

133

City

of

Cleveland

Revenue

Bonds

1,245

5.375

09/15/27

1,245

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

1,000

4.000

08/01/44

984

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

(Þ)

1,500

5.500

08/01/52

1,589

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

(Þ)

100

4.000

12/01/55

83

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

(Þ)

200

4.500

12/01/55

171

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

1,425

4.000

11/15/38

1,412

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

(Þ)

600

7.000

07/01/53

602

County

of

Darke

Revenue

Bonds

50

4.000

09/01/40

44

County

of

Darke

Revenue

Bonds

50

4.000

09/01/45

42

County

of

Darke

Revenue

Bonds

75

5.000

09/01/49

70

County

of

Franklin

Revenue

Bonds

400

5.250

07/01/41

389

County

of

Franklin

Revenue

Bonds

(Þ)

1,055

5.500

07/01/41

1,059

County

of

Franklin

Revenue

Bonds

(Þ)

520

5.250

11/15/55

452

County

of

Lucas

Hospital

Revenue

Bonds

3,800

5.250

11/15/48

3,597

County

of

Lucas

Revenue

Bonds

110

4.000

11/15/45

84

County

of

Muskingum

Revenue

Bonds

200

5.000

02/15/48

183

Cuyahoga

County

Hospital

Revenue

Bonds

(Þ)

185

5.000

05/15/32

181

Cuyahoga

County

Hospital

Revenue

Bonds

1,000

5.000

02/15/37

1,014

Cuyahoga

County

Hospital

Revenue

Bonds

225

5.375

05/15/37

219

Cuyahoga

County

Hospital

Revenue

Bonds

2,140

5.000

02/15/42

2,149

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

297

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Cuyahoga

County

Hospital

Revenue

Bonds

400

5.500

05/15/42

377

Cuyahoga

County

Hospital

Revenue

Bonds

990

5.250

02/15/47

999

Cuyahoga

County

Hospital

Revenue

Bonds

3,300

5.000

02/15/57

3,275

Cuyahoga

County

Hospital

Revenue

Bonds

3,020

5.500

02/15/57

3,056

Franklin

County

Convention

Facilities

Authority

Revenue

Bonds

1,050

5.000

12/01/51

968

Green

Local

School

District/Summit

County

General

Obligation

Unlimited

(Þ)

1,000

5.500

11/01/59

1,088

Northeast

Ohio

Medical

University

Revenue

Bonds

25

3.000

12/01/40

20

Northeast

Ohio

Medical

University

Revenue

Bonds

25

4.000

12/01/45

23

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

100

3.750

01/15/28

99

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

230

3.250

09/01/29

221

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

270

4.250

01/15/38

263

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

3,465

4.500

01/15/48

3,289

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,385

5.250

12/01/43

1,290

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

(Þ)

2,000

5.000

11/01/44

1,836

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,100

4.000

07/01/46

979

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

200

6.000

09/01/47

203

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

(Þ)

1,500

5.000

01/15/50

1,500

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

300

5.000

12/01/50

270

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

(Þ)

275

6.000

09/01/52

277

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

3,175

5.000

11/15/45

3,379

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

375

5.000

12/01/46

359

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

120

4.250

12/01/50

104

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

180

4.375

06/15/56

175

Southern

Ohio

Port

Authority

Revenue

Bonds

(Þ)

275

6.500

12/01/30

209

Southern

Ohio

Port

Authority

Revenue

Bonds

(Þ)

1,575

7.000

12/01/42

1,252

State

of

Ohio

Revenue

Bonds

(Þ)

110

5.000

12/01/38

106

State

of

Ohio

Revenue

Bonds

(Þ)

350

3.000

01/15/45

273

State

of

Ohio

Revenue

Bonds

1,915

4.000

01/15/46

1,830

State

of

Ohio

Revenue

Bonds

(Þ)

275

5.000

12/01/48

249

State

of

Ohio

Revenue

Bonds

(Þ)

25

4.000

01/15/50

23

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

925

5.000

07/01/39

907

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

100

4.000

01/01/43

87

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

1,050

4.000

01/01/46

888

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

50

4.000

01/01/51

40

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

150

4.000

01/01/57

118

82,109

Oklahoma

-

0.5%

Oklahoma

Development

Finance

Authority

Revenue

Bonds

2,040

5.000

08/01/47

3

Oklahoma

Development

Finance

Authority

Revenue

Bonds

200

5.250

08/15/48

198

Oklahoma

Development

Finance

Authority

Revenue

Bonds

(µ)(Þ)

500

4.000

08/15/52

451

Oklahoma

Development

Finance

Authority

Revenue

Bonds

2,825

5.500

08/15/52

2,848

Oklahoma

Development

Finance

Authority

Revenue

Bonds

660

5.250

08/01/57

1

Oklahoma

Development

Finance

Authority

Revenue

Bonds

950

5.500

08/15/57

956

Tulsa

Airports

Improvement

Trust

Revenue

Bonds

(~)(ae)(Ê)

1,555

5.000

06/01/35

1,557

Tulsa

Airports

Improvement

Trust

Revenue

Bonds

625

5.500

12/01/35

625

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

(Þ)

560

4.375

12/01/41

536

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

(Þ)

715

4.000

12/01/43

641

Tulsa

County

Industrial

Authority

Revenue

Bonds

1,000

5.250

11/15/37

1,006

8,822

Oregon

-

0.5%

Astoria

Hospital

Facilities

Authority

Revenue

Bonds

640

5.000

08/01/41

654

Clackamas

County

Hospital

Facility

Authority

Revenue

Bonds

25

5.375

11/15/55

23

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

298

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

County

of

Yamhill

Revenue

Bonds

350

4.000

12/01/41

344

County

of

Yamhill

Revenue

Bonds

1,655

4.000

12/01/51

1,518

Medford

Hospital

Facilities

Authority

Revenue

Bonds

215

4.000

08/15/50

203

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/36

951

Oregon

State

Facilities

Authority

Revenue

Bonds

2,500

5.000

04/01/45

2,528

Oregon

State

Facilities

Authority

Revenue

Bonds

(ae)(Þ)

30

5.000

10/01/46

32

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/48

915

Oregon

State

Facilities

Authority

Revenue

Bonds

300

4.000

10/01/51

259

Salem

Hospital

Facility

Authority

Revenue

Bonds

(Þ)

1,000

4.000

05/15/47

798

Union

County

Hospital

Facility

Authority

Revenue

Bonds

1,505

5.000

07/01/37

1,592

Yamhill

County

Hospital

Authority

Revenue

Bonds

(Þ)

125

5.000

11/15/51

98

9,915

Pennsylvania

-

4.6%

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

1,700

4.000

01/01/46

1,645

Allegheny

County

Airport

Authority

Revenue

Bonds

1,000

4.000

01/01/56

910

Allegheny

County

Hospital

Development

Authority

Revenue

Bonds

1,865

4.000

04/01/44

1,792

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

250

4.875

11/01/24

251

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

225

5.125

05/01/30

235

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,010

3.000

06/15/31

874

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

100

4.000

06/15/41

83

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

4.000

06/15/51

75

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

4.000

06/15/56

73

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

1,860

5.000

05/01/28

1,910

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

500

5.000

05/01/32

511

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.000

05/01/33

1,028

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

500

5.000

05/01/42

513

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

4,450

5.000

05/01/42

4,461

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

620

5.250

05/01/42

627

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

465

6.000

05/01/42

486

Berks

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

50

5.000

11/01/29

27

Berks

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

110

5.000

11/01/30

58

Berks

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

75

5.000

11/01/34

39

Berks

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

325

3.750

11/01/42

168

Berks

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

725

4.000

11/01/47

375

Berks

County

Industrial

Development

Authority

Revenue

Bonds

750

5.000

11/01/50

386

Berks

County

Municipal

Authority

Revenue

Bonds

(Þ)

1,195

5.000

11/01/40

617

Berks

County

Municipal

Authority

Revenue

Bonds

(Þ)

355

5.000

11/01/44

183

Berks

County

Municipal

Authority

Revenue

Bonds

1,225

5.000

10/01/49

1,084

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

725

4.000

07/01/51

543

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,245

5.000

07/01/54

1,804

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

(Þ)

795

5.000

11/01/24

789

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

625

5.000

11/01/25

615

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

1,985

5.000

11/01/37

1,748

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,000

5.625

10/15/42

1,956

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,255

5.000

12/15/51

1,219

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

250

6.000

10/15/52

249

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

(Þ)

1,770

5.000

09/15/33

1,715

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

(ae)(Þ)

295

5.000

09/15/33

309

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

299

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Scranton

General

Obligation

Unlimited

(Þ)

1,275

5.000

09/01/28

1,280

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

1,536

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

850

5.875

10/15/40

732

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

1,000

5.125

10/15/41

779

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

2,700

6.250

10/15/53

2,228

Doylestown

Hospital

Authority

Revenue

Bonds

295

3.950

07/01/24

292

Doylestown

Hospital

Authority

Revenue

Bonds

210

5.000

07/01/25

209

Doylestown

Hospital

Authority

Revenue

Bonds

225

5.000

07/01/26

225

Doylestown

Hospital

Authority

Revenue

Bonds

50

5.000

07/01/27

50

Doylestown

Hospital

Authority

Revenue

Bonds

50

5.000

07/01/28

50

Doylestown

Hospital

Authority

Revenue

Bonds

(ae)

10

5.000

07/01/41

10

Doylestown

Hospital

Authority

Revenue

Bonds

(Þ)

40

5.000

07/01/41

38

Doylestown

Hospital

Authority

Revenue

Bonds

(Þ)

45

4.000

07/01/45

36

Doylestown

Hospital

Authority

Revenue

Bonds

(ae)(Þ)

5

4.000

07/01/45

5

Doylestown

Hospital

Authority

Revenue

Bonds

165

5.000

07/01/46

154

Doylestown

Hospital

Authority

Revenue

Bonds

(ae)

35

5.000

07/01/46

37

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

100

5.000

12/01/43

85

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

100

5.000

12/01/48

82

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

510

5.000

12/01/49

415

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

150

5.000

12/01/53

119

Geisinger

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.770%)(Ê)(Þ)

100

1.230

05/01/37

88

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

75

4.000

06/01/44

73

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

(Þ)

1,765

6.500

07/15/48

1,809

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

Revenue

Bonds

290

5.000

07/01/27

301

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

Revenue

Bonds

210

5.000

07/01/28

217

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

Revenue

Bonds

500

5.000

07/01/34

514

Huntingdon

County

General

Authority

Revenue

Bonds

1,000

5.000

05/01/46

991

Lancaster

County

Hospital

Authority

Revenue

Bonds

1,000

5.250

07/01/41

940

Lancaster

County

Hospital

Authority

Revenue

Bonds

750

5.000

03/01/50

602

Lancaster

Higher

Education

Authority

Revenue

Bonds

1,195

5.000

10/01/37

1,229

Lancaster

Higher

Education

Authority

Revenue

Bonds

2,000

5.000

10/01/42

2,011

Lancaster

Industrial

Development

Authority

Revenue

Bonds

675

4.000

07/01/46

527

Latrobe

Industrial

Development

Authority

Revenue

Bonds

(Þ)

315

5.000

03/01/34

327

Latrobe

Industrial

Development

Authority

Revenue

Bonds

125

4.000

03/01/46

102

Latrobe

Industrial

Development

Authority

Revenue

Bonds

(Þ)

125

4.000

03/01/51

98

Lehigh

County

General

Purpose

Authority

Revenue

Bonds

1,000

4.000

06/01/52

838

Lincoln

University

of

the

Commonwealth

System

of

Higher

Education

General

Obligation

Limited

325

5.250

07/01/44

311

Mercer

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

200

6.125

10/01/50

127

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

(Þ)

1,500

5.000

12/01/37

1,509

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,700

5.250

01/15/46

1,733

Northampton

County

General

Purpose

Authority

Revenue

Bonds

1,625

5.000

10/01/36

1,655

Northeastern

Pennsylvania

Hospital

&

Education

Authority

Revenue

Bonds

55

5.000

05/01/44

53

Northeastern

Pennsylvania

Hospital

&

Education

Authority

Revenue

Bonds

75

5.000

05/01/49

71

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

2,110

5.000

12/31/34

2,158

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,050

4.000

07/01/41

963

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,250

5.000

06/30/42

1,258

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

250

5.000

07/01/42

256

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

2,500

5.500

06/30/43

2,764

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(Þ)

150

4.000

07/01/46

132

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

300

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

200

5.250

07/01/46

207

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

8,445

5.750

06/30/48

9,383

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

150

5.250

07/01/49

154

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(Þ)

125

5.250

06/30/53

133

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

500

5.000

12/31/57

529

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

675

6.000

06/30/61

762

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

350

5.000

05/01/42

263

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

2,500

5.250

09/01/50

2,521

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue

Bonds

(Þ)

1,000

5.250

12/01/48

1,048

Pennsylvania

Turnpike

Commission

Revenue

Bonds

1,250

5.000

12/01/40

1,268

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(~)(Ê)(Þ)

940

4.875

12/15/35

894

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

100

5.375

06/15/38

101

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

900

5.000

06/15/40

904

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

300

4.000

05/01/42

196

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

750

5.125

06/15/42

716

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

150

5.500

06/15/43

150

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

150

5.000

06/15/50

131

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

145

5.250

06/15/52

137

Scranton

Redevelopment

Authority

Revenue

Bonds

70

5.000

11/15/28

70

Scranton

School

District

General

Obligation

Limited

(µ)(Þ)

2,025

4.250

06/01/37

2,027

Susquehanna

Area

Regional

Airport

Authority

Revenue

Bonds

200

5.000

01/01/38

204

Upper

Dauphin

Industrial

Development

Authority

Revenue

Bonds

(Þ)

380

6.250

07/01/57

357

Washington

County

Redevelopment

Authority

Tax

Allocation

265

5.000

07/01/28

266

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

365

4.000

11/15/36

326

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

370

4.000

11/15/41

312

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

(Þ)

525

4.000

11/15/46

419

85,095

Puerto

Rico

-

6.1%

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(Þ)

60

Zero

coupon

07/01/24

59

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,290

5.625

07/01/27

1,362

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,653

5.625

07/01/29

1,790

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,601

5.750

07/01/31

2,898

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

6,448

Zero

coupon

07/01/33

4,101

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,434

4.000

07/01/33

2,362

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

3,932

4.000

07/01/35

3,751

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

843

4.000

07/01/37

790

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,457

4.000

07/01/41

1,329

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(~)(Ê)(Þ)

4,558

1.000

11/01/43

2,524

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,162

4.000

07/01/46

3,692

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(~)(Ê)

2,667

1.000

11/01/51

1,427

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(~)(Ê)(Þ)

45

1.000

11/01/51

8

GDB

Debt

Recovery

Authority

of

Puerto

Rico

Revenue

Bonds

7,231

7.500

08/20/40

6,779

HTA

CL

6

Trust

Special

Assessment

615

5.250

07/01/38

615

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

600

3.500

07/01/26

575

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

600

3.750

07/01/27

570

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

850

5.000

07/01/33

880

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

2,650

5.000

07/01/35

2,717

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

1,550

5.000

07/01/37

1,582

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

4,580

4.000

07/01/42

4,146

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

11,650

5.000

07/01/47

11,688

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

301

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Þ)

650

5.250

07/01/19

200

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Ø)(Æ)

775

4.750

07/01/26

238

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Ø)(Æ)(Þ)

675

5.250

07/01/26

208

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Þ)

135

5.250

07/01/26

41

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Ø)(Æ)(Þ)

1,685

5.250

07/01/27

518

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Ø)(Æ)(Þ)

3,125

5.000

07/01/28

961

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.520%)(µ)(Ê)

3,510

1.480

07/01/29

3,284

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Ø)(Æ)

1,150

5.250

07/01/31

354

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Ø)(Æ)

3,830

5.000

07/01/32

1,178

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

100

5.250

07/01/32

99

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)(Þ)

355

4.750

07/01/33

345

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Ø)(Æ)

135

7.000

07/01/33

42

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Ø)(Æ)(Þ)

655

5.250

07/01/35

201

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Ø)(Æ)

970

6.750

07/01/36

298

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Þ)

325

5.000

07/01/37

100

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Ø)(Æ)(Þ)

1,000

5.500

07/01/38

299

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Ø)(Æ)(Þ)

4,180

5.250

07/01/40

1,285

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Þ)

1,375

5.000

07/01/42

423

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Ø)(Æ)(Þ)

1,000

7.000

07/01/43

307

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Þ)

41

3.941

07/01/24

41

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Þ)

475

5.250

08/01/24

475

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

394

4.030

07/01/27

346

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

273

3.071

07/01/29

222

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

249

4.491

07/01/31

186

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

585

3.450

07/01/33

401

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

220

4.500

07/01/34

221

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

7,779

4.329

07/01/40

7,730

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

1,885

4.329

07/01/40

1,873

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

5,000

Zero

coupon

07/01/46

1,538

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

31,610

5.709

07/01/46

9,821

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

10,522

5.772

07/01/51

2,414

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

32

4.536

07/01/53

30

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Þ)

2,898

4.750

07/01/53

2,839

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

6,489

4.784

07/01/58

6,353

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

11,802

5.000

07/01/58

11,811

112,327

Rhode

Island

-

0.2%

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(Þ)

1,000

4.125

05/15/53

1,002

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

500

5.000

10/01/42

533

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

(Þ)

3,450

6.959

06/01/52

616

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

(Þ)

12,000

8.861

06/01/52

1,976

4,127

South

Carolina

-

0.8%

Berkeley

County

Special

Assessment

435

4.000

11/01/30

418

County

of

Berkeley

Special

Assessment

2,250

4.250

11/01/40

1,993

Patriots

Energy

Group

Financing

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.250

03/01/31

1,082

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

135

5.000

11/15/47

137

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

500

5.250

06/15/52

458

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

1,465

5.250

11/15/52

1,330

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

425

5.250

06/15/57

382

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

2,851

4.000

12/01/39

2,910

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

302

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)(Þ)

1,364

4.000

12/01/46

1,348

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)(Þ)

1,000

5.000

12/01/52

1,061

South

Carolina

Public

Service

Authority

Revenue

Bonds

(Þ)

250

5.250

12/01/55

252

South

Carolina

Transportation

Infrastructure

Bank

Revenue

Bonds

(Þ)

1,800

2.250

10/01/32

1,599

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

743

13,842

South

Dakota

-

0.1%

County

of

Lincoln

Revenue

Bonds

1,940

4.000

08/01/41

1,785

County

of

Lincoln

Revenue

Bonds

75

4.000

08/01/56

62

County

of

Lincoln

Revenue

Bonds

650

4.000

08/01/61

531

2,378

Tennessee

-

0.4%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

500

4.000

08/01/36

503

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

3,000

5.000

08/01/44

3,103

Chattanooga-Hamilton

County

Hospital

Authority

Revenue

Bonds

2,000

5.000

10/01/44

2,003

Greenville

Health

&

Educational

Facilities

Board

Revenue

Bonds

275

4.000

07/01/40

272

Memphis-Shelby

County

Industrial

Development

Board

Tax

Allocation

400

5.625

01/01/46

238

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

230

5.000

10/01/34

238

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

(Þ)

100

5.000

07/01/46

101

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

1,500

4.000

05/01/51

1,475

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

(Þ)

175

Zero

coupon

06/01/43

64

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

(Þ)

100

4.000

06/01/51

84

8,081

Texas

-

5.7%

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

42

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

50

4.000

08/15/46

39

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

520

3.000

08/15/49

390

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

100

5.625

08/15/52

90

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

215

4.875

06/15/56

216

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

150

5.750

08/15/57

136

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

500

6.750

02/15/62

480

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

(Þ)

100

5.000

01/01/29

103

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

(Þ)

50

5.000

01/01/32

51

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

50

5.000

01/01/33

51

Bastrop

Independent

School

District

1,000

5.000

02/15/53

1,093

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

750

5.000

07/15/37

694

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

755

5.000

07/15/42

666

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

325

5.250

12/01/35

327

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

65

5.000

12/01/40

63

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

50

5.000

12/01/45

47

Brazoria

County

Industrial

Development

Corp.

Revenue

Bonds

(~)(Ê)(Þ)

650

10.000

06/01/42

643

Caddo

Mills

Independent

School

District

General

Obligation

Unlimited

(Þ)

500

4.250

02/15/53

501

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,000

3.625

07/01/26

932

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,000

6.500

07/01/26

1,911

Cedar

Bayou

Navigation

District

Special

Assessment

(Þ)

585

6.000

09/15/51

484

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,000

4.000

01/01/41

990

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

100

5.000

01/01/45

103

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

303

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Central

Texas

Turnpike

System

Revenue

Bonds

3,000

5.000

08/15/42

3,013

City

of

Anna

Special

Assessment

(Þ)

136

4.250

09/15/51

114

City

of

Anna

Special

Assessment

(Þ)

504

5.000

09/15/51

475

City

of

Anna

Special

Assessment

(Þ)

175

6.000

09/01/52

178

City

of

Anna

Special

Assessment

(Þ)

200

7.375

09/15/52

208

City

of

Anna

Special

Assessment

(Þ)

125

5.875

09/15/53

128

City

of

Arlington

Tax

Allocation

920

4.000

08/15/41

858

City

of

Aubrey

Revenue

Bonds

620

7.250

09/01/45

638

City

of

Aubrey

Special

Assessment

(Þ)

120

5.875

09/01/43

123

City

of

Aubrey

Special

Assessment

(Þ)

183

6.000

09/01/45

189

City

of

Aubrey

Special

Assessment

(Þ)

125

6.000

09/01/53

127

City

of

Austin

Special

Assessment

(Þ)

100

5.500

11/01/51

101

City

of

Austin

Water

Utility

Improvement

District

Special

Assessment

Revenue

Bonds

(Þ)

230

5.125

11/01/33

231

City

of

Bee

Cave

Special

Assessment

(Þ)

281

4.125

09/01/26

272

City

of

Bee

Cave

Special

Assessment

(Þ)

100

5.000

09/01/41

94

City

of

Bee

Cave

Special

Assessment

(Þ)

122

5.250

09/01/51

116

City

of

Celina

Special

Assessment

(Þ)

25

2.750

09/01/26

24

City

of

Celina

Special

Assessment

(Þ)

25

3.500

09/01/26

24

City

of

Celina

Special

Assessment

(Þ)

25

3.250

09/01/31

23

City

of

Celina

Special

Assessment

(Þ)

28

4.000

09/01/31

27

City

of

Celina

Special

Assessment

(µ)(Þ)

1,020

3.000

09/01/35

922

City

of

Celina

Special

Assessment

(Þ)

145

4.125

09/01/39

133

City

of

Celina

Special

Assessment

(µ)(Þ)

1,974

2.625

09/01/40

1,502

City

of

Celina

Special

Assessment

(Þ)

72

3.500

09/01/41

61

City

of

Celina

Special

Assessment

(Þ)

61

4.250

09/01/41

56

City

of

Celina

Special

Assessment

(Þ)

55

3.375

09/01/42

42

City

of

Celina

Special

Assessment

(Þ)

100

6.250

09/01/42

102

City

of

Celina

Special

Assessment

(Þ)

100

4.000

09/01/43

86

City

of

Celina

Special

Assessment

50

6.250

09/01/45

50

City

of

Celina

Special

Assessment

100

7.500

09/01/45

101

City

of

Celina

Special

Assessment

(Þ)

1,845

4.375

09/01/49

1,628

City

of

Celina

Special

Assessment

(Þ)

131

4.000

09/01/51

111

City

of

Celina

Special

Assessment

(Þ)

100

4.125

09/01/51

83

City

of

Celina

Special

Assessment

(Þ)

90

4.500

09/01/51

80

City

of

Celina

Special

Assessment

(Þ)

100

5.000

09/01/51

95

City

of

Celina

Special

Assessment

(Þ)

255

4.000

09/01/52

207

City

of

Celina

Special

Assessment

(Þ)

100

5.625

09/01/52

101

City

of

Celina

Special

Assessment

(Þ)

130

5.750

09/01/52

133

City

of

Celina

Special

Assessment

(Þ)

125

6.500

09/01/52

127

City

of

Celina

Special

Assessment

(Þ)

650

6.750

09/01/52

658

City

of

Celina

Special

Assessment

(Þ)

375

5.500

09/01/53

377

City

of

Celina

Special

Assessment

(Þ)

140

6.000

09/01/53

142

City

of

Celina

Special

Assessment

(Þ)

125

6.125

09/01/53

127

City

of

Crandall

Special

Assessment

(Þ)

269

6.125

09/15/32

277

City

of

Crandall

Special

Assessment

(Þ)

100

4.250

09/15/41

87

City

of

Crandall

Special

Assessment

(Þ)

100

5.000

09/15/41

95

City

of

Crandall

Special

Assessment

(Þ)

100

4.500

09/15/51

85

City

of

Crandall

Special

Assessment

(Þ)

100

5.250

09/15/51

96

City

of

Crandall

Special

Assessment

(Þ)

500

6.125

09/15/52

522

City

of

Crandall

Special

Assessment

(Þ)

175

6.750

09/15/52

186

City

of

Dayton

Special

Assessment

(Þ)

105

5.250

09/01/52

103

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

304

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Dayton

Special

Assessment

(Þ)

100

5.750

09/01/52

101

City

of

Decatur

Special

Assessment

(Þ)

200

6.875

09/15/54

206

City

of

Elmendorf

Special

Assessment

(Þ)

100

4.000

09/01/51

80

City

of

Fate

Special

Assessment

(Þ)

100

3.750

08/15/41

85

City

of

Fate

Special

Assessment

(Þ)

110

4.000

08/15/51

91

City

of

Fate

Special

Assessment

(Þ)

105

4.375

08/15/52

93

City

of

Fate

Special

Assessment

(Þ)

225

6.000

08/15/52

231

City

of

Fate

Special

Assessment

(Þ)

100

5.375

08/15/53

100

City

of

Forney

Special

Assessment

(Þ)

630

6.500

09/15/53

623

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

(Þ)

150

5.000

09/01/32

150

City

of

Georgetown

Special

Assessment

(Þ)

100

4.125

09/15/42

90

City

of

Georgetown

Special

Assessment

(Þ)

100

4.250

09/15/47

88

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

601

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

(Þ)

100

5.000

09/01/44

100

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

145

5.000

09/01/47

143

City

of

Haslet

Special

Assessment

(Þ)

200

4.375

09/01/49

177

City

of

Haslet

Special

Assessment

(Þ)

200

4.000

09/01/51

161

City

of

Houston

Airport

System

Revenue

Bonds

295

5.000

07/01/27

298

City

of

Houston

Airport

System

Revenue

Bonds

320

5.000

07/15/27

324

City

of

Houston

Airport

System

Revenue

Bonds

(Þ)

420

5.000

07/15/27

425

City

of

Houston

Airport

System

Revenue

Bonds

3,595

5.000

07/15/28

3,655

City

of

Houston

Airport

System

Revenue

Bonds

500

5.000

07/01/29

500

City

of

Houston

Airport

System

Revenue

Bonds

1,100

5.000

07/15/30

1,102

City

of

Houston

Airport

System

Revenue

Bonds

2,800

5.000

07/15/35

2,803

City

of

Houston

Airport

System

Revenue

Bonds

575

4.000

07/15/41

519

City

of

Houston

Airport

System

Revenue

Bonds

540

4.000

07/01/47

514

City

of

Hutto

Special

Assessment

(Þ)

200

4.000

09/01/51

170

City

of

Hutto

Special

Assessment

(Þ)

296

4.000

09/01/56

246

City

of

Hutto

Special

Assessment

(Þ)

170

5.625

09/01/58

174

City

of

Justin

Special

Assessment

(Þ)

255

5.500

09/01/47

258

City

of

Kaufman

Special

Assessment

(Þ)

100

6.000

09/15/52

104

City

of

Kyle

Special

Assessment

(Þ)

216

4.375

09/01/32

212

City

of

Kyle

Special

Assessment

(Þ)

100

4.625

09/01/39

96

City

of

Kyle

Special

Assessment

(Þ)

100

3.750

09/01/41

81

City

of

Kyle

Special

Assessment

(Þ)

160

5.000

09/01/42

156

City

of

Kyle

Special

Assessment

(Þ)

200

5.250

09/01/43

200

City

of

Kyle

Special

Assessment

(Þ)

100

4.750

09/01/44

95

City

of

Kyle

Special

Assessment

(Þ)

100

4.000

09/01/46

83

City

of

Kyle

Special

Assessment

(Þ)

100

5.500

09/01/47

101

City

of

Kyle

Special

Assessment

(Þ)

150

5.750

09/01/53

152

City

of

Lago

Vista

Special

Assessment

55

3.750

09/01/42

46

City

of

Lago

Vista

Special

Assessment

(Þ)

210

6.000

09/01/54

213

City

of

Lavon

Special

Assessment

(Þ)

100

4.250

09/15/39

92

City

of

Lavon

Special

Assessment

(Þ)

136

4.000

09/15/42

118

City

of

Lavon

Special

Assessment

(Þ)

100

4.375

09/15/42

89

City

of

Lavon

Special

Assessment

(Þ)

135

4.500

09/15/49

120

City

of

Lavon

Special

Assessment

(Þ)

318

4.125

09/15/52

264

City

of

Lavon

Special

Assessment

(Þ)

100

4.500

09/15/52

86

City

of

Lavon

Special

Assessment

(Þ)

400

6.125

09/15/52

413

City

of

Lewisville

Special

Assessment

(Þ)

125

8.000

09/01/53

131

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

305

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Liberty

Hill

Special

Assessment

(Þ)

100

4.125

09/01/42

86

City

of

Liberty

Hill

Special

Assessment

(Þ)

100

4.375

09/01/52

84

City

of

Manor

Special

Assessment

(Þ)

100

4.500

09/15/40

94

City

of

Manor

Special

Assessment

(Þ)

100

4.000

09/15/51

82

City

of

Manor

Special

Assessment

(Þ)

100

4.375

09/15/51

86

City

of

Marble

Falls

Revenue

Bonds

(Þ)

100

4.125

09/01/41

89

City

of

Marble

Falls

Revenue

Bonds

(Þ)

100

4.375

09/01/51

85

City

of

Marble

Falls

Revenue

Bonds

(Þ)

100

5.125

09/01/51

95

City

of

McLendon-Chisholm

Special

Assessment

(µ)

100

2.500

09/15/35

85

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

479

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

100

4.375

09/15/49

90

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

50

4.000

09/15/51

41

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

270

5.750

09/15/52

271

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

100

5.750

09/15/39

102

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

150

5.500

09/01/43

151

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

1,000

5.375

09/01/48

1,007

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

150

6.000

09/15/49

154

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

200

5.625

09/01/53

202

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

400

5.750

09/01/53

404

City

of

Midlothian

Special

Assessment

(Þ)

100

4.125

09/15/31

96

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

89

City

of

Midlothian

Special

Assessment

(Þ)

200

5.375

09/15/52

198

City

of

Midlothian

Special

Assessment

(Þ)

115

6.125

09/15/52

117

City

of

Mustang

Ridge

Special

Assessment

(Þ)

75

6.375

09/01/53

77

City

of

New

Braunfels

Special

Assessment

(Þ)

100

4.500

09/01/41

89

City

of

New

Braunfels

Special

Assessment

(Þ)

100

4.750

09/01/51

88

City

of

Oak

Point

Special

Assessment

(Þ)

650

3.125

09/01/41

500

City

of

Oak

Point

Special

Assessment

(Þ)

100

4.125

09/01/48

88

City

of

Oak

Point

Special

Assessment

(Þ)

100

4.500

09/01/48

91

City

of

Pilot

Point

Special

Assessment

(Þ)

200

5.500

09/15/42

202

City

of

Pilot

Point

Special

Assessment

(Þ)

204

5.625

09/15/52

206

City

of

Pilot

Point

Special

Assessment

(Þ)

300

6.000

09/15/52

308

City

of

Pilot

Point

Special

Assessment

(Þ)

150

6.125

09/15/52

154

City

of

Pilot

Point

Special

Assessment

(Þ)

120

6.500

09/15/52

124

City

of

Plano

Special

Assessment

(Þ)

140

8.250

09/15/43

148

City

of

Plano

Special

Assessment

(Þ)

115

7.500

09/15/53

122

City

of

Plano

Special

Assessment

(Þ)

225

8.500

09/15/53

238

City

of

Princeton

Special

Assessment

(Þ)

300

4.500

09/01/39

283

City

of

Princeton

Special

Assessment

(Þ)

100

5.500

09/01/39

102

City

of

Princeton

Special

Assessment

(Þ)

225

3.750

09/01/40

189

City

of

Princeton

Special

Assessment

(Þ)

125

3.875

09/01/40

107

City

of

Princeton

Special

Assessment

(Þ)

75

5.125

09/01/42

73

City

of

Princeton

Special

Assessment

(Þ)

100

5.250

09/01/43

98

City

of

Princeton

Special

Assessment

(Þ)

100

7.000

09/01/43

102

City

of

Princeton

Special

Assessment

(Þ)

130

4.875

09/01/48

125

City

of

Princeton

Special

Assessment

(Þ)

100

4.750

09/01/49

92

City

of

Princeton

Special

Assessment

(Þ)

100

5.750

09/01/49

102

City

of

Princeton

Special

Assessment

(Þ)

325

4.000

09/01/50

267

City

of

Princeton

Special

Assessment

(Þ)

160

4.125

09/01/50

135

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

306

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Princeton

Special

Assessment

(Þ)

185

4.000

09/01/51

152

City

of

Princeton

Special

Assessment

(Þ)

100

4.375

09/01/52

86

City

of

Princeton

Special

Assessment

(Þ)

270

5.250

09/01/52

263

City

of

Princeton

Special

Assessment

(Þ)

125

5.500

09/01/53

123

City

of

Princeton

Special

Assessment

(Þ)

100

6.375

09/01/53

104

City

of

Princeton

Special

Assessment

(Þ)

250

7.000

09/01/53

253

City

of

Princeton

Special

Assessment

(Þ)

150

7.875

09/01/53

154

City

of

Red

Oak

Special

Assessment

(Þ)

100

3.375

09/15/41

78

City

of

Red

Oak

Special

Assessment

(Þ)

100

4.000

09/15/51

83

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

4.375

09/15/30

97

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

125

4.125

09/15/39

115

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

4.125

09/15/40

90

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

4.375

09/15/49

90

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

200

4.375

09/15/50

175

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

6.000

09/15/52

103

City

of

Sachse

Special

Assessment

(Þ)

100

6.875

09/15/42

104

City

of

Sachse

Special

Assessment

(Þ)

150

7.000

09/15/52

156

City

of

San

Marcos

Special

Assessment

(Þ)

130

6.000

09/01/48

130

City

of

San

Marcos

Special

Assessment

(Þ)

100

4.500

09/01/51

87

City

of

Santa

Fe

Special

Assessment

(Þ)

509

4.875

09/01/42

489

City

of

Santa

Fe

Special

Assessment

(Þ)

859

5.000

09/01/52

813

City

of

Shenandoah

Special

Assessment

Revenue

Bonds

140

5.700

09/01/47

142

City

of

Sinton

Special

Assessment

(Þ)

100

5.125

09/01/42

98

City

of

Sinton

Special

Assessment

(Þ)

100

5.250

09/01/51

96

City

of

Tomball

Special

Assessment

(Þ)

112

5.750

09/15/52

114

City

of

Tomball

Special

Assessment

(Þ)

100

6.000

09/15/53

103

City

of

Uhland

Special

Assessment

(Þ)

750

6.625

09/01/52

792

City

of

Waxahachie

Special

Assessment

(Þ)

100

5.500

08/15/52

101

Conroe

Local

Government

Corp.

Revenue

Bonds

75

4.000

10/01/50

61

Conroe

Local

Government

Corp.

Revenue

Bonds

(Þ)

100

5.000

10/01/50

83

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

203

County

of

Hays

Revenue

Bonds

(Þ)

356

5.750

09/15/52

361

County

of

Medina

Special

Assessment

(Þ)

100

4.750

09/01/50

88

Decatur

Hospital

Authority

Revenue

Bonds

200

5.250

09/01/44

202

Edinburg

Economic

Development

Corp.

Revenue

Bonds

(Þ)

100

4.500

08/15/35

94

Edinburg

Economic

Development

Corp.

Revenue

Bonds

(Þ)

100

5.000

08/15/44

96

Fort

Bend

County

Industrial

Development

Corp.

Revenue

Bonds

230

4.750

05/01/38

230

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

1,000

5.800

10/01/46

1,089

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

96

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

445

Zero

coupon

12/01/50

95

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

475

Zero

coupon

12/01/51

95

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

(Þ)

475

Zero

coupon

12/01/52

88

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

500

Zero

coupon

12/01/53

87

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

525

Zero

coupon

12/01/54

86

Highland

Park

Independent

School

District/Potter

County

General

Obligation

Unlimited

1,000

4.000

02/15/48

989

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

307

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

115

4.000

10/01/51

91

Joshua

Farms

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

310

5.500

09/01/53

310

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

General

Obligation

Unlimited

(Þ)

230

3.000

09/01/46

161

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

350

3.000

09/01/40

274

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

30

2.500

09/01/41

21

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

(Þ)

785

3.000

09/01/44

578

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

50

3.000

09/01/47

35

Matagorda

County

Navigation

District

No.

1

Revenue

Bonds

265

4.250

05/01/30

264

Mission

Economic

Development

Corp.

Revenue

Bonds

(Þ)

1,570

4.625

10/01/31

1,557

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

78

Mitchell

County

Hospital

District

General

Obligation

Limited

50

4.000

02/15/51

39

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

(Þ)

300

5.000

09/15/48

302

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

400

4.250

10/01/26

394

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

125

4.000

01/01/36

111

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,000

4.000

08/15/36

919

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

08/15/39

99

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,000

5.000

08/15/40

968

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

200

5.000

11/01/40

200

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

150

4.000

01/01/41

123

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,500

4.750

04/01/46

1,503

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

700

4.000

08/15/46

566

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,000

4.000

08/15/51

777

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

175

5.750

07/15/52

165

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,000

4.000

11/01/55

837

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,100

4.000

08/15/56

831

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,550

5.500

01/01/57

1,113

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

250

7.000

01/01/57

136

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

250

6.000

07/15/57

241

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)

75

4.000

09/15/41

65

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

300

4.750

09/15/41

286

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

390

5.000

09/15/51

366

North

Texas

Tollway

Authority

Revenue

Bonds

(µ)

2,000

3.000

01/01/46

1,574

North

Texas

Tollway

Authority

Revenue

Bonds

1,345

3.000

01/01/46

1,077

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

74

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

325

2.875

01/01/41

219

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

1,450

3.000

01/01/50

874

Port

of

Beaumont

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,900

4.100

01/01/28

1,585

Red

River

Education

Finance

Corp.

Texas

Education

Revenue

Bonds

1,255

5.500

10/01/46

1,258

San

Antonio

Education

Facilities

Corp.

Revenue

Bonds

1,000

4.000

04/01/51

835

South

Manvel

Development

Authority

Tax

Allocation

125

5.000

04/01/43

122

South

Manvel

Development

Authority

Tax

Allocation

200

5.250

04/01/50

198

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

500

5.000

05/15/45

444

Tarrant

County

Hospital

District

General

Obligation

Limited

230

4.250

08/15/53

230

Texas

City

Industrial

Development

Corp.

Revenue

Bonds

770

4.125

12/01/45

716

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

1,000

5.000

12/15/31

1,064

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

(Þ)

1,000

5.000

12/31/50

1,001

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

100

5.000

12/31/55

99

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

4,100

5.000

06/30/58

4,146

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

308

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

5,000

5.500

12/31/58

5,410

Texas

Water

Development

Board

Revenue

Bonds

1,500

5.000

10/15/58

1,639

Town

of

Argyle

Special

Assessment

(Þ)

145

5.250

09/01/47

145

Town

of

Hickory

Creek

Special

Assessment

200

3.875

09/01/37

194

Town

of

Lakewood

Village

Special

Assessment

(Þ)

175

5.375

09/15/52

172

Town

of

Little

Elm

Special

Assessment

(Þ)

727

5.750

09/01/38

752

Town

of

Little

Elm

Special

Assessment

(Þ)

100

3.750

09/01/42

81

Town

of

Little

Elm

Special

Assessment

(Þ)

100

5.000

09/01/47

98

Town

of

Little

Elm

Special

Assessment

(Þ)

100

4.000

09/01/51

82

Town

of

Little

Elm

Special

Assessment

(Þ)

750

6.875

09/01/52

792

Travis

County

Development

Authority

Special

Assessment

(Þ)

100

5.500

09/01/52

101

Uptown

Development

Authority

Tax

Allocation

105

3.000

09/01/36

91

Uptown

Development

Authority

Tax

Allocation

(Þ)

50

3.000

09/01/37

42

Uptown

Development

Authority

Tax

Allocation

(Þ)

50

3.000

09/01/39

40

Uptown

Development

Authority

Tax

Allocation

50

3.000

09/01/40

39

Viridian

Municipal

Management

District

Special

Assessment

25

3.125

12/01/35

21

Viridian

Municipal

Management

District

Special

Assessment

(Þ)

30

3.375

12/01/40

24

Viridian

Municipal

Management

District

Special

Assessment

385

4.750

12/01/43

376

Viridian

Municipal

Management

District

Special

Assessment

(Þ)

50

3.500

12/01/47

38

Westside

211

Special

Improvement

District

Revenue

Bonds

600

3.000

08/15/53

423

105,398

Utah

-

0.9%

Benloch

Ranch

Improvement

Association

No.

1

Revenue

Bonds

(Š)(Þ)

343

9.750

12/01/39

335

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

1,500

4.000

03/01/51

1,141

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

500

7.375

09/15/51

419

Coral

Junction

Public

Infrastructure

District

No.

1

Special

Assessment

(Þ)

150

5.500

06/01/41

146

Medical

School

Campus

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

750

5.500

02/01/50

643

Mida

Golf

and

Equestrian

Center

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

1,500

4.500

06/01/51

1,093

Mida

Mountain

Village

Public

Infrastructure

District

Special

Assessment

(Þ)

1,000

4.500

08/01/40

906

Military

Installation

Development

Authority

Revenue

Bonds

(Þ)

550

4.000

06/01/41

447

Military

Installation

Development

Authority

Revenue

Bonds

(Þ)

525

4.000

06/01/52

394

Red

Bridge

Public

Infrastructure

District

No.

1

General

Obligation

Limited

(Þ)

500

4.375

02/01/51

387

Salt

Lake

City

Airport

Revenue

Bonds

1,965

5.500

07/01/53

2,148

UIPA

Crossroads

Public

Infrastructure

District

Revenue

Bonds

(Þ)

1,000

4.125

06/01/41

902

Utah

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

500

4.000

06/15/31

452

Utah

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

890

4.000

06/15/41

685

Utah

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

1,420

4.250

06/15/51

1,031

Utah

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

500

5.750

06/15/52

496

Utah

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

450

4.000

10/15/61

291

Utah

Infrastructure

Agency

Revenue

Bonds

2,000

5.000

10/15/40

2,020

Utah

Infrastructure

Agency

Revenue

Bonds

850

4.000

10/15/41

762

Utah

Infrastructure

Agency

Revenue

Bonds

1,100

6.000

10/15/47

1,206

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

200

4.000

10/15/51

138

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

425

4.000

10/15/56

282

16,324

Vermont

-

0.1%

Vermont

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

175

5.000

06/01/52

176

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

550

5.000

10/01/42

504

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

275

5.500

10/01/43

281

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

400

5.250

10/01/52

384

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

309

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Vermont

Student

Assistance

Corp.

Revenue

Bonds

1,600

4.500

06/15/45

1,398

2,743

Virgin

Islands

-

0.7%

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

7,845

5.000

10/01/30

8,226

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

2,640

5.000

10/01/32

2,786

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

1,790

5.000

10/01/32

1,655

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

(Þ)

450

5.000

10/01/39

398

13,065

Virginia

-

1.5%

Albemarle

County

Economic

Development

Authority

Revenue

Bonds

500

4.000

06/01/54

424

Farmville

Industrial

Development

Authority

Revenue

Bonds

5,300

5.000

01/01/40

5,327

Farmville

Industrial

Development

Authority

Revenue

Bonds

200

5.000

01/01/50

192

James

City

County

Economic

Development

Authority

Revenue

Bonds

40

4.000

06/01/41

34

James

City

County

Economic

Development

Authority

Revenue

Bonds

60

4.000

06/01/47

47

Salem

Economic

Development

Authority

Revenue

Bonds

40

4.000

04/01/45

36

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

1,975

5.200

06/01/46

1,944

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,875

6.706

06/01/46

3,351

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

(Þ)

125

5.000

06/01/47

118

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

2,250

7.456

06/01/47

597

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

(Þ)

12,175

11.642

06/01/47

3,303

Virginia

Beach

Development

Authority

Revenue

Bonds

275

7.000

09/01/53

298

Virginia

Beach

Development

Authority

Revenue

Bonds

(Þ)

450

7.000

09/01/59

485

Virginia

College

Building

Authority

Revenue

Bonds

100

3.000

06/01/41

80

Virginia

College

Building

Authority

Revenue

Bonds

75

4.000

06/01/46

67

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

(Þ)

1,005

5.000

01/01/36

1,099

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

4,500

4.000

01/01/48

4,240

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,000

5.000

12/31/49

1,007

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,550

5.000

12/31/52

1,574

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

3,570

5.000

12/31/56

3,583

27,806

Washington

-

1.4%

Grant

County

Public

Hospital

District

No.

1

General

Obligation

Unlimited

1,000

5.125

12/01/48

1,035

Grant

County

Public

Hospital

District

No.

2

General

Obligation

Unlimited

(Þ)

1,500

5.000

12/01/44

1,531

Port

of

Seattle

Industrial

Development

Corp.

Revenue

Bonds

460

5.000

04/01/30

460

Port

of

Seattle

Revenue

Bonds

235

4.000

08/01/47

221

Skagit

County

Public

Hospital

District

No.

1

Revenue

Bonds

3,050

5.500

12/01/54

3,224

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.625

12/01/40

992

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

975

4.000

10/01/42

906

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

75

4.000

05/01/45

72

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

(Þ)

2,500

4.000

10/01/49

2,191

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

1,710

5.000

07/01/33

1,857

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,200

5.000

07/01/48

2,265

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

(Þ)

4,400

3.000

07/01/58

2,953

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

(µ)

1,420

4.000

07/01/58

1,302

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,820

4.000

07/01/58

2,554

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

2,525

4.000

01/01/41

1,993

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

175

5.000

07/01/43

180

Washington

State

Housing

Finance

Commission

Revenue

Bonds

165

5.000

07/01/48

167

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

150

5.000

01/01/49

102

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

200

5.000

01/01/55

131

Whidbey

Island

Public

Hospital

District

General

Obligation

Unlimited

(Þ)

1,500

5.500

12/01/33

1,441

25,577

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

310

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

West

Virginia

-

0.3%

City

of

South

Charleston

Revenue

Bonds

(Þ)

165

5.500

06/01/32

145

City

of

South

Charleston

Revenue

Bonds

(Þ)

185

6.000

06/01/37

155

City

of

South

Charleston

Revenue

Bonds

(Þ)

100

4.250

06/01/42

82

City

of

South

Charleston

Revenue

Bonds

(Þ)

1,150

4.500

06/01/50

905

County

of

Monongalia

Tax

Allocation

(Þ)

100

5.750

06/01/43

106

County

of

Monongalia

Tax

Allocation

(Þ)

150

6.000

06/01/53

161

County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

55

3.000

03/01/35

49

County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

150

3.000

03/01/37

125

County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

45

3.250

03/01/41

35

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

165

4.125

06/01/43

151

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

1,100

4.875

06/01/43

1,083

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

1,000

8.000

06/01/43

225

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

300

4.125

07/01/45

298

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

700

5.000

07/01/45

703

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

330

5.000

01/01/43

325

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

1,000

4.125

01/01/47

909

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

640

4.125

01/01/47

556

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)(Þ)

290

5.500

09/01/48

322

6,335

Wisconsin

-

2.7%

Appleton

Redevelopment

Authority

Revenue

Bonds

(~)(Ê)

4,600

0.590

06/01/36

4,600

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,685

4.000

03/01/28

1,597

Public

Finance

Authority

Revenue

Bonds

(Þ)

2,370

5.250

07/01/28

2,372

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/28

1,030

Public

Finance

Authority

Revenue

Bonds

(Þ)

15

4.000

06/15/29

14

Public

Finance

Authority

Revenue

Bonds

(Þ)

35

4.000

07/01/30

33

Public

Finance

Authority

Revenue

Bonds

100

4.300

11/01/30

98

Public

Finance

Authority

Revenue

Bonds

(Þ)

2,000

6.750

08/01/31

1,460

Public

Finance

Authority

Revenue

Bonds

(Þ)

675

5.000

10/01/31

700

Public

Finance

Authority

Revenue

Bonds

710

5.000

10/01/32

736

Public

Finance

Authority

Revenue

Bonds

(Þ)

65

5.000

10/01/34

67

Public

Finance

Authority

Revenue

Bonds

1,000

5.750

04/01/35

1,012

Public

Finance

Authority

Revenue

Bonds

(Þ)

95

5.000

12/01/35

90

Public

Finance

Authority

Revenue

Bonds

(Þ)

630

5.250

05/15/37

609

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,750

5.250

07/01/38

1,868

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,595

5.000

06/01/39

1,613

Public

Finance

Authority

Revenue

Bonds

(Þ)

525

5.000

06/15/39

507

Public

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

10/01/39

150

Public

Finance

Authority

Revenue

Bonds

(Þ)

50

5.000

07/01/40

46

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,225

7.125

06/01/41

1,132

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

4.000

04/01/42

83

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

5.250

05/15/42

702

Public

Finance

Authority

Revenue

Bonds

(Þ)

500

5.000

07/01/42

500

Public

Finance

Authority

Revenue

Bonds

(Þ)

75

4.000

01/01/45

72

Public

Finance

Authority

Revenue

Bonds

(Þ)

200

5.250

03/01/45

178

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,185

6.500

06/01/45

1,054

Public

Finance

Authority

Revenue

Bonds

725

5.350

12/01/45

735

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.625

02/01/46

102

Public

Finance

Authority

Revenue

Bonds

340

5.250

07/01/47

334

Public

Finance

Authority

Revenue

Bonds

(µ)

150

4.125

07/01/49

147

Public

Finance

Authority

Revenue

Bonds

1,650

5.000

11/15/49

1,678

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

311

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Public

Finance

Authority

Revenue

Bonds

100

3.000

01/01/50

74

Public

Finance

Authority

Revenue

Bonds

(Þ)

875

5.625

06/01/50

779

Public

Finance

Authority

Revenue

Bonds

(Þ)

75

5.500

06/15/50

74

Public

Finance

Authority

Revenue

Bonds

(µ)(Þ)

50

4.000

07/01/50

48

Public

Finance

Authority

Revenue

Bonds

(Þ)

720

4.000

02/01/51

523

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/51

87

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

06/15/51

890

Public

Finance

Authority

Revenue

Bonds

1,750

4.000

09/30/51

1,470

Public

Finance

Authority

Revenue

Bonds

2,000

4.000

12/01/51

1,694

Public

Finance

Authority

Revenue

Bonds

1,000

5.000

02/01/52

1,010

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,600

4.000

04/01/52

1,217

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/15/52

90

Public

Finance

Authority

Revenue

Bonds

160

5.250

06/15/52

152

Public

Finance

Authority

Revenue

Bonds

(Þ)

175

5.500

06/15/52

168

Public

Finance

Authority

Revenue

Bonds

(Þ)

400

7.000

06/15/53

419

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

5.750

07/01/53

795

Public

Finance

Authority

Revenue

Bonds

(Þ)

50

6.625

07/01/53

51

Public

Finance

Authority

Revenue

Bonds

(Þ)

75

5.000

06/15/54

69

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.875

10/01/54

715

Public

Finance

Authority

Revenue

Bonds

(Þ)

450

5.250

03/01/55

384

Public

Finance

Authority

Revenue

Bonds

(µ)

65

4.000

07/01/55

61

Public

Finance

Authority

Revenue

Bonds

(Þ)

125

5.000

07/01/55

104

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,150

5.000

12/01/55

940

Public

Finance

Authority

Revenue

Bonds

4,750

4.000

03/31/56

3,885

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,500

4.500

06/01/56

1,181

Public

Finance

Authority

Revenue

Bonds

(Þ)

890

5.000

06/15/56

711

Public

Finance

Authority

Revenue

Bonds

(Þ)

275

5.000

01/01/57

221

Public

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

06/15/57

133

Public

Finance

Authority

Revenue

Bonds

150

5.375

06/15/57

144

Public

Finance

Authority

Revenue

Bonds

(µ)

100

5.000

07/01/58

102

Public

Finance

Authority

Revenue

Bonds

(Þ)

50

6.750

07/01/58

52

Public

Finance

Authority

Revenue

Bonds

(µ)(Þ)

80

4.000

07/01/59

75

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/61

84

Public

Finance

Authority

Revenue

Bonds

275

4.000

07/01/61

202

Public

Finance

Authority

Revenue

Bonds

(Þ)

785

4.000

07/01/61

613

Public

Finance

Authority

Revenue

Bonds

(Þ)

125

5.250

07/01/61

105

Public

Finance

Authority

Revenue

Bonds

(Þ)

2,475

6.000

02/01/62

2,548

Public

Finance

Authority

Revenue

Bonds

(Þ)

165

6.000

06/01/62

163

Public

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

06/15/62

131

Public

Finance

Authority

Revenue

Bonds

(Þ)

300

5.750

06/15/62

294

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,020

4.000

12/01/41

781

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,175

5.000

03/15/50

1,188

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

50

4.000

12/01/51

34

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

50

4.000

12/01/56

33

49,813

Wyoming

-

0.1%

County

of

Campbell

Wastewater

Facilities

Revenue

Bonds

1,000

3.625

07/15/39

915

Total

Municipal

Bonds

(cost

$1,805,796)

1,754,312

Loan

Agreements

-

0.1%

Rialto

Bioenergy

Facility

LLC

Term

Loan

(~)(Ê)(Š)(Þ)

1,410

15.337

04/30/24

1,410

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

312

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Rialto

Bioenergy

Facility

LLC

Term

Loan

(~)(Ê)(Š)

847

15.337

04/30/24

847

Total

Loan

Agreements

(cost

$2,237)

2,257

Short-Term

Investments

-

4.4%

U.S.

Cash

Management

Fund(@)

79,951,415

(∞)

79,927

Total

Short-Term

Investments

(cost

$79,926)

79,927

Total

Investments

-

99.6%

(identified

cost

$1,887,959)

1,836,496

Other

Assets

and

Liabilities,

Net

-

0.4%

8,166

Net

Assets

-

100.0%

1,844,662

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

313

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

38.6%

Alameda

Community

Facilities

District

Special

Tax

01/26/23

100,000

99.54

100

98

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

10/05/23

2,000,000

80.80

1,616

1,862

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

10/23/19

250,000

100.00

250

251

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

11/19/21

1,010,000

102.33

1,034

874

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

100,000

105.88

106

73

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

100,000

106.63

107

75

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

06/29/17

4,450,000

102.79

4,544

4,461

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

08/18/17

500,000

106.08

530

511

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

04/19/18

1,000,000

105.63

1,056

1,028

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

12/19/18

1,860,000

100.89

1,879

1,910

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

01/21/21

465,000

100.00

465

486

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

05/26/22

620,000

100.00

620

627

American

Samoa

Economic

Development

Authority

Revenue

Bonds

06/16/21

100,000

100.00

100

92

American

Samoa

Economic

Development

Authority

Revenue

Bonds

01/10/24

625,000

101.46

634

632

Anthem

Park

Community

Development

District

Special

Assessment

08/02/16

125,000

100.00

125

124

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

08/25/22

100,000

98.26

98

100

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

08/25/22

100,000

98.81

99

102

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

08/25/22

100,000

99.07

99

100

Arbors

Community

Development

District

Special

Assessment

03/08/23

200,000

100.00

200

205

Arizona

Health

Facilities

Authority

Revenue

Bonds

07/19/23

500,000

100.00

500

500

Arizona

Industrial

Development

Authority

Revenue

Bonds

09/08/17

1,435,000

107.31

1,540

1,473

Arizona

Industrial

Development

Authority

Revenue

Bonds

07/13/18

330,000

109.00

360

181

Arizona

Industrial

Development

Authority

Revenue

Bonds

02/07/20

35,000

108.50

38

32

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/28/20

470,000

98.52

463

478

Arizona

Industrial

Development

Authority

Revenue

Bonds

10/08/20

700,000

105.94

742

635

Arizona

Industrial

Development

Authority

Revenue

Bonds

10/09/20

920,000

106.14

977

902

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

210,000

102.30

215

158

Arizona

Industrial

Development

Authority

Revenue

Bonds

05/28/21

400,000

113.83

455

351

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/11/21

30,000

109.27

33

22

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/11/21

30,000

109.87

33

23

Arizona

Industrial

Development

Authority

Revenue

Bonds

02/15/22

75,000

103.90

78

63

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/06/22

1,250,000

100.00

1,250

1,172

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

100,000

98.33

98

97

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

100,000

98.33

98

98

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/22/23

100,000

84.03

84

90

Arkansas

Development

Finance

Authority

Revenue

Bonds

01/21/21

300,000

100.00

300

238

Arkansas

Development

Finance

Authority

Revenue

Bonds

09/14/22

1,325,000

98.04

1,299

1,345

Arkansas

Development

Finance

Authority

Revenue

Bonds

10/04/22

5,750,000

84.67

4,869

5,605

Arkansas

River

Power

Authority

Revenue

Bonds

06/21/18

1,680,000

108.34

1,820

1,758

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

04/29/22

150,000

99.24

149

136

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

08/26/22

500,000

103.49

517

480

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

04/20/23

215,000

100.00

215

216

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

145,000

100.00

145

138

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

450,000

105.45

475

360

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

250,000

99.74

249

219

Astonia

Community

Development

District

Special

Assessment

07/09/21

1,380,000

99.80

1,378

1,104

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

07/20/23

3,330,000

86.34

2,875

3,016

Atlantic

City

General

Obligation

Unlimited

04/21/20

270,000

96.66

261

266

Atlantic

City

General

Obligation

Unlimited

06/23/20

500,000

99.97

500

499

Aurora

Crossroads

Metropolitan

District

No.

2

General

Obligation

Limited

09/04/20

500,000

100.00

500

474

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

09/11/20

100,000

101.44

101

103

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

10/19/23

50,000

96.84

48

51

Avalon

Groves

Community

Development

District

Special

Assessment

03/28/17

150,000

97.27

146

157

Avalon

Groves

Community

Development

District

Special

Assessment

06/10/21

50,000

99.67

50

40

Avalon

Park

West

Community

Development

District

Special

Assessment

09/08/22

100,000

100.00

100

102

Ave

Maria

Stewardship

Community

District

Special

Assessment

07/24/23

2,380,000

100.00

2,380

2,388

Avelar

Creek

Community

Development

District

Special

Assessment

08/30/16

95,000

102.86

98

95

Avenir

Community

Development

District

Special

Assessment

01/25/23

150,000

98.17

147

150

Avenir

Community

Development

District

Special

Assessment

01/25/23

500,000

98.49

492

504

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

314

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

04/30/19

100,000

100.00

100

90

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

04/30/19

100,000

100.00

100

94

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

12/14/18

1,060,000

99.46

1,055

1,071

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

06/09/21

1,250,000

100.00

1,250

972

Balm

Grove

Community

Development

District

Special

Assessment

02/23/22

175,000

100.00

175

150

Baltimore

Convention

Center

Hotel

Revenue

Bonds

02/21/23

735,000

95.38

701

710

Baltimore

Convention

Center

Hotel

Revenue

Bonds

06/15/23

150,000

99.56

149

149

Baltimore

Research

Park

Project

Revenue

Bonds

01/23/20

150,000

110.19

165

141

Baltimore

Research

Park

Project

Tax

Allocation

10/03/19

100,000

100.00

100

84

Baltimore

Research

Park

Project

Tax

Allocation

10/03/19

100,000

100.13

100

87

Banning

Lewis

Ranch

Metropolitan

District

No.

8

General

Obligation

Limited

07/23/21

500,000

100.00

500

390

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

2

General

Obligation

Limited

07/23/21

500,000

103.54

518

450

Bartram

Park

Community

Development

District

Special

Assessment

07/17/15

465,000

99.30

462

472

Bartram

Park

Community

Development

District

Special

Assessment

09/16/19

485,000

99.09

481

488

Beaumont

Community

Development

District

Special

Assessment

01/25/19

90,000

100.00

90

93

Benloch

Ranch

Improvement

Association

No.

1

Revenue

Bonds

06/29/20

342,940

100.00

343

335

Bent

Grass

Metropolitan

District

General

Obligation

Limited

06/24/20

500,000

100.00

500

478

Berks

County

Industrial

Development

Authority

Revenue

Bonds

07/13/20

50,000

108.24

54

27

Berks

County

Industrial

Development

Authority

Revenue

Bonds

07/13/20

75,000

108.33

81

39

Berks

County

Industrial

Development

Authority

Revenue

Bonds

09/10/20

110,000

107.11

118

58

Berks

County

Industrial

Development

Authority

Revenue

Bonds

04/06/23

325,000

51.81

168

168

Berks

County

Industrial

Development

Authority

Revenue

Bonds

04/06/23

725,000

75.37

546

375

Berks

County

Municipal

Authority

Revenue

Bonds

09/21/22

1,195,000

70.22

839

617

Berks

County

Municipal

Authority

Revenue

Bonds

11/01/23

355,000

94.40

335

183

Berry

Bay

Community

Development

District

Special

Assessment

02/24/23

150,000

100.00

150

154

Biscayne

Drive

Estates

Community

Development

District

Special

Assessment

10/04/22

100,000

100.00

100

103

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

09/23/21

500,000

100.00

500

419

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

09/23/21

1,500,000

100.97

1,515

1,141

Botaniko

Community

Development

District

Special

Assessment

01/31/20

30,000

99.69

30

25

Bradbury

Community

Development

District

Special

Assessment

04/12/23

200,000

99.40

199

200

Bradbury

Community

Development

District

Special

Assessment

04/12/23

250,000

99.51

249

251

Brazoria

County

Industrial

Development

Corp.

Revenue

Bonds

11/17/22

650,000

97.85

636

643

Bridgewalk

Community

Development

District

Special

Assessment

11/02/23

60,000

99.08

59

63

Bridgewater

North

Community

Development

District

Special

Assessment

02/24/22

125,000

100.80

126

96

Brighton

Crossing

Metropolitan

District

No.

4

General

Obligation

Limited

12/11/17

1,220,000

102.36

1,249

1,173

Brightwater

Community

Development

District

Revenue

Bonds

01/26/22

250,000

98.16

245

194

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

08/17/16

30,000

98.54

30

24

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

04/27/21

510,000

32.86

168

170

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

12/06/22

1,000,000

29.46

295

352

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

06/05/23

1,780,000

99.99

1,780

1,798

Brookstone

Community

Development

District

Special

Assessment

09/14/22

250,000

100.00

250

253

Buckhead

Trails

Community

Development

District

Special

Assessment

07/13/22

100,000

100.00

100

101

Buckhead

Trails

Community

Development

District

Special

Assessment

07/13/22

100,000

100.00

100

101

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

02/24/21

2,245,000

113.84

2,556

1,804

Build

NYC

Resource

Corp.

Revenue

Bonds

01/14/21

330,000

93.53

309

281

Build

NYC

Resource

Corp.

Revenue

Bonds

06/11/21

100,000

106.02

106

72

Build

NYC

Resource

Corp.

Revenue

Bonds

07/22/21

100,000

100.00

100

84

Build

NYC

Resource

Corp.

Revenue

Bonds

07/23/21

350,000

117.72

412

307

Build

NYC

Resource

Corp.

Revenue

Bonds

11/12/21

1,000,000

110.51

1,105

763

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

170,000

100.00

170

167

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

150,000

100.00

150

147

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

150,000

100.90

151

149

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

500,000

101.76

509

502

Build

NYC

Resource

Corp.

Revenue

Bonds

07/08/22

45,000

100.38

45

45

Build

NYC

Resource

Corp.

Revenue

Bonds

07/13/22

100,000

98.74

99

84

Build

NYC

Resource

Corp.

Revenue

Bonds

08/05/22

100,000

101.67

102

96

Build

NYC

Resource

Corp.

Revenue

Bonds

08/05/22

100,000

102.43

102

97

Build

NYC

Resource

Corp.

Revenue

Bonds

12/19/22

500,000

101.48

507

517

Build

NYC

Resource

Corp.

Revenue

Bonds

12/19/22

375,000

102.07

383

389

Build

NYC

Resource

Corp.

Revenue

Bonds

04/06/23

100,000

98.33

98

98

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

100,000

97.33

97

99

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

315

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

100,000

98.99

99

100

Caddo

Mills

Independent

School

District

General

Obligation

Unlimited

07/12/23

500,000

96.60

483

501

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

01/11/23

360,000

102.08

367

327

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

07/20/21

1,000,000

100.00

1,000

932

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

08/03/21

2,000,000

101.13

2,023

1,911

California

Community

College

Financing

Authority

Revenue

Bonds

07/27/22

475,000

97.58

464

480

California

Community

Housing

Agency

Revenue

Bonds

12/01/21

2,640,000

92.72

2,675

2,190

California

Community

Housing

Agency

Revenue

Bonds

08/30/22

200,000

75.45

151

152

California

Community

Housing

Agency

Revenue

Bonds

01/12/23

1,700,000

89.44

1,520

1,408

California

Community

Housing

Agency

Revenue

Bonds

03/01/23

175,000

64.92

114

113

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

03/28/17

4,500,000

10.83

487

581

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

06/03/20

8,420,000

19.06

1,605

1,610

California

Enterprise

Development

Authority

Revenue

Bonds

06/18/21

1,095,000

76.40

837

830

California

Health

Facilities

Financing

Authority

Revenue

Bonds

03/15/17

1,000,000

106.92

1,069

1,035

California

Health

Facilities

Financing

Authority

Revenue

Bonds

03/17/23

100,000

89.71

90

96

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

08/13/20

805,000

100.32

808

724

California

Municipal

Finance

Authority

Revenue

Bonds

07/01/15

1,000,000

99.50

995

1,007

California

Municipal

Finance

Authority

Revenue

Bonds

11/02/16

1,500,000

102.34

1,535

1,511

California

Municipal

Finance

Authority

Revenue

Bonds

09/14/18

1,815,000

103.56

1,880

1,671

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

315,000

101.46

321

297

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

95,000

104.27

99

89

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

60,000

104.59

63

57

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

1,130,000

106.13

1,199

1,114

California

Municipal

Finance

Authority

Revenue

Bonds

04/14/22

275,000

101.01

278

256

California

Municipal

Finance

Authority

Revenue

Bonds

10/11/22

25,000

100.58

25

26

California

Municipal

Finance

Authority

Revenue

Bonds

11/09/22

2,000,000

83.35

1,667

1,879

California

Municipal

Finance

Authority

Special

Tax

07/22/22

250,000

101.00

253

258

California

Pollution

Control

Financing

Authority

Revenue

Bonds

01/17/19

1,698,333

95.41

1,620

127

California

Pollution

Control

Financing

Authority

Revenue

Bonds

08/04/23

2,590,000

98.32

2,549

2,617

California

Pollution

Control

Financing

Authority

Revenue

Bonds

10/23/23

250,000

101.47

254

270

California

Pollution

Control

Financing

Authority

Revenue

Bonds

11/17/23

500,000

102.87

514

532

California

Public

Finance

Authority

Revenue

Bonds

01/26/21

600,000

113.17

679

623

California

School

Finance

Authority

Revenue

Bonds

12/10/15

500,000

106.66

533

502

California

School

Finance

Authority

Revenue

Bonds

06/21/17

1,000,000

105.82

1,058

980

California

School

Finance

Authority

Revenue

Bonds

10/22/20

600,000

104.06

624

545

California

School

Finance

Authority

Revenue

Bonds

10/30/20

150,000

105.19

158

146

California

School

Finance

Authority

Revenue

Bonds

10/30/20

60,000

97.88

59

52

California

School

Finance

Authority

Revenue

Bonds

04/19/21

100,000

109.20

109

89

California

School

Finance

Authority

Revenue

Bonds

04/29/21

1,100,000

110.44

1,215

927

California

School

Finance

Authority

Revenue

Bonds

06/18/21

80,000

105.62

85

59

California

School

Finance

Authority

Revenue

Bonds

06/18/21

1,600,000

106.56

1,705

1,254

California

School

Finance

Authority

Revenue

Bonds

07/21/21

400,000

102.37

409

383

California

School

Finance

Authority

Revenue

Bonds

07/22/21

465,000

113.40

527

437

California

School

Finance

Authority

Revenue

Bonds

03/11/22

250,000

97.98

245

180

California

School

Finance

Authority

Revenue

Bonds

03/23/22

315,000

101.65

320

278

California

School

Finance

Authority

Revenue

Bonds

03/23/22

250,000

102.63

257

226

California

School

Finance

Authority

Revenue

Bonds

04/27/22

1,000,000

103.00

1,030

1,018

California

School

Finance

Authority

Revenue

Bonds

05/26/22

250,000

100.23

251

239

California

School

Finance

Authority

Revenue

Bonds

05/26/22

170,000

101.48

173

166

California

School

Finance

Authority

Revenue

Bonds

06/15/22

385,000

100.00

385

387

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100.16

250

251

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100.24

251

252

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100.27

251

253

California

School

Finance

Authority

Revenue

Bonds

10/27/22

500,000

98.06

490

515

California

School

Finance

Authority

Revenue

Bonds

10/27/22

975,000

98.51

960

1,003

California

School

Finance

Authority

Revenue

Bonds

11/01/22

1,000,000

63.84

638

806

California

School

Finance

Authority

Revenue

Bonds

05/25/23

125,000

98.69

123

126

California

Statewide

Communities

Development

Authority

Revenue

Bonds

06/19/15

460,000

104.65

481

472

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

200,000

105.89

212

205

California

Statewide

Communities

Development

Authority

Revenue

Bonds

02/28/18

500,000

106.26

531

500

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/08/18

1,000,000

107.45

1,075

1,020

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/16/19

250,000

104.12

260

250

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/16/19

200,000

104.81

210

203

California

Statewide

Communities

Development

Authority

Revenue

Bonds

05/15/19

100,000

110.47

110

93

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/24/22

935,000

100.55

940

941

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/30/22

400,000

99.64

399

401

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

316

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/30/22

275,000

105.93

291

277

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/30/23

1,230,000

100.00

1,230

1,245

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/30/24

8,100,000

97.32

7,883

8,081

California

Statewide

Communities

Development

Authority

Special

Tax

09/08/21

300,000

100.04

300

273

Campo

Bello

Community

Development

District

Special

Assessment

09/23/19

150,000

98.25

147

122

Capital

Trust

Agency,

Inc.

Revenue

Bonds

12/05/19

5,105,000

98.76

5,042

4,855

Capital

Trust

Agency,

Inc.

Revenue

Bonds

07/17/20

2,000,000

100.00

2,000

1,841

Capital

Trust

Agency,

Inc.

Revenue

Bonds

08/05/20

1,255,000

106.07

1,331

1,106

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/18/21

325,000

110.41

359

297

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

107.34

107

72

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

108.09

108

74

Capital

Trust

Agency,

Inc.

Revenue

Bonds

12/03/21

150,000

103.47

155

98

Capital

Trust

Agency,

Inc.

Revenue

Bonds

01/18/22

300,000

115.86

348

294

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/23/23

400,000

100.00

400

404

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/23/23

425,000

100.00

425

428

Cascade

Ridge

Metropolitan

District

General

Obligation

Limited

06/03/21

500,000

100.00

500

428

Cedar

Bayou

Navigation

District

Special

Assessment

11/05/20

585,000

100.00

585

484

Center

Lake

Ranch

West

Community

Development

District

Special

Assessment

11/29/23

225,000

98.89

223

231

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

08/07/20

150,000

100.00

150

155

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

08/07/20

385,000

100.00

385

400

Centre

Lake

Community

Development

District

Special

Assessment

11/17/21

1,025,000

106.60

1,093

882

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

08/21/18

535,000

100.00

535

515

CFM

Community

Development

District

Special

Assessment

05/19/21

590,000

103.62

611

475

Chapel

Creek

Community

Development

District

Special

Assessment

05/27/21

40,000

100.00

40

32

Chapel

Creek

Community

Development

District

Special

Assessment

05/27/21

60,000

103.54

62

48

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

12/09/15

220,000

99.09

218

223

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

05/31/19

350,000

103.97

364

340

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

12/02/21

2,500,000

81.86

2,047

2,036

Cherry

Creek

South

Metropolitan

District

No.

5

General

Obligation

Limited

11/18/21

600,000

100.00

600

499

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

12/28/17

795,000

100.60

800

789

Chester

County

Industrial

Development

Authority

Revenue

Bonds

09/14/22

250,000

100.00

250

249

Chester

County

Industrial

Development

Authority

Revenue

Bonds

09/14/22

2,000,000

99.14

1,983

1,956

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

03/01/23

2,150,000

103.88

2,233

2,377

Chicago

Board

of

Education

General

Obligation

Unlimited

09/13/16

1,460,000

95.75

1,398

1,530

Chicago

Board

of

Education

General

Obligation

Unlimited

04/19/17

345,000

76.32

263

275

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

1,500,000

93.02

1,395

1,627

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

2,000,000

94.51

1,890

2,185

Chicago

Board

of

Education

General

Obligation

Unlimited

11/17/17

2,325,000

97.37

2,264

2,428

Chicago

Board

of

Education

General

Obligation

Unlimited

02/12/21

225,000

113.43

255

223

Chicago

Board

of

Education

General

Obligation

Unlimited

09/19/22

105,000

78.25

82

84

Chicago

Board

of

Education

General

Obligation

Unlimited

02/03/23

875,000

95.67

837

868

Chicago

Board

of

Education

General

Obligation

Unlimited

10/06/23

1,500,000

92.47

1,387

1,498

Chicago

Board

of

Education

Revenue

Bonds

11/07/23

250,000

83.79

209

216

Chicago

Transit

Authority

Revenue

Bonds

01/11/17

3,500,000

106.06

3,712

3,585

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

07/22/21

75,000

112.31

84

66

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

05/07/21

100,000

110.60

111

85

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

11/17/23

275,000

96.95

267

284

City

of

Anna

Special

Assessment

07/28/21

504,000

100.00

504

475

City

of

Anna

Special

Assessment

07/28/21

136,000

100.00

136

114

City

of

Anna

Special

Assessment

12/14/22

175,000

100.00

175

178

City

of

Anna

Special

Assessment

09/13/23

125,000

99.37

124

128

City

of

Anna

Special

Assessment

10/11/23

200,000

98.52

197

208

City

of

Ashland

Revenue

Bonds

09/29/23

750,000

90.19

676

737

City

of

Atlantic

Beach

Revenue

Bonds

06/10/15

1,000,000

102.38

1,024

1,000

City

of

Aubrey

Special

Assessment

09/23/22

183,000

99.39

182

189

City

of

Aubrey

Special

Assessment

08/25/23

120,000

100.00

120

123

City

of

Aubrey

Special

Assessment

08/25/23

125,000

99.31

124

127

City

of

Austin

Special

Assessment

12/01/22

100,000

99.29

99

101

City

of

Austin

Water

Utility

Improvement

District

Special

Assessment

Revenue

Bonds

12/14/18

230,000

100.00

230

231

City

of

Baltimore

Revenue

Bonds

08/24/22

130,000

100.00

130

130

City

of

Baltimore

Revenue

Bonds

10/06/23

1,090,000

90.49

986

1,023

City

of

Bee

Cave

Special

Assessment

10/27/21

100,000

100.00

100

94

City

of

Bee

Cave

Special

Assessment

10/27/21

122,000

100.00

122

116

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

317

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

City

of

Bee

Cave

Special

Assessment

10/27/21

281,000

100.00

281

272

City

of

Celina

Special

Assessment

09/11/19

145,000

100.00

145

133

City

of

Celina

Special

Assessment

08/12/20

1,020,000

102.91

1,050

922

City

of

Celina

Special

Assessment

08/12/20

1,845,000

95.14

1,755

1,628

City

of

Celina

Special

Assessment

08/12/20

1,974,000

99.00

1,954

1,502

City

of

Celina

Special

Assessment

11/10/21

25,000

100.00

25

24

City

of

Celina

Special

Assessment

11/10/21

28,000

100.00

28

27

City

of

Celina

Special

Assessment

11/10/21

25,000

100.00

25

23

City

of

Celina

Special

Assessment

11/10/21

90,000

100.00

90

80

City

of

Celina

Special

Assessment

11/10/21

72,000

100.00

72

61

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

56

City

of

Celina

Special

Assessment

12/15/21

55,000

99.38

55

42

City

of

Celina

Special

Assessment

01/12/22

100,000

100.00

100

86

City

of

Celina

Special

Assessment

01/12/22

100,000

100.00

100

83

City

of

Celina

Special

Assessment

02/23/22

131,000

98.82

129

111

City

of

Celina

Special

Assessment

02/23/22

255,000

99.31

253

207

City

of

Celina

Special

Assessment

04/13/22

100,000

100.00

100

95

City

of

Celina

Special

Assessment

09/14/22

100,000

100.00

100

101

City

of

Celina

Special

Assessment

02/15/23

650,000

100.00

650

658

City

of

Celina

Special

Assessment

03/15/23

100,000

100.00

100

102

City

of

Celina

Special

Assessment

03/15/23

130,000

100.00

130

133

City

of

Celina

Special

Assessment

03/15/23

125,000

100.00

125

127

City

of

Celina

Special

Assessment

04/12/23

375,000

99.28

372

377

City

of

Celina

Special

Assessment

06/14/23

125,000

100.00

125

127

City

of

Celina

Special

Assessment

07/12/23

140,000

100.00

140

142

City

of

Chicago

General

Obligation

Unlimited

08/03/16

250,000

104.00

260

253

City

of

Chicago

General

Obligation

Unlimited

04/26/18

210,000

103.00

216

214

City

of

Crandall

Special

Assessment

06/08/21

100,000

100.00

100

96

City

of

Crandall

Special

Assessment

06/08/21

100,000

100.00

100

85

City

of

Crandall

Special

Assessment

06/08/21

100,000

99.26

99

87

City

of

Crandall

Special

Assessment

06/08/21

100,000

99.30

99

95

City

of

Crandall

Special

Assessment

10/18/22

500,000

100.00

500

522

City

of

Crandall

Special

Assessment

10/18/22

269,000

100.00

269

277

City

of

Crandall

Special

Assessment

10/18/22

175,000

100.00

175

186

City

of

Dayton

Special

Assessment

04/19/22

100,000

100.00

100

101

City

of

Dayton

Special

Assessment

04/19/22

105,000

100.00

105

103

City

of

Decatur

Special

Assessment

11/28/23

200,000

100.00

200

206

City

of

Detroit

General

Obligation

Unlimited

12/06/18

1,000,000

101.80

1,018

1,045

City

of

Detroit

General

Obligation

Unlimited

10/16/20

465,000

110.19

512

502

City

of

Detroit

General

Obligation

Unlimited

01/13/22

1,000,000

108.78

1,088

1,014

City

of

Detroit

General

Obligation

Unlimited

05/08/23

75,000

90.28

68

69

City

of

Detroit

General

Obligation

Unlimited

07/14/23

100,000

107.21

107

112

City

of

Detroit

General

Obligation

Unlimited

07/14/23

325,000

108.82

354

373

City

of

Detroit

General

Obligation

Unlimited

11/07/23

300,000

105.90

318

329

City

of

Elmendorf

Special

Assessment

08/20/21

100,000

100.00

100

80

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

03/29/17

295,000

102.31

302

309

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

03/29/17

1,770,000

102.31

1,811

1,715

City

of

Fate

Special

Assessment

10/19/21

110,000

100.54

111

91

City

of

Fate

Special

Assessment

10/19/21

100,000

99.36

99

85

City

of

Fate

Special

Assessment

04/05/22

105,000

100.00

105

93

City

of

Fate

Special

Assessment

09/07/22

225,000

100.00

225

231

City

of

Fate

Special

Assessment

05/02/23

100,000

99.04

99

100

City

of

Forest

Lake

Charter

School

Lease

Revenue

Bonds

01/30/19

500,000

100.00

500

493

City

of

Forney

Special

Assessment

06/27/23

630,000

96.80

610

623

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

08/16/17

150,000

100.00

150

150

City

of

Georgetown

Special

Assessment

03/23/22

100,000

100.00

100

90

City

of

Georgetown

Special

Assessment

03/23/22

100,000

100.00

100

88

City

of

Goshen

Revenue

Bonds

08/06/21

1,000,000

100.00

1,000

811

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

12/14/22

200,000

73.76

148

147

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

09/13/23

1,000,000

98.47

985

1,057

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

09/13/17

100,000

102.58

103

100

City

of

Haslet

Special

Assessment

07/30/20

200,000

105.36

211

177

City

of

Haslet

Special

Assessment

02/23/22

200,000

98.84

198

161

City

of

Henderson

Revenue

Bonds

03/25/22

1,050,000

99.27

1,040

1,011

City

of

Henderson

Revenue

Bonds

03/25/22

2,725,000

100.00

2,725

2,630

City

of

Henderson

Revenue

Bonds

03/25/22

350,000

100.00

350

339

City

of

Houston

Airport

System

Revenue

Bonds

06/24/20

420,000

101.18

425

425

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

318

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

City

of

Hutto

Special

Assessment

04/05/21

296,000

99.88

296

246

City

of

Hutto

Special

Assessment

02/23/22

200,000

99.01

198

170

City

of

Hutto

Special

Assessment

07/07/23

170,000

99.62

169

174

City

of

Justin

Special

Assessment

03/27/18

255,000

100.00

255

258

City

of

Kaufman

Special

Assessment

11/22/22

100,000

101.07

101

104

City

of

Kyle

Special

Assessment

05/08/19

100,000

100.00

100

95

City

of

Kyle

Special

Assessment

05/08/19

100,000

100.00

100

96

City

of

Kyle

Special

Assessment

10/20/21

100,000

100.00

100

81

City

of

Kyle

Special

Assessment

10/20/21

100,000

101.22

101

83

City

of

Kyle

Special

Assessment

03/23/22

216,000

100.00

216

212

City

of

Kyle

Special

Assessment

06/08/22

160,000

100.00

160

156

City

of

Kyle

Special

Assessment

01/18/23

100,000

100.00

100

101

City

of

Kyle

Special

Assessment

01/18/23

200,000

99.39

199

200

City

of

Kyle

Special

Assessment

06/21/23

150,000

100.00

150

152

City

of

Lago

Vista

Special

Assessment

01/05/24

210,000

100.00

210

213

City

of

Lavon

Special

Assessment

08/21/19

135,000

104.34

141

120

City

of

Lavon

Special

Assessment

08/21/19

100,000

99.43

99

92

City

of

Lavon

Special

Assessment

02/02/22

100,000

100.00

100

86

City

of

Lavon

Special

Assessment

02/02/22

100,000

100.00

100

89

City

of

Lavon

Special

Assessment

02/02/22

318,000

98.75

314

264

City

of

Lavon

Special

Assessment

02/02/22

136,000

99.09

135

118

City

of

Lavon

Special

Assessment

11/16/22

400,000

100.00

400

413

City

of

Lewisville

Special

Assessment

10/03/23

125,000

100.00

125

131

City

of

Liberty

Hill

Special

Assessment

12/14/21

100,000

100.00

100

86

City

of

Liberty

Hill

Special

Assessment

12/14/21

100,000

100.00

100

84

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

03/03/23

1,700,000

91.61

1,557

1,619

City

of

Manhattan

Revenue

Bonds

03/03/22

150,000

102.60

154

111

City

of

Manor

Special

Assessment

12/19/19

100,000

100.00

100

94

City

of

Manor

Special

Assessment

05/06/21

100,000

100.00

100

86

City

of

Manor

Special

Assessment

05/06/21

100,000

102.42

102

82

City

of

Marble

Falls

Revenue

Bonds

07/21/21

100,000

100.00

100

89

City

of

Marble

Falls

Revenue

Bonds

07/21/21

100,000

100.00

100

85

City

of

Marble

Falls

Revenue

Bonds

07/21/21

100,000

100.00

100

95

City

of

McLendon-Chisholm

Special

Assessment

06/26/20

100,000

105.08

105

90

City

of

McLendon-Chisholm

Special

Assessment

02/10/21

35,000

100.00

35

28

City

of

McLendon-Chisholm

Special

Assessment

02/10/21

50,000

101.63

51

41

City

of

McLendon-Chisholm

Special

Assessment

05/25/22

270,000

99.43

268

271

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

1,000,000

100.00

1,000

1,007

City

of

Mesquite

Special

Assessment

Revenue

Bonds

06/04/19

150,000

100.00

150

154

City

of

Mesquite

Special

Assessment

Revenue

Bonds

06/04/19

100,000

100.00

100

102

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

400,000

100.00

400

404

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

200,000

99.68

199

202

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

150,000

99.40

149

151

City

of

Midlothian

Special

Assessment

03/24/21

100,000

100.00

100

96

City

of

Midlothian

Special

Assessment

03/24/21

100,000

100.00

100

89

City

of

Midlothian

Special

Assessment

03/24/21

100,000

100.00

100

83

City

of

Midlothian

Special

Assessment

08/10/22

115,000

100.00

115

117

City

of

Midlothian

Special

Assessment

08/10/22

200,000

100.00

200

198

City

of

Minneapolis

Charter

Lease

Revenue

Bonds

12/08/17

1,400,000

101.99

1,428

1,413

City

of

Mustang

Ridge

Special

Assessment

11/21/23

75,000

100.00

75

77

City

of

New

Braunfels

Special

Assessment

11/09/21

100,000

100.00

100

88

City

of

New

Braunfels

Special

Assessment

11/09/21

100,000

100.00

100

89

City

of

Oak

Point

Special

Assessment

07/25/18

100,000

100.00

100

88

City

of

Oak

Point

Special

Assessment

07/25/18

100,000

99.55

100

91

City

of

Oak

Point

Special

Assessment

07/22/21

650,000

100.00

650

500

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

09/27/22

1,160,000

99.99

1,160

1,212

City

of

Pilot

Point

Special

Assessment

05/13/22

120,000

100.00

120

124

City

of

Pilot

Point

Special

Assessment

05/13/22

300,000

100.00

300

308

City

of

Pilot

Point

Special

Assessment

06/10/22

150,000

100.00

150

154

City

of

Pilot

Point

Special

Assessment

06/10/22

204,000

100.00

204

206

City

of

Pilot

Point

Special

Assessment

06/10/22

200,000

100.00

200

202

City

of

Plano

Special

Assessment

10/24/23

140,000

100.00

140

148

City

of

Plano

Special

Assessment

10/24/23

225,000

100.00

225

238

City

of

Plano

Special

Assessment

10/24/23

115,000

100.00

115

122

City

of

Pompano

Beach

Revenue

Bonds

12/13/21

135,000

100.00

135

124

City

of

Princeton

Special

Assessment

04/24/18

130,000

100.00

130

125

City

of

Princeton

Special

Assessment

08/27/19

100,000

100.00

100

102

City

of

Princeton

Special

Assessment

08/27/19

100,000

100.00

100

92

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

319

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

City

of

Princeton

Special

Assessment

08/27/19

100,000

100.00

100

102

City

of

Princeton

Special

Assessment

06/23/20

125,000

100.00

125

107

City

of

Princeton

Special

Assessment

06/23/20

225,000

100.00

225

189

City

of

Princeton

Special

Assessment

06/23/20

325,000

100.00

325

267

City

of

Princeton

Special

Assessment

06/23/20

160,000

100.00

160

135

City

of

Princeton

Special

Assessment

07/30/20

300,000

103.33

310

283

City

of

Princeton

Special

Assessment

05/25/21

185,000

101.04

185

152

City

of

Princeton

Special

Assessment

03/29/22

100,000

100.00

100

86

City

of

Princeton

Special

Assessment

06/28/22

270,000

100.00

270

263

City

of

Princeton

Special

Assessment

07/26/22

75,000

100.00

75

73

City

of

Princeton

Special

Assessment

07/25/23

125,000

100.00

125

123

City

of

Princeton

Special

Assessment

07/25/23

100,000

100.00

100

98

City

of

Princeton

Special

Assessment

09/12/23

100,000

100.00

100

102

City

of

Princeton

Special

Assessment

09/12/23

150,000

100.00

150

154

City

of

Princeton

Special

Assessment

09/12/23

250,000

98.16

245

253

City

of

Princeton

Special

Assessment

10/11/23

100,000

99.00

99

104

City

of

Red

Oak

Special

Assessment

06/15/21

100,000

102.66

103

83

City

of

Red

Oak

Special

Assessment

06/15/21

100,000

99.01

99

78

City

of

Rockdale

Special

Assessment

10/31/23

400,000

97.07

388

418

City

of

Roseville

Special

Tax

09/03/20

25,000

104.90

26

23

City

of

Roseville

Special

Tax

09/03/20

25,000

105.47

26

24

City

of

Royse

Special

Assessment

Revenue

Bonds

06/30/20

100,000

102.80

103

90

City

of

Royse

Special

Assessment

Revenue

Bonds

06/30/20

125,000

99.49

124

115

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

200,000

100.70

201

175

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

100,000

100.88

101

97

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

100,000

101.32

101

90

City

of

Royse

Special

Assessment

Revenue

Bonds

09/14/22

100,000

100.00

100

103

City

of

Sachse

Special

Assessment

11/15/22

100,000

100.00

100

104

City

of

Sachse

Special

Assessment

11/15/22

150,000

100.00

150

156

City

of

San

Marcos

Special

Assessment

12/16/21

100,000

100.00

100

87

City

of

San

Marcos

Special

Assessment

12/20/23

130,000

100.00

130

130

City

of

Santa

Fe

Special

Assessment

03/25/22

509,000

100.00

509

489

City

of

Santa

Fe

Special

Assessment

03/25/22

859,000

100.00

859

813

City

of

Scranton

General

Obligation

Unlimited

08/30/17

1,275,000

103.85

1,324

1,280

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

98

City

of

South

Charleston

Revenue

Bonds

01/14/22

165,000

100.00

165

145

City

of

South

Charleston

Revenue

Bonds

01/14/22

185,000

100.00

185

155

City

of

South

Charleston

Revenue

Bonds

01/14/22

100,000

100.35

100

82

City

of

South

Charleston

Revenue

Bonds

01/14/22

1,150,000

100.36

1,154

905

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

06/29/22

200,000

99.42

199

201

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

07/29/22

2,350,000

98.29

2,310

2,171

City

of

Tomball

Special

Assessment

08/22/23

112,000

98.62

110

114

City

of

Tomball

Special

Assessment

08/22/23

100,000

99.31

99

103

City

of

Uhland

Special

Assessment

11/03/22

750,000

100.00

750

792

City

of

Waxahachie

Special

Assessment

05/17/22

100,000

100.00

100

101

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

09/12/19

150,000

108.03

162

132

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

06/24/22

1,500,000

105.01

1,575

1,589

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

08/19/21

200,000

89.95

180

171

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

09/02/21

100,000

101.69

102

83

Cloverleaf

Metropolitan

District

General

Obligation

Limited

06/27/22

500,000

100.00

500

504

CMFA

Special

Finance

Agency

Revenue

Bonds

11/10/21

285,000

91.57

261

194

CMFA

Special

Finance

Agency

VIII

Revenue

Bonds

11/01/21

350,000

92.16

323

231

Coddington

Community

Development

District

Special

Assessment

06/24/22

100,000

103.70

104

102

Collier

County

Health

Facilities

Authority

Revenue

Bonds

03/03/22

1,000,000

107.67

1,077

918

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

05/14/21

25,000

109.76

27

21

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

02/01/22

1,935,000

89.21

1,726

1,449

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

04/07/22

435,000

100.10

435

366

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

08/12/22

170,000

103.13

175

171

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

05/10/23

400,000

100.00

400

401

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

08/22/23

330,000

86.39

285

285

Colorado

Health

Facilities

Authority

Revenue

Bonds

10/25/19

1,834,424

100.06

1,836

1,422

Colorado

Health

Facilities

Authority

Revenue

Bonds

09/08/22

515,000

100.00

515

509

Colorado

Health

Facilities

Authority

Revenue

Bonds

10/19/22

2,000,000

99.56

1,991

2,119

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

01/23/23

100,000

102.45

102

100

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

03/13/23

820,000

92.30

757

821

Colorado

Springs

Urban

Renewal

Authority

Tax

Allocation

06/15/18

500,000

100.00

500

412

Columbia

County

Hospital

Authority

Revenue

Bonds

10/20/23

1,100,000

103.58

1,139

1,253

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

320

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Columbia

County

Hospital

Authority

Revenue

Bonds

10/20/23

130,000

96.55

126

139

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

12/21/23

600,000

100.00

600

602

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

02/17/22

4,558,461

56.38

2,559

2,524

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

03/15/22

60,219

98.80

60

59

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

07/08/22

45,221

7.32

3

8

Concord

Station

Community

Development

District

Special

Assessment

08/16/16

275,000

96.56

266

275

Concord

Station

Community

Development

District

Special

Assessment

08/16/16

100,000

98.24

98

93

Concord

Station

Community

Development

District

Special

Assessment

01/17/17

285,000

89.67

256

257

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

11/22/19

3,535,000

106.03

3,748

2,977

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

12/18/19

1,000,000

113.29

1,133

987

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

1,100,000

92.57

918

937

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

225,000

91.73

206

178

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/08/22

205,000

100.93

207

189

Connerton

East

Community

Development

District

Special

Assessment

02/16/23

200,000

98.90

198

203

Conroe

Local

Government

Corp.

