Russell Investment NPORT-P Balanced Strategy Fund (Jan 2024 report)

2024

QUARTERLY

REPORT

LifePoints

®

Funds

January

31,

2024

FUND

SHARE

CLASS

Conservative

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Moderate

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Balanced

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Growth

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Equity

Growth

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

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

five

of

these

Funds.

Page

Conservative

Strategy

Fund

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

3

Moderate

Strategy

Fund

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

5

Balanced

Strategy

Fund

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

7

Growth

Strategy

Fund

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

9

Equity

Growth

Strategy

Fund

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

11

Notes

to

Quarterly

Report

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

13

Russell

Investment

Company

LifePoints

®

Funds

Quarterly

Report

January

31,

2024

(Unaudited)

Table

of

Contents

Russell

Investment

Company

-

LifePoints

®

Funds.

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

Conservative

Strategy

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Conservative

Strategy

Fund

3

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

2.0%

Global

Real

Estate

Securities

Fund

Class

Y

56,478

1,584

Domestic

Equities

-

11.8%

Multifactor

U.S.

Equity

Fund

Class

Y

483,031

8,028

U.S.

Small

Cap

Equity

Fund

Class

Y

62,069

1,597

9,625

Fixed

Income

-

72.4%

Investment

Grade

Bond

Fund

Class

Y

798,192

14,759

Long

Duration

Bond

Fund

Class

Y

898,585

7,404

Opportunistic

Credit

Fund

Class

Y

196,317

1,632

Short

Duration

Bond

Fund

Class

Y

435,007

8,143

Strategic

Bond

Fund

Class

Y

2,957,085

27,057

58,995

International

Equities

-

5.9%

Emerging

Markets

Fund

Class

Y

110,534

1,604

Global

Equity

Fund

Class

Y

173,323

1,610

Multifactor

International

Equity

Fund

Class

Y

162,915

1,626

4,840

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

705,227

6,516

Total

Investments

in

Affiliated

Funds

(cost

$79,725)

81,560

Total

Investments

-

100.1%

(identified

cost

$79,725)

81,560

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(64)

Net

Assets

-

100.0%

81,496

Russell

Investment

Company

Conservative

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

4

Conservative

Strategy

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

Global

Real

Estate

Securities

Fund

$

1,560

$

3

$

201

$

(29

)

$

251

$

1,584

$

3

$

—

Multifactor

U.S.

Equity

Fund

7,800

309

965

13

871

8,028

307

168

U.S.

Small

Cap

Equity

Fund

1,542

44

204

(10

)

225

1,597

(120

)

164

Investment

Grade

Bond

Fund

14,192

200

584

2

949

14,759

193

—

Long

Duration

Bond

Fund

7,092

26

500

(63

)

849

7,404

26

—

Opportunistic

Credit

Fund

1,578

50

71

—

75

1,632

45

—

Short

Duration

Bond

Fund

7,887

206

163

—

213

8,143

66

—

Strategic

Bond

Fund

26,029

509

1,103

(182

)

1,804

27,057

499

—

Emerging

Markets

Fund

1,572

54

79

1

56

1,604

43

—

Global

Equity

Fund

1,563

24

171

(4

)

198

1,610

23

—

Multifactor

International

Equity

Fund

1,570

56

153

13

140

1,626

56

—

Multi-Strategy

Income

Fund

6,310

144

447

(8

)

517

6,516

145

—

$

78,695

$

1,625

$

4,641

$

(267

)

$

6,148

$

81,560

$

1,286

$

332

Russell

Investment

Company

Moderate

Strategy

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Moderate

Strategy

Fund

5

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

3.0%

Global

Real

Estate

Securities

Fund

Class

Y

149,607

4,196

Domestic

Equities

-

16.8%

Multifactor

U.S.

Equity

Fund

Class

Y

1,232,216

20,479

U.S.

