Russell Investment NPORT-P Moderate Strategy Fund (Jul 2024 report)

2024

QUARTERLY

REPORT

LifePoints

®

Funds

July

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

July

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

—

July

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

50,024

1,490

Domestic

Equities

-

12.0%

Multifactor

U.S.

Equity

Fund

Class

Y

394,912

7,432

U.S.

Small

Cap

Equity

Fund

Class

Y

50,982

1,496

8,928

Fixed

Income

-

72.1%

Investment

Grade

Bond

Fund

Class

Y

725,838

13,464

Long

Duration

Bond

Fund

Class

Y

829,258

6,767

Opportunistic

Credit

Fund

Class

Y

174,184

1,491

Short

Duration

Bond

Fund

Class

Y

396,350

7,455

Strategic

Bond

Fund

Class

Y

2,695,054

24,687

53,864

International

Equities

-

6.0%

Emerging

Markets

Fund

Class

Y

91,076

1,492

Global

Equity

Fund

Class

Y

143,343

1,491

Multifactor

International

Equity

Fund

Class

Y

138,325

1,502

4,485

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

620,832

5,985

Total

Investments

in

Affiliated

Funds

(cost

$70,698)

74,752

Total

Investments

-

100.1%

(identified

cost

$70,698)

74,752

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(66)

Net

Assets

-

100.0%

74,686

Russell

Investment

Company

Conservative

Strategy

Fund

Schedule

of

Investments,

continued

—

July

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

July

31,

2024

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

Global

Real

Estate

Securities

Fund

$

1,560

$

121

$

510

$

(85

)

$

404

$

1,490

$

26

$

—

Multifactor

U.S.

Equity

Fund

7,800

491

2,740

282

1,599

7,432

338

283

U.S.

Small

Cap

Equity

Fund

1,542

132

605

11

416

1,496

44

32

Investment

Grade

Bond

Fund

14,192

480

2,186

24

954

13,464

418

—

Long

Duration

Bond

Fund

7,092

284

1,315

(216

)

922

6,767

185

—

Opportunistic

Credit

Fund

1,578

78

286

7

114

1,491

68

—

Short

Duration

Bond

Fund

7,887

417

1,094

22

223

7,455

231

—

Strategic

Bond

Fund

26,029

1,051

4,009

(541

)

2,157

24,687

930

—

Emerging

Markets

Fund

1,572

85

418

28

225

1,492

43

—

Global

Equity

Fund

1,563

50

496

19

355

1,491

23

—

Multifactor

International

Equity

Fund

1,570

91

447

61

227

1,502

56

—

Multi-Strategy

Income

Fund

6,310

270

1,370

5

770

5,985

225

—

$

78,695

$

3,550

$

15,476

$

(383

)

$

8,366

$

74,752

$

2,587

$

315

Russell

Investment

Company

Moderate

Strategy

Fund

Schedule

of

Investments

—

July

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

135,907

4,047

Domestic

Equities

-

17.0%

Multifactor

U.S.

Equity

Fund

Class

Y

1,039,719

19,567

U.S.

Small

Cap

Equity

Fund

Class

Y

115,495

3,390

22,957

Fixed

Income

-

52.0%

Investment

Grade

Bond

Fund

Class

Y

1,383,734

25,668

Long

Duration

Bond

Fund

Class

Y

831,999

6,789

Opportunistic

Credit

Fund

Class

Y

314,492

2,692

Short

Duration

Bond

Fund

Class

Y

357,731

6,729

Strategic

Bond

Fund

Class

Y

3,097,643

28,375

70,253

International

Equities

-

20.1%

Emerging

Markets

Fund

Class

Y

164,729

2,698

Global

Equity

Fund

Class

Y

2,017,212

20,979

Multifactor

International

Equity

Fund

Class

Y

312,986

3,399

27,076

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

1,121,747

10,814

Total

Investments

in

Affiliated

Funds

(cost

$121,677)

135,147

Total

Investments

-

100.1%

(identified

cost

$121,677)

135,147

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(95)

Net

Assets

-

100.0%

135,052

Russell

Investment

Company

Moderate

Strategy

Fund

Schedule

of

Investments,

continued

—

July

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

July

31,

2024

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

Global

Real

Estate

Securities

Fund

$

4,068

$

138

$

996

$

(186

)

$

1,023

$

4,047

$

70

$

—

Multifactor

U.S.

Equity

Fund

19,848

910

6,017

784

4,042

19,567

143

719

U.S.