Revenue

Bonds

08/13/21

100,000

108.53

109

83

Cook

County

Community

College

District

No.

508

General

Obligation

Unlimited

07/19/17

1,000,000

105.94

1,059

1,005

Copper

Ridge

Metropolitan

District

Revenue

Bonds

09/20/23

725,000

90.58

657

690

Copperleaf

Metropolitan

District

No.

2

General

Obligation

Limited

03/18/22

500,000

100.00

500

490

Copperleaf

Metropolitan

District

No.

9

General

Obligation

Limited

10/08/21

500,000

100.00

500

402

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

146

Cordova

Palms

Community

Development

District

Special

Assessment

12/13/21

1,745,000

105.54

1,842

1,400

Cordova

Palms

Community

Development

District

Special

Assessment

06/24/22

1,015,000

99.30

1,008

1,028

Corkscrew

Crossing

Community

Development

District

Special

Assessment

01/25/23

150,000

99.55

149

147

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

100,000

100.00

100

97

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

50,000

100.00

50

50

Coronado

Community

Development

District

Special

Assessment

03/22/17

25,000

99.69

25

25

County

of

Bastrop

Special

Assessment

05/22/23

100,000

98.90

99

101

County

of

Franklin

Revenue

Bonds

11/18/20

520,000

101.19

526

452

County

of

Franklin

Revenue

Bonds

07/19/23

1,055,000

100.37

1,059

1,059

County

of

Frederick

Educational

Facilities

Revenue

Bonds

01/18/18

3,705,000

98.92

3,665

3,472

County

of

Frederick

Special

Tax

10/29/20

235,000

98.00

230

212

County

of

Frederick

Tax

Allocation

07/20/23

2,110,000

97.68

2,061

2,065

County

of

Gallatin

Revenue

Bonds

12/09/21

1,000,000

103.03

1,030

781

County

of

Hays

Revenue

Bonds

12/06/22

200,000

100.00

200

203

County

of

Hays

Revenue

Bonds

12/06/22

356,000

100.00

356

361

County

of

Jefferson

Sewer

Revenue

Bonds

01/11/24

2,170,000

109.09

2,367

2,402

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

06/29/22

225,000

100.00

225

226

County

of

Medina

Special

Assessment

03/11/21

100,000

100.00

100

88

County

of

Miami-Dade

Seaport

Department

Revenue

Bonds

10/13/23

1,165,000

98.75

1,150

1,239

County

of

Monongalia

Tax

Allocation

07/21/23

150,000

99.17

149

161

County

of

Monongalia

Tax

Allocation

07/21/23

100,000

99.18

99

106

County

of

Nez

Perce

Pollution

Control

Revenue

Bonds

10/24/17

825,000

99.93

824

815

County

of

Osceola

Transportation

Revenue

Bonds

10/04/22

1,340,000

97.24

1,303

1,380

County

of

Prince

George's

Special

Obligation

Tax

Allocation

11/16/18

115,000

98.91

114

114

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

09/28/23

2,500,000

70.95

1,774

2,029

Creekside

Village

Metropolitan

District

General

Obligation

Limited

04/27/20

489,000

86.95

425

456

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

07/29/19

280,000

100.00

280

255

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

07/29/19

975,000

100.00

975

848

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

12/22/21

555,000

100.56

559

495

Cross

Creek

North

Community

Development

District

Special

Assessment

07/24/23

120,000

98.76

119

120

Crossings

Community

Development

District

Special

Assessment

06/10/22

175,000

100.00

175

169

CSCDA

Community

Improvement

Authority

Revenue

Bonds

03/08/22

775,000

88.88

689

531

CSCDA

Community

Improvement

Authority

Revenue

Bonds

05/18/22

1,000,000

65.15

652

682

CSCDA

Community

Improvement

Authority

Revenue

Bonds

06/02/22

1,250,000

87.61

1,095

932

CSCDA

Community

Improvement

Authority

Revenue

Bonds

08/04/22

100,000

79.33

79

70

CSCDA

Community

Improvement

Authority

Revenue

Bonds

01/10/23

525,000

88.83

466

418

Cuyahoga

County

Hospital

Revenue

Bonds

06/17/22

185,000

100.00

185

181

Cypress

Bay

West

Community

Development

District

Special

Assessment

07/14/23

100,000

98.92

99

100

Cypress

Bay

West

Community

Development

District

Special

Assessment

07/14/23

100,000

99.13

99

100

Cypress

Park

Estates

Community

Development

District

Special

Assessment

06/01/22

85,000

100.00

85

81

Cypress

Park

Estates

Community

Development

District

Special

Assessment

06/01/22

85,000

100.00

85

82

Dauphin

County

General

Authority

Revenue

Bonds

01/05/18

1,000,000

98.10

981

779

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

850,000

100.00

850

732

Dauphin

County

General

Authority

Revenue

Bonds

02/10/22

2,700,000

104.71

2,829

2,228

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

321

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

150,000

98.96

148

147

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

100,000

98.97

99

101

Deerbrook

Community

Development

District

Revenue

Bonds

04/06/23

100,000

100.00

100

101

Del

Webb

Oak

Creek

Community

Development

District

Special

Assessment

02/10/23

350,000

99.25

347

350

Delaware

State

Economic

Development

Authority

Revenue

Bonds

01/20/22

75,000

105.30

79

53

Delaware

State

Economic

Development

Authority

Revenue

Bonds

01/20/22

75,000

105.69

79

55

Denver

Health

&

Hospital

Authority

Revenue

Bonds

06/05/15

1,500,000

105.04

1,576

1,501

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

300,000

107.65

323

313

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

200,000

98.52

197

191

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

200,000

99.07

198

194

Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

545,000

99.26

543

551

Development

Authority

of

Cobb

County

(The)

Revenue

Bonds

04/05/17

1,450,000

104.85

1,520

1,455

Dinosaur

Ridge

Metropolitan

District

Revenue

Bonds

07/18/19

175,000

100.29

176

160

Director

of

the

State

of

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

08/30/23

800,000

100.00

800

810

District

of

Columbia

Revenue

Bonds

10/12/18

2,510,000

100.07

2,512

2,499

Doylestown

Hospital

Authority

Revenue

Bonds

11/22/22

5,000

72.02

4

5

Doylestown

Hospital

Authority

Revenue

Bonds

11/22/22

45,000

72.02

32

36

Doylestown

Hospital

Authority

Revenue

Bonds

01/03/23

40,000

84.50

34

38

Duluth

Economic

Development

Authority

Revenue

Bonds

10/17/18

2,500,000

104.94

2,624

2,543

Duluth

Economic

Development

Authority

Revenue

Bonds

11/30/18

295,903

100.00

296

—

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

04/24/19

705,000

95.51

673

698

Durbin

Crossing

Community

Development

District

Special

Assessment

02/15/17

75,000

97.09

73

75

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

06/23/22

1,500,000

98.53

1,478

1,518

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

11/21/23

1,000,000

100.88

1,009

1,024

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

75,000

99.67

75

63

Eagle

Hammock

Community

Development

District

Special

Assessment

06/16/22

220,000

100.00

220

221

Eagle

Pointe

Community

Development

District

Special

Assessment

09/23/20

225,000

101.29

228

185

Eagle

Pointe

Community

Development

District

Special

Assessment

11/02/23

75,000

93.57

70

67

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

625,000

100.00

625

633

Eden

Hills

Community

Development

District

Special

Assessment

02/16/22

50,000

100.00

50

44

Edgewater

East

Community

Development

District

Special

Assessment

02/24/21

75,000

100.00

75

63

Edgewater

East

Community

Development

District

Special

Assessment

02/10/22

150,000

101.56

152

131

Edinburg

Economic

Development

Corp.

Revenue

Bonds

04/17/19

100,000

100.98

101

96

Edinburg

Economic

Development

Corp.

Revenue

Bonds

04/17/19

100,000

99.91

100

94

Elevation

Pointe

Community

Development

District

Special

Assessment

04/06/22

700,000

99.01

693

638

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

06/01/17

135,000

99.94

135

133

Entrada

Community

Development

District

Special

Assessment

09/07/23

150,000

99.57

149

154

Erie

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

02/03/21

4,000,000

5.84

234

262

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

10/26/22

5,525,000

81.15

4,484

4,826

Fairfield

Community

Facilities

District

Special

Tax

06/26/20

150,000

107.12

161

152

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

05/13/22

1,250,000

100.00

1,250

1,272

Finance

Authority

of

Maine

Revenue

Bonds

02/01/23

925,000

69.60

644

654

Florida

Development

Finance

Corp.

Revenue

Bonds

04/02/19

870,000

100.00

870

865

Florida

Development

Finance

Corp.

Revenue

Bonds

04/02/19

3,465,000

95.42

3,306

3,423

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/20

115,000

103.57

119

99

Florida

Development

Finance

Corp.

Revenue

Bonds

08/20/20

100,000

101.81

102

86

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

160,000

101.68

163

119

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

100,000

102.83

103

84

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

220,000

101.15

223

179

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

125,000

101.85

127

104

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

125,000

110.67

138

103

Florida

Development

Finance

Corp.

Revenue

Bonds

06/04/21

100,000

106.48

106

74

Florida

Development

Finance

Corp.

Revenue

Bonds

06/04/21

200,000

92.79

186

137

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

200,000

86.58

173

124

Florida

Development

Finance

Corp.

Revenue

Bonds

09/24/21

500,000

101.93

510

417

Florida

Development

Finance

Corp.

Revenue

Bonds

01/13/22

2,500,000

120.25

3,006

2,301

Florida

Development

Finance

Corp.

Revenue

Bonds

05/31/22

405,000

97.89

396

355

Florida

Development

Finance

Corp.

Revenue

Bonds

05/31/22

315,000

98.17

309

277

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

350,000

100.00

350

327

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

175,000

100.00

175

165

Florida

Development

Finance

Corp.

Revenue

Bonds

08/19/22

225,000

100.00

225

217

Florida

Development

Finance

Corp.

Revenue

Bonds

08/19/22

250,000

100.00

250

240

Florida

Development

Finance

Corp.

Revenue

Bonds

10/31/22

940,000

84.38

793

908

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

322

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Florida

Development

Finance

Corp.

Revenue

Bonds

08/03/23

3,620,000

95.08

3,442

3,678

Florida

Development

Finance

Corp.

Revenue

Bonds

09/28/23

2,500,000

99.00

2,475

2,597

Florida

Development

Finance

Corp.

Revenue

Bonds

12/21/23

290,000

100.00

290

290

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

1,350,000

104.00

1,404

1,226

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

08/25/20

515,000

98.76

509

382

Forest

Lake

Community

Development

District

Special

Assessment

05/06/22

305,000

100.00

305

313

Forest

Lake

Community

Development

District

Special

Assessment

05/06/22

265,000

100.00

265

271

Fremont

Community

Facilities

District

No.

1

Special

Tax

08/07/15

1,255,000

102.60

1,288

1,286

Gainesville

&

Hall

County

Development

Authority

Educational

Facilities

Revenue

Bonds

05/03/17

100,000

99.08

99

73

Geisinger

Authority

Revenue

Bonds

06/02/15

100,000

90.07

90

88

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

10/19/18

1,765,000

107.00

1,888

1,809

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

03/26/21

60,000

100.00

60

54

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

08/01/23

160,000

99.46

159

158

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

11/01/23

2,795,000

81.76

2,294

2,434

Glen

Metropolitan

District

No.

3

General

Obligation

Limited

12/10/21

500,000

100.00

500

378

Glendale

Industrial

Development

Authority

Revenue

Bonds

12/04/20

715,000

110.50

790

660

Gracewater

Sarasota

Community

Development

District

Special

Assessment

09/24/21

100,000

103.46

103

80

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

03/17/16

65,000

99.60

65

63

Grand

Oaks

Community

Development

District

Special

Assessment

11/03/21

100,000

102.38

102

80

Grand

Rapids

Charter

Township

Revenue

Bonds

09/03/20

200,000

109.29

219

188

Grand

Rapids

Charter

Township

Revenue

Bonds

01/08/24

375,000

93.06

349

327

Grant

County

Public

Hospital

District

No.

2

General

Obligation

Unlimited

02/16/23

1,500,000

102.79

1,542

1,531

Greater

Asheville

Regional

Airport

Authority

Revenue

Bonds

10/19/23

260,000

97.30

253

279

Green

Local

School

District/Summit

County

General

Obligation

Unlimited

10/05/22

1,000,000

105.68

1,057

1,088

Greenspire

Metropolitan

District

No.

1

General

Obligation

Limited

04/08/22

500,000

100.00

500

455

Grove

Resort

Community

Development

District

Special

Assessment

02/09/22

50,000

102.43

51

40

Hacienda

Lakes

Community

Development

District

Special

Assessment

08/10/16

100,000

99.38

99

91

Hammock

Reserve

Community

Development

District

Special

Assessment

04/07/22

50,000

100.00

50

46

Hammock

Reserve

Community

Development

District

Special

Assessment

04/07/22

155,000

100.95

156

144

Harbor

Bay

Community

Development

District

Special

Assessment

08/23/19

100,000

99.39

99

83

Harmony

on

Lake

Eloise

Community

Development

District

Special

Assessment

05/03/23

100,000

99.05

99

101

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

1,185,000

100.00

1,185

1,191

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

10/14/20

3,500,000

102.60

3,591

3,167

Hawks

Point

Community

Development

District

Special

Assessment

06/23/17

185,000

102.90

190

187

Heights

Community

Development

District

County

of

Hillsborough

Special

Assessment

08/18/17

150,000

101.16

152

149

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

12/21/22

500,000

96.30

482

501

Henderson

Local

Improvement

Districts

Special

Assessment

08/12/16

50,000

101.95

51

46

Herons

Glen

Recreation

District

Special

Assessment

08/12/20

105,000

100.00

105

85

Hidalgo

County

Regional

Mobility

Authority

Revenue

Bonds

01/21/22

475,000

29.16

139

88

Highlands

Community

Development

District

Special

Assessment

09/19/16

200,000

103.99

208

200

Highlands

Meadows

II

Community

Development

District

Special

Assessment

03/14/17

100,000

99.34

99

101

Highlands

Meadows

West

Community

Development

District

Special

Assessment

01/30/20

25,000

99.69

25

21

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

60,000

100.00

60

53

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

230,000

90.23

208

187

Homewood

Educational

Building

Authority

Revenue

Bonds

11/21/19

2,500,000

107.80

2,695

2,479

Housing

&

Redevelopment

Authority

of

The

City

of

St

Paul

Revenue

Bonds

02/16/23

200,000

100.85

202

201

I-470

Western

Gateway

Transportation

Development

District

Revenue

Bonds

02/21/19

250,000

100.00

250

251

Illinois

Finance

Authority

Revenue

Bonds

05/11/17

1,000,000

105.56

1,056

1,028

Illinois

Finance

Authority

Revenue

Bonds

06/14/17

100,000

104.55

105

94

Illinois

Finance

Authority

Revenue

Bonds

02/25/20

2,705,000

106.34

2,709

2,558

Illinois

Finance

Authority

Revenue

Bonds

03/24/21

50,000

110.53

55

39

Illinois

Finance

Authority

Revenue

Bonds

03/24/21

50,000

111.16

56

40

Illinois

Finance

Authority

Revenue

Bonds

09/02/21

1,000,000

111.95

1,120

453

Illinois

Finance

Authority

Revenue

Bonds

12/16/21

3,250,000

107.68

3,537

2,666

Illinois

Finance

Authority

Revenue

Bonds

04/28/22

1,000,000

93.68

937

877

Illinois

Finance

Authority

Revenue

Bonds

06/10/22

500,000

97.76

489

436

Illinois

Finance

Authority

Revenue

Bonds

06/24/22

200,000

96.13

192

202

Illinois

Finance

Authority

Revenue

Bonds

07/13/22

100,000

98.37

98

94

Illinois

Finance

Authority

Revenue

Bonds

07/13/22

100,000

99.45

99

97

Illinois

Finance

Authority

Revenue

Bonds

10/13/22

600,000

92.95

558

552

Illinois

Finance

Authority

Revenue

Bonds

10/21/22

250,000

100.00

250

256

Illinois

Finance

Authority

Revenue

Bonds

02/15/23

500,000

99.21

496

512

Illinois

Finance

Authority

Revenue

Bonds

08/29/23

270,000

95.39

258

271

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

323

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Independent

Cities

Finance

Authority

Revenue

Bonds

03/12/21

900,000

111.06

1,000

907

Indiana

Finance

Authority

Revenue

Bonds

08/28/19

100,000

108.03

108

87

Indiana

Finance

Authority

Revenue

Bonds

06/25/20

140,000

100.20

140

131

Indiana

Finance

Authority

Revenue

Bonds

06/02/23

200,000

98.04

196

205

Indiana

Finance

Authority

Revenue

Bonds

06/02/23

510,000

99.43

507

528

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

11/17/23

250,000

97.70

244

270

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

500,000

100.00

500

513

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

250,000

100.00

250

258

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

06/23/22

1,500,000

99.85

1,498

1,531

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

08/21/23

3,290,000

85.09

2,799

2,998

Iowa

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

05/06/21

3,100,000

17.24

535

418

Iowa

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

03/24/22

4,000,000

96.26

3,850

3,751

Irvine

Unified

School

District

Special

Tax

Bonds

10/13/22

570,000

100.17

571

582

Johnstown

Plaza

Metropolitan

District

General

Obligation

Limited

04/01/22

2,312,000

90.08

2,084

1,920

Joplin

Industrial

Development

Authority

Revenue

Bonds

02/18/21

200,000

88.48

177

169

Joplin

Industrial

Development

Authority

Revenue

Bonds

02/18/21

95,000

94.82

90

88

Joshua

Farms

Municipal

Management

District

No.

1

Special

Assessment

04/12/23

310,000

99.01

307

310

Juban

Crossing

Economic

Development

District

Revenue

Bonds

06/21/23

600,000

100.49

603

601

Kalamazoo

Economic

Development

Corp.

Revenue

Bonds

09/06/23

350,000

79.50

278

284

Kansas

City

Land

Clearance

Redevelopment

Authority

Tax

Allocation

01/10/18

1,500,000

100.33

1,505

1,390

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

General

Obligation

Unlimited

08/06/21

230,000

100.00

230

161

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

185,000

100.00

185

176

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

275,000

100.00

275

248

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

06/18/21

100,000

100.00

100

77

Kelly

Park

Community

Development

District

Special

Assessment

11/30/23

100,000

99.32

99

102

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

05/03/17

100,000

96.79

97

97

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

09/15/22

2,700,000

100.89

2,724

2,769

Kentwood

Economic

Development

Corp.

Revenue

Bonds

06/24/21

100,000

107.05

107

79

Kentwood

Economic

Development

Corp.

Revenue

Bonds

06/24/21

25,000

109.88

27

19

Kingman

Gate

Community

Development

District

Special

Assessment

06/26/20

60,000

100.00

60

52

Kingman

Gate

Community

Development

District

Special

Assessment

06/26/20

85,000

103.59

88

80

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

07/16/18

250,000

100.00

250

113

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

07/16/18

1,000,000

100.00

1,000

450

Lake

Emma

Community

Development

District

Special

Assessment

07/07/23

50,000

99.15

50

50

Lake

Emma

Community

Development

District

Special

Assessment

07/07/23

100,000

99.41

99

100

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

06/10/21

785,000

103.76

815

578

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

10/03/19

200,000

100.00

200

179

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

10/03/19

100,000

99.38

99

92

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

06/09/21

100,000

100.00

100

81

Lakeside

Preserve

Community

Development

District

Special

Assessment

11/16/23

115,000

100.00

115

120

Lakewood

Ranch

Stewardship

District

Special

Assessment

12/13/16

315,000

98.15

309

311

Lakewood

Ranch

Stewardship

District

Special

Assessment

04/26/17

100,000

98.99

99

100

Lakewood

Ranch

Stewardship

District

Special

Assessment

04/26/17

100,000

99.42

99

101

Lakewood

Ranch

Stewardship

District

Special

Assessment

09/03/20

100,000

99.02

99

81

Lakewood

Ranch

Stewardship

District

Special

Assessment

09/18/20

145,000

100.00

145

115

Lakewood

Ranch

Stewardship

District

Special

Assessment

09/28/23

325,000

99.73

324

338

Landings

at

Miami

Community

Development

District

Special

Assessment

01/10/18

100,000

100.00

100

97

Landings

at

Miami

Community

Development

District

Special

Assessment

01/10/18

100,000

100.00

100

93

Landmark

at

Doral

Community

Development

District

Special

Assessment

10/09/19

110,000

100.00

110

101

Las

Vegas

Redevelopment

Agency

Tax

Allocation

04/06/16

250,000

111.26

278

253

Las

Vegas

Special

Improvement

District

No.

814

Special

Assessment

06/22/20

80,000

95.40

76

65

Latrobe

Industrial

Development

Authority

Revenue

Bonds

04/01/21

125,000

105.53

132

98

Latrobe

Industrial

Development

Authority

Revenue

Bonds

11/28/23

315,000

100.45

316

327

Lawson

Dunes

Community

Development

District

Special

Assessment

06/02/22

45,000

100.00

45

45

Lawson

Dunes

Community

Development

District

Special

Assessment

06/02/22

85,000

100.00

85

82

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

06/10/21

250,000

97.59

244

210

Louisiana

Public

Facilities

Authority

Revenue

Bonds

11/19/21

230,000

102.47

236

161

Louisiana

Public

Facilities

Authority

Revenue

Bonds

11/19/21

265,000

102.68

272

192

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

99.15

99

97

Louisiana

Public

Facilities

Authority

Revenue

Bonds

07/01/22

150,000

98.93

148

143

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

324

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Louisiana

Public

Facilities

Authority

Revenue

Bonds

07/01/22

100,000

99.73

100

96

Louisiana

Public

Facilities

Authority

Revenue

Bonds

09/16/22

100,000

98.13

98

101

Louisiana

Public

Facilities

Authority

Revenue

Bonds

09/16/22

100,000

98.60

99

101

Louisiana

Public

Facilities

Authority

Revenue

Bonds

02/17/23

500,000

99.23

496

501

Mandarin

Grove

Community

Development

District

Special

Assessment

10/19/22

175,000

100.00

175

186

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

01/24/20

50,000

109.70

55

45

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

01/24/20

50,000

110.48

55

46

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

115,000

101.58

117

114

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

115,000

101.79

117

116

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

225,000

100.00

225

173

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

100,000

109.49

109

77

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

02/11/22

775,000

99.48

771

688

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/09/23

200,000

100.28

201

204

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/09/23

200,000

100.28

201

203

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/15/23

100,000

75.66

76

79

Maryland

Economic

Development

Corp.

Revenue

Bonds

07/19/18

125,000

109.45

137

126

Maryland

Economic

Development

Corp.

Revenue

Bonds

12/03/20

75,000

100.00

75

71

Maryland

Economic

Development

Corp.

Revenue

Bonds

06/10/21

400,000

100.00

400

322

Maryland

Economic

Development

Corp.

Revenue

Bonds

01/18/23

2,500,000

102.34

2,558

2,581

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

09/29/21

1,500,000

110.98

1,665

1,296

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

04/28/22

100,000

100.50

101

94

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

06/22/23

100,000

100.28

100

101

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

06/22/23

100,000

100.30

100

101

Maryland

Stadium

Authority

Revenue

Bonds

07/15/22

750,000

21.18

159

170

Maryland

Stadium

Authority

Revenue

Bonds

07/15/22

1,200,000

23.66

284

303

Massachusetts

Development

Finance

Agency

Revenue

Bonds

12/07/17

1,000,000

106.23

1,062

1,009

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

100,000

100.00

100

104

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

150,000

100.00

150

155

Massachusetts

Development

Finance

Agency

Revenue

Bonds

07/08/21

1,300,000

110.03

1,430

1,135

Massachusetts

Development

Finance

Agency

Revenue

Bonds

12/16/22

225,000

98.51

222

226

Massachusetts

Development

Finance

Agency

Revenue

Bonds

02/17/23

1,000,000

98.18

982

1,000

Massachusetts

Development

Finance

Agency

Revenue

Bonds

07/21/23

150,000

98.76

148

153

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

06/25/21

350,000

100.00

350

306

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

06/25/21

2,000,000

85.04

1,701

1,398

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

250,000

98.61

247

249

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

200,000

99.23

198

203

Meadow

Pointe

III

Community

Development

District

Special

Assessment

02/01/18

520,000

102.61

534

522

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

02/01/18

115,000

100.18

115

113

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

10/27/21

100,000

103.60

104

80

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

10/27/21

100,000

99.14

99

76

Medical

School

Campus

Public

Infrastructure

District

General

Obligation

Limited

08/19/20

750,000

100.00

750

643

Mercer

County

Industrial

Development

Authority

Revenue

Bonds

05/11/23

200,000

78.49

157

127

Merrick

Square

Community

Development

District

Special

Assessment

03/10/23

100,000

100.00

100

102

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

03/18/16

100,000

109.60

110

101

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

11/05/21

100,000

100.00

100

84

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

11/05/21

175,000

38.50

67

64

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

03/26/20

1,000,000

93.60

936

1,032

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

04/14/20

10,000,000

20.53

2,053

2,542

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

05/31/22

500,000

97.79

489

497

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

11/29/22

250,000

86.09

215

231

Metropolitan

Transportation

Authority

Revenue

Bonds

05/29/20

125,000

102.66

128

129

Metropolitan

Transportation

Authority

Revenue

Bonds

06/03/20

50,000

101.55

51

51

Metropolitan

Transportation

Authority

Revenue

Bonds

10/03/22

1,500,000

96.14

1,442

1,588

Metropolitan

Transportation

Authority

Revenue

Bonds

11/09/22

4,300,000

85.66

3,833

4,055

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

05/27/20

100,000

99.53

100

91

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

04/13/21

1,280,000

71.32

913

982

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

10/26/22

1,510,000

83.30

1,258

1,437

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

01/11/17

1,750,000

103.60

1,813

1,525

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

06/02/22

130,000

98.19

128

122

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

325

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

$

$

$

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

06/02/22

185,000

98.44

182

177

Michigan

Finance

Authority

Revenue

Bonds

02/25/20

1,400,000

99.79

1,397

1,336

Michigan

Finance

Authority

Revenue

Bonds

11/24/21

100,000

103.67

104

74

Michigan

Finance

Authority

Revenue

Bonds

11/24/21

100,000

105.13

105

81

Michigan

Finance

Authority

Revenue

Bonds

01/14/22

745,000

109.65

817

631

Michigan

Finance

Authority

Revenue

Bonds

12/07/23

190,000

100.00

190

190

Michigan

Strategic

Fund

Revenue

Bonds

09/03/20

100,000

108.05

108

87

Michigan

Strategic

Fund

Revenue

Bonds

09/03/20

125,000

109.29

137

118

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

04/25/17

4,255,000

8.92

380

542

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

12/28/20

10,000,000

15.49

1,549

1,305

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

01/03/23

33,655,000

4.90

1,651

1,454

Mida

Golf

and

Equestrian

Center

Public

Infrastructure

District

General

Obligation

Limited

06/06/22

1,500,000

81.25

1,219

1,093

Mida

Mountain

Village

Public

Infrastructure

District

Special

Assessment

08/21/20

1,000,000

100.00

1,000

906

Military

Installation

Development

Authority

Revenue

Bonds

08/27/21

550,000

103.42

569

447

Military

Installation

Development

Authority

Revenue

Bonds

06/02/23

525,000

74.44

391

394

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

06/30/17

100,000

108.01

108

91

Mirabelle

Metropolitan

District

No.

2

General

Obligation

Limited

01/24/20

700,000

106.56

746

685

Mirada

II

Community

Development

District

Special

Assessment

01/27/21

125,000

100.00

125

101

Mirada

II

Community

Development

District

Special

Assessment

06/23/22

255,000

100.00

255

259

Mirada

II

Community

Development

District

Special

Assessment

08/08/23

1,615,000

90.20

1,296

1,284

Mission

Economic

Development

Corp.

Revenue

Bonds

10/30/18

1,570,000

99.41

1,561

1,557

Mississippi

Business

Finance

Corp.

Revenue

Bonds

09/06/19

830,000

100.63

835

824

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

200,000

104.62

209

172

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

950,000

105.49

1,002

890

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

900,000

105.64

951

852

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

1,025,000

106.00

1,087

973

Missouri

Southern

State

University

Revenue

Bonds

02/09/22

250,000

102.10

255

236

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

12/09/21

1,000,000

112.89

1,129

857

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

10/06/15

2,095,000

99.86

2,092

2,096

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

05/27/21

1,100,000

99.23

1,085

1,083

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

05/27/21

165,000

100.00

165

151

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

11/01/23

1,000,000

20.20

202

225

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

09/28/17

1,500,000

108.54

1,628

1,509

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

11/21/23

300,000

97.99

294

302

M-S-R

Energy

Authority

Revenue

Bonds

03/23/23

2,700,000

113.07

3,053

3,498

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

40,000

99.48

40

40

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

190,000

99.65

189

188

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

08/31/17

1,100,000

102.77

1,131

1,107

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

09/26/19

100,000

100.00

100

92

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

08/13/20

180,000

100.00

180

140

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

08/25/21

1,000,000

109.84

1,098

749

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

12/20/23

535,000

89.72

480

424

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

06/10/20

1,000,000

101.60

1,016

968

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

09/02/21

150,000

108.12

162

123

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

09/02/21

125,000

108.48

136

111

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

03/11/22

1,100,000

99.09

1,090

831

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

05/27/22

1,550,000

81.32

1,260

1,113

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

1,000,000

112.46

1,125

919

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

03/24/23

1,000,000

87.37

874

777

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

07/11/23

100,000

98.93

99

99

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

10/10/23

700,000

90.45

567

566

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

01/02/24

200,000

99.75

200

200

New

Jersey

Economic

Development

Authority

Revenue

Bonds

02/09/17

100,000

103.18

103

93

New

Jersey

Economic

Development

Authority

Revenue

Bonds

01/23/18

500,000

100.72

504

509

New

Jersey

Economic

Development

Authority

Revenue

Bonds

05/07/20

5,000,000

95.89

4,794

5,287

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

06/01/16

550,000

55.46

305

359

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

03/20/17

500,000

62.28

311

360

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

05/26/17

100,000

56.17

56

69

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

07/27/17

910,000

63.86

581

674

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

10/09/18

2,400,000

74.23

1,782

1,913

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

12/03/20

80,000

96.11

77

62

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

12/06/22

3,425,000

54.72

1,874

2,141

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

04/17/23

1,425,000

94.54

1,347

1,379

New

Jersey

Turnpike

Authority

Revenue

Bonds

01/25/19

1,785,000

100.29

1,790

1,785

New

Mexico

Hospital

Equipment

Loan

Council

Revenue

Bonds

09/08/23

575,000

100.00

575

575

New

York

City

Industrial

Development

Revenue

Bonds

09/24/20

1,375,000

79.69

1,096

1,060

New

York

City

Industrial

Development

Revenue

Bonds

09/24/20

125,000

98.26

123

94

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

326

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

$

$

$

New

York

City

Industrial

Development

Revenue

Bonds

05/10/21

1,465,000

102.39

1,500

1,155

New

York

Counties

Tobacco

Trust

IV

Revenue

Bonds

07/10/20

9,455,000

5.21

493

675

New

York

Liberty

Development

Corp.

Revenue

Bonds

09/28/22

12,615,000

95.27

11,832

12,627

New

York

Liberty

Development

Corp.

Revenue

Bonds

11/09/22

325,000

96.16

313

326

New

York

Liberty

Development

Corp.

Revenue

Bonds

03/06/23

1,900,000

99.51

1,891

1,901

New

York

Liberty

Development

Corp.

Revenue

Bonds

08/22/23

2,600,000

101.26

2,633

2,625

New

York

Power

Authority

Revenue

Bonds

05/24/22

2,000,000

98.38

1,968

1,990

New

York

State

Dormitory

Authority

Revenue

Bonds

06/16/15

400,000

102.74

411

400

New

York

State

Dormitory

Authority

Revenue

Bonds

04/08/22

1,000,000

104.37

1,044

981

New

York

State

Dormitory

Authority

Revenue

Bonds

05/11/22

840,000

104.94

881

895

New

York

State

Dormitory

Authority

Revenue

Bonds

05/11/22

525,000

91.40

480

520

New

York

State

Dormitory

Authority

Revenue

Bonds

07/25/22

455,000

103.90

473

404

New

York

State

Dormitory

Authority

Revenue

Bonds

09/16/22

2,000,000

87.74

1,755

1,944

New

York

State

Dormitory

Authority

Revenue

Bonds

10/13/22

520,000

91.45

476

394

New

York

State

Dormitory

Authority

Revenue

Bonds

10/27/23

900,000

94.09

847

880

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

08/21/20

500,000

100.18

501

484

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

08/10/23

250,000

100.00

250

254

New

York

State

Housing

Finance

Agency

Revenue

Bonds

12/02/21

2,045,000

100.00

2,045

1,499

New

York

State

Thruway

Authority

Revenue

Bonds

03/17/22

500,000

91.44

457

404

New

York

State

Thruway

Authority

Revenue

Bonds

05/13/22

4,855,000

77.16

3,746

3,800

New

York

State

Thruway

Authority

Revenue

Bonds

02/14/23

3,000,000

109.09

3,273

3,294

New

York

Transportation

Development

Corp.

Revenue

Bonds

06/18/20

1,390,000

101.14

1,406

1,460

New

York

Transportation

Development

Corp.

Revenue

Bonds

09/02/20

875,000

106.22

929

894

New

York

Transportation

Development

Corp.

Revenue

Bonds

06/21/21

105,000

100.85

106

101

New

York

Transportation

Development

Corp.

Revenue

Bonds

06/21/22

4,650,000

96.13

4,435

4,530

New

York

Transportation

Development

Corp.

Revenue

Bonds

10/13/22

2,875,000

96.39

2,771

2,876

North

Carolina

Medical

Care

Commission

Revenue

Bonds

08/26/22

1,500,000

96.51

1,448

1,290

North

Carolina

Medical

Care

Commission

Revenue

Bonds

07/06/23

400,000

102.58

410

294

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

10/07/21

300,000

100.00

300

286

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

10/07/21

390,000

100.37

391

366

North

Parkway

Municipal

Management

District

No.

1

Special

Assessment

10/07/21

75,000

99.37

75

65

North

Powerline

Road

Community

Development

District

Special

Assessment

05/26/22

140,000

100.00

140

140

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

02/01/23

1,835,000

14.60

268

242

Oak

Creek

Community

Development

District

Special

Assessment

02/01/18

200,000

100.76

202

201

Ocala

Preserve

Community

Development

District

Special

Assessment

11/18/21

1,175,000

100.00

1,175

890

Ocala

Preserve

Community

Development

District

Special

Assessment

09/20/23

100,000

100.00

100

103

Ocala

Preserve

Community

Development

District

Special

Assessment

09/20/23

100,000

99.65

100

103

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

97.69

3,371

3,289

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

11/16/17

270,000

96.97

262

263

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

10/11/19

2,000,000

112.53

2,251

1,836

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

03/03/22

1,500,000

108.07

1,621

1,500

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

10/06/22

275,000

100.60

277

277

Oklahoma

Development

Finance

Authority

Revenue

Bonds

03/07/18

500,000

97.01

485

451

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

08/27/20

215,000

105.05

226

208

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

08/27/20

140,000

105.37

148

137

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

02/17/23

100,000

100.00

100

102

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

02/17/23

100,000

98.90

99

101

Orange

County

Convention

Center

Revenue

Bonds

11/16/23

115,000

99.27

114

120

Orchid

Grove

Community

Development

District

Special

Assessment

06/24/15

1,245,000

99.09

1,234

1,253

Oregon

State

Facilities

Authority

Revenue

Bonds

10/26/16

30,000

110.45

33

32

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

1,000,000

103.74

1,037

915

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

1,000,000

109.44

1,094

951

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

06/24/22

200,000

99.03

198

206

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

07/29/22

600,000

100.00

600

689

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

12/07/23

125,000

97.91

122

129

Palm

Coast

Park

Community

Development

District

Special

Assessment

12/17/21

2,400,000

103.24

2,478

1,919

Palm

Coast

Park

Community

Development

District

Special

Assessment

07/13/23

100,000

100.00

100

101

Palm

Glades

Community

Development

District

Special

Assessment

04/01/16

350,000

99.33

348

350

Parish

of

St.

James

Revenue

Bonds

05/20/20

100,000

100.00

100

110

Parish

of

St.

James

Revenue

Bonds

05/20/20

125,000

100.00

125

136

Parish

of

St.

James

Revenue

Bonds

05/20/20

1,000,000

100.00

1,000

1,020

Parrish

Lakes

Community

Development

District

Special

Assessment

02/02/23

125,000

98.49

123

124

Parrish

Lakes

Community

Development

District

Special

Assessment

02/02/23

150,000

98.54

148

148

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

327

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

$

$

$

Parrish

Lakes

Community

Development

District

Special

Assessment

07/19/23

150,000

100.00

150

151

Parrish

Lakes

Community

Development

District

Special

Assessment

07/19/23

50,000

99.46

50

50

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

02/24/23

100,000

98.47

98

103

Peace

Creek

Community

Development

Special

Assessment

03/29/23

100,000

99.08

99

101

Peace

Creek

Community

Development

Special

Assessment

03/29/23

180,000

99.63

179

183

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

07/23/21

150,000

110.65

166

132

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

12/14/22

125,000

99.26

124

133

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

09/07/21

350,000

102.24

358

263

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

04/26/23

2,500,000

101.03

2,526

2,521

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue

Bonds

11/03/22

1,000,000

100.25

1,002

1,048

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

09/22/20

150,000

102.53

154

131

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

900,000

111.14

1,000

904

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

150,000

98.82

148

150

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

100,000

99.55

100

101

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

10/11/23

940,000

90.66

852

894

Pima

County

Industrial

Development

Authority

Revenue

Bonds

05/22/20

50,000

100.00

50

48

Pima

County

Industrial

Development

Authority

Revenue

Bonds

05/22/20

25,000

100.00

25

24

Pinellas

County

Educational

Facilities

Authority

Revenue

Bonds

09/21/23

665,000

97.52

649

665

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

05/27/21

450,000

100.94

454

440

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

09/16/22

200,000

106.28

213

220

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

74

Port

Beaumont

Navigation

District

Revenue

Bonds

08/04/21

1,450,000

88.29

1,280

874

Port

Beaumont

Navigation

District

Revenue

Bonds

03/10/22

325,000

90.16

293

219

Port

of

Beaumont

Industrial

Development

Authority

Revenue

Bonds

08/04/21

1,900,000

100.00

1,900

1,585

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

120,000

99.20

119

104

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

06/15/23

375,000

93.83

352

359

Portico

Community

Development

District

Special

Assessment

07/02/20

25,000

95.20

24

21

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

10/13/17

500,000

99.64

498

500

Prairie

Center

Metropolitan

District

No.

7

General

Obligation

Limited

07/30/20

1,425,000

100.00

1,425

1,259

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Bonds

10/01/19

100,000

100.94

101

91

Public

Finance

Authority

Revenue

Bonds

07/07/15

500,000

102.82

514

500

Public

Finance

Authority

Revenue

Bonds

04/07/17

750,000

102.97

772

702

Public

Finance

Authority

Revenue

Bonds

04/07/17

630,000

103.09

649

609

Public

Finance

Authority

Revenue

Bonds

08/21/18

675,000

104.53

706

700

Public

Finance

Authority

Revenue

Bonds

02/21/19

525,000

100.95

525

507

Public

Finance

Authority

Revenue

Bonds

05/01/19

15,000

100.44

15

14

Public

Finance

Authority

Revenue

Bonds

11/27/19

1,000,000

100.00

1,000

715

Public

Finance

Authority

Revenue

Bonds

12/04/19

1,595,000

113.14

1,805

1,613

Public

Finance

Authority

Revenue

Bonds

02/07/20

80,000

107.95

86

75

Public

Finance

Authority

Revenue

Bonds

02/07/20

50,000

109.21

55

48

Public

Finance

Authority

Revenue

Bonds

06/12/20

75,000

102.49

77

69

Public

Finance

Authority

Revenue

Bonds

07/10/20

75,000

109.62

82

72

Public

Finance

Authority

Revenue

Bonds

07/30/20

35,000

100.23

35

33

Public

Finance

Authority

Revenue

Bonds

07/30/20

125,000

102.57

128

104

Public

Finance

Authority

Revenue

Bonds

07/30/20

50,000

103.98

52

46

Public

Finance

Authority

Revenue

Bonds

08/10/20

150,000

106.43

160

150

Public

Finance

Authority

Revenue

Bonds

08/28/20

450,000

105.04

473

384

Public

Finance

Authority

Revenue

Bonds

08/28/20

200,000

105.57

211

178

Public

Finance

Authority

Revenue

Bonds

12/03/20

1,150,000

89.88

1,034

940

Public

Finance

Authority

Revenue

Bonds

03/26/21

875,000

98.52

862

779

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

108.19

108

84

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

108.71

109

87

Public

Finance

Authority

Revenue

Bonds

11/10/21

890,000

101.78

906

711

Public

Finance

Authority

Revenue

Bonds

11/18/21

1,000,000

108.61

1,086

890

Public

Finance

Authority

Revenue

Bonds

11/19/21

125,000

100.44

126

105

Public

Finance

Authority

Revenue

Bonds

01/21/22

1,600,000

103.83

1,661

1,217

Public

Finance

Authority

Revenue

Bonds

01/21/22

100,000

105.08

105

83

Public

Finance

Authority

Revenue

Bonds

03/11/22

275,000

102.43

282

221

Public

Finance

Authority

Revenue

Bonds

03/31/22

2,475,000

100.00

2,475

2,548

Public

Finance

Authority

Revenue

Bonds

04/14/22

150,000

100.00

150

133

Public

Finance

Authority

Revenue

Bonds

04/14/22

100,000

100.76

101

90

Public

Finance

Authority

Revenue

Bonds

04/14/22

150,000

98.32

147

131

Public

Finance

Authority

Revenue

Bonds

05/25/22

175,000

97.61

171

168

Public

Finance

Authority

Revenue

Bonds

05/25/22

300,000

98.17

295

294

Public

Finance

Authority

Revenue

Bonds

05/26/22

720,000

93.71

675

523

Public

Finance

Authority

Revenue

Bonds

09/01/22

165,000

98.22

162

163

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

328

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Public

Finance

Authority

Revenue

Bonds

09/29/22

1,000,000

98.69

987

1,030

Public

Finance

Authority

Revenue

Bonds

10/14/22

2,370,000

100.28

2,377

2,372

Public

Finance

Authority

Revenue

Bonds

12/07/22

785,000

83.84

658

613

Public

Finance

Authority

Revenue

Bonds

12/07/22

1,685,000

99.86

1,683

1,597

Public

Finance

Authority

Revenue

Bonds

12/09/22

75,000

100.12

75

74

Public

Finance

Authority

Revenue

Bonds

03/27/23

1,500,000

85.92

1,289

1,181

Public

Finance

Authority

Revenue

Bonds

06/14/23

100,000

98.69

99

102

Public

Finance

Authority

Revenue

Bonds

08/04/23

95,000

92.46

88

90

Public

Finance

Authority

Revenue

Bonds

08/24/23

50,000

99.67

50

52

Public

Finance

Authority

Revenue

Bonds

08/24/23

50,000

99.72

50

51

Public

Finance

Authority

Revenue

Bonds

09/08/23

1,225,000

86.88

1,064

1,132

Public

Finance

Authority

Revenue

Bonds

09/11/23

1,750,000

99.09

1,734

1,868

Public

Finance

Authority

Revenue

Bonds

09/11/23

750,000

99.85

749

795

Public

Finance

Authority

Revenue

Bonds

10/24/23

1,185,000

91.83

1,088

1,054

Public

Finance

Authority

Revenue

Bonds

11/08/23

65,000

105.26

68

67

Public

Finance

Authority

Revenue

Bonds

11/15/23

400,000

100.86

403

419

Public

Finance

Authority

Revenue

Bonds

12/20/23

2,000,000

73.25

1,465

1,460

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

91.37

91

81

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

08/12/21

4,580,000

97.82

4,426

4,146

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

08/19/21

600,000

100.00

600

575

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

09/21/22

11,650,000

94.80

10,716

11,688

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

10/17/22

850,000

95.57

812

880

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

03/06/23

2,650,000

100.48

2,663

2,717

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

06/16/23

1,550,000

99.69

1,544

1,582

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

05/02/18

1,685,000

64.25

1,083

518

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

07/25/18

3,125,000

62.00

1,937

961

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

07/25/18

650,000

94.82

616

200

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

09/24/18

355,000

99.64

354

345

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

08/26/20

1,000,000

71.33

713

307

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

06/08/22

655,000

86.24

565

201

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

06/28/23

1,000,000

37.83

378

299

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

06/29/23

1,375,000

54.89

755

423

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

07/25/23

675,000

43.92

296

208

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

07/25/23

4,180,000

63.06

2,636

1,285

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

07/26/23

325,000

38.15

124

100

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

07/27/23

135,000

43.82

59

41

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

02/15/19

2,898,000

94.72

2,745

2,839

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

02/15/19

41,000

98.30

40

41

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

02/11/21

475,000

99.87

474

475

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

11/30/18

540,000

100.00

540

543

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

11/30/18

895,000

100.00

895

882

Red

Bridge

Public

Infrastructure

District

No.

1

General

Obligation

Limited

07/01/21

500,000

100.00

500

387

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

07/07/23

1,000,000

95.33

953

1,002

Rialto

Bioenergy

Facility

LLC

Term

Loan

09/19/23

1,410,000

98.60

1,390

1,410

Ridge

at

Heath

Brook

Community

Development

District

Special

Assessment

01/10/23

50,000

100.00

50

51

River

Hall

Community

Development

District

Special

Assessment

11/08/23

150,000

100.00

150

157

River

Islands

Public

Financing

Authority

Special

Tax

07/13/22

230,000

102.20

235

237

Riverside

County

Public

Financing

Authority

Tax

Allocation

04/19/17

150,000

101.42

152

151

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

04/19/17

125,000

101.08

126

127

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

04/19/17

300,000

101.33

304

304

Rivington

Community

Development

District

Special

Assessment

03/03/22

300,000

99.16

297

240

Rockdale

County

Development

Authority

Revenue

Bonds

05/16/18

225,000

100.44

226

213

Rolling

Hills

Community

Development

District

Special

Assessment

02/04/22

950,000

100.48

955

759

Rolling

Oaks

Community

Development

District

Special

Assessment

10/24/18

100,000

100.00

100

102

Rolling

Oaks

Community

Development

District

Special

Assessment

10/24/18

200,000

100.00

200

202

Rolling

Oaks

Community

Development

District

Special

Assessment

11/09/22

150,000

99.35

149

156

Rustic

Oaks

Community

Development

District

Special

Assessment

01/28/22

1,000,000

100.00

1,000

805

Rye

Crossing

Community

Development

District

Special

Assessment

01/26/23

100,000

99.55

100

100

Rye

Crossing

Community

Development

District

Special

Assessment

09/13/23

60,000

99.31

60

61

Rye

Ranch

Community

Development

District

Special

Assessment

10/25/23

200,000

98.65

197

212

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

Special

Assessment

01/28/22

1,000,000

100.00

1,000

822

Salem

Hospital

Facility

Authority

Revenue

Bonds

02/04/22

1,000,000

107.54

1,075

798

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

329

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

$

$

$

Saltmeadows

Community

Development

District

General

Obligation

Unlimited

12/14/22

125,000

99.27

124

126

San

Francisco

City

&

County

Redevelopment

Agency

Tax

Allocation

03/14/17

1,190,000

107.79

1,283

1,257

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

08/21/20

100,000

108.96

109

90

San

Jacinto

Community

Facilities

District

Special

Tax

03/11/16

280,000

107.60

301

288

San

Jacinto

Community

Facilities

District

Special

Tax

03/11/16

335,000

107.64

361

344

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

60,000

100.00

60

53

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

25,000

100.00

25

24

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

50,000

99.17

50

41

Sandmine

Road

Community

Development

District

Special

Assessment

10/05/22

100,000

100.00

100

104

Sarasota

National

Community

Development

District

Special

Assessment

03/26/21

200,000

99.69

199

179

Sarasota

National

Community

Development

District

Special

Assessment

03/26/21

100,000

99.78

100

98

Sawgrass

Village

Community

Development

District

Special

Assessment

06/22/23

200,000

99.01

198

201

Sawgrass

Village

Community

Development

District

Special

Assessment

11/21/23

135,000

100.00

135

140

Scenic

Terrace

North

Community

Development

District

Special

Assessment

08/25/23

175,000

99.14

173

178

Scenic

Terrace

North

Community

Development

District

Special

Assessment

08/25/23

200,000

99.65

199

204

Scenic

Terrace

South

Community

Development

District

Special

Assessment

03/16/22

105,000

100.00

105

97

Scenic

Terrace

South

Community

Development

District

Special

Assessment

03/16/22

185,000

100.00

185

164

Scenic

Terrace

South

Community

Development

District

Special

Assessment

10/05/23

100,000

100.00

100

106

Scranton

School

District

General

Obligation

Limited

07/28/20

2,025,000

97.65

1,977

2,027

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

06/13/23

100,000

99.27

99

101

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

08/03/21

100,000

112.25

112

73

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

05/05/23

235,000

96.01

226

176

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

99.65

174

176

Sherwood

Manor

Community

Development

District

Special

Assessment

10/22/18

200,000

98.73

197

199

Sherwood

Manor

Community

Development

District

Special

Assessment

03/16/23

75,000

100.00

75

77

Shingle

Creek

at

Bronson

Community

Development

District

Special

Assessment

04/01/21

475,000

100.00

475

449

Silicon

Valley

Tobacco

Securitization

Authority

Revenue

Bonds

06/08/22

7,300,000

10.28

751

765

Six

Mile

Creek

Community

Development

District

Special

Assessment

02/11/21

75,000

100.00

75

61

Six

Mile

Creek

Community

Development

District

Special

Assessment

06/15/23

125,000

99.28

124

126

Somerset

Community

Development

District

Special

Assessment

04/06/22

1,000,000

100.00

1,000

926

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

03/30/22

425,000

97.53

415

382

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

03/30/22

500,000

99.12

496

458

South

Carolina

Public

Service

Authority

Revenue

Bonds

12/09/15

250,000

109.85

275

252

South

Carolina

Public

Service

Authority

Revenue

Bonds

06/23/22

1,364,000

89.69

1,223

1,348

South

Carolina

Public

Service

Authority

Revenue

Bonds

11/09/22

1,000,000

97.32

973

1,061

South

Carolina

Transportation

Infrastructure

Bank

Revenue

Bonds

05/08/18

1,800,000

90.28

1,625

1,599

South

Fork

III

Community

Development

District

Special

Assessment

03/09/18

200,000

98.74

197

201

South

Jersey

Transportation

Authority

Revenue

Bonds

09/01/22

1,000,000

96.84

968

1,025

South

Kendall

Community

Development

District

Special

Assessment

09/09/16

100,000

103.12

103

94

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

06/23/21

2,035,000

86.92

1,769

1,687

Southern

Ohio

Port

Authority

Revenue

Bonds

04/08/21

275,000

110.70

304

209

Southern

Ohio

Port

Authority

Revenue

Bonds

04/18/23

1,575,000

88.40

1,392

1,252

Southlands

Metropolitan

District

No.

1

General

Obligation

Unlimited

08/13/18

1,000,000

106.00

1,060

1,001

Southwestern

Illinois

Development

Authority

Revenue

Bonds

01/05/24

200,000

100.00

200

200

St.

Augustine

Lakes

Community

Development

District

Special

Assessment

12/06/22

1,000,000

98.57

986

1,006

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

09/14/20

375,000

105.90

397

311

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

06/23/21

25,000

108.91

27

19

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

06/28/23

200,000

81.94

164

144

St.

Louis

County

Industrial

Development

Authority

Revenue

Bonds

12/11/15

650,000

101.26

658

625

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

07/27/17

140,000

100.79

141

142

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

07/27/17

230,000

100.91

232

232

Stamford

Housing

Authority

Revenue

Bonds

11/21/22

400,000

100.00

400

440

State

of

California

General

Obligation

Unlimited

03/14/17

2,000,000

109.91

2,198

2,079

State

of

California

General

Obligation

Unlimited

03/07/19

230,000

103.64

238

232

State

of

Connecticut

General

Obligation

Unlimited

06/06/18

1,500,000

107.96

1,619

1,642

State

of

Florida

Department

of

Transportation

Turnpike

System

Revenue

Bonds

10/15/21

1,000,000

104.54

1,045

779

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

12/04/15

1,720,000

101.84

1,752

1,672

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

08/14/23

1,570,000

84.00

1,319

1,248

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

08/16/23

30,000

69.37

21

21

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

10/10/23

4,000,000

100.00

4,000

4,084

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

10/17/23

300,000

100.00

300

300

State

of

Illinois

General

Obligation

Unlimited

10/11/18

1,000,000

100.52

1,005

1,002

State

of

Illinois

General

Obligation

Unlimited

10/19/18

1,270,000

101.57

1,290

1,336

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

330

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

$

$

$

State

of

Illinois

General

Obligation

Unlimited

05/14/20

100,000

97.48

97

111

State

of

Illinois

General

Obligation

Unlimited

05/14/20

1,250,000

98.79

1,235

1,377

State

of

Illinois

General

Obligation

Unlimited

01/13/22

1,000,000

101.34

1,013

839

State

of

Iowa

Board

of

Regents

Revenue

Bonds

02/17/22

750,000

91.75

688

527

State

of

Ohio

Revenue

Bonds

11/14/19

275,000

106.09

292

249

State

of

Ohio

Revenue

Bonds

12/05/19

110,000

108.08

119

106

State

of

Ohio

Revenue

Bonds

01/09/20

350,000

99.08

347

273

State

of

Ohio

Revenue

Bonds

03/28/22

25,000

101.48

25

23

State

Vrain

Lakes

Metropolitan

District

No.

2

General

Obligation

Limited

12/07/17

500,000

100.00

500

489

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

02/09/23

2,200,000

82.24

1,673

1,707

Stellar

North

Community

Development

District

Special

Assessment

11/10/21

845,000

100.00

845

650

Stonegate

Preserve

Community

Development

District

Special

Assessment

11/15/23

200,000

98.71

197

207

Stoneybrook

North

Community

Development

District

Special

Assessment

09/28/22

100,000

100.00

100

107

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

03/01/23

100,000

98.42

98

104

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

03/15/23

1,125,000

87.51

1,094

926

Storey

Creek

Community

Development

District

Special

Assessment

06/29/22

75,000

100.00

75

75

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

98.89

643

537

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

09/23/21

2,000,000

114.96

2,299

1,844

Summer

Woods

Community

Development

District

Special

Assessment

05/13/21

15,000

100.00

15

13

Summer

Woods

Community

Development

District

Special

Assessment

10/05/21

75,000

102.68

77

60

Sunbridge

Stewardship

District

Special

Assessment

08/18/22

200,000

100.00

200

197

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

10/29/20

1,000,000

106.57

1,066

1,057

Taney

County

Industrial

Development

Authority

Revenue

Bonds

04/12/23

400,000

100.00

400

401

Tapestry

Community

Development

District

Special

Assessment

04/01/16

100,000

100.00

100

97

Tern

Bay

Community

Development

District

Special

Assessment

02/16/22

500,000

101.22

506

402

Terre

Haute

Sanitary

District

Revenue

Bonds

09/20/23

4,000,000

100.00

4,000

4,010

Territory

of

Guam

Revenue

Bonds

03/10/17

500,000

104.75

524

514

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

04/29/16

1,000,000

100.73

1,007

1,001

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

1,000,000

98.25

983

966

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

09/30/21

1,250,000

104.06

1,301

1,002

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

01/31/22

250,000

99.27

248

197

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

10/14/15

125,000

76.76

96

118

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

09/15/16

12,000,000

13.44

1,613

1,976

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

02/15/17

3,450,000

16.43

567

616

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

04/18/17

12,175,000

16.31

1,986

3,303

Tohoqua

Community

Development

District

Special

Assessment

03/05/21

100,000

100.00

100

86

Tolomato

Community

Development

District

Special

Assessment

03/15/18

100,000

99.31

99

102

Toscana

Isles

Community

Development

District

Special

Assessment

Revenue

Bonds

11/13/18

215,000

99.10

213

221

Toscana

Isles

Community

Development

District

Special

Assessment

Revenue

Bonds

11/13/18

245,000

99.37

243

248

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99.28

99

92

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99.42

99

97

Town

of

Argyle

Special

Assessment

01/24/18

145,000

100.00

145

145

Town

of

Bridgeville

Special

Tax

11/16/20

315,000

104.72

330

312

Town

of

Cortland

Special

Service

Areas

No.

9

&

10

Special

Tax

01/27/16

100,000

94.31

94

84

Town

of

Lakewood

Village

Special

Assessment

08/12/22

175,000

100.00

175

172

Town

of

Little

Elm

Special

Assessment

12/06/17

100,000

100.33

100

98

Town

of

Little

Elm

Special

Assessment

11/07/18

727,000

100.00

727

752

Town

of

Little

Elm

Special

Assessment

12/22/21

100,000

100.00

100

82

Town

of

Little

Elm

Special

Assessment

12/22/21

100,000

99.07

99

81

Town

of

Little

Elm

Special

Assessment

11/02/22

750,000

100.00

750

792

Towns

at

Woodsdale

Community

Development

District

Special

Assessment

10/13/23

100,000

99.67

100

105

Travis

County

Development

Authority

Special

Assessment

09/13/22

100,000

100.00

100

101

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

03/10/23

1,850,000

97.36

1,801

1,859

Triple

Creek

Community

Development

District

Special

Assessment

11/08/18

265,000

98.62

261

266

TSR

Community

Development

District

Special

Assessment

10/11/16

200,000

100.00

200

185

Tuckers

Pointe

Community

Development

District

Special

Assessment

02/11/22

100,000

100.00

100

80

Tuckers

Pointe

Community

Development

District

Special

Assessment

02/11/22

300,000

99.12

297

277

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

08/24/21

715,000

98.61

705

641

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

09/16/21

560,000

94.11

527

536

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

04/17/19

1,554,000

98.39

1,529

1,515

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

02/03/23

4,500,000

90.45

4,070

4,352

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

331

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

$

$

$

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

09/07/23

50,000

100.00

50

51

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

09/07/23

75,000

100.00

75

77

Two

Creeks

Community

Development

District

Special

Assessment

07/28/16

100,000

97.98

98

98

Two

Creeks

Community

Development

District

Special

Assessment

07/28/16

100,000

99.29

99

99

Two

Lakes

Community

Development

District

Special

Assessment

06/19/17

200,000

102.41

205

193

Two

Rivers

East

Community

Development

District

Special

Assessment

05/19/23

275,000

98.28

270

278

Two

Rivers

North

Community

Development

District

Special

Assessment

04/27/22

150,000

100.00

150

147

Two

Rivers

West

Community

Development

District

Special

Assessment

11/30/22

150,000

100.00

150

154

Two

Rivers

West

Community

Development

District

Special

Assessment

11/30/22

300,000

100.00

300

309

UIPA

Crossroads

Public

Infrastructure

District

Revenue

Bonds

12/28/21

1,000,000

100.00

1,000

902

Union

County

Improvement

Authority

Revenue

Bonds

03/02/23

1,100,000

84.71

932

715

Union

Park

East

Community

Development

District

Special

Assessment

06/15/18

500,000

102.67

513

506

Universal

Academy

Revenue

Bonds

07/22/21

65,000

110.63

72

57

Upper

Dauphin

Industrial

Development

Authority

Revenue

Bonds

07/27/22

380,000

100.00

380

357

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

01/23/20

200,000

97.15

194

181

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

03/16/23

300,000

95.91

288

293

Uptown

Development

Authority

Tax

Allocation

07/21/21

50,000

106.53

53

40

Uptown

Development

Authority

Tax

Allocation

07/21/21

50,000

106.81

53

42

Utah

Charter

School

Finance

Authority

Revenue

Bonds

11/17/21

450,000

100.58

453

291

Utah

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

890,000

102.20

910

685

Utah

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

1,420,000

102.26

1,452

1,031

Utah

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

500,000

103.62

518

452

Utah

Charter

School

Finance

Authority

Revenue

Bonds

06/16/22

500,000

100.00

500

496

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

02/02/23

425,000

73.51

312

282

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

07/28/23

200,000

68.68

137

138

Varrea

South

Community

Development

District

Special

Assessment

04/21/23

125,000

99.27

124

127

V-Dana

Community

Development

District

Special

Assessment

07/23/20

100,000

98.36

98

81

V-Dana

Community

Development

District

Special

Assessment

04/01/21

500,000

99.52

498

456

V-Dana

Community

Development

District

Special

Assessment

04/19/23

200,000

99.27

199

203

V-Dana

Community

Development

District

Special

Assessment

04/19/23

100,000

99.40

99

101

Ventana

Community

Development

District

Special

Assessment

03/01/18

740,000

96.86

717

745

Ventana

Community

Development

District

Special

Assessment

03/01/18

500,000

97.57

488

490

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

60,000

100.00

60

50

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

55,000

101.57

56

44

Veranda

Community

Development

District

II

Special

Assessment

01/12/24

160,000

100.00

160

161

Veranda

Community

Development

District

II

Special

Assessment

01/12/24

25,000

98.91

25

25

Veranda

Landing

Community

Development

District

Special

Assessment

08/02/23

100,000

100.00

100

101

Verano

No.

1

Community

Development

District

Special

Assessment

05/04/17

100,000

98.78

99

98

Verano

No.

1

Community

Development

District

Special

Assessment

05/30/17

100,000

100.00

100

99

Verano

No.

3

Community

Development

District

Special

Assessment

10/27/22

470,000

100.00

470

497

Verano

No.

4

Community

Development

District

Special

Assessment

03/22/23

75,000

100.00

75

77

Verano

No.

4

Community

Development

District

Special

Assessment

03/22/23

75,000

99.11

74

76

Vermont

Economic

Development

Authority

Revenue

Bonds

05/20/22

175,000

100.00

175

176

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

10/23/15

550,000

105.73

582

504

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

400,000

91.70

367

384

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

275,000

98.22

270

281

Viera

Stewardship

District

Special

Assessment

06/28/23

250,000

99.12

248

252

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

05/04/18

1,364,000

100.00

1,364

1,358

Village

Community

Development

District

No.

13

Special

Assessment

09/11/20

575,000

100.00

575

454

Village

Community

Development

District

No.

13

Special

Assessment

09/11/20

260,000

100.00

260

214

Village

Community

Development

District

No.

14

Special

Assessment

06/29/22

990,000

100.00

990

1,018

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

400,000

100.00

400

406

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

103.28

77

60

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

04/28/22

100,000

100.00

100

98

Villamar

Community

Development

District

Special

Assessment

02/28/22

500,000

100.00

500

408

Villamar

Community

Development

District

Special

Assessment

02/28/22

555,000

100.00

555

443

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

03/11/16

450,000

101.10

455

398

Virginia

Beach

Development

Authority

Revenue

Bonds

12/13/23

450,000

100.19

451

485

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

10/07/22

1,005,000

101.43

1,019

1,099

Viridian

Municipal

Management

District

Special

Assessment

08/11/20

50,000

100.00

50

38

Viridian

Municipal

Management

District

Special

Assessment

08/11/20

30,000

100.00

30

24

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

01/27/21

1,000,000

104.00

1,040

992

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

11/22/19

2,500,000

105.01

2,625

2,191

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

03/14/23

4,400,000

59.47

2,617

2,953

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

332

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

$

$

$

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

200,000

107.56

215

131

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

150,000

108.13

162

102

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/10/21

2,525,000

104.75

2,645

1,993

Washington

State

Housing

Finance

Commission

Revenue

Bonds

08/10/23

175,000

101.05

177

180

Waterset

Central

Community

Development

District

Special

Assessment

05/01/18

150,000

100.00

150

149

Waterset

Central

Community

Development

District

Special

Assessment

05/01/18

150,000

100.00

150

151

Waterview

II

Metropolitan

District

General

Obligation

Limited

03/11/22

500,000

100.00

500

438

Wellness

Ridge

Community

Development

District

Special

Assessment

03/31/23

125,000

99.08

124

126

Wellness

Ridge

Community

Development

District

Special

Assessment

03/31/23

125,000

99.63

125

127

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

03/12/21

525,000

109.29

574

419

West

Meadow

Metropolitan

District

General

Obligation

Limited

04/21/23

500,000

99.24

496

520

West

Port

Community

Development

District

Special

Assessment

08/05/20

1,700,000

101.81

1,731

1,370

West

Port

Community

Development

District

Special

Assessment

05/10/21

90,000

100.00

90

72

West

Port

Community

Development

District

Special

Assessment

07/27/22

50,000

100.00

50

49

West

Villages

Improvement

District

Revenue

Bonds

03/17/23

200,000

100.00

200

203

West

Villages

Improvement

District

Revenue

Bonds

03/17/23

100,000

99.11

99

102

West

Villages

Improvement

District

Special

Assessment

03/31/21

1,935,000

99.36

1,923

1,569

West

Villages

Improvement

District

Special

Assessment

12/13/22

150,000

98.85

148

151

West

Virginia

Economic

Development

Authority

Revenue

Bonds

07/12/23

325,000

98.51

320

326

West

Virginia

Economic

Development

Authority

Revenue

Bonds

07/12/23

220,000

98.81

217

221

West

Virginia

Economic

Development

Authority

Revenue

Bonds

07/17/23

150,000

99.63

149

152

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

10/20/23

290,000

100.14

290

322

Westchester

County

Local

Development

Corp.

Revenue

Bonds

11/10/23

100,000

105.12

105

114

Westerly

Metropolitan

District

No.

4

General

Obligation

Limited

02/12/21

500,000

102.53

513

442

Western

Regional

Off-Track

Betting

Corp.

Revenue

Bonds

08/27/21

115,000

98.94

114

88

Westside

Community

Development

District

Special

Assessment

09/20/19

100,000

100.00

100

93

Westside

Community

Development

District

Special

Assessment

09/20/19

100,000

99.84

100

92

Westview

North

Community

Development

District

Special

Assessment

10/05/22

100,000

100.00

100

103

Westwood

of

Pasco

Community

Development

District

Special

Assessment

08/10/23

500,000

99.52

498

505

Whidbey

Island

Public

Hospital

District

General

Obligation

Unlimited

06/19/15

1,500,000

104.27

1,564

1,441

Wildblue

Community

Development

District

Special

Assessment

05/23/19

125,000

100.00

125

114

Wildblue

Community

Development

District

Special

Assessment

05/23/19

250,000

100.27

251

216

Willows

Community

Development

District

Special

Assessment

09/21/22

100,000

99.30

99

103

Wind

Meadows

South

Community

Development

District

Special

Assessment

09/22/21

935,000

103.46

967

750

Wind

Meadows

South

Community

Development

District

Special

Assessment

04/26/23

125,000

100.00

125

127

Windler

Public

Improvement

Authority

Revenue

Bonds

09/10/21

750,000

100.00

750

391

Windler

Public

Improvement

Authority

Revenue

Bonds

09/10/21

600,000

83.94

504

290

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

03/09/22

100,000

100.55

101

83

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

Tax

Allocation

01/05/24

500,000

90.37

452

468

Winsome

Metropolitan

District

No.

3

General

Obligation

Limited

07/08/21

500,000

100.00

500

425

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

01/31/20

1,175,000

120.01

1,410

1,188

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

12/10/21

1,020,000

104.20

1,063

781

Wyandotte

County

City

Unified

Government

Revenue

Bonds

08/03/23

5,500,000

40.48

2,260

2,265

Yamhill

County

Hospital

Authority

Revenue

Bonds

03/24/22

125,000

100.58

126

98

Yonkers

Economic

Development

Corp.

Revenue

Bonds

11/01/19

30,000

109.58

33

29

Yonkers

Economic

Development

Corp.

Revenue

Bonds

10/30/20

75,000

107.67

81

71

Zephyr

Lakes

Community

Development

District

Special

Assessment

06/17/21

50,000

100.00

50

40

Zephyr

Lakes

Community

Development

District

Special

Assessment

06/17/21

50,000

104.37

52

40

711,710

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

333

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

24,712

03/24

(675)

United

States

Treasury

Long

Bond

Futures

100

USD

12,235

03/24

(624)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(1,299)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Municipal

Bonds

Alabama

$

—

$

38,507

$

—

$

—

$

38,507

Alaska

—

2,104

—

—

2,104

Arizona

—

29,168

—

—

29,168

Arkansas

—

10,373

—

—

10,373

California

—

168,454

—

—

168,454

Colorado

—

67,013

—

—

67,013

Connecticut

—

16,775

—

—

16,775

Delaware

—

1,111

—

—

1,111

District

of

Columbia

—

18,671

—

—

18,671

Florida

—

197,527

—

—

197,527

Georgia

—

30,592

—

—

30,592

Guam

—

14,827

—

—

14,827

Hawaii

—

10,310

—

—

10,310

Idaho

—

1,218

—

—

1,218

Illinois

—

165,013

—

—

165,013

Indiana

—

11,628

—

—

11,628

Iowa

—

15,398

—

—

15,398

Kansas

—

3,350

—

—

3,350

Kentucky

—

19,469

—

—

19,469

Louisiana

—

11,711

—

—

11,711

Maine

—

1,425

—

—

1,425

Maryland

—

31,335

—

—

31,335

Massachusetts

—

14,238

—

—

14,238

Michigan

—

39,878

—

—

39,878

Minnesota

—

10,362

—

—

10,362

Mississippi

—

4,603

—

—

4,603

Missouri

—

11,637

—

—

11,637

Montana

—

2,313

—

—

2,313

Nevada

—

6,097

—

—

6,097

New

Hampshire

—

5,413

—

—

5,413

New

Jersey

—

71,934

—

—

71,934

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

334

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

New

Mexico

—

1,043

—

—

1,043

New

York

—

128,091

—

—

128,091

North

Carolina

—

13,057

—

—

13,057

North

Dakota

—

4,995

—

—

4,995

Ohio

—

82,109

—

—

82,109

Oklahoma

—

8,822

—

—

8,822

Oregon

—

9,915

—

—

9,915

Pennsylvania

—

85,095

—

—

85,095

Puerto

Rico

—

112,327

—

—

112,327

Rhode

Island

—

4,127

—

—

4,127

South

Carolina

—

13,842

—

—

13,842

South

Dakota

—

2,378

—

—

2,378

Tennessee

—

8,081

—

—

8,081

Texas

—

105,398

—

—

105,398

Utah

—

15,989

335

—

16,324

Vermont

—

2,743

—

—

2,743

Virgin

Islands

—

13,065

—

—

13,065

Virginia

—

27,806

—

—

27,806

Washington

—

25,577

—

—

25,577

West

Virginia

—

6,335

—

—

6,335

Wisconsin

—

49,813

—

—

49,813

Wyoming

—

915

—

—

915

Loan

Agreements

—

—

2,257

—

2,257

Short-Term

Investments

—

—

—

79,927

79,927

Total

Investments

—

1,753,977

2,592

79,927

1,836,496

Other

Financial

Instruments

Liabilities

Futures

Contracts

(1,299)

—

—

—

(1,299)

Total

Other

Financial

Instruments

*

$

(1,299)

$

—

$

—

$

—

$

(1,299)

*

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

335

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

33,578

$

188,853

$

142,507

$

2

$

1

$

79,927

$

942

$

—

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

336

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Municipal

Bonds

-

98.7%

Alabama

-

2.3%

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

150

4.000

01/01/33

156

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

200

4.000

01/01/34

209

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

300

4.000

01/01/36

309

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

380

4.000

01/01/39

383

Alabama

Federal

Aid

Highway

Finance

Authority

Revenue

Bonds

1,725

5.000

09/01/28

1,868

Alabama

Housing

Finance

Authority

Revenue

Bonds

(~)(Ê)

3,429

5.000

06/01/26

3,476

Bessemer

Governmental

Utility

Services

Corp.

Revenue

Bonds

(µ)

1,000

5.000

06/01/31

1,063

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

700

5.000

07/01/28

769

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

1,000

4.000

07/01/37

1,032

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

700

4.000

07/01/39

712

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

600

4.000

07/01/40

610

Black

Belt

Energy

Gas

District

Revenue

Bonds

2,315

5.000

06/01/25

2,352

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

4,725

4.000

12/01/49

4,735

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000

10/01/52

2,003

Black

Belt

Energy

Gas

District

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.350%)(ae)(Ê)

2,135

4.900

10/01/52

2,073

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

4,575

5.250

02/01/53

4,878

Black

Belt

Energy

Gas

District

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.650%)(ae)(Ê)

24,865

2.850

04/01/53

24,178

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

710

4.000

04/01/53

709

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.500

11/01/53

5,322

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

2,360

5.250

12/01/53

2,552

City

of

Birmingham

Special

Care

Facilities

Financing

Authority

Revenue

Bonds

2,000

5.000

06/01/32

2,037

City

of

Gadsden

General

Obligation

Unlimited

(µ)

1,690

5.000

08/01/27

1,804

County

of

Jefferson

Sewer

Revenue

Bonds

500

5.250

10/01/40

563

County

of

Jefferson

Sewer

Revenue

Bonds

500

5.250

10/01/41

558

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

850

5.750

04/01/54

948

Health

Care

Authority

for

Baptist

Health

(The)

Revenue

Bonds

(Þ)

550

5.000

11/15/37

597

Houston

County

Health

Care

Authority

Revenue

Bonds

350

5.000

10/01/30

358

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

700

3.780

06/01/34

704

Montgomery

County

Public

Facilities

Authority

Revenue

Bonds

690

4.000

03/01/38

707

Montgomery

County

Public

Facilities

Authority

Revenue

Bonds

420

4.000

03/01/39

428

Montgomery

County

Public

Facilities

Authority

Revenue

Bonds

400

4.000

03/01/41

404

Phoenix

City

Board

of

Education

School

Warrants

Special

Tax

(µ)

2,140

4.000

08/01/39

2,176

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

210

2.250

11/01/27

170

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

550

2.375

11/01/28

423

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

1,590

4.000

11/01/37

1,196

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

1,670

4.000

11/01/38

1,239

Southeast

Alabama

Gas

Supply

District

Revenue

Bonds

(Þ)

1,760

4.000

06/01/24

1,760

Southeast

Alabama

Gas

Supply

District

Revenue

Bonds

(CME

Term

SOFR

1

Month

+

0.850%)(ae)(Ê)(Þ)

2,000

1.155

06/01/49

1,999

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

10,200

5.500

01/01/53

11,058

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

835

5.000

05/01/53

870

State

of

Alabama

General

Obligation

Unlimited

5,000

3.000

08/01/26

4,968

Town

of

Pike

Road

General

Obligation

Limited

3,055

5.000

03/01/43

3,413

Town

of

Pike

Road

General

Obligation

Limited

7,875

5.000

03/01/48

8,663

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

777

4.500

05/01/32

758

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

250

5.250

05/01/44

242

University

of

Alabama

(The)

Revenue

Bonds

(ae)

4,050

4.000

07/01/30

4,065

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

761

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

337

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

University

of

South

Alabama

Revenue

Bonds

(µ)

325

5.000

10/01/36

343

University

of

West

Alabama

Revenue

Bonds

(µ)

200

5.000

01/01/28

212

University

of

West

Alabama

Revenue

Bonds

(µ)

300

4.000

01/01/33

311

University

of

West

Alabama

Revenue

Bonds

(µ)

330

4.000

01/01/34

342

University

of

West

Alabama

Revenue

Bonds

(µ)

430

4.000

01/01/35

445

University

of

West

Alabama

Revenue

Bonds

(µ)

450

4.000

01/01/36

465

University

of

West

Alabama

Revenue

Bonds

(µ)

250

4.000

01/01/38

254

University

of

West

Alabama

Revenue

Bonds

(µ)

230

4.000

01/01/39

232

West

Jefferson

Industrial

Development

Board

Revenue

Bonds

(~)(Ê)

1,730

3.650

06/01/28

1,720

117,645

Alaska

-

0.2%

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

799

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

465

5.000

06/01/33

478

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

682

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

295

5.000

12/01/28

323

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

300

5.000

12/01/29

334

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

1,286

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

750

5.000

12/01/38

846

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

3,840

5.000

12/01/42

4,252

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

750

5.000

12/01/47

817

Municipality

of

Anchorage

General

Obligation

Unlimited

(Þ)

1,000

4.000

09/01/41

1,021

12,415

Arizona

-

1.8%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(S&P

Municipal

Bond

7

Day

Intermediate

Grade

Index

Rate

+

0.810%)(Ê)

6,625

1.770

01/01/37

6,150

Arizona

Health

Facilities

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.250%)(Ê)

3,750

4.230

01/01/46

3,700

Arizona

Industrial

Development

Authority

Revenue

Bonds

250

2.650

07/01/26

241

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

13,050

5.000

01/01/27

13,534

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

490

5.000

05/01/27

294

Arizona

Industrial

Development

Authority

Revenue

Bonds

270

5.000

05/01/28

162

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,180

5.000

11/01/28

1,265

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,250

4.500

07/15/29

1,172

Arizona

Industrial

Development

Authority

Revenue

Bonds

275

4.000

07/01/31

277

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

240

3.000

12/15/31

212

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

11/01/32

1,078

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,100

5.000

11/01/35

1,175

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,050

5.000

11/01/37

1,108

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

250

5.000

07/01/38

247

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,890

4.000

11/01/39

1,867

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

11/01/39

1,050

Arizona

Industrial

Development

Authority

Revenue

Bonds

800

4.000

11/01/40

781

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

125

4.000

07/01/41

118

Arizona

Industrial

Development

Authority

Revenue

Bonds

100

4.000

07/01/41

95

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,500

4.000

07/01/42

1,368

Arizona

Industrial

Development

Authority

Revenue

Bonds

120

5.000

01/01/43

80

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,880

5.000

10/01/44

6,061

Arizona

Industrial

Development

Authority

Revenue

Bonds

225

5.000

11/01/44

233

Arizona

Industrial

Development

Authority

Revenue

Bonds

500

4.500

01/01/49

288

Arizona

Industrial

Development

Authority

Revenue

Bonds

275

5.000

01/01/54

168

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

338

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Arizona

Transportation

Board

Revenue

Bonds

2,735

5.000

07/01/25

2,760

Arizona

Water

Infrastructure

Finance

Authority

Revenue

Bonds

1,500

5.000

10/01/26

1,518

Chandler

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,650

3.800

12/01/35

1,675

City

of

Glendale

Excise

Tax

Revenue

Bonds

(Þ)

2,500

5.000

07/01/28

2,693

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

1,169

City

of

Mesa

Utility

System

Revenue

Bonds

(µ)

1,025

5.000

07/01/41

1,138

City

of

Mesa

Utility

System

Revenue

Bonds

2,500

5.000

07/01/43

2,687

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

(Þ)

1,750

5.000

07/01/39

2,020

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

3,000

5.000

07/01/40

3,440

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

(Þ)

275

5.000

07/01/45

288

Coconino

County

Pollution

Control

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,000

3.750

03/01/39

999

County

of

Pinal

Revenue

Bonds

1,775

5.000

08/01/25

1,793

Entertainment

Center

Community

Facilities

District

Revenue

Bonds

2,933

4.000

07/01/37

2,923

Festival

Ranch

Community

Facilities

District

General

Obligation

Unlimited

(µ)

850

4.000

07/15/36

856

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

1,000

5.125

11/15/29

1,002

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

500

6.750

11/15/42

516

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

50

4.000

02/15/41

45

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

850

5.000

09/01/30

918

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

100

3.000

07/01/31

91

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

09/01/31

1,078

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

925

5.000

09/01/32

994

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

800

5.000

09/01/33

859

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

5,000

5.000

01/01/35

5,258

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

610

4.000

01/01/41

613

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

515

4.000

07/01/41

436

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

2,000

3.000

01/01/38

1,991

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

714

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

440

4.000

07/01/37

460

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

500

4.000

07/01/38

517

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

530

4.000

07/01/39

543

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

560

4.000

07/01/40

570

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

816

Salt

River

Project

Agricultural

Improvement

&

Power

District

Electrical

System

Revenue

Bonds

1,960

5.000

01/01/36

2,124

Salt

River

Project

Agricultural

Improvement

&

Power

District

Electrical

System

Revenue

Bonds

1,950

5.000

12/01/45

1,999

Salt

Verde

Financial

Corp.

Revenue

Bonds

1,090

5.250

12/01/24

1,101

Salt

Verde

Financial

Corp.

Revenue

Bonds

400

5.000

12/01/37

435

Student

&

Academic

Services

LLC

Revenue

Bonds

(µ)

425

5.000

06/01/27

427

Student

&

Academic

Services

LLC

Revenue

Bonds

(µ)

390

5.000

06/01/28

392

95,729

Arkansas

-

0.3%

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

339

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Arkansas

Development

Finance

Authority

Revenue

Bonds

190

4.000

07/01/26

189

Arkansas

Development

Finance

Authority

Revenue

Bonds

230

4.000

07/01/28

228

Arkansas

Development

Finance

Authority

Revenue

Bonds

50

3.000

07/01/32

44

Arkansas

Development

Finance

Authority

Revenue

Bonds

230

3.125

07/01/36

189

Batesville

Public

Facilities

Board

Revenue

Bonds

140

5.000

06/01/24

140

Batesville

Public

Facilities

Board

Revenue

Bonds

165

5.000

06/01/26

169

Batesville

Public

Facilities

Board

Revenue

Bonds

455

5.000

06/01/27

474

City

of

Batesville

AR

Sales

&

Use

Tax

Revenue

Bonds

(µ)

1,355

5.000

02/01/39

1,456

City

of

Fort

Smith

Water

&

Sewer

Revenue

Bonds

(Þ)

3,500

5.000

10/01/31

3,795

City

of

Hot

Springs

Waterworks

Revenue

Bonds

(µ)

600

4.000

10/01/36

605

City

of

Hot

Springs

Waterworks

Revenue

Bonds

(µ)

600

4.000

10/01/37

603

Conway

Health

Facilities

Board

Revenue

Bonds

500

5.000

08/01/28

517

County

of

Pulaski

Revenue

Bonds

1,000

5.000

03/01/29

1,050

County

of

Pulaski

Revenue

Bonds

1,000

5.000

03/01/41

1,095

Little

Rock

School

District

General

Obligation

Limited

(µ)

3,640

2.000

02/01/36

2,952

Southern

Arkansas

University

Revenue

Bonds

(µ)

1,005

4.000

03/01/33

1,005

Southern

Arkansas

University

Revenue

Bonds

(µ)

860

4.000

03/01/36

860

University

of

Arkansas

Revenue

Bonds

1,000

5.000

11/01/47

1,042

University

of

Central

Arkansas

Revenue

Bonds

(µ)

400

3.250

11/01/33

394

University

of

Central

Arkansas

Revenue

Bonds

(µ)(Þ)

325

5.000

11/01/36

340

17,147

California

-

7.9%

Alameda

Community

Facilities

District

Special

Tax

125

5.000

09/01/48

124

Banning

Unified

School

District

General

Obligation

Unlimited

(µ)

500

5.000

08/01/28

528

Bay

Area

Toll

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.300%)

(ae)(Ê)

1,750

4.850

04/01/56

1,708

Bay

Area

Toll

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.410%)

(ae)(Ê)

1,200

4.960

04/01/56

1,167

Beaumont

Financing

Authority

Special

Tax

990

5.000

09/01/45

1,001

Brea

Redevelopment

Agency

Tax

Allocation

600

5.000

08/01/32

649

Brentwood

Infrastructure

Financing

Authority

Special

Assessment

(µ)

995

5.000

09/02/29

1,006

Brentwood

Union

School

District

General

Obligation

Unlimited

200

5.000

08/01/32

213

Brentwood

Union

School

District

General

Obligation

Unlimited

250

5.000

08/01/33

266

Calexico

Unified

School

District

General

Obligation

Unlimited

(µ)

680

4.000

08/01/42

694

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

12,325

5.250

01/01/54

13,030

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

275

5.000

02/01/54

295

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

(Þ)

415

4.000

10/15/26

419

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

217

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

(~)(Ê)

19,965

1.500

08/01/52

19,965

California

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

200

5.000

10/01/27

217

California

Educational

Facilities

Authority

Revenue

Bonds

445

5.000

10/01/32

484

California

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

800

5.000

10/01/35

866

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,265

5.000

02/01/27

1,354

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

355

2.125

11/15/27

355

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,350

5.000

02/01/28

1,433

California

Health

Facilities

Financing

Authority

Revenue

Bonds

365

5.000

08/15/32

383

California

Health

Facilities

Financing

Authority

Revenue

Bonds

600

5.000

08/15/33

629

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,600

5.000

08/15/35

1,669

California

Health

Facilities

Financing

Authority

Revenue

Bonds

250

5.000

08/15/42

255

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

5,000

5.000

11/15/42

5,741

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,620

5.000

10/01/44

1,630

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

340

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

Health

Facilities

Financing

Authority

Revenue

Bonds

850

5.000

08/15/47

861

California

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

332

5.000

11/01/26

346

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

400

5.000

11/01/33

432

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(Þ)

525

4.000

05/01/39

533

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

150

4.000

05/01/39

152

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(Þ)

245

4.000

05/01/40

247

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(Þ)

225

5.000

05/15/40

227

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

295

4.000

05/01/41

297

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

495

5.000

11/01/44

514

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(~)(ae)(Ê)

2,750

1.200

12/01/50

2,430

California

Municipal

Finance

Authority

Certificate

of

Participation

(µ)

1,200

5.250

11/01/35

1,417

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

10/01/25

102

California

Municipal

Finance

Authority

Revenue

Bonds

100

2.125

11/15/26

100

California

Municipal

Finance

Authority

Revenue

Bonds

690

5.000

08/15/27

748

California

Municipal

Finance

Authority

Revenue

Bonds

100

5.000

10/01/27

105

California

Municipal

Finance

Authority

Revenue

Bonds

100

2.750

11/15/27

99

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

10/01/28

160

California

Municipal

Finance

Authority

Revenue

Bonds

590

4.000

11/15/28

595

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

225

5.000

10/01/29

241

California

Municipal

Finance

Authority

Revenue

Bonds

10,100

5.000

05/15/30

10,821

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

75

California

Municipal

Finance

Authority

Revenue

Bonds

800

5.000

08/15/32

868

California

Municipal

Finance

Authority

Revenue

Bonds

100

5.000

10/01/33

106

California

Municipal

Finance

Authority

Revenue

Bonds

1,200

5.000

08/15/34

1,300

California

Municipal

Finance

Authority

Revenue

Bonds

250

4.000

07/01/41

226

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

570

5.000

07/01/47

575

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

325

3.700

08/01/40

328

California

Public

Finance

Authority

Revenue

Bonds

360

4.000

10/15/28

366

California

Public

Finance

Authority

Revenue

Bonds

2,500

4.000

07/15/40

2,608

California

Public

Finance

Authority

Revenue

Bonds

(~)(Ê)

680

4.000

10/15/51

671

California

School

Finance

Authority

Revenue

Bonds

(Þ)

295

2.000

10/01/26

277

California

School

Finance

Authority

Revenue

Bonds

(Þ)

215

3.000

10/01/31

196

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

4.000

11/01/31

493

California

School

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/33

101

California

School

Finance

Authority

Revenue

Bonds

(Þ)

830

4.000

11/01/36

785

California

School

Finance

Authority

Revenue

Bonds

(Þ)

430

5.000

07/01/39

432

California

School

Finance

Authority

Revenue

Bonds

(Þ)

545

5.000

07/01/40

557

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

08/01/42

1,018

California

School

Finance

Authority

Revenue

Bonds

(Þ)

125

5.000

08/01/46

126

California

School

Finance

Authority

Revenue

Bonds

(Þ)

100

4.000

10/01/46

84

California

State

University

Revenue

Bonds

6,350

5.000

11/01/41

6,587

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(~)(Ê)

400

0.170

05/15/24

400

California

Statewide

Communities

Development

Authority

Revenue

Bonds

500

4.000

09/02/26

499

California

Statewide

Communities

Development

Authority

Revenue

Bonds

400

4.000

09/02/27

399

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

2,125

3.500

11/01/27

2,060

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

350

5.000

12/01/27

362

California

Statewide

Communities

Development

Authority

Revenue

Bonds

300

4.000

09/02/28

299

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,320

1.750

09/01/29

1,160

California

Statewide

Communities

Development

Authority

Revenue

Bonds

275

5.000

04/01/30

288

California

Statewide

Communities

Development

Authority

Revenue

Bonds

300

4.000

09/02/30

298

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

341

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

Statewide

Communities

Development

Authority

Revenue

Bonds

435

4.750

09/02/33

445

California

Statewide

Communities

Development

Authority

Revenue

Bonds

700

4.500

11/01/33

756

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

3,125

6.125

11/01/33

3,131

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(µ)(Þ)

2,250

4.000

05/15/36

2,330

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

425

3.000

04/01/37

391

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(µ)

3,590

4.000

05/15/37

3,690

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(µ)

2,800

4.000

05/15/38

2,848

California

Statewide

Communities

Development

Authority

Revenue

Bonds

625

4.000

09/01/41

611

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,825

5.000

04/01/47

1,872

California

Statewide

Communities

Development

Authority

Special

Tax

1,965

5.000

09/01/42

2,034

California

Statewide

Financing

Authority

Revenue

Bonds

570

5.250

12/01/44

571

Chula

Vista

Community

Facilities

District

Special

Tax

(Þ)

880

4.000

09/01/36

903

Chula

Vista

Community

Facilities

District

Special

Tax

(Þ)

770

4.000

09/01/41

770

City

&

County

of

San

Francisco

Certificate

of

Participation

5,420

4.000

04/01/40

5,562

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

125

4.000

09/01/41

118

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

1

Tax

Allocation

(Þ)

375

5.000

09/01/32

404

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

1

Tax

Allocation

(Þ)

375

5.000

09/01/37

390

City

of

Atwater

Wastewater

Revenue

Bonds

(µ)

240

5.000

05/01/43

251

City

of

Beaumont

Special

Tax

600

5.000

09/01/43

629

City

of

Beaumont

Special

Tax

650

5.000

09/01/44

681

City

of

Bell

General

Obligation

Unlimited

(µ)

500

3.375

08/01/33

501

City

of

Bell

General

Obligation

Unlimited

(µ)

500

3.375

08/01/34

500

City

of

Calimesa

Special

Tax

185

4.000

09/01/33

189

City

of

Clovis

Wastewater

Revenue

Bonds

(µ)

1,250

5.000

08/01/28

1,354

City

of

Fillmore

Special

Tax

920

5.000

09/01/38

977

City

of

Fillmore

Special

Tax

1,100

5.000

09/01/43

1,146

City

of

Lemoore

Water

Revenue

Bonds

(µ)

230

5.000

06/01/33

252

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

6,368

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

7,630

4.000

05/15/39

7,998

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

5,640

5.000

05/15/39

6,465

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

12,945

4.000

05/15/40

13,503

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

25

City

of

Rocklin

Special

Tax

(µ)

1,490

4.000

09/01/43

1,517

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

253

City

of

Roseville

Special

Tax

500

4.500

09/01/33

503

City

of

Roseville

Special

Tax

30

4.000

09/01/34

30

City

of

Roseville

Special

Tax

2,250

5.000

09/01/35

2,336

City

of

Roseville

Special

Tax

35

4.000

09/01/36

35

City

of

Roseville

Special

Tax

125

2.500

09/01/37

101

City

of

Roseville

Special

Tax

40

4.000

09/01/38

39

City

of

Roseville

Special

Tax

45

4.000

09/01/40

42

City

of

Roseville

Special

Tax

725

4.000

09/01/41

697

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

342

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Roseville

Special

Tax

1,500

6.000

09/01/53

1,598

City

of

Sacramento

North

Natomas

Community

Facilities

District

No.