Small

Cap

Equity

Fund

Class

Y

136,283

3,507

23,986

Fixed

Income

-

52.4%

Investment

Grade

Bond

Fund

Class

Y

1,478,445

27,337

Long

Duration

Bond

Fund

Class

Y

875,501

7,214

Opportunistic

Credit

Fund

Class

Y

344,680

2,864

Short

Duration

Bond

Fund

Class

Y

381,802

7,147

Strategic

Bond

Fund

Class

Y

3,301,915

30,213

74,775

International

Equities

-

19.9%

Emerging

Markets

Fund

Class

Y

194,059

2,816

Global

Equity

Fund

Class

Y

2,363,357

21,956

Multifactor

International

Equity

Fund

Class

Y

358,250

3,575

28,347

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

1,239,413

11,452

Total

Investments

in

Affiliated

Funds

(cost

$135,514)

142,756

Total

Investments

-

100.1%

(identified

cost

$135,514)

142,756

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(96)

Net

Assets

-

100.0%

142,660

Russell

Investment

Company

Moderate

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

6

Moderate

Strategy

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

Global

Real

Estate

Securities

Fund

$

4,068

$

7

$

460

$

(88

)

$

669

$

4,196

$

7

$

—

Multifactor

U.S.

Equity

Fund

19,848

780

2,403

37

2,217

20,479

190

590

U.S.

Small

Cap

Equity

Fund

3,345

97

405

72

398

3,507

(176

)

273

Investment

Grade

Bond

Fund

26,181

365

969

7

1,753

27,337

359

—

Long

Duration

Bond

Fund

6,860

26

438

(82

)

848

7,214

25

—

Opportunistic

Credit

Fund

2,763

79

111

1

132

2,864

79

—

Short

Duration

Bond

Fund

6,904

69

13

—

187

7,147

58

—

Strategic

Bond

Fund

28,961

564

1,123

(156

)

1,967

30,213

557

—

Emerging

Markets

Fund

2,739

80

101

(1

)

99

2,816

76

—

Global

Equity

Fund

21,221

319

2,229

(33

)

2,678

21,956

319

—

Multifactor

International

Equity

Fund

3,430

123

313

23

312

3,575

123

—

Multi-Strategy

Income

Fund

11,029

253

724

(46

)

940

11,452

254

—

$

137,349

$

2,762

$

9,289

$

(266

)

$

12,200

$

142,756

$

1,871

$

863

Russell

Investment

Company

Balanced

Strategy

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Balanced

Strategy

Fund

7

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

4.4%

Global

Infrastructure

Fund

Class

Y

1,565,575

13,151

Global

Real

Estate

Securities

Fund

Class

Y

586,960

16,464

29,615

Domestic

Equities

-

20.0%

Multifactor

U.S.

Equity

Fund

Class

Y

6,692,670

111,232

U.S.

Small

Cap

Equity

Fund

Class

Y

910,736

23,433

134,665

Fixed

Income

-

31.7%

Investment

Grade

Bond

Fund

Class

Y

6,604,362

122,115

Long

Duration

Bond

Fund

Class

Y

3,294,171

27,144

Opportunistic

Credit

Fund

Class

Y

1,631,761

13,560

Short

Duration

Bond

Fund

Class

Y

712,961

13,347

Strategic

Bond

Fund

Class

Y

4,077,971

37,313

213,479

International

Equities

-

36.0%

Emerging

Markets

Fund

Class

Y

1,374,906

19,950

Global

Equity

Fund

Class

Y

21,815,527

202,666

Multifactor

International

Equity

Fund

Class

Y

2,039,837

20,358

242,974

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

5,865,267

54,195

Total

Investments

in

Affiliated

Funds

(cost

$606,535)

674,928

Total

Investments

-

100.1%

(identified

cost

$606,535)

674,928

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(444)

Net

Assets

-

100.0%

674,484

Russell

Investment

Company

Balanced

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

8

Balanced

Strategy

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

Global

Infrastructure

Fund

$

12,796

$

104

$

904

$

(6

)

$

1,161

$

13,151

$

103

$

—

Global

Real

Estate

Securities

Fund

15,709

27

1,528

18

2,238

16,464

28

—

Multifactor

U.S.