Small

Cap

Equity

Fund

3,345

116

1,007

254

682

3,390

25

72

Investment

Grade

Bond

Fund

26,181

949

3,287

39

1,786

25,668

781

—

Long

Duration

Bond

Fund

6,860

311

1,073

(199

)

890

6,789

182

—

Opportunistic

Credit

Fund

2,763

128

414

11

204

2,692

121

—

Short

Duration

Bond

Fund

6,904

248

640

8

209

6,729

205

—

Strategic

Bond

Fund

28,961

1,305

3,712

(570

)

2,391

28,375

1,046

—

Emerging

Markets

Fund

2,739

98

586

53

394

2,698

76

—

Global

Equity

Fund

21,221

368

5,745

308

4,827

20,979

319

—

Multifactor

International

Equity

Fund

3,430

132

799

116

520

3,399

123

—

Multi-Strategy

Income

Fund

11,029

416

2,002

(89

)

1,460

10,814

399

—

$

137,349

$

5,119

$

26,278

$

529

$

18,428

$

135,147

$

3,490

$

791

Russell

Investment

Company

Balanced

Strategy

Fund

Schedule

of

Investments

—

July

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

-

4.5%

Global

Infrastructure

Fund

Class

Y

1,437,988

13,186

Global

Real

Estate

Securities

Fund

Class

Y

551,916

16,436

29,622

Domestic

Equities

-

20.0%

Multifactor

U.S.

Equity

Fund

Class

Y

5,757,643

108,359

U.S.

Small

Cap

Equity

Fund

Class

Y

787,754

23,120

131,479

Fixed

Income

-

31.5%

Investment

Grade

Bond

Fund

Class

Y

6,390,376

118,541

Long

Duration

Bond

Fund

Class

Y

3,240,340

26,441

Opportunistic

Credit

Fund

Class

Y

1,533,234

13,125

Short

Duration

Bond

Fund

Class

Y

697,652

13,123

Strategic

Bond

Fund

Class

Y

3,954,976

36,228

207,458

International

Equities

-

36.1%

Emerging

Markets

Fund

Class

Y

1,203,634

19,715

Global

Equity

Fund

Class

Y

18,998,137

197,581

Multifactor

International

Equity

Fund

Class

Y

1,825,832

19,829

237,125

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

5,464,738

52,680

Total

Investments

in

Affiliated

Funds

(cost

$546,287)

658,364

Total

Investments

-

100.1%

(identified

cost

$546,287)

658,364

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(478)

Net

Assets

-

100.0%

657,886

Russell

Investment

Company

Balanced

Strategy

Fund

Schedule

of

Investments,

continued

—

July

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

July

31,

2024

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

Global

Infrastructure

Fund

$

12,796

$

326

$

2,275

$

73

$

2,266

$

13,186

$

285

$

—

Global

Real

Estate

Securities

Fund

15,709

310

2,860

173

3,104

16,436

279

—

Multifactor

U.S.

Equity

Fund

105,454

4,914

28,005

2,519

23,477

108,359

778

3,851

U.S.

Small

Cap

Equity

Fund

21,859

735

5,697

659

5,564

23,120

165

472

Investment

Grade

Bond

Fund

115,329

3,639

8,593

123

8,043

118,541

3,496

—

Long

Duration

Bond

Fund

25,592

759

2,514

30

2,574

26,441

687

—

Opportunistic

Credit

Fund

12,827

602

1,320

34

982

13,125

570

—

Short

Duration

Bond

Fund

12,824

477

589

6

405

13,123

386

—

Strategic

Bond

Fund

35,250

1,351

2,627

(350

)

2,604

36,228

1,294

—

Emerging

Markets

Fund

19,177

626

3,264

172

3,004

19,715

530

—

Global

Equity

Fund

191,821

2,912

44,190

1,750

45,288

197,581

2,907

—

Multifactor

International

Equity

Fund

19,192

793

3,767

493

3,118

19,829

692

—

Multi-Strategy

Income

Fund

51,272

1,949

6,988

(308

)

6,755

52,680

1,891

—

$

639,102

$

19,393

$

112,689

$

5,374

$

107,184

$

658,364

$

13,960

$

4,323

Russell

Investment

Company

Growth

Strategy

Fund

Schedule

of

Investments

—

July

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

-

5.5%

Global

Infrastructure

Fund

Class

Y

1,362,354

12,493

Global

Real

Estate

Securities

Fund

Class

Y

732,459

21,813

34,306

Domestic

Equities

-

31.0%

Multifactor

U.S.

Equity

Fund

Class

Y

5,802,256

109,198

U.S.

Small

Cap

Equity

Fund

Class

Y

959,547

28,163

U.S.

Strategic

Equity

Fund

Class

Y

3,255,071

56,215

193,576

Fixed

Income

-

14.5%

Long

Duration

Bond

Fund

Class

Y

2,683,784

21,899

Opportunistic

Credit

Fund

Class

Y

1,451,856

12,428

Strategic

Bond

Fund

Class

Y

6,130,213

56,153

90,480

International

Equities

-

41.1%

Emerging

Markets

Fund

Class

Y

1,712,334

28,048

Global

Equity

Fund

Class

Y

17,430,562

181,278

Multifactor

International

Equity

Fund

Class

Y

4,322,118

46,938

256,264

Multi-Asset

-

8.0%

Multi-Asset

Growth

Strategy

Fund

Class

Y

4,689,718

49,946

Total

Investments

in

Affiliated

Funds

(cost

$508,955)

624,572

Total

Investments

-

100.1%

(identified

cost

$508,955)

624,572

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(398)

Net

Assets

-

100.0%

624,174

Russell

Investment

Company

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

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

July

31,

2024

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

Global

Infrastructure

Fund

$

12,140

$

273

$

2,150

$

80

$

2,150

$

12,493

$

273

$

—

Global

Real

Estate

Securities

Fund

20,859

423

3,848

(746

)

5,125

21,813

362

—

Multifactor

U.S.