4

Revenue

Bonds

(µ)

2,745

5.000

09/01/30

3,128

City

of

San

Mateo

Special

Tax

(µ)

2,930

5.250

09/01/35

3,349

Corona

Community

Facilities

District

Special

Tax

100

5.000

09/01/30

109

Corona

Community

Facilities

District

Special

Tax

100

5.000

09/01/31

110

Corona

Community

Facilities

District

Special

Tax

180

5.250

09/01/33

200

Corona-Norco

Unified

School

District

General

Obligation

Unlimited

3,380

4.000

08/01/39

3,444

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

100

5.000

09/01/28

106

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

275

5.000

09/01/33

298

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

500

5.000

09/01/35

539

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

600

5.000

09/01/37

633

County

of

Los

Angeles

California

Community

Facilities

District

No.

2021-01

Special

Tax

400

5.000

09/01/47

406

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,105

5.000

09/01/28

1,187

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

400

5.000

09/01/29

430

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

775

5.000

09/01/32

831

Dinuba

Redevelopment

Agency

Tax

Allocation

(µ)

590

5.000

09/01/33

599

Dixon

Unified

School

District

General

Obligation

Unlimited

(µ)

110

5.000

08/01/34

124

Dublin

Community

Facilities

District

Improvement

Area

No.

1

Special

Tax

2,285

5.000

09/01/37

2,386

Fontana

Unified

School

District

General

Obligation

Unlimited

(µ)

1,500

2.375

08/01/44

1,096

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

3,690

5.000

06/01/28

3,986

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

(Þ)

750

5.000

06/01/33

826

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

2,300

5.000

06/01/34

2,533

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

1,150

5.000

06/01/45

1,183

Grossmont-Cuyamaca

Community

College

District

General

Obligation

Unlimited

425

5.000

08/01/34

474

Grossmont-Cuyamaca

Community

College

District

General

Obligation

Unlimited

1,000

5.000

08/01/36

1,105

Hayward

Unified

School

District

General

Obligation

Unlimited

(µ)

2,000

4.000

08/01/42

2,004

Hercules

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

2,050

5.000

08/01/37

2,320

Hercules

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

635

5.000

08/01/42

697

Hollister

Joint

Powers

Financing

Authority

Wastewater

Revenue

Bonds

(µ)

1,000

5.000

06/01/36

1,047

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

760

5.000

08/15/29

837

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

410

5.000

08/15/30

452

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,845

5.000

08/15/31

2,033

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,625

5.000

08/15/32

1,791

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,100

5.000

08/15/33

1,211

Inglewood

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,000

5.000

05/01/33

1,065

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)(Þ)

290

5.000

08/01/31

306

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

500

5.000

08/01/31

541

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

345

5.000

08/01/32

364

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

500

5.000

08/01/33

526

Irvine

Facilities

Financing

Authority

Revenue

Bonds

1,850

5.250

05/01/48

1,916

Irvine

Unified

School

District

Special

Tax

60

5.000

09/01/30

66

Irvine

Unified

School

District

Special

Tax

60

5.000

09/01/34

66

Irvine

Unified

School

District

Special

Tax

75

5.000

09/01/36

82

Kern

Community

College

District

General

Obligation

Unlimited

1,000

5.250

08/01/35

1,225

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

1,660

Lancaster

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,380

5.000

08/01/33

1,462

Long

Beach

Bond

Finance

Authority

Revenue

Bonds

1,000

5.000

11/15/24

1,010

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

343

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Los

Angeles

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

630

3.750

12/01/46

633

Los

Angeles

County

Metropolitan

Transportation

Authority

Revenue

Bonds

1,200

5.000

07/01/38

1,290

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

565

2.769

08/01/31

436

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

500

2.943

08/01/32

370

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

685

3.113

08/01/33

484

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

630

3.256

08/01/34

426

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

785

3.381

08/01/35

506

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

990

3.478

08/01/36

608

Lynwood

Utility

Authority

Revenue

Bonds

(µ)

465

5.000

06/01/32

501

Madera

Development

Agency

Successor

Agency

Tax

Allocation

2,305

5.000

09/01/36

2,513

Madera

Unified

School

District

General

Obligation

Unlimited

1,250

4.000

08/01/44

1,254

Menifee

Union

School

District

Special

Tax

150

5.000

09/01/42

156

Metropolitan

Water

District

of

Southern

California

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.140%)(ae)(Ê)

6,650

0.210

07/01/37

6,642

Modesto

Irrigation

District

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.630%)

(µ)(Ê)

2,500

0.744

09/01/37

2,347

Napa

Valley

Community

College

District

General

Obligation

Unlimited

4,000

Zero

coupon

08/01/31

4,104

Oxnard

Financing

Authority

Revenue

Bonds

(µ)

775

5.000

06/01/34

779

Oxnard

School

District

General

Obligation

Unlimited

(µ)

810

5.250

08/01/28

843

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

350

5.000

10/01/29

381

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)(Þ)

390

5.000

10/01/31

423

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)(Þ)

405

5.000

10/01/32

439

Palomar

Health

General

Obligation

Unlimited

(Þ)

2,230

5.000

08/01/29

2,351

Paramount

Unified

School

District

General

Obligation

Unlimited

(µ)

1,355

2.845

08/01/34

948

Reef-Sunset

Unified

School

District

General

Obligation

Unlimited

(µ)

665

5.000

08/01/38

705

Rio

Vista

Public

Financing

Authority

Special

Tax

275

5.000

09/01/27

291

Rio

Vista

Public

Financing

Authority

Special

Tax

(Þ)

235

5.000

09/01/29

249

River

Islands

Public

Financing

Authority

Special

Tax

(µ)

555

4.000

09/01/37

583

River

Islands

Public

Financing

Authority

Special

Tax

125

4.000

09/01/41

117

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

2,270

5.000

10/01/27

2,351

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

1,000

5.000

10/01/28

1,036

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

1,150

5.000

10/01/30

1,190

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

490

Zero

coupon

10/01/28

519

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

320

Riverside

County

Transportation

Commission

Revenue

Bonds

410

4.000

06/01/38

420

Riverside

County

Transportation

Commission

Revenue

Bonds

530

4.000

06/01/39

541

Riverside

County

Transportation

Commission

Revenue

Bonds

245

4.000

06/01/40

249

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

31

Romoland

School

District

Special

Tax

250

5.000

09/01/38

269

Root

Creek

Water

District

Community

Facilities

District

No.

2016-1

Impt

Area

No.

2

Special

Tax

2,690

5.000

09/01/43

2,801

Sacramento

Airport

System

Revenue

Bonds

4,700

5.000

07/01/41

4,847

Sacramento

County

Water

Financing

Authority

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.550%)(µ)(Ê)

1,800

0.785

06/01/34

1,701

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

2,950

3.622

07/01/34

1,944

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

1,885

3.775

07/01/36

1,134

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

344

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

3,180

3.835

07/01/37

1,829

San

Diego

Community

College

District

General

Obligation

Unlimited

(ae)

2,000

5.000

08/01/41

2,121

San

Diego

County

Regional

Airport

Authority

Revenue

Bonds

320

5.000

07/01/30

370

San

Diego

Unified

School

District

General

Obligation

Unlimited

1,000

6.625

07/01/41

998

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

Revenue

Bonds

3,000

5.250

05/01/48

3,424

San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

10,000

5.000

05/01/43

11,436

San

Jacinto

Unified

School

District

Financing

Authority

Special

Tax

100

5.000

09/01/36

105

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

Bonds

5,140

5.250

01/15/49

5,204

San

Leandro

Unified

School

District

General

Obligation

Unlimited

(µ)(Þ)

430

5.000

08/01/34

468

San

Ysidro

School

District

Certificate

of

Participation

(µ)

1,175

5.000

09/01/28

1,219

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

1,374

Santa

Ana

College

Improvement

District

#1

Rancho

Santiago

Community

College

District

General

Obligation

Unlimited

500

4.000

08/01/31

521

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,000

5.000

04/01/29

1,094

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

830

5.000

04/01/31

908

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

650

5.000

04/01/32

711

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

1,638

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

2,120

5.000

04/01/36

2,308

Santa

Rosa

High

School

District

General

Obligation

Unlimited

(µ)

1,100

5.000

08/01/35

1,169

South

Orange

County

Public

Financing

Authority

Special

Assessment

1,500

5.000

08/15/28

1,614

South

Orange

County

Public

Financing

Authority

Special

Assessment

(µ)

700

5.000

08/15/30

772

South

Orange

County

Public

Financing

Authority

Special

Assessment

(µ)

385

5.000

08/15/31

423

Southern

California

Public

Power

Authority

Revenue

Bonds

(~)(µ)(Ê)

9,765

4.200

07/01/35

9,765

State

of

California

Department

of

Water

Resources

Revenue

Bonds

1,500

5.000

12/01/25

1,565

State

of

California

General

Obligation

Unlimited

(Þ)

7,360

4.000

10/01/24

7,414

State

of

California

General

Obligation

Unlimited

5,000

5.000

04/01/25

5,125

State

of

California

General

Obligation

Unlimited

4,835

5.000

11/01/25

4,837

State

of

California

General

Obligation

Unlimited

(Þ)

2,575

5.000

10/01/27

2,703

State

of

California

General

Obligation

Unlimited

1,285

4.000

09/01/43

1,334

State

of

California

General

Obligation

Unlimited

270

5.000

04/01/49

291

Stockton

Community

Facilities

District

Special

Tax

55

2.000

09/01/24

54

Stockton

Community

Facilities

District

Special

Tax

60

2.250

09/01/26

57

Stockton

Community

Facilities

District

Special

Tax

60

2.375

09/01/28

56

Stockton

Community

Facilities

District

Special

Tax

70

2.750

09/01/31

65

Stockton

Community

Facilities

District

Special

Tax

70

3.000

09/01/33

65

Stockton

Community

Facilities

District

Special

Tax

75

3.000

09/01/34

69

Stockton

Community

Facilities

District

Special

Tax

50

3.000

09/01/35

46

Stockton

Community

Facilities

District

Special

Tax

155

3.125

09/01/37

138

Stockton

Community

Facilities

District

Special

Tax

130

3.125

09/01/39

111

Stockton

Community

Facilities

District

Special

Tax

155

3.250

09/01/41

130

Stockton

Public

Financing

Authority

Water

Revenue

Bonds

(µ)

1,565

5.000

10/01/30

1,732

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

130

5.000

06/01/28

140

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

500

5.000

06/01/35

543

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

175

4.000

06/01/49

180

Town

of

Tiburon

Special

Assessment

75

2.375

09/02/41

53

Town

of

Tiburon

Special

Assessment

150

2.500

09/02/46

100

Transbay

Joint

Powers

Authority

Tax

Allocation

120

5.000

10/01/33

129

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

345

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

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

727

Transbay

Joint

Powers

Authority

Tax

Allocation

120

5.000

10/01/37

127

Transbay

Joint

Powers

Authority

Tax

Allocation

370

5.000

10/01/39

388

University

of

California

Revenue

Bonds

(Þ)

3,640

5.000

05/15/26

3,834

University

of

California

Revenue

Bonds

(Þ)

13,295

5.500

05/15/40

16,120

University

of

California

Revenue

Bonds

(Þ)

2,650

5.000

05/15/41

2,759

University

of

California

Revenue

Bonds

(~)(Ê)

14,185

4.000

05/15/48

14,185

Vista

Unified

School

District

General

Obligation

Unlimited

(µ)

3,455

5.250

08/01/41

4,003

Washington

Township

Health

Care

District

Revenue

Bonds

875

5.750

07/01/48

976

Watereuse

Finance

Authority

Revenue

Bonds

1,230

5.500

05/01/36

1,236

West

Kern

Community

College

District

Certificate

of

Participation

(µ)

1,000

4.000

11/01/40

1,012

406,781

Colorado

-

2.2%

Adams

12

Five

Star

Schools

General

Obligation

Unlimited

(Þ)

3,500

5.000

12/15/30

3,703

Arapahoe

County

School

District

No.

5

Cherry

Creek

General

Obligation

Unlimited

2,250

2.300

12/15/28

2,124

Arapahoe

County

School

District

No.

6

Littleton

General

Obligation

Unlimited

(Þ)

1,500

5.500

12/01/43

1,643

Arkansas

River

Power

Authority

Revenue

Bonds

1,000

5.000

10/01/27

1,034

Arkansas

River

Power

Authority

Revenue

Bonds

1,200

5.000

10/01/28

1,254

Arkansas

River

Power

Authority

Revenue

Bonds

(Þ)

1,005

5.000

10/01/29

1,053

Arkansas

River

Power

Authority

Revenue

Bonds

1,000

5.000

10/01/30

1,047

Arkansas

River

Power

Authority

Revenue

Bonds

750

5.000

10/01/31

785

Arkansas

River

Power

Authority

Revenue

Bonds

2,660

5.000

10/01/38

2,748

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

2,338

Boulder

Larimer

&

Weld

Counties

St

Vrain

Valley

School

District

General

Obligation

Unlimited

1,500

5.000

12/15/36

1,598

Brighton

Crossing

Metropolitan

District

No.

4

General

Obligation

Unlimited

329

4.000

12/01/27

322

Buffalo

Ridge

Metropolitan

District

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/35

1,103

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,585

5.000

11/15/32

1,828

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,350

5.000

11/15/38

1,556

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,200

5.000

11/15/39

1,373

City

&

County

of

Denver

Airport

System

Revenue

Bonds

900

5.000

11/15/40

1,023

City

&

County

of

Denver

Airport

System

Revenue

Bonds

(Þ)

1,215

5.000

11/15/41

1,375

City

&

County

of

Denver

Airport

System

Revenue

Bonds

(Þ)

1,190

5.000

11/15/42

1,340

City

&

County

of

Denver

Dedicated

Excise

Tax

Revenue

Bonds

2,580

5.000

08/01/44

2,639

City

of

Boulder

Water

&

Sewer

Revenue

Bonds

4,250

4.000

12/01/42

4,398

City

of

Grand

Junction

Revenue

Bonds

1,000

4.000

03/01/39

1,025

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

80

4.000

05/01/26

80

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

70

4.000

05/01/29

70

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

605

4.000

06/01/29

619

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

60

4.000

05/01/30

60

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

1,000

5.000

08/15/30

1,008

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

325

4.000

06/01/31

334

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

850

5.000

12/01/31

861

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

100

4.000

05/01/36

97

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

25

4.000

05/01/41

23

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

335

4.000

10/01/46

282

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

75

5.000

06/01/49

75

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

75

5.000

06/01/54

75

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,150

Zero

coupon

07/15/24

1,133

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

346

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Colorado

Health

Facilities

Authority

Revenue

Bonds

(Þ)

1,725

5.000

11/01/25

1,776

Colorado

Health

Facilities

Authority

Revenue

Bonds

750

2.125

05/15/28

701

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

3,150

5.000

08/01/32

3,469

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

1,950

5.000

08/01/33

2,144

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,500

5.000

08/01/34

1,624

Colorado

Health

Facilities

Authority

Revenue

Bonds

855

5.000

08/01/35

920

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

5,885

5.000

08/01/35

6,355

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000

01/01/37

1,031

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,100

5.250

11/01/38

1,216

Colorado

Health

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

08/01/39

1,056

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

5.250

11/01/39

1,100

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,100

5.500

11/01/47

1,200

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

850

4.000

08/01/49

832

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,785

5.000

08/01/49

4,852

Colorado

Housing

&

Finance

Authority

Revenue

Bonds

1,060

4.250

11/01/49

1,064

Colorado

Mesa

University

Revenue

Bonds

2,260

5.000

05/15/31

2,519

Crystal

Valley

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

750

4.000

12/01/37

779

Crystal

Valley

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

1,200

4.000

12/01/38

1,236

Denver

Health

&

Hospital

Authority

Revenue

Bonds

1,465

5.000

12/01/30

1,552

Denver

Health

&

Hospital

Authority

Revenue

Bonds

620

5.000

12/01/31

656

Denver

Health

&

Hospital

Authority

Revenue

Bonds

450

5.000

12/01/33

475

Denver

Urban

Renewal

Authority

Tax

Allocation

(Þ)

1,175

5.250

12/01/39

1,188

E-470

Public

Highway

Authority

Revenue

Bonds

(µ)

3,865

Zero

coupon

09/01/27

3,457

E-470

Public

Highway

Authority

Revenue

Bonds

1,000

5.000

09/01/28

1,094

E-470

Public

Highway

Authority

Revenue

Bonds

(µ)

1,620

Zero

coupon

09/01/30

1,318

E-470

Public

Highway

Authority

Revenue

Bonds

(Þ)

155

5.000

09/01/34

176

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

(Þ)

1,250

5.000

12/01/32

1,287

Glen

Metropolitan

District

No.

2

General

Obligation

Unlimited

(Þ)

1,320

5.000

12/01/47

1,266

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

1,000

5.250

12/01/34

1,074

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

500

5.250

12/01/35

535

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

2,555

5.250

12/01/37

2,696

Morgan

Hill

Metropolitan

District

No.

3

General

Obligation

Limited

485

3.000

12/01/31

411

Park

Creek

Metropolitan

District

Revenue

Bonds

1,000

5.000

12/01/26

1,031

Park

Creek

Metropolitan

District

Revenue

Bonds

(µ)

1,150

5.000

12/01/28

1,204

Park

Creek

Metropolitan

District

Revenue

Bonds

365

5.000

12/01/34

374

Park

Creek

Metropolitan

District

Revenue

Bonds

500

5.000

12/01/37

509

Poudre

Tech

Metropolitan

District

General

Obligation

Unlimited

(µ)

1,435

4.000

12/01/34

1,505

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

(Þ)

1,500

5.000

12/15/41

1,501

Public

Authority

for

Colorado

Energy

Revenue

Bonds

1,000

6.250

11/15/28

1,064

Regional

Transportation

District

Revenue

Bonds

500

5.000

01/15/28

533

Regional

Transportation

District

Revenue

Bonds

(Þ)

1,465

4.000

07/15/35

1,524

Regional

Transportation

District

Revenue

Bonds

750

4.000

07/15/36

775

Regional

Transportation

District

Revenue

Bonds

1,150

3.000

07/15/37

1,044

Sierra

Ridge

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

1,040

4.000

12/01/42

1,033

St.

Vrain

Lakes

Metropolitan

District

No.

2

General

Obligation

Unlimited

500

5.000

12/01/37

500

State

of

Colorado

Certificate

of

Participation

2,300

6.000

12/15/38

2,820

State

of

Colorado

Certificate

of

Participation

2,000

6.000

12/15/41

2,424

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

848

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

347

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Weld

County

School

District

No.

RE-4

General

Obligation

Unlimited

1,000

5.000

12/01/42

1,119

113,540

Connecticut

-

2.3%

City

of

Bridgeport

General

Obligation

Unlimited

1,345

5.000

08/15/27

1,435

City

of

Bridgeport

General

Obligation

Unlimited

(µ)

965

5.000

07/01/29

973

City

of

Bridgeport

General

Obligation

Unlimited

1,640

5.000

11/01/33

1,753

City

of

Bridgeport

General

Obligation

Unlimited

700

5.000

11/01/34

747

City

of

Bridgeport

General

Obligation

Unlimited

1,310

5.000

09/01/39

1,444

City

of

Bridgeport

General

Obligation

Unlimited

690

4.000

09/01/41

695

City

of

Danbury

General

Obligations

Unlimited

(Þ)

6,105

5.000

09/24/24

6,155

City

of

Hartford

General

Obligation

Unlimited

(µ)

250

5.000

07/01/25

257

City

of

Hartford

General

Obligation

Unlimited

(µ)

2,205

5.000

07/01/31

2,265

City

of

Hartford

General

Obligation

Unlimited

(µ)

370

4.000

07/15/33

373

City

of

Hartford

General

Obligation

Unlimited

(µ)

180

4.000

07/01/34

182

City

of

New

Haven

General

Obligation

Unlimited

600

5.000

08/01/26

622

City

of

New

Haven

General

Obligation

Unlimited

(µ)

600

5.000

02/01/27

634

City

of

New

Haven

General

Obligation

Unlimited

450

5.000

08/01/27

474

City

of

New

Haven

General

Obligation

Unlimited

125

5.500

08/01/29

137

City

of

New

Haven

General

Obligation

Unlimited

500

5.500

08/01/30

547

City

of

New

Haven

General

Obligation

Unlimited

(µ)

1,915

5.000

09/01/30

1,974

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

(Þ)

1,000

4.000

08/01/37

1,004

City

of

New

Haven

General

Obligation

Unlimited

(µ)

1,900

5.250

08/01/43

2,137

City

of

Waterbury

General

Obligation

Unlimited

750

5.000

02/01/34

846

City

of

West

Haven

General

Obligation

Unlimited

400

5.000

11/01/24

405

City

of

West

Haven

General

Obligation

Unlimited

400

5.000

11/01/25

413

City

of

West

Haven

General

Obligation

Unlimited

525

5.000

11/01/26

552

City

of

West

Haven

General

Obligation

Unlimited

435

5.000

11/01/27

466

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

600

5.000

07/01/24

601

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000

07/01/26

1,018

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,830

5.000

01/01/27

1,910

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)(Þ)

2,650

1.100

07/01/33

2,577

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,025

5.000

07/01/40

1,121

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

500

4.000

07/01/41

414

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

16,000

0.780

07/01/42

16,000

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

5,000

2.800

07/01/48

4,976

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)(Þ)

400

1.800

07/01/49

396

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,315

2.950

07/01/49

1,318

County

of

Harris

Revenue

Bonds

(µ)

2,000

5.000

12/01/25

2,075

County

of

Harris

Revenue

Bonds

(µ)

1,765

5.000

12/01/26

1,876

Metropolitan

District

General

Obligation

Unlimited

(µ)

630

5.000

11/01/30

667

South

Central

Connecticut

Regional

Water

Authority

Revenue

Bonds

4,200

4.000

08/01/38

4,315

State

of

Connecticut

Clean

Water

Fund

-

State

Revolving

Fund

Revenue

Bonds

4,000

5.000

02/01/33

4,481

State

of

Connecticut

General

Obligation

Unlimited

1,060

5.000

06/15/27

1,141

State

of

Connecticut

General

Obligation

Unlimited

9,860

5.000

04/15/28

10,796

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

5,739

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

348

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

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

1,115

State

of

Connecticut

General

Obligation

Unlimited

(Þ)

4,975

4.000

04/15/37

5,134

State

of

Connecticut

Special

Tax

Revenue

Bonds

1,275

4.000

05/01/36

1,343

State

of

Connecticut

Special

Tax

Revenue

Bonds

2,500

4.000

05/01/40

2,560

State

of

Connecticut

Special

Tax

Revenue

Bonds

3,000

5.250

07/01/40

3,482

State

of

Connecticut

Special

Tax

Revenue

Bonds

3,200

4.000

11/01/40

3,283

Town

of

Hamden

General

Obligation

Unlimited

(µ)

400

5.000

08/15/29

434

Town

of

North

Branford

General

Obligation

Unlimited

4,860

5.000

08/02/24

4,898

Town

of

Stratford

General

Obligation

Unlimited

(µ)(Þ)

1,970

4.000

01/01/38

1,995

University

of

Connecticut

Revenue

Bonds

(µ)

1,585

5.000

03/15/29

1,657

University

of

Connecticut

Revenue

Bonds

(µ)

665

5.000

04/15/29

728

University

of

Connecticut

Revenue

Bonds

(µ)

3,455

5.000

01/15/36

3,648

119,184

Delaware

-

0.3%

Delaware

Municipal

Electric

Corp.

(The)

Revenue

Bonds

(µ)

335

5.000

10/01/38

370

Delaware

State

Economic

Development

Authority

Revenue

Bonds

55

4.000

08/01/29

54

Delaware

State

Economic

Development

Authority

Revenue

Bonds

185

5.000

08/01/39

188

Delaware

State

Economic

Development

Authority

Revenue

Bonds

(Þ)

175

4.000

09/01/41

165

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

800

5.000

07/01/29

860

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

600

5.000

06/01/30

637

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

2,000

5.000

10/01/40

2,138

Delaware

State

Housing

Authority

Revenue

Bonds

6,090

5.750

01/01/55

6,640

State

of

Delaware

General

Obligation

Unlimited

3,605

5.000

02/01/25

3,683

State

of

Delaware

General

Obligation

Unlimited

1,520

5.000

05/01/36

1,824

Town

of

Bridgeville

Special

Tax

(Þ)

75

4.000

07/01/24

75

Town

of

Bridgeville

Special

Tax

(Þ)

100

4.000

07/01/25

100

Town

of

Bridgeville

Special

Tax

(Þ)

100

4.000

07/01/26

100

Town

of

Bridgeville

Special

Tax

(Þ)

90

4.000

07/01/27

90

Town

of

Bridgeville

Special

Tax

375

4.000

07/01/30

372

17,296

District

of

Columbia

-

1.0%

District

of

Columbia

General

Obligation

Unlimited

2,000

5.000

06/01/42

2,099

District

of

Columbia

Housing

Finance

Agency

(~)(ae)(Ê)

1,580

5.000

06/01/26

1,618

District

of

Columbia

Housing

Finance

Agency

(~)(Ê)

1,850

5.000

12/01/26

1,891

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.000

07/01/26

5,081

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

4,500

5.000

10/01/41

4,636

District

of

Columbia

Revenue

Bonds

4,500

5.000

12/01/33

5,055

District

of

Columbia

Revenue

Bonds

5,750

5.000

12/01/34

6,444

District

of

Columbia

Revenue

Bonds

(Þ)

2,000

5.000

06/01/36

2,023

District

of

Columbia

Revenue

Bonds

125

5.000

07/01/37

129

District

of

Columbia

Revenue

Bonds

1,755

5.000

10/01/37

2,082

District

of

Columbia

Revenue

Bonds

2,500

5.000

12/01/37

2,918

District

of

Columbia

Revenue

Bonds

1,905

5.000

06/01/40

1,866

District

of

Columbia

Revenue

Bonds

2,185

4.000

03/01/45

2,177

District

of

Columbia

Water

&

Sewer

Authority

Revenue

Bonds

(~)(ae)(Ê)

425

3.000

10/01/57

415

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Bonds

(Þ)

5,000

5.000

10/01/26

5,294

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(Þ)

150

5.000

10/01/31

163

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(Þ)

605

5.000

10/01/33

657

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

1,500

Zero

coupon

10/01/37

820

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(Þ)

1,000

5.000

10/01/38

1,064

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

349

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,805

4.000

10/01/49

1,680

Washington

Metropolitan

Area

Transit

Authority

Revenue

Bonds

600

5.000

07/15/37

679

Washington

Metropolitan

Area

Transit

Authority

Revenue

Bonds

2,500

5.000

07/15/48

2,755

51,546

Florida

-

6.4%

Abbott

Square

Community

Development

District

Special

Assessment

165

4.500

06/15/27

165

Aberdeen

Community

Development

District

Special

Assessment

(µ)

1,000

3.250

05/01/36

953

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

100

2.350

05/01/26

96

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

185

3.000

05/01/31

166

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

500

3.250

05/01/41

392

Alachua

County

Health

Facilities

Authority

Revenue

Bonds

(Þ)

250

4.000

10/01/40

217

Arbors

Community

Development

District

Special

Assessment

(Þ)

120

4.500

05/01/30

121

Arbors

Community

Development

District

Special

Assessment

(Þ)

130

5.400

05/01/43

133

Arborwood

Community

Development

District

Special

Assessment

(µ)(Þ)

1,210

2.750

05/01/25

1,202

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,250

3.000

05/01/26

1,248

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,285

3.125

05/01/27

1,288

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,330

3.250

05/01/28

1,334

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,370

3.500

05/01/32

1,382

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

490

2.300

05/01/26

467

Astonia

Community

Development

District

Revenue

Bonds

(Þ)

250

4.350

06/15/30

251

Astonia

Community

Development

District

Special

Assessment

(Þ)

125

2.500

05/01/26

120

Astonia

Community

Development

District

Special

Assessment

(Þ)

250

3.000

05/01/31

229

Astonia

Community

Development

District

Special

Assessment

(Þ)

210

4.500

05/01/31

211

Avalon

Park

West

Community

Development

District

Special

Assessment

(Þ)

200

4.700

05/01/32

203

Ave

Maria

Stewardship

Community

District

Special

Assessment

745

2.875

05/01/27

718

Ave

Maria

Stewardship

Community

District

Special

Assessment

(Þ)

225

3.000

05/01/27

217

Ave

Maria

Stewardship

Community

District

Special

Assessment

(µ)

2,225

2.750

05/01/33

2,141

Ave

Maria

Stewardship

Community

District

Special

Assessment

(Þ)

600

4.500

05/01/33

600

Ave

Maria

Stewardship

Community

District

Special

Assessment

(µ)(Þ)

2,920

3.000

05/01/38

2,672

Ave

Maria

Stewardship

Community

District

Special

Assessment

2,000

4.000

05/01/42

1,723

Avenir

Community

Development

District

Special

Assessment

150

4.500

05/01/30

151

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

170

3.100

11/01/31

154

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

(Þ)

95

2.375

05/01/26

91

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

(Þ)

250

2.875

05/01/31

223

Bannon

Lakes

Community

Development

District

Special

Assessment

50

3.300

05/01/32

46

Bauer

Drive

Community

Development

District

Special

Assessment

150

4.500

06/15/30

151

Bauer

Drive

Community

Development

District

Special

Assessment

(Þ)

405

5.375

06/15/43

413

Bauer

Drive

Community

Development

District

Special

Assessment

(Þ)

790

5.500

06/15/53

803

Berry

Bay

Community

Development

District

Special

Assessment

335

4.625

05/01/30

338

Black

Creek

Community

Development

District

Special

Assessment

250

5.125

06/15/32

254

Bonterra

Community

Development

District

Special

Assessment

(Þ)

195

2.750

05/01/24

195

Bonterra

Community

Development

District

Special

Assessment

215

3.250

05/01/27

211

Bonterra

Community

Development

District

Special

Assessment

220

3.400

05/01/28

216

Bonterra

Community

Development

District

Special

Assessment

720

3.625

05/01/31

712

Bonterra

Community

Development

District

Special

Assessment

655

4.000

05/01/37

654

Bridgewalk

Community

Development

District

Special

Assessment

(Þ)

135

2.500

06/15/27

126

Bridgewalk

Community

Development

District

Special

Assessment

(Þ)

225

5.500

12/15/30

231

Broward

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

345

4.050

09/01/56

348

Buena

Lago

Community

Development

District

Revenue

Bonds

255

4.500

05/01/32

254

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

120

4.500

01/01/35

110

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

350

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

100

4.000

07/01/41

82

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,000

5.250

12/01/43

979

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

500

5.250

12/01/58

475

Celebration

Community

Development

District

Special

Assessment

105

2.250

05/01/26

101

Celebration

Community

Development

District

Special

Assessment

115

2.750

05/01/31

105

Center

Lake

Ranch

West

Community

Development

District

Special

Assessment

(Þ)

445

5.000

05/01/30

454

Centre

Lake

Community

Development

District

Special

Assessment

(Þ)

260

2.750

05/01/31

232

Centre

Lake

Community

Development

District

Special

Assessment

(Þ)

1,000

3.000

05/01/42

768

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

120

3.500

11/01/27

118

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

120

3.500

11/01/28

118

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

443

3.500

05/01/31

416

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

130

4.000

05/01/31

129

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

650

4.000

11/01/33

648

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

1,036

4.000

05/01/37

955

CFM

Community

Development

District

Special

Assessment

185

2.400

05/01/26

177

CFM

Community

Development

District

Special

Assessment

125

2.875

05/01/31

111

Charles

Cove

Community

Development

District

Special

Assessment

200

2.400

05/01/26

191

Charles

Cove

Community

Development

District

Special

Assessment

280

3.000

05/01/31

251

City

of

Fort

Lauderdale

Revenue

Bonds

(Þ)

210

5.000

07/01/28

216

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

230

5.000

07/01/30

236

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

240

5.000

07/01/31

247

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

255

5.000

07/01/32

263

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,450

4.000

07/01/37

1,323

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,000

4.000

07/01/42

863

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,625

4.000

07/01/48

1,330

City

of

Fort

Lauderdale

Water

&

Sewer

Revenue

Bonds

2,440

4.000

03/01/38

2,496

City

of

Jacksonville

Revenue

Bonds

3,000

5.000

10/01/26

3,167

City

of

Miami

Beach

Parking

Revenue

Bonds

(µ)

1,755

5.000

09/01/33

1,788

City

of

Miami

Beach

Revenue

Bonds

1,350

5.000

09/01/45

1,364

City

of

Palmetto

Revenue

Bonds

210

4.250

06/01/27

212

City

of

Palmetto

Revenue

Bonds

400

5.000

06/01/32

428

City

of

Palmetto

Revenue

Bonds

(Þ)

300

5.125

06/01/42

311

City

of

St.

Petersburg

Public

Utility

Revenue

Bonds

(Þ)

1,000

5.000

10/01/49

1,062

City

of

Tallahassee

Revenue

Bonds

650

5.000

12/01/28

666

City

of

Tampa

Revenue

Bonds

720

5.000

07/01/32

796

City

of

Tampa

Revenue

Bonds

725

5.000

07/01/33

800

City

of

Tampa

Revenue

Bonds

1,325

4.000

07/01/38

1,346

City

of

Tampa

Special

Assessment

2,345

5.250

05/01/46

2,491

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

2,289

Cityplace

Community

Development

District

Special

Assessment

(µ)

3,000

0.630

05/01/33

3,035

Cobblestone

Community

Development

District

Special

Assessment

190

3.400

05/01/27

185

Cobblestone

Community

Development

District

Special

Assessment

(Þ)

235

3.800

05/01/32

221

Cobblestone

Community

Development

District

Special

Assessment

460

3.800

05/01/32

432

Coddington

Community

Development

District

Special

Assessment

(Þ)

230

4.200

05/01/27

229

Collier

County

Educational

Facilities

Authority

Revenue

Bonds

2,360

5.500

06/01/31

2,544

Connerton

East

Community

Development

District

Special

Assessment

(Þ)

695

4.250

06/15/30

699

Copes

Landing

Community

Development

District

Special

Assessment

550

4.875

05/01/30

557

Copper

Oaks

Community

Development

District

Special

Assessment

(Þ)

681

3.000

05/01/31

611

Copper

Oaks

Community

Development

District

Special

Assessment

(Þ)

770

3.000

05/01/35

643

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

155

2.400

05/01/26

148

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

351

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

100

4.500

05/01/27

100

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

170

2.800

05/01/31

151

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

170

5.100

05/01/32

173

Cordova

Palms

Community

Development

District

Special

Assessment

(Þ)

100

5.300

05/01/32

102

Corkscrew

Crossing

Community

Development

District

Special

Assessment

250

4.125

05/01/28

249

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

155

4.500

11/01/28

155

Country

Greens

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/34

101

Country

of

Brevard

Solid

Waste

Management

System

Revenue

Bonds

5,415

5.500

09/01/48

6,087

County

of

Broward

Tourist

Development

Tax

Revenue

Bonds

4,500

4.000

09/01/39

4,540

County

of

Miami-Dade

Aviation

Revenue

Bonds

4,100

4.000

10/01/38

4,138

County

of

Miami-Dade

General

Obligation

Unlimited

940

5.000

07/01/38

974

County

of

Miami-Dade

Revenue

Bonds

(µ)

4,310

3.233

10/01/35

2,649

County

of

Miami-Dade

Revenue

Bonds

1,865

5.000

04/01/45

2,015

County

of

Miami-Dade

Revenue

Bonds

1,285

5.000

04/01/48

1,379

County

of

Miami-Dade

Transit

System

Revenue

Bonds

5,035

5.000

07/01/43

5,538

County

of

Miami-Dade

Transit

System

Revenue

Bonds

9,515

5.000

07/01/44

10,405

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

Bonds

1,275

4.000

10/01/39

1,307

County

of

Osceola

Transportation

Revenue

Bonds

400

5.000

10/01/32

431

County

of

Osceola

Transportation

Revenue

Bonds

350

5.000

10/01/33

377

County

of

Osceola

Transportation

Revenue

Bonds

250

5.000

10/01/34

268

County

of

Osceola

Transportation

Revenue

Bonds

440

5.000

10/01/35

470

County

of

Osceola

Transportation

Revenue

Bonds

600

5.000

10/01/36

636

County

of

Osceola

Transportation

Revenue

Bonds

525

5.000

10/01/37

552

County

of

Osceola

Transportation

Revenue

Bonds

790

5.000

10/01/38

827

County

of

Pasco

Revenue

Bonds

(µ)

100

5.250

09/01/35

117

County

of

Pasco

Revenue

Bonds

(µ)

100

5.250

09/01/36

116

County

of

Pasco

Revenue

Bonds

(µ)

50

5.500

09/01/37

58

County

of

Pasco

Revenue

Bonds

(µ)

40

5.500

09/01/38

46

County

of

Pasco

Revenue

Bonds

(µ)

3,755

5.500

09/01/39

4,319

County

of

Pasco

Revenue

Bonds

(µ)

710

5.750

09/01/54

798

County

of

St.

Johns

Water

&

Sewer

Revenue

Bonds

2,500

5.000

06/01/52

2,738

Creek

Preserve

Community

Development

District

Revenue

Bonds

(Þ)

500

4.250

11/01/30

494

Creek

Preserve

Community

Development

District

Special

Assessment

(Þ)

1,215

4.700

11/01/39

1,163

Cross

Creek

North

Community

Development

District

Special

Assessment

375

4.500

05/01/30

376

Crossings

Community

Development

District

Special

Assessment

(Þ)

1,735

5.000

05/01/42

1,706

Crystal

Cay

Community

Development

District

Special

Assessment

850

3.050

05/01/41

697

Cypress

Bay

West

Community

Development

District

Special

Assessment

(Þ)

140

4.625

05/01/30

141

Cypress

Bluff

Community

Development

District

Special

Assessment

(Þ)

800

3.625

05/01/40

710

Cypress

Mill

Community

Development

District

Special

Assessment

385

3.000

06/15/31

347

Cypress

Mill

Community

Development

District

Special

Assessment

635

5.000

05/01/43

654

Cypress

Shadows

Community

Development

District

Special

Assessment

(Þ)

108

5.000

11/01/32

112

Cypress

Shadows

Community

Development

District

Special

Assessment

(Þ)

292

5.000

11/01/37

296

Cypress

Shadows

Community

Development

District

Special

Assessment

(Þ)

347

5.000

11/01/42

342

Deer

Run

Community

Development

District

Special

Assessment

1,130

5.400

05/01/39

1,157

Deerbrook

Community

Development

District

Revenue

Bonds

(Þ)

345

4.375

05/01/30

345

DG

Farms

Community

Development

District

Special

Assessment

100

2.750

05/01/25

98

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

30

2.375

05/01/26

29

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

60

3.000

05/01/32

56

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

56

East

547

Community

Development

District

Revenue

Bonds

305

5.500

05/01/30

312

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

352

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

340

4.375

11/01/29

343

East

Nassau

Stewardship

District

Special

Assessment

145

2.400

05/01/26

139

East

Nassau

Stewardship

District

Special

Assessment

235

3.000

05/01/31

211

Eden

Hills

Community

Development

District

Special

Assessment

50

3.250

05/01/27

49

Edgewater

East

Community

Development

District

Special

Assessment

30

2.500

05/01/26

29

Edgewater

East

Community

Development

District

Special

Assessment

120

3.000

05/01/27

114

Edgewater

East

Community

Development

District

Special

Assessment

100

3.100

05/01/31

91

Elevation

Pointe

Community

Development

District

Special

Assessment

(Þ)

205

3.900

05/01/27

202

Elevation

Pointe

Community

Development

District

Special

Assessment

(Þ)

250

4.125

05/01/32

242

Elevation

Pointe

Community

Development

District

Special

Assessment

(Þ)

1,105

4.400

05/01/32

1,082

Enbrook

Community

Development

District

Special

Assessment

(Þ)

105

2.500

05/01/25

103

Entrada

Community

Development

District

Special

Assessment

(Þ)

370

2.625

05/01/31

334

Epperson

North

Community

Development

District

Special

Assessment

60

2.500

05/01/26

57

Epperson

North

Community

Development

District

Special

Assessment

(Þ)

210

2.450

11/01/26

199

Epperson

North

Community

Development

District

Special

Assessment

155

3.000

05/01/31

138

Epperson

North

Community

Development

District

Special

Assessment

(Þ)

290

3.100

11/01/31

258

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

360

5.000

08/15/32

381

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

1,000

5.000

08/15/33

1,058

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

355

5.000

08/15/34

375

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

540

5.000

08/15/35

568

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

1,000

5.000

08/15/36

1,045

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

160

5.000

08/15/38

165

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

(Þ)

100

3.250

11/01/25

98

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

170

4.000

11/01/40

151

Fishhawk

Ranch

Community

Development

District

Special

Assessment

(µ)

200

2.750

11/01/35

176

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

110

4.000

06/01/25

108

Florida

Development

Finance

Corp.

Revenue

Bonds

285

5.000

04/01/26

295

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

06/01/26

96

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

12/15/29

98

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

135

5.000

06/01/31

131

Florida

Development

Finance

Corp.

Revenue

Bonds

170

4.000

07/01/31

172

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

925

5.000

10/01/32

938

Florida

Development

Finance

Corp.

Revenue

Bonds

760

5.000

06/15/33

783

Florida

Development

Finance

Corp.

Revenue

Bonds

800

5.000

06/15/34

823

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

150

5.000

12/15/34

154

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

06/01/35

95

Florida

Development

Finance

Corp.

Revenue

Bonds

1,260

5.000

06/15/35

1,294

Florida

Development

Finance

Corp.

Revenue

Bonds

1,325

5.000

06/15/36

1,356

Florida

Development

Finance

Corp.

Revenue

Bonds

1,750

5.000

02/01/37

1,755

Florida

Development

Finance

Corp.

Revenue

Bonds

2,780

5.000

06/15/37

2,835

Florida

Development

Finance

Corp.

Revenue

Bonds

860

5.000

06/15/38

874

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

125

5.000

12/15/39

126

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

225

5.125

06/01/40

200

Florida

Governmental

Utility

Authority

Revenue

Bonds

(µ)

1,000

5.000

10/01/31

1,118

Florida

Governmental

Utility

Authority

Revenue

Bonds

(µ)

2,300

5.000

10/01/32

2,576

Florida

Governmental

Utility

Authority

Revenue

Bonds

(µ)

1,600

5.000

10/01/33

1,787

Florida

Governmental

Utility

Authority

Revenue

Bonds

(µ)

1,000

4.000

10/01/35

1,037

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

800

4.500

06/01/33

781

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

150

4.750

06/01/38

141

Florida

Insurance

Assistance

Revenue

Bonds

1,780

5.000

09/01/25

1,810

Florida

Insurance

Assistance

Revenue

Bonds

605

5.000

09/01/26

630

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

353

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Florida

Insurance

Assistance

Revenue

Bonds

1,425

5.000

09/01/27

1,493

Florida

Municipal

Power

Agency

Revenue

Bonds

4,720

5.000

10/01/28

4,940

Florida

Municipal

Power

Agency

Revenue

Bonds

400

3.000

10/01/32

388

Flow

Way

Community

Development

District

Special

Assessment

210

4.000

11/01/28

208

Flow

Way

Community

Development

District

Special

Assessment

(Þ)

200

4.875

11/01/37

200

Flow

Way

Community

Development

District

Special

Assessment

100

5.000

11/01/38

101

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

103

Forest

Brooke

Community

Development

District

Special

Assessment

105

3.000

11/01/26

102

Forest

Brooke

Community

Development

District

Special

Assessment

110

3.000

11/01/27

107

Forest

Brooke

Community

Development

District

Special

Assessment

115

3.000

11/01/28

111

Forest

Brooke

Community

Development

District

Special

Assessment

115

3.000

11/01/29

111

Forest

Brooke

Community

Development

District

Special

Assessment

1,000

3.000

11/01/39

838

Golden

Lakes

Community

Development

District

Special

Assessment

(µ)(Þ)

80

3.500

05/01/24

80

Golden

Lakes

Community

Development

District

Special

Assessment

(µ)

510

4.250

05/01/32

526

Gracewater

Sarasota

Community

Development

District

Special

Assessment

(Þ)

355

2.400

05/01/26

340

Grand

Oaks

Community

Development

District

Special

Assessment

(Þ)

115

2.625

11/01/26

109

Grande

Pines

Community

Development

District

Special

Assessment

800

3.200

05/01/31

727

Grove

Resort

Community

Development

District

Special

Assessment

(Þ)

120

2.950

05/01/27

114

Hacienda

North

Community

Development

District

Special

Assessment

(Þ)

1,000

5.500

05/01/33

1,038

Hammock

Oaks

Community

Development

District

Special

Assessment

(Þ)

195

4.875

05/01/30

197

Harbor

Bay

Community

Development

District

Special

Assessment

880

3.300

05/01/29

837

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

201

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

620

5.100

05/01/38

633

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

635

5.000

05/01/43

637

Heritage

Harbor

North

Community

Development

District

Special

Assessment

100

5.000

05/01/34

103

Hillcrest

Community

Development

District

Special

Assessment

300

4.000

11/01/28

297

Hillcrest

Community

Development

District

Special

Assessment

300

4.500

11/01/38

286

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

131

Hillsborough

County

Aviation

Authority

Revenue

Bonds

1,000

4.000

10/01/37

1,048

Hillsborough

County

Aviation

Authority

Revenue

Bonds

1,000

4.000

10/01/42

1,019

Hillsborough

County

Aviation

Authority

Revenue

Bonds

(Þ)

7,500

5.000

10/01/47

8,204

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

11,900

4.000

08/01/45

11,381

Hilltop

Point

Community

Development

District

Special

Assessment

320

5.100

05/01/32

321

Hyde

Park

Community

Development

District

No.

1

Special

Assessment

500

3.600

05/01/32

462

Hyde

Park

Community

Development

District

No.

2

Special

Assessment

345

3.250

05/01/27

333

Island

Lakes

Estate

Special

Assessment

310

4.875

12/15/28

314

JEA

Water

&

Sewer

System

Revenue

Bonds

9,295

5.250

10/01/49

10,467

Julington

Creek

Plantation

Community

Development

District

Special

Assessment

(µ)

1,035

5.000

05/01/32

1,160

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

345

4.000

05/01/28

342

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

100

2.750

05/01/31

88

Kelly

Park

Community

Development

District

Special

Assessment

(Þ)

280

5.125

11/01/30

283

Kindred

Community

Development

District

II

Special

Assessment

(Þ)

165

2.200

05/01/26

158

Kindred

Community

Development

District

II

Special

Assessment

(Þ)

135

2.700

05/01/31

123

Kingman

Gate

Community

Development

District

Special

Assessment

(Þ)

125

2.500

06/15/26

120

Kingman

Gate

Community

Development

District

Special

Assessment

(Þ)

250

3.125

06/15/31

237

Lake

Emma

Community

Development

District

Special

Assessment

(Þ)

125

4.500

05/01/30

125

Lakeshore

Ranch

Community

Development

District

Special

Assessment

(Þ)

370

3.000

05/01/25

363

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

354

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Lakeshore

Ranch

Community

Development

District

Special

Assessment

(Þ)

380

3.000

05/01/26

370

Lakeshore

Ranch

Community

Development

District

Special

Assessment

390

3.000

05/01/27

379

Lakeshore

Ranch

Community

Development

District

Special

Assessment

405

3.000

05/01/28

392

Lakeshore

Ranch

Community

Development

District

Special

Assessment

(Þ)

415

3.000

05/01/29

402

Lakeshore

Ranch

Community

Development

District

Special

Assessment

2,675

3.000

05/01/35

2,482

Lakewood

Park

Community

Development

District

Special

Assessment

190

4.750

05/01/30

192

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

140

2.125

05/01/26

133

Lakewood

Ranch

Stewardship

District

Special

Assessment

325

2.125

05/01/26

309

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

550

2.000

05/01/27

518

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

585

2.000

05/01/30

523

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

310

3.125

05/01/30

286

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

100

3.200

05/01/30

92

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

260

2.625

05/01/31

227

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

410

2.700

05/01/31

356

Lakewood

Ranch

Stewardship

District

Special

Assessment

500

6.125

05/01/43

524

Laurel

Road

Community

Development

District

Special

Assessment

265

2.600

05/01/26

254

Laurel

Road

Community

Development

District

Special

Assessment

855

3.125

05/01/31

761

Lee

Memorial

Health

System

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000

04/01/33

1,022

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

983

Mangrove

Point

&

Mangrove

Manor

Community

Development

District

Special

Assessment

(Þ)

240

3.800

05/01/27

236

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

520

4.750

11/01/29

528

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

(Þ)

350

2.400

05/01/26

335

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

110

2.400

05/01/26

105

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

205

3.000

05/01/31

184

Mediterranea

Community

Development

District

Special

Assessment

260

4.250

05/01/29

260

Mediterranea

Community

Development

District

Special

Assessment

1,130

4.750

05/01/37

1,115

Merrick

Square

Community

Development

District

Special

Assessment

(Þ)

200

4.500

05/01/30

201

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

500

4.000

11/15/41

489

Midtown

Miami

Community

Development

District

Special

Assessment

100

5.000

05/01/29

100

Midtown

Miami

Community

Development

District

Special

Assessment

1,835

5.000

05/01/37

1,835

Mitchell

Ranch

Community

Development

District

Special

Assessment

475

3.375

12/15/30

446

Naples

Reserve

Community

Development

District

Special

Assessment

(Þ)

535

4.625

11/01/29

540

North

Dade

Community

Development

District

Special

Assessment

88

3.500

05/01/24

88

North

Dade

Community

Development

District

Special

Assessment

(Þ)

92

3.500

05/01/25

91

North

Dade

Community

Development

District

Special

Assessment

96

3.500

05/01/26

94

North

Dade

Community

Development

District

Special

Assessment

100

3.500

05/01/27

98

North

Dade

Community

Development

District

Special

Assessment

(Þ)

99

3.500

05/01/28

97

North

Dade

Community

Development

District

Special

Assessment

(Þ)

327

3.750

05/01/31

322

North

Dade

Community

Development

District

Special

Assessment

824

4.000

05/01/38

796

North

Springs

Improvement

District

General

Obligation

Unlimited

(µ)(Þ)

2,000

4.000

05/01/41

2,041

North

Sumter

County

Utility

Dependent

District

Revenue

Bonds

(Þ)

575

5.000

10/01/31

655

Orange

County

Convention

Center

Revenue

Bonds

3,605

5.000

10/01/31

3,783

Orlando

Utilities

Commission

Revenue

Bonds

(~)(Ê)

575

1.250

10/01/46

502

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

150

4.000

06/01/26

148

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

100

4.000

05/15/30

90

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

625

4.000

06/01/31

595

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

1,105

4.000

05/15/36

890

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

200

7.500

05/15/53

207

Palm

Beach

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,515

5.000

02/01/27

3,609

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

355

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Palm

Coast

Park

Community

Development

District

Special

Assessment

120

2.400

05/01/26

115

Palm

Coast

Park

Community

Development

District

Special

Assessment

200

4.700

05/01/33

202

Palm

Glades

Community

Development

District

Special

Assessment

750

4.000

11/01/33

757

Park

East

Community

Development

District

Special

Assessment

(Þ)

220

2.400

11/01/26

206

Parker

Road

Community

Development

District

Special

Assessment

120

3.100

05/01/25

118

Parker

Road

Community

Development

District

Special

Assessment

255

3.375

05/01/30

232

Parkview

at

Long

Lake

Ranch

Community

Development

District

Special

Assessment

265

2.500

05/01/25

259

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

95

3.500

05/01/25

94

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

100

4.000

05/01/26

101

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

105

4.000

05/01/27

106

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

110

4.000

05/01/28

112

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

455

4.000

05/01/25

455

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

495

4.000

05/01/27

500

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

375

4.500

05/01/31

384

Pine

Isle

Community

Development

District

Special

Assessment

(Þ)

190

2.375

12/15/26

181

Pine

Isle

Community

Development

District

Special

Assessment

115

4.500

06/15/30

117

Pine

Isle

Community

Development

District

Special

Assessment

(Þ)

100

3.000

12/15/31

93

Pine

Isle

Community

Development

District

Special

Assessment

525

5.375

06/15/43

545

Pine

Isle

Community

Development

District

Special

Assessment

815

5.500

06/15/53

846

Polk

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

522

4.150

06/01/26

530

Portico

Community

Development

District

Special

Assessment

25

3.250

05/01/31

23

Preston

Cove

Community

Development

District

Special

Assessment

200

3.250

05/01/27

193

Preston

Cove

Community

Development

District

Special

Assessment

335

3.600

05/01/32

310

Preston

Cove

Community

Development

District

Special

Assessment

1,800

4.125

05/01/52

1,470

Prosperity

Lakes

Community

Development

District

Revenue

Bonds

(Þ)

230

5.150

12/15/30

235

Ranches

at

Lake

McLeod

Community

Development

District

Revenue

Bonds

175

4.625

06/15/30

176

Reunion

East

Community

Development

District

Special

Assessment

415

2.400

05/01/26

398

Reunion

East

Community

Development

District

Special

Assessment

700

2.850

05/01/31

630

Reunion

West

Community

Development

District

Special

Assessment

100

2.600

05/01/27

96

Reunion

West

Community

Development

District

Special

Assessment

405

3.000

05/01/28

386

Reunion

West

Community

Development

District

Special

Assessment

400

3.000

05/01/29

377

Reunion

West

Community

Development

District

Special

Assessment

400

3.000

05/01/30

371

Reunion

West

Community

Development

District

Special

Assessment

435

3.000

05/01/31

398

Reunion

West

Community

Development

District

Special

Assessment

450

3.000

05/01/36

386

Ridge

at

Apopka

Community

Development

District

Special

Assessment

500

5.000

05/01/32

505

River

Glen

Community

Development

District

Special

Assessment

151

2.500

05/01/29

140

River

Glen

Community

Development

District

Special

Assessment

(Þ)

159

2.500

05/01/31

141

River

Glen

Community

Development

District

Special

Assessment

750

3.000

05/01/31

678

River

Glen

Community

Development

District

Special

Assessment

509

3.000

05/01/34

466

River

Glen

Community

Development

District

Special

Assessment

750

3.000

05/01/36

615

River

Glen

Community

Development

District

Special

Assessment

685

3.000

05/01/38

568

River

Hall

Community

Development

District

Special

Assessment

(Þ)

220

5.375

05/01/30

225

River

Landing

Community

Development

District

Special

Assessment

850

4.125

05/01/40

762

Rivers

Edge

III

Community

Development

District

Special

Assessment

(Þ)

160

2.400

05/01/26

153

Rivers

Edge

III

Community

Development

District

Special

Assessment

(Þ)

300

3.000

05/01/31

270

Rivington

Community

Development

District

Special

Assessment

285

3.250

05/01/27

276

Rivington

Community

Development

District

Special

Assessment

430

3.625

05/01/32

398

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

356

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Rolling

Hills

Community

Development

District

Special

Assessment

360

3.400

05/01/32

328

Rolling

Hills

Community

Development

District

Special

Assessment

400

3.650

05/01/32

370

Rolling

Hills

Community

Development

District

Special

Assessment

485

3.750

05/01/42

400

Rye

Crossing

Community

Development

District

Special

Assessment

(Þ)

205

4.125

05/01/30

205

Rye

Crossing

Community

Development

District

Special

Assessment

(Þ)

200

5.000

11/01/30

202

Sampson

Creek

Community

Development

District

Special

Assessment

(µ)

95

2.375

05/01/35

83

Sampson

Creek

Community

Development

District

Special

Assessment

(µ)

190

2.625

05/01/40

154

Sanctuary

Cove

Community

Development

District

Special

Assessment

70

2.125

05/01/26

67

Sanctuary

Cove

Community

Development

District

Special

Assessment

190

2.625

05/01/31

172

Sanctuary

Cove

Community

Development

District

Special

Assessment

400

3.125

05/01/41

321

Sanctuary

Cove

Community

Development

District

Special

Assessment

770

4.000

05/01/52

662

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

185

2.300

11/01/26

176

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

85

5.000

11/01/29

87

Sarasota

National

Community

Development

District

Special

Assessment

135

3.400

05/01/31

126

Sarasota

National

Community

Development

District

Special

Assessment

1,495

3.500

05/01/31

1,469

Sarasota

National

Community

Development

District

Special

Assessment

(Þ)

125

3.625

05/01/31

119

Sarasota

National

Community

Development

District

Special

Assessment

2,200

4.000

05/01/39

2,083

Savanna

Lakes

Community

Development

District

Special

Assessment

(Þ)

200

4.250

06/15/30

200

Sawgrass

Village

Community

Development

District

Special

Assessment

(Þ)

115

4.875

05/01/30

116

Sawgrass

Village

Community

Development

District

Special

Assessment

(Þ)

240

5.500

05/01/43

241

Sawyers

Landing

Community

Development

District

Special

Assessment

(Þ)

295

3.250

05/01/26

283

Scenic

Terrace

South

Community

Development

District

Special

Assessment

(Þ)

60

3.750

05/01/27

59

Scenic

Terrace

South

Community

Development

District

Special

Assessment

215

5.750

11/01/30

221

School

Board

of

Miami-Dade

County

(The)

Certificate

of

Participation

(Þ)

5,000

5.000

05/01/31

5,102

School

District

of

Broward

County

General

Obligation

Limited

885

5.000

07/01/39

990

School

District

of

Broward

County

General

Obligation

Limited

590

5.000

07/01/40

657

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

(Þ)

250

4.625

06/15/30

252

Sedona

Point

Community

Development

District

Special

Assessment

300

4.125

06/15/30

300

Seminole

Improvement

District

Revenue

Bonds

(Þ)

350

4.400

10/01/27

349

Seminole

Improvement

District

Revenue

Bonds

(Þ)

350

5.000

10/01/32

354

Seminole

Improvement

District

Revenue

Bonds

500

5.300

10/01/37

508

Seminole

Palms

Community

Development

District

Special

Assessment

(Þ)

330

4.750

05/01/30

331

Sherwood

Manor

Community

Development

District

Special

Assessment

(Þ)

550

4.625

11/01/29

556

Shingle

Creek

at

Bronson

Community

Development

District

Special

Assessment

150

2.500

06/15/26

144

Siena

North

Community

Development

District

Special

Assessment

(Þ)

110

2.875

06/15/27

105

Silver

Oaks

Community

Development

District

Special

Assessment

300

4.700

05/01/31

300

Silver

Palms

West

Community

Development

District

Special

Assessment

(Þ)

335

2.600

06/15/27

313

Silverlake

Community

Development

District

Special

Assessment

200

4.500

05/01/30

202

Six

Mile

Creek

Community

Development

District

Special

Assessment

495

4.750

05/01/30

497

Somerset

Community

Development

District

Special

Assessment

(Þ)

200

4.000

05/01/24

200

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

595

Somerset

Community

Development

District

Special

Assessment

(Þ)

625

4.000

05/01/27

617

Somerset

Community

Development

District

Special

Assessment

(Þ)

460

4.000

05/01/32

439

Sorrento

Pines

Community

Development

District

Revenue

Bonds

(Þ)

200

4.375

05/01/30

200

South

Fork

East

Community

Development

District

Special

Assessment

(Þ)

100

3.000

05/01/25

99

South

Fork

East

Community

Development

District

Special

Assessment

258

3.000

05/01/31

239

South

Fork

East

Community

Development

District

Special

Assessment

(Þ)

1,990

4.125

05/01/36

1,961

South

Fork

East

Community

Development

District

Special

Assessment

(Þ)

597

3.000

05/01/38

491

South

Kendall

Community

Development

District

Special

Assessment

230

4.000

11/01/31

228

South

Village

Community

Development

District

Special

Assessment

415

3.500

05/01/32

408

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

357

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

South

Village

Community

Development

District

Special

Assessment

230

3.750

05/01/38

221

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

60

2.875

05/01/24

60

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

110

2.400

05/01/26

106

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

700

2.800

05/01/31

644

Stonegate

Community

Development

District

Special

Assessment

195

3.000

05/01/24

194

Stonegate

Community

Development

District

Special

Assessment

205

3.000

05/01/25

201

Stonegate

Community

Development

District

Special

Assessment

210

3.000

05/01/26

204

Stonegate

Community

Development

District

Special

Assessment

215

3.000

05/01/27

207

Stonegate

Community

Development

District

Special

Assessment

225

3.000

05/01/28

215

Stonegate

Community

Development

District

Special

Assessment

230

3.000

05/01/29

219

Stonegate

Community

Development

District

Special

Assessment

1,265

3.000

05/01/34

1,156

Stonegate

Community

Development

District

Special

Assessment

1,465

3.000

05/01/39

1,199

Stonewater

Community

Development

District

Special

Assessment

(Þ)

165

2.250

11/01/26

156

Stoneybrook

Community

Development

District

Special

Assessment

470

3.500

05/01/32

476

Stoneybrook

Community

Development

District

Special

Assessment

1,230

4.125

05/01/42

1,258

Stoneybrook

North

Community

Development

District

Special

Assessment

240

5.500

11/01/29

244

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

(Þ)

235

4.500

06/15/30

239

Storey

Drive

Community

Development

District

Special

Assessment

(Þ)

160

2.550

06/15/27

151

Summer

Woods

Community

Development

District

Special

Assessment

(Þ)

150

2.500

05/01/26

144

Summerstone

Community

Development

District

Special

Assessment

(Þ)

180

2.200

05/01/26

173

Sunbridge

Stewardship

District

Special

Assessment

500

5.200

05/01/42

497

Sweetwater

Creek

Community

Development

District

Special

Assessment

(µ)(Þ)

375

2.250

05/01/27

356

Tampa

Bay

Water

Revenue

Bonds

1,545

5.000

10/01/41

1,729

Tampa-Hillsborough

County

Expressway

Authority

Revenue

Bonds

4,210

5.000

07/01/48

4,395

Tern

Bay

Community

Development

District

Special

Assessment

(Þ)

815

3.125

06/15/27

780

Terreno

Community

Development

District

Special

Assessment

375

4.250

05/01/30

375

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

45

4.125

11/01/24

45

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

400

4.625

11/01/29

404

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

535

5.000

11/01/38

540

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

265

2.500

06/15/25

258

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

650

3.000

06/15/30

593

Tohoqua

Community

Development

District

Special

Assessment

(Þ)

320

3.125

05/01/31

302

Tolomato

Community

Development

District

Special

Assessment

120

3.500

05/01/24

120

Tolomato

Community

Development

District

Special

Assessment

1,420

2.625

05/01/27

1,357

Tolomato

Community

Development

District

Special

Assessment

360

2.875

05/01/27

347

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,505

3.000

05/01/29

1,505

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,810

3.000

05/01/31

1,796

Tolomato

Community

Development

District

Special

Assessment

1,500

3.200

05/01/32

1,368

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,180

3.000

05/01/33

1,136

Tolomato

Community

Development

District

Special

Assessment

(µ)

930

3.000

05/01/37

840

Tolomato

Community

Development

District

Special

Assessment

(µ)

605

3.000

05/01/40

522

Touchstone

Community

Development

District

Special

Assessment

(Þ)

1,800

5.500

05/01/53

1,884

Town

of

Davie

Revenue

Bonds

550

5.000

04/01/33

587

Tradition

Community

Development

District

No.

9

Special

Assessment

125

2.300

05/01/26

120

Tradition

Community

Development

District

No.

9

Special

Assessment

270

2.700

05/01/31

238

Triple

Creek

Community

Development

District

Special

Assessment

(Þ)

450

2.875

11/01/31

399

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

91

Two

Rivers

East

Community

Development

District

Special

Assessment

(Þ)

940

4.875

05/01/30

945

Two

Rivers

North

Community

Development

District

Special

Assessment

(Þ)

105

4.625

05/01/27

105

Two

Rivers

North

Community

Development

District

Special

Assessment

(Þ)

630

4.875

05/01/32

632

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

358

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Union

Park

East

Community

Development

District

Special

Assessment

(Þ)

63

2.400

05/01/26

60

Varrea

South

Community

Development

District

Special

Assessment

(Þ)

340

4.250

05/01/30

341

V-Dana

Community

Development

District

Special

Assessment

(Þ)

285

2.600

05/01/26

274

V-Dana

Community

Development

District

Special

Assessment

(Þ)

125

3.125

05/01/31

114

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

20

2.500

05/01/26

19

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

50

3.100

05/01/31

45

Veranda

Landing

Community

Development

District

Special

Assessment

(Þ)

310

4.500

06/15/30

312

Verano

No.

3

Community

Development

District

Special

Assessment

(Þ)

60

2.375

05/01/26

58

Verano

No.

3

Community

Development

District

Special

Assessment

(Þ)

120

3.000

05/01/31

109

Viera

Stewardship

District

Special

Assessment

250

2.300

05/01/26

239

Viera

Stewardship

District

Special

Assessment

460

2.800

05/01/31

406

Viera

Stewardship

District

Special

Assessment

300

4.600

05/01/33

302

Viera

Stewardship

District

Special

Assessment

1,000

5.300

05/01/43

1,011

Village

Community

Development

District

No.

12

Special

Assessment

(Þ)

1,400

3.800

05/01/28

1,395

Village

Community

Development

District

No.

13

Special

Assessment

(Þ)

765

1.800

05/01/26

729

Village

Community

Development

District

No.

15

Special

Assessment

(Þ)

175

4.250

05/01/28

175

Village

Community

Development

District

No.

15

Special

Assessment

(Þ)

665

4.375

05/01/33

670

Village

Community

Development

District

No.

15

Special

Assessment

(Þ)

200

4.850

05/01/38

201

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

(Þ)

135

2.700

05/01/27

128

Villamar

Community

Development

District

Special

Assessment

260

4.875

05/01/30

262

Villamar

Community

Development

District

Special

Assessment

(Þ)

255

3.625

05/01/32

236

Villamar

Community

Development

District

Special

Assessment

(Þ)

330

3.500

11/01/32

300

Villamar

Community

Development

District

Special

Assessment

925

5.625

05/01/43

946

Volusia

County

School

Board

Certificate

of

Participation

(µ)

1,280

5.000

08/01/32

1,324

Watergrass

Community

Development

District

II

Special

Assessment

200

2.000

05/01/26

190

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

897

Watergrass

Community

Development

District

II

Special

Assessment

2,260

5.150

05/01/38

2,281

Watergrass

Community

Development

District

II

Special

Assessment

1,380

2.800

05/01/39

1,033

West

Hillcrest

Community

Development

District

Special

Assessment

420

4.500

06/15/30

423

West

Port

Community

Development

District

Special

Assessment

(Þ)

165

4.250

05/01/27

163

West

Villages

Improvement

District

Special

Assessment

280

5.250

05/01/30

286

West

Villages

Improvement

District

Special

Assessment

(Þ)

825

3.125

05/01/31

748

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

91

Westside

Haines

City

Community

Development

District

Special

Assessment

215

3.000

05/01/31

195

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

102

Willows

Community

Development

District

Special

Assessment

(Þ)

350

4.700

05/01/29

353

Wind

Meadows

South

Community

Development

District

Special

Assessment

(Þ)

920

5.375

05/01/43

931

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

245

3.250

05/01/27

233

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

330

3.625

05/01/32

303

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

115

4.000

05/01/42

99

Wiregrass

II

Community

Development

District

Special

Assessment

(Þ)

240

4.800

05/01/32

241

331,378

Georgia

-

2.2%

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

1,210

2.375

07/01/26

1,178

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

2,080

2.875

07/01/31

1,950

Bartow

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

760

3.950

12/01/32

763

Bartow

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

2.875

08/01/43

981

Burke

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

525

2.150

10/01/32

521

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

359

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Burke

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

700

2.925

11/01/48

699

Burke

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

800

2.875

12/01/49

785

City

of

Atlanta

Airport

Passenger

Facility

Charge

Revenue

Bonds

4,000

5.000

07/01/40

4,354

City

of

Atlanta

Water

&

Wastewater

Revenue

Bonds

(ae)

1,000

5.000

11/01/33

1,027

City

of

Atlanta

Water

&

Wastewater

Revenue

Bonds

1,410

5.000

11/01/38

1,498

City

of

Atlanta

Water

&

Wastewater

Revenue

Bonds

8,370

5.000

11/01/40

8,502

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

227

Fayette

County

Hospital

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

2,150

5.000

07/01/54

2,152

Fulton

County

Development

Authority

Revenue

Bonds

(Þ)

140

3.000

04/01/24

140

Gwinnett

County

School

District

General

Obligation

Unlimited

7,500

5.000

08/01/25

7,720

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

2,321

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

550

4.000

11/01/26

541

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

2,800

5.000

05/15/29

2,938

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

4,460

4.000

08/01/49

4,467

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

2,000

4.000

07/01/52

2,009

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

1,500

4.000

09/01/52

1,501

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

6,000

5.000

12/01/52

6,300

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

2,670

5.000

07/01/53

2,831

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

840

5.000

12/01/53

898

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(SOFR

+

1.700%)(ae)(Ê)

36,000

5.258

12/01/53

36,156

Monterey

Regional

Waste

Management

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,200

3.875

10/01/48

2,205

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,835

5.000

01/01/39

1,934

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(Þ)

1,195

5.000

01/01/48

1,219

Paulding

County

Hospital

Authority

Revenue

Bonds

1,975

4.000

04/01/41

1,988

Private

Colleges

&

Universities

Authority

Revenue

Bonds

350

5.000

10/01/29

384

Private

Colleges

&

Universities

Authority

Revenue

Bonds

750

4.000

04/01/39

762

State

of

Georgia

General

Obligation

Unlimited

9,585

5.000

07/01/25

9,876

Sunbridge

Stewardship

District

Special

Assessment

230

4.500

05/01/27

231

Sunbridge

Stewardship

District

Special

Assessment

350

5.000

05/01/32

357

Sunbridge

Stewardship

District

Special

Assessment

920

5.400

05/01/42

935

114,162

Guam

-

0.9%

Guam

Business

Privilege

Tax

Revenue

Bonds

450

5.000

01/01/28

473

Guam

Business

Privilege

Tax

Revenue

Bonds

950

5.000

01/01/29

1,012

Guam

Business

Privilege

Tax

Revenue

Bonds

900

5.000

01/01/30

969

Guam

Business

Privilege

Tax

Revenue

Bonds

775

5.000

01/01/31

841

Guam

Business

Privilege

Tax

Revenue

Bonds

(Þ)

5,980

4.000

01/01/36

6,041

Guam

Department

of

Education

Certificate

of

Participation

515

3.625

02/01/25

511

Guam

Department

of

Education

Certificate

of

Participation

265

4.250

02/01/30

263

Guam

Government

Waterworks

Authority

Revenue

Bonds

375

5.000

07/01/25

381

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,240

5.000

07/01/28

1,241

Guam

Government

Waterworks

Authority

Revenue

Bonds

5,805

5.000

07/01/29

5,868

Guam

Government

Waterworks

Authority

Revenue

Bonds

525

5.000

07/01/30

551

Guam

Government

Waterworks

Authority

Revenue

Bonds

600

5.000

07/01/31

626

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,360

5.000

07/01/40

1,399

Guam

Government

Waterworks

Authority

Revenue

Bonds

5,200

5.000

01/01/46

5,282

Guam

Power

Authority

Revenue

Bonds

375

5.000

10/01/29

403

Guam

Power

Authority

Revenue

Bonds

1,825

5.000

10/01/34

1,912

Guam

Power

Authority

Revenue

Bonds

(µ)

1,100

5.000

10/01/34

1,112

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

360

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Guam

Power

Authority

Revenue

Bonds

2,690

5.000

10/01/35

2,813

Territory

of

Guam

Revenue

Bonds

3,000

5.000

12/01/24

3,026

Territory

of

Guam

Revenue

Bonds

50

5.000

11/01/27

52

Territory

of

Guam

Revenue

Bonds

50

5.000

11/01/28

53

Territory

of

Guam

Revenue

Bonds

7,725

5.000

11/15/28

7,903

Territory

of

Guam

Revenue

Bonds

2,000

5.000

12/01/28

2,065

Territory

of

Guam

Revenue

Bonds

(Þ)

50

5.000

11/01/29

54

Territory

of

Guam

Revenue

Bonds

50

5.000

11/01/30

54

Territory

of

Guam

Revenue

Bonds

2,535

5.000

12/01/32

2,614

Territory

of

Guam

Revenue

Bonds

555

5.000

12/01/35

570

Territory

of

Guam

Revenue

Bonds

980

5.000

12/01/36

1,001

49,090

Hawaii

-

0.1%

City

&

County

Honolulu

Wastewater

System

Revenue

Bonds

1,575

5.000

07/01/36

1,644

City

&

County

of

Honolulu

Revenue

Bonds

(~)(ae)(Ê)

1,270

5.000

06/01/27

1,315

Hawaii

State

General

Obligation

1,500

5.000

01/01/37

1,648

Kauai

County

Community

Facilities

District

Special

Tax

280

4.000

05/15/27

278

Kauai

County

Community

Facilities

District

Special

Tax

255

4.000

05/15/33

243

Kauai

County

Community

Facilities

District

Special

Tax

375

4.000

05/15/34

353

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

1,400

3.200

07/01/39

946

6,427

Idaho

-

0.2%

City

of

Boise

City

Airport

Revenue

Bonds

(Þ)

1,000

5.000

09/01/51

1,081

Idaho

Health

Facilities

Authority

Revenue

Bonds

1,390

5.000

09/01/24

1,392

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,090

5.000

09/01/27

2,120

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,045

5.000

09/01/28

2,077

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,400

5.000

09/01/31

2,442

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

1,036

Idaho

Housing

&

Finance

Association

Revenue

Bonds

500

4.000

07/15/36

519

12,340

Illinois

-

13.1%

Berwyn

Municipal

Securitization

Corp.

Revenue

Bonds

(µ)(Þ)

1,000

5.000

01/01/35

1,110

Carol

Stream

Park

District

General

Obligation

Unlimited

(µ)

630

5.000

01/01/37

650

Carol

Stream

Park

District

General

Obligation

Unlimited

(µ)(ae)

200

5.000

01/01/37

208

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

(Þ)

50

Zero

coupon

01/01/26

47

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

(Þ)

25

Zero

coupon

01/01/27

23

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

(Þ)

35

Zero

coupon

01/01/28

30

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

565

5.000

01/01/32

611

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

(Þ)

260

5.000

01/01/33

280

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

675

5.000

12/01/25

690

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)(Þ)

875

5.000

12/01/27

920

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

15,000

5.000

12/01/27

15,776

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

10,880

2.956

12/01/28

9,035

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

2,750

5.000

12/01/28

2,930

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

3,630

3.163

12/01/30

2,765

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

8,000

5.000

12/01/31

8,474

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

6,500

5.000

12/01/32

6,886

Chicago

Board

of

Education

General

Obligation

Unlimited

7,875

5.000

12/01/33

8,195

Chicago

Board

of

Education

General

Obligation

Unlimited

3,860

5.000

12/01/37

3,997

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

361

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Chicago

Board

of

Education

General

Obligation

Unlimited

1,250

5.000

12/01/38

1,288

Chicago

Board

of

Education

General

Obligation

Unlimited

3,375

5.000

12/01/39

3,474

Chicago

Board

of

Education

General

Obligation

Unlimited

1,750

5.000

12/01/41

1,787

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

5,000

7.000

12/01/42

5,462

Chicago

Board

of

Education

Revenue

Bonds

1,500

5.000

12/01/31

1,588

Chicago

Board

of

Education

Revenue

Bonds

10,000

5.750

04/01/33

10,628

Chicago

Board

of

Education

Revenue

Bonds

250

5.000

04/01/34

259

Chicago

Board

of

Education

Revenue

Bonds

265

5.750

04/01/34

282

Chicago

Board

of

Education

Revenue

Bonds

325

5.000

04/01/35

337

Chicago

Board

of

Education

Revenue

Bonds

(Þ)

415

5.000

04/01/36

428

Chicago

Board

of

Education

Revenue

Bonds

225

5.000

04/01/37

231

Chicago

Board

of

Education

Revenue

Bonds

785

5.000

04/01/46

793

Chicago

Board

of

Education

Revenue

Bonds

6,875

5.000

12/01/47

6,897

Chicago

Midway

International

Airport

Revenue

Bonds

940

5.000

01/01/30

940

Chicago

Midway

International

Airport

Revenue

Bonds

4,435

5.000

01/01/34

4,435

Chicago

Midway

International

Airport

Revenue

Bonds

3,850

5.000

01/01/35

3,850

Chicago

Midway

International

Airport

Revenue

Bonds

(µ)

5,000

5.000

01/01/35

5,909

Chicago

Midway

International

Airport

Revenue

Bonds

(Þ)

4,000

5.000

01/01/41

4,068

Chicago

Midway

International

Airport

Revenue

Bonds

8,420

5.000

01/01/46

8,516

Chicago

O'Hare

International

Airport

Revenue

Bonds

2,590

5.000

01/01/28

2,592

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

4.000

01/01/33

1,024

Chicago

O'Hare

International

Airport

Revenue

Bonds

(Þ)

5,345

4.000

01/01/34

5,602

Chicago

O'Hare

International

Airport

Revenue

Bonds

6,525

4.000

01/01/35

6,789

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,210

5.000

01/01/36

1,401

Chicago

O'Hare

International

Airport

Revenue

Bonds

6,680

4.000

01/01/37

6,807

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

3,515

4.000

01/01/37

3,648

Chicago

O'Hare

International

Airport

Revenue

Bonds

7,045

5.000

01/01/37

7,426

Chicago

O'Hare

International

Airport

Revenue

Bonds

6,950

5.000

01/01/39

7,495

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

1,700

5.250

01/01/40

1,898

Chicago

O'Hare

International

Airport

Revenue

Bonds

400

4.000

01/01/42

402

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

1,000

5.250

01/01/42

1,106

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

4,500

5.000

12/01/44

4,508

Chicago

O'Hare

International

Airport

Revenue

Bonds

8,970

5.250

12/01/49

9,012

Chicago

Park

District

General

Obligation

Limited

(µ)

5,000

4.000

01/01/32

5,171

Chicago

Park

District

General

Obligation

Limited

(µ)

6,810

4.000

01/01/33

7,042

Chicago

Park

District

General

Obligation

Limited

(µ)

3,145

4.000

01/01/39

3,167

Chicago

Park

District

General

Obligation

Limited

(µ)

14,300

5.000

01/01/44

15,080

Chicago

Park

District

General

Obligation

Limited

2,680

5.250

01/01/46

2,901

Chicago

Park

District

General

Obligation

Unlimited

700

4.000

01/01/34

721

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3,870

5.000

01/01/26

4,007

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

6,385

5.000

01/01/27

6,768

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

1,695

5.000

01/01/28

1,836

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

7,015

5.000

01/01/29

7,753

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

7,500

5.000

01/01/30

8,440

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

(Þ)

19,040

5.500

01/01/31

21,257

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

710

4.000

01/01/38

720

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

(µ)

250

5.000

01/01/38

264

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

Bonds

1,250

5.000

06/01/27

1,315

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

Bonds

200

5.000

06/01/29

217

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

200

5.000

01/01/36

232

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

1,050

5.000

01/01/37

1,205

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

362

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

40

3.250

07/01/29

40

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

325

3.750

07/01/41

309

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

715

5.500

03/01/29

785

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

795

5.500

03/01/31

887

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

400

5.500

03/01/36

443

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

545

5.500

03/01/37

599

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

1,725

4.500

03/01/43

1,727

City

of

Chicago

General

Obligation

Unlimited

(µ)

15

5.250

01/31/23

15

City

of

Chicago

General

Obligation

Unlimited

670

5.000

01/01/28

708

City

of

Chicago

General

Obligation

Unlimited

4,675

5.000

01/01/29

4,976

City

of

Chicago

General

Obligation

Unlimited

870

5.000

01/01/31

926

City

of

Chicago

General

Obligation

Unlimited

4,000

5.000

01/01/32

4,368

City

of

Chicago

General

Obligation

Unlimited

865

5.250

01/01/32

866

City

of

Chicago

General

Obligation

Unlimited

1,950

5.000

01/01/33

2,128

City

of

Chicago

General

Obligation

Unlimited

225

4.000

01/01/35

230

City

of

Chicago

General

Obligation

Unlimited

600

5.000

01/01/35

660

City

of

Chicago

General

Obligation

Unlimited

3,700

5.000

01/01/38

3,714

City

of

Chicago

General

Obligation

Unlimited

4,750

6.000

01/01/38

4,974

City

of

Chicago

General

Obligation

Unlimited

5,750

5.500

01/01/40

6,241

City

of

Chicago

General

Obligation

Unlimited

660

5.500

01/01/43

697

City

of

Chicago

General

Obligation

Unlimited

1,465

5.500

01/01/49

1,510

City

of

Chicago

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.000

11/01/25

3,064

City

of

Chicago

Special

Assessment

Revenue

Bonds

(Þ)

300

3.200

12/01/29

282

City

of

Chicago

Special

Assessment

Revenue

Bonds

(Þ)

325

3.290

12/01/30

306

City

of

Chicago

Special

Assessment

Revenue

Bonds

(Þ)

348

3.380

12/01/31

329

City

of

Chicago

Special

Assessment

Revenue

Bonds

(Þ)

275

3.450

12/01/32

256

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

903

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

2,015

5.000

01/01/34

2,043

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

1,630

5.000

01/01/35

1,648

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

4,920

5.000

01/01/36

5,118

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(Þ)

4,070

5.000

01/01/39

4,096

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

1,255

5.000

01/01/44

1,259

City

of

Chicago

Waterworks

Revenue

Bonds

(Þ)

1,000

5.000

11/01/26

1,053

City

of

Chicago

Waterworks

Revenue

Bonds

(µ)

6,000

5.000

11/01/31

6,427

City

of

Chicago

Waterworks

Revenue

Bonds

1,000

5.000

11/01/34

1,011

City

of

Country

Club

Hills

General

Obligation

Unlimited

(µ)

1,000

4.000

12/01/29

1,035

City

of

Galesburg

Revenue

Bonds

300

5.000

10/01/30

314

City

of

Galesburg

Revenue

Bonds

560

4.000

10/01/36

527

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,000

5.000

12/15/37

1,122

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,000

5.000

12/15/38

1,111

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,080

5.250

12/15/40

1,207

City

of

Joliet

General

Obligation

Unlimited

(µ)(Þ)

1,195

5.500

12/15/42

1,346

City

of

Joliet

General

Obligation

Unlimited

(µ)

2,725

5.500

12/15/44

3,061

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

2,530

4.000

12/15/30

2,693

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

3,155

4.000

12/15/31

3,342

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

3,275

4.000

12/15/32

3,459

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

615

4.000

12/15/33

650

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

680

4.000

12/15/36

702

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

795

4.000

12/15/40

803

City

of

Peoria

General

Obligation

Unlimited

(µ)

120

5.000

01/01/29

132

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

363

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Peoria

General

Obligation

Unlimited

(µ)

200

5.000

01/01/31

219

City

of

Waukegan

Water

&

Sewer

System

Revenue

Bonds

(µ)

315

4.000

12/30/32

334

City

of

Waukegan

Water

&

Sewer

System

Revenue

Bonds

(µ)

325

4.000

12/30/33

344

City

of

Waukegan

Water

&

Sewer

System

Revenue

Bonds

(µ)

275

4.000

12/30/34

289

Cook

County

Community

College

District

No.

508

General

Obligation

Unlimited

1,500

5.250

12/01/28

1,507

Cook

County

Community

College

District

No.

527

General

Obligation

Unlimited

(µ)

580

4.000

12/15/36

596

Cook

County

Community

College

District

No.

527

General

Obligation

Unlimited

(µ)

625

4.000

12/15/38

636

Cook

County

High

School

District

No.

209

Proviso

Township

General

Obligation

Limited

(µ)

2,475

5.500

12/01/36

2,790

Cook

County

School

District

No.

95

General

Obligation

Unlimited

465

4.000

12/01/24

468

Cook

County

Township

High

School

District

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/30

1,090

Cook

County

Township

High

School

District

General

Obligation

Unlimited

(µ)

1,100

5.000

12/01/31

1,199

Cook

County

Township

High

School

District

General

Obligation

Unlimited

(µ)

1,160

5.000

12/01/32

1,265

County

of

Cook

General

Obligation

Unlimited

1,250

5.000

11/15/29

1,402

County

of

Cook

Sales

Tax

Revenue

Bonds

300

5.000

11/15/32

336

County

of

Cook

Sales

Tax

Revenue

Bonds

1,250

5.250

11/15/36

1,331

County

of

Cook

Sales

Tax

Revenue

Bonds

2,000

4.000

11/15/37

2,047

County

of

Cook

Sales

Tax

Revenue

Bonds

1,630

5.000

11/15/37

1,782

County

of

Cook

Sales

Tax

Revenue

Bonds

270

5.000

11/15/38

292

County

of

Cook

Sales

Tax

Revenue

Bonds

500

4.000

11/15/39

496

County

of

Cook

Sales

Tax

Revenue

Bonds

460

4.000

11/15/41

457

County

of

DuPage

General

Obligation

Limited

600

5.000

01/01/28

623

County

of

Sangamon

General

Obligation

Limited

(µ)

500

3.000

12/15/32

485

County

of

Sangamon

General

Obligation

Limited

(µ)

550

3.000

12/15/35

509

County

of

Union

General

Obligation

Unlimited

(µ)

1,000

4.000

09/01/36

1,028

Crawford

Hospital

District

General

Obligation

Unlimited

580

4.000

01/01/41

563

Governors

State

University

Certificate

of

Participation

(µ)

500

5.000

07/01/24

503

Governors

State

University

Certificate

of

Participation

(µ)

500

5.000

07/01/25

513

Illinois

Development

Finance

Authority

Revenue

Bonds

2,500

Zero

coupon

07/15/25

2,387

Illinois

Finance

Authority

Revenue

Bonds

2,540

4.000

06/15/25

2,568

Illinois

Finance

Authority

Revenue

Bonds

300

4.000

10/15/25

290

Illinois

Finance

Authority

Revenue

Bonds

465

4.000

10/15/26

442

Illinois

Finance

Authority

Revenue

Bonds

1,150

5.000

02/15/27

684

Illinois

Finance

Authority

Revenue

Bonds

(µ)

1,000

4.000

06/15/27

1,013

Illinois

Finance

Authority

Revenue

Bonds

485

4.000

10/15/27

454

Illinois

Finance

Authority

Revenue

Bonds

150

4.000

11/01/27

151

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

11/01/27

1,030

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

300

4.000

10/01/28

292

Illinois

Finance

Authority

Revenue

Bonds

250

5.000

12/01/28

259

Illinois

Finance

Authority

Revenue

Bonds

3,000

5.000

01/01/29

3,191

Illinois

Finance

Authority

Revenue

Bonds

400

5.000

02/15/29

409

Illinois

Finance

Authority

Revenue

Bonds

520

5.000

08/01/29

542

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

500

4.000

10/01/29

484

Illinois

Finance

Authority

Revenue

Bonds

250

4.000

11/01/29

252

Illinois

Finance

Authority

Revenue

Bonds

315

5.000

12/01/29

327

Illinois

Finance

Authority

Revenue

Bonds

400

5.000

08/01/30

416

Illinois

Finance

Authority

Revenue

Bonds

630

5.000

08/15/30

711

Illinois

Finance

Authority

Revenue

Bonds

250

5.000

12/01/30

259

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

180

4.000

10/01/31

172

Illinois

Finance

Authority

Revenue

Bonds

265

4.000

11/01/31

267

Illinois

Finance

Authority

Revenue

Bonds

320

5.000

12/01/31

331

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

364

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

340

4.000

10/01/32

322

Illinois

Finance

Authority

Revenue

Bonds

500

5.000

12/01/32

515

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

440

4.000

10/01/33

412

Illinois

Finance

Authority

Revenue

Bonds

1,725

5.000

08/15/34

1,935

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

890

4.000

10/01/34

825

Illinois

Finance

Authority

Revenue

Bonds

200

5.000

01/01/36

213

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000

03/01/36

1,030

Illinois

Finance

Authority

Revenue

Bonds

2,660

4.000

12/01/36

2,754

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000

07/01/38

1,037

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,300

5.250

08/01/38

1,355

Illinois

Finance

Authority

Revenue

Bonds

7,090

4.000

10/01/38

7,093

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000

07/01/39

1,029

Illinois

Finance

Authority

Revenue

Bonds

750

5.500

10/01/39

796

Illinois

Finance

Authority

Revenue

Bonds

2,000

4.000

12/01/39

2,035

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

200

3.875

05/01/40

202

Illinois

Finance

Authority

Revenue

Bonds

100

4.000

09/01/41

97

Illinois

Finance

Authority

Revenue

Bonds

100

4.000

11/01/41

93

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

200

5.000

09/01/46

202

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,500

5.000

05/15/50

3,508

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,000

5.000

08/15/52

4,255

Illinois

Finance

Authority

Revenue

Bonds

(~)(Ê)

24,000

4.250

08/15/57

24,000

Illinois

General

Obligation

Unlimited

(Þ)

1,925

5.000

05/01/33

1,930

Illinois

General

Obligation

Unlimited

400

4.000

11/01/34

410

Illinois

General

Obligation

Unlimited

490

5.250

05/01/38

549

Illinois

General

Obligation

Unlimited

805

5.250

05/01/39

898

Illinois

General

Obligation

Unlimited

(µ)

1,675

4.000

06/01/41

1,648

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,415

4.000

06/01/26

1,420

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(Ê)

4,730

5.000

02/01/27

4,838

Illinois

Municipal

Electric

Agency

Revenue

Bonds

4,500

4.000

02/01/34

4,509

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

925

5.000

06/15/30

971

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

(µ)

1,000

5.250

06/15/31

1,005

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

480

5.000

06/15/32

511

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,000

5.000

12/01/32

5,186

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,000

5.000

01/01/37

5,123

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

9,195

5.000

01/01/40

9,388

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

1,175

5.000

01/01/42

1,234

Illinois

State

University

Revenue

Bonds

(µ)(Þ)

360

5.000

04/01/24

361

Illinois

State

University

Revenue

Bonds

(µ)

500

5.000

04/01/25

510

Jersey

&

Greene

County

Community

Unit

School

District

No.

100

Jerseyville

General

Obligation

Unlimited

(µ)

1,100

5.000

12/01/27

1,139

Kane

Cook

&

DuPage,

etc.

Counties

Community

College

District

No.

509

Elgin

General

Obligation

Unlimited

2,670

4.000

12/15/35

2,817

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

2,153

Kane

County

School

District

No.

131

Aurora

East

Side

General

Obligation

(µ)(Þ)

2,000

5.000

12/01/29

2,155

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

(µ)

260

4.000

12/01/30

276

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

(µ)(Þ)

385

4.000

12/01/32

405

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

(µ)

635

4.000

12/01/35

658

Macon

&

De

Witt

Counties

Community

Unit

School

District

No.

2

Maroa-Forsyth

General

Obligation

Unlimited

(µ)

815

4.000

12/01/34

866

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

365

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Macon

&

De

Witt

Counties

Community

Unit

School

District

No.

2

Maroa-Forsyth

General

Obligation

Unlimited

(µ)

865

4.000

12/01/35

914

Macon

&

De

Witt

Counties

Community

Unit

School

District

No.

2

Maroa-Forsyth

General

Obligation

Unlimited

(µ)

500

4.000

12/01/36

524

Madison-Macoupin

Etc

Counties

Community

College

District

No.

536

General

Obligation

Unlimited

(µ)(Þ)

1,000

4.000

05/01/29

1,037

McHenry

County

Community

Unit

School

District

No.

12

Johnsburg

General

Obligation

Unlimited

(µ)

850

5.000

01/01/33

863

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

355

5.000

12/15/27

378

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

305

Zero

coupon

12/15/29

248

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

5,705

Zero

coupon

06/15/30

4,547

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,300

5.000

12/15/30

1,381

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

555

5.000

12/15/31

588

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

600

5.000

12/15/33

636

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

2,540

Zero

coupon

06/15/34

1,740

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

500

5.000

12/15/34

529

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

540

2.169

12/15/37

414

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,500

1.730

12/15/42

1,113

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,650

1.452

12/15/47

1,200

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

General

Obligation

Unlimited

(Þ)

1,500

5.000

12/01/45

1,531

Northern

Illinois

University

Revenue

Bonds

(µ)

325

5.000

10/01/27

343

Northern

Illinois

University

Revenue

Bonds

(µ)

850

5.000

04/01/29

911

Northern

Illinois

University

Revenue

Bonds

(µ)

325

5.000

10/01/29

354

Northern

Illinois

University

Revenue

Bonds

(µ)

450

5.000

10/01/31

495

Northern

Illinois

University

Revenue

Bonds

(µ)

1,350

5.000

04/01/33

1,441

Northern

Illinois

University

Revenue

Bonds

(µ)

1,115

4.000

10/01/36

1,139

Peoria

County

Community

Unit

School

District

No.

323

General

Obligation

Unlimited

1,585

4.000

04/01/30

1,663

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

1,105

5.000

12/01/30

1,211

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

665

5.000

12/01/31

729

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

625

5.000

12/01/32

685

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

675

5.000

12/01/34

737

Sales

Tax

Securitization

Corp.

Revenue

Bonds

2,200

5.000

01/01/28

2,383

Sales

Tax

Securitization

Corp.