Equity

Fund

105,454

4,455

10,658

(61

)

12,042

111,232

—

4,177

U.S.

Small

Cap

Equity

Fund

21,859

636

2,133

102

2,969

23,433

(616

)

1,252

Investment

Grade

Bond

Fund

115,329

1,586

2,592

20

7,772

122,115

1,587

—

Long

Duration

Bond

Fund

25,592

95

1,410

18

2,849

27,144

95

—

Opportunistic

Credit

Fund

12,827

396

282

1

618

13,560

369

—

Short

Duration

Bond

Fund

12,824

176

—

—

347

13,347

107

—

Strategic

Bond

Fund

35,250

699

851

(121

)

2,336

37,313

682

—

Emerging

Markets

Fund

19,177

625

536

(3

)

687

19,950

530

—

Global

Equity

Fund

191,821

2,908

16,011

(421

)

24,369

202,666

2,907

—

Multifactor

International

Equity

Fund

19,192

753

1,470

104

1,779

20,358

692

—

Multi-Strategy

Income

Fund

51,272

1,251

2,499

(161

)

4,332

54,195

1,194

—

$

639,102

$

13,711

$

40,874

$

(510

)

$

63,499

$

674,928

$

7,678

$

5,429

Russell

Investment

Company

Growth

Strategy

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Growth

Strategy

Fund

9

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

5.4%

Global

Infrastructure

Fund

Class

Y

1,453,417

12,209

Global

Real

Estate

Securities

Fund

Class

Y

757,587

21,250

33,459

Domestic

Equities

-

31.0%

Multifactor

U.S.

Equity

Fund

Class

Y

6,578,520

109,335

U.S.

Small

Cap

Equity

Fund

Class

Y

1,087,338

27,977

U.S.

Strategic

Equity

Fund

Class

Y

3,654,192

56,238

193,550

Fixed

Income

-

14.6%

Long

Duration

Bond

Fund

Class

Y

2,660,640

21,924

Opportunistic

Credit

Fund

Class

Y

1,505,412

12,510

Strategic

Bond

Fund

Class

Y

6,152,623

56,296

90,730

International

Equities

-

41.1%

Emerging

Markets

Fund

Class

Y

1,915,365

27,792

Global

Equity

Fund

Class

Y

19,531,560

181,448

Multifactor

International

Equity

Fund

Class

Y

4,715,248

47,058

256,298

Multi-Asset

-

8.0%

Multi-Asset

Growth

Strategy

Fund

Class

Y

4,967,966

50,028

Total

Investments

in

Affiliated

Funds

(cost

$557,836)

624,065

Total

Investments

-

100.1%

(identified

cost

$557,836)

624,065

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(422)

Net

Assets

-

100.0%

623,643

Russell

Investment

Company

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

10

Growth

Strategy

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

Global

Infrastructure

Fund

$

12,140

$

100

$

1,151

$

17

$

1,103

$

12,209

$

99

$

—

Global

Real

Estate

Securities

Fund

20,859

80

2,744

(539

)

3,594

21,250

39

—

Multifactor

U.S.

Equity

Fund

105,965

4,296

12,929

1,382

10,621

109,335

(1,053

)

5,349

U.S.

Small

Cap

Equity

Fund

26,561

912

3,275

213

3,566

27,977

(337

)

1,134

U.S.

Strategic

Equity

Fund

54,602

2,177

7,174

140

6,493

56,238

2,177

—

Long

Duration

Bond

Fund

21,191

81

1,739

55

2,336

21,924

80

—

Opportunistic

Credit

Fund

12,229

352

657

6

580

12,510

352

—

Strategic

Bond

Fund

54,852

1,068

3,060

(455

)

3,891

56,296

1,068

—

Emerging

Markets

Fund

27,261

778

1,227

(33

)

1,013

27,792

766

—

Global

Equity

Fund

175,398

2,731

18,669

(258

)

22,246

181,448

2,720

—

Multifactor

International

Equity

Fund

45,408

1,672

4,497

61

4,414

47,058

1,673

—

Multi-Asset

Growth

Strategy

Fund

48,719

637

4,118

(162

)