Equity

Fund

105,965

4,753

27,468

6,949

18,999

109,198

791

3,961

U.S.

Small

Cap

Equity

Fund

26,561

915

6,883

797

6,773

28,163

206

590

U.S.

Strategic

Equity

Fund

54,602

2,336

14,002

1,010

12,269

56,215

1,030

1,307

Long

Duration

Bond

Fund

21,191

568

2,047

56

2,131

21,899

559

—

Opportunistic

Credit

Fund

12,229

542

1,304

29

932

12,428

542

—

Strategic

Bond

Fund

54,852

2,007

4,218

(666

)

4,178

56,153

1,993

—

Emerging

Markets

Fund

27,261

778

4,471

170

4,310

28,048

766

—

Global

Equity

Fund

175,398

2,731

39,758

1,439

41,468

181,278

2,720

—

Multifactor

International

Equity

Fund

45,408

1,672

8,659

417

8,100

46,938

1,673

—

Multi-Asset

Growth

Strategy

Fund

48,719

1,436

7,836

(134

)

7,761

49,946

1,435

—

$

605,185

$

18,434

$

122,644

$

9,401

$

114,196

$

624,572

$

12,350

$

5,858

Russell

Investment

Company

Equity

Growth

Strategy

Fund

Schedule

of

Investments

—

July

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

-

100.0%

Alternative

-

6.5%

Global

Infrastructure

Fund

Class

Y

683,510

6,268

Global

Real

Estate

Securities

Fund

Class

Y

473,557

14,102

20,370

Domestic

Equities

-

36.0%

Multifactor

U.S.

Equity

Fund

Class

Y

3,330,386

62,678

U.S.

Small

Cap

Equity

Fund

Class

Y

587,271

17,236

U.S.

Strategic

Equity

Fund

Class

Y

1,905,378

32,906

112,820

Fixed

Income

-

4.5%

Long

Duration

Bond

Fund

Class

Y

960,139

7,835

Opportunistic

Credit

Fund

Class

Y

732,218

6,268

14,103

International

Equities

-

45.0%

Emerging

Markets

Fund

Class

Y

1,147,946

18,803

Global

Equity

Fund

Class

Y

8,738,741

90,883

Multifactor

International

Equity

Fund

Class

Y

2,885,721

31,339

141,025

Multi-Asset

-

8.0%

Multi-Asset

Growth

Strategy

Fund

Class

Y

2,354,098

25,071

Total

Investments

in

Affiliated

Funds

(cost

$258,897)

313,389

Total

Investments

-

100.0%

(identified

cost

$258,897)

313,389

Other

Assets

and

Liabilities,

Net

-

(0.0)%

(111)

Net

Assets

-

100.0%

313,278

Russell

Investment

Company

Equity

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

July

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

July

31,

2024

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

Global

Infrastructure

Fund

$

5,515

$

504

$

799

$

20

$

1,028

$

6,268

$

132

$

—

Global

Real

Estate

Securities

Fund

12,241

1,329

2,106

(388

)

3,026

14,102

237

—

Multifactor

U.S.

Equity

Fund

54,934

2,533

8,999

1,159

13,051

62,678

434

2,069

U.S.

Small

Cap

Equity

Fund

14,784

964

2,909

207

4,190

17,236

116

333

U.S.

Strategic

Equity

Fund

28,870

1,268

4,634

410

6,992

32,906

557

697

Long

Duration

Bond

Fund

6,868

821

571

4

713

7,835

198

—

Opportunistic

Credit

Fund

5,526

641

354

2

453

6,268

254

—

Emerging

Markets

Fund

16,495

956

1,486

(45

)

2,883

18,803

464

—

Global

Equity

Fund

79,593

1,244

10,404

655

19,795

90,883

1,242

—

Multifactor

International

Equity

Fund

27,489

1,150

2,680

172

5,208

31,339

1,017

—

Multi-Asset

Growth

Strategy

Fund

22,053

1,201

1,768

(102

)

3,687

25,071

688

—

$

274,368

$

12,611

$

36,710

$

2,094

$

61,026

$

313,389

$

5,339

$

3,099

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report

—

July

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,

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

Funds’

Board

of

Trustees

has

designated

Russell

Investment

Management,

LLC

(“RIM”),

the

Funds’

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940,

as

amended.

However,

the

Board

retains

oversight

over

the

valuation

process.

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

—

July

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

July

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