Revenue

Bonds

2,000

5.000

01/01/29

2,210

Sales

Tax

Securitization

Corp.

Revenue

Bonds

5,955

5.000

01/01/32

6,383

Sales

Tax

Securitization

Corp.

Revenue

Bonds

1,000

5.000

01/01/36

1,131

Sangamon

&

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

720

5.500

02/01/38

809

Sangamon

&

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

470

5.500

02/01/43

519

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

1,226

Sangamon

County

School

Districts

General

Obligation

Limited

(µ)

1,160

5.000

06/01/31

1,293

Sangamon

County

School

Districts

General

Obligation

Limited

(µ)

1,220

5.000

06/01/32

1,359

Sangamon

County

School

Districts

General

Obligation

Limited

(µ)

1,395

5.000

02/01/33

1,553

Sangamon

Logan

&

Menard

Counties

Community

Unit

School

District

No.

15

Williamsville

General

Obligation

Unlimited

(µ)(Þ)

1,000

4.000

12/01/40

1,004

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)(Þ)

175

4.000

01/01/33

183

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

55

4.000

01/01/34

57

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

50

4.000

01/01/35

52

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

60

4.000

01/01/37

62

Southern

Illinois

University

Revenue

Bonds

(µ)

1,470

5.000

04/01/27

1,496

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

366

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Southern

Illinois

University

Revenue

Bonds

(µ)

850

5.000

04/01/28

864

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

265

Southern

Illinois

University

Revenue

Bonds

(µ)

300

5.000

04/01/33

330

Southern

Illinois

University

Revenue

Bonds

(µ)

300

4.000

04/01/35

302

Southern

Illinois

University

Revenue

Bonds

(µ)

500

4.000

04/01/39

486

Southwestern

Illinois

Development

Authority

Revenue

Bonds

2,075

4.000

04/15/33

2,187

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

1,005

5.000

10/15/33

1,038

Southwestern

Illinois

Development

Authority

Revenue

Bonds

925

4.000

04/15/34

970

Southwestern

Illinois

Development

Authority

Revenue

Bonds

1,225

4.000

10/15/35

1,271

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

2,700

5.500

12/01/36

3,148

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

2,545

5.500

12/01/39

2,893

State

of

Illinois

General

Obligation

Unlimited

4,000

5.000

11/01/24

4,046

State

of

Illinois

General

Obligation

Unlimited

8,275

5.000

01/01/25

8,395

State

of

Illinois

General

Obligation

Unlimited

4,250

5.000

11/01/25

4,377

State

of

Illinois

General

Obligation

Unlimited

1,490

5.000

11/01/26

1,563

State

of

Illinois

General

Obligation

Unlimited

125

5.000

04/01/27

125

State

of

Illinois

General

Obligation

Unlimited

200

5.000

05/01/28

201

State

of

Illinois

General

Obligation

Unlimited

1,610

5.000

10/01/28

1,742

State

of

Illinois

General

Obligation

Unlimited

10,875

5.000

11/01/28

11,603

State

of

Illinois

General

Obligation

Unlimited

880

5.250

02/01/29

881

State

of

Illinois

General

Obligation

Unlimited

4,085

5.000

03/01/29

4,451

State

of

Illinois

General

Obligation

Unlimited

3,200

5.000

10/01/29

3,469

State

of

Illinois

General

Obligation

Unlimited

4,775

5.000

11/01/29

5,098

State

of

Illinois

General

Obligation

Unlimited

(µ)

4,500

4.000

02/01/30

4,631

State

of

Illinois

General

Obligation

Unlimited

1,875

5.000

03/01/30

2,074

State

of

Illinois

General

Obligation

Unlimited

2,175

5.000

05/01/30

2,182

State

of

Illinois

General

Obligation

Unlimited

705

5.000

04/01/31

706

State

of

Illinois

General

Obligation

Unlimited

1,295

5.000

05/01/31

1,299

State

of

Illinois

General

Obligation

Unlimited

1,300

5.000

05/01/32

1,396

State

of

Illinois

General

Obligation

Unlimited

120

4.250

01/01/36

121

State

of

Illinois

General

Obligation

Unlimited

1,500

5.000

02/01/39

1,501

State

of

Illinois

General

Obligation

Unlimited

1,000

4.000

10/01/39

999

State

of

Illinois

General

Obligation

Unlimited

825

4.000

10/01/40

819

State

of

Illinois

General

Obligation

Unlimited

720

5.000

05/01/42

747

State

of

Illinois

General

Obligation

Unlimited

720

5.000

05/01/43

747

State

of

Illinois

General

Obligation

Unlimited

1,125

5.500

03/01/47

1,240

State

of

Illinois

Sales

Tax

Revenue

Bonds

(Þ)

460

4.000

06/15/24

461

State

of

Illinois

Sales

Tax

Revenue

Bonds

2,000

5.000

06/15/25

2,049

Town

of

Cicero

General

Obligation

Unlimited

(µ)

500

5.000

01/01/25

506

Town

of

Cicero

General

Obligation

Unlimited

(µ)

1,010

5.000

01/01/26

1,036

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

1,605

5.250

12/01/35

1,712

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,075

5.250

12/01/36

3,265

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,240

5.250

12/01/37

3,421

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

2,985

5.250

12/01/38

3,132

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

(Þ)

410

5.625

03/01/43

405

Village

of

Bellwood

General

Obligation

Unlimited

(µ)

2,075

5.000

12/01/32

2,107

Village

of

Bradley

General

Obligation

Unlimited

(µ)

1,000

5.000

12/15/40

1,109

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

570

4.000

12/15/29

600

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

400

4.000

12/15/30

421

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

500

4.000

12/15/31

525

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

367

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

655

4.000

12/15/33

681

Village

of

Romeoville

General

Obligation

Unlimited

600

5.000

12/30/27

653

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

1,514

Village

of

Rosemont

General

Obligation

Unlimited

(µ)

1,500

5.000

12/01/27

1,617

Volo

Village

Special

Service

Area

No.

3

&

6

Special

Tax

(µ)

1,094

5.000

03/01/34

1,121

Western

Illinois

Economic

Development

Authority

Revenue

Bonds

(µ)

1,140

5.000

01/01/27

1,160

Western

Illinois

Economic

Development

Authority

Revenue

Bonds

(µ)

725

5.000

01/01/28

737

Western

Illinois

University

Revenue

Bonds

(µ)

560

5.000

04/01/24

561

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

1,630

3.500

01/01/25

1,630

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

355

5.000

01/01/35

408

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

765

5.250

01/01/39

861

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

1,030

5.250

01/01/40

1,152

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

4,700

5.500

01/01/47

5,245

Will

County

School

District

No.

210

Lincoln-Way

General

Obligation

Unlimited

(µ)

650

4.000

01/01/34

663

Williamson

Jackson,

Perry,

Randolph

Counties

Community

College

District

No.

530

General

Obligation

Unlimited

(µ)

985

5.000

12/01/24

999

Williamson

Jackson,

Perry,

Randolph

Counties

Community

College

District

No.

530

General

Obligation

Unlimited

(µ)

1,450

5.000

12/01/25

1,502

676,995

Indiana

-

1.5%

Avon

Community

School

Building

Corp.

Revenue

Bonds

1,000

5.500

07/15/40

1,174

Brownsburg

1999

School

Building

Corp.

Revenue

Bonds

1,540

5.500

07/15/40

1,729

Brownsburg

1999

School

Building

Corp.

Revenue

Bonds

4,810

5.500

07/15/42

5,358

City

of

Rockport

Pollution

Control

Revenue

Bonds

(Þ)

1,500

3.050

06/01/25

1,486

City

of

Rockport

Revenue

Bonds

1,250

3.125

07/01/25

1,234

Elkhart

County

Building

Corp.

Revenue

Bonds

(µ)

1,265

4.000

12/01/32

1,345

Evansville

Industry

Redevelopment

Authority

Revenue

Bonds

(µ)

1,255

4.000

02/01/33

1,279

Evansville

Waterworks

District

Revenue

Bonds

(µ)

500

5.000

01/01/37

569

Indiana

Finance

Authority

Revenue

Bonds

2,250

0.650

08/01/25

2,118

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,000

0.120

05/01/28

3,000

Indiana

Finance

Authority

Revenue

Bonds

1,800

1.400

08/01/29

1,554

Indiana

Finance

Authority

Revenue

Bonds

25

4.000

07/01/30

24

Indiana

Finance

Authority

Revenue

Bonds

1,000

3.000

11/01/30

933

Indiana

Finance

Authority

Revenue

Bonds

325

5.000

02/01/31

353

Indiana

Finance

Authority

Revenue

Bonds

500

5.000

02/01/32

542

Indiana

Finance

Authority

Revenue

Bonds

(Þ)

800

5.000

06/01/38

848

Indiana

Finance

Authority

Revenue

Bonds

675

5.000

10/01/38

776

Indiana

Finance

Authority

Revenue

Bonds

40

5.000

07/01/40

39

Indiana

Finance

Authority

Revenue

Bonds

23,285

5.000

12/01/40

23,682

Indiana

Finance

Authority

Revenue

Bonds

1,500

5.000

10/01/42

1,645

Indiana

Finance

Authority

Revenue

Bonds

855

5.000

06/01/43

890

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

400

2.100

11/01/49

382

Indiana

Housing

&

Community

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,055

5.000

10/01/26

3,104

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

2,650

5.000

01/01/48

2,913

IPS

Multi-School

Building

Corp.

Revenue

Bonds

2,500

5.250

07/15/42

2,779

Metropolitan

School

District

of

Township

School

Building

Corp.

Revenue

Bonds

1,020

4.000

07/10/33

1,070

Metropolitan

School

District

of

Township

School

Building

Corp.

Revenue

Bonds

1,125

4.000

07/10/34

1,178

Metropolitan

School

District

of

Township

School

Building

Corp.

Revenue

Bonds

1,000

5.000

07/15/35

1,104

Metropolitan

School

District

of

Township

School

Building

Corp.

Revenue

Bonds

1,100

5.000

07/15/36

1,208

Northwestern

School

Building

Corp.

Revenue

Bonds

800

6.000

07/15/39

931

Northwestern

School

Building

Corp.

Revenue

Bonds

1,000

6.000

07/15/41

1,153

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

368

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Tippecanoe

County

School

Building

Corp.

Revenue

Bonds

500

6.000

07/15/41

608

Tri-Creek

2002

High

School

Building

Corp.

Revenue

Bonds

3,720

5.500

07/15/41

4,300

Tri-Creek

2002

High

School

Building

Corp.

Revenue

Bonds

4,930

5.500

07/15/43

5,656

76,964

Iowa

-

0.5%

City

of

Altoona

Certificate

of

Participation

(µ)

1,205

5.000

06/01/37

1,310

City

of

Altoona

Certificate

of

Participation

(µ)

245

5.000

06/01/38

265

City

of

Altoona

Certificate

of

Participation

(µ)

800

5.000

06/01/39

862

City

of

Ames

Revenue

Bonds

2,000

5.000

06/15/31

2,077

City

of

Coralville

Certificate

of

Participation

840

4.000

06/01/31

809

City

of

Coralville

General

Obligation

Unlimited

735

5.000

05/01/36

772

City

of

Coralville

General

Obligation

Unlimited

1,400

5.000

05/01/38

1,453

City

of

Coralville

General

Obligation

Unlimited

2,265

5.000

05/01/40

2,331

City

of

Coralville

General

Obligation

Unlimited

1,650

5.000

05/01/41

1,692

City

of

Coralville

General

Obligation

Unlimited

860

5.000

05/01/42

849

City

of

Des

Moines

General

Obligation

Unlimited

1,480

1.500

06/01/34

1,145

City

of

Orange

Sewer

Revenue

Bonds

(µ)(Þ)

440

4.000

06/01/34

446

Dubuque

Community

School

District

Revenue

Bonds

(µ)(Þ)

600

3.000

07/01/36

561

Dubuque

Community

School

District

Revenue

Bonds

(µ)

675

3.000

07/01/37

619

Iowa

City

Community

School

District

General

Obligation

Unlimited

2,000

2.500

06/01/38

1,640

Iowa

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

900

4.000

12/01/50

930

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

375

4.000

10/01/30

380

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

395

4.000

10/01/31

399

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

325

4.000

10/01/35

323

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

365

5.000

10/01/35

391

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

370

5.000

10/01/36

394

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

400

5.000

10/01/37

423

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

485

4.000

06/01/49

489

West

Des

Moines

Community

School

District

Infrastructure

Sales

Services

&

Use

Tax

Revenue

Bonds

(µ)

2,265

6.000

07/01/29

2,600

Xenia

Rural

Water

District

Revenue

Bonds

3,000

5.000

12/01/28

3,171

26,331

Kansas

-

0.3%

Butler

County

Unified

School

District

No.

490

El

Dorado

General

Obligation

Unlimited

(µ)

1,375

3.000

09/01/39

1,199

City

of

Burlington

Revenue

Bonds

(~)(ae)(Ê)

1,225

4.300

06/01/26

1,236

City

of

Manhattan

Revenue

Bonds

330

4.000

06/01/27

325

City

of

Manhattan

Revenue

Bonds

(Þ)

625

4.000

06/01/36

570

City

of

Prairie

Village

Tax

Allocation

285

2.875

04/01/30

270

City

of

Prairie

Village

Tax

Allocation

500

3.125

04/01/36

451

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

1,159

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,000

5.000

04/01/32

1,042

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,000

5.000

04/01/38

1,041

University

of

Kansas

Hospital

Authority

Revenue

Bonds

2,775

4.000

03/01/36

2,874

University

of

Kansas

Hospital

Authority

Revenue

Bonds

2,500

4.000

03/01/37

2,569

Wyandotte

County

City

Unified

Government

Revenue

Bonds

1,415

4.500

06/01/40

1,341

Wyandotte

County

Unified

School

District

No.

500

Kansas

City

General

Obligation

Unlimited

(ae)

750

4.125

09/01/37

776

14,945

Kentucky

-

0.8%

City

of

Ashland

Revenue

Bonds

2,565

5.000

02/01/40

2,596

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

369

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

County

of

Boone

Revenue

Bonds

2,750

3.700

08/01/27

2,724

County

of

Owen

Revenue

Bonds

(~)(ae)(Ê)

200

3.875

06/01/40

203

Fayette

County

School

District

Finance

Corp.

Revenue

Bonds

800

4.000

03/01/45

790

Fayette

County

School

District

Finance

Corp.

Revenue

Bonds

850

4.000

03/01/48

830

Kentucky

Bond

Development

Corp.

Revenue

Bonds

(µ)

2,300

5.000

09/01/49

2,420

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,785

4.000

07/01/31

1,771

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,000

5.000

07/01/33

1,011

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

2,105

5.000

01/01/45

2,104

Kentucky

Property

&

Building

Commission

Revenue

Bonds

(Þ)

1,900

5.000

11/01/25

1,958

Kentucky

Property

&

Building

Commission

Revenue

Bonds

(µ)

2,750

5.000

05/01/31

2,990

Kentucky

Property

&

Building

Commission

Revenue

Bonds

(µ)

2,000

5.000

05/01/32

2,172

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

8,075

5.250

02/01/32

8,771

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,625

4.000

12/01/49

3,631

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000

02/01/50

2,003

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

470

4.000

08/01/52

471

Kentucky

State

University

Certificate

of

Participation

(µ)

130

4.000

11/01/33

139

Kentucky

State

University

Certificate

of

Participation

(µ)

155

4.000

11/01/36

163

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

780

5.000

10/01/32

810

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

(Þ)

2,250

2.000

10/01/33

1,852

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

875

4.000

10/01/34

883

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

2,350

4.000

10/01/40

2,308

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

830

5.000

10/01/41

902

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

560

5.000

10/01/42

606

44,108

Louisiana

-

2.5%

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

1,455

5.000

12/01/26

1,454

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

296

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

(Þ)

305

5.000

10/01/30

337

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

300

4.000

10/01/31

312

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

(Þ)

485

4.000

10/01/32

503

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

(Þ)

520

4.000

10/01/33

536

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

1,000

5.000

06/01/35

1,026

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)(Þ)

40

4.000

06/01/36

42

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

40

4.000

06/01/37

41

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

40

4.000

06/01/38

41

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)(Þ)

85

4.000

06/01/40

86

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

1,020

5.000

12/01/31

1,082

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

2,955

5.000

12/01/32

3,020

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

1,000

5.000

12/01/33

1,021

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

5,000

4.000

12/01/44

4,947

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

23,840

0.180

08/01/35

23,840

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

33,030

0.180

12/01/40

33,030

Greater

New

Orleans

Expressway

Commission

Revenue

Bonds

(µ)

805

5.000

11/01/37

827

Greater

New

Orleans

Expressway

Commission

Revenue

Bonds

(µ)

1,910

5.000

11/01/42

1,948

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

Revenue

Bonds

(µ)

1,000

4.000

02/01/38

1,034

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

Revenue

Bonds

(µ)

1,630

4.000

02/01/39

1,675

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

Revenue

Bonds

(µ)

370

4.000

02/01/42

373

Juban

Trails

Community

Development

District

Special

Assessment

75

3.375

06/01/27

72

Juban

Trails

Community

Development

District

Special

Assessment

290

3.750

06/01/32

270

Lafayette

Consolidated

Government

Revenue

Bonds

(µ)

700

5.000

11/01/29

720

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

370

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Louisiana

Housing

Corp.

Revenue

Bonds

3,870

5.000

07/01/26

3,978

Louisiana

Housing

Corp.

Revenue

Bonds

905

4.500

12/01/47

910

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

2,500

5.000

10/01/28

2,730

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

5,050

3.500

11/01/32

4,822

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

470

5.000

10/01/33

510

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

6,000

2.500

04/01/36

4,977

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

1,045

4.000

10/01/37

1,082

Louisiana

Offshore

Terminal

Authority

Revenue

Bonds

2,500

4.150

09/01/27

2,541

Louisiana

Offshore

Terminal

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

4.200

09/01/28

2,570

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(µ)

1,615

5.000

09/01/29

1,632

Louisiana

Public

Facilities

Authority

Revenue

Bonds

620

5.000

10/01/32

693

Louisiana

Public

Facilities

Authority

Revenue

Bonds

780

5.000

10/01/34

866

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,000

5.000

10/01/35

1,105

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

4.000

10/01/42

1,000

Louisiana

Public

Facilities

Authority

Revenue

Bonds

100

4.000

07/01/44

98

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.000

06/01/45

2,664

Louisiana

Stadium

&

Exposition

District

Revenue

Bonds

1,050

5.000

07/01/37

1,199

Louisiana

Stadium

&

Exposition

District

Revenue

Bonds

(Þ)

200

5.000

07/01/38

227

New

Orleans

Aviation

Board

Revenue

Bonds

(µ)

2,250

5.000

01/01/33

2,438

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

1,410

2.000

06/01/37

1,396

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

2,440

2.100

06/01/37

2,413

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

3,265

2.200

06/01/37

3,096

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

676

State

of

Louisiana

Gasoline

&

Fuels

Tax

Revenue

Bonds

(SOFR

+

0.500%)(ae)(Ê)

545

4.217

05/01/43

533

State

of

Louisiana

General

Obligation

Unlimited

2,500

5.000

03/01/38

2,811

State

of

Louisiana

General

Obligation

Unlimited

(Þ)

1,000

5.000

03/01/40

1,095

State

of

Louisiana

Revenue

Bonds

1,300

5.000

06/15/28

1,309

129,216

Maine

-

0.1%

City

of

Portland

General

Airport

Revenue

Bonds

800

4.000

01/01/39

801

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

150

5.000

07/01/38

168

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

275

5.000

07/01/40

303

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

350

5.000

07/01/42

381

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,000

4.000

07/01/45

979

Maine

State

Housing

Authority

Revenue

Bonds

470

5.000

06/15/36

523

Maine

State

Housing

Authority

Revenue

Bonds

455

5.000

06/15/37

501

3,656

Maryland

-

1.1%

Baltimore

Research

Park

Project

Revenue

Bonds

85

4.000

01/01/32

86

Baltimore

Research

Park

Project

Revenue

Bonds

70

4.000

01/01/33

71

Baltimore

Research

Park

Project

Revenue

Bonds

85

4.000

01/01/34

86

Baltimore

Research

Park

Project

Revenue

Bonds

150

4.000

01/01/35

151

Baltimore

Research

Park

Project

Revenue

Bonds

155

4.000

01/01/36

156

Baltimore

Research

Park

Project

Revenue

Bonds

90

4.000

01/01/37

90

Baltimore

Research

Park

Project

Revenue

Bonds

220

4.000

01/01/38

220

Baltimore

Research

Park

Project

Revenue

Bonds

210

4.000

01/01/39

207

Baltimore

Research

Park

Project

Revenue

Bonds

(Þ)

155

4.000

01/01/40

151

Baltimore

Research

Park

Project

Revenue

Bonds

195

4.000

01/01/40

191

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

371

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Annapolis

General

Obligation

Unlimited

1,725

4.000

08/01/27

1,804

City

of

Baltimore

Revenue

Bonds

(Þ)

150

4.500

06/01/33

151

City

of

Baltimore

Revenue

Bonds

(µ)

1,460

4.000

07/01/36

1,527

City

of

Baltimore

Revenue

Bonds

(µ)

2,030

4.000

07/01/37

2,110

City

of

Baltimore

Revenue

Bonds

(µ)

605

4.000

07/01/39

620

City

of

Baltimore

Revenue

Bonds

(Þ)

100

4.875

06/01/42

101

City

of

Gaithersburg

Revenue

Bonds

675

5.000

01/01/37

679

City

of

Gaithersburg

Revenue

Bonds

600

5.125

01/01/42

594

County

of

Baltimore

General

Obligation

Unlimited

500

5.000

03/01/33

559

County

of

Baltimore

Revenue

Bonds

2,805

4.000

01/01/25

2,801

County

of

Baltimore

Revenue

Bonds

1,000

5.000

07/01/49

1,058

County

of

Charles

General

Obligation

Unlimited

1,955

1.750

10/01/35

1,561

County

of

Frederick

Special

Tax

750

4.000

07/01/35

771

County

of

Frederick

Special

Tax

860

4.000

07/01/36

880

County

of

Frederick

Special

Tax

500

4.000

07/01/38

504

County

of

Frederick

Special

Tax

500

4.000

07/01/39

501

County

of

Frederick

Special

Tax

500

4.000

07/01/40

498

County

of

Frederick

Tax

Allocation

890

3.250

07/01/29

845

Maryland

Community

Development

Administration

Revenue

Bonds

3,000

5.000

09/01/42

3,175

Maryland

Community

Development

Administration

Revenue

Bonds

2,375

4.500

09/01/48

2,396

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,500

5.000

06/01/35

1,580

Maryland

Economic

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,625

4.100

10/01/36

1,662

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,000

5.375

07/01/38

1,084

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,250

5.625

07/01/43

1,365

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,000

5.000

07/01/45

1,014

Maryland

Stadium

Authority

Revenue

Bonds

2,500

5.000

05/01/47

2,617

Maryland

State

Transportation

Authority

Revenue

Bonds

3,200

3.000

07/01/33

3,117

State

of

Maryland

Department

of

Transportation

Revenue

Bonds

3,000

5.000

12/01/26

3,192

State

of

Maryland

Department

of

Transportation

Revenue

Bonds

6,000

3.000

10/01/31

5,843

State

of

Maryland

General

Obligation

Unlimited

2,500

5.000

06/01/35

2,963

State

of

Maryland

General

Obligation

Unlimited

5,500

5.000

03/15/36

6,565

55,546

Massachusetts

-

1.1%

City

of

Somerville

General

Obligation

Unlimited

1,500

2.000

10/15/38

1,148

Commonwealth

of

Massachusetts

General

Obligation

Limited

(µ)

1,000

5.500

08/01/30

1,168

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,010

2.000

03/01/38

783

Commonwealth

of

Massachusetts

General

Obligation

Limited

4,000

4.000

05/01/39

4,078

Commonwealth

of

Massachusetts

General

Obligation

Limited

(Þ)

4,000

4.000

02/01/42

4,008

Commonwealth

of

Massachusetts

General

Obligation

Limited

2,000

4.000

09/01/42

1,998

Commonwealth

of

Massachusetts

General

Obligation

Limited

5,425

5.250

09/01/43

5,854

Commonwealth

of

Massachusetts

General

Obligation

Unlimited

3,490

2.000

03/01/37

2,786

Commonwealth

of

Massachusetts

Transportation

Fund

Revenue

Bonds

3,000

Zero

coupon

07/01/31

2,271

Massachusetts

Clean

Water

Trust

(The)

Revenue

Bonds

(ae)

775

4.000

08/01/33

779

Massachusetts

Clean

Water

Trust

(The)

Revenue

Bonds

(ae)

800

4.000

08/01/34

804

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(~)(Ê)

4,500

5.000

11/01/26

4,595

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,000

5.000

11/15/28

1,051

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,675

5.000

07/01/31

1,735

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,200

5.000

10/01/31

1,230

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,240

5.000

10/01/32

1,270

Massachusetts

Development

Finance

Agency

Revenue

Bonds

750

5.000

10/01/33

767

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

372

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Massachusetts

Development

Finance

Agency

Revenue

Bonds

835

5.000

10/01/34

852

Massachusetts

Development

Finance

Agency

Revenue

Bonds

405

5.250

10/01/36

440

Massachusetts

Development

Finance

Agency

Revenue

Bonds

500

5.250

10/01/37

538

Massachusetts

Development

Finance

Agency

Revenue

Bonds

175

5.000

07/01/38

177

Massachusetts

Development

Finance

Agency

Revenue

Bonds

515

5.250

10/01/38

549

Massachusetts

Development

Finance

Agency

Revenue

Bonds

400

5.000

07/01/39

403

Massachusetts

Development

Finance

Agency

Revenue

Bonds

475

4.000

07/01/42

440

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

5.000

03/01/44

1,000

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

4,200

5.000

08/15/37

4,301

Massachusetts

Housing

Finance

Agency

Revenue

Bonds

(Þ)

1,820

0.800

12/01/25

1,697

Massachusetts

School

Building

Authority

Revenue

Bonds

3,655

5.000

11/15/39

3,797

Massachusetts

State

General

Obligation

3,825

5.000

07/01/37

3,984

54,503

Michigan

-

2.5%

Calhoun

County

Hospital

Finance

Authority

Revenue

Bonds

750

5.000

02/15/28

766

Center

Line

Public

Schools

General

Obligation

Unlimited

1,000

5.250

05/01/43

1,102

City

of

Detroit

General

Obligation

Unlimited

235

5.000

04/01/24

235

City

of

Detroit

General

Obligation

Unlimited

35

5.000

04/01/25

35

City

of

Detroit

General

Obligation

Unlimited

40

5.000

04/01/26

41

City

of

Detroit

General

Obligation

Unlimited

80

5.000

04/01/27

83

City

of

Detroit

General

Obligation

Unlimited

85

5.000

04/01/28

89

City

of

Detroit

General

Obligation

Unlimited

350

5.250

05/01/28

371

City

of

Detroit

General

Obligation

Unlimited

60

5.000

04/01/29

64

City

of

Detroit

General

Obligation

Unlimited

800

5.250

05/01/29

857

City

of

Detroit

General

Obligation

Unlimited

260

5.000

04/01/30

278

City

of

Detroit

General

Obligation

Unlimited

750

5.250

05/01/30

812

City

of

Detroit

General

Obligation

Unlimited

600

5.250

05/01/31

657

City

of

Detroit

General

Obligation

Unlimited

730

5.250

05/01/32

807

City

of

Detroit

General

Obligation

Unlimited

470

5.500

04/01/33

515

City

of

Detroit

General

Obligation

Unlimited

895

5.250

05/01/33

998

City

of

Detroit

General

Obligation

Unlimited

750

5.000

04/01/34

803

City

of

Detroit

General

Obligation

Unlimited

330

5.500

04/01/34

361

City

of

Detroit

General

Obligation

Unlimited

150

5.000

04/01/35

160

City

of

Detroit

General

Obligation

Unlimited

(Þ)

350

5.500

04/01/35

382

City

of

Detroit

General

Obligation

Unlimited

(Þ)

335

5.000

04/01/36

356

City

of

Detroit

General

Obligation

Unlimited

300

5.000

04/01/37

316

City

of

Detroit

General

Obligation

Unlimited

50

5.000

04/01/38

52

City

of

Detroit

General

Obligation

Unlimited

250

5.000

04/01/39

261

City

of

Detroit

Sewage

Disposal

System

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.600%)(µ)(Ê)

3,160

0.735

07/01/32

3,009

County

of

Jackson

Revenue

Bonds

(µ)

400

4.000

05/01/34

421

Detroit

Downtown

Development

Authority

Tax

Allocation

(µ)

700

5.000

07/01/29

704

Detroit

Downtown

Development

Authority

Tax

Allocation

(Þ)

1,785

5.000

07/01/33

1,794

Downriver

Utility

Wastewater

Authority

Revenue

Bonds

(µ)

895

5.000

04/01/28

967

Eastern

Michigan

University

Revenue

Bonds

(µ)

2,000

5.000

03/01/31

2,113

Eastern

Michigan

University

Revenue

Bonds

(µ)

1,000

5.000

03/01/33

1,057

Ferndale

Public

Schools

General

Obligation

Unlimited

1,010

5.000

05/01/41

1,108

Ferndale

Public

Schools

General

Obligation

Unlimited

1,400

5.000

05/01/46

1,510

Grand

Rapids

Charter

Township

Economic

Development

Corp.

2,365

4.000

05/15/27

2,270

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

2,430

5.000

05/01/34

2,520

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

1,036

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

373

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

150

5.000

07/01/25

154

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

365

5.000

07/01/26

381

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

1,049

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

3,000

5.000

07/01/35

3,121

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

2,075

5.000

07/01/37

2,439

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

3,000

5.000

07/01/38

3,483

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

2,650

5.000

07/01/46

2,712

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

Bonds

(Þ)

110

5.000

07/01/27

115

Hudsonville

Public

Schools

General

Obligation

Unlimited

(Þ)

1,185

4.000

05/01/36

1,240

Hudsonville

Public

Schools

General

Obligation

Unlimited

1,565

4.000

05/01/38

1,614

Hudsonville

Public

Schools

General

Obligation

Unlimited

(Þ)

1,060

4.000

05/01/39

1,082

Imlay

City

Community

Schools

General

Obligation

Unlimited

(Þ)

500

4.000

05/01/37

524

Kalamazoo

Hospital

Finance

Authority

Revenue

Bonds

(ae)

10

4.000

05/15/31

10

Kalamazoo

Hospital

Finance

Authority

Revenue

Bonds

1,490

4.000

05/15/31

1,512

Karegnondi

Water

Authority

Revenue

Bonds

855

5.000

11/01/34

900

Karegnondi

Water

Authority

Revenue

Bonds

1,000

5.000

11/01/35

1,049

Karegnondi

Water

Authority

Revenue

Bonds

1,400

5.000

11/01/37

1,459

Michigan

Finance

Authority

Revenue

Bonds

2,000

5.000

04/01/25

2,042

Michigan

Finance

Authority

Revenue

Bonds

2,050

5.250

02/01/27

2,069

Michigan

Finance

Authority

Revenue

Bonds

4,655

5.000

07/01/28

4,677

Michigan

Finance

Authority

Revenue

Bonds

4,000

5.000

04/15/29

4,441

Michigan

Finance

Authority

Revenue

Bonds

1,410

5.000

07/01/29

1,417

Michigan

Finance

Authority

Revenue

Bonds

(ae)(Þ)

655

5.000

11/15/29

670

Michigan

Finance

Authority

Revenue

Bonds

2,245

5.000

11/15/29

2,296

Michigan

Finance

Authority

Revenue

Bonds

4,155

5.000

04/15/30

4,705

Michigan

Finance

Authority

Revenue

Bonds

1,000

5.000

07/01/30

1,007

Michigan

Finance

Authority

Revenue

Bonds

285

4.000

02/01/32

274

Michigan

Finance

Authority

Revenue

Bonds

1,500

5.000

11/15/32

1,570

Michigan

Finance

Authority

Revenue

Bonds

1,000

4.000

06/01/34

1,036

Michigan

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.000

02/15/35

1,634

Michigan

Finance

Authority

Revenue

Bonds

500

5.000

07/01/35

508

Michigan

Finance

Authority

Revenue

Bonds

1,500

4.000

11/15/36

1,479

Michigan

Finance

Authority

Revenue

Bonds

585

5.000

12/01/36

585

Michigan

Finance

Authority

Revenue

Bonds

2,230

5.000

12/01/39

2,383

Michigan

Finance

Authority

Revenue

Bonds

(Þ)

675

5.000

06/01/40

711

Michigan

Finance

Authority

Revenue

Bonds

2,405

5.000

11/01/44

2,420

Michigan

Finance

Authority

Revenue

Bonds

850

5.000

06/01/49

878

Michigan

Mathematics

&

Science

Initiative

Revenue

Bonds

350

4.000

01/01/31

333

Michigan

State

Building

Authority

Revenue

Bonds

(~)(Ê)

780

2.330

04/15/58

780

Michigan

State

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

7,870

5.000

12/01/25

7,934

Michigan

State

Housing

Development

Authority

Revenue

Bonds

3,430

4.250

12/01/49

3,440

Richmond

Community

Schools

General

Obligation

Unlimited

2,665

4.000

05/01/38

2,750

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

435

5.000

05/01/38

493

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

1,000

5.000

05/01/39

1,119

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

1,570

5.000

05/01/41

1,727

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

750

5.000

05/01/43

819

State

of

Michigan

Revenue

Bonds

1,000

3.250

05/01/32

1,000

State

of

Michigan

Trunk

Line

Revenue

Bonds

10,000

5.500

11/15/44

11,785

State

of

Michigan

Trunk

Line

Revenue

Bonds

1,105

5.000

11/15/45

1,203

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

374

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Summit

Academy

North

Revenue

Bonds

335

2.250

11/01/26

313

Summit

Academy

North

Revenue

Bonds

780

4.000

11/01/31

730

Wayne

County

Airport

Authority

Revenue

Bonds

635

5.000

12/01/29

641

Wayne

County

Airport

Authority

Revenue

Bonds

300

5.000

12/01/37

342

Wayne

County

Airport

Authority

Revenue

Bonds

(µ)

3,915

5.000

12/01/39

3,948

Wayne

County

Airport

Authority

Revenue

Bonds

1,330

5.000

12/01/46

1,456

Wyoming

Public

Schools

General

Obligation

Unlimited

(µ)

685

4.000

05/01/41

701

131,414

Minnesota

-

0.3%

City

of

Crookston

Revenue

Bonds

2,410

5.000

05/01/34

2,018

City

of

Independence

Revenue

Bonds

175

4.000

07/01/31

162

City

of

Minneapolis

Revenue

Bonds

1,625

4.000

11/15/37

1,670

City

of

Minneapolis/St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

965

5.000

11/15/28

1,017

City

of

St.

Cloud

Revenue

Bonds

175

5.000

05/01/48

183

City

of

St.

Cloud

Revenue

Bonds

250

4.000

05/01/49

236

City

of

Woodbury

Revenue

Bonds

50

3.000

12/01/30

46

Duluth

Economic

Development

Authority

Revenue

Bonds

425

5.000

06/15/30

453

Duluth

Economic

Development

Authority

Revenue

Bonds

475

5.000

06/15/32

513

Duluth

Economic

Development

Authority

Revenue

Bonds

105

5.000

06/15/33

114

Duluth

Economic

Development

Authority

Revenue

Bonds

500

4.000

06/15/34

505

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

395

5.000

02/01/26

411

Elk

River

Independent

School

District

No.

728

General

Obligation

Unlimited

5,750

2.250

02/01/37

4,829

Housing

&

Redevelopment

Authority

of

The

City

of

St

Paul

Revenue

Bonds

1,190

4.250

12/01/32

1,187

Minneapolis

Special

School

District

No.

1

General

Obligation

Unlimited

800

4.000

02/01/37

834

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

1,082

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

40

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

(Þ)

585

5.000

10/01/31

625

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

30

4.000

12/01/31

30

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

(Þ)

250

3.000

10/01/34

234

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

500

4.000

10/01/41

484

16,783

Mississippi

-

1.3%

County

of

Lowndes

Revenue

Bonds

(~)(ae)(Ê)

1,500

2.650

04/01/37

1,446

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

4,800

0.140

12/01/30

4,800

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

32,798

0.180

12/01/30

32,798

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

3,440

0.250

12/01/30

3,440

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

15,455

0.180

11/01/35

15,455

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

100

5.000

10/01/26

102

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

200

5.000

10/01/27

206

Mississippi

Development

Bank

Revenue

Bonds

(µ)

1,000

5.000

04/01/28

1,003

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

300

5.000

10/01/29

313

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

1,037

Mississippi

Development

Bank

Revenue

Bonds

(µ)

700

4.000

04/01/38

711

Mississippi

Development

Bank

Revenue

Bonds

4,175

5.000

03/01/43

4,365

Mississippi

Hospital

Equipment

&

Facilities

Authority

Revenue

Bonds

2,000

5.000

09/01/36

2,048

Warren

County

Revenue

Bonds

(~)(ae)(Ê)

500

1.375

05/01/34

482

68,425

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

375

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Missouri

-

1.3%

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

03/01/30

1,053

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

150

4.000

03/01/41

150

City

of

Poplar

Bluff

Certificate

of

Participation

125

2.500

10/01/41

85

City

of

Poplar

Bluff

Certificate

of

Participation

(Þ)

150

2.625

10/01/46

96

City

of

St.

Louis

Airport

Revenue

Bonds

(µ)

1,000

5.000

07/01/47

1,041

County

of

Boone

Revenue

Bonds

2,230

5.000

08/01/30

2,013

County

of

Boone

Revenue

Bonds

1,700

4.000

08/01/33

1,360

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

525

5.000

02/15/33

555

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

915

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

50

4.000

08/01/41

40

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

(~)

(ae)(Ê)

5,000

5.000

05/01/52

5,373

Jefferson

City

School

District

General

Obligation

Unlimited

2,115

5.250

03/01/39

2,365

Jefferson

City

School

District

General

Obligation

Unlimited

1,500

5.250

03/01/41

1,655

Jefferson

City

School

District

General

Obligation

Unlimited

8,050

5.500

03/01/43

9,104

Maryland

Heights

Industrial

Development

Authority

Revenue

Bonds

800

4.375

03/15/30

738

Metropolitan

Sewer

District

Revenue

Bonds

6,150

5.000

05/01/47

6,397

Missouri

Southern

State

University

Revenue

Bonds

70

3.000

10/01/26

68

Missouri

Southern

State

University

Revenue

Bonds

(Þ)

125

4.000

10/01/31

121

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

100

4.000

02/15/37

102

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

125

4.000

02/15/38

126

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,305

4.000

11/15/38

1,323

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

115

4.000

02/15/39

116

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

3,495

4.000

11/15/39

3,537

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

350

4.000

02/15/44

351

North

Kansas

City

School

District

No.

74

General

Obligation

Unlimited

4,000

5.250

03/01/39

4,587

North

Kansas

City

School

District

No.

75

General

Obligation

Unlimited

2,500

5.250

03/01/40

2,841

Pattonville

R-3

School

District

General

Obligation

Unlimited

750

5.500

03/01/39

860

Pattonville

R-3

School

District

General

Obligation

Unlimited

640

5.250

03/01/41

712

Pattonville

R-3

School

District

General

Obligation

Unlimited

655

5.250

03/01/43

724

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

(Þ)

50

3.000

05/01/24

50

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

(Þ)

25

3.000

05/01/26

24

Spring

Independent

School

District

General

Obligation

Unlimited

2,895

5.000

03/01/40

3,224

St.

Charles

County

School

District

No.

R-IV

Wentzville

General

Obligation

Unlimited

10,000

1.875

03/01/39

7,346

St.

Louis

Municipal

Finance

Corp.

Revenue

Bonds

(µ)(Þ)

2,000

5.000

10/01/45

2,119

St.

Louis

Municipal

Library

District

Certificate

of

Participation

(µ)

255

4.000

03/15/35

268

Washington

Industrial

Development

Authority

Revenue

Bonds

100

2.500

11/01/29

93

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

500

6.000

03/01/36

619

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

1,000

6.000

03/01/38

1,212

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

1,000

6.000

03/01/39

1,208

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

900

6.000

03/01/41

1,083

65,697

Montana

-

0.3%

City

of

Bozeman

Tax

Allocation

(µ)

500

4.000

07/01/35

528

City

of

Bozeman

Tax

Allocation

(µ)

425

4.000

07/01/40

433

City

of

Forsyth

Revenue

Bonds

5,300

3.875

07/01/28

5,377

County

of

Gallatin

Revenue

Bonds

(Þ)

1,350

4.000

10/15/32

1,266

County

of

Gallatin

Revenue

Bonds

(Þ)

1,850

4.000

10/15/36

1,670

Montana

Finance

Authority

Health

Facilities

Revenue

Bonds

640

5.000

07/01/28

672

Montana

Finance

Authority

Health

Facilities

Revenue

Bonds

410

5.000

06/01/33

435

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

376

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Montana

Finance

Authority

Health

Facilities

Revenue

Bonds

1,000

5.000

06/01/34

1,059

Yellowstone

County

Lockwood

School

District

No.

26

General

Obligation

Unlimited

(Þ)

1,335

5.000

07/01/26

1,401

Yellowstone

County

Lockwood

School

District

No.

26

General

Obligation

Unlimited

(Þ)

1,460

5.000

07/01/27

1,565

14,406

Nebraska

-

0.6%

Ashland-Greenwood

Public

Schools

General

Obligation

Unlimited

(µ)

1,000

4.000

12/15/33

1,078

Ashland-Greenwood

Public

Schools

General

Obligation

Unlimited

(µ)

1,000

4.000

12/15/38

1,038

Central

Plains

Energy

Project

Revenue

Bonds

2,500

5.000

09/01/26

2,563

Central

Plains

Energy

Project

Revenue

Bonds

2,000

5.000

09/01/30

2,107

City

of

Kearney

General

Obligation

Unlimited

740

4.000

05/15/33

754

City

of

Lincoln

Electric

System

Revenue

Bonds

1,710

5.000

09/01/27

1,830

Hershey

Public

Schools

General

Obligation

Unlimited

(µ)

230

4.000

12/15/27

238

Hershey

Public

Schools

General

Obligation

Unlimited

(µ)

740

4.000

12/15/29

762

Omaha

Public

Power

District

Nebraska

City

Station

Unit

2

Revenue

Bonds

4,250

5.250

02/01/42

4,301

Omaha

Public

Power

District

Revenue

Bonds

7,645

5.000

02/01/42

8,072

Omaha

Public

Power

District

Revenue

Bonds

7,130

5.000

02/01/46

7,297

Omaha

School

District

General

Obligation

Unlimited

1,850

1.750

12/15/35

1,481

31,521

Nevada

-

0.9%

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

393

City

of

North

Las

Vegas

General

Obligation

Limited

(µ)

2,430

5.000

06/01/30

2,697

City

of

North

Las

Vegas

General

Obligation

Limited

(µ)

1,235

4.000

06/01/36

1,267

Clark

County

General

Obligation

Unlimited

2,555

5.000

06/01/33

2,780

Clark

County

School

District

General

Obligation

Limited

1,255

5.000

06/15/30

1,365

Clark

County

School

District

General

Obligation

Limited

(µ)

210

5.000

06/15/33

237

Clark

County

School

District

General

Obligation

Limited

(µ)

100

5.000

06/15/34

112

Clark

County

School

District

General

Obligation

Limited

(µ)

1,000

5.000

06/15/37

1,143

Clark

County

School

District

General

Obligation

Limited

3,500

4.000

06/15/42

3,533

County

of

Clark

Department

of

Aviation

Revenue

Bonds

(Þ)

2,670

5.000

07/01/26

2,811

County

of

Clark

Department

of

Aviation

Revenue

Bonds

2,600

5.000

07/01/26

2,737

County

of

Clark

Department

of

Aviation

Revenue

Bonds

1,025

5.000

07/01/36

1,169

County

of

Clark

General

Obligation

Limited

4,500

4.000

07/01/39

4,513

County

of

Clark

Passenger

Facility

Charge

Revenue

Bonds

1,625

5.000

07/01/24

1,637

Henderson

Local

Improvement

Districts

Special

Assessment

175

3.000

09/01/36

140

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

420

5.000

07/01/26

440

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

1,300

5.000

07/01/31

1,386

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

1,750

5.000

07/01/37

1,879

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

(Þ)

5,365

5.000

07/01/43

5,662

Las

Vegas

Valley

Water

District

General

Obligation

Limited

1,040

4.000

03/01/33

1,111

Las

Vegas

Valley

Water

District

General

Obligation

Unlimited

4,000

5.000

06/01/24

4,024

Las

Vegas

Valley

Water

District

General

Obligation

Unlimited

2,000

5.000

06/01/25

2,053

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(Þ)

290

5.000

07/15/27

293

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(Þ)

465

4.500

12/15/29

459

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

(Þ)

845

5.000

07/01/33

895

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

200

5.000

07/01/40

206

Truckee

Meadows

Water

Authority

Revenue

Bonds

1,600

5.000

07/01/37

1,663

46,686

New

Hampshire

-

0.2%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

775

4.000

01/01/41

642

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

377

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,945

5.000

08/01/32

2,060

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,730

5.000

08/01/33

1,828

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,740

5.000

08/01/35

1,832

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,920

5.000

08/01/37

2,006

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,035

5.000

08/01/38

1,076

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,000

5.000

08/01/40

1,035

10,479

New

Jersey

-

3.1%

Atlantic

City

General

Obligation

Unlimited

(µ)

500

5.000

03/01/25

509

Atlantic

City

General

Obligation

Unlimited

(µ)

450

5.000

03/01/26

468

Atlantic

City

General

Obligation

Unlimited

(µ)

750

5.000

03/01/32

790

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

320

4.000

08/01/33

332

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)(Þ)

340

4.000

08/01/34

353

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

(~)(Ê)(Þ)

950

5.000

03/01/27

979

Camden

County

Improvement

Authority

(The)

Revenue

Bonds

265

6.000

06/15/42

294

City

of

Bayonne

General

Obligation

Unlimited

(µ)

1,500

5.000

07/01/33

1,577

City

of

Bayonne

General

Obligation

Unlimited

(µ)

1,865

5.000

07/01/34

1,961

Essex

County

Improvement

Authority

Revenue

Bonds

75

4.000

06/15/38

74

Garden

State

Preservation

Trust

Revenue

Bonds

(µ)

460

5.750

11/01/28

490

Jersey

City

General

Obligation

Unlimited

450

5.000

11/01/31

484

New

Jersey

Building

Authority

Revenue

Bonds

(µ)

580

5.000

06/15/28

609

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

700

5.500

09/01/24

709

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

515

5.250

07/01/26

537

New

Jersey

Economic

Development

Authority

Revenue

Bonds

795

5.000

07/01/27

799

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

2,715

5.250

04/01/28

2,965

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

2,005

5.000

07/01/28

2,126

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,720

5.000

06/15/29

1,730

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(ae)

1,000

5.500

06/15/30

1,079

New

Jersey

Economic

Development

Authority

Revenue

Bonds

350

3.000

06/01/32

345

New

Jersey

Economic

Development

Authority

Revenue

Bonds

665

5.000

06/01/32

704

New

Jersey

Economic

Development

Authority

Revenue

Bonds

4,975

5.000

06/15/36

5,276

New

Jersey

Economic

Development

Authority

Revenue

Bonds

315

5.250

06/15/36

372

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.000

06/15/37

1,057

New

Jersey

Economic

Development

Authority

Revenue

Bonds

285

5.250

06/15/37

333

New

Jersey

Economic

Development

Authority

Revenue

Bonds

325

5.250

06/15/38

377

New

Jersey

Economic

Development

Authority

Revenue

Bonds

325

5.250

06/15/39

375

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(Þ)

1,000

4.000

11/01/39

1,012

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,600

5.000

06/15/40

1,609

New

Jersey

Economic

Development

Authority

Revenue

Bonds

900

5.000

06/15/41

959

New

Jersey

Economic

Development

Authority

Revenue

Bonds

450

4.000

06/15/46

442

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

3,130

5.000

03/01/27

3,363

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,960

5.000

07/01/33

2,101

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

3,800

5.000

07/01/33

4,102

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

600

4.000

07/01/39

605

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

715

4.000

07/01/42

717

New

Jersey

General

Obligation

Unlimited

5,425

4.000

06/01/31

5,917

New

Jersey

General

Obligation

Unlimited

7,293

5.000

06/01/39

7,958

New

Jersey

General

Obligation

Unlimited

1,090

5.000

06/01/40

1,186

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000

07/01/28

1,050

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

378

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

2,180

5.000

07/01/29

2,324

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

300

5.000

07/01/30

315

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000

07/01/31

1,050

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

4.000

07/01/35

1,010

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,125

5.000

07/01/42

1,153

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

185

0.650

05/01/24

184

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

360

0.750

11/01/24

349

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

2,045

3.500

07/01/25

2,042

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

270

0.900

11/01/25

253

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

1,910

2.950

10/01/26

1,875

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

2,220

4.750

10/01/50

2,249

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

75

Zero

coupon

12/15/25

70

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

1,130

Zero

coupon

12/15/26

1,029

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,950

2.493

12/15/26

1,768

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,675

5.000

01/01/27

1,684

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,335

5.000

06/15/29

2,438

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,125

2.871

12/15/29

927

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,000

5.000

06/15/30

5,218

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(Þ)

600

5.000

06/15/30

626

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

735

5.000

06/15/31

767

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

320

2.851

12/15/31

246

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

865

4.000

12/15/31

899

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,945

Zero

coupon

12/15/32

1,440

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,165

5.000

12/15/33

1,269

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(Þ)

4,035

5.000

12/15/34

4,379

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

5,000

3.060

12/15/35

3,298

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(Þ)

790

5.000

12/15/35

853

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

14,860

3.291

12/15/36

9,196

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,000

5.000

12/15/36

1,075

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

26,955

4.649

12/15/37

15,818

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(Þ)

685

4.250

12/15/38

697

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,000

4.680

12/15/38

2,775

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,000

5.250

06/15/39

2,295

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

5.000

06/15/41

3,377

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,000

5.250

06/15/41

1,140

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

5.000

01/01/42

3,349

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,025

4.000

06/15/42

1,027

New

Jersey

Turnpike

Authority

Revenue

Bonds

(Þ)

1,700

5.000

01/01/32

1,843

New

Jersey

Turnpike

Authority

Revenue

Bonds

(Þ)

2,000

5.000

01/01/33

2,115

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

(Þ)

670

5.250

07/01/43

697

Perth

Amboy

General

Obligation

Unlimited

(µ)

1,000

4.000

07/01/35

1,041

Salem

County

Improvement

Authority

Revenue

Bonds

(µ)

550

4.000

08/15/37

565

South

Jersey

Transportation

Authority

Revenue

Bonds

4,000

4.000

11/01/40

3,978

State

of

New

Jersey

General

Obligation

Unlimited

7,500

5.000

06/01/41

8,141

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

4,410

5.000

06/01/46

4,485

162,825

New

Mexico

-

0.2%

City

of

Farmington

Revenue

Bonds

1,200

1.800

04/01/29

1,066

City

of

Farmington

Revenue

Bonds

(~)(ae)(Ê)(Þ)

2,500

3.000

06/01/40

2,489

City

of

Farmington

Revenue

Bonds

(~)(ae)(Ê)

1,365

3.900

06/01/40

1,373

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

379

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,045

5.000

02/01/42

1,053

State

of

New

Mexico

Severance

Tax

Permanent

Fund

Revenue

Bonds

5,000

5.000

07/01/25

5,152

11,133

New

York

-

9.4%

Albany

Capital

Resource

Corp.

Revenue

Bonds

980

4.000

06/01/29

940

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

3,000

5.000

07/15/25

3,058

Build

NYC

Resource

Corp.

Revenue

Bonds

110

4.000

06/15/29

107

Build

NYC

Resource

Corp.

Revenue

Bonds

500

5.000

08/01/29

524

Build

NYC

Resource

Corp.

Revenue

Bonds

700

5.000

08/01/30

734

Build

NYC

Resource

Corp.

Revenue

Bonds

100

4.000

06/15/31

96

Build

NYC

Resource

Corp.

Revenue

Bonds

425

4.000

06/15/32

418

Build

NYC

Resource

Corp.

Revenue

Bonds

325

5.000

07/01/32

349

Build

NYC

Resource

Corp.

Revenue

Bonds

600

5.000

08/01/32

628

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

250

5.000

06/15/33

259

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

600

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

430

5.000

07/01/36

466

Build

NYC

Resource

Corp.

Revenue

Bonds

575

5.000

07/01/37

618

Build

NYC

Resource

Corp.

Revenue

Bonds

700

4.500

06/15/43

700

Chautauqua

County

Capital

Resource

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,545

4.250

04/01/42

1,560

City

of

New

York

General

Obligation

Unlimited

2,380

5.000

06/01/34

2,438

City

of

New

York

General

Obligation

Unlimited

3,780

5.000

06/01/35

3,871

City

of

New

York

General

Obligation

Unlimited

(µ)

2,500

3.000

08/01/36

2,395

City

of

New

York

General

Obligation

Unlimited

2,500

5.250

05/01/38

2,903

City

of

New

York

General

Obligation

Unlimited

2,000

5.250

05/01/39

2,311

City

of

New

York

General

Obligation

Unlimited

18,570

5.250

09/01/40

21,428

City

of

New

York

General

Obligation

Unlimited

470

4.000

03/01/42

475

City

of

New

York

General

Obligation

Unlimited

275

5.000

03/01/44

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

3,073

City

of

Yonkers

General

Obligation

Limited

(µ)

1,200

5.000

05/01/31

1,334

City

of

Yonkers

General

Obligation

Limited

(µ)

3,895

5.000

05/01/33

4,323

City

of

Yonkers

General

Obligation

Limited

(µ)

1,990

4.000

05/01/35

2,078

City

of

Yonkers

General

Obligation

Limited

(µ)(Þ)

2,180

4.000

05/01/37

2,249

County

of

Nassau

General

Obligation

Limited

(µ)

2,525

5.000

04/01/38

2,835

Genesee

County

Funding

Corp./The

Revenue

Bonds

450

5.000

12/01/29

479

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

7,495

5.000

02/15/35

7,936

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

4,740

5.000

02/15/37

4,990

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

5,260

5.000

02/15/38

5,518

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

10,055

4.000

02/15/44

10,073

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

(µ)(Þ)

4,245

4.000

02/15/47

4,249

Long

Island

Power

Authority

Revenue

Bonds

1,000

5.000

09/01/32

1,082

Long

Island

Power

Authority

Revenue

Bonds

750

5.000

09/01/33

811

Long

Island

Power

Authority

Revenue

Bonds

1,000

5.000

09/01/34

1,082

Long

Island

Power

Authority

Revenue

Bonds

1,250

5.000

09/01/35

1,351

Long

Island

Power

Authority

Revenue

Bonds

1,825

5.000

09/01/37

1,954

Long

Island

Power

Authority

Revenue

Bonds

750

5.000

09/01/39

871

Long

Island

Power

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,550

5.000

09/01/52

3,751

Mahopac

Central

School

District

General

Obligation

Unlimited

1,755

1.800

06/01/36

1,334

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

1,983

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

380

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Metropolitan

Transportation

Authority

Revenue

Bonds

95

5.000

11/15/27

99

Metropolitan

Transportation

Authority

Revenue

Bonds

(Þ)

190

5.000

11/15/27

199

Metropolitan

Transportation

Authority

Revenue

Bonds

(ae)

4,015

5.000

11/15/28

4,075

Metropolitan

Transportation

Authority

Revenue

Bonds

1,315

5.000

11/15/28

1,420

Metropolitan

Transportation

Authority

Revenue

Bonds

200

5.250

11/15/28

206

Metropolitan

Transportation

Authority

Revenue

Bonds

1,645

5.000

11/15/29

1,753

Metropolitan

Transportation

Authority

Revenue

Bonds

550

5.000

11/15/30

617

Metropolitan

Transportation

Authority

Revenue

Bonds

100

5.250

11/15/31

105

Metropolitan

Transportation

Authority

Revenue

Bonds

340

4.000

11/15/32

348

Metropolitan

Transportation

Authority

Revenue

Bonds

450

5.000

11/15/34

467

Metropolitan

Transportation

Authority

Revenue

Bonds

1,570

5.250

11/15/39

1,575

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

10,000

4.000

11/15/44

9,892

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)(Þ)

1,450

5.000

11/15/44

1,520

Metropolitan

Transportation

Authority

Revenue

Bonds

7,075

4.000

11/15/45

6,844

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.000

11/15/45

2,699

Metropolitan

Transportation

Authority

Revenue

Bonds

2,540

4.000

11/15/46

2,445

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(Ê)

350

0.190

11/15/50

350

Nassau

County

Local

Economic

Assistance

Corp.

Revenue

Bonds

750

4.000

07/01/33

758

New

York

City

Housing

Development

Corp.

Revenue

Bonds

2,070

2.400

08/01/40

1,619

New

York

City

Housing

Development

Corp.

Revenue

Bonds

1,560

3.500

02/15/48

1,548

New

York

City

Housing

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

7,715

3.400

11/01/62

7,691

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

300

3.000

03/01/36

276

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

3,435

2.500

03/01/37

2,763

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

460

3.000

01/01/39

403

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

335

3.000

03/01/40

287

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

325

4.000

03/01/45

321

New

York

City

Industrial

Development

Agency

Revenue

Bonds

325

4.000

03/01/45

322

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

4,770

5.000

06/15/36

4,783

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5,000

5.000

06/15/39

5,085

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

1,800

5.000

06/15/40

1,917

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

(~)(Ê)

4,600

3.250

06/15/43

4,600

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

8,000

5.000

06/15/47

8,012

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

4,615

5.000

06/15/49

4,870

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

(Þ)

5,000

5.000

07/15/32

5,190

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

2,750

5.000

07/15/40

2,799

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

2,760

5.000

07/15/43

2,823

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

8,630

5.000

02/01/34

8,653

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

6,000

5.000

11/01/37

6,016

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

4.000

02/01/38

2,330

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,545

5.000

02/01/40

2,663

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

5.000

08/01/42

2,395

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

500

4.000

05/01/43

499

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

170

4.000

05/01/45

169

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

5,000

5.000

08/01/45

5,223

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

9,600

5.500

11/01/45

11,166

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

1,000

5.500

05/01/40

1,209

New

York

City

Water

&

Sewer

System

Revenue

Bonds

5,050

4.000

06/15/40

5,128

New

York

City

Water

&

Sewer

System

Revenue

Bonds

5,730

5.000

06/15/48

6,247

New

York

Convention

Center

Development

Corp.

Revenue

Bonds

(µ)

2,925

Zero

coupon

11/15/34

1,983

New

York

Convention

Center

Development

Corp.

Revenue

Bonds

1,000

4.000

03/15/39

1,029

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

1,490

5.150

11/15/34

1,493

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

381

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

750

5.375

11/15/40

751

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

14,190

2.750

11/15/41

11,606

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

6,475

4.000

02/15/43

6,527

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

4,865

5.000

11/15/44

4,869

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

675

7.250

11/15/44

682

New

York

Liberty

Development

Corp.

Revenue

Bonds

3,000

2.450

09/15/69

2,784

New

York

Power

Authority

Revenue

Bonds

(Þ)

2,900

4.000

04/01/34

2,982

New

York

Power

Authority

Revenue

Bonds

(µ)

1,000

5.000

11/15/38

1,174

New

York

Power

Authority

Revenue

Bonds

(µ)

400

5.250

11/15/39

477

New

York

Power

Authority

Revenue

Bonds

(µ)

450

5.250

11/15/40

532

New

York

State

Dormitory

Authority

Revenue

Bonds

1,315

5.000

03/15/26

1,378

New

York

State

Dormitory

Authority

Revenue

Bonds

450

5.000

02/15/27

477

New

York

State

Dormitory

Authority

Revenue

Bonds

2,365

5.000

03/15/30

2,492

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

2,709

New

York

State

Dormitory

Authority

Revenue

Bonds

105

5.000

07/01/32

94

New

York

State

Dormitory

Authority

Revenue

Bonds

3,300

5.000

10/01/32

3,475

New

York

State

Dormitory

Authority

Revenue

Bonds

1,465

5.000

07/01/33

1,599

New

York

State

Dormitory

Authority

Revenue

Bonds

85

5.000

07/01/34

74

New

York

State

Dormitory

Authority

Revenue

Bonds

2,825

3.250

03/15/35

2,803

New

York

State

Dormitory

Authority

Revenue

Bonds

1,335

5.000

03/15/35

1,360

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

83

New

York

State

Dormitory

Authority

Revenue

Bonds

260

4.000

07/01/36

271

New

York

State

Dormitory

Authority

Revenue

Bonds

85

5.000

07/01/36

74

New

York

State

Dormitory

Authority

Revenue

Bonds

70

4.000

09/01/36

70

New

York

State

Dormitory

Authority

Revenue

Bonds

4,750

4.000

03/15/37

4,947

New

York

State

Dormitory

Authority

Revenue

Bonds

325

4.000

07/01/37

335

New

York

State

Dormitory

Authority

Revenue

Bonds

100

4.000

09/01/37

99

New

York

State

Dormitory

Authority

Revenue

Bonds

550

3.000

03/15/38

510

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

2,250

4.000

03/15/38

2,334

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000

07/01/38

1,039

New

York

State

Dormitory

Authority

Revenue

Bonds

75

4.000

09/01/38

73

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000

10/01/38

1,083

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

4.000

03/15/39

1,029

New

York

State

Dormitory

Authority

Revenue

Bonds

4,750

5.000

03/15/39

5,200

New

York

State

Dormitory

Authority

Revenue

Bonds

85

4.000

09/01/39

83

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

2,150

5.000

10/01/39

2,420

New

York

State

Dormitory

Authority

Revenue

Bonds

7,295

5.000

02/15/40

7,697

New

York

State

Dormitory

Authority

Revenue

Bonds

1,075

4.000

03/15/40

1,094

New

York

State

Dormitory

Authority

Revenue

Bonds

105

4.000

07/01/40

78

New

York

State

Dormitory

Authority

Revenue

Bonds

100

4.000

09/01/40

96

New

York

State

Dormitory

Authority

Revenue

Bonds

3,860

3.000

03/15/41

3,382

New

York

State

Dormitory

Authority

Revenue

Bonds

1,685

4.000

03/15/41

1,698

New

York

State

Dormitory

Authority

Revenue

Bonds

1,300

5.000

03/15/41

1,385

New

York

State

Dormitory

Authority

Revenue

Bonds

110

5.000

07/01/41

92

New

York

State

Dormitory

Authority

Revenue

Bonds

6,890

5.000

02/15/42

7,100

New

York

State

Dormitory

Authority

Revenue

Bonds

5,750

5.000

03/15/42

6,227

New

York

State

Dormitory

Authority

Revenue

Bonds

835

5.000

10/01/42

926

New

York

State

Dormitory

Authority

Revenue

Bonds

6,800

4.000

03/15/43

6,841

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

4.000

03/15/45

993

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

382

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

York

State

Dormitory

Authority

Revenue

Bonds

435

4.000

07/01/45

306

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

5,250

4.000

03/15/47

5,187

New

York

State

Dormitory

Authority

Revenue

Bonds

(~)(ae)(Ê)

12,655

5.000

05/01/48

12,738

New

York

State

Housing

Finance

Agency

Revenue

Bonds

960

0.750

11/01/25

898

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

425

1.100

11/01/61

386

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

3,000

3.100

05/01/62

2,995

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

4,500

3.850

05/01/62

4,513

New

York

State

Thruway

Authority

Revenue

Bonds

1,000

5.000

01/01/42

1,128

New

York

State

Urban

Development

Corp.

Revenue

Bonds

2,500

5.000

03/15/38

2,800

New

York

State

Urban

Development

Corp.

Revenue

Bonds

5,000

5.000

03/15/41

5,716

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,130

5.000

12/01/28

1,224

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

4,700

5.000

12/01/31

5,250

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,235

5.000

12/01/32

1,355

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,205

5.000

12/01/34

1,315

New

York

Transportation

Development

Corp.

Revenue

Bonds

725

5.000

12/01/35

788

New

York

Transportation

Development

Corp.

Revenue

Bonds

500

5.000

12/01/36

540

New

York

Transportation

Development

Corp.

Revenue

Bonds

5,850

5.000

12/01/37

6,270

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

1,500

5.000

12/01/30

1,657

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

1,500

5.000

12/01/31

1,652

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)(Þ)

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)(Þ)

105

4.000

12/01/34

107

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)(Þ)

300

4.000

12/01/35

305

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

115

4.000

12/01/36

117

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

180

3.000

12/01/39

153

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)(Þ)

120

3.000

12/01/40

100

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)(Þ)

240

4.000

12/01/49

225

Orange

County

Funding

Corp.

Revenue

Bonds

750

4.000

07/01/35

717

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

5,000

5.000

07/15/34

5,724

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,525

5.000

07/15/35

1,738

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,000

4.000

07/15/36

1,063

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,000

5.000

08/01/39

1,145

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,000

5.000

08/01/40

1,137

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

2,755

5.000

10/15/41

2,822

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

2,875

5.250

05/15/42

3,068

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,470

5.000

11/15/42

1,553

Schenectady

Metroplex

Development

Authority

Revenue

Bonds

(µ)

220

4.000

08/01/32

237

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

Bonds

1,570

4.250

10/01/47

1,572

State

of

New

York

Mortgage

Agency

Revenue

Bonds

(Þ)

1,550

2.000

10/01/31

1,321

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

235

4.000

06/01/50

237

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

5,000

5.000

11/15/33

5,323

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

2,000

4.000

11/15/38

2,066

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

1,000

5.000

11/15/38

1,026

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

(Þ)

2,300

4.000

11/15/39

2,363

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

5,000

5.000

11/15/41

5,709

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

(~)(µ)(Ê)

6,375

2.000

05/15/45

5,933

TSASC,

Inc.

Revenue

Bonds

2,500

5.000

06/01/29

2,610

Utility

Debt

Securitization

Authority

Revenue

Bonds

2,935

5.000

12/15/41

3,425

Westchester

County

Local

Development

Corp.

Revenue

Bonds

(Þ)

1,500

2.875

07/01/26

1,480

Westchester

County

Local

Development

Corp.

Revenue

Bonds

480

5.000

01/01/32

501

Westchester

County

Local

Development

Corp.

Revenue

Bonds

1,350

5.000

05/01/34

1,352

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

383

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Westchester

County

Local

Development

Corp.

Revenue

Bonds

500

5.000

07/01/35

568

Westchester

County

Local

Development

Corp.

Revenue

Bonds

525

5.000

01/01/37

543

Westchester

County

Local

Development

Corp.

Revenue

Bonds

300

5.000

07/01/38

333

485,080

North

Carolina

-

0.5%

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,000

0.800

01/15/48

955

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000

01/15/50

1,093

City

of

Charlotte

Airport

Revenue

Bonds

1,310

5.000

07/01/48

1,453

City

of

Charlotte

Water

&

Sewer

System

Revenue

Bonds

2,000

5.000

07/01/33

2,305

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

325

1.375

05/01/34

313

County

of

Alamance

General

Obligation

Unlimited

2,555

2.000

05/01/35

2,101

North

Carolina

Capital

Facilities

Finance

Agency

Revenue

Bonds

2,790

5.000

10/01/44

2,873

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

248

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

235

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

563

North

Carolina

Medical

Care

Commission

Revenue

Bonds

170

5.000

03/01/27

171

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

202

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

154

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

157

North

Carolina

Medical

Care

Commission

Revenue

Bonds

700

5.000

10/01/30

708

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

161

North

Carolina

Medical

Care

Commission

Revenue

Bonds

185

4.000

09/01/34

173

North

Carolina

Medical

Care

Commission

Revenue

Bonds

(Þ)

725

5.000

10/01/35

704

North

Carolina

Medical

Care

Commission

Revenue

Bonds

100

4.000

03/01/36

89

North

Carolina

Medical

Care

Commission

Revenue

Bonds

500

5.000

01/01/38

510

North

Carolina

Medical

Care

Commission

Revenue

Bonds

225

4.000

09/01/41

190

North

Carolina

Turnpike

Authority

Revenue

Bonds

4,000

5.000

02/01/24

4,000

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

1,310

5.000

01/01/28

1,385

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

20

5.000

01/01/35

22

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

3,495

5.000

01/01/49

3,688

27,130

North

Dakota

-

0.1%

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

675

4.000

12/01/37

659

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

550

5.000

12/01/37

618

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

475

5.000

12/01/39

524

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

1,795

4.000

12/01/41

1,708

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

500

5.000

12/01/41

546

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

550

5.000

12/01/43

596

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

1,000

5.000

12/01/48

1,065

City

of

Grand

Forks

Revenue

Bonds

(Þ)

800

4.000

12/01/35

765

City

of

Horace

General

Obligation

Unlimited

105

3.250

08/01/24

105

City

of

Horace

General

Obligation

Unlimited

1,125

4.000

01/01/25

1,125

City

of

Horace

General

Obligation

Unlimited

(Þ)

150

3.000

05/01/41

114

7,825

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

384

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Ohio

-

1.9%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

700

4.000

11/15/37

673

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

450

4.000

11/15/38

427

American

Municipal

Power,

Inc.

Revenue

Bonds

(Þ)

180

5.000

02/15/24

180

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

93

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,000

5.000

06/01/35

1,088

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

(Þ)

1,000

4.000

06/01/39

1,004

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

2,270

5.000

06/01/55

2,143

City

of

Columbus

General

Obligation

Unlimited

4,685

4.000

04/01/33

4,841

City

of

Hamilton

Electric

Revenue

Bonds

(µ)

700

4.000

10/01/34

734

City

of

Hamilton

Electric

Revenue

Bonds

(µ)

730

4.000

10/01/35

763

City

of

Hamilton

Electric

Revenue

Bonds

(µ)

590

4.000

10/01/36

613

City

of

Upper

Arlington

General

Obligation

Limited

610

5.250

12/01/36

630

City

of

Upper

Arlington

General

Obligation

Limited

500

5.750

12/01/40

520

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

(Þ)

325

7.000

07/01/53

326

County

of

Allen

Hospital

Facilities

Revenue

Bonds

(~)(ae)(Ê)

1,300

5.000

10/01/49

1,372

County

of

Cuyahoga

Certificate

of

Participation

14,065

5.000

12/01/27

14,118

County

of

Cuyahoga

Certificate

of

Participation

1,990

5.000

12/01/28

1,998

County

of

Franklin

Revenue

Bonds

700

5.000

07/01/35

703

County

of

Franklin

Revenue

Bonds

800

5.000

07/01/36

794

County

of

Franklin

Revenue

Bonds

(Þ)

575

4.000

07/01/40

483

County

of

Franklin

Revenue

Bonds

330

5.250

11/15/40

308

County

of

Franklin

Sales

Tax

Revenue

Bonds

1,720

5.000

06/01/48

1,822

County

of

Hamilton

Revenue

Bonds

1,350

5.000

01/01/31

1,363

County

of

Miami

Revenue

Bonds

1,940

5.000

08/01/49

1,986

Cuyahoga

County

Hospital

Revenue

Bonds

7,450

5.000

02/15/37

7,558

Cuyahoga

Metropolitan

Housing

Authority

Revenue

Bonds

450

2.000

12/01/31

384

Euclid

City

School

District

Certificate

of

Participation

(µ)

175

4.000

12/01/30

180

Euclid

City

School

District

Certificate

of

Participation

(µ)

185

4.000

12/01/31

190

Euclid

City

School

District

Certificate

of

Participation

(µ)(Þ)

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

221

Euclid

City

School

District

Certificate

of

Participation

(µ)

445

4.000

12/01/36

455

Euclid

City

School

District

Certificate

of

Participation

(µ)

380

4.000

12/01/38

384

Euclid

City

School

District

Certificate

of

Participation

3,925

5.250

01/15/44

4,034

Forest

Hills

School

District

Tax

Revenue

Bonds

4,125

5.000

12/01/44

4,158

Green

Local

School

District/Summit

County

General

Obligation

Unlimited

1,000

5.500

11/01/47

1,099

Hillsdale

Local

School

District

Certificate

of

Participation

(µ)(Þ)

3,050

4.000

12/01/32

3,213

Lancaster

Port

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,300

5.000

08/01/49

4,350

North

Olmsted

City

School

District

Revenue

Bonds

(µ)

1,240

5.000

10/15/48

1,311

Northeast

Ohio

Medical

University

Revenue

Bonds

50

4.000

12/01/35

50

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

1,000

2.875

02/01/26

963

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

2,360

4.000

09/01/30

2,375

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,000

4.000

01/01/34

5,013

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

830

4.000

07/01/30

854

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

618

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

750

5.000

07/01/33

796

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

420

5.000

07/01/34

445

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

385

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

695

4.000

07/01/36

705

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

(Þ)

225

5.000

01/15/37

230

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

600

4.000

07/01/37

608

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

250

5.750

09/01/37

256

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

250

6.000

09/01/42

256

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

(~)(ae)(Ê)

1,435

2.750

01/01/52

1,411

Ohio

Water

Development

Authority

Revenue

Bonds

(Þ)

1,440

5.000

12/01/38

1,595

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

100

3.750

12/01/31

93

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

150

4.375

06/15/56

146

State

of

Ohio

General

Obligation

Unlimited

2,430

5.000

05/01/36

2,481

State

of

Ohio

General

Obligation

Unlimited

4,025

5.000

05/01/37

4,260

State

of

Ohio

Revenue

Bonds

2,200

4.000

01/15/38

2,219

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

1,965

5.000

07/01/29

1,966

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

250

4.000

01/01/38

229

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

100

4.000

01/01/41

89

United

Local

School

District

Certificate

of

Participation

(µ)

1,200

4.000

12/01/34

1,252

96,554

Oklahoma

-

0.4%

Carter

County

Public

Facilities

Authority

Revenue

Bonds

3,625

5.000

09/01/31

3,867

City

of

Tulsa

General

Obligation

Unlimited

2,800

2.000

11/01/28

2,614

Cleveland

County

Educational

Facilities

Authority

Revenue

Bonds

825

5.000

06/01/24

830

Oklahoma

County

Independent

School

District

No.

6

Deer

Creek

General

Obligation

Unlimited

2,840

5.000

09/01/25

2,916

Oklahoma

Development

Finance

Authority

Revenue

Bonds

2,000

5.000

08/15/28

2,033

Oklahoma

Development

Finance

Authority

Revenue

Bonds

3,000

5.250

08/15/43

3,002

Oklahoma

Housing

Finance

Agency

Collateralized

Revenue

Bonds

(~)(ae)(Ê)

150

4.000

06/01/28

150

Oklahoma

Turnpike

Authority

Revenue

Bonds

2,000

5.500

01/01/53

2,227

Oklahoma

Water

Resources

Board

Revenue

Bonds

1,500

5.000

04/01/33

1,610

19,249

Oregon

-

0.2%

City

of

Portland

Sewer

System

Revenue

Bonds

340

5.000

05/01/30

385

Hillsboro

School

District

No.

1J

General

Obligation

Unlimited

500

4.000

06/15/35

530

Hillsboro

School

District

No.

1J

General

Obligation

Unlimited

2,120

4.000

06/15/37

2,211

Medford

Hospital

Facilities

Authority

Revenue

Bonds

500

5.000

08/15/25

512

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

54

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

750

5.000

10/01/36

713

Salem

Hospital

Facility

Authority

Revenue

Bonds

130

5.000

05/15/25

130

Salem

Hospital

Facility

Authority

Revenue

Bonds

135

5.000

05/15/26

136

State

of

Oregon

Department

of

Transportation

Revenue

Bonds

1,000

5.250

11/15/47

1,133

State

of

Oregon

General

Obligation

Unlimited

150

1.250

08/01/27

139

State

of

Oregon

General

Obligation

Unlimited

120

1.375

08/01/28

110

State

of

Oregon

General

Obligation

Unlimited

125

1.500

08/01/29

113

State

of

Oregon

General

Obligation

Unlimited

(Þ)

500

5.000

12/01/31

528

State

of

Oregon

General

Obligation

Unlimited

2,930

5.000

05/01/43

3,331

State

of

Oregon

General

Obligation

Unlimited

410

4.250

06/01/49

411

State

of

Oregon

Revenue

Bonds

940

5.000

08/01/43

1,072

11,641

Pennsylvania

-

3.9%

Allegheny

County

Airport

Authority

Revenue

Bonds

1,000

5.000

01/01/35

1,127

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

3,260

4.000

01/01/40

3,316

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

386

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

3,140

4.000

01/01/41

3,194

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

790

5.000

10/15/26

795

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

835

5.000

10/15/27

841

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

870

5.000

10/15/28

876

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

(SOFR

+

0.290%)(ae)(Ê)

750

4.007

02/01/33

739

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

665

5.250

09/01/33

676

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

275

5.125

05/01/30

287

Allegheny

County

Sanitary

Authority

Revenue

Bonds

1,000

4.000

06/01/35

1,038

Allentown

City

School

District

General

Obligation

Limited

(µ)(Þ)

2,250

5.000

02/01/31

2,434

Allentown

City

School

District

General

Obligation

Limited

(µ)

2,600

5.000

02/01/32

2,810

Allentown

City

School

District

General

Obligation

Limited

(µ)(Þ)

1,785

5.000

02/01/33

1,928

Allentown

City

School

District

General

Obligation

Limited

(µ)(Þ)

1,000

4.000

02/01/36

1,014

Allentown

City

School

District

General

Obligation

Limited

(µ)(Þ)

2,250

5.000

02/01/37

2,396

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.000

05/01/27

1,025

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

75

5.000

05/01/27

78

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

4,105

5.000

05/01/42

4,139

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/25

50

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

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

48

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/29

48

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

75

5.000

07/01/30

72

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

230

5.000

10/01/30

236

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

100

5.000

10/01/31

102

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

390

5.000

10/01/32

400

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

610

5.000

07/01/33

573

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

535

5.000

07/01/34

499

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

415

5.000

07/01/35

385

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

635

5.000

07/01/36

581

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,340

5.000

07/01/37

1,212

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,390

5.000

07/01/38

1,245

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,440

5.000

07/01/39

1,277

Butler

County

General

Authority

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.700%)(µ)(Ê)

14,730

1.660

10/01/34

13,734

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4,065

5.000

10/15/32

4,068

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,320

4.000

12/01/37

1,378

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,500

4.000

12/01/38

1,554

Chester

County

Industrial

Development

Authority

Special

Assessment

(Þ)

204

4.375

03/01/28

203

City

of

Erie

General

Obligation

Unlimited

(µ)

3,750

3.208

11/15/37

2,128

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

100

4.000

05/01/36

94

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

100

4.000

05/01/41

87

City

of

Philadelphia

General

Obligation

Unlimited

(~)(Ê)

200

0.250

08/01/31

200

City

of

Philadelphia

General

Obligation

Unlimited

5,000

5.000

08/01/33

5,333

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

55

5.000

11/15/24

55

City

of

York

General

Obligation

Unlimited

955

5.000

11/15/26

975

City

of

York

General

Obligation

Unlimited

(Þ)

1,755

5.000

11/15/27

1,809

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

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

387

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Coatesville

Area

School

District

Building

Authority

Revenue

Bonds

(µ)

360

5.000

12/01/27

360

Coatesville

Area

School

District

Building

Authority

Revenue

Bonds

(µ)

12,940

5.250

11/15/37

14,225

Commonwealth

Financing

Authority

Revenue

Bonds

1,500

5.000

06/01/25

1,530

Commonwealth

Financing

Authority

Revenue

Bonds

(µ)

8,000

4.000

06/01/39

8,057

Commonwealth

of

Pennsylvania

General

Obligation

Unlimited

5,725

3.500

03/01/31

5,808

Conrad

Weiser

Area

School

District

General

Obligation

Limited

(µ)

1,680

4.000

09/01/34

1,726

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

1,083

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

700

4.250

10/15/26

658

Deer

Creek

Drainage

Basin

Authority

Revenue

Bonds

(µ)

500

4.000

12/01/31

527

Deer

Creek

Drainage

Basin

Authority

Revenue

Bonds

(µ)

250

4.000

12/01/37

255

Delaware

River

Port

Authority

Revenue

Bonds

4,700

5.000

01/01/37

4,714

Delaware

Valley

Regional

Finance

Authority

Revenue

Bonds

(USD

1

Month

LIBOR

+

0.880%)(ae)(Ê)

10,000

0.996

09/01/48

9,992

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

150

4.000

06/01/44

146

Indiana

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

650

5.000

05/01/27

681

Lancaster

Higher

Education

Authority

Revenue

Bonds

2,250

5.000

10/01/37

2,314

Lancaster

Industrial

Development

Authority

Revenue

Bonds

150

4.000

07/01/31

142

Lancaster

Industrial

Development

Authority

Revenue

Bonds

125

4.000

07/01/37

110

Latrobe

Industrial

Development

Authority

Revenue

Bonds

150

5.000

03/01/30

155

Lehigh

County

Industrial

Development

Authority

Revenue

Bonds

8,240

3.000

09/01/29

8,041

Lincoln

University

of

the

Commonwealth

System

of

Higher

Education

General

Obligation

Limited

650

5.250

07/01/44

621

Mifflin

County

School

District

General

Obligation

Limited

(µ)

1,000

5.000

09/01/30

1,019

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

150

4.000

09/01/37

151

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

(Þ)

150

4.000

09/01/38

151

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

(Þ)

150

4.000

09/01/39

151

Montgomery

County

Industrial

Development

Authority

General

Obligation

Unlimited

50

4.000

10/01/36

47

Montgomery

County

Industrial

Development

Authority

General

Obligation

Unlimited

50

4.000

10/01/41

44

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,645

4.100

06/01/29

1,689

North

Allegheny

School

District

General

Obligation

Limited

1,000

4.000

05/01/35

1,051

North

Pocono

School

District

General

Obligation

Limited

(µ)

885

4.000

09/15/31

928

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

703

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

(Þ)

1,820

0.950

12/01/33

1,664

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

469

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

155

4.000

10/15/37

159

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

800

5.000

07/01/38

835

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(Þ)

1,500

3.000

04/01/39

1,316

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

245

4.000

07/01/41

225

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,640

5.000

12/01/38

1,655

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

6,187

5.750

10/01/53

6,580

Pennsylvania

State

University

(The)  Revenue

Bonds

920

5.000

09/01/41

956

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000

12/01/36

830

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000

12/01/38

821

Pennsylvania

Turnpike

Commission

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.850%)(ae)(Ê)

425

4.550

07/15/41

425

Pennsylvania

Turnpike

Commission

Revenue

Bonds

5,025

5.000

12/01/41

5,153

Pennsylvania

Turnpike

Commission

Revenue

Bonds

(Þ)

12,365

5.250

12/01/44

13,247

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

679

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

388

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

415

5.000

06/15/28

430

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

552

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

140

5.000

06/15/30

145

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

100

5.000

08/01/30

103

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

340

5.000

06/15/32

343

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

300

5.000

06/15/33

305

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

500

5.250

11/01/52

533

Pittsburgh

School

District

General

Obligation

Limited

3,000

3.000

09/01/40

2,608

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

375

4.000

09/01/34

391

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

75

4.000

09/01/35

78

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

300

5.000

09/01/35

335

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)(Þ)

1,715

5.000

09/01/36

1,900

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

1,000

5.000

09/01/37

1,099

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

1,040

5.000

09/01/38

1,136

Reading

School

District

General

Obligation

Limited

(µ)(Þ)

785

5.000

03/01/35

824

Reading

School

District

General

Obligation

Limited

(µ)

720

5.000

03/01/36

751

School

District

of

Philadelphia

(The)

General

Obligation

Limited

(µ)(ae)(Þ)

10

5.000

09/01/27

11

Scranton

School

District

General

Obligation

Unlimited

(µ)

490

5.000

06/01/32

537

Scranton

School

District

General

Obligation

Unlimited

(µ)

330

5.000

12/01/33

353

Scranton

School

District

General

Obligation

Unlimited

(µ)(Þ)

575

5.000

06/01/34

634

Scranton

School

District

General

Obligation

Unlimited

(µ)(Þ)

560

5.000

06/01/36

613

Tulpehocken

Area

School

District

General

Obligation

Limited

(µ)

3,490

5.250

10/01/45

3,791

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

3,129

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

80

5.000

07/01/28

84

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

60

5.000

07/01/30

64

Wilkes-Barre

Finance

Authority

Revenue

Bonds

325

4.000

03/01/42

267

200,130

Puerto

Rico

-

3.2%

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

472

5.375

07/01/25

480

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

19,296

5.625

07/01/27

20,375

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,379

5.625

07/01/29

1,493

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,025

5.750

07/01/31

2,256

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,055

Zero

coupon

07/01/33

2,579

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,680

4.000

07/01/33

4,540

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,150

4.000

07/01/35

1,097

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,100

4.000

07/01/41

1,003

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

318

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

1,840

5.000

07/01/28

1,892

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

5,810

5.000

07/01/33

6,035

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

9,500

5.000

07/01/35

9,740

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

4,655

5.000

07/01/37

4,752

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

9,000

5.000

07/01/47

9,029

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.520%)(µ)(Ê)

8,820

1.480

07/01/29

8,252

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

230

4.375

07/01/30

222

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Central

Facilities

Financial

Authority

Revenue

Bonds

250

5.000

07/01/32

275

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Central

Facilities

Financial

Authority

Revenue

Bonds

235

4.000

07/01/37

227

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

389

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Puerto

Rico

Municipal

Finance

Agency

General

Obligation

Unlimited

(µ)

2,075

5.000

08/01/27

2,089

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

4,265

2.953

07/01/27

3,749

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

3,623

3.071

07/01/29

2,944

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

9,826

3.171

07/01/31

7,353

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

1,700

3.450

07/01/33

1,166

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

17,834

4.500

07/01/34

17,910

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

36,799

4.329

07/01/40

36,569

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Þ)

6,511

4.329

07/01/40

6,470

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

11,853

4.550

07/01/40

11,866

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Þ)

1,350

4.550

07/01/40

1,352

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

650

5.709

07/01/46

202

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

1,200

5.772

07/01/51

275

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Þ)

619

4.784

07/01/58

606

167,150

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

1,908

Providence

Public

Building

Authority

Revenue

Bonds

(µ)

1,900

5.000

09/15/38

2,014

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(Þ)

200

5.000

08/15/27

214

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

2,495

5.000

05/15/28

2,540

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,250

5.000

05/15/29

1,271

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(µ)

375

5.000

05/15/32

416

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(µ)

300

5.000

05/15/33

332

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(µ)(Þ)

300

5.000

05/15/36

329

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,175

5.500

05/15/40

1,341

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,435

5.500

05/15/41

1,632

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

3,965

5.500

05/15/47

4,438

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

3,135

5.000

05/15/48

3,457

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

520

5.000

10/01/27

556

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

485

5.000

04/01/28

521

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

1,000

5.000

10/01/42

1,066

State

of

Rhode

Island

General

Obligation

Unlimited

1,110

5.000

08/01/40

1,258

23,609

South

Carolina

-

0.6%

City

of

Anderson

Water

&

Sewer

Revenue

Bonds

950

5.000

07/01/29

1,066

Lee

County

School

Facilities,

Inc.

Revenue

Bonds

(µ)

1,050

4.000

12/01/27

1,093

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

1,502

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,560

5.000

12/01/30

1,650

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,695

4.000

12/01/32

1,721

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,165

4.000

12/01/33

1,179

Patriots

Energy

Group

Financing

Agency

Revenue

Bonds

(SOFR

+

1.900%)(Ê)

5,150

5.464

02/01/54

5,177

South

Carolina

Public

Service

Authority

Revenue

Bonds

3,399

4.000

12/01/30

3,519

South

Carolina

Public

Service

Authority

Revenue

Bonds

2,080

5.000

12/01/31

2,167

South

Carolina

Public

Service

Authority

Revenue

Bonds

194

4.000

12/01/34

201

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,690

5.500

12/01/41

1,931

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,500

5.750

12/01/47

1,675

South

Carolina

Public

Service

Authority

Revenue

Bonds

1,750

5.500

12/01/54

1,754

South

Carolina

State

Housing

Finance

&

Development

Authority

Revenue

Bonds

(~)

(Ê)

3,300

5.000

10/01/26

3,366

Sumter

Two

School

Facilities,

Inc.

Revenue

Bonds

(µ)

1,360

5.000

12/01/26

1,408

30,629

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

390

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

South

Dakota

-

0.1%

Brookings

School

District

5

General

Obligation

Unlimited

575

5.250

06/15/34

695

Brookings

School

District

5

General

Obligation

Unlimited

1,600

5.500

06/15/43

1,871

County

of

Lawrence

Certificate

of

Participation

(µ)

760

4.000

12/01/37

791

County

of

Lincoln

Revenue

Bonds

100

4.000

08/01/41

92

South

Dakota

Conservancy

District

Revenue

Bonds

730

5.000

08/01/32

801

4,250

Tennessee

-

0.8%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

1,000

5.000

08/01/25

1,020

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

600

5.000

10/01/26

610

City

of

Knoxville

General

Obligation

Unlimited

2,860

3.000

05/01/34

2,831

Greenville

Health

&

Educational

Facilities

Board

Revenue

Bonds

700

4.000

07/01/40

693

Health

Educational

and

Housing

Facility

Board

of

the

City

of

Memphis

(The)

Revenue

Bonds

(~)(ae)(Ê)

11,489

5.000

07/01/27

11,805

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(~)(ae)

(Ê)

4,665

4.050

12/01/27

4,715

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(~)(ae)

(Ê)

1,310

5.000

12/01/27

1,360

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

1,750

5.000

04/01/29

1,817

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(µ)(Þ)

250

5.250

07/01/49

272

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000

04/01/26

2,006

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

(Þ)

400

4.000

10/01/28

394

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

210

4.000

10/01/30

206

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

2,210

5.000

07/01/35

2,273

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

(~)(ae)(Ê)

315

3.850

02/01/48

317

Metropolitan

Government

of

Nashville

&

Davidson

County

Electric

Revenue

Bonds

2,000

5.000

05/15/42

2,078

Metropolitan

Government

of

Nashville

&

Davidson

County

General

Obligation

Unlimited

5,750

1.750

01/01/36

4,413

Tennessee

Housing

Development

Agency

Revenue

Bonds

2,640

3.000

01/01/29

2,605

Tennessee

Housing

Development

Agency

Revenue

Bonds

2,250

4.950

07/01/38

2,427

41,842

Texas

-

9.9%

Alamito

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

6,295

3.500

09/01/25

6,280

Alamito

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,400

5.000

08/01/44

5,548

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

5.000

08/15/26

1,009

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

535

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

785

5.000

12/01/33

841

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

2,775

Arlington

Independent

School

District

General

Obligation

Unlimited

2,175

5.000

02/15/39

2,233

Austin

Community

College

District

General

Obligation

Limited

750

5.250

08/01/53

840

Austin

Community

College

District

Public

Facility

Corp.