4,952

50,028

637

—

$

605,185

$

14,884

$

61,240

$

427

$

64,809

$

624,065

$

8,221

$

6,483

Russell

Investment

Company

Equity

Growth

Strategy

Fund

Schedule

of

Investments

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Growth

Strategy

Fund

11

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

6.3%

Global

Infrastructure

Fund

Class

Y

700,571

5,885

Global

Real

Estate

Securities

Fund

Class

Y

472,799

13,262

19,147

Domestic

Equities

-

36.2%

Multifactor

U.S.

Equity

Fund

Class

Y

3,685,910

61,260

U.S.

Small

Cap

Equity

Fund

Class

Y

645,900

16,619

U.S.

Strategic

Equity

Fund

Class

Y

2,090,569

32,174

110,053

Fixed

Income

-

4.5%

Long

Duration

Bond

Fund

Class

Y

920,901

7,588

Opportunistic

Credit

Fund

Class

Y

727,310

6,044

13,632

International

Equities

-

45.1%

Emerging

Markets

Fund

Class

Y

1,214,146

17,617

Global

Equity

Fund

Class

Y

9,558,904

88,802

Multifactor

International

Equity

Fund

Class

Y

3,063,579

30,575

136,994

Multi-Asset

-

8.0%

Multi-Asset

Growth

Strategy

Fund

Class

Y

2,417,167

24,341

Total

Investments

in

Affiliated

Funds

(cost

$279,588)

304,167

Total

Investments

-

100.1%

(identified

cost

$279,588)

304,167

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(187)

Net

Assets

-

100.0%

303,980

Russell

Investment

Company

Equity

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

January

31,

2024

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

12

Equity

Growth

Strategy

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

Global

Infrastructure

Fund

$

5,515

$

76

$

204

$

(6

)

$

504

$

5,885

$

45

$

—

Global

Real

Estate

Securities

Fund

12,241

53

799

(147

)

1,914

13,262

23

—

Multifactor

U.S.

Equity

Fund

54,934

2,248

2,239

(17

)

6,334

61,260

(329

)

2,573

U.S.

Small

Cap

Equity

Fund

14,784

588

844

3

2,088

16,619

(166

)

614

U.S.

Strategic

Equity

Fund

28,870

1,163

1,423

16

3,548

32,174

1,161

—

Long

Duration

Bond

Fund

6,868

60

118

1

777

7,588

26

—

Opportunistic

Credit

Fund

5,526

249

1

—

270

6,044

160

—

Emerging

Markets

Fund

16,495

694

151

(15

)

594

17,617

464

—

Global

Equity

Fund

79,593

1,242

2,127

(50

)

10,144

88,802

1,242

—

Multifactor

International

Equity

Fund

27,489

1,068

707

3

2,722

30,575

1,017

—

Multi-Asset

Growth

Strategy

Fund

22,053

346

246

(30

)

2,218

24,341

290

—

$

274,368

$

7,787

$

8,859

$

(242

)

$

31,113

$

304,167

$

3,933

$

3,187

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report

—

January

31,

2024

(Unaudited)

Notes

to

Quarterly

Report

13

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

five

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

Each

of

the

Funds

is

a

“fund

of

funds”

and

diversifies

its

assets

by

investing

in

shares

of

several

other

RIC

funds

(the

“Underlying

Funds”).

Each

Fund

seeks

to

achieve

its

specific

investment

objective

by

investing

in

different

combinations

of

Underlying

Funds.

The

Underlying

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

Underlying

Funds.

With

respect

to

an

Underlying

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.

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

current

net

asset

value

(“NAV”)

per

share

of

each

Underlying

Fund.

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.

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:

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

January

31,

2024

(Unaudited)

14

Notes

to

Quarterly

Report

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.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market)

will

be

valued

based

upon

the

NAV

of

such

investments.

As

of

January

31,

2024,

all

investments

held

were

classified

as

Level

1

within

the

fair

value

hierarchy.

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