Revenue

Bonds

1,115

5.000

08/01/24

1,126

Barbers

Hill

Independent

School

District

General

Obligation

Unlimited

1,625

4.000

02/15/41

1,668

Baytown

Municipal

Development

District

Revenue

Bonds

1,440

5.000

10/01/38

1,489

Baytown

Municipal

Development

District

Revenue

Bonds

1,515

5.000

10/01/39

1,559

Baytown

Municipal

Development

District

Revenue

Bonds

1,590

5.000

10/01/40

1,624

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,765

4.000

07/15/31

1,615

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,430

5.000

07/15/33

1,373

Brazoria

County

Toll

Road

Authority

Revenue

Bonds

200

5.000

03/01/33

214

Cedar

Port

Navigation

&

Improvement

District

General

Obligation

Unlimited

2,450

4.250

09/01/41

2,459

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

391

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

2,100

5.000

01/01/25

2,114

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,200

5.000

01/01/35

1,233

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

900

4.000

01/01/36

933

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,405

5.000

01/01/36

1,492

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,285

5.000

01/01/37

1,396

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

(Þ)

150

4.000

01/01/40

152

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,490

5.000

01/01/40

1,598

Central

Texas

Turnpike

System

Revenue

Bonds

2,385

5.000

08/15/42

2,395

City

of

Amarillo

Waterworks

&

Sewer

System

Revenue

Bonds

1,000

4.000

04/01/39

1,029

City

of

Amarillo

Waterworks

&

Sewer

System

Revenue

Bonds

1,130

4.000

04/01/40

1,155

City

of

Anna

Special

Assessment

(Þ)

435

4.875

09/15/30

441

City

of

Arlington

Special

Tax

(µ)

1,785

5.000

02/15/34

1,914

City

of

Arlington

Special

Tax

(µ)

3,620

5.000

02/15/37

3,858

City

of

Arlington

Special

Tax

(µ)

6,250

5.000

02/15/43

6,536

City

of

Arlington

Tax

Allocation

275

5.000

08/15/32

294

City

of

Arlington

Tax

Allocation

305

5.000

08/15/34

325

City

of

Arlington

Tax

Allocation

335

5.000

08/15/36

354

City

of

Austin

Airport

System

Revenue

Bonds

4,025

5.000

11/15/46

4,127

City

of

Austin

Water

&

Wastewater

System

Revenue

Bonds

700

5.000

11/15/38

794

City

of

Austin

Water

&

Wastewater

System

Revenue

Bonds

500

5.000

11/15/39

565

City

of

Austin

Water

&

Wastewater

System

Revenue

Bonds

1,000

5.000

11/15/40

1,122

City

of

Boyd

Special

Assessment

(Þ)

1,005

5.125

09/15/43

1,001

City

of

Bryan

General

Obligation

Limited

2,520

2.375

08/15/36

2,098

City

of

Bryan

General

Obligation

Limited

2,580

2.375

08/15/37

2,094

City

of

Bryan

General

Obligation

Limited

2,640

2.375

08/15/38

2,093

City

of

Bryan

General

Obligation

Limited

2,705

2.500

08/15/39

2,151

City

of

Carrollton

General

Obligation

Limited

450

5.000

08/15/38

513

City

of

Celina

Special

Assessment

(Þ)

245

4.375

09/01/27

242

City

of

Celina

Special

Assessment

(Þ)

169

4.500

09/01/27

170

City

of

Celina

Special

Assessment

(Þ)

100

3.625

09/01/30

92

City

of

Celina

Special

Assessment

(Þ)

510

4.375

09/01/30

511

City

of

Celina

Special

Assessment

(Þ)

186

5.000

09/01/30

188

City

of

Celina

Special

Assessment

575

4.800

09/01/37

573

City

of

Celina

Special

Assessment

(Þ)

230

4.250

09/01/40

210

City

of

College

Station

General

Obligation

Limited

2,975

2.000

02/15/35

2,469

City

of

College

Station

General

Obligation

Limited

2,035

2.000

02/15/36

1,652

City

of

College

Station

General

Obligation

Limited

3,160

2.125

02/15/38

2,425

City

of

College

Station

General

Obligation

Limited

1,295

2.125

02/15/40

947

City

of

College

Station

General

Obligation

Limited

2,370

2.250

02/15/41

1,717

City

of

Crandall

Special

Assessment

(Þ)

50

3.375

09/15/26

48

City

of

Crandall

Special

Assessment

(Þ)

300

4.000

09/15/31

280

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,105

4.000

08/15/29

1,132

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,045

4.000

08/15/30

1,070

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,400

4.000

08/15/31

1,431

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,020

5.000

07/01/26

1,046

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,890

5.000

09/01/26

1,933

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(Ê)

350

5.000

07/01/42

365

City

of

Donna

Revenue

Bonds

(µ)

1,090

5.000

02/15/31

1,091

City

of

Dripping

Springs

Special

Assessment

(Þ)

395

4.500

09/01/30

397

City

of

El

Paso

Water

&

Sewer

Revenue

Bonds

6,500

5.250

03/01/49

7,177

City

of

Elgin

General

Obligation

Limited

(µ)

400

4.000

07/15/32

423

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

392

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Elgin

General

Obligation

Limited

(µ)

175

4.000

07/15/34

183

City

of

Fate

Special

Assessment

(Þ)

243

3.750

08/15/27

238

City

of

Fort

Worth

General

Obligation

Limited

1,475

2.000

03/01/40

1,040

City

of

Fort

Worth

Revenue

Bonds

2,050

5.250

03/01/36

2,064

City

of

Fort

Worth

Water

&

Sewer

System

Revenue

Bonds

6,045

3.000

02/15/35

5,783

City

of

Georgetown

Utility

System

Revenue

Bonds

(µ)

750

5.000

08/15/29

832

City

of

Hackberry

Revenue

Bonds

(Þ)

1,710

4.625

09/01/37

1,683

City

of

Hackberry

Revenue

Bonds

1,350

4.500

09/01/38

1,309

City

of

Haslet

Special

Assessment

(Þ)

259

2.625

09/01/26

243

City

of

Houston

Airport

System

Revenue

Bonds

2,000

5.000

07/01/29

2,187

City

of

Houston

Airport

System

Revenue

Bonds

(Þ)

2,175

5.000

07/01/30

2,381

City

of

Houston

Airport

System

Revenue

Bonds

360

5.000

07/01/31

394

City

of

Houston

Airport

System

Revenue

Bonds

325

5.000

07/01/32

355

City

of

Houston

Combined

Utility

System

Revenue

Bonds

(µ)

3,275

Zero

coupon

12/01/26

3,006

City

of

Houston

Combined

Utility

System

Revenue

Bonds

3,000

5.000

11/15/35

3,120

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

Bonds

1,470

5.000

09/01/27

1,505

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

Bonds

1,240

5.000

09/01/34

1,345

City

of

Hutto

Special

Assessment

(Þ)

189

2.500

09/01/26

178

City

of

Justin

Special

Assessment

(Þ)

910

4.625

09/01/28

919

City

of

Kyle

Special

Assessment

(Þ)

246

2.750

09/01/26

230

City

of

Kyle

Special

Assessment

(Þ)

504

3.625

09/01/27

493

City

of

Kyle

Special

Assessment

(Þ)

230

5.750

09/01/30

237

City

of

Kyle

Special

Assessment

(Þ)

501

3.875

09/01/32

479

City

of

Kyle

Special

Assessment

(Þ)

1,178

5.125

09/01/46

1,179

City

of

Lavon

Special

Assessment

(Þ)

200

5.250

09/15/28

202

City

of

Lavon

Special

Assessment

(µ)

365

3.000

09/15/30

362

City

of

Lavon

Special

Assessment

(µ)(Þ)

380

3.000

09/15/31

369

City

of

Lavon

Special

Assessment

(Þ)

985

4.250

09/15/39

906

City

of

Manor

Special

Assessment

(Þ)

250

4.500

09/15/30

251

City

of

Mesquite

Revenue

Bonds

(Þ)

816

5.000

09/01/43

819

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

290

4.750

09/01/28

294

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

595

5.250

09/01/38

604

City

of

Midlothian

Special

Assessment

(Þ)

215

2.875

09/15/26

204

City

of

Mustang

Ridge

Special

Assessment

(Þ)

366

5.250

09/01/30

372

City

of

Pilot

Point

Special

Assessment

(Þ)

558

4.875

09/15/27

559

City

of

Pilot

Point

Special

Assessment

(Þ)

500

5.125

09/15/32

510

City

of

Princeton

Special

Assessment

(Þ)

125

2.750

09/01/25

121

City

of

Princeton

Special

Assessment

(Þ)

201

3.750

09/01/27

195

City

of

Princeton

Special

Assessment

(Þ)

360

4.375

09/01/28

361

City

of

Princeton

Special

Assessment

(Þ)

732

4.250

09/01/30

733

City

of

Princeton

Special

Assessment

(Þ)

447

5.500

09/01/30

457

City

of

Princeton

Special

Assessment

(Þ)

210

2.875

09/01/31

185

City

of

Princeton

Special

Assessment

(Þ)

128

3.000

09/01/31

114

City

of

Princeton

Special

Assessment

(Þ)

280

4.000

09/01/32

271

City

of

Royse

City

Special

Assessment

(Þ)

235

5.500

09/15/30

240

City

of

Sachse

Special

Assessment

(Þ)

659

5.625

09/15/42

681

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

4,715

5.000

02/01/26

4,919

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

(~)(ae)(Ê)

3,835

1.750

02/01/33

3,764

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

1,200

4.000

02/01/34

1,224

City

of

Temple

Tax

Allocation

(µ)

235

4.000

08/01/34

248

City

of

Temple

Tax

Allocation

(µ)

210

4.000

08/01/35

221

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

393

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Temple

Tax

Allocation

(µ)(Þ)

200

4.000

08/01/37

207

City

of

Temple

Tax

Allocation

(µ)

220

4.000

08/01/39

224

City

of

Temple

Tax

Allocation

(µ)

170

4.000

08/01/41

171

City

of

Venus

Special

Assessment

(Þ)

250

3.125

09/15/31

224

City

of

Waxahachie

General

Obligation

Limited

1,560

3.000

08/01/41

1,298

City

of

Waxahachie

Special

Assessment

(Þ)

392

4.875

08/15/27

393

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

375

4.000

08/15/30

391

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

365

3.000

08/15/32

353

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

255

3.000

08/15/33

244

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

490

3.000

08/15/34

464

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

675

3.000

08/15/35

628

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

325

3.000

08/15/36

296

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,850

4.000

08/15/36

1,897

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

725

3.000

08/15/37

645

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

2,000

4.000

08/15/37

2,042

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

380

3.000

08/15/38

332

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

930

3.000

08/15/40

781

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

960

3.000

08/15/41

793

Club

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

125

2.500

09/01/26

117

Comal

County

Water

Control

&

Improvement

District

No.

6

General

Obligation

Unlimited

(µ)

2,025

5.250

09/01/30

2,211

Comal

County

Water

Control

&

Improvement

District

No.

6

General

Obligation

Unlimited

(µ)

1,700

4.000

09/01/44

1,671

Comal

Independent

School

District

General

Obligation

Unlimited

5,000

3.000

02/01/39

4,494

Conroe

Local

Government

Corp.

Revenue

Bonds

150

5.000

10/01/32

171

Conroe

Local

Government

Corp.

Revenue

Bonds

200

5.000

10/01/35

227

Conroe

Local

Government

Corp.

Revenue

Bonds

250

5.000

10/01/36

282

Conroe

Local

Government

Corp.

Revenue

Bonds

100

4.000

10/01/41

100

County

of

Bastrop

Special

Assessment

(Þ)

421

4.375

09/01/30

425

County

of

Harris

Revenue

Bonds

1,000

4.000

09/15/42

1,012

County

of

Harris

Revenue

Bonds

1,315

4.000

09/15/43

1,325

County

of

Kaufman

General

Obligation

Unlimited

500

4.000

02/15/36

521

County

of

Kaufman

General

Obligation

Unlimited

895

4.000

02/15/39

912

Crandall

Independent

School

District

General

Obligation

Unlimited

1,350

5.000

08/15/53

1,468

Cypress-Fairbanks

Independent

School

District

General

Obligation

Unlimited

3,000

2.250

02/15/41

2,237

Dallas

Area

Rapid

Transit

Tax

Allocation

515

5.000

12/01/48

534

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

510

5.000

11/01/24

517

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,000

5.000

11/01/25

1,035

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

4,000

5.000

11/01/36

4,662

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,000

4.000

11/01/39

1,018

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

3,500

4.000

11/01/41

3,538

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,255

4.000

11/01/45

1,235

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

(Þ)

5,000

4.000

11/01/46

4,914

Dallas

Independent

School

District

General

Obligation

Unlimited

3,280

2.000

02/15/42

2,304

Decatur

Hospital

Authority

Revenue

Bonds

1,250

5.250

09/01/29

1,263

Decatur

Hospital

Authority

Revenue

Bonds

(Þ)

550

5.000

09/01/30

627

Decatur

Hospital

Authority

Revenue

Bonds

1,110

5.000

09/01/32

1,285

Denton

Independent

School

District

General

Obligation

Unlimited

1,320

5.000

08/15/26

1,393

Edinburg

Economic

Development

Corp.

Revenue

Bonds

150

3.125

08/15/36

123

Edinburg

Economic

Development

Corp.

Revenue

Bonds

125

3.250

08/15/41

96

El

Paso

Independent

School

District

General

Obligation

Limited

(~)(ae)(Ê)

500

5.000

02/01/40

516

Fort

Bend

County

Municipal

Utility

District

No.

134B

General

Obligation

Unlimited

(µ)

2,475

6.000

03/01/29

2,753

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

394

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Fort

Worth

Independent

School

District

General

Obligation

Unlimited

2,500

5.000

02/15/47

2,626

Frisco

Independent

School

District

General

Obligation

Unlimited

325

5.000

02/15/35

385

Frisco

Independent

School

District

General

Obligation

Unlimited

570

5.000

02/15/36

671

Frisco

Independent

School

District

General

Obligation

Unlimited

1,000

5.000

02/15/37

1,166

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

3,146

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

250

4.000

10/01/36

258

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

1,000

4.000

10/01/37

1,028

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

1,335

4.000

10/01/38

1,365

Greater

Texoma

Utility

Authority

Revenue

Bonds

(µ)

1,310

5.000

10/01/37

1,458

Gulf

Coast

Waste

Disposal

Authority

Revenue

Bonds

(~)(Ê)

315

0.220

09/01/25

315

Harlandale

Independent

School

District

Revenue

Bonds

1,125

4.000

08/15/32

1,142

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,925

5.000

06/01/32

2,961

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

120

6.375

01/01/33

120

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(SOFR

+

0.730%)(ae)(Ê)

950

0.710

11/15/46

950

Harris

County

Municipal

Utility

District

No.

489

General

Obligation

Unlimited

(µ)

3,700

6.500

09/01/29

4,189

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

2,112

Harris

County-Houston

Sports

Authority

Revenue

Bonds

(Þ)

1,000

5.000

11/15/26

1,011

Harris

County-Houston

Sports

Authority

Revenue

Bonds

750

5.000

11/15/27

757

Harris

County-Houston

Sports

Authority

Revenue

Bonds

(Þ)

2,265

5.000

11/15/29

2,287

Harris

County-Houston

Sports

Authority

Revenue

Bonds

1,495

5.000

11/15/32

1,508

Highland

Park

Independent

School

District

General

Obligation

Unlimited

650

5.250

02/15/39

752

Highland

Park

Independent

School

District

General

Obligation

Unlimited

2,195

5.250

02/15/40

2,524

Housing

Synergy

PFC

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.000

02/01/27

3,078

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

1,600

5.000

08/15/28

1,636

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

60

3.375

10/01/37

50

Hunt

Memorial

Hospital

District

Charitable

Health

General

Obligation

Limited

515

5.000

02/15/31

555

Hunt

Memorial

Hospital

District

Charitable

Health

General

Obligation

Limited

(Þ)

1,070

5.000

02/15/32

1,149

Hunt

Memorial

Hospital

District

Charitable

Health

General

Obligation

Limited

(Þ)

1,125

5.000

02/15/33

1,205

Jacksboro

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

680

4.000

02/15/48

702

Joshua

Farms

Municipal

Management

District

No.

1

Special

Assessment

(Þ)

500

4.375

09/01/30

501

Karnes

County

Hospital

District

Revenue

Bonds

2,020

5.000

02/01/29

2,022

Kennedale

Independent

School

District

General

Obligation

Unlimited

450

5.000

02/15/38

521

Kermit

Independent

School

District

General

Obligation

Unlimited

2,500

5.000

02/15/48

2,745

Kermit

Independent

School

District

General

Obligation

Unlimited

1,000

5.000

02/15/53

1,086

La

Joya

Independent

School

District

General

Obligation

Limited

(µ)

735

5.000

02/15/33

787

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

270

5.000

09/01/31

282

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

250

4.000

09/01/36

240

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

330

3.000

09/01/38

268

Leander

Independent

School

District

General

Obligation

Unlimited

(ae)

3,000

4.746

08/15/45

954

Lower

Colorado

River

Authority

Revenue

Bonds

3,060

5.000

05/15/31

3,118

Lubbock

Independent

School

District

General

Obligation

Unlimited

1,000

4.000

02/15/40

1,010

Mansfield

Independent

School

District

Revenue

Bonds

1,570

5.000

02/15/36

1,601

Mansfield

Independent

School

District

Revenue

Bonds

1,925

5.000

02/15/39

1,964

Matagorda

County

Navigation

District

No.

1

Revenue

Bonds

2,850

2.600

11/01/29

2,600

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

(Þ)

1,370

5.000

09/15/32

1,395

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

1,340

5.000

09/15/37

1,357

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

700

4.000

08/15/24

697

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

395

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

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

657

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

2,000

4.250

10/01/26

1,970

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

515

4.000

08/15/27

508

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

535

4.000

08/15/28

526

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

500

5.000

04/01/29

501

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

930

4.000

08/15/30

903

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

150

4.000

07/01/31

153

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

500

5.000

07/01/31

527

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,215

4.000

08/15/31

1,172

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

130

4.000

07/01/32

133

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

250

5.000

07/01/32

263

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

300

5.000

07/01/33

315

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,750

5.000

04/01/34

1,754

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,160

5.000

04/01/35

1,200

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

455

4.000

08/15/36

418

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

500

5.000

07/01/38

517

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

370

4.000

08/15/41

315

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

770

5.000

12/01/49

686

North

East

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

4,190

3.600

08/01/52

4,176

North

East

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,935

5.000

01/01/31

1,987

North

Texas

Municipal

Water

District

Water

System

Revenue

Bonds

5,125

5.000

09/01/29

5,776

North

Texas

Tollway

Authority

Revenue

Bonds

3,065

5.000

01/01/27

3,173

North

Texas

Tollway

Authority

Revenue

Bonds

910

5.000

01/01/29

925

North

Texas

Tollway

Authority

Revenue

Bonds

1,000

5.000

01/01/32

1,058

North

Texas

Tollway

Authority

Revenue

Bonds

1,895

4.000

01/01/37

1,926

North

Texas

Tollway

Authority

Revenue

Bonds

1,250

4.000

01/01/38

1,279

North

Texas

Tollway

Authority

Revenue

Bonds

1,000

5.000

01/01/38

1,011

North

Texas

Tollway

Authority

Revenue

Bonds

50

4.000

01/01/40

51

North

Texas

Tollway

Authority

Revenue

Bonds

9,005

5.000

01/01/45

9,094

Northside

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,000

3.000

08/01/53

991

Northwest

Independent

School

District

General

Obligation

Unlimited

1,375

5.000

02/15/40

1,542

Northwest

Independent

School

District

General

Obligation

Unlimited

2,140

5.000

02/15/41

2,389

Pearland

Independent

School

District

General

Obligation

Unlimited

1,500

5.250

02/15/32

1,568

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,275

5.000

02/15/35

1,369

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,650

5.000

02/15/38

1,691

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

650

5.000

02/15/39

665

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

2,250

5.000

02/15/40

2,300

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

4,695

5.000

02/15/41

4,795

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

2,425

5.000

02/15/42

2,474

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,675

5.000

02/15/43

1,708

Pflugerville

Independent

School

District

General

Obligation

Unlimited

3,245

4.000

02/15/45

3,276

Plainview

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

425

4.000

02/15/50

431

Port

Arthur

Independent

School

District

General

Obligation

Unlimited

(µ)

550

4.000

02/15/34

573

Port

Arthur

Independent

School

District

General

Obligation

Unlimited

(ae)(Þ)

1,860

5.000

02/15/45

1,896

Princeton

Independent

School

District

General

Obligation

Unlimited

(ae)

2,000

5.000

02/15/44

2,040

Prosper

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

525

4.000

02/15/50

533

Reagan

Hospital

District

of

Reagan

County

General

Obligation

Limited

500

5.000

02/01/29

496

Reagan

Hospital

District

of

Reagan

County

General

Obligation

Limited

2,500

5.000

02/01/34

2,468

Rockwall

Independent

School

District

General

Obligation

Unlimited

(ae)

605

5.000

02/15/32

616

Royse

City

Special

Assessment

(Þ)

50

3.125

09/15/25

49

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

396

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Royse

City

Special

Assessment

(Þ)

175

4.125

09/15/39

161

Royse

City

Special

Assessment

(Þ)

100

4.125

09/15/40

90

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

726

Sabine-Neches

Navigation

District

General

Obligation

Limited

1,885

5.250

02/15/40

2,081

Sabine-Neches

Navigation

District

General

Obligation

Limited

(Þ)

1,500

5.250

02/15/42

1,644

San

Antonio

Public

Facilities

Corp.

Revenue

Bonds

1,035

5.000

09/15/25

1,066

San

Antonio

Public

Facilities

Corp.

Revenue

Bonds

2,125

5.000

09/15/26

2,234

San

Antonio

Water

System

Revenue

Bonds

(~)(ae)(Ê)

2,000

2.625

05/01/49

1,993

Sherman

Independent

School

District

General

Obligation

Unlimited

6,000

5.000

02/15/53

6,537

South

Manvel

Development

Authority

Tax

Allocation

250

4.500

04/01/30

250

South

Manvel

Development

Authority

Tax

Allocation

325

5.000

04/01/38

326

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

475

4.000

09/01/33

498

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

1,300

5.000

09/01/33

1,394

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

55

4.000

09/01/34

58

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

250

4.000

09/01/35

260

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

85

4.000

09/01/36

88

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)(Þ)

800

4.000

09/01/37

825

Spring

Independent

School

District

General

Obligation

Unlimited

(Þ)

5,000

4.000

08/15/40

5,084

State

of

Texas

General

Obligation

Unlimited

1,825

5.000

10/01/26

1,843

State

of

Texas

General

Obligation

Unlimited

1,900

5.000

04/01/33

1,977

State

of

Texas

General

Obligation

Unlimited

17,850

5.000

10/01/36

18,292

State

of

Texas

General

Obligation

Unlimited

1,350

5.000

08/01/40

1,372

Tarrant

County

Hospital

District

General

Obligation

Limited

2,510

4.000

08/15/43

2,537

Tarrant

County

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,125

5.000

03/01/27

1,157

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Bonds

(~)(ae)(Ê)

485

5.000

08/01/26

494

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Bonds

(~)(ae)(Ê)

665

5.000

03/01/41

674

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Bonds

7,385

3.500

07/01/52

7,230

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

I

Revenue

Bonds

1,670

6.250

12/15/26

1,739

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

II

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.550%)(Ê)

905

0.670

09/15/27

890

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

II

Revenue

Bonds

(CME

Term

SOFR

3

Month

+

0.863%)(Ê)(Þ)

30,380

0.768

09/15/27

29,819

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

380

5.000

12/15/25

387

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

420

5.000

12/15/26

431

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

3,805

5.000

12/15/28

3,983

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

4,520

5.000

12/15/32

4,837

Texas

Municipal

Power

Agency

Revenue

Bonds

(µ)

2,900

3.000

09/01/38

2,566

Texas

Municipal

Power

Agency

Revenue

Bonds

(µ)

1,795

3.000

09/01/40

1,535

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

(µ)

4,500

Zero

coupon

08/15/25

4,269

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,250

4.000

12/31/30

1,276

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,880

4.000

06/30/32

1,919

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,120

4.000

06/30/33

1,139

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3,500

5.000

12/31/33

3,770

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3,500

5.000

12/31/34

3,762

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

2,325

5.000

12/31/36

2,473

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

505

4.000

12/31/38

507

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

2,000

5.000

08/15/39

2,189

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

1,175

5.000

05/01/33

1,318

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

1,000

5.250

05/01/35

1,133

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250

05/01/37

561

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

600

5.250

05/01/39

662

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

397

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250

05/01/41

547

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250

05/01/42

545

Texas

Water

Development

Board

Revenue

Bonds

(Þ)

475

4.000

10/15/36

497

Texas

Water

Development

Board

Revenue

Bonds

1,000

5.000

08/01/41

1,129

Texas

Water

Development

Board

Revenue

Bonds

1,710

5.000

10/15/43

1,819

Texas

Water

Development

Board

Revenue

Bonds

1,425

5.000

10/15/47

1,573

Tomball

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

4,750

0.450

02/15/36

4,816

Town

of

Flower

Mound

Special

Assessment

(Þ)

750

3.250

09/01/31

667

Town

of

Flower

Mound

Special

Assessment

(Þ)

800

3.500

09/01/36

689

Town

of

Little

Elm

Special

Assessment

(Þ)

708

3.125

09/01/41

534

Travis

County

Development

Authority

Special

Assessment

(Þ)

302

4.750

09/01/32

307

Trinity

River

Authority

Revenue

Bonds

1,325

5.000

02/01/42

1,479

Uptown

Development

Authority

Tax

Allocation

400

5.000

09/01/31

430

Uptown

Development

Authority

Tax

Allocation

150

3.000

09/01/34

134

Uptown

Development

Authority

Tax

Allocation

820

5.000

09/01/35

841

Viridian

Municipal

Management

District

General

Obligation

Unlimited

(µ)

995

6.000

12/01/33

1,020

Viridian

Municipal

Management

District

Special

Assessment

103

2.375

12/01/25

98

Viridian

Municipal

Management

District

Special

Assessment

(Þ)

609

3.750

12/01/27

595

Viridian

Municipal

Management

District

Special

Assessment

(Þ)

2,013

4.125

12/01/37

1,887

Westpointe

Special

Improvement

District

General

Obligation

Limited

(µ)

1,000

4.500

08/15/38

1,035

Westside

211

Special

Improvement

District

General

Obligation

Limited

875

5.250

08/15/38

909

Westside

211

Special

Improvement

District

Revenue

Bonds

295

2.125

08/15/30

262

Westside

211

Special

Improvement

District

Revenue

Bonds

310

3.000

08/15/32

290

White

Settlement

Independent

School

District

General

Obligation

Unlimited

1,000

5.000

08/15/28

1,027

Wylie

Independent

School

District

General

Obligation

Unlimited

270

Zero

coupon

08/15/36

166

512,174

Utah

-

1.5%

City

of

Lehi

Sales

Tax

Revenue

Bonds

500

4.000

06/01/33

526

City

of

Salt

Lake

City

Public

Utilities

Revenue

Bonds

9,210

5.000

02/01/52

10,082

County

of

Utah

Revenue

Bonds

18,645

5.000

05/15/45

18,694

County

of

Utah

Revenue

Bonds

9,530

5.000

05/15/46

9,750

Intermountain

Power

Agency

Revenue

Bonds

1,125

5.000

07/01/29

1,267

Intermountain

Power

Agency

Revenue

Bonds

1,250

5.000

07/01/30

1,436

Intermountain

Power

Agency

Revenue

Bonds

1,000

5.000

07/01/41

1,117

Intermountain

Power

Agency

Revenue

Bonds

640

5.000

07/01/42

712

Intermountain

Power

Agency

Revenue

Bonds

6,865

5.250

07/01/44

7,774

Jordan

School

District

General

Obligation

Unlimited

2,750

5.000

06/15/27

2,964

Ogden

City

School

District

Municipal

Building

Authority

Revenue

Bonds

225

5.000

01/15/28

241

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

1,429

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

4,406

Utah

Infrastructure

Agency

Revenue

Bonds

155

5.000

10/15/30

169

Utah

Infrastructure

Agency

Revenue

Bonds

250

4.000

10/15/31

248

Utah

Infrastructure

Agency

Revenue

Bonds

1,650

5.000

10/15/32

1,706

Utah

Infrastructure

Agency

Revenue

Bonds

1,185

4.000

10/15/33

1,170

Utah

Infrastructure

Agency

Revenue

Bonds

(Þ)

1,785

5.250

10/15/33

1,862

Utah

Infrastructure

Agency

Revenue

Bonds

2,755

5.500

10/15/33

3,099

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

398

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Utah

Infrastructure

Agency

Revenue

Bonds

(Þ)

380

4.000

10/15/34

373

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

5.000

10/15/34

1,032

Utah

Infrastructure

Agency

Revenue

Bonds

1,215

5.000

10/15/40

1,227

Utah

Infrastructure

Agency

Revenue

Bonds

500

4.000

10/15/42

443

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

275

4.000

10/15/26

278

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

300

4.000

10/15/28

306

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

525

4.000

04/15/33

538

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

460

5.000

04/15/34

500

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,110

4.000

04/15/35

1,122

Utah

Transit

Authority

Revenue

Bonds

1,860

5.000

12/15/35

2,022

77,199

Vermont

-

0.1%

City

of

Burlington

Airport

Revenue

Bonds

(µ)

120

5.000

07/01/24

121

City

of

Burlington

Airport

Revenue

Bonds

475

5.000

07/01/27

497

City

of

Burlington

Airport

Revenue

Bonds

400

5.000

07/01/28

425

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

895

5.000

07/01/30

1,010

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

460

5.000

07/01/31

526

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

500

5.000

07/01/32

577

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

350

5.000

07/01/33

407

City

of

Burlington

Electric

System

Revenue

Bonds

(µ)

775

5.000

07/01/35

898

University

of

Vermont

and

State

Agricultural

College

Revenue

Bonds

(Þ)

925

5.000

10/01/43

962

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

550

5.500

10/01/43

561

Vermont

Housing

Finance

Agency

Revenue

Bonds

975

4.750

11/01/48

981

6,965

Virgin

Islands

-

0.6%

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

6,000

5.000

10/01/26

6,168

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

14,870

5.000

10/01/27

15,381

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

4,150

5.000

10/01/28

4,306

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

4,035

5.000

10/01/30

4,231

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

(µ)

675

5.000

10/01/32

676

30,762

Virginia

-

1.2%

Arlington

County

Industrial

Development

Authority

Revenue

Bonds

3,290

5.000

01/01/26

3,383

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

355

5.000

03/01/26

335

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

960

5.125

03/01/31

811

Chesapeake

Hospital

Authority

Revenue

Bonds

800

4.000

07/01/35

804

Chesapeake

Hospital

Authority

Revenue

Bonds

775

4.000

07/01/36

778

Chesapeake

Hospital

Authority

Revenue

Bonds

(Þ)

1,205

4.000

07/01/37

1,208

Chesapeake

Redevelopment

&

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,520

5.000

06/01/26

4,593

Chesapeake

Redevelopment

&

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

850

5.000

05/01/43

873

City

of

Harrisonburg

General

Obligation

Unlimited

1,255

1.750

07/15/36

977

City

of

Newport

News

General

Obligation

Unlimited

250

3.000

02/01/30

253

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

276

Fairfax

County

Industrial

Development

Authority

Revenue

Bonds

5,770

4.000

05/15/44

5,757

Farmville

Industrial

Development

Authority

Revenue

Bonds

1,315

5.000

01/01/33

1,356

Halifax

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

625

1.650

12/01/41

618

Hampton

Roads

Transportation

Accountability

Commission

Revenue

Bonds

5,015

5.000

07/01/26

5,255

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

750

5.000

07/01/36

843

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

700

5.000

07/01/37

779

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

950

5.000

07/01/38

1,052

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

2,000

5.250

07/01/48

2,208

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

399

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

James

City

County

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

2,100

5.000

02/01/26

2,121

James

City

County

Economic

Development

Authority

Revenue

Bonds

435

4.000

12/01/26

430

James

City

County

Economic

Development

Authority

Revenue

Bonds

225

4.000

12/01/30

218

James

City

County

Economic

Development

Authority

Revenue

Bonds

500

4.000

12/01/35

464

Rockingham

County

Economic

Development

Authority

Revenue

Bonds

1,045

4.000

12/01/29

1,029

Rockingham

County

Economic

Development

Authority

Revenue

Bonds

1,085

4.000

12/01/30

1,069

Rockingham

County

Economic

Development

Authority

Revenue

Bonds

1,135

4.000

12/01/31

1,117

Salem

Economic

Development

Authority

Revenue

Bonds

775

5.000

04/01/35

824

Salem

Economic

Development

Authority

Revenue

Bonds

55

4.000

04/01/39

52

Salem

Economic

Development

Authority

Revenue

Bonds

(Þ)

35

4.000

04/01/40

33

Spotsylvania

County

Economic

Development

Authority

Revenue

Bonds

2,000

5.000

06/01/27

2,154

Virginia

Beach

Development

Authority

Revenue

Bonds

825

5.375

09/01/29

849

Virginia

College

Building

Authority

Revenue

Bonds

350

5.000

06/01/30

376

Virginia

College

Building

Authority

Revenue

Bonds

125

4.000

06/01/36

125

Virginia

Housing

Development

Authority

Revenue

Bonds

(Þ)

1,510

3.100

12/01/45

1,196

Virginia

Public

Building

Authority

Revenue

Bonds

3,740

5.000

08/01/29

3,852

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,000

5.000

01/01/33

1,063

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,400

4.000

01/01/45

1,291

Williamsburg

Economic

Development

Authority

Revenue

Bonds

(µ)

2,270

4.000

07/01/42

2,274

Williamsburg

Economic

Development

Authority

Revenue

Bonds

(µ)

1,000

4.000

07/01/43

989

Wise

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,205

0.750

10/01/40

3,919

York

County

Economic

Development

Authority

Pollution

Control

Revenue

Bonds

(~)

(ae)(Ê)

2,350

3.650

05/01/33

2,362

60,117

Washington

-

2.2%

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

(Þ)

1,625

4.000

07/01/35

1,674

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

1,825

4.000

09/01/36

1,941

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

500

4.000

09/01/37

526

City

of

Seattle

Municipal

Light

&

Power

Revenue

Bonds

220

4.000

07/01/37

231

City

of

Seattle

Municipal

Light

&

Power

Revenue

Bonds

2,355

4.000

07/01/41

2,403

County

of

King

Sewer

Revenue

Bonds

1,790

5.000

07/01/36

1,868

County

of

King

Sewer

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.230%)(ae)

(Ê)(Þ)

14,275

4.780

01/01/40

13,975

County

of

Pierce

General

Obligation

Limited

2,040

2.600

07/01/36

1,845

Energy

Northwest

Revenue

Bonds

5,850

5.000

07/01/36

6,464

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

9,546

Grant

County

Public

Hospital

District

No.

2

General

Obligation

Unlimited

(Þ)

5,000

5.000

12/01/38

5,227

Grant

County

Public

Utility

District

No.

2

Priest

Rapids

Hydroelectric

Project

Revenue

Bonds

4,600

4.000

01/01/26

4,690

King

County

School

District

No.

414

Lake

Washington

General

Obligation

Unlimited

650

5.000

12/01/34

714

Klickitat

County

Public

Utility

District

No.

1

Revenue

Bonds

(µ)

830

5.000

12/01/30

935

Klickitat

County

Public

Utility

District

No.

1

Revenue

Bonds

(µ)

900

5.000

12/01/31

1,013

Port

of

Seattle

Revenue

Bonds

2,260

5.000

04/01/31

2,278

Port

of

Seattle

Revenue

Bonds

2,275

5.000

04/01/32

2,293

Seattle

Housing

Authority

Revenue

Bonds

895

1.000

06/01/26

837

Skagit

County

Public

Hospital

District

No.

1

Revenue

Bonds

900

5.500

12/01/42

975

Spokane

Public

Facilities

District

Revenue

Bonds

970

5.000

12/01/34

1,001

State

of

Washington

General

Obligation

Limited

4,715

5.000

06/01/38

5,258

State

of

Washington

General

Obligation

Unlimited

7,835

5.000

08/01/24

7,911

State

of

Washington

General

Obligation

Unlimited

3,175

5.000

02/01/26

3,288

State

of

Washington

General

Obligation

Unlimited

5,125

5.000

07/01/30

5,216

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

400

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

State

of

Washington

General

Obligation

Unlimited

3,290

5.000

07/01/32

3,347

State

of

Washington

General

Obligation

Unlimited

2,100

5.000

02/01/35

2,101

State

of

Washington

General

Obligation

Unlimited

1,645

5.000

08/01/35

1,757

State

of

Washington

General

Obligation

Unlimited

1,000

5.000

08/01/37

1,104

State

of

Washington

General

Obligation

Unlimited

1,820

5.000

02/01/39

1,943

State

of

Washington

General

Obligation

Unlimited

1,300

5.000

02/01/41

1,379

State

of

Washington

General

Obligation

Unlimited

3,000

5.000

07/01/41

3,435

State

of

Washington

General

Obligation

Unlimited

3,500

5.000

08/01/42

3,670

State

of

Washington

General

Obligation

Unlimited

2,350

5.000

02/01/47

2,576

State

of

Washington

General

Obligation

Unlimited

1,500

5.000

02/01/48

1,655

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

08/01/38

1,059

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

(Þ)

510

5.000

10/01/27

533

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

(Þ)

375

4.000

10/01/35

376

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

(Þ)

1,905

4.000

07/01/36

1,898

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

1,605

2.125

07/01/27

1,467

Washington

State

Housing

Finance

Commission

Revenue

Bonds

265

5.000

07/01/38

279

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

215

5.625

07/01/38

239

112,104

West

Virginia

-

0.3%

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

350

7.000

06/01/43

377

State

of

West

Virginia

General

Obligation

Unlimited

1,850

5.000

06/01/35

2,022

State

of

West

Virginia

General

Obligation

Unlimited

1,180

5.000

06/01/41

1,277

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

2,380

5.000

01/01/28

2,511

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

375

5.000

09/01/29

401

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

725

5.000

09/01/30

775

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

480

5.000

09/01/32

511

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

230

5.000

01/01/34

235

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

270

5.000

01/01/35

275

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

1,750

5.000

09/01/40

1,905

West

Virginia

University

Revenue

Bonds

(~)(ae)(Ê)

2,525

5.000

10/01/41

2,779

13,068

Wisconsin

-

1.4%

Appleton

Redevelopment

Authority

Revenue

Bonds

(~)(Ê)

13,000

0.590

06/01/36

13,000

City

of

Milwaukee

General

Obligation

Unlimited

3,000

5.000

04/01/30

3,332

City

of

Racine

Waterworks

System

Revenue

Bonds

(µ)

1,170

5.000

09/01/29

1,265

City

of

Racine

Waterworks

System

Revenue

Bonds

(µ)

1,590

4.000

09/01/37

1,617

City

of

Shawano

Electric

System

Revenue

Bonds

(µ)

1,415

5.000

05/01/35

1,580

Hudson

School

District

General

Obligation

Unlimited

1,050

2.250

03/01/27

997

Marinette

School

District

General

Obligation

Unlimited

(µ)

1,785

1.650

03/01/33

1,452

Monroe

School

District

General

Obligation

Unlimited

(µ)

1,265

4.000

03/01/41

1,290

Public

Finance

Authority

Revenue

Bonds

295

5.000

10/01/24

297

Public

Finance

Authority

Revenue

Bonds

(Þ)

535

4.000

03/01/25

525

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

1,264

Public

Finance

Authority

Revenue

Bonds

(Þ)

860

4.000

01/01/30

827

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

01/01/30

1,085

Public

Finance

Authority

Revenue

Bonds

(Þ)

450

4.000

06/15/30

422

Public

Finance

Authority

Revenue

Bonds

(µ)(Þ)

35

4.000

07/01/30

36

Public

Finance

Authority

Revenue

Bonds

(µ)

45

4.000

07/01/31

46

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

401

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Public

Finance

Authority

Revenue

Bonds

(Þ)

450

4.000

12/01/31

433

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,480

4.000

04/01/32

1,404

Public

Finance

Authority

Revenue

Bonds

(Þ)

455

4.000

06/15/32

415

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

26

Public

Finance

Authority

Revenue

Bonds

(µ)

20

4.000

07/01/34

20

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/34

1,024

Public

Finance

Authority

Revenue

Bonds

(µ)

20

4.000

07/01/35

20

Public

Finance

Authority

Revenue

Bonds

335

5.000

07/01/35

354

Public

Finance

Authority

Revenue

Bonds

(Þ)

230

5.000

12/01/35

218

Public

Finance

Authority

Revenue

Bonds

(µ)

30

4.000

07/01/36

31

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/36

42

Public

Finance

Authority

Revenue

Bonds

(µ)

280

4.000

07/01/37

284

Public

Finance

Authority

Revenue

Bonds

310

5.000

07/01/37

322

Public

Finance

Authority

Revenue

Bonds

600

4.000

11/15/37

589

Public

Finance

Authority

Revenue

Bonds

(µ)

335

4.000

07/01/38

338

Public

Finance

Authority

Revenue

Bonds

65

5.000

07/01/38

67

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

01/01/39

105

Public

Finance

Authority

Revenue

Bonds

(µ)

335

4.000

07/01/39

337

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/39

41

Public

Finance

Authority

Revenue

Bonds

125

5.000

01/01/40

130

Public

Finance

Authority

Revenue

Bonds

(µ)

35

4.000

07/01/40

35

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/40

41

Public

Finance

Authority

Revenue

Bonds

4,960

5.000

03/01/41

5,039

Public

Finance

Authority

Revenue

Bonds

(Þ)

125

4.000

07/01/41

108

Public

Finance

Authority

Revenue

Bonds

65

5.000

07/01/41

66

Public

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

2,200

4.000

10/01/41

2,218

Public

Finance

Authority

Revenue

Bonds

2,000

4.000

12/01/41

1,845

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

4.000

06/15/42

618

Public

Finance

Authority

Revenue

Bonds

6,120

5.000

03/01/46

6,187

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

50

4.000

03/15/30

50

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,000

5.000

02/15/33

1,096

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,500

4.000

02/15/34

1,542

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,500

4.000

02/15/35

1,536

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,590

4.000

02/15/36

1,628

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

130

4.000

09/15/36

118

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

640

5.000

07/01/38

662

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

2,280

4.000

11/15/39

2,286

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

85

4.000

09/15/41

72

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

50

4.000

09/15/41

43

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

50

4.000

09/15/45

40

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

75

4.000

09/15/45

60

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

5,055

0.200

02/15/50

5,055

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.180%)(ae)(Ê)

400

4.730

08/15/54

394

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,180

5.000

08/15/54

1,303

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

530

5.000

08/15/54

550

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,765

5.000

12/01/26

4,938

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.150%)(ae)(Ê)

1,000

4.700

03/01/42

997

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

750

0.500

11/01/50

726

74,667

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

402

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Wyoming

-

0.1%

County

of

Campbell

Wastewater

Facilities

Revenue

Bonds

3,335

3.625

07/15/39

3,052

Total

Municipal

Bonds

(cost

$5,146,761)

5,111,510

Total

Investments

-

98.7%

(identified

cost

$5,146,761)

5,111,510

Other

Assets

and

Liabilities,

Net

-

1.3%

67,956

Net

Assets

-

100.0%

5,179,466

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

403

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

$

$

$

10.7%

Adams

12

Five

Star

Schools

General

Obligation

Unlimited

03/10/23

3,500,000

106.44

3,725

3,703

Alachua

County

Health

Facilities

Authority

Revenue

Bonds

10/28/21

250,000

105.95

265

217

Allentown

City

School

District

General

Obligation

Limited

06/05/19

1,000,000

107.21

1,072

1,014

Allentown

City

School

District

General

Obligation

Limited

06/05/19

2,250,000

114.84

2,584

2,434

Allentown

City

School

District

General

Obligation

Limited

06/05/19

1,785,000

115.47

2,061

1,928

Allentown

City

School

District

General

Obligation

Limited

06/05/19

2,250,000

116.14

2,613

2,396

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

05/22/23

1,000,000

101.36

1,014

1,025

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

01/18/24

4,105,000

100.00

4,105

4,139

American

Municipal

Power,

Inc.

Revenue

Bonds

06/17/22

180,000

100.10

180

180

Arapahoe

County

School

District

No.

6

Littleton

General

Obligation

Unlimited

01/11/23

1,500,000

111.76

1,676

1,643

Arbors

Community

Development

District

Special

Assessment

03/08/23

130,000

99.40

129

133

Arbors

Community

Development

District

Special

Assessment

03/08/23

120,000

99.62

120

121

Arborwood

Community

Development

District

Special

Assessment

02/16/18

1,210,000

99.60

1,205

1,202

Arizona

Industrial

Development

Authority

Revenue

Bonds

07/13/18

490,000

106.11

520

294

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

240,000

102.06

245

212

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/13/21

125,000

116.19

145

118

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/06/22

1,250,000

100.00

1,250

1,172

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

250,000

99.19

248

247

Arkansas

River

Power

Authority

Revenue

Bonds

06/28/18

1,005,000

107.64

1,082

1,053

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

490,000

100.00

490

467

Astonia

Community

Development

District

Revenue

Bonds

05/04/23

250,000

100.00

250

251

Astonia

Community

Development

District

Special

Assessment

07/09/21

250,000

100.00

250

229

Astonia

Community

Development

District

Special

Assessment

07/09/21

125,000

100.00

125

120

Astonia

Community

Development

District

Special

Assessment

01/18/24

210,000

100.00

210

211

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/09/22

2,080,000

91.54

1,904

1,950

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

08/23/23

1,210,000

97.32

1,178

1,178

Avalon

Park

West

Community

Development

District

Special

Assessment

09/08/22

200,000

100.00

200

203

Ave

Maria

Stewardship

Community

District

Special

Assessment

06/14/19

2,920,000

98.63

2,880

2,672

Ave

Maria

Stewardship

Community

District

Special

Assessment

01/28/22

225,000

99.91

225

217

Ave

Maria

Stewardship

Community

District

Special

Assessment

07/24/23

600,000

99.62

598

600

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

06/09/21

250,000

100.00

250

223

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

06/09/21

95,000

100.00

95

91

Baltimore

Research

Park

Project

Revenue

Bonds

07/21/21

155,000

112.40

174

151

Bauer

Drive

Community

Development

District

Special

Assessment

02/27/23

790,000

98.42

777

803

Bauer

Drive

Community

Development

District

Special

Assessment

02/27/23

405,000

99.34

402

413

Berwyn

Municipal

Securitization

Corp.

Revenue

Bonds

01/08/20

1,000,000

117.19

1,172

1,110

Bonterra

Community

Development

District

Special

Assessment

10/03/17

195,000

99.93

195

195

Bridgewalk

Community

Development

District

Special

Assessment

01/25/22

135,000

100.00

135

126

Bridgewalk

Community

Development

District

Special

Assessment

11/02/23

225,000

99.71

224

231

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

04/11/23

1,000,000

98.64

986

1,004

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

02/24/21

50,000

107.37

54

49

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

03/30/23

390,000

99.68

389

400

Buena

Regional

School

District

General

Obligation

Unlimited

08/28/19

340,000

109.10

371

353

Build

NYC

Resource

Corp.

Revenue

Bonds

12/19/22

430,000

106.59

458

466

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

250,000

102.63

257

259

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

03/30/23

415,000

101.45

421

419

California

Educational

Facilities

Authority

Revenue

Bonds

08/09/18

200,000

108.48

217

217

California

Educational

Facilities

Authority

Revenue

Bonds

08/09/18

800,000

112.21

898

866

California

Health

Facilities

Financing

Authority

Revenue

Bonds

05/27/21

355,000

100.00

355

355

California

Health

Facilities

Financing

Authority

Revenue

Bonds

01/19/24

5,000,000

112.41

5,620

5,741

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

10/06/21

245,000

115.53

283

247

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

10/06/21

525,000

115.75

608

533

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

12/05/22

225,000

100.96

227

227

California

Municipal

Finance

Authority

Revenue

Bonds

08/03/18

225,000

109.02

245

241

California

Municipal

Finance

Authority

Revenue

Bonds

09/14/23

570,000

97.83

558

575

California

Municipal

Finance

Authority

Revenue

Bonds

10/02/23

100,000

100.51

101

102

California

Municipal

Finance

Authority

Revenue

Bonds

10/02/23

150,000

102.42

154

160

California

School

Finance

Authority

Revenue

Bonds

04/29/21

295,000

101.63

300

277

California

School

Finance

Authority

Revenue

Bonds

04/29/21

215,000

106.06

228

196

California

School

Finance

Authority

Revenue

Bonds

04/29/21

100,000

88.01

88

84

California

School

Finance

Authority

Revenue

Bonds

07/16/21

500,000

114.20

571

493

California

School

Finance

Authority

Revenue

Bonds

04/27/22

1,000,000

103.00

1,030

1,018

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

404

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

$

$

$

California

School

Finance

Authority

Revenue

Bonds

06/28/22

830,000

88.23

732

785

California

School

Finance

Authority

Revenue

Bonds

11/17/22

125,000

98.88

124

125

California

School

Finance

Authority

Revenue

Bonds

05/17/23

100,000

100.00

100

101

California

School

Finance

Authority

Revenue

Bonds

06/09/23

545,000

100.38

547

557

California

School

Finance

Authority

Revenue

Bonds

01/19/24

430,000

99.68

429

432

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

2,125,000

99.51

2,115

2,059

California

Statewide

Communities

Development

Authority

Revenue

Bonds

04/04/18

3,125,000

105.43

3,295

3,131

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/08/18

350,000

105.04

368

362

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/20/21

425,000

106.98

455

391

California

Statewide

Communities

Development

Authority

Revenue

Bonds

10/20/21

2,250,000

116.16

2,614

2,330

Camden

County

Improvement

Authority

(The)

Revenue

Bonds

01/25/24

950,000

102.84

977

979

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

01/13/21

520,000

109.52

569

536

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

01/13/21

485,000

110.30

535

503

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

01/13/21

305,000

118.02

360

337

Capital

Trust

Agency,

Inc.

Revenue

Bonds

12/05/19

500,000

98.55

493

475

Capital

Trust

Agency,

Inc.

Revenue

Bonds

07/17/20

120,000

100.00

120

110

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

109.37

109

82

Capital

Trust

Agency,

Inc.

Revenue

Bonds

01/18/22

1,000,000

105.84

1,058

979

Center

Lake

Ranch

West

Community

Development

District

Special

Assessment

11/29/23

445,000

100.00

445

454

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

10/26/21

150,000

113.82

171

152

Centre

Lake

Community

Development

District

Special

Assessment

11/17/21

1,000,000

100.00

1,000

768

Centre

Lake

Community

Development

District

Special

Assessment

11/17/21

260,000

100.98

263

232

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

01/16/20

25,000

88.01

22

23

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

01/16/20

35,000

92.72

32

30

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

01/16/20

50,000

96.72

48

47

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

10/12/23

260,000

104.71

272

280

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

11/30/21

1,000,000

100.00

1,000

955

Chesapeake

Hospital

Authority

Revenue

Bonds

06/13/19

1,205,000

108.08

1,302

1,208

Chester

County

Industrial

Development

Authority

Revenue

Bonds

09/14/22

4,065,000

98.96

4,007

4,068

Chester

County

Industrial

Development

Authority

Special

Assessment

08/16/18

204,000

99.54

203

203

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

5,000,000

94.51

4,725

5,462

Chicago

Board

of

Education

General

Obligation

Unlimited

05/18/18

875,000

104.13

911

920

Chicago

Board

of

Education

Revenue

Bonds

03/28/23

415,000

104.13

432

428

Chicago

Midway

International

Airport

Revenue

Bonds

12/09/22

4,000,000

100.25

4,010

4,068

Chicago

O'Hare

International

Airport

Revenue

Bonds

12/02/20

5,345,000

114.62

6,126

5,602

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

09/29/22

19,040,000

106.24

20,228

21,257

Chula

Vista

Community

Facilities

District

Special

Tax

03/26/21

770,000

108.96

839

770

Chula

Vista

Community

Facilities

District

Special

Tax

03/26/21

880,000

109.55

964

903

City

&

County

of

Denver

Airport

System

Revenue

Bonds

07/08/22

1,190,000

111.20

1,323

1,340

City

&

County

of

Denver

Airport

System

Revenue

Bonds

07/08/22

1,215,000

111.33

1,353

1,375

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

1

Tax

Allocation

08/12/22

375,000

104.78

393

390

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

1

Tax

Allocation

08/12/22

375,000

107.95

405

404

City

of

Anna

Special

Assessment

09/13/23

435,000

100.00

435

441

City

of

Baltimore

Revenue

Bonds

08/24/22

150,000

100.00

150

151

City

of

Baltimore

Revenue

Bonds

08/24/22

100,000

100.00

100

101

City

of

Boise

City

Airport

Revenue

Bonds

10/12/23

1,000,000

100.71

1,007

1,081

City

of

Boyd

Special

Assessment

01/19/24

1,005,000

99.69

1,002

1,001

City

of

Celina

Special

Assessment

08/12/20

230,000

100.00

230

210

City

of

Celina

Special

Assessment

08/12/20

100,000

100.00

100

92

City

of

Celina

Special

Assessment

04/13/22

245,000

100.00

245

242

City

of

Celina

Special

Assessment

09/14/22

169,000

100.00

169

170

City

of

Celina

Special

Assessment

04/12/23

510,000

100.00

510

511

City

of

Celina

Special

Assessment

07/12/23

186,000

100.00

186

188

City

of

Chicago

Special

Assessment

Revenue

Bonds

02/16/22

275,000

100.00

275

256

City

of

Chicago

Special

Assessment

Revenue

Bonds

02/16/22

325,000

100.00

325

306

City

of

Chicago

Special

Assessment

Revenue

Bonds

02/16/22

300,000

100.00

300

282

City

of

Chicago

Special

Assessment

Revenue

Bonds

02/16/22

348,000

100.00

348

329

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

06/21/22

4,070,000

101.66

4,137

4,096

City

of

Chicago

Waterworks

Revenue

Bonds

02/16/23

1,000,000

103.63

1,036

1,053

City

of

Crandall

Special

Assessment

06/08/21

300,000

100.00

300

280

City

of

Crandall

Special

Assessment

06/08/21

50,000

100.00

50

48

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

405

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

Danbury

General

Obligations

Unlimited

01/18/24

6,105,000

100.86

6,157

6,155

City

of

Detroit

General

Obligation

Unlimited

10/16/20

350,000

110.18

386

382

City

of

Detroit

General

Obligation

Unlimited

02/05/21

335,000

117.37

393

356

City

of

Dripping

Springs

Special

Assessment

06/07/23

395,000

100.00

395

397

City

of

Farmington

Revenue

Bonds

05/05/22

2,500,000

100.00

2,500

2,489

City

of

Fate

Special

Assessment

04/05/22

243,000

100.00

243

238

City

of

Fort

Lauderdale

Revenue

Bonds

10/02/23

210,000

100.14

210

216

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,625,000

104.36

1,696

1,330

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,000,000

105.26

1,053

863

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,450,000

106.13

1,539

1,323

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

230,000

113.45

261

236

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

240,000

114.84

276

247

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

255,000

116.06

296

263

City

of

Fort

Smith

Water

&

Sewer

Revenue

Bonds

08/28/18

3,500,000

110.38

3,863

3,795

City

of

Glendale

Excise

Tax

Revenue

Bonds

10/02/23

2,500,000

104.28

2,607

2,693

City

of

Grand

Forks

Revenue

Bonds

02/01/23

800,000

96.69

774

765

City

of

Hackberry

Revenue

Bonds

12/06/17

1,710,000

100.35

1,716

1,683

City

of

Haslet

Special

Assessment

10/19/21

259,000

100.00

259

243

City

of

Horace

General

Obligation

Unlimited

08/20/21

150,000

102.86

154

114

City

of

Houston

Airport

System

Revenue

Bonds

10/02/23

2,175,000

104.00

2,262

2,381

City

of

Hutto

Special

Assessment

10/22/21

189,000

100.00

189

178

City

of

Joliet

General

Obligation

Unlimited

09/16/22

1,195,000

110.51

1,321

1,346

City

of

Justin

Special

Assessment

03/27/18

910,000

100.00

910

919

City

of

Kyle

Special

Assessment

10/20/21

246,000

100.00

246

230

City

of

Kyle

Special

Assessment

03/23/22

501,000

100.00

501

479

City

of

Kyle

Special

Assessment

03/23/22

504,000

100.00

504

493

City

of

Kyle

Special

Assessment

01/18/23

1,178,000

100.00

1,178

1,179

City

of

Kyle

Special

Assessment

10/18/23

230,000

99.45

229

237

City

of

Lavon

Special

Assessment

08/04/21

380,000

105.75

402

369

City

of

Lavon

Special

Assessment

11/16/22

200,000

100.00

200

202

City

of

Lavon

Special

Assessment

Revenue

Bonds

08/21/19

985,000

90.52

892

906

City

of

Manor

Special

Assessment

06/22/23

250,000

99.71

249

251

City

of

Mesquite

Revenue

Bonds

04/04/23

816,000

100.00

816

819

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

290,000

100.00

290

294

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

595,000

100.00

595

604

City

of

Midlothian

Special

Assessment

03/24/21

215,000

100.00

215

204

City

of

Mustang

Ridge

Special

Assessment

11/21/23

366,000

100.00

366

372

City

of

New

Haven

General

Obligation

Unlimited

10/26/21

1,000,000

111.75

1,118

1,004

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

11/18/20

40,000

115.08

46

42

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

03/22/23

85,000

105.67

90

86

City

of

Orange

Sewer

Revenue

Bonds

06/05/18

440,000

103.28

454

446

City

of

Palmetto

Revenue

Bonds

05/19/22

300,000

99.47

298

311

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

08/03/21

275,000

119.96

330

288

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

10/25/23

1,750,000

104.78

1,834

2,020

City

of

Pilot

Point

Special

Assessment

05/13/22

558,000

100.00

558

559

City

of

Pilot

Point

Special

Assessment

05/13/22

500,000

100.00

500

510

City

of

Poplar

Bluff

Certificate

of

Participation

02/17/21

150,000

97.24

146

96

City

of

Princeton

Special

Assessment

04/24/18

360,000

100.00

360

361

City

of

Princeton

Special

Assessment

10/02/20

125,000

100.63

126

121

City

of

Princeton

Special

Assessment

05/25/21

128,000

100.00

128

114

City

of

Princeton

Special

Assessment

09/28/21

210,000

100.00

210

185

City

of

Princeton

Special

Assessment

03/29/22

201,000

100.00

201

195

City

of

Princeton

Special

Assessment

03/29/22

280,000

100.00

280

271

City

of

Princeton

Special

Assessment

02/14/23

732,000

100.00

732

733

City

of

Princeton

Special

Assessment

10/11/23

447,000

100.00

447

457

City

of

Rockport

Pollution

Control

Revenue

Bonds

05/24/18

1,500,000

100.00

1,500

1,486

City

of

Royse

City

Special

Assessment

10/11/23

235,000

100.00

235

240

City

of

Sachse

Special

Assessment

11/15/22

659,000

100.00

659

681

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

01/14/19

1,625,000

104.65

1,701

1,674

City

of

St.

Petersburg

Public

Utility

Revenue

Bonds

10/13/21

1,000,000

122.62

1,226

1,062

City

of

Temple

Tax

Allocation

05/28/21

200,000

114.83

230

207

City

of

Venus

Special

Assessment

11/09/21

250,000

99.63

249

224

City

of

Waxahachie

Special

Assessment

05/17/22

392,000

100.00

392

393

City

of

Yonkers

General

Obligation

Limited

11/07/19

2,180,000

110.72

2,414

2,249

City

of

York

General

Obligation

Unlimited

08/18/17

1,755,000

106.40

1,867

1,809

Club

Municipal

Management

District

No.

1

Special

Assessment

12/01/21

125,000

100.00

125

117

Cobblestone

Community

Development

District

Special

Assessment

03/11/22

235,000

99.58

234

221

Coddington

Community

Development

District

Special

Assessment

06/24/22

230,000

99.91

230

229

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

406

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

$

$

$

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

06/12/19

75,000

107.70

81

75

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

06/12/19

75,000

107.92

81

75

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

05/14/21

25,000

110.44

28

23

Colorado

Health

Facilities

Authority

Revenue

Bonds

11/07/19

1,725,000

102.49

1,768

1,776

Colorado

Health

Facilities

Authority

Revenue

Bonds

10/10/23

1,000,000

99.69

997

1,056

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

12/21/23

325,000

100.00

325

326

Commonwealth

of

Massachusetts

General

Obligation

Limited

09/13/22

4,000,000

97.98

3,919

4,008

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

06/06/19

400,000

100.00

400

396

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

100,000

105.61

106

98

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

01/26/22

2,650,000

100.00

2,650

2,577

Connerton

East

Community

Development

District

Special

Assessment

02/16/23

695,000

99.88

694

699

Copper

Oaks

Community

Development

District

Special

Assessment

06/03/21

770,000

100.35

773

643

Copper

Oaks

Community

Development

District

Special

Assessment

06/03/21

681,000

101.30

690

611

Cordova

Palms

Community

Development

District

Special

Assessment

12/13/21

155,000

100.00

155

148

Cordova

Palms

Community

Development

District

Special

Assessment

12/13/21

170,000

99.80

170

151

Cordova

Palms

Community

Development

District

Special

Assessment

06/24/22

100,000

99.47

99

100

Cordova

Palms

Community

Development

District

Special

Assessment

06/24/22

100,000

99.76

100

100

Cordova

Palms

Community

Development

District

Special

Assessment

06/24/22

170,000

99.79

170

173

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

155,000

100.00

155

155

Country

Greens

Community

Development

District

Special

Assessment

02/01/18

100,000

100.37

100

101

County

of

Bastrop

Special

Assessment

05/22/23

421,000

99.57

419

425

County

of

Clark

Department

of

Aviation

Revenue

Bonds

09/14/23

2,670,000

103.98

2,776

2,811

County

of

Franklin

Revenue

Bonds

10/14/21

575,000

108.03

621

483

County

of

Gallatin

Revenue

Bonds

12/09/21

1,850,000

104.79

1,939

1,670

County

of

Gallatin

Revenue

Bonds

12/09/21

1,350,000

105.42

1,423

1,266

Creek

Preserve

Community

Development

District

Revenue

Bonds

01/17/24

500,000

98.44

492

494

Creek

Preserve

Community

Development

District

Special

Assessment

04/13/23

1,215,000

95.18

1,156

1,163

Crossings

Community

Development

District

Special

Assessment

06/10/22

1,735,000

100.00

1,735

1,706

Cypress

Bay

West

Community

Development

District

Special

Assessment

07/14/23

140,000

100.00

140

141

Cypress

Bluff

Community

Development

District

Special

Assessment

08/19/20

800,000

99.45

796

710

Cypress

Shadows

Community

Development

District

Special

Assessment

08/23/22

347,000

101.90

354

342

Cypress

Shadows

Community

Development

District

Special

Assessment

08/23/22

292,000

103.38

302

296

Cypress

Shadows

Community

Development

District

Special

Assessment

08/23/22

108,000

105.43

114

112

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

06/27/22

5,000,000

95.95

4,798

4,914

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

700,000

100.00

700

658

Decatur

Hospital

Authority

Revenue

Bonds

12/03/21

550,000

120.05

660

627

Deerbrook

Community

Development

District

Revenue

Bonds

04/06/23

345,000

100.00

345

345

Delaware

State

Economic

Development

Authority

Revenue

Bonds

10/22/21

175,000

112.42

197

165

Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

1,175,000

99.26

1,170

1,188

Detroit

Downtown

Development

Authority

Tax

Allocation

10/10/23

1,785,000

100.23

1,789

1,794

District

of

Columbia

Revenue

Bonds

03/10/16

2,000,000

108.27

2,165

2,023

Dubuque

Community

School

District

Revenue

Bonds

06/15/21

600,000

108.56

651

561

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

30,000

100.00

30

29

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

60,000

100.00

60

56

E-470

Public

Highway

Authority

Revenue

Bonds

06/11/20

155,000

124.23

193

176

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

60,000

99.52

60

56

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

15,000

99.94

15

15

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

340,000

99.87

340

343

Elevation

Pointe

Community

Development

District

Special

Assessment

04/06/22

1,105,000

100.00

1,105

1,082

Elevation

Pointe

Community

Development

District

Special

Assessment

04/06/22

250,000

99.41

249

242

Elevation

Pointe

Community

Development

District

Special

Assessment

04/06/22

205,000

99.76

205

202

Enbrook

Community

Development

District

Special

Assessment

10/06/20

105,000

100.00

105

103

Entrada

Community

Development

District

Special

Assessment

09/23/21

370,000

99.57

368

334

Epperson

North

Community

Development

District

Special

Assessment

10/05/21

290,000

100.00

290

258

Epperson

North

Community

Development

District

Special

Assessment

10/05/21

210,000

100.08

210

199

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

07/02/20

100,000

100.26

100

98

Euclid

City

School

District

Certificate

of

Participation

08/15/19

130,000

108.91

142

134

Fayette

County

Hospital

Authority

Revenue

Bonds

06/21/22

2,150,000

100.76

2,166

2,152

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

05/13/22

1,250,000

100.60

1,258

1,287

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

100,000

105.34

105

98

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

125,000

110.97

139

126

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

225,000

102.75

231

200

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

110,000

102.36

113

108

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

135,000

111.02

150

131

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

100,000

111.36

111

95

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

100,000

106.49

106

96

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

925,000

104.02

962

938

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

407

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

11/21/23

150,000

106.91

160

154

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

800,000

100.39

803

781

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

150,000

100.63

151

141

Flow

Way

Community

Development

District

Special

Assessment

05/06/20

200,000

100.59

201

200

Fulton

County

Development

Authority

Revenue

Bonds

08/03/22

140,000

99.83

140

140

Glen

Metropolitan

District

No.

2

General

Obligation

Unlimited

09/21/17

1,320,000

100.00

1,320

1,266

Golden

Lakes

Community

Development

District

Special

Assessment

02/01/18

80,000

100.09

80

80

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

03/15/22

750,000

114.26

857

826

Gracewater

Sarasota

Community

Development

District

Special

Assessment

09/24/21

355,000

100.00

355

340

Grand

Oaks

Community

Development

District

Special

Assessment

11/03/21

115,000

100.00

115

109

Grant

County

Public

Hospital

District

No.

2

General

Obligation

Unlimited

02/16/23

5,000,000

104.67

5,233

5,227

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

Bonds

12/03/18

110,000

106.55

117

115

Grove

Resort

Community

Development

District

Special

Assessment

02/09/22

120,000

100.00

120

114

Guam

Business

Privilege

Tax

Revenue

Bonds

05/25/23

5,980,000

94.32

5,640

6,041

Hacienda

North

Community

Development

District

Special

Assessment

10/20/23

1,000,000

99.57

996

1,038

Hammock

Oaks

Community

Development

District

Special

Assessment

05/25/23

195,000

100.00

195

197

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

620,000

100.00

620

633

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

98.29

624

637

Harmony

West

Community

Development

District

Special

Assessment

02/15/23

200,000

99.91

200

201

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

11/21/13

120,000

99.56

119

120

Harris

County-Houston

Sports

Authority

Revenue

Bonds

12/10/14

1,000,000

103.74

1,037

1,011

Harris

County-Houston

Sports

Authority

Revenue

Bonds

12/10/14

2,265,000

105.42

2,388

2,287

Health

Care

Authority

for

Baptist

Health

(The)

Revenue

Bonds

10/06/23

550,000

100.43

552

597

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

140,000

100.00

140

131

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

95,000

100.00

95

93

Hillsborough

County

Aviation

Authority

Revenue

Bonds

02/24/22

7,500,000

121.15

9,086

8,204

Hillsdale

Local

School

District

Certificate

of

Participation

07/15/20

3,050,000

115.67

3,528

3,213

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

09/22/21

4,245,000

97.53

4,140

4,249

Hudsonville

Public

Schools

General

Obligation

Unlimited

02/19/20

1,060,000

114.63

1,215

1,082

Hudsonville

Public

Schools

General

Obligation

Unlimited

02/19/20

1,185,000

114.69

1,359

1,240

Hunt

Memorial

Hospital

District

Charitable

Health

General

Obligation

Limited

10/21/20

1,070,000

116.58

1,247

1,149

Hunt

Memorial

Hospital

District

Charitable

Health

General

Obligation

Limited

10/21/20

1,125,000

116.59

1,312

1,205

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

300,000

109.56

329

292

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

500,000

110.77

554

484

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

890,000

111.79

995

825

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

440,000

112.07

493

412

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

340,000

112.16

381

322

Illinois

Finance

Authority

Revenue

Bonds

10/15/21

1,000,000

112.01

1,120

1,030

Illinois

Finance

Authority

Revenue

Bonds

11/09/21

200,000

110.40

221

202

Illinois

Finance

Authority

Revenue

Bonds

12/16/21

180,000

111.80

201

172

Illinois

Finance

Authority

Revenue

Bonds

02/15/23

1,300,000

99.49

1,293

1,355

Illinois

General

Obligation

Unlimited

02/15/23

1,925,000

101.62

1,956

1,930

Illinois

State

University

Revenue

Bonds

02/07/18

360,000

100.31

361

361

Imlay

City

Community

Schools

General

Obligation

Unlimited

01/31/20

500,000

113.96

570

524

Indiana

Finance

Authority

Revenue

Bonds

07/12/19

400,000

100.00

400

382

Indiana

Finance

Authority

Revenue

Bonds

06/02/23

800,000

101.75

814

848

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

1,000,000

100.00

1,000

1,002

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

500,000

100.55

503

516

Inglewood

Unified

School

District

General

Obligation

Unlimited

08/09/18

290,000

108.08

313

306

Joshua

Farms

Municipal

Management

District

No.

1

Special

Assessment

04/12/23

500,000

100.00

500

501

Kane

County

School

District

No.

131

Aurora

East

Side

General

Obligation

08/24/18

2,000,000

108.09

2,162

2,155

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

345,000

100.00

345

342

Kelly

Park

Community

Development

District

Special

Assessment

11/30/23

280,000

100.00

280

283

Kentucky

Property

&

Building

Commission

Revenue

Bonds

01/08/19

1,900,000

103.88

1,974

1,958

Kindred

Community

Development

District

II

Special

Assessment

09/15/21

135,000

99.74

135

123

Kindred

Community

Development

District

II

Special

Assessment

09/15/21

165,000

99.98

165

158

Kingman

Gate

Community

Development

District

Special

Assessment

03/03/21

125,000

100.00

125

120

Kingman

Gate

Community

Development

District

Special

Assessment

03/03/21

250,000

100.00

250

237

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

01/19/24

250,000

106.10

265

272

Lake

Emma

Community

Development

District

Special

Assessment

07/07/23

125,000

99.72

125

125

Lakeshore

Ranch

Community

Development

District

Special

Assessment

10/22/19

370,000

100.85

373

363

Lakeshore

Ranch

Community

Development

District

Special

Assessment

10/22/19

380,000

101.30

385

370

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

408

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

$

$

$

Lakeshore

Ranch

Community

Development

District

Special

Assessment

10/22/19

415,000

101.95

423

402

Lakewood

Ranch

Stewardship

District

Special

Assessment

09/18/20

310,000

99.91

310

286

Lakewood

Ranch

Stewardship

District

Special

Assessment

10/08/20

100,000

100.00

100

92

Lakewood

Ranch

Stewardship

District

Special

Assessment

09/01/21

260,000

99.38

258

227

Lakewood

Ranch

Stewardship

District

Special

Assessment

09/01/21

140,000

99.81

140

133

Lakewood

Ranch

Stewardship

District

Special

Assessment

12/10/21

410,000

99.80

409

356

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

02/13/20

385,000

113.10

435

405

Louisiana

Public

Facilities

Authority

Revenue

Bonds

06/22/23

1,000,000

95.31

953

1,000

Louisiana

Stadium

&

Exposition

District

Revenue

Bonds

11/06/23

200,000

103.99

208

227

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

03/17/21

2,250,000

100.00

2,250

1,852

Madison-Macoupin

Etc

Counties

Community

College

District

No.

536

General

Obligation

Unlimited

01/15/20

1,000,000

107.97

1,080

1,037

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

10/12/22

2,000,000

98.98

1,980

2,009

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/13/23

2,350,000

100.86

2,370

2,321

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/13/23

550,000

98.57

542

541

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/13/23

400,000

99.85

399

397

Mangrove

Point

&

Mangrove

Manor

Community

Development

District

Special

Assessment

04/04/22

240,000

100.00

240

236

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

09/23/21

515,000

110.22

564

436

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

100,000

105.58

106

91

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

05/05/22

2,000,000

100.00

2,000

1,991

Maryland

Economic

Development

Corp.

Revenue

Bonds

03/09/23

1,625,000

100.00

1,625

1,662

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

1,000,000

101.75

1,018

1,051

Massachusetts

Housing

Finance

Agency

Revenue

Bonds

11/01/22

1,820,000

92.39

1,682

1,697

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

520,000

100.00

520

528

Merrick

Square

Community

Development

District

Special

Assessment

03/10/23

200,000

99.62

199

201

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

07/22/21

400,000

106.39

426

394

Metropolitan

Transportation

Authority

Revenue

Bonds

10/29/20

190,000

103.46

197

199

Metropolitan

Transportation

Authority

Revenue

Bonds

11/07/22

1,450,000

100.75

1,461

1,520

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Bonds

11/16/22

5,000,000

104.99

5,249

5,294

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

10/02/23

150,000

103.03

155

163

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

10/10/23

1,000,000

101.21

1,012

1,064

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

11/06/23

605,000

103.43

626

657

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

General

Obligation

Unlimited

01/27/23

1,500,000

105.30

1,580

1,531

Michigan

Finance

Authority

Revenue

Bonds

04/15/15

655,000

106.76

699

670

Michigan

Finance

Authority

Revenue

Bonds

06/12/19

1,500,000

117.10

1,757

1,634

Michigan

Finance

Authority

Revenue

Bonds

06/02/22

675,000

106.69

720

711

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

08/16/17

585,000

111.36

651

625

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

200,000

104.43

209

206

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

100,000

107.42

107

102

Mississippi

Development

Bank

Revenue

Bonds

11/07/23

300,000

104.94

315

313

Missouri

Southern

State

University

Revenue

Bonds

09/17/21

125,000

106.52

133

121

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

05/15/19

350,000

106.67

373

351

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

11/01/23

350,000

99.01

347

377

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

06/21/19

150,000

105.50

158

151

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

06/21/19

150,000

105.71

159

151

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

11/16/22

1,370,000

100.82

1,381

1,395

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

07/12/23

1,195,000

100.64

1,203

1,219

Municipality

of

Anchorage

General

Obligation

Unlimited

09/14/22

1,000,000

96.92

969

1,021

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

535,000

99.62

533

540

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

08/31/17

290,000

103.19

299

293

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

04/06/18

465,000

100.00

465

459

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,215,000

105.44

1,281

1,172

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

665,000

105.56

702

657

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

535,000

108.45

580

526

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

455,000

88.62

403

418

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

930,000

94.89

882

903

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

515,000

97.74

503

508

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

03/06/23

370,000

80.64

298

315

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

10/03/23

700,000

98.83

692

697

New

Jersey

Economic

Development

Authority

Revenue

Bonds

06/27/18

1,000,000

106.13

1,061

1,057

New

Jersey

Economic

Development

Authority

Revenue

Bonds

02/16/22

1,000,000

106.46

1,065

1,012

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

409

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

09/16/16

300,000

109.70

329

315

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

10/27/16

600,000

101.90

611

626

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

10/04/18

790,000

105.23

831

853

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

10/04/18

685,000

98.05

672

697

New

Jersey

Turnpike

Authority

Revenue

Bonds

03/30/17

2,000,000

109.12

2,182

2,115

New

Jersey

Turnpike

Authority

Revenue

Bonds

07/19/17

1,700,000

111.61

1,897

1,843

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

11/16/22

5,000,000

103.38

5,169

5,190

New

York

Liberty

Development

Corp.

Revenue

Bonds

09/28/22

4,865,000

96.55

4,572

4,869

New

York

Liberty

Development

Corp.

Revenue

Bonds

11/09/22

1,490,000

100.01

1,490

1,493

New

York

Liberty

Development

Corp.

Revenue

Bonds

03/06/23

750,000

98.85

741

751

New

York

Liberty

Development

Corp.

Revenue

Bonds

08/22/23

675,000

100.58

679

682

New

York

Power

Authority

Revenue

Bonds

12/21/23

2,900,000

102.75

2,980

2,982

New

York

State

Dormitory

Authority

Revenue

Bonds

06/24/22

2,250,000

99.04

2,228

2,334

New

York

State

Dormitory

Authority

Revenue

Bonds

03/30/23

5,250,000

97.45

5,116

5,187

New

York

State

Dormitory

Authority

Revenue

Bonds

05/12/23

2,150,000

111.38

2,395

2,420

North

Carolina

Medical

Care

Commission

Revenue

Bonds

04/03/23

725,000

98.61

715

704

North

Dade

Community

Development

District

Special

Assessment

06/18/18

92,000

100.24

92

91

North

Dade

Community

Development

District

Special

Assessment

06/18/18

99,000

99.61

99

97

North

Dade

Community

Development

District

Special

Assessment

06/18/18

327,000

99.68

326

322

North

Springs

Improvement

District

General

Obligation

Unlimited

10/01/21

2,000,000

115.74

2,315

2,041

North

Sumter

County

Utility

Dependent

District

Revenue

Bonds

07/29/21

575,000

126.57

728

655

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

06/06/22

2,360,000

101.76

2,401

2,375

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

11/30/22

225,000

101.29

228

230

Ohio

Water

Development

Authority

Revenue

Bonds

08/29/23

1,440,000

107.84

1,553

1,595

Oneida

County

Local

Development

Corp.

Revenue

Bonds

10/31/19

240,000

108.78

261

225

Oneida

County

Local

Development

Corp.

Revenue

Bonds

10/31/19

60,000

110.01

66

61

Oneida

County

Local

Development

Corp.

Revenue

Bonds

10/31/19

105,000

110.28

116

107

Oneida

County

Local

Development

Corp.

Revenue

Bonds

10/31/19

120,000

98.37

118

100

Oneida

County

Local

Development

Corp.

Revenue

Bonds

07/07/23

300,000

104.37

313

305

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

750,000

104.48

784

713

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

06/20/18

390,000

110.32

430

423

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

06/20/18

405,000

110.69

448

439

Palomar

Health

General

Obligation

Unlimited

03/21/17

2,230,000

107.75

2,403

2,351

Park

East

Community

Development

District

Special

Assessment

01/10/22

220,000

100.07

220

206

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

02/24/23

670,000

99.39

666

697

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

06/13/19

1,500,000

100.00

1,500

1,316

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

12/01/21

1,820,000

100.00

1,820

1,664

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

305,000

103.93

317

308

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

660,000

108.40

715

679

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

415,000

110.20

457

430

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

440,000

110.34

485

455

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

300,000

100.52

302

305

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

07/18/23

140,000

102.68

144

145

Pine

Isle

Community

Development

District

Special

Assessment

11/04/21

100,000

100.00

100

93

Pine

Isle

Community

Development

District

Special

Assessment

01/18/22

190,000

100.00

190

181

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

05/27/21

50,000

100.22

50

50

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

05/27/21

25,000

101.41

25

24

Port

Arthur

Independent

School

District

General

Obligation

Unlimited

10/03/23

1,860,000

101.36

1,885

1,896

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

02/11/21

250,000

106.57

266

234

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

100,000

100.25

100

93

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

10/13/17

1,500,000

96.00

1,440

1,501

Prosperity

Lakes

Community

Development

District

Revenue

Bonds

11/10/23

230,000

100.00

230

235

Public

Finance

Authority

Revenue

Bonds

06/25/14

1,250,000

98.89

1,236

1,264

Public

Finance

Authority

Revenue

Bonds

12/13/19

860,000

108.63

934

827

Public

Finance

Authority

Revenue

Bonds

02/07/20

35,000

110.45

39

36

Public

Finance

Authority

Revenue

Bonds

07/16/21

450,000

116.15

523

433

Public

Finance

Authority

Revenue

Bonds

08/20/21

125,000

112.68

141

108

Public

Finance

Authority

Revenue

Bonds

09/30/21

2,200,000

106.70

2,347

2,218

Public

Finance

Authority

Revenue

Bonds

11/18/21

535,000

102.25

547

525

Public

Finance

Authority

Revenue

Bonds

01/21/22

1,480,000

104.01

1,500

1,404

Public

Finance

Authority

Revenue

Bonds

02/02/22

750,000

103.49

776

618

Public

Finance

Authority

Revenue

Bonds

02/02/22

455,000

104.25

474

415

Public

Finance

Authority

Revenue

Bonds

02/02/22

450,000

104.33

469

422

Public

Finance

Authority

Revenue

Bonds

08/04/23

230,000

111.02

255

218

Public

Finance

Authority

Revenue

Bonds

10/04/23

1,000,000

102.51

1,025

1,085

Public

Finance

Authority

Revenue

Bonds

11/07/23

100,000

99.15

99

105

Public

Finance

Authority

Revenue

Bonds

11/08/23

1,000,000

98.66

987

1,024

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

09/21/22

9,000,000

88.32

7,949

9,029

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

410

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

$

$

$

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

09/29/22

315,000

100.12

315

318

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

12/12/22

1,840,000

101.26

1,863

1,892

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

01/25/23

5,810,000

103.62

5,947

6,035

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

03/06/23

9,500,000

100.42

9,552

9,740

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

06/16/23

4,655,000

101.63

4,956

4,752

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

11/16/21

1,350,000

112.24

1,515

1,352

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

06/12/23

6,511,000

88.84

5,785

6,470

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

10/19/23

619,000

84.27

522

606

Reading

School

District

General

Obligation

Limited

03/22/21

785,000

117.20

920

824

Regional

Transportation

District

Revenue

Bonds

12/02/20

1,465,000

115.69

1,695

1,524

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

09/14/18

200,000

107.50

215

214

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

03/22/19

300,000

115.06

345

329

Rio

Vista

Public

Financing

Authority

Special

Tax

06/29/18

235,000

108.41

255

249

River

Glen

Community

Development

District

Special

Assessment

08/27/21

159,000

103.64

165

141

River

Hall

Community

Development

District

Special

Assessment

11/08/23

220,000

100.00

220

225

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

300,000

99.61

299

270

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

160,000

99.85

160

153

Royse

City

Special

Assessment

06/30/20

175,000

102.59

180

161

Royse

City

Special

Assessment

07/15/20

50,000

100.00

50

49

Royse

City

Special

Assessment

07/30/20

100,000

100.00

100

90

Rye

Crossing

Community

Development

District

Special

Assessment

01/26/23

205,000

100.00

205

205

Rye

Crossing

Community

Development

District

Special

Assessment

09/13/23

200,000

100.00

200

202

Sabine-Neches

Navigation

District

General

Obligation

Limited

10/05/22

1,500,000

106.16

1,592

1,644

Salem

Economic

Development

Authority

Revenue

Bonds

01/15/20

35,000

110.62

39

33

San

Leandro

Unified

School

District

General

Obligation

Unlimited

05/03/17

430,000

110.76

476

468

Sandmine

Road

Community

Development

District

Special

Assessment

10/14/21

185,000

100.00

185

176

Sandmine

Road

Community

Development

District

Special

Assessment

10/05/22

85,000

99.75

85

87

Sangamon

Logan

&

Menard

Counties

Community

Unit

School

District

No.

15

Williamsville

General

Obligation

Unlimited

07/09/20

1,000,000

109.59

1,096

1,004

Sarasota

National

Community

Development

District

Special

Assessment

03/26/21

125,000

99.71

125

119

Savanna

Lakes

Community

Development

District

Special

Assessment

05/11/23

200,000

99.83

200

200

Sawgrass

Village

Community

Development

District

Special

Assessment

06/22/23

115,000

100.00

115

116

Sawgrass

Village

Community

Development

District

Special

Assessment

06/22/23

240,000

98.82

237

241

Sawyers

Landing

Community

Development

District

Special

Assessment

08/04/21

295,000

99.76

294

283

Scenic

Terrace

South

Community

Development

District

Special

Assessment

03/16/22

60,000

100.00

60

59

School

Board

of

Miami-Dade

County

(The)

Certificate

of

Participation

06/21/22

5,000,000

104.15

5,207

5,102

School

District

of

Philadelphia

(The)

General

Obligation

Limited

10/20/16

10,000

106.13

11

11

Scranton

School

District

General

Obligation

Unlimited

05/24/18

575,000

107.11

616

634

Scranton

School

District

General

Obligation

Unlimited

05/24/18

560,000

107.15

600

613

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

06/13/23

250,000

100.00

250

252

Seminole

Palms

Community

Development

District

Special

Assessment

06/16/23

330,000

99.62

329

331

Sherwood

Manor

Community

Development

District

Special

Assessment

09/13/18

550,000

99.37

547

556

Siena

North

Community

Development

District

Special

Assessment

02/02/22

110,000

100.00

110

105

Silver

Palms

West

Community

Development

District

Special

Assessment

01/21/22

335,000

100.00

335

313

Somerset

Community

Development

District

Special

Assessment

04/06/22

200,000

100.18

200

200

Somerset

Community

Development

District

Special

Assessment

04/06/22

215,000

100.60

216

214

Somerset

Community

Development

District

Special

Assessment

04/06/22

600,000

100.75

604

595

Somerset

Community

Development

District

Special

Assessment

04/06/22

625,000

100.76

630

617

Somerset

Community

Development

District

Special

Assessment

10/06/23

460,000

95.86

441

439

Sorrento

Pines

Community

Development

District

Revenue

Bonds

04/28/23

200,000

99.59

199

200

South

Fork

East

Community

Development

District

Special

Assessment

03/27/18

1,990,000

100.47

1,999

1,961

South

Fork

East

Community

Development

District

Special

Assessment

05/14/21

100,000

101.53

102

99

South

Fork

East

Community

Development

District

Special

Assessment

05/14/21

597,000

98.85

590

491

South

Sangamon

Water

Commission

General

Obligation

Unlimited

04/30/21

175,000

104.32

183

183

Southeast

Alabama

Gas

Supply

District

Revenue

Bonds

06/08/18

2,000,000

100.00

2,000

1,999

Southeast

Alabama

Gas

Supply

District

Revenue

Bonds

03/27/23

1,760,000

100.18

1,763

1,760

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

06/24/20

800,000

110.79

886

825

Spring

Independent

School

District

General

Obligation

Unlimited

01/27/23

5,000,000

101.57

5,078

5,084

St.

Louis

Municipal

Finance

Corp.

Revenue

Bonds

05/08/23

2,000,000

102.98

2,060

2,119

State

of

California

General

Obligation

Unlimited

03/07/18

2,575,000

107.22

2,761

2,703

State

of

California

General

Obligation

Unlimited

10/03/23

7,360,000

100.20

7,375

7,414

State

of

Illinois

Sales

Tax

Revenue

Bonds

09/18/23

460,000

100.05

460

461

State

of

Louisiana

General

Obligation

Unlimited

02/14/23

1,000,000

109.99

1,100

1,095

State

of

New

York

Mortgage

Agency

Revenue

Bonds

11/10/21

1,550,000

100.00

1,550

1,321

State

of

Oregon

General

Obligation

Unlimited

09/25/18

500,000

110.15

551

528

Stonewater

Community

Development

District

Special

Assessment

10/13/21

165,000

100.00

165

156

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

03/01/23

235,000

99.67

234

239

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

411

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

$

$

$

Storey

Drive

Community

Development

District

Special

Assessment

01/12/22

160,000

100.00

160

151

Summer

Woods

Community

Development

District

Special

Assessment

10/05/21

150,000

100.00

150

144

Summerstone

Community

Development

District

Special

Assessment

09/09/21

180,000

100.00

180

173

Sweetwater

Creek

Community

Development

District

Special

Assessment

07/19/19

375,000

99.66

374

356

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

08/29/23

845,000

101.95

862

895

Tern

Bay

Community

Development

District

Special

Assessment

02/16/22

815,000

100.00

815

780

Territory

of

Guam

Revenue

Bonds

03/19/21

50,000

116.09

58

54

Texas

Water

Development

Board

Revenue

Bonds

08/12/21

475,000

118.97

565

497

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

45,000

100.00

45

45

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

535,000

100.00

535

540

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

400,000

99.87

399

404

Tohoqua

Community

Development

District

Special

Assessment

03/05/21

320,000

100.00

320

302

Touchstone

Community

Development

District

Special

Assessment

11/02/22

1,800,000

100.00

1,800

1,884

Town

of

Bridgeville

Special

Tax

11/16/20

75,000

100.87

76

75

Town

of

Bridgeville

Special

Tax

11/16/20

100,000

102.82

103

100

Town

of

Bridgeville

Special

Tax

11/16/20

100,000

104.28

104

100

Town

of

Bridgeville

Special

Tax

11/16/20

90,000

105.48

95

90

Town

of

Flower

Mound

Special

Assessment

02/09/21

750,000

100.00

750

667

Town

of

Flower

Mound

Special

Assessment

02/09/21

800,000

100.00

800

689

Town

of

Little

Elm

Special

Assessment

12/08/21

708,000

100.00

708

534

Town

of

Stratford

General

Obligation

Unlimited

09/23/22

1,970,000

95.87

1,889

1,995

Travis

County

Development

Authority

Special

Assessment

09/13/22

302,000

100.00

302

307

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

01/27/23

2,300,000

102.68

2,362

2,363

Triple

Creek

Community

Development

District

Special

Assessment

11/23/21

450,000

100.00

450

399

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

04/17/19

777,000

90.17

701

758

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

02/03/23

250,000

91.82

230

242

Two

Rivers

East

Community

Development

District

Special

Assessment

05/19/23

940,000

99.60

936

945

Two

Rivers

North

Community

Development

District

Special

Assessment

04/27/22

630,000

100.00

630

632

Two

Rivers

North

Community

Development

District

Special

Assessment

04/27/22

105,000

100.00

105

105

Union

Park

East

Community

Development

District

Special

Assessment

01/12/22

62,500

100.13

63

60

University

of

California

Revenue

Bonds

12/21/22

2,650,000

104.35

2,765

2,759

University

of

California

Revenue

Bonds

02/16/23

13,295,000

117.13

15,573

16,120

University

of

California

Revenue

Bonds

01/25/24

3,640,000

104.85

3,817

3,834

University

of

Central

Arkansas

Revenue

Bonds

01/30/19

325,000

108.85

354

340

University

of

Vermont

and

State

Agricultural

College

Revenue

Bonds

11/17/23

925,000

101.84

942

962

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

03/16/23

410,000

97.43

399

405

Utah

Infrastructure

Agency

Revenue

Bonds

06/27/18

1,785,000

108.65

1,939

1,862

Utah

Infrastructure

Agency

Revenue

Bonds

07/10/20

380,000

106.09

403

373

Varrea

South

Community

Development

District

Special

Assessment

04/21/23

340,000

99.73

339

341

V-Dana

Community

Development

District

Special

Assessment

04/01/21

285,000

100.00

285

274

V-Dana

Community

Development

District

Special

Assessment

04/01/21

125,000

99.52

124

114

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

20,000

100.00

20

19

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

50,000

100.00

50

45

Veranda

Landing

Community

Development

District

Special

Assessment

08/02/23

310,000

99.83

309

312

Verano

No.

3

Community

Development

District

Special

Assessment

04/16/21

120,000

100.00

120

109

Verano

No.

3

Community

Development

District

Special

Assessment

04/16/21

60,000

100.00

60

58

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

550,000

98.22

540

561

Village

Community

Development

District

No.

12

Special

Assessment

03/16/18

1,400,000

100.00

1,400

1,395

Village

Community

Development

District

No.

13

Special

Assessment

10/14/21

765,000

100.00

765

729

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

665,000

100.00

665

670

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

175,000

100.00

175

175

Village

Community

Development

District

No.

15

Special

Assessment

06/22/23

200,000

100.00

200

201

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

01/12/22

135,000

100.00

135

128

Villamar

Community

Development

District

Special

Assessment

02/28/22

330,000

100.00

330

300

Villamar

Community

Development

District

Special

Assessment

02/28/22

255,000

100.00

255

236

Virginia

Housing

Development

Authority

Revenue

Bonds

08/04/21

1,510,000

106.37

1,606

1,196

Viridian

Municipal

Management

District

Special

Assessment

11/14/17

2,013,000

100.00

2,013

1,887

Viridian

Municipal

Management

District

Special

Assessment

11/14/17

609,000

100.00

609

595

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

10/24/23

1,000,000

98.85

988

1,059

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

11/19/21

510,000

112.97

576

533

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

11/19/21

375,000

113.76

427

376

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

09/19/22

1,905,000

90.23

1,719

1,898

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/10/21

1,605,000

100.00

1,605

1,467

Washington

State

Housing

Finance

Commission

Revenue

Bonds

10/20/23

215,000

98.39

212

239

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

748

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

412

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

$

$

$

Westchester

County

Local

Development

Corp.

Revenue

Bonds

10/28/21

1,500,000

100.00

1,500

1,480

Westview

North

Community

Development

District

Special

Assessment

10/05/22

350,000

99.76

349

353

Willows

Community

Development

District

Special

Assessment

09/21/22

350,000

100.00

350

353

Wind

Meadows

South

Community

Development

District

Special

Assessment

04/26/23

920,000

99.70

917

931

Wiregrass

II

Community

Development

District

Special

Assessment

05/27/22

240,000

99.39

239

241

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

10/07/21

75,000

103.67

78

60

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

10/07/21

50,000

109.17

55

43

Yellowstone

County

Lockwood

School

District

No.

26

General

Obligation

Unlimited

07/13/18

1,335,000

105.53

1,409

1,401

Yellowstone

County

Lockwood

School

District

No.

26

General

Obligation

Unlimited

07/13/18

1,460,000

107.42

1,568

1,565

555,160

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Municipal

Bonds

Alabama

$

—

$

117,645

$

—

$

—

$

117,645

Alaska

—

12,415

—

—

12,415

Arizona

—

95,72

9

—

—

95,72

9

Arkansas

—

17,14

7

—

—

17,14

7

California

—

406,781

—

—

406,781

Colorado

—

113,54

0

—

—

113,54

0

Connecticut

—

119,184

—

—

119,184

Delaware

—

17,296

—

—

17,296

District

of

Columbia

—

51,546

—

—

51,546

Florida

—

331,378

—

—

331,378

Georgia

—

114,162

—

—

114,162

Guam

—

49,090

—

—

49,090

Hawaii

—

6,427

—

—

6,427

Idaho

—

12,340

—

—

12,340

Illinois

—

676,995

—

—

676,995

Indiana

—

76,964

—

—

76,964

Iowa

—

26,331

—

—

26,331

Kansas

—

14,945

—

—

14,945

Kentucky

—

44,108

—

—

44,108

Louisiana

—

129,216

—

—

129,216

Maine

—

3,656

—

—

3,656

Maryland

—

55,546

—

—

55,546

Massachusetts

—

54,503

—

—

54,503

Michigan

—

131,41

4

—

—

131,41

4

Minnesota

—

16,783

—

—

16,783

Mississippi

—

68,425

—

—

68,425

Missouri

—

65,697

—

—

65,697

Montana

—

14,406

—

—

14,406

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

413

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Nebraska

—

31,521

—

—

31,521

Nevada

—

46,686

—

—

46,686

New

Hampshire

—

10,479

—

—

10,479

New

Jersey

—

162,825

—

—

162,825

New

Mexico

—

11,133

—

—

11,133

New

York

—

485,080

—

—

485,080

North

Carolina

—

27,130

—

—

27,130

North

Dakota

—

7,825

—

—

7,825

Ohio

—

96,554

—

—

96,554

Oklahoma

—

19,249

—

—

19,249

Oregon

—

11,641

—

—

11,641

Pennsylvania

—

200,13

0

—

—

200,13

0

Puerto

Rico

—

167,150

—

—

167,150

Rhode

Island

—

23,609

—

—

23,609

South

Carolina

—

30,629

—

—

30,629

South

Dakota

—

4,250

—

—

4,250

Tennessee

—

41,842

—

—

41,842

Texas

—

512,174

—

—

512,174

Utah

—

77,199

—

—

77,199

Vermont

—

6,965

—

—

6,965

Virgin

Islands

—

30,762

—

—

30,762

Virginia

—

60,117

—

—

60,117

Washington

—

112,104

—

—

112,104

West

Virginia

—

13,068

—

—

13,068

Wisconsin

—

74,66

7

—

—

74,66

7

Wyoming

—

3,052

—

—

3,052

Total

Investments

$

—

$

5,111,510

$

—

$

—

$

5,111,510

(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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

414

Global

Infrastructure

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

94.9%

Australia

-

8.1%

APA

Group

165,733

921

Atlas

Arteria,

Ltd.

1,865,631

6,579

Cleanaway

Waste

Management,

Ltd.

614,215

1,042

Qube

Holdings,

Ltd.

848,098

1,813

Transurban

Group

-

ADR(Æ)

1,591,175

14,010

24,365

Brazil

-

0.5%

CCR

SA

425,686

1,127

Santos

Brasil

Participacoes

SA

260,072

529

1,656

Canada

-

6.9%

AltaGas,

Ltd.

-

ADR

79,452

1,652

Canadian

National

Railway

Co.

4,498

558

Canadian

Pacific

Kansas

City,

Ltd.

7,963

641

Emera,

Inc.(Ñ)

25,163

889

Enbridge,

Inc.

193,566

6,872

Gibson

Energy,

Inc.

25,565

408

Hydro

One,

Ltd.(Þ)

17,823

529

Keyera

Corp.

27,542

666

Pembina

Pipeline

Corp.

80,596

2,776

Progressive

Waste

Solutions,

Ltd.

3,350

520

TC

Energy

Corp.

132,390

5,223

20,734

China

-

2.0%

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

2,176,000

629

China

Merchants

Port

Holdings

Co.,

Ltd.

816,466

1,011

COSCO

SHIPPING

Ports,

Ltd.

124,000

76

ENN

Energy

Holdings,

Ltd.

316,782

2,342

Jiangsu

Expressway

Co.,

Ltd.

Class

H

1,182,685

1,127

Zhejiang

Expressway

Co.,

Ltd.

Class

H

1,098,000

812

5,997

France

-

6.8%

Aeroports

de

Paris

SA

29,839

3,984

Eiffage

SA

7,706

804

Engie

SA

115,668

1,846

Getlink

SE

486,702

8,381

Veolia

Environnement

SA

25,934

845

Vinci

SA

36,141

4,572

20,432

Germany

-

1.9%

E.ON

SE

220,299

2,990

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

16,494

977

RWE

AG

44,476

1,650

5,617

Hong

Kong

-

0.5%

CK

Infrastructure

Holdings,

Ltd.

93,964

557

CLP

Holdings,

Ltd.

56,500

448

Guangdong

Investment,

Ltd.

701,342

407

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Power

Assets

Holdings,

Ltd.

29,000

169

1,581

Italy

-

2.7%

Enav

SpA(Þ)

78,985

293

Enel

SpA

412,899

2,816

Hera

SpA

301,225

1,064

Infrastrutture

Wireless

Italiane

SpA(Þ)

76,696

932

Italgas

SpA

119,239

680

Snam

Rete

Gas

SpA

228,247

1,114

Terna

Rete

Elettrica

Nazionale

SpA

159,229

1,343

8,242

Japan

-

2.1%

Central

Japan

Railway

Co.

38,500

962

East

Japan

Railway

Co.

23,067

1,320

Japan

Airport

Terminal

Co.,

Ltd.

53,000

2,107

Kamigumi

Co.,

Ltd.

30,213

696

Osaka

Gas

Co.,

Ltd.

12,000

253

West

Japan

Railway

Co.

27,200

1,132

6,470

Mexico

-

5.9%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

132,028

1,209

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR

13,286

977

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

323,604

5,038

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR(Ñ)

11,140

1,736

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

265,502

7,739

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

120,541

1,186

17,885

Netherlands

-

0.4%

Ferrovial

SE

29,428

1,123

New

Zealand

-

2.5%

Auckland

International

Airport,

Ltd.

1,022,443

5,272

Contact

Energy,

Ltd.

50,270

248

Infratil,

Ltd.(Þ)

66,902

432

Meridian

Energy,

Ltd.(Þ)

376,348

1,276

Port

of

Tauranga,

Ltd.

109,035

355

7,583

Philippines

-

0.3%

International

Container

Terminal

Services,

Inc.

231,015

999

Portugal

-

0.3%

Energias

de

Portugal

SA

223,053

995

Singapore

-

0.2%

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

72,817

191

Sembcorp

Industries,

Ltd.

75,500

316

507

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Infrastructure

Fund

415

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Spain

-

6.8%

Aena

SME

SA(Þ)

75,918

13,437

Cellnex

Telecom

SA(Þ)

39,234

1,511

EDP

Renovaveis

SA

27,029

436

Iberdrola

SA

439,956

5,301

20,685

Switzerland

-

2.1%

Flughafen

Zurich

AG

30,150

6,230

Thailand

-

0.0%

Airports

of

Thailand

PCL

11,500

19

United

Kingdom

-

3.1%

National

Grid

PLC

166,929

2,222

National

Grid

PLC

-

ADR(Ñ)

12,257

828

Scottish

&

Southern

Energy

PLC

161,349

3,436

Severn

Trent

PLC

Class

H

87,560

2,877

9,363

United

States

-

41.8%

Alliant

Energy

Corp.

59,746

2,907

Ameren

Corp.

8,329

579

American

Electric

Power

Co.,

Inc.

2,895

226

American

Tower

Corp.(ö)

17,871

3,496

American

Water

Works

Co.,

Inc.

14,768

1,832

Brookfield

Renewable

Corp.

Class

A

11,825

330

Casella

Waste

Systems,

Inc.

Class

A(Æ)

13,078

1,116

CenterPoint

Energy,

Inc.

105,146

2,938

Cheniere

Energy,

Inc.

64,393

10,560

Clearway

Energy,

Inc.

Class

C

10,158

246

CMS

Energy

Corp.

38,696

2,212

Consolidated

Edison,

Inc.

18,144

1,649

Constellation

Energy

Corp.

572

70

Crown

Castle,

Inc.(ö)

11,021

1,193

CSX

Corp.

35,086

1,253

Digital

Realty

Trust,

Inc.(ö)

13,323

1,871

Dominion

Energy,

Inc.

85,881

3,926

DT

Midstream,

Inc.

49,471

2,656

DTE

Energy

Co.

19,693

2,076

Duke

Energy

Corp.

74,724

7,161

Entergy

Corp.

48,277

4,816

Equinix,

Inc.(ö)

2,657

2,205

Equitrans

Midstream

Corp.

67,250

685

Evergy,

Inc.

21,862

1,110

Eversource

Energy

27,583

1,496

Exelon

Corp.

97,951

3,410

FirstEnergy

Corp.

37,268

1,367

Kinder

Morgan,

Inc.

210,889

3,568

Kinetik

Holdings

Inc

4,480

146

NextEra

Energy,

Inc.

187,767

11,009

NiSource,

Inc.

64,247

1,668

Norfolk

Southern

Corp.

5,533

1,302

ONEOK,

Inc.

59,888

4,087

PG&E

Corp.

93,906

1,584

Pinnacle

West

Capital

Corp.

87

6

PNM

Resources,

Inc.

13,293

482

PPL

Corp.

53,044

1,390

Public

Service

Enterprise

Group,

Inc.

26,130

1,515

Republic

Services,

Inc.

Class

A

11,725

2,006

SBA

Communications

Corp.(ö)

5,366

1,201

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sempra

37,084

2,654

Southern

Co.

(The)

133,990

9,315

Targa

Resources

Corp.

78,834

6,698

UGI

Corp.

50,208

1,112

Union

Pacific

Corp.

4,610

1,124

Waste

Connections,

Inc.

12,822

1,991

Waste

Management,

Inc.

2,939

546

WEC

Energy

Group,

Inc.

6,408

517

Williams

Cos.,

Inc.

(The)

91,310

3,165

Xcel

Energy,

Inc.

92,748

5,553

126,025

Total

Common

Stocks

(cost

$258,957)

286,508

Short-Term

Investments

-

4.1%

United

States

-

4.1%

U.S.

Cash

Management

Fund(@)

12,369,922

(∞)

12,366

Total

Short-Term

Investments

(cost

$12,366)

12,366

Other

Securities

-

1.3%

U.S.

Cash

Collateral

Fund(@)(×)

3,886,060

(∞)

3,886

Total

Other

Securities

(cost

$3,886)

3,886

Total

Investments

-

100.3%

(identified

cost

$275,209)

302,760

Other

Assets

and

Liabilities,

Net

-

(0.3%)

(1,039)

Net

Assets

-

100.0%

301,721

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

416

Global

Infrastructure

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

6.1%

Aena

SME

SA

11/29/22

EUR

75,918

114.95

8,726

13,437

Cellnex

Telecom

SA

12/10/21

EUR

39,234

32.16

1,262

1,511

Enav

SpA

06/07/17

EUR

78,985

4.02

318

293

Hydro

One,

Ltd.

08/08/23

CAD

17,823

26.47

472

529

Infrastrutture

Wireless

Italiane

SpA

11/21/22

EUR

76,696

8.51

653

932

Infratil,

Ltd.

08/21/23

NZD

66,902

6.07

406

432

Meridian

Energy,

Ltd.

11/10/22

NZD

376,348

3.17

1,194

1,276

18,410

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

60

EUR

2,799

03/24

53

MSCI

Emerging

Markets

Index

Futures

21

USD

1,030

03/24

(6)

S&P

E-Mini

Energy

Select

Sector

Futures

25

USD

2,192

03/24

29

S&P

E-Mini

Utilities

Select

Sector

Futures

97

USD

6,030

03/24

(179)

SPI

200

Index

Futures

19

AUD

3,630

03/24

62

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(41)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

EUR

142

USD

153

02/01/24

—

Bank

of

America

EUR

564

USD

616

03/20/24

5

Bank

of

America

HKD

236

USD

30

02/01/24

—

Bank

of

America

HKD

593

USD

76

02/02/24

—

Citigroup

USD

997

AUD

1,512

03/20/24

(3)

Citigroup

USD

1,097

EUR

1,012

03/20/24

(1)

Royal

Bank

of

Canada

USD

744

AUD

1,130

03/20/24

(2)

Royal

Bank

of

Canada

USD

997

AUD

1,512

03/20/24

(3)

Royal

Bank

of

Canada

USD

1,097

EUR

1,012

03/20/24

—

Royal

Bank

of

Canada

USD

1,333

EUR

1,233

03/20/24

2

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(2)

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Infrastructure

Fund

417

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

24,365

$

—

$

—

$

24,365

Brazil

1,656

—

—

—

1,656

Canada

20,734

—

—

—

20,734

China

—

5,997

—

—

5,997

France

—

20,432

—

—

20,432

Germany

—

5,617

—

—

5,617

Hong

Kong

—

1,581

—

—

1,581

Italy

—

8,242

—

—

8,242

Japan

—

6,470

—

—

6,470

Mexico

17,885

—

—

—

17,885

Netherlands

—

1,123

—

—

1,123

New

Zealand

—

7,583

—

—

7,583

Philippines

—

999

—

—

999

Portugal

—

995

—

—

995

Singapore

—

507

—

—

507

Spain

—

20,685

—

—

20,685

Switzerland

—

6,230

—

—

6,230

Thailand

—

19

—

—

19

United

Kingdom

828

8,535

—

—

9,363

United

States

126,025

—

—

—

126,025

Short-Term

Investments

—

—

—

12,366

12,366

Other

Securities

—

—

—

3,886

3,886

Total

Investments

167,128

119,380

—

16,252

302,760

Other

Financial

Instruments

Assets

Futures

Contracts

144

—

—

—

144

Foreign

Currency

Exchange

Contracts

—

7

—

—

7

Liabilities

Futures

Contracts

(185)

—

—

—

(185)

Foreign

Currency

Exchange

Contracts

—

(9

)

—

—

(9

)

Total

Other

Financial

Instruments

*

$

(41)

$

(2)

$

—

$

—

$

(43)

*

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.

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

418

Global

Infrastructure

Fund

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Infrastructure

Subindustry

Exposure

Fair

Value

$

Airport

Services

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

49,647

Construction

&

Engineering

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

6,500

Diversified

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

9,967

Electric

Utilities

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

69,141

Environmental

&

Facilities

Services

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

7,219

Gas

Utilities

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

8,074

Healthcare

REITs

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

191

Highways

&

Railtracks

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

33,223

Integrated

Telecommunication

Services

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

2,443

Marine

Ports

&

Services

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

5,478

Multi-Utilities

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

31,495

Oil

&

Gas

Storage

&

Transportation

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

47,511

Railroads

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

8,292

Renewable

Electricity

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

2,211

Water

Utilities

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

5,116

Short-Term

Investments

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

12,366

Other

Securities

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

3,886

Total

Investments

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

302,760

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

f

unds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

8,242

$

67,912

$

63,793

$

5

$

—

$

12,366

$

195

$

—

U.S.

Cash

Collateral

Fund

2,986

16,862

15,962

—

—

3,886

44

—

$

11,228

$

84,774

$

79,755

$

5

$

—

$

16,252

$

239

$

—

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

419

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.3%

Australia

-

4.0%

Charter

Hall

Group

-

ADR(ö)

152,548

1,194

Charter

Hall

Retail

REIT(ö)

220,052

532

Dexus

Property

Group(ö)

33,127

168

Goodman

Group(ö)

132,164

2,189

GPT

Group

(The)(ö)

1,030,326

3,123

Ingenia

Communities

Group(ö)

428,537

1,250

National

Storage

REIT(ö)

485,644

731

Region

RE,

Ltd.(ö)

709,048

1,048

Scentre

Group(ö)

1,009,203

2,003

Stockland(ö)

1,242,422

3,705

15,943

Belgium

-

1.0%

Aedifica

SA(ö)

21,983

1,425

Cofinimmo

SA(ö)

10,745

776

VGP

NV

6,139

720

Warehouses

De

Pauw

CVA(ö)

35,195

1,027

3,948

Canada

-

2.2%

Boardwalk

Real

Estate

Investment

Trust(ö)

69,490

3,608

Canadian

Apartment

Properties(ö)

34,005

1,180

Chartwell

Retirement

Residences

154,702

1,380

InterRent

Real

Estate

Investment

Trust(ö)

103,784

1,040

RioCan

Real

Estate

Investment

Trust(ö)

111,254

1,513

8,721

France

-

1.3%

Argan

SA(ö)

4,208

373

Covivio(ö)

1,558

76

ICADE

SA(ö)

12,194

410

Klepierre

SA

-

GDR(ö)

159,863

4,129

4,988

Germany

-

2.4%

LEG

Immobilien

SE

24,867

2,077

TAG

Immobilien

AG(Æ)

63,486

896

Vonovia

SE

210,338

6,585

9,558

Hong

Kong

-

3.4%

CK

Asset

Holdings,

Ltd.

936,022

4,189

Hongkong

Land

Holdings,

Ltd.

51,943

162

Hysan

Development

Co.,

Ltd.

27,000

47

Link

Real

Estate

Investment

Trust(ö)

923,983

4,596

Sun

Hung

Kai

Properties,

Ltd.

424,043

3,924

Wharf

Holdings,

Ltd.

(The)

36,000

104

Wharf

Real

Estate

Investment

Co.,

Ltd.

67,133

196

13,218

Japan

-

10.0%

Activia

Properties,

Inc.(ö)

478

1,305

Advance

Residence

Investment

Corp.

(ö)

616

1,359

Comforia

Residential

REIT,

Inc.(ö)

56

118

Daiwa

House

REIT

Investment

Corp.(ö)

922

1,632

Daiwa

Office

Investment

Corp.(ö)

195

832

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hulic

REIT,

Inc.(ö)

136

143

Industrial

&

Infrastructure

Fund

Investment

Corp.(ö)

1,547

1,403

Invincible

Investment

Corp.(ö)

3,023

1,242

Japan

Excellent,

Inc.(ö)(Þ)

107

89

Japan

Hotel

REIT

Investment

Corp.(ö)

2,900

1,494

Japan

Prime

Realty

Investment

Corp.(ö)

229

548

Japan

Retail

Fund

Investment

Corp.(ö)

1,720

1,166

Keihanshin

Building

Co.,

Ltd.

129,800

1,315

Kenedix

Office

Investment

Corp.

Class

A(ö)

2,777

3,015

Mitsubishi

Estate

Co.,

Ltd.

353,318

4,910

Mitsui

Fudosan

Co.,

Ltd.

254,127

6,374

Mitsui

Fudosan

Logistics

Park,

Inc.

(Æ)(ö)

430

1,292

Mori

Trust

Sogo

REIT,

Inc.(ö)

4,143

2,107

Nippon

Prologis

REIT,

Inc.(Æ)(ö)

1,841

3,278

Nomura

Real

Estate

Holdings,

Inc.

53,500

1,466

Sumitomo

Realty

&

Development

Co.,

Ltd.

98,000

3,082

United

Urban

Investment

Corp.(ö)

1,159

1,176

39,346

Macao

-

0.0%

Sands

China,

Ltd.(Æ)

36,444

95

Netherlands

-

0.8%

CTP

NV(Þ)

55,952

957

Eurocommercial

Properties

NV(ö)

25,330

569

Unibail-Rodamco-Westfield(Æ)(ö)

25,160

1,800

3,326

Singapore

-

3.3%

CapitaLand

Ascendas

REIT(ö)

1,041,400

2,256

CapitaLand

Integrated

Commercial

Trust

Class

A(Æ)(ö)

1,099,900

1,639

Capitaland

Investment,

Ltd.

1,240,246

2,720

City

Developments,

Ltd.

15,600

71

Frasers

Centrepoint

Trust(ö)

604,400

1,032

Frasers

Logistics

&

Commercial

Trust(Æ)(ö)(Þ)

1,588,600

1,321

Keppel

DC

REIT(Æ)(ö)

717,500

898

Mapletree

Industrial

Trust(ö)

497,500

905

Mapletree

Logistics

Trust(ö)

902,800

1,032

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

444,482

1,162

13,036

Spain

-

0.7%

Arima

Real

Estate

Socimi

SA(Æ)(ö)

33,391

238

Cellnex

Telecom

SA(Þ)

25,374

977

Inmobiliaria

Colonial

Socimi

SA(ö)

57,148

342

Merlin

Properties

Socimi

SA(ö)

104,107

1,067

2,624

Sweden

-

1.3%

Castellum

AB(Æ)

129,930

1,680

Catena

AB

13,373

568

Fabege

AB

82,351

770

Fastighets

AB

Balder

Class

B(Æ)

312,651

2,086

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

420

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Pandox

AB

8,249

113

5,217

Switzerland

-

0.4%

PSP

Swiss

Property

AG

10,921

1,455

United

Kingdom

-

5.0%

Big

Yellow

Group

PLC(ö)

119,698

1,732

British

Land

Co.

PLC

(The)(ö)

384,869

1,853

Derwent

London

PLC(ö)

28,365

764

Grainger

PLC

583,654

1,933

Land

Securities

Group

PLC(ö)

239,122

2,014

Life

Science

REIT

PLC(Ñ)(ö)

574,670

416

LondonMetric

Property

PLC(ö)

72,228

176

LXI

REIT

PLC(ö)(Þ)

472,632

626

PRS

REIT

PLC

(The)(ö)

342,433

365

Safestore

Holdings

PLC(ö)

140,875

1,460

Segro

PLC(ö)

455,120

5,022

Shaftesbury

Capital

PLC(ö)

302,629

511

Sirius

Real

Estate,

Ltd.(ö)

16,256

18

Tritax

EuroBox

PLC(Þ)

454,837

301

UNITE

Group

PLC

(The)(ö)

182,996

2,334

19,525

United

States

-

61.5%

Agree

Realty

Corp.(ö)

53,547

3,192

Alexandria

Real

Estate

Equities,

Inc.(ö)

19,914

2,408

American

Homes

4

Rent

Class

A(ö)

96,992

3,400

Americold

Realty

Trust,

Inc.(ö)

133,344

3,667

AvalonBay

Communities,

Inc.(ö)

40,881

7,318

Boyd

Gaming

Corp.

20,869

1,325

Brixmor

Property

Group,

Inc.(ö)

146,974

3,298

Camden

Property

Trust(ö)

18,213

1,709

CareTrust

REIT,

Inc.(ö)

33,839

708

CubeSmart(ö)

85,854

3,711

Digital

Realty

Trust,

Inc.(ö)

100,440

14,108

EastGroup

Properties,

Inc.(ö)

24,408

4,331

Equinix,

Inc.(ö)

22,906

19,007

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

4,470

303

Essential

Properties

Realty

Trust,

Inc.

(ö)

155,901

3,883

Essex

Property

Trust,

Inc.(ö)

30,639

7,147

Extra

Space

Storage,

Inc.(ö)

38,618

5,578

First

Industrial

Realty

Trust,

Inc.(ö)

5,433

280

Healthcare

Realty

Trust,

Inc.(ö)

166,476

2,682

Highwoods

Properties,

Inc.(ö)

68,114

1,565

Host

Hotels

&

Resorts,

Inc.(ö)

82,811

1,592

Invitation

Homes,

Inc.(ö)

282,663

9,308

Iron

Mountain,

Inc.(ö)

96,790

6,535

Jones

Lang

LaSalle,

Inc.(Æ)

688

122

Kimco

Realty

Corp.(ö)

216,454

4,372

Kite

Realty

Group

Trust(ö)

59,361

1,270

Macerich

Co.

(The)(ö)

25,398

401

Medical

Properties

Trust,

Inc.(Ñ)(ö)

22,590

70

Mid-America

Apartment

Communities,

Inc.(ö)

15,301

1,934

NETSTREIT

Corp.(ö)

37,717

685

Omega

Healthcare

Investors,

Inc.(ö)

25,232

732

Park

Hotels

&

Resorts,

Inc.(ö)

46,585

702

Prologis,

LP(ö)

213,760

27,081

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Public

Storage(ö)

38,068

10,780

Realty

Income

Corp.(ö)

203,373

11,061

Regency

Centers

Corp.(ö)

36,048

2,259

Ryman

Hospitality

Properties,

Inc.(ö)

24,412

2,683

SBA

Communications

Corp.(ö)

7,664

1,716

Simon

Property

Group,

Inc.(ö)

106,254

14,728

SL

Green

Realty

Corp.(Ñ)(ö)

57,285

2,575

STAG

Industrial,

Inc.(ö)

65,984

2,437

Sun

Communities,

Inc.(ö)

71,796

9,000

UDR,

Inc.(ö)

162,124

5,840

Ventas,

Inc.(ö)

88,753

4,117

VICI

Properties,

Inc.(ö)

224,199

6,753

Vornado

Realty

Trust(ö)

88,801

2,414

Welltower,

Inc.(ö)

200,792

17,370

WP

Carey,

Inc.(ö)

62,168

3,852

242,009

Total

Common

Stocks

(cost

$314,464)

383,009

Short-Term

Investments

-

2.4%

United

States

-

2.4%

U.S.

Cash

Management

Fund(@)

9,355,540

(∞)

9,353

Total

Short-Term

Investments

(cost

$9,353)

9,353

Other

Securities

-

0.7%

U.S.

Cash

Collateral

Fund(@)(×)

3,001,625

(∞)

3,002

Total

Other

Securities

(cost

$3,002)

3,002

Total

Investments

-

100.4%

(identified

cost

$326,819)

395,364

Other

Assets

and

Liabilities,

Net

-

(0.4%)

(1,692)

Net

Assets

-

100.0%

393,672

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

421

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.1%

Cellnex

Telecom

SA

12/10/21

EUR

25,374

37.31

946

977

CTP

NV

04/06/21

EUR

55,952

17.27

966

957

Frasers

Logistics

&

Commercial

Trust

07/12/21

SGD

1,588,600

1.11

1,756

1,321

Japan

Excellent,

Inc.

05/29/23

JPY

107

848.24

91

89

LXI

REIT

PLC

09/26/22

GBP

472,632

1.31

618

626

Tritax

EuroBox

PLC

03/16/21

EUR

454,837

1.42

646

301

4,271

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Dow

Jones

U.S.

Real

Estate

Index

Futures

321

USD

10,802

03/24

57

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

57

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

71

EUR

65

02/01/24

—

State

Street

AUD

3

USD

2

02/01/24

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

—

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

15,943

$

—

$

—

$

15,943

Belgium

—

3,948

—

—

3,948

Canada

8,721

—

—

—

8,721

France

—

4,988

—

—

4,988

Germany

—

9,558

—

—

9,558

Hong

Kong

—

13,218

—

—

13,218

Japan

—

39,346

—

—

39,346

Macao

—

95

—

—

95

Netherlands

—

3,326

—

—

3,326

Singapore

—

13,036

—

—

13,036

Spain

—

2,624

—

—

2,624

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

422

Global

Real

Estate

Securities

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

Sweden

—

5,217

—

—

5,217

Switzerland

—

1,455

—

—

1,455

United

Kingdom

—

19,525

—

—

19,525

United

States

242,009

—

—

—

242,009

Short-Term

Investments

—

—

—

9,353

9,353

Other

Securities

—

—

—

3,002

3,002

Total

Investments

250,730

132,279

—

12,355

395,364

Other

Financial

Instruments

Assets

Futures

Contracts

57

—

—

—

57

Total

Other

Financial

Instruments

*

$

57

$

—

$

—

$

—

$

57

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Property

Sector

Exposure

Fair

Value

$

Diversified

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

121,035

Healthcare

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

30,422

Industrial

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

52,090

Integrated

Telecommunication

Services

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

977

Lodging/Resorts

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

7,867

Manufactured

Homes

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

9,303

Office

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

16,443

Regional

Malls

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

20,290

Residential

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

67,305

Self

Storage

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

30,527

Shopping

Centers

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

26,750

Short-Term

Investments

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

9,353

Other

Securities

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

3,002

Total

Investments

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

395,364

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

423

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

8,294

$

32,765

$

31,706

$

—

$

—

$

9,353

$

124

$

—

U.S.

Cash

Collateral

Fund

3,532

9,151

9,681

—

—

3,002

46

—

$

11,826

$

41,916

$

41,387

$

—

$

—

$

12,355

$

170

$

—

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

424

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

36.6%

Corporate

Bonds

and

Notes

-

15.8%

8x8,

Inc.

4.000%

due

02/01/28

634

521

Accolade,

Inc.

0.500%

due

04/01/26

336

290

Affirm

Holdings,

Inc.

11.521%

due

11/15/26

1,338

1,060

African

Export-Import

Bank

(The)

Series

REGS

3.994%

due

09/21/29

(Þ)

548

487

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

70

Alarm.com,

Inc.

5.284%

due

01/15/26

1,089

966

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

123

American

Express

Co.

3.550%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.854%)(Ê)(ƒ)

134

119

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

115

Arbor

Realty

Trust,

Inc.

7.500%

due

08/01/25

861

828

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

116

Assurant,

Inc.

7.000%

due

03/27/48

(USD

3

Month

LIBOR

+

4.135%)(Ê)

100

102

Bandwidth,

Inc.

0.500%

due

04/01/28

125

78

Bank

of

America

Corp.

Series

AA

6.100%

due

12/31/49

(CME

Term

SOFR

3

Month

+

4.160%)(Ê)(ƒ)

107

107

Series

FF

5.875%

due

12/31/99

(CME

Term

SOFR

3

Month

+

3.193%)(Ê)(ƒ)

111

108

Series

RR

4.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.760%)(Ê)(ƒ)

201

184

Series

TT

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.231%)(Ê)(ƒ)

128

127

Series

X

6.250%

due

09/29/49

(CME

Term

SOFR

3

Month

+

3.967%)(Ê)(ƒ)

48

48

Series

Z

6.500%

due

12/31/49

(CME

Term

SOFR

3

Month

+

4.436%)(Ê)(ƒ)

47

47

Bank

of

New

York

Mellon

Corp.

(The)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

F

4.625%

due

12/29/49

(CME

Term

SOFR

3

Month

+

3.393%)(Ê)(ƒ)

53

50

Series

I

3.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.630%)(Ê)(ƒ)

59

53

Bill.com

Holdings,

Inc.

3.729%

due

12/01/25

(ž)

88

82

Blackline,

Inc.

5.754%

due

03/15/26

(ž)

401

356

Blackstone

Mortgage

Trust,

Inc.

5.500%

due

03/15/27

1,230

1,100

Block,

Inc.

0.125%

due

03/01/25

153

147

Bridgebio

Pharma,

Inc.

2.250%

due

02/01/29

289

238

Cable

One,

Inc.

8.568%

due

03/15/26

262

224

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)

183

180

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

299

Series

I

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.168%)(Ê)(ƒ)

489

444

Series

K

5.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.256%)(Ê)(ƒ)

34

32

Cheesecake

Factory,

Inc.

(The)

0.375%

due

06/15/26

1,164

1,000

Chegg,

Inc.

4.794%

due

09/01/26

(Þ)

794

660

Citigroup,

Inc.

3.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.417%)(Ê)(ƒ)

432

398

7.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.211%)(Ê)(ƒ)

202

207

Series

P

5.950%

due

12/29/49

(CME

Term

SOFR

3

Month

+

4.167%)(Ê)(ƒ)

215

212

Series

T

6.250%

due

12/29/49

(CME

Term

SOFR

3

Month

+

4.779%)(Ê)(ƒ)

42

42

Series

W

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.597%)(Ê)(ƒ)

90

84

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

76

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

425

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.750%

due

12/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.900%)(Ê)(Þ)

62

50

CoBank

ACB

Series

I

6.250%

due

12/29/49

(USD

3

Month

LIBOR

+

4.660%)(Ê)(ƒ)

330

322

Coinbase

Global,

Inc.

0.500%

due

06/01/26

(Þ)

864

748

Conduent,

Inc.

6.474%

due

01/15/27

(Þ)(ž)

109

91

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)(Þ)

170

170

Cracker

Barrel

Old

Country

Store,

Inc.

0.625%

due

06/15/26

965

840

Cryoport,

Inc.

0.750%

due

12/01/26

(Þ)

343

281

DigitalOcean

Holdings,

Inc.

7.705%

due

12/01/26

(Þ)

1,184

970

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)

248

224

Edison

International

7.875%

due

06/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.658%)(Ê)

100

102

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

190

Energy

Transfer

Operating,

LP

8.000%

due

05/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.020%)(Ê)

90

93

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)

122

118

Series

H

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.694%)(Ê)(ƒ)

140

135

Enphase

Energy,

Inc.

5.642%

due

03/01/26

(ž)

237

211

Enstar

Finance

LLC

5.750%

due

09/01/40

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.468%)(Ê)(Þ)

57

55

5.500%

due

01/15/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.006%)(Ê)

225

199

Enterprise

Products

Operating

LLC

Series

D

8.638%

due

08/16/77

(CME

Term

SOFR

3

Month

+

3.248%)(Ê)

20

20

Equitable

Holdings,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

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

Euronet

Worldwide,

Inc.

0.750%

due

03/15/49

(Ñ)(Þ)

781

741

Eventbrite,

Inc.

0.750%

due

09/15/26

897

774

Expedia

Group,

Inc.

4.711%

due

02/15/26

154

145

EZCORP,

Inc.

2.375%

due

05/01/25

743

696

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

261

Fiverr

International,

Ltd.

6.783%

due

11/01/25

(Þ)(ž)

478

426

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

125

Goldman

Sachs

Group,

Inc.

(The)

6.345%

due

02/15/34

138

145

Series

T

3.800%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.969%)(Ê)(ƒ)

39

35

Series

U

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.915%)(Ê)(ƒ)

84

76

Series

W

7.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.156%)(Ê)(ƒ)(Ñ)

128

134

Haemonetics

Corp.

6.123%

due

03/01/26

910

810

Hartford

Financial

Services

Group,

Inc.

Series

ICON

7.766%

due

02/12/47

(CME

Term

SOFR

3

Month

+

2.387%)(Ê)(Þ)

107

93

Hat

Holdings

I

LLC

0.000%

due

05/01/25

(Æ)(Þ)(ž)

923

933

High

Ridge

Brands

Co.

8.875%

due

03/15/25

(Æ)(Ø)(Š)

1,640

—

Huntington

Bancshares,

Inc.

Series

F

5.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.945%)(Ê)(ƒ)

19

18

Series

G

4.450%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.045%)(Ê)(ƒ)

145

130

I3

Verticals

LLC

1.000%

due

02/15/25

205

188

ILFC

E-Capital

Trust

I

7.186%

due

12/21/65

(CME

Term

SOFR

3

Month

+

1.812%(Ê)(Þ)

100

77

Innoviva,

Inc.

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

426

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.125%

due

03/15/28

657

576

iQIYI,

Inc.

4.000%

due

12/15/26

506

497

Itron,

Inc.

6.015%

due

03/15/26

312

286

JetBlue

Airways

Corp.

0.500%

due

04/01/26

(Ñ)

1,170

945

JOYY,

Inc.

1.375%

due

06/15/26

382

370

JPMorgan

Chase

&

Co.

Series

KK

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.850%)(Ê)(ƒ)

218

201

Series

S

9.348%

due

01/29/49

(CME

Term

SOFR

3

Month

+

4.042%)(Ê)(ƒ)

49

49

Land

O'Lakes,

Inc.

7.250%

due

12/31/99

(~)(Ê)(ƒ)(Þ)

185

145

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)(Þ)

80

87

Lumentum

Holdings,

Inc.

0.500%

due

06/15/28

(Þ)

1,052

840

Lyft,

Inc.

1.500%

due

05/15/25

(Þ)

808

766

M&T

Bank

Corp.

3.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.679%)(Ê)(ƒ)

23

18

Series

F

5.125%

due

12/29/49

(USD

3

Month

LIBOR

+

3.520%)(Ê)(ƒ)

112

102

Marriott

Vacations

Worldwide

Corp.

3.250%

due

12/15/27

201

177

Match

Group

Financeco,

Inc.

0.875%

due

06/15/26

(Þ)

172

157

Mesa

Laboratories,

Inc.

1.375%

due

08/15/25

656

601

MetLife

Capital

Trust

IV

7.875%

due

12/15/37

(Þ)

300

324

MetLife,

Inc.

9.250%

due

04/08/38

(Þ)

125

144

10.750%

due

08/01/39

66

89

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

77

MicroStrategy,

Inc.

7.606%

due

02/15/27

(ž)

1,272

1,018

Mitek

Systems,

Inc.

0.750%

due

02/01/26

57

53

NeoGenomics,

Inc.

0.250%

due

01/15/28

402

305

New

Mountain

Finance

Corp.

7.500%

due

10/15/25

921

936

NextEra

Energy

Capital

Holdings,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.650%

due

05/01/79

(USD

3

Month

LIBOR

+

3.156%)(Ê)

40

39

NextEra

Energy,

Inc.

0.906%

due

11/15/25

(Ñ)(Þ)

569

503

NuVasive,

Inc.

0.375%

due

03/15/25

(Þ)

963

905

Omnicell,

Inc.

0.250%

due

09/15/25

212

194

Pebblebrook

Hotel

Trust

1.750%

due

12/15/26

1,150

1,023

Peloton

Interactive,

Inc.

11.423%

due

02/15/26

201

160

PennyMac

Corp.

5.500%

due

03/15/26

217

202

Perficient,

Inc.

0.125%

due

11/15/26

1,221

1,025

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)

189

163

Series

U

6.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.000%)(Ê)(ƒ)

98

94

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

175

Series

W

6.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

2.808%)(Ê)(ƒ)

218

207

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

3

Month

LIBOR

+

2.665%)(Ê)

65

63

5.125%

due

03/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.162%)(Ê)

223

208

6.000%

due

09/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.234%)(Ê)

215

214

6.750%

due

03/01/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.848%)(Ê)

70

72

Q2

Holdings,

Inc.

0.125%

due

11/15/25

307

278

Realogy

Group

LLC

/

Realogy

Co-

Issuer

Corp.

0.250%

due

06/15/26

528

416

Redfin

Corp.

0.500%

due

04/01/27

(Ñ)

716

441

Repay

Holdings

Corp.

8.677%

due

02/01/26

(Þ)(ž)

1,209

1,023

RWT

Holdings,

Inc.

5.750%

due

10/01/25

1,156

1,113

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

57

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

427

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.580%)(Ê)(ƒ)(Þ)

150

101

Sempra

Energy

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.868%)(Ê)

250

220

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.550%)(Ê)(ƒ)

180

176

Semtech

Corp.

1.625%

due

11/01/27

(Ñ)

213

173

Snap,

Inc.

0.125%

due

03/01/28

(Þ)

1,148

908

SoFi

Technologies,

Inc.

8.124%

due

10/15/26

(Þ)

1,389

1,153

SolarEdge

Technologies,

Inc.

6.700%

due

09/15/25

(ž)

369

332

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

125

Spotify

Technology

SA

4.125%

due

03/15/26

908

812

Square,

Inc.

2.118%

due

05/01/26

130

114

State

Street

Corp.

Series

I

6.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.613%)(Ê)(ƒ)

190

190

Stem,

Inc.

0.500%

due

12/01/28

(Þ)

190

93

Summit

Hotel

Properties,

Inc.

1.500%

due

02/15/26

861

758

TechTarget,

Inc.

2.010%

due

12/15/26

(ž)

663

626

Teladoc

Health,

Inc.

1.250%

due

06/01/27

(Þ)

899

754

TripAdvisor,

Inc.

0.250%

due

04/01/26

1,151

1,013

Truist

Financial

Corp.

Series

P

4.950%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.605%)(Ê)(ƒ)

68

66

Series

Q

5.100%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.349%)(Ê)(ƒ)

135

125

Unity

Software,

Inc.

8.008%

due

11/15/26

(Þ)

234

194

Upstart

Holdings,

Inc.

0.250%

due

08/15/26

627

460

US

Bancorp

3.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.541%)(Ê)(ƒ)

53

46

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

J

5.300%

due

12/31/99

(CME

Term

SOFR

3

Month

+

3.176%)(Ê)(ƒ)

121

114

Wayfair,

Inc.

0.625%

due

10/01/25

(Þ)

598

546

1.000%

due

08/15/26

(Þ)

762

655

Wells

Fargo

&

Co.

5.950%

due

12/15/36

110

114

7.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.606%)(Ê)(ƒ)

287

301

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

693

Series

S

5.900%

due

12/29/49

(USD

3

Month

LIBOR

+

3.110%)(Ê)(ƒ)

12

12

50,325

International

Debt

-

20.3%

Abu

Dhabi

Government

International

Bond

Series

REGS

1.700%

due

03/02/31

(Þ)

816

681

3.125%

due

09/30/49

(Þ)

200

140

Aeropuerto

Internacional

De

Tocumen

SA

Series

REGS

5.125%

due

08/11/61

(Þ)

862

630

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

186

Allianz

SE

6.350%

due

09/06/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.232%)(Ê)(Þ)

200

209

3.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.973%)(Ê)(ƒ)(Þ)

200

181

Angolan

Government

International

Bond

Series

REGS

8.750%

due

04/14/32

(Þ)

388

333

Argentine

Republic

Government

International

Bond

4.875%

due

07/09/29

(~)(Ê)

984

328

Atlantica

Sustainable

Infrastructure

Jersey,

Ltd.

4.000%

due

07/15/25

471

442

AXA

SA

8.600%

due

12/15/30

40

48

6.379%

due

12/29/49

(SOFR

+

2.256%)(Ê)(ƒ)(Þ)

100

110

Axian

Telecom

Series

REGS

7.375%

due

02/16/27

(Þ)

581

547

Bahrain

Government

International

Bond

7.750%

due

04/18/35

(Þ)

657

677

Banco

Bilbao

Vizcaya

Argentaria

SA

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

428

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

9.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.099%)(Ê)(ƒ)

(Ñ)(Þ)

200

212

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

195

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

609

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

189

Banco

Nacional

de

Panama

Series

REGS

2.500%

due

08/11/30

(Þ)

203

154

Banco

Santander

SA

9.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.298%)(Ê)(ƒ)

200

214

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

207

4.900%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.551%)(Ê)(ƒ)

100

95

Barclays

Bank

PLC

6.278%

due

12/29/49

(USD

3

Month

LIBOR

+

1.550%)(Ê)(ƒ)

90

90

Barclays

PLC

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.431%)(Ê)(ƒ)

200

193

9.625%

due

12/31/99

(USD

SOFR

ICE

Swap

5

Year

Rate

+

5.775%)

(Ê)(ƒ)(Þ)

200

206

Bilibili,

Inc.

0.500%

due

12/01/26

(Þ)

421

393

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

162

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.899%)(Ê)(ƒ)(Þ)

200

202

8.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.354%)(Ê)(ƒ)

(Ñ)(Þ)

400

414

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.969%)(Ê)(ƒ)(Þ)

200

213

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)(Þ)

240

235

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

+

4.398%)(Ê)(ƒ)

460

435

Brazil

Government

International

Bond

6.250%

due

03/18/31

305

313

6.125%

due

03/15/34

204

202

4.750%

due

01/14/50

383

282

Chile

Government

International

Bond

4.950%

due

01/05/36

(Þ)

592

580

China

Government

International

Bond

Series

REGS

1.250%

due

10/26/26

(Þ)

200

185

Codelco

Metals,

Inc.

Series

REGS

5.950%

due

01/08/34

(Þ)

220

220

Comision

Federal

de

Electricidad

Series

REGS

4.688%

due

05/15/29

(Þ)

260

245

Corp.

Financiera

de

Desarrollo

SA

Series

REGS

2.400%

due

09/28/27

(Þ)

200

179

Corp.

Nacional

del

Cobre

de

Chile

6.440%

due

01/26/36

(Þ)

200

204

Series

REGS

3.150%

due

01/15/51

(Þ)

871

540

Costa

Rica

Government

International

Bond

7.300%

due

11/13/54

(Þ)

365

382

Credit

Agricole

SA

4.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.237%)(Ê)(ƒ)(Þ)

200

171

Dai-ichi

Life

Insurance

Co.,

Ltd.

(The)

4.000%

due

12/29/49

(USD

3

Month

LIBOR

+

3.660%)(Ê)(ƒ)(Þ)

200

191

Dominican

Republic

Government

International

Bond

Series

REGS

7.050%

due

02/03/31

(Þ)

600

624

DP

World

PLC

Series

REGS

6.850%

due

07/02/37

(Þ)

620

667

Ecopetrol

SA

4.625%

due

11/02/31

(Þ)

325

267

8.375%

due

01/19/36

10

10

7.375%

due

09/18/43

306

284

5.875%

due

11/02/51

179

128

Ecuador

Government

International

Bond

Series

REGS

6.900%

due

07/31/30

(~)(Ê)(Þ)

130

68

5.500%

due

07/31/35

(~)(Ê)(Þ)

461

189

Egypt

Government

International

Bond

Series

REGS

7.625%

due

05/29/32

(Þ)

656

444

El

Salvador

Government

International

Bond

Series

REGS

9.500%

due

07/15/52

(Þ)

250

213

Electricite

de

France

SA

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

429

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

9.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.411%)(Ê)(ƒ)(Þ)

200

223

Emera,

Inc.

Series

16-A

6.750%

due

06/15/76

(USD

3

Month

LIBOR

+

5.440%)(Ê)

339

332

Emirates

NBD

Bank

PJSC

6.125%

due

12/31/99

(USD

Constant

Maturity

6

Year

Rate

+

3.656%)(Ê)(ƒ)(Þ)

539

536

Empresa

de

Transmision

Electrica

SA

Series

REGS

5.125%

due

05/02/49

(Þ)

732

525

Empresa

Nacional

del

Petroleo

Series

REGS

4.500%

due

09/14/47

(Þ)

921

681

Enbridge,

Inc.

5.500%

due

07/15/77

(CME

Term

SOFR

3

Month

+

3.680%)(Ê)

107

100

6.250%

due

03/01/78

(CME

Term

SOFR

3

Month

+

3.903%)(Ê)

244

233

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.708%)(Ê)

47

47

7.625%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.418%)(Ê)

130

131

8.500%

due

01/15/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.431%)(Ê)

150

160

Series

16-A

6.000%

due

01/15/77

(CME

Term

SOFR

3

Month

+

4.152%)(Ê)

232

223

Series

20-A

5.750%

due

07/15/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.314%)(Ê)(Þ)

147

137

Series

NC5

8.250%

due

01/15/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.785%)(Ê)(Þ)

190

197

Eskom

Holdings

SOC,

Ltd.

Series

REGS

6.350%

due

08/10/28

(Þ)

739

716

Export-Import

Bank

of

India

Series

REGS

2.250%

due

01/13/31

(Þ)

1,016

841

FEL

Energy

VI

SARL

Series

REGS

5.750%

due

12/01/40

(Þ)

226

198

First

Majestic

Silver

Corp.

0.375%

due

01/15/27

835

617

Franshion

Brilliant,

Ltd.

3.200%

due

04/09/26

(Þ)

300

257

4.250%

due

07/23/29

(Þ)

342

231

Georgian

Railway

JSC

Series

REGS

4.000%

due

06/17/28

(Þ)

563

514

Ghana

Government

International

Bond

Series

REGS

8.625%

due

04/07/34

(~)(Ê)(Þ)

200

88

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.875%

due

02/11/35

(~)(Ê)(Þ)

464

205

Grupo

Energia

Bogota

SA

Series

REGS

4.875%

due

05/15/30

(Ñ)(Þ)

709

668

Guatemala

Government

International

Bond

6.600%

due

06/13/36

(Þ)

294

297

Hazine

Mustesarligi

Varlik

Kiralama

AS

8.509%

due

01/14/29

(Þ)

552

572

HSBC

Capital

Funding,

LP

10.176%

due

10/29/49

(USD

3

Month

LIBOR

+

4.980%)(Ê)(ƒ)(Þ)

157

199

HSBC

Holdings

PLC

4.600%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.649%)(Ê)(ƒ)(Þ)

200

166

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.858%)(Ê)(ƒ)

200

208

Huarong

Finance

2017

Co.,

Ltd.

4.750%

due

04/27/27

(Þ)

595

556

Huarong

Finance

2019

Co.,

Ltd.

3.375%

due

02/24/30

(Þ)

708

588

Hungary

Government

International

Bond

5.500%

due

03/26/36

(Þ)

217

212

Series

REGS

6.125%

due

05/22/28

(Þ)

257

264

3.125%

due

09/21/51

(Þ)

328

208

Indonesia

Asahan

Aluminium

Persero

PT

Series

REGS

5.800%

due

05/15/50

(Þ)

200

188

Indonesia

Government

International

Bond

4.550%

due

01/11/28

400

397

3.550%

due

03/31/32

380

346

5.650%

due

01/11/53

200

209

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

196

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.506%)(Ê)(ƒ)(Þ)

200

169

5.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.342%)(Ê)(ƒ)(Þ)

200

188

Instituto

Costarricense

de

Electricidad

Series

REGS

6.375%

due

05/15/43

(Þ)

762

658

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

197

Israel

Government

International

Bond

4.500%

due

01/17/33

200

187

Ivory

Coast

Government

International

Bond

8.250%

due

01/30/37

(Þ)

200

199

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

430

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

5.750%

due

12/31/32

(~)(Ê)(Þ)

90

86

Jordan

Government

International

Bond

Series

REGS

7.500%

due

01/13/29

(Þ)

273

267

Kazakhstan

Government

International

Bond

Series

REGS

4.875%

due

10/14/44

(Þ)

355

332

KazMunayGas

National

Co.

JSC

Series

REGS

4.375%

due

09/26/27

(Þ)

200

191

6.375%

due

10/24/48

(Þ)

464

427

Khazanah

Global

Sukuk

Bhd

4.687%

due

06/01/28

(Þ)

233

232

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

570

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

173

Lebanon

Government

International

Bond

Series

GMTN

6.600%

due

11/27/26

(Ø)(Þ)(Æ)

66

4

Series

REGS

6.650%

due

11/03/28

(Ø)(Þ)(Æ)

1,159

67

Mazoon

Assets

Co.

Series

REGS

5.200%

due

11/08/27

(Þ)

545

534

MDGH

GMTN

RSC,

Ltd.

Series

REGS

5.500%

due

04/28/33

(Þ)

200

207

Mexico

City

Airport

Trust

Series

REGS

5.500%

due

07/31/47

(Þ)

213

175

Mexico

Government

International

Bond

2.659%

due

05/24/31

200

168

6.000%

due

05/07/36

200

204

6.400%

due

05/07/54

212

213

Morocco

Government

International

Bond

5.950%

due

03/08/28

(Þ)

245

250

MVM

Energetika

Zrt.

7.500%

due

06/09/28

(Þ)

701

727

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

424

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

201

6.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.625%)(Ê)(ƒ)

200

195

Nigeria

Government

International

Bond

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

8.375%

due

03/24/29

(Þ)

200

187

7.375%

due

09/28/33

(Þ)

495

407

NIO,

Inc.

0.500%

due

02/01/27

190

172

Nippon

Life

Insurance

Co.

4.700%

due

01/20/46

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

3.750%)(Ê)(Þ)

200

195

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

198

OCP,

Inc.

Series

REGS

3.750%

due

06/23/31

(Þ)

755

637

Oil

and

Gas

Holding

Co.

BSCC

(The)

Series

REGS

8.375%

due

11/07/28

(Þ)

572

621

Oman

Government

International

Bond

Series

REGS

6.750%

due

10/28/27

(Þ)

584

611

7.000%

due

01/25/51

(Þ)

200

207

Ooredoo

QPSC

Series

REGS

2.625%

due

04/08/31

(Þ)

579

500

OQ

SAOC

Series

REGS

5.125%

due

05/06/28

(Þ)

418

409

Pakistan

Government

International

Bond

Series

REGS

7.375%

due

04/08/31

(Þ)

369

240

Pakistan

Water

and

Power

Development

Authority

7.500%

due

06/04/31

(Þ)

1,233

703

Panama

Government

International

Bond

6.400%

due

02/14/35

595

561

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

200

199

Pertamina

Persero

PT

Series

REGS

4.150%

due

02/25/60

(Þ)

650

493

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

Series

REGS

4.875%

due

07/17/49

(Þ)

318

268

Peruvian

Government

International

Bond

2.783%

due

01/23/31

379

329

Petrobras

Global

Finance

BV

6.750%

due

06/03/50

112

108

6.850%

due

06/05/15

637

591

Petroleos

del

Peru

SA

Series

REGS

5.625%

due

06/19/47

(Þ)

1,431

913

Petroleos

Mexicanos

Series

REGS

6.625%

due

09/29/49

(Þ)

894

539

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

431

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

6.700%

due

02/16/32

37

30

10.000%

due

02/07/33

308

305

6.750%

due

09/21/47

640

408

7.690%

due

01/23/50

1,010

706

Petronas

Capital,

Ltd.

Series

REGS

2.480%

due

01/28/32

(Þ)

289

242

3.404%

due

04/28/61

(Þ)

1,323

909

Philippines

Government

International

Bond

1.648%

due

06/10/31

(Þ)

200

161

1.950%

due

01/06/32

622

504

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

193

Qatar

Government

International

Bond

Series

REGS

4.500%

due

04/23/28

(Þ)

752

756

QBE

Insurance

Group,

Ltd.

5.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.513%)(Ê)(ƒ)

(Ñ)(Þ)

200

197

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

310

329

7.500%

due

02/02/34

300

307

8.750%

due

11/14/53

286

312

Republic

of

Gabon

Government

International

Bond

Series

REGS

7.000%

due

11/24/31

(Þ)

200

163

Republic

of

Indonesia

Government

International

Bond

5.100%

due

02/10/54

361

349

Republic

of

Kenya

Government

International

Bond

Series

REGS

7.000%

due

05/22/27

(Þ)

283

260

Republic

of

Peru

Government

International

Bond

3.230%

due

07/28/21

(Þ)

97

57

Republic

of

Poland

Government

International

Bond

5.500%

due

11/16/27

58

60

4.875%

due

10/04/33

249

248

5.500%

due

04/04/53

178

180

Republic

of

South

Africa

Government

International

Bond

5.875%

due

04/20/32

524

481

5.750%

due

09/30/49

312

231

Romania

Government

International

Bond

5.875%

due

01/30/29

(Þ)

120

121

7.125%

due

01/17/33

(Þ)

38

41

6.375%

due

01/30/34

(Þ)

240

245

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.625%

due

01/17/53

(Þ)

224

250

Series

REGS

7.125%

due

01/17/33

(Þ)

18

19

7.625%

due

01/17/53

(Þ)

14

16

SA

Global

Sukuk,

Ltd.

Series

REGS

2.694%

due

06/17/31

(Þ)

425

367

Samruk-Kazyna

JSC

Series

REGS

2.000%

due

10/28/26

(Þ)

200

184

Saudi

Arabian

Oil

Co.

Series

REGS

2.250%

due

11/24/30

(Þ)

660

555

Saudi

Government

International

Bond

4.750%

due

01/16/30

(Þ)

701

699

5.750%

due

01/16/54

(Þ)

359

353

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)(Ñ)(Þ)

300

285

Sea,

Ltd.

2.375%

due

12/01/25

48

46

0.250%

due

09/15/26

490

412

Societe

Generale

SA

8.000%

due

09/29/49

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

5.873%)(Ê)(ƒ)(Ñ)(Þ)

200

201

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.514%)(Ê)(ƒ)(Þ)

200

163

9.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.385%)(Ê)(ƒ)(Þ)

200

208

10.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.448%)

(Ê)(ƒ)(Þ)

200

213

Southern

Gas

Corridor

CJSC

Series

REGS

6.875%

due

03/24/26

(Þ)

724

733

Standard

Chartered

PLC

4.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.805%)(Ê)(ƒ)(Þ)

200

162

Sumitomo

Life

Insurance

Co.

5.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.841%)(Ê)(ƒ)(Þ)

400

400

TC

Ziraat

Bankasi

AS

Series

REGS

5.375%

due

03/02/26

(Þ)

614

593

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

208

TransCanada

Trust

5.500%

due

09/15/79

(SOFR

+

4.416%)(Ê)

335

298

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.986%)(Ê)

226

198

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

432

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

16-A

5.875%

due

08/15/76

(USD

3

Month

LIBOR

+

4.640%)(Ê)

355

341

Transnet

SOC,

Ltd.

Series

REGS

8.250%

due

02/06/28

(Þ)

607

610

Trinidad

&

Tobago

Government

International

Bond

5.950%

due

01/14/31

(Þ)

200

203

Turkey

Government

International

Bond

9.125%

due

07/13/30

315

335

Turkiye

Ihracat

Kredi

Bankasi

AS

Series

REGS

5.750%

due

07/06/26

(Þ)

700

679

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

198

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.404%)(Ê)(ƒ)(Þ)

200

180

5.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.855%)(Ê)(ƒ)(Þ)

200

189

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.745%)(Ê)(ƒ)(Þ)

600

650

Ukraine

Government

International

Bond

Series

REGS

9.750%

due

11/01/30

(~)(Ê)(Þ)

948

251

Uruguay

Government

International

Bond

5.750%

due

10/28/34

386

413

5.100%

due

06/18/50

55

53

4.975%

due

04/20/55

199

188

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

108

YPF

SA

Series

REGS

6.950%

due

07/21/27

(Þ)

278

248

8.500%

due

06/27/29

(Þ)

504

455

64,569

Non-US

Bonds

-

0.5%

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

231

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

CaixaBank

SA

7.500%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

5.295%)(Ê)(ƒ)(Þ)

EUR

200

222

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Credit

Agricole

SA

7.250%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

4.441%)(Ê)(ƒ)(Þ)

EUR

200

226

Deutsche

Bank

AG

10.000%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

6.940%)(Ê)(ƒ)(Þ)

EUR

200

233

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

117

Intesa

Sanpaolo

SpA

9.125%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

6.262%)(Ê)(ƒ)(Þ)

EUR

200

238

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

111

Unibail-Rodamco-Westfield

7.250%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

3.995%)(Ê)(ƒ)(Þ)

EUR

100

111

1,707

Total

Long-Term

Investments

(cost

$116,341)

116,601

Common

Stocks

-

50.6%

Consumer

Discretionary

-

5.0%

adidas

AG

941

179

Aisin

Corp.

8,500

317

Alibaba

Group

Holding,

Ltd.

48,960

439

Alibaba

Group

Holding,

Ltd.

-

ADR

936

68

Amazon.com,

Inc.(Æ)

4,164

646

Anta

Sports

Products,

Ltd.

15,000

126

Autoliv,

Inc.

3,117

334

AutoNation,

Inc.(Æ)

173

24

AutoZone,

Inc.(Æ)

207

572

Best

Buy

Co.,

Inc.

478

35

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

341

22

Boyd

Gaming

Corp.

3,104

197

Bridgestone

Corp.

2,700

117

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

A

3,108

34

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

H(Þ)

4,700

41

Cie

Financiere

Richemont

SA

Class

A

2,462

368

Comcast

Corp.

Class

A

2,354

110

Costco

Wholesale

Corp.

138

96

Curtiss-Wright

Corp.

111

25

Davide

Campari-Milano

NV

6,314

64

Diageo

PLC

8,891

320

Dollar

General

Corp.

233

31

DR

Horton,

Inc.

353

50

Ferrari

NV

111

39

FirstCash

Holdings,

Inc.

1,468

168

Galaxy

Entertainment

Group,

Ltd.

27,000

140

Games

Workshop

Group

PLC

304

38

Garmin,

Ltd.

314

38

Geely

Automobile

Holdings,

Ltd.

125,486

119

General

Motors

Co.

770

30

Genuine

Parts

Co.

943

132

Gildan

Activewear,

Inc.

Class

A

12,021

397

Grand

Canyon

Education,

Inc.(Æ)

351

46

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

433

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

H

World

Group,

Ltd.

-

ADR

1,339

43

Home

Depot,

Inc.

(The)

756

267

Honda

Motor

Co.,

Ltd.

31,900

357

Hugo

Boss

AG

326

20

Hyundai

Department

Store

Co.,

Ltd.

3,503

140

Industria

de

Diseno

Textil

SA

5,530

236

InterContinental

Hotels

Group

PLC

3,921

372

JD.com,

Inc.

-

ADR

3,657

82

Komeri

Co.,

Ltd.

5,000

112

K's

Holdings

Corp.

4,900

45

Kuaishou

Technology(Æ)(Þ)

36,400

182

Kyocera

Corp.

27,200

399

Lennar

Corp.

Class

A

428

64

Li

Auto,

Inc.

Class

A(Æ)

3,300

46

Lojas

Renner

SA(Æ)

23,326

76

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

863

718

Makita

Corp.

12,600

340

McDonald's

Corp.

1,744

511

MercadoLibre,

Inc.(Æ)

79

135

Michelin

(CGDE)

11,835

394

Moncler

SpA

1,361

84

Mr

Price

Group,

Ltd.

4,736

43

Murata

Manufacturing

Co.,

Ltd.

10,900

220

New

Oriental

Education

&

Technology

Group,

Inc.

-

ADR(Æ)

3,508

269

Next

PLC

3,063

327

Nidec

Corp.

8,900

333

Nike,

Inc.

Class

B

1,951

198

NVR,

Inc.(Æ)

10

71

Omnicom

Group,

Inc.

490

44

Oriental

Holdings

BHD

21,374

29

PDD

Holdings,

Inc.

-

ADR(Æ)

1,650

209

Pernod

Ricard

SA

905

149

PulteGroup,

Inc.

283

30

Puma

SE

1,303

53

Ross

Stores,

Inc.

188

26

Sands

China,

Ltd.(Æ)

102,551

269

Santos

Brasil

Participacoes

SA

38,900

79

Seria

Co.,

Ltd.

2,500

45

Shenzhou

International

Group

Holdings,

Ltd.

17,900

160

Spectris

PLC

7,800

364

Subaru

Corp.

6,500

130

Sumitomo

Electric

Industries,

Ltd.

17,400

232

Sunny

Optical

Technology

Group

Co.,

Ltd.

9,200

56

Tencent

Holdings,

Ltd.

22,732

791

Tencent

Holdings,

Ltd.

-

ADR(Ñ)

5,035

175

TJX

Cos.,

Inc.

(The)

4,622

439

Toyoda

Gosei

Co.,

Ltd.

4,000

77

Toyota

Industries

Corp.

2,800

236

Tractor

Supply

Co.

115

26

United

Arrows,

Ltd.

3,800

50

Universal

Music

Group

NV

9,884

291

Walmart,

Inc.

482

80

Weichai

Power

Co.,

Ltd.

Class

H

54,000

95

Wolters

Kluwer

NV

213

31

Xebio

Holdings

Co.,

Ltd.

6,100

41

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Xpeng,

Inc.

-

ADR(Æ)(Ñ)

7,225

60

Xpeng,

Inc.

Class

A(Æ)

4,500

19

Zalando

SE(Æ)(Þ)

12,444

251

15,983

Consumer

Staples

-

2.8%

Adecoagro

SA

19,412

199

Albertsons

Cos.

LLC

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

Class

A

1,078

23

Altria

Group,

Inc.

675

27

Archer-Daniels-Midland

Co.

690

38

Astarta

Holding

PLC

9,426

77

Barry

Callebaut

AG

5

7

Beiersdorf

AG

177

26

BIM

Birlesik

Magazalar

AS

11,178

140

British

American

Tobacco

PLC

775

23

Campbell

Soup

Co.

813

36

Carrefour

SA

3,468

59

Casey's

General

Stores,

Inc.

148

40

China

Mengniu

Dairy

Co.,

Ltd.(Æ)

6,000

13

Chocoladefabriken

Lindt

&

Spruengli

AG

3

38

Church

&

Dwight

Co.,

Inc.

279

28

CK

Hutchison

Holdings,

Ltd.

Class

B

52,000

266

Clorox

Co.

(The)

207

30

Coca-Cola

Co.

(The)

7,599

452

Coca-Cola

HBC

AG

-

ADR(Æ)

921

27

Colgate-Palmolive

Co.

4,646

391

Conagra

Brands,

Inc.

1,136

33

CP

ALL

PCL

91,700

134

CVS

Health

Corp.

901

67

Dino

Polska

SA(Æ)(Þ)

660

71

First

Pacific

Co.,

Ltd.

184,000

70

First

Resources,

Ltd.

92,100

101

Flowers

Foods,

Inc.

1,235

28

General

Mills,

Inc.

3,955

257

Genting

Plantations

Bhd

30,500

41

Golden

Agri-Resources,

Ltd.

1,653,420

334

GS

Holdings

Corp.

1,761

61

Haleon

PLC

64,596

263

Heineken

NV

2,104

212

Henkel

AG

&

Co.

KGaA

855

59

Hershey

Co.

(The)

775

150

Hormel

Foods

Corp.

1,801

55

Imperial

Tobacco

Group

PLC

625

15

Ingredion,

Inc.

222

24

Jeronimo

Martins

SGPS

SA

981

22

JM

Smucker

Co.

(The)

237

31

Kao

Corp.

13,400

532

Kato

Sangyo

Co.,

Ltd.

600

20

Kellanova

2,069

113

Kenvue,

Inc.

2,923

61

Keurig

Dr

Pepper,

Inc.

4,666

147

Kimberly-Clark

Corp.

441

53

Kirin

Holdings

Co.,

Ltd.

33,600

486

Koninklijke

Ahold

Delhaize

NV

590

17

Kraft

Heinz

Co.

(The)

801

30

Kroger

Co.

(The)

773

36

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

434

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lenta

International

Co.

PJSC

-

GDR(Æ)(Š)(Þ)

130,305

—

L'Oreal

SA

139

67

McCormick

&

Co.,

Inc.

1,388

95

Mondelez

International,

Inc.

Class

A

4,337

326

Monster

Beverage

Corp.(Æ)

411

23

Morinaga

Milk

Industry

Co.,

Ltd.

9,148

188

Nomad

Foods,

Ltd.

21,931

395

PepsiCo,

Inc.

4,060

684

Philip

Morris

International,

Inc.

607

55

Procter

&

Gamble

Co.

(The)

3,552

558

Reckitt

Benckiser

Group

PLC

7,135

515

Reynolds

Consumer

Products,

Inc.

840

23

Sysco

Corp.

346

28

Tyson

Foods,

Inc.

Class

A

368

20

Unilever

PLC

7,880

384

Walgreens

Boots

Alliance,

Inc.

1,816

41

WH

Group,

Ltd.(Þ)

95,528

56

8,921

Energy

-

1.7%

Baker

Hughes

Co.

5,385

153

Cenovus

Energy,

Inc.

19,464

315

Chevron

Corp.

3,059

451

China

Shenhua

Energy

Co.,

Ltd.

Class

H

20,500

77

Coterra

Energy,

Inc.

4,604

115

Eaton

Corp.

PLC

57

14

EOG

Resources,

Inc.

2,645

301

Exxon

Mobil

Corp.

5,316

547

Fission

Uranium

Corp.(Æ)

71,562

67

Gazprom

PJSC(Æ)(Š)

376,946

—

Imperial

Oil,

Ltd.

994

57

Japan

Petroleum

Exploration

Co.,

Ltd.

2,300

93

Kinder

Morgan,

Inc.

3,595

61

NAC

Kazatomprom

JSC

-

GDR(Þ)

8,840

357

ONEOK,

Inc.

4,593

313

OX2

Group

AB(Æ)

3,802

18

Petroleo

Brasileiro

SA

-

ADR

19,372

331

Phillips

66

206

30

Range

Resources

Corp.

8,472

246

Reliance

Industries,

Ltd.

-

GDR(Þ)

5,271

365

Saudi

Arabian

Oil

Co.(Þ)

26,629

217

Schlumberger

NV

4,018

196

Schneider

Electric

SE

160

32

Shell

PLC

1,971

61

Sinopec

Engineering

Group

Co.,

Ltd.

Class

H

47,000

24

Southwestern

Energy

Co.(Æ)

54,112

349

Targa

Resources

Corp.

2,487

211

Teck

Resources,

Ltd.

Class

B

6,925

277

TotalEnergies

SE

1,053

69

Tourmaline

Oil

Corp.

1,489

64

Tullow

Oil

PLC(Æ)

92,600

36

5,447

Financial

Services

-

15.8%

ABN

AMRO

Bank

NV(Þ)

11,710

173

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Advance

Residence

Investment

Corp.

(ö)

88

194

Aedifica

SA(ö)

1,660

108

Aflac,

Inc.

3,827

323

AIA

Group,

Ltd.

21,000

163

Air

Lease

Corp.

Class

A

9,104

381

Akbank

TAS

99,684

130

Al

Rajhi

Bank

3,762

84

Aldar

Properties

PJSC

40,830

57

Allianz

SE

232

62

Allstate

Corp.

(The)

1,481

230

Alpha

Services

and

Holdings

SA(Æ)

69,137

123

Amadeus

IT

Group

SA

Class

A

843

59

American

Express

Co.

212

43

American

Financial

Group,

Inc.

424

51

American

Tower

Corp.(ö)

501

98

Americold

Realty

Trust,

Inc.(ö)

17,202

473

Apollo

Global

Management,

Inc.

2,073

208

Arch

Capital

Group,

Ltd.(Æ)

797

66

Argan

SA(ö)

1,020

90

Assicurazioni

Generali

SpA

1,306

29

Assurant,

Inc.

341

57

Axis

Capital

Holdings,

Ltd.

3,206

191

Baloise

Holding

AG

73

12

Banco

Bradesco

SA

-

ADR

58,355

181

Bank

Central

Asia

Tbk

PT

507,882

307

Bank

Mandiri

Persero

Tbk

PT

1,043,492

438

Bank

of

America

Corp.

6,750

230

Bank

of

Ireland

Group

PLC

24,924

229

Bank

of

New

York

Mellon

Corp.

(The)

730

41

Bank

Rakyat

Indonesia

Persero

Tbk

PT

560,113

201

BDO

Unibank,

Inc.

84,806

218

Berkshire

Hathaway,

Inc.

Class

B(Æ)

415

159

BGC

Group,

Inc.

Class

A

30,269

214

Big

Yellow

Group

PLC(ö)

9,040

131

BlackRock,

Inc.

Class

A

452

350

BNP

Paribas

SA

2,673

180

Boardwalk

Real

Estate

Investment

Trust(ö)

5,813

302

Brixmor

Property

Group,

Inc.(ö)

13,614

306

Brown

&

Brown,

Inc.

313

24

Camden

Property

Trust(ö)

2,491

234

CapitaLand

Integrated

Commercial

Trust

Class

A(Æ)(ö)

130,400

194

Capitaland

Investment,

Ltd.

59,200

130

Catena

AB

1,944

83

Charles

Schwab

Corp.

(The)

4,118

259

Charter

Hall

Group

-

ADR(ö)

23,784

186

China

Common

Rich

Renewable

Energy

Investments,

Ltd.(Æ)(Š)

205,123

—

China

Construction

Bank

Corp.

Class

H

310,500

184

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

24,400

29

China

Resources

Land,

Ltd.

20,000

60

Chubb,

Ltd.

295

72

Cincinnati

Financial

Corp.

942

104

CITIC

Securities

Co.,

Ltd.

Class

H

34,890

68

Citigroup,

Inc.

3,566

200

CK

Asset

Holdings,

Ltd.

49,476

221

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

435

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Clarivate

PLC(Æ)

27,542

246

CME

Group,

Inc.

Class

A

4,787

985

Cofinimmo

SA(ö)

1,098

79

Commerce

Bancshares,

Inc.

530

28

Country

Garden

Services

Holdings

Co.,

Ltd.

114,000

74

Crown

Castle,

Inc.(ö)

519

56

Dai-ichi

Life

Holdings,

Inc.

11,800

260

Daiwa

House

REIT

Investment

Corp.

(ö)

35

62

Daiwa

Office

Investment

Corp.(ö)

29

124

Digital

Realty

Trust,

Inc.(ö)

9,278

1,303

DNB

Bank

ASA

919

18

Equinix,

Inc.(ö)

1,720

1,427

Equities

AB

2,314

62

Equity

Commonwealth(ö)

20,374

389

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

1,060

72

Erie

Indemnity

Co.

Class

A

152

53

Essex

Property

Trust,

Inc.(ö)

2,437

568

Etalon

Group

PLC

-

GDR(Æ)(Š)(Þ)

267,238

—

Eurobank

Ergasias

SA(Æ)

59,794

115

Eurocommercial

Properties

NV(ö)

4,179

94

Extra

Space

Storage,

Inc.(ö)

5,186

749

EZCORP,

Inc.

Class

A(Æ)

22,947

197

Fastighets

AB

Balder

Class

B(Æ)

18,742

125

Federal

Agricultural

Mortgage

Corp.

Class

C

590

110

Fidelis

Insurance

Holdings,

Ltd.

17,823

232

Fidelity

National

Financial,

Inc.

829

41

FinecoBank

Banca

Fineco

SpA

3,258

47

First

American

Financial

Corp.

611

37

FirstRand,

Ltd.

15,053

55

Frasers

Centrepoint

Trust(ö)

84,500

144

Globe

Life,

Inc.

407

50

Goodman

Group(ö)

14,709

244

GPT

Group

(The)(ö)

70,662

214

Grainger

PLC

29,657

98

Great-West

Lifeco,

Inc.

1,676

56

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

12,298

125

Hachijuni

Bank,

Ltd.

(The)

27,800

152

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

8,089

116

Hana

Financial

Group,

Inc.

2,961

105

Hankook

Technology

Group

Co.,

Ltd.

7,856

97

Hannover

Rueck

SE

522

125

Hanover

Insurance

Group,

Inc.

(The)

309

41

Hartford

Financial

Services

Group,

Inc.

2,402

209

HDFC

Bank,

Ltd.

-

ADR

13,740

762

Healthcare

Realty

Trust,

Inc.(ö)

25,037

403

Helvetia

Holding

AG

167

24

Highwoods

Properties,

Inc.(ö)

5,439

125

Hirogin

Holdings,

Inc.

20,700

139

Hokuhoku

Financial

Group,

Inc.

8,700

92

Host

Hotels

&

Resorts,

Inc.(ö)

9,759

188

HSBC

Holdings

PLC

14,226

111

ICICI

Bank,

Ltd.

-

ADR

22,923

559

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

256,000

125

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ingenia

Communities

Group(ö)

60,727

177

Insurance

Australia

Group,

Ltd.

14,681

58

Intact

Financial

Corp.

893

140

Intercontinental

Exchange,

Inc.

217

28

Invincible

Investment

Corp.(ö)

510

210

Invitation

Homes,

Inc.(ö)

42,865

1,412

Iron

Mountain,

Inc.(ö)

6,734

455

Itau

Unibanco

Holding

SA

-

ADR(Æ)

14,022

93

Japan

Prime

Realty

Investment

Corp.

(ö)

39

93

Japan

Retail

Fund

Investment

Corp.(ö)

128

87

JPMorgan

Chase

&

Co.

981

171

Kasikornbank

PCL

39,400

133

KB

Financial

Group,

Inc.

2,324

99

KE

Holdings,

Inc.

-

ADR

15,542

220

Kemper

Corp.

7,015

421

Kenedix

Office

Investment

Corp.

Class

A(ö)

222

241

Kimco

Realty

Corp.(ö)

27,576

557

Klepierre

SA

-

GDR(ö)

13,408

346

Korean

Reinsurance

Co.

9,439

54

Land

Securities

Group

PLC(ö)

35,192

296

LEG

Immobilien

SE

3,641

304

Link

Real

Estate

Investment

Trust(ö)

52,230

260

LiveRamp

Holdings,

Inc.(Æ)

9,534

376

London

Stock

Exchange

Group

PLC

1,192

135

Longfor

Group

Holdings,

Ltd.(Þ)

96,500

106

LSR

Group

PJSC(Š)

25,878

—

LX

Holdings

Corp.

1,079

6

LXI

REIT

PLC(ö)(Þ)

63,244

84

M&T

Bank

Corp.

216

30

Mandatum

OYJ(Æ)

3,469

16

Manulife

Financial

Corp.

11,087

245

Mapletree

Logistics

Trust(ö)

121,600

139

Marsh

&

McLennan

Cos.,

Inc.

967

187

MasterCard,

Inc.

Class

A

2,152

967

Mebuki

Financial

Group,

Inc.

23,200

70

MGIC

Investment

Corp.

1,279

25

Mid-America

Apartment

Communities,

Inc.(ö)

2,925

370

Mitsubishi

Estate

Co.,

Ltd.

38,000

528

Mitsui

Fudosan

Co.,

Ltd.

18,925

475

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

70

210

Morgan

Stanley

499

44

Moscow

Exchange

MICEX-RTS

PJSC(Š)

181,547

—

MS&AD

Insurance

Group

Holdings,

Inc.

2,600

108

Muenchener

Rueckversicherungs-

Gesellschaft

AG

902

384

Nasdaq,

Inc.

1,887

109

National

Bank

Holdings

Corp.

Class

A

2,889

101

National

Bank

of

Greece

SA(Æ)

6,807

52

National

Storage

REIT(ö)

50,774

76

NatWest

Group

PLC

87,619

248

Nippon

Prologis

REIT,

Inc.(Æ)(ö)

140

249

Nishi-Nippon

Financial

Holdings,

Inc.

15,600

180

Nomura

Real

Estate

Holdings,

Inc.

8,000

219

North

Pacific

Bank,

Ltd.

33,700

86

Northern

Trust

Corp.

277

22

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

436

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Old

Republic

International

Corp.

823

23

Oversea-Chinese

Banking

Corp.,

Ltd.

11,900

114

Pagseguro

Digital,

Ltd.

Class

A(Æ)

11,848

152

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

65,500

171

Perella

Weinberg

Partners

15,435

181

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

61,061

258

PNC

Financial

Services

Group,

Inc.

(The)

183

28

Popular,

Inc.

2,108

180

Primerica,

Inc.

112

26

Principal

Financial

Group,

Inc.

1,367

108

Progressive

Corp.

(The)

426

76

Prologis,

LP(ö)

14,352

1,818

Public

Storage(Æ)(ö)

2,884

412

Raymond

James

Financial,

Inc.

275

30

Realty

Income

Corp.(ö)

23,797

1,294

RELX

PLC

822

34

Resona

Holdings,

Inc.

41,900

233

Ringkjoebing

Landbobank

A/S

303

49

Royal

Bank

of

Canada

-

GDR

3,300

322

Safestore

Holdings

PLC(ö)

20,627

214

Sampo

OYJ

Class

A

3,469

145

Saudi

National

Bank

(The)

8,192

88

SBA

Communications

Corp.(ö)

1,154

258

Sberbank

of

Russia

PJSC(Š)

169,110

—

Segro

PLC(ö)

32,715

361

SGS

SA

1,158

107

Simon

Property

Group,

Inc.(ö)

9,215

1,277

SM

Prime

Holdings,

Inc.

291,000

177

Sompo

Japan

Nipponkoa

Holdings,

Inc.

1,900

99

Sprott,

Inc.

1,384

49

Stockland(ö)

121,624

363

Sumitomo

Mitsui

Financial

Group,

Inc.

9,500

495

Sumitomo

Mitsui

Trust

Holdings,

Inc.

21,800

448

Sumitomo

Realty

&

Development

Co.,

Ltd.

12,200

384

Sun

Communities,

Inc.(ö)

5,965

748

Sun

Hung

Kai

Properties,

Ltd.

37,000

342

Sun

Life

Financial,

Inc.

3,516

182

Swiss

Life

Holding

AG

41

29

Swiss

Re

AG

2,470

284

T

Rowe

Price

Group,

Inc.

253

27

TAG

Immobilien

AG(Æ)

9,580

135

Talanx

AG

374

26

Tokio

Marine

Holdings,

Inc.

10,800

286

Toronto-Dominion

Bank

(The)

1,864

113

Travelers

Cos.,

Inc.

(The)

1,475

312

Turkiye

Garanti

Bankasi

AS

60,069

125

UDR,

Inc.(ö)

13,160

474

Unibail-Rodamco-Westfield(Æ)(ö)

3,418

245

UNITE

Group

PLC

(The)(ö)

8,378

107

United

Urban

Investment

Corp.(ö)

137

139

Unum

Group

523

25

VGP

NV

590

69

VICI

Properties,

Inc.(ö)

22,716

684

Visa,

Inc.

Class

A

529

145

Vonovia

SE

8,757

274

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

VTB

Bank

PJSC(Æ)(Š)

716,250,000

—

W.R.

Berkley

Corp.

1,754

144

Warehouses

De

Pauw

CVA(ö)

5,860

171

Webster

Financial

Corp.

2,178

108

Welltower,

Inc.(ö)

17,445

1,509

Willis

Towers

Watson

PLC

139

34

WP

Carey,

Inc.(ö)

3,802

236

Yellow

Cake

PLC(Æ)(Þ)

18,965

167

Yoma

Strategic

Holdings,

Ltd.(Æ)

417,882

20

Yuanta

Financial

Holding

Co.,

Ltd.

274,050

236

Zurich

Insurance

Group

AG

610

310

50,234

Health

Care

-

3.8%

Abbott

Laboratories

653

74

AbbVie,

Inc.

660

109

Alcon,

Inc.

920

69

Amgen,

Inc.

209

66

AstraZeneca

PLC

1,546

206

Bangkok

Dusit

Medical

Services

PCL

238,900

185

Becton,

Dickinson

and

Co.

3,220

769

Boston

Scientific

Corp.(Æ)

772

49

Bristol-Myers

Squibb

Co.

889

43

Cardinal

Health,

Inc.

1,544

169

Cencora,

Inc.

Class

A

211

49

Centene

Corp.(Æ)

742

56

Chemed

Corp.

39

23

ChemoMetec

A/S

202

11

Cigna

Group

(The)

304

91

Cooper

Cos.,

Inc.

(The)

468

175

Danaher

Corp.

1,415

339

Dr

Reddy's

Laboratories,

Ltd.

-

ADR

375

27

Elevance

Health,

Inc.

179

88

Eli

Lilly

&

Co.

287

185

Encompass

Health

Corp.

667

47

Enovis

Corp.

Class

W(Æ)

8,727

512

EssilorLuxottica

SA

87

17

Eurofins

Scientific

SE

2,084

126

Gilead

Sciences,

Inc.

5,155

403

GSK

Finance

No.

3

PLC

2,979

59

H.U.

Group

Holdings,

Inc.

2,500

47

Halozyme

Therapeutics,

Inc.(Æ)

3,013

102

HCA

Healthcare,

Inc.

142

43

Henry

Schein,

Inc.(Æ)

428

32

Humana,

Inc.

46

17

Innovent

Biologics,

Inc.(Æ)(Þ)

23,500

94

Innoviva,

Inc.(Æ)

14,575

236

Japan

Lifeline

Co.,

Ltd.

6,400

57

Johnson

&

Johnson

5,455

867

Kyorin

Pharmaceutical

Co.,

Ltd.

16,500

200

Laboratory

Corp.

of

America

Holdings

144

32

Lifco

AB

Class

B

1,000

24

McKesson

Corp.

97

48

Medipal

Holdings

Corp.

1,900

30

Medtronic

PLC

8,462

741

Merck

&

Co.,

Inc.

1,958

236

Merck

KGaA

331

55

Molina

Healthcare,

Inc.(Æ)

98

35

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

437

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nippon

Shinyaku

Co.,

Ltd.

3,400

120

Novartis

AG

3,637

377

Novo

Nordisk

A/S

Class

B

7,393

844

Ono

Pharmaceutical

Co.,

Ltd.

1,200

22

Pacira

BioSciences,

Inc.(Æ)

3,311

108

Pennant

Group,

Inc.

(The)(Æ)

6,757

101

Pfizer,

Inc.

2,168

59

Qiagen

NV(Æ)

456

20

Quest

Diagnostics,

Inc.

194

25

Recordati

SpA

523

29

Regeneron

Pharmaceuticals,

Inc.(Æ)

49

46

Roche

Holding

AG

1,302

373

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

126

79

Sandoz

Group

AG(Æ)

805

28

Sanofi

SA

-

ADR

3,994

401

Sartorius

Stedim

Biotech

128

35

Sawai

Group

Holdings

Co.,

Ltd.

4,200

159

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

5,900

221

Siemens

Healthineers

AG(Þ)

1,376

77

Sinopharm

Group

Co.,

Ltd.

Class

H

9,200

24

Straumann

Holding

AG

517

79

Stryker

Corp.

146

49

Suzuken

Co.,

Ltd.

5,700

177

Tenet

Healthcare

Corp.(Æ)

3,354

278

Thermo

Fisher

Scientific,

Inc.

119

64

Toho

Holdings

Co.,

Ltd.

6,000

130

UCB

SA

220

21

United

Therapeutics

Corp.(Æ)

98

21

UnitedHealth

Group,

Inc.

1,125

576

Universal

Health

Services,

Inc.

Class

B

226

36

Universal

Vision

Biotechnology

Co.,

Ltd.

180

2

Vertex

Pharmaceuticals,

Inc.(Æ)

115

50

West

Pharmaceutical

Services,

Inc.

311

116

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

10,200

70

Wuxi

Biologics

(Cayman),

Inc.(Æ)(Þ)

63,000

166

Zoetis,

Inc.

Class

A

1,532

288

12,114

Materials

and

Processing

-

4.2%

AddTech

AB

Class

B

1,646

34

Agnico

Eagle

Mines,

Ltd.

2,949

145

Air

Liquide

SA

Class

A

307

58

Air

Products

&

Chemicals,

Inc.

1,171

299

Aluminum

Corp.

of

China,

Ltd.

Class

H

190,000

92

Aluminum

Corp.

of

China,

Ltd.

Class

A

91,400

73

Amcor

PLC

1,272

12

Anglo

American

Platinum,

Ltd.

528

22

Anglo

American

PLC

11,437

271

Anglogold

Ashanti

PLC

9,794

173

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

53,500

107

AptarGroup,

Inc.

218

28

ArcelorMittal

SA

12,741

349

Aris

Mining

Corp.(Æ)

19,970

62

Artemis

Gold,

Inc.(Æ)

30,932

145

Asahi

Kasei

Corp.

37,600

286

Atlas

Arteria,

Ltd.

50,125

177

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Babcock

International

Group

PLC

50,796

291

Barrick

Gold

Corp.(Þ)

19,148

299

Bear

Creek

Mining

Corp.(Æ)

25,338

4

BHP

Group,

Ltd.

-

ADR

5,392

165

Boliden

AB

1,640

43

Carrier

Global

Corp.

4,619

253

CCL

Industries,

Inc.

Class

B

878

38

Cemex

SAB

de

CV

-

ADR(Æ)

9,684

80

Copart,

Inc.(Æ)

1,419

68

Dundee

Corp.

Class

A(Æ)

14,243

9

DuPont

de

Nemours,

Inc.

347

21

Ecolab,

Inc.

131

26

Ecovyst,

Inc.(Æ)

10,042

93

EMS-Chemie

Holding

AG

25

19

Equinox

Gold

Corp.(Æ)(Ñ)

52,242

231

ERO

Copper

Corp.(Æ)

17,888

280

Fastenal

Co.

379

26

Ferguson

PLC

145

27

First

Quantum

Minerals,

Ltd.

10,743

97

Freeport-McMoRan,

Inc.

4,869

193

Fresnillo

PLC

7,630

51

Gabriel

Resources,

Ltd.(Æ)

358,501

120

Geberit

AG

485

280

Givaudan

SA

10

42

Gold

Fields,

Ltd.

-

ADR

2,655

39

Gold

Fields,

Ltd.

-

ADR(Ñ)

13,062

193

Graphic

Packaging

Holding

Co.

1,170

30

Harmony

Gold

Mining

Co.,

Ltd.

-

ADR

59,213

367

Holcim

AG(Æ)

684

53

Impala

Platinum

Holdings,

Ltd.

61,242

237

International

Paper

Co.

323

12

International

Tower

Hill

Mines,

Ltd.

(Æ)

41,509

24

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

29,528

310

K+S

AG

11,640

165

Kuraray

Co.,

Ltd.

9,600

101

Linde

PLC

996

403

Lintec

Corp.

5,900

112

LKQ

Corp.

588

27

Lotte

Chemical

Corp.

1,138

111

LyondellBasell

Industries

NV

Class

A

313

29

MHP

SE

-

GDR(Æ)(Þ)

29,675

98

Mondi

PLC

3,328

59

NewMarket

Corp.

47

26

Newmont

Corp.

12,635

434

Nine

Dragons

Paper

Holdings,

Ltd.(Æ)

99,000

37

Nippon

Shokubai

Co.,

Ltd.

4,700

177

Nitto

Denko

Corp.

900

75

Northern

Dynasty

Minerals,

Ltd.(Æ)

(Ñ)

100,371

25

NOVAGOLD

Resources,

Inc.(Æ)

28,224

72

Novozymes

A/S

Class

B

10,965

562

Nucor

Corp.

153

29

Oji

Holdings

Corp.

19,200

75

Pack

Corp.

(The)

2,300

53

Packaging

Corp.

of

America

804

133

Pan

American

Silver

Corp.

8,295

112

Perpetua

Resources

Corp.(Æ)

12,446

36

Polyus

PJSC(Æ)(Þ)

5,777

—

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

438

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

PPG

Industries,

Inc.

190

27

Rayonier

Advanced

Materials,

Inc.(Æ)

37,709

164

Reliance

Steel

&

Aluminum

Co.

265

76

Rengo

Co.,

Ltd.

5,000

32

Rio

Tinto

PLC

527

37

Royal

Gold,

Inc.

2,416

276

RPM

International,

Inc.

236

25

Sandstorm

Gold,

Ltd.

3,518

16

Seabridge

Gold,

Inc.(Æ)

14,200

149

Sherwin-Williams

Co.

(The)

1,272

387

Shin-Etsu

Chemical

Co.,

Ltd.

7,000

276

Siemens

AG

205

37

SmartRent,

Inc.(Æ)(Ñ)

38,315

113

Taiheiyo

Cement

Corp.

6,200

128

Ternium

SA

-

ADR

2,033

79

Toagosei

Co.,

Ltd.

7,700

74

Toray

Industries,

Inc.

74,200

372

Toyo

Ink

SC

Holdings

Co.,

Ltd.

4,300

80

Trane

Technologies

PLC

208

52

Tronox

Holdings

PLC

Class

A

32,767

452

Trusco

Nakayama

Corp.

4,600

79

UPM-Kymmene

OYJ

4,179

152

Vale

SA

Class

B

-

ADR

26,997

370

Western

Copper

&

Gold

Corp.(Æ)

9,487

11

Westrock

Co.

281

11

Wheaton

Precious

Metals

Corp.

8,082

379

Zijin

Mining

Group

Co.,

Ltd.

Class

H

188,000

277

13,436

Producer

Durables

-

7.6%

3M

Co.

637

60

Aena

SME

SA(Þ)

2,326

412

Aeroports

de

Paris

SA

1,496

200

Airtac

International

Group

8,000

239

Allfunds

Group

PLC

8,010

57

Amphenol

Corp.

Class

A

431

44

AO

Smith

Corp.

726

56

Arcosa,

Inc.

5,651

442

Atlas

Copco

AB

Class

B

7,445

103

Auckland

International

Airport,

Ltd.

34,561

178

Automatic

Data

Processing,

Inc.

1,365

335

Avery

Dennison

Corp.

138

28

BAE

Systems

PLC

2,526

38

Booz

Allen

Hamilton

Holding

Corp.

Class

A

284

40

Bouygues

SA

-

ADR

682

25

Brother

Industries,

Ltd.

5,900

99

Bureau

Veritas

SA

983

26

CAE,

Inc.(Æ)

6,658

133

Canadian

National

Railway

Co.

3,408

423

Canon,

Inc.

9,400

260

Cellnex

Telecom

SA(Þ)

5,275

203

CH

Robinson

Worldwide,

Inc.

978

82

Charoen

Pokphand

Foods

PCL

172,900

91

China

Communications

Services

Corp.,

Ltd.

Class

H

286,000

117

China

Merchants

Port

Holdings

Co.,

Ltd.

96,000

119

Cintas

Corp.

115

70

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cleanaway

Waste

Management,

Ltd.

43,212

73

CSX

Corp.

10,298

368

Cummins,

Inc.

988

236

Danone

SA

6,395

426

Denso

Corp.

8,000

125

DL

E&C

Co.,

Ltd.

5,237

162

Dover

Corp.

241

36

Eiffage

SA

176

18

EMCOR

Group,

Inc.

122

28

Emerson

Electric

Co.

310

28

Epiroc

AB

Class

A

2,830

50

Equifax,

Inc.

1,141

279

Evergreen

Marine

Corp.

Taiwan,

Ltd.

13,000

63

EXEO

Group,

Inc.

7,400

165

Expeditors

International

of

Washington,

Inc.

298

38

Experian

PLC

668

28

FedEx

Corp.

173

42

Flughafen

Zurich

AG

577

119

Fortive

Corp.

535

42

Frontier

Group

Holdings,

Inc.(Æ)(Ñ)

30,848

150

Fukuda

Corp.

1,000

37

General

Dynamics

Corp.

1,423

377

Gentex

Corp.

773

26

Getlink

SE

13,790

237

Graco,

Inc.

2,993

255

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

20,921

192

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

3,897

61

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

12,641

369

Guangshen

Railway

Co.,

Ltd.

Class

H(Æ)

312,000

62

Hakuhodo

DY

Holdings,

Inc.

8,000

62

Hi

Sun

Technology

China,

Ltd.(Æ)

333,000

21

Hillman

Solutions

Corp.(Æ)

12,183

107

Hirose

Electric

Co.,

Ltd.

800

93

Honeywell

International,

Inc.

2,111

427

Huntington

Ingalls

Industries,

Inc.

127

33

Illinois

Tool

Works,

Inc.

951

248

International

Container

Terminal

Services,

Inc.

16,960

73

International

Seaways,

Inc.

4,167

224

Intertek

Group

PLC

7,701

437

Iriso

Electronics

Co.,

Ltd.

4,100

96

Janus

International

Group,

Inc.(Æ)

23,151

328

Japan

Airport

Terminal

Co.,

Ltd.

2,100

84

JB

Hunt

Transport

Services,

Inc.

236

47

JGC

Holdings

Corp.

11,300

132

JTEKT

Corp.

29,500

270

Kamigumi

Co.,

Ltd.

3,900

90

Knight-Swift

Transportation

Holdings,

Inc.

825

47

Kone

OYJ

Class

B

1,038

51

Kuehne

&

Nagel

International

AG

270

92

L3Harris

Technologies,

Inc.

128

27

Landstar

System,

Inc.

270

52

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

4,031

169

Localiza

Rent

a

Car

SA(Æ)

17,991

197

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

439

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Luks

Group

Vietnam

Holdings

Co.,

Ltd.

112,000

13

Mettler-Toledo

International,

Inc.(Æ)

168

201

Mitsubishi

Corp.

1,200

21

Mitsubishi

Electric

Corp.

29,000

427

Mitsui

&

Co.,

Ltd.

900

36

Moody's

Corp.

1,701

667

MSC

Industrial

Direct

Co.,

Inc.

Class

A

230

23

Murphy

USA,

Inc.

68

24

Nestle

SA

8,823

1,006

NH

Foods,

Ltd.

4,500

154

Norfolk

Southern

Corp.

130

31

Northrop

Grumman

Corp.

523

234

NSK,

Ltd.

69,300

380

Obayashi

Corp.

8,900

82

Orient

Overseas

International,

Ltd.

4,171

62

OSG

Corp.

5,300

72

Otis

Worldwide

Corp.

3,443

305

PACCAR

Financial

Corp.

651

65

Pacific

Basin

Shipping,

Ltd.

373,000

103

Paychex,

Inc.

277

34

Poste

Italiane

SpA(Þ)

2,133

23

Progressive

Waste

Solutions,

Ltd.

620

96

Pyeong

Hwa

Automotive

Co.,

Ltd.

2,491

19

Qube

Holdings,

Ltd.

98,185

210

Real

Alloy(Æ)(Š)

42

3,270

Robert

Half,

Inc.

897

71

Rockwell

Automation,

Inc.

482

122

Rumo

SA

24,696

115

Ryanair

Holdings

PLC

-

ADR

2,668

356

S&P

Global,

Inc.

806

361

Sandvik

AB

3,931

82

Schindler

Holding

AG

94

24

Schneider

National,

Inc.

Class

B

1,772

43

Seiko

Epson

Corp.

8,900

130

Seino

Holdings

Co.,

Ltd.

6,100

89

Shanghai

Electric

Group

Co.,

Ltd.

Class

H(Æ)

258,000

48

Shanghai

International

Airport

Co.,

Ltd.

Class

A(Æ)

10,400

48

SkyWest,

Inc.(Æ)

950

51

Snap-on,

Inc.

282

82

Sohgo

Security

Services

Co.,

Ltd.

14,500

79

Spirax-Sarco

Engineering

PLC

1,176

148

Stabilus

SE

386

27

Stanley

Electric

Co.,

Ltd.

8,800

167

Sumitomo

Heavy

Industries,

Ltd.

5,200

135

Techtronic

Industries

Co.,

Ltd.

43,000

459

Teledyne

Technologies,

Inc.(Æ)

80

33

Tenaris

SA

2,831

45

Textron,

Inc.

298

25

Transurban

Group

-

ADR(Æ)

22,921

202

TreeHouse

Foods,

Inc.(Æ)

11,871

500

Trelleborg

AB

Class

B

3,187

97

Union

Pacific

Corp.

1,395

340

United

Parcel

Service,

Inc.

Class

B

216

31

Veralto

Corp.

1,149

88

Vinci

SA

684

87

Waste

Management,

Inc.

2,255

419

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Weir

Group

PLC

(The)

17,537

404

West

Japan

Railway

Co.

3,200

133

WW

Grainger,

Inc.

61

55

Yamato

Holdings

Co.,

Ltd.

6,500

113

Zhejiang

Expressway

Co.,

Ltd.

Class

H

190,000

141

24,287

Technology

-

6.8%

8x8,

Inc.(Æ)

57,498

193

Accenture

PLC

Class

A

894

325

Adobe,

Inc.(Æ)

375

232

Akamai

Technologies,

Inc.(Æ)

225

28

Alchip

Technologies,

Ltd.

1,000

123

Allegion

PLC

1,297

161

Alphabet,

Inc.

Class

A(Æ)

6,986

979

Alphabet,

Inc.

Class

C(Æ)

3,316

470

Alps

Alpine

Co.,

Ltd.

6,500

48

Amdocs,

Ltd.

511

47

America

Movil

SAB

de

CV

-

ADR

3,508

63

Analog

Devices,

Inc.

1,849

356

Ansys,

Inc.(Æ)

190

62

Apple,

Inc.

4,435

818

Applied

Materials,

Inc.

1,464

241

Arrow

Electronics,

Inc.(Æ)

325

36

ASML

Holding

NV

229

196

Assa

Abloy

AB

Class

B

15,997

439

Autodesk,

Inc.(Æ)

722

183

AutoStore

Holdings,

Ltd.(Æ)(Þ)

14,252

26

Baidu,

Inc.

Class

A(Æ)

9,250

121

Baidu,

Inc.

-

ADR(Æ)

1,336

141

BE

Semiconductor

Industries

NV

598

90

Bechtle

AG

1,387

72

Broadcom,

Inc.

243

287

CACI

International,

Inc.

Class

A(Æ)

152

52

Cars.com,

Inc.(Æ)

11,682

204

CDW

Corp.

187

42

Cisco

Systems,

Inc.

9,553

479

Cognizant

Technology

Solutions

Corp.

Class

A

5,006

386

Cosel

Co.,

Ltd.

4,400

44

Eizo

Corp.

1,500

52

en

Japan,

Inc.

8,100

150

F5,

Inc.(Æ)

170

31

Fanuc

Corp.

12,500

345

Fiserv,

Inc.(Æ)

358

51

Fortnox

AB

5,068

28

Global

Unichip

Corp.

2,000

97

Hewlett

Packard

Enterprise

Co.

2,775

42

Infineon

Technologies

AG

-

ADR

3,252

119

Infosys,

Ltd.

-

ADR

19,238

382

International

Business

Machines

Corp.

297

55

Juniper

Networks,

Inc.

5,600

207

Kanzhun,

Ltd.

-

ADR

2,323

32

KBR,

Inc.

4,476

233

Keyence

Corp.

1,000

449

Legrand

SA

-

ADR

262

26

Leidos

Holdings,

Inc.

276

31

LG

Corp.

Class

H

2,585

158

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

440

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mabuchi

Motor

Co.,

Ltd.

9,000

156

MediaTek,

Inc.

8,000

246

Meta

Platforms,

Inc.

Class

A

821

320

Microchip

Technology,

Inc.

3,890

331

Microsoft

Corp.

5,542

2,203

MSCI,

Inc.

Class

A

568

340

NAVER

Corp.

469

69

NCAB

Group

AB

3,242

21

NET

One

Systems

Co.,

Ltd.

3,400

56

NetApp,

Inc.

2,342

204

Ooma,

Inc.(Æ)

8,152

88

Oracle

Corp.

3,179

355

Parade

Technologies,

Ltd.

9,000

315

PlayAGS,

Inc.(Æ)

23,948

209

QUALCOMM,

Inc.

1,021

152

Roper

Technologies,

Inc.

87

47

Samsung

Electronics

Co.,

Ltd.

29,810

1,616

SAP

SE

-

ADR

1,318

229

Signify

NV(Þ)

12,021

363

Singapore

Telecommunications,

Ltd.

30,000

53

SK

Hynix,

Inc.

7,311

724

Skyworks

Solutions,

Inc.

2,068

216

Softcat

PLC

3,194

59

Spark

New

Zealand,

Ltd.

11,740

38

Swisscom

AG

257

154

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

78,000

1,563

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

8,086

913

Telkom

Indonesia

Persero

Tbk

PT

246,729

62

Texas

Instruments,

Inc.

289

46

Tower

Semiconductor,

Ltd.(Æ)

7,767

224

Trip.com

Group,

Ltd.

-

ADR(Æ)

9,569

350

Unimicron

Technology

Corp.

22,000

122

UT

Group

Co.,

Ltd.

2,400

39

Vimeo,

Inc.(Æ)

29,593

118

Vodafone

Group

PLC

43,200

37

Will

Semiconductor,

Ltd.

Class

A

7,575

91

21,561

Utilities

-

2.9%

Alliant

Energy

Corp.

1,488

72

Ameren

Corp.

782

54

AT&T,

Inc.

4,144

73

Atmos

Energy

Corp.

1,148

131

CenterPoint

Energy,

Inc.

6,573

184

Centrais

Eletricas

Brasileiras

SA

34,287

282

CGN

Power

Co.,

Ltd.

Class

H(Þ)

978,000

274

Cheniere

Energy,

Inc.

1,957

321

China

Yangtze

Power

Co.,

Ltd.

Class

A

80,100

272

CMS

Energy

Corp.

484

28

ConocoPhillips

196

22

Consolidated

Edison,

Inc.

2,339

213

Deutsche

Telekom

AG

1,432

35

Dominion

Energy,

Inc.

2,746

126

DTE

Energy

Co.

1,255

132

Duke

Energy

Corp.

347

33

E.ON

SE

16,334

222

Edison

International

562

38

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Elisa

OYJ

1,306

59

Enagas

SA

699

11

Enbridge,

Inc.

3,304

117

Endesa

SA

-

ADR

1,011

20

Enel

SpA

38,779

264

Energias

de

Portugal

SA

10,661

48

Engie

SA

6,003

96

ENN

Energy

Holdings,

Ltd.

11,096

82

Entergy

Corp.

1,061

106

Equitrans

Midstream

Corp.

13,566

138

Eversource

Energy

305

17

Exelon

Corp.

646

22

Federal

Grid

Co.

Unified

Energy

System

PJSC(Æ)(Š)

410,745,540

—

Fortum

OYJ

26,039

355

Iberdrola

SA

5,006

60

Inpex

Corp.

1,000

14

KDDI

Corp.

8,000

265

Keyera

Corp.

4,450

108

Koninklijke

KPN

NV

17,228

59

Korea

Electric

Power

Corp.

12,817

189

Korea

Electric

Power

Corp.

-

ADR(Ñ)

4,838

36

Kosmos

Energy,

Ltd.(Æ)

59,147

358

KT

Corp.

3,431

91

KT

Corp.

-

ADR

35,290

465

LG

Uplus

Corp.

65,356

501

MEG

Energy

Corp.

Class

A(Æ)

2,011

38

MTN

Group,

Ltd.

11,057

56

National

Fuel

Gas

Co.

823

39

National

Grid

PLC

40,371

537

NextEra

Energy,

Inc.

4,278

251

NiSource,

Inc.

3,439

89

Osaka

Gas

Co.,

Ltd.

5,800

122

Pembina

Pipeline

Corp.

4,786

165

PNM

Resources,

Inc.

2,598

94

Power

Assets

Holdings,

Ltd.

13,500

79

PPL

Corp.

6,948

182

Public

Service

Enterprise

Group,

Inc.

3,077

178

Redeia

Corp.

SA

775

13

RusHydro

PJSC(Š)

121,714,026

—

Sempra

3,517

252

Snam

Rete

Gas

SpA

5,071

25

Southern

Co.

(The)

1,662

116

TC

Energy

Corp.

9,606

379

Telenor

ASA

2,567

28

Telstra

Group,

Ltd.

24,234

64

Terna

Rete

Elettrica

Nazionale

SpA

3,742

32

T-Mobile

US,

Inc.

235

38

Veolia

Environnement

SA

8,745

285

Verizon

Communications,

Inc.

2,698

114

WEC

Energy

Group,

Inc.

360

29

Woodside

Energy

Group,

Ltd.

5,759

121

9,319

Total

Common

Stocks

(cost

$148,474)

161,302

Preferred

Stocks

-

2.0%

Consumer

Discretionary

-

0.1%

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

441

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ford

Motor

Co.

6.500%

due

08/15/62

1,772

44

Hyundai

Motor

Co.

21.157%

(Ÿ)

1,690

149

21.191%

(Ÿ)

528

46

239

Consumer

Staples

-

0.1%

Dairy

Farmers

of

America,

Inc.(Þ)

7.875%

due

12/01/25(¢)

2,500

241

Henkel

AG

&

Co.

KGaA

2.632%

(Ÿ)

1,527

118

359

Energy

-

0.0%

Petroleo

Brasileiro

SA

7.862%

(Ÿ)

11,098

91

Sempra

Energy(Þ)

5.750%

due

07/01/79

2,000

49

140

Financial

Services

-

1.4%

AEGON

Funding

Co.

LLC

5.100%

due

12/15/49

4,073

90

Affiliated

Managers

Group,

Inc.

5.875%

due

03/30/59

1,500

35

4.750%

due

09/30/60

3,600

69

4.200%

due

09/30/61

3,800

65

Allstate

Corp.

(The)

5.100%

due

10/15/24(¢)

1,575

37

7.375%

due

07/15/28(¢)

1,664

45

American

Financial

Group,

Inc.

5.125%

due

12/15/59

1,661

37

Apollo

Global

Management,

Inc.

7.625%

due

09/15/53

3,290

89

Arch

Capital

Group,

Ltd.(Þ)

5.450%

due

04/01/24(¢)

1,365

32

4.550%

due

06/11/26(¢)

3,493

71

Assurant,

Inc.

5.250%

due

01/15/61

538

11

Athene

Holding,

Ltd.

5.625%

due

09/30/24(¢)

481

10

6.375%

due

06/30/25(¢)

2,947

73

4.875%

due

12/30/25(¢)

6,952

128

7.750%

due

12/30/27(¢)

3,386

88

6.350%

due

06/30/29(¢)(Þ)

2,267

54

Axis

Capital

Holdings,

Ltd.

5.500%

due

04/01/24(¢)

4,152

93

Bank

of

America

Corp.

5.875%

due

04/01/24(¢)

3,156

79

5.375%

due

06/25/24(¢)(Þ)

6,687

160

5.000%

due

09/17/24(¢)(Þ)

3,181

72

4.375%

due

11/03/25(¢)

5,492

109

4.125%

due

02/02/26(¢)(Þ)

5,493

104

4.250%

due

11/17/26(¢)

6,324

123

4.750%

due

02/17/27(¢)

2,480

53

Brighthouse

Financial,

Inc.

5.375%

due

12/25/25(¢)

2,787

57

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Brookfield

BRP

Holdings

Canada,

Inc.

4.625%

due

04/30/26(¢)

3,720

58

4.875%

due

12/09/26(¢)

3,330

54

Brookfield

Finance,

Inc.

4.625%

due

10/16/80

2,505

44

Brookfield

Property

Partners,

LP

5.750%

due

03/31/25(¢)

4,344

50

Equitable

Holdings,

Inc.

5.250%

due

12/15/24(¢)

4,487

100

4.300%

due

03/15/26(¢)

2,921

50

F&G

Annuities

&

Life,

Inc.

7.950%

due

12/15/53

4,552

120

First

Horizon

Bank(Þ)

6.437%

due

04/02/24(¢)

129

83

Hartford

Financial

Services

Group,

Inc.

(The)

6.000%

due

04/01/24(¢)

869

22

Itau

Unibanco

Holding

SA

6.972%

(Ÿ)

23,389

155

JPMorgan

Chase

&

Co.

5.750%

due

06/01/24(¢)

2,718

68

4.550%

due

06/01/26(¢)

5,236

110

4.625%

due

06/01/26(¢)

4,000

85

4.200%

due

09/01/26(¢)

1,712

34

KKR

Group

Finance

Co.

IX

LLC

4.625%

due

04/01/61

1,951

39

Lincoln

National

Corp.

9.000%

due

12/01/27(¢)

3,290

93

MetLife,

Inc.

5.625%

due

04/01/24(¢)

1,326

32

4.750%

due

03/15/25(¢)

2,493

54

Morgan

Stanley

6.875%

due

04/15/24(¢)

1,300

33

7.125%

due

04/15/24(¢)

1,300

33

6.375%

due

10/15/24(¢)

4,019

101

4.250%

due

01/15/27(¢)

2,504

49

5.850%

due

04/15/27(¢)

3,089

76

Oaktree

Capital

Group

LLC

6.550%

due

04/01/24(¢)

3,130

71

Regions

Financial

Corp.

5.700%

due

05/15/29(¢)

3,632

81

Reinsurance

Group

of

America,

Inc.

7.125%

due

10/15/52

1,804

47

RenaissanceRe

Holdings,

Ltd.(Þ)

5.750%

due

04/01/24(¢)

2,239

56

4.200%

due

07/15/26(¢)

4,165

76

Truist

Financial

Corp.

4.750%

due

09/01/25(¢)

2,467

53

US

Bancorp

5.500%

due

04/01/24(¢)

2,256

55

6.613%

due

04/01/24(¢)

64

54

W.R.

Berkley

Corp.

4.125%

due

03/30/61

2,860

55

Wells

Fargo

&

Co.

4.750%

due

03/15/25(¢)

8,083

168

4.700%

due

12/15/25(¢)

4,841

100

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

442

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.375%

due

03/15/26(¢)(Þ)

5,105

99

4.250%

due

09/15/26(¢)

7,948

150

4,392

Health

Care

-

0.0%

Draegerwerk

AG

&

Co.

KGaA

0.406%

(Ÿ)

1,447

75

Materials

and

Processing

-

0.0%

Braskem

SA

0.000%

(Æ)

7,800

28

Producer

Durables

-

0.0%

WESCO

International,

Inc.

10.625%

due

06/22/25(¢)

2,936

79

Technology

-

0.1%

Samsung

Electronics

Co.,

Ltd.

0.000%

(Æ)

3,642

158

158

Utilities

-

0.3%

AT&T,

Inc.

5.350%

due

11/01/66

3,992

96

5.625%

due

08/01/67(¢)

1,835

46

4.750%

due

02/18/25(¢)

1,373

29

Brookfield

Infrastructure

Finance

ULC(Þ)

5.000%

due

05/24/81

1,652

29

Brookfield

Infrastructure

Partners,

LP

5.125%

due

10/15/25(¢)

2,250

39

CMS

Energy

Corp.

5.875%

due

10/15/78

2,871

71

5.875%

due

03/01/79

1,939

48

Raizen

Energia

SA

7.466%

(Ÿ)

52,768

41

SCE

Trust

V

5.450%

due

03/15/26(¢)

4,118

100

SCE

Trust

VI

5.000%

due

04/01/24(¢)

4,412

88

SCE

Trust

VII

7.500%

due

11/22/28(¢)

8,600

226

Southern

Co.

(The)

4.950%

due

01/30/80

2,181

51

United

States

Cellular

Corp.

6.250%

due

09/01/69

2,457

51

5.500%

due

03/01/70

2,070

38

5.500%

due

06/01/70

2,218

41

994

Total

Preferred

Stocks

(cost

$6,367)

6,464

Options

Purchased

-

0.1%

(Number

of

Contracts)

S&P

500

Index

Futures

Morgan

Stanley

Jul

2024

4,325.00

Put

(35)

USD

15,138

(ÿ)

164

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Options

Purchased

(cost

$292)

164

Warrants

and

Rights

-

0.0%

Warrants

and

Rights

-

0.0%

Localiza

Rent

a

Car

SA(Æ)

2024  Rights

64

—

Total

Warrants

and

Rights

(cost

$—)

—

Short-Term

Investments

-

7.6%

8x8,

Inc.

0.500%

due

02/01/24

(Þ)

617

617

Air

Transport

Services

Group,

Inc.

1.125%

due

10/15/24

527

504

Banque

Centrale

de

Tunisie

SA

Series

REGS

5.750%

due

01/30/25

(Þ)

100

85

Chefs'

Warehouse,

Inc.

1.875%

due

12/01/24

(Þ)

211

207

China

Government

International

Bond

1.950%

due

12/03/24

(Þ)

472

461

Ghana

Government

International

Bond

Series

REGS

7.875%

due

08/07/23

(~)(Ê)(Ø)(Þ)

(Æ)

25

12

Israel

Electric

Corp.,

Ltd.

5.000%

due

11/12/24

(Þ)

530

523

Kaman

Corp.

3.250%

due

05/01/24

202

200

Kazakhstan

Government

International

Bond

Series

REGS

3.875%

due

10/14/24

(Þ)

140

139

Mumtalakt

Sukuk

Holding

Co.

5.625%

due

02/27/24

(Þ)

687

685

NextEra

Energy

Partners,

LP

7.920%

due

06/15/24

(Þ)(ž)

622

605

PennyMac

Mortgage

Investment

Trust

5.500%

due

11/01/24

856

833

Sri

Lanka

Government

International

Bond

Series

REGS

5.750%

due

04/18/23

(~)(Ê)(Ø)(Þ)

(Æ)

492

256

Turning

Point

Brands,

Inc.

2.500%

due

07/15/24

506

496

U.S.

Cash

Management

Fund(@)

18,609,752

(∞)

18,604

Zambia

Government

International

Bond

Series

REGS

5.375%

due

09/20/22

(~)(Ê)(Ø)(Þ)

(Æ)

200

113

Total

Short-Term

Investments

(cost

$24,547)

24,340

Other

Securities

-

1.2%

U.S.

Cash

Collateral

Fund(@)(×)

3,927,209

(∞)

3,927

Total

Other

Securities

(cost

$3,927)

3,927

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

443

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Investments

-

98.1%

(identified

cost

$299,948)

312,798

Other

Assets

and

Liabilities,

Net

-

1.9%

6,091

Net

Assets

-

100.0%

318,889

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

444

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

$

$

$

23.3%

8x8,

Inc.

06/07/23

617,000

100.00

617

617

ABN

AMRO

Bank

NV

05/08/20

EUR

11,710

15.92

186

173

Abu

Dhabi

Government

International

Bond

09/20/22

816,000

82.52

673

681

Abu

Dhabi

Government

International

Bond

11/02/22

200,000

67.70

135

140

Aena

SME

SA

11/29/22

EUR

2,326

117.99

274

412

Aeropuerto

Internacional

De

Tocumen

SA

02/16/23

862,000

81.87

706

630

African

Export-Import

Bank

(The)

04/18/23

548,000

88.24

484

487

Aircastle,

Ltd.

06/03/21

80,000

100.00

80

70

Allianz

SE

01/09/23

200,000

85.53

171

181

Allianz

SE

08/30/23

200,000

100.00

200

209

Angolan

Government

International

Bond

09/20/22

388,000

81.43

316

333

Apollo

Management

Holdings,

LP

12/11/19

122,000

100.40

122

115

Arch

Capital

Group,

Ltd.

04/12/23

3,493

19.10

67

71

Ares

Management

Corp.

06/24/21

130,000

100.15

130

116

Athene

Holding,

Ltd.

10/06/23

2,267

21.05

48

54

AutoStore

Holdings,

Ltd.

10/25/21

NOK

14,252

2.72

39

26

AXA

SA

03/30/23

100,000

103.98

104

110

Axian

Telecom

04/18/23

581,000

93.87

545

547

Bahrain

Government

International

Bond

05/04/23

657,000

100.55

661

677

Banco

Bilbao

Vizcaya

Argentaria

SA

12/04/23

200,000

102.50

205

212

Banco

de

Sabadell

SA

01/04/23

EUR

200,000

106.03

212

231

Banco

do

Brasil

SA

07/26/22

613,000

85.34

523

609

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

02/16/23

200,000

92.73

185

189

Banco

Nacional

de

Panama

01/23/24

203,000

76.67

156

154

Bank

of

America

Corp.

11/21/22

6,687

22.23

149

160

Bank

of

America

Corp.

12/19/22

5,493

17.07

94

104

Bank

of

America

Corp.

11/27/23

3,181

20.28

64

72

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

69.88

70

85

Barclays

PLC

11/15/23

200,000

100.00

200

206

Barrick

Gold

Corp.

05/18/23

9,519

17.92

171

148

Bilibili,

Inc.

07/24/23

421,000

91.37

385

393

BNP

Paribas

SA

08/08/22

200,000

100.00

200

202

BNP

Paribas

SA

11/09/22

200,000

103.25

206

213

BNP

Paribas

SA

05/12/23

200,000

69.76

140

162

BNP

Paribas

SA

08/07/23

400,000

101.13

404

414

BP

Capital

Markets

PLC

07/24/23

240,000

96.83

232

235

Brookfield

Infrastructure

Finance

ULC

05/18/21

1,652

24.90

41

29

CaixaBank

SA

01/03/24

EUR

200,000

109.22

218

222

Cellnex

Telecom

SA

12/10/21

EUR

5,275

34.48

182

203

CGN

Power

Co.,

Ltd.

10/07/22

HKD

978,000

0.25

241

274

Chefs'

Warehouse,

Inc.

10/25/23

211,000

94.27

199

207

Chegg,

Inc.

04/13/23

794,000

83.98

667

660

Chile

Government

International

Bond

07/06/23

592,000

97.15

575

580

China

Government

International

Bond

09/29/23

200,000

90.70

181

185

China

Government

International

Bond

11/21/23

472,000

97.39

460

461

China

International

Capital

Corp.,

Ltd.

09/11/23

HKD

24,400

1.91

46

29

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

12/21/22

HKD

4,700

22.12

104

41

CMS

Energy

Corp.

07/10/23

62,000

76.91

48

50

Codelco

Metals,

Inc.

09/05/23

220,000

99.89

220

220

Coinbase

Global,

Inc.

04/11/23

864,000

76.46

661

748

Comision

Federal

de

Electricidad

06/15/22

260,000

93.31

243

245

Conduent,

Inc.

11/14/23

109,000

81.54

89

91

Corebridge

Financial,

Inc

01/10/24

170,000

98.06

167

170

Corp.

Financiera

de

Desarrollo

SA

02/16/23

200,000

88.95

178

179

Corp.

Nacional

del

Cobre

de

Chile

12/14/22

871,000

80.56

702

540

Corp.

Nacional

del

Cobre

de

Chile

01/23/24

200,000

99.94

200

204

Costa

Rica

Government

International

Bond

11/06/23

365,000

94.80

346

382

Credit

Agricole

SA

01/06/23

200,000

81.46

163

171

Credit

Agricole

SA

01/29/24

EUR

200,000

111.52

223

226

Cryoport,

Inc.

05/19/23

343,000

82.98

285

281

Cullinan

Oncology,

Inc.

08/05/16

2,500

106.50

266

241

Dai-ichi

Life

Insurance

Co.,

Ltd.

(The)

12/20/23

200,000

95.88

192

191

Deutsche

Bank

AG

11/07/22

EUR

200,000

100.32

201

233

DigitalOcean

Holdings,

Inc.

07/10/23

1,184,000

81.27

962

970

Dino

Polska

SA

10/18/23

PLN

660

81.43

54

71

Dominican

Republic

Government

International

Bond

08/22/23

600,000

98.88

593

624

DP

World

PLC

03/22/22

620,000

116.74

724

667

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

445

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

$

$

$

Ecopetrol

SA

03/22/22

325,000

92.10

299

267

Ecuador

Government

International

Bond

09/20/22

460,734

43.78

202

189

Ecuador

Government

International

Bond

04/19/23

130,326

47.47

62

68

Egypt

Government

International

Bond

04/26/23

656,000

64.14

421

444

El

Salvador

Government

International

Bond

10/20/22

250,000

33.20

83

213

Electricite

de

France

SA

06/08/23

200,000

100.00

200

223

Emirates

NBD

Bank

PJSC

09/17/19

539,000

99.73

538

536

Empresa

de

Transmision

Electrica

SA

03/22/22

732,000

99.98

732

525

Empresa

Nacional

del

Petroleo

11/02/17

921,000

83.61

770

681

Enbridge,

Inc.

07/06/20

147,000

100.00

147

137

Enbridge,

Inc.

09/18/23

190,000

100.00

190

197

Enel

SpA

01/09/23

EUR

100,000

107.33

107

117

Enstar

Finance

LLC

07/05/23

57,000

87.80

50

55

Eskom

Holdings

SOC,

Ltd.

03/22/22

739,000

101.86

753

716

Etalon

Group

PLC

04/11/16

267,238

—

455

—

Euronet

Worldwide,

Inc.

08/29/23

781,000

92.63

723

741

Export-Import

Bank

of

India

06/27/22

1,016,000

85.32

886

841

Farm

Credit

Bank

of

Texas

07/15/20

275,000

1.00

275

261

FEL

Energy

VI

SARL

10/19/22

226,167

69.11

156

198

First

Horizon

Bank

02/24/23

129

808.04

104

83

Fiverr

International,

Ltd.

01/11/23

478,000

89.16

426

426

Franshion

Brilliant,

Ltd.

07/26/22

342,000

73.52

251

231

Franshion

Brilliant,

Ltd.

10/19/22

300,000

78.76

236

257

GA

Global

Funding

Trust

06/24/21

140,000

100.00

140

125

Georgian

Railway

JSC

04/07/22

563,000

87.95

495

514

Ghana

Government

International

Bond

01/13/16

25,000

100.00

25

12

Ghana

Government

International

Bond

09/20/22

464,000

40.03

186

205

Ghana

Government

International

Bond

01/04/24

200,000

34.21

68

88

Grupo

Energia

Bogota

SA

03/22/22

709,000

101.40

719

668

Guatemala

Government

International

Bond

06/06/23

294,000

100.00

294

297

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

94.21

101

93

Hat

Holdings

I

LLC

09/11/23

923,000

97.12

896

933

Hazine

Mustesarligi

Varlik

Kiralama

AS

12/05/23

552,000

101.41

560

572

HSBC

Capital

Funding,

LP

02/03/23

157,000

139.87

220

199

HSBC

Holdings

PLC

05/16/23

200,000

75.26

151

166

Huarong

Finance

2017

Co.,

Ltd.

06/08/21

595,000

91.40

544

556

Huarong

Finance

2019

Co.,

Ltd.

02/16/23

708,000

76.38

541

588

Hungary

Government

International

Bond

12/21/22

328,000

64.03

210

208

Hungary

Government

International

Bond

07/25/23

257,000

100.20

257

264

Hungary

Government

International

Bond

01/03/24

217,000

97.89

212

212

ILFC

E-Capital

Trust

I

01/30/23

100,000

82.82

83

77

Indonesia

Asahan

Aluminium

Persero

PT

03/09/23

200,000

87.89

176

188

ING

Groep

NV

07/22/22

200,000

93.26

186

188

ING

Groep

NV

10/13/22

200,000

68.96

138

169

Innovent

Biologics,

Inc.

11/10/23

HKD

23,500

5.96

140

94

Instituto

Costarricense

de

Electricidad

12/18/18

762,000

79.17

603

658

Intesa

Sanpaolo

SpA

09/23/20

200,000

106.83

214

197

Intesa

Sanpaolo

SpA

08/31/23

EUR

200,000

108.44

217

238

Israel

Electric

Corp.,

Ltd.

10/18/23

530,000

97.66

518

523

Ivory

Coast

Government

International

Bond

09/20/22

89,670

91.58

82

86

Ivory

Coast

Government

International

Bond

01/23/24

200,000

98.10

196

199

Jordan

Government

International

Bond

01/17/24

273,000

98.88

270

267

Kazakhstan

Government

International

Bond

01/26/16

140,000

99.35

139

139

Kazakhstan

Government

International

Bond

09/20/22

355,000

84.37

299

332

KazMunayGas

National

Co.

JSC

03/22/22

200,000

93.70

187

191

KazMunayGas

National

Co.

JSC

01/25/23

464,000

90.93

422

427

Khazanah

Global

Sukuk

Bhd

07/19/23

233,000

100.00

233

232

Krung

Thai

Bank

PCL

10/19/22

600,000

78.54

471

570

Kuaishou

Technology

12/02/22

HKD

36,400

9.80

357

182

Lancashire

Holdings,

Ltd.

03/11/21

200,000

100.00

200

173

Land

O'Lakes,

Inc.

03/28/17

185,000

100.00

185

145

Larsen

&

Toubro,

Ltd.

03/18/22

4,031

22.47

91

169

Lebanon

Government

International

Bond

06/22/23

1,159,000

7.02

81

67

Lebanon

Government

International

Bond

01/16/24

66,000

5.91

4

4

Lenta

International

Co.

PJSC

08/27/21

130,305

—

355

—

Lincoln

National

Corp.

11/02/23

80,000

100.67

81

87

Longfor

Group

Holdings,

Ltd.

10/06/23

HKD

96,500

2.46

237

106

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

446

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

$

$

$

Lumentum

Holdings,

Inc.

12/11/23

1,052,000

77.56

816

840

LXI

REIT

PLC

09/26/22

GBP

63,244

1.32

83

84

Lyft,

Inc.

11/13/23

808,000

93.79

758

766

Match

Group

Financeco,

Inc.

11/02/23

172,000

87.05

150

157

Mazoon

Assets

Co.

03/22/22

545,000

102.68

560

534

MDGH

GMTN

RSC,

Ltd.

07/27/23

200,000

105.25

210

207

MetLife

Capital

Trust

IV

06/20/23

300,000

110.84

333

324

MetLife,

Inc.

07/14/16

125,000

139.07

174

144

Mexico

City

Airport

Trust

03/22/22

213,000

88.08

188

175

MHP

SE

08/30/19

29,675

6.08

180

98

Morocco

Government

International

Bond

03/01/23

245,000

99.04

243

250

Mumtalakt

Sukuk

Holding

Co.

08/16/23

687,000

99.89

686

685

MVM

Energetika

Zrt.

01/23/24

701,000

103.69

727

727

NAC

Kazatomprom

JSC

06/17/20

8,840

13.76

122

357

National

Bank

of

Fujairah

PJSC

07/21/21

437,000

97.80

427

424

NextEra

Energy

Partners,

LP

03/16/23

622,000

97.76

608

605

NextEra

Energy,

Inc.

10/13/23

569,000

87.65

499

503

Nigeria

Government

International

Bond

10/13/22

495,000

74.27

368

407

Nigeria

Government

International

Bond

02/16/23

200,000

93.09

186

187

Nippon

Life

Insurance

Co.

11/08/22

200,000

92.83

186

195

Nordea

Bank

Abp

09/15/20

200,000

113.66

227

198

NuVasive,

Inc.

01/09/23

963,000

93.52

901

905

OCP,

Inc.

03/22/22

755,000

90.58

684

637

Oil

and

Gas

Holding

Co.

BSCC

(The)

03/22/22

572,000

106.06

607

621

Oman

Government

International

Bond

10/26/22

200,000

90.14

180

207

Oman

Government

International

Bond

11/09/23

584,000

102.90

601

611

Ooredoo

QPSC

03/22/22

579,000

96.01

556

500

OQ

SAOC

07/21/21

418,000

99.60

416

409

Pakistan

Government

International

Bond

12/07/22

369,000

52.87

195

240

Pakistan

Water

and

Power

Development

Authority

03/22/22

1,233,000

70.59

870

703

Paraguay

Government

International

Bond

06/28/23

200,000

99.99

200

199

Pertamina

Persero

PT

04/18/22

650,000

81.79

532

493

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

07/25/23

318,000

82.81

263

268

Petroleos

del

Peru

SA

10/05/17

1,431,000

69.04

1,023

913

Petroleos

Mexicanos

07/11/19

894,000

64.84

580

539

Petronas

Capital,

Ltd.

12/14/22

289,000

82.38

238

242

Petronas

Capital,

Ltd.

11/06/23

1,323,000

75.01

1,137

909

Philippines

Government

International

Bond

06/12/23

200,000

80.75

161

161

Phoenix

Group

Holdings

PLC

01/15/21

200,000

103.85

208

193

Polyus

PJSC

10/20/22

1

—

—

—

Poste

Italiane

SpA

04/06/17

EUR

2,133

9.51

20

23

Qatar

Government

International

Bond

10/30/23

752,000

97.50

733

756

QBE

Insurance

Group,

Ltd.

05/05/20

200,000

100.00

200

197

Reliance

Industries,

Ltd.

10/08/15

5,271

59.99

316

365

RenaissanceRe

Holdings,

Ltd.

10/31/23

2,239

22.22

50

56

Repay

Holdings

Corp.

01/09/23

1,209,000

84.93

1,027

1,023

Republic

of

Azerbaijan

Government

International

Bond

09/21/22

258,000

84.35

218

221

Republic

of

Gabon

Government

International

Bond

02/06/23

200,000

74.71

149

163

Republic

of

Kenya

Government

International

Bond

03/22/23

283,000

85.23

241

260

Republic

of

Peru

Government

International

Bond

12/12/23

97,000

59.00

57

57

Romania

Government

International

Bond

01/05/23

38,000

99.38

38

41

Romania

Government

International

Bond

01/05/23

224,000

99.47

223

250

Romania

Government

International

Bond

11/30/23

18,000

103.88

19

19

Romania

Government

International

Bond

01/04/24

14,000

108.12

15

16

Romania

Government

International

Bond

01/23/24

240,000

99.16

238

245

Romania

Government

International

Bond

01/23/24

120,000

99.47

119

121

SA

Global

Sukuk,

Ltd.

03/22/22

425,000

94.92

403

367

Samruk-Kazyna

JSC

03/22/22

200,000

91.57

183

184

Samsung

Biologics

Co.,

Ltd.

09/23/21

KRW

126

577.89

73

79

Saudi

Arabian

Oil

Co.

03/22/22

660,000

92.70

612

555

Saudi

Arabian

Oil

Co.

12/07/22

SAR

26,629

8.88

236

217

Saudi

Government

International

Bond

01/08/24

359,000

97.79

351

353

Saudi

Government

International

Bond

01/08/24

701,000

99.16

695

699

SBL

Holdings

LLC

02/04/20

150,000

91.75

138

101

SBL

Holdings

LLC

06/17/21

90,000

100.00

90

57

Scentre

Group

Trust

2

09/16/20

300,000

100.00

300

285

Sempra

Energy

12/13/23

2,000

23.26

47

49

Siemens

Healthineers

AG

10/14/22

EUR

1,376

49.18

68

77

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

447

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Signify

NV

06/10/22

EUR

12,021

31.59

380

363

Snap,

Inc.

05/17/23

1,148,000

73.22

841

908

Societe

Generale

SA

05/06/22

200,000

103.03

206

201

Societe

Generale

SA

11/14/22

200,000

100.00

200

208

Societe

Generale

SA

12/13/22

200,000

82.51

165

163

Societe

Generale

SA

11/07/23

200,000

100.00

200

213

SoFi

Technologies,

Inc.

03/31/23

1,389,000

78.71

1,093

1,153

Southern

Gas

Corridor

CJSC

03/22/22

724,000

103.73

751

733

Sri

Lanka

Government

International

Bond

09/20/22

492,000

100.00

492

256

Standard

Chartered

PLC

09/07/23

200,000

72.03

144

162

Stem,

Inc.

07/13/23

190,000

64.59

123

93

Sumitomo

Life

Insurance

Co.

01/10/24

400,000

100.19

401

400

TC

Ziraat

Bankasi

AS

04/18/23

614,000

93.06

571

593

Teladoc

Health,

Inc.

08/30/23

899,000

82.22

739

754

Telefonica

Europe

BV

01/25/23

EUR

100,000

109.15

109

111

Transnet

SOC,

Ltd.

07/25/23

607,000

99.57

604

610

Trinidad

&

Tobago

Government

International

Bond

09/11/23

200,000

99.30

199

203

Turkiye

Ihracat

Kredi

Bankasi

AS

03/22/22

700,000

95.08

666

679

UBS

Group

AG

04/11/19

200,000

103.13

206

198

UBS

Group

AG

10/13/22

200,000

85.29

171

189

UBS

Group

AG

09/20/23

200,000

85.75

171

180

UBS

Group

AG

12/04/23

600,000

105.12

629

650

Ukraine

Government

International

Bond

09/20/22

948,000

26.96

256

251

Unibail-Rodamco-Westfield

01/18/24

EUR

100,000

111.08

111

111

Unity

Software,

Inc.

11/13/23

234,000

81.41

190

194

Uzbekneftegaz

JSC

07/26/22

687,000

81.30

559

572

Wayfair,

Inc.

09/06/23

598,000

89.36

534

546

Wayfair,

Inc.

11/03/23

762,000

84.40

643

655

Wells

Fargo

&

Co.

08/25/22

5,105

18.06

92

99

WH

Group,

Ltd.

05/05/23

HKD

95,528

0.56

54

56

WuXi

AppTec

Co.,

Ltd.

03/09/23

HKD

10,200

13.61

139

70

Wuxi

Biologics

(Cayman),

Inc.

01/19/24

63,000

3.74

236

166

Yellow

Cake

PLC

09/23/19

GBP

18,965

2.52

48

167

YPF

SA

02/16/23

278,000

83.57

232

248

YPF

SA

07/25/23

504,000

88.07

444

455

Zalando

SE

06/16/23

EUR

12,444

23.80

296

251

Zambia

Government

International

Bond

02/06/23

200,000

46.50

93

113

74,408

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

253

USD

28,248

03/24

826

MSCI

Emerging

Markets

Index

Futures

9

USD

441

03/24

(1)

Russell

2000

E-Mini

Index

Futures

1

USD

98

—

S&P

500

E-Mini

Index

Futures

36

USD

8,767

03/24

312

United

States

2

Year

Treasury

Note

Futures

456

USD

93,779

03/24

673

United

States

10

Year

Treasury

Note

Futures

832

USD

93,457

03/24

2,469

United

States

10

Year

Treasury

Ultra

Bond

Futures

6

USD

701

03/24

23

United

States

Treasury

Long

Bond

Futures

16

USD

1,958

03/24

85

Short

Positions

EURO

STOXX

50

Index

Futures

280

EUR

13,062

03/24

(257)

FTSE

100

Index

Futures

57

GBP

4,348

03/24

(37)

FTSE

250

Index

Futures

24

GBP

932

03/24

(31)

Hang

Seng

Index

Futures

54

HKD

41,917

02/24

220

MSCI

Emerging

Markets

Index

Futures

104

USD

5,100

03/24

21

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

448

Multi-Strategy

Income

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Russell

2000

E-Mini

Index

Futures

203

USD

19,853

(569)

S&P/TSX

60

Index

Futures

18

CAD

4,575

03/24

(111)

SPI

200

Index

Futures

9

AUD

1,720

03/24

(29)

TOPIX

Index

Futures

84

JPY

2,144,940

03/24

(1,167)

United

States

2

Year

Treasury

Note

Futures

9

USD

1,851

03/24

(5)

United

States

5

Year

Treasury

Note

Futures

68

USD

7,370

03/24

(127)

United

States

10

Year

Treasury

Note

Futures

2

USD

225

03/24

(6)

United

States

Treasury

Ultra

Bond

Futures

3

USD

388

03/24

(23)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

2,266

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

Futures

Morgan

Stanley

Put

35

3,900.00

USD

13,650

07/19/24

(79)

Total

Liability

for

Options

Written

(premiums

received

$133)

(79)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

37

EUR

34

02/01/24

—

Bank

of

America

USD

912

GBP

721

02/15/24

2

Bank

of

New

York

AUD

725

USD

488

02/15/24

12

Bank

of

New

York

DKK

3,746

USD

545

03/20/24

1

Bank

of

New

York

EUR

1,916

USD

2,076

03/20/24

1

Bank

of

New

York

GBP

1,118

USD

1,402

03/20/24

(15)

Bank

of

New

York

HKD

10,169

USD

1,304

03/20/24

1

Bank

of

New

York

JPY

235,300

USD

1,646

03/21/24

34

Brown

Brothers

Harriman

USD

1,625

EUR

1,498

02/02/24

(6)

Brown

Brothers

Harriman

EUR

92

USD

100

02/02/24

1

Brown

Brothers

Harriman

EUR

200

USD

219

02/02/24

3

Brown

Brothers

Harriman

EUR

1,206

USD

1,333

02/02/24

30

Brown

Brothers

Harriman

EUR

129

USD

140

03/04/24

—

Brown

Brothers

Harriman

EUR

1,498

USD

1,627

03/04/24

6

Citigroup

USD

486

NOK

5,033

02/15/24

(7)

Citigroup

DKK

3,746

USD

545

03/20/24

1

Citigroup

EUR

1,916

USD

2,077

03/20/24

2

Citigroup

GBP

1,118

USD

1,401

03/20/24

(17)

Citigroup

HKD

10,169

USD

1,304

03/20/24

1

Citigroup

JPY

235,300

USD

1,645

03/21/24

34

HSBC

USD

881

SEK

9,199

02/15/24

3

HSBC

DKK

3,746

USD

545

03/20/24

—

HSBC

EUR

1,916

USD

2,076

03/20/24

1

HSBC

GBP

1,118

USD

1,402

03/20/24

(15)

HSBC

HKD

10,169

USD

1,304

03/20/24

1

HSBC

JPY

235,300

USD

1,646

03/21/24

35

HSBC

SEK

9,199

USD

893

02/15/24

9

JPMorgan

Chase

USD

489

EUR

447

02/15/24

(5)

Royal

Bank

of

Canada

DKK

3,746

USD

545

03/20/24

—

Royal

Bank

of

Canada

EUR

1,916

USD

2,076

03/20/24

1

Royal

Bank

of

Canada

GBP

1,118

USD

1,400

03/20/24

(18)

Royal

Bank

of

Canada

HKD

10,169

USD

1,304

03/20/24

2

Royal

Bank

of

Canada

JPY

235,300

USD

1,644

03/21/24

33

State

Street

USD

657

CHF

571

03/20/24

7

State

Street

AUD

566

USD

373

03/20/24

1

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

449

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

CAD

1,845

USD

1,360

03/20/24

(12)

State

Street

EUR

830

USD

900

02/15/24

2

State

Street

JPY

60,311

USD

423

02/15/24

12

State

Street

NOK

8,070

USD

740

03/20/24

(27)

State

Street

SEK

11,488

USD

1,103

03/20/24

(3)

UBS

CHF

1,206

USD

1,419

02/15/24

19

UBS

DKK

3,746

USD

549

03/20/24

5

UBS

EUR

1,916

USD

2,092

03/20/24

17

UBS

GBP

1,118

USD

1,412

03/20/24

(5)

UBS

HKD

10,169

USD

1,304

03/20/24

2

UBS

JPY

235,300

USD

1,669

03/21/24

58

Westpac

USD

13

CHF

11

02/15/24

—

Westpac

USD

1

NOK

6

02/15/24

—

Westpac

USD

14

NZD

23

02/15/24

—

Westpac

USD

903

NZD

1,451

02/15/24

(16)

Westpac

AUD

10

USD

7

02/15/24

—

Westpac

GBP

14

USD

18

02/15/24

—

Westpac

JPY

1,181

USD

8

02/15/24

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

191

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

300

1.000%

(2)

12/20/28

(10)

—

(10)

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

(10)

—

(10)

Total

Open

Credit

Default

Swap

Contracts

(å)

(10)

—

(10)

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

$

—

$

50,325

$

—

$

—

$

50,325

International

Debt

—

64,569

—

—

64,569

Non-US

Bonds

—

1,707

—

—

1,707

Common

Stocks

Consumer

Discretionary

5,905

10,078

—

—

15,983

Consumer

Staples

4,597

4,324

—

—

8,921

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

450

Multi-Strategy

Income

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Energy

4,098

1,349

—

—

5,447

Financial

Services

30,756

19,478

—

—

50,234

Health

Care

7,480

4,634

—

—

12,114

Materials

and

Processing

7,200

6,236

—

—

13,436

Producer

Durables

10,362

10,655

3,270

—

24,287

Technology

12,965

8,596

—

—

21,561

Utilities

5,040

4,279

—

—

9,319

Preferred

Stocks

5,474

990

—

—

6,464

Options

Purchased

164

—

—

—

164

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

5,736

—

18,604

24,340

Other

Securities

—

—

—

3,927

3,927

Total

Investments

94,041

192,956

3,270

22,531

312,798

Other

Financial

Instruments

Assets

Futures

Contracts

4,629

—

—

—

4,629

Foreign

Currency

Exchange

Contracts

—

337

—

—

337

Liabilities

Futures

Contracts

(2,363)

—

—

—

(2,363)

Options

Written

(79)

—

—

—

(79)

Foreign

Currency

Exchange

Contracts

—

(146)

—

—

(146)

Credit

Default

Swap

Contracts

—

(10)

—

—

(10)

Total

Other

Financial

Instruments

*

$

2,187

$

181

$

—

$

—

$

2,368

*

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

January

31,

2024,

if

any,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

451

Quantitative

Information

about

Level

3

Fair

Value

Measurements

The

significant

inputs

used

in

determining

the

fair

value

levels

of

Level

3

securities

were

as

follows:

Category

and

Subcategory

Valuation

Technique(s)

Unobservable

Input(s)

Input/Range(s)

Fair

Value

($)

Common

Stocks

Producer

Durables

Discounted

cash

flow**

Discount

rate*

13.9%

3,270

Market

approach**

EBITDA

multiple***

5.07x

Discount

to

guideline

comparables

35.0%

Total

Investments

3,270

*    

The

discount

rates

were

determined

by

calculating

the

weighted

average

cost

of

capital

for

the

companies.

**  

A

50%/50%

weighted

average

was

applied

to

the

Market

approach

and

Discounted

cash

flow.

***  A

relative

value

analysis

of

comparable

publicly

traded

companies

was

used

to

derive

the

EBIDTA

multiple.

A

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

value

for

the

period

ended

January

31,

2024

were

as

follows:

Category

and

Subcategory

Beginning

Balance

11/01/2023

Gross

Purchases

Gross

Sales

Accrued

Discounts/

(Premiums)

Realized

Gain

(Loss)

Net

Transfers

into

Level

3

Net

Transfers

out

of

Level

3

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

Ending

Balance

of

1/31/2024

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

held

as

of

1/31/2024

Common

Stock

Producer

Durables

$2,999

$—

$—

$—

$—

$—

$—

$271

$3,270

$271

Total

Investments

$2,999

$—

$—

$—

$—

$—

$—

$271

$3,270

$271

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Angola

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

333

Argentina

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

1,031

Australia

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

2,849

Azerbaijan

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

954

Bahrain

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

1,983

Belgium

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

448

Bermuda

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

418

Brazil

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

5,478

Canada

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

9,569

Chile

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

2,225

China

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

10,356

Colombia

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

2,367

Costa

Rica

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

1,040

Denmark

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

1,466

Dominican

Republic

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

624

Ecuador

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

257

Egypt

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

444

El

Salvador

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

213

Finland

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

976

France

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

6,518

Gabon

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

163

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

452

Multi-Strategy

Income

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Georgia

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

514

Germany

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

3,752

Ghana

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

663

Greece

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

290

Guatemala

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

297

Hong

Kong

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

1,816

Hungary

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

1,411

India

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

3,105

Indonesia

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

3,763

Ireland

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

1,903

Israel

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

934

Italy

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

1,176

Ivory

Coast

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

285

Japan

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

19,152

Jersey

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

442

Jordan

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

267

Kazakhstan

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

1,746

Kenya

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

260

Lebanon

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

71

Luxembourg

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

520

Macao

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

409

Malaysia

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

1,453

Mauritius

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

547

Mexico

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

4,211

Morocco

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

887

Myanmar

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

20

Netherlands

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

2,289

New

Zealand

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

216

Nigeria

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

594

Norway

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

72

Oman

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

1,761

Pakistan

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

943

Panama

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

1,870

Paraguay

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

199

Peru

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

1,478

Philippines

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

1,133

Poland

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

559

Portugal

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

70

Puerto

Rico

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

180

Qatar

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

1,256

Romania

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

692

Russia

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

—

Saudi

Arabia

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

2,363

Singapore

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

1,403

South

Africa

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

3,494

South

Korea

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

5,135

Spain

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

2,199

Sri

Lanka

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

256

Sweden

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

1,209

Switzerland

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

3,433

Taiwan

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

3,365

Thailand

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

1,113

Trinidad

and

Tobago

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

203

Tunisia

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

85

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

453

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Turkey

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

2,574

Ukraine

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

426

United

Arab

Emirates

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

2,712

United

Kingdom

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

10,198

United

States

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

158,276

Uruguay

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

654

Uzbekistan

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

572

Zambia

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

210

Total

Investments

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

312,798

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

22,948

$

62,228

$

66,572

$

—

$

—

$

18,604

$

260

$

—

U.S.

Cash

Collateral

Fund

2,734

7,384

6,191

—

—

3,927

42

—

$

25,682

$

69,612

$

72,763

$

—

$

—

$

22,531

$

302

$

—

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

454

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

26.6%

Corporate

Bonds

and

Notes

-

15.7%

8x8,

Inc.

4.000%

due

02/01/28

1,303

1,070

Accolade,

Inc.

0.500%

due

04/01/26

691

597

Affirm

Holdings,

Inc.

11.521%

due

11/15/26

2,749

2,177

Aircastle

,

Ltd.

2.850%

due

01/26/28

(Þ)

35

31

Alarm.com,

Inc.

5.284%

due

01/15/26

2,238

1,985

Alcoa

Nederland

Holding

BV

4.125%

due

03/31/29

(Þ)

400

367

Arbor

Realty

Trust,

Inc.

7.500%

due

08/01/25

1,771

1,704

Ashland,

Inc.

3.375%

due

09/01/31

(Þ)

401

338

Ball

Corp.

2.875%

due

08/15/30

389

332

Bandwidth,

Inc.

0.500%

due

04/01/28

257

161

Bath

&

Body

Works,

Inc.

Series

WI

6.875%

due

11/01/35

(Þ)

155

155

Berry

Global,

Inc.

5.650%

due

01/15/34

(Þ)

14

14

Series

WI

1.650%

due

01/15/27

300

271

Bill.com

Holdings,

Inc.

3.729%

due

12/01/25

(ž)

180

168

Blackline,

Inc.

0.000%

due

03/15/26

824

732

Blackstone

Mortgage

Trust,

Inc.

5.500%

due

03/15/27

2,530

2,263

Block,

Inc.

0.125%

due

03/01/25

333

320

Bridgebio

Pharma,

Inc.

2.250%

due

02/01/29

592

488

Cable

One,

Inc.

8.568%

due

03/15/26

539

461

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.250%

due

02/01/31

(Þ)

425

359

Centene

Corp.

2.500%

due

03/01/31

(Þ)

453

377

CF

Industries,

Inc.

5.150%

due

03/15/34

(Þ)

28

28

4.950%

due

06/01/43

28

26

Cheesecake

Factory,

Inc.

(The)

0.375%

due

06/15/26

2,396

2,058

Chegg

,

Inc.

4.794%

due

09/01/26

(Þ)

1,573

1,308

Clearway

Energy

Operating

LLC

3.750%

due

02/15/31

(Þ)

261

226

3.750%

due

01/15/32

(Þ)

120

102

Cleveland-Cliffs,

Inc.

4.625%

due

03/01/29

(Þ)

72

67

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

7.000%

due

03/15/27

72

71

Coinbase

Global,

Inc.

0.500%

due

06/01/26

(Þ)

1,776

1,538

Conduent

,

Inc.

6.474%

due

01/15/27

(ž)(Þ)

226

188

Cracker

Barrel

Old

Country

Store,

Inc.

0.625%

due

06/15/26

1,984

1,727

Credit

Agricole

SA

1.000%

due

12/31/99

200

171

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

V

Series

WI

4.250%

due

09/30/26

234

226

Cryoport

,

Inc.

0.750%

due

12/01/26

(Þ)

702

575

DCP

Midstream

Operating,

LP

3.250%

due

02/15/32

39

34

DigitalOcean

Holdings,

Inc.

7.705%

due

12/01/26

(Þ)

2,433

1,994

EnLink

Midstream

LLC

5.625%

due

01/15/28

(Þ)

80

79

EnLink

Midstream

Partners,

LP

5.600%

due

04/01/44

71

63

5.050%

due

04/01/45

103

84

5.450%

due

06/01/47

72

63

Enphase

Energy,

Inc.

5.642%

due

03/01/26

(ž)

489

436

EQT

Corp.

3.900%

due

10/01/27

110

105

Euronet

Worldwide,

Inc.

0.750%

due

03/15/49

(Þ)

1,606

1,524

Eventbrite,

Inc.

0.750%

due

09/15/26

1,845

1,591

Expedia

Group,

Inc.

4.711%

due

02/15/26

316

297

EZCORP,

Inc.

2.375%

due

05/01/25

1,524

1,427

First

Citizens

BancShares

,

Inc.

Series

B

9.618%

due

12/31/99

(CME

Term

SOFR

3

Month

+

4.234%)(Ê)(ƒ)

150

153

Fiverr

International,

Ltd.

6.783%

due

11/01/25

(ž)(Þ)

982

875

Ford

Motor

Credit

Co.

LLC

3.815%

due

11/02/27

(Þ)

200

188

Haemonetics

Corp.

5.340%

due

03/01/26

1,871

1,665

Hanesbrands,

Inc.

4.875%

due

05/15/26

(Þ)

589

568

Hat

Holdings

I

LLC

0.000%

due

05/01/25

(Þ)

1,898

1,919

HCA,

Inc.

2.375%

due

07/15/31

306

254

7.500%

due

11/15/95

(Þ)

221

246

Huntsman

International

LLC

2.950%

due

06/15/31

291

244

I3

Verticals

LLC

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

455

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.000%

due

02/15/25

399

365

Innoviva

,

Inc.

2.125%

due

03/15/28

1,282

1,124

iQIYI

,

Inc.

4.000%

due

12/15/26

861

846

6.500%

due

03/15/28

200

170

Iron

Mountain,

Inc.

5.250%

due

07/15/30

(Þ)

109

103

4.500%

due

02/15/31

(Þ)

220

197

Itron

,

Inc.

6.015%

due

03/15/26

641

587

JetBlue

Airways

Corp.

0.500%

due

04/01/26

(Ñ)

2,406

1,943

JOYY,

Inc.

1.375%

due

06/15/26

785

759

JPMorgan

Chase

&

Co.

Series

CC

8.148%

due

12/31/99

(CME

Term

SOFR

3

Month

+

2.842%)(Ê)(ƒ)(Þ)

200

200

KB

Home

4.800%

due

11/15/29

(Þ)

44

42

4.000%

due

06/15/31

44

39

Kinder

Morgan

Energy

Partners,

LP

4.700%

due

11/01/42

(Þ)

290

252

Levi

Strauss

&

Co.

3.500%

due

03/01/31

(Ñ)(Þ)

561

485

LKQ

Corp.

Series

WI

6.250%

due

06/15/33

93

97

Lumentum

Holdings,

Inc.

0.500%

due

06/15/28

(Þ)

2,164

1,727

Lyft,

Inc.

1.500%

due

05/15/25

(Þ)

1,660

1,574

Marriott

Vacations

Worldwide

Corp.

3.250%

due

12/15/27

413

363

Match

Group

Financeco

,

Inc.

0.875%

due

06/15/26

(Þ)

353

322

Medline

Borrower,

LP

3.875%

due

04/01/29

(Þ)

306

277

Meritage

Homes

Corp.

3.875%

due

04/15/29

(Þ)

300

276

Mesa

Laboratories,

Inc.

1.375%

due

08/15/25

1,349

1,237

MicroStrategy

,

Inc.

7.606%

due

02/15/27

(ž)

2,615

2,092

Mitek

Systems,

Inc.

0.750%

due

02/01/26

112

104

NeoGenomics

,

Inc.

0.250%

due

01/15/28

828

627

New

Mountain

Finance

Corp.

7.500%

due

10/15/25

1,893

1,923

NextEra

Energy,

Inc.

0.906%

due

11/15/25

(Ñ)(Þ)

1,260

1,113

Novelis

Corp.

4.750%

due

01/30/30

(Þ)

197

183

3.875%

due

08/15/31

(Þ)

81

70

NuVasive

,

Inc.

0.375%

due

03/15/25

(Þ)

1,980

1,861

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

OI

European

Group

BV

4.750%

due

02/15/30

(Þ)

326

302

Omnicell

,

Inc.

0.250%

due

09/15/25

435

397

OneMain

Finance

Corp.

3.875%

due

09/15/28

9

8

4.000%

due

09/15/30

(Þ)

285

241

Pebblebrook

Hotel

Trust

1.750%

due

12/15/26

2,364

2,103

Peloton

Interactive,

Inc.

11.423%

due

02/15/26

415

330

PennyMac

Corp.

5.500%

due

03/15/26

447

417

Perficient

,

Inc.

0.125%

due

11/15/26

2,509

2,106

Plains

All

American

Pipeline,

LP

Series

B

9.751%

due

12/31/99

(CME

Term

SOFR

3

Month

+

4.372%)(Ê)(ƒ)

386

382

Post

Holdings,

Inc.

4.625%

due

04/15/30

(Þ)

52

48

4.500%

due

09/15/31

(Þ)

246

221

Q2

Holdings,

Inc.

0.125%

due

11/15/25

631

572

Range

Resources

Corp.

4.750%

due

02/15/30

(Þ)

232

216

Realogy

Group

LLC

/

Realogy

Co-

Issuer

Corp.

0.250%

due

06/15/26

1,085

856

Redfin

Corp.

0.500%

due

04/01/27

(Ñ)

1,473

908

Repay

Holdings

Corp.

8.677%

due

02/01/26

(ž)(Þ)

2,485

2,103

RWT

Holdings,

Inc.

5.750%

due

10/01/25

2,375

2,287

Seagate

HDD

Cayman

4.091%

due

06/01/29

156

144

4.125%

due

01/15/31

204

180

Sealed

Air

Corp.

4.000%

due

12/01/27

(Þ)

400

373

5.000%

due

04/15/29

(Þ)

100

96

Semtech

Corp.

1.625%

due

11/01/27

(Ñ)

440

358

Snap,

Inc.

0.125%

due

03/01/28

(Þ)

2,361

1,868

SoFi

Technologies,

Inc.

8.124%

due

10/15/26

(Þ)

2,855

2,370

SolarEdge

Technologies,

Inc.

6.700%

due

09/15/25

(ž)

759

683

Spotify

Technology

SA

4.125%

due

03/15/26

1,867

1,669

Square,

Inc.

2.118%

due

05/01/26

247

216

Stem,

Inc.

0.500%

due

12/01/28

(Þ)

390

191

Summit

Hotel

Properties,

Inc.

1.500%

due

02/15/26

1,770

1,558

Taylor

Morrison

Communities,

Inc.

5.125%

due

08/01/30

(Þ)

255

243

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

456

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

TechTarget

,

Inc.

2.010%

due

12/15/26

(ž)

1,226

1,158

Teladoc

Health,

Inc.

1.250%

due

06/01/27

(Þ)

1,848

1,550

Tenet

Healthcare

Corp.

4.375%

due

01/15/30

286

265

TerraForm

Power

Operating

LLC

4.750%

due

01/15/30

(Þ)

307

283

T-Mobile

USA,

Inc.

Series

WI

2.250%

due

11/15/31

32

27

TripAdvisor,

Inc.

0.250%

due

04/01/26

(Ñ)

2,365

2,081

Unity

Software,

Inc.

8.008%

due

11/15/26

(Þ)

481

400

Upstart

Holdings,

Inc.

0.250%

due

08/15/26

1,291

946

Walgreens

Boots

Alliance,

Inc.

4.800%

due

11/18/44

75

63

4.100%

due

04/15/50

225

164

Wayfair,

Inc.

0.625%

due

10/01/25

(Þ)

1,169

1,067

1.000%

due

08/15/26

(Þ)

1,629

1,401

Western

Digital

Corp.

2.850%

due

02/01/29

219

187

3.100%

due

02/01/32

208

165

90,651

International

Debt

-

8.9%

Abu

Dhabi

Government

International

Bond

Series

REGS

1.700%

due

03/02/31

(Þ)

1,293

1,080

3.125%

due

09/30/49

(Þ)

200

140

AerCap

Holdings

NV

5.875%

due

10/10/79

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.535%)(Ê)(Ñ)(Þ)

300

298

Alpek

SAB

de

CV

Series

REGS

3.250%

due

02/25/31

(Þ)

251

210

Ambipar

Lux

SARL

9.875%

due

02/06/31

(Þ)

200

199

Angola

Government

International

Bond

Series

REGS

8.750%

due

04/14/32

(Þ)

528

453

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

Series

REGS

3.000%

due

09/01/29

(Þ)

100

84

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

Series

REGS

4.750%

due

07/15/27

(Þ)

284

266

Argentine

Republic

Government

International

Bond

4.875%

due

07/09/41

(~)(Ê)

1,544

514

AT&T,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

B

2.875%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

3.140%)(Ê)(ƒ)(Þ)

200

210

Atlantica

Sustainable

Infrastructure

Jersey,

Ltd.

4.000%

due

07/15/25

967

908

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

1,056

Banco

BTG

Pactual

SA

Series

REGS

2.750%

due

01/11/26

(Þ)

200

189

Banco

Mercantil

del

Norte

SA

Series

REGS

6.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.967%)(Ê)(ƒ)(Þ)

200

198

Barclays

Bank

PLC

6.278%

due

12/29/49

(USD

3

Month

LIBOR

+

1.550%)(Ê)(ƒ)

220

221

Berry

Global,

Inc.

Series

REGS

1.500%

due

01/15/27

(Þ)

370

372

Bilibili

,

Inc.

0.500%

due

12/01/26

(Þ)

865

807

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

162

Bolivia

Government

International

Bond

Series

REGS

4.500%

due

03/20/28

(Þ)

119

62

Brazil

Government

International

Bond

6.250%

due

03/18/31

258

265

6.000%

due

10/20/33

200

197

6.125%

due

03/15/34

347

344

4.750%

due

01/14/50

586

431

7.125%

due

05/13/54

(Þ)

392

392

British

Telecommunications

PLC

4.875%

due

11/23/81

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.493%)(Ê)(Ñ)(Þ)

200

176

Celanese

Holdings

LLC

0.625%

due

09/10/28

225

209

Cemex

SAB

de

CV

Series

REGS

3.875%

due

07/11/31

(Þ)

200

178

Chile

Government

International

Bond

4.950%

due

01/05/36

(Þ)

998

979

China

Government

International

Bond

Series

REGS

1.250%

due

10/26/26

(Þ)

200

185

Codelco

Metals,

Inc.

Series

REGS

5.950%

due

01/08/34

(Þ)

300

300

Corp.

Nacional

del

Cobre

de

Chile

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

457

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.440%

due

01/26/36

(Þ)

311

318

Costa

Rica

Government

International

Bond

7.300%

due

11/13/54

(Þ)

498

521

Country

Garden

Holdings

Co.,

Ltd.

5.625%

due

01/14/30

(~)(Ê)(Þ)

200

15

Crown

European

Holdings

SA

4.750%

due

03/15/29

(Þ)

100

110

Series

REGS

2.875%

due

02/01/26

(Þ)

100

105

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

201

Dominican

Republic

Government

International

Bond

Series

REGS

7.050%

due

02/03/31

(Þ)

971

1,009

Ecopetrol

SA

8.375%

due

01/19/36

369

374

Ecuador

Government

International

Bond

Series

REGS

6.900%

due

07/31/30

(~)(Ê)(Þ)

263

138

5.500%

due

07/31/35

(~)(Ê)(Þ)

628

257

Egypt

Government

International

Bond

Series

REGS

7.625%

due

05/29/32

(Þ)

1,111

752

El

Salvador

Government

International

Bond

Series

REGS

8.250%

due

04/10/32

(Þ)

150

128

9.500%

due

07/15/52

(Þ)

224

190

Enbridge,

Inc.

5.500%

due

07/15/77

(CME

Term

SOFR

3

Month

+

3.680%)(Ê)

118

110

Eskom

Holdings

SOC,

Ltd.

4.314%

due

07/23/27

(Þ)

200

186

Export-Import

Bank

of

India

Series

REGS

2.250%

due

01/13/31

(Þ)

316

261

Falabella

SA

Series

REGS

3.375%

due

01/15/32

(Þ)

200

151

First

Majestic

Silver

Corp.

0.375%

due

01/15/27

1,718

1,270

FMG

Resources

(August

2006)

Pty.,

Ltd.

4.375%

due

04/01/31

(Þ)

256

230

Fresenius

Medical

Care

US

Finance

II,

Inc.

Series

REGS

2.375%

due

02/16/31

(Þ)

438

339

Gabon

Government

International

Bond

Series

REGS

7.000%

due

11/24/31

(Þ)

200

163

Gaci

First

Investment

Co.

4.875%

due

02/14/35

(Þ)

200

190

5.125%

due

02/14/53

(Þ)

400

340

Ghana

Government

International

Bond

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

8.625%

due

04/07/34

(~)(Ê)(Þ)

200

88

7.875%

due

02/11/35

(~)(Ê)(Þ)

703

310

Goodyear

Europe

BV

Series

REGS

2.750%

due

08/15/28

(Þ)

122

117

Graphic

Packaging

International

LLC

2.625%

due

02/01/29

(Þ)

100

99

Series

REGS

2.625%

due

02/01/29

(Þ)

200

199

Greenko

Power

II,

Ltd.

Series

REGS

4.300%

due

12/13/28

(Þ)

180

163

Guatemala

Government

International

Bond

6.600%

due

06/13/36

(Þ)

401

405

GUSAP

III,

LP

Series

REGS

4.250%

due

01/21/30

(Þ)

200

190

Hazine

Mustesarligi

Varlik

Kiralama

AS

8.509%

due

01/14/29

(Þ)

770

798

Hungary

Government

International

Bond

6.125%

due

05/22/28

(Þ)

200

206

5.500%

due

03/26/36

(Þ)

321

314

Series

REGS

6.125%

due

05/22/28

(Þ)

459

472

3.125%

due

09/21/51

(Þ)

361

229

Indonesia

Government

International

Bond

4.550%

due

01/11/28

210

208

4.400%

due

03/10/29

200

197

3.550%

due

03/31/32

564

513

4.700%

due

02/10/34

400

395

5.650%

due

01/11/53

400

418

5.100%

due

02/10/54

445

430

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

148

IQVIA,

Inc.

2.250%

due

03/15/29

(Þ)

248

243

Series

REGS

2.250%

due

03/15/29

(Þ)

276

271

Israel

Government

International

Bond

4.500%

due

01/17/33

215

201

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

194

Ivory

Coast

Government

International

Bond

8.250%

due

01/30/37

(Þ)

299

297

Series

REGS

5.750%

due

12/31/32

(~)(Ê)(Þ)

122

118

Jordan

Government

International

Bond

7.500%

due

01/13/29

(Þ)

46

45

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

458

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

7.500%

due

01/13/29

(Þ)

326

319

Kazakhstan

Government

International

Bond

Series

REGS

4.875%

due

10/14/44

(Þ)

282

263

KazMunayGas

National

Co.

JSC

Series

REGS

4.375%

due

09/26/27

(Þ)

252

240

Khazanah

Capital,

Ltd.

4.876%

due

06/01/33

(Þ)

204

202

Khazanah

Global

Sukuk

Bhd

4.687%

due

06/01/28

(Þ)

250

249

Klabin

Austria

GmbH

Series

REGS

3.200%

due

01/12/31

(Þ)

200

167

Lebanon

Government

International

Bond

Series

GMTN

6.600%

due

11/27/26

(Ø)(Æ)(Þ)

89

5

Series

REGS

6.650%

due

11/03/28

(Ø)(Æ)(Þ)

1,578

91

MDGH

GMTN

RSC,

Ltd.

5.875%

due

05/01/34

(Þ)

200

214

Series

REGS

5.500%

due

04/28/33

(Þ)

218

226

Mexico

Government

International

Bond

2.659%

due

05/24/31

445

373

6.000%

due

05/07/36

240

244

6.400%

due

05/07/54

289

291

Millicom

International

Cellular

SA

Series

REGS

4.500%

due

04/27/31

(Þ)

200

169

Morocco

Government

International

Bond

5.950%

due

03/08/28

(Þ)

284

289

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)(Þ)

200

151

Netflix,

Inc.

Series

REGS

3.625%

due

06/15/30

(Þ)

150

164

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

197

Nigeria

Government

International

Bond

Series

REGS

8.375%

due

03/24/29

(Þ)

400

373

7.375%

due

09/28/33

(Þ)

521

428

NIO,

Inc.

0.500%

due

02/01/27

392

355

Olympus

Water

US

Holding

Corp.

Series

REGS

5.375%

due

10/01/29

(Þ)

110

104

Oman

Government

International

Bond

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

6.750%

due

10/28/27

(Þ)

1,036

1,084

7.000%

due

01/25/51

(Þ)

200

207

Orbia

Advance

Corp.

SAB

de

CV

Series

REGS

2.875%

due

05/11/31

(Þ)

200

165

Pakistan

Government

International

Bond

Series

REGS

7.375%

due

04/08/31

(Þ)

502

326

Panama

Government

International

Bond

6.400%

due

02/14/35

1,091

1,029

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

420

418

Peruvian

Government

International

Bond

2.783%

due

01/23/31

849

737

Petroleos

del

Peru

SA

Series

REGS

5.625%

due

06/19/47

(Þ)

416

265

Petroleos

Mexicanos

Series

WI

10.000%

due

02/07/33

533

527

6.750%

due

09/21/47

871

556

Petronas

Capital,

Ltd.

Series

REGS

2.480%

due

01/28/32

(Þ)

448

375

3.404%

due

04/28/61

(Þ)

400

275

Philippine

Government

International

Bond

5.170%

due

10/13/27

(Þ)

200

203

1.950%

due

01/06/32

665

539

5.000%

due

07/17/33

600

607

Qatar

Government

International

Bond

Series

REGS

4.500%

due

04/23/28

(Þ)

984

989

4.817%

due

03/14/49

(Þ)

200

186

Republic

of

Colombia

Government

International

Bond

8.000%

due

04/20/33

433

460

7.500%

due

02/02/34

207

212

8.750%

due

11/14/53

389

424

Republic

of

Kenya

Government

International

Bond

Series

REGS

7.000%

due

05/22/27

(Þ)

386

354

Republic

of

Poland

Government

International

Bond

5.500%

due

11/16/27

79

81

4.875%

due

10/04/33

337

336

5.500%

due

04/04/53

243

245

Republic

of

South

Africa

Government

International

Bond

5.875%

due

04/20/32

315

289

5.750%

due

09/30/49

441

326

Republic

of

Uzbekistan

Government

International

Bond

7.850%

due

10/12/28

(Þ)

200

207

Romania

Government

International

Bond

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

459

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.875%

due

01/30/29

(Þ)

188

190

7.125%

due

01/17/33

(Þ)

298

321

6.375%

due

01/30/34

(Þ)

232

237

7.625%

due

01/17/53

(Þ)

250

279

Series

REGS

7.125%

due

01/17/33

(Þ)

38

41

7.625%

due

01/17/53

(Þ)

20

22

Sappi

Papier

Holding

GmbH

Series

REGS

3.625%

due

03/15/28

(Þ)

160

166

Saudi

Government

International

Bond

4.750%

due

01/16/30

(Þ)

1,407

1,403

Sea,

Ltd.

2.375%

due

12/01/25

100

95

0.250%

due

09/15/26

1,006

846

Senegal

Government

International

Bond

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

9

Silgan

Holdings,

Inc.

Series

WI

2.250%

due

06/01/28

(Þ)

400

392

2.250%

due

06/01/28

100

98

Southern

Co.

(The)

1.875%

due

09/15/81

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.108%)(Ê)

200

188

SPCM

SA

3.375%

due

03/15/30

(Þ)

400

344

Stora

Enso

OYJ

7.250%

due

04/15/36

(Þ)

200

218

Series

REGS

7.250%

due

04/15/36

(Þ)

150

163

Summit

Digitel

Infrastructure

Private,

Ltd.

Series

REGS

2.875%

due

08/12/31

(Þ)

200

167

Suzano

Austria

GmbH

Series

DM3N

3.125%

due

01/15/32

200

165

Telenet

Finance

Luxembourg

Notes

SARL

5.500%

due

03/01/28

(Þ)

200

189

Transnet

SOC,

Ltd.

8.250%

due

02/06/28

(Þ)

200

201

Trinidad

&

Tobago

Government

International

Bond

5.950%

due

01/14/31

(Þ)

200

203

Turkey

Government

International

Bond

7.375%

due

02/05/25

82

83

9.125%

due

07/13/30

702

748

UBS

Group

AG

Series

REGS

4.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.313%)(Ê)(ƒ)(Þ)

200

159

Ukraine

Government

International

Bond

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

9.750%

due

11/01/30

(~)(Ê)(Þ)

1,290

341

UPC

Broadband

Finco

BV

4.875%

due

07/15/31

(Þ)

200

175

Uruguay

Government

International

Bond

5.750%

due

10/28/34

528

565

5.100%

due

06/18/50

75

73

4.975%

due

04/20/55

273

257

Vodafone

Group

PLC

Series

NC30

5.125%

due

06/04/81

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.073%)(Ê)

25

19

51,054

Non-US

Bonds

-

2.0%

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

199

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

106

Altice

France

Holding

SA

Series

REGS

4.000%

due

02/15/28

(Þ)

EUR

307

141

Arcelik

AS

3.000%

due

05/27/26

(Þ)

EUR

200

206

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

223

Banco

BPM

SpA

2.875%

due

06/29/31

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.170%)(Ê)(Þ)

EUR

150

153

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

101

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

201

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

189

British

Airways

Pass-Through

Trust

3.750%

due

03/25/29

(Þ)

EUR

200

209

Caisse

Nationale

de

Reassurance

Mutuelle

Agricole

Groupama

6.375%

due

05/29/49

(3

Month

EURIBOR

+

5.770%)(Ê)(ƒ)(Þ)

EUR

300

324

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

173

Canpack

SA

/

Eastern

PA

Land

Investment

Holding

LLC

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

460

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

2.375%

due

11/01/27

(Þ)

EUR

200

199

Cellnex

Telecom

SA

Series

CLNX

0.750%

due

11/20/31

(Þ)

EUR

400

365

Cooperatieve

Rabobank

UA

3.250%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.702%)(Ê)(ƒ)

EUR

200

196

3.250%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.702%)(Ê)(ƒ)(Þ)

EUR

200

196

Electricite

de

France

SA

6.000%

due

12/31/99

(GBP

Swap

[versus

SONIA]

13

Year

Rate

+

4.235%)(Ê)(ƒ)(Þ)

GBP

300

371

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

176

Energias

de

Portugal

SA

Series

NC8

1.875%

due

03/14/82

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.080%)(Ê)(Þ)

EUR

300

274

Eurofins

Scientific

SE

0.875%

due

05/19/31

(Þ)

EUR

200

175

3.250%

due

12/31/99

(3

Month

EURIBOR

+

2.667%)(Ê)(ƒ)(Þ)

EUR

100

104

Faurecia

SE

2.375%

due

06/15/29

(Þ)

EUR

100

97

Grifols

Escrow

Issuer

SA

Series

REGS

3.875%

due

10/15/28

(Þ)

EUR

184

168

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

103

Iliad

SA

1.875%

due

02/11/28

(Þ)

EUR

300

296

Infrastrutture

Wireless

Italiane

SpA

Series

GMTN

1.875%

due

07/08/26

(Þ)

EUR

120

125

1.625%

due

10/21/28

(Þ)

EUR

100

100

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

222

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

211

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

326

Lorca

Telecom

Bondco

SA

4.000%

due

09/18/27

EUR

100

105

4.000%

due

09/18/27

(Þ)

EUR

200

210

Marks

&

Spencer

PLC

3.250%

due

07/10/27

(Þ)

GBP

467

567

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Matterhorn

Telecom

SA

Series

REGS

4.000%

due

11/15/27

(Þ)

EUR

209

222

Nexans

SA

5.500%

due

04/05/28

(Þ)

EUR

300

341

Nexi

SpA

1.385%

due

02/24/28

(ž)(Þ)

EUR

100

95

Ocado

Group

PLC

Series

REGS

3.875%

due

10/08/26

(Þ)

GBP

100

110

Orsted

A/S

Series

GBP

2.500%

due

12/09/99

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

2.136%)(Ê)(Þ)

GBP

100

90

Pension

Insurance

Corp.

PLC

3.625%

due

10/21/32

(Þ)

GBP

100

101

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

220

Rothesay

Life

PLC

5.000%

due

12/31/99

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

3.873%)(Ê)

(ƒ)(Þ)

GBP

200

184

Smurfit

Kappa

Treasury

ULC

1.000%

due

09/22/33

(Þ)

EUR

113

97

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

206

TDC

Net

A/S

Series

emtn

6.500%

due

06/01/31

(Þ)

EUR

100

116

Telecom

Italia

SpA

2.375%

due

10/12/27

(Þ)

EUR

100

101

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

189

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

99

TMNL

Holding

BV

Series

REGS

3.750%

due

01/15/29

(Þ)

EUR

200

203

Trivium

Packaging

Finance

BV

Series

REGS

3.750%

due

08/15/26

(Þ)

EUR

100

105

UniCredit

SpA

3.875%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

4.081%)(Ê)(ƒ)(Þ)

EUR

200

186

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

211

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

461

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

United

Group

BV

6.750%

due

02/15/31

(Þ)

EUR

100

107

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

97

Series

.

2.500%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.840%)(Ê)(ƒ)(Þ)

EUR

100

97

Verallia

SA

1.875%

due

11/10/31

EUR

100

93

1.875%

due

11/10/31

(Þ)

EUR

200

186

Vmed

O2

UK

Financing

I

PLC

Series

REGS

4.500%

due

07/15/31

(Þ)

GBP

308

335

Volvo

Car

AB

4.250%

due

05/31/28

(Þ)

EUR

100

108

VZ

Vendor

Financing

II

BV

Series

REGS

2.875%

due

01/15/29

(Þ)

EUR

300

282

Wizz

Air

Finance

Co.

BV

1.000%

due

01/19/26

(Þ)

EUR

100

100

ZF

Finance

GmbH

2.000%

due

05/06/27

(Þ)

EUR

200

199

Ziggo

Bond

Co.

BV

Series

REGS

3.375%

due

02/28/30

(Þ)

EUR

150

138

11,533

Total

Long-Term

Investments

(cost

$152,306)

153,238

Common

Stocks

-

62.6%

Consumer

Discretionary

-

7.9%

adidas

AG

3,240

617

Aisin

Corp.

20,600

769

Alibaba

Group

Holding,

Ltd.

122,108

1,096

Alibaba

Group

Holding,

Ltd.

-

ADR

1,946

140

Amazon.com,

Inc.(Æ)

16,486

2,559

Anta

Sports

Products,

Ltd.

34,200

287

Autoliv

,

Inc.

9,590

1,027

AutoNation,

Inc.(Æ)

1,095

153

AutoZone,

Inc.(Æ)

544

1,503

Best

Buy

Co.,

Inc.

1,796

130

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

2,130

137

Boyd

Gaming

Corp.

2,321

147

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

A

7,398

82

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

H(Þ)

11,800

103

Cie

Financiere

Richemont

SA

Class

A

10,594

1,582

Comcast

Corp.

Class

A

10,386

483

Costco

Wholesale

Corp.

606

421

Curtiss-Wright

Corp.

701

156

Davide

Campari-Milano

NV

43,936

446

Diageo

PLC

26,568

956

DiDi

Global,

Inc.

-

ADR(Æ)

15,542

54

Dollar

General

Corp.

569

75

DR

Horton,

Inc.

1,652

236

Ferrari

NV

627

218

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

FirstCash

Holdings,

Inc.

4,127

474

Galaxy

Entertainment

Group,

Ltd.

69,000

358

Games

Workshop

Group

PLC

1,909

239

Garmin,

Ltd.

1,216

145

Geely

Automobile

Holdings,

Ltd.

286,496

271

General

Motors

Co.

3,615

140

Genuine

Parts

Co.

764

107

Gildan

Activewear

,

Inc.

Class

A

33,784

1,115

Grand

Canyon

Education,

Inc.(Æ)

1,352

177

H

World

Group,

Ltd.

-

ADR

5,059

161

Home

Depot,

Inc.

(The)

1,401

495

Honda

Motor

Co.,

Ltd.

77,200

863

Howden

Joinery

Group

PLC

11,380

116

Hugo

Boss

AG

5,014

315

Hyundai

Department

Store

Co.,

Ltd.

8,102

325

Industria

de

Diseno

Textil

SA

19,220

822

InterContinental

Hotels

Group

PLC

9,828

932

JD.com,

Inc.

-

ADR

9,372

211

Komeri

Co.,

Ltd.

11,400

256

K's

Holdings

Corp.

19,900

181

Kuaishou

Technology(Æ)(Þ)

75,900

379

Kyocera

Corp.

40,400

592

Lennar

Corp.

Class

A

1,563

234

Li

Auto,

Inc.

Class

A(Æ)

5,500

76

Lojas

Renner

SA(Æ)

56,332

182

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

2,734

2,274

Mahindra

&

Mahindra,

Ltd.

37,780

748

Makita

Corp.

29,000

782

Maruti

Suzuki

India,

Ltd.

1,255

153

McDonald's

Corp.

2,183

639

MercadoLibre

,

Inc.(Æ)

203

348

Michelin

(CGDE)

36,234

1,207

Moncler

SpA

10,751

662

Mr

Price

Group,

Ltd.

8,055

74

Murata

Manufacturing

Co.,

Ltd.

25,700

519

New

Oriental

Education

&

Technology

Group,

Inc.

-

ADR(Æ)

8,621

661

Next

PLC

9,021

964

Nidec

Corp.

21,500

805

Nike,

Inc.

Class

B

5,365

545

NVR,

Inc.(Æ)

30

212

Omnicom

Group,

Inc.

1,814

164

Oriental

Holdings

BHD

49,867

67

PDD

Holdings,

Inc.

-

ADR(Æ)

5,579

708

PulteGroup,

Inc.

1,764

184

Puma

SE

7,598

309

Ross

Stores,

Inc.

1,178

165

Sands

China,

Ltd.(Æ)

280,818

736

Seria

Co.,

Ltd.

8,700

158

Shenzhou

International

Group

Holdings,

Ltd.

44,400

396

SJM

Holdings,

Ltd.(Æ)

169,000

47

Spectris

PLC

22,360

1,045

Subaru

Corp.

9,500

191

Sumitomo

Electric

Industries,

Ltd.

39,700

528

Sunny

Optical

Technology

Group

Co.,

Ltd.

21,000

129

Tencent

Holdings,

Ltd.

55,266

1,922

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

462

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Tencent

Holdings,

Ltd.

-

ADR(Ñ)

11,968

417

TJX

Cos.,

Inc.

(The)

13,258

1,258

Toyoda

Gosei

Co.,

Ltd.

13,600

263

Toyota

Industries

Corp.

8,500

718

Tractor

Supply

Co.

732

164

United

Arrows,

Ltd.

9,700

128

Universal

Music

Group

NV

29,606

872

Walmart,

Inc.

1,851

306

Weichai

Power

Co.,

Ltd.

Class

H

156,000

275

Wolters

Kluwer

NV

1,262

186

Xebio

Holdings

Co.,

Ltd.

12,800

85

Xpeng

,

Inc.

-

ADR(Æ)(Ñ)

16,386

137

XPeng

,

Inc.

Class

A(Æ)

6,200

26

Zalando

SE(Æ)(Þ)

38,193

770

45,490

Consumer

Staples

-

3.3%

Adecoagro

SA

54,551

558

Albertsons

Cos.

LLC

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

Class

A

6,865

146

Altria

Group,

Inc.

2,753

110

Archer-Daniels-Midland

Co.

3,142

175

Astarta

Holding

PLC

17,362

141

Barry

Callebaut

AG

62

91

Beiersdorf

AG

1,101

162

BIM

Birlesik

Magazalar

AS

21,803

274

British

American

Tobacco

PLC

4,731

140

Campbell

Soup

Co.

3,019

135

Carrefour

SA

7,754

132

Casey's

General

Stores,

Inc.

567

154

China

Mengniu

Dairy

Co.,

Ltd.(Æ)

15,000

33

Chocoladefabriken

Lindt

&

Spruengli

AG

16

318

Church

&

Dwight

Co.,

Inc.

1,714

171

CK

Hutchison

Holdings,

Ltd.

Class

B

129,500

664

Clorox

Co.

(The)

928

135

Coca-Cola

Co.

(The)

4,819

287

Coca-Cola

HBC

AG

-

ADR(Æ)

5,712

168

Colgate-Palmolive

Co.

1,771

149

Conagra

Brands,

Inc.

4,314

126

CP

ALL

PCL

253,100

370

CVS

Health

Corp.

3,880

288

Dino

Polska

SA(Æ)(Þ)

5,825

629

First

Pacific

Co.,

Ltd.

426,000

162

First

Resources,

Ltd.

245,797

270

Flowers

Foods,

Inc.

4,941

113

General

Mills,

Inc.

2,005

130

Genting

Plantations

Bhd

48,600

65

Golden

Agri-Resources,

Ltd.

3,905,400

789

GS

Holdings

Corp.

4,583

159

Haleon

PLC

215,870

879

Heineken

NV

6,998

704

Henkel

AG

&

Co.

KGaA

2,776

190

Hershey

Co.

(The)

760

147

Imperial

Tobacco

Group

PLC

5,617

135

Ingredion,

Inc.

1,420

153

Jeronimo

Martins

SGPS

SA

6,163

140

JM

Smucker

Co.

(The)

1,080

142

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kao

Corp.

25,900

1,029

Kato

Sangyo

Co.,

Ltd.

4,200

137

Kellanova

1,879

103

Kenvue

,

Inc.

7,703

160

Kimberly-Clark

Corp.

1,603

194

Kirin

Holdings

Co.,

Ltd.

80,000

1,156

Koninklijke

Ahold

Delhaize

NV

4,689

132

Kraft

Heinz

Co.

(The)

3,366

125

Kroger

Co.

(The)

6,225

287

Lenta

International

Co.

PJSC

-

GDR(Æ)(Š)(Þ)

105,913

—

L'Oreal

SA

733

351

Mondelez

International,

Inc.

Class

A

2,470

186

Monster

Beverage

Corp.(Æ)

2,631

145

Morinaga

Milk

Industry

Co.,

Ltd.

20,852

428

Nomad

Foods,

Ltd.

61,807

1,112

PepsiCo,

Inc.

6,504

1,096

Philip

Morris

International,

Inc.

2,238

203

Procter

&

Gamble

Co.

(The)

3,823

601

Reckitt

Benckiser

Group

PLC

12,557

907

Reynolds

Consumer

Products,

Inc.

5,358

146

Sysco

Corp.

2,158

175

Tyson

Foods,

Inc.

Class

A

1,788

98

Unilever

PLC

6,036

294

Walgreens

Boots

Alliance,

Inc.

7,017

158

WH

Group,

Ltd.(Þ)

317,000

186

19,143

Energy

-

1.9%

AltaGas

,

Ltd.

-

ADR

5,744

119

Baker

Hughes

Co.

17,518

499

Cenovus

Energy,

Inc.

69,706

1,129

Chevron

Corp.

2,185

322

China

Shenhua

Energy

Co.,

Ltd.

Class

H

47,000

178

Eaton

Corp.

PLC

787

194

Exxon

Mobil

Corp.

4,600

473

Fission

Uranium

Corp.(Æ)

171,116

159

Gazprom

PJSC(Æ)(Š)

332,583

—

Japan

Petroleum

Exploration

Co.,

Ltd.

5,300

214

Kinder

Morgan,

Inc.

18,100

306

Lukoil

PJSC(Š)

8,302

—

NAC

Kazatomprom

JSC

-

GDR(Þ)

19,081

770

OX2

Group

AB(Æ)

37,582

178

Petroleo

Brasileiro

SA

-

ADR

46,148

788

Phillips

66

1,281

185

Range

Resources

Corp.

19,746

573

Reliance

Industries,

Ltd.

24,799

849

Saudi

Arabian

Oil

Co.(Þ)

60,453

494

Schlumberger

NV

14,076

686

Schneider

Electric

SE

963

190

Shell

PLC

6,719

209

Sinopec

Engineering

Group

Co.,

Ltd.

Class

H

125,000

63

Southwestern

Energy

Co.(Æ)

129,919

838

Targa

Resources

Corp.

3,840

326

Teck

Resources,

Ltd.

Class

B

22,508

901

TotalEnergies

SE

3,977

259

Tullow

Oil

PLC(Æ)

213,313

83

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

463

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

10,985

Financial

Services

-

14.3%

ABN

AMRO

Bank

NV(Þ)

36,959

547

Advance

Residence

Investment

Corp.

(ö)

95

210

Aedifica

SA(ö)

1,534

99

Aflac,

Inc.

3,357

283

AIA

Group,

Ltd.

77,400

602

Air

Lease

Corp.

Class

A

25,316

1,058

Akbank

TAS

243,769

317

Al

Rajhi

Bank

9,717

217

Aldar

Properties

PJSC

99,329

138

Allianz

SE

1,398

374

Alpha

Services

and

Holdings

SA(Æ)

244,148

433

Amadeus

IT

Group

SA

Class

A

7,574

529

American

Express

Co.

884

177

American

Tower

Corp.(ö)

572

112

Americold

Realty

Trust,

Inc.(ö)

17,792

489

Arch

Capital

Group,

Ltd.(Æ)

2,981

246

ARGAN

SA(ö)

1,319

117

Assicurazioni

Generali

SpA

6,918

155

Assurant,

Inc.

935

157

Axis

Capital

Holdings,

Ltd.

9,010

536

Baloise

Holding

AG

879

141

Banco

Bradesco

SA

-

ADR

140,690

436

Bank

Central

Asia

Tbk

PT

1,201,922

726

Bank

Mandiri

Persero

Tbk

PT

2,492,492

1,046

Bank

of

America

Corp.

26,193

891

Bank

of

Ireland

Group

PLC

88,187

809

Bank

of

New

York

Mellon

Corp.

(The)

3,102

172

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,485,264

533

BDO

Unibank

,

Inc.

198,882

511

Berkshire

Hathaway,

Inc.

Class

B(Æ)

1,942

745

BGC

Group,

Inc.

Class

A

85,062

601

Big

Yellow

Group

PLC(ö)

5,797

84

BlackRock,

Inc.

Class

A

207

160

BNP

Paribas

SA

8,533

574

Boardwalk

Real

Estate

Investment

Trust(ö)

6,876

357

Brixmor

Property

Group,

Inc.(ö)

38,256

858

Brown

&

Brown,

Inc.

1,996

155

Camden

Property

Trust(ö)

2,388

224

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

125,000

186

Capitaland

Investment,

Ltd.

55,900

123

Catena

AB

2,262

96

Charles

Schwab

Corp.

(The)

13,984

880

Charter

Hall

Group

-

ADR(ö)

26,764

210

China

Construction

Bank

Corp.

Class

H

697,694

414

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

52,000

62

China

Resources

Land,

Ltd.

48,000

145

Chubb,

Ltd.

1,269

311

CITIC

Securities

Co.,

Ltd.

Class

H

101,750

197

Citigroup,

Inc.

10,710

602

CK

Asset

Holdings,

Ltd.

34,000

152

Clarivate

PLC(Æ)

77,364

692

CME

Group,

Inc.

Class

A

9,752

2,007

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cofinimmo

SA(ö)

945

68

Commerce

Bancshares,

Inc.

2,528

132

Country

Garden

Services

Holdings

Co.,

Ltd.

301,000

196

Crown

Castle,

Inc.(ö)

799

86

Dai-ichi

Life

Holdings,

Inc.

27,200

599

Daiwa

House

REIT

Investment

Corp.

(ö)

31

55

Daiwa

Office

Investment

Corp.(ö)

22

94

Digital

Realty

Trust,

Inc.(ö)

8,545

1,200

DNB

Bank

ASA

7,554

147

Equinix

,

Inc.(ö)

1,223

1,015

Equities

AB

26,113

698

Equity

Commonwealth(ö)

57,458

1,098

Essex

Property

Trust,

Inc.(ö)

2,190

511

Etalon

Group

PLC

-

GDR(Æ)(Š)(Þ)

185,343

—

Eurobank

Ergasias

SA(Æ)

135,894

262

Eurocommercial

Properties

NV(ö)

3,203

72

Extra

Space

Storage,

Inc.(ö)

5,054

730

EZCORP,

Inc.

Class

A(Æ)

64,705

556

Fastighets

AB

Balder

Class

B(Æ)

18,010

120

Federal

Agricultural

Mortgage

Corp.

Class

C

1,657

309

Fidelis

Insurance

Holdings,

Ltd.

50,269

655

Fidelity

National

Financial,

Inc.

3,312

166

First

American

Financial

Corp.

2,298

139

FirstRand,

Ltd.

15,434

56

Frasers

Centrepoint

Trust(ö)

45,400

78

Globe

Life

Inc.

1,420

174

Goodman

Group(ö)

12,381

205

GPT

Group

(The)(ö)

48,106

146

Grainger

PLC

15,495

51

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

29,323

298

Hachijuni

Bank,

Ltd.

(The)

78,400

428

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

18,386

263

Hana

Financial

Group,

Inc.

6,667

237

Hankook

Technology

Group

Co.,

Ltd.

18,367

227

Hannover

Rueck

SE

709

170

Hanover

Insurance

Group,

Inc.

(The)

1,181

156

Hartford

Financial

Services

Group,

Inc.

2,282

198

HDFC

Bank,

Ltd.

113,086

1,979

HDFC

Bank,

Ltd.

-

ADR

9,910

550

Healthcare

Realty

Trust,

Inc.(ö)

23,464

378

Helvetia

Holding

AG

1,068

155

Highwoods

Properties,

Inc.(ö)

6,178

142

Hirogin

Holdings,

Inc.

47,700

321

Hokuhoku

Financial

Group,

Inc.

19,600

208

Host

Hotels

&

Resorts,

Inc.(ö)

6,533

126

HSBC

Holdings

PLC

62,809

490

ICICI

Bank,

Ltd.

23,663

293

ICICI

Bank,

Ltd.

-

ADR

56,528

1,379

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

617,000

301

Ingenia

Communities

Group(ö)

38,677

113

Intercontinental

Exchange,

Inc.

1,321

168

Invincible

Investment

Corp.(ö)

395

162

Invitation

Homes,

Inc.(ö)

39,075

1,287

Iron

Mountain,

Inc.(ö)

6,374

430

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

464

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Itau

Unibanco

Holding

SA

-

ADR(Æ)

34,206

226

Japan

Prime

Realty

Investment

Corp.

(ö)

25

60

Japan

Retail

Fund

Investment

Corp.(ö)

113

77

Jio

Financial

Services,

Ltd.(Æ)

23,352

70

JPMorgan

Chase

&

Co.

4,224

737

Kasikornbank

PCL

78,900

267

KB

Financial

Group,

Inc.

6,783

288

KE

Holdings,

Inc.

-

ADR

37,305

529

Kemper

Corp.

19,713

1,183

Kenedix

Office

Investment

Corp.

Class

A(ö)

224

243

Kimco

Realty

Corp.(ö)

24,993

505

Klepierre

SA

-

GDR(ö)

13,737

355

Korean

Reinsurance

Co.

27,961

159

Land

Securities

Group

PLC(ö)

28,551

240

LEG

Immobilien

SE(Æ)

3,209

268

Link

REIT(ö)

58,700

292

LiveRamp

Holdings,

Inc.(Æ)

26,761

1,057

London

Stock

Exchange

Group

PLC

8,620

976

Longfor

Group

Holdings,

Ltd.(Þ)

251,000

277

LSR

Group

PJSC(Š)

33,861

—

LX

Holdings

Corp.

1,012

5

LXI

REIT

PLC(ö)(Þ)

38,472

51

M&T

Bank

Corp.

887

123

Mandatum

OYJ(Æ)

3,103

14

Mapletree

Logistics

Trust(ö)

87,400

100

Marsh

&

McLennan

Cos.,

Inc.

3,603

698

MasterCard,

Inc.

Class

A

6,678

3,000

Mebuki

Financial

Group,

Inc.

54,900

165

MGIC

Investment

Corp.

8,222

163

Mid-America

Apartment

Communities,

Inc.(ö)

2,268

287

Mitsubishi

Estate

Co.,

Ltd.

89,899

1,249

Mitsui

Fudosan

Co.,

Ltd.

18,100

454

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

57

171

Morgan

Stanley

1,729

151

Moscow

Exchange

MICEX-RTS

PJSC(Š)

182,429

—

Muenchener

Rueckversicherungs-

Gesellschaft

AG

538

229

National

Bank

Holdings

Corp.

Class

A

8,122

284

National

Bank

of

Greece

SA(Æ)

15,323

116

National

Storage

REIT(ö)

36,467

55

NatWest

Group

PLC

283,395

804

Nippon

Prologis

REIT,

Inc.(ö)

135

240

Nishi-Nippon

Financial

Holdings,

Inc.

35,900

414

Nomura

Real

Estate

Holdings,

Inc.

7,700

211

North

Pacific

Bank,

Ltd.

85,200

218

Northern

Trust

Corp.

1,397

111

Old

Republic

International

Corp.

5,205

146

Pagseguro

Digital,

Ltd.

Class

A(Æ)

33,296

429

Parkway

Life

Real

Estate

Investment

Trust(ö)

64,100

168

Perella

Weinberg

Partners

43,375

510

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

142,267

600

PNC

Financial

Services

Group,

Inc.

(The)

841

127

Popular,

Inc.

5,936

507

Primerica,

Inc.

707

166

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Progressive

Corp.

(The)

1,600

285

Prologis,

LP(ö)

13,540

1,715

Public

Storage(ö)

1,650

467

Raymond

James

Financial,

Inc.

1,214

134

Realty

Income

Corp.(ö)

23,115

1,257

RELX

PLC

4,688

194

Resona

Holdings,

Inc.

132,500

735

Ringkjoebing

Landbobank

A/S

1,318

212

Safestore

Holdings

PLC(ö)

24,848

257

Sampo

OYJ

Class

A

3,103

130

Saudi

National

Bank

(The)

19,121

206

SBA

Communications

Corp.(ö)

1,301

291

Sberbank

of

Russia

PJSC(Š)

334,627

—

Segro

PLC(ö)

33,783

373

SGS

SA

1,745

161

Simon

Property

Group,

Inc.(ö)

8,681

1,203

SM

Prime

Holdings,

Inc.

782,200

476

Sprott

,

Inc.

3,603

126

Stockland(ö)

96,619

288

Sumitomo

Mitsui

Financial

Group,

Inc.

24,400

1,271

Sumitomo

Mitsui

Trust

Holdings,

Inc.

51,400

1,057

Sumitomo

Realty

&

Development

Co.,

Ltd.

11,900

374

Sun

Communities,

Inc.(ö)

5,502

690

Sun

Hung

Kai

Properties,

Ltd.

33,000

305

Swiss

Life

Holding

AG

240

172

Swiss

Re

AG

8,193

941

T

Rowe

Price

Group,

Inc.

1,150

125

TAG

Immobilien

AG(Æ)

11,753

166

Talanx

AG

2,289

161

Travelers

Cos.,

Inc.

(The)

955

202

Turkiye

Garanti

Bankasi

AS

134,287

280

UDR,

Inc.(ö)

11,710

422

Unibail

-

Rodamco

-Westfield(ö)

3,378

242

UNITE

Group

PLC

(The)(ö)

4,548

58

United

Urban

Investment

Corp.(ö)

101

102

Unum

Group

3,348

162

VICI

Properties,

Inc.(ö)

21,494

647

Visa,

Inc.

Class

A

2,331

637

Vonovia

SE

10,045

314

VTB

Bank

PJSC(Æ)(Š)

294,650,000

—

Warehouses

De

Pauw

CVA(ö)

4,621

135

Webster

Financial

Corp.

6,121

303

Welltower

,

Inc.(ö)

16,304

1,410

Willis

Towers

Watson

PLC

570

140

WP

Carey,

Inc.(ö)

3,480

216

WR

Berkley

Corp.

2,116

173

Yellow

Cake

PLC(Æ)(Þ)

45,714

402

Yoma

Strategic

Holdings,

Ltd.(Æ)

978,808

46

Yuanta

Financial

Holding

Co.,

Ltd.

655,690

563

Zurich

Insurance

Group

AG

692

352

82,326

Health

Care

-

5.9%

Abbott

Laboratories

2,502

283

AbbVie,

Inc.

2,912

479

Alcon,

Inc.

4,232

317

Amgen,

Inc.

1,329

418

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

465

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

AstraZeneca

PLC

10,153

1,351

Bangkok

Dusit

Medical

Services

PCL

565,100

436

Becton

Dickinson

&

Co.

5,240

1,251

Boston

Scientific

Corp.(Æ)

2,952

187

Bristol-Myers

Squibb

Co.

6,161

301

Cencora

,

Inc.

Class

A

832

194

Centene

Corp.(Æ)

2,655

200

Chemed

Corp.

250

148

ChemoMetec

A/S

4,578

248

Cigna

Group

(The)

1,311

395

Cooper

Cos.,

Inc.

(The)

1,481

552

Danaher

Corp.

4,839

1,161

Dr

Reddy's

Laboratories,

Ltd.

1,055

78

Elevance

Health,

Inc.

918

453

Eli

Lilly

&

Co.

1,237

799

Encompass

Health

Corp.

2,456

174

Enovis

Corp.

Class

W(Æ)

24,526

1,440

EssilorLuxottica

SA

727

143

Eurofins

Scientific

SE

7,026

424

Gilead

Sciences,

Inc.

3,331

261

GSK

Finance

No.

3

PLC

9,762

193

H.U.

Group

Holdings,

Inc.

5,100

95

Halozyme

Therapeutics,

Inc.(Æ)

8,466

287

HCA

Healthcare,

Inc.

573

175

Henry

Schein,

Inc.(Æ)

1,648

123

Humana,

Inc.

295

112

Innovent

Biologics,

Inc.(Æ)(Þ)

58,500

233

Innoviva

,

Inc.(Æ)

41,206

668

Japan

Lifeline

Co.,

Ltd.

20,800

186

Johnson

&

Johnson

9,673

1,537

Kyorin

Pharmaceutical

Co.,

Ltd.

37,000

448

Laboratory

Corp.

of

America

Holdings

573

127

Lifco

AB

Class

B

9,325

226

McKesson

Corp.

368

184

Medipal

Holdings

Corp.

5,000

80

Medtronic

PLC

13,672

1,197

Merck

&

Co.,

Inc.

4,223

510

Merck

KGaA

730

120

Molina

Healthcare,

Inc.(Æ)

568

202

Nippon

Shinyaku

Co.,

Ltd.

8,100

287

Novartis

AG

3,825

396

Novo

Nordisk

A/S

Class

B

30,471

3,480

Pacira

BioSciences

,

Inc.(Æ)

9,303

303

Pennant

Group,

Inc.

(The)(Æ)

18,989

285

Pfizer,

Inc.

9,564

259

Qiagen

NV(Æ)

5,892

257

Quest

Diagnostics,

Inc.

933

120

Recordati

SpA

3,154

174

Regeneron

Pharmaceuticals,

Inc.(Æ)

188

177

Roche

Holding

AG

2,145

620

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

112

70

Sandoz

Group

AG(Æ)

765

26

Sanofi

SA

-

ADR

3,588

360

Sartorius

Stedim

Biotech

1,303

351

Sawai

Group

Holdings

Co.,

Ltd.

10,400

394

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

15,749

589

Siemens

Healthineers

AG(Þ)

11,037

619

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sinopharm

Group

Co.,

Ltd.

Class

H

20,400

53

Straumann

Holding

AG

3,706

568

Stryker

Corp.

558

187

Suzuken

Co.,

Ltd.

12,600

392

Tenet

Healthcare

Corp.(Æ)

9,428

780

Thermo

Fisher

Scientific,

Inc.

450

243

Toho

Holdings

Co.,

Ltd.

13,800

299

UCB

SA

1,830

172

United

Therapeutics

Corp.(Æ)

498

107

UnitedHealth

Group,

Inc.

3,586

1,835

Universal

Health

Services,

Inc.

Class

B

1,003

159

Universal

Vision

Biotechnology

Co.,

Ltd.

540

5

Vertex

Pharmaceuticals,

Inc.(Æ)

443

192

West

Pharmaceutical

Services,

Inc.

1,149

429

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

25,300

175

Wuxi

Biologics

(Cayman),

Inc.(Æ)(Þ)

176,500

466

Zoetis,

Inc.

Class

A

5,520

1,037

34,262

Materials

and

Processing

-

6.2%

AddTech

AB

Class

B

17,298

360

Air

Liquide

SA

Class

A

1,320

247

Air

Products

&

Chemicals,

Inc.

435

111

Aluminum

Corp.

of

China,

Ltd.

Class

A

230,300

183

Aluminum

Corp.

of

China,

Ltd.

Class

H

480,000

233

Amcor

PLC

12,264

116

Anglo

American

Platinum,

Ltd.

1,436

61

Anglo

American

PLC

34,525

819

Anglogold

Ashanti

PLC(Ñ)

24,384

430

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

113,500

228

AptarGroup,

Inc.

1,287

167

ArcelorMittal

SA

38,254

1,049

Aris

Mining

Corp.(Æ)

51,834

160

Artemis

Gold,

Inc.(Æ)

80,314

376

Asahi

Kasei

Corp.

89,100

679

Atlas

Arteria,

Ltd.

110,276

389

Babcock

International

Group

PLC

159,848

914

Barrick

Gold

Corp.(Þ)

23,290

363

Bear

Creek

Mining

Corp.(Æ)

109,903

17

Carrier

Global

Corp.

12,696

695

CCR

SA

26,498

70

Cemex

SAB

de

CV

-

ADR(Æ)

25,537

211

Copart

,

Inc.(Æ)

5,344

257

Dundee

Corp.

Class

A(Æ)

33,422

21

DuPont

de

Nemours,

Inc.

2,069

128

Ecolab,

Inc.

819

162

Ecovyst

,

Inc.(Æ)

28,212

261

EMS-

Chemie

Holding

AG

200

151

Equinox

Gold

Corp.(Æ)

122,569

542

ERO

Copper

Corp.(Æ)

50,265

787

Fastenal

Co.

2,423

165

Ferguson

PLC

909

171

First

Quantum

Minerals,

Ltd.

25,207

229

Freeport-McMoRan,

Inc.

12,298

488

Fresnillo

PLC

19,267

129

Gabriel

Resources,

Ltd.(Æ)

686,669

230

Geberit

AG

1,314

759

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

466

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Givaudan

SA

57

237

Gold

Fields,

Ltd.

-

ADR

34

,

540

511

Graphic

Packaging

Holding

Co.

6,845

175

Harmony

Gold

Mining

Co.,

Ltd.

-

ADR

137,566

852

Holcim

AG(Æ)

3,224

248

Impala

Platinum

Holdings,

Ltd.

164,071

634

International

Paper

Co.(Þ)

3,150

113

International

Tower

Hill

Mines,

Ltd.

(Æ)

104,920

61

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

68,358

717

K+S

AG

27,972

396

Kuraray

Co.,

Ltd.

26,400

277

Linde

PLC

3,459

1,400

Lintec

Corp.

16,200

307

LKQ

Corp.

2,576

120

Lotte

Chemical

Corp.

2,810

274

Luks

Group

Vietnam

Holdings

Co.,

Ltd.

224,000

26

LyondellBasell

Industries

NV

Class

A

1,791

169

MHP

SE

-

GDR(Æ)(Þ)

69,777

230

Mondi

PLC

7,835

140

NewMarket

Corp.

291

162

Newmont

Corp.

30

,

784

1,058

Nine

Dragons

Paper

Holdings,

Ltd.(Æ)

237,000

88

Nippon

Shokubai

Co.,

Ltd.

10,300

388

Northern

Dynasty

Minerals,

Ltd.(Æ)

(Ñ)

302,827

74

NovaGold

Resources,

Inc.(Æ)

65,350

167

Novozymes

A/S

Class

B

33,911

1,738

Nucor

Corp.

952

178

Oji

Holdings

Corp.

46,600

183

Pack

Corp.

(The)

3,000

69

Packaging

Corp.

of

America

1,081

179

Pan

American

Silver

Corp.

19,464

264

Perpetua

Resources

Corp.(Æ)

31,042

89

Polyus

PJSC(Æ)(Š)

4,869

—

PPG

Industries,

Inc.

1,131

160

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

14,183

140

Rayonier

Advanced

Materials,

Inc.(Æ)

105,972

460

Reliance

Steel

&

Aluminum

Co.

914

261

Rengo

Co.,

Ltd.

22,300

145

Rio

Tinto

PLC

2,990

208

Royal

Gold,

Inc.

6,071

694

RPM

International,

Inc.

1,488

159

Sandstorm

Gold,

Ltd.

15,008

68

Seabridge

Gold,

Inc.(Æ)

37,479

394

Sherwin-Williams

Co.

(The)

3,757

1,144

Shin-Etsu

Chemical

Co.,

Ltd.

19,400

764

Siemens

AG

1,182

213

SmartRent

,

Inc.(Æ)(Ñ)

108,869

321

Taiheiyo

Cement

Corp.

14,300

295

Ternium

SA

-

ADR

4,404

170

Toagosei

Co.,

Ltd.

17,900

172

Toray

Industries,

Inc.

176,400

884

Toyo

Ink

SC

Holdings

Co.,

Ltd.

9,400

176

Trane

Technologies

PLC

794

200

Tronox

Holdings

PLC

Class

A

92,080

1,270

Trusco

Nakayama

Corp.

11,800

202

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

UltraTech

Cement,

Ltd.

1,991

243

UPM-

Kymmene

OYJ

4,217

153

Vale

SA

Class

B

-

ADR

66,076

905

Western

Copper

&

Gold

Corp.(Æ)(Ñ)

31,468

35

Westrock

Co.

3,473

140

Wheaton

Precious

Metals

Corp.

20,243

949

Zijin

Mining

Group

Co.,

Ltd.

Class

H

442,000

651

35,458

Producer

Durables

-

8.4%

3M

Co.

2,372

224

Aena

SME

SA(Þ)

3,169

561

Aeroports

de

Paris

SA

1,431

191

Airtac

International

Group

20,000

597

Allfunds

Group

PLC

81,410

582

Amphenol

Corp.

Class

A

1,735

175

Arcosa

,

Inc.

15,879

1,243

Auckland

International

Airport,

Ltd.

27,861

144

Automatic

Data

Processing,

Inc.

526

129

Avery

Dennison

Corp.

818

163

BAE

Systems

PLC

13,908

207

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

136,000

39

Booz

Allen

Hamilton

Holding

Corp.

Class

A

1,324

186

Bouygues

SA

-

ADR

4,039

148

Bureau

Veritas

SA

6,174

164

CAE,

Inc.(Æ)

14,642

293

Canadian

National

Railway

Co.

3,952

490

Cellnex

Telecom

SA(Þ)

3,522

136

CH

Robinson

Worldwide,

Inc.

1,739

146

Charoen

Pokphand

Foods

PCL

436,600

229

China

Communications

Services

Corp.,

Ltd.

Class

H

556,886

229

Cintas

Corp.

422

255

CSX

Corp.

35,363

1,262

Cummins,

Inc.

963

230

Danone

SA

20,660

1,378

DL

E&C

Co.,

Ltd.

11,454

355

Dover

Corp.

991

148

DSV

A/S

1,068

191

Eiffage

SA

1,422

148

EMCOR

Group,

Inc.

752

172

Emerson

Electric

Co.

1,447

133

Epiroc

AB

Class

A

14,233

251

Equifax,

Inc.

3,604

881

Evergreen

Marine

Corp.

Taiwan,

Ltd.

35,000

168

EXEO

Group,

Inc.

17,100

382

Expeditors

International

of

Washington,

Inc.

1,227

155

Experian

PLC

4,117

172

FedEx

Corp.

735

177

Flughafen

Zurich

AG

1,526

315

Fortive

Corp.

2,075

162

Frontier

Group

Holdings,

Inc.(Æ)(Ñ)

86,694

422

Fukuda

Corp.

2,600

97

General

Dynamics

Corp.

774

205

Gentex

Corp.

4,895

162

Getlink

SE

32,914

567

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

467

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Graco

,

Inc.

8,453

721

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

26,493

412

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

18,640

543

Guangshen

Railway

Co.,

Ltd.

Class

H(Æ)

724,000

145

Hakuhodo

DY

Holdings,

Inc.

18,800

145

Hi

Sun

Technology

China,

Ltd.(Æ)

864,000

54

Hillman

Solutions

Corp.(Æ)

34,237

301

Honeywell

International,

Inc.

1,152

233

Huntington

Ingalls

Industries,

Inc.

591

153

Illinois

Tool

Works,

Inc.

620

162

Infrastrutture

Wireless

Italiane

SpA

(Þ)

6,342

77

InterGlobe

Aviation,

Ltd.(Æ)(Þ)

15,089

536

International

Seaways,

Inc.

11,780

632

Intertek

Group

PLC

23,273

1,320

Iriso

Electronics

Co.,

Ltd.

8,900

209

Janus

International

Group,

Inc.(Æ)

65,057

921

JB

Hunt

Transport

Services,

Inc.

828

166

JGC

Holdings

Corp.

29,100

341

Jiangsu

Expressway

Co.,

Ltd.

Class

H

162,000

154

JTEKT

Corp.

68,100

624

Kamigumi

Co.,

Ltd.

9,400

216

Knight-Swift

Transportation

Holdings,

Inc.

2,858

164

Kone

OYJ

Class

B

7,477

370

L3Harris

Technologies,

Inc.

593

124

Landstar

System,

Inc.

974

187

Larsen

&

Toubro,

Ltd.

7,664

320

Localiza

Rent

a

Car

SA(Æ)

42,913

469

Mettler

-Toledo

International,

Inc.(Æ)

505

605

Mitsubishi

Corp.

9,600

166

Mitsubishi

Electric

Corp.

56,700

835

Mitsui

&

Co.,

Ltd.

2,200

89

Moody's

Corp.

4,668

1,830

MSC

Industrial

Direct

Co.,

Inc.

Class

A

1,475

146

Murphy

USA,

Inc.

422

149

Nestle

SA

19,684

2,244

NH

Foods,

Ltd.

10,300

353

Norfolk

Southern

Corp.

853

201

Northrop

Grumman

Corp.

322

144

NSK,

Ltd.

160,100

877

Obayashi

Corp.

20,500

190

One

97

Communications,

Ltd.(Æ)

13,989

127

Orient

Overseas

International,

Ltd.

12,047

180

OSG

Corp.

15,400

210

Otis

Worldwide

Corp.

9,238

817

PACCAR

Financial

Corp.

2,370

238

Pacific

Basin

Shipping,

Ltd.

1,005,000

278

Paychex,

Inc.

1,307

159

Poste

Italiane

SpA

(Þ)

13,002

141

Pyeong

Hwa

Automotive

Co.,

Ltd.

8,879

66

Robert

Half,

Inc.

2,074

165

Rumo

SA

60,558

282

Ryanair

Holdings

PLC

-

ADR

8,659

1,157

S&P

Global,

Inc.

2,574

1,154

Sandvik

AB

25,800

540

Schindler

Holding

AG

710

178

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Schneider

National,

Inc.

Class

B

6,332

155

Seiko

Epson

Corp.

20,500

301

Seino

Holdings

Co.,

Ltd.

15,500

227

Shanghai

Electric

Group

Co.,

Ltd.

Class

H(Æ)

600,000

111

Shanghai

International

Airport

Co.,

Ltd.

Class

A(Æ)

26,119

120

SkyWest,

Inc.(Æ)

1,777

95

Snap-on,

Inc.

626

182

Sohgo

Security

Services

Co.,

Ltd.

32,000

175

Spirax-Sarco

Engineering

PLC

2,871

361

Stabilus

SE

4,015

282

Stanley

Electric

Co.,

Ltd.

19,500

371

Sumitomo

Heavy

Industries,

Ltd.

12,000

312

Techtronic

Industries

Co.,

Ltd.

116,000

1,239

Teledyne

Technologies,

Inc.(Æ)

308

129

Textron,

Inc.

1,911

162

Transurban

Group

-

ADR(Æ)

79,323

698

TreeHouse

Foods,

Inc.(Æ)

33,639

1,416

Trelleborg

AB

Class

B

18,538

562

Union

Pacific

Corp.

1,235

301

United

Parcel

Service,

Inc.

Class

B

806

114

Veralto

Corp.

4,395

337

Vinci

SA

3,430

434

Waste

Management,

Inc.

933

173

Weir

Group

PLC

(The)

55,346

1,276

West

Japan

Railway

Co.

9,700

404

WW

Grainger,

Inc.

234

210

Yamato

Holdings

Co.,

Ltd.

15,500

268

48,299

Technology

-

10.9%

8x8,

Inc.(Æ)

161,551

543

Accenture

PLC

Class

A

2,955

1,075

Adobe,

Inc.(Æ)

1,220

754

Akamai

Technologies,

Inc.(Æ)

1,388

171

Alchip

Technologies,

Ltd.

4,000

492

Allegion

PLC

4,281

530

Alphabet,

Inc.

Class

A(Æ)

23,164

3,245

Alphabet,

Inc.

Class

C(Æ)

11,989

1,700

Alps

Alpine

Co.,

Ltd.

18,800

140

Amdocs,

Ltd.

1,777

163

America

Movil

SAB

de

CV

-

ADR

10,767

194

Analog

Devices,

Inc.

1,161

223

Ansys

,

Inc.(Æ)

847

278

Apple,

Inc.

20,785

3,833

Applied

Materials,

Inc.

4,723

776

Arrow

Electronics,

Inc.(Æ)

1,129

125

ASML

Holding

NV

1,775

1,521

Assa

Abloy

AB

Class

B

52,320

1,435

Autodesk,

Inc.(Æ)

2,343

595

AutoStore

Holdings,

Ltd.(Æ)(Þ)

148,016

272

Baidu,

Inc.

-

ADR(Æ)

2,747

289

Baidu,

Inc.

Class

A(Æ)

23,800

312

BE

Semiconductor

Industries

NV

4,255

643

Bechtle

AG

10,246

535

Broadcom,

Inc.

322

380

CACI

International,

Inc.

Class

A(Æ)

549

189

Cars.com,

Inc.(Æ)

33,259

580

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

468

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CDW

Corp.

733

166

Cisco

Systems,

Inc.

7,017

352

Cognizant

Technology

Solutions

Corp.

Class

A

3,059

236

Cosel

Co.,

Ltd.

12,200

123

Eizo

Corp.

5,100

176

en

Japan,

Inc.

17,800

330

F5,

Inc.(Æ)

1,024

188

FANUC

Corp.

31,700

874

Fiserv,

Inc.(Æ)

1,357

193

Fortnox

AB

24,945

138

Global

Unichip

Corp.

4,000

194

Hewlett

Packard

Enterprise

Co.

9,799

150

Infineon

Technologies

AG

-

ADR

22,462

819

Infosys,

Ltd.

-

ADR

61,545

1,222

International

Business

Machines

Corp.

2,034

374

Juniper

Networks,

Inc.

4,211

156

Kanzhun

,

Ltd.

-

ADR

3,591

50

KBR,

Inc.

12,579

655

Keyence

Corp.

2,900

1,301

Legrand

SA

-

ADR

1,628

158

Leidos

Holdings,

Inc.

1,291

143

LG

Corp.

Class

H

7,662

468

Mabuchi

Motor

Co.,

Ltd.

20,600

357

MediaTek

,

Inc.

19,000

585

Meta

Platforms,

Inc.

Class

A

3,212

1,253

Microsoft

Corp.

20,168

8,018

MSCI,

Inc.

Class

A

1,563

936

NAVER

Corp.

1,072

159

NCAB

Group

AB(Ñ)

38,151

248

NET

One

Systems

Co.,

Ltd.

8,300

135

Ooma

,

Inc.(Æ)

23,111

250

Oracle

Corp.

9,385

1,048

Parade

Technologies,

Ltd.

20,000

701

PlayAGS

,

Inc.(Æ)

67,073

584

Roper

Technologies,

Inc.

302

162

Samsung

Electronics

Co.,

Ltd.

76,406

4,143

SAP

SE

-

ADR

9,652

1,680

Signify

NV(Þ)

38,455

1,161

SK

Hynix,

Inc.

19,019

1,884

Skyworks

Solutions,

Inc.

1,550

162

Softcat

PLC

24,374

447

Swisscom

AG

437

261

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

189,000

3,786

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

22,612

2,554

Telkom

Indonesia

Persero

Tbk

PT

1,048,434

263

Texas

Instruments,

Inc.

1,056

169

Tower

Semiconductor,

Ltd.(Æ)

21,824

630

Trip.com

Group,

Ltd.

-

ADR(Æ)

21,141

773

Unimicron

Technology

Corp.

51,000

284

UT

Group

Co.,

Ltd.

5,800

93

Vimeo,

Inc.(Æ)

83,164

330

Vodafone

Group

PLC

104,316

89

Will

Semiconductor,

Ltd.

Class

A

9,000

108

62,712

Utilities

-

3.8%

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Alliant

Energy

Corp.

5,286

257

AT&T,

Inc.

17,847

316

Atmos

Energy

Corp.

1,217

139

Bharti

Airtel,

Ltd.

68,493

965

Centrais

Eletricas

Brasileiras

SA

83,844

691

CGN

Power

Co.,

Ltd.

Class

H(Þ)

2,392,000

670

Cheniere

Energy,

Inc.

3,353

550

China

Yangtze

Power

Co.,

Ltd.

Class

A

184,400

627

CMS

Energy

Corp.

2,024

116

ConocoPhillips

1,258

141

Consolidated

Edison,

Inc.

1,497

136

Deutsche

Telekom

AG

8,018

197

Dominion

Energy,

Inc.

6,172

282

DT

Midstream,

Inc.

5,592

300

DTE

Energy

Co.

1,059

112

Duke

Energy

Corp.

7,622

730

E.ON

SE

13,569

184

Edison

International

2,028

137

Elisa

OYJ

3,226

147

Emera

,

Inc.

3,592

127

Enagas

SA

6,559

107

Enbridge,

Inc.

5,687

202

Endesa

SA

-

ADR

6,283

124

Enel

SpA

33,611

229

ENN

Energy

Holdings,

Ltd.

22,600

167

Entergy

Corp.

4,494

448

Evergy

,

Inc.

1,705

87

Eversource

Energy

4,588

249

Exelon

Corp.

9,788

341

Federal

Grid

Co.

Unified

Energy

System

PJSC(Æ)(Š)

381,588,279

—

FirstEnergy

Corp.

3,810

140

Fortum

OYJ

83,164

1,134

Guangdong

Investment,

Ltd.

70,000

41

Hera

SpA

16,895

60

Iberdrola

SA

48,813

588

Inpex

Corp.

7,900

108

Koninklijke

KPN

NV

56,811

193

Korea

Electric

Power

Corp.

29,896

441

Korea

Electric

Power

Corp.

-

ADR(Ñ)

11,267

83

Kosmos

Energy,

Ltd.(Æ)

163,108

988

KT

Corp.

10,182

269

KT

Corp.

-

ADR

90,530

1,194

LG

Uplus

Corp.

166,370

1,274

MEG

Energy

Corp.

Class

A(Æ)

5,003

95

MTN

Group,

Ltd.

29,257

149

National

Fuel

Gas

Co.

2,892

136

National

Grid

PLC

76,624

1,020

NextEra

Energy,

Inc.

10,659

625

Osaka

Gas

Co.,

Ltd.

13,700

289

Redeia

Corp.

SA

7,131

119

RusHydro

PJSC(Š)

104,654,642

—

Scottish

&

Southern

Energy

PLC

11,435

243

Sempra

1,768

126

Severn

Trent

PLC

Class

H

6,384

210

Snam

Rete

Gas

SpA

30,484

149

Southern

Co.

(The)

8,055

560

TC

Energy

Corp.

3,298

130

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

469

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Telenor

ASA

15,238

169

Terna

Rete

Elettrica

Nazionale

SpA

17,132

144

T-Mobile

US,

Inc.

923

149

UGI

Corp.

7,431

164

Veolia

Environnement

SA

29,549

962

Verizon

Communications,

Inc.

11,622

492

WEC

Energy

Group,

Inc.

1,388

112

Xcel

Energy,

Inc.

5,194

311

21,645

Total

Common

Stocks

(cost

$327,671)

360,320

Preferred

Stocks

-

0.3%

Consumer

Discretionary

-

0.1%

Hyundai

Motor

Co.

21.157%

(Ÿ)

4,135

365

21.191%

(Ÿ)

1,074

94

459

Consumer

Staples

-

0.0%

Henkel

AG

&

Co.

KGaA

2.632%

(Ÿ)

1,936

149

Energy

-

0.0%

Petroleo

Brasileiro

SA

7.862%

(Ÿ)

28,988

237

Financial

Services

-

0.1%

Itau

Unibanco

Holding

SA

6.972%

(Ÿ)

55,327

366

Health

Care

-

0.0%

Draegerwerk

AG

&

Co.

KGaA

0.406%

(Ÿ)

3,168

164

Materials

and

Processing

-

0.0%

Braskem

SA

0.000%

(Æ)

12,020

43

Technology

-

0.1%

Samsung

Electronics

Co.,

Ltd.

2.272%

(Ÿ)

11,870

517

Utilities

-

0.0%

Raizen

Energia

SA

7.466%

(Ÿ)

154,495

119

Total

Preferred

Stocks

(cost

$1,785)

2,054

Options

Purchased

-

0.0%

(Number

of

Contracts)

S&P

500

Index

Futures

Morgan

Stanley

Jul

2024

4,325.00

Put

(37)

USD

16,003

(ÿ)

173

Total

Options

Purchased

(cost

$309)

173

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Warrants

and

Rights

-

0.0%

Warrants

and

Rights

-

0.0%

Localiza

Rent

a

Car

SA

(Æ)

2024  Rights

153

—

Total

Warrants

and

Rights

(cost

$—)

—

Short-Term

Investments

-

7.0%

8x8,

Inc.

0.500%

due

02/01/24

(ç)(Þ)

1,267

1,267

Air

Transport

Services

Group,

Inc.

1.125%

due

10/15/24

1,084

1,037

BioMarin

Pharmaceutical,

Inc.

0.599%

due

08/01/24

296

290

Chefs'

Warehouse,

Inc.

1.875%

due

12/01/24

(Þ)

433

425

China

Government

International

Bond

1.950%

due

12/03/24

(Þ)

514

502

Series

REGS

0.750%

due

10/26/24

(Þ)

200

194

Kaman

Corp.

3.250%

due

05/01/24

417

413

NextEra

Energy

Partners,

LP

7.920%

due

06/15/24

(ž)(Þ)

1,196

1,163

PennyMac

Mortgage

Investment

Trust

5.500%

due

11/01/24

1,758

1,710

Sri

Lanka

Government

International

Bond

Series

REGS

5.750%

due

04/18/23

(~)(Ê)(Þ)

669

348

Turning

Point

Brands,

Inc.

2.500%

due

07/15/24

1,039

1,019

U.S.

Cash

Management

Fund(@)

22,809,897

(∞)

22,803

United

Kingdom

Gilt

1.000%

due

04/22/24

(Þ)

866

1,088

United

States

Treasury

Bills

5.360%

due

05/30/24

7,002

6,882

United

States

Treasury

Notes

0.250%

due

03/15/24

967

962

Zambia

Government

International

Bond

Series

REGS

5.375%

due

09/20/24

(~)(Ê)(Þ)

200

113

Total

Short-Term

Investments

(cost

$40,618)

40,216

Other

Securities

-

1.1%

U.S.

Cash

Collateral

Fund(@)(×)

6,138,723

(∞)

6,139

Total

Other

Securities

(cost

$6,139)

6,139

Total

Investments

-

97.6%

(identified

cost

$528,828)

562,140

Other

Assets

and

Liabilities,

Net

-

2.4%

13,773

Net

Assets

-

100.0%

575,913

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

470

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

$

$

$

16.4%

8x8,

Inc.

06/07/23

1,267,000

100.00

1,267

1,267

ABN

AMRO

Bank

NV

03/30/20

EUR

200,000

92.28

185

199

ABN

AMRO

Bank

NV

05/08/20

EUR

36,959

16.33

603

547

Abu

Dhabi

Government

International

Bond

09/20/22

1,293,000

83.78

1,083

1,080

Abu

Dhabi

Government

International

Bond

11/02/22

200,000

67.70

135

140

Aena

SME

SA

11/29/22

EUR

3,169

126.85

402

561

AerCap

Holdings

NV

10/03/19

300,000

100.68

302

298

Aircastle

,

Ltd.

09/14/23

35,000

85.95

30

31

Alcoa

Nederland

Holding

BV

04/23/21

400,000

96.31

385

367

Alpek

SAB

de

CV

01/25/24

251,000

84.02

211

210

Alpha

Services

and

Holdings

SA

05/18/21

EUR

100,000

121.44

121

106

Altice

France

Holding

SA

01/23/20

EUR

307,000

109.20

335

141

Ambipar

Lux

SARL

01/30/24

200,000

100.00

200

199

Angola

Government

International

Bond

09/20/22

528,000

81.43

430

453

Arcelik

AS

01/10/24

EUR

200,000

104.83

210

206

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

09/13/21

EUR

100,000

118.52

119

84

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

08/11/17

GBP

284,000

129.88

369

266

Ashland,

Inc.

01/14/22

401,000

85.11

341

338

AT&T,

Inc.

02/24/23

EUR

200,000

99.10

198

210

Australia

&

New

Zealand

Banking

Group,

Ltd.

03/08/23

EUR

200,000

103.71

207

223

AutoStore

Holdings,

Ltd.

10/25/21

NOK

148,016

2.82

418

272

Azerbaijan

Government

International

Bond

09/21/22

351,000

84.35

296

300

Bahrain

Government

International

Bond

05/04/23

1,025,000

100.44

1,029

1,056

Banco

BPM

SpA

01/30/24

EUR

150,000

103.78

156

153

Banco

BTG

Pactual

SA

05/05/21

200,000

97.86

196

189

Banco

Mercantil

del

Norte

SA

01/17/24

200,000

99.12

198

198

Bank

of

Cyprus

PCL

09/23/21

EUR

100,000

116.38

116

101

Bank

of

Ireland

Group

PLC

04/12/22

EUR

200,000

101.46

203

201

Barrick

Gold

Corp.

05/18/23

23,290

18.35

427

363

Bath

&

Body

Works,

Inc.

02/03/21

155,000

93.21

144

155

BAWAG

Group

AG

04/18/18

EUR

200,000

123.75

247

189

Berry

Global,

Inc.

03/11/20

EUR

370,000

109.32

404

372

Berry

Global,

Inc.

01/10/24

14,000

99.71

14

14

Bilibili

,

Inc.

07/24/23

865,000

91.39

791

807

BNP

Paribas

SA

01/16/23

200,000

81.27

163

162

Bolivia

Government

International

Bond

12/07/23

119,000

46.83

56

62

Brazil

Government

International

Bond

01/22/24

392,000

99.71

391

392

British

Airways

Pass-Through

Trust

01/30/23

EUR

200,000

95.87

192

209

British

Telecommunications

PLC

09/13/23

200,000

82.76

166

176

Caisse

Nationale

de

Reassurance

Mutuelle

Agricole

Groupama

09/19/17

EUR

300,000

117.19

352

324

CaixaBank

SA

03/08/23

EUR

200,000

75.27

151

173

Canpack

SA

/

Eastern

PA

Land

Investment

Holding

LLC

09/15/23

EUR

200,000

109.54

219

199

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

12/01/20

425,000

98.34

418

359

Cellnex

Telecom

SA

12/10/21

EUR

3,522

35.55

125

136

Cellnex

Telecom

SA

09/06/23

EUR

400,000

107.55

430

365

Cemex

SAB

de

CV

05/24/21

200,000

100.19

200

178

Centene

Corp.

02/10/21

453,000

85.00

385

377

CF

Industries,

Inc.

04/13/22

28,000

105.62

30

28

CGN

Power

Co.,

Ltd.

10/07/22

HKD

2,392,000

0.26

611

670

Chefs'

Warehouse,

Inc.

10/25/23

433,000

94.27

408

425

Chegg

,

Inc.

04/13/23

1,573,000

84.12

1,323

1,308

Chile

Government

International

Bond

07/06/23

998,436

95.77

956

979

China

Government

International

Bond

09/29/23

200,000

90.70

181

185

China

Government

International

Bond

10/04/23

200,000

96.61

193

194

China

Government

International

Bond

11/21/23

514,000

97.39

501

502

China

International

Capital

Corp.,

Ltd.

09/11/23

HKD

52,000

1.91

99

62

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

12/21/22

HKD

11,800

22.44

265

103

Clearway

Energy

Operating

LLC

04/03/23

261,000

87.53

228

226

Clearway

Energy

Operating

LLC

11/21/23

120,000

83.89

101

102

Cleveland-Cliffs,

Inc.

01/08/24

72,000

93.52

67

67

Codelco

Metals,

Inc.

09/05/23

300,000

99.89

300

300

Coinbase

Global,

Inc.

04/11/23

1,776,000

76.50

1,359

1,538

Conduent

,

Inc.

11/14/23

226,000

81.54

184

188

Cooperatieve

Rabobank

UA

04/01/20

EUR

200,000

85.96

172

196

Corp.

Nacional

del

Cobre

de

Chile

01/23/24

311,000

99.94

311

318

Costa

Rica

Government

International

Bond

11/06/23

498,000

94.80

472

521

Country

Garden

Holdings

Co.,

Ltd.

01/29/20

200,000

101.71

203

15

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

471

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

$

$

$

Crown

European

Holdings

SA

11/06/18

EUR

100,000

113.73

114

105

Crown

European

Holdings

SA

11/30/23

EUR

100,000

108.85

109

110

Cryoport

,

Inc.

05/19/23

702,000

82.98

583

575

DigitalOcean

Holdings,

Inc.

07/10/23

2,433,000

81.18

1,975

1,994

Dino

Polska

SA

10/18/23

PLN

5,825

82.31

479

629

DNB

Bank

ASA

11/05/19

205,000

100.00

205

201

Dominican

Republic

Government

International

Bond

08/22/23

971,000

99.06

962

1,009

Ecuador

Government

International

Bond

09/20/22

627,990

43.80

275

257

Ecuador

Government

International

Bond

04/19/23

262,978

47.72

125

138

Egypt

Government

International

Bond

04/26/23

1,111,000

65.04

723

752

El

Salvador

Government

International

Bond

10/20/22

224,000

33.20

74

190

El

Salvador

Government

International

Bond

08/08/23

150,000

70.42

106

128

Electricite

de

France

SA

08/02/22

GBP

300,000

135.51

407

371

Enel

SpA

07/21/22

EUR

200,000

95.92

192

176

Energias

de

Portugal

SA

12/06/23

EUR

300,000

87.96

264

274

EnLink

Midstream

LLC

12/08/23

80,000

98.08

78

79

Eskom

Holdings

SOC,

Ltd.

10/06/22

200,000

86.30

173

186

Etalon

Group

PLC

04/11/16

185,343

—

331

—

Eurofins

Scientific

SE

02/05/20

EUR

100,000

109.70

110

104

Eurofins

Scientific

SE

01/11/24

EUR

200,000

87.74

175

175

Euronet

Worldwide,

Inc.

08/29/23

1,606,000

92.63

1,488

1,524

Export-Import

Bank

of

India

06/27/22

316,000

81.90

259

261

Falabella

SA

02/24/22

200,000

94.57

189

151

Faurecia

SE

06/13/23

EUR

100,000

91.73

92

97

Fiverr

International,

Ltd.

01/11/23

982,000

89.19

876

875

FMG

Resources

(August

2006)

Pty.,

Ltd.

01/08/24

256,000

88.44

226

230

Ford

Motor

Credit

Co.

LLC

11/24/23

200,000

90.51

181

188

Fresenius

Medical

Care

US

Finance

II,

Inc.

10/31/23

438,000

70.01

307

339

Gabon

Government

International

Bond

02/06/23

200,000

70.39

141

163

Gaci

First

Investment

Co.

05/23/23

400,000

88.96

356

340

Gaci

First

Investment

Co.

08/03/23

200,000

97.02

194

190

Ghana

Government

International

Bond

09/20/22

703,000

40.03

281

310

Ghana

Government

International

Bond

01/04/24

200,000

41.47

83

88

Goodyear

Europe

BV

03/08/22

EUR

122,000

99.97

122

117

Graphic

Packaging

International

LLC

11/09/21

EUR

100,000

115.96

116

99

Graphic

Packaging

International

LLC

04/03/23

EUR

200,000

96.97

194

199

Greenko

Power

II,

Ltd.

01/25/22

180,000

98.86

178

163

Grifols

Escrow

Issuer

SA

02/09/22

EUR

184,000

108.54

200

168

Guatemala

Government

International

Bond

06/06/23

401,000

100.00

401

405

GUSAP

III,

LP

05/03/23

200,000

93.64

187

190

Halyk

Savings

Bank

of

Kazakhstan

JSC

01/21/22

18,386

11.93

219

263

Hanesbrands,

Inc.

12/05/19

589,000

101.90

600

568

Hat

Holdings

I

LLC

09/11/23

1,898,000

97.15

1,844

1,919

Hazine

Mustesarligi

Varlik

Kiralama

AS

12/05/23

770,000

101.96

785

798

HCA,

Inc.

04/10/19

221,000

101.54

224

246

Hungary

Government

International

Bond

12/21/22

361,000

62.80

227

229

Hungary

Government

International

Bond

01/04/23

200,000

99.40

199

206

Hungary

Government

International

Bond

07/25/23

459,000

102.09

469

472

Hungary

Government

International

Bond

01/03/24

321,000

97.89

314

314

Ibercaja

Banco

SA

01/16/20

EUR

100,000

111.37

111

103

Iliad

SA

02/10/22

EUR

300,000

109.67

329

296

Infrastrutture

Wireless

Italiane

SpA

01/25/21

EUR

100,000

123.90

124

100

Infrastrutture

Wireless

Italiane

SpA

11/21/22

EUR

6,342

10.92

69

77

Infrastrutture

Wireless

Italiane

SpA

10/03/23

EUR

120,000

98.86

119

125

Innovent

Biologics,

Inc.

11/10/23

HKD

58,500

5.96

349

233

InterGlobe

Aviation,

Ltd.

05/06/22

INR

15,089

29.68

448

536

Intesa

Sanpaolo

SpA

02/20/20

EUR

250,000

107.89

270

222

IQVIA,

Inc.

02/17/21

EUR

248,000

120.42

299

243

IQVIA,

Inc.

04/04/22

EUR

276,000

93.17

257

271

Iron

Mountain,

Inc.

05/10/23

220,000

87.61

193

197

Iron

Mountain,

Inc.

06/14/23

109,000

91.37

100

103

Itau

Unibanco

Holding

SA

01/12/21

200,000

99.76

199

194

Ivory

Coast

Government

International

Bond

09/20/22

122,423

91.58

112

118

Ivory

Coast

Government

International

Bond

01/23/24

299,000

98.10

293

297

Jordan

Government

International

Bond

04/04/23

46,000

98.94

46

45

Jordan

Government

International

Bond

01/17/24

326,000

98.88

322

319

JPMorgan

Chase

&

Co.

11/16/20

200,000

100.34

201

200

Kazakhstan

Government

International

Bond

09/20/22

282,000

84.37

238

263

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

472

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

$

$

$

KazMunayGas

National

Co.

JSC

03/22/22

252,000

94.56

238

240

KB

Home

10/31/23

44,000

88.97

39

42

Khazanah

Capital,

Ltd.

07/17/23

204,000

99.76

204

202

Khazanah

Global

Sukuk

Bhd

07/19/23

250,000

100.00

250

249

Kinder

Morgan

Energy

Partners,

LP

03/24/17

290,000

92.92

269

252

Klabin

Austria

GmbH

03/24/21

200,000

96.97

194

167

Koninklijke

KPN

NV

06/07/23

EUR

200,000

107.50

215

211

Kuaishou

Technology

12/02/22

HKD

75,900

9.68

735

379

La

Banque

Postale

SA

12/29/21

EUR

400,000

108.77

435

326

Lebanon

Government

International

Bond

06/22/23

1,578,000

7.02

111

91

Lebanon

Government

International

Bond

01/16/24

89,000

5.91

5

5

Lenta

International

Co.

PJSC

08/27/21

105,913

—

328

—

Levi

Strauss

&

Co.

01/19/22

561,000

99.01

555

485

Longfor

Group

Holdings,

Ltd.

10/06/23

HKD

251,000

2.22

557

277

Lorca

Telecom

Bondco

SA

11/30/23

EUR

200,000

112.53

225

210

Lumentum

Holdings,

Inc.

12/11/23

2,164,000

77.46

1,676

1,727

LXI

REIT

PLC

09/26/22

GBP

38,472

1.32

51

51

Lyft,

Inc.

11/13/23

1,660,000

93.76

1,556

1,574

Marks

&

Spencer

PLC

04/05/23

GBP

467,000

117.54

549

567

Match

Group

Financeco

,

Inc.

11/02/23

353,000

87.05

307

322

Matterhorn

Telecom

SA

04/13/23

EUR

209,000

102.65

215

222

MDGH

GMTN

RSC,

Ltd.

07/27/23

218,000

105.09

229

226

MDGH

GMTN

RSC,

Ltd.

10/25/23

200,000

98.82

198

214

Medline

Borrower,

LP

11/08/21

306,000

92.11

282

277

Meritage

Homes

Corp.

08/16/23

300,000

90.85

273

276

MHP

SE

08/30/19

69,777

9.68

676

230

Millicom

International

Cellular

SA

03/08/22

200,000

92.09

184

169

Morocco

Government

International

Bond

03/01/23

284,000

99.04

281

289

NAC

Kazatomprom

JSC

06/17/20

19,081

16.33

312

770

NatWest

Group

PLC

01/26/22

200,000

95.11

190

151

Netflix,

Inc.

02/03/22

EUR

150,000

107.39

161

164

Network

i2i,

Ltd.

10/08/19

200,000

100.00

200

197

Nexans

SA

05/16/23

EUR

300,000

111.97

336

341

Nexi

SpA

07/12/22

EUR

100,000

75.96

76

95

NextEra

Energy

Partners,

LP

03/16/23

1,196,000

97.76

1,169

1,163

NextEra

Energy,

Inc.

10/13/23

1,260,000

87.62

1,104

1,113

Nigeria

Government

International

Bond

10/13/22

521,000

70.01

365

428

Nigeria

Government

International

Bond

02/16/23

400,000

84.33

337

373

Novelis

Corp.

03/06/20

197,000

99.26

196

183

Novelis

Corp.

05/24/22

81,000

91.74

74

70

NuVasive

,

Inc.

01/09/23

1,980,000

93.47

1,851

1,861

Ocado

Group

PLC

05/03/23

GBP

100,000

99.88

100

110

OI

European

Group

BV

07/19/23

326,000

89.03

290

302

Olympus

Water

US

Holding

Corp.

09/21/21

EUR

110,000

112.18

123

104

Oman

Government

International

Bond

10/26/22

200,000

90.14

180

207

Oman

Government

International

Bond

11/09/23

1,036,000

102.88

1,066

1,084

OneMain

Finance

Corp.

11/10/23

285,000

82.58

235

241

Orbia

Advance

Corp.

SAB

de

CV

05/04/22

200,000

84.83

170

165

Orsted

A/S

06/09/22

GBP

100,000

98.43

98

90

Pakistan

Government

International

Bond

12/07/22

502,000

49.38

248

326

Paraguay

Government

International

Bond

06/28/23

420,000

98.82

415

418

Pension

Insurance

Corp.

PLC

01/30/23

GBP

100,000

99.68

100

101

Petroleos

del

Peru

SA

10/05/17

416,000

64.40

268

265

Petronas

Capital,

Ltd.

12/14/22

448,000

86.26

386

375

Petronas

Capital,

Ltd.

11/06/23

400,000

60.69

243

275

Philippine

Government

International

Bond

10/05/22

200,000

100.00

200

203

Phoenix

Group

Holdings

PLC

01/30/19

GBP

200,000

107.05

214

220

Post

Holdings,

Inc.

02/21/20

52,000

100.05

52

48

Post

Holdings,

Inc.

07/21/22

246,000

96.02

236

221

Poste

Italiane

SpA

04/06/17

EUR

13,002

9.52

124

141

Qatar

Government

International

Bond

02/28/23

200,000

95.09

190

186

Qatar

Government

International

Bond

10/30/23

984,000

98.09

965

989

Range

Resources

Corp.

09/01/23

232,000

90.71

210

216

Repay

Holdings

Corp.

01/09/23

2,485,000

84.96

2,111

2,103

Republic

of

Kenya

Government

International

Bond

03/22/23

386,000

85.23

329

354

Republic

of

Uzbekistan

Government

International

Bond

10/05/23

200,000

98.94

198

207

Romania

Government

International

Bond

01/05/23

250,000

99.47

249

279

Romania

Government

International

Bond

01/05/23

298,000

99.95

298

321

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

473

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

11/30/23

38,000

103.88

39

41

Romania

Government

International

Bond

01/04/24

20,000

107.96

22

22

Romania

Government

International

Bond

01/23/24

232,000

99.16

230

237

Romania

Government

International

Bond

01/23/24

188,000

99.47

187

190

Rothesay

Life

PLC

11/03/23

GBP

200,000

81.20

162

184

Samsung

Biologics

Co.,

Ltd.

09/23/21

KRW

112

577.90

65

70

Sappi

Papier

Holding

GmbH

06/21/23

160,000

100.49

161

166

Saudi

Arabian

Oil

Co.

12/07/22

SAR

60,453

7.86

475

494

Saudi

Government

International

Bond

01/08/24

1,407,000

99.23

1,396

1,403

Sealed

Air

Corp.

01/26/21

400,000

103.28

413

373

Sealed

Air

Corp.

10/25/23

100,000

88.95

89

96

Senegal

Government

International

Bond

09/20/22

200,000

70.99

142

150

Shimao

Group

Holdings,

Ltd.

12/03/21

200,000

73.85

148

9

Siemens

Healthineers

AG

10/14/22

EUR

11,037

56.93

628

619

Signify

NV

06/10/22

EUR

38,455

31.31

1,204

1,161

Silgan

Holdings,

Inc.

02/19/20

EUR

400,000

105.67

423

392

Smurfit

Kappa

Treasury

ULC

05/09/22

EUR

113,000

87.13

98

97

Snap,

Inc.

05/17/23

2,361,000

73.16

1,727

1,868

SoFi

Technologies,

Inc.

03/31/23

2,855,000

78.84

2,251

2,370

Solvay

SA

10/26/21

EUR

200,000

118.87

238

206

SPCM

SA

12/01/23

400,000

91.55

366

344

Sri

Lanka

Government

International

Bond

09/20/22

669,000

100.00

669

348

Stem,

Inc.

07/13/23

390,000

64.60

252

191

Stora

Enso

OYJ

03/13/17

200,000

112.74

225

218

Stora

Enso

OYJ

06/19/19

150,000

114.42

172

163

Summit

Digitel

Infrastructure

Private,

Ltd.

10/11/21

200,000

96.32

193

167

Taylor

Morrison

Communities,

Inc.

05/10/22

255,000

92.31

235

243

TDC

Net

A/S

11/22/23

EUR

100,000

109.41

109

116

Teladoc

Health,

Inc.

08/30/23

1,848,000

82.19

1,519

1,550

Telecom

Italia

SpA

11/07/23

EUR

100,000

94.30

94

101

Telefonica

Europe

BV

12/08/21

EUR

200,000

110.99

222

189

Telenet

Finance

Luxembourg

Notes

SARL

06/12/23

200,000

93.37

187

189

TenneT

Holding

BV

06/09/22

EUR

100,000

102.66

103

104

TerraForm

Power

Operating

LLC

04/08/20

307,000

102.40

314

283

TMNL

Holding

BV

09/13/23

EUR

200,000

95.23

190

203

Transnet

SOC,

Ltd.

01/30/23

200,000

100.00

200

201

Trinidad

&

Tobago

Government

International

Bond

09/11/23

200,000

99.30

199

203

Trivium

Packaging

Finance

BV

11/03/23

EUR

100,000

100.10

100

105

UBS

Group

AG

12/18/23

200,000

79.14

158

159

Ukraine

Government

International

Bond

09/20/22

1,290,000

26.96

348

341

UniCredit

SpA

03/06/20

EUR

200,000

96.90

194

186

UnipolSai

Assicurazioni

SpA

12/21/20

EUR

200,000

133.32

267

211

United

Group

BV

01/30/24

EUR

100,000

108.58

109

107

United

Kingdom

Gilt

12/21/23

GBP

866,000

125.73

1,089

1,088

Unity

Software,

Inc.

11/13/23

481,000

81.47

392

400

UPC

Broadband

Finco

BV

01/21/22

200,000

100.67

201

175

Veolia

Environnement

SA

12/09/20

EUR

100,000

122.92

123

97

Veolia

Environnement

SA

01/06/22

EUR

100,000

112.34

112

97

Verallia

SA

01/05/22

EUR

200,000

111.38

223

186

Vmed

O2

UK

Financing

I

PLC

10/15/21

GBP

308,000

138.57

427

335

Volvo

Car

AB

05/17/23

EUR

100,000

102.94

103

108

VZ

Vendor

Financing

II

BV

09/21/21

EUR

300,000

116.73

350

282

Wayfair,

Inc.

09/06/23

1,169,000

89.34

1,044

1,067

Wayfair,

Inc.

11/03/23

1,629,000

84.19

1,371

1,401

WH

Group,

Ltd.

05/05/23

HKD

317,000

0.62

195

186

Wizz

Air

Finance

Co.

BV

01/18/24

EUR

100,000

100.65

101

100

WuXi

AppTec

Co.,

Ltd.

03/09/23

HKD

25,300

20.86

528

175

Wuxi

Biologics

(Cayman),

Inc.

01/19/24

176,500

3.73

658

466

Yellow

Cake

PLC

09/23/19

GBP

45,714

2.64

121

402

Zalando

SE

06/16/23

EUR

38,193

24.71

944

770

Zambia

Government

International

Bond

02/06/23

200,000

100.00

200

113

ZF

Finance

GmbH

10/23/23

EUR

200,000

94.53

189

199

Ziggo

Bond

Co.

BV

02/05/20

EUR

150,000

110.08

165

138

94,437

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

474

Multi-Asset

Growth

Strategy

Fund

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

5

EUR

384

02/24

19

DAX

Index

Futures

3

EUR

1,274

03/24

—

Dow

Jones

U.S.

Real

Estate

Index

Futures

292

USD

9,826

03/24

70

EURO

STOXX

50

Index

Futures

12

EUR

560

03/24

11

FTSE

100

Index

Futures

5

GBP

381

03/24

3

FTSE/MIB

Index

Futures

3

EUR

464

03/24

5

Hang

Seng

Index

Futures

3

HKD

2,329

02/24

(10)

IBEX

35

Index

Futures

3

EUR

303

02/24

7

Long

Gilt

Futures

2

GBP

200

03/24

5

MSCI

Emerging

Markets

Index

Futures

16

USD

785

03/24

(5)

OMXS30

Index

Futures

7

SEK

1,653

02/24

4

S&P

500

E-Mini

Index

Futures

545

USD

132,721

03/24

5,597

S&P/TSX

60

Index

Futures

2

CAD

508

03/24

12

SPI

200

Index

Futures

30

AUD

5,732

03/24

98

TOPIX

Index

Futures

4

JPY

102,140

03/24

56

United

States

2

Year

Treasury

Note

Futures

611

USD

125,656

03/24

1,042

United

States

5

Year

Treasury

Note

Futures

89

USD

9,647

03/24

174

United

States

10

Year

Treasury

Note

Futures

868

USD

97,501

03/24

2,576

United

States

Treasury

Ultra

Bond

Futures

3

USD

388

03/24

21

Short

Positions

EURO

STOXX

50

Index

Futures

476

EUR

22,206

03/24

(438)

Euro-

Bobl

Futures

6

EUR

711

03/24

(9)

Euro-Bund

Futures

1

EUR

136

03/24

(3)

FTSE

100

Index

Futures

132

GBP

10,070

03/24

14

MSCI

Emerging

Markets

Index

Futures

548

USD

26,874

03/24

148

Russell

2000

E-Mini

Index

Futures

820

USD

80,192

(2,298)

S&P/TSX

60

Index

Futures

2

CAD

508

03/24

(12)

TOPIX

Index

Futures

96

JPY

2,451,360

03/24

(1,334)

United

States

10

Year

Treasury

Note

Futures

11

USD

1,236

03/24

(13)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

5,740

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

Futures

Morgan

Stanley

Put

37

3,900.00

USD

14,430

07/19/24

(84)

Total

Liability

for

Options

Written

(premiums

received

$141)

(84)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

5,410

GBP

4,277

02/15/24

10

Bank

of

New

York

USD

680

AUD

1,030

03/20/24

(3)

Bank

of

New

York

USD

755

CAD

1,023

03/20/24

6

Bank

of

New

York

AUD

4,298

USD

2,891

02/15/24

70

Bank

of

New

York

DKK

6,388

USD

929

03/20/24

1

Bank

of

New

York

EUR

1,610

USD

1,744

03/20/24

1

Bank

of

New

York

GBP

1,347

USD

1,689

03/20/24

(18)

Bank

of

New

York

HKD

14,119

USD

1,810

03/20/24

2

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

475

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

JPY

176,391

USD

1,234

03/21/24

26

Bank

of

New

York

SEK

5,844

USD

562

03/20/24

(1)

Citigroup

USD

679

AUD

1,030

03/20/24

(2)

Citigroup

USD

754

CAD

1,023

03/20/24

7

Citigroup

USD

2,879

NOK

29,843

02/15/24

(41)

Citigroup

DKK

6,388

USD

929

03/20/24

1

Citigroup

EUR

1,610

USD

1,745

03/20/24

1

Citigroup

GBP

1,347

USD

1,687

03/20/24

(20)

Citigroup

HKD

14,119

USD

1,810

03/20/24

2

Citigroup

JPY

176,391

USD

1,233

03/21/24

26

Citigroup

SEK

5,844

USD

562

03/20/24

(1)

HSBC

USD

680

AUD

1,030

03/20/24

(3)

HSBC

USD

755

CAD

1,023

03/20/24

6

HSBC

USD

5,226

SEK

54,546

02/15/24

18

HSBC

DKK

6,388

USD

929

03/20/24

1

HSBC

EUR

1,610

USD

1,744

03/20/24

1

HSBC

GBP

1,347

USD

1,689

03/20/24

(19)

HSBC

HKD

14,119

USD

1,810

03/20/24

2

HSBC

JPY

176,391

USD

1,234

03/21/24

26

HSBC

SEK

54,546

USD

5,296

02/15/24

52

HSBC

SEK

5,844

USD

562

03/20/24

(1)

JPMorgan

Chase

USD

2,899

EUR

2,653

02/15/24

(30)

Lloyds

GBP

100

USD

127

02/02/24

1

Royal

Bank

of

Canada

USD

679

AUD

1,030

03/20/24

(2)

Royal

Bank

of

Canada

USD

754

CAD

1,023

03/20/24

7

Royal

Bank

of

Canada

DKK

6,388

USD

929

03/20/24

1

Royal

Bank

of

Canada

EUR

1,610

USD

1,744

03/20/24

1

Royal

Bank

of

Canada

GBP

1,347

USD

1,686

03/20/24

(22)

Royal

Bank

of

Canada

HKD

14,119

USD

1,810

03/20/24

2

Royal

Bank

of

Canada

JPY

176,391

USD

1,232

03/21/24

24

Royal

Bank

of

Canada

SEK

5,844

USD

561

03/20/24

(1)

State

Street

USD

326

EUR

300

03/20/24

(1)

State

Street

USD

253

GBP

200

03/20/24

—

State

Street

CHF

1,382

USD

1,591

03/20/24

(18)

State

Street

EUR

4,942

USD

5,358

02/15/24

15

State

Street

EUR

100

USD

109

03/20/24

1

State

Street

EUR

100

USD

108

03/20/24

—

State

Street

EUR

100

USD

110

03/20/24

2

State

Street

EUR

150

USD

166

03/20/24

4

State

Street

EUR

12,100

USD

13,274

03/20/24

171

State

Street

GBP

150

USD

190

03/20/24

—

State

Street

GBP

3,100

USD

3,928

03/20/24

(2)

State

Street

JPY

357,602

USD

2,505

02/15/24

70

UBS

USD

689

AUD

1,030

03/20/24

(12)

UBS

USD

758

CAD

1,023

03/20/24

3

UBS

CHF

7,150

USD

8,414

02/15/24

116

UBS

DKK

6,388

USD

936

03/20/24

8

UBS

EUR

1,610

USD

1,758

03/20/24

15

UBS

GBP

1,347

USD

1,701

03/20/24

(6)

UBS

HKD

14,119

USD

1,810

03/20/24

2

UBS

JPY

176,391

USD

1,251

03/21/24

44

UBS

SEK

5,844

USD

569

03/20/24

6

Westpac

USD

31

NOK

323

02/15/24

—

Westpac

USD

135

NZD

221

02/15/24

—

Westpac

USD

5,355

NZD

8,601

02/15/24

(98)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

476

Multi-Asset

Growth

Strategy

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Westpac

AUD

102

USD

67

02/15/24

—

Westpac

CHF

2

USD

2

02/15/24

—

Westpac

GBP

43

USD

55

02/15/24

—

Westpac

JPY

10,470

USD

71

02/15/24

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

451

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)

12/20/28

1,541

(352)

1,189

CDX

NA

High

Yield

Index

Bank

of

America

USD

22,473

(5.000%)

(2)

12/20/28

(773)

(473)

(1,246)

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

768

(825)

(57)

Corporate

Issues

-

Sell

Protection

Reference

Entity

Counterparty

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Ally

Financial,

Inc.

Morgan

Stanley

USD

243

5.000%

(2)

12/20/28

23

12

35

Altice

France

SA

Morgan

Stanley

EUR

113

5.000%

(2)

06/20/28

(13)

12

(1)

Anglo

American

PLC

Morgan

Stanley

EUR

30

5.000%

(2)

06/20/29

5

—

5

Arcelor

Mittal

Morgan

Stanley

EUR

120

5.000%

(2)

06/20/29

20

—

20

Avis

Budget

Group,

Inc.

Morgan

Stanley

USD

270

5.000%

(2)

06/20/29

12

—

12

Calpine

Corp.

Morgan

Stanley

USD

223

5.000%

(2)

06/20/29

21

—

21

Cleveland-Cliffs,

Inc.

Morgan

Stanley

USD

185

5.000%

(2)

12/20/28

13

12

25

Ford

Motor

Co.

Morgan

Stanley

USD

300

5.000%

(2)

06/20/29

39

2

41

Forvia

JPMorgan

Chase

EUR

100

5.000%

(2)

06/20/29

14

(2)

12

General

Motors

Co.

Morgan

Stanley

USD

180

5.000%

(2)

06/20/29

28

1

29

Goodyear

Tire

&

Rubber

Co.

Morgan

Stanley

USD

478

5.000%

(2)

06/20/29

40

—

40

Lanxess

AG

Morgan

Stanley

EUR

110

1.000%

(2)

06/20/29

(4)

(1)

(5)

Macys,

Inc.

Morgan

Stanley

USD

265

1.000%

(2)

06/20/29

(33)

(5)

(38)

Navient

Corp.

Morgan

Stanley

USD

300

5.000%

(2)

06/20/29

25

(5)

20

Nokia

OYJ

Morgan

Stanley

EUR

100

5.000%

(2)

06/20/29

20

—

20

Nordstrom,

Inc.

Morgan

Stanley

USD

250

1.000%

(2)

06/20/29

(40)

(2)

(42)

NRG

Energy,

Inc.

Morgan

Stanley

USD

427

5.000%

(2)

06/20/29

62

(4)

58

Renault

Morgan

Stanley

EUR

100

1.000%

(2)

06/20/27

—

(1)

(1)

Rexel

USA

Morgan

Stanley

EUR

250

5.000%

(2)

06/20/29

49

—

49

Schaeffler

AG

Morgan

Stanley

EUR

75

5.000%

(2)

06/20/29

10

2

12

Stellantis

NV

Morgan

Stanley

EUR

58

5.000%

(2)

06/20/29

11

—

11

Telecom

Italia

SpA

Morgan

Stanley

EUR

375

1.000%

(2)

06/20/29

(29)

3

(26)

Thyssenkrupp

AG

Morgan

Stanley

EUR

150

1.000%

(2)

06/20/27

(2)

—

(2)

Valeo

SA

Morgan

Stanley

EUR

200

1.000%

(2)

06/20/29

(14)

(2)

(16)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

477

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

-

Purchase

Protection

Virgin

Media

Finance

PLC

Morgan

Stanley

EUR

219

5.000%

(2)

06/20/29

15

4

19

Volvo

JPMorgan

Chase

EUR

100

5.000%

(2)

06/20/29

13

(1)

12

Total

Open

Corporate

Issues

-

Sell

Protection

Contracts

285

25

310

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

5,208

5.000%

(2)

12/20/26

347

—

347

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

347

—

347

Total

Open

Credit

Default

Swap

Contracts

(å)

1,400

(800)

600

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

$

—

$

90,651

$

—

$

—

$

90,651

International

Debt

—

51,054

—

—

51,054

Non-US

Bonds

—

11,533

—

—

11,533

Common

Stocks

Consumer

Discretionary

16,570

28,920

—

—

45,490

Consumer

Staples

7,908

11,235

—

—

19,143

Energy

7,498

3,487

—

—

10,985

Financial

Services

45,576

36,750

—

—

82,326

Health

Care

19,931

14,331

—

—

34,262

Materials

and

Processing

18,926

16,532

—

—

35,458

Producer

Durables

22,922

25,377

—

—

48,299

Technology

36,397

26,315

—

—

62,712

Utilities

10,666

10,979

—

—

21,645

Preferred

Stocks

765

1,289

—

—

2,054

Options

Purchased

173

—

—

—

173

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

17,413

—

22,803

40,216

Other

Securities

—

—

—

6,139

6,139

Total

Investments

187,332

345,866

—

28,942

562,140

Other

Financial

Instruments

Assets

Futures

Contracts

9,86

2

—

—

—

9,86

2

Foreign

Currency

Exchange

Contracts

—

75

2

—

—

75

2

Credit

Default

Swap

Contracts

—

1,977

—

—

1,977

A

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

478

Multi-Asset

Growth

Strategy

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

Liabilities

Futures

Contracts

(4,12

2

)

—

—

—

(4,12

2

)

Options

Written

(84)

—

—

—

(84)

Foreign

Currency

Exchange

Contracts

—

(30

1

)

—

—

(30

1

)

Credit

Default

Swap

Contracts

—

(1,377)

—

—

(1,377)

Total

Other

Financial

Instruments

*

$

5,656

$

1,051

$

—

$

—

$

6,707

*

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

January

31,

2024,

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

January

31,

2024,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Angola

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

453

Argentina

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

514

Australia

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

2,765

Austria

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

354

Azerbaijan

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

300

Bahrain

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

1,056

Belgium

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

870

Bermuda

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

655

Bolivia,

Plurinational

State

of

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

62

Brazil

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

10,251

Canada

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

9,725

Cayman

Islands

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

80

Chile

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

1,747

China

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

19,754

Colombia

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

1,630

Costa

Rica

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

521

Cyprus

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

101

Denmark

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

6,074

Dominican

Republic

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

1,010

Ecuador

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

395

Egypt

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

752

El

Salvador

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

319

Finland

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

2,329

France

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

13,137

Gabon

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

163

Germany

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

9,941

Ghana

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

1,387

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

479

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Greece

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

917

Guatemala

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

574

Hong

Kong

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

3,403

Hungary

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

1,221

India

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

10,302

Indonesia

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

5,951

Ireland

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

4,975

Israel

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

830

Italy

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

3,872

Ivory

Coast

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

415

Japan

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

36,361

Jersey

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

908

Jordan

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

364

Kazakhstan

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

1,537

Kenya

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

354

Lebanon

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

5

Luxembourg

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

2,314

Macao

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

1,142

Malaysia

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

1,234

Mexico

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

4,841

Montenegro

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

91

Morocco

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

289

Myanmar

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

46

Netherlands

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

8,779

New

Zealand

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

144

Nigeria

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

801

Norway

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

790

Oman

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

1,291

Pakistan

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

326

Panama

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

1,029

Paraguay

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

418

Peru

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

1,002

Philippines

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

2,334

Poland

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

1,490

Portugal

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

414

Puerto

Rico

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

507

Qatar

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

1,175

Romania

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

1,091

Russia

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

—

Saudi

Arabia

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

2,850

Senegal

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

150

Singapore

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

1,595

South

Africa

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

4,323

South

Korea

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

13,054

Spain

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

4,299

Sri

Lanka

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

348

Sweden

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

4,958

Switzerland

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

6,584

Taiwan

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

8,632

Thailand

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

1,302

Trinidad

and

Tobago

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

203

Turkey

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

2,706

Ukraine

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

713

United

Arab

Emirates

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

1,797

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

480

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

United

Kingdom

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

23,767

United

States

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

293,534

Uruguay

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

894

Uzbekistan

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

207

Zambia

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

342

Total

Investments

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

562,140

Transactions

(amounts

in

thousands)

during

the

period

ended

January

31,

2024

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

31,283

$

111,741

$

120,221

$

—

$

—

$

22,803

$

436

$

—

U.S.

Cash

Collateral

Fund

5,630

15,043

14,534

—

—

6,139

77

—

$

36,913

$

126,784

$

134,755

$

—

$

—

$

28,942

$

513

$

—

Russell

Investment

Company

Notes

to

Schedules

of

Investments

—

January

31,

2024

(Unaudited)

Notes

to

Schedules

of

Investments

481

Footnotes:

Abbreviations:

(Æ)

Non-income

producing

security.

(Ï)

Forward

commitment.

(Ê)

Variable,

adjustable

or

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ƒ)

Perpetual

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ö)

Real

Estate

Investment

Trust

(REIT).

(µ)

Bond

is

insured

by

a

guarantor.

(Ø)

In

default.

(ç)

At

amortized

cost,

which

approximates

fair

value.

(ž

)

Rate

noted

is

yield-to-maturity

from

date

of

acquisition.

(æ)

Pre-refunded:

These

bonds

are

collateralized

by

U.S.

Treasury

securities,

which

are

held

in

escrow

by

a

trustee

and

used

to

pay

principal

and

interest

in

the

tax-exempt

issue

and

to

retire

the

bonds

in

full

at

the

earliest

refunding

date.

(§)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

futures

contracts

purchased

(sold)

or

swap

contracts

entered

into

by

the

Fund.

(x)

The

security

is

purchased

with

the

cash

collateral

from

the

securities

loaned.

(Ñ)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan.

(Þ)

Restricted

security.

Security

may

have

contractual

restrictions

on

resale,

may

have

been

offered

in

a

private

placement

transaction,

and

is

not

registered

under

the

Securities

Act

of

1933,

as

amended

(“the

Act”).

The

most

common

types

of

restricted

securities

are

those

sold

under

Rule

144A

of

the

Act

and

commercial

paper

sold

under

Section

4(2)

of

the

Act.

(Û)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

securities

sold

short.

(ÿ)

Notional

amount

in

thousands.

(∞)

Unrounded

units.

(å)

Currency

balances

were

pledged

in

connection

with

futures

contracts

purchased

(sold),

options

written,

foreign

currency

exchange

contracts,

or

swaps

entered

into

by

the

Fund.

(ì)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

options

written

contracts.

(v)

Loan

agreement

still

pending.

Rate

not

available

at

period

end.

(

Š)

Value

was

determined

using

significant

unobservable

inputs

.

(

~)

Rate

fluctuates

based

on

various

factors

such

as

changes

in

current

rates

and

prepayments

of

the

underlying

assets,

changes

in

the

Consumer

Price

Index

(

CPI

)

or

other

contractual

arrangements

.

(

@)

Affiliate

.

(

Ÿ)

Rate

noted

is

dividend

yield

at

period

end

.

(

¢)

Date

shown

reflects

next

contractual

call

date.

(

Œ

)

Unfunded

loan

agreement.

(

Ð

)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan

through

the

reciprocal

lending

program

with

State

Street.

(0)

Weekly

payment

frequency

.

(1)

Monthly

payment

frequency

.

(2)

Quarterly

payment

frequency

.

(3)

Semi-annual

payment

frequency

.

(4)

Annual

payment

frequency

.

(5)

Payment

at

termination

.

ADR

-

American

Depositary

Receipt

ADS

-

American

Depositary

Share

AONIA

-

Australian

Overnight

Index

Average

BBR

-

Bank

Bill

Rate

BBSW

-

Bank

Bill

Swap

Reference

Rate

BUBOR

–Budapest

Interbank

Offered

Rate

CIBOR

-

Copenhagen

Interbank

Offered

Rate

CME

-

Chicago

Mercantile

Exchange

CMO

-

Collateralized

Mortgage

Obligation

CORRA-

Canadian

Overnight

Repo

Rate

Average

CPI

-

Consumer

Price

Index

CVO

-

Contingent

Value

Obligation

EBITDA

–

Earnings

Before

Interest,

Taxes,

Depreciation,

and

Amortization

EMU

-

European

Economic

and

Monetary

Union

EURIBOR

-

Euro

Interbank

Offered

Bank

EUTA

–

Eurozone

Tobacco

Index

Russell

Investment

Company

Notes

to

Schedules

of

Investments,

continued

—

January

31,

2024

(Unaudited)

482

Notes

to

Schedules

of

Investments

Foreign

Currency

Abbreviations:

FDIC

-

Federal

Deposit

Insurance

Company

GDR

-

Global

Depositary

Receipt

GDS

-

Global

Depositary

Share

GSCI

–

Goldman

Sachs

Commodity

Index

HIBOR

–

Hong

Kong

Interbank

Offered

Rate

HICP

–

Harmonized

Index

of

Consumer

Prices

JIBAR

-

Johannesburg

Interbank

Agreed

Rate

KSDA

–

Korean

Securities

Dealers

Association

LIBOR

-

London

Interbank

Offered

Rate

MIBOR

-

Mumbai

Interbank

Offered

Rate

NIBOR

-

Norwegian

Interbank

Offered

Rate

NSA

–

Not

Seasonally

Adjusted

NSERO

–

India

National

Stock

Exchange

Offered

Rate

PIK

-

Payment

in

Kind

PRIBOR

–

Prague

Interbank

Offered

Rate

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SOFR

–

Secured

Overnight

Financing

Rate

SONIA

–

Sterling

Overnight

Index

Average

STIBOR

–

Stockholm

Interbank

Offered

Rate

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

SFE

-

Sydney

Futures

Exchange

TBA

-

To

Be

Announced

Security

TONAR

–

Tokyo

Overnight

Average

Rate

UK

-

United

Kingdom

WTI

–

West

Texas

Intermediate

ARS

-

Argentine

peso

HKD

-

Hong

Kong

dollar

PKR

-

Pakistani

rupee

AUD

-

Australian

dollar

HUF

-

Hungarian

forint

PLN

-

Polish

zloty

BRL

-

Brazilian

real

IDR

-

Indonesian

rupiah

RON

-

Romanian

New

Leu

CAD

-

Canadian

dollar

ILS

-

Israeli

shekel

RUB

-

Russian

ruble

CHF

-

Swiss

franc

INR

-

Indian

rupee

SEK

-

Swedish

krona

CLP

-

Chilean

peso

ISK

-

Icelandic

krona

SGD

-

Singapore

dollar

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

—

January

31,

2024

(Unaudited)

Notes

to

Quarterly

Report

483

1.

Significant

Accounting

Policies

Russell

Investment

Company

(the

“Investment

Company”

or

“RIC”)

is

a

series

investment

company

with

30

different

investment

portfolios

referred

to

as

funds.

This

Quarterly

Report

reports

on

24

of

these

funds

(each

a

“Fund”

and

collectively

the

“Funds”).

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

this

Quarterly

Report.

These

policies

are

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

Quarterly

Report.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Security

Valuation

The

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures

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

Fund’s

Board

of

Trustees

has

designated

Russell

Investment

Management,

LLC

(“RIM”),

the

Funds’

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940,

as

amended.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

2

and

3

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

1

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIM

that

are

used

in

determining

the

fair

value

of

investments.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

1

and

Level

2

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Preferred

stock

and

other

equities

traded

on

inactive

markets

or

valued

by

reference

to

similar

instruments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Certain

foreign

equity

securities

may

be

fair

valued

using

a

pricing

service

that

considers

the

correlation

of

the

trading

patterns

of

the

foreign

security

to

the

intraday

trading

in

the

U.S.

markets

for

investments

such

as

American

Depositary

Receipts,

financial

futures,

exchange-traded

funds,

and

the

movement

of

certain

indexes

of

securities,

based

on

the

statistical

analysis

of

historical

relationships.

Foreign

equity

securities

prices

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

January

31,

2024

(Unaudited)

484

Notes

to

Quarterly

Report

Fixed

income

securities

including

corporate,

convertible,

U.S.

government

agency,

municipal

bonds

and

notes,

U.S.

treasury

obligations,

sovereign

issues,

bank

loans,

bank

notes

and

non-U.S.

bonds

are

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

service

providers’

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads

and

default

rates.

Such

fixed

income

securities

that

use

pricing

service

internal

models

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Such

fixed

income

securities

that

use

broker-dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fixed

income

securities

purchased

on

a

delayed-delivery

basis

and

marked-to-market

daily

until

settlement

at

the

forward

settlement

date

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Mortgage

and

asset-backed

securities

are

usually

issued

as

separate

tranches,

or

classes,

of

securities

within

each

deal.

These

securities

are

also

normally

valued

by

pricing

service

providers

that

use

broker-dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

models

for

these

securities

usually

consider

tranche-level

attributes,

including

estimated

cash

flows

of

each

tranche,

market-based

yield

spreads

for

each

tranche,

and

current

market

data,

as

well

as

incorporate

deal

collateral

performance,

as

available.

Mortgage

and

asset-backed

securities

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

net

asset

value

(“NAV”)

of

such

investments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

Short-term

investments

having

a

maturity

of

60

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Derivative

instruments

are

instruments

such

as

foreign

currency

exchange

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

(“OTC”)

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker-dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker-dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

(“OIS”)

rate

and

Secured

Overnight

Financing

Rate

(“SOFR”)

forward

rate

to

produce

the

daily

settlement

price.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Events

or

circumstances

affecting

the

values

of

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

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

January

31,

2024

(Unaudited)

Notes

to

Quarterly

Report

485

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

Multifactor

U.S.

Equity,

Equity

Income,

Sustainable

Equity,

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

Multifactor

International

Equity,

International

Developed

Markets,

Global

Equity,

Tax-Managed

U.S.

Large

Cap,

Tax-Managed

International

Equity,

Tax-Managed

Real

Assets,

Opportunistic

Credit,

Long

Duration

Bond,

Strategic

Bond,

Investment

Grade

Bond,

Short

Duration

Bond,

Tax-Exempt

High

Yield

Bond,

Tax-Exempt

Bond,

Global

Infrastructure,

Global

Real

Estate

Securities,

Multi-

Strategy

Income,

and

Multi-Asset

Growth

Strategy

Funds

had

no

transfers

into

or

out

of

Level

3

for

the

period

ended

January

31,

2024.

The

Emerging

Markets

Fund

had

transfers

out

of

Level

3

into

Level

2

representing

financial

instruments

for

which

approved

vendor

sources

became

available

or

inputs

became

observable.

The

amount

transferred

was

$755,245.

The

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

had

transfers

out

of

Level

1

into

Level

3

representing

financial

instruments

for

which

approved

vendor

sources

become

unavailable

or

inputs

became

unobservable.

The

amount

transferred

was

$246,091.

Level

3

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

3

of

the

fair

value

hierarchy

are

as

follows:

Securities

and

other

assets

for

which

market

quotes

are

not

readily

available,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

RIM

and

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Market

quotes

are

considered

not

readily

available

in

circumstances

where

there

is

an

absence

of

current

or

reliable

market-based

data

(e.g.,

trade

information

or

broker

quotes).

When

RIM

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

to

determine

a

Fund’s

NAV,

securities

will

not

be

priced

on

the

basis

of

quotes

from

the

primary

market

in

which

they

are

traded,

but

instead

may

be

priced

by

another

method

that

RIM

believes

accurately

reflects

fair

value

and

will

be

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

securities

valuation

procedures

are

intended

to

result

in

a

calculation

of

a

Fund’s

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

process

cannot

guarantee

that

fair

values

determined

by

RIM

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

RIM

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIM

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds’

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

The

significant

unobservable

inputs

used

in

fair

value

measurement

of

certain

of

the

Funds’

private

equity

securities

include

market

data

of

comparable

public

companies,

discount

rates,

EBITDA

multiples,

and

future

projected

cash

flows

for

the

portfolio

company.

These

inputs

are

utilized

in

valuation

models

that

are

based

on

market

analysis

and

discounted

cash

flow

methodologies.

Increases

(decreases)

in

the

discount

rates

would

result

in

a

lower

(higher)

fair

value

measurement,

while

increases

(decreases)

in

EBITDA

multiples

and

projected

cash

flows

would

result

in

a

higher

(lower)

fair

value

measurement.

The

significant

unobservable

input

used

in

the

fair

value

measurement

of

certain

Funds’

debt

securities

is

the

yield

to

worst

ratio.

Significant

increases

(decreases)

in

the

yield

to

worst

ratio

would

result

in

a

lower

(higher)

fair

value

measurement.

These

significant

unobservable

inputs

are

further

disclosed

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund

as

applicable.

If

third-party

evaluated

vendor

pricing

is

neither

available

nor

deemed

to

be

indicative

of

fair

value,

RIM

may

elect

to

obtain

indicative

market

quotations

(“broker

quotes”)

directly

from

the

broker

or

passed

through

from

a

third-party

vendor.

In

the

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

January

31,

2024

(Unaudited)

486

Notes

to

Quarterly

Report

event

that

the

source

of

fair

value

is

from

a

single

source

broker

quote,

these

securities

are

classified

as

Level

3

per

the

fair

value

hierarchy.

Broker

quotes

are

typically

received

from

established

market

participants.

Although

independently

received

on

a

daily

basis,

RIM

does

not

have

the

transparency

to

view

the

underlying

inputs

which

support

the

broker

quotes.

Significant

changes

in

the

broker

quote

would

have

direct

and

proportional

changes

in

the

fair

value

of

the

security.

There

is

a

third-party

pricing

exception

to

the

quantitative

disclosure

requirement

when

prices

are

not

determined

by

the

reporting

entity.

RIM

is

exercising

this

exception

and

has

made

a

reasonable

attempt

to

obtain

quantitative

information

from

the

third-party

pricing

vendors

regarding

the

unobservable

inputs

used.

For

fair

valuations

using

significant

unobservable

inputs,

U.S.

GAAP

requires

a

reconciliation

of

the

beginning

to

ending

balances

for

reported

fair

values

that

present

changes

attributable

to

total

realized

and

unrealized

gains

or

losses,

purchases

and

sales,

and

transfers

in/out

of

the

Level

3

category

during

the

period.

Additionally,

U.S.

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

in

the

determination

of

fair

value

of

assets

categorized

as

Level

3

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements

of

U.S.

GAAP,

a

fair

value

hierarchy,

a

Level

3

reconciliation

and

an

additional

disclosure

about

fair

value

measurements,

if

any,

has

been

included

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund.

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

(a)

Fair

value

of

investment

securities,

other

assets

and

liabilities

at

the

closing

rate

of

exchange

on

the

valuation

date.

(b)

Purchases

and

sales

of

investment

securities

and

income

at

the

closing

rate

of

exchange

prevailing

on

the

respective

trade

dates

of

such

transactions.

Net

realized

gains

or

losses

from

foreign

currency-related

transactions

arise

from:

sales

and

maturities

of

short-term

securities;

sales

of

foreign

currencies;

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions;

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

gains

or

losses

from

foreign

currency-related

transactions

arise

from

changes

in

the

value

of

assets

and

liabilities,

other

than

investments

in

securities,

as

a

result

of

changes

in

the

exchange

rates.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

of

the

Funds

that

arises

as

a

result

of

changes

in

exchange

rates

from

that

portion

that

arises

from

changes

in

market

prices

of

investments

during

the

period.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

do

isolate

the

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

2.

Related

Party

Transactions

The

Funds

are

permitted

to

invest

their

cash

(i.e.,

cash

awaiting

investment

or

cash

held

to

meet

redemption

requests

or

to

pay

expenses)

in

the

U.S.

Cash

Management

Fund,

an

unregistered

fund

advised

by

RIM.

RIM

has

waived

its

0.05%

advisory

fee

for

the

unregistered

fund.

Russell

Investments

Fund

Services,

LLC

(“RIFUS”),

the

Funds’

administrator

and

transfer

agent,

charges

a

0.05%

administrative

fee

to

the

unregistered

fund.

Each

Fund’s

investment

in

the

U.S.

Cash

Management

Fund

is

disclosed

within

the

Fund’s

Schedule

of

Investments.

In

addition,

all

or

a

portion

of

the

collateral

received

from

the

Investment

Company’s

securities

lending

program

is

invested

in

the

U.S.

Cash

Collateral

Fund,

an

unregistered

fund

advised

by

RIM.

RIM

charges

a

management

fee

of

0.12%

to

this

unregistered

fund.

Out

of

the

management

fee,

RIM

pays

certain

expenses

of

the

unregistered

fund,

including

an

administrative

fee

of

0.025%

to

RIFUS.

RIM

retains

the

balance

of

the

management

fee.

Each

Fund’s

investment

in

the

U.S.

Cash

Collateral

Fund

is

disclosed

within

the

Fund’s

Schedule

of

Investments.

For

additional

information

on

the

Funds’

significant

accounting

policies

and

risks,

please

refer

to

the

Funds’

most

recent

semi-annual

or

annual

shareholder

report

and

prospectus.

Russell

Investment

Company

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495

https://russellinvestments.com